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260601.mbx T R O U B L E D C O M P A N Y R E P O R T E R Monday, June 1, 2026, Vol. 30, No. 152 Headlines 1909 LLC: Case Summary & Three Unsecured Creditors 23ANDME HOLDINGS: Sued by Calif. AG Over Data Security Lapses 25 MY RENTCO: Not Eligible to Proceed Under Subchapter V 313 52 REALTY: Seeks to Hire Kirby Aisner & Curley LLP as Attorney 407 SMILEY: Court Extends Cash Collateral Access to June 25 63 SPRING LAFAYETTE: Seeks to Hire A.Y. Strauss LLC as Counsel A.G. NEW YORK: Gets OK to Use Cash Collateral Until June 24 ABA THERAPY: Gets Extension to Use Cash Collateral ABUNDANT LIFE: Gets Final OK to Use Cash Collateral ADDY HOSPITALITY: Case Summary & 15 Unsecured Creditors ADVANCED DERM: Amy Denton Mayer Named Subchapter V Trustee AKIBAZ LLC: Mary Sieling Named Subchapter V Trustee ALL PRONTO: Gets Final OK to Use Cash Collateral ALLURE IMAGE: No Patient Complaints, 2nd PCO Report Says ALPHA GENERATION: S&P Lowers Senior Unsecured Debt Rating to 'B' AMERICA'S LISTING: Gets Extension to Access Cash Collateral AMERICAN RESOURCES: Alleviates Going Concern After $73.7M in Raises ANDERSON HAY: Aurora Property Sale to Millicent Property OK'd ANGEL'S PARADISE: Gets Final OK to Use Cash Collateral APEX TURNKEY: Unsecureds to Get $500 per Month for 5 Years APPYEA INC: 1st Quarter Net Loss Widens to $1.57 Million ARM VENTURES: Claims Will be Paid from Property Sale/Refinance ARTELLA SOLUTIONS: Gets Extension to Access Cash Collateral ASSET ROOFING: Court OKs Vehicle Sale to Multiple Buyers ASSOCIATED COMMUNITY: U.S. Wins Summary Judgment in Tax Dispute ASTALDI SPA: 3rd Cir Tells Lower Court to Revisit Arbitral Award B & R REAL ESTATE: Voluntary Chapter 11 Case Summary B&R ENGINEERING: Tarek Kiem of Kiem Law Named Subchapter V Trustee BADGER INFRASTRUCTURE: DBRS Finalizes BB Rating on Unsec. Notes BAKER & TAYLOR: Committee Taps Lowenstein Sandler as Counsel BAUSCH HEALTH: Stockholders OK Three Proposals at Annual Meeting BEASLEY MEZZANINE: Moody's Withdraws 'Ca' Corporate Family Rating BEELINE HOLDINGS: Forms Special Committee for Strategic Options BELL CANADA: DBRS Confirms BB(high) Rating on Sub. Debentures BELLAVIVA AT WHISPERING: Creditors to Get Proceeds From Liquidation BESTAR INC: Landlord Challenges Ch.15 Recognition BETTER MOTOR WORKS: Gets Final OK to Use Cash Collateral BETTERWORK MEDIA: Ira Bodenstein Named Subchapter V Trustee BIO-KEY INTERNATIONAL: Financial Review Delays Q1 2026 10-Q Filing BKR LLC: Court OKs Deal to Use New Omni Bank's Cash Collateral BNL ENTERPRISES: Seeks Subchapter V Bankruptcy in Arkansas BOLT CARRIERS: Seeks Chapter 7 Bankruptcy in Illinois BRIGHTVIEW LANDSCAPES: Moody's Affirms 'B1' CFR, Outlook Stable BRVSB LLC: Gets Final OK to Use Cash Collateral BY HOTEL: Court Extends Cash Collateral Access to July 28 CAESARS ENTERTAINMENT: S&P Places 'B+' ICR on CreditWatch Negative CAMPBELL REALTY: Unsecureds Will Get 100% of Claims in Plan CASA SOUTH: Christine Brimm Named Subchapter V Trustee CATHETER PRECISION: Net Loss Narrows to $1.7 Million in Q1 2026 CBDMD INC: Signs 62-Month Lease Extension with Cost Savings CEDAR ARCH: Gets Final OK to Use Cash Collateral CHIRON COMMUNICATION: Gets Final OK to Use Cash Collateral CHS TX: Baker Case Shelved Amid Chapter 11 Bankruptcy CIRTRAN CORP: Swings to $2.2M Profit in Q1; Going Concern Persists CLEAR CHANNEL: Executes Third Amendment to ABL Credit Agreement CONAIR HOLDINGS: S&P Cuts ICR to 'SD' on Below-Par Debt Repurchase COSMOS HEALTH: Q1 2026 Net Loss $2.8MM; Going Concern Doubt Remains COURTESY SCREENING: Gets Extension to Access Cash Collateral CREDIT ACCEPTANCE: Moody's Affirms 'Ba3' CFR, Outlook Stable D&Z MEDIA: Gets Interim OK to Use Cash Collateral DARKPULSE INC: Q1 2026 Loss Narrows to $246K; Warns of Cash Crunch DAVID SHANE: Gets Final OK to Use Cash Collateral DBJ US: Gets Final OK to Use Cash Collateral DNA X INC: Liabilities Exceed Assets by $1.0M at March 31 DON ENTERPRISES: Claims to be Paid from Revenues & Sale Proceeds ELIAS & COMPANY: Seeks to Hire RHM Law LLP as Bankruptcy Counsel ELNUNU MEDICAL: PCO Reports No Change in Patient Care Quality ENVIROTECH VEHICLES: Debts Exceed Assets by $8.2M at March 31 ENVUE MEDICAL: Net Loss Doubles to $3.8 Million in Q1 2026 ER OF TEXAS: Gets Extension to Access Cash Collateral ER OF TEXAS: Seeks to Extend Plan Exclusivity to Sept. 8 EXPRESS STORES: Gets OK to Use Cash Collateral FERRELLGAS PARTNERS: Removes Carney Hawks from Board of Directors FERTITTA ENTERTAINMENT: S&P Affirms 'B' ICR on Caesars Acquisition FIRST BRANDS: Horizon North America Biz Sale OK'd FIRST BRANDS: Judge Denies Chapter 11 Plan Disclosures FIRST EMANUEL: Hires Lugenbuhl Wheaton Peck as Bankruptcy Counsel FLUX POWER: Signs $40MM Equity Facility With Roth Principal GALINDO EMPIRE: Seeks Subchapter V Bankruptcy in Texas GENESIS HEALTHCARE: Says JV Partner Lacks Power to Block Ch.11 Sale GENUINE FINANCIAL: S&P Affirms 'B' ICR, Outlook Negative GREAT WALL: Case Summary & Nine Unsecured Creditors GRIDER TRANSPORT: Seeks Chapter 7 Bankruptcy in Arkansas HAN & JU: Gets Final OK to Use Cash Collateral HAWTHORNE RACE: Taps RubinBrown LLP as Accounting Professional HEALTHY EXTRACTS: Closes Adli Gummies Deal, Appoints Founder HERNANDEZ LOPEZ: Gets Court OK to Use Cash Collateral HIDDEN VALLEY: Case Summary & 19 Unsecured Creditors I A P CONSTRUCTION: Cash Collateral Access Extended to June 24 I-ON DIGITAL: $4.1MM Q1 Net Income Deemed Non-Recurring IKPM PET: Seeks Subchapter V Bankruptcy in Texas IMPAC MORTGAGE: Gets Court OK for $24 Million Debt-to-Equity Swap INGENOVIS HEALTH: S&P Cuts ICR to 'SD' on Distressed Debt Exchange INNOVATIVE INDUSTRIAL: Closes $45 Million in Secured Term Loans INNOVATIVE INDUSTRIAL: Subsidiaries Ink Secured Loan Agreements INNSUITES HOSPITALITY: Debts Exceed Assets by $1.0M at Jan. 31 INOTIV INC: Reaches Settlement in Cybersecurity Class Action INOTIV INC: Secures $40MM Bridge Facility in Ninth Credit Amendment INTERAQT CORP: Gets Interim OK to Use Cash Collateral INTERNATIONAL SUPPORT: Court OKs Vehicle Sale J KRUSE INVESTMENTS: Unsecureds to Get Share of Income in 60 Months JAGUAR HEALTH: Issues Series Q Preferred to Cut Royalty Obligations JAGUAR HEALTH: Swings to $8.7 Million Net Income in Q1 2026 JASNIA REALTY: Court Extends Cash Collateral Access to June 25 JFY PROPERTIES: Case Summary & Three Unsecured Creditors K&M BROADCASTING: Gets Interim OK to Use Cash Collateral KID CITY USA: Gets Interim OK to Use Cash Collateral KOMAX LLC: Court OKs Bid Rules for Office Equipment Biz Sale KONATEL INC: 1st Quarter Net Loss Narrows to $283K LAFAYETTE PHYSICAL: Gets Interim OK to Use Cash Collateral LANDMARK RECOVERY: No Patient Care Concern 4th PCO Report Says LOMAS VERDES: Carlos Garcia Miranda Named Subchapter V Trustee LOW COST TREE: Gets Extension to Access Cash Collateral LURIN REAL ESTATE: Affiliate Gets Extension to Use Cash Collateral M&B SERVICES: Seeks to Extend Plan Exclusivity to Oct. 31 MALLINCKRODT PLC: Stock Trade Co. Seeks Exit from Clawback Suit MALO ES NA: Diana Torres-Cancel Named Subchapter V Trustee MARAGAL MEDICAL: Gets Court OK to Employ Rimon P.C. as Counsel MATTHEW W. CERNIGLIA: Gets Final OK to Use Cash Collateral MCKINNEY SOLUTIONS: Initiates Chapter 7 Bankruptcy in Texas MED-RIDE INC: Gets Interim OK to Use Cash Collateral MILE HIGH: U.S. Trustee Appoints Eric Huebscher as PCO MIYOSHI AMERICA: Seeks to Hire Mayer Brown LLP as Legal Counsel MIYOSHI AMERICA: Seeks to Hire Ordinary Course Professionals MIZELL MEMORIAL: Administrator Appoints Suzanne Koenig as PCO MTF HOLDINGS: Plan Exclusivity Period Extended to Aug. 19 MY VAPE: Cash Collateral Hearing Set for June 2 NEOTEK INC: Behrooz Vida Named Subchapter V Trustee NETCAPITAL INC: Issues $290K OID Note, Warrant to Labrys Fund II NEW HOPE: Seeks to Sell Vehicles at Auction NEW INSIGHT: Moody's Withdraws 'Caa1' Corporate Family Rating NIGHTFOOD HOLDINGS: Net Loss Widens to $5.4MM in Fiscal Q3 NORTH STAR: No Patient Care Concern, 1st PCO Report Says NOVA TERRA: Case Summary & 20 Largest Unsecured Creditors NURIEL & GRACE: PCO Reports No Change in Resident Care Quality OLENOX INDUSTRIES: Merger, Acquisitions Delay Q1 2026 10-Q Filing OMNI HEALTH: Seeks to Extend Plan Exclusivity to July 18 OMNIQ CORP: Net Loss Narrows to $1.6M in Q1; Going Concern Persists OPTION CARE: Moody's Alters Outlook on 'Ba3' CFR to Stable OPTIV INC: S&P Downgrades ICR to 'D' on Distressed Transaction ORFEDOR INC: Plan Exclusivity Period Extended to June 1 OUACHITA COUNTY: PCO Reports No Change in Patient Care Quality PARKERVISION INC: Gem Investment Holds 9.99% Equity Stake PCR AGAWAM: Gets Interim OK to Use Cash Collateral Until June 25 PIG FLOYD'S: Court Extends Cash Collateral Access to July 7 POWER REIT: Approves 1-for-10 Reverse Stock Split Effective June 2 PRECISION MANUFACTURING: Gets Interim OK to Use Cash Collateral PROJECT PIZZA: Gets Final OK to Use Cash Collateral QVC GROUP: Jonathan Dorfman Exits Series A Common Stock Position REALTY-BUY-DESIGN: Gets Extension to Access Cash Collateral RED ROBIN: Liabilities Exceed Assets by $106.7M at April 19 REIGN ROOFING: Claims to be Paid from Continued Operations RELIZ LTD: Wins Approval to Solicit Creditor Votes on Ch. 11 Plan RIC (AUSTIN): Court to Confirm Second Amended Chapter 11 Plan ROBERTS CHEVROLET: Seeks to Sell Automobile Dealership at Auction ROCKANA TRUCKING: Initiates Chapter 7 Bankruptcy in New Mexico ROCKFORD SILK: Court Extends Cash Collateral Access to June 20 S & H SYSTEMS: Committee Taps Stout Risius as Financial Advisor SAVIN GRACE: Gets Final OK to Use Cash Collateral SCOOTER'S TRUCKING: Gets Extension to Use Cash Collateral SERENADE NEWPORT: Corona Del Mar Property Sale to J. Sweidan OK'd SIGNITIVES TECHNOLOGIES: Seeks Subchapter V Bankruptcy in Texas SKEENA RESOURCES: Sets Annual General Meeting for June 22 SOCIETY PASS: Hires Stretto Inc. as Claims and Noticing Agent SPEYSIDE HOLDINGS: Speylo Loses Bid to Appoint Chapter 11 Trustee SPIRIT AIRLINES: Court Okays $275 Million DIP Financing STELLAR FRESH: Seeks Chapter 7 Bankruptcy in Texas STEPS HOUSE: Gets Extension to Use Cash Collateral SUPERNOVA MANAGEMENT: Seeks to Hire Baker & Associates as Attorney SURGEPAYS INC: Q1 Net Loss Widens to $12.05 Million SUZANNE'S SERENITY: Case Summary & One Unsecured Creditor TAVERN BAR: Court Extends Cash Collateral Access to June 24 TECHPRECISION CORP: Extends Revolving Credit Facility to September TENA LOGISTICS: Commences Chapter 7 Bankruptcy in Arizona TITAN INTERNATIONAL: S&P Alters Outlook to Neg., Affirms 'B' ICR TPI COMPOSITES: Court OKs Bid Rules for Wind Blade Biz Asset Sale TRANS EXPRESS: Seeks Chapter 11 Bankruptcy in Illinois TRANSOCEAN LTD: Grants Famatown Board Nomination and Observer Right TRAXX CONSTRUCTION: Plan Exclusivity Period Extended to June 18 TRINSEO PLC: Case Summary & 30 Largest Unsecured Creditors TRINSEO PLC: Overcomes Initial Hurdles in Ch. 11 Prepack Filing TRUTANKLESS INC: MD&A, Audit Review Delays Q1 2026 10-Q Filing TW ELECTRIC: Court Extends Cash Collateral Access to June 17 VANKIRK ELECTRIC: Seeks to Extend Plan Exclusivity to Sept. 15 VEGAS CUSTOM: Court OKs Vehicle Sale to Brad Schafer for $4,500 VELCHOFF'S CORNER: Court Extends Cash Collateral Access to July 14 VILLAGE HEALTH: Oxford Property Sale to Jeffrey & Katie Ramsey OK'd VIVAKOR INC: Q1 2026 Loss Narrows to $4.6MM; Going Concern Persists W. GATES REAL: Hearing Today on Bid to Use Cash Collateral WEST MARINE: Plan Contemplates Two Scenarios WILFREDO EMANUEL: Michael Markham Named Subchapter V Trustee YASAY INC: Commences Chapter 7 Bankruptcy in Texas ZD SAND: Court Extends Interim Cash Collateral Order [] Dechert Expands Restructuring Practice With Partner Jerry Hall ********* 1909 LLC: Case Summary & Three Unsecured Creditors -------------------------------------------------- Debtor: 1909 LLC 1909 S Jones Blvd Las Vegas, NV 89146-1260 Business Description: 1909 LLC is a single-asset real estate entity, as defined under 11 U.S.C. Section 101(51B), focused on owning and managing a single income-generating property. Chapter 11 Petition Date: May 26, 2026 Court: United States Bankruptcy Court District of Nevada Case No.: 26-13286 Debtor's Counsel: David A. Riggi, Esq. RIGGI LAW FIRM 7900 W Sahara Ave Suite 100 Las Vegas NV 89117 Tel: (702) 463-7777 E-mail: riggilaw@gmail.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Rick Saga as member-manager. A full-text copy of the petition, which includes a list of the Debtor's three unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/LM46PAI/1909_LLC__nvbke-26-13286__0001.0.pdf?mcid=tGE4TAMA 23ANDME HOLDINGS: Sued by Calif. AG Over Data Security Lapses ------------------------------------------------------------- Allison Grande of Law360 Bankruptcy Authority reports that the state of California filed suit Thursday, May 28, 2026, against the genetic testing business formerly operating as 23andMe, claiming a 2023 cyberattack that compromised nearly 7 million customer accounts resulted from inadequate data security practices. According to the lawsuit, the company failed to maintain sufficient protections for sensitive consumer information and did not properly secure genetic and personal data stored on its platform. Regulators allege those shortcomings enabled hackers to gain access to customer records through credential-based attacks. State officials are pursuing penalties and court-ordered reforms aimed at strengthening privacy and cybersecurity measures for companies handling genetic information and other sensitive consumer data, the report states. About 23andMe Holding Co. 23andMe Holding Co. is a genetics-led consumer healthcare and biotechnology company in San Francisco, Calif. Through its direct-to-consumer genetic testing, 23andMe offers personalized insights into ancestry, genetic traits, and health risks. The company has developed a large database of genetic information from over 15 million customers, enabling it to provide health and carrier status reports and collaborate on genetic research for drug development. On the Web: http://www.23andme.com/ On March 23, 2025, 23andMe and 11 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mo. Lead Case No. 25-40976). 23andMe disclosed $277,422,000 in total assets against $214,702,000 in total liabilities as of Dec. 31, 2024. Paul, Weiss, Rifkind, Wharton & Garrison, LLP, Morgan, Lewis & Bockius, LLP and Carmody MacDonald, PC serve as legal counsel to the Debtors while Alvarez & Marsal North America, LLC serve as the restructuring advisor. The Debtors tapped Reevemark, LLC and Scale Strategy Operations, LLC as communications advisors and Kroll Restructuring Administration Services, LLC as claims agent. Lewis Rice LLC, Moelis & Company LLC, and Goodwin Procter LLP serve as special local counsel, investment banker, and legal advisor to the Special Committee of 23andMe's Board of Directors, respectively. Jerry Jensen, Acting U.S. Trustee for Region 13, appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Kelley Drye & Warren, LLP and Stinson, LLP as legal counsel and FTI Consulting, Inc. as financial advisor. 25 MY RENTCO: Not Eligible to Proceed Under Subchapter V -------------------------------------------------------- Chief Judge Martin Glenn of the U.S. Bankruptcy Court for the Southern District of New York sustained the objection of Tribeca Space Managers, Inc. to the designation of 25 My RentCo LLC and Tribeca Mews Ltd.'s bankruptcy cases under Subchapter V of Chapter 11 of the Bankruptcy Code. In March 2006, Tribeca Mews became the sponsor of the sale of condominium units in a building located at 25 Murray Street, New York, New York, pursuant to an offering plan. Tribeca Mews reconstructed the building into a mixed use condominium tower containing 74 residential units, 17 commercial units, one superintendent's unit, a cellar and a sub-cellar. The Offering Plan required Tribeca Mews to regularly renew temporary certificates of occupancy until ultimately obtaining a permanent certificate of occupancy. The largest creditor, Tribeca Space Managers, Inc., is the Board of Managers of the condominium project. The Board has filed an unliquidated claim of $36 million. It filed a motion to dismiss the cases, which the Court has denied in part. The Board also filed an objection to the designation of the cases under Subchapter V, arguing that the Debtors' cases are "single asset real estate" cases excluded from eligibility for Subchapter V under section 101(51D) of the Bankruptcy Code. The Debtors argue that they do not fall within the exclusion. The Board argues that the six units owned by RentCo generate substantially all of RentCo's gross income and the leasing of the units is the extent RentCo's business operations. It argues that the six units owned by RentCo should be considered as part of the overall "project" as defined by section 101(51B), as a debtor can still be considered a SARE debtor if it operates multiple pieces of real estate if they are a single project. It contends the units in this case are of identical use, part of a common plan, and none of the units have unique characteristics. The Debtors argue each unit is separately titled and could be valued, marketed, or sold without affecting interest in the remaining units -- they are all distinct entities not operated as a single enterprise. In addition, they claim the units were not purchased nor retained pursuant to a single plan; rather the building was developed and the units sold over time, with RentCo still retaining ownership over the six units only due to an inability to sell them. The Debtors additionally argue that even if the units generate substantially all of the Debtors' gross income, that alone does not satisfy section 101(51B) unless the Debtors' activities are limited solely to passive property ownership. They assert that RentCo's activities extend "well beyond" passive ownership, as they are involved in fulfilling the outstanding obligations as building sponsor, including coordinating with the Board's engineers, architects, and consultants to address the building's deficiencies and securing TCOs. The Debtors contend that Tribeca Mews is eligible to elect Subchapter V as they remain engaged in the commercial and business activities as the original sponsor and have ongoing obligations under the Offering Plan. The Court finds RentCo has qualities similar to the other debtors found to operate as a single project: they own six similar units in one building; RentCo gained control over the units at the same time upon transfer from Tribeca Mews for no consideration; the units have been controlled by the same principals (the Thurmans control both Tribeca Mews and RentCo) since conversion; and all units have been operated in the same manner since being transferred to RentCo through residential leases. According to the Court, the units constitute a project subject to a common plan, satisfying the requirement for SARE designation. The Court concludes that the Debtors are SARE debtors and therefore ineligible to proceed as small business debtors under Subchapter V. The Board's Objection is sustained. RentCo is designated as a single asset real estate debtor under section 101(51B) and its small business debtor and Subchapter V designations under sections 101(51D) and 1182(1) are revoked. It may proceed with these cases under Chapter 11. A copy of the Court's Memorandum Opinion and Order dated May 22, 2026, is available at https://urlcurt.com/u?l=agPkYv from PacerMonitor.com. Co-Counsel for Tribeca Space Managers, Inc.: Kevin J. Nash, Esq. GOLDBERG WEPRIN FINKEL GOLDSTEIN LLP 125 Park Ave., 12th Floor New York, NY 10017 Tel: (212) 221-5700 E-mail: knash@gwfglaw.com - and - Jeremy Honig, Esq. Kenneth Murphy, Esq. Matthew V. Spero, Esq. RIVKIN RADLER LLP 477 Madison Avenue, Suite 410 New York, NY 10022 Tel: (516) 357-3000 E-mail: jeremy.honig@rivkin.com casey.murphy@rivkin.com matthew.spero@rivkin.com Counsel for Tribeca Mews Ltd. and 25 My RentCo LLC: Scott S. Markowitz, Esq. Rocco A. Cavaliere, Esq. Jacob B. Gabor, Esq. TARTER KRINSKY & DROGIN LLP 1350 Broadway, 11th Floor New York, NY 10018 Tel: (212) 216-8000 E-mail: smarkowitz@tarterkrinsky.com rcavaliere@tarterkrinsky.com About 25 My RentCo LLC 25 My RentCo LLC is a New York limited liability company that serves as a holding entity for the remaining sponsor-controlled condominium units at 25 Murray Street, New York City. The Company acquired fee ownership of the units from Tribeca Mews Ltd. in July 2011 and became the successor sponsor under the property's condominium offering plan. 25 My RentCo LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 25-12280) on October 16, 2025. In its petition, the Debtor reports total assets of $11,053,987 and total liabilities of $226,243. The Honorable Bankruptcy Judge Martin Glenn handles the case. The Debtor is represented by Scott S. Markowitz, Esq. and Jacob Gabor, Esq., at Tarter Krinsky & Drogin LLP. 313 52 REALTY: Seeks to Hire Kirby Aisner & Curley LLP as Attorney ------------------------------------------------------------------ 313 52 Realty LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire Kirby Aisner & Curley LLP as its attorneys. The firm will render these services: (a) give advice to the Debtor with respect to their powers and duties as Debtor-in-Possession and the continued management of their property and affairs; (b) negotiate with creditors of the Debtor and work out a plan of reorganization and take the necessary legal steps in order to effectuate such a plan including, if need be, negotiations with the creditors and other parties in interest; (c) prepare the necessary legal papers required for Debtor who seeks protection from their creditors under Chapter 11 of the Bankruptcy Code; (d) appear before the Bankruptcy Court to protect the interest of the Debtor and its Estate; (e) attend meetings and negotiate with representatives of creditors and other parties in interest; (f) advise the Debtor in connection with any potential refinancing of secured debt and any potential sale of its business and assets; (g) represent the Debtor in connection with obtaining post-petition financing; (h) take any necessary action to obtain approval of a disclosure statement and confirmation of a plan of reorganization; and (i) perform all other legal services for the Debtor which may be necessary for the preservation of the Debtor's estate and to promote the best interests of the Debtors, their creditors and their estate. The firm's 2026 hourly rates are: Partners $550 to $625 Of Counsel $495 to $625 Associates $400 Law Clerks $250 Paralegals $150 Kirby Aisner received the sum of $51,738 as a pre-petition retainer. In addition, the firm will seek reimbursement for expenses incurred. According to court filings, Kirby Aisner & Curley LLP and its attorneys do not have any nonprofessional relationship or hold any adverse interest to the Debtor, its Estate, its creditors, the Office of the U.S. Trustee, Chambers or any other known party in interest. The firm can be reached at: Dawn Kirby, Esq. KIRBY AISNER & CURLEY LLP 700 Post Road, Suite 237 Scarsdale, NY 10583 Telephone: (914) 401-9500 E-mail: dkirby@kacllp.com About 313 52 Realty LLC 313 52 Realty LLC is a real estate holding company typically engaged in the ownership, management, or leasing of commercial or residential properties. Entities structured in this manner are commonly used to manage property-related assets and associated financial obligations. 313 52 Realty LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 26-41941) on April 22, 2026. In its petition, the Debtor reports estimated assets of $1,000,000 to $10,000,000 and estimated liabilities of $1,000,000 to $10,000,000. Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. The Debtor is represented by Dawn Kirby, Esq. of Kirby Aisner & Curley LLP. 407 SMILEY: Court Extends Cash Collateral Access to June 25 ----------------------------------------------------------- The U.S. Bankruptcy Court for the District of Massachusetts granted 407 Smiley Crossing LLC's interim approval to use cash collateral through June 25. The Debtor may use cash collateral in accordance with a revised budget, with a variance of up to 10% in the aggregate. As adequate protection, the Debtor must make monthly interest payments to Newburyport Five Cents Savings Bank at a 3% rate based on a $14.4 million valuation, subject to later determination. All rights regarding claim amounts, valuation, and allocation of payments are reserved. The Debtor must continue using a segregated account structure for handling income and transfers to its debtor-in-possession account. The order preserves all parties' rights to object to claims, liens, and the motion prior to a final hearing. A further hearing is scheduled for June 22. The Debtor must file a budget-to-actual reconciliation by June 17. About 407 Smiley Crossing LLC 407 Smiley Crossing LLC is a single asset real estate company. 407 Smiley Crossing LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-12486) on Nov. 17, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Bankruptcy Judge Janet E. Bostwick handles the case. The Debtor is represented by Stephen F. Gordon, Esq. of The Gordon Law Firm LLP. 63 SPRING LAFAYETTE: Seeks to Hire A.Y. Strauss LLC as Counsel -------------------------------------------------------------- 63 Spring Lafayette, LLC filed a revised application seeking approval from the U.S. Bankruptcy Court for the District of New Jersey to hire A.Y. Strauss LLC as counsel. The firm's services include: (a) providing the Debtor with advice and preparing all necessary documents regarding debt restructuring, bankruptcy and asset dispositions; (b) taking all necessary actions to protect and preserve the Debtor's estate during the pendency of this Chapter 11 Case; (c) preparing on behalf of the Debtor, as debtor-in-possession, all necessary motions, applications, answers, orders, reports and papers in connection with the administration of this Chapter 11 Case; (d) counseling the Debtor with regard to its rights and obligations as debtor-in-possession; (e) appearing in Court to protect the interests of the Debtor; and (f) performing all other legal services for the Debtor which may be necessary and proper in these proceedings and in furtherance of the Debtor's operations. The firm's current hourly rates are: Partners $500 to $700 Counsel $475 Associates $425 Paralegal and law clerk time $200 Prior to the filing of this case, the Firm received a retainer from an entity named JTRE Holdings LLC of $35,000 in addition to the chapter 11 filing fee. A.Y. Strauss 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: Eric H. Horn, Esq. David S. Salhanick, Esq. Eva M. Thomas, Esq. A.Y. STRAUSS LLC 290 West Mount Pleasant Avenue, Suite 3260 Livingston, NJ 07039 Telephone: (973) 287-5006 Facsimile: (973) 533-0217 About 63 Spring Lafayette 63 Spring Lafayette, LLC is a single-asset real estate company that owns a mixed-use property at 63 Spring Street in New York, New York, comprising residential and commercial space. 63 Spring Lafayette filed Chapter 11 petition (Bankr. D. N.J. Case No. 26-12619) on March 10, 2026, with between $10 million and $50 million in both assets and liabilities. Judge Christine M. Gravelle oversees the case. Eric H. Horn, Esq., at A.Y. Strauss, LLC, is the Debtor's legal counsel. A.G. NEW YORK: Gets OK to Use Cash Collateral Until June 24 ----------------------------------------------------------- A.G. New York Transportation Inc. and Luxury Transportation Group Incorporated received another extension from the U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division, to use cash collateral to fund operations. The court issued a fifth interim order extending the Debtors' authority to use cash collateral through June 24. Permitted uses include court-approved payments, ordinary operating expenses under the Debtor's budget (with a 10% variance per line item), and additional expenditures, subject to approval by the U.S. Small Business Administration. As adequate protection, the SBA will be granted a perfected post-petition replacement lien on the cash collateral, with the same validity and priority as its pre-bankruptcy lien. In addition, the Debtors must maintain required insurance coverage. The order is without prejudice to future requests for modified adequate protection or other creditor remedies. A continued hearing is scheduled for June 24. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/x21aN from PacerMonitor.com. About A.G. New York Transportation Inc. A.G. New York Transportation, Inc. offers luxury transportation services in Orlando, Florida, including airport transfers, wedding and corporate travel, and group charters. It holds authorization for both intrastate and interstate passenger transport. A.G. New York Transportation sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-06549) on October 13, 2025, listing up to $50,000 in assets and between $1 million to $10 million in liabilities. Aleksey Golovnitskiy, president of A.G. New York Transportation, signed the petition. Judge Tiffany P. Geyer presides over the case. Daniel A. Velasquez, Esq., at Latham Luna Eden & Beaudine, LLP represents the Debtor as legal counsel. ABA THERAPY: Gets Extension to Use Cash Collateral -------------------------------------------------- ABA Therapy Solutions, LLC received another extension from the U.S. Bankruptcy Court for the Southern District of Florida, West Palm Beach Division, to use cash collateral to fund operations. The court authorized the Debtor's continued interim use of cash collateral to pay approved expenses, including U.S. Trustee payments and budgeted operating costs, with flexibility of up to 10% per line item. This authorization remains effective until further court order. The Debtor listed DC Funding, TD Bank, First Corporate Solutions (as representative), and C T Corporation System as potential secured creditors that may claim liens on its assets, including accounts receivable, inventory, equipment, and other property based on various UCC-1 financing statements filed between 2017 and 2026. Each of these creditors will receive a replacement lien on the cash collateral, with the same validity, priority and extent as its pre-petition lien. The Debtor is required to forward the amount of $1,000 to the Subchapter V trustee, Linda Leali, by the 10th of each month, with the initial payment to fund the month of June. These sums are to be held for payment of administrative expenses generally, which may include approved fees and expenses of the Debtor's counsel. The order is available at http://bankrupt.com/misc/ABATherapy_ICCOrder.pdf A continued hearing is scheduled for July 7. About ABA Therapy Solutions Founded in 2012 by Linda Peirce, ABA Therapy Solutions provides in-home and clinic services covering language, behavioral, self-help skills and social skills for individuals with autism spectrum disorders, down syndrome and other developmental disabilities. ABA Therapy Solutions filed a voluntary Chapter 11 petition (Bankr S.D. Fla. Case No. 26-14524) on April 12, 2026. At the time of filing, the Debtor disclosed $377,800 in assets and $1,264,465 in liabilities. The petition was signed by Gary Peirce as chief financial officer and managing member. Judge Mindy A. Mora oversees the case. The Debtor tapped Kelley Fulton & Kaplan, P.L. as its legal counsel. ABUNDANT LIFE: Gets Final OK to Use Cash Collateral --------------------------------------------------- Abundant Life HCS Company received final approval from the U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, to use cash collateral to fund operations. Under the 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 projects total monthly operational expenses of $99,098. The Debtor's cash collateral consists of funds subject to liens held by secured lenders, including C T Corporation System, Corporation Service Company, Zeuslending.com, and First Corporate Solutions. As protection for the Debtor's use of their cash collateral, lenders will receive post-petition liens on all current and future assets, matching the scope of their pre-petition liens. In addition, the Debtor is required to maintain insurance on the collateral. The order is available at https://shorturl.at/MZeJ2 from PacerMonitor.com. About Abundant Life HCS Company Abundant Life HCS Company, based in Dallas, Texas, provides home and community-based services, including residential support and individualized care for consumers and families. It operates a day habilitation program under the name First Class Dayhab Academy and offers related services such as employment support and structured daily programs to clients across multiple Texas locations, including Mount Pleasant, Paris, and Texarkana. Abundant Life HCS Company sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 26-41672) on April 15, 2026, listing up to $50,000 in assets and up to $10 million in liabilities. Mack Jones, company owner, signed the petition. Judge Edward L. Morris oversees the case. Joyce Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC, represents the Debtor as legal counsel. Behrooz Vida, Esq., at the Vida Law Firm, PLLC serves as Subchapter V trustee for the Debtor. ADDY HOSPITALITY: Case Summary & 15 Unsecured Creditors ------------------------------------------------------- Debtor: Addy Hospitality LLC d/b/a The Rust & Gold 70 Gerard Street Huntington, NY 11743 Business Description: Addy Hospitality LLC, doing business as The Rust & Gold, is a restaurant and bar located in Huntington, New York. The company offers casual dining, craft cocktails, local beers, live music, catering, group and party accommodations, online ordering, and reservations. Its catering and event services support occasions such as birthdays, holiday parties, corporate events, wedding festivities, and casual gatherings. Chapter 11 Petition Date: May 21, 2026 Court: United States Bankruptcy Court Eastern District of New York Case No.: 26-72048 Judge: Hon. Louis A Scarcella Debtor's Counsel: Marc A. Pergament, Esq. WEINBERG, GROSS & PERGAMENT LLP 400 Garden City Plaza Suite 309 Garden City, NY 11530 Tel: (516) 877-2424 Fax: (516) 877-2460 Email: mpergament@wgplaw.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Jason Janawsky as managing member. A full-text copy of the petition, which includes a list of the Debtor's 15 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/HL7X4WQ/Addy_Hospitality_LLC__nyebke-26-72048__0001.0.pdf?mcid=tGE4TAMA ADVANCED DERM: Amy Denton Mayer Named Subchapter V Trustee ---------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Amy Denton Mayer of Stichter Riedel Blain & Postler, P.A. as Subchapter V trustee for Advanced Derm Solutions, LLC. Ms. Mayer will be paid an hourly fee of $400 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Mayer declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Amy Denton Mayer Stichter Riedel Blain & Postler P.A. 110 East Madison Street, Suite 200 Tampa, FL 33602 Phone: (813)229-0144 Email: amayer@subvtrustee.com About Advanced Derm Solutions LLC Advanced Derm Solutions LLC, through its Dermeleve brand, develops and sells steroid-free topical anti-itch products, including skin cream and scalp serum, for dry, irritated and itchy skin. The Tampa, Florida-based company serves consumers seeking over-the-counter itch-relief products for skin and scalp irritation. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla., Case No. 26-01180) on May 15, 2026, with $500,000 to $1 million in assets and $1 million to $10 million in liabilities. Joseph Danie Poyner Pike, manager, signed the petition. Michael Dal Lago, Esq., at Dal Lago Law represents the Debtor as bankruptcy counsel. AKIBAZ LLC: Mary Sieling Named Subchapter V Trustee --------------------------------------------------- The Acting U.S. Trustee for Region 12 appointed Mary Sieling as Subchapter V trustee for Akibaz, LLC. Ms. Sieling will be paid an hourly fee of $330 for her services as Subchapter V trustee and an hourly fee of $200 for paralegal time. In addition, the Subchapter V trustee will receive reimbursement for work-related expenses incurred. Ms. Sieling declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Mary F. Sieling 150 South Fifth Street, Suite 3125 Minneapolis, MN 55402 Email: mary@mantylaw.com About Akibaz LLC Akibaz, LLC is an electronics retailer in Eden Prairie, Minnesota, that has operated since 2018. It conducts business under the name Wamatek. Akibaz sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Minn. Case No. 26-41647) on May 19, 2026, with $100,001 to $500,000 in assets and $1 million to $10 million in liabilities. Judge William J. Fisher presides over the case. David Tanabe, Esq., at Messerli & Kramer P.A. represents the Debtor as legal counsel. ALL PRONTO: Gets Final OK to Use Cash Collateral ------------------------------------------------ The U.S. Bankruptcy Court for the Northern District of Georgia entered a final order authorizing All Pronto Cleaning Service, LLC to continue using cash collateral. Under the order, the debtor may use post-petition revenues for ordinary and necessary operating expenses in accordance with an approved budget, subject to spending controls. Monthly variances are limited to 15% for budget line items over $500 and 20% for items of $500 or less, although post-petition utility and tax obligations may exceed these limits if necessary. The debtor must deposit all revenues into approved debtor-in-possession accounts and is prohibited from paying prepetition claims absent separate court authority. The Debtor projects total operational expenses $56,420.94 for May; $57,032.38 for June; $56,582.38 for July; $56,582.38 for August; $56,582.38 for September; and $56,582.38 for October. As part of adequate protection, BayFirst National Bank will receive monthly payments under the approved budget, while all potential secured creditors—including BayFirst, the SBA, and entities with recorded liens—received replacement liens on post-petition assets and cash collateral to preserve their prepetition priorities. These replacement liens arise automatically and remain effective without further filings or documentation. The order also establishes default provisions that may terminate cash collateral use, including unauthorized insider payments, violation of budget terms, appointment of a Chapter 11 trustee, or conversion to Chapter 7. Creditors retain all rights under loan documents and bankruptcy law, while the debtor preserves the right to challenge liens, seek modifications, and propose a reorganization plan. The final order became effective immediately upon entry. About All Pronto Cleaning Service, LLC All Pronto Cleaning Service, LLC provides commercial cleaning and janitorial services to businesses in the northern metro-Atlanta area. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-52844-pwb) on March 2, 2026. In the petition signed by Yolanda Perotti, the Debtor disclosed up to $50,000 in assets and up to $1 million in liabilities. Judge Paul W. Bonapfel oversees the case. Michael D Robl, Esq., at Robl & Bowen LLC, represents the Debtor as legal counsel. ALLURE IMAGE: No Patient Complaints, 2nd PCO Report Says -------------------------------------------------------- Tamar Terzian, the patient care ombudsman, filed with the U.S. Bankruptcy Court for the Central District of California her second interim report regarding the quality of patient care provided by Allure Image Enhancement, A Medical Corporation. For the period from March 6 to May 20, the PCO visited the Debtor's Upland facility, met with Nurse Practitioner Mina Grasso, and observed that medications were properly labeled, securely stored, and accessible only to staff. The PCO reported that the spa and exam rooms were clean and well-supplied, with a census of approximately 30 patients per day, no post-petition complaints, and no concerns based on the information provided. The PCO confirmed that medical records are maintained in the EMR system (Zenoti), reviewed a sample of records with access provided by the Debtor, found all consent forms properly executed, and noted no privacy violations. Ms. Terzian observed operations and found the Debtor has sufficient, well-trained, and friendly staff, including one medical assistant, one nurse practitioner, two receptionists, two registered nurses, and two estheticians. A copy of the ombudsman report is available for free at https://urlcurt.com/u?l=hQsRX8 from PacerMonitor.com. The ombudsman may be reached at: Tamar Terzian, Esq. Terzian Law Group, a PC 1122 E. Green Street Pasadena, Ca 91106 Telephone: (818) 242-1100 Facsimile: (818) 242-1012 Email: tamar@terzlaw.com About Allure Image Enhancement Allure Image Enhancement, A Medical Corporation operates as a medical spa in Upland, California, offering services in body sculpting, health and wellness, injectables, intimate procedures, laser treatments, regenerative medicine, skin resurfacing, skin tightening, and spa treatments. The Company provides aesthetic and therapeutic treatments at its facility on 188 N. Euclid Avenue, Suite 100, serving clients seeking cosmetic and wellness services in the region. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-18667) on December 1, 2025, with $621,870 in assets and $1,930,887 in liabilities. Mina Joy Grasso, chief executive officer, signed the petition. Judge Scott H. Yun presides over the case. Matthew D. Resnik, Esq., at RHM Law, LLP represents the Debtor as bankruptcy counsel. ALPHA GENERATION: S&P Lowers Senior Unsecured Debt Rating to 'B' ---------------------------------------------------------------- S&P Global Ratings assigned its 'BB+' issue-level rating to the new TLB with a '1' recovery rating. This is consistent with the issue-level rating on the company's other senior secured debt. S&P said, "We also lowered our issue-level rating on the existing $1.75 billion senior unsecured notes to 'B' from 'B+' and revised the recovery rating to '6' from '5'. The '6' recovery rating indicates our expectation of negligible recovery in an event of default." This is largely driven by the increasing amount of secured debt in the capital structure, which will represent 62% of the total debt (assuming no outstanding on the RCF) pro forma the transaction. The negative outlook reflects the likelihood of AlphaGen's S&P Global Ratings-adjusted credit ratios tracking weaker than our downside triggers, raising the likelihood of a downgrade in the future, absent any mitigating factors (such as sustainable earnings upside or a permanent reduction in debt). AlphaGen is issuing a $650 million senior secured term loan B (TLB) maturing in 2033. The company expects to utilize transaction proceeds for general corporate purposes, which may include sponsor distributions. AlphaGen is also increasing its senior secured revolver capacity (RCF) to $975 million from $700 million. S&P said, "Pro forma the issuance, we now forecast its S&P Global Ratings-adjusted debt-to-EBITDA will be about 4.6x in 2026 and 4.7x-4.8x in 2027-2028, which is above our downgrade threshold of 4.5x. Our projected operating cash flow (FOCF) to debt ratio during the same time is 12%-13.5%. S&P said, "Contrary to our expectations of leverage tracking lower relative to our downside triggers, we see a pattern of opportunistic recapitalizations. AlphaGen is issuing a new $650 million TLB, the proceeds of which will be utilized for general corporate purposes, which may include sponsor distributions. Pro forma the issuance, we now forecast S&P Global Ratings-adjusted debt to EBITDA of about 4.6x in 2026 and 4.7x-4.8x in 2027-2028, which is above our downgrade threshold of 4.5x. Our projected FOCF-to-debt ratio during the same time is 12%-13.5%. Generally, for financial sponsor-owned companies like AlphaGen, we view FOCF as being largely utilized for distributions, unless there are definitive capital deployment plans, such as expansions or targeted mergers and acquisitions (M&A)." Since the company issued $750 million in senior unsecured notes in October 2025 it has closed the acquisition of Brandywine (in May 2026), a 1996 vintage, 279 megawatt (MW) combined cycle gas turbine peaking facility in Maryland. Over the past five quarters, AlphaGen's cumulative FOCF was around $750 million, and it has paid distributions to its sponsors of about $1 billion. As of March 31, 2026, the company had about $578 million in cash, which will be further bolstered by the contemplated debt issuance and FOCF generation for the remainder of the year. Including distributions made in the first quarter of 2026 (about $377 million), and absent any major uses of cash, S&P expects the company to pay out distributions well in excess of $1 billion during 2026. Since its formation in 2024, AlphaGen will have increased the quantum of debt in its capital structure (pro forma the contemplated issuance) by 50% to $4.5 billion from $3 billion. Some of its issuance has been largely leverage neutral (the $250 million TLB upsize to repay debt at Long Beach and increase ownership in Kleen, acquisition of Brandywine, or other small-scale optimizations). However, S&P views the remaining component as mostly recapitalizing the balance sheet given the sectoral tailwinds and a consequent higher earnings profile. Though S&P thinks that generation scarcity will continue to drive prevalent market conditions and a strong energy and capacity price environment for the foreseeable future, the financial headroom for AlphaGen at the current rating has decreased because of the recapitalizations. For market sensitive businesses like AlphaGen, S&P generally expects some amount of cushion in credit metrics relative to its established thresholds, which accounts for a pullback in earnings due to unforeseen operational failures, or a fundamental shift in their future earnings and cash flow generation capacity. The company's earnings level has risen due to combination of factors. S&P said, "Our earnings forecast for AlphaGen is higher relative to our previous projections,driven by the continuation of robust capacity prices, strong energy margins, addition of Brandywine, inclusion of increased earnings from Kleen, and incremental hedging and contracting (e.g., the recently executed 10-year energy and capacity transaction with Southern Maryland Electric Cooperative). We now project its S&P Global Ratings-adjusted EBITDA will be about $1 billion for 2026 and between $950 million and $975 million for 2027 and 2028 (versus around $850 million in previous estimates). Our forecast is also lower than company's estimates, which is driven by differences in energy margin assumptions and expectations, as well as recognition of certain expenses in EBITDA (e.g., major maintenance). Given the sensitivity of energy prices to market factors, we acknowledge AlphaGen could outperform our estimates, which would improve its leverage profile." The company's financial performance during the first quarter of 2026 was strong, as it capitalized well on the dual nature of its fleet during Winter Storm Fern. Natural gas and power prices rose to significantly high levels during the winter freeze, which created an opportunity for AlphaGen to utilize on-site fuel to generate power, and opportunistically sell natural gas at high prices. Ancillary revenues were also notably higher during the quarter at $77.5 million, versus $113 million realized for the entire year in 2025. S&P said, "Leverage was weaker than our expectations, noting certain offsetting aspects. For 2025, S&P Global Ratings-adjusted debt to EBITDA was about 5.2x, higher than our previous forecast of around 4.6x. The deviation was largely based on our calculated EBITDA (derived from reported financials) for the year of about $775 million versus forecast of around $850 million (which did not account for certain accounting items). For reference, the company's covenant EBITDA for the year was $989 million. "We note our calculation of EBITDA, which is consistent with S&P Global Ratings' Ratios & Adjustment Methodology, is different from how the company determines EBITDA for its covenant calculations, and for tracking leverage against its financial policy goals. We consider all expenses that flow through operating cash flow, including major maintenance, and long-term service agreement (LTSA) payments, as part of EBITDA. In contrast, and in alignment with its senior debt credit agreement, AlphaGen's calculation of EBITDA adds back these items, which provides an uplift and may create leverage headroom. We estimate these expenses to be around $150 million per year, which reduces our forecast EBITDA relative to AlphaGen's projections. In addition, the company also adds back several other items to its GAAP-reported EBITDA to arrive at its covenant EBITDA. During 2025, AlphaGen's GAAP EBITDA was about $639 million, and its covenant EBITDA was $989 million. Noteworthy addbacks were major maintenance and LTSA expenses ($143 million) as well as adjustments to account for full-year EBITDA from Kleen ($114 million). "At the end of 2025, AlphaGen also had about $832 million (or about 21% of total debt) in cash. We believe the company's normal liquidity needs likely require it to maintain cash balances of $150 million to $200 million, with any excess available for deployment or sponsor payouts. While AlphaGen calculates its leverage ratios on a net basis, we do not deduct cash from debt for sponsor owned companies unless it is earmarked for debt retirement, or we believe from the company's track record and financial policy that it will use cash to repay debt. That said, considering AlphaGen completed the debt offering late in the year and if we were to deduct about $600 million in cash, its S&P Global Ratings-adjusted debt-to-EBITDA ratio would have been about 4.4x." Financial policy and capital allocation choices will drive a potential outlook resolution. S&P said, "We believe these factors remain critical to our view of AlphaGen's credit quality as it balances several priorities including preserving its balance sheet quality, growth objectives, and distributions. At this stage, we think the company may be prioritizing shareholder returns, which we see as an interesting capital allocation choice, given that the power sector is experiencing some of the strongest secular tailwinds in a long time. The independent power producer (IPP) model is highly competitive and we believe an IPP's ability to compete over the longer term is highly influenced by its strategic choices, including capital allocation decisions and investing and growing instead of returning capital." AlphaGen's peers, such as Talen Energy Supply LLC, are engaging in material M&A to improve their overall competitiveness and scale and diversity of their fleets. Though these acquisitions have been levered in nature, S&P also believes they are accretive in the long term and therefore support credit quality during a transitory period of elevated leverage as incoming assets are integrated into the business. While AlphaGen is contemplating several growth avenues, such as uprates and new build opportunities, these are in the development phase and are therefore long dated. The negative outlook reflects AlphaGen's S&P Global Ratings-adjusted credit ratios remaining weaker than our downside triggers, raising the likelihood of a downgrade in the future, absent any mitigating factors (e.g., a sustainable earnings upside, a permanent reduction in debt, etc.). S&P said, "We would lower the rating if we believe the company cannot maintain S&P Global Ratings-adjusted debt to EBITDA below 4.5x or FOCF to debt ratio of at least 12% in 2026 and beyond. We would anticipate such a scenario to unfold if the company's S&P Global Ratings-adjusted EBITDA is at or below our forecast, or if it does not de-lever its balance sheet in line with our expectations for a 'BB-' rating. "We would revise the outlook to stable if we believe AlphaGen's fleet will outperform our financial projections such that S&P Global Ratings-adjusted debt to EBITDA is comfortably below 4.5x and FOCF above 12% on a sustained basis. In addition to increased cash flow from its existing assets, we could also revise the outlook if the company pursues credit-accretive, value creation growth opportunities to expand its long-term earnings capacity." AMERICA'S LISTING: Gets Extension to Access Cash Collateral ----------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, issued a third interim order granting America's Listing Leaders, LLC approval to use cash collateral. Under the third interim order, the Debtor is permitted to use cash, accounts receivable, and other business proceeds through the continued hearing scheduled for June 24 in accordance with an approved budget. The Debtor must adhere to strict budget controls, with total expenditures not exceeding a 10% cumulative variance unless approved by the secured creditor, ICM Investment Partners III, LLC, or the court. Notably, the Debtor is prohibited from making payments to its officers during this interim period without further court approval. As adequate protection, the secured creditor will be granted replacement liens on the Debtor's post-petition assets to the extent of any decline in value of its pre-petition collateral. These liens maintain the same validity and priority as pre-petition liens and extend to proceeds generated post-petition. The Debtor must also maintain insurance and continue ordinary business operations, including collecting receivables without interference. Events of default include failure to comply with the budget and reporting requirements, and unauthorized use of funds. Upon default and notice, the secured creditor may seek to terminate the Debtor's authority to use cash collateral. The order preserves all parties' rights to challenge claims or liens and will remain in effect until further court order following the continued hearing. The order is available at https://shorturl.at/btyYK from PacerMonitor.com. About America's Listing Leaders LLC America's Listing Leaders, LLC operates a technology-driven real estate referral platform under the name IDEAL AGENT, which connects home sellers with local real estate agents offering full-service representation at competitive commission rates. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-01576) on February 27, 2026. In the petition signed by Stephen Johnston, chief executive officer, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Amy Denton Mayer of Stichter Riedel Blain & Postler, P.A. serves as Subchapter V trustee for the Debtor. Judge Luis Ernesto Rivera II oversees the case. The Debtor tapped Alberto F. Gomez, Jr., Esq., at Johnson, Pope, Bokor, Ruppel & Burns, LLP, as legal counsel and Links Financial, LLC as financial advisor. AMERICAN RESOURCES: Alleviates Going Concern After $73.7M in Raises ------------------------------------------------------------------- American Resources Corporation has filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2025, reporting a net loss of $11.3 million for the year ended December 31, 2025, compared to a net loss of $14.2 million for the year ended December 31, 2024. Revenues for 2025 and 2024 were $0 and $34,070, respectively. The Company did not generate revenues during 2025 as it did not conduct metal recovery or sales activities during the period. The timing and extent of future revenues, if any, will depend on strategic, operational, and market factors, and there can be no assurance that revenue-generating activities will resume in the near term. Going Concern Conditions existed at the time of issuance of the Company's Annual Report on Form 10-K for the year ended December 31, 2024 -- including recurring operating losses and limited available liquidity -- that raised substantial doubt about the Company's ability to continue as a going concern within one year from the issuance date of those financial statements. On October 13, 2025, the Company received equity financing totaling gross proceeds of $33.7 million and on October 15, 2025, the Company received equity financing totaling $40 million, both through a private placement of common shares, which substantially improved the Company's cash position and led to management's later assessment that the conditions that had previously raised substantial doubt had been alleviated. Management has concluded that, as of the date of issuance of these consolidated financial statements, substantial doubt about the Company's ability to continue as a going concern no longer exists. Liquidity and Capital Resources The Company's primary sources of liquidity are derived from existing unrestricted cash, reimbursements from short-term investments and capital proceeds. The Company anticipates its Electrified Materials new business to achieve increasing revenues in 2026; however, the Company will continue to require cash flow from financing activities to support operations and the continued development of its new business models. As of December 31, 2025, the Company had a cash balance of approximately $31.7 million, unrestricted investments totaling $40.5 million and a positive working capital balance of $73.1 million. The Company expects to fund its liquidity requirements over the next 12 months primarily through cash on hand and additional debt and equity financing transactions. Additionally, through short-term investments such as the fixed income fund, if future cash flows are insufficient to meet the Company's liquidity needs or capital requirements, it may be required to rationalize its expenditures or slow down efforts to further develop its new business models. A full text copy of the Company's Form 10-K is available at https://tinyurl.com/5n72jna2. About American Resources Corp American Resources Corporation operates through subsidiaries that were formed or acquired in 2020, 2019, 2018, 2016, and 2015 for the purpose of acquiring, rehabilitating, and operating various natural resource assets, including coal used in the steel-making and industrial markets, critical and rare earth elements used in the electrification economy, and aggregated metal and steel products used in the recycling industries. As of December 31, 2025, the Company had $1168.9 million in total assets, $75.7 million in total liabilities, and $93.2 million in total stockholders' equity. * * * This concludes the Troubled Company Reporter's coverage of American Resources until facts and circumstances, if any, emerge that demonstrate financial or operational strain or difficulty at a level sufficient to warrant renewed coverage. ANDERSON HAY: Aurora Property Sale to Millicent Property OK'd ------------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Washington has granted Anderson Hay Enterprises Inc. (AHG) and its affiliate, MTA Holdings, to sell Property, free and clear of liens, claims, interests, and encumbrances. Debtor AHG operates a straw processing facility in Aurora, Oregon, on land that is owned and leased to it by Debtor MTA Holdings. The Aurora Facility consists of approximately 26.2 acres of real property and includes a 41,000 SF processing and production building; five hay barns varying in size from 24,000 SF to 37,000 SF; a combined hay barn and processing/production building, a breakroom building and a pumphouse. The Aurora Facility has been developed to include driveways, concrete aprons, truck loading areas and approximately 320,000 SF of hay storage area. The property included in the Proposed Sale of the Aurora Facility includes the following: a. 23283 and 23261 Hubbard Cutoff NE, Aurora OR 97002 and taxed lounder Marion County Oregon Tax Parcel Nos. 510235, 330452, 510234, and 510229, owed by MTA Holdings; and b. Leasehold improvements including buildings and structures, machinery and equipment, and office furniture and equipment, and together with the Leasehold Improvements, owned by AHG. The Court has authorized the Debtor to sell the Property to Millicent Property Co., LLC and Heritage Alliance Exports, LLC for an aggregate purchase price of $8,641,000.00. The Sellers have demonstrated good, sufficient, and sound business reasons and compelling circumstances to enter into the Agreements and sell the Property and the Additional Equipment under sections 363 and 365 of the Bankruptcy Code. The Sellers provided proper, timely, adequate and sufficient notice of the Amended Motion pursuant to the Order Shortening Time. Sellers are authorized and directed to pay the proceeds of the PSA Purchase Price, after payment of actual, customary and reasonable closing costs, the Commission, and any taxes resulting from the sale that are attributable to the Sellers as set forth in the PSA, less $72,000.00 for Quarterly Fees payable to the US Trustee arising from the transaction, to PGIM Real Estate Finance, LLC. AHG is authorized and directed to pay the proceeds of the Additional Equipment Purchase Price, after payment of actual, customary and reasonable closing costs, if any, less $5,769.00 for Quarterly Fees payable to the US Trustee arising from the transaction, to AgWest Farm Credit, PCA. About Anderson Hay Enterprise Anderson Hay Enterprise, Inc., together with its subsidiaries, supplies Pacific Northwest-grown forage products, including three-tie hay, bagged forage, compressed hay, and MAG bales, serving both consumer and commercial markets such as horse owners, small-acreage farms, retailers, and agricultural operations. The Company operates domestically and internationally, distributing hay to partners in more than 30 countries. Founded in 1960 and family-led since its inception, it focuses on producing consistent forage and maintaining long-term relationships across its supply chain. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Lead Case No. 25-02074) on Nov. 26, 2025. In the petition signed by Steve Gordon, CFO, the Debtor disclosed up to $50 million in assets and up to $100 million in liabilities. Judge Whitman L. Holt oversees the case. James L. Day, at Bush Kornfeld LLP, is the Debtor's legal counsel. ANGEL'S PARADISE: Gets Final OK to Use Cash Collateral ------------------------------------------------------ Angel's Paradise Higher Learning Academy, Inc. received final approval from the U.S. Bankruptcy Court for the Northern District of Georgia, Atlanta Division, to use cash collateral to fund operations. The court authorized the Debtor to use cash collateral in accordance with its budget, subject to a 10% variance per each category. The use of cash collateral will continue until one or more of the following events or conditions: (i) the conversion or dismissal of the Debtor's Chapter 11 case; the Debtor's failure to perform any of its obligations under the order; and entry of further order amending, vacating, staying, reversing or modifying the final order. As adequate protection, the U.S. Small Business Administration will be granted replacement liens on post-petition property, with the same validity, extent, and priority as its pre-bankruptcy liens. The debtor must make monthly post-petition payments of $315 to the U.S. Small Business Administration (SBA) beginning February 15, 2026, with payments due on the 15th of each month until modified by the court, changed by agreement, or terminated through plan confirmation. The final order is available at https://shorturl.at/wjZZg from PacerMonitor.com. Angel's Paradise is a Georgia corporation based in Atlanta and led by President Angel Gay. It generates about $60,845 per month in income deposited into accounts at Credit Union of Atlanta and subsequent debtor-in-possession accounts, with only $8,927 on hand at filing. The SBA holds a broad, first-priority security interest perfected by UCC filings covering essentially all of the Debtor's tangible and intangible personal property and proceeds, including deposit accounts and receivables, securing approximately $60,630. Because the SBA and other secured parties claim the Debtor's income and bank funds as cash collateral, the Debtor cannot use those funds without consent or a court order. About Angel's Paradise Higher Learning Academy Inc Angel's Paradise Higher Learning Academy Inc sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-51205) on January 29, 2026. In the petition signed by Angela Gay-Bankston, chief executive officer, the Debtor disclosed up to $1 million in both assets and liabilities. Ian Falcone, Esq., at The Falcone Law Firm, PC, represents the Debtor as legal counsel. APEX TURNKEY: Unsecureds to Get $500 per Month for 5 Years ---------------------------------------------------------- Apex Turnkey Services, LLC, filed with the U.S. Bankruptcy Court for the Northern District of Texas a Plan of Reorganization dated May 18, 2026. The Debtor is a Texas limited liability company, established April 28, 2015, doing business as ATS Restoration & Construction, LLC. The Debtor provides property damage restoration and reconstruction services in the Dallas–Fort Worth Metroplex, including North Dallas, Frisco, Plano, and surrounding areas. The company specializes in mitigation, restoration, and remediation for damage caused by fire, storms, water, and wind. The primary cause for the filing of this bankruptcy case was a lack of operating cash flow attributable to outstanding pre-petition vendor payment pressure, an over-leveraged secured line of credit and creditcard obligations, and litigation collection efforts by pre-petition creditors. The Plan provides for a reorganization and restructuring of the Debtor's financial obligations. The Plan provides for a distribution to Creditors in accordance with the terms of the Plan from the Debtor over the course of five years from the Debtor's continued business operations. Class 3 consists of Nonpriority Unsecured Claims. Class 3 shall further include all secured deficiency Claims allowed under this Plan and the unsecured deficiency Claim of AmeriCredit Financial Services, Inc. dba GM Financial filed as Proof of Claim 7 in the amount of $15,355.88. Each holder of an Allowed Unsecured Claim in Class 3 shall be paid by Reorganized Debtor from an unsecured creditor pool, which pool shall be funded at the rate of $500.00 per month commencing the first full month after the Effective Date. Payments from the unsecured creditor pool shall be paid quarterly, for a period not to exceed five years (20 quarterly payments) and the first quarterly payment will be due on the twentieth day of each complete post-petition quarter. The Debtor estimates the aggregate of all Allowed Class 3 Claims is less than $1,386,610.68 based upon Debtor's review of the Court's claim register, Debtor's bankruptcy schedules, and anticipated deficiency claims and Claim objections (including the $428,374.53 Class 1K deficiency claim of Prosperity Bank). Holders of Claims listed on the Debtor's Schedule E/F as contingent, unliquidated, or disputed for which no proof of claim has been filed (specifically Schedule E/F entries 3.11 D. Ray Murphy, 3.32 Lake Forest Business Park, 3.33 Leviton Law Firm, LTD, and 3.47 Revenued, LLC) shall not be entitled to a distribution from the unsecured creditor pool unless and until such Claim becomes an Allowed Claim by Final Order. Class 4 consists of the holders of Allowed Interests in the Debtor. The holder of an Allowed Class 4 Interest shall retain their interests in the Reorganized Debtor. The Debtor proposes to implement and consummate this Plan through the means contemplated by Sections 1123 and 1145(a) of the Bankruptcy Code. A full-text copy of the Plan of Reorganization dated May 18, 2026 is available at https://urlcurt.com/u?l=QHhIiQ from PacerMonitor.com at no charge. Counsel to the Debtor: Robert T. DeMarco, Esq. Michael S. Mitchell, Esq. DeMarco Mitchell, PLLC 12770 Coit Road, Suite 850 Dallas, TX 75251 Telephone: (972) 991-5591 Facsimile: (972) 346-6791 E-mail: robert@demarcomitchell.com mike@demarcomitchell.com About Apex Turnkey Services LLC Apex Turnkey Services, LLC, provides property damage restoration and reconstruction services in the Dallas–Fort Worth Metroplex. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 26-40707--lm11) on Feb. 17, 2026. In the petition signed by Kyle Voris, owner, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. Judge Edward L. Morris oversees the case. Robert T DeMarco, at DeMarco Mitchell, PLLC, is the Debtor's legal counsel. APPYEA INC: 1st Quarter Net Loss Widens to $1.57 Million -------------------------------------------------------- AppYea Inc. reported a first-quarter net loss of $1.57 million for the three months ended March 31, 2026, widening from $166,000 a year earlier, according to a Form 10-Q filing with the Securities and Exchange Commission. The company reported no revenue, compared with $3,000 a year earlier, while its operating loss widened to $1.18 million from $123,000. The latest period included $533,000 of amortization of intangible assets, $413,000 of general and administrative expenses and $215,000 of research and development expenses. AppYea used $297,000 in operating activities during the quarter, compared with $103,000 a year earlier. The company said operating cash usage reflected materially higher fixed operating costs, principally from consulting arrangements with senior management. As of March 31, AppYea reported cash and cash equivalents of $811,000, total assets of $21.54 million, total liabilities of $9.73 million and total stockholders' equity of $11.82 million. The company received $750,000 in aggregate proceeds from a January 2026 capital raise and expects existing cash resources, together with those proceeds, to fund operations through December 2026. AppYea said it will require additional capital beyond that date and that a $27.02 million accumulated deficit, a $7.93 million working capital deficit and negative operating cash flows raised substantial doubt about its ability to continue as a going concern. A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/Archives/edgar/data/1568969/000149315226024593/form10-q.htm About AppYea AppYea Inc. is a Nevada corporation based in Jerusalem, Israel. The company develops and commercially deploys a blockchain-based technology platform for licensed lottery, draw-based gaming, and casino-style gaming operators. Its platform supports lottery ticket registration, draw execution, prize distribution, smart-contract execution, verifiable randomness, audit-trail capabilities, and modular backend services, with one active customer deployment in The Gambia. APPYEA also has a legacy digital health business through SleepX, which developed products for sleep apnea and snoring monitoring. In an audit report dated April 16, 2026, Barzily & Co., CPAs included substantial doubt language, stating that AppYea had recurring losses and working capital deficiency that raised substantial doubt about the company's ability to continue as a going concern. ARM VENTURES: Claims Will be Paid from Property Sale/Refinance -------------------------------------------------------------- Arm Ventures LLC filed with the U.S. Bankruptcy Court for the Southern District of Florida a First Amended Disclosure Statement for the Plan of Reorganization dated May 18, 2026. The Debtor is a Florida limited liability company with its principal address at 755 W. 41st Street, Miami Beach, Florida 33140. The Debtor is primarily engaged in the ownership, operation, and leasing of real property located at 753/755 W. 41st Street, Miami Beach, Florida 33140 (the "Real Property"). The Real Property consists of a commercial medical building that has historically been leased to pharmacy affiliates and healthcare providers serving the Miami Beach community. The Debtor filed this Chapter 11 case as a result of the foreclosure action initiated by the holder of the first mortgage lien on the Real Property. City National Bank of Florida originally made a loan to the Debtor on or about February 27, 2018, in the original principal amount of $1,238,000.00, secured by a Mortgage recorded in the official Records of Miami-Dade County, Florida at Book 30891, Page 4842, a Commercial Security Agreement, and a UCC Financing Statement. The loan was subsequently assigned to Precedent Acquisitions, LLC ("Precedent"). A Final Judgment of Foreclosure and Damages was entered on September 25, 2025, in State Court Case No. 2024-000905-CA-01, in the Circuit Court of the Eleventh Judicial Circuit in and for Miami-Dade County, Florida. The Debtor disputed the validity and amount of the judgment and has filed multiple appeals before the Third District Court of Appeal of Florida. Class 4 consists of the Unsecured Claim of IRS. This Class shall be paid in full on or before Effective Date. This Class is unimpaired. Under the Plan, unsecured creditors will receive 100% payment of their Allowed Claims. The Plan will be funded from the following sources: * Refinancing or Sale: Debtor will refinance or sell the Real Property by the Effective Date. The Debtor has been working with Marcus & Milichap Capital Corporation to identify suitable lenders and to refinance the Precedent's secured debt. The Debtor believes the Plan is feasible for the following reasons: * Real Property Value: The Real Property has been valued at $2,350,000.00, which exceeds the total secured claims. * Refinancing Capability: The Debtor has equity in the Real Property sufficient to obtain refinancing. * Rental Income: The Debtor generates ongoing rental income from the Real Property, which makes it a likely candidate for refinancing. * Sale value: If the Real Property cannot be refinanced, its sale value is projected to be sufficient to satisfy all Allowed Claims in full. A full-text copy of the First Amended Disclosure Statement dated May 18, 2026 is available at https://urlcurt.com/u?l=M4F2VN from PacerMonitor.com at no charge. Arm Ventures LLC is represented by: DGIM Law, PLLC Daniel Gielchinsky, Esq. 2875 NE 191st Street, Suite 705 Aventura, Florida 33180 Telephone: 305-763-8708 Email: dan@dgimlaw.com About Arm Ventures LLC Arm Ventures LLC is a Florida limited liability company with its principal address at 755 W. 41st Street, Miami Beach, Florida 33140. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-22944-LMI) on Oct. 31, 2025. The Debtor previously filed a Chapter 11 petition (Bankr. S.D. Fla. Case No. 16-23633) on October 4, 2016. This bankruptcy case was closed on May 15, 2017. At the time of the recent filing, Debtor listed assets of between $1,000,001 to $10 million and liabilities of between $1,000,001 to $10 million. Judge Laurel M. Isicoff (LMI) oversees the new case. Joel M. Aresty, P.A., is the Debtor's legal counsel. ARTELLA SOLUTIONS: Gets Extension to Access Cash Collateral ----------------------------------------------------------- Artella Solutions, Inc. received fourth interim approval from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to use cash collateral. Under the fourth interim order, the Debtor is permitted to use cash collateral in line with an approved budget, subject to a 10% variance, on a rolling basis until the final hearing. The use of funds must also remain consistent with the terms of a separate DIP financing order with Pulse Layer, Inc., and in case of conflict, the DIP order governs. The Debtor projects 3-Weeks total operational expenses of $498,031.77. As adequate protection, the U.S. Small Business Administration and other secured creditors will be granted replacement liens on post-petition assets, maintaining their pre-petition priority. However, these liens are subordinate to the DIP lender's senior liens, and certain assets such as avoidance actions and DIP collateral are excluded from the replacement liens. The order also requires the Debtor to remain current on taxes, maintain insurance, and file monthly operating reports. All creditor rights are preserved, including the ability to seek modifications or object to improper use of funds. A final hearing is scheduled for June 5. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/nCa2r from PacerMonitor.com. About Artella Solutions Inc. Artella Solutions, Inc provides remote patient monitoring solutions focused on cardiac rhythm management. It is a Texas corporation and a wholly owned subsidiary of CorMedica Group, Inc. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-31092) on February 19, 2026). In the petition signed by Patrick Magill, president, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Jeffrey P. Norman oversees the case. Melissa A. Haselden, Esq., at Haselden Farrow, PLLC, represents the Debtor as legal counsel. ASSET ROOFING: Court OKs Vehicle Sale to Multiple Buyers -------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Washington, has permitted Asset Roofing Company Inc. to sell Vehiclese, free and clear of liens, claims, interests, and encumbrances. The Debtor leases nine vehicles and a forklift from Glesby Marks Ltd., pursuant to two separate Master Vehicle Lease Agreements. The Debtor has recently adjusted its business model to utilize certain contracted labor for jobs rather than employees and, therefore, has no further need for the Leased Vehicles. The Debtor has reached out to several local dealerships to solicit sales of the Leased Vehicles, and the Debtor has now successfully negotiated sales of all ten Leased Vehicles. Additional accrued interest will be added to the payoff amounts and will be due and owing to Glesby Marks in connection with each sale. Upon court approval, the Debtor will deliver the 2023 GMC Yukon 4x4 Denali to Pierre GMC of Everett for sale and the Debtor will deliver all nine other vehicles to Rairdon's Dodge of Monroe (Buyers). The Court has authorized the Debtor to sell the Leased Vehicles to Buyers approved. The Debtor, Glesby Marks, and Buyers are authorized to consummate and perform all of their respective or collective obligations in connection with the sales and to execute such other documents and take such other actions as may be necessary or appropriate to effectuate the terms and conditions of the sales. The court retains jurisdiction and power to hear and determine all matters arising from or related to the implementation, interpretation or enforcement of the order. About Asset Roofing Company, LLC Asset Roofing Company, LLC, doing business as Asset Roofing and Gutters, installs, repairs, replaces, and maintains roofs for residential, commercial, and multi-family properties in Snohomish, Washington, and nearby areas in Washington state. It also provides gutter installation, roof and attic inspections, roof certification services, and maintenance plans for landlords and property managers. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Wash. Case No. 26-00489) on March 19, 2026. In the petition signed by Anthony Langdon, chief executive officer, the Debtor disclosed $313,384 in total assets and $4,385,280 in total liabilities. Jason Wax, Esq., at BUSH KORNFELD LLP, represents the Debtor as legal counsel. ASSOCIATED COMMUNITY: U.S. Wins Summary Judgment in Tax Dispute --------------------------------------------------------------- The Hon. Robert J. White of the United States District Court for the Eastern District of Michigan granted the United States of America's motion for summary judgment in the case captioned as UNITED STATES OF AMERICA, Plaintiff, v. ESTATE OF RICHARD T. COLE, JR., et al., Defendants, Case No. 22-cv-12916 (E.D. Mich.). Defendant Robert W. Burland, Jr.'s cross-motion for summary judgment is denied. The United States of America commenced this action pursuant to 26 U.S.C. Sec. 7402(a) seeking to reduce trust-fund tax liabilities already assessed against Robert W. Burland, Jr. to judgment. Burland and Richard T. Cole, Jr. founded Associated Community Services, Inc. in February 1999. ACS fundraised for charitable causes and political campaigns through telemarketing campaigns. Burland and Cole served as ACS's co-presidents. They both owned 50 percent of ACS's voting shares. In September 2012, the IRS filed a notice of federal tax lien with the Michigan Department of State for ACS's unpaid withholding and unemployment tax liabilities. The lien amount totaled $5.4 million approximately, including unpaid withholding taxes for all the quarters in 2005 and 2006. The IRS also assessed Burland and Cole with civil penalty liabilities for failing to timely remit ACS's withheld employment taxes to the government pursuant to 26 U.S.C. Sec. 6672. The December 2012 assessments covered outstanding balances for all the quarters in 2008 and the first quarter in 2010, amounting to $3.4 million approximately. ACS eventually declared Chapter 11 bankruptcy in March 2014. (In re Associated Community Services, Inc., Bankr. E.D. Mich. No. 14-44095). The IRS filed a proof of claim with the bankruptcy court, approximating $14.2 million in unpaid taxes as of January 2017. After objecting to the IRS's amended proof of claim, ACS settled those objections with the government in April 2017. The settlement authorized the IRS to "file suit to obtain a money judgment" against Burland and Cole for the outstanding civil penalty liabilities to "protect the statute of limitations" on recovering those taxes. In December 2022, the government filed this lawsuit against Burland, Cole's estate, and Cole's surviving spouse, in her capacity as the estate's de facto executor or administrator. The complaint seeks to, among other things, reduce to judgment the civil penalty liabilities already assessed against Burland. The government, Cole's estate, and Cole's surviving spouse entered into a stipulated judgment on February 3, 2025. The government and Burland -- the only remaining defendant -- now cross-move for summary judgment on the question of Burland's liability for the assessed civil penalties. The Court finds because there is no genuine issue of material fact as to whether Burland was responsible for paying over ACS's trust-fund taxes and willfully failed to do so, the government is entitled to summary judgment on all the assessed tax periods. A copy of the Court's Opinion and Order dated May 15, 2026, is available at https://urlcurt.com/u?l=SlHmeL from PacerMonitor.com. About Associated Community Services, Inc. Southfield, Michigan-based telefundraiser Associated Community Services, Inc. filed a Chapter 11 petition (Bankr. E.D. Mich. Case No. 14-44095) on March 13, 2014. In its petition, the Debtor reported up to $50,000 in assets and between $10 million and $50 million in liabilities. The Hon. Phillip J Shefferly oversaw the case. John J. Stockdale, Jr., Esq., at Schaefer and Weiner, PLLC, served as bankruptcy counsel. The bankruptcy case was closed on May 30, 2017. ASTALDI SPA: 3rd Cir Tells Lower Court to Revisit Arbitral Award ---------------------------------------------------------------- In the appeal styled SOCIEDAD CONCESIONARIA METROPOLITANA DE SALUD S.A., Appellant v. WEBUILD S.P.A, No. 24-3005 (3rd Cir.), Judges D. Michael Fisher, Paul B. Matey and Patty Shwartz of the U.S. Court of Appeals for the Third Circuit vacated the judgment of the United States District Court for the District of Delaware dismissing Sociedad Concesionaria Metropolitana de Salud S.A.'s petition to confirm, recognize and enforce a foreign arbitral award for lack of personal jurisdiction and remand to the District Court to determine whether Webuild S.p.A. is Astaldi, S.p.A.'s successor in interest and to conduct any other proceedings consistent with this opinion. In 2014, the Chilean Ministry of Public Works awarded a contract to Astaldi Concessioni S.R.L. to design, construct, and operate a new hospital project in Santiago, Chile. Later that year, Astaldi Concessioni S.R.L. assigned the contract to SCMS, a stand-alone Chilean company. In turn, SCMS contracted with Astaldi Sucursal Chile, the Chilean branch of Astaldi, S.p.A., an Italian company, who assumed SCMS's design and construction obligations. SCMS and Astaldi agreed to resolve any dispute in an arbitration proceeding before the Santiago Center for Arbitration and Mediation. In September 2018, while the hospital project was under construction, Astaldi commenced in Italy a "Concordato" proceeding -- a restructuring process akin to a proceeding commenced under Chapter 11 of the United States Bankruptcy Code -- that restricted Astaldi's paying of certain debts. SCMS determined that Astaldi could not timely complete the project, and in January 2019, SCMS terminated the contract. An arbitration ensued in Chile, which resulted in an award in favor of SCMS and against Astaldi. During the arbitration proceeding, Astaldi completed the restructuring process by "spinning off" its operating business and merging into Webuild S.p.A., an Italian multinational construction company. Under the proposed "spin-off" transaction: (1) Astaldi would continue certain business activities, including construction and infrastructure projects; (2) Astaldi would liquidate some assets and issue new shares to satisfy unsecured creditors; and (3) Webuild would infuse EUR225 million of capital to compensate Astaldi's preferential creditors in exchange for majority control and ownership of Astaldi. A majority of Astaldi's creditors approved the proposal, and an Italian court approved the restructuring plan in July 2020. On August 1, 2021, Webuild acquired the majority of Astaldi's business -- namely, the "building, infrastructure construction, the study, design, transportation, maintenance, facility management and operation of complex systems -- which purportedly included the "assets and liabilities" of several projects, including the Santiago hospital project. Under this agreement, "Astaldi's business" would "continue as a going concern," while "integrated within Webuild," and Astaldi's "remaining assets" would "continue their activities for the exclusive benefit of" Astaldi's shareholders. In other words, Astaldi, which is presently known as Astaris S.p.A., intended to liquidate and "wind down" each asset that was not acquired by Webuild. In January 2022, Astaldi petitioned the Chilean Court of Appeals to set aside or modify the arbitral award. Finding that the arbitrator failed to apply a limitation of liability provision in the contract between SCMS and Astaldi, the Chilean Court of Appeals reduced the amount of damages but otherwise affirmed Astaldi's obligations under the award. Astaldi appealed to the Chilean Supreme Court, which held that the Chilean Court of Appeals' decision was not subject to challenge and that Astaldi's appeal is "inadmissible." In the District Court for the District of Delaware, SCMS brought this action against Webuild to confirm, recognize, and enforce the final arbitral award under 9 U.S.C. Sec. 207, the Federal Arbitration Act ("FAA"), which implements in the United States the Convention on the Recognition and Enforcement of Foreign Arbitral Awards, June 10, 1958, 21 U.S.T. 2517 ("New York Convention"). Trying to collect the arbitral award and alleging that Webuild is Astaldi's successor in interest, SCMS attempted to invoke the District Court's quasi in rem jurisdiction over Webuild's shares in Webuild US Holdings, Inc., a Delaware-based and wholly owned subsidiary of Webuild. Webuild moved to dismiss SCMS's petition for lack of personal jurisdiction. Specifically, Webuild argued that Shaffer extends the minimum-contacts test of International Shoe Co. v. Washington, 326 U.S. 310, 322 (1945), to quasi in rem actions and that SCMS failed to establish minimum contacts between Delaware, the underlying breach-of-contract action, and Webuild US -- who was a party to neither the arbitration nor the underlying contract. In response, SCMS argued that Shaffer's thirty-sixth footnote expressly permits a court's exercising quasi in rem jurisdiction in an action to collect on an already adjudicated liability. Finding no basis for personal jurisdiction, the District Court granted Webuild's motion and dismissed SCMS's petition. On appeal, SCMS challenges the District Court's primary and alternative holdings. With respect to the primary holding -- that no basis for personal jurisdiction exists -- SCMS contends that, under Shaffer's thirty-sixth footnote, no minimum contacts are required for a court to exercise quasi in rem jurisdiction in an action to collect on an already adjudicated debt. Therefore, the question is whether, in an action to collect on an already adjudicated debt, the mere presence of a debtor's property within a forum state establishes a constitutional basis for which to exercise quasi in rem jurisdiction. The panel emphasizes that nothing in Shaffer's thirty-sixth footnote precludes the District Court from determining whether Webuild assumed Astaldi's obligation under the award. SCMS brought this action and alleged that Webuild is Astaldi's successor in interest. In turn, Webuild raised as an affirmative defense that the District Court lacked personal jurisdiction. Once this defense is raised, the District Court must first determine whether the defense is meritorious, which includes considering evidence on the subject. If the District Court determines that Webuild is Astaldi's successor in interest, then a "court of competent jurisdiction will have determined that "the defendant is a debtor of the plaintiff." According to the panel, the District Court has both the power and the obligation to determine whether Webuild is Astaldi's successor in interest. Because the District Court's jurisdiction depends on whether Webuild is Astaldi's successor in interest, the District Court has the power and the obligation to decide this question, regardless of how complex it may be. Because the arbitrator already resolved the underlying controversy -- SCMS's breach of contract claims against Astaldi -- the only question left for the District Court to determine is whether Webuild is Astaldi's successor in interest. To the extent that Webuild characterizes this issue as a merits question, it makes no difference. The obligation to determine jurisdiction remains, even when the "merits and jurisdiction come intertwined." And the District Court may exercise personal jurisdiction over a successor in interest even if it would have lacked personal jurisdiction over the predecessor. By failing to first determine whether Webuild is Astaldi's successor in interest, the District Court erred. However, Webuild's status as successor in interest likely requires delving into several underlying complexities, including whether Delaware or Italian law applies, the relation between the Italian Concordata and the Chilean arbitration, and the niceties of a multi-billion-dollar two-step merger and spin-off transaction that occurred in Italy. Therefore, the District Court should resolve this question in the first instance. The Circuit Judges hold, "For these reasons, we will vacate the District Court's dismissal for lack of personal jurisdiction and remand to the District Court to determine whether Webuild is Astaldi's successor in interest and to conduct any other proceedings consistent with this opinion." A copy of the Court's Opinion dated May 18, 2026, is available at https://urlcurt.com/u?l=TjEFgx Webuild is a multinational construction company, incorporated with its principal place of business in Italy. The company is registered to do business in the state of Connecticut. It has designated a registered agent at 90 Fieldstone Court, Cheshire, Connecticut. B & R REAL ESTATE: Voluntary Chapter 11 Case Summary ---------------------------------------------------- Debtor: B & R Real Estate LLC 22009 Sherman Way Canoga Park, CA 91303 Chapter 11 Petition Date: May 26, 2026 Court: United States Bankruptcy Court Central District of California Case No.: 26-11128 Judge: Hon. Victoria S Kaufman Debtor's Counsel: Thomas B. Ure, Esq. URE LAW FIRM 8280 Florence Avenue, Suite 200 Downey, CA 90240 Tel: 213-202-6070 Fax: 213-202-6075 E-mail: tom@urelawfirm.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Surjit Multani as managing member. The Debtor has confirmed in the petition that there are no unsecured creditors. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/X7IWKCI/B__R_Real_Estate_LLC__cacbke-26-11128__0001.0.pdf?mcid=tGE4TAMA B&R ENGINEERING: Tarek Kiem of Kiem Law Named Subchapter V Trustee ------------------------------------------------------------------ The Acting U.S. Trustee for Region 21 appointed Tarek Kiem, Esq., at Kiem Law, PLLC as Subchapter V trustee for B&R Engineering Corporation. Mr. Kiem will be paid an hourly fee of $350 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Kiem declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Tarek Kiem, Esq. Kiem Law, PLLC 8461 Lake Worth Road, Suite 114 Lake Worth, FL 33467 Tel: (561) 600-0406 tarek@kiemlaw.com About B&R Engineering Corporation B&R Engineering Corporation filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-16436) on May 18, 2026, with $1 million to $10 million in assets and $500,001 to $1 million in liabilities. Robert F. Reynolds, Esq.. represents the Debtor as legal counsel. BADGER INFRASTRUCTURE: DBRS Finalizes BB Rating on Unsec. Notes --------------------------------------------------------------- DBRS Limited (Morningstar DBRS) finalized the provisional credit rating of BB with a Stable trend on Badger Infrastructure Solutions Ltd.'s (Badger or the Company, rated BB (high) with a Stable trend) Senior Unsecured Notes (the Notes), which closed on May 14, 2025. The Recovery Rating on the Notes is RR5. The credit rating on the Notes is applicable to the following series: CAD 300 million, 5.375% Senior Unsecured Notes due May 14, 2031. The proceeds of the Notes after deducting issuance fees and expenses, are intended to be used to repay existing indebtedness. The Notes will be senior unsecured obligations ranking pari passu with all existing and future unsecured senior indebtedness of Badger; senior in right of payment to all existing and future subordinated indebtedness of the Company but will effectively be subordinated to any senior secured indebtedness of the Company, including indebtedness under the Senior Secured Credit Facility. The Notes will be guaranteed by the borrowers and guarantors under the Credit Agreement for the Senior Secured Credit Facilities, which are required to account for at least 80% of consolidated total tangible assets and 80% of consolidated total revenue. CREDIT RATING DRIVERS Morningstar DBRS could take a positive credit rating action should the Company materially improve its business-risk profile, including increased size, and improvement in operating efficiency and service diversification, while maintaining strong credit metrics supportive of an investment grade credit rating (e.g., debt-to-EBITDA below 3.0 times (x)). Conversely, Morningstar DBRS could take a negative credit rating action if the Company's operating performance declines and/or the Company practices more aggressive capital management such that adjusted debt-to-EBITDA increases toward 3.5x on a sustained basis. CREDIT RATING RATIONALE Comprehensive Business Risk Assessment (CBRA): bb Badger's CBRA of bb reflects the Company's market position as the leader within the niche North American non-destructive excavation industry, strong customer and geographic diversification, and expansive network with the ability to serve its large national customers across North America, resulting in a competitive advantage over smaller regional competitors. The CBRA also reflects the capital-intensive nature of Badger's operations, exposure to cyclicality in some of its end markets, and concentration of service offerings. Comprehensive Financial Risk Assessment (CFRA): a Badger's CFRA of a reflects Morningstar DBRS' expectation that the Company will practice relatively conservative financial management practices. Morningstar DBRS notes that Badger has material room for investment/ acquisitions within the current credit rating category, given the Company's currently strong credit metrics. Intrinsic Assessment (IA): bb (high) The IA of bb (high) is within the intrinsic assessment range, is based on Badger's CBRA and CFRA, and takes into consideration peer comparisons, among other factors. Additional Considerations: The credit ratings include no further negative or positive adjustments as a result of additional considerations. Recovery Rating: The Recovery Rating of RR5 on the Senior Unsecured Notes assumes a fully drawn secured revolver and reflects the secured revolver's first-lien position. BAKER & TAYLOR: Committee Taps Lowenstein Sandler as Counsel ------------------------------------------------------------ The official committee of unsecured creditors of Baker & Taylor, LLC seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to employ Lowenstein Sandler LLP as its counsel. The firm's services include: (a) advising the Committee with respect to its rights, duties, and powers in the Chapter 11 Case; (b) assisting and advising the Committee in its consultations and communications with the Debtor relative to the administration of the Chapter 11 Case; (c) assisting the Committee in analyzing the claims of the Debtor's creditors and the Debtor's capital structure and in negotiating with holders of claims and equity interests; (d) assisting the Committee in its investigation of the acts, conduct, assets, liabilities, and financial condition of the Debtor and of the operation of the Debtor's business; (e) assisting the Committee in its analysis of, and negotiations with, the Debtor or any third party concerning matters related to, among other things, the assumption or rejection of certain leases of nonresidential real property and executory contracts, asset dispositions, and the terms of any chapter 11 plans and accompanying disclosure statements and related plan documents; (f) assisting and advising the Committee as to its communications to unsecured creditors regarding significant matters in the Chapter 11 Case; (g) representing the Committee at hearings and other proceedings; (h) reviewing and analyzing applications, orders, statements of operations, and schedules filed with the Court and advising the Committee as to their propriety; (i) assisting the Committee in preparing pleadings and applications as may be necessary in furtherance of the Committee's interests and objectives; (j) preparing, on behalf of the Committee, any pleadings, including without limitation, motions, memoranda, complaints, adversary complaints, objections, or comments in connection with any of the foregoing as may be necessary in furtherance of the Committee's interests and objectives in the Chapter 11 Case, including without limitation, the preparation of retention applications and fee applications for the Committee's professionals, including Lowenstein Sandler; and (k) performing such other legal services as may be required or are otherwise deemed to be in the interests of the Committee in accordance with the Committee's powers and duties as set forth in the Bankruptcy Code, Bankruptcy Rules, or other applicable law. Lowenstein Sandler's customary hourly rates are as follows: Partners of the Firm $800 to $2,300 Of Counsel $955 to $1,685 Senior Counsel $710 to $1,695 Counsel $670 to $1,600 Associates $590 to $1,450 Paralegals, Practice Support, and Assistants $225 to $540 Bruce Nathan, Esq., a partner at Lowenstein Sandler, 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: Bruce S. Nathan, Esq. Lowenstein Sandler LLP 1251 Avenue of the Americas New York, NY 10020 Telephone: (212) 262-6700 Facsimile: (212) 262-7402 E-mail: bnathan@lowenstein.com About Baker & Taylor LLC Baker & Taylor LLC is a leading distributor of books, digital content, and entertainment products in the United States. Baker & Taylor LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 26-12863) on March 18, 2026. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $100 million and $500 million. The Debtor is represented by Paul J. Winterhalter, Esq. of Offit Kurman. BAUSCH HEALTH: Stockholders OK Three Proposals at Annual Meeting ---------------------------------------------------------------- Bausch Health Companies Inc. announced in a regulatory filing the final voting results from its Annual Meeting of Stockholders. At the Annual Meeting, the shareholders of the Company voted on the following three proposals, each of which is described in detail in the Company's Management Proxy Circular and Proxy Statement. The results of each matter voted upon are as follows: Proposal No. 1: Election of Directors. The shareholders elected the following individuals to the Company's Board of Directors, including Eiry W. Roberts, M.D., who was elected as a new director, to serve until the close of the Company's 2027 Annual Meeting of Shareholders, until their successors are duly elected or appointed, or until such director's earlier resignation or removal: 1. Thomas J. Appio * For: 196,814,621 * Withheld: 2,743,810 * Broker Non-Votes: 79,859,606 2. Christian A. Garcia * For: 196,711,908 * Withheld: 2,846,523 * Broker Non-Votes: 79,859,606 3. Michael Goettler * For: 196,757,828 * Withheld: 2,800,603 * Broker Non-Votes: 79,859,606 4. Sarah B. Kavanagh * For: 188,459,870 * Withheld: 11,098,561 * Broker Non-Votes: 79,859,606 5. Frank D. Lee * For: 183,885,617 * Withheld: 15,672,814 * Broker Non-Votes: 79,859,606 6. Sandra Leung * For: 195,931,772 * Withheld: 3,626,659 * Broker Non-Votes: 79,859,606 7. John A. Paulson * For: 196,214,806 * Withheld: 3,343,625 * Broker Non-Votes: 79,859,606 8. Robert N. Power * For: 186,236,066 * Withheld: 13,322,365 * Broker Non-Votes: 79,859,606 9. Eiry W. Roberts, M.D. * For: 196,972,752 * Withheld: 2,585,679 * Broker Non-Votes: 79,859,606 10. Amy B. Wechsler, M.D. * For: 195,813,955 * Withheld: 3,744,476 * Broker Non-Votes: 79,859,606 Proposal No. 2: Advisory Vote on Executive Compensation. The shareholders approved, on a non-binding advisory basis, the compensation of the Company's Named Executive Officers as disclosed in the Compensation Discussion and Analysis section, executive compensation tables and accompanying narrative discussions contained in the Management Proxy Circular and Proxy Statement. * For: 189,432,400 * Against: 9,588,417 * Abstain: 537,614 * Broker Non-Votes: 79,859,605 Proposal No. 3: Appointment of the Independent Registered Public Accounting Firm. The shareholders appointed PricewaterhouseCoopers LLP as the auditors for the Company to hold office until the close of the 2027 Annual Meeting of Shareholders and authorized the Company's Board of Directors to fix the auditors' remuneration. * For: 276,774,936 * Withheld: 2,643,100 About Bausch Health Companies Inc. Bausch Health Companies Inc. develops drugs for unmet medical needs in central nervous system disorders, eye health, and gastrointestinal diseases, as well as contact lenses, intraocular lenses, ophthalmic surgical equipment, and aesthetic devices. As of December 31, 2025, the Company had $26.37 billion in total assets, $25.99 billion in total liabilities, and $377 million in total equity. * * * As of February 18, 2026, the credit ratings and outlook from Moody's, Standard & Poor's and Fitch for certain outstanding obligations of the Company were as follows: Moody's assigned a corporate rating of Caa2, a senior secured rating of Caa1, and a senior unsecured rating of Ca, with a Stable outlook. Standard & Poor's rated the Company B- at the corporate level and for senior secured obligations, CCC+ for senior unsecured obligations, and maintained a Negative outlook. BEASLEY MEZZANINE: Moody's Withdraws 'Ca' Corporate Family Rating ----------------------------------------------------------------- Moody's Ratings has withdrawn all ratings of Beasley Mezzanine Holdings, LLC's (Beasley), including the Ca Corporate Family Rating, Ca-PD Probably of Default Rating, the Caa1 rating on the 11% backed senior secured first lien notes due August 2028, and C rating on the 9.2% senior unsecured notes due August 2028. Concurrently, Moody's have withdrawn the Speculative Grade Liquidity Rating (SGL) of SGL-4. At the time of the withdrawal, the outlook was stable. RATINGS RATIONALE Moody's have decided to withdraw the rating(s) following a review of the issuer's request to withdraw its rating(s). Beasley Mezzanine Holdings, LLC owns and operates radio stations and related websites and mobile applications across 12 markets. The company's station portfolio is located mainly across the eastern seaboard of the United States, with major contributions to revenue from the Boston, Detroit and Philadelphia markets. The company is publicly traded but controlled by the Beasley family through a dual-class share structure. Beasley generated approximately $200 million as of LTM March 2026. BEELINE HOLDINGS: Forms Special Committee for Strategic Options --------------------------------------------------------------- Beeline Holdings, Inc. announced in a regulatory filing that the Board of Directors formed a special committee to evaluate and explore strategic opportunities that may be available to the Company, including a potential strategic transaction involving TTYL, a privately held company with a blockchain-enabled platform focused on the tokenization of deed-recorded fractional equity interests in U.S. residential real estate as real-world assets. The Special Committee was formed in light of the related-party nature of any potential transaction involving TTYL. Nicholas R. Liuzza, Jr. is the founder and principal shareholder of the Company and serves as the Company's Chief Executive Officer and is also the founder, principal shareholder and Chief Executive Officer of TTYL. The Special Committee consists solely of independent and disinterested directors. The Board has granted the Special Committee authority to, among other things, review, evaluate, negotiate, approve or disapprove strategic opportunities, including any related-party transaction involving TTYL, and retain independent legal, financial and other advisors as the Special Committee deems appropriate to assist it in discharging its duties. As of May 18, 2026, no decision has been made to proceed with any transaction involving TTYL or any other strategic opportunity, and there can be no assurance that the Company will enter into any definitive agreement or consummate any transaction involving TTYL or any other strategic opportunity. The Company does not undertake any obligation to provide updates regarding the Special Committee's review or any potential transaction, except as required by applicable law. About Beeline Holdings Beeline Financial Holdings, Inc. is a mortgage fintech transforming the way people access property financing. Through its fully digital, Al-powered platform, Beeline delivers a faster, smarter path to home loans-whether for primary residences or investment properties. Headquartered in Providence, Rhode Island, Beeline is reshaping mortgage origination with speed, simplicity, and transparency at its core. The Company is a wholly owned subsidiary of Beeline Holdings and also operates Beeline Labs, its innovation arm focused on next-generation lending solutions. Boca Raton, Florida-based Salberg & Company, P.A., the Company's auditor since 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 recurring losses and negative cash flows from operations since its inception, has a significant working capital deficit, and is dependent on debt and equity financing. These matters raise substantial doubt about the Company's ability to continue as a going concern. As of December 31, 2025, the Company had $70.2 million in total assets, $16.6 million in total liabilities, and $53.6 million in total equity. BELL CANADA: DBRS Confirms BB(high) Rating on Sub. Debentures ------------------------------------------------------------- DBRS Limited (Morningstar DBRS) confirmed Bell Canada's Issuer Rating at BBB and BCE Inc.'s (BCE or the Company) Issuer Rating at BBB (low). Morningstar DBRS also confirmed Bell Canada's Debentures and MTN Debentures credit rating at BBB, Commercial Paper credit rating at R-2 (middle), and Subordinated Debentures credit rating at BB (high). Further, Morningstar DBRS confirmed BCE's Unsecured Debentures credit rating at BBB (low), Short-Term Issuer Rating at R-2 (low), and Preferred Shares credit rating at Pfd-3. All trends are Stable. BCE's credit ratings receive a one notch downward adjustment for parent-subsidiary structural subordination. KEY CREDIT RATING CONSIDERATIONS The credit rating confirmations reflect BCE's steady operating performance for the year ended December 31, 2025, and quarter ended March 31, 2026. The Company's financial performance has been in line with Morningstar DBRS' annualized expectations as it continues to execute well in its core Canadian telecom business, ramp its operations in the U.S. telecom market, and expand its digital service offering. In 2025, consolidated revenue was $24.5 billion, up 0.2% year over year (YOY), and adjusted EBITDA was $10.7 billion, up 0.7%, and modestly beating Morningstar DBRS' revenue and adjusted EBITDA growth estimates of -1% YOY and flat YOY, respectively. Morningstar DBRS calculated free cash flow (FCF) (after dividends but before working capital) surged to $1.7 billion in 2025, compared with a loss position in 2024, and gross leverage was 3.7 times(x), compared with 3.9x at year-end 2024. In Q1 2026, revenue of $6.2 billion was up 4.0% YOY and EBITDA of $2.6 billion, increased 2.9% YOY, which is in line with the Company's 2026 revenue and EBITDA guidance and driven primarily by the contribution from Northwest Fiber, LLC (doing business as Ziply Fiber) and enterprise revenue growth reflecting strong growth in digital and artificial intelligence (AI)-powered solutions. While Morningstar DBRS notes that gross leverage in the last 12-month period ticked up in the seasonally small quarter to 3.8x, the Company also had an unusually large cash balance at quarter end. Morningstar DBRS believes the Company's multiyear deleveraging plan remains intact, as the sale of its Bell Mobility land mobile land radio network business for $675 million represents another data point in the execution of this long-term strategic objective. The Stable trends reflect Morningstar DBRS' expectation that the Company will be able to execute on the multiyear operating and financial targets outlined at its investor day in October 2025 and updated on March 16, 2026, with the announcement of a green-field 300-megawatt (MW) data centre in Sherwood, Saskatchewan. The trends also consider the expectation that competition in the core Canadian telecom market will remain intense with only modest growth, reflecting a low-population growth environment and continued pressure on the consumer. However, the trends also reflect Morningstar DBRS' expectation that Ziply Fiber will provide incremental contributions and its expectation of an acceleration in AI-power solutions revenue to approximately $2 billion in 2028, up from roughly $750 million in 2025 and for leverage to decline to approximately 3.5x in 2027. CREDIT RATING DRIVERS Morningstar DBRS could upgrade the credit ratings if BCE/Bell Canada were to deleverage as a result of EBITDA growth and/or the application of FCF generated by operations or through liquidity event(s) are used for debt reduction such that leverage declines sustainably towards 3.0x, while maintaining its earnings profile. Conversely, Morningstar DBRS could downgrade the credit ratings if BCE/Bell Canada experience a deterioration in its credit metrics as a result of weaker-than-expected operating performance, lower cash flow, and/or more-aggressive-than-expected financial management in which leverage was expected to be 3.75x or higher for an extended period. EARNINGS OUTLOOK Morningstar DBRS forecasts 2026 revenue to increase in the low-single digits primarily reflecting the contribution from Ziply Fiber, digital and AI-enabled enterprise revenue growth, and a strong performance in media, offsetting intense competition in the core Canadian telecom market, including a continued decline in legacy voice services. For 2027-28, Morningstar DBRS forecasts revenue to grow in the low-single-digit range, primarily driven by growth in Ziply Fiber, a growing presence in the AI ecosystem and digital enterprise services, a stabilization in wireless service revenue and digital monetization revenue at the media group. Morningstar DBRS expects modest EBITDA margin pressure in 2026 because of increased compensation and inflationary pressure on costs. Looking ahead, EBITDA margins are expected to increase in 2027 and 2028 to the 44% range, primarily reflecting CTS cost efficiencies, growth Bell Business Markets (BBM), and wireless churn management. Morningstar DBRS forecasts EBITDA to grow from approximately $10.8 billion in 2026 to between $11.8 billion and $12.0 billion by 2028. FINANCIAL OUTLOOK Morningstar DBRS forecasts a 2026 FCF deficit of approximately $100.0 million to $300.0 million, compared with $1.0 billion in 2025. The YOY decline reflects an estimated $1.3 billion in capital expenditures (capex) related to the Company's newly announced plan to build a 300-MW data centre in Saskatchewan, which takes Morningstar DBRS' full-year 2026 capex to about $5.0 billion. Morningstar DBRS forecasts base capex (i.e., capex excluding the 300-MW data centre) to be approximately $3.7 billion, which implies a capital intensity of approximately 14.5%, which is in line with the initial annual 2026 guidance range of BELLAVIVA AT WHISPERING: Creditors to Get Proceeds From Liquidation ------------------------------------------------------------------- Bellaviva at Whispering Hills, LLC filed with the U.S. Bankruptcy Court for the Middle District of Florida a Disclosure Statement in support of Plan of Liquidation dated May 18, 2026. The Debtor is a Delaware limited liability company registered to transact business in Florida. The Debtor's only asset is undeveloped real property consisting of approximately 1,400 acres located in Lake County, Florida ("Property"). Accordingly, per Section 101(51B) of the Bankruptcy Code, the Debtor's business is that of a "Single Asset Real Estate" holding company ("SARE"). On or about April 8, 2022, the Debtor executed a Promissory Note in favor of, and entered into a Loan Agreement with, Legion Capital Corporation for the principal sum of $16,000,000 in order to acquire the Real Property (collectively, and as amended, amended and restated, supplemented or otherwise modified from time to time in accordance with the terms thereof, the "Loan"). On May 4, 2026, the Bankruptcy Court entered the Order: (I) Approving Bidding Procedures for the Sale of Substantially All the Debtor's Assets, Free and Clear of Liens, Claims, Encumbrances, and Other Interests; (II) Approving Bid Protections to the Stalking Horse; (III) Scheduling an Auction for, and Hearing to Approve, the Sale of Substantially All the Debtor's Assets; (IV) Approving the Form and Manner of Notice; and (V) Granting Related Relief ("Bidding Procedures Order"). The Bidding Procedures Order is based on a "Stalking Horse" bid to purchase the Property for $45,000,000 and approved a competitive bidding and sale process. The Debtor and its Professionals are confident the eventual Successful Bid will exceed the Stalking Horse by a substantial sum to the benefit of all interested parties. A combined Sale Hearing and Confirmation Hearing before the Bankruptcy Court is currently scheduled on July 7, 2026, but may be adjourned from time to time by the Bankruptcy Court without further notice except for an announcement of the adjourned date made at the hearing or any subsequent adjourned hearing. Class 3 consists of any Unsecured Claims against the Debtor. The Holders of Allowed Unsecured Claims shall from time to time receive pro rata distributions of Cash from the Net Proceeds. Class 3 is Impaired and entitled to vote to accept or reject the Plan. The Plan provides a means by which the proceeds of the liquidation of the Debtor's assets will be distributed under Chapter 11 of the Bankruptcy Code and sets forth the treatment of all Claims against the Debtor. The Debtor is pursuing the Sale of substantially all its assets. The Plan implements the distribution of the remaining proceeds of the Sale (and any other available proceeds and cash) to holders of Allowed Claims and provides for the liquidation of any Remaining Assets and a process for recovery of any Causes of Action belonging to the Debtor and its Estate. Except as expressly provided otherwise in the Plan, on the Effective Date, assets of the Debtor's Estate shall vest with the Plan Administrator as follows: (i) the Property or Sale proceeds thereof, if already sold via the PSA to the Stalking Horse or other Successful Bidder, subject to all Claims, liens, encumbrances, charges, interests and other rights and interests of Creditors and holders of Interests arising on or before the Effective Date; and (ii) all Remaining Assets free and clear of all Claims, liens, encumbrances, charges, interests and other rights and interests of Creditors and holders of Interests arising on or before the Effective Date, but subject to the terms and conditions of the Plan and the Confirmation Order. A full-text copy of the Disclosure Statement dated May 18, 2026 is available at https://urlcurt.com/u?l=GMPSNB from PacerMonitor.com at no charge. Counsel to the Debtor: John A. Mueller, Esq. LIPPES MATHIAS LLP 50 Fountain Plaza, Suite 1700 Buffalo, NY 14202 Tel: (716) 853-5100 E-mail: jmueller@lippes.com -and- Stewart J. Subjinski, Esq. 10151 Deerwood Park Blvd. Bldg. 300, Suite 300 Jacksonville, FL 32256 Tel: (904) 660-0020 Email: ssubjinski@lippes.com About Bellaviva at Whispering Hills Bellaviva at Whispering Hills LLC, based in Orlando, Florida, develops and manages residential real estate, focusing on the Whispering Hills subdivision in Lake County. The Company is a single-asset real estate entity whose activities are concentrated on designing, building, and promoting residential properties in this development. Bellaviva at Whispering Hills sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-06655) on October 16, 2025. In its petition, the Debtor reports estimated assets between $50 million and $100 million and estimated liabilities between $10 million and $50 million. Judge Grace E. Robson oversees the case. The Debtor is represented by Stewart J. Subjinski, Esq., at Lippes Athias, LLP. BESTAR INC: Landlord Challenges Ch.15 Recognition ------------------------------------------------- Vince Sullivan of Law360 Bankruptcy Authority reports that The landlord of a New York property leased by bankrupt furniture retailer Bestar urged a Delaware bankruptcy court Tuesday to deny the company's Chapter 15 recognition motion, citing concerns tied to lease obligations and creditor treatment. The landlord argued that the foreign restructuring proceeding does not sufficiently protect its rights and asserted that granting recognition could hinder enforcement of claims related to the property agreement. The challenge comes as Bestar pursues Chapter 15 relief in the United States to obtain recognition of its foreign insolvency case and coordinate restructuring efforts across jurisdictions, the report states. About Bestar Inc. Bestar Inc. is a leading Canadian manufacturer of ready-to-assemble furniture. Bestar Inc. sought relief under Chapter 15 of the U.S. Bankruptcy Code(Bankr. D. Del. Case No. 26-10659) on May 4, 2026. The Debtor is represented by Represented By David M. Klauder, Esq. of Bielli & Klauder, LLC. BETTER MOTOR WORKS: Gets Final OK to Use Cash Collateral -------------------------------------------------------- Better Motor Works, Inc. received final approval from the U.S. Bankruptcy Court for the District of Nevada to use cash collateral to fund operations. Under the final order, the Debtor is authorized to use cash collateral strictly in accordance with a court-approved budget, with an allowed monthly variance of up to 10%. The Debtor owes various lenders including Genesis Funding, LLC, Wide Merchant Group, YouLend US, LLC, and Five Star Advance, LLC through different merchant cash advance or receivables financing agreements. However, the priority of these claims is "clouded" because many of the lenders failed to properly perfect their security interests through public filings or used anonymous agents that make their legal standing difficult to verify. Meanwhile, the Nevada Department of Taxation holds the senior secured position because its tax liens were recorded years prior to most of the liens granted to the MCA lenders. As adequate protection, the Debtor is required to continue its monthly payments of $4,300 to the Nevada Department of Taxation. In addition, the agency will be granted a superpriority administrative claim, along with replacement liens on the Debtor's post-petition assets and proceeds, to the extent of any diminution in the value of its pre-petition collateral. The final order is available at http://bankrupt.com/misc/BETTERMOTOR_FCCOrder.pdf Better Motor Works filed for Chapter 11 Subchapter V bankruptcy relief primarily to prevent the imminent closure of its Las Vegas-based auto repair business. It is currently owned by Daniel and Shelina Dunphy who have operated the service center since 1997. The immediate catalyst for the filing was an administrative proceeding by the Nevada Department of Taxation concerning approximately $258,000 in unpaid sales and modified business taxes. About Better Motor Works Inc. Better Motor Works, Inc. is a Nevada corporation operating as European Motor Cars. Better Motor Works filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Nev. Case No. 26-11788) on March 23, 2026, listing up to $500,000 in assets and up to $1 million in liabilities. Daniel W. Dunphy, president of Better Motor Works, signed the petition. Judge Natalie M. Cox oversees the case. Matthew C. Zirzow, Esq., at Larson & Zirzow, LLC, represents the Debtor as legal counsel. Brian Shapiro serves as Subchapter V trustee for the Debtor. BETTERWORK MEDIA: Ira Bodenstein Named Subchapter V Trustee ----------------------------------------------------------- The U.S. Trustee for Region 11 appointed Ira Bodenstein as Subchapter V trustee for BetterWork Media Group, LLC. Mr. Bodenstein will be paid an hourly fee of $500 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Bodenstein declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. About BetterWork Media Group LLC BetterWork Media Group, LLC, a company based in Chicago, Illinois, operates a media platform serving corporate learning and talent-management professionals. Founded in 2021, the company manages Chief Learning Officer and Chief Talent Officer, producing editorial content, research, events, webinars, digital media and awards programs. BetterWork Media Group also provides advertising and event-related services for C-suite executives, senior practitioners, scholars, consultants, solutions providers and organizations seeking to reach workforce learning and human- capital management audiences. BetterWork Media Group filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 26-08411) on May 14, 2026, with $33,976 in assets and $1,028,970 in liabilities. Lauren Lynch, authorized representative, signed the petition. Judge Deborah L. Thorne presides over the case. Jeffrey C. Dan, Esq., at Goldstein & McClintock, LLLP represents the Debtor as legal counsel. BIO-KEY INTERNATIONAL: Financial Review Delays Q1 2026 10-Q Filing ------------------------------------------------------------------ BIO-key International, 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 it is unable to timely file its Quarterly Report because the compilation, presentation and review of certain information required to complete the financial statements to be included in the Form 10-Q could not be completed within the prescribed time period without unreasonable effort and expense to the Company. The Company expects to file the Form 10-Q as soon as reasonably practicable and in any event, on or before the 5th calendar day following the prescribed due date. The notification also disclosed that the Company has not filed all other periodic reports required during the preceding 12 months. The Company does anticipate significant changes in its results of operations compared to the corresponding period in the prior fiscal year. As previously announced in the Company's Current Report on Form 8-K dated March 31, 2026, the Company anticipates that its financial results for the quarter ended March 31, 2026 will reflect significant differences in certain line items as compared to its results of operations for the comparable prior year period. Notable differences include: * Revenue is expected to be $2,145,533 as compared to $1,607,159 in the quarter ended March 31, 2025 * Gross profit is expected to be $1,769,233 as compared to $1,327,661 in the quarter ended March 31, 2025; and * Basic and diluted loss per common share are expected to be $(0.15) as compared to $(1.57) in the quarter ended March 31, 2025. The Company notes that the forgoing may be subject to change upon the completion of the reporting process, and actual results may vary from such expectations. About BIO-key International BIO-key International Inc. provides identity and access management software and biometric authentication technology for enterprise, large-scale customer and civil ID applications. The company's platforms include BIO-key PortalGuard and hosted PortalGuard IDaaS, which combine biometric technology with multiple authentication factors to help customers control access to systems, applications and devices. BIO-key sells branded biometric and FIDO authentication hardware as accessories to its IAM platforms and operates a software-as-a-service business model supported by direct sales teams and channel partners. The company was founded in 1993 and is based in Holmdel, New Jersey. In an audit report dated April 23, 2025, Bush & Associates CPA included a going concern qualification, stating that BIO-key had suffered substantial net losses and negative cash flows from operations in recent years and was dependent on debt and equity financing to fund operations. The conditions raised substantial doubt about the company's ability to continue as a going concern. As of Sept. 30, 2025, BIO-key reported total assets of $10.11 million, total liabilities of $4.07 million and total stockholders' equity of $6.05 million. BKR LLC: Court OKs Deal to Use New Omni Bank's Cash Collateral -------------------------------------------------------------- The U.S. Bankruptcy Court for the Central District of California, San Fernando Valley Division, is set to hold a hearing on June 2 to consider final approval of BKR LLC's bid to use cash collateral. The court previously approved a stipulation between the Debtor and its lender, New Omni Bank, N.A., allowing the Debtor to use cash collateral through June 2 or until entry of a final order. Under the stipulation, New Omni Bank agreed on an interim basis to allow the Debtor to use cash collateral generated by hotel operations in accordance with a six-week operating budget. In exchange, the Debtor agreed to provide replacement liens on post-petition assets and grant New Omni Bank a superpriority administrative claim if the agreed protections later prove insufficient. The Debtor also agreed to make payments totaling $32,983 according to the approved budget. The Debtor was authorized, effective as of 2:04 p.m. Pacific Time on May 13, to pay $1,500 to US Foods and $1,500 to HG Supply on account of priority claims, and to continue making such priority claim payments through the end of the bankruptcy case or until further court order. The stipulation addresses delinquent property taxes owed to Kern County and unpaid transient occupancy taxes owed to the City of Bakersfield. The Debtor must provide detailed information about these obligations, maintain insurance, submit regular financial reports, and remain current on postpetition taxes. Failure to comply may result in termination of cash collateral authority and additional remedies for the lender. The dispute between the Debtor and New Omni Bank centers on a $4.2 million loan issued by New Omni in May 2022, secured by a deed of trust against the hotel property located in Bakersfield, California, along with the hotel's furniture, fixtures, equipment, rents, and related assets. As of the bankruptcy filing, the Debtor owed approximately $4.4 million plus interest, fees, and other charges. A copy of the stipulation is available at https://urlcurt.com/u?l=no7gyM from PacerMonitor.com. About BKR LLC BKR LLC, doing business as the Ramada Bakersfield North hotel, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 26-10969) on May 5, 2026. In the petition signed by Michael P. Crane, managing member, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Martin R. Barash oversees the case. Matthew D. Resnik, Esq., at RHM Law LLP, represents the Debtor as legal counsel. Omni Bank, N.A., as secured creditor, is represented by Aram Ordubegian , Esq., Annie Y. Stoops, Esq., and Jack C. Bistritz, Esq., at ARENTFOX SCHIFF LLP. BNL ENTERPRISES: Seeks Subchapter V Bankruptcy in Arkansas ---------------------------------------------------------- On May 13, 2026, BNL Enterprises, Inc. filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Western District of Arkansas. 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 Subchapter V Chapter 11 Plan is set for August 11, 2026. About BNL Enterprises, Inc. BNL Enterprises, Inc. is a business enterprise company operating in Arkansas. BNL Enterprises, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-70930) on May 13, 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 Bianca M. Rucker handles the case. The Debtor is represented by Carl W. Hopkins, Esq. of Carl W. Hopkins, PA. BOLT CARRIERS: Seeks Chapter 7 Bankruptcy in Illinois ----------------------------------------------------- On May 12, 2026, Bolt Carriers Inc. filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Northern District of Illinois. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to between 1 and 49 creditors. About Bolt Carriers Inc. Bolt Carriers Inc. is a transportation and freight services company operating in the trucking industry. Bolt Carriers Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-08254) on May 12, 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 David D. Cleary handles the case. The Debtor is represented by James A. Young, Esq. BRIGHTVIEW LANDSCAPES: Moody's Affirms 'B1' CFR, Outlook Stable --------------------------------------------------------------- Moody's Ratings affirmed BrightView Landscapes, LLC's (BrightView) B1 corporate family rating, B1-PD probability of default rating and B1 ratings on its senior secured first lien term loan and revolving credit facility. The Speculative Grade Liquidity rating is unchanged at SGL-2. The rating outlook is stable. The affirmation of the CFR at B1 reflects BrightView's solid operating performance with improving profitability and conservative leverage, but also considers governance considerations of potential event risks given it's concentrated private equity ownership. For the last 12 months period ending March 31, 2026, the company's debt to EBITDA stood at 2.8x, its EBITA to interest coverage at 2.6x, with an EBITDA margin at 12.8%, inclusive of Moody's adjustments. Moody's expects BrightView will sustain the solid trajectory in its operating results over the next 12 to 18 months. RATINGS RATIONALE BrightView's B1 CFR is supported by: 1) the company's solid market position as the leading service provider of commercial landscaping and snow removal services in the US; 2) the company's scale and expertise to service large corporate clients; 3) a diversified customer base; 4) a high level of recurring revenue, providing stability and predictability of operating results in the maintenance segment outside of snow removal services; and 5) focus on profitability improvements and Moody's expectations that debt to EBITDA remains moderate at around 3.0x. The credit profile is constrained by: 1) the potential event risk stemming from the concentrated private equity ownership of the company as well as risks associated with possible acquisition activity; 2) the company's limited business segment diversity; 3) its modest EBITA margins of 5% to 6% (5.6% as of LTM March 31, 2026); 4) the competitive nature of the commercial landscaping industry featuring low barriers to entry, exposure to the real estate development business dependent on economic swings and volatility of the snow removal segment due to weather patterns; and 5) the risk of shareholder-friendly actions in the form of dividends and share repurchases given active authorization. The stable outlook reflects Moody's expectations that over the next 12 to 18 months BrightView will continue to improve profitability and maintain good liquidity with leverage staying around 3x debt to EBITDA. BrightView's SGL-2 Speculative Grade Liquidity Rating reflects Moody's expectations that the company will maintain good liquidity over the next 12 to 15 months. Moody's project reported free cash flow of about $60 million in fiscal 2026 and about $100 million in fiscal 2027, supported by a reduction in capital expenditures from fiscal 2025 levels. The company's liquidity is also supported by an undrawn $300 million revolving credit facility due April 2031, and very good covenant cushion. ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS Governance consideration was a key driver of the rating action reflecting the risks of potential for shareholder friendly actions given the private equity ownership of the company. Private equity owners currently control 51% of the company's voting rights. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if the company's concentration in ownership structure declines, if it demonstrates a sustained commitment to conservative financial policies, including during periods of growth through acquisitions, if debt to EBITDA leverage sustains below 3.5x, and retained cash flow to net debt approaches 20%. The ratings could be downgraded if the company's debt to EBITDA is sustained above 5.0x, retained cash flow to net debt at 10% or below, the company exercises a more aggressive financial policy. The principal methodology used in these ratings was Business and Consumer Services published in February 2026. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Headquartered in Blue Bell, Pennsylvania, BrightView Landscapes, LLC, a subsidiary of publicly-traded BrightView Holdings, Inc. (NYSE: BV), provides commercial landscaping maintenance, enhancements, development, and snow removal services to commercial customers throughout the United States. About 51% of the voting power of the company's outstanding shares as of May 2026 are held by KKR and One Rock. For the 12 months that ended March 31, 2026, BrightView generated $2.7 billion in revenue. BRVSB LLC: Gets Final OK to Use Cash Collateral ----------------------------------------------- BRVSB, LLC received final approval from the U.S. Bankruptcy Court for the Northern District of Texas, Dallas Division, to use cash collateral. Under the final order, the Debtor is authorized to use cash collateral in accordance with a 90-day operating budget, subject to limitations. Individual budget line items must not exceed approved amounts by more than 10%, and overall spending must not exceed the aggregate budget without court approval or Hancock Whitney Bank's consent. This authorization automatically terminates if the Debtor's bank balances fall below $1, unless further court approval is obtained. Two secured creditors assert blanket liens on the Debtor's assets: Hancock Whitney Bank, the primary secured lender, and an unidentified lienholder. As adequate protection, secured creditors will be granted replacement liens on post-petition collateral similar to their pre-petition collateral, excluding Chapter 5 avoidance actions. In addition, Hancock will continue to receive monthly payments of $4,572.11. If these protections prove insufficient, Hancock will receive a superpriority administrative claim. Events of default include missed adequate protection payments, unauthorized cash use, failure to provide reports, or case dismissal or conversion. Upon default and expiration of cure periods, Hancock may terminate consent to cash collateral use and seek expedited relief. A copy of the final order is available at https://shorturl.at/7LcjS from PacerMonitor.com. A copy of the budget is available at https://shorturl.at/JQFVM from PacerMonitor.com. About BRVSB LLC BRVSB, LLC. operating as Xchange Kitchen & Sports Club, runs a sports bar offering food, drinks, and entertainment. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 26-31119) on March 17, 2026. In the petition signed by Brijesh Patel, managing partner, the Debtor disclosed up to $100,000 in assets and up to $1 million in liabilities. Judge Scott W. Everett oversees the case. Manolo Santiago, Esq., at Herrin Law, PLLC, represents the Debtor as legal counsel. Hancock, as secured lender, is represented by: Lloyd A. Lim, Esq. Rachel T. Kubanda, Esq. Kristina P. Tipton, Esq. Kean Miller, LLP 711 Louisiana Street, Suite 1800 Houston, Texas 77002 Telephone: (713) 844-3000 Lloyd.Lim@keanmiller.com Rachel.Kubanda@keanmiller.com Kristina.Tipton@keanmiller.com BY HOTEL: Court Extends Cash Collateral Access to July 28 --------------------------------------------------------- BY Hotel SPE-3 LLC and its affiliated debtors received another extension from the U.S. Bankruptcy Court for the District of Delaware to use cash collateral to fund operations. The court entered an interim order extending the Debtors' authority to use cash collateral from May 21 through July 28 or until the occurrence of so-called termination event. Termination events include violation of the order; appointment of a Chapter 11 trustee or examiner with expanded powers; dismissal or conversion of the bankruptcy cases; termination of the Debtors' Hilton or Best Western franchise agreements; and entry of a further order materially modifying, reversing, vacating, or staying the interim order. As adequate protection for ACORE Capital Mortgage, LP, the court granted the secured lender replacement liens on the Debtors' pre-petition and post-petition assets. The order creates a carveout for professional fees and U.S. Trustee fees. The order is available at http://bankrupt.com/misc/BYHotel_4THICCOrder.pdf The court scheduled a final hearing for July 28 and set a July 14 deadline for filing objections. About By Hotel SPE-3 LLC By Hotel SPE-3, LLC is a hospitality investment company specializing in the ownership and management of hotel properties. As a special purpose entity, By Hotel SPE-3 focuses on managing hotel-related assets and supporting hospitality operations. By Hotel SPE-3 and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 26-10324) on March 8, 2026. In its petition, By Hotel SPE-3 reported between $100 million and $500 million in both assets and liabilities. Judge J. Kate Stickles oversees the cases. The Debtors tapped Rafael X. Zahralddin-Aravena, Esq., and Scott D. Cousins, Esq., at Lewis Brisbois Bisgaard & Smith, LLP as bankruptcy counsel; and Getzler Henrich & Associates, LLC as financial advisor. CAESARS ENTERTAINMENT: S&P Places 'B+' ICR on CreditWatch Negative ------------------------------------------------------------------ S&P Global Ratings placed all of its ratings on U.S.-based regional gaming and restaurant operator Fertitta Entertainment LLC, including its 'B+' issuer credit rating, on CreditWatch with negative implications. S&P affirmed its ratings on Fertitta, including the 'B' issuer credit rating. The CreditWatch placement reflects S&P's view that the currently unannounced financing plan will likely result in leverage exceeding 7x for the combined entity, which is above our 7x downgrade threshold on Caesars. Fertitta announced a deal to acquire Caesars Entertainment Inc. for $5.7 billion, in addition to the assumption of Caesars' debt. S&P said, "We expect the transaction will be financed with a mix of debt, cash on Fertitta's and Caesars' balance sheets, and rolled equity. "We expect the combined entity's S&P Global Ratings-adjusted leverage will exceed 7x, our downgrade threshold at the current 'B+' issuer credit rating on Ceasars. We do not currently know how the transaction will ultimately affect the combined company's leverage because it has not disclosed its planned financing for the $5.7 billion equity purchase price. However, we expect Fertitta will fund the acquisition with a mix of debt and equity and Fertitta will also assume Caesars' existing $11.9 billion of debt. In addition, as of March 31, 2026, Caesars' S&P Global Ratings-adjusted debt leverage was 7.1x. As a result, there is currently no cushion compared with the downgrade threshold on Ceasars. "We believe the acquisition will likely strengthen Fertitta's competitive position. Therefore, we could loosen our leverage thresholds for the Fertitta entity at the current 'B' issuer credit rating. The combined company will be the largest gaming operator in the U.S., with 60 casinos, 466 full-service restaurants, and a wholly owned digital gaming business. Fertitta will also benefit from Caesars' leading market position on the Las Vegas Strip comprising eight casinos and a sizeable convention and group business. In addition, Fertitta will integrate the Caesars Rewards program into its Golden Nugget casinos and Landry's Restaurants, allowing the program's active members to access more casinos and new amenities in Fertitta's dining and entertainment footprint. If it finances the acquisition with a mix of equity and debt that leads to pro forma lease-adjusted leverage below 8.5x while sustaining EBITDA coverage of interest expense and rent above 1.5x following the close of the acquisition, we could affirm Fertitta's 'B' issuer credit rating. This would result a one-notch downgrade on Caesar's issuer credit rating and unsecured notes rating, and our rating on its secured debt may not be limited to one notch depending on the quantum of additional potential secured debt in the Ceasars credit group. "The CreditWatch negative listing reflects our expectation we could lower our issuer credit rating on Caesars one notch. We plan to resolve the CreditWatch placement once we are confident that the proposed transaction can achieve regulatory, shareholder, and other approvals to close, which we currently anticipate in mid-2027. We will assess the combined company's business position and pro forma capital structure as more information becomes available. We could lower our rating on Caesars' unsecured debt one notch and our rating on its secured debt may not be limited to one notch depending on the quantum of additional potential secured debt in the Ceasars credit group." CAMPBELL REALTY: Unsecureds Will Get 100% of Claims in Plan ----------------------------------------------------------- Campbell Realty Investment Group, LLC filed with the U.S. Bankruptcy Court for the Eastern District of Louisiana a Combined Disclosure Statement and Plan of Reorganization dated May 18, 2026. Campbell is a Louisiana limited liability company. Its sole member and manager is Stanley Campbell. Campbell owns and operates four apartment complexes in Hammond, LA, one apartment complex in Houma, LA, and nine single family units in Southeast Louisiana. The Debtor sought bankruptcy protection because of, among other things, First Guaranty Bank commenced foreclosure proceedings against Deluxe Lake, Heatherwood, and Lakeview in Tangipahoa Parish, LA. Thus, the commencement of the Chapter 11 Case was intended to preserve the substantial equity in the Debtor's real estate. Notwithstanding First Guaranty Bank's foreclosures, the Debtor had (and still maintains) good relations with First Guaranty Bank. The Debtor's pre-petition financial issues were driven, in large part, by Hurricane Ida. Several of the Debtor's properties, especially Ochosi Oaks, were damaged by Hurricane Ida. In addition to rebuilding expenses, increased insurance costs placed a strain on the Debtor's finances. Prior to the Petition Date, the Debtor attempted to refinance its secured debt by retaining LMF Commercial. Although the Debtor paid LMF Commercial some $65,000 for advisory services, LMF Commercial did not deliver any financing and abruptly left the Debtor. Class 5 consists of the Allowed Non-Insider General Unsecured Claims. In full satisfaction, settlement, release, and discharge of and in exchange for such Allowed Claims, holders of Allowed Non-Insider General Unsecured Claims shall receive a cash payment equal to the Allowed amount of such Claims on the Initial Distribution Date. Class 5 is Unimpaired under the Plan. The allowed unsecured claims total $2,940.34. This Class will receive a distribution of 100% of their allowed claims. Class 6 consists of Allowed Insider General Unsecured Claims. Holders of Allowed Insider General Unsecured Claims shall be paid after the payment in full of all Allowed Secured Claims. This Class is Impaired. The allowed unsecured claims total $530,000. This Class will receive a distribution of 100% of their allowed claims. Class 7 consists of holders of Interests in the Debtor. Holders of Allowed Interests shall retain their Interests in the Debtor. On and after the Effective Date, Reorganized Debtor shall retain and continue operating its five apartment complexes and nine single-family homes and shall use rents and revenues generated from such properties to make the monthly post-confirmation payments required under the Plan. Unless otherwise provided herein with respect to a particular secured creditor, the Debtor shall make interest-only payments to each secured creditor for a period of twenty-three months following the Effective Date at a fixed interest rate of 6.0% per annum, which rate represents the applicable two-year treasury rate plus a risk premium of 2.0%, with the remaining balance of such creditor's Allowed Secured Claim becoming due and payable in full on the twenty-fourth month after the Effective Date (the "Maturity Date"). During such period, the Debtor shall use commercially reasonable efforts to refinance some or all of the Properties in order to satisfy the balloon payments due to secured creditors under the Plan. A full-text copy of the Combined Disclosure Statement and Plan dated May 18, 2026 is available at https://urlcurt.com/u?l=FyBwaM from PacerMonitor.com at no charge. Campbell Realty Investment Group LLC is represented by: Ryan J. Richard, Esq. Sternberg, Naccari & White, LLC 450 Laurel Street, Suite 1450 Baton Rouge, LA 70801 Telephone: (225) 412-3667 Facsimile: (225) 286-3046 E-mail: ryan@snw.law About Campbell Realty Investment Group Campbell Realty Investment Group, LLC owns and operates four apartment complexes in Hammond, LA, one apartment complex in Houma, LA, and nine single family units in Southeast Louisiana. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. La. Case No. 25-12356) on Oct. 20, 2025, listing up to $10 million in both assets and liabilities. Judge Meredith S. Grabill presides over the case. Ryan J. Richard, Esq., at Sternberg, Naccari & White, LLC, serves the Debtor as counsel. CASA SOUTH: Christine Brimm Named Subchapter V Trustee ------------------------------------------------------ The Acting U.S. Trustee for Region 4 appointed Christine Brimm as Subchapter V trustee for Casa South, LLC. Ms. Brimm will be paid an hourly fee of $350 for her services as Subchapter V trustee. In addition, the trustee will receive reimbursement for work related expenses incurred. Ms. Brimm declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Christine E. Brimm PO Box 1044 Pawleys Island, SC 29585 (843) 256-6582 Email: cbrimm&bartonbrimm.com About Casa South LLC Casa South LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D.S.C. Case No. 26-02236) on May 19, 2026, with $50,001 to $100,000 in assets and $500,001 to $1 million in liabilities. Judge Elisabetta Gm Gasparini presides over the case. Roger K. Pruitt, Esq., at R.K Pruitt Law Firm represents the Debtor as bankruptcy counsel. CATHETER PRECISION: Net Loss Narrows to $1.7 Million in Q1 2026 --------------------------------------------------------------- Catheter Precision, Inc. has filed its Quarterly Report on Form 10-Q with the U.S. Securities and Exchange Commission for the quarterly period ended March 31, 2026. The Company has incurred recurring net losses from operations and negative cash flows from operating activities since inception. For the three months ended March 31, 2026 and 2025, the Company incurred $1.7 million and $4 million in net losses, respectively, and used $2.8 million in cash for operating activities. Revenues for the three months ended March 31, 2026 were $432 thousand, compared to $143 thousand in the prior-year period. As of March 31, 2026, the Company had an accumulated deficit of $311.2 million, working capital deficit of $18.5 million, and cash and cash equivalents of $0.4 million. Management expects operating losses and negative cash flows to continue for the foreseeable future. The Company needs to raise additional capital until it is able to generate revenues from operations sufficient to fund its research, development, and commercial operations. On February 6, 2026, the Company entered into a Securities Purchase Agreement with certain accredited investors for a private placement financing and issued an aggregate of: (i) 392,608 shares of the Company's common stock, par value $0.0001 per share, at a per share purchase price of $1.43 and (ii) 1,617 shares of newly designated Series C-1 Convertible Preferred Stock par value $0.0001 per share, with a stated value of $1,000 per share for gross proceeds of $2.2 million, net of $0.2 million in issuance costs. The investors agreed to purchase newly designated Series C-2 and Series C-3 Convertible Preferred Stock, par value $0.0001 per share, with stated values of $1,000 per share, under additional closings for aggregate gross proceeds of $1.6 million per closing. The additional closings are subject to certain closing conditions, including stockholder approval to issue shares of common stock in excess of 19.99% of the Company's issued and outstanding shares of common stock and to effect a reverse stock split and, solely with respect to the closing of the Series C-3 Convertible Preferred Stock, declaration of the effectiveness of the Registration Statement filed for the resale of the common stock underlying the Series C-1, C-2, and C-3 Convertible Preferred Stock. The investors also have the right, but not the obligation, to purchase up to an aggregate of $39.2 million of Series C-4 Convertible Preferred Stock, par value $0.0001 per share, with stated value of $1,000 per share in one or more closings. On February 6, 2026, the Company also agreed to lower the exercise price of existing warrants and the conversion price of the Series B Convertible Preferred Stock to $1.78 per share for certain holders as consideration for exercising the existing warrants, resulting in aggregate proceeds of $0.4 million. On March 9, 2026, the Company entered into an additional Securities Purchase Agreement with certain accredited investors for a private placement financing pursuant to which the investors agreed to purchase 1,853 shares of Series C-1 Convertible Preferred Stock, par value of $0.0001 per share and stated value of $1,000 per share, for aggregate gross proceeds of $1.9 million, net of $0.1 million in issuance costs. The investors agreed to purchase newly designated Series C-2 and Series C-3 Convertible Preferred Stock, par value $0.0001 per share, with stated values of $1,000 per share, under additional closings for aggregate gross proceeds of $1.9 million per closing. The additional closings are subject to closing conditions, including approval from the Company's stockholders to issue shares of common stock in excess of 19.99% of the Company's issued and outstanding shares of common stock and, solely with respect to the closing for the Series C-3 Convertible Preferred Stock, effectiveness of the Registration Statement filed to register the resale of common stock underlying the Series C-1, C-2, and C-3 Convertible Preferred Stock. The investors also have the right, but not the obligation, to purchase up to an aggregate of $39.2 million of Series C-4 Convertible Preferred Stock, par value $0.0001 per share, with stated value of $1,000 per share in one or more closings. On April 21, 2026, pursuant to the Securities Purchase Agreements dated February 6, 2026 and March 9, 2026, the Company issued an aggregate of 3,470 shares of the Company's newly designated Series C-2 Convertible Preferred Stock, par value $0.0001 per share and stated value of $1,000 per share for aggregate gross proceeds of $3.5 million, and net proceeds of approximately $3.2 million after deducting transaction costs of approximately $0.3 million. Based on the Company's liquidity resources, there is substantial doubt about the Company's ability to continue as a going concern within 12 months from May 18, 2026, the date the condensed consolidated financial statements for the quarter ended March 31, 2026 are issued. Management plans to raise additional capital through public or private equity or debt financing, or other innovative and specialty finance strategies, in order to fulfill its operating and capital requirements for at least 12 months from the date of the issuance of the unaudited condensed consolidated financial statements. However, the Company may not be able to secure such financing in a timely manner or on favorable terms, if at all. Furthermore, if the Company issues equity securities to raise additional funds, its existing stockholders may experience dilution, and the new equity securities may have rights, preferences and privileges senior to those of the Company's existing stockholders. A full text copy of the Company's Form 10-Q is available at https://tinyurl.com/hjved7ym About Catheter Precision Inc. Headquartered in the U.S., Catheter Precision, Inc. is a medical device company focused on improving the treatment of cardiac arrhythmias. The Company, which was reincorporated as Ra Medical Systems, Inc. in Delaware in 2018 and changed its name to Catheter Precision, Inc. on August 17, 2023, develops technology for electrophysiology procedures through collaborations with physicians and continuous product advancements. As of March 31, 2026, the Company had $35.1 million in total assets, $25.9 million in total liabilities, and $9.2 million in total stockholders' equity. East Brunswick, New Jersey-based WithumSmith+Brown, PC, the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 31, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company has suffered recurring losses from operations, has experienced negative cash flows from operations, and has an accumulated deficit, which raises substantial doubt about its ability to continue as a going concern. CBDMD INC: Signs 62-Month Lease Extension with Cost Savings ----------------------------------------------------------- cbdMD, Inc. disclosed in a regulatory filing that it entered into a Third Amendment to Lease to extend the Warehouse Lease entered into on August 27, 2019, as amended, located at 2101 Westinghouse Boulevard, Suite A, Charlotte, North Carolina 28273. The facility also serves as the Company's executive offices. The Amendment extends the term of the Lease for a period of 62 months beginning on October 1, 2026, with a new expiration date of November 30, 2031 for 40,000 square feet of space. The Amendment provides for the reduction in monthly base rent to $38,000 per month for the initial year of the renewal term, with an annual base rent of $9.75 per square feet from March 1, 2025 through February 28, 2026, subject to annual increases up to $13.87 per square foot for the final two months of the amended term of the Lease. The Company shall also continue to pay Additional Rent and all other amounts. The monthly base rent shall be abated for the period from October 1, 2026 through November 30, 2026. Furthermore, as set forth under the Amendment the Company reduced the size of the Lease to 40,000 square feet, as the reduced size of the Lease is sufficient for the Company's current and expected operations. Prior to entering into the Amendment management of the Company evaluated options regarding the expiring Lease and determined that an extension was in the Company's best interests. Management believes that the Company remaining in its current facilities with a reduced footprint aligns with the Company's current and long-term needs and reduces operating expenses throughout the extended lease term. The Amendment results in an annual reduction of gross rent expense of approximately $450,000 per year and net rent expense reduction of approximately $100,000 to $120,000 per year when factoring in ongoing sublet rent. A full text copy of the Amendment is available at https://tinyurl.com/yc2xrb68 About cbdMD Inc. Headquartered in Charlotte, N.C., cbdMD, Inc. -- http://www.cbdmd.com/-- owns and operates the nationally recognized CBD (cannabidiol) brands cbdMD, Paw CBD, and cbdMD Botanicals. Its mission is to enhance its customers' overall quality of life while bringing CBD education, awareness, and accessibility of high-quality and effective products to all. The Company sources cannabinoids, including CBD, which are extracted from non-GMO hemp grown on farms in the United States. Charlotte, North Carolina-based Cherry Bekaert LLP, the Company's auditor since 2016, issued a "going concern" qualification in its report dated December 19, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2025, citing that the Company has historically incurred losses, including a net loss of approximately $2 million in the current year, resulting in an accumulated deficit of approximately $179 million as of September 30, 2025. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of March 31, 2026, the Company had $12.3 million in total assets, $3 million in total liabilities, and $9.3 million in total cbdMD, Inc. shareholders' equity. CEDAR ARCH: Gets Final OK to Use Cash Collateral ------------------------------------------------ The U.S. Bankruptcy Court for the District of Idaho granted Cedar Arch Dairies, LLC's emergency and continuing motion for final authorization to use cash collateral. Under the order, the debtor is authorized to use cash collateral in accordance with the Final Budget attached to the motion, with flexibility allowing a 10% variance for each budget line item. The use of cash collateral is governed by the terms of the motion and the Final Cash Collateral Stipulation, enabling the debtor to continue operations while adhering to the approved spending framework. As part of the adequate protection package, Rabo AgriFinance is protected under a previously approved stipulation, while D&N, Intermountain Farmers Association (IFA), and FBN Finance LLC are granted replacement liens on post-petition cash collateral used by the debtor. These liens maintain the same validity, extent, priority, and scope as the creditors held before the bankruptcy filing, although they do not attach to proceeds from avoidance actions. FBN also receives additional reporting rights, including copies of financial reports provided to Rabo. The order further requires the debtor to operate in compliance with the U.S. Trustee Guidelines unless otherwise directed by the court. Authority to use cash collateral will terminate upon the earliest of confirmation and effectiveness of a reorganization plan, an uncured default under the Final Cash Collateral Stipulation, or October 31, 2026. A copy of the court's order is available at https://shorturl.at/OBKZa from PacerMonitor.com. About Cedar Arch Dairies, LLC Cedar Arch Dairies, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ida. Case No. 26-40154) on March 23, 2026, with $10 million to $50 million in both assets and liabilities. Jeremy Clayson, president, signed the petition. The Debtor is represented by Matthew W. Grimshaw, Esq., at Grimshaw Law Group, P.C. CHIRON COMMUNICATION: Gets Final OK to Use Cash Collateral ---------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, granted Chiron Communication Services, LLC final approval to use cash collateral. The final order authorizes the Debtor's use of cash collateral in accordance with its budget and remains effective until plan confirmation or dismissal or conversion of its Chapter 11 case. The order recognizes secured claims held by JPMorgan Chase Bank, N.A. and the U.S. Small Business Administration. The bank holds a line of credit with an outstanding principal amount of $150,000, secured by accounts, cash, and other business assets, while the SBA disaster and EIDL loans have balances of approximately $198,000 and $150,000, respectively. The lenders maintain security interests in substantially all business assets other than titled vehicles and equipment. As adequate protection for the Debtor's use of their cash collateral, lenders will receive replacement liens on all post-petition assets, excluding titled vehicles and equipment, maintaining the same lien priority that existed before bankruptcy. The replacement liens are deemed automatically perfected without further filings, As additional protection, the Debtor is required to make monthly payments of $2,500 on the JPMorgan loan, $936 on the SBA disaster loan, and $731 on the SBA EIDL loan, payable on the 15th of each month. The protections and lien rights granted to lenders will continue in this bankruptcy case and any successor case until the secured obligations are fully satisfied. The order is available at http://bankrupt.com/misc/Chiron_FCCOrder.pdf JPMorgan is represented by: Richard G. Dafoe, Esq. Waddell Serafino Geary Rechner Jenevein, PC 1717 Main Street, 25th Floor Dallas, TX 75201 Telephone: 214-979-7400 / 214-979-7427 Fax: 214-979-7402 About Chiron Communication Services LLC Chiron Communication Services, LLC is a telecommunications infrastructure contractor based in Humble, Texas. Founded in 2006, Chiron specializes in fiber optic and copper network installation, structured cabling, and outside plant engineering services for commercial, government, and institutional clients. It provides end-to-end deployment services, including splicing, testing, underground and aerial construction, and maintenance of communications networks, supporting large-scale connectivity projects across the U.S. Chiron Communication Services filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Texas Case No. 26-32549) on April 13, 2026, with between $1 million and $10 million in both assets and liabilities. Courtney McMaster, president of Chiron, signed the petition. Judge Jeffrey P. Norman oversees the case. The Debtor tapped Matthew Hoffman, Esq., at Hoffman & Saweris, P.C., as bankruptcy counsel and Matthew J. Borror, Esq., as special counsel. Catherine Stone Curtis of McGinnis Lochridge serves as Subchapter V trustee for the Debtor. CHS TX: Baker Case Shelved Amid Chapter 11 Bankruptcy ----------------------------------------------------- Magistrate Judge Kevin R. Sweazea of the U.S. District Court for the District of New Mexico stayed the case captioned as ADAM BAKER, as Personal Representative to the Estate of ZACHARY BARELA, Plaintiff, v. CHS TX, INC., Defendant, Case No. 2:22-cv-152 KWR-KRS (D.N.M.). This matter comes before the Court on Defendant CHS TX, Inc.'s Suggestion of Bankruptcy filed May 11, 2026. CHS TX, Inc. indicates that it filed a voluntary petition in the United States Bankruptcy Court for the Middle District of Florida, pursuant to Chapter 11 of the Bankruptcy Code, and that Section 362 of the Bankruptcy Code provides that the commencement of the Chapter 11 case operates as a stay of the continuation of a judicial action against Defendant. Accordingly, pursuant to Sec. 362(a), an automatic stay of these proceedings is now in effect. A copy of the Court's Order dated May 21, 2026, is available at http://urlcurt.com/u?l=vi2Z3tfrom PacerMonitor.com. About CHS TX, Inc. CHS TX, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-01090) on May 8, 2026. In its petition, the Debtor reports estimated assets between $50 million and $100 million and estimated liabilities between $100 million and $500 million. The Debtor is represented by Michael R. Dal Lago, Esq. CIRTRAN CORP: Swings to $2.2M Profit in Q1; Going Concern Persists ------------------------------------------------------------------ CirTran Corporation has filed its Quarterly Report on Form 10-Q with the U.S. Securities and Exchange Commission, reporting a net income of $2.2 million for the three months ended March 31, 2026, compared to a net loss of $155,436 for the same period in the prior year. Net sales for the three months ended March 31, 2026 were $1.2 million, compared to $460,816 in the prior-year period. Liquidity and Capital Resources The Company has had a history of losses from operations, as its expenses have been greater than its revenue. The Company's accumulated deficit was approximately $60.1 million at March 31, 2026. As of March 31, 2026, the Company had current assets of $2.3 million and current liabilities of approximately $22.5 million, resulting in a working capital deficit of approximately $20.2 million at March 31, 2026. Operating Activities During the three months ended March 31, 2026, operations used $59,108 of net cash, comprised of net income of $2.2 million, noncash items totaling $82,511 consisting primarily of a gain recognized from the changes in fair values of derivative liabilities and debt discount amortization, and changes in working capital totaling $89,140. During the three months ended March 31, 2025, operations used $468,328 of net cash, comprised of a loss of $155,436, noncash items totaling $73,351 consisting primarily of a gain recognized from the changes in fair values of derivative liabilities and debt discount amortization, and changes in working capital totaling $239,541. Financing Activities During the three months ended March 31, 2026, financing activities provided $60,855 of cash, compared to $469,538 of cash provided during the three months ended March 31, 2025. Cash provided in financing consisted mostly of related party loans. Capital Resources and Anticipated Requirements The Company's monthly operating costs are approximately $35,000 per month, excluding approximately $50,000 of accruing interest expense and capital expenditures. The Company continues to focus on generating revenue and reducing its monthly business expenses through cost reductions and operational streamlining. The Company has only recently begun to generate enough cash to sustain its day-to-day operations, and expects to access external capital resources in the future to fund any new projects it may undertake. The Company cannot assure that it will be successful in obtaining such capital. If the Company seeks infusions of capital from investors, it is unlikely that it will be able to obtain additional debt financing. If the Company did incur additional debt, it would be required to devote additional cash flow to servicing the debt and securing the debt with assets. The Company's issuance of additional shares for equity or for conversion of debt could dilute the value of its common stock and existing stockholders' positions. Convertible Debentures and Note Payable The Company currently has an outstanding amended, restated, and consolidated secured convertible debenture with Tekfine, LLC, an unrelated entity, with a maturity date of April 30, 2027, to the extent not previously converted. The amended debenture had a total outstanding principal balance of $2.4 million, with accrued interest of $2 million as of March 31, 2026. The Company also has four additional convertible debentures with Tekfine with maturity dates ranging from December 8, 2022, until December 30, 2022, totaling $275,000, unless earlier converted. The convertible debentures and accrued interest are convertible into shares of the Company's common stock at the lower of $100 or $0.10 (depending on the instrument) or the lowest bid price for the 20 trading days prior to conversion. As of March 31, 2026 and December 31, 2025, there is $21,882 and $21,882 of short-term advances due to related parties, respectively. The advances are due on demand and included in current liabilities. No demand for payment has been made. Going Concern The Company had a working capital deficiency of $20.2 million, as of March 31, 2026, and a net loss from continuing operations of $65,737 for the three months ended March 31, 2026. As of March 31, 2026, the Company had an accumulated deficit of $60.1 million. These conditions raise substantial doubt about the Company's ability to continue as a going concern. The Company's ability to continue as a going concern is dependent upon its ability to successfully accomplish its business plan and eventually attain profitable operations. In the coming year, the Company's foreseeable cash requirements will relate to the development of business operations and associated expenses. The Company may experience a cash shortfall and be required to raise additional capital. Historically, the Company has mainly relied upon shareholder loans and advances to finance operations and growth. Management may raise additional capital by retaining net earnings, if any, or through future public or private offerings of its stock or loans from private investors, although the Company cannot assure that it will be able to obtain such financing. The Company's failure to do so could have a material and adverse effect upon its shareholders and the Company. A full text copy of the Company's Form 10-Q is available at https://tinyurl.com/3dsyjfep About CirTran Corp. CirTran Corporation specializes in manufacturing, marketing, distribution, and technology services in a wide variety of consumer products, including tobacco products, medical devices, and beverages, around the world. It has an innovative and consumer-focused approach to brand portfolio management, resting on a strong understanding of consumers domestically, and has established a footprint in more than 50 key international markets. As of March 31, 2026, the Company had $2.5 million in total assets, $25.4 million in total liabilities, and $22.9 million in total stockholders' deficit. Spokane, Washington-based Fruci & Associates II, PLLC, the Company's auditor since 2020, issued a "going concern" qualification in its report dated April 15, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company has a working capital deficiency, a net loss from continuing operations, and an accumulated deficit. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. CLEAR CHANNEL: Executes Third Amendment to ABL Credit Agreement --------------------------------------------------------------- Clear Channel Outdoor Holdings, Inc. disclosed in a regulatory filing that in connection with the ABL Credit Agreement, dated as of August 23, 2019, by and among Company, the other borrowers party thereto, the several lenders from time to time party thereto, Deutsche Bank AG New York Branch, as administrative agent and as collateral agent, and the other parties thereto, the Company, the other borrowers party thereto, the administrative agent and the lenders party thereto entered into the Third Amendment to Credit Agreement, dated as of May 15, 2026, following receipt of the requisite consents from lenders pursuant to the Existing Credit Agreement. The Company solicited consents to amend the defined term "Change of Control" in the Existing Credit Agreement to provide that the Merger will not be deemed to constitute a Change of Control under the Amended Credit Agreement and to add or amend certain other defined terms contained in the Amended Credit Agreement related to the foregoing. In addition, pursuant to the Third Amendment, among other things: (i) the maturity date of the Amended Credit Agreement was extended to the date that is five years from the effective date of the Third Amendment; (ii) the revolving credit commitments were increased from $200,000,000 to $250,000,000; (iii) the borrowing base was revised to expand eligible accounts thereunder; and (iv) flexibility was added to permit qualified securitization financings, as further detailed therein. The Third Amendment will become effective upon, and simultaneously with, the consummation of the merger pursuant to the Company's previously announced Agreement and Plan of Merger, dated February 9, 2026, with Madison Parent Inc. and Madison Merger Sub Inc., pursuant to which Merger Sub will be merged with and into the Company, with the Company surviving as a wholly-owned subsidiary of Parent, and will cease to be operative if the Merger Agreement is terminated in accordance with its terms and the Merger is not consummated. A full text copy of the Third Amendment is available at https://tinyurl.com/atrkumne About Clear Channel Outdoor Holdings, Inc. Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) is at the forefront of driving innovation in the out-of-home advertising industry. Clear Channel's dynamic advertising platform is broadening the pool of advertisers using its medium through the expansion of digital billboards and displays and the integration of data analytics and programmatic capabilities that deliver measurable campaigns that are simpler to buy. By leveraging the scale, reach and flexibility of Clear Channel's diverse portfolio of assets, it connects advertisers with millions of consumers every month. As of March 31, 2026, the Company had $3.7 billion in total assets, $7.2 billion in total liabilities, and $3.4 billion in total stockholders' deficit. * * * In Feb. 2026, S&P Global Ratings placed all its ratings on Clear Channel Outdoor Holdings Inc. (CCOH), including the 'CCC+' Company credit rating, on CreditWatch with positive implications. S&P expects to resolve the CreditWatch at the close of the transaction. At that time, it will likely raise its rating by at least one notch based on its expectation of positive free operating cash flow (FOCF) going forward. CCOH's announced that it will be acquired by a group of investors through a take-private transaction. Moreover, Moody's Ratings has placed all of Clear Channel Outdoor Holdings, Inc.'s credit ratings on review for upgrade including the Caa1 corporate family rating, Caa1-PD probability of default rating, the B2 senior secured notes and senior secured bank credit facilities ratings (including the revolving credit facility (RCF) and Term Loan B (TLB)), and the Caa3 senior unsecured notes ratings. Previously, the outlook was stable. The company's SGL-2 Speculative Grade Liquidity Rating (SGL) remains unchanged. CONAIR HOLDINGS: S&P Cuts ICR to 'SD' on Below-Par Debt Repurchase ------------------------------------------------------------------ S&P Global Ratings lowered its issuer credit rating on Conair Holdings LLC to 'SD' from 'CCC+'. S&P's 'CCC+' issue-level rating on Conair's first-lien term loan is unchanged. S&P expects to review its issuer credit rating on the company over the next few business days. On May 19, 2026, Conair repurchased a portion of its second-lien term loan due 2029 at a substantial discount to par. S&P views this repurchase as a selective default (SD) given that lenders received less than the full value initially promised. S&P said, "The downgrade reflects the below-par second-lien debt repurchase, which we view as tantamount to a default. On May 19, 2026, Conair repurchased approximately $82 million of its $285 million outstanding second-lien term at 74 cents on the dollar with cash on hand and asset-based revolver borrowings. We consider the purchase as distressed and tantamount to a default because creditors received less than they were originally promised without adequate offsetting compensation. "We expect to review our issuer credit rating on the company over the next few business days. Our review will focus on the long-term viability of Conair's capital structure, its business prospects, and its liquidity position." COSMOS HEALTH: Q1 2026 Net Loss $2.8MM; Going Concern Doubt Remains ------------------------------------------------------------------- Cosmos Health Inc. has filed its Quarterly Report on Form 10-Q with the U.S. Securities and Exchange Commission for the quarterly period ended March 31, 2026. For the three-month period ended March 31, 2026, the Company generated revenue of $17,927,892, incurred a net loss of $2,805,423, and used $1,067,067 of net cash in operating activities. As of March 31, 2026, the Company had cash and cash equivalents of $514,702 and restricted cash of $1,644,219, compared to $715,674 and $2,744,219 as of December 31, 2025. The Company also had positive working capital of $2,812,487, an accumulated deficit of $135,972,696, and stockholders' equity of $19,826,359. These conditions raise substantial doubt about the Company's ability to continue as a going concern for a period of 12 months from the date of this filing. While the Company's revenues have grown, they remain insufficient to fund operating expenses and meet debt obligations as they become due. Furthermore, the Company remains dependent on external financing sources to sustain operations and fund growth initiatives. Management has evaluated these factors and its ability to meet obligations due within the next 12 months. Its plans include expanding the portfolio of brand-name and private-label products, launching new distribution channels, and increasing sales from recently secured agreements, such as the exclusive distribution of Sky Premium Life products in the United Arab Emirates. Significant purchase orders have already been received under this agreement and are expected to contribute to operating cash inflows in the near term. Moreover, the Company is planning to expand the customer base of its subsidiary, Cosmofarm S.A., which is expected to substantially increase its wholesale revenue stream. In addition, the Company's manufacturing subsidiary, CANA S.A., which is already demonstrating improved revenue and gross profit, is planning to strengthen its existing contract manufacturing agreements and secure new ones. From a financing perspective, during the three-month period ended March 31, 2026, the Company raised capital through its At-the-Market ("ATM") program, generating gross proceeds of approximately $1,832,524, which enhanced its liquidity position. In addition, on August 5, 2025, the Company entered into a Securities Purchase Agreement for the issuance of up to $300 million of senior secured convertible promissory notes, with an initial $8 million closing completed on August 6, 2025, and potential additional tranches subject to certain conditions; this agreement remains in effect. The Company may also enter into new convertible financing arrangements and intends to continue and potentially expand its ATM program to support future liquidity needs. The proceeds from the ATM sales provide additional working capital and mitigate, to some extent, the Company's liquidity constraints. The Company's accompanying unaudited condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern. However, the Company's ability to continue as a going concern is dependent upon its ability to obtain additional financing to fund its operations and meet its obligations as they become due. Considering the Company's significant net loss and negative operating cash flows for the reporting period, management has concluded that substantial doubt exists about the Company's ability to continue as a going concern within one year after the date that the condensed consolidated financial statements are issued. Strategic Plan The Company's strategic plan, which strikes a balance between growth and sustainability, emphasizes synergies, vertical integration, operational efficiencies, R&D, brand expansion, and the global growth of its distribution network and facilities. The Company intends to continue to pursue active ongoing acquisitions. In fact, many of the Company's acquisitions entail exploring opportunities, with discounted assets through business combinations or joint ventures, all to enhance its distribution network. The Company will expand its R&D division which is a platform and incubator to develop new patented pharmaceuticals and proprietary innovative nutraceutical products. To foster organic growth, the Company will enhance its business development and marketing efforts, pursue global expansion via prominent retailers, pharmacies and e-commerce platforms, and recapture lost markets such as the infant and baby care categories. In addition, the Company will invest in the expansion of its production capacity and global network of facilities to boost sales of its brands, engage in contract manufacturing with large multinational pharmaceutical companies, produce pharma grade ethanol for hospitals, and expand into new large markets capitalizing on its comparative advantages. Last but not least, the Company aims to strategically invest in key personnel, from seasoned export managers to highly skilled scientists, to ensure it has the necessary expertise at its fingertips. Growth Strategy The Company's main strategy initiative is focused on continuing its progress in becoming a global healthcare company through the development of a lean, efficient and vertically integrated operating model, as well as, to expand its portfolio of its own branded nutraceutical and pharmaceutical products, grow its customer base and achieve its growth stabilization in this new market and gain an adequate size in the global pharmaceutical market. The Company is committed to serving its customers while continuing to innovate and provide products that make a difference in the lives of individuals. The Company strives to maximize its shareholders' value by adapting to market realities and customer needs. The Company's strategy involves the enhancement of its manufacturing capacities and building a multinational network of wholesalers, distributors, and pharmacies and simultaneously continuing to expand the portfolio of innovative products that it distributes to that network. The Company is committed to driving organic growth at attractive margins by improving execution, optimizing cash flow and leveraging its strong market position, while maintaining a streamlined cost structure throughout each of its businesses. The Company continues to further align its organization to its customers' needs in a more seamless and unified way, while supporting corporate strategy and accelerating growth. During the three-month period ended March 31, 2026, the Company continued to execute on the core elements of its "Growth Strategy", which remains as follows: * High Marking Segments: delivering on its growth areas and high-margin segments, the Company continued to show strong performance of its key proprietary brands such as Sky Premium Life(R) ("SPL"), Mediterranation(R) and C-Sept(R) / C-Scrub(R) with launches into new fast growing geographical regions. * Generic Pharmaceuticals: focusing on its generic medicines' capital with a view on a global commercial reach, focused portfolio and pipeline footprint, the Company continued to optimize its generics business and build a strong pipeline that will allow it to leverage its assets, know-how and sales network. * Manufacturing of Pharmaceuticals: directing its manufacturing business by optimizing its production facilities and establishing a global footprint in the pharmaceutical fields of contract manufacturing organization (CMO) and contract development and manufacturing organization (CDMO). * Global Networks: leveraging its extensive global network to access new markets and business segments, amplifying its reach and impact. The Company aims to expand and consort its sales distribution networks of its proprietary brands through strategic agreements in new regions and territories, such as the UAE and other GCC countries, Eastern Europe etc., while strengthening its market share in core markets. * Corporate Reorganization: through vertical integration and efficiency, a corporate reorganization is underway to streamline costs and enhance asset and resource utilization through the integration of business units. A key component of this plan is to achieve operational efficiencies and economies of scale through organic growth and a cost optimization initiative aimed at significantly reducing recurring operating expenses while maintaining the Company's growth outlook. * Innovation: stepping up innovation through taken steps to deliver innovative products pipeline, by accelerating its R&D efforts on IP-driven products such as the CCX0722 obesity and weight management pill, CCDL24 an innovative treatment for gastrointestinal disorders, CNS, Prostate, Ovarian and Colorectal cancer treatments. Finally, the Company's recently acquired AI-driven drug repurposing platform "Cloudscreen(R)", aims to address major health challenges in various treatment areas. The Company has made several strategic acquisitions of companies, products and technologies to complement its internal growth and expertise. These acquisitions have strengthened its core product technology infrastructure by providing additional manufacturing, marketing, and research and development capabilities, including the ability to manufacture its products, other product components and services. While the Company intends to pursue these milestones, there may be circumstances where for valid business reasons or due to factors beyond the control of the Company, a reallocation of efforts may be necessary or advisable. The Company intends to spend the funds available to strengthen working capital, inventories, intangible assets, acquisitions, research and development, sales and marketing expenses. Due to the uncertain nature of the industry in which the Company operates, projects may be frequently reviewed and reassessed. Accordingly, while it is currently intended by management that the available funds will be expended as set forth above, actual expenditures may in fact differ from these amounts and allocations. A full text copy of the Company's Form 10-Q is available at https://tinyurl.com/4zcppafe. About Cosmos Health Cosmos Health Inc. (Nasdaq: COSM), incorporated in 2009 in Nevada, is a diversified, vertically integrated global healthcare group. The Company owns a portfolio of proprietary pharmaceutical and nutraceutical brands, including Sky Premium Life, Mediterranation, bio-bebe, and C-Sept. Through its subsidiary, Cana Laboratories S.A., which is licensed under European Good Manufacturing Practices (GMP) and certified by the European Medicines Agency, it manufactures pharmaceuticals, food supplements, cosmetics, biocides, and medical devices within the European Union. As of March 31, 2026, the Company had $62,369,011 in total assets, $42,542,652 in total liabilities, and $19,826,359 in total stockholders' equity. RBSM LLP issued a "going concern" qualification in its report dated April 15, 2026, attached to the Company's Annual Report for the fiscal year ended December 31, 2025, citing that the Company has incurred substantial operating losses and will require additional capital to continue as a going concern. COURTESY SCREENING: Gets Extension to Access Cash Collateral ------------------------------------------------------------ The U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division, entered a third interim order extending Courtesy Screening, Inc.'s authority to use cash collateral. Under the third interim order, the Debtor is authorized to use cash collateral to pay court-approved amounts, including Subchapter V trustee payments, and to fund expenses under the latest budget, with up to a 10% variance per line item. Additional expenditures may be made with written approval from merchant cash advance lenders and other providers of short-term, high-interest financing. The lenders include Fora Financial, OnDeck Capital, Parafin (Jobber Capital) and Vox Funding. As of the petition date, the Debtor owed $434,141 to these lenders, which may assert an interest in the cash collateral. The Debtor projects total operational expenses of $198,850.18 for June. As adequate protection, the lenders will be granted replacement liens on post-petition cash collateral, with the same validity, priority, and extent as their pre-petition liens, without the need for further filings. The Debtor must maintain customary insurance coverage, comply with all debtor-in-possession obligations, and provide Funders reasonable access to records and premises. The order preserves all parties' rights, including the ability to seek modified adequate protection or further restrictions on cash collateral use. It does not determine the validity, extent, or amount of any secured claim. A continued hearing is scheduled for June 23. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/ynkjZ from PacerMonitor.com. About Courtesy Screening Inc. Courtesy Screening, Inc., operates throughout Central and Northern Florida and constructs and repairs pools and patio enclosures as well as installing pavers. Courtesy Screening filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-00277) on January 23, 2026, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Aaron Cohen, Esq., a practicing attorney in Jacksonville, Fla., serves as Subchapter V trustee for the Debtor. Judge Jacob A. Brown presides over the case. Scott A. Stichter, Esq. at Stichter, Riedel, Blain & Postler, P.A. represents the Debtor as legal counsel. CREDIT ACCEPTANCE: Moody's Affirms 'Ba3' CFR, Outlook Stable ------------------------------------------------------------ Moody's Ratings has affirmed Credit Acceptance Corporation's (CACC) Ba3 corporate family rating and Ba3 senior unsecured rating. The outlook is stable. RATINGS RATIONALE The affirmation of CACC's ratings reflects the company's long track record of solid profitability and capitalization while maintaining a sound funding and liquidity profile. At the same time, CACC's ratings reflect inherent credit and regulatory risks related to lending to consumers with subprime credit profiles. CACC's profitability is solid and in line with rated peers, with annualized net income to average managed assets of 6.3% in the first quarter of 2026. This represents a modest improvement from the same period in the prior year, driven by a higher average yield of the loan portfolio and a smaller downward revision to forecasted collection rates, which significantly reduced total provision for credit losses. However, CACC's profitability has been more modest relative to historical levels because of the underperformance of 2021-23 loan vintages. Despite the underperformance, these loans remained largely profitable, underscoring the company's solid earnings cushion. In addition, 2025 loan vintages have, to date, performed more in line with expectations with strong forecasted collection rates. While CACC's capitalization, adjusted for current expected credit loss (CECL) accounting effects, has decreased slightly over the past year, Moody's still view the overall level as solid and favorable to peers, providing an adequate buffer for creditors against unexpected losses. Additionally, growth of the company's loan portfolio remains more muted than peers, supporting a stable leverage position and sound liquidity profile. Regulatory risk for CACC remains elevated, highlighted by the ongoing lawsuit from the New York State Attorney General (New York AG), which alleges the company engages in unfair and deceptive lending practices. Although the case remains active, there has been notable progress toward a resolution, including the withdrawal of the Consumer Financial Protection Bureau as a plaintiff last year. CACC has also disclosed that its progressed towards a potential settlement with the involved agencies, including a potential cash payment of $75.5 million. CACC has proactively recognized cumulative contingent losses totaling $82.6 million in relation to the matter, among others. While the risk of further contingent losses, penalties or other actions cannot be dismissed, resolving the matter with the New York AG would be credit positive, enabling management to reallocate time and resources towards the company's core operations. This rating action reflects Moody's baseline expectation of a contained impact on energy markets despite ongoing oil supply disruption and limited damage to production or infrastructure. However, CACC remains exposed to a more adverse conflict scenario through the macro financial conditions transmission channel. The stable outlook reflects Moody's expectations that CACC will maintain solid profitability and capitalization while maintaining a sound funding and liquidity profile over the next 12-18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS CACC's ratings could be upgraded if the company further extends its liquidity runway, maintains its competitive position in the US subprime auto lending market, and demonstrates solid asset quality, while maintaining strong profitability and debt to equity at or below 2.5x (on a CECL-adjusted basis). An upgrade would likely be predicated on some resolution of the case brought against the company by the New York AG, resulting in the company being able to retain its current business practices mostly unchanged. CACC's ratings could be downgraded if debt to equity increases above 3.0x (on a CECL-adjusted basis), or if profitability or asset quality deteriorate. CACC's senior unsecured debt ratings could also be downgraded if the proportion of senior unsecured debt relative to recourse secured debt were to decline, increasing the risk of losses for these creditors due to lower protection from reduced debt volume. The ratings could also be downgraded if the company is subject to significantly adverse legal or regulatory rulings. The principal methodology used in these ratings was Finance Companies published in July 2024. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. D&Z MEDIA: Gets Interim OK to Use Cash Collateral ------------------------------------------------- D&Z Media, LLC received interim approval from the U.S. Bankruptcy Court for the District of Minnesota to use cash collateral. The court authorized the Debtor to use cash collateral to pay the expenses set forth in its budget pending the final hearing. The court previously granted the Debtor interim access to cash collateral to reimburse K&M Broadcasting, Inc., an affiliate, approximately $12,000 for employee wages and related withholdings for the Debtor's staff. As protection for any diminution in the value of their collateral, secured creditors will be granted replacement liens on post-petition assets, with the same type, priority, and effect as their pre-petition liens. These replacement liens do not apply to Chapter 5 claims. Based on the Debtor's UCC search, Vermillion State Bank and Wellen Capital, LLC hold secured claims of approximately $675,000 and $44,864, respectively, secured by substantially all of the Debtor's personal property. Another creditor, Rapid Finance, also holds a lien on the personal property although the amount of its claim is unknown. Despite the secured claims, the Debtor reported that as of the petition date it held only approximately $100 in liquid cash collateral in deposit accounts, with future receivables from advertising and a shopping show serving as the primary expected source of incoming funds. The Debtor estimates that cash balances could increase to approximately $4,000 by the time of the final hearing and approximately $10,000 by July 31, although balances may fluctuate depending on the timing of payroll, rent, and other major expenses. The order is available at http://bankrupt.com/misc/DandZMedia_ICCOrder.pdf A final hearing is scheduled for June 9. About D&Z Media LLC D&Z Media, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Minn. Case No. 26-31551) on May 11, 2026, with up to $50,000 in assets and $500,001 to $1 million in liabilities. Judge William J. Fisher presides over the case. Mary Sieling, Esq., at Sieling Law, PLLC represents the Debtor as bankruptcy counsel. DARKPULSE INC: Q1 2026 Loss Narrows to $246K; Warns of Cash Crunch ------------------------------------------------------------------ DarkPulse, Inc. has filed its Quarterly Report on Form 10-Q with the U.S. Securities and Exchange Commission for the quarterly period ended March 31, 2026. The Company generated net losses of $245,958 and $270,344 during the three months ended March 31, 2026 and 2025, respectively, and net cash (used) in operating activities of $(340,593) and $78,773, respectively. For the three-months ended March 31, 2026, total revenues were $18,518 compared to $141,018 for the three-months ended March 31, 2025, a decrease of $122,500. As of March 31, 2026, the Company's current liabilities exceeded its current assets by $19,692,440 and the Company had an accumulated deficit of $74,471,258. As of March 31, 2026, the Company had $53,371 of cash. The Company will require additional funding during the next 12 months to finance the growth of its current operations and achieve its strategic objectives. These factors, as well as the uncertain conditions that the Company faces relative to capital raising activities, create substantial doubt as to the Company's ability to continue as a going concern. The Company is seeking to raise additional capital principally through private placement offerings and is targeting strategic partners in an effort to finalize the development of its products and begin generating revenues. The ability of the Company to continue as a going concern is dependent upon the success of future capital offerings or alternative financing arrangements or expansion of its operations. Liquidity and Capital Resources The Company requires working capital to fund the continued development and commercialization of its proprietary fiber optic sensing devices, and for operating expenses. During the three-months ended March 31, 2026, the Company had $135,222 in cash proceeds from its equity financings compared to $439,370 in the three-months ended March 31, 2025. As of March 31, 2026, the Company had cash of $53,371 compared to $107,785 as of March 31, 2025. The Company currently does not have sufficient cash to fund its operations for the next 12 months and will require working capital to complete development, testing and marketing of its products and to pay for ongoing operating expenses. The Company anticipates adding consultants for technology development and the corresponding operations of the Company, but this will not occur prior to obtaining additional capital. Management is currently in the process of looking for additional investors. Currently, loans from banks or other lending sources for lines of credit or similar short-term borrowings are not available to the Company. Several of the Company's significant operating subsidiaries have borrowed funds from DarkPulse. The terms of the instruments governing the indebtedness of these borrowers or borrowing groups may restrict the Company's ability to access their accumulated cash. In addition, the Company's ability to access the liquidity of these and other subsidiaries may be limited by tax, legal and other considerations. The Company's executive officers and Board of Directors review its sources and potential uses of cash in connection with its annual budgeting process and whenever circumstances warrant. Generally speaking, the Company's principal funding source is cash from financing activities, and its principal cash requirements include loans to its operating subsidiaries, operating expenses, and capital expenditures. A full text copy of the Company's Form 10-Q is available at https://tinyurl.com/4nc3syrt. About DarkPulse Inc. Houston, Texas-based DarkPulse, Inc. is a technology-security company incorporated in 1989 as Klever Marketing, Inc. Its wholly-owned subsidiary, DarkPulse Technologies Inc., originally started as a technology spinout from the University of New Brunswick, Fredericton, Canada. The Company's security and monitoring systems will initially be delivered in applications for border security, pipelines, the oil and gas industry, and mine safety. Current uses of fiber optic distributed sensor technology have been limited to quasi-static, long-term structural health monitoring due to the time required to obtain the data and its poor precision. The Company's patented BOTDA dark-pulse sensor technology allows for the monitoring of highly dynamic environments due to its greater resolution and accuracy. As of March 31, 2026, the Company had $1,330,757 in total assets, $20,676,971 in total liabilities, and $19,346,214 in total stockholders' deficit. The Company's auditor, Boladale Lawal & Co., issued a going concern qualification in its April 14, 2026 report, citing an accumulated deficit of $74,087,829 and negative working capital of $19,637,276. The auditor further noted that these conditions raise substantial doubt about the Company's ability to continue as a going concern, given its dependence on raising additional equity or debt financing. DAVID SHANE: Gets Final OK to Use Cash Collateral ------------------------------------------------- David Shane Welch DMD PC received final approval from the U.S. Bankruptcy Court for the Southern District of Alabama to use cash collateral through confirmation of a Chapter 11 plan. Under the final order, the Debtor is authorized to use cash collateral including cash, accounts receivable, and business proceeds strictly in line with an approved budget, subject to a 10% aggregate variance per month. Any spending outside the budget is generally allowed only if it would qualify as an administrative expense and use beyond budget limits requires lender consent. As adequate protection, secured lenders will be granted continuing, perfected replacement liens over the same collateral they held before the petition date, maintaining their pre-petition validity, priority, and scope. The final order confirms the Debtor's right to collect accounts receivable without interference from creditors. It also preserves all parties' rights to challenge lien validity, enforceability, and priority, and makes clear that it does not determine any secured claim issues. The final order is available at http://bankrupt.com/misc/DavidShane_FCCOrder.pdf About David Shane Welch DMD PC David Shane Welch DMD, PC operates a dental practice in Mobile, Alabama, providing preventive, restorative, and cosmetic dentistry services to individual patients. Led by Dr. David Shane Welch, the practice delivers routine oral health care and treatment services and operates at its Airport Boulevard location. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Ala. Case No. 26-11003) on April 7, 2026, with $2,255,279 in assets and $3,028,079 in liabilities. David Shane Welch, DMD, president, signed the petition. Judge Jerry C. Oldshue presides over the case. Alexandra K Garrett, Esq., at Silver Voit Garrett & Watkins represents the Debtor as legal counsel. William H. Harris serves as Subchapter V trustee for the Debtor. DBJ US: Gets Final OK to Use Cash Collateral -------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Florida, Miami Division issued a final order authorizing DBJ US Corp. to continue using cash collateral to support business operations. Under the final order, the Debtor is authorized to use cash collateral in accordance with an amended budget, covering ordinary and necessary expenses, with flexibility to exceed individual line items by up to 10% per month. Any additional use requires either written consent from the secured creditor, Lake Michigan Credit Union, or further court approval. The Debtor projects total operational expenses of $935,246. As adequate protection, the secured creditor will be granted replacement liens on post-petition assets, maintaining the same priority and nature as its pre-petition liens. However, these liens do not attach to avoidance actions or their proceeds. Additionally, the creditor's claims remain subordinate to certain administrative expenses, including court costs, U.S. Trustee fees, and approved professional fees. The cash collateral budget remains effective through confirmation of the Debtor's first amended Chapter 11 plan, though extensions may be agreed upon by the Debtor, secured creditor, and Subchapter V trustee without further court approval, subject to notice and objection procedures. The order is available at http://bankrupt.com/misc/DBJUS_FCCOrder.pdf Lake Michigan Credit Union, as secured creditor, is represented by: Andrew W. Lennox, Esq. Casey Reeder Lennox, Esq. LENNOX LAW, P.A. P.O. Box 20505 Tampa, FL 33622 Tel: 813-831-3800 Fax: 813-749-9456 alennox@lennoxlaw.com clennox@lennoxlaw.com About DBJ US Corp. DB USA Corporation operates as a bank holding company. The company, through its subsidiaries, offers commercial banking services including checking accounts, commercial loans, equipment financing, investment services, foreign exchange services, and other financial services to customers in the United States. DBJ US Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-11015) on January 27, 2026. In its petition, the Debtor reported estimated assets of up to $100,000 and estimated liabilities of $1 million to $10 million. The case is being handled by Honorable Bankruptcy Judge Robert A. Mark. The Debtor is represented by James B. Miller, Esq. DNA X INC: Liabilities Exceed Assets by $1.0M at March 31 --------------------------------------------------------- DNA X, Inc.'s stockholder's deficit was US$1.0 million at March 31, 2026. The stockholder's deficit was US$8.0 million at Dec. 31, 2025. At March 31, 2026, the Company had total assets of US$4.8 million and total liabilities of US$4.9 million. At Dec. 31, 2025, the Company had total assets of US$43.9 million and total liabilities of US$50.6 million. The Company's consolidated financial statements account for the continuation of its business as a going concern. The Company says it is subject to the risks and uncertainties associated with operating an AI and crypto trading platform including the ability to attract new customers and to keep existing customers from moving their business to other competitors. On Jan. 23, 2026 (the "Closing Date") the Company ("the "Seller") completed its previously announced sale (the "Asset Sale") of substantially all of its assets and liabilities related to the enterprise 5G solutions business, including rugged handsets, smartphones, wireless internet device, software, services, and accessories to Pace Car Acquisition LLC, (the "Buyer"). Excluded assets include the DNA X LLC cryptocurrency trading business, cash, and the Company's Indian subsidiary. Excluded liabilities include compensation for employees that did not transfer to the Buyer, certain excluded corporate liabilities, and certain excluded contracts. On May 20, 2026, the Company entered into a securities Purchase Agreement with DNA Holdings pursuant to which the Company sold and issued to DNA Holdings a convertible promissory note with a principal balance of $3,053. The purchase price of the note consisted of $1,800 in cash to the Company, and the surrender of the convertible promissory note dated Dec. 15, 2025, in the principal amount of $1,200 including $53 of accrued unpaid interest. The Company will receive $1.8 in cash proceeds and the cash is expected to allow the Company to operate the DNA X AI and crypto platform through Dec. 31, 2026, which is the maturity date of the note. If the note is not converted into the Company's equity, then the Company will need to raise additional capital before Dec. 31, 2026. Due to the uncertainty of whether the note will be converted or of the Company obtaining additional financing, the Company says there is substantial doubt regarding its ability to continue as a going concern as of the date of the filing of this 10-Q. The Company changed its name to DNA X, Inc. in connection with the Asset Sale. Following the closing, the Company has focused on the development and commercialization of the DNA X trading platform that uses on-chain trading protocol designed to enable users to automate certain decentralized exchange trading strategies. A full-text copy of the Form 10-Q is available at https://tinyurl.com/ymubhvpv About DNA X, Inc. DNA X, Inc., was incorporated in the state of Delaware in 1999 under the name Sonim Technologies Inc., and is headquartered in San Diego, California. Effective Jan. 23, 2026, the Company changed its name to DNA X, Inc. The Company operates an AI and crypto trading platform that operates on the internet and is designed to harness advanced AI and machine learning technologies to automate intelligent trading strategies, enabling clients to capitalize on data-driven insights and dynamic opportunities. Until Jan. 23, 2026, the Company operated a cell phone and mobile hotspot manufacturing business. The assets of the phone and mobile hotspot business were sold to Pace Car Acquisition LLC on Jan. 23, 2026. DON ENTERPRISES: Claims to be Paid from Revenues & Sale Proceeds ---------------------------------------------------------------- DON Enterprises, Inc., filed with the U.S. Bankruptcy Court for the Western District of Pennsylvania a Third Amended Small Business Plan of Reorganization dated May 18, 2026. The Debtor is a Pennsylvania non-profit corporation. The Debtor provides housing and employment opportunities for persons with disabilities and other needs in order to improve independent living. As part of its community revitalization efforts, the Debtor owns several pieces of real estate in New Castle, Pennsylvania, including: (i) vacant and unimproved lots; (ii) commercial office buildings; and (iii) multi-family homes used to house individuals through its housing initiatives. The Debtor receives rental income from property it owns, and which currently house either commercial or residential tenants. The Debtor also sometimes receives "administrative fees" related to management of grant programs it oversees, which are disbursed to the Debtor from grant funds. In addition to revenues to fund the management and operation of real property, the Debtor receives various grants to fund specific non-profit projects, as set forth in the specific grant documents. The Plan proposes to pay Administrative Claims and Class 6 (Convenience Class) in full on the Effective Date, or as otherwise agreed by the Debtor and the holder of an Administrative Claim. The Plan proposes to pay the Wesbanco Secured Claim as follows: the Debtor will pay its monthly payment as agreed under the terms of the Notes between Wesbanco and the Debtor. Wesbanco will retain its security interest in its collateral of the Debtor, except that Wesbanco will release any and all security interest in the Packard Paint Building and the Restaurant Building, as more fully described in Article 3. In exchange, DON Services will give Wesbanco a mortgage on real estate owned by DON Services located at 1929 E. Washington St. The Plan proposes to pay the DON Services Secured Claim under the terms of the Note between the Debtor and DON Services. DON Services will retain its security interest in its collateral. The Plan proposes to pay the Shaffer-Lloyd Settled Claims from the sale of real estate as more fully set forth in Article 3. Specifically, the Debtor has retained real estate brokers to sell: (i) the Packard Paint Building; (ii) the Restaurant Building; and (iii) 602 Court Street. The proceeds of all sales will be paid to satisfy the Shaffer-Lloyd Settled Claims. To the extent that such properties are not sold by October 2026, the Debtor will deed any such unsold property to Lloyd Parties in satisfaction of the Shaffer-Lloyd Settled Claims. The Plan proposes that the Wesbanco Unsecured Claim will not be paid under the Plan. Rather, Wesbanco will retain its security interest in collateral (except as described herein), will be paid pursuant to the terms of its Notes with the Debtor, and will retain its Guaranty Agreement with DON Services. The Plan proposes that General Unsecured Creditors in Class 5 will be paid from the operations revenues of the Debtor and the sale of real estate including: (i) the Distillery Building; and (ii) vacant lots, as set forth in the Budget. General Unsecured Creditors will be paid their pro rata share on their claims in equal quarterly payments on or before the tenth business day after the close of the quarter. Class 5 consists of General Unsecured Creditors. The Debtor will pay the pro rata share from its disposable income, after payment of administrative and secured claims during the course of the Plan on a quarterly basis. (According to the Budget the Debtor's positive cash flow over the course of the Plan will be $10,794. The Debtor will make quarterly pro rata payments of this amount. Any amount over and above this projected amount in the last quarter of the Plan will be paid pro rata to the General Unsecured Creditors Class). The Plan will be funded by a combination of ongoing revenues and sale of real estate. Included in Exhibit C is a chart of the proposed sales of real estate, the amount of anticipated proceeds, and the proposed distribution of those proceeds. The Debtor has retained real estate brokers for the real estate it proposes to sell. Debtor will conduct a sale also consistent with the terms of the Bankruptcy Code. Consistent with the Settlement Agreement between the Debtor and the Lloyd Parties, should the real estate intended to fund payment to Class 3 (Shaffer-Lloyd Settled Claim), the real estate earmarked for the Shaffer-Lloyd Settled Claim will be deeded by the Debtor to Shaffer-Lloyd. A full-text copy of the Third Amended Plan dated May 18, 2026 is available https://urlcurt.com/u?l=SkyHY1from PacerMonitor.com at no charge. Counsel to the Debtor: Kathryn L. Harrison, Esq. CAMPBELL & LEVINE, LLC 310 Grant St., Suite 1700 Pittsburgh, PA 15219 Tel: (412) 261-0310 Fax: (412) 261-5066 E-mail: kharrison@camlev.com About DON Enterprises Inc. DON Enterprises Inc. is a nonprofit organization focusing on community revitalization, housing, and employment opportunities for people with disabilities. Through its range of programs and services, DON Enterprises strives to foster a more inclusive community while promoting independence and integration into society. DON Enterprises Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 25-20379) on February 17, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Kathryn L. Harrison, Esq. at CAMPBELL & LEVINE, LLC. Wesbanco Bank, as lender, is represented by Jeffrey R. Lalama, Esq. at Meyer Unkovic & Scott LLP. ELIAS & COMPANY: Seeks to Hire RHM Law LLP as Bankruptcy Counsel ---------------------------------------------------------------- Elias & Company Management, Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire RHM Law LLP as counsel. The firm will provide these services: a. advice and assistance regarding compliance with the requirements of the United States Trustee ("UST"); b. advice regarding matters of bankruptcy law, including the rights and remedies of the Debtor in regard to its assets and with respect to the claims of creditors; c. advice regarding cash collateral matters; d. examinations of witnesses, claimants or adverse parties and to prepare and assist in the preparation of reports, accounts and pleadings; e. advice concerning the requirements of the Bankruptcy Code and applicable rules; f. negotiation, formulation, confirmation and implementation of a Chapter 11 plan of reorganization; and g. appearances in the Bankruptcy Court on behalf of the Debtor; and to take such other action and to perform such other services as the Debtor may require. The firm will be paid at these rates: Matthew D. Resnick, Partner $725 per hour Roksana D. Moradi-Brovia, Partner $650 per hour W. Sloan Youksetter, Associate $500 per hour Russell J. Strong III, Associate $500 per hour Leslie Davis, Associate $600 per hour Rosario Zubia, Paralegal $175 per hour Priscilla Bueno, Paralegal $175 per hour Rebecca Benitez, Paralegal $175 per hour Susie Segura, Paralegal $175 per hour M. Jonathan Hayes, Senior Bankruptcy Associate $775 per hour The firm will be paid a retainer in the amount of $31,738. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Roksana D. Moradi-Brovia, Esq., a partner at RHM Law LLP, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Roksana D. Moradi-Brovia, Esq. RHM Law LLP 17609 Ventura Blvd., Suite 314 Encino, CA 91316 Telephone: (818) 285-0100 Facsimile: (818) 855-7013 Email: roksana@RHMFirm.com About Elias & Company Management Inc. Elias & Company Management, Inc. is a business management and administrative services provider based in California. The company specializes in supporting corporate clients with operational oversight and organizational management functions. Elias & Company Management, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-12850) on April 13, 2026. In its petition, the debtor reports estimated assets of $100,001 to $1,000,000 and estimated liabilities of $100,001 to $1,000,000. Honorable Bankruptcy Judge Sheri Bluebond handles the case. The Debtor is represented by James Lee Tenner, Esq. of the Law Offices of James Tenner. Gulf Coast Bank and Trust Company, as secured creditor, is represented by Chad P. Morrow, Esq., at Sher Garner Cahill Richter Klein & Hilbert, LLC. ELNUNU MEDICAL: PCO Reports No Change in Patient Care Quality ------------------------------------------------------------- Eric Huebscher, the patient care ombudsman, filed with the U.S. Bankruptcy Court for the Eastern District of New York his fourth report regarding the quality of patient care provided by Elnunu Medical P.C. In his fourth report, covering Feb. 1 through April 30, the PCO noted that Elnunu was transparent and cooperative, enabling him to efficiently discharge his responsibilities. The PCO observed that Elnunu's bankruptcy has not materially affected healthcare delivery despite the ongoing dispute concerning the 2022 Limited Liability Operating Agreement between Health Plus MC, LLC and Dr. Salim Souid, Elnunu's medical director and sole owner. No regulatory inquiries or surveys were conducted, and no reportable events occurred that required Elnunu's to notify any agency. Mr. Huebscher maintained regular contact with Dr. Souid and his business manager, during which the PCO inquired about ongoing operations and potential effects of the pending bankruptcy. Elnunu has continued to be transparent and cooperative with the PCO. The PCO stated that the continued insistence of Pinchas Halperin, the owner of Health Plus, on attempting to advance the unlawful Agreement is very concerning. This insistence has prompted the PCO to take additional steps to demonstrate the illegality of the Agreement. A copy of the ombudsman report is available for free at https://urlcurt.com/u?l=fEmuVd from PacerMonitor.com. The ombudsman may be reached at: Eric Huebscher, MBA, CPA, CFE, CPCO President Huebscher & Co. 301 East 87th Street-20E New York, NY 10128 Phone: 646.584.3141 ehuebscher@huebscherconsulting.com About Elnunu Medical P.C. Elnunu Medical P.C. sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-04732) on February 14, 2025, listing $100,001 to $500,000 in both assets and liabilities. Judge Elizabeth S Stong presides over the case. The Debtor tapped Btzalel Hirschborn, Esq., at Shiryak Bowman Anderson Gill & Kadochnikov, LLP as bankruptcy counsel; Bochner, PLLC as special litigation counsel; and Vestcorp, LLC as accountant. Eric M. Huebscher is the patient care ombudsman appointed in the Debtor's case. ENVIROTECH VEHICLES: Debts Exceed Assets by $8.2M at March 31 ------------------------------------------------------------- Envirotech Vehicles, Inc.'s stockholder's deficit was US$8.2 million at March 31, 2026. The stockholder's deficit was US$8.9 million at Dec. 31, 2025. At March 31, 2026, the Company had total assets of US$11.2 million and total liabilities of US$19.4 million. At Dec. 31, 2025, the Company had total assets of US$4.7 million and total liabilities of US$13.6 million. Envirotech Vehicles, Inc., reported that as of March 31, 2026, it had cash and cash equivalents of $2,013,817 and negative working capital of approximately $11,538,147. The Company stated: "We believe that our existing cash and cash equivalents may not be sufficient to allow us to operate for the next 12 months due to our current and potential liabilities" and that "These conditions raise substantial doubt about our ability to continue as a going concern." The unaudited condensed consolidated financial statements were prepared on a going concern basis and "do not include any adjustments that might be necessary if we were unable to continue as a going concern." For the three months ended March 31, 2026, the Company incurred a net loss of $3,986,923 and reported cash used in operating activities of $3,342,098, compared to a net loss of $14,036,381 and cash used in operating activities of $4,217,480 for the same period in 2025. The accumulated deficit was $116,575,383 as of March 31, 2026, compared to $112,588,460 as of Dec. 31, 2025. The Company stated that it "sustained significant losses and negative cash flows from operations and are dependent on the overall improvement of our operating activities as well as debt and equity financing to fund operations." Management disclosed that "As a result of these conditions, substantial doubt exists about our ability to continue as a going concern within one year after the filing of this Quarterly Report." The Company further stated that if it is unable to raise additional capital, "we may be required to take additional measures to conserve liquidity, which could include, but not necessarily be limited to, curtailing operations and reducing overhead expenses" and that "We cannot provide any assurance that any new financing will be available on commercially acceptable terms, if at all, or will be completed on a timely basis." The Company also noted that it has historically depended on external sources of capital to finance its operations and that its future performance will depend in part upon its ability to achieve independence from external sources for the financing of its operations. The Company undertook several financing activities and debt arrangements. During the three months ended March 31, 2026, net cash provided by financing activities was $6,522,849, primarily from proceeds from the issuance of common stock of $2,677,090, issuance of Debentures of $3,815,000, and issuance of other debt of $109,061, partially offset by repayment of other debt of $78,302. In March and May 2026, Envirotech closed two tranches of Debentures with an investor, receiving net proceeds of approximately $3.8 million and $5.8 million, respectively, under Debentures bearing interest at 5.0% per annum (increasing to 18.0% upon certain events of default), maturing on March 6, 2027, and requiring monthly installment repayments of $363,636 and $636,364 plus accrued interest for the first and second tranches, respectively. Envirotech also maintains an Amended and Restated Standby Equity Purchase Agreement that, subject to conditions, permits it to require the investor to purchase up to $25 million of common stock until November 1, 2027, and has issued multiple tranches of convertible promissory notes and additional promissory notes under related arrangements. The Company disclosed that it received a Nasdaq deficiency notice on April 29, 2026 because its stockholders equity was below the $2,500,000 minimum requirement for continued listing. Management stated: "Although we have been successful in raising funds in the past, and expect to do so in the future, there are no guarantees that we will be able to raise funds as anticipated." A full-text copy of the Form 10-Q is available at https://tinyurl.com/bdzn9725 About Envirotech Vehicles Envirotech Vehicles, Inc. (NASDAQ: EVTV) is a U.S. distributor of zero-emission commercial vehicles and heavy capacity drones designed for logistics, infrastructure, and precision agriculture applications globally. The Company focuses on providing innovative systems that promote a cleaner, safer, and more efficient future for critical industrial operations. ENVUE MEDICAL: Net Loss Doubles to $3.8 Million in Q1 2026 ---------------------------------------------------------- ENvue Medical, Inc. has filed its Quarterly Report on Form 10-Q with the U.S. Securities and Exchange Commission, reporting an increase in net loss by approximately $1,950,000 or 104%, to approximately $3,822,000 for the three months ended March 31, 2026, from approximately $1,872,000 during the same period in 2025. For the three months ended March 31, 2026, and 2025, revenues were approximately $653,000 and $1,025,000, respectively, a decrease of approximately 36%, or $372, between the periods. LIQUIDITY AND PLAN OF OPERATIONS As of March 31, 2026, the Company has incurred recurring losses and negative cash flows from operations and has an accumulated deficit of $112,136,000. For the three months ended March 31, 2026, the Company used approximately $4,312,000 of cash in operations. The Company's ability to continue to operate is dependent mainly on its ability to successfully market and sell its products and the receipt of additional financing until profitability is achieved. The Company expects to incur future net losses and its transition to profitability is dependent upon, among other things, the achievement of a level of revenues adequate to support the cost structure. Until the Company achieves profitability or generates positive cash flows, it will continue to be dependent on raising additional funds to fund its operations. The Company intends to fund its future operations through cash on hand, additional private and/or public offerings of debt or equity securities or a combination of the foregoing. There are no assurances, however, that the Company will be able to obtain an adequate level of financial resources that are required to fund its operation. These conditions raise substantial doubt about the Company's ability to continue as a going concern for the next 12 months. A full text copy of the Company's Form 10-Q is available at https://tinyurl.com/y5cxuu46 About ENvue Medical ENvue Medical, Inc. (formerly known as NanoVibronix, Inc.) is a medical device company focusing on non-invasive biological response-activating devices that target wound healing and pain therapy and can be administered at home without the assistance of medical professionals, utilizing its proprietary low-intensity ultrasound (acoustic) technology. As of March 31, 2026, the Company had $39,871,000 in total assets, $7,856,000 in total liabilities, and $32,015,000 in total stockholders' equity. Tel-Aviv, Israel-based Kost Forer Gabbay & Kasierer, the Company's auditor since 2025, issued a "going concern" qualification in its report dated April 15, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company has suffered recurring losses and negative cash flows from operations, and has stated that substantial doubt exists about the Company's ability to continue as a going concern. ER OF TEXAS: Gets Extension to Access Cash Collateral ----------------------------------------------------- ER of Texas, LLC and its affiliates received another extension from the U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, to use cash collateral to fund operations. The court entered a fourth interim order authorizing the Debtors to use cash collateral in accordance with their budget (subject to a 10% variance) through entry of a final order, the termination of the interim order, or the occurrence of so-called termination event, whichever occurs first. Termination events include the Debtors' failure to comply with any material term of the interim order; actual disbursements exceeding the budget beyond the permitted variance; dismissal or conversion of any Chapter 11 case to Chapter 7; appointment of a trustee or examiner with expanded powers; and modification of the interim order without lender consent. The pre-bankruptcy secured creditors with interest in the cash collateral are Encore Bank (senior secured lender), Newtek Business Services Holdco 6, Inc. (junior secured lender), and various merchant cash advance lenders, all of which hold liens on most of the Debtors' assets. Encore holds a first-priority lien, Newtek is subordinate to Encore, and the MCA Lenders hold junior or subordinated interests. As protection, secured creditors will be granted replacement liens on all of the Debtors' assets excluding Chapter 5 causes of action. In case of any diminution in the value of their collateral, the secured creditors will receive an allowed superpriority administrative expense claim against the Debtors' estates. Additionally, the Debtors are required to continue their monthly payments of $178,493.61 to Newtek and cover certain professional fees. A final hearing is set for June 22. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/o0n1p from PacerMonitor.com. About ER of Texas LLC ER of Texas, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 26-40606) on February 10, 2026. In the petition signed by Ron Walraven, manager, the Debtor disclosed up to $100 million in assets and up to $50 million in liabilities. Judge Mark X. Mullin oversees the case. Richard Grant, Esq., at CM Law LLP, represents the Debtor as legal counsel. ER OF TEXAS: Seeks to Extend Plan Exclusivity to Sept. 8 -------------------------------------------------------- ER of Texas, LLC and its affiliates asked the U.S. Bankruptcy Court for the Northern District of Texas to extend its exclusivity periods to file a plan of reorganization to Sept. 8, 2026. The Debtors operate a network of freestanding emergency medical care facilities throughout Texas, providing 24-hour emergency healthcare services to the communities they serve. Each facility provides emergency care, including medical screening examinations, stabilizing treatment, diagnostic laboratory services, ultrasound services, and radiology services. Section 1121(d)(1) of the Bankruptcy Code provides that the Court may, on request of a party in interest and after notice and a hearing, for cause, increase the 120-day exclusive period within which only the debtor may file a plan. The Bankruptcy Code does not define "cause" for purposes of section 1121(d), leaving the determination to the sound discretion of the Court based on the particular facts of the case. Application of the relevant factors strongly supports the requested extension: * Size and Complexity. These Chapter 11 Cases involve eleven jointly administered Debtors operating a multi-facility freestanding emergency medical care network, with complex operations spanning multiple Texas locations, approximately 300 employees, multiple secured lenders, and aggregate secured and unsecured indebtedness exceeding $20 million. The Court has already designated these cases as Complex Cases under Local Bankruptcy Rule 1001-1(b). * Necessity of Time to Formulate a Viable Plan. Since the Petition Date, the Debtors have necessarily devoted substantial time to stabilizing operations and addressing first-day and operational matters. Sufficient additional time is needed to allow the Debtors and their advisors to evaluate strategic alternatives, conduct meaningful negotiations with key stakeholders, and formulate a viable chapter 11 plan that maximizes value for the estates. * Good-Faith Progress. The Debtors have prosecuted these Chapter 11 Cases in good faith. They have obtained interim authority to use cash collateral on a consensual basis, complied with the Complex Case Procedures, satisfied their reporting obligations, and engaged with their secured lenders, the Office of the United States Trustee, and other parties in interest. * Payment of Postpetition Obligations. The Debtors are paying their postpetition obligations as they come due in the ordinary course of business, including obligations to employees, physicians, utilities, and critical vendors necessary to maintain emergency room operations. * No Prejudice to Creditors. The requested extension is limited in duration, approximately ninety days, and is necessary to advance the Debtors' reorganization efforts. The extension will not prejudice the legitimate interests of any party in interest. To the contrary, terminating exclusivity at this stage would likely result in competing plans, increased administrative costs, and disruption to the Debtors' ongoing operations to the detriment of all stakeholders. * No Improper Purpose. The Debtors are not seeking the requested extension to pressure creditors or for any other improper purpose. Rather, the extension is necessary to provide the Debtors with adequate time to formulate a value-maximizing chapter 11 plan. About ER of Texas LLC ER of Texas, LLC, and its affiliated entities operate a network of freestanding emergency medical care facilities across Texas, providing 24-hour patient-centered emergency services including medical screening, stabilizing treatment, diagnostic laboratory, ultrasound, and radiology services. ER of Texas, LLC, and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 26-40606) on Feb. 10, 2026. In the petition signed by Ron Walraven, manager, ER of Texas disclosed up to $100 million in assets and up to $50 million in liabilities. Counsel to the Debtors: Richard G. Grant, Esq. CM Law LLP National Litigation Support Center 13101 Preston Road, Suite 110-1510 Dallas, TX 75240 Telephone: (214) 210-2929 Email: rgrant@cm.law EXPRESS STORES: Gets OK to Use Cash Collateral ---------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, granted Express Stores, LLC's motion to use cash collateral and provide adequate protection to secured lender Golden Bank National Association. The Debtor acknowledged owing Golden Bank at least $578,598.74 in principal, plus accrued interest, fees, and expenses under a Small Business Administration-backed commercial real estate loan originally issued for $750,000. The loan is secured by first-priority liens on the Debtor's real property, rents, fixtures, accounts, and other business assets through deeds of trust, security agreements, and perfected UCC filings. The Debtor further stipulated that Golden Bank holds additional interests related to affiliated entities under a separate construction loan arrangement and recognized the validity and enforceability of all pre-petition liens and guaranties. Under the order, the Debtor is authorized to use cash collateral only for ordinary and necessary operating expenses and only within the approved budget, allowing up to 5% variance on individual budget items and 10% overall. The Debtor projects total monthly operational expenses of $8,786.39. This authority expires on July 31 unless extended and may terminate earlier upon certain triggering events such as conversion to Chapter 7, appointment of a trustee, confirmation of a reorganization plan, or material modification of the order. The Debtor also received a challenge period through June 26 to contest the amount of pre-petition indebtedness; afterward, challenges will be permanently barred. As adequate protection, Golden Bank received replacement liens on post-petition assets, superpriority administrative claims, continued reporting rights, inspection access, and periodic adequate protection payments under the budget. The order also included a limited carve-out for court and U.S. Trustee fees, preserved tax lien and PACA claimant rights, and provided broad releases in favor of Golden Bank for prepetition claims, except claims involving fraud, bad faith, gross negligence, or willful misconduct. A copy of the court's order is available at https://shorturl.at/pzxC5 from PacerMonitor.com. About Express Stores Inc. Express Stores, Inc., doing business as Boney Joe's, operates a convenience store and gas station at Rio Vista, Texas, providing fuel, snacks, beverages, and other retail items. Express Stores sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 26-40963) on March 2, 2026. In the petition signed by Qasim Saeed, president, the Debtor disclosed up to $10 million in both assets and liabilities. Joseph F. Postnikoff, Esq., at Rochelle McCullough, LLP serves the Debtor as counsel. FERRELLGAS PARTNERS: Removes Carney Hawks from Board of Directors ----------------------------------------------------------------- Ferrellgas Partners, L.P. announced in a regulatory filing that J. Carney Hawks was removed from the Board of Directors of Ferrellgas, Inc., the general partner of Ferrellgas Partners, L.P. and Ferrellgas, L.P. Mr. Hawks' removal was not related to any disagreement with the Company on any matter relating to the Company's operations, policies or practices. Mr. Hawks was originally appointed to the Board in 2021 in accordance with the terms of the Partnership Agreement of Ferrellgas Partners, L.P., the bylaws of Ferrellgas, Inc., and a voting agreement among Ferrellgas, Inc., Ferrell Companies, Inc. (the sole shareholder of Ferrellgas, Inc.) and the holders of Class B Units of Ferrellgas Partners, L.P., pursuant to which holders of such Class B Units were permitted to designate one independent director to the Board. As previously reported, on March 16, 2026, all of the outstanding Class B Units were converted into Class A Units of Ferrellgas Partners, L.P., and therefore the right of holders of Class B Units to designate a director no longer applies. About Ferrellgas Ferrellgas Partners, L.P., through its operating partnership, Ferrellgas, L.P., and subsidiaries, serves propane customers in all 50 states, the District of Columbia, and Puerto Rico. As of January 31, 2026, the Company had total assets of $1.5 billion, total liabilities of $1.9 billion (calculated as current liabilities of $350.78 million + long-term debt of $1.5 billion + operating lease liabilities of $21.7 million + other liabilities of $55.9 million), mezzanine equity (Senior preferred units) of $651.3 million, and total Ferrellgas Partners, L.P. deficit of $982.3 million. * * * In October 2025, S&P Global Ratings raised its Company credit rating on Ferrellgas Partners L.P. to 'B' from 'CCC'. "The stable outlook reflects our expectation that Ferrellgas will maintain S&P Global Ratings-adjusted leverage in the 6.0x-6.5x range over our forecast period," S&P said. FERTITTA ENTERTAINMENT: S&P Affirms 'B' ICR on Caesars Acquisition ------------------------------------------------------------------ S&P Global Ratings affirmed its 'B' issuer credit rating on Fertitta Entertainment LLC because S&P believes it will benefit from a stronger competitive position, given the significant increase in its scale and diversity pro forma for the Caesars acquisition. The stable outlook reflects S&P's expectation that the combined company will sustain S&P Global Ratings-adjusted leverage of below 8.5x and EBITDA interest coverage of above 1.5x. Fertitta announced that it has signed an exclusive agreement to acquire Caesars Entertainment Inc. in an all-cash transaction valued at $5.7 billion, including the assumption of Caesars' $11.9 billion of debt. S&P expects it will finance the cash portion of the transaction with a mix of debt, cash from the balance sheets of Fertitta and Caesars, and rolled equity. S&P said, "Given our view of the combined company's improved competitive position, we intend to revise our downgrade thresholds for the current rating to S&P Global Ratings-adjusted debt leverage of more than 8.5x and EBITDA interest coverage of less than 1.5x following the close of the transaction. "The affirmation reflects our view that Fertitta's acquisition of Caesars will strengthen its competitive position. The transaction will significantly enhance the company's scale and geographic diversity. Specifically, the combined company will be the largest gaming operator in the U.S., with 60 casinos, 466 full-service restaurants, and a wholly owned digital gaming business. Fertitta will also benefit from Caesars' leading market position on the Las Vegas Strip, comprising eight casinos and a sizeable convention and group business. In addition, Fertitta will integrate the Caesars Rewards program into its Golden Nugget casinos and Landry's restaurants, enabling the program's active members to access more casinos and Fertitta's dining and entertainment footprint. "Fertitta's improved competitive position will likely enable it to support greater debt leverage at the current rating. We expect the company will partly fund the acquisition with debt at the Caesars subsidiary. However, based on our view that the acquisition will strengthen Fertitta's competitive position, we intend to loosen our leverage thresholds for the current rating. We assume that the company's leverage will likely not exceed the 8.5x area in 2027, pro forma for the Caesars acquisition, and believe it intends to prioritize deleveraging in the initial years following the transaction. Therefore, we believe Fertitta will sustain pro forma S&P Global Ratings-adjusted debt leverage of below 8.5x and EBITDA interest coverage of above 1.5x. "Weaker consumer discretionary spending, due to potential sustained high gas prices, poses a risk to gaming demand. Nevertheless, we expect that a stronger event calendar in Las Vegas in 2026 will drive increased visitation and offset the recent softness in leisure demand, benefiting the Las Vegas properties at both companies. We also expect increased revenue at Caesars's regional casinos as it continues to ramp up its recently opened properties in Danville, Va. and New Orleans. At the same time, we expect that the combined company will leverage its rewards program to recapture market share in certain markets where it has faced competitive pressures from new supply. We also expect the combined entity will improve the profitability of its digital operations by continuing to increase its penetration in existing markets and reducing its partnership costs. "Financial policy decisions pose downside risks, though we expect management to be prudent. We expect Fertitta will remain focused on integrating the acquisition and using its excess cash flow for debt repayment in the first few years following the acquisition. Furthermore, given that the company doesn't have any large-scale developments planned at this time, we expect its near-term capital expenditure (capex) needs will be limited primarily to maintenance capex, with some growth capex for ongoing targeted investments in Caesars' Las Vegas properties and Caesars Republic Lake Tahoe. However, we expect the company may opportunistically return capital to its shareholders, which could slow the pace of its deleveraging. "The stable outlook reflects our expectation that the combined company will sustain S&P Global Ratings-adjusted leverage of below 8.5x and EBITDA interest coverage of above 1.5x. "We could lower our rating on Fertitta if, pro forma for the transaction, we expect its leverage will rise and remain above 8.5x or its EBITDA coverage will fall below 1.5x. This could occur if the company's operating performance materially underperforms our base-case forecast because a slowing economy leads to a significant pull back in consumer discretionary spending. This could also occur if Fertitta engages in additional leveraging acquisitions, development spending, or shareholder returns. "While unlikely over the next two years, we could raise our rating on Fertitta if it improves its credit metrics such that we anticipate it will maintain adjusted leverage of below 7x and EBITDA coverage of interest and rent of above 2x. This could occur if the company successfully integrates the combined operations of the two entities and outperforms our base-case forecast." FIRST BRANDS: Horizon North America Biz Sale OK'd ------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, has permitted First Brands Group, LLC and its affiliates, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtors have reached an agreement with affiliates of Flex-N-Gate for the sale of their Horizon North America business for approximately $64 million, which will reduce the claims of the DIP Lenders, the ABL Secured Parties, and Onset by approximately the same amount. Pursuant to the Sale Transaction, the Horizon North America Buyer anticipates extending offers of employment to a substantial number of the approximately 1,000 employees currently servicing Horizon North America. Following a multi-month marketing and sale process for all of the Debtors’ assets (Sale Process) and months of mediation and good-faith, arm's length negotiations between the Debtors, the Ad Hoc Group, the ABL Secured Parties, Onset, and the Horizon North America Buyer, the Debtors reached an agreement-in-principle on the terms of the sale of the Debtors Horizon North America business unit. The key terms of the Sale Transaction are set forth in the Sale Motion. The Sale Transaction will result in approximately $64 million of aggregate proceeds that will reduce the claims of the DIP Lenders, the ABL Secured Parties, and Onset by the same amount. In addition, the Horizon North America Buyer anticipates extending offers of employment to a substantial number of the approximately 1,000 employees currently servicing Horizon North America. The Debtors have demonstrated that entry into and consummation of the Horizon Europe Settlement constitutes the exercise by the Debtors of sound business judgment, and such acts are in the best interests of the Debtors, each of their estates, and creditors, and all parties in interest. The Horizon Europe Settlement was negotiated and is undertaken by the Settlement Parties at arms'-length, without collusion or fraud, and in good faith. The Horizon Europe Buyers would not consummate the Horizon Europe Settlement if the transfer of the Horizon Europe Transferred Assets to Horizon Europe Buyers were not free and clear of all claims, liens, encumbrances, or other interests. Neither the Horizon Europe Buyers nor any of its affiliates shall assume or in any way be responsible for any liability or obligation of any of the Debtors and/or their estates except to the extent explicitly provided in the Settlement and Sale Agreement and the Order. The Motion is granted to the extent set forth. The Horizon Europe Settlement is approved. The Debtors are authorized to take any and all actions as may be necessary or appropriate to effectuate and implement the Horizon Europe Settlement consistent with the terms of the Settlement and Sale Agreement. The transfer of the Horizon Europe Transferred Assets is undertaken by the Horizon Europe Buyers without collusion and in good faith. The Debtors are authorized to take all actions necessary or appropriate to carry out the relief granted in the Order. About First Brands Group First Brands Group, LLC, is a global supplier of aftermarket automotive parts, based in Rochester Hills, Michigan. On September 24, 2025, the Company's non-operational special purpose entities, Global Assets LLC, Global Lease Assets Holdings, LLC, Carnaby Capital Holdings, LLC, Broad Street Financial Holdings, LLC, Broad Street Financial, LLC, Carnaby Inventory II, LLC, Carnaby Inventory Holdings II, LLC, Carnaby Inventory III, LLC, Carnaby Inventory Holdings III, LLC, Patterson Inventory, LLC, Patterson Inventory Holdings, LLC, Starlight Inventory I, LLC and Starlight Inventory Holdings I, LLC each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. Commencing on Sept. 28, 2025, First Brands Group, LLC and 98 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. In its petition, First Brands Group listed $1 billion to $10 billion in estimated assets and $10 billion to $50 billion in estimated liabilities. The cases are pending before the Hon. Christopher M. Lopez, and are jointly administered under Case No. 25-90399, and consolidated for procedural purposes only. The Debtors tapped Weil, Gotshal and Manges, LLP as legal counsel; Lazard Freres & Co. as investment banker; Alvarez & Marsal North America, LLC as financial advisor; and C Street Advisory Group as strategic communications advisor. Kroll Restructuring Administration, LLC is the Debtors' claims, noticing and solicitation agent. Gibson, Dunn & Crutcher, LLP and Evercore serve as the Ad Hoc Group of Lenders' legal counsel and investment banker, respectively. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. Th Committee has hired M3 Advisory Partners, LP, as Financial Advisor; Cole Schotz P.C. as Efficiency and Local Counsel; and Brown Rudnick LLP as Co-Counsel. The U.S. Trustee has proposed Martin De Luca, Esq., at Boies Schiller Flexner LLP as Chapter 11 examiner. FIRST BRANDS: Judge Denies Chapter 11 Plan Disclosures ------------------------------------------------------ Vince Sullivan of Law360 Bankruptcy Authority reports that First Brands Group failed to secure conditional approval of its Chapter 11 disclosure statement Tuesday, May 26, 2026, after a Texas bankruptcy judge ruled that the proposed materials lacked enough clarity regarding creditor treatment and voting rights. According to court proceedings, the judge found that the complicated restructuring framework did not sufficiently outline the implications for various creditor classes, raising concerns about whether stakeholders had enough information to evaluate the plan fairly. The automotive parts maker is expected to revise its disclosure materials and continue negotiations with creditors as the Chapter 11 case moves forward, the report cites. About First Brands Group Rochester Hills, Mich.-based First Brands Group, LLC is a global supplier of aftermarket automotive parts. On September 24, 2025, the Company's non-operational special purpose entities, Global Assets LLC, Global Lease Assets Holdings, LLC, Carnaby Capital Holdings, LLC, Broad Street Financial Holdings, LLC, Broad Street Financial, LLC, Carnaby Inventory II, LLC, Carnaby Inventory Holdings II, LLC, Carnaby Inventory III, LLC, Carnaby Inventory Holdings III, LLC, Patterson Inventory, LLC, Patterson Inventory Holdings, LLC, Starlight Inventory I, LLC and Starlight Inventory Holdings I, LLC each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. Commencing on September 28, 2025, First Brands Group, LLC and 98 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. In its petition, First Brands Group listed $1 billion to $10 billion in estimated assets and $10 billion to $50 billion in estimated liabilities. The cases are pending before the Hon. Christopher M. Lopez, and are jointly administered under Case No. 25-90399, and consolidated for procedural purposes only. The Debtors tapped Weil, Gotshal and Manges, LLP as legal counsel; Lazard Freres & Co. as investment banker; Alvarez & Marsal North America, LLC as financial advisor; and C Street Advisory Group as strategic communications advisor. Kroll Restructuring Administration, LLC is the Debtors' claims, noticing and solicitation agent. Gibson, Dunn & Crutcher, LLP and Evercore serve as the Ad Hoc Group of Lenders' legal counsel and investment banker, respectively. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. FIRST EMANUEL: Hires Lugenbuhl Wheaton Peck as Bankruptcy Counsel ----------------------------------------------------------------- First Emanuel Baptist Church seeks approval from the U.S. Bankruptcy Court for the Eastern District of Louisiana to employ Lugenbuhl, Wheaton, Peck, Rankin & Hubbard (A Law Corporation) as counsel. The firm's services include: a. advising the Debtor with respect to its rights, powers and duties as Debtor and Debtor-in-possession in the continued operation and management of the business and property; b. preparing and pursuing confirmation of a plan of reorganization as a Debtor that is proceeding under Subchapter V and pursuing approval of the disclosure statement and plan confirmation should the Debtor cease to elect to continue under Subchapter V; c. preparing, on behalf of the Debtor, all necessary applications, motions, answers, proposed orders, other pleadings, notices, schedules and other documents, and reviewing all financial and other reports to be filed; d. advising the Debtor concerning, and preparing responses to, applications, motions, pleadings, notices and other documents which may be filed by other parties; e. appearing in Court to protect the interests of the Debtor; f. representing the Debtor in connection with use of cash collateral and/or obtaining post-petition financing; g. advising the Debtor concerning and assisting in the negotiation and documentation of financing agreements, cash collateral orders and related transactions; h. investigating the nature and validity of liens asserted against the property of the Debtor, and advising the Debtor concerning the enforceability of said liens; i. investigating and advising the Debtor concerning and taking such action as may be necessary to collect income and assets in accordance with applicable law, and the recovery of property for the benefit of the Debtor's estate; j. advising and assisting the Debtor in connection with any potential property dispositions; k. advising the Debtor concerning executory contract and unexpired lease assumptions, assignments and rejections and lease restructuring, and recharacterizations; l. assisting the Debtor in reviewing, estimating and resolving claims asserted against the Debtor's estate; m. commencing and conducting litigation necessary and appropriate to assert rights held by the Debtor, protect assets of the Debtor's chapter 11 estate or otherwise further the goal of completing the Debtor's successful reorganization; and n. performing all other legal services for the Debtor which may be necessary and proper in this case. The compensation of Lugenbuhl's attorneys and paraprofessionals are proposed at varying rates currently ranging from $450 to $500 for attorneys and $250 for paralegals. Lugenbuhl will also seek reimbursement for actual and necessary expenses incurred. Lugenbuhl 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: Benjamin W. Kadden, Esq. Douglas S. Draper, Esq. Greta M. Brouphy, Esq. Michael E. Landis, Esq. Lugenbuhl, Wheaton, Peck, Rankin & Hubbard (A Law Corporation) 601 Poydras Street, Suite 2755 New Orleans, LA 70130 Telephone: (504) 568-1990 Fax: (504) 310-9195 Email: bkadden@lawla.com ddraper@lawla.com gbrouphy@lawla.com mlandis@lawla.com About First Emanuel Baptist Church First Emanuel Baptist Church is a Non-Profit Religious Corporation domiciled in Louisiana. The Debtor filed Chapter 11 petition (Bankr. E.D. La. Case No. 24-12026) on Oct. 16, 2024, listing between $1 million and $10 million in both assets and liabilities. Judge Meredith S. Grabill presides over the case. Douglas Draper, Esq., at Heller, Draper & Horn, LLC represents the Debtor as legal counsel. FLUX POWER: Signs $40MM Equity Facility With Roth Principal ----------------------------------------------------------- Flux Power Holdings, Inc. announced in a regulatory filing that it entered into a common stock purchase agreement and a related registration rights agreement, dated as of May 15, 2026, with Roth Principal Investments, LLC. Upon the terms and subject to the satisfaction of the conditions contained in the Purchase Agreement, the Company has the right, in the Company's sole discretion, to sell to Roth Principal Investments up to $40,000,000 of shares of the Company's common stock, par value $0.001 per share, subject to certain limitations contained in the Purchase Agreement, from time to time during the term of the Purchase Agreement through one or more Market Open Purchases, Intraday Purchases, Pre-Market Purchases and Post-Market Purchases on any Purchase Date. Sales of Common Stock pursuant to the Purchase Agreement, and the timing of any sales, are solely at the Company's option, and the Company is under no obligation to sell any securities to Roth Principal Investments under the Purchase Agreement. In accordance with the Company's obligations under the Registration Rights Agreement, the Company has agreed to file a registration statement to register under the Securities Act of 1933, as amended, the offer and resale by Roth Principal Investments of up to 38,461,538 shares of Common Stock that the Company may, in the Company's sole discretion, elect to sell to Roth Principal Investments, from time to time from and after the Commencement Date pursuant to the Purchase Agreement. Upon the initial satisfaction of each of the conditions to Roth Principal Investments' purchase obligations set forth in the Purchase Agreement, none of which are within Roth Principal Investments' control, including that the registration statement shall have been declared effective by the SEC, the Company has the right, but not the obligation, from time to time at the Company's sole discretion for a period of up to 36 months (unless the Purchase Agreement is earlier terminated), beginning on the date on which the Commencement occurs, to direct Roth Principal Investments to purchase a specified number of shares of Common Stock, not to exceed the lesser of: (i) 2,000,000 shares of Common Stock and (ii) up to a certain percentage (not to exceed 25.0%), which the Company will specify in the applicable Market Open Purchase Notice for such Market Open Purchase, of the total aggregate number (or volume) of shares of the Company's Common Stock traded on Nasdaq during the applicable Market Open Purchase Valuation Period for such Market Open Purchase, by timely delivering written notice of such Market Open Purchase to Roth Principal Investments after 7:30 a.m. and prior to 9:00 a.m., New York City time, on any trading day, so long as: (a) the closing sale price of the Company's Common Stock on Nasdaq on the trading day immediately prior to such Purchase Date is not less than a threshold price of $0.50, and (b) all shares of Common Stock subject to all prior Purchases effected by the Company under the Purchase Agreement on or before the trading day immediately preceding such Purchase Date have been timely received by Roth Principal Investments on the applicable Purchase Share Delivery Dates for such prior Purchases in accordance with the Purchase Agreement. Each notice provided by the Company to Roth Principal Investments relating to the sale of Purchase Shares is defined herein as a "Purchase Notice". The per share purchase price that Roth Principal Investments is required to pay for shares of Common Stock in a Market Open Purchase effected by the Company pursuant to the Purchase Agreement, if any, will be determined by reference to the volume weighted average price of the Common Stock, calculated in accordance with the Purchase Agreement, for the period beginning at the official open of the regular trading session on Nasdaq on the applicable Purchase Date for such Purchase, and ending at the earliest to occur of: (i) 3:59 p.m., New York City time, on such Purchase Date or such earlier time publicly announced by the trading market as the official close of the regular trading session on such Purchase Date, (ii) such time that the total aggregate number (or volume) of shares of Common Stock traded on Nasdaq during such Market Open Purchase Valuation Period (calculated in accordance with the Purchase Agreement) reaches the applicable share volume maximum amount for such Market Open Purchase, calculated by dividing: (a) the applicable Market Open Purchase Share Amount for such Market Open Purchase, by (b) the Market Open Purchase Percentage the Company specified in the applicable Market Open Purchase Notice for such Market Open Purchase, and (iii) if the Company further specifies in the applicable Market Open Purchase Notice for such Market Open Purchase that a "limit order discontinue election" shall apply to such Market Open Purchase, such time that the trading price of the Company's Common Stock on Nasdaq during such Market Open Purchase Valuation Period (calculated in accordance with the Purchase Agreement) falls below the applicable minimum price threshold for such Market Open Purchase specified by the Company in the Market Open Purchase Notice for such Market Open Purchase, or if the Company does not specify a minimum price threshold in such Market Open Purchase Notice, a price equal to 75.0% of the closing sale price of the Common Stock on the trading day immediately prior to the applicable Purchase Date for such purchase (the "Minimum Price Threshold"), less a fixed 3.0% discount to the VWAP for such Market Open Purchase Valuation Period (calculated in accordance with the Purchase Agreement). Under the Purchase Agreement, for purposes of calculating the volume of shares of Common Stock traded during a Market Open Purchase Valuation Period, as well as the VWAP for a Market Open Purchase Valuation Period, the following transactions, to the extent they occur during such Market Open Purchase Valuation Period, shall be excluded: (x) the opening or first purchase of Common Stock at or following the official open of the regular trading session on Nasdaq on the applicable Purchase Date for such Market Open Purchase, (y) the last or closing sale of Common Stock at or prior to the official close of the regular trading session on Nasdaq on the applicable Purchase Date for such Market Open Purchase, and (z) if the Company has specified in the applicable Market Open Purchase Notice for such Market Open Purchase that a "limit order continue election", rather than a Limit Order Discontinue Election, shall apply to such Market Open Purchase, all purchases and sales of Common Stock on Nasdaq during such Market Open Purchase Valuation Period at a price per share that is less than the applicable Minimum Price Threshold for such Market Open Purchase. From and after the Commencement Date, in addition to Market Open Purchases described above, the Company will also have the right, but not the obligation, subject to the continued satisfaction of the conditions set forth in the Purchase Agreement, to direct Roth Principal Investments to purchase, on any trading day that would qualify as a Purchase Date, whether or not a Market Open Purchase is effected on such Purchase Date, a specified number of shares of Common Stock, not to exceed the lesser of (such lesser number of shares, the "Intraday Purchase Maximum Amount"): (i) 2,000,000 shares of Common Stock and (ii) up to a certain percentage (not to exceed 25.0%), which the Company will specify in the applicable Intraday Purchase Notice for such Intraday Purchase, of the total aggregate volume of shares of the Company's Common Stock traded on Nasdaq during the applicable "Intraday Purchase Valuation Period" (determined in a similar manner as the Market Open Purchase Valuation Periods for a Market Open Purchase) for such Intraday Purchase, by the delivery to Roth Principal Investments of an irrevocable written purchase notice for such Intraday Purchase, after 10:00 a.m., New York City time (and after the Market Open Purchase Valuation Period for any earlier Market Open Purchase and the Intraday Purchase Valuation Period for the most recent prior Intraday Purchase effected on the same Purchase Date as such applicable Intraday Purchase, if applicable, have ended), and prior to 2:00 p.m., New York City time, on such Purchase Date, so long as: (i) the closing sale price of the Common Stock on Nasdaq on the trading day immediately prior to such Purchase Date is not less than the Threshold Price and (ii) all shares of Common Stock subject to all prior Purchases (as applicable) effected by the Company under the Purchase Agreement on or before the trading day immediately preceding such Purchase Date, including all prior purchases effected on the same Purchase Date as such applicable Intraday Purchase, have been timely received by Roth Principal Investments on the applicable Purchase Share Delivery Dates for such prior Purchases in accordance with the Purchase Agreement. The per share purchase price for the shares of Common Stock that the Company elects to sell to Roth Principal Investments in an Intraday Purchase pursuant to the Purchase Agreement, if any, will be calculated in the same manner as in the case of a Market Open Purchase (including the same fixed 3.0% discount to the applicable VWAP used to calculate the per share purchase price for a Market Open Purchase), provided that the VWAP for each Intraday Purchase effected on a Purchase Date will be calculated over different Intraday Purchase Valuation Periods during the regular trading session on Nasdaq on such Purchase Date, each of which will commence and end at different times on such Purchase Date. From and after the Commencement Date, in addition to Market Open Purchases and Intraday Purchases described above, the Company will also have the right, but not the obligation, subject to the continued satisfaction of the conditions set forth in the Purchase Agreement, to direct Roth Principal Investments to purchase shares of Common Stock in one or more Pre-Market Purchases and Post-Market Purchases, on any trading day that would qualify as a Purchase Date. The Company may direct Roth Principal Investments to purchase a specified number of shares of Common Stock, not to exceed the lesser of: (i) 1,000,000 shares of Common Stock and (ii) up to a certain percentage (not to exceed 20.0%), which the Company will specify in the applicable Pre-Market Purchase Notice for such Pre-Market Purchase, of the total aggregate number (or volume) of shares of the Company's Common Stock traded on Nasdaq during the applicable Pre-Market Purchase Valuation Period for such Pre-Market Purchase, by the delivery to Roth Principal Investments of an irrevocable written purchase notice for such Pre-Market Purchase, after 7:00 a.m., New York City time, and prior to 8:30 a.m., New York City time, on any trading day the Company selects as the Purchase Date for such Pre-Market Purchase, so long as: (i) the closing sale price of the Common Stock on Nasdaq on the trading day immediately prior to such Purchase Date is not less than the Threshold Price and (ii) all shares of Common Stock subject to all prior Purchases effected by the Company under the Purchase Agreement on or before the trading day immediately preceding such Purchase Date have been timely received by Roth Principal Investments on the applicable Purchase Share Delivery Dates for such prior Purchases in accordance with the Purchase Agreement. The per share purchase price for shares purchased in a Pre-Market Purchase will be calculated in a similar manner as in the case of a Market Open Purchase, except that the VWAP will be calculated over the applicable Pre-Market Purchase Valuation Period and will reflect a fixed 5.25% discount to the VWAP for such Pre-Market Purchase Valuation Period (calculated in accordance with the Purchase Agreement). The Company may also direct Roth Principal Investments to purchase a specified number of shares of Common Stock, not to exceed the lesser of: (i) 1,000,000 shares of Common Stock and (ii) up to a certain percentage (not to exceed 20.0%), which the Company will specify in the applicable Post-Market Purchase Notice for such Post-Market Purchase, of the total aggregate number (or volume) of shares of the Company's Common Stock traded on Nasdaq during the applicable Post-Market Purchase Valuation Period for such Post-Market Purchase, by the delivery to Roth Principal Investments of an irrevocable written purchase notice for such Post-Market Purchase, after 4:05 p.m., New York City time, and prior to 5:00 p.m., New York City time, on any trading day the Company selects as the Purchase Date for such Post-Market Purchase, so long as: (i) the closing sale price of the Common Stock on Nasdaq on such Purchase Date is not less than the Threshold Price and (ii) all shares of Common Stock subject to all prior Purchases effected by the Company under the Purchase Agreement on or before the trading day immediately preceding such Purchase Date have been timely received by Roth Principal Investments on the applicable Purchase Share Delivery Dates for such prior Purchases in accordance with the Purchase Agreement. The per share purchase price for shares purchased in a Post-Market Purchase will be calculated in a similar manner as in the case of a Pre-Market Purchase, with a fixed 5.25% discount to the VWAP for the applicable Post-Market Purchase Valuation Period (calculated in accordance with the Purchase Agreement). There is no upper limit on the price per share that Roth Principal Investments could be obligated to pay for the Common Stock the Company may elect to sell to it in any Market Open Purchase, any Intraday Purchase, any Pre-Market Purchase or any Post-Market Purchase under the Purchase Agreement. In the case of Market Open Purchases, Intraday Purchases, Pre-Market Purchases and Post-Market Purchases effected by the Company under the Purchase Agreement, if any, all share and dollar amounts used in determining the purchase price per share of Common Stock to be purchased by Roth Principal Investments in a Market Open Purchase, an Intraday Purchase, a Pre-Market Purchase or a Post-Market Purchase (as applicable), or in determining the applicable maximum purchase share amounts or applicable volume or price threshold amounts in connection with any such Purchase (as applicable), in each case, will be equitably adjusted as set forth in the Purchase Agreement for any reorganization, recapitalization, non-cash dividend, stock split, reverse stock split or other similar transaction occurring during any period used to calculate such per share purchase price, maximum purchase share amounts or applicable volume or minimum price thresholds. The Company will control the timing and amount of any sales of Common Stock to Roth Principal Investments that the Company may elect, in the Company's sole discretion, to effect from time to time from and after the Commencement Date and during the term of the Purchase Agreement. Actual sales of shares of Common Stock to Roth Principal Investments under the Purchase Agreement will depend on a variety of factors to be determined by the Company from time to time, including, among other things, market conditions, the trading price of the Common Stock and determinations by the Company as to the appropriate sources of funding for the Company's business and operations. The Company has no obligation to sell any shares to Roth Principal Investments, and Roth Principal Investments is obligated to purchase shares only as directed by the Company and subject to the terms and conditions of the Purchase Agreement. Under the applicable Nasdaq rules, in no event may the Company issue to Roth Principal Investments under the Purchase Agreement more than 4,272,062 shares of Common Stock, which number of shares is equal to 19.999% of the shares of Common Stock outstanding immediately prior to the execution of the Purchase Agreement, unless: (i) the Company obtains stockholder approval to issue shares of Common Stock in excess of the Exchange Cap in accordance with applicable Nasdaq rules, or (ii) the average price per share paid by Roth Principal Investments for all of the shares of Common Stock that the Company directs Roth Principal Investments to purchase from the Company pursuant to the Purchase Agreement, if any, equals or exceeds $1.2143 (representing the lower of: (a) the official closing price of Common Stock on Nasdaq on the trading day immediately prior to the execution of the Purchase Agreement and (b) the average official closing price of Common Stock on Nasdaq for the five consecutive trading days ending on the trading day immediately prior to the execution of the Purchase Agreement, adjusted as required by Nasdaq to take into account, among other things, the Company's payment of the Cash Commitment Fee to Roth Principal Investments), so that the Exchange Cap limitation will not apply to issuances and sales of Common Stock pursuant to the Purchase Agreement. Moreover, the Company may not issue or sell any shares of Common Stock to Roth Principal Investments under the Purchase Agreement which, when aggregated with all other shares of Common Stock then beneficially owned by Roth Principal Investments and its affiliates (as calculated pursuant to Section 13(d) of the Exchange Act, and Rule 13d-3 thereunder), would result in Roth Principal Investments beneficially owning more than 4.99% of the outstanding shares of Common Stock. The net proceeds to the Company from sales that the Company elects to make to Roth Principal Investments under the Purchase Agreement, if any, will depend on the frequency and prices at which the Company sells shares of Common Stock to Roth Principal Investments. The Company expects that any proceeds received by the Company from such sales of Common Stock to Roth Principal Investments will be used for working capital and general corporate purposes. There are no restrictions on future financings, rights of first refusal, participation rights, penalties or liquidated damages in the Purchase Agreement or Registration Rights Agreement, other than a prohibition (with certain limited exceptions) on entering into specified "Variable Rate Transactions" (as such term is defined in the Purchase Agreement) during the term of the Purchase Agreement. Such transactions include, among others, the issuance of convertible securities with a conversion or exercise price that is based upon or varies with the trading price of Common Stock after the date of issuance, or the Company's effecting or entering into an agreement to effect an "equity line of credit" or other substantially similar continuous offering with a third party, in which the Company may offer, issue or sell Common Stock or any securities exercisable, exchangeable or convertible into Common Stock at a future determined price. Roth Principal Investments has agreed that none of Roth Principal Investments, any of its officers, or any entity managed or controlled by Roth Principal Investments will engage in or effect, directly or indirectly, for Roth Principal Investments' own account or for the principal account of any such entity managed or controlled by Roth Principal Investments, any short sales of the Common Stock or hedging transaction that establishes a net short position in the Common Stock during the term of the Purchase Agreement. The Purchase Agreement will automatically terminate on the earliest to occur of: (i) the first day of the month next following the 36-month anniversary of the Commencement Date, (ii) the date on which Roth Principal Investments shall have purchased from the Company under the Purchase Agreement shares of Common Stock for an aggregate gross purchase price of $40,000,000, (iii) the date on which the Common Stock shall have failed to be listed or quoted on Nasdaq or another U.S. national securities exchange identified as an "eligible market" in the Purchase Agreement for a period of one trading day, (iv) the 30th trading day after the date on which a voluntary or involuntary bankruptcy proceeding involving the Company has been commenced that is not discharged or dismissed prior to such 30th trading day, and (v) the date on which a bankruptcy custodian is appointed for all or substantially all of the Company's property or the Company make a general assignment for the benefit of creditors. The Company has the right to terminate the Purchase Agreement at any time after Commencement, at no cost or penalty, upon 10 trading days' prior written notice to Roth Principal Investments. The Company and Roth Principal Investments may also terminate the Purchase Agreement at any time by mutual written consent. Roth Principal Investments also has the right to terminate the Purchase Agreement upon 10 trading days' prior written notice to us, but only upon the occurrence of certain events, including: the occurrence and continuation of a Material Adverse Effect (as such term is defined in the Purchase Agreement); the occurrence of a Fundamental Transaction (as such term is defined in the Purchase Agreement) involving the Company; certain failures to file registration statements by applicable deadlines or have them declared effective by the SEC by applicable deadlines, or material breaches or defaults under the Registration Rights Agreement that remain uncured for 10 trading days after notice; material breaches or defaults by the Company under the Purchase Agreement or the Registration Rights Agreement that remain uncured for 10 trading days after notice; the lapse of effectiveness of any registration statement or unavailability of the prospectus for a period of 20 consecutive trading days or more than 60 trading days in any 365-day period (other than due to acts of Roth Principal Investments); or the suspension of trading in the Common Stock on Nasdaq for a period of five consecutive trading days. No termination of the Purchase Agreement by the Company or by Roth Principal Investments will become effective prior to the fifth trading day immediately following the date on which any pending Purchase has been fully settled in accordance with the terms and conditions of the Purchase Agreement. No termination of the Purchase Agreement will affect the Registration Rights Agreement, which will survive any termination of the Purchase Agreement. Neither the Company nor Roth Principal Investments may assign or transfer any of their respective rights or obligations under the Purchase Agreement or the Registration Rights Agreement, and no provision of the Purchase Agreement or the Registration Rights Agreement may be modified or waived by the Company or Roth Principal Investments. Roth Principal Investments, LLC is an affiliate of Roth Capital Partners, LLC, a registered broker-dealer and member of the Financial Industry Regulatory Authority, Inc. RCP will act as an executing broker that will effectuate resales of Common Stock that have been and may be acquired by Roth Principal Investments from the Company pursuant to the Purchase Agreement. Because Roth Principal Investments will receive all the net proceeds from such resales of Common Stock made to the public through RCP, RCP is deemed to have a "conflict of interest" within the meaning of FINRA Rule 5121. Consequently, the offering will be conducted in compliance with the provisions of FINRA Rule 5121, which requires that a "qualified independent underwriter," as defined in FINRA Rule 5121, participate in the preparation of the registration statement that includes this prospectus and exercise the usual standards of "due diligence" with respect thereto. Accordingly, the Company has engaged Digital Offering, LLC, a registered broker-dealer and FINRA member, to be the qualified independent underwriter in the offering and, in such capacity, participate in the preparation of the Registration Statement and exercise the usual standards of "due diligence" with respect thereto. As consideration for Roth Principal Investments' commitment to purchase shares of Common Stock at the Company's direction upon the terms and subject to the conditions set forth in the Purchase Agreement, the Company: (i) paid to Roth Principal Investments a cash "structuring fee" of $25,000, prior to the Company's execution of the Purchase Agreement, and (ii) agreed to pay to Roth Principal Investments a cash commitment fee of $800,000, which is equal to 2.0% of Roth Principal Investments' $40,000,000 total aggregate dollar amount purchase commitment under the Purchase Agreement. The Cash Commitment Fee shall be payable in cash to Roth Principal Investments out of the first proceeds, following Market Open Purchases, Intraday Purchases, Pre-Market Purchases and/or Post-Market Purchases, at a 10% participation rate until the entire Commitment Fee has been received by the Roth Principal Investments. In addition, the Company have agreed to reimburse Roth Principal Investments for the reasonable legal fees and disbursements of Roth Principal Investments' legal counsel in connection with the transactions contemplated by the Purchase Agreement and the Registration Rights Agreement in an amount equal to $75,000, upon the Company's execution of the Purchase Agreement and Registration Rights Agreement. The Company have also agreed to reimburse Roth Principal Investments up to $7,500 per fiscal quarter for the reasonable legal fees and disbursements of Roth Principal Investments' legal counsel in connection with quarterly and annual bring-down due diligence investigations and related matters as contemplated by the Purchase Agreement. The Company has paid directly to Digital Offering a cash fee of $50,000, as consideration for its services in connection with acting as the qualified independent underwriter in the offering. Digital Offering will receive no other compensation for acting as the qualified independent underwriter in the offering. The Purchase Agreement and the Registration Rights Agreement contain customary representations, warranties, conditions, and indemnification obligations of the parties. Because the per share purchase price that Roth Principal Investments will pay for Purchase Shares in any Market Open Purchase, Intraday Purchase, Pre-Market Purchase or Post-Market Purchase that the Company may elect to effect pursuant to the Purchase Agreement will be determined by reference to the VWAP during the applicable Purchase Valuation Period on the applicable Purchase Date for such Purchase, the Company cannot determine the actual purchase price per share that Roth Principal Investments will be required to pay for any Purchase Shares that the Company may elect to sell to Roth Principal Investments under the Purchase Agreement from and after Commencement and, therefore, the Company cannot be certain how many Purchase Shares, in the aggregate, the Company may issue and sell to Roth Principal Investments under the Purchase Agreement from and after Commencement. Full text copies of the Purchase Agreement and Registration Rights Agreement are available at https://tinyurl.com/w3tut9cd and https://tinyurl.com/3nbacukn, respectively. About Flux Power Flux Power Holdings, Inc. (FLUX: NASDAQ), through its subsidiary Flux Power, Inc., designs, develops, and sells rechargeable lithium-ion energy storage systems for electric forklifts, airport ground support equipment (GSE), and other industrial motive applications in the United States. The Company is headquartered in Vista, California. As of March 31, 2026, the Company had $25.6 million in total assets, $21 million in total liabilities, and $4.6 million in total stockholders' equity. Irvine, California-based Haskell & White LLP, the Company's auditor since 2025, issued a "going concern" qualification in its report dated September 16, 2025, attached to the Company's Annual Report on Form 10-K for the year ended June 30, 2025, citing that the Company has recurring losses from operations, an accumulated deficit, expects to incur losses for the foreseeable future and requires additional working capital to achieve its operating plans. These conditions raise substantial doubt about the Company's ability to continue as a going concern. GALINDO EMPIRE: Seeks Subchapter V Bankruptcy in Texas ------------------------------------------------------ On May 22, 2026, The Galindo Empire, LLC sought Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of Texas. According to the bankruptcy petition, the Debtor reports between $100,001 and $1 million in liabilities and between 1 and 49 creditors. The deadline to file the Disclosure Statement is August 24, 2026. About The Galindo Empire, LLC The Galindo Empire, LLC is a Texas-based limited liability company. The Galindo Empire, LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-33599) on May 22, 2026. In its filing, the company disclosed estimated assets between $100,001 and $1 million and estimated liabilities between $100,001 and $1 million. Honorable Bankruptcy Judge Jeffrey P. Norman oversees the case. The Debtor is represented by Jeremy Thomas Wood, Esq. of Law Office of Jeremy T. Wood, PLLC. GENESIS HEALTHCARE: Says JV Partner Lacks Power to Block Ch.11 Sale ------------------------------------------------------------------- Emily Lever of Law360 reports that bankrupt nursing home operator Genesis Healthcare Inc. on Wednesday, May 27, 2026, defended its $1 billion asset sale in Chapter 11 proceedings, opposing efforts by a joint venture partner to challenge the transaction. The debtor maintained that the partner lacks standing to assert a right of first refusal in the bankruptcy context. Genesis Healthcare is a skilled nursing facility operator that provides long-term care and rehabilitation services across multiple locations. The company entered bankruptcy proceedings as part of a broader restructuring aimed at addressing financial pressures and improving liquidity, the report states. The company told the court that the joint venture agreement does not give the partner authority to halt or block the proposed sale. Genesis asked the bankruptcy judge to reject the objection and allow the asset sale to move forward. About Genesis Healthcare Inc. Based in Culver City, Calif., Genesis Healthcare Inc. is a medical group that provides physician services in Southern California. Genesis Healthcare has operated under the names Daehan Prospect Medical Group and Prospect Genesis Healthcare. Genesis Healthcare Inc. and several affiliated debtors sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case 25-80185) on July 9, 2025. In its petition, Genesis Healthcare Inc. listed between $1 billion and $10 billion in estimated assets and liabilities. The Hon. Bankruptcy Judge Stacey G. Jernigan handles the jointly administered cases. The Debtors employed McDermott Will & Schulte LLP as counsel; Jefferies LLC as investment banker; and Ankura Consulting Group, LLC, as restructuring advisors, and designated Louis E. Robichaux IV and Russell A. Perry as co-chief restructuring officers. Katten Muchin Rosenman LLP serves as special counsel at the sole direction of Jonathan Foster and Elizabeth LaPuma in their capacity as independent directors and members of the special investigation committee. The U.S. Trustee appointed an official committee of unsecured creditors in the Chapter 11 cases of Genesis Healthcare Inc. and affiliates. The committee retained Proskauer Rose LLP and Stinson LLP as its co-counsel; FTI Consulting, Inc., as its financial advisors; and Houlihan Lokey Capital, Inc. as its investment banker. GENUINE FINANCIAL: S&P Affirms 'B' ICR, Outlook Negative -------------------------------------------------------- S&P Global Ratings affirmed its issuer credit rating on Genuine Financial Holdings LLC (dba HireRight) of 'B'. S&P said, "Additionally, we affirmed our issue-level ratings on the company's revolving credit facility and first-lien term loan of 'B' with a recovery rating of '3'. The '3' recovery rating indicates our expectation for meaningful (50%-70%; rounded estimate: 55%) recovery in the event of a payment default. "The negative outlook reflects our expectation of S&P Global Ratings-adjusted leverage to remain high in 2026 at 8.8x as growth investments continue. However we also expect continued positive cash flow generation and revenue growth in excess of hiring trends as the company realizes top-line returns on its growth investments." HireRight, a background screening services provider, slightly underperformed S&P's financial expectations in 2025 due to higher-than-expected investment spend and lower revenue from a major customer. While S&P expects leverage to remain elevated against its 'B' rating tolerance for at least next few quarters, the positive momentum in recent bookings thus far bolsters confidence that these strategic investments will continue to drive revenue growth and margin expansion, providing a clear path toward deleveraging below 7x in 2027. S&P said, "Weaker-than-expected 2025 results and continued growth investments lead us to expect leverage will remain elevated over the next year. HireRight's performance in 2025 was slightly weaker than our expectations, with revenue declining 3.3% to $738 million. This reflected reduced volumes from a significant client, a reduction in lower-margin revenue, and the sluggish U.S. hiring environment amid macroeconomic uncertainty. These factors particularly affected key sectors including government, services, and transportation. Stronger-than-expected growth in its international business, which increased 16.1% for full-year 2025, helped cushion the impact. Lower revenues, coupled with ongoing growth investments, resulted in a substantial 660 basis point decline in S&P Global Ratings-adjusted EBITDA margins to 14.6% (as the company heavily invests in its go-to-market and capitalized software), leading to elevated S&P Global Ratings-adjusted debt/EBITDA ratio of 11.2x – a significant increase from 7.5x in 2024. Although these investments compressed cash flow generation, free operating cash flow (FOCF) remained positive at $24.7 million, lower but largely in line with our expectations." These strategic investments are driving an acceleration in bookings and could aid HireRight's market position. In 2025, management increased its selling, general, and administrative (SG&A) expenses to approximately 30% of sales, a notable increase from a few years ago when the metric averaged in the mid-20% range, and slightly more than our initial projections last year. Based on management's budget for 2026, S&P expects a further increase of about 100 basis points as HireRight maintains its growth investment strategy. S&P said, "We also expect HireRight's software capitalized development costs to remain elevated over the next few years (around the mid-$30 million area, an amount we expense through our adjustments). The company's technology investments are designed to improve its user interface and allow the company to be in a better position to use more robotic process automation and AI in its workflows. We model gross margins improving to the low-50% area in 2026 and 2027 as the company improves on its cost of delivery. "To date, these strategic investments are supporting good client retention metrics, which remain in the mid-90% range, and, although nascent, are translating to improved bookings. In fiscal 2025, bookings increased 29% year over-year, comprising 20% growth in new logo wins and significant expansion bookings, even amid the current subdued hiring demand environment. This supports our view that HireRight is gaining market share from smaller, regional background screening companies. As a result of recent new bookings, we expect revenue to grow 15% in 2026. Longer term, we anticipate strategic investments will bolster its capabilities and competitive position relative to its primary competitor, First Advantage. "These investments could be positive for the business in the long term and have shown early positive results. However, leverage will remain outside of our rating tolerance levels at the 'B' category for at least the next year. We forecast revenue growth to continue to be robust in 2027, at 11%, given the outperformance to plan the company has experienced to date with its bookings. With robust revenue growth continuing and S&P adjusted EBITDA margins improving to 18.5% by 2027, we forecast leverage to reduce to 6.9x by then. "Free operating cash flow (FOCF) generation and a favorable debt maturity profile provide liquidity cushion. Despite elevated leverage over the next year, we expect HireRight to continue generating FOCF in 2026 around $29 million, which is about $4 million higher than during 2025. The cash flow efficiency gains stemming from last year's gross margin improvements will likely be partially offset by increased SG&A expenses and higher working capital cash usage as the company's revenue grows more robustly this year. "We model further margin improvement in 2027, leading to a growing expectation for free operating cash flow in our forecast. Uses of free operating cash flow include acquisitions (of which we expect one tuck in to close in the second quarter funded from a $50 million draw on the revolver to be repaid by year end) and mandatory debt repayments of about $10 million annually." The company's term loan debt is due in 2030, which gives company some time to demonstrate the success of its strategy before a refinancing need. S&P said, "Macroeconomic headwinds and AI-related efficiency gains from HireRight's clients present risks to our base-case expectation. We expect the overall hiring environment to be around flat in 2026. HireRight's revenues are correlated with its customers' hiring patterns and shocks in the geopolitical or macroeconomic environment could severely dampen the demand environment for background screening services." While the company's fraud and monitoring services are gaining traction in light of malicious actors utilizing AI in the hiring process, the majority of HireRight's revenue is transactional in nature and weighted toward the initial hiring process for employees. AI-related risks could manifest over the next few years. As AI continues to improve workflows for enterprise clients, hiring needs for more junior roles could decrease. Also, as HireRight's gross margins continue to improve from automation and AI efficiencies, there is the risk that clients may demand background screening vendors to share savings with them in the form of lower billing rates. S&P said, "The negative outlook reflects our expectation of S&P Global Ratings-adjusted leverage to remain high in 2026 at 8.8x as growth investments continue. However we also expect continued positive cash flow generation and revenue growth in excess of hiring trends as the company realizes top-line returns on its growth investments." S&P could lower its rating on HireRight if it expects FOCF to debt under 3% and leverage maintained over 7x. This could occur from -- Further increases in SG&A and software spend which depress EBITDA and margins; or -- AI disruption risks or disintermediation within the industry, which results in significant market share loss; S&P could revise the rating outlook to stable if the company maintains momentum with new bookings wins (underscoring the prospects of growth investments leading to above-industry average revenue growth levels) with demonstrated sustained margin improvements, such that: -- S&P Global Ratings-adjusted leverage approaches the 7x area; and -- FOCF to debt is maintained above 3%. GREAT WALL: Case Summary & Nine Unsecured Creditors --------------------------------------------------- Debtor: Great Wall International LLC d/b/a Pacific Stay Hotel Attention: May Kay 704 Mira Monte Place Suite 201 Pasadena, CA 91101 Business Description: Great Wall International LLC, doing business as Pacific Stay Hotel, is a West Covina, California-based company associated with hotel operations at 3223 East Garvey Avenue North. Chapter 11 Petition Date: May 26, 2026 Court: United States Bankruptcy Court Central District of California Case No.: 26-15140 Judge: Hon. Vincent P Zurzolo Debtor's Counsel: Robert P. Goe, Esq. GOE FORSYTHE & HODGES LLP 17701 Cowan Lobby D, Suite 210 Irvine, CA 92614 Tel: (949) 798-2460 Email: rgoe@goeforlaw.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by May Kay as managing member. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/F6A4JMQ/Great_Wall_International_LLC__cacbke-26-15140__0001.0.pdf?mcid=tGE4TAMA List of Debtor's Nine Unsecured Creditors: Entity Nature of Claim Claim Amount 1. City of West Covina Occupancy Tax $785,477 1444 W. Garvey Avenue, South West Covina, CA 91790 2. InterContinental Group Franchise Fee $358,788 3585 Atlanta Avenue Atlanta, GA 30354-107 3. Top Pure Water & Systems Plumber $53,760 2651 Lee Ave. #9 South El Monte, CA 91733 4. Aimbridge Hospitality Management $30,737 5301 Headquarters Drive Fee Plano, TX 75024 5. Thong, Yu, Wong & Lee Accountant $19,484 8450 Garvey Ave, Suite 200 Rosemead, CA 91770 6. Maggie Zahan Loan $12,912 1323 Waveley Drive San Marino, CA 91108 7. Atkinson, Andelson, Attorney $9,483 Loya, Ruud & Rom 12800 Center Court Drive Suite 300 Cerritos, CA 90703 8. Ted Chang Accounting $5,040 6232 North Muscatel Ave Consulting San Gabriel, CA 91775 9. ACM Security Systems Security $2,515 5779 Rosemead Blvd. Camera Temple City, CA 91780 GRIDER TRANSPORT: Seeks Chapter 7 Bankruptcy in Arkansas -------------------------------------------------------- On May 12, 2026, Grider Transport, LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Western District of Arkansas. According to court filings, the Debtor reports between $0 and $100,000 in debt owed to between 1 and 49 creditors. About Grider Transport, LLC Grider Transport, LLC is a transportation and trucking company based in Arkansas. Grider Transport, LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-70924) on May 12, 2026. In its petition, the Debtor reports estimated assets of $0-$100,000 and estimated liabilities of $0-$100,000. Honorable Bankruptcy Judge Richard D. Taylor handles the case. The Debtor is represented by Havner Law Firm PA. HAN & JU: Gets Final OK to Use Cash Collateral ---------------------------------------------- The United States Bankruptcy Court for the District of Nevada entered a final order authorizing Han & Ju, Inc. to use cash collateral. Under the order, the Debtor may continue using cash collateral only in the ordinary course of business and in accordance with the budget. The Debtor is permitted a monthly aggregate variance of up to 10% from the approved budget. The court also prohibited the Debtor from granting any mortgages, deeds of trust, security interests, or liens that would rank equal to or senior to existing prepetition secured interests. As part of adequate protection for the U.S. Small Business Administration, the Debtor must continue making monthly payments of $7,586 beginning from the petition date, with future payments due on the 15th of each month. In addition, the SBA will receive a superpriority administrative claim under section 507(b) and replacement liens on the debtor's assets to the extent necessary to protect against any post-petition decline in the value of its collateral resulting from the use of cash collateral. The order preserves the rights of all parties to dispute lien validity, claim priority, collateral valuation, or other related issues. The Court emphasized that approval of cash collateral use does not constitute a final determination regarding the enforceability of prepetition claims or liens. A copy of the court's order is available at https://shorturl.at/nCObJ from PacerMonitor.com. About Han & Ju Inc. Han & Ju, Inc. is a Nevada-based business engaged in retail and related service operations, providing goods and services to its customer base. The company operates within the broader consumer-facing commercial sector. Han & Ju sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-11720) on March 19, 2026. In its petition, the Debtor reported assets of up to $50,000 and liabilities of between $1 million and $10 million. Honorable Bankruptcy Judge Natalie M. Cox handles the case. The Debtor is represented by Matthew C. Zirzow of Larson and Zirzow, LLC. HAWTHORNE RACE: Taps RubinBrown LLP as Accounting Professional -------------------------------------------------------------- Hawthorne Race Course, Inc. and affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ RubinBrown, LLP as accounting services provider. RubinBrown will provide these services: ATTEST SERVICES -- Audit of the consolidated financial statements of Carey Heirs Properties, LLC, as of and for the year ended December 31, 2025, and related supplemental consolidating financial statements -- Audit of the consolidated financial statements of Hawthorne Race Course, Inc., as of and for the year ended December 31, 2025 -- Audit of the financial statements of Suburban Downs, Inc., as of and for the year ended December 31, 2025 TAX COMPLIANCE SERVICES -- Preparation of the federal income tax returns for the year ending December 31, 2025, for the entities listed below: -- Carey Heirs Property, LLC. (Form 1065) -- Hawthorne Race Course, Inc. (Form 1120) -- Suburban Downs, Inc. (Form 1120) -- State and local returns for Illinois and Chicago The firm's current hourly rates are: Staff Associate $195 to 220 Experienced Associate $230 to 315 Manager $325 to 450 Partner $475 to 650 Tom Donohue, a partner at RubinBrown, 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: Tom Donohue, CPA, CFE RubinBrown, LLP 10801 W Charleston Blvd, Suite 300 Las Vegas, NV, 89135 Tel: (702) 579-7051 Email: tom.donohue@rubinbrown.com About Hawthorne Race Course, Inc. Hawthorne Race Course Inc. operates a historic racetrack that provides Thoroughbred and Standardbred racing events along with off-track betting throughout Chicago. Hawthorne Race Course Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 26-03505) on February 27, 2026. In its petition, the Debtor reports assets ranging from $50 million to $100 million and liabilities between $100 million and $500 million. Honorable Bankruptcy Judge Timothy A. Barnes handles the case. The Debtor is represented by Barry A. Chatz, Esq. of Saul Ewing Arnstein & Lehr LLP. Getzler Henrich & Associates serves as Financial Advisor, Omni Agent Solutions as Claims Agent. HEALTHY EXTRACTS: Closes Adli Gummies Deal, Appoints Founder ------------------------------------------------------------ Healthy Extracts Inc. announced in a regulatory filing that the Company entered into an Acquisition Agreement with Adli Gummies Inc., an Ontario corporation which does business as Imarais Beauty, and its shareholders. Pursuant to the Acquisition Agreement, through the Company's wholly-owned subsidiary Healthy Extracts Canada Inc., a British Columbia corporation, the Company acquired 100% of the outstanding membership interests of Adli, which became the Company's wholly-owned subsidiary. As consideration for the purchase, the Company issued: (i) a secured promissory note in the amount of $165,000 to Aaron Hefter, the largest shareholder of Adli, (ii) a secured promissory note in the amount of $629,000 to the rest of the Adli shareholders, (iii) 2,159,520 shares of Class B common stock of HE Canada to Hefter, and (iv) 840,480 shares of its common stock to the rest of the Adli shareholders. The HE Canada Shares are exchangeable at the option of Hefter for shares of the Company's common stock on a one-for-one basis. Combined with the cancellation of 3,000,000 shares of the Company's common stock held by Director and Chief Executive Officer Donald Swanson in connection with the transaction, and assuming the exchange of the HE Canada Shares for shares of the Company's common stock, the total shares issued pursuant to the Acquisition Agreement constitute approximately 17.76% of the Company's total issued and outstanding shares of common stock. In connection with, and as a material term of, the transaction, the Company entered into a Consulting Agreement with Hefter to serve as its Chief Brand Officer. The issuance of securities in connection with the transaction was exempt from registration pursuant to Section 4(a)(2) of the Securities Act of 1933, there was no solicitation, and the shareholders are sophisticated shareholders. Appointment of Chief Brand Officer Effective May 15, 2026, Aaron Hefter was appointed as the Company's Chief Brand Officer. Mr. Hefter, age 45, has been the Chief Executive Officer of Adli Gummies Inc. since August 2020 and Co-Chief Executive Officer of Nutrabolics Inc. since October 2022. Hefter is a highly accomplished entrepreneur, executive, and product innovator with more than two decades of experience in the global nutraceutical, wellness, and sports nutrition industries. He currently serves as CEO and lead formulator of the rapidly growing ingestible beauty and wellness company he co-founded alongside globally recognized fitness and wellness icon Sommer Ray. Under his leadership, Imaraïs Beauty has emerged as a disruptive force within the health and beauty sector by combining science-backed formulations, innovative delivery systems, and culturally driven branding that resonates with modern consumers. Throughout his career, Hefter has formulated more than 100 nutraceutical products that have collectively generated over $200 million in sales across multiple wellness and performance categories. His expertise spans product development, formulation science, international brand expansion, manufacturing strategy, retail growth, and consumer health innovation. He is widely recognized for his ability to identify emerging market trends and develop premium, science-driven products that deliver measurable consumer results. Hefter is also the co-CEO of one of the world's leading sports nutrition brands. Since its founding, Nutrabolics has grown into a globally recognized premium supplement company distributed across six continents and more than 50 countries, including Canada, the United States, Australia, Brazil, Egypt, Indonesia, and numerous international markets. The company has built a reputation for producing cutting-edge, scientifically validated sports nutrition products designed for professional athletes, fitness enthusiasts, and health-conscious consumers worldwide. Under Hefter's leadership, Nutrabolics established itself as an innovation-driven organization focused on precision nutrition, advanced ingredient science, and high-performance supplementation. The company's commitment to research, purity, efficacy, and consumer education has allowed it to maintain a strong international presence while adapting to the evolving demands of the global wellness marketplace. Hefter's entrepreneurial accomplishments and industry influence have earned widespread recognition, including being named a finalist for the 2024 Beauty Independent Beacon Awards "Brand Builder of the Year," finalist for the Ernst & Young Entrepreneur of the Year Award in 2015, recipient of Business in Vancouver's "Top Forty Under 40" recognition in 2014, and being named one of the most influential individuals in sports nutrition by DXL Magazine in 2007. Known for blending scientific innovation with powerful brand development, Aaron Hefter continues to play a significant role in shaping the future of nutraceuticals, ingestible beauty, sports nutrition, and functional wellness products on a global scale. Additional Information Full text copies of the Acquisition Agreement, Secured Promissory Notes, Consulting Services Agreement, and Exchange Agreement are available at https://tinyurl.com/mw98dp7m, https://tinyurl.com/wn3sx5zz, https://tinyurl.com/yc4jv5sn, https://tinyurl.com/58734a33, and https://tinyurl.com/4f9e3ytr, respectively. About Healthy Extracts Headquartered in Henderson, Nev., Healthy Extracts Inc. -- www.healthyextractsinc.com -- is a platform for acquiring, developing, patenting, marketing, and distributing plant-based nutraceuticals. The Company's proprietary and patented products target select high-growth categories within the multibillion-dollar nutraceuticals market, such as heart, brain, and immune health. As of December 31, 2025, the Company had $27,824,664 in total assets, $3,795,099 in total current and total liabilities, and $24,029,564 in total stockholders' equity. Las Vegas, Nevada-based Bush & Associates CPA LLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated April 8, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company has suffered recurring losses from operations and has a accumulated deficit that raise substantial doubt about its ability to continue as a going concern. HERNANDEZ LOPEZ: Gets Court OK to Use Cash Collateral ----------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Texas entered an order granting Hernandez Lopez & Sons, Inc. approval to use cash collateral. The court determined that, at the time of filing, the Debtor possessed $3,034.44 in cash collateral and had already spent those funds before obtaining court approval. Because cash collateral is subject to creditor rights and generally requires prior authorization for use, the court addressed the unauthorized expenditure through repayment terms. To remedy the issue, the court ordered the Debtor to repay secured creditor, Kapitus LLC, the full $3,034.44 amount, together with 6% interest, through monthly installments of $516.40 over a 12-month period. If the Debtor defaults, the court retains jurisdiction to determine the personal liability of any party who used, or failed to prevent the use of, cash collateral. The court's order will remain binding and enforceable even after confirmation of a Chapter 11 plan or dismissal or conversion of the Debtor's Chapter 11case. The order is available at http://bankrupt.com/misc/HernandezLopez_ICCOrder.pdf At the time of filing, the Debtor had approximately $3,034 in cash on hand and expected up to $7,000 in aging, low-value accounts receivable, which it believes are difficult and uneconomical to collect. The Debtor operates essentially as a cash-based business where customers typically pay in advance or at the time services are rendered through insurance proceeds, loans, or direct payment and, therefore, relies heavily on immediate cash flow to sustain operations. About Hernandez Lopez & Sons Inc. Hernandez Lopez & Sons, Inc. operates a funeral and cremation services business in Laredo, Texas. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 26-50020) on April 20, 2026. In the petition signed by Ernesto Lopez Sr., president, the Debtor disclosed up to $50,000 in both assets and liabilities. Judge Jeffrey P. Norman oversees the case. Carl M. Barto, Esq., at Law Office of Carl M. Barto, represents the Debtor as legal counsel. HIDDEN VALLEY: Case Summary & 19 Unsecured Creditors ---------------------------------------------------- Debtor: Hidden Valley Lakes Trustees, Inc. 2114 Design Road Nunnelly, TN 37137 Business Description: Hidden Valley Lakes Trustees is based in Nunnelly, Tennessee, and administers Hidden Valley Lakes Subdivision, a deed-restricted development. The company owns unsold lots in the subdivision and handles owner-facing functions including lot information access, office/bookkeeping contacts, maintenance contacts, approvals, deed preparation for lots it sells, and publication of subdivision rules and information. Chapter 11 Petition Date: May 21, 2026 Court: United States Bankruptcy Court Middle District of Tennessee Case No.: 26-02432 Debtor's Counsel: Michael G. Abelow, Esq. SHERRARD ROE VOIGT & HARBISON, PLC 1600 West End Avenue Suite 1750 Nashville, TN 37203 Tel: (615) 742-4532 Email: mabelow@srvhlaw.com Total Assets: $2,775,623 Total Liabilities: $632,860 The petition was signed by Phillip G. Young, Jr. as receiver. A full-text copy of the petition, which includes a list of the Debtor's 19 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/IZ6BPXI/Hidden_Valley_Lakes_Trustees_Inc__tnmbke-26-02432__0001.0.pdf?mcid=tGE4TAMA I A P CONSTRUCTION: Cash Collateral Access Extended to June 24 -------------------------------------------------------------- I A P Construction, Inc. received 15th interim approval from the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division to use cash collateral until June 24. The Debtor requires access to cash collateral to pay the expenses set forth in its budget, subject to a 10% variance. The Debtor projects total operational expenses of $185,664.22 for June. American Community Bank & Trust may have an interest in the Debtor's assets, including cash collateral. As protection for the use of its cash collateral, the bank will be granted replacement liens on all post-petition property of the Debtor, including cash collateral, with the same validity, priority and extent as its pre-bankruptcy liens. The Debtor's right to use cash collateral will terminate upon entry of a court order directing the cessation of the use of cash collateral; dismissal of the Debtor's Chapter 11 case; or conversion of the case to one under Chapter 7. The next hearing is scheduled for June 23. The order is available at https://shorturl.at/wkNUO from PacerMonitor.com. About I A P Construction I A P Construction, Inc. filed Chapter 11 petition (Bankr. N.D. Ill. Case No. 25-02709) on February 24, 2025, listing up to $1 million in both assets and liabilities. Ian Proce, president of IAP, signed the petition. Judge Deborah L. Thorne oversees the case. The Debtor is represented by: David R. Herzog, Esq. Law Offices of David R Herzog Tel: 312-977-1600 Email: drh@dherzoglaw.com I-ON DIGITAL: $4.1MM Q1 Net Income Deemed Non-Recurring ------------------------------------------------------- I-ON Digital Corp. has filed its Quarterly Report on Form 10-Q with the U.S. Securities and Exchange Commission, reporting a net income of $4,149,246 for the three months ended March 31, 2026, compared to a net loss of $348,409 for the same period in 2025. However, the Company has experienced recurring losses from operations, negative operating cash flows, and reported a working capital deficiency as of March 31, 2026. The net income recognized during the current period is non-recurring in nature and does not reflect an improvement in the Company's underlying operating performance. Accordingly, these factors, when considered in the aggregate, continue to raise substantial doubt about the Company's ability to continue as a going concern within the next 12 months. As of March 31, 2026, the Company continues to invest in the development of the ION Digital Hybrid Blockchain Platform and believes such investments will support future revenue growth through fee-based digitization activities involving both closely held and third-party gold claims. During 2025, the Company entered into multiple revenue-generating commercial agreements, which contributed to increased revenues; however, such revenues have not yet been sufficient to achieve sustained profitability from operations. The Company's business strategy has evolved since new management assumed control in January 2023, including a focus on technology development and strategic acquisitions. Management intends to pursue additional capital raising activities, including potential private placements, to support ongoing operations and growth initiatives. There can be no assurance that the Company will be successful in obtaining additional financing on acceptable terms, or at all. In addition, the Company continues to rely on funding from related parties to support its operations. Management expects that such support will continue; however, there can be no assurance that it will be available when needed. Revenue For the three months ended March 31, 2026, the Company generated total revenue of $27,000, compared to $0 for the same period in 2025. The revenue recognized in 2026 consisted of revenue under a Master Treasury Lease and Custody Agreement with GGBR Inc. Under the agreement, the Company enables GGBR's minting, issuance, and management of gold-backed digital tokens by providing its ION.au Gold-backed Digital Assets as collateral to back the Goldfish Tokens. The purpose of the arrangement is to support the Company's digital treasury operations and tokenization platform and resulted in $27,000 worth of revenue during the three months ended March 31, 2026. The reason of the significant change in revenue was the MTLCA commenced in July 2025, so no revenue was recognized under this arrangement in the same period of prior year. Operating Expenses Operating expenses for the three months ended March 31, 2026 were $418,139, compared to $348,409 for the same period in 2025. Operating expenses consisted primarily of professional fees and general and administrative expenses. The increase in operating expenses was primarily due to higher professional fees associated with regulatory, legal, and development activities, as well as increased general and administrative expenses to support the Company's expanding operations. Income (Loss) from Operations The Company reported a loss from operations of $391,139 for the three months ended March 31, 2026, compared to a loss of $348,409 for the same period in 2025. The change in operating results was primarily driven by the recognition of revenue offset by an increase in operating expenses in the current period. Other Income (Expense) For the three months ended March 31, 2026, the Company recognized other income consisting of yield income of $274,711, a gain on exchange of intangible assets of $4,064,680, a gain on settlement of debt of $440,619, a gain of $14,248 related to the change in fair value of derivative liabilities, and interest expense of $225,377 (including amortization of debt discount of $183,257). The yield income was recognized in connection with the Master Participation Agreement with RAAC. The gain on exchange of intangible assets was recognized in connection with the exchange of the Company's ION.au gold-backed digital assets for pmUSD and xPM digital tokens. The gain on extinguishment of debt was due to the settlement of promissory notes using ION.au gold-backed digital assets and the interest expense and gain related to the change in fair value of derivative liabilities was due to new notes entered into during the period and subsequent valuation changes. No comparable amounts were recorded in the prior year period. Liquidity and Capital Resources Cash Position As of March 31, 2026, the Company had cash and cash equivalents of $193,012, compared to $158,193 as of December 31, 2025. Operating Activities Net cash used in operating activities was $391,217 for the three months ended March 31, 2026, compared to $287,462 for the prior year period. The increase in cash used in operating activities was primarily attributable to changes in working capital accounts, including increases in other receivables and reductions in accounts payable and accrued expenses. The Company also recognized significant non-cash items during the current period, including a gain on exchange of intangible assets of $4,064,680, a gain on settlement of debt of $440,619, offset by the amortization of debt discount of $183,257, and amortization expense of $36,262. In addition, changes in deferred revenue also impacted operating cash flows during the period. Investing Activities The Company did not have any investing activities during the three months ended March 31, 2026 and 2025. Financing Activities Net cash provided by financing activities was $426,036 for the three months ended March 31, 2026 compared to $206,787 in the prior year period. For the three months ended March 31, 2026, the net cash provided was attributable to proceeds from convertible notes payable of $577,300 and advances from related parties of $145,742 offset by, repayments to related parties of $297,006. For the three months ended March 31, 2025, the net cash provided was due to advances from related parties of $206,787. Liquidity Outlook Although the Company reported net income for the current period, it continues to incur operating losses and negative cash flows from operations. The Company remains dependent on related party support and external financing to fund its operations. Management intends to pursue additional capital raising activities; however, there can be no assurance that such financing will be available on acceptable terms or at all. A full text copy of the Company's Form 10-Q is available at https://tinyurl.com/5feevywu About I-On Digital Corp. Headquartered in Chicago, Ill., I-ON develops and provides advanced asset-digitization and securitization solutions designed to deliver a secure, fast, and transparent digital asset ecosystem. The Company converts documentary evidence of ownership into secure, asset-backed digital certificates, enhancing liquidity and value across a range of asset classes. Its hybrid blockchain architecture integrates smart contracts and workflow automation, augmented by artificial intelligence technologies. This system enables the digitization of ownership records for recoverable gold, precious metals, and mineral reserves, supporting value transfer through innovative financial instruments. As of March 31, 2026, the Company had $22,923,406 in total assets, $4,515,957 in total liabilities, and $18,407,449 in total stockholders' equity. Midvale, Utah-based Mac Accounting Group & CPAs, LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated April 15, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company has suffered recurring losses, has reported cash used in operations, and has a net capital deficiency that raise substantial doubt about its ability to continue as a going concern. IKPM PET: Seeks Subchapter V Bankruptcy in Texas ------------------------------------------------ On May 22, 2026, IKPM Pet Supply LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern 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 18, 2026 at 09:00 AM, US Trustee Houston Teleconference. About IKPM Pet Supply LLC IKPM Pet Supply LLC operates a Pet Supplies Plus-branded pet retail store in Sugar Land, Texas. The store sells pet food and supplies and offers pet-related services, including grooming and self-serve pet wash services. IKPM Pet Supply LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-33610) on May 22, 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 Eduardo V. Rodriguez handles the case. The Debtor is represented by Vicky M. Fealy, Esq. of Fealy Law Firm, PC. Melissa A. Haselden serves as Subchapter V Trustee. IMPAC MORTGAGE: Gets Court OK for $24 Million Debt-to-Equity Swap ----------------------------------------------------------------- Ben Zigterman of Law360 Bankruptcy Authority reports that a Delaware bankruptcy judge on Thursday, May 28, 2026, approved the Chapter 11 restructuring plan of Impac Mortgage Holdings Inc., clearing the way for the troubled mortgage broker to swap approximately $24 million in senior secured debt for equity ownership. The deal is intended to reduce the company’s liabilities and support its reorganization efforts. Impac Mortgage Holdings is a home lending and mortgage services company that historically specialized in originating, servicing and securitizing residential mortgage loans. The company sought bankruptcy protection amid financial challenges tied to the volatile housing finance market and increased operational pressures, the report relays. The confirmed restructuring plan converts the claims of senior secured lenders into equity stakes in the reorganized entity, allowing the company to significantly deleverage its balance sheet. Attorneys for the debtor said the transaction will help preserve the business and provide a path forward following the Chapter 11 process, Law360 reports. About Impac Mortgage Holdings Inc. Impac Mortgage Holdings, Inc. is a financial services company primarily engaged in mortgage lending, servicing, and related real estate activities in the United States. Impac Mortgage Holdings, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 26-10593) on April 26, 2026. In its petition, the Debtor reports estimated assets and liabilities each ranging from $10 million to $50 million. The Debtors tapped Dentons US LLP as bankruptcy counsel, Pachulski Stang Ziehl & Jones LLP as local counsel, and Development Specialist, Inc. as financial advisor. Kurtzman Carson Consultants, LLC is the Debtors' claims and noticing agent. INGENOVIS HEALTH: S&P Cuts ICR to 'SD' on Distressed Debt Exchange ------------------------------------------------------------------ S&P Global Ratings lowered its issuer credit rating on Ingenovis Health Inc. to 'SD' (selective default) from 'CC'. S&P also lowered its issue-level ratings on its term loan and revolving credit facility to 'D' from 'CC'. The company's account receivable securitization facility (not rated) is unaffected by this transaction. S&P expects to update the rating over the next few days to reflect future creditworthiness. That rating will depend on our assessment of the company's new capital structure, business prospects, free cash flow generation, and liquidity. Ingenovis closed on a debt restructuring transaction in which it exchanged $725 million of term loan debt maturing 2028 and $85 million of revolver debt, maturing June 2026, for $275 million of new term loan debt maturing 2032, $100 million cash, and $30 million of preferred stock (with an option for lenders to choose cash in place of preferred stock). S&P said, "We view the restructuring as distressed because Ingenovis' S&P Global Ratings-adjusted leverage was elevated (above 15x) and the company was generating free cash flow deficits. Moreover, under this transaction lenders received significantly less (about 50%) than originally promised. "We view the restructuring transaction as distressed and tantamount to a default. This is because its S&P Global Ratings-adjusted leverage was elevated (above 15x) and the company was generating free cash flow deficits at the time of the transaction. Moreover, lenders received significantly less (about 50%) than they were originally promised." Under the debt restructuring agreement, the company also: -- Issued $100 million of preferred stock to its private-equity sponsors, (in return for $100 million incremental cash investment) with a pay-in-kind coupon of 20% annually redeemable at any time or upon a liquidation event at the higher of (1) the then-accrued balance and (2) 300% of the initial balance. The proceeds of this new capital will support liquidity and help facilitate the cash payment to lenders; -- Issued to participating lenders $30 million of preferred stock; -- Has substantial cash on its balance sheet and access to the account receivable securitization facility (not rated) which is unaffected by this transaction); and -- Terminated its revolving credit facility without replacement. S&P expects to review and update the rating over the next few days, considering Ingenovis' new capital structure, business prospects, cash flow generation metrics, and liquidity position, among other factors. INNOVATIVE INDUSTRIAL: Closes $45 Million in Secured Term Loans --------------------------------------------------------------- Innovative Industrial Properties, Inc. announced that the Company closed on four secured term loans totaling $44.9 million in gross proceeds. The Loans have an initial term of five years, bear interest at a fixed rate of 6.67% and are secured by certain properties of the Company. The proceeds from the Loans are expected to be used to pay off the Company's unsecured notes that are maturing at the end of this month. "This financing reflects our continued commitment to maintaining a strong and flexible balance sheet. By extending our debt maturity profile and securing attractively priced capital through a new lending relationship, we believe we are well positioned to support our long-term growth strategy and create value for our shareholders," said Alan Gold, Executive Chairman of IIP. On May 19, 2026, each of IIP-MD 1 LLC and IIP-NJ 3 LLC, each a Delaware limited liability company and an indirect subsidiary of the Company, entered into separate loan agreements with Amalgamated Bank, a bank organized under the laws of the State of New York, consisting of: (i) that certain loan agreement between IIP-MD 1 LLC and the Lender and (ii) that certain loan agreement between IIP-NJ 3 LLC and the Lender, providing for an aggregate of $21,960,000 in secured term loans. Pursuant to the MD Loan Agreement, the Lender made a $10,560,000 secured term loan to IIP-MD 1 LLC, as evidenced by a promissory note issued by IIP-MD 1 LLC in favor of the Lender. Pursuant to the NJ Loan Agreement, the Lender made an $11,400,000 secured term loan to IIP-NJ 3 LLC, as evidenced by a promissory note issued by IIP-NJ 3 LLC in favor of the Lender. Each Loan bears interest at a fixed rate of 6.67% per annum, calculated on the basis of a 360-day year, and provides for monthly debt service payments of principal and interest based on a 25-year amortization schedule commencing on July 5, 2026. The Loans mature on June 5, 2031. The Loans are secured by first priority liens on the applicable properties owned by each Borrower, consisting of: (i) a Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing executed and delivered by IIP-NJ 3 LLC and (ii) a Deed of Trust, Assignment of Leases and Rents, Security Agreement and Fixture Filing executed and delivered by IIP-MD 1 LLC. In connection with the Loans, the Company entered into unsecured guaranty agreements for the benefit of the Lender, pursuant to which the Company guaranteed each Borrower's obligations under its respective Loan. Each Loan Agreement contains customary representations, warranties, covenants, events of default and security arrangements. Each Borrower is also subject to restrictions on incurring additional indebtedness, restrictions on transfers, and restrictions on distributions during the continuance of an event of default. Each Loan Agreement provides for customary events of default, including, among others, failure to pay principal or interest, breach of representations and warranties, violation of covenants, bankruptcy or insolvency events, and entry of monetary judgments in excess of $25,000. Each Loan is subject to a prepayment premium declining from 5% during the first year following closing to 1% during the fifth year, with no prepayment premium payable during the last 90 days prior to the applicable maturity date. Each Loan may be voluntarily prepaid in whole or in part upon at least 30 days' prior written notice, subject to payment of the applicable prepayment premium and satisfaction of other conditions. About Innovative Industrial Properties Inc. Innovative Industrial Properties, Inc. is an internally-managed REIT focused on the acquisition, ownership and management of specialized industrial and commercial properties in the United States. Its properties are primarily leased to experienced, state-licensed operators for their regulated cannabis facilities. The Company have acquired and intend to continue to acquire its properties through sale-leaseback transactions and third-party purchases. The Company have leased and expects to continue to primarily lease its properties on a triple-net lease basis, where the tenant is responsible for all aspects of and costs related to the property and its operation during the lease term, including structural repairs, maintenance, real estate taxes and insurance. The Company's independent auditor, Sadler, Gibb & Associates, LLC, based in Draper, Utah, and serving since 2018, included a "going concern" qualification in its report dated February 24, 2026, citing the Company's significant outstanding debt obligation that matures within the next 12 months raises substantial doubt about the Company's going concern. As of March 31, 2026, the Company had $2.4 billion in total assets, $499.4 million in total liabilities, and $1.9 billion in total stockholders' equity. INNOVATIVE INDUSTRIAL: Subsidiaries Ink Secured Loan Agreements --------------------------------------------------------------- Innovative Industrial Properties, Inc. announced in a regulatory filing that each of IIP-MA 7 LLC and IIP-PA 6 LLC, each a Delaware limited liability company and an indirect subsidiary of the Company, entered into separate loan agreements with Amalgamated Bank, a bank organized under the laws of the State of New York, consisting of: (i) that certain loan agreement between IIP-MA 7 LLC and the Lender and (ii) that certain loan agreement between IIP-PA 6 LLC and the Lender, providing for an aggregate of $22,900,000 in secured term loans. Pursuant to the MA Loan Agreement, the Lender made a $10,500,000 secured term loan to IIP-MA 7 LLC, as evidenced by a promissory note issued by IIP-MA 7 LLC in favor of the Lender. Pursuant to the PA Loan Agreement, the Lender made a $12,400,000 secured term loan to IIP-PA 6 LLC, as evidenced by a promissory note issued by IIP-PA 6 LLC in favor of the Lender. The MA Loan and the PA Loan are collectively referred to herein as the "Loans." Both Loans bear interest at a fixed rate of 6.67% per annum, calculated on the basis of a 360-day year, and provides for monthly debt service payments of principal and interest based on a 25-year amortization schedule commencing on July 5, 2026. The Loans mature on June 5, 2031. The Loans are secured by first priority liens on the applicable properties owned by the each Borrower, consisting of: (i) a Mortgage (With Power of Sale), Assignment of Leases and Rents, Security Agreement and Fixture Filing executed and delivered by IIP-MA 7 LLC and (ii) an Open-End Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing executed and delivered by IIP-PA 6 LLC. In connection with the Loans, the Company entered into unsecured guaranty agreements for the benefit of the Lender, pursuant to which the Company guaranteed each Borrower's obligations under its respective Loan. Each Loan Agreement contains customary representations, warranties, covenants, events of default and security arrangements. Each Borrower is also subject to restrictions on incurring additional indebtedness, restrictions on transfers, and restrictions on distributions during the continuance of an event of default. Each Loan Agreement provides for customary events of default, including, among others, failure to pay principal or interest, breach of representations and warranties, violation of covenants, bankruptcy or insolvency events, and entry of monetary judgments in excess of $25,000. Each Loan is subject to a prepayment premium declining from 5% during the first year following closing to 1% during the fifth year, with no prepayment premium payable during the last 90 days prior to the applicable maturity date. Each Loan may be voluntarily prepaid in whole or in part upon at least 30 days' prior written notice, subject to payment of the applicable prepayment premium and satisfaction of other conditions. Full text copies of the Loan Agreements, the Notes, the Mortgages and the Guaranties are available at https://tinyurl.com/396hu4z7, https://tinyurl.com/hcwmcmrj, https://tinyurl.com/tfnsd22t, https://tinyurl.com/mhpe26s9, https://tinyurl.com/2zrb8ksw, https://tinyurl.com/5fxswke3. About Innovative Industrial Properties Inc. Innovative Industrial Properties, Inc. is an internally-managed REIT focused on the acquisition, ownership and management of specialized industrial and commercial properties in the United States. Its properties are primarily leased to experienced, state-licensed operators for their regulated cannabis facilities. The Company have acquired and intend to continue to acquire its properties through sale-leaseback transactions and third-party purchases. The Company have leased and expects to continue to primarily lease its properties on a triple-net lease basis, where the tenant is responsible for all aspects of and costs related to the property and its operation during the lease term, including structural repairs, maintenance, real estate taxes and insurance. The Company's independent auditor, Sadler, Gibb & Associates, LLC, based in Draper, Utah, and serving since 2018, included a "going concern" qualification in its report dated February 24, 2026, citing the Company's significant outstanding debt obligation that matures within the next 12 months raises substantial doubt about the Company's going concern. As of March 31, 2026, the Company had $2.4 billion in total assets, $499.4 million in total liabilities, and $1.9 billion in total stockholders' equity. INNSUITES HOSPITALITY: Debts Exceed Assets by $1.0M at Jan. 31 -------------------------------------------------------------- InnSuites Hospitality Trust's stockholder's deficit was US$1.0 million at Jan. 31, 2026. The Trust has no stockholder's deficit at Jan. 31, 2025. At Jan. 31, 2026, the Trust had total assets of US$14.0 million and total liabilities of US$15.0 million. At Jan. 31, 2025, the Trust had total assets of US$14.2 million and total liabilities of US$13.5 million. InnSuites Hospitality Trust described its principal sources of liquidity as hotel room revenues and management fees from its Tucson and Albuquerque properties, supplemented by distributions from these hotels, potential intercompany loans, potential real estate sales, and potential returns on diversified investments. The Trust stated: "With approximately $350,000 of cash as of January 31, 2026 and the availability of three $250,000 bank lines of credit, and approximately $850,000 available funds from the $2,500,000 related party Demand/Revolving Line of Credit/Promissory Note, and the availability of Advances to Affiliate credit facilities and available Bank line of Credit, we believe that we will have enough cash on hand to meet all of our financial obligations as they become due for at least the next twelve months." Cash used in operating activities was approximately $11,000 during the twelve months ended Jan. 31, 2026, compared to approximately $1,059,000 used in the prior year, while consolidated net loss was approximately $1,391,000 for Fiscal 2026. The Trust reported significant leverage and related-party debt facilities. As of Jan. 31, 2026, it had a related party Demand/Revolving Line of Credit/Promissory Note payable of approximately $1.15 million in the MD&A overview section and, in the notes, reported payables under related party notes totaling approximately $2,645,000, with a maximum borrowing capacity of $2,500,000 at 7.0% interest, automatically renewing annually as a two-way line of credit. Additional unsecured notes payable included a $200,000 note "payable 90 days with notice, or in August 2026, whichever occurs first" at 5% interest, and a $270,000 unsecured loan at 5% interest extended to May 2026 (and in a related-party section described as extended to June 30, 2026), both interest-only with no prepayment penalties. The Trust stated: "With approximately $350,000 of cash as of January 31, 2026, the availability of the combined $2,500,000 Advance to Affiliate credit facilities, and the $250,000 Revolving Line of Credit with Pima Federal Credit Union, the Trust believes that it has and will have enough cash on hand to meet all of the financial obligations as they become due for twelve months from the date of filing this 10-K." Mortgage and lease obligations were described as long-term and material. As of Jan. 31, 2026, the Tucson hotel mortgage loan balance was approximately $7,697,000 (net of financing fees), at 4.99% fixed initially and then variable with a maturity date of June 19, 2042, with monthly installments of approximately $50,000 and guaranteed by the Trust and related parties. The Albuquerque hotel mortgage loan balance was approximately $1,115,000 (net of financing fees), with the interest rate adjusted to 7.571% in December 2025 and monthly installments of approximately $11,000; "As of January 31, 2026 it was determined the loan covenant was no longer being met. Thus, the remaining balance has been reclassified as a current liability." The Trust also disclosed a long-term non-cancelable ground lease for the Albuquerque hotel expiring in 2058 and stated that scheduled minimum payments of debt are set forth in its debt payment schedule. Management addressed going concern explicitly in Note 26. The Trust stated: "InnSuites Hospitality Trust Fiscal Year 2026 was its second Fiscal Year with a loss in the last five Fiscal Years, dating back to Fiscal Year ended 1/31/21," and that it is focused on cost cutting amid economic uncertainty. It further said: "We believe that the Trust will once again be profitable in future years, especially with the potential success of and maturing of diversification investments." The independent registered public accounting firm issued an unqualified opinion on the consolidated financial statements and did not include a going concern explanatory paragraph. The Trust highlighted both opportunities and uncertainties related to future capital resources. It reported that it "may receive cash from hotel reservations, branding, and/or energy operations and/or full or partial refinance or sale of one or both hotels, and/or full or partial sale of its UniGen diversification investment" and reaffirmed its intent to pursue strategic options including "raising additional funds, asset sales, and benefiting from clean energy investment cash flow as our diversification investment progresses." At the same time, it cautioned: "There can be no assurance that we will be successful fully collecting receivables, in refinancing debt, or raising additional or replacement funds, or that these funds may be available on terms that are favorable to us," and similarly in the Trust-level liquidity section, "If the Trust is unable to raise additional or replacement funds, it may be required to sell or refinance certain of our assets to meet liquidity needs, which may not be on terms that are favorable." A full-text copy of the Form 10-K is available at https://tinyurl.com/yk74jdmk About InnSuites Hospitality Trust InnSuites Hospitality Trust is headquartered in Phoenix, Arizona, and is an unincorporated Ohio real estate investment trust formed on June 21, 1971. The Trust is not taxed as a real estate investment trust for federal taxation purposes but is taxed as a C-corporation. The Trust, with its affiliate RRF Limited Liability Limited Partnership (RRF LLLP), a Delaware limited liability limited partnership (the "Partnership"), owns interests in two hotels, operates and provides management services, and provides trademark license services, for two hotels. The Trust also holds a diversification investment in an efficient clean energy electricity generator innovation, as well as manages and holds an option to purchase, at cost, an independent boutique hotel reservation and independent hotel services investment. INOTIV INC: Reaches Settlement in Cybersecurity Class Action ------------------------------------------------------------ Inotiv, Inc. announced in a regulatory filing that the Company entered into a Settlement Agreement and Release that resolves the claims of the plaintiffs and the proposed class in the Indiana State Court Action filed under the caption Doyal, et al. v. Inotiv, Inc., Case No. 49D01-2604-CE-020713. The Company entered into the Proposed Cybersecurity Incident Settlement to eliminate the uncertainty, burden and expense of protracted litigation. The Proposed Cybersecurity Incident Settlement does not assign or reflect an admission of wrongdoing or liability by the Company, which denies any wrongdoing. The Proposed Cybersecurity Incident Settlement is subject in all respects to court approval and there can be no assurance that the court will approve the Proposed Cybersecurity Incident Settlement. The Indiana State Court Action was filed on March 14, 2026, by the same plaintiffs who had previously filed three putative class actions in the United States District Court for the Northern District of Indiana relating to the cybersecurity incident experienced in August 2025, in which a threat actor gained unauthorized access to the Company's systems and may have acquired certain data. On March 14, 2026, the Federal Actions were dismissed without prejudice and the Indiana State Court Action was filed on behalf of the same class of persons identified in the Federal Actions. The Indiana State Court Action generally alleged the same claims as the Federal Actions, namely that the plaintiffs and the proposed class members were harmed when their personally identifying information and protected health information were impacted by the Cybersecurity Incident. Under the terms of the Proposed Cybersecurity Incident Settlement, the members of the putative class, which is expected to consist of all persons who received a notice from the Company following the Cybersecurity Incident stating that such persons' personally identifiable information may have been compromised, can make claims for: (a) compensation for lost time attributable to the Cybersecurity Incident (b) the recovery of ordinary expenses incurred in connection with the Cybersecurity Incident (c) the recovery of extraordinary losses incurred in connection with the Cybersecurity Incident, or (d) in lieu of the settlement benefits stated in (a), (b) and (c), an alternative cash payment. All such class benefits are subject to certain monetary caps and verification by a third-party settlement administrator. In addition to the benefits outlined, class members can elect to make a claim for two years of credit monitoring services. Plaintiffs will seek an award of attorneys' fees and costs and expenses not to exceed $275,000, as well as service award payments for the class representatives. If approved by the court, the Proposed Cybersecurity Incident Settlement will fully resolve the Indiana State Court Action. The Company expects that all payments required by the Proposed Cybersecurity Incident Settlement will be fully funded by available insurance. About Inotiv Inotiv, Inc. is a contract research organization dedicated to providing nonclinical and analytical drug discovery and development services primarily to the pharmaceutical and medical device industries and selling a range of research-quality animals and diets to the same industries as well as academia and government clients. The Company's products and services focus on bringing new drugs and medical devices through the discovery and preclinical phases of development and, in certain cases, the clinical phases of development, all while focusing on increasing efficiency, improving data, and reducing the cost of discovering and taking new drugs and medical devices to market. Indianapolis, Indiana-based Ernst & Young LLP, the Company's auditor since 2021, expressed substantial doubt regarding the Company's ability to continue as a going concern. In its "going concern" qualification dated December 5, 2025, included in the Company's Annual Report on Form 10-K for the year ended September 30, 2025, Ernst & Young reported that the Company has negative operating cash flows, operating losses and net losses, is forecasting non-compliance with certain covenants under its loan agreements, and has significant debt obligations due within the next 12 months. As of December 31, 2025, the Company had $734.3 million in total assets, $625.3 million in total liabilities, and $109 in total equity. INOTIV INC: Secures $40MM Bridge Facility in Ninth Credit Amendment ------------------------------------------------------------------- Inotiv, Inc. announced in a regulatory filing that the Company entered into a Ninth Amendment to Credit Agreement, which amends that certain Credit Agreement, dated as of November 5, 2021, among the Company, as borrower, the subsidiary guarantors party thereto, the lenders party thereto and Acquiom Agency Services LLC, as successor administrative agent and as collateral agent. Ninth Amendment to Credit Agreement; Bridge Facility The Ninth Amendment provides for, among other things, a new bridge facility in the form of delayed draw term loan commitments in an aggregate principal amount of $40.0 million, to be provided by certain lenders party to the Ninth Amendment. The proceeds of the Bridge Facility will be used to repay in full all outstanding revolving loans (including the fee owed to consenting revolving lenders in connection with that certain Third Amendment to Credit Agreement dated as of January 9, 2023, which fee was previously deferred under the terms thereof), together with all accrued interest thereon through the Ninth Amendment Effective Date, to evaluate strategic alternatives in accordance with specified milestones set forth therein, to pay related fees, costs and expenses incurred in connection with the Ninth Amendment, and for working capital and general corporate purposes. On the Ninth Amendment Effective Date, the Company borrowed $27.5 million in a term loan under the Bridge Facility, and used such proceeds to repay in full all outstanding revolving loans under the Existing Credit Agreement, together with all accrued interest thereon and deferred fees, which amounted to approximately $14.3 million, and all revolving commitments under the Existing Credit Agreement were terminated. Amounts repaid or prepaid under the Bridge Facility may not be reborrowed. The obligations under the Bridge Facility are guaranteed by each of the Company's subsidiary guarantors party to the Existing Credit Agreement and are secured by the collateral pledged under the existing security documents, consisting of substantially all of the assets of the Company and the subsidiary guarantors. In connection with the Ninth Amendment, each loan party reaffirmed its obligations under the guarantees set out in the Amended Credit Agreement and reaffirmed each lien granted to the Collateral Agent for the benefit of the secured parties. In connection with the Ninth Amendment: (i) the Bridge Facility Lenders received a closing fee equal to 1.00% of the aggregate amount of the Bridge Facility commitments, which fee was paid in-kind by capitalizing and adding such amount to the principal amount of the Bridge Facility on the Ninth Amendment Effective Date, and (ii) each existing term lender consenting to the Ninth Amendment (such consenting lenders representing 100% of the existing term loans) received a consent fee equal to 2.50% of the aggregate outstanding principal amount of the term loans held by such lender, which PIK Consent Fee was similarly paid in-kind by capitalizing and adding such amount to the aggregate principal amount of such lender's term loans on the Ninth Amendment Effective Date. As part of the Ninth Amendment, the lenders modified certain financial covenants under the Existing Credit Agreement, including: (a) excluding testing for the first lien net leverage ratio covenant for the fiscal quarter ended March 31, 2026, and (b) with respect to the minimum fixed charge covenant ratio, excluding testing of such covenant for the fiscal quarter ended March 31, 2026, and setting such covenant at 1.00:1.00 for the testing period ending June 30, 2026 and each fiscal quarter ending thereafter. Additionally, the loan parties will not be subject to the minimum liquidity covenant under the Existing Credit Agreement through June 29, 2026. The Ninth Amendment also provides for a temporary waiver of any cross-default that may arise under the Amended Credit Agreement as a result of the Company's failure to make the interest payment on its convertible senior notes described below through June 3, 2026. The Ninth Amendment also requires the Company to comply with certain additional covenants, including adherence to specified milestones related to the Company's evaluation of strategic alternatives, which require: (a) on or prior to the Ninth Amendment Effective Date, delivery of the Company's budget to the Administrative Agent and the lenders, and (b) on or prior to June 3, 2026, the execution and delivery to the Administrative Agent and the lenders of a transaction support agreement, in each case unless waived, modified or extended in writing by the required lenders under the Bridge Facility. The Ninth Amendment also mandates the formation of a special committee of the Board, as further described below. The Amended Credit Agreement contains usual and customary representations and warranties, affirmative and negative covenants, and events of default. In connection with the Ninth Amendment, each loan party delivered a broad release of claims against the Administrative Agent, the Collateral Agent and each lender and their respective related parties, in each case arising out of or relating to the Existing Credit Agreement, the Amended Credit Agreement and the other loan documents and transactions contemplated thereby. A complete text copy of the Ninth Amendment is available at https://tinyurl.com/bddpf75t First Supplemental Indenture On May 15, 2026, following receipt of consents from holders of a majority in aggregate principal amount of the Company's outstanding 3.25% Convertible Senior Notes due 2027, the Company, as Issuer, BAS Evansville, Inc., as Guarantor, and U.S. Bank Trust Company, National Association, as successor in interest to U.S. Bank National Association, as Trustee entered into the First Supplemental Indenture to the indenture governing the Convertible Notes to extend the applicable grace period in connection with the failure to make interest payments from thirty days to forty-four days. A complete text copy of the Supplemental Indenture is available at https://tinyurl.com/bdmfp6f6 Convertible Notes On April 15, 2026, the Company was required to make an interest payment of approximately $2.139 million under the Convertible Indenture and was entitled to a grace period thereunder through and including May 15, 2026. On May 15, 2026, the Company, BAS Evansville, Inc. and U.S. Bank Trust Company, National Association, entered into the Supplemental Indenture, which extended the grace period in respect of the failure to make interest payments from thirty days to forty-four days. Board of Directors and Special Committee On May 14, 2026, based on the recommendation of the Nominating/Corporate Governance Committee, the Board of Directors of the Company increased the size of the Board from seven to nine members, and appointed Eugene Davis and John T. Young, Jr. to the Board to fill the vacancies created by such increase. Mr. Davis was appointed to Class II of the Board, which term expires at the 2026 Annual Meeting of Shareholders of the Company, and Mr. Young was appointed to Class I of the Board, which term expires at the 2028 Annual Meeting of Shareholders of the Company. Messrs. Davis and Young were appointed to the Board in connection with the entry into the Ninth Amendment as described above, as independent directors to serve on the Special Committee of the Board established pursuant to the terms of the Amended Credit Agreement. Mr. Harrington, another independent member of the Board, was appointed to the Special Committee along with Messrs. Davis and Young, and Mr. Davis was designated as Chairperson of the Special Committee. The Special Committee has been delegated exclusive authority to review, negotiate and implement one or more potential recapitalization, reorganization, refinancing, or restructuring transactions, or other strategic alternatives including oversight of decision-making in connection with any such strategic alternatives. Each of Messrs. Davis, Harrington and Young will receive a fee of $40,000 per month for their service on the Special Committee. Mr. Harrington will continue to participate in the Company's non-employee director compensation program, but Messrs. Davis and Young will not receive any compensation in connection with their Board service, other than the monthly fee for serving on the Special Committee. In connection with their appointment to the Board and the Special Committee, on May 14, 2026, each of Messrs. Davis and Young entered into an Independent Director Agreement with the Company and its subsidiaries, and Mr. Harrington entered into a Special Committee Agreement with the Company in connection with his service on the Special Committee. Full text copies of the Independent Director Agreement with Mr. Davis, the Independent Director Agreement with Mr. Young and the Special Committee Agreement with Mr. Harrington are available at as https://tinyurl.com/35ya2u8u, https://tinyurl.com/246wzdkt and https://tinyurl.com/rpnhzs2e, respectively. Messrs. Davis and Young were selected as directors pursuant to a recommendation of the Nominating/Corporate Governance Committee of the Board, in connection with the Company's entry into the Ninth Amendment, which contemplates the establishment of a special committee of independent directors. The Board determined that each of Messrs. Davis, Young and Harrington is independent under Nasdaq listing standards and disinterested within the meaning of Indiana Code Section 23-1-35-1(h). There are no family relationships between either of Messrs. Davis or Young and any of the Company's directors or executive officers. Neither Mr. Davis nor Mr. Young has a direct or indirect material interest in any existing or currently proposed transaction that would require disclosure under Item 404(a) of Regulation S-K. Executive Retention Plan The Compensation Committee of the Company's Board of Directors approved an Executive Retention Plan and a Key Employee Retention Plan, subject to the Company's entry into the Ninth Amendment. The purpose of the plans is to incentivize certain key executives and employees to continue in the service of the Company and preserve and maximize the value of the Company's business, for the benefit of the Company's stakeholders. The Compensation Committee also considered the fact that no cash bonuses were paid to the Company's executive officers and other key employees related to fiscal 2025 performance, and therefore the Compensation Committee determined that the plans are important for retaining key talent of the Company. Payments under the plans are expected to aggregate up to $3,934,000. The ERP covers the Company's named executive officers, and provides that, upon the execution by each such officer of a participation agreement, he or she will receive a lump sum cash bonus payment of the following amounts: Mr. Leasure, $1.2 million; Ms. Taylor, $225,000; Dr. Sagartz, $125,000; Ms. Castetter, $225,000; and Dr. Hardy, $225,000, subject to clawback in accordance with the terms of the ERP. Such payments are subject to clawback if the officer's employment is terminated by the officer without good reason or by the Company for cause, in each case during a period of time ending on the earlier of: (a) six months following the payment of the bonus and (b) in the event that the Company's exploration of strategic alternatives results in a Chapter 11 filing under the Bankruptcy Code, 30 days following the Company's emergence from such a bankruptcy case. Plan and Agreement Amendments On May 17, 2026, the Compensation Committee of the Company's Board of Directors approved amendments to each of the Company's Executive Change in Control Severance Plan, the Employment Agreement, dated as of January 27, 2022, by and between the Company and Robert Leasure, Jr., and the Employment Agreement, dated as of October 5, 2018, by and between the Company and John E. Sagartz. The Compensation Committee amended each of the CIC Plan, the Leasure Agreement and the Sagartz Agreement to add an additional provision to the definition of "Good Reason" thereunder. In addition, the Leasure Agreement was amended to clarify the original intent of the sections related to a termination of Mr. Leasure's employment without cause or by Mr. Leasure for good reason not in connection with a change in control, which is to provide that, upon such a termination event, Mr. Leasure would receive cash severance payments of one year of his base salary and an amount equal to his prorated target annual bonus for the year of termination. Amendments to Bylaws On May 14, 2026, the Board approved certain amendments to the Company's Fourth Amended and Restated Bylaws, effective as of that date, in the form of the Fifth Amended and Restated Bylaws. The amendments are related to Special Committee matters, including that the removal of any Special Committee member from the Special Committee shall require the unanimous vote of the members of the Board, other than the member of the Special Committee who is being considered for removal; that any amendment of the Special Committee's charter shall require the unanimous vote of the Board; and that the Bylaws may not be amended, repealed, or otherwise modified in a manner which affects the rights, powers, or privileges of the Special Committee and its members without the unanimous vote of all members of the Board. A full text copy of the Fifth Amended and Restated Bylaws is available at https://tinyurl.com/2s3sadud About Inotiv Inotiv, Inc. is a contract research organization dedicated to providing nonclinical and analytical drug discovery and development services primarily to the pharmaceutical and medical device industries and selling a range of research-quality animals and diets to the same industries as well as academia and government clients. The Company's products and services focus on bringing new drugs and medical devices through the discovery and preclinical phases of development and, in certain cases, the clinical phases of development, all while focusing on increasing efficiency, improving data, and reducing the cost of discovering and taking new drugs and medical devices to market. Indianapolis, Indiana-based Ernst & Young LLP, the Company's auditor since 2021, expressed substantial doubt regarding the Company's ability to continue as a going concern. In its "going concern" qualification dated December 5, 2025, included in the Company's Annual Report on Form 10-K for the year ended September 30, 2025, Ernst & Young reported that the Company has negative operating cash flows, operating losses and net losses, is forecasting non-compliance with certain covenants under its loan agreements, and has significant debt obligations due within the next 12 months. As of December 31, 2025, the Company had $734.3 million in total assets, $625.3 million in total liabilities, and $109 in total equity. INTERAQT CORP: Gets Interim OK to Use Cash Collateral ----------------------------------------------------- Interaqt Corporation 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 cash collateral to pay business expenses strictly in accordance with its operating budget. Budget amendments generally require lender consent although non-material changes are permitted, and spending variances of up to 25% per line item or cumulatively are allowed without constituting a default. The secured lenders with blanket liens on substantially all of the Debtor's business assets are the U.S. Small Business Administration, which holds an Economic Injury Disaster Loan claim in the principal amount of $496,066 and BayFirst National Bank, which is owed $104,878. Both lenders will be provided with adequate protection through monthly payments of $3,292; replacement liens on the Debtor's post-petition assets, with the same priority and extent as their pre-petition liens; and superpriority administrative claims if their collateral suffers any post-petition diminution in value. Termination events that could end the Debtor's authority to use cash collateral include violations of the order, budget noncompliance, dismissal or conversion of the bankruptcy case, or modification of the order without lender consent. Upon default and after notice, the lenders may revoke cash collateral use rights and pursue remedies. A final hearing is scheduled for July 28, with objections due by July 21. The order is available at http://bankrupt.com/misc/InteraqtCorp_ICCOrder.pdf About Interaqt Corporation Interaqt Corporation, doing business as COLOTRAQ, provides data center infrastructure sourcing services from Randolph, New Jersey. Founded in 1999, the company supports procurement of colocation, managed hosting, cloud, connectivity, cybersecurity, AI readiness, data center migration, and blockchain-related services. COLOTRAQ's sourcing process includes strategy and planning, benchmarking, RFP management, negotiation strategy, and contract due diligence. The company serves clients including small businesses, Fortune 500 companies, and government agencies. Interaqt sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.J. Case No. 26-14973) on May 1, 2026, with $500,000 to $1 million in assets and $1 million to $10 million in liabilities. Nicole Nigrelli, Esq., at Ciardi, Ciardi & Astin serves as Subchapter V trustee for the Debtor. Anthony J. Davis, Esq., at OGC Solutions, LLP represents the Debtor as legal counsel. INTERNATIONAL SUPPORT: Court OKs Vehicle Sale --------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Florida, Fort Lauderdale Division, has permitted International Support Group LLC to sell Vehicle, free and clear of liens, claims, interests, and encumbrances. The Debtor had a contract in North Carolina which required use of numerous Vehicles and the contract has concluded. There are also other vehicles the Debtor, in its business Judgment, has determined are no longer needed and seeks to sell. There are no liens or encumbrances on the Vehicles as they are owned free and clear by the Debtor. The Debtor is requesting authority to utilize its best effort to sell the Vehicles in an economic manner and the best price it can obtain under the circumstances, but will seek court authority to sell a vehicle for less than 30% of asking price or cumulative sale of all vehicles for less than the 30% of the $219,000 asking price. The Court has authorized the Debtor to sell Vehicles. The Debtor has agreed to and shall pay Bancorp as to each respective vehicle from the sale proceeds with the balance to be deposited into the Debtor In Possession operating account. About International Support Group LLC International Support Group, LLC is a facilities maintenance company that has provided services to the federal government since 2009 and operates primarily in Broward County, Florida. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-12738) on March 4, 2026, listing up to $10 million in both assets and liabilities. Robert Bennett, company owner and president, signed the petition. Judge Peter D. Russin oversees the case. Thomas L. Abrams, Esq., at Thomas L. Abrams, PA, represents the Debtor as legal counsel. J KRUSE INVESTMENTS: Unsecureds to Get Share of Income in 60 Months ------------------------------------------------------------------- J Kruse Investments, LLC, filed with the U.S. Bankruptcy Court for the Western District of Missouri a Plan of Reorganization for Small Business dated May 18, 2026. The Debtor is a Missouri Limited Liability Company with its principal place of business located at 3860 W. Chestnut Expressway, Springfield, Missouri 65802. Jason E. Kruse is the sole member and authorized representative of the Debtor. The Debtor entity was formed in 2016 to acquire and operate Subway franchise locations in Kansas and Missouri. At its peak, the Debtor operated ten Subway franchise locations. Five of those locations have since closed. The Debtor currently operates five remaining Subway franchise locations. The financial projections have been adjusted to add back the FPL monthly payment of $1,570 that was included in pre-petition expense budgets. Key projection assumptions: (1) continuation of all five Subway locations; (2) revenue consistent with historical seasonal patterns (higher March–October, lower November–February); (3) fixed monthly payments to Simmons Bank secured claim ($2,184.40) and Missouri DOR ($283.12) regardless of season; (4) seasonal variable payments to unsecured creditors aligned with revenue fluctuations; (5) food costs approximately 29–31% of net revenue; (6) labor costs approximately 29–31% of net revenue. The final Plan payment is expected on or before the date that is 60 months after the effective date of this Plan, or earlier if all allowed claims are satisfied prior to that date. This Plan of Reorganization proposes to pay creditors of the Debtor from cash flow generated by the ongoing operation of the Debtor's five Subway franchise restaurant locations. Class 4 consists of General Unsecured Claims. Class 4 is impaired. All holders of allowed non-priority unsecured claims (estimated $26,969, excluding Simmons deficiency and FPL) shall receive pro rata distributions of projected disposable income. Class 4 general unsecured creditors shall receive fixed seasonal payments of $539.38/month (March–October) and $269.69/month (November-February) at 0% interest over 60 months, paying all allowed Class 4 claims in full. Disputed claim (Employers Preferred Insurance – $14,089): No distribution until resolved by final order or agreement. Reserve held by Subchapter V Trustee pending resolution. Class 4A is impaired. The unsecured deficiency claim of Simmons Bank is $303,435.88, representing the difference between the proposed allowed claim of $408,053.15 and the Section 506(a) secured value of $104,617.27. The Debtor shall commit all projected disposable income to Class 4A over the 60-month commitment period, distributed on a seasonal schedule consistent with the Debtor's documented revenue pattern. Projected disposable income is calculated each month as net cash from operations, less: (i) the Class 1 Missouri DOR payment of $283.12; (ii) the Class 2 Simmons Bank secured payment of $2,184.40; (iii) the Class 4 general unsecured seasonal payment ($539.38 high season / $269.69 low season); and (iv) the Debtor's reasonable compensation. Class 4B consists of FPL Unsecured Claim (Contingent). Class 4B shall be activated upon a Court order finding FPL entirely unsecured. Upon activation, FPL's claim of approximately $24,608 shall be added to the unsecured pool and the pro-rata distribution percentages for Classes 4, 4A, and 4B shall be recalculated. FPL shall receive distributions on the same disposable income basis as Classes 4 and 4A. Class 5 consists of Equity Security Holder Jason E. Kruse. Jason E. Kruse shall retain his 100% equity interest in J. Kruse Investments, LLC under this Plan. If confirmed under Section 1191(b) of the Bankruptcy Code, Mr. Kruse's retention of equity is subject to the commitment period requirement of Section 1191(d) of the Bankruptcy Code. No distributions shall be made to equity interest holders until all Plan payments to creditor classes have been made in full. This Plan shall be funded exclusively from cash flow generated by the ongoing operation of the Debtor's five Subway franchise restaurant locations. The financial projections attached as Exhibit 4 (adjusted to add back the $1,570/month FPL payment previously included in expenses) demonstrate the Debtor's ability to fund all Plan payments from operations. Jason E. Kruse shall continue to serve as the sole member and managing member of the Reorganized Debtor. Mr. Kruse has operated Subway franchise restaurants continuously since 1998 and possesses the experience and operational expertise necessary to successfully reorganize and operate the Debtor's business. A full-text copy of the Plan of Reorganization dated May 18, 2026 is available at https://urlcurt.com/u?l=SBhSXz from PacerMonitor.com at no charge. Counsel to the Debtor: James M. Poe, Esq. Poe Law, LLC 3804 S. Fremont Avenue Springfield, MO 65804 Tel: (417) 887-1807 Fax: (417) 429-2142 Email: jamespoe@poe-law.com About J Kruse Investments J Kruse Investments, LLC, is a Missouri Limited Liability Company with its principal place of business located at 3860 W. Chestnut Expressway, Springfield, Missouri 65802. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Mo. Case No. 25-60861) on Dec. 17, 2025, with $50,001 to $100,000 in assets and $500,001 to $1 million in liabilities. Judge Brian T. Fenimore presides over the case. James B. James, at JB James Law Firm, P.C., is the Debtor's bankruptcy counsel. JAGUAR HEALTH: Issues Series Q Preferred to Cut Royalty Obligations ------------------------------------------------------------------- Jaguar Health, Inc. announced in a regulatory filing that the Company entered into a series of privately negotiated exchange agreements to reduce outstanding royalty interest obligations through the issuance of Series Q Perpetual Preferred Stock. Royalty Interest for Series Q Preferred Stock Exchange Transactions On May 19, 2026, the Company entered into a privately negotiated exchange agreement with Uptown Capital, LLC (f/k/a Irving Park Capital, LLC). Pursuant to the Uptown Series Q Exchange Agreement, the Company issued 500 shares of Series Q Preferred Stock to Uptown in exchange for a $12,500,000 reduction in the outstanding balance of the royalty interest originally sold to Uptown on December 22, 2020 in the original principal amount of $12 million. On May 19, 2026, the Company entered into: (i) a privately negotiated exchange agreement with Streeterville Capital, LLC, pursuant to which the Company issued 148 shares of Series Q Preferred Stock to Streeterville in exchange for a $3,700,000 reduction in the outstanding balance of the royalty interest originally sold to Streeterville on August 24, 2022 in the original principal amount of $12 million, and (ii) a privately negotiated exchange agreement also with Streeterville, pursuant to which the Company issued 260 shares of Series Q Preferred Stock to Streeterville in exchange for an additional $6,500,000 reduction in the outstanding balance of the August 2022 Royalty Interest. Subject to the terms of the Series Q Preferred Stock, each share of Series Q Preferred Stock is exchangeable or redeemable for shares of Common Stock. The terms of the Series Q Preferred Stock are set forth in a Certificate of Designation of Preferences, Rights and Limitations of Series Q Perpetual Preferred Stock filed with the Secretary of State of Delaware and effective on May 19, 2026. Each of the Uptown Series Q Exchange Agreement and the Streeterville Series Q Exchange Agreements includes representations, warranties, and covenants customary for a transaction of this type. Series Q Certificate of Designation The Certificate of Designation authorizes the Company to issue up to 2,000 of its 4,475,074 authorized shares of preferred stock as Series Q Preferred Stock. Dividends. Holders of shares of Series Q Preferred Stock will not be entitled to receive any dividends on shares of Series Q Preferred Stock. Voting Rights. The Series Q Preferred Stock shall vote together with shares of Common Stock on an as-converted basis from time to time, and not as a separate class, at any annual or special meeting of stockholders of the Company, and may act by written consent in the same manner as holders of shares of the Common Stock, in either case upon the following basis: each share of the Series Q Preferred Stock shall be entitled to such number of votes equal to the quotient obtained by dividing (i) the $25,000 stated value of each share of Series Q Preferred Stock by (ii) the Minimum Price (which is defined as the lower of: (i) the Nasdaq official closing price (as reflected on Nasdaq.com) immediately preceding a given date or (ii) the average Nasdaq official closing price of the Common Stock (as reflected on Nasdaq.com) for the five trading days immediately preceding such given date) of the Common Stock on the date of the CVP Exchange Agreements. In addition, as long as any shares of Series Q Preferred Stock are outstanding, the Company shall not, without the affirmative vote of the Holders of a majority of the then outstanding shares of the Series Q Preferred Stock, (a) alter or change adversely the powers, preferences or rights given to the Series Q Preferred Stock or alter or amend the Certificate of Designation or (b) enter into any agreement with respect to any of the foregoing. In no event shall a Holder (together with such Holder's Affiliates and Attribution Parties (both terms as defined in the Certificate of Designation)) be entitled to vote, on an as-converted basis and in aggregate with respect to any shares of Common Stock and preferred stock of the Company beneficially owned by such Holder or any Affiliates or Attribution Parties of such Holder, more than 9.99% of the Company's outstanding shares of Common Stock as of the applicable record date. The Voting Cap shall be appropriately adjusted for any stock splits, reverse stock splits, stock dividends, reclassifications, reorganization, recapitalizations or other similar transaction. Liquidation Rights. In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Company or Deemed Liquidation Event (as defined below), each share of Series Q Preferred Stock shall be entitled to be paid out of the assets of the Company available for distribution to its stockholders before any payment shall be made to the holders of Common Stock equal to by reason of their ownership thereof, an amount per share of Series Q Preferred Stock equal to the Stated Value at such time plus any accrued but unpaid Preferred Return (as applicable, the "Liquidation Amount"). If upon any such liquidation, dissolution or winding up of the Company (other than a Chapter 7 bankruptcy) or Deemed Liquidation Event, the assets of the Company available for distribution to its stockholders shall be insufficient to pay the Liquidation Amount, the Holders with respect to their shares of Series Q Preferred Stock shall share ratably in any distribution of the assets available for distribution in proportion to the respective amounts which would otherwise be payable in respect of the shares held by them upon such distribution if all amounts payable on or with respect to such shares were paid in full. Following the payment of the Liquidation Amount, if there are any remaining assets of the Company available for distribution to its stockholders, the Series Q Preferred Stock shall not participate in such distributions. Notwithstanding the foregoing, if in the event of a dissolution or winding up of the Company in connection with a Chapter 7 bankruptcy, the assets of the Company available for distribution to its stockholders shall be insufficient to pay the Liquidation Amount, the Holders with respect to their shares of Series Q Preferred Stock shall be entitled to receive out of such assets the same amount that each share of the Common Stock would receive as if each outstanding share of Series Q Preferred Stock were, immediately prior to the applicable record date, fully converted (disregarding solely for such purposes any conversion or exchange limitations hereunder) to shares of Common Stock by dividing (i) Liquidation Amount by (ii) the greater of (x) the Minimum Price as of the record date and (y) $0.726 per share, which amounts shall be paid pari passu with all holders of Common Stock. Each of the following events shall be considered a "Deemed Liquidation Event": (a) (A) a merger or consolidation in which the Company is a constituent party and in which the stockholders of the Company immediately prior to such merger or consolidation do not continue to hold a majority of the voting power of the Company or any successor entity following such merger or consolidation; or (b) the sale, lease, transfer, exclusive license or other disposition, in a single transaction or series of related transactions, by the Company or any subsidiary of the Company of all or substantially all the assets of the Company and its subsidiaries taken as a whole, or the sale or disposition (whether by merger, consolidation or otherwise) of one or more subsidiaries of the Company if substantially all of the assets of the Company and its subsidiaries taken as a whole are held by such subsidiary or subsidiaries, except where such sale, lease, transfer, exclusive license or other disposition is to a wholly owned subsidiary of the Company. The Company shall not have the power to effect a Deemed Liquidation Event unless the agreement or plan of merger or consolidation for such transaction provides that the consideration payable to the Series Q Preferred Stock shall be allocated in accordance with the Certificate of Designation. Conversion Rights. Series Q Preferred Stock shall not be convertible into Common Stock or any other security of the Company and does not otherwise have any conversion rights. Preferred Return. Each share of Series Q Preferred Stock shall accrue a rate of return on the Stated Value at the rate of 10% per year from the date of issuance, and to be determined pro rata for any factional year periods. The Preferred Return shall accrue on each share of Series Q Preferred Stock from the date of its issuance, and shall be payable via the issuance of additional shares of Series Q Preferred Stock whereby the number of shares of Series Q Preferred Stock will equal the quotient obtained by dividing (i) the Preferred Return then accrued and unpaid divided by (ii) the Stated Value. Exchange Rights. The Company has the right to exchange, from time to time and at its sole discretion, part or all of the then outstanding shares of Series Q Preferred Stock held by any holder thereof for shares of Common Stock at an exchange ratio equal to the Stated Value divided by an exchange price equal to the Minimum Price on the applicable Exchange Date (as defined in the Certificate of Designation). Notwithstanding the foregoing, the Company will not have the right to exchange any shares of Series Q Preferred Stock and issue any Exchange Shares to any holder if: (a) the issuance of such Exchange Shares would cause such holder, together with its Affiliates, to beneficially own in excess of 9.99% of the number of shares of Common Stock outstanding on the date of issuance (including for such purpose the shares of Common Stock issuable upon such issuance) immediately after giving effect to the issuance of the Exchange Shares; (b) any of the Exchange Conditions (as defined below) has not been satisfied as of the applicable Exchange Date; or (c) the total cumulative number of the Exchange Shares to be issued to such holder would exceed the maximum number of the Exchange Shares and the Forced Redemption Shares (as defined in the Certificate of Designation), in aggregate, that could be issued to Holders without violating The Nasdaq Capital Market rules related to the aggregation of offerings under Nasdaq Listing Rule 5635(d), if applicable unless (i) the approval as required by the applicable Nasdaq Stock Market Rules by the stockholders of the Company with respect to the exchange of shares of Series Q Preferred Stock and the issuance of the shares of Common Stock issuable upon exchange of the Series Q Preferred Stock is obtained to issue more than the Exchange Cap, or (ii) the Common Stock is not listed or quoted for trading on any Trading Market (as defined in the Certificate of Designation). The Exchange Cap shall be appropriately adjusted for any reorganization, recapitalization, non-cash dividend, stock split, reverse stock split or other similar transaction. Following delivery of an Exchange Notice (as defined in the Certificate of Designation), the Company may not deliver another Exchange Notice to a Holder for at least three Trading Days. "Exchange Conditions" mean: (a) with respect to the applicable Exchange Date, all of the Exchange Shares would be (i) registered for trading under applicable federal and state securities laws, (ii) freely tradable under Rule 144, or (iii) otherwise freely tradable without the need for registration under any applicable federal or state securities laws; (b) the applicable Exchange Shares would be eligible for immediate resale by the holder; (c) no event of default shall have occurred under that certain secured promissory note issued by the Company to Streeterville on January 19, 2021 in the original principal amount of $6,220,812.50 or that certain secured promissory issued by the Corporation to Streeterville on November 12, 2025 in the original principal amount of $10,810,000; (d) no Event of Default shall have occurred under the Certificate of Designation; (e) the lowest intra-day trading price of the Common Stock is greater than the Minimum Price on the date the Exchange Notice is delivered; and (f) the Common Stock is listed or quoted for trading on a Trading Market as of the applicable Exchange Date; provided, however, that if the Common Stock is trading on OTCQB, OTCQX or OTCID, the product obtained by multiplying (A) the Exchange Price as of the applicable Exchange Date and (B) the number of shares of Series Q Preferred Stock that may be exchanged shall not exceed twenty-five percent (25%) of the median daily dollar trading volume of the Company's Common Stock during the ten (10) Trading Days preceding the Exchange Date. Covenants. Until such time as no shares of Series Q Stock remain outstanding, the Company, and as applicable, its Subsidiaries, will at all times comply with the following covenants: (a) the Company will timely file on the applicable deadline all reports required to be filed with the Securities and Exchange Commission pursuant to Sections 13 or 15(d) of the Securities Exchange Act of 1934, as amended, and will take all reasonable action under its control to ensure that adequate current public information with respect to the Company, as required in accordance with Rule 144 of the Securities Act, is publicly available, and will not terminate its status as an issuer required to file reports under the Exchange Act even if the Exchange Act or the rules and regulations thereunder would permit such termination; (b) the Company will cause the Common Stock to be listed or quoted for trading on any of the Trading Markets until a Fundamental Transaction; (c) Beginning on the Original Issue Date, other than any issuances to Holders and their Affiliates, the Corporation will not issue or sell any Equity Securities which result in net proceeds to the Corporation in excess of an aggregate of $15,000,000 without the Required Holders' prior written consent, which consent may be granted or withheld in the Required Holders' sole and absolute discretion; provided, however, that this consent requirement shall not apply to any sales of Common Stock pursuant to the ATM or Exempt Issuances (both as defined in the Certificate of Designation). For the avoidance of doubt, the sales of Equity Securities are subject to all other conditions and restrictions in this Certificate; (d) the Company will not have the right to repay any outstanding indebtedness owed to any Holder or its Affiliates; (e) the Company will not increase the authorized shares of Common Stock or Preferred Stock without the prior written consent of the Required Holders; (f) the Company shall ensure that, until a Fundamental Transaction, trading in the Common Stock will not be suspended, halted, chilled, frozen, reach zero bid or otherwise cease trading on the Company's principal Trading Market for a period of more than five (5) consecutive Trading Days; (g) the Company will not make any Restricted Issuance (as defined in the Certificate of Designation) without the Required Holders' prior written consent; (h) the Company shall not enter into any agreement or otherwise agree to any covenant, condition, or obligation that locks up, restricts in any way or otherwise prohibits the Company from issuing Equity Securities to any Holder or any Affiliate of such Holder; (i) the Company will not pledge or grant a security interest in any of its assets without the Required Holders' prior written consent; (j) the Company will not, and will not enter into any agreement or commitment to, dispose of any assets or operations (not including any license agreements entered into in the ordinary course of business) that are material to the Company's operations without the Required Holders' prior written consent; (k) except in connection with satisfaction of a Nasdaq deficiency notice, the Company will not, and will not enter into any agreement or commitment to, undertake or complete any reverse split of the Common Stock or any class of Preferred Stock without the Required Holders' prior written consent; (l) the Company will not, and will not enter into any agreement or commitment to, create, authorize, or issue any class of Preferred Stock (including additional issuances of Series Q Preferred Stock, but excluding issuance of Series P Preferred Stock to C/M Capital) without the Required Holders' prior written consent; (m) the Company will not consummate a Fundamental Transaction or enter into an agreement to consummate a Fundamental Transaction without the Required Holders' prior written consent. The covenants set forth in sub-section (c) - (j), (l) and (m) will also apply to all Subsidiaries. "Fundamental Transaction" means: (i) the Company, directly or indirectly, in one or more related transactions effects any merger or consolidation of the Company with or into another Person (as defined in the Certificate of Designation) other than any subsidiary or any Affiliate of the Company, whereby the stockholders of the Company immediately prior to such merger or consolidation do not own, directly or indirectly, at least 50% of the voting power of the surviving entity immediately after such merger or consolidation, (ii) the Company, directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to which holders of Common Stock are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding Common Stock, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged for other securities, cash or property, (v) the Company, directly or indirectly, in one or more related transactions consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off, merger or scheme of arrangement) with another Person or group of Persons whereby such other Person or group acquires more than 50% of the outstanding shares of Common Stock (not including any shares of Common Stock held by the other Person or other Persons making or party to, or associated or affiliated with the other Persons making or party to, such stock or share purchase agreement or other business combination), (vi) the sale or spin-off of any Subsidiaries, and (vii) a Deemed Liquidation Event. For the avoidance of doubt, any license agreement entered into in the ordinary course of business by the Company or any Subsidiary will not be considered a Fundamental Transaction. Covenant Default. The Required Holders may elect to declare an "Event of Default" if any of the following conditions or events shall occur and be continuing: (a) the Company or any Subsidiary fails to fully comply with any covenant, obligation or agreement of the Company or any Subsidiary in the Certificate of Designation, and such failure, if known to the Required Holders and reasonably possible of cure, is not cured within thirty (30) calendar days following notice to cure from the Required Holders; (b) the Company fails to pay any amount due and payable to the Holders pursuant to and as required by the Certificate of Designation, and such failure, if known to the Holders and reasonably possible of cure, is not cured within five (5) Trading Days following notice of notice to cure from the Required Holders; (c) the Company shall (1) apply for or consent to the appointment of, or the taking of possession by, a receiver, custodian, trustee or liquidator; (2) make a general assignment for the benefit of the Company's creditors; or (3) commence a voluntary case under the U.S. Bankruptcy Code as now and hereafter in effect, or any successor statute; or (d) a proceeding or case shall be commenced, without the application or consent of the Company, in any court of competent jurisdiction, seeking (1) liquidation, reorganization or other relief with respect to it or its assets or the composition or readjustment of its debts, or (2) the appointment of a trustee, receiver, custodian, liquidator or the like of any substantial part of its assets, and, in each case, such proceedings or case shall remain uncontested for 30 days or shall continue undismissed, or an order, judgment or decree approving or ordering any of the foregoing shall be entered and continue unstayed and in effect, for a period of 60 days, if in the United States, or 90 days, if outside of the United States; or an order for relief against the Company shall be entered in an involuntary case under any bankruptcy, insolvency, composition, readjustment of debt, liquidation of assets or similar Law of any jurisdiction. If an Event of Default has occurred (i) the Required Holders may, by notice to the Company, force the Company to redeem all of the issued and outstanding shares of Series Q Preferred Stock then held by the Holders for a price equal to (1) the Stated Value of all such shares of Series Q Preferred Stock, with such Stated Value to be paid in such number of shares of Common Stock equal to the quotient obtained by dividing the Stated Value by the greater of (x) the Minimum Price as of the date that a Notice of the Forced Redemption is delivered by the Required Holders to the Corporation and (y) the Floor Price; plus (2) any accrued and unpaid Preferred Return with respect to all such shares of Series Q Preferred Stock, with such Preferred Return to be paid in shares of Common Stock, whereby the number of shares of Common Stock issuable shall equal the quotient obtained by dividing (x) the Redemption Price by (y) the Floor Price; plus (3) any and all other amounts (the "Other Amounts") due and payable to the Holders pursuant to the Certificate of Designation, with such Other Amounts to be paid in such number of shares of Common Stock equal to the quotient obtained by dividing the Other Amounts by the greater of (x) the Minimum Price as of the date that a Notice of the Forced Redemption is delivered by the Required Holders to the Corporation and (y) the Floor Price (with the shares of Common Stock issuable pursuant to aforementioned sub-sections (1), (2) and (3), collectively, the "Forced Redemption Shares"); (ii) the Holders shall have the right to pursue any other remedies that the Required Holders may have under applicable law and/or in equity; and (iii) the Holders shall have the right to seek and receive injunctive relief from a court prohibiting the Company from issuing any of its Common Stock or Preferred Stock to any party unless the all shares of Series Q Preferred Stock owned by the Holders are redeemed in full simultaneously with such issuance. Notwithstanding the foregoing, Holder will not have the right to force the Corporation to redeem any shares of Series Q Preferred Stock and issue any Forced Redemption Shares if: (a) the issuance of such Forced Redemption Shares would cause such Holder, together with its Affiliates, to beneficially own in excess of the Maximum Percentage immediately after giving effect to the issuance of the Forced Redemption Shares; or (b) the total cumulative number of the Exchange Shares to be issued to such Holder would exceed the Exchange Cap unless (i) the Stockholder Approval is obtained to issue more than the Exchange Cap, or (ii) the Common Stock is not listed or quoted for trading on any Trading Market. The Exchange Cap shall be appropriately adjusted for any reorganization, recapitalization, non-cash dividend, stock split, reverse stock split or other similar transaction. For the avoidance of doubt, any Forced Redemption Shares that would cause the Holder to exceed the Maximum Percentage shall be held in abeyance and shall not be issued until such time, if ever, as the Holder's right to receive such shares would not result in a violation of the Maximum Percentage. In the event that any Holder incurs expenses in the enforcement of its rights, including but not limited to reasonable attorneys' fees, then the Company shall immediately reimburse such Holder the reasonable costs thereof. Trading Market. There is no established trading market for any of the Series Q Preferred Stock, and the Company does not expect a market to develop. The Company does not intend to apply for a listing for any of the Series Q Preferred Stock on any securities exchange or other nationally recognized trading system. Without an active trading market, the liquidity of the Series Q Preferred Stock will be limited. Maximum Percentage. In no event may shares of Common Stock be issued to any Holder that would cause such Holder's beneficial ownership to exceed the Maximum Percentage, which is 9.99% of the number of shares of Common Stock outstanding on a given date (including for such purpose the shares of Common Stock issuable upon such issuance). The Common Exchange Shares and the shares of Series Q Preferred Stock were issued in reliance on the exemption from registration provided under Section 3(a)(9) of the Securities Act. Additional Information A full text copy of the Certificate of Designation is available at https://tinyurl.com/4k8jx3hw. The foregoing summary of each of the Uptown Series Q Exchange Agreement, the First Streeterville Series Q Exchange Agreement and the Second Streeterville Series Q Exchange Agreement are avaoalbe at https://tinyurl.com/32ckknmf, https://tinyurl.com/6jfhbhek and https://tinyurl.com/4snyuxfe, respectively. About Jaguar Health Jaguar Health Inc. develops novel proprietary prescription drugs sustainably derived from plants for people with complicated gastrointestinal disease states. Its family companies include Napo Pharmaceuticals Inc., which is developing a highly concentrated lyophilized crofelemer powder for oral solution for intestinal failure, including microvillus inclusion disease and short bowel syndrome with intestinal failure, while Napo Therapeutics S.p.A. is focused on expanding global access to crofelemer and developing therapies for orphan and rare gastrointestinal conditions. In an audit report dated April 7, 2026, RBSM LLP issued a "going concern" qualification, stating that the company has an accumulated deficit, recurring losses, and expects continuing future losses. These conditions raise substantial doubt about the Company's ability to continue as a going concern As of Dec. 31, 2025, the company reported total assets of $38.32 million, total liabilities of $57.01 million, and a total stockholders' deficit of $18.69 million. JAGUAR HEALTH: Swings to $8.7 Million Net Income in Q1 2026 ----------------------------------------------------------- Jaguar Health, Inc. has filed its Quarterly Report on Form 10-Q with the U.S. Securities and Exchange Commission for the quarterly period ended March 31, 2026. Total revenues for the three months ended March 31, 2026 were $20.3 million, compared to $2.2 million in the prior-year period. For the three months ended March 31, 2026 and 2025, the Company had $8.7 million net income and $10.6 million net loss, respectively. At March 31, 2026, the Company had an accumulated deficit of $391.1 million. Liquidity and Capital Resources Sources of Liquidity As of March 31, 2026, the Company had cash of $7.3 million. As of March 31, 2026, the carrying amount of JAGX Holdings' assets included in its consolidated financial statements was restricted cash of $2.8 million. While the Company's historical resources were insufficient to fund its operating plan for one year from the issuance of these financial statements, its liquidity position improved in January 2026. The Company entered into a US licensing agreement that provided $16 million in total upfront fees. While management believes this infusion improves the Company's liquidity, it does not fully alleviate the conditions that raise substantial doubt about the Company's ability to continue as a going concern for one year from the issuance of these financial statements. The Company has funded its operations primarily through grant of exclusive rights and entering into license agreements, in addition to selling its commercial products. Cash used in financing activities for the three months ended March 31, 2026 consisted of $6.4 million in principal payments of the notes payable, and $180,000 repayment of insurance financing. The Company expects its expenditures will continue to increase as it continues its efforts to develop its products and continue the development of its pipeline in the near term. The Company may seek additional capital due to favorable market conditions or strategic considerations even if it believes it has sufficient funds for its current or future operating plans. The Company may also not be successful in entering into partnerships that include payment of upfront licensing fees for its products and product candidates for markets outside the United States, where appropriate. If the Company does not generate upfront fees from any anticipated arrangements, it would have a negative effect on its operating plan. The Company still plans to finance its operations and capital funding needs through equity and debt financing as well as revenue from future product sales. However, there can be no assurance that additional funding will be available to the Company on acceptable terms on a timely basis, if at all, or that the Company will generate sufficient cash from operations to fund operating needs or ultimately achieve profitability adequately. If the Company is unable to obtain an adequate level of financing needed for the long-term development and commercialization of its products, it will need to curtail planned activities and reduce costs. Doing so will likely have an adverse effect on the Company's ability to execute on its business plan. Liquidity Management As of March 31, 2026, the Company is actively monitoring trends in its capital resources, recognizing favorable and unfavorable developments that may materially impact its financial position. The Company has experienced a substantial increase in debt levels due to recent financing activities intended to support operational growth. The Company expects changes in the mix of capital resources, particularly concerning the relative costs of debt versus equity financing. Current market conditions indicate a trend of rising interest rates, which may increase the cost of future debt issuances. Furthermore, the Company recognizes challenges related to liquidity. It has incurred recurring operating losses and negative cash flows, which raises uncertainties about its future liquidity. The ability to meet current obligations relies on successful ongoing development efforts and securing additional financing. While the Company plans to finance its operations through equity and/or debt financing, collaboration arrangements, and revenue from future product sales, it currently believes that existing cash balances may not be sufficient to fund its operating plan in the next years. There can be no assurance that additional funding will be available on acceptable terms. To address these liquidity concerns, the Company is committed to pursuing all available avenues for financing and will continuously assess its capital structure and operational needs to ensure financial stability. Comparison of Operating Income and Cash Flow For the three months ended March 31, 2026, the Company reported an operating income of $8.7 million, up $19.3 million, or 182% increase, compared to the prior period. This increase was primarily driven by the license agreement entered by the Company with Woodward on January 12, 2026. The variance underscores the Company's strategic focus on managing liquidity while supporting growth and maintaining operational stability. Analysis of Cost of Capital Resources Changes in market conditions may impact the Company's cost of capital resources. Rising interest rates could increase the Company's cost of debt, while seeking equity financing may lead to higher required returns on equity due to potential dilution. The Company will actively monitor these factors as part of its financial strategy. Cash Flows for the Three Months Ended March 31, 2026 Compared to the Three Months Ended March 31, 2025 Cash Used in Operating Activities During the three months ended March 31, 2026, net cash provided by operating activities of $8.8 million resulted from the Company's net comprehensive income of $8.3 million, adjusted by loss on extinguishment of debt of $628,000, depreciation and amortization expenses of $473,000, interest accrual of $257,000, stock-based compensation of $155,000, reversal of amortization of operating lease right-of-use asset of $47,000, change in fair value of financial instrument and hybrid instrument designated at FVO of $337,000, equity in a net loss in the joint venture of $9,000 and changes in operating assets and liabilities of negative $1.3 million. Net cash provided by operating activities increased by $16.1 million compared to the prior year, primarily due to the license agreement entered by the Company with Woodward on January 12, 2026. During the three months ended March 31, 2025, net cash used in operating activities of $7.3 million resulted from the Company's net comprehensive loss of $10.9 million, adjusted by the change in fair value of financial instrument and hybrid instrument designated at FVO of $1.3 million, depreciation and amortization expenses of $479,000, stock-based compensation of $301,000, amortization of operating lease right-of-use asset of $67,000, equity in a net loss in the joint venture of $33,000 and changes in operating assets and liabilities of $1.3 million. Cash Used in Investing Activities No cash was also used in investing activities during the three months ended March 31, 2026. This reflects management's commitment to maintaining liquidity, as there were no cash outflows from investing activities during the quarter. No cash was also used in investing activities during the three months ended March 31, 2025. Cash Provided by Financing Activities During the three months ended March 31, 2026, net cash used in financing activities of $6.6 million consisted of $6.4 million in principal payments of the notes payable, and $180,000 repayment of insurance financing. Net cash provided by financing activities decreased by $11.6 million in 2025, primarily due to a decline in proceeds from the ATM offering, which totaled $1.8 million in the prior period compared to $0 in the current period. Additionally, the Company did not issue new notes as compared to $3.4 million in net proceeds from issuance of Convertible Notes. The Company also made higher principal payments of notes payable and insurance financing, which totaled $6.6 million in the current period compared to $238,000 in the prior period. This overall trend highlights the Company's continuous settlements of financial obligations to creditors. During the three months ended March 31, 2025, net cash provided by financing activities of $5 million consisted of $3.4 million in net proceeds from Convertible Notes, $1.8 million in net proceeds from shares issued in an At the Market offering, offset by $188,000 repayment of insurance financing, and $50,000 in principal payments of the notes payable. A full text copy of the Company's Form 10-Q is available at https://tinyurl.com/23p8jjs9. About Jaguar Health Jaguar Health Inc. develops novel proprietary prescription drugs sustainably derived from plants for people with complicated gastrointestinal disease states. Its family companies include Napo Pharmaceuticals Inc., which is developing a highly concentrated lyophilized crofelemer powder for oral solution for intestinal failure, including microvillus inclusion disease and short bowel syndrome with intestinal failure, while Napo Therapeutics S.p.A. is focused on expanding global access to crofelemer and developing therapies for orphan and rare gastrointestinal conditions. As of March 31, 2026, the Company had $37.4 million in total assets, $53.2 million in total liabilities, and $25.8 million in total stockholders' deficit. In an audit report dated April 7, 2026, RBSM LLP issued a "going concern" qualification, stating that the company has an accumulated deficit, recurring losses, and expects continuing future losses. These conditions raise substantial doubt about the Company's ability to continue as a going concern JASNIA REALTY: Court Extends Cash Collateral Access to June 25 -------------------------------------------------------------- Jasnia Realty, LLC received another extension from the U.S. Bankruptcy Court for the District of Massachusetts to use cash collateral. The court entered an order granting the Debtor interim approval to use cash collateral through the hearing on June 25 to pay management fees, repairs, taxes, insurance, utilities, and trash. The Debtor's cash collateral consists of rental income from its Western Massachusetts properties, subject to mortgages held by secured creditors Freedom Credit Union and Louis Cardaropoli. To protect secured creditors, the court granted them replacement liens, with the same validity, extent and enforceability as their pre-petition liens. The court ordered the Debtor to file on or before June 22 a projected budget for June, July and August; and a reconciled budget showing actual and projected income and expenses for the period ending May 30 as well as beginning and ending balances on its bank accounts for such period. The order is available at https://shorturl.at/FBlmt from PacerMonitor.com. Jasnia owns two residential rental properties in Feeding Hills, Massachusetts: 438 Springfield Street (16 units) and 873 Springfield Street (28 units). Both properties are encumbered by first mortgages held by Freedom Credit Union in the approximate amount of $1 million each, and second mortgages held by Louis Cardaropoli, Trustee, in the approximate amount of $1.2 million, representing the same junior obligation secured by both properties. The rental income from the properties constitutes cash collateral, which the Debtor intends to use to pay its operating expenses, including repairs, maintenance, insurance, real estate taxes, payroll, and related costs essential to preserving the estate. As of the petition date, the Debtor's bank balance was $8,057. About Jasnia Realty LLC Jasnia Realty, LLC operates as a limited liability company focused on real estate investment and asset management. Jasnia Realty sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-30102) on February 16, 2026. The filing reflects estimated assets between $1 million and $10 million and estimated liabilities between $1 million and $10 million. The case is assigned to Honorable Bankruptcy Judge Elizabeth D. Katz. The Debtor is represented by Louis S. Robin, Esq., of Law Offices of Louis S. Robin. JFY PROPERTIES: Case Summary & Three Unsecured Creditors -------------------------------------------------------- Lead Debtor: JFY Properties LLC 5501 Pulaski Highway Baltimore, MD 21205 Business Description: JFY Properties II LLC does business as The National and operates a multifamily apartment community in Baltimore, Maryland. The property, marketed as 3610 Dillon Street, offers one- and two-bedroom apartment rentals with resident amenities and online application and resident portal access. Chapter 11 Petition Date: May 26, 2026 Court: United States Bankruptcy Court District of Maryland Two affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- JFY Properties LLC 26-15569 JFY Properties II LLC 26-15570 Debtors' Counsel: Justin P. Fasano, Esq. MCNAMEE HOSEA, P.A. 6404 Ivy Lane, Suite 820 Greenbelt, MD 20770 Tel: 301-441-2420 Fax: 301-982-9450 Email: jfasano@mhlawyers.com JFY Properties LLC'S Estimated Assets: $1 million to $10 million JFY Properties LLC's Estimated Liabilities: $10 million to $50 million JFY Properties II's Total Assets: $16,597,550 JFY Properties II's Total Liabilities: $12,074,293 The petitions were signed by David Penner as manager. Full-text copies of the petitions are available for free on PacerMonitor at: https://www.pacermonitor.com/view/MDMWZHQ/JFY_Properties_LLC__mdbke-26-15569__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/MKK7R2A/JFY_Properties_II_LLC__mdbke-26-15570__0001.0.pdf?mcid=tGE4TAMA List of JFY Properties II LLC's Three Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Shapiro Sher Guinot Legal $9,626 & Sandler, P.A. 250 West Pratt Street, Suite 2000 Baltimore, MD 21201 2. Otis Elevator Elevator $350 840 Franklin Ct Suite 200 Marietta, GA 30067 3. JPMorgan Chase Bank NA Credit Card $327 270 Park Avenue New York, NY 10017 K&M BROADCASTING: Gets Interim OK to Use Cash Collateral -------------------------------------------------------- K&M Broadcasting, Inc. got the green light from the U.S. Bankruptcy Court for the District of Minnesota to use cash collateral. The court entered an order authorizing the Debtor's interim use of cash collateral to pay expenses incurred before the June 9 final hearing. The court previously granted the Debtor interim access to cash collateral to pay approximately $11,000 in ordinary employee wages and related payroll withholdings due on May 15. The initial order entered on May 14 also authorized the Debtor to use funds transferred from D&Z Media to pay D&Z Media staff. Based on the Debtor's UCC search, CHTD Company holds a secured claim under a January 2022 UCC filing although the outstanding balance is unknown while Vermillion State Bank holds a secured claim of approximately $675,000 under a December 2023 UCC filing. meanwhile, the Debtor believes obligations to Can Capital and ODK Capital (OnDeck), both secured by 2022 UCC filings, have been paid in full and is seeking termination statements. Meanwhile, As protection for any diminution in collateral value, secured creditors will be granted replacement liens on post-petition assets with the same type, priority, and effect as their pre-petition liens. These replacement liens do not apply to Chapter 5 claims. The order is available at http://bankrupt.com/misc/KandM_ICCOrder.pdf K&M estimates it held approximately $4,000 in liquid cash collateral on the petition date, with anticipated cash balances increasing to approximately $6,000 by the final hearing and approximately $15,000 by July 31, depending on timing of receivable collections and operating expenses. Revenue is primarily generated through advertising receivables and a shopping show business model. About K&M Broadcasting Inc. K&M Broadcasting Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Minn. Case No. 26-31547) on May 11, 2026, with up to $50,000 in assets and $500,001 to $1 million in liabilities. Steven Nosek serves as Subchapter V trustee for the Debtor. Judge Mychal A. Bruggeman oversees the case. Mary Sieling, Esq., at Sieling Law, PLLC, represents the Debtor as legal counsel. KID CITY USA: Gets Interim OK to Use Cash Collateral ---------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division, entered an fourth interim order granting Kid City USA Enterprises, Inc. authority to use cash collateral in its Chapter 11 case. Under the fourth interim order, the debtor may use cash collateral to pay court-authorized expenses, including U.S. Trustee quarterly fees, and to fund ordinary-course operating expenses under an approved budget. Spending is permitted within budget line items plus up to a 10% variance, with additional expenditures requiring written approval from secured lenders. The debtor must also file an amended budget before the next hearing. As part of adequate protection, the debtor must continue monthly pre-confirmation payments to lenders. Payments of $2,477 per month are due to the U.S. Small Business Administration beginning on the second day of each month, while $4,700 per month is payable to Simmons Bank on the fifteenth day of each month. In addition, the secured creditors will be granted replacement liens on post-petition cash collateral, with the same validity, priority, and extent as their pre-bankruptcy liens, deemed perfected without further filings. The Debtor must also maintain required insurance coverage and provide access to records and premises for inspection. The Court preserved all parties' rights regarding future adequate protection disputes and lien challenges, including rights of any creditors' committee that may later be appointed. A continued hearing on the motion is scheduled for July 16. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/CQ59a from PacerMonitor.com. About Kid City USA Enterprises Inc. Kid City USA Enterprises, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-00004) on January 2, 2026, listing between $1 million and $10 million in both assets and liabilities. Audrey Bruner, president of Kid City USA Enterprises, signed the petition. Judge Jason A. Burgess oversees the case. The Debtor is represented by: Byron Wright, III, Esq. Bruner Wright, P.A. Tel: 850-385-0342 Email: twright@brunerwright.com KOMAX LLC: Court OKs Bid Rules for Office Equipment Biz Sale ------------------------------------------------------------ The U.S. Bankruptcy Court for the Southern District of West Virginia, Charleston, has permitted Komax LLC to sell substantially all Assets, free and clear of liens, claims, interests, and encumbrances. Komax, which was founded in 1999, offers a comprehensive portfolio of office equipment and solutions to its customers, which includes the sale, lease and servicing of copiers, printers, scanners and mailing systems, among other products, in addition to a suite of telephone, document management, cloud storage, and related systems. The Debtor serves the geographic regions of Southern West Virginia, Eastern Kentucky, Southern Ohio and Western Virginia, backed by its long-tenured staff of sales representatives, support personnel and technicians. The Debtor has demonstrated good and sufficient reasons for, and the best interests of its estate, creditors and other parties in interest. The Stalking Horse Asset Purchase Agreement was negotiated by the Debtor and the Stalking Horse in good faith and arms-length. The Debtor has demonstrated good and sufficient reasons for, and the best interests of its estate will be served by, the Court scheduling a Sale Hearing to consider grating the other relief requested in the Motion. The Bidding Procedures are fair, reasonable, and appropriate and are designed to maximize the recovery from the Sale of the Sale Assets. The Bidding Procedures relief is granted. The Bidding Procedures are approved and shall govern all bids and bid proceedings relating to the Sale of the Sale Assets. The Debtor may proceed with the Sale in accordance with the Bidding Procedures and is authorized to take any and all actions necessary or appropriate to implement the Bidding Procedures. The Break-Up Fee and Expense Reimbursement are approved and the Debtor is required to pay the Break-up Fee and Expense Reimbursement at closing if the Stalking Horse is not the Successful Bidder. The Debtor is authorized to conduct an Auction with respect to the Sale Assets if it receives one or more Qualified Bids for the Sale Assets in addition to the Stalking Horse APA. About Komax LLC Komax, LLC is an office equipment sales, leasing, and servicing business. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Va. Case No. 2:26-bk-20106) on May 4, 2026. In the petition signed by Robert B. Maxwell, Jr., sole member and manager, the Debtor disclosed up to $10 million in both assets and liabilities. Brandy M. Rapp, Esq., at Whiteford, Taylor & Preston LLP, represents the Debtor as legal counsel. KONATEL INC: 1st Quarter Net Loss Narrows to $283K -------------------------------------------------- KonaTel, Inc., reported a first-quarter net loss of $282,590 for the three months ended March 31, 2026, narrowing from a loss of $917,528 a year earlier, according to a Form 10-Q filing with the Securities and Exchange Commission. The Plano, Texas, company reported revenue of $1.91 million, compared with $2.17 million a year earlier. Gross profit rose to $805,604 from $651,893, while operating expenses fell to $1.09 million from $1.58 million. The company reported an operating loss of $281,215, compared with an operating loss of $929,645 a year earlier. Interest expense was $4,166, compared with $576 in the prior-year period. As of March 31, KonaTel reported cash and cash equivalents of $665,068, total assets of $2.29 million, total liabilities of $2.09 million and total stockholders' equity of $196,220. Current liabilities were $1.92 million, compared with current assets of $1.13 million as of March 31, 2026. KonaTel used $39,650 in operating activities during the quarter, compared with $269,037 provided by operating activities a year earlier. A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/Archives/edgar/data/845819/000149315226024626/form10-q.htm About KonaTel, Inc. KonaTel, Inc., based in Plano, Texas, provides hosted communications and mobile services through subsidiaries including Apeiron Systems and IM Telecom. The company's services include hosted CPaaS, SIP/VoIP, SMS/MMS, POTS replacement, cloud communications features, public and private IP network services, and mobile voice, text, data, and IoT services. KonaTel also provides wholesale voice termination, ETC Lifeline services, and ACP subsidized services for low-income Americans. Its Apeiron Systems products and services are available worldwide, except for certain ETC Lifeline and ACP services distributed in specified U.S. markets. In an audit report dated April 16, 2026, Haynie & Company, CPAs included substantial doubt language, stating that KonaTel had suffered recurring losses from operations and had an accumulated deficit of $10.08 million, and that losses together with uncertainty around the success of management's future plans raised substantial doubt about the company's ability to continue as a going concern. LAFAYETTE PHYSICAL: Gets Interim OK to Use Cash Collateral ---------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of California, Oakland Division, entered an interim order authorizing Lafayette Physical Therapy, Inc.'s use of cash collateral. Under the interim order, the Debtor is authorized to use cash collateral pursuant to its monthly budget, with a permitted variance of up to 10% per month. Any unused portions of approved spending may roll over to increase the next month's budget without including the said variance. The secured creditors that assert an interest in the cash collateral are BMO Bank, N.A.; De Lange Landen Financial Services, Inc.; U.S. Bank Equipment Finance, a division of U.S. Bank, N.A.; Bankers Healthcare Group, LLC; and National Funding, Inc. As protection for any diminution in the value of their collateral, secured creditors will be granted replacement liens on the Debtor's post-petition property, with the same validity, priority and extent as their pre-petition liens. The replacement liens do not apply to Chapter 5 causes of action and are subordinate to claims for compensation and reimbursement of expenses of any trustee who may be appointed in the Debtor's bankruptcy case and of professionals employed by the estate. The court scheduled a final hearing for June 11, with any objections due by June 4. The order is available at http://bankrupt.com/misc/LafayettePhysical_ICCOrder.pdf About Lafayette Physical Therapy Inc. Lafayette Physical Therapy, Inc., which operates Lafayette Physical Therapy & Diagnostics in Lafayette, Calif., and Bay Area Physical Therapy & Diagnostics in Pleasant Hill, Calif., provides physical therapy, therapeutic massage, wellness services, and diagnostic testing, including musculoskeletal ultrasound, nerve conduction studies, and electromyography. The company has operated in the Lamorinda area for more than 50 years. Bay Area Physical Therapy joined Lafayette Physical Therapy in January 2016. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Calif. Case No. 26-40819) on April 20, 2026, with $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Lauren Danielle Masi, chief executive officer, signed the petition. Judge Hannah L. Blumenstiel presides over the case. Matthew D. Metzger, Esq., at Belvedere Legal, P.C. represents the Debtor as legal counsel. Christopher Hayes serves as Subchapter V trustee for the Debtor. LANDMARK RECOVERY: No Patient Care Concern 4th PCO Report Says -------------------------------------------------------------- Suzanne Koenig, the patient care ombudsman, filed with the U.S. Bankruptcy Court for the Middle District of Tennessee her fourth report regarding the quality of patient care provided by Landmark Recovery of Colorado, LLC and affiliates. The report covers the period from March 18 to May 18. On March 31, PCO representatives conducted an unannounced visit to Spring Grove Recovery Center. The medication room was organized with no expired items, narcotics were reconciled each shift per policy, and the laundry room was clean, with patient clothes tracked via dry-erase markers. The PCO representatives also conducted an unannounced visit to Sheridan Grove Recovery of Colorado Springs on April 1. The medication room was observed to be clean and orderly. A code cart was readily available for emergency response, daily checks were completed, and there were no missing entries on the log sheet. The medication refrigerator temperatures were within the prescribed range according to the daily monitoring record. The PCO representatives made an unannounced visit to Hickory Grove Recovery Center on April 8. The medication room was observed to be clean, organized, and well maintained. The medication refrigerator was maintaining temperatures within the prescribed range according to the daily monitoring log. A controlled substance count was performed and reconciled accurately with the corresponding controlled substance record. Ms. Koenig reported no significant concerns during the period. The next report will be filed within 60 days, with the court notified promptly if any critical issues arise sooner. A copy of the fourth ombudsman report is available for free at https://urlcurt.com/u?l=rSkDMJ from PacerMonitor.com. About Landmark Recovery of Colorado Landmark Recovery of Colorado LLC, formerly Landmark Recovery of Colorado Springs and doing business as Praxis of Colorado Springs by Landmark Recovery and Sheridan Grove Recovery, operates addiction treatment centers across multiple U.S. states, providing medical detox, residential, and outpatient rehabilitation services for substance use disorders. Its facilities, some branded under "Praxis by Landmark Recovery," offer individualized treatment plans incorporating therapy, medication-assisted treatment, and clinical support. Landmark Recovery's operations span locations in Arkansas, Colorado, Indiana, Kentucky, and Ohio, serving patients through evidence-based addiction care programs. Landmark Recovery of Colorado and Landmark Recovery of Arkansas sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Tenn. Lead Case No. 25-03452) on August 20, 2025. In its petition, Landmark Recovery of Colorado reported total assets of $7,375,347 and total liabilities of $1,841,854 while Landmark Recovery of Arkansas reported between $1 million and $10 million in assets and up to $50,000 in liabilities. Honorable Bankruptcy Judge Randal S. Mashburn handles the case. The Debtors are represented by Michael G. Abelow, Esq., at Sherrard Roe Voigt & Harbison, PLC. Suzanne A. Koenig is the patient care ombudsman appointed in the Debtors' cases. LOMAS VERDES: Carlos Garcia Miranda Named Subchapter V Trustee -------------------------------------------------------------- The U.S. Trustee for Region 21 appointed Carlos Garcia Miranda as Subchapter V trustee for Lomas Verdes Family Dental CSP. Mr. Garcia Miranda will be paid an hourly fee of $150 for his services as Subchapter V trustee and will be reimbursed for work related expenses incurred. Mr. Garcia Miranda declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. About Lomas Verdes Family Dental CSP Lomas Verdes Family Dental CSP sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. P.R. Case No. 26-02240) on May 17, 2026, with $50,001 to $100,000 in assets and $100,001 to $500,000 in liabilities. Maria Soledad Lozada Figueroa, Esq., at Lozada Law & Associates represents the Debtor as bankruptcy counsel. LOW COST TREE: Gets Extension to Access Cash Collateral ------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Pennsylvania issued a fourth interim order authorizing Low Cost Tree Service & Systems, LLC's continued access to cash collateral. Under the fourth interim order, the Debtor is authorized to use cash collateral strictly for ordinary business expenses and to operate within the limits of an approved budget, subject to a 10% variance. As adequate protection, the Debtor must make monthly interest-only payments to Mid Penn Bank and grant the secured creditor replacement liens on post-petition assets, maintaining the same priority as its pre-petition liens (excluding Chapter 5 claims). The order also requires proper handling of customer deposits, which must be kept in a separate account until earned. A final hearing is scheduled for Sept. 15 to determine continued use of cash collateral. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/iydmn from PacerMonitor.com. Mid Penn Bank, as secured creditor, is represented by: Robert W. Pontz, Esq. Barry A. Solodky, Esq. Louis G. Fiorilla, Esq. Saxton & Stump, LLC 280 Granite Run Drive, Suite 300 Lancaster, PA 17601 Telephone: (717) 556-1000 Telecopier: (717) 441-3810 bpontz@saxtonstump.com bso@saxtonstump.com lgf@saxtonstump.com About Low Cost Tree Service & Systems Low Cost Tree Service & Systems, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-15263) on December 30, 2025, with $500,001 to $1 million in both assets and liabilities. Holly Miller, Esq., at Gellert Scali Busenkell & Brown, LLC serves as Subchapter V trustee for the Debtor. Judge Patricia M. Mayer presides over the case. The Debtor tapped James K. Jones, Esq., at Cga Law Firm as bankruptcy counsel and Deanna Rosario of Gift CPAs as accountant. The Debtor filed a Chapter 11 plan of reorganization under Subchapter V on April 7, 2026. LURIN REAL ESTATE: Affiliate Gets Extension to Use Cash Collateral ------------------------------------------------------------------ Lurin Real Estate Holdings LXIV, LLC, an affiliate of Lurin Real Estate Holdings XXI, LLC, received second interim approval from the U.S. Bankruptcy Court for the Southern District of Texas to use cash collateral. Under the interim order, the Debtor is authorized to use cash collateral and other pre-petition collateral through June 5 solely for working capital and ordinary-course expenses relating to its property -- a multi-family apartment complex located in St. Petersburg, Fla. All property revenues and rents must be deposited into segregated debtor-in-possession accounts and used only according to the approved budget. The court approved the Debtor's three-week interim budget, which governs projected receipts and expenditures and limits spending to no more than 110% of each budget line item. The Debtor may propose revised budgets subject to a four-day objection period for the secured lender, BDS V Mortgage Capital G, LLC. As adequate protection, the secured lender will receive replacement liens on the Debtor's collateral to the extent the use of cash collateral diminishes the value of the lender's interests. The Debtor is required to provide weekly financial reporting comparing actual performance against projections and to cooperate with an appraisal process requested by the lender. The lender's rights remain protected through carve-outs for statutory court and U.S. Trustee fees, while all parties reserve broader rights and objections for later proceedings. The order is available at https://shorturl.at/auXqG from PacerMonitor.com. About Lurin Real Estate Holdings XXI LLC Lurin Real Estate Holdings XXI, LLC is a real estate investment and development company focused on commercial and residential property holdings across multiple U.S. markets. Lurin Real Estate Holdings XXI sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-90344) on March 2, 2026. In its petition, the Debtor reports estimated assets and estimated liabilities each in the range of $50 million to $100 million. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. The Debtor is represented by Joshua W. Wolfshohl, Esq., at Porter Hedges, LLP. M&B SERVICES: Seeks to Extend Plan Exclusivity to Oct. 31 --------------------------------------------------------- M&B Services, Inc., asks the U.S. Bankruptcy Court for the Central District of California to extend its exclusivity periods to file a plan of reorganization and disclosure statement to Oct. 31, 2026. The Debtor explains that in order to file a plan and disclosure statement, enough time needs to pass to allow Debtor to (1) evaluate the legitimacy of the claims that have been and/or will be filed against it; (2) resolve any objections to any of the filed claims; (3) assess its profitability and provide projections to support feasibility of any proposed plan. The Debtor claims that due to the issues, the Debtor will be unable to file a plan and disclosure statement before the expiration of the exclusivity period, June 8, 2026. The Debtor expects to timely file a plan and disclosure statement, but seeks to extend the exclusivity period to Oct. 31, to allow the Debtor time to propose the plan and attempt to have it confirmed. Therefore, the Debtor requests that the Court extend the exclusivity period from June 8 to Oct. 31. In the event the Debtor is unable to file a plan and disclosure statement by this date or have a confirmed plan by that date, the Debtor may seek an extension of the exclusivity period. Given the circumstances of the Debtor's bankruptcy case, cause exists to extend the exclusivity period. M&B Services Inc. is represented by: David R. Haberbush, Esq. Vanessa M. Haberbush, Esq. Lane K. Bogard, Esq. Haberbush, LLP 444 West Ocean Boulevard, Suite 1400 Long Beach, CA 90802 Telephone: (562) 435-3456 Facsimile: (562) 435-6335 Email: vhaberbush@lbinsolvency.com About M&B Services Inc. M&B Services, Inc., is a Southern California plumbing company in Oxnard, California. M&B Services sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 26-10164)) on Feb. 6, 2026, listing up to $500,000 in assets and up to $10 million in liabilities. Martin Alvarez, company owner, signed the petition. Judge Ronald A. Clifford, III oversees the case. Vanessa M. Haberbush, at Haberbush, LLP, is serving as the Debtor's legal counsel. MALLINCKRODT PLC: Stock Trade Co. Seeks Exit from Clawback Suit --------------------------------------------------------------- Rick Archer of Law360 Bankruptcy Authority reports that a high-frequency stock trading firm is seeking dismissal from Mallinckrodt PLC's ongoing clawback litigation in Delaware bankruptcy court, where the drugmaker is attempting to recover about $1.6 billion spent on stock buybacks before entering Chapter 11. The firm contends the claims against it are legally insufficient. Mallinckrodt, which produces specialty pharmaceutical and generic drug products, launched the recovery action as part of broader efforts to maximize value for creditors following its bankruptcy restructuring. The company alleges that certain stock repurchase transactions improperly reduced assets available to stakeholders, the report states. In court filings, the trading company argued it participated only in ordinary market trading activity and was not directly involved in negotiating or structuring the challenged repurchases. The firm asked the judge to dismiss the claims, pointing to prior decisions that removed similarly situated defendants from the suit. About Mallinckrodt plc Mallinckrodt (OTCMKTS: MNKTQ) -- http://www.mallinckrodt.com/-- is a global business consisting of multiple wholly-owned subsidiaries that develop, manufacture, market and distribute specialty pharmaceutical products and therapies. The Company's Specialty Brands reportable segment's areas of focus include autoimmune and rare diseases in specialty areas like neurology, rheumatology, nephrology, pulmonology and ophthalmology; immunotherapy and neonatal respiratory critical care therapies; analgesics; and gastrointestinal products. Its Specialty Generics reportable segment includes specialty generic drugs and active pharmaceutical ingredients. On Oct. 12, 2020, Mallinckrodt plc and certain of its affiliates sought Chapter 11 protection in Delaware (Bankr. D. Del. Lead Case No. 20-12522) to seek approval of a restructuring that would reduce total debt by $1.3 billion and resolve opioid-related claims against them. Mallinckrodt in mid-June 2022 successfully completed its reorganization process, emerged from Chapter 11 and completed the Irish Examinership proceedings. Mallinckrodt Plc said in a regulatory filing in early June 2023 that it was considering a second bankruptcy filing and other options after its lenders raised concerns over an upcoming $200 million payment related to opioid-related litigation. Mallinckrodt plc and certain of its affiliates again sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 23-11258) on Aug. 28, 2023. Mallinckrodt disclosed $5,106,900,000 in assets and $3,512,000,000 in liabilities as of June 30, 2023. Judge John T. Dorsey oversees the new cases. In the prior Chapter 11 cases, the Debtors tapped Latham & Watkins, LLP and Richards, Layton & Finger, P.A. as their bankruptcy counsel; Arthur Cox and Wachtell, Lipton, Rosen & Katz as corporate and finance counsel; Ropes & Gray, LLP as litigation counsel; Torys, LLP as CCAA counsel; Guggenheim Securities, LLC as investment banker; and AlixPartners, LLP, as restructuring advisor. In the new Chapter 11 cases, the Debtors tapped Latham & Watkins, LLP and Richards, Layton & Finger, P.A., as their bankruptcy counsel; Arthur Cox and Wachtell, Lipton, Rosen & Katz as corporate and finance counsel; Guggenheim Securities, LLC as investment banker; and AlixPartners, LLP, as restructuring advisor. Kroll is the claims agent. MALO ES NA: Diana Torres-Cancel Named Subchapter V Trustee ---------------------------------------------------------- The U.S. Trustee for Region 21 appointed Diana Torres-Cancel as Subchapter V trustee for Malo Es Na Corp. Ms. Torres-Cancel will be paid an hourly fee of $150 for her services as Subchapter V trustee and will be reimbursed for work related expenses incurred. A retainer of $2,000 is requested. Ms. Torres-Cancel declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. About Malo Es Na Corp. Malo Es Na Corp. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D.P.R. Case No. 26-02237) on May 16, 2026, with up to $50,000 in assets and $100,001 to $500,000 in liabilities. Antoan Figueroa, Esq., represents the Debtor as legal counsel. MARAGAL MEDICAL: Gets Court OK to Employ Rimon P.C. as Counsel -------------------------------------------------------------- Joseph J. Tomaino, the patient care ombudsman of Maragal Medical, P.C., received approval from the U.S. Bankruptcy Court for the District of Massachusetts received to retain Rimon P.C. to serve as counsel. The firm will provide these services: (a) advising and representing the Ombudsman in any proceeding or hearing in the Bankruptcy Court, and in any action in other courts where the rights of the patients may be litigated or affected as a result of the Chapter 11 Case; (b) advising and representing the Ombudsman concerning the requirements of the Bankruptcy Code and Bankruptcy Rules and the requirements of the Office of the United States Trustee relating to the discharge of his duties under section 333 of the Bankruptcy Code; (c) advising and representing the Ombudsman in connection with gaining access to patient records in accordance with section 333 of the Bankruptcy Code and other relevant law to the extent applicable; (d) advising and representing the Ombudsman concerning the effect on patients of the closing of the Debtor's programs or facility; and (e) performing such other legal services as may be required under the circumstances of this Chapter 11 Case, including assisting with reports to the Court, fee applications, and other matters. Rimon P.C. will be compensated on an hourly basis, with attorney rates ranging from $400 to $850 and paralegal rates of $300, plus reimbursement of actual and necessary expenses. Rimon P.C. is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code and represents that it does not hold or represent any interest adverse to the Debtor or its estate. The firm can be reached at: Ronald J. Friedman, Esq. RIMON P.C. 100 Jericho Quadrangle, Suite 300 Jericho, NY 11753 Telephone: (516) 479-6300 About Maragal Medical P.C. Maragal Medical, P.C. is a healthcare provider operating under Massachusetts law. Maragal Medical, P.C. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-40150) on February 13, 2026. In its petition, the Debtor reports estimated assets of $100,001-$1,000,000 and estimated liabilities of $1 million to $10 million. Honorable Chief Bankruptcy Judge Elizabeth D. Katz handles the case. The Debtor is represented by Andrew G. Lizotte, Esq., of Murphy & King, P.C. Joseph J. Tomaino is the patient care ombudsman appointed in the Debtor's case. MATTHEW W. CERNIGLIA: Gets Final OK to Use Cash Collateral ---------------------------------------------------------- Matthew W. Cerniglia, DPM, PA received final approval from the U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, to use cash collateral. Under the final order, the Debtor is authorized to use cash collateral in accordance with an approved operating budget. The Debtor may exceed the budget by up to 10%. Lenders Simmons Bank and the U.S. Small Business Administration claim an interest in the cash collateral based on a filed UCC-1 financing statement. The Debtor owes $274,984 and $127,807 to Simmons Bank and the SBA, respectively. As adequate protection, the lenders will be granted replacement liens on substantially all of the Debtor's equipment, inventory, accounts, and related collateral, maintaining the same validity and priority as their pre-petition liens. The replacement liens do not apply to avoidance actions and are subordinate to the fee carveout. As additional protection, Simmons Bank will receive monthly payments of $1,000. The Debtor's authority to use cash collateral terminates upon conversion or dismissal of the Chapter 11 case, removal as debtor-in-possession, or failure to comply with the order. Upon default, Simmons Bank may immediately revoke consent to cash collateral use and seek expedited stay relief. The final order preserves all parties' rights to later challenge lien validity or priority. The order is available at http://bankrupt.com/misc/MatthewWCerniglia_FCCOrder.pdf About Matthew W. Cerniglia, DPM, PA Matthew W. Cerniglia, DPM, PA, doing business as Ankle and Foot Institute of Texas, is a Fort Worth, Texas-based physician-led podiatric practice that provides diagnostic, therapeutic, and surgical care for foot and ankle conditions. The practice offers routine services, including diabetic foot care and treatment of conditions such as plantar fasciitis and bunions, alongside reconstructive surgery, joint procedures, and wound management. Operating from a single outpatient location, it serves patients across the Fort Worth metropolitan area, including those referred for complex or chronic conditions. Matthew W. Cerniglia, DPM filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Texas Case No. 26-41730) on April 20, 2026, with $163,804 in assets and $1,065,952 in liabilities. Frances Smith, Esq., at Ross, Smith & Binford, PC, serves as Subchapter V trustee. Judge Mark X. Mullin presides over the case. Robert T. DeMarco, Esq., at DeMarco Mitchell, PLLC represents the Debtor as legal counsel. MCKINNEY SOLUTIONS: Initiates Chapter 7 Bankruptcy in Texas ----------------------------------------------------------- On May 22, 2026, McKinney Solutions Group, LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Western 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 July 10, 2026 at 09:30 AM at Zoom - Heimer: Meeting ID 2712506827, Passcode 1208385126, OR call 915-245-4499. About McKinney Solutions Group, LLC McKinney Solutions Group, LLC is a Texas-based limited liability company. McKinney Solutions Group, LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-51361) on May 22, 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 Aubrey L. Thomas handles the case. The Debtor is represented by Heidi McLeod, Esq. MED-RIDE INC: Gets Interim OK to Use Cash Collateral ---------------------------------------------------- The United States Bankruptcy Court for the Middle District of Tennessee entered a third interim order authorizing Med-Ride, Inc. to continue to use cash collateral. The court authorized the Debtor to continue using cash collateral until confirmation of its Chapter 11 plan of reorganization or further court order. The authorization specifically covers accounts receivable and funds held by third-party payors for the Debtor's benefit. Creditors are prohibited from interfering with the debtor's access to those funds. As adequate protection for creditors claiming liens in the cash collateral, the Debtor must maintain a positive balance in its debtor-in-possession bank account and grant the cash collateral lienholders replacement liens on post-petition accounts receivable and their proceeds. These replacement liens will have the same validity, extent, and priority as the creditors’ prepetition liens and will attach automatically without the need for additional filings or documentation. The court also found that the Debtor's supplemental budget adequately demonstrated that the protections were sufficient to safeguard the lienholders during the interim period. The court reserves all parties' rights to later challenge issues relating to the validity, priority, enforceability, or extent of any liens, as well as the sufficiency of adequate protection or any other matters concerning the use of cash collateral. The court scheduled a final hearing on the use of cash collateral for June 30, to be held concurrently with the hearing on confirmation of the debtor's Chapter 11 plan. About Med-Ride Inc. Med-Ride, Inc. is a Tennessee-based non-emergency medical transportation provider. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Tenn. Case No. 3:26-bk-01653) on April 8, 2026. In the petition signed by Joseph Musoke, president, the Debtor disclosed up to $1 million in assets and up to $10 million in both assets and liabilities. Judge Nancy B. King oversees the case. Henry E. Hildebrand, Esq., at Dunham Hildebrand Payne Waldron, PLLC, represents the Debtor as legal counsel. MILE HIGH: U.S. Trustee Appoints Eric Huebscher as PCO ------------------------------------------------------ Gregory M. Garvin, the Acting U.S. Trustee for Region 19, appointed Eric Huebscher at Huebscher & Co. as patient care ombudsman for Mile High Recovery Center LLC. Pursuant to Section 333 of the Bankruptcy Code, the Patient Care Ombudsman shall: * monitor the quality of patient care provided to patients of the debtors, to the extent necessary under the circumstances, including interviewing patients and physicians; * not later than 60 days after the date of this appointment, and not less frequently than at 60-day intervals thereafter, report to the court after notice to the parties in interest, at a hearing or in writing, regarding the quality of patient care provided to patients of the debtors; * if such ombudsman determines that the quality of patient care provided to patients of the debtors is declining significantly or is otherwise being materially compromised, file with the court a motion or a written report, with notice to the parties in interest immediately upon making such determination; and * shall maintain any information obtained by such ombudsman under Section 333 of the Bankruptcy Code that relates to patients (including information relating to patient records) as confidential information. Such ombudsman may not review confidential patient records unless the court approves such review in advance and imposes restrictions on such ombudsman to protect the confidentiality of such records. The ombudsman may be reached at: Eric Huebscher, MBA, CPA, CFE, CPCP Huebscher & Co. 301 East 87th Street, 20E New York, NY 10128 Phone: (646) 584-3141 Mobile: (917) 763-3891 EFAX: 212-202-3503 Email: ehuebscher@huebscherconsulting.com About Mile High Recovery Center LLC Mile High Recovery Center, LLC provides drug and alcohol rehabilitation services and expanded to multiple residential facilities and a treatment center offering inpatient and outpatient care. Mile High Recovery Center filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No. 26-12796) on April 23, 2026, with up to $500,000 in assets and up to $10 million in liabilities. Brice Hancock, president of Mile High Recovery Center, signed the petition. Judge Michael E. Romero oversees the case. Aaron A. Garber, Esq., at Wadsworth Garber Warner Conrardy, P.C., represents the Debtor as legal counsel. MIYOSHI AMERICA: Seeks to Hire Mayer Brown LLP as Legal Counsel --------------------------------------------------------------- Miyoshi America, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Mayer Brown LLP as its attorneys. The firm will provide these services: a. advising the Debtors with respect to their powers and duties in the continued management and operation of their businesses and properties; b. advising and consulting on the conduct of the Chapter 11 cases, including all of the legal and administrative requirements of operating in Chapter 11; c. attending meetings and negotiating with representatives of creditors and other parties in interest; d. taking all necessary actions to protect and preserve the Debtors' estates, including prosecuting actions on the Debtors' behalf, defending any action commenced against the Debtors, and representing the Debtors in negotiations concerning litigation in which the Debtors are involved, including objections to claims filed against the Debtors' estates; e. preparing pleadings; f. representing the Debtors in connection with obtaining authority to continue using cash collateral and post-petition financing; g. advising the Debtors in connection with any potential sale of assets; h. appearing before the bankruptcy court and any appellate courts; i. advising the Debtors regarding tax matters; j. taking any necessary action to negotiate, prepare and obtain approval of a disclosure statement and confirmation of a Chapter 11 plan; and k. performing all other necessary legal services for the Debtors in connection with the prosecution of these Chapter 11 cases, including: (i) analyzing the Debtors' leases and contracts and the assumption and assignment or rejection thereof; (ii) analyzing the validity of liens against the Debtors; and (iii) advising the Debtors on corporate and litigation matters. The hourly rates charged by the firm for its services are as follows: Partners $1,270 to $2,510 Counsel $1,090 to $1,835 Associates $720 to $1,480 Paraprofessionals $285 to $690 In addition, the firm will seek reimbursement for its out-of-pocket expenses. The Debtor paid the firm a retainer of $500,000. Charles Kelley, Esq., a partner at Mayer Brown, disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Charles S. Kelley, Esq. Mayer Brown LLP 700 Louisiana Street Suite 3400 Houston, TX 77002-2730 Tel: (713) 238-3000 Email: ckelley@mayerbrown.com 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: Seeks to Hire Ordinary Course Professionals ------------------------------------------------------------ Miyoshi America, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to retain non-bankruptcy professionals in the ordinary course of business. The Debtor needs ordinary course professionals to perform services for matters unrelated to this Chapter 11 case. The Debtor seeks to pay OCPs 100 percent of the fees and expenses incurred. The Debtor does not believe that any of the OCPs have an interest materially adverse to it, its estates, creditors, or other parties in interest in connection with the matter upon which they are to be engaged. The OCPs include: C.T. Corporation System PO BOX 4349 Carol Stream, IL 60197-4349 -- Legal Monthly Spend: $500 Dickie, Mccamey & Chilcote Two PPG Place Suite 400m Pittsburgh, PA 15222-5402 -- Legal Monthly Spend: $125,000 Gay Jones & Kuhn PLLC 650 Poydras Street Suite 2708 New Orleans, LA 70130 -- Legal Monthly Spend: $20,000 Hall Booth Smith, P.C. 191 Peachtree Street NE Central City, GA 303031775 -- Legal Monthly Spend: $1,000 Higgins Cavanagh & Cooney, LLP 10 Dorrance Street Suite 400 Providence, RI 02903 -- Legal Monthly Spend: $30,000 Innovative IT Consulting LLC 124 Wellsford Drive, Goshen, CT 06756 -- IT Services Monthly Spend: $20,000 KPMG LLP PO Box 120511 Dallas, TX 75312-0511 -- Accounting Monthly Spend: $2,500 Laffey Leitner And Goode LLC 325 E Chicago Street, Suite 200 Milwaukee, WI 53202 -- Legal Monthly Spend: $1,500 Lewis Brisbois Bisgaard & Smith LLP 2 Alhambra Plaza Suite 1110 Coral Gables, FL 33134 -- Legal Monthly Spend: $75,000 Manning Gross & Massenburg, LLP 125 High St, 5th Floor, Oliver Tower Boston, MA 02110 -- Legal Monthly Spend: $50,000 Martin Partners LLP 262 Harbor Drive, Stamford, CT 06902 -- Legal Monthly Spend: $500 Maslon LLP 225 South Sixth Street, Suite 2290 Minneapolis, MN 55402 -- Legal Monthly Spend: $25,000 Mori Hamada & Matsumoto Marunouchi Park Bldg., 2-6-1 Marunouchi, Chiyoda-Ku, Tokyo 100-8222 -- Legal Monthly Spend: $175,000 Peters Hamlin, L.L.C. 21 Compo Pkwy., Westport, CT 06880 -- Legal Monthly Spend: $500 Pierce Sloan Kennedy Early LLC 321 East Bay Street, Charleston, SC 29401 -- Legal Monthly Spend: $10,000 Pillsbury Winthrop Shaw Pittman LLP PO Box 742262 Los Angeles, CA 90074-2262 -- Legal Monthly Spend: $10,000 Whittlesey PC 280 Trumball St., 24th Floor Hartford, CT 06103-3509 -- Accounting Monthly Spend: $40,000 Whittlesey PC FKA The Technology Group LLC 280 Trumball St., 24th Floor Hartford, CT 06103-3509 -- IT Services Monthly Spend: $30,000 Wilson, Elser, Moskowitz 150 East 42nd Street, New York, NY 10017 -- Legal Monthly Spend: $3,000 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. MIZELL MEMORIAL: Administrator Appoints Suzanne Koenig as PCO ------------------------------------------------------------- The Bankruptcy Administrator for the Middle District of Alabama appointed Suzanne Koenig of SAK Management Services, LLC d/b/a SAK Healthcare, as patient care ombudsman for Mizell Memorial Hospital Incorporated. To the best of her knowledge, Ms. Koenig has no connections with the Debtor, creditors, any other parties in interest, their respective attorneys and accountants, the U.S. Trustee, and persons employed in the Office of the U.S. Trustee, except as set forth in her verified statement. Section 333 of the Bankruptcy Code provides that the Patient Care Ombudsman shall: * monitor the quality of patient care provided to patients of the debtor, to the extent necessary under the circumstances, including interviewing patients and physicians; * no later than 60 days after appointment (and not less frequently than at 60-day intervals thereafter), report to the Court after notice to the parties in interest, at a hearing or in writing, regarding the quality of patient care provided to patients of the debtor as per the Order; * if the ombudsman determines that the quality of patient care provided to patients of the debtor is declining significantly or is otherwise being materially compromised, file with the Court a motion or a written report, with notice to the parties in interest immediately upon making such determination; and, * maintain any information obtained by such ombudsman under Section 333 of the Bankruptcy Code that relates to patients (including information relating to patient records) as confidential information. Such ombudsman may not review confidential patient records unless as provided for in the Order or if the Court approves such review in advance and imposes restrictions on such ombudsman to protect the confidentiality of such records. About Mizell Memorial Hospital Incorporated Mizell Memorial Hospital Incorporated is a private, not-for-profit acute care facility located in Opp, Alabama. Founded through a charter accepted in 1945 and dedicated in 1949, the hospital provides general medical, surgical, inpatient, outpatient, and emergency room care. Its services include diagnostic, rehabilitation, therapy, pharmacy, laboratory, radiology, respiratory care, behavioral care, sleep disorder, clinic, wellness, and home health services. Mizell Memorial Hospital is licensed for 99 beds, operates with a 59-bed capacity, participates in Medicare and Medicaid programs, and is governed by a local volunteer board of directors. The hospital filed for Chapter 11 protection on April 29, 2026, under Bankruptcy Case No. 26-31120. The filing lists estimated assets and liabilities each ranging from $10 million to $50 million. The case is assigned to Honorable Bankruptcy Judge Christopher L. Hawkins. The Debtor is represented by Stuart M. Maples, Esq. of Thompson Burton PLLC. MTF HOLDINGS: Plan Exclusivity Period Extended to Aug. 19 --------------------------------------------------------- Judge Patricia M. Mayer of the U.S. Bankruptcy Court for the Eastern District of Pennsylvania extended MTF Holdings, LLC and affiliates' exclusive periods to file a plan of reorganization and obtain acceptance thereof to August 19 and Oct. 19, 2026, respectively. As shared by Troubled Company Reporter, the Debtors explain that they have filed an omnibus motion to reject six contracts. The Debtors continue to cut other costs in order to maximize cash flow for operations. The Debtors plan on funding its Plan of Reorganization through operations. The Debtors continue to evaluate its financial position and determining whether it will further reject or assume the remaining leases. The Debtors believe that extending the Exclusivity Period to file a plan and solicit acceptances will further the interests of the Debtors and their estates by enabling the Debtors to refine their plan for business operations post-confirmation and complete negotiations with all of their different creditor constituencies. The Debtors believe that if the Exclusivity Period is not extended as requested, the Debtors' efforts to reorganize will be compromised. Further, the Debtors allege that no harm or prejudice will inure to the creditors of the Debtors if the Exclusivity Period is not extended. About MTF Holdings MTF Holdings, LLC is a privately held investment holding company that manages strategic investments across real estate, corporate equity, and alternative asset classes. The company is based in Lancaster, Pa., and engages in allocating capital and providing oversight to its portfolio businesses. MTF Holdings and five affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Lead Case No. 26-10236) on Jan. 21, 2026. At the time of the filing, MTF Holdings listed between $500,001 and $1 million in assets and between $1 million and $10 million in liabilities. Judge Patricia M. Mayer oversees the cases. The Debtors are represented by: Albert Anthony Ciardi, III, Esq. Daniel S. Siedman, Esq. Sarah A. Moynihan, Esq. Ciardi Ciardi & Astin 1905 Spruce Street Philadelphia, PA 19103 Tel: 215-557-3550 aciardi@ciardilaw.com MY VAPE: Cash Collateral Hearing Set for June 2 ----------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division, is set to hold a hearing on June 2 to consider extending My Vape Order, Inc.'s authority to use cash collateral. The Debtor was initially allowed to access cash collateral under the court's May 14 interim order. The initial order approved the payment of expenses with cash collateral in accordance with the Debtor's budget. The order granted Pyxus International, Inc. and other secured creditors replacement liens with the same validity, extent, and priority as their pre-petition liens, and approved monthly payments of $1,500 to Pyxus beginning June 1. Pyxus, the Debtor's primary secured creditor, holds a security interest in equipment, inventory, chattel paper, and accounts receivable. It also has a delinquent merchant cash advance obligation to Vital CAP Fund, secured by future receivables. About My Vape Order Inc. My Vape Order, Inc., led by Chief Executive Officer Kyle Godfrey, is an Irvine, California-based wholesale company that provides nicotine e-liquid products. Founded in 2016, the company submitted a Premarket Tobacco Application to the U.S. Food and Drug Administration for its e-liquids in 2020 and serves customers in the vape and nicotine-products market. My Vape Order filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-01900) on April 29, 2026, with $215,509 in assets and $5,507,034 in liabilities. Kyle Godfrey, chief executive officer, signed the petition. Judge Jacob A. Brown presides over the case. Bryan K. Mickler, Esq., at the Law Offices of Mickler & Mickler, LLP represents the Debtor as bankruptcy counsel. Aaron Cohen, Esq., a practicing attorney in Jacksonville, Fla., serves as Subchapter V trustee for the Debtor. NEOTEK INC: Behrooz Vida Named Subchapter V Trustee --------------------------------------------------- The U.S. Trustee for Region 6 appointed Behrooz Vida, Esq., at the Vida Law Firm, PLLC as Subchapter V trustee for Neotek Inc. Mr. Vida will be paid an hourly fee of $495 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Vida declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Behrooz P. Vida, Esq. The Vida Law Firm, PLLC 3000 Central Drive Bedford, TX 76021 Telephone: (817) 358-9977 Facsimile: (817) 358-9988 behrooz@vidalawfirm.com About Neotek Inc. Neotek Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 26-42078) on May 11, 2026, with $500,001 to $1 million in both assets and liabilities. Judge Edward L. Morris presides over the case. Joyce W. Lindauer, Esq., at Lindauer & Vaughn represents the Debtor as legal counsel. NETCAPITAL INC: Issues $290K OID Note, Warrant to Labrys Fund II ---------------------------------------------------------------- Netcapital Inc. disclosed in a regulatory filing that it entered into a Securities Purchase Agreement with Labrys Fund II, L.P., a Delaware limited partnership, pursuant to which the Company issued to Labrys a promissory note in the principal amount of $290,000 and a common stock purchase warrant to purchase 250,000 shares of the Company's common stock, par value $0.001 per share, at an initial exercise price of $0.50 per share. The Note was issued for a purchase price of $250,000 and reflects an original issue discount of $40,000. In connection with the closing, Labrys withheld $6,500 from the purchase price to cover Labrys' legal fees, $1,500 to be paid to Labrys II Management, LLC to cover due diligence costs, and $17,500 to cover fees owed by the Company to Enclave Capital LLC, a registered broker-dealer acting as placement agent. The Note includes a one-time interest charge of 12% of the principal amount, or $34,800, earned in full as of the issue date. The Note is unsecured and matures on May 12, 2027. The Company is required to make amortization payments beginning November 12, 2026, consisting of an initial amortization payment of $162,400, followed by five payments of $27,066.66 on December 12, 2026, January 12, 2027, February 12, 2027, March 12, 2027 and April 12, 2027, with all remaining outstanding amounts due on May 12, 2027. Each amortization payment first reduces accrued and unpaid interest and then reduces the outstanding principal balance of the Note. The Note may be prepaid at any time before the 181st calendar day following the issue date upon three Trading Days' prior written notice to the holder. The required prepayment amount is equal to the applicable prepayment percentage multiplied by the then-outstanding principal amount plus the applicable prepayment percentage multiplied by accrued and unpaid interest: 96% during the period beginning on the issue date and ending 90 calendar days after the issue date, 97% during the period beginning 91 calendar days after the issue date and ending 150 calendar days after the issue date, and 98% during the period beginning 151 calendar days after the issue date and ending 180 calendar days after the issue date. Amounts not paid when due bear default interest at the lesser of 22% per annum and the maximum amount permitted by law. The holder may convert all or any portion of the then outstanding and unpaid principal and interest under the Note into shares of the Company's common stock on any calendar day at any time on or after the earliest of (i) the date the Company fails to pay any amortization payment when due, (ii) the date that is 180 calendar days after the issue date, or (iii) the date that any of the conversion shares are registered for the holder's resale pursuant to a registration statement or prospectus filed by the Company. The conversion price is equal to 75% of the lowest closing bid price of the common stock on the principal market during the ten trading-day period immediately preceding the applicable conversion date, subject to a floor price of $0.10 per share, subject to adjustment; provided that the floor price does not apply on or after the occurrence of an event of default under the Note. The Note contains a beneficial ownership limitation of 4.99% of the number of shares of the Company's common stock outstanding at the time of conversion, which may be increased or decreased by the holder to any other percentage not in excess of 9.99% upon 61 days' prior written notice The Warrant is exercisable, in whole or in part, at any time on or after November 12, 2026 and on or before 5:00 p.m. New York City time on May 12, 2029. The exercise price is $0.50 per share, subject to adjustment for stock dividends, stock splits, combinations, reclassifications and similar events. If, at the time of exercise, there is no effective registration statement registering, or the prospectus contained therein is not available for, the resale of the warrant shares by the holder, the Warrant may be exercised on a cashless basis. The Warrant contains a 4.99% beneficial ownership limitation, which the holder may increase or decrease upon notice to the Company, provided that the limitation may not exceed 9.99% and any increase is not effective until the 61st day after notice. The Warrant also includes customary provisions relating to delivery of warrant shares, buy-in compensation for failure to timely deliver shares, pro rata distributions, purchase rights, fundamental transactions, transferability and amendment. The Purchase Agreement provides that the Company will use the proceeds for business development and general working capital, subject to certain restrictions. The Purchase Agreement and the Note contain customary and transaction-specific covenants, including transfer agent instructions, legal counsel opinion provisions, public information covenants, piggy-back registration rights, a requirement to purchase directors' and officers' insurance within 60 calendar days after closing, restrictions on certain capital stock distributions and asset sales, and registration-statement-related default provisions. The Note provides that an event of default occurs if the Company fails to file a registration statement covering the holder's resale of all conversion shares and warrant shares within 60 calendar days after the issue date, fails to cause such registration statement to become effective within 120 calendar days after the issue date, fails to keep the registration statement effective, or fails to amend or file a new registration statement if there are no longer sufficient shares registered for resale. Full text copies of the Convertible Promissory Note, Common Stock Purchase Warrant, and the Securities Purchase Agreement are available at https://tinyurl.com/23hzua5a, and https://tinyurl.com/4t7d25wk, https://tinyurl.com/ycyrhnt5, respectively. About Netcapital Inc. Headquartered in Boston, Mass., Netcapital Inc. -- www.netcapital.com -- is a fintech company with a scalable technology platform that allows private companies to raise capital online and provides private equity investment opportunities to investors. The Company's consulting group, Netcapital Advisors, provides marketing and strategic advice and takes equity positions in select companies. The Company's funding portal, Netcapital Funding Portal, Inc. is registered with the U.S. Securities & Exchange Commission (SEC) and is a member of the Financial Industry Regulatory Authority (FINRA), a registered national securities' association. Spokane, Washington-based Fruci & Associates II, PLLC, the Company's auditor since 2017, issued a "going concern" qualification in its report dated August 12, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended April 30, 2025, citing that the Company has a negative working capital, operating losses, and negative cash flows from operations. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. As of January 31, 2026, the Company had $26,059,855 in total assets, $4,457,207 in total liabilities, and $21,602,648 in total stockholders' equity. NEW HOPE: Seeks to Sell Vehicles at Auction ------------------------------------------- New Hope Housing, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Virginia, Alexandria Division, to sell Vehicles at Auction, free and clear of liens, claims, interests, and encumbrances. Angela Shortall has been appointed the subchapter V trustee in the Case. The Debtor currently owns the following vehicles: a. 2001 Dodge Grand Caravan; b. 2001 Ford Taurus; c. 2004 Ford Econoline; d. 2006 Ford E-150 Econoline; e. 2008 Ford Expedition; f. 2012 Ford E-350 Econoline; g. 2018 Ford EcoSport; and h. 2019 Ford Transit. The Debtor is no longer in need the Vehicles for its current programming. The Debtor seeks authority to schedule an auction to sell the Vehicles pursuant to the procedures and form of notice, free and clear of all liens, claims, and interests. The Debtor employs Dudley Auctions Inc. d/b/a Dudley Resources as auctioneer of the vehicles. The Trustee requests approval to hold the Auction online at DudleyResources.com from July 14, 2026 through July 21, 2026 (Eastern) (or on a revised date selected by the Debtor in consultation with the Auctioneer after notice to all parties in interest). The Auction to facilitate the sale of the Vehicles outside of the ordinary course of business ensures that such sales will generate the highest and best return for the estate and will maximize value for all stakeholders. The Debtor is not aware of any liens on any of the Vehicles and holds clear titles to each of the Vehicles. As a result, the Debtor may sell the Vehicles free and clear of liens. The Debtor proposes to serve the Auction Notice contemporaneously with the filing of the Motion, which is at least 30 days prior to the anticipated date of the Auction by first class mail, postage prepaid or otherwise, on the parties described above. About New Hope Housing Inc. New Hope Housing, Inc. is a non-profit agency based in Alexandria, Virginia. Founded in 1977, the organization has provided services to homeless families and single adults since 1978. It offers housing programs and support services in Northern Virginia, including group homes, Housing First apartments, homeless prevention and rapid re-housing, education and employment support, and mobile medical outreach. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Case No. 26-11054) on May 1, 2026, with $1 million to $10 million in assets and liabilities. Ann Barrett, executive director, signed the petition. Brittany B. Falabella, Esq. at HIRSCHLER FLEISCHER, P.C. represents the Debtor as legal counsel. NEW INSIGHT: Moody's Withdraws 'Caa1' Corporate Family Rating ------------------------------------------------------------- Moody's Ratings has withdrawn all ratings of New Insight Holdings, Inc. ("New Insight" or "Dynata"), including the Caa1 corporate family rating and Caa1-PD probability of default rating. At the same time, Moody's have also withdrawn the B2 rating on the $81.5 million backed senior secured first-out term loan due July 2028 and Caa2 rating on the $694 million backed senior secured last-out term loan due October 2028 issued by Research Now Group, LLC. Prior to the withdrawal the outlook on both entities was stable. RATINGS RATIONALE Moody's have decided to withdraw the rating(s) following a review of the issuer's request to withdraw its rating(s). Headquartered in Shelton, CT, New Insight Holdings, Inc. (dba Dynata) provides data collection through online, mobile and offline surveys used by market research firms, consulting firms and corporate customers. The company generated revenue of $514 million for the 12 months ended March 30, 2026. NIGHTFOOD HOLDINGS: Net Loss Widens to $5.4MM in Fiscal Q3 ---------------------------------------------------------- Nightfood Holdings, Inc. has filed its Quarterly Report on Form 10-Q with the U.S. Securities and Exchange Commission, reporting a net loss of $5,420,684 for the three months ended March 31, 2026, compared to a net loss of $2,541,552 for the same period in the prior year. For the nine-month period ended March 31, 2026, the Company reported a net loss of $13,404,539, compared to a net loss of $3,785,769 in the corresponding prior-year period. Revenues for the three months ended March 31, 2026 were $2,709,023, compared to $1,264 in the prior-year period. Revenues for the nine months ended March 31, 2026 increased to $5,681,079 from $1,681 in the same period of the prior year. LIQUIDITY AND CAPITAL RESOURCES Liquidity and Going Concern For the nine months ended March 31, 2026, the Company had a net loss of $(13,404,539) and net cash used in operating activities of $(5,215,977). At March 31, 2026, the Company had: * An accumulated deficit of $(60,158,383); * A working capital deficit of $(23,498,273), reflecting current liabilities of $25,381,978 in excess of current assets of $1,883,705; * Positive total stockholders' equity of $82,614,372, a substantial improvement from the stockholders' deficit of $(17,332,174) at June 30, 2025, attributable principally to the reclassification of approximately $106,298,927 of convertible preferred stock from temporary equity to permanent stockholders' equity effective November 19, 2025 following the increase in authorized common shares from 200,000,000 to 900,000,000; and * Cash on hand of $732,691 (the Company holds no cash equivalents). These factors, including recurring losses from continuing operations, limited operating cash flows, and dependence on debt and equity financing, continue to raise substantial doubt about the Company's ability to continue as a going concern within one year after the date of issuance of the accompanying condensed consolidated financial statements. The accompanying financial statements have been prepared on a going-concern basis and do not include any adjustments to the carrying amounts or classifications of assets or liabilities that might result from this uncertainty. Management's plans to address these conditions include: * Increasing revenue and operating profitability at the hotel properties, including through revenue-management initiatives, cost controls, and selective capital investments, and the potential pursuit of additional hotel acquisitions; * Scaling foodservice packaging and robotics revenues, including through cross-selling into the hotel customer base and expanding robotic deployments into casinos, stadiums, convention centers, public schools, assisted living facilities, and other verticals; * Pursuing additional debt and equity financing, including potential drawdowns under the Equity Purchase Agreement entered into on October 8, 2025, mortgage refinancings, and additional equity issuances; * Advancing the planned uplisting to a national securities exchange; * Commercializing the Beverage Bot platform unveiled in December 2025 and pursuing strategic collaborations, including the Joint Development, Manufacturing and Licensing Agreement entered into on March 31, 2026 and the Supply Agreement executed on April 11, 2026; and * Maintaining disciplined capital allocation, including reviewing underperforming assets and considering asset sales, restructurings, or partnership arrangements where appropriate. There can be no assurance that these plans will be successful, or that additional financing will be available on acceptable terms or in sufficient amounts. If the Company is unable to obtain necessary financing or improve operating cash flows, it may be required to delay or curtail expansion plans, sell or restructure assets, restructure or refinance obligations, or pursue other strategic alternatives. A full text copy of the Company's Form 10-Q is available at https://tinyurl.com/4jt5ddr5 About Nightfood Holdings Tarrytown, N.Y.-based Nightfood Holdings, Inc. is focused on identifying and exploiting explosive market trends within the hospitality, food services, and consumer goods sectors. By leading newly emerging categories and by identifying opportunities in markets undergoing transformational upheaval, the Company's aim is to create upside potential unmatched in more mature markets. As of March 31, 2026, the Company had $128,977,431 in total assets, $46,363,059 in total liabilities, and $82,614,372 in total stockholders' equity. Spokane, Wash.-based Fruci & Associates II, PLLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated October 14, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2025, citing that the Company has an accumulated deficit, limited available cash resources and does not believe cash on hand will be sufficient to fund operations and growth. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. NORTH STAR: No Patient Care Concern, 1st PCO Report Says -------------------------------------------------------- Suzanne Koenig, the patient care ombudsman, filed with the U.S. Bankruptcy Court for the Northern District of New York her initial report regarding the quality of patient care provided by North Star Health Alliance, Inc. and affiliates. The Ombudsman and her representatives spent time at the Facilities and have met with the appropriate members of the Debtors' team who are entrenched in these operations and patient care issues from an organizational perspective. On March 17, the PCO and her representative made an announced initial visit to CMHC. The PCO and her representative met with the interim Chief Executive Officer who provided a history of the organization as well as an update on progress related to the Chapter 11 filing. The ombudsman noted that the Child and Adolescent Behavioral Health unit was clean and bright; there are views of the St. Lawrence River from the common area. The common area was clean and open; staff were witnessed engaging with patients in a respectful and therapeutic manner. The nurses' station is a secured area contiguous to the common space, with windows along the desk providing full visibility of the surrounding area. The ombudsman observed the kitchen to be clean and well organized. Staff were actively preparing and serving dinner to residents in the dining room. Residents were seated at round tables, engaged in conversation, and appeared to be enjoying their meal. It was reported that all equipment was operational. The dishwasher had maintained its prescribed temperatures according to the daily log sheet. The ombudsman cited that the supply room was clean and organized, there was ample stock; there were no expired supplies located upon inspection. Omnicell dispensing towers were well stocked with patient care supplies. The ambulance bay was well marked and free from obstruction. Adult and pediatric code carts were readily available for emergency response; the carts had been checked in accordance with hospital policy; there were no missing entries. The ombudsman representative participates in supply management calls several times each week to monitor ongoing resource constraints and operational needs. On occasion, procedures have required rescheduling to ensure the necessary equipment and supplies are available to support safe and effective patient care. The ombudsman did not observe any significant concerns during this Report Period. A copy of the ombudsman report is available for free at https://urlcurt.com/u?l=ckbYpK from Omni Agent Solutions, Inc., claims agent. About North Star Health Alliance, Inc. The North Star Health Alliance is a collaborative system of healthcare provider organizations in Northern New York, committed to elevating community health and well-being. Members of the NSHA include Carthage Area Hospital, Claxton-Hepburn Medical Center, Claxton-Hepburn Medical Campus (Claxton Campus), North Country Orthopaedic Group, and Meadowbrook Terrace assisted Living Facility. By working together, it aims to enhance accessibility and affordability of care close to home, deliver exceptional medical services, and strengthen the local health infrastructure. The North Star Health Alliance sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.N.Y. Case No. 26-60099) on February 10, 2026. In its petition, the Debtor reported between $500,000 and $1 million in both assets and liabilities. Honorable Bankruptcy Judge Wendy A. Kinsella handles the case. The Debtor is represented by Janice Grubin, Esq., and Jeffrey A. Dove, Esq., at Barclay Damon, LLP. NOVA TERRA: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------- Debtor: Nova Terra Inc Cabo Caribe Carr 686 Km 17.6 Vega Baja, PR 00693 Business Description: Nova Terra Inc. is an e-waste and industrial waste recycling company in Puerto Rico founded in 1996. The company provides IT recycling and reuse, asset management, data destruction, logistics and warehousing, appliance recycling, and material processing and recovery services. It also performs processing, disassembly, analysis, refurbishment, and parts recovery for electronic equipment, serving businesses and organizations in industries including pharmaceuticals and manufacturing. Its work covers computers, telecommunications equipment, manufacturing machinery, and electrical and electronic devices. Chapter 11 Petition Date: May 26, 2026 Court: United States Bankruptcy Court District of Puerto Rico Case No.: 26-02364 Debtor's Counsel: Noemi Landrau Rivera, Esq. LANDRAU RIVERA & ASSOC. PO Box 270219 San Juan, PR 00928 Tel: (787) 774-0224 Fax: (787) 793-1004 Email: nlandrau@landraulaw.com Total Assets: $385,208 Total Liabilities: $1,259,466 The petition was signed by Vanessa Piereschi Fernandez as president. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/ECJIPCI/NOVA_TERRA_INC__prbke-26-02364__0001.0.pdf?mcid=tGE4TAMA NURIEL & GRACE: PCO Reports No Change in Resident Care Quality -------------------------------------------------------------- Fay Gordon, the patient care ombudsman, filed with the U.S. Bankruptcy Court for the Northern District of California her first report regarding the quality of patient care provided by Nuriel & Grace, Inc. On May 7, Long-Term Care Ombudsman conducted an unannounced visit to the facility. During this visit the Ombudsman observed all 5 residents and spoke with two residents about their care. No concerns were raised regarding quality of care or responsiveness to requests for assistance. The ombudsman also met with on-site staff caregiver to discuss the bankruptcy and facility operations. The staff member reported an adequate supply of food and essential items for both residents and staff. During the visit, the Ombudsman observed approximately eight to ten empty five-gallon water bottles stacked on the front porch, suggesting that water deliveries are occurring regularly and that the facility is actively rotating its supply. Moreover, the caregiver also stated that staffing levels are stable at this time and that the facility is not experiencing shortages. Based on her description, the current workforce appears sufficient to meet resident needs, and no immediate staffing concerns were identified during the visit. The caregiver further noted that none of the residents are experiencing acute medical issues at this time, although one is receiving hospice care. While this reflects her assessment, residents observed during the visit appeared calm, comfortable, and engaged in their usual routines. A copy of the ombudsman report is available for free at https://urlcurt.com/u?l=JVUCkr from PacerMonitor.com. The ombudsman may be reached at: Fay Gordon 2880 Gateway Oaks Drive Suite 200 Sacramento, CA 95833 Telephone: (916) 245-1586 Email: fay.gordon@aging.ca.gov About Nuriel & Grace Inc. Nuriel & Grace, Inc. operates a residential care facility in Napa, California, providing assisted living and daily care services for elderly residents. Nuriel & Grace sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 26-10063) on January 31, 2026, with $912,023 in assets and $1,418,391 in liabilities. Gladys Martinez, chief executive officer, signed the petition. Judge Charles Novack oversees the case. Lars Fuller, Esq., at The Fuller Law Firm, PC represents the Debtor as counsel. OLENOX INDUSTRIES: Merger, Acquisitions Delay Q1 2026 10-Q Filing ----------------------------------------------------------------- Olenox Industries, 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. The Company went through a merger and multiple acquisitions in 2025; therefore, the consolidation of all entities took longer than expected due to some of the entities having been unaudited. The Company has new auditors and currently expects to file Form 10-Q for the quarter ended March 31, 2026 by June 5, 2026. The Company confirmed that all other periodic reports required during the preceding 12 months have been filed. Olenox does not anticipate any significant change in results of operations from the corresponding period of the prior fiscal year. About Olenox Industries Olenox Industries Inc. formerly Safe & Green Holdings Corp. is an industrial holding company focused on acquiring, operating, and scaling businesses that provide engineered solutions across industrial, energy, and infrastructure markets. Through its subsidiaries, including Giant Containers, the Company delivers high-quality modular and containerized systems designed for rapid deployment and long-term performance. The Woodlands, Texas-based M&K CPAS, PLLC, the Company's former auditor, 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 Dec. 31, 2024, citing that the Company has incurred net losses since its inception, negative working capital, and negative cash flows from operations, which raises substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $54,105,678 in total assets, $29,170,121 in total liabilities, and a total stockholders' equity of $24,935,557. OMNI HEALTH: Seeks to Extend Plan Exclusivity to July 18 -------------------------------------------------------- Omni Health Services, Inc., asks the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to July 18 and Sept. 16, 2026, respectively. This Motion is the Debtor's Second request for an extension of its exclusive periods and represents a proposed extension of 60 days for each period. In the instant case, cause for a second extension of exclusivity exists because the Debtor needs additional time to restructure its budget and operations in order to incorporate the court-approved rejection of certain of the Debtor's unexpired commercial leases and the commensurate consolidation of the Debtor's operations. The Debtor explains that it would be premature (at best), as well as a waste of time, effort and resources, including judicial resources, to require the Debtor to file a plan by May 19, 2026 to maintain its right to exclusivity. The Debtor asserts that it should be afforded a full and fair opportunity to negotiate, propose, and seek acceptances to a confirmable plan of reorganization. The Debtor believes that an extension of the exclusive periods is warranted and appropriate under the circumstances and should be granted. The Debtor further asserts that the extension requested will not prejudice the legitimate interests of any creditor and will likely afford parties in interest an opportunity to pursue to fruition the beneficial objectives of a consensual reorganization. The Debtor's Counsel: David B. Smith, Esq. SMITH KANE HOLMAN, LLC 112 Moores Road Suite 300 Malvern, PA 19355 Tel: 610-407-7215 Fax: 610-407-7218 E-mail: dsmith@skhlaw.com About Omni Health Services Omni Health Services, Inc., is a community-based mental health services provider operating 12 locations across Pennsylvania and New Jersey. Omni Health Services sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-14727) on Nov. 20, 2025, listing between $1 million and $10 million in assets and liabilities. Michael Thevar, president of Omni Health Services, signed the petition. Judge Ashely M. Chan oversees the case. David B. Smith, Esq., at Smith Kane Holman, LLC, is serving as the Debtor's legal counsel. OMNIQ CORP: Net Loss Narrows to $1.6M in Q1; Going Concern Persists ------------------------------------------------------------------- OmniQ Corporation has filed its Quarterly Report on Form 10-Q with the U.S. Securities and Exchange Commission, reporting a net loss of $1.6 million for the three months ended March 31, 2026, compared to a net loss of $2.1 million for the same period in the prior year. For the three months ended March 31, 2026, and 2025, the Company generated net revenues in the amount of $7.7 million and $7.9 million, respectively. The decrease between the three-month periods was attributable to timing of projects by customers. LIQUIDITY AND CAPITAL RESOURCES As of March 31, 2026, the Company had cash in the amount of $787 thousand and a working capital deficit of $14.6 million, compared to cash in the amount of $679 thousand, and a working capital deficit of $13.2 million as of December 31, 2025. The Company had stockholders' deficit attributable to OmniQ stockholders of $14.1 million and $12.7 million as of March 31, 2026, and December 31, 2025, respectively. This increase in our stockholders' deficit was primarily attributable to net losses. The Company's accumulated deficit was $125.7 million and $124 million as of March 31, 2026, and December 31, 2025. The Company's operations provided (used) net cash of $70 thousand and provided $1 million in the three months ended March 31, 2026, and 2025, respectively. The decrease in cash provided in operations of $1 million is due to the decrease in revenue. The Company's cash used in investing activities was $26 thousand for the three months ended March 31, 2026, compared to cash used in investing activities of $31 thousand for the three months ended March 31, 2025. The Company's financing activities used $0.68 million of cash during the three months ended March 31, 2026, and used $1.2 million during the three months ended March 31, 2025. GOING CONCERN The accompanying condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern. The following are the principal conditions or events which potentially raise substantial doubt about the company's ability to continue as a going concern: * Balancing the need for operational cash with the need to add additional products. * Timely and cost-effective development of products * Working capital deficit of $14.6 million as of March 31, 2026 * Accumulated deficit of $125.7 million as of March 31, 2026 * Multiple years of losses from operations Management Evaluation Management considers the conditions outlined above as the most significant factors in raising substantial doubt about the Company's ability to continue as a going concern within one year after the date the financial statements are issued. Management's Plans to Mitigate and Alleviate Conditions or Events * Management is evaluating operating expenses and is developing a plan to reduce expenditures without negatively impacting current operations. * Management has placed a strategic focus on increasing sales with prime customers. * Sales efforts are focused on the most profitable product lines. * The Company has implemented an aggressive debt settlement plan with its vendors and debt holders to clean up the Balance Sheet presentation and during 2025, the Company was able to settle many debts for a discount. Short term liabilities for the Company decreased from $86.3 million to roughly $27.7 million, showing the efforts of management are working. In December 2025 management finalized an equity raise which resulted in approximately $941,000 net cash received from investors. A full text copy of the Company's Form 10-Q is available at https://tinyurl.com/2j58mkk9 About OmniQ Corp OmniQ Corporation -- www.omniq.com -- provides computerized and machine vision image processing solutions that use patented and proprietary AI technology to deliver real-time object identification, tracking, surveillance, and monitoring for the Supply Chain Management, Public Safety, and Traffic Management applications. The technology and services provided by the Company help clients move people, objects, and manage big data safely and securely through airports, warehouses, schools, and national borders and in many other applications and environments. As of March 31, 2026, the Company had $25.6 million in total assets, $39.7 million in total liabilities, and $14.1 million in total OmniQ stockholders' equity. Salt Lake City, Utah-based Haynie & Company, the Company's auditor since 2019, issued a "going concern" qualification in its report dated April 15, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company has a deficit in stockholders' equity and has sustained recurring losses from operations. These conditions and events raise substantial doubt about the Company's ability to continue as a going concern for a reasonable period of time. OPTION CARE: Moody's Alters Outlook on 'Ba3' CFR to Stable ---------------------------------------------------------- Moody's Ratings affirmed the ratings of Option Care Health, Inc (Option Care), including the Ba3 corporate family rating, Ba3-PD probability of default rating, Ba2 senior secured first lien bank credit facility ratings and B2 senior unsecured notes rating. The speculative grade liquidity rating is unchanged at SGL-1. At the same time, Moody's revised the outlook to stable from positive. The outlook revision to stable reflects Moody's expectations that Option Care's growth will moderate, such that debt-to-EBITDA remains broadly in line with current levels of approximately 2.8x over the next 12–18 months, absent any material debt-funded share repurchases or acquisitions. RATINGS RATIONALE Option Care's Ba3 CFR reflects the company's market position as the largest independent infusion provider with over $5.6 billion in revenue. The home infusion services industry benefits from favorable long-term growth dynamics as the home is generally considered the patient-preferred and lowest cost of care setting. Option Care will continue to benefit from solid long term organic growth and strong free cash flow generation. Option Care's rating is constrained by potential for aggressive share repurchases, a challenging reimbursement environment, including uncertainty regarding Medicaid pressures as well as competitive pressures stemming from large, vertically integrated health care companies that own home infusion providers. The speculative grade liquidity rating of SGL-1 reflects Moody's expectations of very good liquidity over the next 12 months. Moody's expects that free cash flow will be consistently positive over the next 12 months, although the company will likely use its free cash flow for share buybacks and acquisitions. Liquidity is supported by approximately $177 million of cash reported as of March 31, 26 and $846 million available on the company's $850 million revolving credit facility expiring September 2030. The company's first lien revolver and term loan contain two financial covenants: a maximum total net leverage ratio covenant of 4.5x and a minimum fixed charge coverage ratio covenant of 1.5x. Moody's expects Option Care to maintain ample cushion under both covenants over the next 12 months. Substantially all of the company's assets are pledged in support of the credit facilities, limiting Option Care's ability to generate additional liquidity through asset sales. The $850 million revolving credit facility and $678 million senior secured term loan (rated Ba2) are secured by a first priority interest in substantially all assets of the borrower and guarantors. The first lien facilities are rated Ba2 one notch above the Ba3 CFR and benefit from the loss absorption provided by the $500 million senior unsecured notes. The B2 rating on the senior unsecured notes is two notches below the CFR and represents the junior position of the notes in the capital structure. The stable outlook reflects Moody's expectations that growth will moderate, such that debt-to-EBITDA remains broadly in line with current levels of approximately 2.8x over the next 12–18 months, absent any material debt-funded share repurchases or acquisitions. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if the company successfully executes its growth strategy, while also maintaining conservative financial policy and improving business diversity, scale and profitability. Quantitatively, the ratings could be upgraded if debt to EBITDA is sustained below 2.5 times. The ratings could be downgraded if the company adopts more aggressive financial policies including material debt-funded acquisitions, share repurchases or dividends. If the company experiences a material decline in profitability the ratings could also be downgraded. Quantitatively, the ratings could be downgraded if debt to EBITDA is sustained above 3.5 times. Option Care is a public company and the leading independent provider of home and alternate treatment site infusion therapy services through its national network of over 190 locations throughout the US These services involve the preparation, delivery, administration and monitoring of medication for a broad range of conditions. These include infections, malnutrition, heart failure, bleeding disorders, autoimmune disorders, and a variety of other rare conditions. The revenues are approximately $5.6 billion for 2025. The principal methodology used in these ratings was Business and Consumer Services published in February 2026. Option Care 's Ba3 CFR is two notches below the Ba1 scorecard-indicated outcome. The difference reflects Moody's views that the company's ratings are constrained by the company's potential use of debt to finance its share repurchase plans, as well as challenging reimbursement environment. OPTIV INC: S&P Downgrades ICR to 'D' on Distressed Transaction -------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on Optiv Inc. to 'D' (default) from 'CC'. S&P lowered its issue-level ratings on Optiv's debt to 'D'. S&P intends to raise its issuer credit rating on Optiv as soon as practical, likely in the next few days, to a level that reflects its reduced near-term refinancing risk. Optiv completed the extension of its debt maturities pursuant to its previously announced transaction support agreement (TSA). S&P said, "We consider the transaction to be distressed and tantamount to a default under our criteria given Optiv's unsustainable debt load, the proximity to the maturity dates, the relatively high utilization under the credit facility, and our belief that its lenders did not receive adequate offsetting compensation for the maturity extension. "The downgrade follows the completion of a debt maturity extension that we view as tantamount to default. The transaction closed on similar terms and conditions as proposed. The asset-based lending facility, first-lien term loan, and second-lien term loan lenders agreed to extend maturities to May 2028, August 2028, and August 2029, respectively. Lenders received a paid-in-kind (PIK) consent fee and will receive a PIK coupon uplift. "We believe lenders received less value than originally promised. The monetary and structural compensations the company offered for the multiyear maturity extensions were inadequate in our view as we believe that lenders received less value than they were originally promised. Without the extension, Optiv would not have been able to repay the debt at maturity and would have likely faced a near-term conventional default. We also think there is a significant level of uncertainty associated with the ultimate receival of accrued interest and principal. "We will reevaluate our ratings on the company over the coming days. The review will incorporate Optiv's updated capital structure, liquidity, operating performance, and our forward-looking opinion of its creditworthiness. Although we expect some improvement in 2026 from cost savings implemented in 2025, we will likely continue to view Optiv's capital structure as unsustainable given its very high leverage, inadequate interest coverage, minimal free cash flow, and history of declining revenue and bookings." ORFEDOR INC: Plan Exclusivity Period Extended to June 1 ------------------------------------------------------- Judge Julia W. Brand of the U.S. Bankruptcy Court for the Central District of California extended Orfedor Inc.'s exclusive period to file a plan of reorganization to June 1, 2026. As shared by Troubled Company Reporter, the Debtor, through its authorized representatives, has worked with architects, lenders, and possible investors in order to determine the best course of action to formulate an exit strategy in the best interest of Debtor and its creditors. The Debtor explains that it seeks a 60-day extension of the exclusivity period for Debtor to file a plan due to the need to further explore various options for an exit strategy. Debtor's initial strategy for the plan recently changed and Debtor seeks to propose a plan with a new strategy which requires additional time to obtain miscellaneous pieces of evidence to support the plan, including obtaining expert opinions of value and options for possible development options. Orfedor Inc. is represented by: Thomas B. Ure, Esq. Ure Law Firm 8280 Florence Avenue, Suite 200 Downey, CA 90240 Tel: (213) 202-6070 Fax: (213) 202-6075 About Orfedor Inc. Orfedor Inc. is a California-based company engaged in the manufacturing and distribution of orthopedic footwear and related medical support products. The company focuses on designing and supplying specialty shoes and inserts intended to address foot and mobility conditions. Orfedor Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-21073) on Dec. 10, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities in the same range. The case is handled by Honorable Bankruptcy Judge Julia W. Brand. The Debtor is represented by Thomas B. Ure, Esq. of Ure Law Firm. OUACHITA COUNTY: PCO Reports No Change in Patient Care Quality -------------------------------------------------------------- William T. Marshall, the patient care ombudsman, filed with the U.S. Bankruptcy Court for the Western District of Arkansas his first report regarding the quality of patient care provided by Ouachita County Medical Center. Prior to the first visit, the Ombudsman created question guidelines and checklists to encompass the full scope of potential patient care concerns. The Ombudsman also determined the key areas and departments of the Hospital to be visited given their importance to patient care. The visit to the Hospital ranged from approximately three to four hours in length. During the visit, the Ombudsman met with the relevant Hospital's leadership team, conducted a walk-through tour of the Hospital and its buildings, and interviewed key professional staff. While the Hospital Report will provide a detailed analysis of the Hospital and patient care at the Hospital, the Ombudsman did not observe any material issues impacting patient care requiring this Court's immediate attention. General summary of the Ombudsman's overall impressions of care at the Hospital during the Report Period: * Although staffing across various positions at the Hospital has proved challenging, the Ombudsman did not observe any issues that made him believe patients were in immediate danger or otherwise receiving unsafe care due to staffing issues. The Debtor's staff is demonstrating a strong commitment to quality care. The Debtor’s staffing levels appear to be sufficient based on the reporting provided to the Ombudsman throughout this Report Period. * The Debtor has an engaged leadership team dedicated to providing excellent patient care and outcomes in the community it serves through the Hospital. The Debtor's leadership is dedicated to making improvements. * The Ombudsman did not find any concerns related to procurement of adequate supplies, such as food and medical supplies, among other necessary items. Based on the Ombudsman's observations during the visit, the supply rooms appeared to be stocked with enough supplies to provide safe patient care. * The Hospital is in need of repairs to its roof. The Debtor's leadership has implemented adequate temporary solutions. Many vendors are demanding prepayment, cash before shipment, or are unwilling to provide the supplies or services. * The Ombudsman observed staff committed to providing excellent care to the patients and urges all parties in interest and the communities to continue supporting this Hospital, which is critical to its community. A copy of the ombudsman report is available for free at https://urlcurt.com/u?l=6dueNX from PacerMonitor.com The ombudsman may be reached at: William T. Marshall William T. Marshall, PLC P.O. Box 7419 Little Rock, AR 72207 Tel: 501-786-4007 Fax: 501-374-1322 bmarshall@billmarshalllaw.com About Ouachita County Medical Center Ouachita County Medical Center is a rural acute care hospital based in Camden, Arkansas. The medical center provides emergency care, general patient services, and select specialty programs, serving as a primary health care resource for Ouachita County residents and underserved communities nearby. Ouachita County Medical Center filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Ark. Case No. 26-70418) on March 9, 2026, listing $1 million to $10 million in both assets and liabilities. Judge Richard D Taylor presides over the case. Kevin P. Keech, Esq., at Keech Law Firm, P.A. serves as the Debtor's bankruptcy counsel. PARKERVISION INC: Gem Investment Holds 9.99% Equity Stake --------------------------------------------------------- Gem Investment Advisors, LLC, GEM Partners LP, Flat Rock Partners LP, and Daniel M. Lewis disclosed in a Schedule 13G (Amendment No. 17) filed with the U.S. Securities and Exchange Commission that as of March 31, 2026, they beneficially own the following shares of ParkerVision Inc's Common Stock, par value $.01: * Gem Investment Advisors, LLC: 15,174,950 shares, representing 9.99% of the shares outstanding. * GEM Partners LP: 12,797,379 shares, representing 8.42% of the shares outstanding. * Flat Rock Partners LP: 2,377,571 shares, representing 1.56% of the shares outstanding. * Daniel M. Lewis: 15,181,550 shares, representing 9.99% of the shares outstanding. Gem Investment Advisors, LLC may be reached through: Daniel M. Lewis, Managing Member Gem Asset Management 100 State Street Suite 2B Teaneck, NJ 07666 Tel: (201) 705-1960 A full-text copy of Gem Investment Advisors, LLC's SEC report is available at: https://tinyurl.com/mjwe25kf About ParkerVision Jacksonville, Fla.-based ParkerVision, Inc., and its wholly-owned German subsidiary, ParkerVision GmbH is in the business of innovating fundamental wireless hardware technologies and products. The Company has designed and developed proprietary RF technologies and integrated circuits based on those technologies, and the Company licenses its technologies to others for use in wireless communication products. Atlanta, Georgia-based Frazier & Deeter, LLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated March 23, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has losses from operations, negative operating cash flows and an accumulated deficit. These factors raise substantial doubt about the Company's ability to continue as a going concern. As of March 31, 2026, the Company had $4.5 million in total assets, $50 million in total liabilities, and $45.5 million in total shareholders' deficit. PCR AGAWAM: Gets Interim OK to Use Cash Collateral Until June 25 ---------------------------------------------------------------- PCR Agawam, LLC received interim approval from the U.S. Bankruptcy Court for the District of Massachusetts to use cash collateral. The court authorized the Debtor to use cash collateral through the hearing on June 25 to pay management fees, repairs, taxes, insurance, utilities, and trash. The Debtor's cash collateral consists of rental income from its Western Massachusetts properties, subject to mortgages held by secured creditors Freedom Credit Union, Florence Savings Bank, and Logan Finance/Planet Home Lending. As adequate protection, the court granted secured creditors replacement liens, with the same validity, extent and enforceability as their pre-petition liens. The court ordered the Debtor to file by June 22 a reconciled budget showing actual to projected income and expenses for the period ending May 30 as well as beginning and ending bank balances monthly, and a projected budget for June, July and August. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/b2xow from PacerMonitor.com. About PCR Agawam LLC PCR Agawam LLC is a Massachusetts-based limited liability company engaged in real estate ownership and investment activities. PCR Agawam LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-30101) on February 16, 2026. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities in the same range. Honorable Bankruptcy Judge Elizabeth D. Katz handles the case. The Debtor tapped Louis S. Robin, Esq., at the Law Offices of Louis S. Robin as bankruptcy counsel, and Damien D. Bertiaume, Esq., at Berthiaume & Berthiaume as special counsel. PIG FLOYD'S: Court Extends Cash Collateral Access to July 7 ----------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division issued a second interim order allowing Pig Floyd's Smokehouse, LLC to use cash collateral. Under the second interim order, the Debtor is authorized to use cash collateral to pay operating expenses in accordance with its budget, with flexibility of up to 10% per line item. This authorization remains in effect through July 7, unless extended or modified by the court. The Debtor's cash collateral consists of cash on hand and funds generated in the ordinary course of business, which may be subject to liens held by CRF Small Business Loan Company, LLC and by junior secured creditors, including One Florida Bank, Corporation Service Company, and the U.S. Small Business Administration. As protection, creditors with pre-bankruptcy liens on the cash collateral will be granted replacement liens on cash collateral generated after the Debtor's Chapter 11 filing to the extent of any decline in collateral value. The Debtor is required to maintain insurance coverage and provide bi-weekly financial reports to One Florida Bank, including profit and loss statements and cash flow updates, ensuring transparency during the interim period. The order is entered without prejudice to the rights of all parties to seek changes or additional protections. A continued hearing on the motion is scheduled for July 7. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/S6tIK from PacerMonitor.com. CRF is represented by: Kelly Roberts, Esq. Roberts Law, PLLC 2075 Main Street, Suite 23 Sarasota, Florida 34237 Office: (941) 444-9783 Fax: (941) 296-8517 kelly@kellyrobertslaw.com About Pig Floyd's Smokehouse LLC Pig Floyd's Smokehouse L.L.C. is a restaurant company based in Orlando, Florida. It prepares and sells barbecue dishes and smoked meats with international flavor influences, offering menu items such as tacos, sandwiches, and pit-smoked meats. Founded in 2013, the business operates in the food service industry serving customers in the Orlando area. Pig Floyd's Smokehouse sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-01774) on March 13, 2026. In its petition, the Debtor reported assets of up to $50,000 and liabilities of between $1 million and $10 million. Judge Lori V. Vaughan oversees the case. The Debtor is represented by Justin M. Luna, Esq., at Latham, Luna, Eden & Beaudine, LLP. POWER REIT: Approves 1-for-10 Reverse Stock Split Effective June 2 ------------------------------------------------------------------ Power REIT announced in a regulatory filing that the Trust announced that its Board of Directors unanimously approved a one-for-ten reverse stock split of shares of the Trust's common stock, $0.001 par value per share, where every ten issued and outstanding shares of Common Stock will be converted into one share of Common Stock. The Reverse Stock Split is expected to take effect as of 5:00 p.m., Eastern Time, on June 2, 2026. Accordingly, at the Effective Time, every ten issued and outstanding shares of Common Stock will be converted into one share of Common Stock. At the market open on June 3, 2026 (the first business day after the Effective Time), the Common Stock is expected to begin trading on a split-adjusted basis on NYSE American under the symbol "PW" and has been assigned a new CUSIP number (73933H 309). No fractional shares will be issued in connection with the Reverse Stock Split. Instead, each stockholder that would hold fractional shares as a result of the Reverse Stock Split will be entitled to receive, in lieu of such fractional shares, cash in an amount equal to the applicable fraction multiplied by the closing price of the Common Stock on NYSE American on June 2, 2026 (as adjusted for the Reverse Stock Split), without any interest. The Reverse Stock Split will apply to all of the outstanding shares of Common Stock as of the Effective Time and therefore will not affect any particular stockholder's relative ownership percentage of shares of Common Stock, except for de minimis changes resulting from the payment of cash in lieu of fractional shares. The Reverse Stock Split will also not affect the relative voting or other rights that accompany the shares of Common Stock, except to the extent that it results from a stockholder receiving cash in lieu of fractional shares. Stockholders of record will receive information from Broadridge Financial Solutions, LLC, the Trust's transfer agent, regarding their stock ownership following the Reverse Stock Split and, if applicable, payments of cash-in-lieu of fractional shares, without any interest. Stockholders who hold their shares in brokerage accounts or in "street name" are not required to take any action in connection with the Reverse Stock Split. The Reverse Stock Split has been approved by the Trust's Board of Trustees pursuant to Maryland General Corporation Law, and no stockholder approval is required. About Power REIT Old Bethpage, N.Y.-based Power REIT is a Maryland-domiciled, internally managed real estate investment trust that owns a portfolio of real estate assets related to transportation, energy infrastructure, and Controlled Environment Agriculture in the United States. Houston, Texas-based MaloneBailey, LLP, the Trust's auditor since 2015, issued a "going concern" qualification in its report dated March 31, 2026, attached to the Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Trust has suffered recurring losses, recurring negative cash flow from operations and reduced revenues that raise substantial doubt about its ability to continue as a going concern. As of December 31, 2025, the Company had $26.9 million in total assets, $21.8 million in total liabilities, and $5.1 million in total equity. PRECISION MANUFACTURING: Gets Interim OK to Use Cash Collateral --------------------------------------------------------------- The U.S. Bankruptcy Court for the Western District of Michigan entered an interim order authorizing Precision Manufacturing Group, Inc. to use cash collateral. Under the interim order, the Debtor is authorized to use cash collateral in accordance with its operating budgets for ordinary business expenses including employee wages and benefits, mortgage obligations, insurance, inventory, utilities, and certain approved employee obligations. Funds for professional fees may be placed into counsel's trust account but cannot be disbursed without separate court approval. The Debtor may exceed spending in specific budget categories only if total spending during the budget period remains within 110% of projected aggregate expenses. As adequate protection, the court required several safeguards for secured creditors, including Byline Bank, Precision Engineering & Manufacturing, Inc., and the U.S. Small Business Administration. Byline Bank, as first-priority secured lender, will receive monthly adequate protection payments of $8,600. Secured creditors also received replacement liens on post-petition personal property, excluding Chapter 5 causes of action, together with rights in proceeds, products, and profits under Bankruptcy Code Section 552(b). As additional protection, the Debtor is required to provide financial reports, maintain insurance covering collateral, and permit collateral inspections upon notice. The Debtor's authority to use cash collateral may terminate upon specified default events, including reporting failures, conversion or dismissal of the Debtor's Chapter 11 case, and material reductions in collateral value. The order preserves all rights of secured creditors and does not enhance or alter pre-petition lien priorities. The order is available at http://bankrupt.com/misc/PrecisionManufacturing_ICCOrder.pdf A final hearing is scheduled for June 18. If no objections were filed by June 11, the interim order would automatically become final and the hearing would be cancelled. About Precision Manufacturing Group Inc. Precision Manufacturing Group, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Mich. Case No. 26-01463) on May 4, 2026, with $500,001 to $1 million in assets and $1 million to $10 million in liabilities. The petition was signed by Scott Tilma as shareholder and chief executive officer. Judge Hon. James W Boyd oversees the case. The Debtor is represented by: Steven Mark Bylenga, Esq. Cbh Attorneys & Counselors 25 Division Avenue S., Suite 500 Grand Rapids, MI 49503 Tel: 616-608-3061 Fax: 616-719-3782 nikki@chasebylenga.com PROJECT PIZZA: Gets Final OK to Use Cash Collateral --------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of California entered a final order granting Project Pizza NOE, LLC authority to use cash collateral. Under the final order, the Debtor is authorized to use cash collateral in accordance with the approved budget and any subsequent amendments, provided notice is given to the secured creditors. As adequate protection, secured creditors were granted post-petition replacement liens on all assets of the Debtor's estate, maintaining the same validity, priority, and extent as their pre-petition liens. Additionally, secured creditors will receive superpriority administrative claims under section 507(b) to cover any potential decline in the value of their collateral, excluding avoidance claims. As additional protection, the court authorized and directed the Debtor to continue honoring customer credits purchased by inKind Cards Inc., inKind Credit Fund LP, and inKind Warehouse Facility, LLC for restaurant customers. These credits may continue in the ordinary course of business up to an aggregate amount of $2,000 per month and remain effective through the implementation of a confirmed plan of reorganization. The order is available at http://bankrupt.com/misc/ProjectPizza_FCCOrder.pdf InKind, as secured creditor, is represented by: Maxim B. Litvak, Esq. Jason S. Pomerantz, Esq. Pachulski Stang Ziehl & Jones, LLP One Sansome Street, Suite 3430 San Francisco, CA 94104 Telephone: (415) 263-7000 Facsimile: (415) 263-7010 mlitvak@pszjlaw.com jspomerantz@pszjlaw.com About Project Pizza NOE LLC Project Pizza NOE, LLC operates a full-service Italian restaurant that serves food as well as beer and wine. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 26-30206) on March 6, 2026, listing up to $500,000 in assets and up to $10 million in liabilities. Judge Hannah L. Blumenstiel oversees the case. Chris Kuhner, Esq., at Kornfield, Nyberg, Bendes, Kuhner & Little P.C., represents the Debtor as legal counsel. QVC GROUP: Jonathan Dorfman Exits Series A Common Stock Position ---------------------------------------------------------------- Jonathan H. Dorfman disclosed in a Schedule 13G (Amendment No. 2) filed with the U.S. Securities and Exchange Commission that as of April 17, 2026, he no longer beneficially owns shares of Series A Common Stock of QVC Group, Inc.'s Series A Common Stock. Jonathan H. Dorfman may be reached through: Jonathan H. Dorfman Wilk Auslander LLP 825 8th Avenue, Suite 2900 New York, NY 10019 A full-text copy of Jonathan H. Dorfman's SEC report is available at: https://tinyurl.com/mtvcvmsu 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. REALTY-BUY-DESIGN: Gets Extension to Access Cash Collateral ----------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division issued a fourth interim order authorizing Realty-Buy-Design, Inc. and Hey Vacay, Inc. to use cash collateral. Under the fourth interim order, the Debtors are authorized to use cash collateral to pay court-approved expenses, budgeted operating costs, and certain additional amounts approved by lenders, including the U.S. Small Business Administration and Household Finance Mortgage Co. This authority remains in effect until further order of the court. HFMC, the Debtors' primary secured creditor, is owed $5,139,168.73 as of the petition date. The lender asserts that its debt is secured by one or more of the Debtor's rental properties and an assignment of rents. The Debtors also incurred SBA loans with an outstanding balance of approximately $106,712.12. The SBA filed UCC-1 financing statements claiming a security interest in all of the Debtors' assets. As adequate protection, both lenders will receive replacement liens on post-petition collateral, with the same priority as their pre-petition liens. As further protection, the Debtors are required to maintain insurance on the collateral; grant lenders access to financial records and business premises; and pay outstanding real estate tax obligations on certain Tampa properties. A continued preliminary hearing is scheduled for June 24. The order is available at http://bankrupt.com/misc/Realty-Buy-Design_4ICCOrder.pdf About Realty-Buy-Design Inc. Realty-Buy-Design Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-01150) on Feb. 13, 2026, with between $1 million and $10 million in both assets and liabilities. Judge Hon. Caryl E Delano oversees the case. The Debtor is represented by: Edward J. Peterson, III Berger Singerman LLP Tel: 813-498-3400 Email: epeterson@bergersingerman.com RED ROBIN: Liabilities Exceed Assets by $106.7M at April 19 ----------------------------------------------------------- Red Robin Gourmet Burgers Inc.'s stockholder's deficit was US$106.7 million at April 19, 2026. The stockholder's deficit was US$106.3 million at Dec. 28, 2025. At April 19, 2026, the Company had total assets of US$543.8 million and total liabilities of US$650.5 million. At Dec. 28, 2025, the Company had total assets of US$563.5 million and total liabilities of US$669.9 million. Red Robin Gourmet Burgers Inc. reported that cash and cash equivalents, and restricted cash increased $4.4 million to $33.9 million as of April 19, 2026, from $29.5 million at the beginning of the fiscal year. The Company stated that as of April 19, 2026, it had "approximately $40.8 million in liquidity, including cash and cash equivalents and $16.5 million available borrowing capacity under our credit facility." The Company identified its primary sources of liquidity as cash flows generated from operating activities and availability under its revolving credit facility. The Company described its main requirements for liquidity as operating expenses, capital expenditures for restaurant investment, investments in technology, and interest payments on its debt. It noted that it has, and in the future may continue to have, negative working capital balances and stated that it can operate with a working capital deficit because cash from restaurant sales is usually received before related payables become due. The Company further stated: "We believe that our current cash and cash equivalents, our future cash flows generated from restaurant operations and gift card sales, and our borrowing capacity under the credit facility, will be sufficient to meet our anticipated working capital and capital expenditure needs for the next 12 months." For the year to date period of fiscal 2026, net cash flows provided by operating activities were $7.0 million, a decrease of $12.6 million from $19.6 million in the comparable period of fiscal 2025, which the Company attributed primarily to a decrease in working capital. Net cash flows used in investing activities were $6.7 million for the year to date period of fiscal 2026, compared to $6.4 million in the prior-year period, reflecting slightly lower capital expenditures offset by the prior-year sale of restaurant property. Net cash flows provided by financing activities were $4.1 million for the year to date period of fiscal 2026, compared to net cash flows used in financing activities of $19.3 million in the comparable period of fiscal 2025, primarily related in 2026 to net borrowings of debt under the revolving credit facility. As of April 19, 2026, the Company's Credit Facility allowed for up to $225.0 million of borrowings, consisting of a $25.0 million revolving line of credit and a $200.0 million term loan. The Company reported outstanding borrowings of $175.7 million as of April 19, 2026 (including $8.5 million drawn on the revolver) and letters of credit issued in the amount of $9.3 million, and stated that the Credit Facility will mature on September 3, 2027. The Company disclosed that the term loans require quarterly principal payments equal to 1.0% of the original principal amount annually and that "as of April 19, 2026, the Company has fulfilled this obligation for the duration of the Credit Facility via previous principal payments." The Company reported that interest expense was $7.8 million for the first quarter of fiscal 2026, with average outstanding debt of $180.8 million and a weighted average effective interest rate of 13.4% in that period. It stated that a 1.0% change in the effective interest rate on its $175.7 million of variable-rate borrowings would result in a pre-tax interest expense fluctuation of $1.8 million on an annualized basis. The Company further stated that it is subject to customary covenants under the Credit Facility, including a net total leverage ratio covenant, and that "as of April 19, 2026, we were in compliance with all debt covenants." A full-text copy of the Form 10-Q is available at https://tinyurl.com/4f6kcm9r About Red Robin Gourmet Burgers, Inc. Red Robin Gourmet Burgers, Inc. (NASDAQ: RRGB) is the parent company of Red Robin International, Inc., primarily engaged in the operation, franchising, and development of casual dining restaurants across North America. As of April 19, 2026, it owned and operated 379 restaurants in 39 states and had 90 franchise-operated locations in 13 states and one Canadian province. The Company operates as a single reportable segment, focusing on delivering a casual dining experience. REIGN ROOFING: Claims to be Paid from Continued Operations ---------------------------------------------------------- Reign Roofing, LLC filed with the U.S. Bankruptcy Court for the Southern District of Texas a Plan of Reorganization dated May 18, 2026. The Debtor started operations in 2022. The Debtor operates a commercial roofing company. The Debtor is currently owned jointly by Jeremy Williams (50%) and Joel Pond (50%). They will remain managers and representatives of the Debtor going forward. The Debtor filed this case on February 17, 2026, to seek protection from aggressive collection efforts by creditors that, if continued, would be to the detriment of other creditors by crippling business operations. Debtor proposes to pay allowed unsecured based on the liquidation analysis and cash available. Debtor anticipates having enough business and cash available to fund the plan and pay the creditors pursuant to the proposed plan. The Debtor operates a roofing company. To that end, the Debtor owns 3 vehicles, a trailer, office furniture, office supplies and office equipment in order to operate its business. There is a secured creditor as to this property based on the liquidation analysis and UCC filings. Any secured creditor not treated in this Plan as fully secured are therefore under secured. The Debtor will continue operating its business. The Debtor's Plan will break the existing claims into seven classes of Claimants. These claimants will receive cash repayments over a period of time beginning on the Effective Date. While Debtor's Plan proposes to pay claims not to exceed five years, nothing prevents Debtor from prepaying its claims. Class 5 consists of Allowed Unsecured Claims. All allowed unsecured creditors shall receive a pro rata distribution at 7% percent per annum over the next five years beginning not later than the 15th day of the first full calendar month following 30 days after the effective date of the plan and continuing every year thereafter for the additional four years remaining on this date. Debtor shall commence disbursements to the Class 4 claims beginning the second year of the plan through the fifth year after the effective date of confirmation. The Debtor will distribute up to $36,979.00 to the general allowed unsecured creditor pool over the 5-year term of the plan. The Debtor can make monthly, quarterly or yearly payments as to the Class 4 Claimants. The Debtor's General Allowed Unsecured Claimants will receive 7.0% of their allowed claims under this plan. Any creditors listed in the schedules of Reign Roofing, LLC as disputed and did not file a claim will not receive distributions under this plan. The allowed unsecured claims total $816,305.80. Class 6 Equity Interest Holders (Current Owners) are not impaired under the Plan and shall be satisfied as follows: The current owners will receive no payments under the Plan; however, they will be allowed to retain their ownership in the Debtor. The Debtor anticipates the continued operations of the business to fund the Plan. A full-text copy of the Plan of Reorganization dated May 18, 2026 is available at https://urlcurt.com/u?l=4XkwuC from PacerMonitor.com at no charge. Counsel to the Debtor: Vicky M. Fealy, Esq. THE FEALY LAW FIRM, PC 1235 North Loop W Ste 1120 Houston, TX 77008 Telephone: (713) 526-5220 Facsimile: (713) 526-5227 E-mail: vfealy@fealylawfirm.com About Reign Roofing LLC Reign Roofing LLC, based in Sugar Land, Texas, provides residential roofing services across the Greater Houston area, including Richmond, Katy, Missouri City, Greatwood, Rosenberg, and Cinco Ranch. The company offers roof repair, replacement, and maintenance solutions for metal, shingle, and flat roofing, specializing in storm damage restoration. With over 20 years of experience, Reign Roofing emphasizes customer service, professional craftsmanship, and industry-recognized warranties in the roofing sector. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-31034) on Feb. 17, 2026, with $184,908 in assets and $1,188,971 in liabilities. Joel Pond, owner, signed the petition. Judge Eduardo V. Rodriguez presides over the case. Vicky M. Fealy, Esq. at The Fealy Law Firm, PC, is the Debtor's bankruptcy counsel. RELIZ LTD: Wins Approval to Solicit Creditor Votes on Ch. 11 Plan ----------------------------------------------------------------- Vince Sullivan of Law360 Bankruptcy Authority reports that a Delaware bankruptcy judge on Thursday, May 28, 2026, issued conditional approval for the Chapter 11 disclosure statement of BlockFills, the cryptocurrency trading platform pursuing a court-supervised restructuring. The court indicated that questions remain over the plan's opt-out release provisions but permitted the process to advance. BlockFills operates as a digital asset trading and liquidity provider in the cryptocurrency industry and entered Chapter 11 amid financial strain linked to market volatility and liquidity pressures. The company's restructuring effort is designed to address creditor obligations and support a more stable post-bankruptcy structure, the report relays. Although the disclosure statement was approved to move forward, the judge highlighted concerns regarding the proposed opt-out release mechanism embedded in the plan. Those issues are expected to be reviewed more fully as the case progresses toward a final confirmation hearing, according to Law360. About Reliz Ltd. Reliz Ltd., operating under the name BlockFills, is a Chicago-based provider of institutional digital asset trading and prime brokerage services. Reliz Ltd. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 26-10375) on March 15, 2026. In its petition, the Debtor reports estimated assets between $50 million and $100 million and estimated liabilities between $100 million and $500 million. Honorable Bankruptcy Judge Thomas M. Horan hanles the case. The Debtor is represented by David R. Hurst, Esq., of Mcdermott Will & Schulte LLP. RIC (AUSTIN): Court to Confirm Second Amended Chapter 11 Plan ------------------------------------------------------------- Judge Christopher G. Bradley of the U.S. Bankruptcy Court for the Western District of Texas will confirm the Combined Disclosure Statement and Second Amended Chapter 11 Plan of RIC (Austin), LLC. The Court will deny the Panache Parties' claims for equitable subordination and recharacterization as well as their objection to the Romspen Parties' claims in the adversary proceeding captioned as PANACHE DEVELOPMENT & CONSTRUCTION, INC., et al., Plaintiffs and Counter-Defendants, v. ROMSPEN MORTGAGE, LP, ROMSPEN (REOMASTER) HOLDINGS, INC., Defendants and Counter-Plaintiffs. v. Adam Zarafshani, an individual, Third-Party Defendant, Adv. No. 24-01061-cgb (Bankr. W.D. Tex.). This case began as an involuntary chapter 7 case filed by the petitioning creditor, Panache Development & Construction, Inc. ("Panache"), an entity controlled by Adam Zarafshani. It is the second bankruptcy proceeding filed related to a large commercial redevelopment project at the old Motorola site in Austin, Texas (the "Project"). The first case, In re 3443 Zen Garden, LP, was filed as an involuntary petition in March of 2020 and was later converted to a voluntary case under chapter 11 (the "Zen Garden Case"). In that case, Romspen Mortgage Limited Partnership ("Romspen" or "RMLP"), the senior lender, filed a secured claim for over $96 million. Panache, the general contractor for the project, filed a claim for over $11.8 million, which included a secured claim of over $5 million. During the Zen Garden Case, Panache and several other creditors filed an adversary proceeding seeking equitable subordination of Romspen's claim and the limitation of Romspen's credit bid rights in an upcoming sale of the Project. Ultimately, Romspen and Panache settled their dispute and Romspen credit bid $45 million of its claim to purchase the Project. The settlement between Romspen and Panache led to the creation of RIC (Austin). In the term sheet documenting the settlement (the "Binding Term Sheet"), Romspen and Mr. Zarafshani split ownership of the Debtor but agreed that Romspen would have ultimate control and decision-making authority. In keeping with this structure, the Debtor was formed and took ownership of the Project. Around the same time, Romspen formed Romspen (Reomaster) Holdings, Inc. ("Reomaster") to hold its 75% equity interest and Mr. Zarafshani formed Vesta Texas, LLC ("Vesta Texas"), which is controlled by Mr. Zarafshani and his wife, to hold his 25% equity interest in the Debtor. The Binding Term Sheet included various other provisions, including Romspen's agreement to forebear on seeking to collect on its guarantee from Mr. Zarafshani and both parties' agreement that they would have fiduciary duties to one another, a fact that the Panache Parties have averted to many times in this litigation. The Binding Term Sheet subordinated all of Panache's debt to all of Romspen's. A few months after the Debtor's formation, Romspen agreed to provide up to $125 million in senior financing (the "Senior Loan"), which includes the $45 million it credit bid to acquire the Project. AFMN Investments, LLC ("AFMN"), another entity controlled by Mr. Zarafshani, also entered into a promissory note with the Debtor for about $11.05 million, which memorialized the Debtor's assumption of the Panache deficiency claim from the Zen Garden Case (the "Junior Loan"). Several years later, AFMN signed a subordination agreement (the "Subordination Agreement" or "SIA"), which further elaborated on the general capital structure it had agreed to in the Binding Term Sheet. In the Subordination Agreement, AFMN agreed to subordinate its claim to Romspen's claims, as agreed by Romspen and Panache in the Binding Term Sheet, and to vote as directed by Romspen on any plan filed if the Debtor ended up in bankruptcy, among other things. Unfortunately, disputes between the parties re-emerged after the truce reached in the prior bankruptcy case, culminating in Panache filing this involuntary petition against RIC (Austin). After the RIC (Austin) involuntary petition was converted to a voluntary petition under chapter 11, Peter Oelbaum, acting as Manager for Reomaster, engaged Gregory S. Milligan with Harney Partners to serve as Chief Restructuring Officer for the Debtor. To fund the case, Romspen provided the Debtor with a post-petition debtor-in-possession loan (the "DIP Loan"), which has administrative priority over secured claims. During the case, Romspen filed a $110,320,744 secured claim based on the Senior Loan ("Romspen Loan Claim") and a $99,665,917 secured claim based on its deficiency claim from the Zen Garden Case ("Romspen Deficiency Claim"). AMFN filed a $13,076,004 secured claim based on the Junior Loan ("AFMN Lien Claim") and Panache filed a $12,486,565 secured claim for its work on the Project along with its attorney's fees ("Panache Lien Claim"). Travis County also filed a $901,780 secured claim against the property for 2025 property taxes. In addition, the four primary subcontractors for the Project, hired by Panache and connected to Mr. Zarafshani in various ways, filed secured claims for work they performed for the Project ("Primary Subcontractor Claims"). Adversary Proceeding In November of 2024, Panache, AFMN, and Vesta Texas (the "Panache Parties") filed the Adversary Proceeding against Romspen and Reomaster (the "Romspen Parties"). In the Adversary Proceeding, in an echo of its claims from the Zen Garden Case, the Panache Parties ask the Court to equitably subordinate Romspen's claims or recharacterize the claims from debt to equity, and also generally object to the claims. The Romspen Parties filed counterclaims against AFMN, Panache, and Vesta Texas and also asserted third-party claims against Mr. Zarafshani. Specifically, Romspen asserts a breach of contract claim against AFMN and seeks specific performance of the Subordination Agreement and damages. It also alleges that Panache, Vesta Texas, and Mr. Zarafshani tortiously interfered with the Subordination Agreement and also seeks damages against all of the Panache Parties for civil conspiracy. Plan After a lengthy period of negotiation and litigation with the Panache Parties in both the main case and Adversary Proceeding, the Debtor filed the current Plan in February of 2026 and the Court set a hearing on confirmation, final approval of the disclosure statement, and DIP Loan, and trial of the Adversary Proceeding. In the Plan, the Debtor proposes to sell new membership interests in the Debtor to the winner of an equity action and to use the proceeds to fund the Plan, provide one year of operating expenses for the reorganized debtor, as well as to settle the Primary Subcontractor Claims upon certain conditions. Reomaster, the only bidder, subsequently won the equity auction with a $5.4 million stalking horse bid. Panache neither bid nor even accessed the virtual "data room" where the due diligence documents were kept. Under the Plan, Class 1 consists of Romspen's Loan Claim and provides that it will be allowed in the total amount of approximately $114 million. Of that amount, $34.5 million (the current value of the Property) would be allowed as secured, junior only to Romspen's approximately $4.9 million administrative expense claim for the DIP Loan and a partially allowed secured claim for Travis County, which is treated in Class 5. Romspen also elected to apply 11 U.S.C. Sec. 1111(b) to this claim, meaning that, notwithstanding the property's value, its full claim will retain its secured status to the extent the claim is allowed. Class 2 consists of the Romspen Deficiency Claim, which totals $99.7 million and will be allowed as unsecured. Treatment of both of Romspen's claims remains subject to the Adversary Proceeding.51 These classes voted to accept the Plan. Classes 3 and 4 consist of the AFMN and Panache claims, which are treated as unsecured because the current value of the property is insufficient to pay the more senior secured claims in full. Thus, the AFMN and Panache's claims, which they filed as secured claims, would be treated (so far as they are ultimately allowed) as unsecured claims. These impaired classes voted to reject the Plan, although Romspen also filed a ballot on behalf of AFMN accepting the Plan based on AFMN's agreement to do so in the Subordination Agreement. For Class 5, the Plan proposes to pay Travis County $64,934 of its secured claim in quarterly installments from the effective date through September 30, 2029 and makes provision for payment of the remaining disputed portion of the claim, to the extent it is allowed, also by September 30, 2029. This impaired class voted to accept the Plan. Classes 6–9 consist of the Primary Subcontractor Claims. Class 6 treats a $267,720 claim filed by ACM Services, LLC ("ACM"). When it was initially filed, the claim was asserted to be entirely secured and was signed by Mr. Zarafshani in his capacity as president of Panache. It was later amended to claim $3,897 as secured and the remaining amount unsecured and is signed by James Morris, president of ACM. Class 7 consists of a $1,027,095 secured claim filed by Austin CG Construction Services, Inc. ("Austin CG") and is signed by Mr. Zarafshani in his capacity as president of Panache. Class 8 treats a $538,565 secured claim filed by Summer Legacy, LLC ("Summer Legacy") and is signed by Mr. Zarafshani in his capacity as president of Panache. Class 9 consists of a $446,301 claim filed by Texas Air Industries, Inc. ("Texas Air") and is also signed by Mr. Zarafshani in his capacity as president of Panache. Class 10 is an administrative convenience class that consists of nine unsecured claims that total less than $25,000. The Plan allows the claims and provides that they will be paid 90% of their claims within five days of the effective date. This impaired class voted in favor of the Plan. The final class of claims, Class 11, which consists of unsecured claims that total more than $25,000, would share pro-rata from the remaining equity auction proceeds of at least $100,000, as well as any net proceeds from unencumbered estate causes of action, if any. This class includes the allowed $99.6 million Romspen Deficiency Claim (subject to the Adversary Proceeding) and the AFMN and Panache claims, to the extent they are allowed. The only Class 11 creditors to vote were ACM, AFMN, and Panache who all voted to reject the Plan. The Panache Parties argue that the Plan was not filed in good faith because the Debtor has been unduly influenced by the Romspen Parties, who are insiders, and the Plan is designed to shield them from estate causes of action, rather than maximize estate assets. Specifically, they contend that because Reomaster, an affiliate of Romspen, won the equity auction -- after a self-serving and ineffective marketing effort -- the estate causes of action against the Romspen Parties will not be pursued, effectively releasing the Romspen Parties from liability. Because the Debtor is insolvent and is currently without a revenue source, the only hope for getting payments to existing creditors and moving forward with the Project was from an influx of new money, which the Reomaster bid provides. The Court asked the Panache Parties multiple times during this bankruptcy case whether they would fund the case, and they declined. In the absence of funds from another source, the Debtor reasonably accepted Reomaster's bid so that it could move forward with reorganizing before its DIP facility ran out. The likely outcome of the auction is that claims against the Romspen Parties will not be pursued, but that outcome does not mean the Plan was filed in bad faith nor that this outcome was fore-ordained; it was a product of events, including an auction. According to the Court, the Plan provides a path for the Debtor to pay its creditors and move this troubled Project forward so that it can finish construction and begin leasing space and earning income. The Plan also appropriately made the treatment of Romspen's claims contingent on the outcome of the Adversary Proceeding. Given the circumstances of this case, where the parties blame each other for the Project's failure, the Court finds that the Plan was proposed with honesty and good intentions so that a reorganization could proceed while the results of the Adversary Proceeding were unknown. The Panache Parties also contend that the Plan cannot be confirmed because it lacks an impaired accepting class. Even though classes 5 and 10 voted in favor of the plan, they argue that those classes are improperly classified and artificially impaired and therefore cannot fulfill this statutory requirement. The Court finds under the facts of this case, where the largest creditors are either affiliated with each other or appear to have loyalty to one side or the other, the Debtor's separate classification of true third-party creditors is reasonable and necessary to prevent those creditors from being swamped by the other parties. Equitable Subordination The Panache Parties seek equitable subordination under 11 U.S.C. Sec. 510(c), specifically, full subordination of the Romspen Claims to all other creditors, with corresponding subordination of Reomaster's 75% equity behind Vesta Texas's 25%. The Panache Parties allege that the Romspen Parties engaged in inequitable conduct by, among other things, disregarding corporate separateness, undercapitalizing the Project, self-dealing, and failing to provide financial transparency. According to the Court, the evidence, including Mr. Zarafshani's own testimony about the worth of the project, did not support that the project was undercapitalized and the Court does not believe that it was. Even if it were, undercapitalization alone is not enough. The Court denies the Panache Parties' claim for equitable subordination. Recharacterization In addition to or in the alternative from equitable subordination, the Panache Parties ask the Court to recharacterize the Romspen claims as equity. The Court finds that the recharacterization cause of action should be denied. Tortious Interference claim Romspen brings a claim of tortious interference against Panache, Vesta Texas, and Mr. Zarafshani, asserting that the filing of this adversary case seeking recharacterization and subordination tortiously interfered with the Subordination Agreement. The named plaintiffs on the live pleading in this case are Panache, AFMN, and Vesta Texas. Mr. Zarafshani is not a plaintiff in this adversary proceeding. According to the Court, Mr. Zarafshani is not liable for tortious interference in his individual capacity. He is not a plaintiff in the adversary proceeding. Mr. Zarafshani is also not liable for tortious interference in his capacity as a corporate agent of Panache or of Vesta Texas. Panache and Vesta Texas both stand to benefit if they succeed on their claims in this lawsuit. Therefore, it cannot be said that Mr. Zarafshani acted "only in his own interest and against the company's interest. For these reasons, the claim for tortious interference against Mr. Zarafshani is denied. AFMN, a signatory to the contract, is a subsidiary of Panache. Because AFMN is a subsidiary of Panache, Panache's economic interests are so aligned with AFMN that Panache is incapable of tortiously interfering with AFMN's contracts. The tortious interference claim against Panache is dismissed. Vesta Texas is a single-asset entity that holds a 25% interest in the Debtor, RIC (Austin). On the facts of this case, the Court finds that such a unity of interests exists between Vesta Texas and Panache, AFMN, and Mr. Zarafshani. To find that Vesta Texas could tortiously interfere with the contract while these other entities cannot would be an unsustainable result. Romspen's claim of tortious interference against Vesta Texas is dismissed. Civil Conspiracy Claim As liability for tortious interference was not established against any of the Panache parties, Romspen's claim for civil conspiracy fails and is dismissed. Subordination Agreement Romspen alleges that AFMN breached the Subordination Agreement. The Panache parties, in return, argue that (1) the Subordination Agreement was not supported by adequate consideration; (2) the Subordination Agreement was entered into under economic duress; and (3) AFMN's performance was excused because of prior material breach by the Romspen Parties. The Court disagrees with the Panache Parties' contention that the Subordination Agreement was not supported by adequate consideration. The Court finds AFMN breached the Subordination Agreement. Under the Subordination Agreement, AFMN agreed not to bring any "Enforcement Action" until Romspen's claim had been paid in full and after January 1, 2031, or until Romspen had commenced an Enforcement Action. Yet, before any of these conditions had been met, AFMN brought this adversary proceeding, an enforcement action as defined by the Subordination Agreement. It also failed to follow Romspen's instructions to vote in favor the plan of reorganization in this case despite its obligation to do so under the Subordination Agreement. Objections to the Romspen Claims The Panache Parties state that they have reviewed the Romspen Claims and find them objectionable and ask the Court to sustain its objections and deny the Romspen claims. The Court finds in this case, Panache did not provide sufficient evidence to rebut Romspen's prima facie case and the extensive testimony and documentation that support the claim including its status as secured. The Panache Parties' objection to the Romspen claims is overruled. A copy of the Court's Opinion dated May 21, 2026, is available at https://urlcurt.com/u?l=jEbujf from PacerMonitor.com. About RIC (Austin) Panache Development and Construction, Inc., a creditor of RIC (Austin), LLC, filed an involuntary petition under Chapter 7 against the Debtor (Bankr. W.D. Tex. Case No. 24-10264) on March 12, 2024. On Sept. 9, 2024, the court entered its agreed order for relief against RIC (Austin), LLC under Subchapter V of Chapter 11 of Title 11 of the United States Code. Judge Christopher G. Bradley oversees the case. The Debtor tapped Munsch Hardt Kopf & Harr, PC as legal counsel; Drenner Group as special entitlements counsel; HMP Advisory Holdings, LLC, doing business as Harney Partners, as restructuring advisor; and O&L, LP as special development consultant. ROBERTS CHEVROLET: Seeks to Sell Automobile Dealership at Auction ----------------------------------------------------------------- Robert Chevrolet GMC Inc. d/b/a Thomasville Chevrolet GMC seeks approval from the U.S. Bankruptcy Court for the District of Delaware, to sell substantially all Assets at Auction, free and clear of liens, claims, interests, and encumbrances. The Debtor has operated an authorized Chevrolet and GMC automobile dealership in Thomasville, Alabama. However, because of various prepetition events, the Debtor finds itself burdened with liabilities that render its business, in its current state, no longer viable and that deprive the Debtor of the liquidity necessary to operate its business in the immediate and longer-term periods. The Debtor is a Delaware corporation whose sole shareholder, Motors Holding LLC, holds 34,620 preferred shares and 8,000 common shares of the Debtor, representing 100% of the Debtor's share capital. The Debtor's current operational management consists of Clark Wekenman as President, and Ronald McCants as Secretary and Treasurer of the Debtor. Overview of the Debtor's capital structure and the events leading to the commencement of the Chapter 11 Case is provided. The Debtor intends to utilize this Chapter 11 Case to pursue a court-supervised sale of its business as a going concern. The Debtor believes pursuing a court-supervised sale process represents the most viable path to maximizing value for its stakeholders. The Debtor reserves the right to file and serve any supplemental pleading or declaration that the Debtor deems appropriate or necessary in its reasonable business judgment, including any pleading summarizing the competitive bidding and sale process and the results, in support of its request for entry of the Sale Order before the Sale Hearing. In order to optimally and expeditiously solicit, receive, and evaluate bids in a fair and accessible manner, the Debtor has developed and proposed the Bid Procedures, to the Bid Procedures Order. The Debtor submits that the Sale Notice is reasonably calculated to provide all interested parties with timely and proper notice of the proposed Sale. The Debtor will serve the Assignment and Cure Notice on all Counterparties regarding the proposed assumption and assignment of Assigned Contracts. The Debtor believes that the proposed Bid Procedures will promote active bidding from seriously interested parties and will elicit the highest or otherwise best offers available for the Assets. About Robert Chevrolet GMC Inc. d/b/a Thomasville Chevrolet GMC Robert Chevrolet GMC Inc. d/b/a Thomasville Chevrolet GMC is a Delaware corporation whose sole shareholder, Motors Holding LC, holds 34,620 preferred shares and 8,000 common shares of the Debtor, representing 100% of the Debtor’s share capital. Robert Chevrolet GMC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Dela. Case No. 26-10830-KBO) on May 22, 2026. Judge Karen B. Owens presides over the case. Ronald S. Gellert at Gellert Seitz Busenkell & Brown, LLC, represents the Debtor as legal counsel. ROCKANA TRUCKING: Initiates Chapter 7 Bankruptcy in New Mexico -------------------------------------------------------------- On May 15, 2026, Rockana Trucking, LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the District of New Mexico. According to court filings, the Debtor reports between $100,001 and $1 million in debt owed to between 1 and 49 creditors. About Rockana Trucking, LLC Rockana Trucking, LLC is a transportation and trucking company providing freight hauling services. Rockana Trucking, LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10665) on May 15, 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 Robert H. Jacobvitz handles the case. The Debtor is represented by Christopher M. Gatton, Esq., of Bankruptcy NM, LLC. ROCKFORD SILK: Court Extends Cash Collateral Access to June 20 -------------------------------------------------------------- Rockford Silk Screen Process, Inc. received another extension from the U.S. Bankruptcy Court for the Northern District of Illinois, Western Division, to use cash collateral through June 20. The court entered its 12th interim order extending the Debtor's authority to use cash collateral to fund its operations from June 1 to June 20. The Debtor's primary secured lender is Foresight Bank, formerly known as Northwest Bank of Rockford. The lender holds first-priority perfected liens on substantially all of the debtor's personal property, including accounts receivable, inventory, equipment, and related proceeds. As protection, Foresight Bank will be granted a first position, fully perfected security interest in and replacement lien on the debtor-in-possession account and all of property of the Debtor whether acquired before or after its Chapter 11 filing, subject only to valid pre-bankruptcy purchase money security interests, if any. Foresight Bank is not allowed to apply funds in the DIP account or offset any balance owed without prior written consent of the Debtor or order of the court. Any sale of collateral outside the ordinary course requires lender consent or a court order. A status hearing is set for June 17. The order is available at https://shorturl.at/3UI7j from PacerMonitor.com. Rockford, a 70-year-old Illinois-based printing company headquartered in Loves Park, employs approximately 40 individuals and reported revenues of $8.3 million in 2024. Facing increasing creditor pressure and a threat of receivership from its secured lender, the Debtor filed for Chapter 11 protection on September 17, 2025. The Debtor has identified two major secured creditors: Northwest Bank of Rockford, owed approximately $2,038,120, and the U.S. Small Business Administration, which holds a subordinate lien of approximately $1,954,566. About Rockford Silk Screen Process Inc. Rockford Silk Screen Process, Inc. operates a custom printing business from 6201 Material Avenue, Loves Park, Illinois, providing silk screen, digital, and large-format printing services. The Company serves corporate and franchise clients across North America, offering products including decals, nameplates, electronic overlays, signage, and fleet graphics, and supports project management, creative design, and installation for vehicle fleets. With over 40 years of experience in the print industry, Rockford Silk Screen Process utilizes both traditional and advanced printing technologies from its 100,000+ square foot facility. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-81268) on September 17, 2025. In the petition signed by Jason Yost, president, the Debtor disclosed $3,339,844 in assets and $6,456,627 in liabilities. Judge Thomas M. Lynch oversees the case. George P. Hampilos, Esq., at Hampilos & Associates, Ltd., is the Debtor's legal counsel. S & H SYSTEMS: Committee Taps Stout Risius as Financial Advisor --------------------------------------------------------------- The official committee of unsecured creditors of S & H Systems, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Arkansas to hire Stout Risius Ross, LLC as its financial advisor. The firm will render these services: a) assist and advise the Committee in consultations with the Debtor relative to the administration of this chapter 11 case; b) assist in the review and analysis of financial information prepared by the Debtor, including cash receipts and disbursements, budgets, financial statements, schedules of assets and liabilities, statements of financial affairs, monthly operating reports, and transactions for which Court approval is sought; c) assist in the review, analysis, and monitoring of the Debtor's financial condition, business operations, business plan, projections, liquidity, cash collateral or debtor-in-possession financing matters, proposed asset sales, restructuring alternatives, and liquidation alternatives; d) assist in the assessment of potential recoveries and distributions to unsecured creditors; e) assist the Committee in its investigation of the acts, conduct, assets, liabilities, financial condition, prepetition transactions, and operation of the Debtor's business, and assist with the review and analysis of liens, claims, and security interests where appropriate; f) assist with analysis and forensic investigation of potential avoidance actions, including fraudulent transfers, preferential transfers, and transactions involving any affiliated entities or insiders; g) assist with the review and analysis of the assumption, assignment, or rejection of executory contracts and leases, including cure costs and rejection damage claims; h) assist with claims analysis and claims resolution procedures, including analyses of creditors' claims by type and amount; i) attend meetings and assisting in discussions with the Committee, the Debtor, the United States Trustee, other parties in interest, and professionals retained by such parties, as requested; j) consult on general business and financial issues and providing such other assistance as the Committee or its counsel may deem necessary, consistent with the role of a financial advisor and not duplicative of services provided by other professionals; k) attend Court hearings and providing reports, exhibits, declarations, and testimony in connection with any of the foregoing, as requested; and l) perform other financial advisory and consulting services as may be requested by the Committee and are directly related to the administration of this chapter 11 case. The firm will charge these hourly rates: Managing Director $800 to $975 Director $600 to $700 Manager/Senior Manager $475 to $575 Analyst/Associates $300 to $450 Administrative Personnel $125 to $275 L. Michael Fleming, a managing director at Stout Risius Ross, 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: L. Michael Fleming Stout Risius Ross, LLC 120 W 45th St Suite 2900 New York, NY 10036 Telephone: (646) 424-4343 Email: mfleming@stout.com About S & H Systems S & H Systems, Inc. designs, installs, and maintains material handling and automation systems for distribution centers, warehouses, and manufacturing and fulfillment facilities, providing services that include operational analysis, systems design engineering and estimating, and controls and software integration. The Company delivers conveyor systems, goods-to-person solutions, automated storage and retrieval systems, autonomous mobile robotics, robotic and pick/put wall solutions, and warehouse control systems, supporting both new and retrofit operations across the United States. S & H Systems is headquartered in Jonesboro, Arkansas, and employs approximately 180 people. S & H Systems sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Ark. Case No. 26-10365) on February 2, 2026. In the petition signed by Mark Donovan, chief financial officer, the Debtor disclosed $41,717,420 in total assets and $62,495,282 in total liabilities. Judge Phyllis M. Jones oversees the case. The Debtor is represented by Kevin P. Keech, Esq., at Keech Law Firm, PA. SAVIN GRACE: Gets Final OK to Use Cash Collateral ------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of North Carolina, Raleigh Division, entered a final order authorizing Savin Grace, LLC to use cash collateral and granting adequate protection to any creditor holding a valid security interest in that collateral. Under the order, the Debtor is authorized to continue using cash collateral for ordinary operating expenses and administrative costs while maintaining debtor-in-possession bank accounts for all business receipts. The court noted that the Debtor's cash collateral may be subject to claims by the U.S. Small Business Administration and Velocity Commercial Capital, LLC, but also observed significant perfection issues with those interests. The SBA's UCC-1 financing statement had lapsed in August 2025, and Velocity had not recorded a UCC-1 financing statement as of the petition date. Additionally, neither creditor appeared at the hearing nor objected to the requested relief, and neither asserted a valid and perfected security interest in the Debtor's cash collateral. As adequate protection, any creditor that ultimately establishes a valid pre-petition lien is granted a replacement post-petition lien on the Debtor's assets to the same extent and priority as existed before bankruptcy, limited to the value of cash collateral used. However, the Debtor expressly preserves the right, on behalf of itself and the estate, to challenge the validity, priority, perfection, and enforceability of any creditor's asserted liens. The order remains effective until modified or terminated by further court order and provides that the replacement liens and protections survive any conversion of the case to Chapter 7 or dismissal of the bankruptcy case. The court also ruled that the order does not authorize any surcharge against collateral under Bankruptcy Code section 506(c), and it preserves the rights of creditors, the Bankruptcy Administrator, any future committee, or trustee to contest lien claims, debt amounts, or related defenses and counterclaims in subsequent proceedings. The order is available at http://bankrupt.com/misc/SavinGrace_FCCOrder.pdf About Savin Grace LLC Savin Grace, LLC runs a residential facility for children and adolescents with mental health, behavioral, and intellectual disabilities, along with community-based peer support services in Johnston County, North Carolina, from its facility in Selma, North Carolina. Savin Grace sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 26-01924) on April 30, 2026, with up to $500,000 in both assets and liabilities. Jacqueline Bell, member manager and president of Savin Grace, signed the petition. Judge Pamela W. Mcafee oversees the case. Ciara L. Rogers, Esq., at Waldrep Wall Babcock & Bailey PLLC, represents the Debtor as legal counsel. SCOOTER'S TRUCKING: Gets Extension to Use Cash Collateral --------------------------------------------------------- Scooter's Trucking Services, Inc. received another extension from the U.S. Bankruptcy Court for the Middle District of Florida to use cash collateral. At the recently held hearing, the court approved the Debtor's continued interim use of cash collateral and set a further hearing for Aug. 6. The Debtor was previously authorized under the court's May 14 interim order to access cash collateral through May 27 and grant replacement liens on post-petition cash collateral to secured creditors holding valid pre-petition liens. Scooter's is a Florida S-corporation formed in 2005 that operates a heavy-haul trucking business transporting construction materials throughout Florida, with Scott Donaldson as its president and sole owner. As debtor-in-possession, Scooter's' access to cash is essential to meet payroll and other expenses and to preserve the going-concern value needed for a successful reorganization. Several merchant cash advance lenders may assert liens on the Debtor's cash accounts, including Channel Partners Capital ($13,000), Forward Financing ($100,000), Fox Funding Group ($85,000), and Rosewood Business Ventures ($65,000). The Debtor disputes the validity of any MCA liens on the cash collateral. About Scooter's Trucking Services Inc. Scooter's Trucking Services, Inc. is a Florida-based transportation company providing commercial trucking and freight services to regional customers. Scooter's Trucking Services sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-00510) on January 27, 2026, with between $1 million and $10 million in both assets and liabilities. Andrew Layden serves as Subchapter V trustee for the Debtor. Honorable Bankruptcy Judge Tiffany P. Geyer handles the case. The Debtor is represented by Scott W. Spradley, Esq., at the Law Offices of Scott W. Spradley, P.A. SERENADE NEWPORT: Corona Del Mar Property Sale to J. Sweidan OK'd ----------------------------------------------------------------- The U.S. Bankruptcy Court for the Central District of California, Santa Ana Division, has permitted Thomas H. Casey, duly-appointed and acting Chapter 11 Trustee of Serenade Newport, LLC, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property is a single family residence located at 1501 Serenade Terrace, Corona del Mar, California. The Trustee has marketed the Property aggressively in an effort to liquidate the asset and provide a fund for payment of valid secured claims, approved administrative claims, and general unsecured claims of this Estate. The Trustee has accepted an all-cash offer of $8,200,000 from Jacob Sweidan. The purchase is "As-is" in its present physical condition. The Court has authorized the Trustee to sell the Property to Jacob Sweidan. The consideration to be paid by the Buyer under the Purchase Agreement, with the purchase price adjusted per the bidding that occurred before the Court, constitutes fair and reasonable consideration for the Property, and the Purchase Price for the Property represents the best offer for the Property The estimated closing costs are fair and reasonable. The Buyer is a "good faith buyer" within the meaning of Section 363(m) of the Bankruptcy Code. The Purchase Agreement was not entered into for the purpose of hindering, delaying, or defrauding present or future creditors of the Debtor. The Property will be sold on an "as-is" and "where-is" or "with all faults" basis, without representations or warranties, with all warranties and representations being expressly disclaimed, without repairs, and with all faults, if any. About Serenade Newport LLC Serenade Newport LLC is a single-asset real estate company with property located at 1501 Serenade Terrace in Corona Del Mar, California. Serenade Newport LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-11898) on July 11, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Mark D. Houle handles the case. The Debtors are represented by Robert P. Goe, Esq. at Goe Forsythe & Hodges LLP. SIGNITIVES TECHNOLOGIES: Seeks Subchapter V Bankruptcy in Texas --------------------------------------------------------------- On May 21, 2026, Signitives Technologies, LLC, filed a voluntary Chapter 11 bankruptcy petition in the U.S. Bankruptcy Court for the Northern District of Texas. Court documents show the company reports liabilities ranging from $100,001 to $1 million owed to between 1 and 49 creditors. A meeting of creditors under Section 341(a) to be held on June 30, 2026 at 08:30 AM by TELEPHONE. The deadline for government proofs of claim is November 17, 2026. About Signitives Technologies, LLC Signitives Technologies, LLC operates as a Texas-based technology and digital services company focused on software and business technology solutions. Signitives Technologies, LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-42224) on May 21, 2026. The filing lists estimated assets ranging from $100,001 to $1 million and estimated liabilities ranging from $100,001 to $1 million. Honorable Bankruptcy Judge Edward L. Morris presides over the bankruptcy proceedings. The Debtor is represented by Joseph F. Postnikoff, Esq. of Rochelle McCullough, LLP. Frances A. Smith serves as Subchapter V Trustee. SKEENA RESOURCES: Sets Annual General Meeting for June 22 --------------------------------------------------------- Skeena Resources Limited announced that the Annual General Meeting of Shareholders of the Company will be held at 2600 – 1133 Melville Street, Vancouver, BC, Canada V6E 4E5 on Monday, June 22, 2026 at 10:00 a.m. (Pacific time). The specific details of the matters proposed to be put before the Meeting are set forth in the Management Information Circular accompanying and forming part of the Notice. Shareholders should also find enclosed a Proxy or Voting Instruction Form. The Circular and VIF are available at https://tinyurl.com/53z62a79 and https://tinyurl.com/mvh7mwbv, respectively. Proposals 1. Receive Financial Statements - to receive the Company's audited financial statements for the financial years ended December 31, 2025 and December 31, 2024, together with the auditor's report thereon, as well as the interim financial statements for the period ended March 31, 2026. 2. Set the Number of Directors - to set the number of directors of the Company at seven (7) for the ensuing year. 3. Elect Directors - to elect the directors of the Company for the ensuing year. 4. Ratify the Appointment of Auditor - to appoint KPMG LLP, Chartered Professional Accountants, as the auditor of the Company for the ensuing year and to authorize the directors to fix the auditor's remuneration. 5. Re-Approval of Rolling Omnibus Incentive Plan - to re-approve the Company's rolling Omnibus Incentive Plan. The Company also stated that Shareholders may transact such other business as may properly come before the Meeting or any adjournment or postponement thereof. Meeting Information Date & Time: June 22, 2026 at 10:00 a.m. Vancouver Time Record Date: May 6, 2026 Location: 2600 – 1133 Melville Street, Vancouver, BC, Canada V6E 4E5 Voting Information for Registered Owners Shareholders may vote by internet using the 15-digit control number found on their Proxy at investorvote.com. Shareholders may also vote by phone using the 15-digit control number found on their Proxy by calling 1-866-732-8683 (toll free). Votes may also be submitted by mail or fax through Computershare Investor Services Inc. at 320 Bay Street, 14th floor, Toronto, ON, M5H 4A6, by fax at 416-263-9524 or 1-866-249-7775. Beneficial Owners Beneficial or non-registered shareholders of the Company should follow the instructions on the VIF provided by the intermediaries with respect to the procedures to be followed for voting at the Meeting. The Company stated that if a non-registered Shareholder receives these materials through a broker or another intermediary, such shareholder should complete and return the materials in accordance with the instructions provided by the broker or intermediary. If shareholders do not complete and return the materials in accordance with such instructions, they may lose their right to vote at the Meeting, either in person or by proxy. The Company also stated that it does not have an advance notice policy in place. "The Board has approved the contents of this Circular and has authorized the Company to deliver it to Shareholders." About Skeena Skeena is a precious metals development company focused on advancing the Eskay Creek Gold-Silver Project in British Columbia's Golden Triangle. With the Project fully permitted and under construction, the Company is progressing Eskay Creek towards initial production and cash flow in the second quarter of 2027. Once in operation, Eskay Creek is expected to be one of the world's highest-grade and lowest-cost open-pit precious metals mines, with significant silver by-product production that exceeds the output of many primary silver mines. Skeena is committed to responsible and sustainable mining in partnership with Indigenous communities, while maximizing the value of its mineral resources to generate long-term shareholder returns. * * * In Apr. 2026, S&P Global Ratings assigned its 'CCC+' issuer-credit rating (ICR) to Skeena Resources Ltd. At the same time, S&P assigned its 'B-' issue-level rating and '2' recovery rating (70%-80%; rounded estimate: 85%) to the company's proposed US$750 million senior secured notes due 2031. The stable outlook reflects S&P's expectation that it will take Skeena 12-18 months to complete the significant Eskay Creek development project, which entails financial and execution risks. In its view, this renders the company dependent on favorable business, financial, and economic conditions to meet its financial commitments. SOCIETY PASS: Hires Stretto Inc. as Claims and Noticing Agent ------------------------------------------------------------- Society Pass Incorporated and its debtor affiliate seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Stretto, Inc. as claims, balloting and noticing agent. Stretto 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 Stretto an advance in the amount of $10,000. Sheryl Betance, a senior managing director at Stretto, 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: Sheryl Betance Stretto, Inc. 410 Exchange Irvine, CA 92602 Telephone: (800) 634-7734 About Society Pass Incorporated Society Pass Incorporated is a Singapore-based company focused on acquiring and operating fintech, digital commerce, and consumer technology platforms across Southeast Asia and other markets. Society Pass Incorporated sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-90525) on May 12, 2026. In its petition, the Debtor reported estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. The filing indicates that funds will be available for distribution to unsecured creditors. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. The Debtor is represented by Gabrielle Alicia Hamm, Esq. of Schwartz Law. SPEYSIDE HOLDINGS: Speylo Loses Bid to Appoint Chapter 11 Trustee ----------------------------------------------------------------- The Hon. Sheryl P. Giugliano of the U.S. Bankruptcy Court for the Eastern District of New York denied without prejudice the motion of SpeyLo Holdings, LLC to appoint a chapter 11 trustee in the bankruptcy case of Speyside Holdings, LLC. SpeyLo's motion in limine is denied as moot. Before the Court are a series of motions in the jointly administered chapter 11 cases of debtors (collectively, the "Debtors"): Speyside Holdings LLC d/b/a Speyside Sand & Stone ("Speyside Holdings"); Speyside Holdings II LLC; CEM III LLC; SGD Group Holdings II LLC; SGD Group Holdings III LLC; SRG Horseblock II LLC; and SRG Horseblock IV LLC. The main motion(the "Chapter 11 Trustee Motion") is by SpeyLo Holdings, LLC ("SpeyLo"), the Debtors' secured lender, seeking entry of an order: (i) appointing a chapter 11 trustee for the Debtors' cases pursuant to section 1104(a) of title 11, United States Code (the "Bankruptcy Code"); and (ii) otherwise excusing Gregory S. Zucker, in his capacity as receiver appointed in a state court foreclosure proceeding, from turning over property to the Debtors pursuant to Bankruptcy Code Sec. 543(d). Creditor Amalgamated Suncoast Portfolio, LLC filed a statement in support of the Chapter 11 Trustee Motion. The Debtors opposed the Chapter 11 Trustee Motion. In addition to the contested Chapter 11 Trustee Motion: (i) SpeyLo filed a motion in limine (the "Motion in Limine") seeking to exclude certain evidence and argument from the hearing on the Chapter 11 Trustee Motion; and (ii) a discovery dispute arose during the hearing on the Chapter 11 Trustee Motion over the admissibility of certain letters filed in the state court foreclosure proceeding by Mr. Zucker's predecessor, the original receiver, which SpeyLo sought to include in the record. Speyside Holdings, Speyside Holdings II LLC, and CEM III LLC cumulatively own approximately 199 acres in Highland Mills, New York (the "Quarry"), on which Speyside Holdings operates a stone quarry. In February 2020, Speyside Holdings borrowed approximately $14 million (the "Loan") from Nebari National Resources Credit Fund L.P. ("Nebari"), Speylo's predecessor in interest. The Loan is secured by a first mortgage lien on the Quarry. As additional collateral for the Loan: (i) Eugene Fernandez, a principal of the Debtors, personally guaranteed the Loan; and (ii) SGD Group Holdings II LLC, SGD Group Holdings III LLC, SRG Horseblock II LLC, and SRG Horseblock IV LLC granted second mortgage liens on several parcels of vacant land located in Yaphank, New York (the "Yaphank Properties," and together with the Quarry, the "Properties"). Nebari was also granted a lien on the Debtors' assets. In September 2021, upon the occurrence of an alleged monetary default under the Loan Agreement, Nebari commenced a foreclosure action (the "Foreclosure Action") in New York State Supreme Court, Suffolk County (the "State Court"). On April 7, 2022, Nebari assigned its interest in the Loan to SpeyLo pursuant to an Assignment and Assumption Agreement (the "Assignment Agreement"). On May 3, 2023, the State Court entered an order (the "First Receiver Order") granting Nebari's motion to appoint a receiver (the "Receiver") to oversee the Quarry business, naming Howard Cohen as the Receiver. Mr. Cohen stepped down from this role, but as of the Petition Date a Receiver was still in place. On August 30, 2024, Mr. Cohen was replaced by Mr. Zucker as the Receiver. Chapter 11 Trustee Motion SpeyLo relies primarily on allegations of gross mismanagement or incompetence by the Debtors to establish cause under subsection (a)(1). In support of its argument, SpeyLo highlights: (a) the Debtors' inability to generate positive cash flow; (b) the Debtors' failure to secure a cohesive work plan for operating the Quarry; (c) the Debtors' inability to maintain adequate water management with respect to the retention ponds at the Quarry; (d) the Debtors' refusal to notify or consult with the Receiver with respect to entering into certain contracts and hiring employees; and (e) the issuance of an order by the Department of Environmental Conservation in February 2019 regarding illegal mining of sand at the Yaphank Properties. Having carefully examined the Debtors' prepetition conduct, the Court concludes that there is insufficient cause to appoint a chapter 11 trustee in these cases under Bankruptcy Code Sec. 1104 (a)(1). The Court does not believe that the evidence supports a finding of dishonesty, incompetence or gross mismanagement by clear and convincing evidence, at least in part because the Debtors did not maintain sole and exclusive control over their operations, and in part because their actions taken in contravention of the Receiver's or Lender's wishes or advice were never truly hidden, and were taken in an effort to improve operations and profitability. The Receiver, who has a great degree of control or at least oversight and gatekeeping over the Debtors' operations and certainly their finances, has been in place since May 2023 and bears some responsibility for the management of the Debtors' assets during the past several years -- even if that responsibility was directly controlled by the Lender. This Court believes that Debtors' management is entitled to the presumption against the appointment of a chapter 11 trustee, especially here where Debtors' management has not had exclusive control over operations for years, was fighting litigation with its secured creditor with insufficient capital to properly remedy internal operational issues, and then was saddled with a receiver and property manager and their related costs, expenses, delay and oversight. In addition, the Court does not give significant weight to SpeyLo's reliance on certain of the Debtors' prepetition conduct to establish cause, some of which reaches back six years -- seemingly the last time the Debtors had even the appearance of control over their own operations. The Court similarly believes that an operating trustee is unnecessary given the timing and likely future course of these cases. The only other matters of significance in these cases are a possible sale of the Quarry and the Yaphank Properties, the treatment of SpeyLo's claim, and the extent to which the Debtors object to SpeyLo's proof of claim. This is not a situation where there are multiple parties and a strategy has yet to be formulated, which might warrant the appointment of a trustee to right the ship. Here, the parties agree that a sale is in the Debtors' future. A copy of the Court's Memorandum Decision dated May 21, 2026, is available at http://urlcurt.com/u?l=kNT7w3from PacerMonitor.com. About Speyside Holdings LLC Speyside Holdings, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.Y. Case No. 8-26-70730) on February 20, 2026. In the petition signed by Eugene Fernandez, managing member, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Sheryl P. Giugliano oversees the case. Gary C. Fischoff, Esq., at BFSNG Law Group, LLP, represents the Debtor as legal counsel. SPIRIT AIRLINES: Court Okays $275 Million DIP Financing ------------------------------------------------------- Ben Zigterman of Law360 Bankruptcy Authority reports that Spirit Airlines received approval from a bankruptcy court Wednesday, May 27, 2026, to obtain $275 million in Chapter 11 financing as it seeks to streamline the court-approved sale of 20 aircraft to a stalking horse buyer. According to court proceedings, the financing arrangement will help fund the airline’s restructuring activities and support completion of the aircraft sale, which is viewed as a key component of Spirit’s bankruptcy strategy. The company said the transaction could improve flexibility and reduce ongoing financial pressure. The airline remains focused on reorganizing its operations and liabilities while maintaining service continuity throughout the Chapter 11 process, the report relays. About Spirit Aviation Holdings Inc. Spirit Aviation Holdings, Inc. and its subsidiaries operate Spirit Airlines, a U.S.-based low-cost carrier providing air transportation services across the United States, Latin America, and the Caribbean. They employ approximately 25,000 direct employees and independent contractors. Spirit Aviation Holdings and its subsidiaries sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. N.Y. Lead Case No. 25-11897) on August 29, 2025. In the petition signed by Frederick Cromer, authorized signatory, Spirit Aviation Holdings disclosed $8,576,287,000 in assets and $8,096,842,000 in liabilities as of June 30, 2025. Judge Sean H. Lane oversees the cases. The Debtors tapped Davis Polk & Wardwell, LLP as bankruptcy counsel; PJT Partners LP as investment banker; FTI Consulting, Inc. as restructuring, fleet and communications advisor; Debevoise & Plimpton, LLP as fleet counsel; Morris, Nichols, Arsht & Tunnell, LLP as conflicts counsel, and Ernst & Young, LLP as its audit and tax services provider. Epiq Corporate Restructuring, LLC is the claims, noticing, solicitation and administrative agent. The U.S. Trustee for Region 2 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Willkie Farr & Gallagher, LLP as legal counsel; Alton Aviation Consultancy, LLC as specialized aviation advisor; Jefferies. LLC as investment banker; and AlixPartners, LLP as financial advisor. STELLAR FRESH: Seeks Chapter 7 Bankruptcy in Texas -------------------------------------------------- On May 21, 2026, Stellar Fresh, 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 $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 30, 2026 at 10:00 AM via Zoom - Holder-Aurzada: Meeting ID 615 556 2999, Passcode 1128218278, Phone 1-469-218-8997. About Stellar Fresh, Inc. Stellar Fresh, Inc. is a Texas-based company engaged in the food distribution and fresh produce business. Stellar Fresh, Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-32242) 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 Stacey G. Jernigan handles the case. The Debtor is represented by Weldon L. Moore III, Esq. STEPS HOUSE: Gets Extension to Use Cash Collateral -------------------------------------------------- The Steps House, Inc. received another extension from the U.S. Bankruptcy Court for the Eastern District of Tennessee to use cash collateral. The court entered an order authorizing the Debtor to use up to $92,893 of U.S. Small Business Administration's cash collateral for the period from May 28 to July 2. The Debtor was previously allowed to access up to $23,919.55 of SBA's cash collateral under the court's May 14 order. Under the latest order, the Debtor is required to timely deposit all employment taxes; provide proof of those deposits to the Office of the U.S. Trustee; file all post-petition payroll and tax returns; pay payroll tax obligations in full; and submit monthly operating reports as required under bankruptcy rules. Failure to comply with the order could result in dismissal or conversion of the Debtor's Chapter 11 case to Chapter 7 upon request by the U.S. Trustee or U.S. Attorney, according to the order. The order is available at http://bankrupt.com/misc/StepsHouse_May26CCOrder.pdf The next hearing is scheduled for July 2. About The Steps House Inc. The Steps House, Inc. is a Knoxville, Tennessee-based nonprofit organization that provides residential recovery housing and addiction rehabilitation services for individuals with substance-use disorders. The organization operates transitional and rehabilitative programs, including services for homeless veterans, through facilities in the Knoxville area. The Steps House sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Tenn. Case No. 26-30917) on May 7, 2026, with assets of up to $50,000 and liabilities of between $1 million and $10 million. Judge Suzanne H Bauknight oversees the case. Kelli D. Holmes, Esq., at Tarpy, Cox, Fleishman & Leveille, PLLC is the Debtor's legal counsel. SUPERNOVA MANAGEMENT: Seeks to Hire Baker & Associates as Attorney ------------------------------------------------------------------ SuperNova Management, Inc. and affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Baker & Associates as their attorneys. The firm will provide these services: (a) analyze the Debtor's financial situation and provide legal advice and assistance; (b) advise the Debtor regarding its duties as a debtor-in-possession; (c) prepare and file all necessary petitions, schedules of assets and liabilities, statements of financial affairs, answers, motions, and other legal documents; (d) represent the Debtor at the meeting of creditors and other required bankruptcy proceedings; (e) represent the Debtor in all court proceedings, including adversary proceedings and other litigation affecting the Debtor's rights; (f) prepare and file a Disclosure Statement, if required, and a Chapter 11 Plan of Reorganization; and (g) provide assistance in all other matters arising in or related to the bankruptcy case. The firm will be compensated as follows: Attorneys Reese W. Baker $595 per hour Sonya Kapp $500 per hour Nikie Marie Lopez-Pagan NLP $565 per hour Paralegals Nicole Bates $195 per hour Harrison Camp $150 per hour Stephanie Del Toro $135 per hour Jennifer Gutierrez $150 per hour Maria Jimenez $150 per hour Gabby Martinez $150 per hour Susanne Taylor $195 per hour Ana Fanny Abrahams on behalf of Debtors sent to Baker a retainer in the amount of $31,856.52 on April 10, 2026, in six separate payments of $5,309.48. Baker & Associates is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings, and holds no adverse interest to the Debtor or its estate. The firm can be reached at: Reese W. Baker, Esq. BAKER & ASSOCIATES 950 Echo Lane, Suite 300 Houston, TX 77024 Telephone: (713) 869-9200 Facsimile: (713) 869-9100 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. SURGEPAYS INC: Q1 Net Loss Widens to $12.05 Million --------------------------------------------------- SurgePays Inc. reported a first-quarter net loss available to common stockholders of $12.05 million for the three months ended March 31, 2026, widening from $7.64 million a year earlier, according to a Form 10-Q filing with the Securities and Exchange Commission. Revenue rose to $15.98 million from $10.58 million, while cost of revenue rose to $23.68 million from $13.52 million. General and administrative expenses fell to $3.5 million from $4.64 million. The company reported a loss from operations of $11.2 million, compared with a loss from operations of $7.58 million a year earlier. Interest expense rose to $881,908 from $119,434, primarily because of additional notes entered into during the latter three quarters of 2025 and the first quarter of 2026. SurgePays used $4.55 million in operating activities during the quarter, compared with $6.96 million a year earlier. As of March 31, SurgePays reported cash and cash equivalents of $1.99 million, total assets of $9.5 million, total liabilities of $33.37 million and a total stockholders' deficit of $23.87 million. The company said its net loss, cash used in operations, $109.04 million accumulated deficit, $23.87 million stockholders' deficit and $21.83 million working capital deficit created substantial doubt about its ability to continue as a going concern within 12 months after the financial statements were issued. Management said plans include expanding LinkUp Mobile and Lifeline operations and accessing a $20 million convertible secured note financing authorized Jan. 6, 2026. A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/Archives/edgar/data/1392694/000149315226024591/form10-q.htm About SuregePays SurgePays, Inc. is a Bartlett, Tennessee-based wireless and point of sale technology company. The company provides wireless, mobile connectivity, financial technology, transaction processing, point of sale software, prepaid top-up, and in-store digital advertising services through its platform. SurgePays operates through retail distribution and digital acquisition channels, including a network of more than 9,000 independently owned convenience stores and similar retail locations and ProgramBenefits.com. The company operates its own mobile virtual network platform and provides wireless services directly to consumers and to third-party providers. In an audit report dated April 15, 2026, TAAD, LLP included a going concern paragraph, stating that the Company had an accumulated deficit and negative cash flows from operations that raised substantial doubt about the Company's ability to continue as a going concern. SUZANNE'S SERENITY: Case Summary & One Unsecured Creditor --------------------------------------------------------- Debtor: Suzanne's Serenity Massage P.C. 126 Roosevelt Avenue Port Jefferson, NY 11777 Business Description: Suzanne's Serenity Massage P.C. is a massage therapy practice based in Port Jefferson, New York. The practice provides therapeutic, medical, oncology, deep tissue, caregiver, prenatal, and infant massage, along with aromatherapy and techniques such as myofascial release, trigger point therapy, neuromuscular therapy, soft-tissue manipulation, and lymphatic drainage. Led by Suzanne D. Fischer, a Licensed Massage Therapist, the practice serves clients seeking wellness, pain, mobility, oncology-related, caregiver, and recovery-related support. Suzanne's Serenity Massage P.C. also hosts monthly seminars on self-care, oncology massage, and support resources. Chapter 11 Petition Date: May 26, 2026 Court: United States Bankruptcy Court Eastern District of New York Case No.: 26-72104 Judge: Hon. Louis A Scarcella Debtor's Counsel: Heath S. Berger, Esq. BFSNG LAW GROUP, LLP 6851 Jericho Turnpike Suite 250 Syosset, NY 11791 Tel: 516-747-1136 Email: hberger@bfslawfirm.com Total Assets: $9,526 Total Liabilities: $1,003,000 The petition was signed by Suzanne Fischer as president. The Debtor listed United Healthcare, Attn: Special Investigations Unit, PO Box 9472, Minneapolis, MN 55440, as its only unsecured creditor, with a $700,000 claim tied to overpayment of benefits. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/H7A6USQ/Suzannes_Serenity_Massage_PC__nyebke-26-72104__0001.0.pdf?mcid=tGE4TAMA TAVERN BAR: Court Extends Cash Collateral Access to June 24 ----------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division, granted The Tavern Bar & Tacos, LLC second interim approval 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, subject to a 10% variance per line item. Additional spending requires creditor consent or court approval. This authorization remains in effect through June 24, unless extended by agreement of the parties. The Debtor's cash collateral consists of both the money currently held by the business and funds that will be generated through ongoing operations such as revenue from customers. This cash collateral may be subject to liens held by creditors including Wolters Kluwer Lien Solutions, Castaway's Sports Bar & Grill, LLC, First Corporate Solutions, Tandem Bank, Immediate Capital Solutions LLC, and WebBank based on prior financing arrangements. As protection, secured creditors will be granted replacement liens on post-petition cash collateral, with the same priority and validity as their pre-petition liens. The Debtor must also comply with all bankruptcy obligations, including filing monthly operating reports and maintaining proper insurance coverage. The order preserves all parties' rights to seek changes or challenge terms later, and the Court retains jurisdiction to enforce it. A continued hearing is scheduled for June 24. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/qomWa from PacerMonitor.com. About Tavern Bar & Tacos LLC The Tavern Bar & Tacos, LLC is a Florida for-profit corporation that operates a restaurant and bar under the name Tavern Orlando. Tavern Bar & Tacos filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No.26-01318) on February 26, 2026. In the petition signed by Eddie J. Santiago, managing member, the Debtor disclosed up to $50,000 in assets and up to $1 million in liabilities. Judge Tiffany P. Geyer oversees the case. L. William Porter III, Esq., at Latham Luna Eden & Beaudine LLP, represents the Debtor as legal counsel. Andrew Layden serves as Subchapter V trustee for the Debtor. TECHPRECISION CORP: Extends Revolving Credit Facility to September ------------------------------------------------------------------ TechPrecision Corporation announced in a regulatory filing that Ranor, Inc., a wholly owned subsidiary of the Company, along with certain affiliates of the Company, entered into a Fourteenth Amendment to Amended and Restated Loan Agreement and Tenth Amendment to Second Amended and Restated Promissory Note with Beacon Bank & Trust, successor by merger to Berkshire Bank, amending that certain Amended and Restated Loan Agreement, dated August 25, 2021, under which Beacon provides a revolving line of credit loan to the Borrowers with a maximum principal amount of $4,500,000. The Amendment, among other things: (i) extends the maturity date of the Revolver Loan from May 15, 2026 to September 15, 2026, (ii) adds covenants from the Borrowers to: (a) provide by July 31, 2026 (or such later date agreed by Beacon in its sole discretion) a term sheet for a refinancing to repay outstanding obligations under the Amended and Restated Loan Agreement by September 15, 2026; if not provided by July 31, 2026, then the Borrowers shall provide access to Beacon to conduct field examinations of all assets, and appraisals of all collateral, of Borrowers at all locations where assets may be located; and (b) cooperate with and pay for a lender-ordered appraisal of one of the Company's properties; and (iii) adds a failure-to-perform fee of $15,000 if any amounts remain outstanding under the Amended and Restated Loan Agreement after September 15, 2026, with nonpayment constituting an event of default. Other than in respect of the Amended and Restated Loan Agreement, the promissory notes made thereunder, the related security and guaranty documents, and the prior borrowing relationship between the parties, there is no material relationship between Ranor, the Company and the other affiliates of the Company party thereto, on the one hand, and Beacon, on the other hand. A full text copy of the Amendment is available at https://tinyurl.com/3jyb6v4m About TechPrecision TechPrecision Corporation is a custom manufacturer of precision, large-scale fabrication components and precision, large-scale machined metal structural components. The components that the Company manufactures are customer designed. The Company sells to customers in two main industry sections: defense and precision industrial markets. In its audit report dated July 30, 2025, CBIZ CPAs P.C. included a "going concern" qualification, noting that the Company has experienced substantial losses, is in default on its debt obligations due to noncompliance with its debt covenants and is expected to remain noncompliant, and its revolving line of credit matures within the year, requiring renewal or additional financing. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of December 31, 2025, the Company had $32.8 million in total assets, $24.8 million in total liabilities, and $8 million in total stockholders' equity. TENA LOGISTICS: Commences Chapter 7 Bankruptcy in Arizona --------------------------------------------------------- On May 18, 2026, Tena Logistics US Inc. filed for Chapter 7 protection in the U.S. Bankruptcy Court for the District of Arizona. According to court filings, the Debtor reports between $0 and $100,000 in debt owed to between 1 and 49 creditors. About Tena Logistics US Inc. Tena Logistics US Inc. is a logistics and transportation company providing freight and supply chain services. Tena Logistics US Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-04905) on May 18, 2026. In its petition, the Debtor reports estimated assets between $0 and $100,000 and estimated liabilities between $0 and $100,000. Honorable Bankruptcy Judge Brenda Moody Whinery handles the case. The Debtor is represented by Linda Aaron Lory, Esq. of Law Office of Linda Lory. TITAN INTERNATIONAL: S&P Alters Outlook to Neg., Affirms 'B' ICR ---------------------------------------------------------------- S&P Global Ratings revised its outlook on Titan International Inc. to negative from stable and affirmed the 'B' issuer credit rating. At the same time, S&P affirmed its 'B' issue-level rating on the company's senior secured notes due 2028. The '4' recovery rating is unchanged. The negative outlook reflects that S&P could lower its rating on Titan if its adjusted leverage remains above 6x, which could occur absent a material recovery in its agricultural end market. S&P said, "We believe Titan International Inc.'s credit metrics will remain pressured over the next 12 months amid persistent challenging conditions in its agricultural end market, which will limit the pace of the improvement in its earnings and cash flow despite the recovery in its Earthmoving/Construction (EMC) segment. "We expect the company's S&P Global Ratings-adjusted debt to EBITDA will remain elevated in the 5.5x-6.0x range and forecast limited adjusted free operating cash flow (FOCF) generation in 2026. "Prolonged challenges in the agriculture end market have led to weak volumes, which we expect will persist throughout 2026. Titan's Agriculture segment remains near the low point of a multi-year cyclical downturn, with original equipment manufacturer (OEM) demand constrained by weak farmer economics and cautious purchasing behavior. We expect agricultural volumes to remain pressured through 2026 as flat U.S. farm incomes, elevated interest rates, and tight credit conditions continue to discourage large equipment purchases. In addition, we anticipate higher diesel and fertilizer costs, partly driven by geopolitical tensions and conflict-related disruptions, will further weigh on farm profitability and offset the benefits from government support programs. We expect a modest recovery in the agriculture market beginning in 2027, due to lean channel inventories and an aging installed base, which should eventually necessitate fleet replacement and support a normalization in OEM orders. Additionally, the potential for additional government support and a stabilization in global conditions, including an easing of war-related pressures on energy and other input costs, could further spur a rebound in demand. "In contrast, we expect Titan's EMC segment to perform well, supported by good OEM demand stemming from high commodity prices that support mining volumes, as well as sustained infrastructure and data center expansion (including megaprojects and AI-related demand). We also anticipate the company will modestly expand its Consumer segment as the weakness in powersports, which is being negatively affected by still elevated interest rates and fuel costs, is partially offset by steadier demand for commercial outdoor power equipment and turf due to more inelastic replacement demand. "We expect a modest improvement in revenue and operating leverage to support moderate deleveraging in 2026 and 2027. We expect Titan's S&P Global Ratings-adjusted EBITDA margin will remain broadly flat at about 6.7% in 2026 before expanding to about 7.1% in 2027 as it gradually improves its volumes and operating leverage, primarily supported by continued strength in the EMC segment. We estimate this will enable the company to modestly deleverage by reducing its S&P Global Ratings-adjusted debt to EBITDA to the mid-5x area over the next two years from about 6.0x in 2025. Our forecast indicates only modest deleveraging because we do not assume a material rebound in the agriculture end market, which accounts for about 40% of Titan's revenue. "While higher volumes in the company's EMC segment will support an expansion in its margins, we expect this benefit will likely be offset by continued soft volumes in its Agriculture segment and its relatively large fixed-cost base, which makes its profitability highly dependent on its volume levels over the cycle. In addition, our forecast remains subject to downside risk from rising input costs and persistent geopolitical uncertainty, which could cause energy and other costs to remain elevated, as well as from a potential decline in commodity prices that materially weakens farmer incomes and leads to prolonged subdued equipment spending, limiting the pace of any improvement in credit metrics. "We expect Titan to maintain adequate liquidity over the next 12 months despite its lack of FOCF in 2026. As of March 31, 2026, the company had about $160 million of accessible cash (adjusted to exclude cash held in Russia) and about $50 million of availability under its $225 million asset-based lending (ABL) facility, which matures in February 2029. Because the facility is asset based, Titan's borrowing capacity fluctuates with the level of eligible accounts receivable and inventory, which can create variability in its availability through the cycle. We view the company's liquidity sources as more than sufficient to cover its near-term uses and anticipate its ratio of sources to uses will exceed 2x over the next 12 months; however, its liquidity could tighten beyond the next 12 months as it faces the approaching maturity of about $400 million of secured notes in April 2028 that could cause the maturity of its ABL facility to spring to 90 days before the notes are due. This would reduce Titan's ratio of liquidity sources to uses below 1x in the next 24 months absent refinancing or other mitigating actions. We also expect the company's S&P Global Ratings-adjusted FOCF will remain limited in the $5 million-$10 million range in 2026, which we view as insufficient to materially reduce its debt. "The negative outlook reflects our view that Titan's S&P Global Ratings-adjusted leverage will remain elevated at about 6x absent a significant rebound in its primary agricultural end market." S&P could lower its rating on Titan if we believe: -- Its S&P Global Ratings-adjusted leverage will remain at or above 6x; -- The company will generate consistently negative S&P Global Ratings-adjusted FOCF; or -- The company allows its debt maturities to become current, pressuring S&P's view of its liquidity. S&P could revise its outlook on Titan to stable if: -- It improves its S&P Global Ratings-adjusted leverage below 6x and; -- S&P anticipates it will generate positive FOCF. TPI COMPOSITES: Court OKs Bid Rules for Wind Blade Biz Asset Sale ----------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, has granted TPI Composites, Inc. and its subsidiaries, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtors have been engaged in negotiations with their primary customers, GE Vernova, Inc. and Vestas Wind System A/S, regarding, among other things, the go-forward terms of their respective supply agreements with the Company. While the Debtors are still in active negotiations with GEV and Vestas, the parties have not reached a commercial agreement on renewed supply agreements. At the same time, the Debtors continue to experience cash constraints and, given the capital-intensive nature of the Debtors' business, those constraints impose a limited amount of time within which to implement any restructuring. Given the Debtors' current liquidity and their need to progress these cases regardless of whether they are ultimately able to reach deals with their customers, the Debtors have considered available alternatives to maximize the value of the Debtors' estates. One such alternative is the marketing and sale of the Debtors' assets, in whole or in part, including equity interests of non-Debtor foreign subsidiaries owned by the Debtors. The Sale Notice provided all interested parties with timely and proper notice of the Sale, Bid Deadline, Auction, and Sale and Confirmation Hearing. The Debtors also served the Auction Cancellation Notice on all parties required to receive such notice under the Bid Procedures Order and applicable Bankruptcy Rules. The Bid Procedures were substantively and procedurally fair to all parties and all potential bidders and afforded notice and a full, fair, and reasonable opportunity for any entity to make a higher or otherwise better offer to purchase the Transferred Debtor Assets. After receiving no Qualified Bid by the Bid Deadline other than the Buyer's Qualified Bid, the Debtors determined in a valid and sound exercise of their business judgment, and in accordance with the Bid Procedures Order and the Bid Procedures, that the highest or otherwise best Qualified Bid for the Transferred Debtor Assets was that of the Buyer upon the terms and conditions set forth in the Vestas Mexico APA.After receiving no Qualified Bid by the Bid Deadline other than the Buyer's Qualified Bid, the Debtors determined in a valid and sound exercise of their business judgment, and in accordance with the Bid Procedures Order and the Bid Procedures, that the highest or otherwise best Qualified Bid for the Transferred Debtor Assets was that of the Buyer upon the terms and conditions set forth in the Vestas Mexico APA. The Debtors determined, in a valid and sound exercise of their business judgment, in accordance with the Bid Procedures Order and the Bid Procedures, and after a robust and extensive marketing process, the transactions contemplated by the Vestas Mexico APA with respect to the Transferred Debtor Assets represented the highest or otherwise best bid. The Debtors determined, in a valid and sound exercise of their business judgment, in accordance with the Bid Procedures Order and the Bid Procedures, and after a robust and extensive marketing process, the transactions contemplated by the Vestas Mexico APA with respect to the Transferred Debtor Assets represented the highest or otherwise best bid. The relief requested in the Motion with respect to the Mexico Asset Sale is granted and approved in its entirety, and the Vestas Mexico APA, including all of its terms and conditions, all ancillary documents, and all transactions contemplated therein, are approved. The Buyer and the Debtors shall have no obligation to consummate the Mexico Asset Sale except as is contemplated by and provided for in the Vestas Mexico APA. About TPI Composites, Inc. TPI Composites -- https://tpicomposites.com/ -- is a leading wind-blade manufacturer and the only independent wind blade manufacturer with a global footprint. TPI Composites Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-34655) on August 11, 2025. The company listed $500 million to $1 billion in estimated assets, along with $1 billion to $10 billion in estimated liabilities. Honorable Bankruptcy Judge Christopher M. Lopez handles the case. The Debtor is represented by Gabriel Adam Morgan, Esq. at Weil, Gotshal & Manges LLP. Oaktree Capital Management L.P., as DIP agent, is represented by William A. (Trey) Wood III, Esq. at Bracewell, LLP. TRANS EXPRESS: Seeks Chapter 11 Bankruptcy in Illinois ------------------------------------------------------ On May 15, 2026, Trans Express Lines, Inc. filed a Chapter 11 bankruptcy petition in the Northern District of Illinois bankruptcy court. The Debtor reported estimated debts ranging from $10 million to $50 million owed to between 1 and 49 creditors. A meeting of creditors under Section 341(a) to be held on June 18, 2026 at 01:00 PM at Appear by Teams. About Trans Express Lines, Inc. Trans Express Lines, Inc. provides freight transportation and logistics services to commercial customers. Trans Express Lines, Inc. filed for bankruptcy relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-08483) on May 15, 2026. The filing shows estimated assets between $10 million and $50 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge handles the case. The Debtor is represented by David Freydin, Esq. of Law Offices of David Freydin Ltd. TRANSOCEAN LTD: Grants Famatown Board Nomination and Observer Right ------------------------------------------------------------------- Transocean Ltd. announced in a regulatory filing that it entered into a support agreement with Famatown Finance Limited, Kristian Johansen and the other parties thereto, pursuant to which Transocean has agreed, subject to the terms and conditions set forth therein, to nominate Mr. Johansen for election to the board of directors of Transocean at: (i) the extraordinary general meeting of Transocean shareholders, with his election conditioned on approval of a shareholder resolution at the Transocean Extraordinary General Meeting and consummation of Transocean's acquisition of Valaris Limited, an exempted company limited by shares incorporated under the laws of Bermuda, and (ii) each annual or extraordinary meeting of Transocean shareholders at which directors are elected during the period commencing at the Transocean Extraordinary General Meeting and ending on the date that is two years thereafter. If the Transocean Board includes Mr. Johansen or another replacement director reasonably acceptable to the Transocean Board on Transocean's slate of director nominees for any subsequent annual general meeting of Transocean shareholders and Mr. Johansen or the Replacement Director is elected to serve as a Transocean director at such meeting, the Re-Nomination Period will be extended until completion of the next annual general meeting of Transocean shareholders. If Mr. Johansen is not elected to the Transocean Board at the Transocean Extraordinary General Meeting or any meeting of Transocean shareholders during the Re-Nomination Period, the Famatown Parties (as defined in the Famatown Support Agreement) have the right to nominate a Replacement Director, and the Transocean Board shall promptly nominate such Replacement Director for election at the next meeting of Transocean shareholders, subject to the terms and conditions set forth in the Famatown Support Agreement. At any time Mr. Johansen or a Replacement Director is not a member of the Transocean Board during the Re-Nomination Period, the Famatown Parties have the right to designate an individual reasonably acceptable to the Transocean Board as an observer to the Transocean Board and each committee thereof. The Famatown Support Agreement contains customary standstill and voting covenants applicable to the Famatowon Parties during the Re-Nomination Period, as well as important conditions relating to the Nomination Right and Observer Right. Pursuant to the Famatown Support Agreement, Mr. Johansen has agreed to tender his resignation as a director of the Transocean Board effective upon a determination by a majority of the Transocean Board (excluding Mr. Johansen), and the Famatown Support Agreement and the Re-Nomination Period will terminate, if, among others: (i) the Famatown Parties do not own at least 3.5% of the total issued and outstanding shares of Transocean, (ii) the Famatown Parties breach their standstill and voting commitments or (iii) Mr. Johansen or a Replacement Director fails to comply with applicable Transocean policies. A full text copy of the Famatown Support Agreement is available at https://tinyurl.com/3e27uav9 About Transocean Transocean Ltd. is an international provider of offshore contract drilling services for oil and gas wells. The Company specializes in technically demanding sectors of the offshore drilling business, with a particular focus on ultra-deepwater and harsh environment drilling services. As of Feb. 14, 2024, the Company owned or had partial ownership interests in and operated 37 mobile offshore drilling units, consisting of 28 ultra-deepwater floaters and nine harsh environment floaters. Additionally, as of Feb. 14, 2024, the Company was constructing one ultra-deepwater drillship. As of March 31, 2026, the Company had $15.2 billion in total assets, $1.1 billion in total current liabilities, $5.8 billion in total long-term liabilities, and $8.2 billion in total equity. * * * In Feb. 2026, S&P Global Ratings placed all ratings on offshore drilling contractor Transocean Ltd., including the 'CCC+' Company credit rating, on CreditWatch with positive implications. Transocean Ltd. announced it will acquire Valaris Ltd. for $5.8 billion of stock and the assumption of Valaris' $1.1 billion of debt. The acquisition would improve leverage and cash flow metrics while also enhancing scale and diversification. The CreditWatch placement reflects the likelihood that S&P will raise its ratings by one notch on Transocean after the deal closes, assuming the transaction is completed as proposed and there are no substantial changes to its operating assumptions. TRAXX CONSTRUCTION: Plan Exclusivity Period Extended to June 18 --------------------------------------------------------------- Judge Julia W. Brand of the U.S. Bankruptcy Court for the Central District of California extended Traxx Construction, Inc.'s exclusive period to file disclosure statement and plan of reorganization to June 18, 2026. As shared by Troubled Company Reporter, the Debtor explains that its largest secured creditor is the U.S. Small Business Administration with a claim of $1,950,700.15. The Debtor has obtained authority to use cash collateral and continues to operate as a Debtor-in-Possession, but needs additional time to determine which equipment and vehicles it can surrender while still operating, and to formulate a plan to provide for the sizeable secured and priority claims in the case, and to determine what general unsecured creditors can be paid. The Debtor claims that it has been operating on a shoestring budget since filing the petition, while working on collecting past due payments and trying to generate new business. The Debtor's counsel has filed a motion to withdraw. The Debtor, and any new counsel it retains, needs additional time to analyze its ongoing income and determine if a confirmable plan can be proposed. The Debtor asserts that it is not seeking an extension of time to file a plan to pressure any of its creditors to submit to the Debtor's reorganization demands. On the contrary, the Debtor has been involved in good faith negotiations with various contractors and subcontractors to try and resolve contractual disputes and gain access to critical funding. Traxx Construction Inc is represented by: Michael Jay Berger, Esq. Law Offices of Michael Jay Berger 9454 Wilshire Boulevard, 6th Floor Beverly Hills, CA 90212 Telephone: (310) 271-6223 Facsimile: (310) 271-9805 Email Michael.Berger@bankruptcypower.com About Traxx Construction Inc. Traxx Construction Inc. operates in the construction and engineering sector, delivering services for residential, commercial, and industrial projects. Its offerings include project planning, general contracting, site development, and infrastructure construction. Traxx Construction Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-20463) on Nov. 21, 2025. In its petition, the Debtor listed assets and debt of $1 million to $10 million. Judge Julia W. Brand oversees the case. The Debtor tapped Kogan Law Firm, APC, and the Law Offices of Michael Jay Berger as attorneys. TRINSEO PLC: Case Summary & 30 Largest Unsecured Creditors ---------------------------------------------------------- Lead Debtor: Trinseo PLC 440 East Swedesford Road, Suite 301 Wayne, PA 19087 Business Description: Trinseo PLC is a publicly traded specialty chemical manufacturer headquartered in Wayne, Pennsylvania. The company manufactures plastics, latex binders, and specialty polymers, and produces and sells plastics and latex binders used in products across building and construction, automotive, paper and packaging, appliance, textile, and consumer electronics applications. Trinseo operates 32 manufacturing plants and one recycling facility across 28 sites in 14 countries, with locations in North America, Europe, and Asia. The business, formerly known as Styron, began as a carveout from The Dow Chemical Company in 2009 and completed an initial public offering under the Trinseo name in 2014. Chapter 11 Petition Date: May 26, 2026 Court: United States Bankruptcy Court Southern District of Texas Thirteen affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Trinseo PLC (Lead Case) 26-90545 Altuglas LLC 26-90547 Aristech Surfaces LLC 26-90550 Trinseo LLC 26-90555 Trinseo Holding B.V. 26-90552 Trinseo Holding S.a r.l. 26-90554 Trinseo International Holding LLC 26-90543 Trinseo Luxco Finance SPV S.a r.l. 26-90546 Trinseo Luxco S.a r.l. 26-90548 Trinseo Materials Finance, Inc. 26-90549 Trinseo NA Finance LLC 26-90544 Trinseo NA Finance SPV LLC 26-90551 Trinseo US Holding, Inc. 26-90553 Debtors' Bankruptcy Counsel: Timothy A. ("Tad") Davidson II, Esq. Philip M. Guffy, Esq. HUNTON ANDREWS KURTH LLP 600 Travis Street, Suite 4200 Houston, TX 77002 Tel: (713) 220-4200 Email: taddavidson@hunton.com pguffy@hunton.com - and - Ray C. Schrock, Esq. Ryan Preston Dahl, Esq. George Klidonas, Esq. Jonathan J. Weichselbaum, Esq. LATHAM & WATKINS LLP 1271 Avenue of the Americas New York, NY 10020 Tel: (212) 906-1200 Email: ray.schrock@lw.com ryan.dahl@lw.com george.klidonas@lw.com jon.weichselbaum@lw.com AND Benjamin M. Rhode, Esq. 330 N. Wabash Avenue, Suite 2800 Chicago, IL 60611 Phone: (312) 876-7700 Email: benjamin.rhode@lw.com Debtors' Financial Advisor: FTI CONSULTING INC. Debtors' Investment Banker: CENTERVIEW PARTNERS LLC Debtors' Claims & Noticing Agent: KROLL RESTRUCTURING ADMINISTRATION LLC Debtors' Tax Auditor & Tax Accountant: ERNST & YOUNG LLP Total Assets as of December 31, 2025: $2,280,000,000 Total Debts as of December 31, 2025: $3,378,000,000 Alan Boyko signed the petitions in his capacity as chief restructuring officer. A full-text copy of the Lead Debtor's petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/IEN5BWI/Trinseo_PLC__txsbke-26-90545__0001.0.pdf?mcid=tGE4TAMA Consolidated List of Debtors' 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. The Bank of New York Mellon 2029 Notes $407,909,128 500 Ross Street, 12th Floor Pittsburgh, PA 15262 Attn: Corporate Trust Administration Email: raymond.k.oneil@bny.com Phone: (412) 236-1201 2. Rohm & Haas Chemicals LLC Trade Debts $26,388,189 400 Arcola Rd. Collegeville PA 19426 Attn: David Speece Email: davidspeeceiii@dow.com Phone: (800) 846-7641 3. Americas Styrenics LLC Trade Debts $3,891,607 24 Waterway Avenue, Suite 1200, The Woodlands, TX 77380 Attn: J.C. Gonzalez Email: jcgonzalez@amsty.com Phone: (832) 616-7800 4. Lyondellbasell Industries NV Trade Debts $3,256,619 1221 Mckinney Street, Ste. 300 Houston, Texas 77010 Attn: Teri Burgess Email: teri.burgess@lyondellbassell.com Phone: 832-792-3136 5. CLX Logistics LLC Trade Debts $2,511,984 960 Harvest Drive Pennsylvania, PA 19422 Attn: Marc Chrencik Email: mchrencik@clxlogistics.com Phone: (267) 419-9316 6. Corteva Inc Trade Debts $1,453,238 974 Centre Rd Building 735 Wilmington, DE 19805 Attn: Dan Kaczynski Title: I-Park Contract Mgr Email: dan.kaczynski@corteva.com 7. Quantix Managed Solutions LLC Trade Debts $1,258,186 9900 Corporate Campus Dr. Ste 3200 Louisville, KY 40223 Attn: Dina Gold Email: dgold@quantixmanaged.comtixscs.com 8. Arlanxeo USA LLC Trade Debts $1,246,615 111 RIDC Park West Drive, Pittsburgh, PA 15275-1112 Attn: Jay Capelli Email:jay.capelli@arlanxeo.com Phone: (800) 447-6202 9. KAG Specialty Products Group LLC Trade Debts $952,595 4366 Mount Pleasant Street NW North Canton, OH 44720 Attn: John Rakoczy Title: Executive Vice President Email: jrakoczy@thekag.com Phone: (800) 321-3143 10. Exxonmobil Chemical Trade Debts $858,208 22777 Springwoods Village Pkwy Spring, TX 77389-1425 Attn: Jim Myers Email: james.w.myers@exxonmobil.com Phone: (225) 772-6772 11. The Dow Chemical Company Trade Debts $855,548 13300 Bay Area Blvd La Porte, TX 77571-0000 Attn: Brian Brown Email: bdbrown@dow.com 12. Arkema Inc. Trade Debts $817,910 2231 Haden Rd Houston, TX 77015 Attn: Casey Collins Email: casey.collins@arkema.com Phone: (713) 455-1211 13. TPC Group LLC Trade Debts $687,270 500 Dallas Street Suite 1000 Houston, TX 77002-4718 Attn: Marcus Garcia Title: Business Director, Performance Materials Phone: (713) 475-5279 14. BASF Corporation Trade Debts $662,712 67056 Ludwigshafen, Germany Attn: Dr. Sabrina Streicher Title: Head Of Litigation & Dispute Resolution Email: sabrina.streicher@basf.com 15. Pilot Chemical Company Trade Debts $632,028 2744 E Kemper Rd Cincinnati, OH 45241-1818 Attn: Jennifer Hartwell Title: Customer Account Specialist Email: jshartwell@pilotchemical.com Phone: (800) 707-4568 16. SAP SE Trade Debts $599,809 Neurottstrasse 16 Walldorf, Bw 69190 Attn: Jim Mower Title:Vice President Email: j.mower@sap.com 17. SAP America Inc Trade Debts $546,339 3999 West Chester Pike Newtown Square, Pa19073-2305 Attn: Jim Mower Title: Vice President Email: j.mower@sap.com 18. Starchem USA LLC Trade Debts $508,113 5689 NW 35th Ct. Miami, Fl 33142 Attn: Dayana Norat Title: Financial Controller Email: dayana@starchemusa.com Phone: (305) 859-1418 19. Microsoft Corporation Trade Debts $491,890 1 Microsoft Way Redmond, WA 98052-8300 Attn: Joshua Farlow Title: Director Email: jfarlow@microsoft.com 20. Evonik Corporation Trade Debts $482,101 299 Jefferson Rd Parsippany, NJ 07054 Attn: Kevin Shaffer Email: kevin.shaffer@evonik.com 21. 3E Company Environmental Trade Debts $453,026 3207 Grey Hawk Ct Ste 200 Carlsbad, CA 92010-6664 Attn: Leslie Smith Title: Vice President Of Administration Email: lsmith@verisk3e.com Phone: (760) 930-6675 22. Lake State Railway Company Trade Debts $374,734 750 Washington St Saginaw, MI 48607-1374 Attn: Mike Stickel Title: President Email: mstickel@lsrc.com 23. Primex Plastics Trade Debts $365,969 1235 North F Street Richmond, IN 47374 Attn: Lou Champy Email: lchampy@primexplastics.com Phone: (765) 966-7774 24. Exxon Mobil Corporation Trade Debts $334,634 5959 Las Colinas Blvd Irving, TX 75039-4202 Attn: Allison Dammeyer Email: allison.m.dammeyer@exxonmobil.com Phone: (225) 772-6772 25. Norfolk Southern Corp Trade Debts $311,229 200 Peachtree St NE Atlanta, GA 30309-3579 Email: cashapp1@nscorp.com Phone: (800) 635-5768 26. International Paper Company Trade Debts $306,504 2811 Cofer Rd Richmond, VA 23224-7101 Attn: Earl Blanks Email: earl.blanks@ipaper.com Phone: (804) 230-3101 27. Geon Performance Solutions LLC Trade Debts $296,276 33587 Walker Rd Avon Lake, OH 44012-1145 Attn: Napolean Garza Email: napoleon.garza@geon.com Phone: (713) 495-6772 28. GEA Systems North America LLC Trade Debts $291,724 9165 Rumsey Rd Columbia, MD 21045-1929 Attn: Karla Morrison Email: karla.morrison@gea.com Phone: (410) 997-8700 29. ROEHM America LLC Trade Debts $239,155 8 Campus Drive, Suite 450 Parsippany, NJ 07054 Email: cs-monomers@roehm.com Phone: (800) 225-0172 30. Union Pacific Railroad Trade Debts $238,471 210 N 13th St Saint Louis, MO 63103-2329 Email: racash@up.com Phone: (800) 272-8777 TRINSEO PLC: Overcomes Initial Hurdles in Ch. 11 Prepack Filing --------------------------------------------------------------- Vince Sullivan of Law360 Bankruptcy Authority reports that Trinseo PLC, a bankrupt plastics producer, secured approval Wednesday, May 27, 2026, from a Texas bankruptcy court to draw on $427.5 million in Chapter 11 financing while pursuing its prepackaged restructuring strategy. The decision provides the company with critical funding support during its ongoing bankruptcy case. The debtor-in-possession financing is designed to sustain operations and facilitate execution of Trinseo's prearranged restructuring plan. The company is working to reorganize its capital structure through a streamlined Chapter 11 process supported by creditor negotiations, according to report. Despite the financing approval, a dispute arose during the proceedings over aspects of the deal structure and related terms. The disagreement is expected to be addressed as the court continues to oversee the company’s prepackaged bankruptcy process, the report relays. 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. TRUTANKLESS INC: MD&A, Audit Review Delays Q1 2026 10-Q Filing -------------------------------------------------------------- Trutankless, 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 accountants could not complete the required financial statements, the auditors could not complete their review of the financial statements and periodic report, and management could not complete the Management's Discussion and Analysis of such financial statements prior to the filing deadline. The Company confirmed that all other periodic reports required during the preceding 12 months have been filed and does not anticipate any significant change in results of operations from the corresponding period of the prior fiscal year. About Trutankless, Inc. Trutankless, Inc. is involved in sales, marketing, research and development of a high quality, whole-house, smart electric tankless water heater that is more energy efficient than conventional products. Management anticipates the Company's trutankless water heater, with Wi-Fi capability and Trutankless' proprietary apps offered in the iOS and Android store, will augment existing products in the home automation space. Houston, Texas-based Victor Mokuolu, CPA PLLC, the Company's auditor since 2004, issued a "going concern" qualification in its report dated May 21, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company had an accumulated deficit of $81,852,679 and $77,101,969, at December 31, 2025 and 2024, respectively, and a working capital deficit of $10,612,370 and $5,931,423, at December 31, 2025 and 2024, respectively. These factors raise substantial doubt about the Company's ability to continue as a going concern. As of December 31, 2025, the Company had $3,112,234 in total assets, $13,074,248 in total liabilities, and $9,962,014 in total stockholders' deficit. TW ELECTRIC: Court Extends Cash Collateral Access to June 17 ------------------------------------------------------------ TW Electric Service, Inc. received fourth interim approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina, Raleigh Division, to use cash collateral to fund operations. The court authorized the Debtor to use cash collateral in accordance with its budget until the earlier of June 17 or upon termination of the interim order or filing of a notice of default. The Debtor projects total operational expenses of $105,551.49 for June. As protection, the U.S. Small Business Administration and CT Corporation System, as representative of an unidentified secured creditor, will be granted post-petition replacement liens on their collateral including post-petition assets, with the same validity, priority, and enforceability as their pre-bankruptcy liens. The replacement liens are subject to and subordinate to a carveout for the payment of allowed professional fees and disbursements incurred by court-approved professionals. Both the SBA and CT Corporation System asserting security interests in the Debtor's assets. Certain proceeds from the Debtor's operations are claimed as cash collateral by these creditors. The next hearing is set for June 17. The order is available at https://shorturl.at/xcmyB from PacerMonitor.com. About TW Electric Service Inc. TW Electric Service, Inc. is a family-owned electrical contracting company based in Benson, North Carolina. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 26-00840-5-PWM) on February 25, 2026. In the petition signed by Terry Wood, president, the Debtor disclosed up to $100,000 in assets and up to $500,000 in liabilities. Judge Pamela W. McAfee oversees the case. Rebecca Redwine Grow, Esq., at Hendren, Redwine & Malone, PLLC, represents the Debtor as legal counsel. VANKIRK ELECTRIC: Seeks to Extend Plan Exclusivity to Sept. 15 -------------------------------------------------------------- Vankirk Electric Inc. and Mon Arc Group, Inc. asked the U.S. Bankruptcy Court for the Middle District of Georgia to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to Sept. 15 and Nov. 12, 2026, respectively. The Debtors explain that they have, among other things, spent a substantial portion of the last 120 days working towards stabilizing the businesses' cash flow, preparing and filing monthly operating reports, participating in extensive 2004 Examinations and other relevant discovery with Debtors' largest secured creditor Fifth Third Bank, including the production of thousands of pages of responsive documents. The Debtors claim that although they have made significant progress these cases, they are still continuing to work to stabilize and improve the business. Additionally, Debtors and Fifth Third are continuing discussions on the formulation of a plan. Accordingly, more time is needed for Debtors to finalize and file a plan of reorganization. The Debtors also point to the following specific factors as supporting another 120-day extension in addition to the more general factors that supported the former motion: * the Debtors remain current in their post-petition obligations; * the Debtors continue to operate in good faith and are actively working to improve the business for the benefit of creditors, which business operations have seen continued improvement during the past 120 days; * the Debtors are not attempting to "pressure creditors" and are instead seeking to work with creditors, to improve the business and formulate a plan which maximizes recovery to all creditors; * the Debtors are in active conversations with Fifth Third Bank (the largest creditor) to negotiate and formulate a plan; and * this is just the Debtors' second request and, if granted, would place the Debtors well within the 18-month outside extension limit in Section 1121. Counsel for the Debtors: David L. Bury, Jr., Esq. Stone & Baxter, LLP 577 Third Street Macon, Georgia 31201 Tel: (478) 750-9898; Fax: (478) 750-9899 E-mail: dbury@stoneandbaxter.com About Vankirk Electric Inc. Vankirk Electric, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Ga. Case No. 25-30511) on Sept. 19, 2025, listing up to $100 million in assets and liabilities. Loren Wesley Vankirk, chief executive officer, signed the petition. Judge Austin E. Carter oversees the case. David L. Bury, Jr., at Stone & Baxter, LLP, is the Debtor's legal counsel. Fifth Third Bank, N.A., as secured creditor, is represented by John A. Thomson, Jr., at Adams & Reese, LLP, in Atlanta, Georgia. VEGAS CUSTOM: Court OKs Vehicle Sale to Brad Schafer for $4,500 --------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Nevada, has granted Vegas Custom Glass, LLC to sell Vehicles, free and clear of liens, claims, interests, and encumbrances. The Debtor is engaged in the business of glass and glazing installation and related services in Las Vegas, Nevada. The Debtor seeks approval of the nunc pro tunc of the sale of three vehicles to Brad Schafer (Buyer) that occurred on November 11, 2025. The Vehicles with a sale price of $1,500.00 each are: · White 2007 Chevrolet 2500 Silverado Pick-Up · White 2006 Chevrolet C2500HD Silverado Pick-Up · White 2001 Chevrolet 2500 Silverado Pick-Up Each vehicle was sold "as is" for cash and included racks, shelving, and/or other modifications used for glass transport. The Debtor sold the vehicles to generate immediate cash flow necessary for ongoing business operations during the Chapter 11 case. The Debtor acted in good faith and based on sound business judgment in selling the vehicles. The Court has approved the sales of the three vehicles to Brad Schafer that occurred on November 11, 2025. The Debtor is authorized to execute and deliver any bills of sale, titles, or other documents necessary to perfect the Buyer's ownership of the vehicles. The Buyer took good, valid, and marketable title to the vehicles, free and clear of any and all claims, liens, encumbrances, and interests of any kind. About Vegas Custom Glass Vegas Custom Glass, LLC provides glass and mirror services in Las Vegas, Nevada. The Company offers custom showers, frameless shower doors, storefront glass, glass repairs, and wine room enclosures for residential and commercial clients. It is licensed, bonded, insured, and accredited by the Better Business Bureau. Vegas Custom Glass, LLC in Las Vegas, NV, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. D. Nev. Case No. 25-13929) on July 9, 2025, listing $298,039 in assets and $1,205,768 in liabilities. Vincent Regala as owner, signed the petition. LEAVITT LEGAL SERVICES, P.C. serve as the Debtor's legal counsel. VELCHOFF'S CORNER: Court Extends Cash Collateral Access to July 14 ------------------------------------------------------------------ The U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division, entered a second interim order authorizing Velchoff's Corner, LLC to use cash collateral. Under the second interim order, the Debtor is authorized to use cash collateral for court-approved expenses and budgeted operating costs, with up to a 10% variance per line item. Additional spending outside the budget requires written approval from secured creditor EBF Holdings, LLC. The authorization remains effective through July 14. As adequate protection, EBF will receive a perfected post-petition replacement lien on the cash collateral, with the same validity, priority, and extent as its pre-petition lien. In addition, the Debtor is required to maintain insurance coverage consistent with all applicable loan and security agreements. The order preserves the rights of parties-in-interest to seek modified protection, restrictions on cash collateral use or other remedies, and does not prejudice future claims or defenses. The next hearing will be conducted on July 14. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/8OWIv from PacerMonitor.com. About Velchoff's Corner LLC Velchoff's Corner, LLC is a Florida-based restaurant and oyster bar operating in Palatka. Velchoff's Corner filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-01179) on March 20, 2026. In the petition signed by Donna Hersey Feibelman, managing member, the Debtor disclosed up to $50,000 in assets and up to $500,000 in liabilities. Judge Jacob A. Brown oversees the case. Daniel A. Velasquez, Esq., at Latham Luna Eden & Beaudine LLP, represents the Debtor as legal counsel. Jerrett McConnell, Esq., at McConnell Law Group, P.A. serves as Subchapter V trustee for the Debtor. VILLAGE HEALTH: Oxford Property Sale to Jeffrey & Katie Ramsey OK'd ------------------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division, has granted The Villages Health System LLC, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor owns certain real property located at 11368 Laufersky Lane, Oxford, FL 34484 in Sumter County, Florida, which is more particularly described in the Contract. The Real Property is a modern, move-in-ready single-family home in the Oxford Oaks community just outside The Villages. The Debtor believes the Real Property is free and clear of all Encumbrances. The Court has authorized the Debtor to sell the Property to Jeffrey L. Ramsey and Katie A. Ramsey for the purchase price of $310,000.00 The offer set forth in the Contract to purchase the Real Property represents fair and adequate consideration for the Real Property. The form and substance of the Contract and Addendum with the Buyer and the transaction contemplated is approved in all respects. The execution, delivery and performance of the Contract by the Debtor is ratified and authorized in all respects. All Encumbrances shall attach to the sale proceeds with the same rank and priority as such Encumbrances had in the Real Property on the date of Closing. About The Villages Health System The Villages Health System, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 6:25 bk-04156) on July 3, 2025. In the petition signed by Neil F. Luria, chief restructuring officer, the Debtor disclosed listed between $50 million and $100 million in assets and between $100 million and $500 million in liabilities. Judge Lori V. Vaughan oversees the case. Elizabeth A. Green, Esq., at Baker & Hostetler, LLP, represents the Debtor as legal counsel. VIVAKOR INC: Q1 2026 Loss Narrows to $4.6MM; Going Concern Persists ------------------------------------------------------------------- Vivakor Inc. has filed its Quarterly Report on Form 10-Q with the U.S. Securities and Exchange Commission, reporting a net loss of $4.6 million for the three months ended March 31, 2026, compared to a net loss of $7.5 million for the same period in the prior year. Total revenues for the three months ended March 31, 2026 decreased to $19.5 million, compared to $37.3 million in the prior-year period. Going Concern and Liquidity The Company has historically incurred net losses and experienced negative cash flows from operations and, as of March 31, 2026, had an accumulated deficit of approximately $211 million. As of March 31, 2026, the Company had a working capital deficit of approximately $54 million and cash and cash equivalents of approximately $75,051, of which approximately $70,596 was restricted. In addition, the Company had approximately $10.8 million of debt obligations due within one year of the issuance of these condensed consolidated financial statements. The Company is further obligated under finance lease liabilities of approximately $9.3 million and has current derivative liabilities of approximately $9.1 million, which may require settlement in cash or equity and could place additional demands on liquidity. These conditions raise substantial doubt about the Company's ability to continue as a going concern. During the three months ended March 31, 2026, the Company continued executing its strategic plan focused on optimizing its midstream transportation, terminaling, and environmental processing operations, including the integration and operation of the Endeavor Entities acquired in the fourth quarter of 2024. The Company has historically financed its operations through a combination of operating cash flows, debt financings, and private and public equity offerings. During the second quarter 2026, the Company also entered into a financing arrangement with two institutional investors, with RBW Capital Partners LLC acting as placement agent, intended to support working capital and ongoing operations. Based on the above, the Company believes there is substantial doubt about its ability to continue as a going concern. The Company has prepared the consolidated financial statements on a going concern basis. If the Company encounters unforeseen circumstances that place constraints on its capital resources, management will be required to take various measures to conserve liquidity. Management cannot provide any assurance that the Company will be able to execute its plans to raise additional capital, close its merger and acquisitions, or that its operations or business plan will be profitable. A full text copy of the Company's Form 10-Q is available at https://tinyurl.com/5d7w29bt. About Vivakor Inc. Vivakor Inc., headquartered in Dallas, Texas, operates an integrated midstream platform providing crude oil transportation, terminaling, storage, marketing and trading services across major U.S. producing basins. The company's transportation operations include trucking and pipeline infrastructure serving Colorado's DJ Basin, Central Oklahoma's STACK play and the Permian and Eagle Ford basins of Texas. Its assets include the Omega Gathering Pipeline, a 45-mile crude oil gathering and shuttle system in Blaine County, Oklahoma, and terminaling facilities in Colorado City, Texas; Delhi, Louisiana; and CP Omega. The company also has a remediation processing segment under development at the San Jacinto River & Rail Park in Harris County, Texas, designed to process oilfield waste, tank bottoms, vessel residues and contaminated soils. As of March 31, 2026, the Company had $111.8 million in total assets, $78.1 million in total liabilities, and $33.6 million in total stockholders' equity. In an audit report dated April 15, 2026, Urish Popeck & Co., LLC included a going concern qualification, stating that Vivakor had a significant working capital deficiency, suffered significant recurring losses from operations and needed to raise additional funds to meet obligations and sustain operations. The conditions raised substantial doubt about the company's ability to continue as a going concern. W. GATES REAL: Hearing Today on Bid to Use Cash Collateral ---------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Tennessee, Winchester Division, is set to hold a final hearing today on W. Gates Real Estate Holdings, LLC's bid to use cash collateral. The Debtor's authority to use cash collateral under the court's May 15 interim order expires today. The interim order approved the payment of expenses with cash collateral in accordance with the Debtor's budget. It granted Wilson Bank & Trust and other secured creditors adequate protection through replacement liens; insurance coverage; access to financial information; and a monthly payment of $8,250 to Wilson Bank & Trust. A copy of the order is available at https://shorturl.at/Oapr0 from PacerMonitor.com. Several creditors hold liens on various Tennessee properties of the Debtor through deeds of trust, tax liens, and judgments. These include obligations to institutions such as Wilson Bank & Trust and First National Bank, along with other lenders and judgment creditors. The Debtor estimates secured debt at approximately $2.55 million against real estate valued at roughly $3.56 million, providing a substantial equity cushion. Together with maintained insurance coverage, the Debtor contends this offers adequate protection to creditors under the Bankruptcy Code. About W. Gates Real Estate Holdings LLC W. Gates Real Estate Holdings, LLC owns a residential real estate property in Nolensville, Tennessee, at 2794 Sanford Road. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tenn. Case No. 26-11110) on April 29, 2026. In the petition signed by William Coffee, as managing member, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Nicholas W. Whittenburg oversees the case. W. Thomas Bible, Jr., Esq., at Thomas Bible Law, represents the Debtor as bankruptcy counsel. WEST MARINE: Plan Contemplates Two Scenarios -------------------------------------------- West Marine, Inc. filed with the U.S. Bankruptcy Court for the District of Delaware a Disclosure Statement for the Joint Plan of Reorganization dated May 18, 2026. West Marine was founded in 1968 in Sunnyvale, California. From its humble beginnings, West Marine's corporate history is peppered with expansions and acquisitions, all of which allowed the Company to become the nation's leading omni-channel provider in the marine aftermarket space. The Debtors commenced these Chapter 11 Cases with the support of holders of 100% of outstanding FILO Claims under the ABL Credit Agreement (collectively, the "Consenting FILO Lenders"), holders of 96.2% of Term Loan Claims under the Term Loan Credit Agreement (collectively, the "Consenting Term Loan Lenders," and, together with the Consenting FILO Lenders, the "Consenting Lenders"), and certain equity holders holding 93.9% of outstanding Interests in West Marine (the "Consenting Equity Holders," and, together with the Consenting Lenders, the "Consenting Stakeholders") to implement the restructuring transactions embodied in that certain restructuring support agreement executed on May 17, 2026 (the "RSA") and the Plan to maximize the value of the Debtors' Estates. Despite its impressive growth in the marine aftermarket industry, the Company has recently faced significant pressures from inflation, macroeconomic volatility, a suboptimal retail footprint, and certain operational challenges. These challenges have strained the Company's liquidity profile and ability to invest in its business. The Company is currently burdened by underperforming and unprofitable stores which it has been unable to efficiently rationalize outside of chapter 11 due to the Company’s long-term lease obligations. On May 17, 2026, after extensive, arm's-length negotiations, the Company and the Consenting Stakeholders entered into the RSA. The RSA contemplates a streamlined, dual-track process, to be executed through "prearranged" Chapter 11 Cases, whereby the Debtors will, among other things, (a) pursue a standalone recapitalization of the Debtors' balance sheet (the "Recapitalization Transaction") through (i) equitization of Term Loan Claims in exchange for 100% of the equity interests in Reorganized West Marine; (ii) the payment in full of the ABL Claims or conversion into loans under the Exit ABL Facility; and (iii) the payment in full of the FILO Claims or conversion into loans under the Exit Term Loan Facility; (b) continue to pursue a sale of all or substantially all of the Debtors' assets (the "Assets") through one or more sales (each, a "Sale Transaction," and collectively, the "Sale Transactions") to the extent such Sale Transaction provides greater value for the Debtors and their stakeholders than that provided by the Recapitalization Transaction; (c) finance these Chapter 11 Cases through the consensual use of cash collateral; and (d) to the extent the Debtors consummate the Recapitalization Transaction, finance the Debtors' go-forward business through new exit financing. The transactions embodied in the RSA and the Plan (collectively, the "Restructuring Transactions") are structured to support the Company's ongoing commitment to their customers, business partners, and stakeholders while strengthening the business as a going-concern. With the support of their lenders and other key stakeholders and limited liquidity, the Debtors will move through the chapter 11 process efficiently to minimize disruption to the business and the accrual of administrative expenses. Class 6 consists of General Unsecured Claims. On the Effective Date, except to the extent that a Holder of an Allowed General Unsecured Claim agrees to less favorable treatment of its Allowed General Unsecured Claim, in full and final satisfaction, settlement, release, and discharge of each Allowed General Unsecured Claim, each Holder of an Allowed General Unsecured Claim shall receive: * if the Recapitalization Transaction occurs (a) if Class 6 (General Unsecured Claims) votes to accept the Plan, its pro rata share of the GUC Cash, or (b) if Class 6 (General Unsecured Claims) votes to reject the Plan, all Allowed General Unsecured Claims shall be canceled, released, and extinguished and will be of no further force or effect, and Holders of Allowed General Unsecured Claims shall not receive any distribution, property, or other value under the Plan on account of such Allowed General Unsecured Claim; or * if the Sale Transaction occurs, the greater of (a) the GUC Cash; provided, however, if Class 6 (General Unsecured Claims) votes to reject the Plan, all Allowed General Unsecured Claims shall be canceled, released, and extinguished and will be of no further force or effect, and Holders of Allowed General Unsecured Claims shall not receive any distribution, property, or other value under the Plan on account of such Allowed General Unsecured Claim or (b) the Distributable Value following full payment or satisfaction, as applicable of Claims in Classes 1, 2, 3, 4, and 5; provided, however, that in no event shall any Holder of a General Unsecured Claim receive, on account of such Claim, a recovery greater than 100% of the Allowed amount of such Claim. If the Recapitalization Transaction occurs, the Reorganized Debtors shall fund or make distributions under the Plan, as applicable, with: (i) the New Equity Interests, (ii) the Exit ABL Facility, (iii) the Exit Term Loan Facility, including the New Money Exit Term Loans and Incremental Post Exit Loans, and (iv) the Debtors' Cash on hand as of the Effective Date. If the Sale Transaction occurs, the Wind-Down Debtors will fund distributions under the Plan with: (i) the proceeds of the Sale Transaction; (ii) Cash on hand on the Effective Date; and (iii) the revenues and proceeds of all Wind-Down Assets of the Debtors. A full-text copy of the Disclosure Statement dated May 18, 2026 is available at https://urlcurt.com/u?l=rG6cXN from Kurtzman Carson Consultants LLC, claims agent. Proposed Co-Counsel for the Debtors: Michael R. Nestor, Esq. Kara Hammond Coyle, Esq. Shella Borovinskaya, Esq. Kristin L. Cardoza, Esq. YOUNG CONAWAY STARGATT TAYLOR, LLP Rodney Square 1000 North King Street Wilmington, Delaware 19801 Tel: (302) 571-6600 Fax: (302) 571-1253 E-mail: mnestor@ycst.com kcoyle@ycst.com sborovinskaya@ycst.com kcardoza@ycst.com Proposed Co-Counsel for the Debtors: Joshua A. Sussberg, P.C. Matthew C. Fagen, P.C. KIRKLAND & ELLIS LLP KIRKLAND & ELLIS INTERNATIONAL LLP 601 Lexington Avenue New York, New York 10022 Tel: (212) 446-4800 Fax: (212) 446-4900 E-mail: matthew.fagen@kirkland.com - and - Brian J. Nakhaimousa, Esq. KIRKLAND & ELLIS LLP KIRKLAND & ELLIS INTERNATIONAL LLP 830 Brickell Plaza Miami, Florida 33131 Tel: (305) 432-5600 E-mail: brian.nakhaimousa@kirkland.com About West Marine Inc. West Marine is a Sunnyvale, California-founded marine aftermarket retailer and distributor established in 1968. The Company sells boating, fishing, sailing, watersports, paddlesports, apparel, electronics, and related marine products through retail stores, wholesale operations, and eCommerce websites. West Marine also provides fulfillment options including delivery, buy online pick up in store, ship from store, and ship to store. It serves consumers, professional boaters, industry professionals, and government agencies across more than 34 states and Puerto Rico. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 26-10794) on May 17, 2026, with $500 million to $1 billion in assets and liabilities. Paulee Day, chief executive officer, signed the petitions. The Debtors tapped YOUNG CONAWAY STARGATT TAYLOR, LLP and KIRKLAND & ELLIS LLP and KIRKLAND & ELLIS INTERNATIONAL LLP as counsel; FTI Consulting Inc. as restructuring advisor; and Kurtzman Carson Consultants LLC d/b/a Verita Global as claims agent. WILFREDO EMANUEL: Michael Markham Named Subchapter V Trustee ------------------------------------------------------------ The Acting U.S. Trustee for Region 21 appointed Michael Markham, Esq., as Subchapter V trustee for Wilfredo Emanuel Designs, Inc. Mr. Markham, a partner at Johnson Pope Bokor Ruppel & Burns, LLP, 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. Markham declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Michael C. Markham, Esq. Johnson Pope Bokor Ruppel & Burns, LLP 401 E. Jackson Street, Suite 3100 Tampa, FL 33602 Phone: (727) 480-5118 Mikem@jpfirm.com About Wilfredo Emanuel Designs Inc. Wilfredo Emanuel Designs, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case 26-01183) on May 15, 2026, with up to $50,000 in assets and $500,001 to $1 million in liabilities. Judge Luis Ernesto Rivera II presides over the case. Michael R. Dal Lago, Esq., represents the Debtor as legal counsel. YASAY INC: Commences Chapter 7 Bankruptcy in Texas -------------------------------------------------- On May 22, 2026, Yasay, Inc. filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Western District of Texas. 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 30, 2026 at 11:30 AM at Zoom - Satija: Meeting ID 357 925 8317, Passcode 9045283217, OR call 737-279-4747. About Yasay, Inc. Yasay, Inc. is a public or privately owned transportation service with vehicles, specially equipped to provide enhanced safety, security and passenger restraint. Yasay, Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10951) on May 22, 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 Shad M. Robinson handles the case. The Debtor is represented by Hooman Khoshnood, Esq. of Hooman Khoshnood Law, PC. ZD SAND: Court Extends Interim Cash Collateral Order ---------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, granted Persimmon BridgeCo, LLC's motion to extend its prior order authorizing ZD Sand, LLC’s interim use of cash collateral. The bankruptcy court extended the interim cash collateral order on existing terms through the rescheduled June 29 final hearing or any later date ordered by the court. All terms and conditions of the interim cash collateral order including any adequate-protection provisions, reporting requirements, and the reservation of the question of liens on cash collateral for the final hearing remain in full force and effect through the rescheduled hearing. All rights, claims, defenses, and remedies of PBC, the Debtor, and any other party in connection with the use of cash collateral, the validity, priority, and extent of liens, and the matters to be heard at the rescheduled hearing are expressly preserved. The order is available at http://bankrupt.com/misc/ZDSand_ICCOrder.pdf Persimmon asserts that its lien on the Debtor's real property extends, through a chain of perfected interests, into the Debtor's cash. The Debtor disputes both the scope of that lien and whether most of its cash is actually encumbered. It argues that the majority of its revenue comes from sand sourced from neighboring landowners under separate excavation agreements and, therefore, falls outside Persimmon's collateral. Even assuming Persimmon has some secured interest in cash, the Debtor argues the creditor is already oversecured and fully protected by a substantial equity cushion, pointing to the lender's roughly $7.4 million claim against land previously appraised at $74.2 million (and even a lower appraisal of $15.9 million still leaving a significant cushion). About ZD Sand LLC ZD Sand LLC, doing business as ZD Sand & Rock LLC, provides sand, rock, and aggregate materials from its headquarters in Voca, Texas, including concrete and masonry sand, boulders, topsoil, and various gravels and palleted rocks. The company serves contractors, suppliers, and regional buyers, offering delivery services to support construction and landscaping projects. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-32398) on April 6, 2026. In the petition signed by Thomas A. Dickinson, manager and representative of the Debtor, the Debtor disclosed up to $100 million in assets and up to $10 million in liabilities. Judge Jeffrey P. Norman oversees the case. Erin Jones, Esq., at Jones Murray, LLP, represents the Debtor as legal counsel. [] Dechert Expands Restructuring Practice With Partner Jerry Hall ----------------------------------------------------------------- Dechert LLP announced on May 27, 2026, that Jerry Hall has joined the firm as a partner in its restructuring practice, based in New York. Mr. Hall's arrival follows financial restructuring partners Marcus Helt, Debbie Green and Jack Haake, who joined Dechert earlier this month, continuing the firm's investment in its restructuring capabilities. He brings more than two decades of experience advising clients on financial and operational restructurings across the United States with a practice that spans bankruptcy litigation, debtor representations, committee work, independent director engagements, distressed purchasers and creditor-side matters across a wide range of industries. "Jerry has built a practice that covers considerable ground in the restructuring space," said David Forti, co-chair of Dechert. "His experience working alongside debtors, independent directors and official committees in significant Chapter 11 cases gives him a perspective that is directly applicable to the complex situations our clients face. We are pleased to have him join the firm." "Restructuring matters rarely follow a single script, and clients benefit from counsel who have worked across different sides of the table," said Mike Poulos, vice chair and global head of strategy. "The breadth of Jerry's experience will be invaluable to our clients." Mr. Hall focuses his practice on restructuring, bankruptcy and insolvency, with a particular emphasis on distressed situations and litigation. He counsels troubled companies, independent directors, indenture trustees, debtors-in-possession, official committees, distressed debt investors, secured lenders and lessors. His industry experience spans healthcare, agriculture, aerospace and aviation, entertainment, finance, gaming and hospitality, life sciences, manufacturing, real estate, retail and telecommunications. "The restructuring group at Dechert approaches complex matters across industries, client types and jurisdictions with practical creativity in and out of the courtroom," said Mr. Hall. "That matches my own approach, and I am excited to contribute to the work the team does for clients navigating difficult situations." Mr. Hall, Mr. Helt, Ms. Green and Mr. Haake are among 45 lateral partners the firm has welcomed this year, consistent with Dechert's strategic goal of strengthening capabilities across its steeples of excellence, including litigation, investment management, finance and restructuring, capital markets and securitization, and mergers and acquisitions. Dechert has a market-leading financial restructuring team with experience representing clients around the globe. Our lawyers are known for ground-breaking matters, innovative deal structuring, creative solutions, seamless cross-border advice and court victories. We represent a wide range of creditor and debtor clients on the full spectrum of complex cross-border restructuring, bankruptcy and insolvency matters. About Dechert Dechert -- https://www.dechert.com/ -- is the law ﬁrm that helps business leaders lead. For more than 150 years, Dechert have advised clients on critical issues – from high-stakes litigation to ﬁrst-in-market transaction structures and complex regulatory matters. Dechert's lawyers in commercial centers worldwide are immersed in the key sectors it serves – ﬁnancial services, private capital, real estate, life sciences and technology. Dechert delivers unwavering partnership so its clients can achieve unprecedented results. Contact: Lauren Salvatore Specialist, Public Relations Dechert LLP Tel: (212) 649-8747 Email: lauren.salvatore@dechert.com ********* 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. 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