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260604.mbx T R O U B L E D C O M P A N Y R E P O R T E R Thursday, June 4, 2026, Vol. 30, No. 155 Headlines 22 EAST C: Court Extends Cash Collateral Access to June 23 23ANDME HOLDINGS: Seeks Stay of Data Breach Suit 51 PARK: Final Cash Collateral Hearing Set for June 10 7452 N. WESTERN: Cash Collateral Hearing Set for June 22 97 & 99 PROSPECT: Mark Schlant Named Subchapter V Trustee ABUNDIA GLOBAL: Thornton Raises Going Concern Doubt Over Losses ACADEMIES OF MATH: S&P Rates 2026A-B Revenue Bonds Rating 'BB+' ACCORD LEASE: Court Extends Cash Collateral Access to July 6 ACI ROVER: S&P Raises ICR to 'BB-' on Lower Debt, Outlook Positive ACTUATE THERAPEUTICS: Stockholders Elect Two Directors ADDY HOSPITALITY: Section 341(a) Meeting of Creditors on June 26 AIKEN COURT: Case Summary & Two Unsecured Creditors ALACHUA GOVERNMENT: Pentagon Objects to Ch. 11 Restructuring Plan ALLBIRDS INC: Co-Founder Joseph Zwillinger Resigns From Board AMERICA'S LISTING: Unsecureds Will Get 1.09% over 60 Months AMERICAN HEALTH: Gets Extension to Access Cash Collateral ANNOVIS BIO: Prices $15 Million Public Offering ANOINTED TOUCH: Seeks to Extend Plan Filing Deadline to June 25 ARAGORN PARENT: S&P Rates Proposed $725MM First-Lien Term Loan 'B' ARC FALCON: S&P Assigns 'B' Issuer Credit Rating, Outlook Stable ASCENT SOLAR: Haynie Raises Doubt on Production, Funding Concerns AUTOLYCUS LLC: To Sell BALC Collateral to PowerMove AssetCo AUTOLYCUS LLC: To Sell CCG Collateral to PowerMove AssetCo AUTOLYCUS LLC: To Sell CIMC Collateral to PowerMove AssetCo B&G FOODS:S&P Affirms 'B-' ICR on Debt Refinancing, Outlook Stable BEAZER HOMES: S&P Downgrades ICR to 'B-' Due to Elevated Leverage BECKY'S PET: Case Summary & Nine Unsecured Creditors BIG BATCH: Case Summary & Five Unsecured Creditors BNJ TRUCKING: Seeks Chapter 7 Bankruptcy in Illinois BON MORRO: Plan Contemplates Two Scenarios BRAND INDUSTRIAL: Moody's Alters Outlook on 'Caa1' CFR to Negative BRIGHT BEGINNINGS: Carlos Garcia Miranda Named Subchapter V Trustee BRIGHT HORIZONS: S&P Rates $375MM First-Lien Term Loan A 'BB+' BRODY HOLDINGS: Case Summary & Three Unsecured Creditors BROOKS CUSTOM: Must Make Adequate Protection Payments to Deere CANTOR GROUP: Case Summary & 13 Unsecured Creditors CARBON HEALTH: Gets Approval for AI-Focused Ch. 11 Turnaround Plan CARBON HEALTH: Seeks to Extend Plan Exclusivity to Aug. 31 CARLSBAD 10: To Sell Carlsbad Property to Alliance Development CAROLINA RENOVATION: Unsecureds Will Get 1.7% over 36 Months CATTLE CARTEL: Unsecureds to Recover 100% over 5 Years CHON'S PAINT: James Cross Named Subchapter V Trustee CONAIR HOLDINGS: S&P Upgrades ICR to 'CCC+', Outlook Negative CONEJO RIVERSIDE: Case Summary & 18 Unsecured Creditors CONSTRUCTION PARTNERS: S&P Affirms 'BB-' ICR, Outlook Stable CPPIB OVM: Moody's Affirms 'B2' CFR & Alters Outlook to Positive CRONLY BLUFFS: Case Summary & 12 Unsecured Creditors CTN HOLDINGS: Co-Founder Sentenced to 14 Yrs. in $248MM Fraud Case CURIS INC: Stockholders Approve Share Increase DARRINGTON PROPERTIES: Voluntary Chapter 11 Case Summary DAVID HARLEY PALFI: Wins Bid to Correct Scrivener's Error in Plan DEL MONTE: Minority Lenders Fail to Halt Chapter 11 Plan DENALI CONSTRUCTION: Unsecureds to Get 100% via Quarterly Payments DORMAN PRODUCTS: S&P Assigns 'BB' ICR, Outlook Stable DREAMS AND DESTINATIONS: Gets Extension to Access Cash Collateral DUKE ROBOTICS: Somekh Chaikin Raises Going Concern Doubt EASTSIDE COLLISION: Case Summary & Six Unsecured Creditors ELDORADO GOLD: Fitch Hikes IDR to 'BB-', Outlook Positive ELITE PROJECT: Final Cash Collateral Hearing Set for June 11 ELK GROVE VILLAGE: S&P Assigns Prelim 'BB-' Rating on Sec. Notes ENCORE CAPITAL: Fitch Alters Outlook on BB+ LongTerm IDR to Stable ENDLESS SUMMER: Case Summary & Eight Unsecured Creditors ESJ TOWERS: Special Counsel Loses Bid to Dismiss Adversary Case ESSENTIAL INVESTMENT: Dwayne Murray Named Subchapter V Trustee FAT BRANDS: Alagna Case Transferred to Texas Bankruptcy Court FAT BRANDS: Creditors to Get Proceeds From Liquidation FIEE INC: UHY LLP Raises Going Concern Doubt Over Future Operations FIREHOUSE GRILL: Cash Collateral Hearing Set for June 22 FIRST BRANDS: WARN Act Claimants Seek Greater Role in Chapter 11 FRED RAU: Cash Collateral Hearing Set for June 24 GEC TRANSPORT: Court Abates Vela Appeal Due to Bankruptcy Filing GENETCO INC: Case Summary & 20 Largest Unsecured Creditors GIFTIFY INC: Weinberg Flags Going Concern Due to Persistent Losses GLS MATERIALS: Seeks Chapter 7 Bankruptcy in Texas GO PRO: Flags Going-Concern Risk Amid AI-Fueled Crunch GOLDENPEAKS POLAND: Case Summary & 23 Largest Unsecured Creditors GOLIATH VENTURES: Turnover Motion OK'd, Fee Request Denied as Moot GOOD WORKS: Updates Several Secured Claims Pay Details GOODYEAR TIRE: S&P Rate New $750MM Senior Unsecured Notes 'B+' GREAT CIRCLE: Cash Collateral Hearing Set for July 15 GRIDAI TECHNOLOGIES: Settles $1.01 Million Loan Demand GROUND WEST: Seeks to Hire Lefkovitz & Lefkovitz as Counsel GROUPE SOLMAX: S&P Alters Outlook to Negative, Affirms 'B-' ICR GUNTER LAND: Seeks to Hire Michael Group as Real Estate Broker HAZE HOSPITALITY: Commences Chapter 11 Bankruptcy in New York HEPION PHARMACEUTICALS: Grassi & Co. Raises Going Concern Doubt HUMACYTE INC: PwC Raises Going Concern Doubt Over Recurring Losses HYBAR LLC: S&P Assigns 'B-' ICR on Refinancing And Expansion HYDROFARM HOLDINGS: Deloitte & Touche Raises Going Concern Doubt ICAHN ENTERPRISES: Moody's Affirms 'B1' CFR, Outlook Stable INGENOVIS HEALTH: S&P Upgrades ICR to 'CCC+', Outlook Stable INTEGRIS EQUIPMENT: Case Summary & 18 Unsecured Creditors INTERNATIONAL SUPPORT: Cash Collateral Hearing Set for June 23 INTRUSION INC: Whitley Penn Raises Going Concern Doubt IVANTI SOFTWARE: S&P Downgrades ICR to 'CCC', Outlook Negative JD HUNT: Seeks to Extend Plan Exclusivity to July 21 JEFFERSON CAPITAL: Fitch Alters Outlook on 'BB-' IDR to Positive JOHN FITZGIBBON: Hires Epiq Bankruptcy as Administrative Agent JOJOTO GRILL: Seeks Subchapter V Bankruptcy in Florida JOSEPHINES RESTAURANT: Cash Collateral Hearing Set for June 22 JUST LOGISTICS: Unsecureds Will Get 6.75% over 60 Months KAMAN CORP: Moody's Raises CFR & Senior Secured Debt to B1 KATAPULT HOLDINGS: Grant Thornton Raises Going Concern Doubt LAVIE CARE: Trustee Sues Former Execs Over Alleged Asset Misuse LIFEWARD LTD: Kost Forer Raises Going Concern Over Recurring Losses LONGSHORE MIDCO: S&P Rates New $1.95BB First-Lien Term Loan 'B' LRS HOLDINGS: Moody's Upgrades CFR to B3 & Alters Outlook to Stable M&L EXPRESS: Commences Subchapter V Bankruptcy in Maryland MAKIIN LLC: Seeks Subchapter V Bankruptcy in Texas MARQUIS STAR: Plan Exclusivity Period Extended to July 20 MARTINS FOOD: Gets Extension to Access Cash Collateral MATADOR RESOURCES: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable MERYDE GROUP: Seeks to Sell White Plains Property at Auction MIC'S RESTAURANT: Initiates Chapter 7 Bankruptcy in California MICHAL INTERNATIONAL: Insider Accused of Gaining Unfair Advantage MIKE WALKER TRUCKING: Commences Chapter 7 Bankruptcy in Utah MTF CHILDCARE: Cash Collateral Hearing Set for June 23 MTF HOLDINGS: Cash Collateral Hearing Set for June 23 NEWBURY POWER: Seeks to Sell Bridgeville Property at Auction NIROAL LIMITED: Seeks Chapter 7 Bankruptcy in New Jersey NOBLE CORP: S&P Rates New $500MM Senior Unsecured Notes 'BB-' NOMADAR CORP: Exercises EUR 4.71 Million Option for Spain Land NRAD MEDICAL: Former Shareholders Win Bid to Reopen Ch.11 Case NUWELLIS INC: Baker Tilly Raises Going Concern Doubt Over Losses OCEAN THERMAL: Victor Mokuolu Raises Going Concern Doubt PAKA HOLDINGS: Hires Tittle Santiago PLLC as Bankruptcy Counsel PAUL J. MASSEY: June 18 Hearing Set for Judicial Lien Motion PHOTO HOLDINGS: S&P Rates New $500MM First-Lien Term Loan 'B' PRA GROUP: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable PRECISION EXPRESS: Unsecureds Will Get 25% over 60 Months PREMIUM EDGE: Case Summary & 20 Largest Unsecured Creditors QVC GROUP: Davis Polk Files First Supplemental Rule 2019 Statement QVC GROUP: Simpson Thacher Files First Supplemental 2019 Statement QXO BUILDING: S&P Rates Proposed Senior Unsecured Notes 'BB-' QXO INC: S&P Affirms 'BB-' ICR on TopBuild Acquisition Financing RENT-A-CHRISTMAS LLC: Unsecureds to Get 1.09% in Quarterly Payments ROGUEFOX ENTERTAINMENT: Cash Collateral Hearing Set for June 11 ROTARY AIRLOCK: Seeks Chapter 11 Bankruptcy in Illinois SAKS GLOBAL: Louis Vuitton, Ex-Chair Challenge Chapter 11 Plan SECURETECH INNOVATIONS: Gary Cheng CPA Raises Going Concern Doubt SENIOR SERVICES: Case Summary & Six Unsecured Creditors SERVICOM LLC: Court Okays Settlement Agreement with Coral, et al. SHANNON WIND: Seeks to Extend Plan Exclusivity to Aug. 24 SILENT HERO: Class 8 Unsecured Claims to Split $60K in Joint Plan SILVER STAR: Case Summary & 16 Unsecured Creditors SIX RIVERS: Awarded $75,364 on Declaratory Judgment Counterclaim SJ HOLDINGS: Seeks to Sell Memphis Property at Auction SLEEP NUMBER: Deloitte & Touche Raises Going Concern Doubt SMITH CUSTOM: Cash Collateral Hearing Set for July 29 SN TRANSPORT: Loses Bid to Stay Dismissal of Bankruptcy Case SUNPOWER INC: Issues Additional 10% Notes Due 2029 SYSTEM1 INC: Deloitte and Touche Raises Going Concern Doubt SYSTEM1 INC: S&P Cuts ICR to 'CC' On Announced Debt Restructuring T-NEVIN-T HOLDINGS: Jill Durkin Named Subchapter V Trustee T.E.A.M. PARKER: Unsecureds Will Get 6% of Claims over 60 Months TEANECK SURGICAL: To Sell Ambulatory Care License to Holy Name TEGETHOFF DEVELOPMENT: Seeks Chapter 11 Bankruptcy in Missouri TERRASTRAT GROUP: Seeks Cash Collateral, $100K DIP Loan THOMAS TRIO: Cash Collateral Hearing Set for June 10 TIMIOS ENTERPRISES: Case Summary & 20 Largest Unsecured Creditors TRIO PETROLEUM: Stockholders Approve Reverse Stock Split TRM NRE: Hires DLA Piper LLP (US) as Bankruptcy Counsel TRM NRE: Taps James Katchadurian of CR3 Partners as CRO TRONOX HOLDINGS: S&P Alters Outlook to Pos., Affirms 'CCC+' ICR UNITED FIBER: Unsecureds Will Get 5.4% to 100% over 5 Years VASILIA INVESTMENTS: Cash Collateral Hearing Set for June 11 VENTURE GLOBAL: S&P Rates Proposed Senior Secured Notes 'BB' WEST MARINE: Milbank & Richards Layton Advise Evolution & Oaktree WHIRLPOOL CORP: S&P Affirms 'BB-/B' Issuer Credit Ratings WIKELEY FAMILY: Stadler Can't Appeal Recognition Orders WILSON 1350: Case Summary & Six Unsecured Creditors Z SQUARED: Names Halabu Sole Chief Executive [^] Recent Small-Dollar & Individual Chapter 11 Filings ********* 22 EAST C: Court Extends Cash Collateral Access to June 23 ---------------------------------------------------------- 22 East C, LLC received another extension from the U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division, to use cash collateral. At the recently held hearing, the court authorized the Debtor's interim use of cash collateral to pay operational expenses through the next hearing scheduled for June 23. The Debtor's budget shows total operational expenses of $142,765 for June. As adequate protection for the use of cash collateral, the Debtor offers secured creditors replacement liens on post-petition cash collateral, with the same validity and priority as their pre-petition liens; and agrees to maintain insurance coverage under existing loan obligations. 22 East C's cash collateral includes, without limitation, cash on hand and accounts receivable. As of the petition date, the Debtor held approximately $800 in cash and deposit accounts. The Debtor's post-petition earnings may be subject to asserted liens held by creditors, including WebBank, which is owed $70,073. 22 East C operates a long-established downtown Orlando nightclub. Following the 2024 Orlando shooting, revenue declined significantly due to a seven-day city curfew and extensive media coverage that reduced downtown traffic. As a result, the Debtor entered into a settlement with its landlord to repay three months of deferred rent and legal fees over 12 months, increasing monthly rent by approximately $6,800 to nearly $34,000. The Debtor remained current under this arrangement until a late payment in December led the landlord to accelerate repayment of the remaining arrearage. The Debtor commenced Chapter 11 case to restructure its obligations, stabilize operations, preserve value for customers and creditors, and establish an efficient process for resolving all claims. About 22 East C LLC 22 East C, LLC, a Florida limited liability company, filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-00726) on February 3, 2026, listing assets of between $500,001 and $1 million and liabilities of between $1 million and $10 million. L. Todd Budgen, Esq., a practicing attorney in Longwood, Fla., serves as Subchapter V trustee for the Debtor. Judge Lori V. Vaughan oversees the case. Jeffrey Ainsworth, Esq., at Bransonlaw, PLLC represents the Debtor as counsel. The Debtor filed its proposed Chapter 11 plan of reorganization on May 4, 2026. 23ANDME HOLDINGS: Seeks Stay of Data Breach Suit ------------------------------------------------ Allison Grande of Law360 reports that the bankruptcy plan administrator for the former 23andMe genetic testing company is asking a Missouri bankruptcy court to shut down a California attorney general lawsuit seeking millions of dollars in penalties. The state action arises from alleged security lapses tied to a 2023 data breach involving consumer genetic information. In the filing, the administrator argues that the lawsuit attempts to impose financial penalties that should instead be addressed through the bankruptcy plan process. It further claims that allowing the enforcement action to proceed would disrupt the orderly administration of creditor claims. The bankruptcy court has been asked to enjoin the litigation pending further review. The ruling will determine whether the California attorney general’s penalty claims are stayed under bankruptcy law or allowed to proceed in parallel, the report cites. 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. 51 PARK: Final Cash Collateral Hearing Set for June 10 ------------------------------------------------------ The U.S. Bankruptcy Court for the Eastern District of New York is set to hold a final hearing on June 10 to consider 51 Park Place Owners, LLC's bid to use its secured lender's cash collateral. 51 Park Place Owners is currently authorized to use the cash collateral of WM Capital Partners 97, LLC pursuant to the court's April 27 interim order. Under the interim order, the Debtor is allowed to utilize cash collateral beginning on the filing date in accordance with an approved budget, which projects total operational expenses of $15,800. A copy of the Debtor's budget is available at https://shorturl.at/IHr04 from PacerMonitor.com. In exchange, the lender will receive adequate protection through a monthly payment of $11,000 and a replacement lien on substantially all assets acquired by the Debtor before and after its bankruptcy filing. The order further prohibited the Debtor from selling, transferring, or otherwise disposing of collateral without prior written consent of the lender or court approval. Events of default could terminate the Debtor's right to use cash collateral, including failure to make adequate protection payments, unauthorized borrowing, misuse of collateral, modification of the order, or conversion or dismissal of the bankruptcy case. Following a default and expiration of a five-day cure period, the lender could immediately obtain stay relief without further court action. About 51 Park Place Owners LLC 51 Park Place Owners LLC, a single-asset real estate entity, owns and leases an apartment building at 51 Park Place Brooklyn, New York 11217. 51 Park Place Owners sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No.25-45919) on December 10, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Honorable Bankruptcy Judge Nancy Hershey Lord handles the case. The Debtor is represented by William C. Heuer, Esq., at Westerman Ball Ederer Miller Zucker & Sharfstein, LLP. 7452 N. WESTERN: Cash Collateral Hearing Set for June 22 -------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, is set to hold a hearing on June 22 to consider extending 7452 N. Western Ave., Inc.'s authority to use cash collateral. The Debtor is currently authorized to use cash collateral pursuant to the court's April 27 fourth interim order. Under the interim order, the Debtor is allowed to use the cash collateral of Byline Bank, Newtek Bank, N.A. and the U.S. Small Business Administration from May 1 through June 26, strictly in accordance with an approved budget, which shows total monthly operational expenses of $192,400 for May and June. As of the petition date, the secured creditors' cash collateral consists of cash ($30,000) and inventory ($23,000). Newtek is owed approximately $650,000 while the SBA is owed approximately $185,000. As adequate protection, the interim order granted secured creditors valid, perfected replacement liens on all property acquired by the Debtor or its bankruptcy estate before and after its Chapter filing, with the same validity, priority, and enforceability as their pre-bankruptcy liens. Additional protections include insurance coverage of the secured creditors' collateral; access to the Debtor's books and records; and the filing of profit-and-loss statements and budget-to-actual reports covering the interim period. The order is available at https://shorturl.at/Ow33f from PacerMonitor.com. About 7452 N. Western Ave. Inc. 7452 N. Western Ave., Inc. is an Illinois-based company that owns and manages commercial real estate, including property located along North Western Avenue in Chicago. It conducts business under the names Candelite Chicago, Candelite Restaurant, Candelite Evanston, Candlelite Pizza, Chi Burger, Candlelite Cafe, Candlelite Pizza Cafe, and Candlelite, 7452 N. Western Ave. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-00911) on January 20, 2026. In its petition, the Debtor listed between $50,001 and $100,000 in assets and between $1 million and $10 million in liabilities. Judge Michael B. Slade handles the case. The Debtor is represented by Scott R. Clar, Esq., at Crane, Simon, Clar & Goodman. Byline Bank, as secured creditor, is represented by: Martin J. Wasserman, Esq. Carlson Dash, LLC 216 S. Jefferson St., Suite 303 Chicago, IL 60661 Phone: 312-382-1600 mwasserman@carlsondash.com Newtek Bank, N.A., as secured creditor, is represented by: Paulina Garga-Chmiel, Esq. Dykema Gossett PLLC 10 S. Wacker Drive, Suite 2300 Chicago, IL 60606 Phone: 312-876-1700 pgarga@dykema.com 97 & 99 PROSPECT: Mark Schlant Named Subchapter V Trustee --------------------------------------------------------- The U.S. Trustee for Region 2 appointed Mark Schlant, Esq., at Zdarsky, Sawicki & Agostinelli, LLP as Subchapter V trustee for 97 & 99 Prospect, LLC. Mr. Schlant will be paid an hourly fee of $320 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Schlant declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Mark J. Schlant, Esq. Zdarsky, Sawicki & Agostinelli, LLP 1600 Main Place Tower 350 Main St. Buffalo, NY 14202 Phone: (716) 855-3200 Email: mschlant@zsalawfirm.com About 97 & 99 Prospect LLC 97 & 99 Prospect, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. W.D.N.Y. Case No. 26-10658) on May 22, 2026, with $500,001 to $1 million in assets and $100,001 to $500,000 in liabilities. Judge Carl L. Bucki presides over the case. Robert B. Gleichenhaus, Esq., at Gleichenhaus, Marchese & Weishaar, P.C. represents the Debtor as legal counsel. ABUNDIA GLOBAL: Thornton Raises Going Concern Doubt Over Losses --------------------------------------------------------------- Abundia Global Impact Group, Inc. filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2025 with the U.S. Securities and Exchange Commission earlier this year. The audited report contains a blunt warning: conditions exist that raise substantial doubt about its ability to continue as a going concern. Based on the financial statements, for the years ended December 31, 2025 and 2024, the Company had a net loss of approximately $29,460,935 and approximately $3,621,948, respectively, and will require additional capital in order to operate in the normal course of business and fund operating activities. Philadelphia, Pennsylvania-based GRANT THORNTON LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 12, 2026, attached to the Company's Annual Report for the fiscal year ended December 31, 2025, citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. The Company has an accumulated deficit of $46,055,127 as of December 31, 2025. For the year ended December 31, 2025, the Company's legacy HUSA business generated $410,632 from oil and gas related activities, and AGIG received grant income of $737,811. The term of the Company's grant ended effective March 31, 2025, and no further grant income is anticipated at this time. For the year ended December 31, 2025, the Company reported a net loss of $29,460,935 and negative working capital of $1,043785. No assurances can be given that the Company's share price or that the volume of shares traded will be sufficient for the Company to be able to draw down sufficient funds under its ELOC Agreement to fund the Company's working capital needs to implement its business plan or that the Company will be able to successfully negotiate extensions to the terms of its current borrowings. As a result, there is substantial doubt about the Company's ability to continue as a going concern within the next 12 months. A full text copy of the Company's Form 10-K is available at http://tiny.cc/nt64101 About Abundia Global Impact Group, Inc. Abundia Global Impact Group, Inc. (NYSE: AGIG), formerly Houston American Energy Corp., is a low-carbon energy Company focused on converting waste into value. Headquartered in Houston, Texas, the Company is developing commercial-scale facilities that transform waste plastics and biomass into drop-in fuels and low-carbon chemical feedstocks. Its flagship project at Cedar Port positions Abundia at the center of the Gulf Coast's energy and chemical infrastructure, with access to feedstock supply chains, upgrading partners, and end markets. As of December 31, 2025, the Company had $31,855,429 in total assets, $12,841,012 in total liabilities, and $19,014,417 in total stockholders' equity. ACADEMIES OF MATH: S&P Rates 2026A-B Revenue Bonds Rating 'BB+' --------------------------------------------------------------- S&P Global Ratings assigned its 'BB+' long-term rating to the Arizona Industrial Development Authority's $30.8 million series 2026A and $470,000 series 2026B taxable education revenue bonds, issued for the Academies of Math and Science (AMS). S&P said, "At the same time, we affirmed our 'BB+' long-term and underlying rating on AMS' education revenue bonds outstanding. The outlook is stable. "We view AMS' environmental, social, and governance factors as neutral in our credit rating analysis. "The stable outlook reflects our expectation that AMS' enrollment and demand profile will remain steady in the near term, with enrollment generally meeting projections. Additionally, we expect management will maintain healthy liquidity levels and MADS coverage will moderate from historical levels due to the proposed issuance and the end of federal stimulus funds. Management expects to remain compliant with the DSC covenants. Although management reports there could be additional debt plans over the near term, potentially for a new school in Arkansas, specific amounts and terms have not been finalized. We will incorporate additional debt in our analysis once details are available. "We could consider a negative rating action if enrollment or demand metrics deteriorate, leading to strained financial performance, if liquidity declines, or if the school's debt profile materially weakens to levels below those of similarly rated peers due to additional debt issuance. "We could take a positive rating action if the school sustains its solid enterprise profile while maintaining liquidity and MADS coverage at levels consistent with those of higher-rated peers without additional debt." ACCORD LEASE: Court Extends Cash Collateral Access to July 6 ------------------------------------------------------------ The U.S. Bankruptcy Court for the Northern District of Illinois issued its 19th interim order extending Accord Lease, Inc.'s authority to use its lenders' cash collateral from May 29 through July 6. The interim order signed by Judge Deborah Thorne authorized the Debtor to use the cash collateral of BMO Bank N.A., and 11 other lenders to pay operating expenses in accordance with its budget and an earlier order issued by the court on January 8. The 30-day budget projects total operational expenses of $64,100.64. BMO Bank, N.A. and 11 other lenders assert interests in the Debtor's cash collateral, which includes funds on deposit in accounts maintained by the Debtor and lease fees generated by the Debtor's property in which they have liens. The property purportedly secures an indebtedness of approximately of $5,432,758.20. The order is available at http://bankrupt.com/misc/AccordLease_19ICCOrder.pdf The next hearing is set for June 30. About Accord Lease Inc. Accord Lease Inc. operates an automotive leasing and renting business in Elgin, Ill. Accord Lease filed Chapter 11 petition (Bankr. N.D. Ill. Case No. 24-16518) on November 1, 2024, listing total assets of $3,773,857 and total liabilities of $5,800,404. Igor Tsapar, president of Accord Lease, signed the petition. Judge David D. Cleary handles the case. O. Allan Fridman, Esq., at the Law Office of O. Allan Fridman is the Debtors legal counsel. BMO Bank N.A., as lender, is represented by: James P. Sullivan, Esq. Chapman and Cutler, LLP 320 South Canal Street Chicago, IL 60606 Tel: 312.845.3000 jsullivan@chapman.com ACI ROVER: S&P Raises ICR to 'BB-' on Lower Debt, Outlook Positive ------------------------------------------------------------------ S&P Global Ratings raised its issuer credit rating on ACI Rover Parent LLC (ACI Rover) to 'BB-' from 'B+'. At the same time, S&P assigned a 'BB' issue-level rating to the new term loan B (TLB). The recovery rating is '2', indicating its expectation of substantial (70%) recovery in the event of a payment default. S&P expects to withdraw the issue-level rating on the existing $1.09 billion TLB when the transaction closes. The positive outlook reflects S&P's expectation that ACI Rover will maintain leverage below 5.5x and interest coverage above 3.0x in 2027 and beyond. S&P said, "We expect ACI Rover's financial metrics to improve, spurred by lower debt. The company's leverage and interest coverage metrics will improve following the issuance of a $910 million TLB that replaced the over $1 billion debt balance under BCP. This improves the company's leverage and interest coverage over our forecast period. In addition, we expect EBITDA will increase in 2027 and 2028 due to the completion of an expansion project that is expected to be in service by late 2027. We assume the expansion will be 100% funded by equity, and so no incremental debt is expected over our forecast horizon. Under our base-case scenario, we forecast leverage will be about 6.1x in 2026, 5.4x in 2027, and about 4.8x in 2028 and onward. We also forecast interest coverage will be about 2.6x in 2026 and over 3.0x in 2027 and beyond. Despite the improved ratios, our assessment of ACI Rover's financial ratios is unchanged given weighted-average metrics map to a negative category. Nevertheless, we no longer apply a 'B+' rating cap as per our noncontrolling equity interests (NCEI) methodology because we expect interest coverage to be sustained above 3.0x beginning 2027." S&P expects ACI Rover will receive stable distributions from Rover during the forecast period. Rover--managed and operated by Energy Transfer L.P (ET)--is a 719-mile Federal Energy Regulatory Commission-regulated interstate gas pipeline with a nameplate capacity of 3.43 billion cubic feet per day (bcf/d). About 90%-95% of Rover's capacity is contracted with major Marcellus and Utica producers via take-or-pay contracts with minimum volume commitments. These have a remaining weighted-average contract life of about 11 years, with around 60% of Rover's throughput volumes contracted with investment-grade shippers. With no debt at the operating level and low expected maintenance capital expenditures, Rover provides a predictable dividend to ACI Rover, supporting our positive outlook on cash-flow stability. ACI Rover has substantial governance rights over Rover. Similar to the terms under BCP, ACI Rover has governance protection, such as the right to veto any changes to Rover's distribution policy and incurrence of debt above a certain threshold. That said, S&P does not expect Rover will assume any fixed debt. Further, Rover is required to distribute its free cash flow to ACI Rover, Traverse Midstream Partners LLC (Traverse), and ET. S&P has a negative view of ACI Rover's ability to liquidate its investment in Rover, as the company is privately owned. S&P said, "The positive outlook reflects our expectation that ACI Rover will maintain its debt to EBITDA at below 5.5x in 2027 and sustain interest coverage above 3.0x in 2027 and beyond, underpinned by the stable cash flows generated by Rover. "We could lower the rating on ACI Rover if we expect its interest coverage to be sustained below 3.0x. This could happen if incremental debt is issued, interest rates increase significantly, or cash flows from Rover deteriorate. "We could upgrade ACI Rover again if it sustains interest coverage above 3.0x without any material increase in leverage from our forecast." ACTUATE THERAPEUTICS: Stockholders Elect Two Directors ------------------------------------------------------ Actuate Therapeutics Inc. stockholders elected two Class II directors at the company's annual meeting, according to a filing with the Securities and Exchange Commission. Aaron G.L. Fletcher, Ph.D., and Jason Keyes were elected to the board for three-year terms expiring at the 2029 annual meeting and until their successors are elected and qualified. Fletcher received 14,877,247 votes for, 1,883,025 withheld and 1,871,309 broker non-votes. Keyes received 16,727,875 votes for, 32,397 withheld and 1,871,309 broker non-votes. Stockholders also ratified Crowe LLP as the company's independent registered public accounting firm for the fiscal year ending Dec. 31, 2026. The proposal received 18,571,817 votes for, 50,023 against and 9,741 abstentions. About Actuate Therepeutics Actuate Therapeutics Inc. is a clinical-stage biopharmaceutical company focused on developing therapies for high-impact, difficult-to-treat cancers through inhibition of glycogen synthase kinase-3. Its lead drug candidate, elraglusib, is an ATP-competitive small molecule designed to enter cancer cells and block GSK-3 beta, a regulator of signaling cascades tied to tumor cell survival, growth, migration and invasion. The company has exclusively licensed elraglusib from a collaboration between the University of Illinois-Chicago and Northwestern University. In an audit report dated March 26, 2026, Crowe LLP said Actuate had recurring operating losses, negative operating cash flows, no revenues since inception and an accumulated deficit of $154,607,701 as of Dec. 31, 2025, and was dependent on raising additional capital, raising substantial doubt about its ability to continue as a going concern. As of March 31, 2026, Actuate reported total assets of $8.91 million, total liabilities of $5.13 million and total stockholders' equity of $3.78 million. ADDY HOSPITALITY: Section 341(a) Meeting of Creditors on June 26 ---------------------------------------------------------------- On May 21, 2026, Addy Hospitality LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of New York. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to 1-49 creditors. A meeting of creditors filed by the United States Trustee under Section 341(a) meeting to be held on June 26, 2026 at 10:00 AM at USA Toll-Free (888) 330-1716, USA Caller Paid/International Toll (713) 353-7024, Access Code 3913464. Chapter 11 Plan and Disclosure Statement due September 18, 2026. About Addy Hospitality LLC Addy Hospitality LLC is a hospitality industry company engaged in the ownership, management, or operation of hospitality-related businesses. The company operates within the lodging, food service, entertainment, or guest services sectors. Addy Hospitality LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-72048) on May 21, 2026. In its petition, the Debtor reports estimated assets of $0-$100,000 and estimated liabilities of $1 million-$10 million. Honorable Bankruptcy Judge Louis A. Scarcella handles the case. The Debtor is represented by Marc A. Pergament, Esq. of Weinberg, Gross & Pergament, LLP. AIKEN COURT: Case Summary & Two Unsecured Creditors --------------------------------------------------- Debtor: Aiken Court, LLC 3580 Aiken Ct Wellington, FL 33414 Business Description: Aiken Court, LLC single-asset real estate entity (as defined in 11 U.S.C. Section 101(51B)). Chapter 11 Petition Date: May 28, 2026 Court: United States Bankruptcy Court Southern District of Florida Case No.: 26-17004 Debtor's Counsel: Brian K. McMahon, Esq. BRIAN K. MCMAHON, PA 1401 Forum Way, Suite 730 West Palm Beach, FL 33401 Tel: 561-478-2500 E-mail: briankmcmahon@gmail.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Stuart Roffman as manager member. A full-text copy of the petition, which includes a list of the Debtor's two unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/S426J6I/Aiken_Court_LLC__flsbke-26-17004__0001.0.pdf?mcid=tGE4TAMA ALACHUA GOVERNMENT: Pentagon Objects to Ch. 11 Restructuring Plan ----------------------------------------------------------------- Rick Archer of Law360 Bankruptcy Authority reports that Alachua Government Services is facing opposition from the U.S. government over its proposed Chapter 11 liquidation plan, with federal officials asking a Delaware bankruptcy court to deny approval of the company's disclosure statement. The government argues that the biotechnology firm's proposal does not adequately protect the interests of the Department of Defense. In court papers, the government maintains that the disclosure statement lacks sufficient information regarding the treatment and value of federal claims. Officials also contend that the plan could leave the government with less than it is entitled to receive under bankruptcy law, raising concerns about fairness and compliance with statutory requirements. The dispute comes as the debtor attempts to move its liquidation plan toward confirmation. A ruling in favor of the government could require revisions to the disclosure statement and potentially alter how claims are handled in the bankruptcy case. About Alachua Government Services Inc. Alachua Government Services, Inc. is a pharmaceutical and medicine manufacturing company formerly known as Ology Bioservices. Based in Alachua, Florida, Alachua operates in the pharmaceutical manufacturing sector. Alachua sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11289) on July 6, 2025. In its petition, the Debtor reports estimated assets between $50 million and $100 million and estimated liabilities between $100 million and $500 million. Judge J. Kate Stickles oversees the case. Richards, Layton & Finger, P.A. is Debtor's legal counsel. ALLBIRDS INC: Co-Founder Joseph Zwillinger Resigns From Board ------------------------------------------------------------- Joseph Zwillinger, a director and co-founder of Allbirds, Inc.'s footwear business, resigned from the company's board effective May 18, according to a Form 8-K filing. Zwillinger notified the board on May 18 of his intention to resign, with the resignation effective the same day. Allbirds said the resignation was not the result of any disagreement with the company on any matter relating to its operations, policies or practices. About Allbirds Allbirds is a global lifestyle brand that uses naturally derived materials to make footwear and apparel products. The company began in 2015 and became a Delaware public benefit corporation and certified B Corporation in 2016. Its product-development operations combine strategy, sustainability, design, sourcing, development and production, with teams at its U.S. headquarters and global manufacturing and supply-chain partners. Footwear is the foundation of the brand and represents the majority of revenue, while the company also offers apparel such as tees, sweats, socks and underwear. In an audit report dated March 30, 2026, Deloitte & Touche LLP included going-concern language, stating that Allbirds had experienced recurring net losses and negative cash flows that raised substantial doubt about its ability to continue as a going concern. As of March 31, 2026, Allbirds reported total assets of $84.73 million, total liabilities of $68.45 million and total stockholders equity of $16.28 million. AMERICA'S LISTING: Unsecureds Will Get 1.09% over 60 Months ----------------------------------------------------------- America's Listing Leaders LLC d/b/a Ideal Agent filed with the U.S. Bankruptcy Court for the Middle District of Florida a Subchapter V Plan of Reorganization dated May 21, 2026. The Debtor is a technology-driven real estate referral platform that connects home sellers with top-performing local agents who provide full-service representation at competitive commission structures. At the core of the Debtor's operations is its proprietary CONNECT platform, a purpose-built real estate referral and performance management system that integrates lead intake, verification, routing, tracking, and agent performance scoring into a unified ecosystem. The Debtor's Plan will be funded by income derived from projected disposable income. The Debtor's disposable income will, among other things, result in (a) all operating expenses and reserves; (b) payment of all administrative expenses of the chapter 11 case which is currently too early in the case to estimate an amount certain for all professional fees including the fees of the Debtor's counsel and subchapter V Trustee; (c) payment of priority tax claims in the amount of approximately $175,000.00; and (d) payment of a percentage of the allowed claims of unsecured creditors once all claims are allowed. Class 3 consists of all non-priority unsecured claims. The Debtor estimates that the total amount of the allowed unsecured claims will be approximately $1,962,939.78, which includes the unsecured deficiency portions of the claims asserted by Classes 1 to 2. Each holder of an allowed unsecured claim shall receive monthly payments on a pro rata basis, after the effective date, consistent with the Plan. The Debtor estimates that the Class 3 General Unsecured Creditors will be paid 1.09% of their allowed claims. The Plan will be funded from income derived from projected disposable income. A full-text copy of the Plan of Reorganization dated May 21, 2026 is available at https://urlcurt.com/u?l=iE3Tlk from PacerMonitor.com at no charge. Counsel to the Debtor: Alberto F. Gomez, Jr., Esq. Johnson Pope Bokor Ruppel & Burns, LLP 400 N. Ashley Drive, Suite 3100 Tampa, FL 33602 Telephone: (813) 225-2500 E-mail: al@jpfirm.com About America's Listing Leaders, LLC d/b/a Ideal Agent America's Listing Leaders, Inc. is a real estate services company operating in Northwest Indiana, offering residential property transactions including buying, selling, and renting homes. The company provides tools for property search, market reports, and home valuations, and supports clients with access to brokers, home loans, and real estate education. Its platform emphasizes interactive features and local expertise to connect clients with properties across multiple cities in the region. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-01576) on Feb. 27, 2026, with $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Stephen Johnston, chief executive officer, signed the petition. Alberto F. Gomez, Jr., Esq., at Johnson, Pope, Bokor, Ruppel & Burns, LLP represents the Debtor as legal counsel. AMERICAN HEALTH: Gets Extension to Access Cash Collateral --------------------------------------------------------- American Health Associates Holdings, Inc. and affiliates received second interim approval from the U.S. Bankruptcy Court for the Southern District of Florida, Fort Lauderdale Division, to use cash collateral to fund operations. Under the second interim order, the Debtors are authorized to use cash collateral in accordance with an approved budget. The Debtors listed City National Bank and merchant cash advance lenders, National Biz Capital and Forward Financing, LLC, as the secured creditors with interests in their cash collateral. City National Bank holds a primary secured revolving credit facility of approximately $9.6 million secured by a blanket lien while the MCA lenders claim additional secured interests, which are partly disputed. The Debtors also disclosed $39.6 million in accounts receivable and maintain multiple bank accounts with City National Bank. As adequate protection, secured creditors received continuing liens and replacement liens on post-petition assets to preserve the value of their collateral interests. CNB and NBC were also granted superpriority administrative claims if existing protections prove insufficient, and the liens automatically remain perfected without additional filings. The order required ongoing adequate protection payments beginning this month including weekly payments of $50,000 to CNB and biweekly payments of $25,000 to NBC. The Debtors also agreed to extensive financial reporting obligations, including monthly operating reports, accounts receivable aging reports, payroll disclosures, and additional financial information upon request. Insurance obligations and strategic operational reporting requirements were also imposed. The court established strict restructuring milestones requiring the Debtors to propose and file a Chapter 11 plan or sale process within specified deadlines. Failure to meet these benchmarks or other terms of the order may trigger events of default, terminating the Debtors' authority to use cash collateral. A copy of the court's order and the Debtor's budget is available at https://tinyurl.com/vzvsyxyj from PacerMonitor.com. About American Health Associates Holdings Inc. Headquartered in Davie, Florida, American Health Associates Holdings, Inc. provides clinical laboratory services, mobile phlebotomy, mobile imaging and care-at-home diagnostic services for the long-term care market. Founded more than 30 years ago by Debbie Martin, a respiratory therapist, American Health Associates Holdings serves skilled nursing facilities, nursing homes, hospitals and physician offices, and operates 16 full-service reference laboratories nationwide. It serves more than 3,000 long-term care facilities across the U.S. American Health Associates Holdings and 12 affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Lead Case No. 26-14825) on April 17, 2026. In the petition signed by Christopher Martin, president, American Health Associates Holdings disclosed up to $50 million in both assets and liabilities. Judge Scott M. Grossman oversees the cases. The Debtors tapped Bradley S. Shraiberg, Esq., at Shraiberg Page, P.A., as legal counsel; Aurora Management Partners, Inc. as financial advisor; BAS CPA, PLLC as accountant; and Kenneth A. Welt of Trustee Services, Inc. as lead consultant. The U.S. Trustee for Region 21 appointed an official committee of unsecured creditors in the Debtors' cases. The committee is represented by Markowitz, Ringel, Trusty & Hartog, P.A. ANNOVIS BIO: Prices $15 Million Public Offering ----------------------------------------------- Annovis Bio, Inc. priced an underwritten public offering expected to raise about $15 million in gross proceeds, according to a Form 8-K filing with the Securities and Exchange Commission. The company entered into a May 20 underwriting agreement with Canaccord Genuity LLC to issue and sell 7,895,000 common shares and accompanying warrants to purchase up to 7,105,500 additional shares. The combined offering price is $1.90 for each share and accompanying nine-tenths of a warrant. The warrants are immediately exercisable, expire six years from issuance and carry an exercise price of $2.25 per share. Annovis expected the offering to close on or about May 21, subject to customary closing conditions. The company plans to use the net proceeds for continued clinical development of its lead compound, buntanetap, in Alzheimer's disease and Parkinson's disease studies, along with working capital and general corporate purposes. The offering was made under the company's effective shelf registration statement on Form S-3, which was declared effective Feb. 12, 2024. About Annovis Bio Annovis Bio is a late-stage clinical drug platform company developing therapies for neurodegenerative diseases, including Alzheimer's disease and Parkinson's disease. Its pipeline includes buntanetap, an orally administered lead product candidate for chronic neurodegeneration indications, as well as ANVS405 for acute neurodegeneration and ANVS301 for advanced Alzheimer's disease. The company was incorporated in Delaware in 2008 and is based in Malvern, Pennsylvania. In an audit report dated March 13, 2026, Ernst & Young LLP included going-concern language, stating that Annovis Bio suffered recurring losses from operations that raised substantial doubt about the company's ability to continue as a going concern. As of March 31, 2026, Annovis Bio reported total assets of $16.24 million, total liabilities of $13.12 million and total stockholders' equity of $3.13 million. ANOINTED TOUCH: Seeks to Extend Plan Filing Deadline to June 25 --------------------------------------------------------------- Anointed Touch Residential Services LLC asked the U.S. Bankruptcy Court for the Southern District of Indiana to extend its time to file Small Business Chapter 11 Plan of Reorganization and Disclosure Statement to June 25, 2026. The Debtor explains that it is actively working toward the formulation of a confirmable Subchapter V plan but cannot finalize the Plan until the accounting issues and amended tax returns are sufficiently completed to permit Debtor to evaluate the proper treatment of priority claims and the anticipated distribution structure. Moreover, the need for this extension is attributable to circumstances for which Debtor should not justly be held accountable. The Debtor asserts that it has sought authority to employ an accountant to address tax-return issues that are central to the Plan's structure. Until that work is completed or sufficiently advanced, any Plan filed by Debtor would risk being incomplete, inaccurate, or subject to material amendment shortly after filing. The Debtor further asserts that this request is made in good faith and not made to unduly delay these proceedings. Anointed Touch Residential Services LLC is represented by: Jacob S. Troxell, Esq. Allen Wellman Harvey Keyes Cooley, LLP Five Courthouse Plaza, PO Box 455 Greenfield, IN 46140 Tel: (317) 462-3455 Fax: (317) 467-6109 Email: jst@awhkc.com About Anointed Touch Residential Services Anointed Touch Residential Services, LLC, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Case No. 26-00922) on Feb. 24, 2026. In the petition signed by Ayries Nachelle Bledsoe, sole member, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Judge James M. Carr oversees the case. Jacob Troxell, at Allen Wellman Harvey Keyes Cooley, LLP, is the Debtor's legal counsel. ARAGORN PARENT: S&P Rates Proposed $725MM First-Lien Term Loan 'B' ------------------------------------------------------------------ S&P Global Ratings assigned its 'B' issue-level rating and '3' recovery rating to Aragorn Parent Corp.'s (dba OverDrive) proposed $725 million first-lien term loan and $70 million revolving credit facility due 2030. The '3' recovery rating indicates its expectation for meaningful (50%-70%; rounded estimate: 55%) recovery in the event of a payment default. The company intends to use the proceeds from this issuance to refinance its existing debt and pay transaction fees. S&P's 'B' issuer credit rating on OverDrive is unchanged. In the first quarter of 2026, the company increased its revenue by about 4.5% on a rolling-12-month basis on stronger digital content demand at U.S. public schools and libraries. In addition, OverDrive improved its S&P Global Ratings-adjusted leverage and free operating cash flow to debt to 5.4x and 7.6%, respectively, on a rolling-12-month basis. S&P said, "We expect the company will further improve its S&P Global Ratings-adjusted leverage to the low-5x area in 2026 and 2027 on solid revenue and EBITDA growth stemming from the increased shifting of budgets at its school and library clients toward digital content, along with higher revenue from Sora. We also forecast OverDrive will modestly expand its S&P Global Ratings-adjusted EBITDA margins to about 20.0% in 2026, from 19.7% in 2025, as a favorable product mix and improved operating leverage offset increased advertising spending and inflationary cost pressures. As the company's S&P Global Ratings-adjusted leverage declines toward the 5.0x area, we believe any additional leverage reduction will depend on management's capital-allocation decisions, given the company's history of debt-funded shareholder returns in the past." ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors -- S&P's simulated default scenario contemplates a default in 2029 because of increased competition, limited state budgets, and declines in demand from public and academic libraries. Aragorn Parent Corp. is the borrower of the proposed first-lien credit facility. Its material domestic subsidiaries guarantee the credit facility, which is secured by substantially all the material assets of the borrowers and guarantors. -- The company and its subsidiaries have no other significant debt obligations; therefore, S&P believes the first-lien credit facility lenders would benefit from substantially all the available value in a default. -- In a default, S&P expects OverDrive's lenders would pursue a reorganization rather than a liquidation to maximize their recovery. Simulated default assumptions -- Simulated year of default: 2029 -- EBITDA multiple: 6.0x -- EBITDA at emergence: About $80 million -- Jurisdiction: U.S. -- Revolver: 85% drawn at default Simplified waterfall -- Net enterprise value (after 5% administrative costs): About $454 million -- Total first-lien debt claims: About $795 million --Recovery expectations: 50%-70% (rounded estimate: 55%) Note: All debt amounts include six months of prepetition interest. ARC FALCON: S&P Assigns 'B' Issuer Credit Rating, Outlook Stable ---------------------------------------------------------------- S&P Global Ratings assigned its 'B' issuer credit rating to ARC Falcon Intermediate Inc. The outlook is stable. At the same time, S&P affirmed its 'B' issuer credit rating on ARC Falcon I Inc. S&P also assigned a 'B' issue-level rating and '3' recovery rating to the company's revolving credit facility and first-lien term loan A. In addition, S&P raised the issue-level rating on the $145 million second-lien term loan to 'B-' from 'CCC+'. The stable outlook reflects S&P's expectation that the company will maintain credit metrics consistent with the current rating. S&P said, "We expect Arclin's credit metrics will remain appropriate for the ratings. While Arclin's debt increased materially in 2026 to fund the acquisitions of The Willamette Valley Co. (WVCO) and DuPont's Aramids business, we don't expect an increase in leverage. The incremental debt is expected to be offset by earnings contributions from the acquired entities and organic growth within the legacy Arclin business. We anticipate Arclin's weighted-average S&P Global Ratings-adjusted debt to EBITDA will remain around 5.0x, which is consistent with the 'B' issuer credit rating." To fund these acquisitions, Arclin used proceeds from a new capital structure. This comprises a $500 million revolving credit facility, a $645 million first-lien term loan A, a $1.1 billion first-lien term loan B, a $145 million second-lien term loan B, $1.085 billion in senior secured notes, and a $300 million seller Holdco PIK note alongside a $550 million equity contribution ($325 million from DuPont and $225 million from financial sponsor TJC LP). The acquisitions will enhance Arclin's scale and diversity. Following the recent acquisitions of WVCO and DuPont's Aramids business, Arclin's competitive position has strengthened through enhanced scale and an increased presence in niche markets. Pro forma revenues are expected to more than double, reaching approximately $2.7 billion–$2.8 billion compared to roughly $1.1 billion for the trailing 12 months ended Dec. 31, 2025. This expansion significantly improves Arclin's geographic, product, and end-market diversity. Geographically, these acquisitions shift Arclin's footprint from a U.S.-centric model (previously about 97% of revenue) to a more balanced global presence, with approximately 20% of revenues derived from EMEA and 13% from Asia. Furthermore, while historically Arclin was tied to cyclical residential and non-residential construction, its end markets now include personal protection, tire and automotive, aerospace and defense, and electric infrastructure. The combined entity benefits from high barriers to entry: Legacy Arclin maintains strong positions in niche segments through proprietary, patented chemical formulations, while the Aramids business brings globally recognized high-performance brands such as Kevlar and Nomex. The company's customer concentration is also significantly reduced, with the top 10 customers contributing less than 25% of sales, down from 55% previously. However, while Arclin has a proven track record of successful integrations, the scale of the Aramids acquisition is transformative and presents potential integration risks. S&P said, "We expect EBITDA margins to remain above average in the next 12 months. Arclin's EBITDA margin for the 12 months ended Dec. 31, 2025, was over 20%, which we consider above average. Over the next 12-24 months, we expect EBITDA margins could improve as the company benefits from integrating its high-margin acquisitions." Historically, Arclin has passed on higher input costs to customers with pass-through mechanisms built into contracts. Given that about 70% of the company's cost of goods sold is variable pro forma for the acquisitions, it also benefits from a highly variable cost structure and an ability to reduce costs. S&P said, "The stable outlook on Arclin reflects our view that its weighted-average S&P Global Ratings-adjusted debt to EBITDA remains around 5x (under 6.5x after considering our view of financial sponsor ownership). In addition, its weighted-average funds from operation (FFO) to debt is expected to remain at 9%-12% over the next 12 months. We expect company will benefit from the increased scale of operations and achieve some synergies while integrating the newly acquired business. We expect Arclin's ability to pass-through raw material cost increases will help maintain S&P Global Ratings-adjusted EBITDA margins above 20% over the next 12 months." S&P could consider a negative rating action on Arclin within the next 12 months if: -- There are unforeseen challenges in integrating the new business or macroeconomic conditions weaken such that S&P Global Ratings-adjusted EBITDA declines about 500-600 basis points from S&P's base-case expectation, which causes weighted-average S&P Global Ratings-adjusted debt to EBITDA to deteriorate to above 6.5x over the next 12 months. -- The financial sponsor undertakes a more aggressive financial policy than S&P anticipates, including debt-funded acquisitions or dividends, that increases leverage, and it believes there is little prospect of recovery. Although S&P considers the likelihood of an upgrade within the next 12 months to be remote, it could consider a positive rating action if: -- Arclin's operating performance improves such that S&P believes the company will sustain EBITDA margins above 20%, weighted-average S&P Global Ratings-adjusted debt to EBITDA below 5x, and weighted-average FFO to debt comfortably above 12%, with positive free cash flow; and -- The company maintains a record of abiding by conservative financial policies with a low risk of releveraging; and -- S&P believes TJC's (or any financial sponsor's) control of the company will diminish to and remain below 40%. ASCENT SOLAR: Haynie Raises Doubt on Production, Funding Concerns ----------------------------------------------------------------- Ascent Solar Technologies, Inc. filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2025 with the U.S. Securities and Exchange Commission earlier this year. The audited report contains a blunt warning: conditions exist that raise substantial doubt about its ability to continue as a going concern. Based on the financial statements, the Company reported a net loss of $7,832,755 for the year ended December 31, 2025, compared to a net loss of $9,130,274 for the year ended December 31, 2024, a decrease of $1,297,519. Total revenues increased by $34,880, or by 83%, for the year ended December 31, 2025, when compared to the same period in 2024. This is primarily due to more customer orders in the current period compared to the prior period. Going Concern Salt Lake City, Utah-based Haynie, the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 20, 2026, attached to the Company's Annual Report for the fiscal year ended December 31, 2025, citing that the Company has had limited production which has led to the Company being dependent on outside financing to fund its operations. There is no assurance that the Company will be able to raise additional capital and cash on hand is not sufficient to sustain operations. These factors raise substantial doubt about its ability to continue as a going concern. The Company continued to enter into financing arrangements during the year ended December 31, 2025, to fund operations. The Company has limited industrial scale production capabilities in its Thornton facility and continues to focus on its research and development activities to improve its PV products. The Company does not expect that sales revenue and cash flows will be sufficient to support operations and cash requirements until it has fully implemented our strategy of focusing on selling high value PV products and manufacturing at full industrial scale. During the year ended December 31, 2025 the Company used $6,903,966 in cash for operations. As of December 31, 2025, the Company had $2,205,777 in current liabilities. Additionally, projected revenues are not anticipated to result in a positive cash flow position for the year 2025 overall and, although as of December 31, 2025, the Company has a working capital of $1,178,902, Management believes that additional financing will be required for the Company to reach a level of sufficient sales to achieve profitability. The Company continues to accelerate sales and marketing efforts related to its specialty PV application strategies through expansion of its sales and distribution channels. The Company also continues activities to secure additional funding through strategic or financial investors, but there is no assurance the Company will be able to raise additional capital on acceptable terms or at all. If the Company's revenues do not increase rapidly, and/or additional financing is not obtained, the Company will be required to significantly curtail operations to reduce costs and/or sell assets. Such actions would likely have an adverse impact on the Company's future operations. As a result of the Company's recurring losses from operations and the need for additional financing to fund its operating and capital requirements, there is uncertainty regarding the Company's ability to maintain liquidity sufficient to operate its business effectively. Management cannot provide any assurances that the Company will be successful in accomplishing any of its plans. A full text copy of the Company's Form 10-K is available at https://tinyurl.com/7vyfnm6j About Ascent Solar Technologies, Inc. Ascent Solar Technologies, Inc. is a solar technology Company based in Thornton, Colorado, that manufactures and sells photovoltaic solar modules that are flexible, durable, and possess attractive power-to-weight and power-to-area performance. Its technology provides renewable power solutions to high-value production and specialty solar markets where traditional rigid solar panels are not suitable, including space power beaming, aerospace, satellites, near-Earth orbiting vehicles, fixed-wing unmanned aerial vehicles, aquatic, terrestrial, and other weight-sensitive markets (including DoD drone and space operations) with transformational, high-quality, value-added product applications. The Company operates in these target markets because they have highly specialized needs for power generation and offer attractive pricing due to the significant technological requirements. As of December 31, 2025, the Company had $6.33 million in total assets, $2.99 million in total liabilities, and $3.34 million in total stockholders' equity. AUTOLYCUS LLC: To Sell BALC Collateral to PowerMove AssetCo ----------------------------------------------------------- Autolycus, LLC seeks permission from the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor owns certain vehicles and equipment identified by VIN on Exhibit A to the Motion (Vehicles), together with all contracts, agreements, and other documents to which Debtor is a party that relate to such Vehicles (BALC Collateral). The BALC Collateral is described in more detail in the Letter of Intent attached as Exhibit A. https://urlcurt.com/u?l=dSbh4k The lienholder of the Property is Banc of America Leasing & Capital, LLC. The Debtor requests authority to sell the BALC Collateral to PowerMove AssetCo LLC (or its designee) for $630,000.00, payable in cash at closing. The BALC Collateral shall be sold on an "AS IS" basis, without representation, warranty or guaranty of any kind, except as otherwise stated in the Letter of Intent. The offer submitted by PowerMove AssetCo LLC for the BALC Collateral is the highest and best offer that Debtor has received, and the price offered by PowerMove AssetCo LLC constitutes fair and reasonable consideration for the Collateral. The current offer represents the best offer in the opinion of the Debtor. The Debtor seeks entry of an Order authorizing the Debtor to sell the Property to PowerMove AssetCo LLC pursuant to the terms and conditions of the Letter of Intent. The Debtor has analyzed the Letter of Intent and alternative avenues for the sale of the BALC Collateral and has determined that, in its business judgment, a sale of the BALC Collateral to PowerMove AssetCo LLC is in accordance with the terms and conditions of the Letter of Intent and is in the best interest of the bankruptcy estate. The Debtor requests shortened notice as the carrying costs for insuring and maintaining these units is having a negative impact on its cash flow and ability to reorganize, and the sooner the sale is consummated the better it will be for all creditors. About Autolycus LLC Autolycus LLC is a truck and trailer leasing company based in Bolingbrook, Illinois. Autolycus LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-13696) on September 4, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Judge David H. Decelles presides over the case. The Debtor is represented by Saulius Modestas, Esq. at Modestas Law Offices, P.C. AUTOLYCUS LLC: To Sell CCG Collateral to PowerMove AssetCo ---------------------------------------------------------- Autolycus, LLC seeks permission from the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor owns certain vehicles identified by VIN on Exhibit A to this Motion (Vehicles), together with all contracts, agreements, and other documents to which Debtor is a party that relate to such Vehicles (CCG Collateral). The CCG Collateral is described in more detail in the Letter of Intent attached as Exhibit A. https://urlcurt.com/u?l=fFEZD6 Commercial Credit Group, Inc. held a secured lien on the CIMC Collateral. The Debtor requests authority to sell the CCG Collateral to PowerMove AssetCo LLC (or its designee) for $1,000,000.00 plus Lender’s expenses incurred after May 5, 2026, not to exceed $30,000, payable in cash at closing, as detailed in Exhibit A. The CCG Collateral shall be sold on an "AS IS" basis, without representation, warranty or guaranty of any kind, except as otherwise stated in the Letter of Intent. The offer submitted by PowerMove AssetCo LLC for the CCG Collateral is the highest and best offer that Debtor has received, and the price offered by PowerMove AssetCo LLC constitutes fair and reasonable consideration for the Collateral. The current offer represents the best offer in the opinion of the Debtor. The Debtor seeks entry of an Order authorizing the Debtor to sell the CIMC Collateral to PowerMove AssetCo LLC pursuant to the terms and conditions of the Letter of Intent. The Debtor has analyzed the Letter of Intent and alternative avenues for the sale of the CCG Collateral and has determined that, in its business judgment, a sale of the CCG Collateral to PowerMove AssetCo LLC is in accordance with the terms and conditions of the Letter of Intent and is in the best interest of the bankruptcy estate. The Debtor requests shortened notice as the carrying costs for insuring and maintaining these units is having a negative impact on its cash flow and ability to reorganize, and the sooner the sale is consummated the better it will be for all creditors. About Autolycus LLC Autolycus LLC is a truck and trailer leasing company based in Bolingbrook, Illinois. Autolycus LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-13696) on September 4, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Judge David H. Decelles presides over the case. The Debtor is represented by Saulius Modestas, Esq. at Modestas Law Offices, P.C. AUTOLYCUS LLC: To Sell CIMC Collateral to PowerMove AssetCo ----------------------------------------------------------- Autolycus, LLC seeks permission from the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor owns certain vehicles identified by VIN on Exhibit A to this Motion (Vehicles), together with all contracts, agreements, and other documents to which Debtor is a party that relate to such Vehicles (CIMC Collateral). The CIMC Collateral is described in more detail in the Letter of Intent attached as Exhibit A. https://urlcurt.com/u?l=7QgLNm CIMC Master Trust d/b/a CIMC Capital held a secured lien on the CIMC Collateral. The Debtor requests authority to sell the CIMC Collateral to PowerMove AssetCo LLC (or its designee) for $2,500,000. The CIMC Collateral shall be sold on an "AS IS" basis, without representation, warranty or guaranty of any kind, except as otherwise stated in the Letter of Intent. The offer submitted by PowerMove AssetCo LLC for the CIMC Collateral is the highest and best offer that Debtor has received, and the price offered by PowerMove AssetCo LLC constitutes fair and reasonable consideration for the Collateral. The current offer represents the best offer in the opinion of the Debtor. The Debtor seeks entry of an Order authorizing the Debtor to sell the CIMC Collateral to PowerMove AssetCo LLC pursuant to the terms and conditions of the Letter of Intent. The Debtor has analyzed the Letter of Intent and alternative avenues for the sale of the BALC Collateral and has determined that, in its business judgment, a sale of the CIMC Collateral to PowerMove AssetCo LLC is in accordance with the terms and conditions of the Letter of Intent and is in the best interest of the bankruptcy estate. The Debtor requests shortened notice as the carrying costs for insuring and maintaining these units is having a negative impact on its cash flow and ability to reorganize, and the sooner the sale is consummated the better it will be for all creditors. About Autolycus LLC Autolycus LLC is a truck and trailer leasing company based in Bolingbrook, Illinois. Autolycus LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-13696) on September 4, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Judge David H. Decelles presides over the case. The Debtor is represented by Saulius Modestas, Esq., at Modestas Law Offices, P.C. B&G FOODS:S&P Affirms 'B-' ICR on Debt Refinancing, Outlook Stable ------------------------------------------------------------------ S&P Global Ratings affirmed its 'B-' rating on U.S.-based packaged food company B&G Foods Inc. and 'B+' issue-level rating on its senior secured credit facilities. The recovery rating is '1', indicating its expectation for very high recovery (90%-100%; rounded estimate: 90%) in the event of a payment default. S&P said, "We also assigned our 'CCC' issue-level and '6' recovery ratings to its new senior unsecured notes. The '6' recovery rating indicates our expectation for negligible recovery (0%-10%; rounded estimate: 0%). "The stable outlook reflects our expectation of modest EBITDA growth and S&P Global Ratings-adjusted leverage below 7x for the next 12 months." B&G Foods Inc.'s has launched a refinancing of its 5.25% senior unsecured notes maturing in 2027. S&P estimates S&P Global Ratings-adjusted pro forma leverage will decline to 6.6x in fiscal 2026 on improved operating performance, cash flow, and debt reduction. Following several recent portfolio reshaping transactions, the company also agreed to sell its Canadian vegetable assets subject to Canadian regulatory approval and customary closing conditions and use the net proceeds to reduce its debt burden, demonstrating its commitment to reducing leverage. S&P also expects the company will maintain adequate liquidity following the refinancing of its unsecured notes. S&P said, "The affirmation and stable outlook reflect improving credit metrics over the next 12 months amid transformational business changes. We estimate S&P Global Ratings-adjusted pro forma leverage following the sale of the Green Giant U.S. frozen business and acquisition of the College Inn and Kitchen Basics brands will decline to 6.6x for the fiscal year ending in December 2026. The company also announced the divestiture of the Green Giant and Le Sieur frozen and shelf-stable businesses in Canada, expected to close in the second quarter subject to final regulatory approval. We project S&P Global Ratings-adjusted leverage to decline to 6.4x if the transaction closes and generates proceeds of at least $60 million." The refinancing will bolster B&G's near-term liquidity. B&G's refinancing of its 5.25% senior unsecured notes maturing in 2027 with the new senior unsecured notes due in 2031 alleviates near-term refinancing risk and improves liquidity. S&P said, "However, we estimate the incremental interest expense of about $25 million- $30 million will depress cash flow and credit metrics. B&G's $430 million revolving credit facility ($270 million outstanding as of April 4, 2026) and $799 million, 8% senior notes mature in 2028. We forecast reported free operating cash flow (FOCF) of about $100 million annually in 2026 and 2027, some of which it could use to repay debt to reduce incremental interest costs." S&P said, "We also expect B&G to apply additional asset sale proceeds to debt reduction. B&G still has sizable debt maturities over the next few years that it will need to refinance, including $799 million of secured notes that become current in September 2027, likely at higher interest rates. Management remains committed to reducing leverage to its target of net 4.5x-5.5x and has committed to getting to 6x by mid-2026. S&P Global Ratings-adjusted metrics are higher than management's targets because we do not add back acquisition and divestiture-related expenses in our EBITDA calculation, nor do we net cash in our debt calculation." B&G cut its dividend by 50% to preserve liquidity. The company is reducing its dividend to about $30 million a year from $60 million in 2025. S&P said, "We expect it will use this extra cash to repay its outstanding revolver balance, which stood at $270 million as of the end of the first quarter. We view the dividend cut as prudent and believe it will benefit S&P Global Ratings-adjusted credit metrics, though we view its need to cut its dividend as at least partly attributable to its portfolio optimization." The Green Giant sale and the acquisition of College Inn and Kitchen Basics will improve profitability over time. Green Giant's intensive working capital requirements (agricultural commodities) and high seasonality led to significant volatility in B&G's cash flow and a deterioration of its credit metrics over the last several years. Green Giant sales have declined following the COVID-19 pandemic as consumers shifted away from at-home cooking. The remaining business is operating in a challenging consumer environment and is not immune to the weaker packaged food demand trends. Organic revenues declined 4% in fiscal 2025 from 2024 before increasing 2.8% in the first quarter of 2026 year over year. The remaining business also has less working capital intensity and competition than Green Giant and should increase revenue in the low-single-digit percent area with volume improvement. S&P said, "We expect College Inn and Kitchen Basics will improve B&G's growth profile, given favorable consumption trends in the soup and broth categories. The removal of Green Giant will improve profitability since the brand's sales were declining with negative EBITDA in recent years. We estimate that removing Green Giant from continuing operations results in S&P Global Ratings-adjusted EBITDA margin improving by more than 250 basis points. Further profitability improvements will come from lapping the benefit from the higher-margin College Inn and Kitchen Basics businesses and realizing cost-savings from ongoing actions. These benefits will be partially offset by higher input, freight and fuel costs and lapping the dilution from lower-margin co-manufacturing of Green Giant products for Seneca Foods. Therefore, we forecast S&P Global Ratings-adjusted EBITDA margin to improve to about 17% in 2026 and 2027 from 15.6% in 2025." S&P said, "Higher oil prices pose risks to our base-case forecast. B&G's portfolio is highly exposed to commodity costs such as for soybean oil, corn, and wheat that have risen substantially since the Middle East conflict began. Freight and fuel costs also account for significant costs. Historically, pricing actions have lagged input cost and fuel increases, thereby diminishing profits. We believe B&G will remain cautious with any pricing actions given the high private label penetration in the category, at more than 30% dollar market share (according to Euromonitor). We also believe packaged food players more broadly will have a limited ability to pass on price increases to stretched consumers following several years of aggressive price hikes. Moreover, much of B&G's portfolio faces competition from dominant competitors with stronger brands, which we believe also limits its pricing power. "The stable outlook on B&G reflects our expectation of modest EBITDA growth and maintain S&P Global Ratings-adjusted leverage below 7x over the next 12 months. "We could take a negative rating action if leverage increases due to weak operating performance or more aggressive financial policies, resulting in liquidity constraints or an unsustainable capital structure." This could occur if: -- Profit deteriorates because of volume declines or higher costs, and it cannot offset it with price increases and cost savings; -- The company cannot maintain a sufficient cushion on its financial covenants; or -- It prioritizes additional large, debt-financed acquisitions or shareholder returns over debt reduction. S&P could raise the ratings if operating performance improves, it believes B&G will sustain S&P Global Ratings-adjusted leverage below 7x, and the company refinances its upcoming 2028 maturities. This could occur if it: -- Improves profitability with volume growth and pricing actions; -- Repays debt with excess cash flow; and -- Demonstrates less aggressive financial policies without large, debt-financed acquisitions while leverage is elevated. BEAZER HOMES: S&P Downgrades ICR to 'B-' Due to Elevated Leverage ----------------------------------------------------------------- S&P Global Ratings lowered the issuer credit rating on Atlanta-based Beazer Homes USA Inc. and the issue-level rating on its senior unsecured notes to 'B-' from 'B'. The recovery rating on the senior unsecured notes remains '3'. The negative outlook reflects Beazer's sensitivity to further downside against S&P's downgrade threshold and the need for near-term refinancing. Beazer Homes USA Inc.'s deleveraging will be delayed due to continued economic and geopolitical uncertainty, fluctuations in mortgage rates, and heightened consumer hesitancy, which have dampened homebuying demand. S&P said, "We no longer expect Beazer to generate flat EBITDA year over year, which will elevate leverage well above our prior forecast of 7x. "We now expect leverage to exceed 10x for the fiscal year ending Sept. 30, 2026 (fiscal 2026), which leaves no cushion to our previous downside scenario of leverage sustained above 7x. "We expect S&P Global Ratings-adjusted leverage to exceed 10x at fiscal year-end 2026, prior to returning toward 7x in fiscal 2027. We forecast improved operating performance in the second half of the year, but Beazer has little to no cushion at the current rating for any further unforeseen leverage impairments as debt maturities near." The negative outlook reflects the primary credit concern of 30-year fixed mortgage rate volatility, the duration of challenging market conditions, and Beazer's lower-than-anticipated absorption capacity and margins. Recent 30-year mortgage rates of 6.5%-8.0% have prompted significant buyer deferral, increased incentive expense, and heightened sensitivities as consumers wait for potential rate declines through what is shaping up to be a disappointing selling season. Beazer's gross margins are being squeezed by the affordability challenges facing its customer base, as the longer duration of increased competitive buydowns is negatively impacting its return metrics. The contraction in S&P Global Ratings-adjusted EBITDA has been especially pronounced, falling to $5.6 million in second-quarter 2026 compared with $39.2 million in the prior-year period. This represents a 85.7% year-over-year decline. The primary drivers for this precipitous drop include a significant reduction in homebuilding revenue and a contraction in gross margins, both of which were exacerbated by lower closing volumes. Furthermore, last 12 months (LTM) S&P Global Ratings-adjusted EBITDA stood at $92.8 million, marking a 58.2% decrease year over year. Operating cash flow also faced pressure, with cash from operating activities declining to a loss of $63.5 million. The full-year EBITDA forecast hinges on Beazer growing gross margin and meeting its targeted sales pace, as well as on increasing the average selling price (ASP) per community, primarily over the next three months. Beazer's liquidity position offsets some pressure. Beazer has a material debt maturity of $357 million in October 2027. S&P said, "We assume it can refinance the senior unsecured notes before then, but pressure on the rating mounts as the senior notes come closer to being current. We forecast liquidity sources covering uses by well over 1.2x and interest coverage below 1.5x at fiscal year-end. Therefore, we continue to assess Beazer's liquidity position as adequate and do not foresee covenant breaches." Homebuilders can typically manage seasonal working capital and discretionary cash flows in periods of distress such that they can generate cash to offset increasing leverage or reduce outstanding balances on revolving credit facilities. S&P said, "Our base case anticipates that Beazer uses land sales, moderates land spend, and internally generates cash flows to end fiscal 2026 with ample availability on its $525 million revolving credit facility and funds for its share repurchase program. We do not forecast any material acquisitions or public offerings." However, Beazer has limited headroom against the difficult macroeconomic environment for the homebuilding sector, and if margins remain compressed, there is no cushion for further deterioration in credit metrics at the current rating. S&P said, "The negative outlook reflects our expectation that leverage will remain elevated over the next 12 months as macroeconomic challenges, poor consumer confidence, and affordability constraints pressure margins. This creates a more challenging market for rapid deleveraging, and we project S&P Global Ratings-adjusted debt to EBITDA elevated at above 10x and EBITDA interest coverage below 1.5x." S&P could lower the rating over the next 12 months if it views the capital structure as unsustainable, including if: -- Beazer's interest coverage ratio declines well below 1.5x; -- Beazer's operations yield insufficient returns to support its capital structure, with leverage failing to improve below 10x; or -- Operating performance underperforms S&P's expectations, such that margins and leverage do not show signs of improvement as maturities grow nearer to being current. S&P could revise the outlook back to stable over the next 12 months if the macroeconomic environment stabilizes and management executes its plan such that refinancing risk and operational execution concerns are ameliorated. This could occur if home closing volumes or margins outperform our forecast, leading to EBITDA growth that sustainably drives leverage trending toward 8x and S&P Global Ratings-adjusted EBITDA interest of above 1.5x. BECKY'S PET: Case Summary & Nine Unsecured Creditors ---------------------------------------------------- Debtor: Becky's Pet Care, Inc. d/b/a Becky's Pet Care 7411 Alban Station Court Suite B250 Springfield, VA 22150 Business Description: Becky's Pet Care provides pet care services in Springfield, Virginia. Founded in 1998, the company offers services including dog walking, cat sitting, pet care visits, medical support, enrichment programs, walk-and-train services, and pet CPR and first aid. It serves pets and pet owners in the Northern Virginia area. Chapter 11 Petition Date: May 28, 2026 Court: United States Bankruptcy Court Eastern District of Virginia Case No.: 26-11295 Debtor's 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 E-mail: jfasano@mhlawyers.com Total Assets: $38,063 Total Liabilities: $2,580,388 The petition was signed by Becky O'Neil as president. A full-text copy of the petition, which includes a list of the Debtor's nine unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/BY6ULPQ/Beckys_Pet_Care_Inc__vaebke-26-11295__0001.0.pdf?mcid=tGE4TAMA BIG BATCH: Case Summary & Five Unsecured Creditors -------------------------------------------------- Debtor: Big Batch Enterprises LLC d/b/a Box Pickleball 605 Old Country Road Riverhead, NY 11901 Business Description: Big Batch Enterprises LLC, doing business as Box Pickleball, operates an indoor pickleball and recreation venue in Riverhead, New York. The company provides pickleball court booking, open play, lessons, clinics, leagues, and tournaments, along with recreational activities including cornhole, pool tables, golf simulators, and darts. It also offers food and bar service, parties and events, group table and court reservations, and a pro shop. Chapter 11 Petition Date: May 27, 2026 Court: United States Bankruptcy Court Eastern District of New York Case No.: 26-72117 Judge: Hon. Sheryl P Giugliano Debtor's Counsel: Heath S. Berger, Esq. BFSNG LAW GROUP, LLP 6851 Jericho Turnpike, Suite 250 Syosset, NY 11791 Tel: 516-747-1136 E-mail: hberger@bfslawfirm.com Total Assets: $409,303 Total Liabilities: $1,574,271 The petition was signed on behalf of Big Batch Enterprises by Pickleball LLC, its managing member, through Curtis Morrison. A full-text copy of the petition, which includes a list of the Debtor's five unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/64OMHBY/Big_Batch_Enterprises_LLC__nyebke-26-72117__0001.0.pdf?mcid=tGE4TAMA BNJ TRUCKING: Seeks Chapter 7 Bankruptcy in Illinois ---------------------------------------------------- On May 28, 2026, BNJ Trucking 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 1-49 creditors. About BNJ Trucking Inc. BNJ Trucking Inc. is a trucking and freight transportation company that provides commercial hauling and logistics services. The company operates within the transportation sector, moving goods for business and industrial customers. BNJ Trucking Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-09098) on May 28, 2026. In its petition, the Debtor reports estimated assets of $0-$100,000 and estimated liabilities of $1 million-$10 million. Honorable Bankruptcy Judge Daniel R. Fine handles the case. The Debtor is represented by Eric G. Zelazny, Esq. of Law Offices of Eric G. Zelazny. BON MORRO: Plan Contemplates Two Scenarios ------------------------------------------ The Bon Morro, LLC ("Leasehold Owner") and affiliates filed with the U.S. Bankruptcy Court for the District of Massachusetts a Disclosure Statement describing Plan of Reorganization dated May 22, 2026. Leasehold Owner is a Delaware limited liability company with Holdings as its sole member. Leasehold Owner's sole asset consists of a ground lease interest in the Project, which is a mixed-use real estate project commonly known as The Bon, located at 1260 Boylston Street in Boston, Massachusetts, and consisting of 451 studio, one-bedroom and two bedroom residential apartment units and seven commercial units. Construction of the Project was completed in 2022. As of the Petition Date, four of Project's five first-floor commercial units were under lease to Chase Bank, Carbon Health, Dave's Hot Chicken, and The Halal Guys. Substantially concurrently with the filing of the petitions initiating these Chapter 11 Cases, the Debtors filed an adversary complaint, initiating the Landlord Litigation to pursue various claims against the Landlord under the Ground Lease. The Landlord Litigation further elaborates on the bad faith conduct of the Landlord over the seven months immediately prior to the Petition Date that drove this financially healthy Project into bankruptcy. The Debtor's counsel specifically warned the Landlord that the Leasehold Owner likely would file for bankruptcy if the Leasehold Owner was unable to refinance the Prepetition Loans. Despite the Debtors' efforts, on October 13, 2025, the Mezzanine Lender noticed a secured party sale of its collateral (DMP Scape's membership interests in Holdings) under Article 9 of the Uniform Commercial Code. Because the sale of the Mezzanine Lender's collateral was scheduled to commence on November 6, 2025, the Debtors had no choice but to seek chapter 11 protection on November 2, 2025. The Plan provides for two alternative transactions: the Sale Transaction or the New Value Transaction. If the Debtors pursue the Sale Transaction, the Debtors will file the Toggle Notice by no later than the Toggle Deadline informing the Bankruptcy Court and the parties in interest that they intend to pursue the Sale Transaction. The two plan alternatives are described as follows: * If a Toggle Notice is timely filed, the Debtors shall retain an investment banker and consummate the Plan by and through the Sale Transaction. Upon the closing of the Sale Transaction, Project Sale Proceeds shall be distributed to the Plan Trust. The Plan Trustee shall distribute the Project Sale Proceeds (i) first, to the holder of the Allowed Mortgage Debt Secured Claim until paid in full, (ii) second, to holders of Allowed General Unsecured Claims until paid in full, and, (iii) third, to the Reorganized Debtors. The Plan Trust shall hold the Plan Trust Assets, including the Project Sale Proceeds, free and clear of all Liens, Claims, and encumbrances, if any, for the benefit of the holders of the General Unsecured Claims as Plan Trust Beneficiaries on a Pro Rata basis. The Plan Trustee shall thereafter be entitled to liquidate or otherwise monetize all of the Plan Trust Assets for the sole benefit of the Plan Trust Beneficiaries on a Pro Rata basis. If the Debtors consummate the Sale Transaction, the Debtors and/or the Plan Trustee shall continue to prosecute the Landlord Litigation and pay all fees and expenses incurred in connection therewith. The Debtors and the Plan Trust (for the benefit of the Plan Trust Beneficiaries) shall each receive a fifty percent of the Net Landlord Litigation Proceeds, if any. * If a Toggle Notice is not filed, the Debtors shall consummate the Plan by and through the New Value Transaction to select the New Value Provider. In such scenario, prior to or on the Effective Date, the holder of the Mortgage Debt Secured Claim shall receive the Take-Back Mortgage Loans, pursuant to the terms and conditions described in the Take-Back Mortgage Documents. Furthermore, the New Value Provider shall provide the Effective Date Contribution in exchange for 100% of the equity interests in the Reorganized Debtors, the proceeds of which shall be used to fund the go-forward expenses of the Reorganized Debtors, pay the Mezzanine Claim Consideration, and pay the Effective Date GUC Distribution. By and through the Effective Date GUC Distribution and the Deferred Distributions, which constitute Plan Trust Assets that will be assigned to the Plan Trust, the Debtors anticipate that the holders of General Unsecured Claims will receive a total five percent recovery on their respective Allowed Claims. Class 4 consists solely of the Allowed General Unsecured Claims. In full and final satisfaction, compromise, settlement, release, and discharge of each General Unsecured Claim, except to the extent that any holder of a General Unsecured Claims agrees to different treatment with respect to such Claim, on the Effective Date, or as soon as practicable thereafter, each holder of an Allowed General Unsecured Claim shall receive: * in the event the Plan is consummated through the New Value Transaction, its Pro Rata share of the Plan Trust Assets, including the Effective Date GUC Distribution, the Deferred Distributions and fifty percent of the Net Landlord Litigation Proceeds; or * in the event the Plan is consummated through the Sale Transaction, its Pro Rata share of the Plan Trust Assets, including the Project Sale Proceeds after payment in full of the Mortgage Debt Secured Claim (if any), and fifty percent of the Net Landlord Litigation Proceeds. Class 5 consists solely of the Equity Interests. On the Effective Date, or as soon as practicable thereafter, each Equity Interest shall, in the event the Plan is consummated through the New Value Transaction or the Sale Transaction, be cancelled and extinguished, and holders of Equity Interests shall receive no recovery on account of such Equity Interests. On the Effective Date, the Debtors shall contribute all Cash on hand towards the payment of Administrative Claims (including Fee Claims), Other Secured Claims and Priority Tax Claims in accordance with the priority scheme of the Bankruptcy Code. In the event the Plan is consummated through a New Value Transaction, the Debtors shall utilize the Effective Date Contribution for (i) payment of the Administrative Claims, Other Secured Claims, and Priority Tax Claims, (ii) the go-forward operational expenses of the Reorganized Debtors (each of the foregoing, to the extent not paid in full by the Debtors' Cash on hand), (iii) the Mezzanine Claim Consideration and (iv) the Effective Date GUC Distribution, which, for the avoidance of doubt, shall be paid to the holders of the Allowed General Unsecured Claims on a Pro Rata basis. In the event a Toggle Notice is filed and the Plan is consummated through a Sale Transaction, the Project Sale Proceeds shall be paid to the Plan Trust and then distributed to holders of Claims as set forth in Article V of the Plan. A full-text copy of the Disclosure Statement dated May 22, 2026 is available at https://urlcurt.com/u?l=bqnAzg from PacerMonitor.com at no charge. Counsel to the Debtors: Douglas R. Gooding, Esq. M. Hampton Foushee, Esq. CHOATE HALL & STEWART LLP Two International Place Boston, MA 02110 Telephone: (617) 248-5000 E-mail: dgooding@choate.com hfoushee@choate.com About The Bon Morro The Bon Morro, LLC and its debtor affiliates, a Boston, MA-based single-asset real estate debtor holding the ground lease to "The Bon," a 451-unit mixed-use project at 1260 Boylston Street, filed for Chapter 11 protection on Nov. 2, 2025 in the U.S. Bankruptcy Court for the District of Massachusetts (Bankr. D. Mass. Case No. 25-12379). At the time of the filing, the Company reported $100 million to $500 million in both assets and liabilities. Judge Christopher J. Panos oversees the case. Choate Hall & Stewart LLP is the Debtors' legal counsel. BRAND INDUSTRIAL: Moody's Alters Outlook on 'Caa1' CFR to Negative ------------------------------------------------------------------ Moody's Ratings changed the rating outlook for Brand Industrial Services, Inc. (Brand) to negative from stable and affirmed the existing ratings, including the Caa1 Corporate Family Rating, Caa1-PD Probability of Default Rating and Caa1 ratings on its senior secured term loan C, senior secured first lien notes and senior secured first lien revolving credit facility due 2028. "The negative outlook for Brand Industrial Services' ratings reflects its ongoing weak operating performance and negative free cash flow," stated James Wilkins, Moody's Ratings Vice President. "The company's elevated leverage has increased and its financial flexibility is limited as a result of generating negative free cash flow." RATINGS RATIONALE The negative outlook reflects Brand's weak operating performance, uncertain outlook for its business and the potential for ongoing negative free cash flow generation. The company's revenue, which grew a modest two percent year-over-year in 2025, remains below peak levels and profit margins deteriorated as the company experienced cost inflation and invested in commercial activities to expand into new markets as well as improve the profitability of the existing business. It is uncertain if the focus on business opportunities in new end markets and geographies will meaningfully increase revenue growth, and profits will likely lag a rebound in revenue due to upfront investments to generate new business. The company has limited financial flexibility as a result of its weak profit margins and lack of positive free cash flow generation, and without positive free cash flow generation on a sustained basis, the company's highly levered capital structure is not sustainable. Brand's Caa1 CFR reflects its high leverage and weak credit metrics. Leverage (debt / EBITDA) was 7.5x as of December 31, 2025. The considerable interest burden ($359 million interest expense in 2025, before Moody's analytical adjustments) on Brand's debt is a drag on cash flow. Retained cash flow and free cash flow (even after considering proceeds from the regular sale of PP&E) was negative in 2025. Interest coverage (1.3x EBITDA to interest expense, 0.7x EBITA to interest expense) declined modestly in 2025 compared to 2024. Disappointing operating performance was driven by weakness in the rental business, the core commercial business tied to high rise office space and multifamily residences and European business volumes. Brand's credit profile also considers the benefits of the company's scale, geographic diversity, leading market position in a highly fragmented market, diversified revenue stream, a large and broad customer base and high levels of recurring revenue. The Caa1 ratings on the senior secured bank credit facility and the senior secured first lien notes are at the same level as the Caa1 CFR, and reflect the fact that all of the debt is secured, benefits from guarantees from the US subsidiaries of the borrowers and ranks pari passu. Brand has adequate liquidity supported by a revolving credit facility, a receivables financing facility, cash flow from operations and existing cash balances. It is uncertain if the company will generate meaningful positive free cash flow in 2026-2027 and therefore liquidity may decline over the next 12-18 months. The seasonal nature of the business results in tighter liquidity during the first half of the calendar year and cash inflows from working capital in the second half of the year. As of year-end 2025, the company had approximately $199 million of outstanding letters of credit and $40 million of borrowings under its $676.6 million revolving credit facility that matures in August 2028, with remaining availability of approximately $438 million. The credit facility has a springing maximum Consolidated Secured Leverage Ratio financial covenant of 7.0x, which is triggered only if over 35% of the revolver is drawn. The $700 million receivables financing facility due January 2029 (subject to a springing maturity 90 days prior to the stated maturity of the revolver), is subject to a borrowing base limitation. The receivables financing facility had $563.5 million in borrowings and $5 million in letters of credit outstanding as of December 31, 2025, and no remaining availability. The next debt maturities are the revolver (August 2028) and receivables financing facility (May 2028). FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be downgraded if liquidity deteriorates, interest coverage declines or the company continues to generate negative free cash flow. The ratings could be upgraded if the company generates consistent positive free cash flow, debt and interest costs decline such that the company has a sustainable capital structure, interest coverage improves with EBITA-to-Interest expense above 1.0x, leverage declines below 6x and liquidity is adequate with no near-term debt or financing facility maturities. Brand Industrial Services, Inc., headquartered in Atlanta, GA, is the largest provider of scaffolding, insulation, coatings and other industrial services within the following market segments in North America: upstream, midstream, and downstream oil & gas, power generation, industrial and infrastructure. The company is majority owned by Clayton, Dubilier & Rice and Brookfield Business Partners. 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. BRIGHT BEGINNINGS: Carlos Garcia Miranda Named Subchapter V Trustee ------------------------------------------------------------------- The U.S. Trustee for Region 21 appointed Carlos Garcia Miranda as Subchapter V trustee for Bright Beginnings Day Care Center and Learning Academy Corp. Mr. Garcia Miranda will be paid an hourly fee of $175 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 Bright Beginnings Day Care Center and Learning Academy Corp Bright Beginnings Day Care Center and Learning Academy Corp. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 26-02112) on May 8, 2026, listing up to $50,000 in assets and $500,001 to $1 million in liabilities. Judge Mildred Caban Flores presides over the case. Carmen D. Conde Torres, Esq., at C. Conde & Associates serves as the Debtor's legal counsel. BRIGHT HORIZONS: S&P Rates $375MM First-Lien Term Loan A 'BB+' -------------------------------------------------------------- S&P Global Ratings assigned its 'BB+' issue-level rating and '2' recovery rating to Bright Horizons Family Solutions LLC's $375 million first-lien term loan A maturing in 2030. The '2' recovery rating indicates its expectation for substantial (70%-90%; rounded estimate: 75%) recovery in the event of a default. The company plans to use the proceeds from the proposed term loan A to repay its revolver borrowings. Bright Horizons' revolver had $629 million of outstanding borrowings as of March 31, 2026. At the same time, the company plans to increase its revolver's capacity to $1 billion from $900 million. S&P said, "While our recovery ratings on Bright Horizons' existing debt are unchanged, we revised our rounded recovery estimate for the existing senior secured debt to 75% from 80% to reflect the increased outstanding debt assumption in our simulated default scenario. "Our 'BB' issuer credit rating and stable outlook on Bright Horizons are unchanged and continue to indicate our expectation that its leverage will remain in the mid-2x area, which will provide it with a sufficient cushion relative to our 4x downside leverage threshold. We expect the company to continue expanding both revenue and margins through higher utilization of back up care services, increased full service center enrollment, and tuition increases." ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors S&P said, "Our simulated default scenario contemplates a default occurring in 2031 stemming from a deterioration in the company's operating performance because of lower day care center utilization rates due to very high unemployment, corporate downsizing, and reduced employer subsidies. "Our simulated default scenario assumes Bright Horizons reorganizes as a going concern to maximize its lenders' recovery prospects. We anticipate the company would reorganize due to its good market position and brand recognition, strong relationships with its many corporate sponsors, and high level of accredited child care centers. We also expect continued demand for quality, convenient, on-site daycare solutions. "We used an enterprise valuation approach to assess the company's recovery prospects and applied a 6.0x multiple to our assumed emergence-level EBITDA. This multiple is at the higher end of the 5.0x-6.5x range we use for business and consumer companies, including the 5.5x multiple we use for the company's peers Kindercare and Learning Care, which reflects its stronger competitive position in the employer-sponsored child care market. "Our assumption also considers that $850 million of borrowings will be outstanding under its revolving credit facility by the time the company defaults, which reflects 85% utilization of the $1 billion commitment." Simulated default assumptions -- Simulated year of default: 2031 -- EBITDA at emergence: About $216 million -- EBITDA multiple: 6x Simplified waterfall -- Net enterprise value after 5% administrative costs: About $1.2 billion -- Secured first-lien debt claims: About $1.6 billion --Recovery expectations: 70%-90% (rounded estimate: 75%) Note: Debt claim amounts include six months of prepetition interest. BRODY HOLDINGS: Case Summary & Three Unsecured Creditors -------------------------------------------------------- Debtor: Brody Holdings, LLC 10225 E. 71st Street South Derby KS 67037 Business Description: Brody Holdings, LLC is a real estate holding company that owns a portfolio of commercial, office, retail, industrial and residential properties in Derby, Rose Hill and Wichita, Kansas. The company's holdings include restaurant, office, retail-center, flex-industrial and single-family residential properties, with several assets concentrated in Derby's Greenway, Baltimore, Market and Madison corridors. Chapter 11 Petition Date: May 29, 2026 Court: United States Bankruptcy Court District of Kansas Case No.: 26-40399 Judge: Hon. Dale L Somers Debtor's Counsel: Tom R. Barnes II, Esq. STUMBO HANSON, LLP 2887 SW MacVicar Ave Topeka KS 66611 Tel: 785-267-3410 Email: tom@stumbolaw.com Total Assets: $16,013,600 Total Liabilities: $12,192,492 The petition was signed by Brant Dumford as managing member. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/ZI64WMA/Brody_Holdings_LLC__ksbke-26-40399__0001.0.pdf?mcid=tGE4TAMA List of Debtor's Three Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Joe Williams Money Loaned $200,000 11600 East 79th South Derby, KS, 67037 2. Martha Slack Money Loaned $175,000 1439 Emerald Valley Drive Mulvane, KS, 67110 3. Mike Helmer Money Loaned $140,000 800 North River Street Derby, KS, 67037 BROOKS CUSTOM: Must Make Adequate Protection Payments to Deere -------------------------------------------------------------- Judge Selene D. Maddox of the U.S. Bankruptcy Court for the Northern District of Mississippi approved the agreement entered into by Deere & Company, Construction & Forestry Company, and Brooks Custom Application, LLC resolving the motion for relief from the automatic stay and for abandonment of property, or, in the alternative, for adequate protection filed by Deere & Company and John Deere Construction & Forestry Company in the bankruptcy case. The Court finds the terms and conditions of the agreement as set forth in this Agreed Order are appropriate and should be approved. Deere & Company and John Deere Construction & Forestry Company are affiliated entities. The Debtor is indebted to Deere & Company on a purchase money financing contract designated as Claim T. Claim T (account 1243) is evidenced by a purchase money loan contract which is primarily secured by a duly perfected purchase money security interest in a John Deere Model 344L four-wheel drive loader (serial number 1LU344LHPZB067365). Claim T is payable in monthly installments of $2,002.24 each, due on the 26th day of each month. The unpaid balance of Claim T as of the petition date is $35,507.73, of which $4,037.48 was past due on the petition date, all as evidenced by and more fully described in Deere & Company's proof of claim 45. The Debtor is indebted to John Deere Construction & Forestry Company on three purchase money financing contracts designated as designated as Claims U, V, and W: -- Claim U (account 0072) is evidenced by a purchase money loan contract which is primarily secured by a duly perfected purchase money security interest in a second 344L four-wheel drive loader (serial number 1LU344LHHZB067487). Claim U is payable in monthly installments of $1,958.77 each, due on the 10th day of each month. The unpaid balance of Claim U as of the petition date is $58,255.38, of which $3,933.59 was past due on the petition date, all as evidenced by and more fully described in John Deere Construction & Forestry Company's proof of claim 47. -- Claim V (account 8522) is evidenced by a purchase money loan contract which is primarily secured by a duly perfected purchase money security interest in a third 344L four-wheel drive loader (serial number 1LU344LHVZB072037). Claim V is payable in monthly installments of $2,248.39 each, due on the 1st day of each month. The unpaid balance of Claim V as of the petition date is $92,512.43, of which $4,526.30 was past due on the petition date, all as evidenced by and more fully described in John Deere Construction & Forestry Company's proof of claim 48. -- Claim W (account 0778) is evidenced by a purchase money loan contract which is primarily secured by a duly perfected purchase money security interest in a fourth 344L four-wheel drive loader (serial number 1LU344LHKZB065973). Claim W is payable in monthly installments of $2,979.07 each, due on the 1st day of each month. The unpaid balance of Claim W as of the petition date is $105,203.51, of which $5,997.26 was past due on the petition date, all as evidenced by and more fully described in John Deere Construction & Forestry Company's proof of claim 49. A fifth claim referred to as Claim X (account 7772) is evidenced by a purchase money loan contract with Brooks Custom Spraying, Inc., a sibling entity of the Debtor. Claim X is secured by a duly perfected purchase money security interest in a John Deere Model R4023 self-propelled sprayer (serial number 1N04023RPR0240270) (the "Claim X Sprayer"). The unpaid balance of Claim X as of the petition date is $243,045.07. The Debtor is not a party to the contract that evidences Claim X. The Claim X Sprayer is not property of the estate, and the automatic stay does not apply to it. The Court ordered as follows: (A) The Debtor shall pay to Deere & Company and to John Deere Construction & Forestry Company periodic adequate protection payments in the amount of $9,188.47 per month, beginning on April 15, 2026, and continuing on the 15th day of each month thereafter until the effective date of a confirmed Chapter 11 plan. Deere & Company and John Deere Construction & Forestry Company shall apply such payments to the Claims. (B) In the event that Brooks Custom Spraying, Inc. has not caused Claim X to be paid in full within 21 days of the entry of this Agreed Order, then the Debtor shall cause Brooks Custom Spraying, Inc. to deliver the Claim X Equipment to the lot of Wade, Inc. in Sumner, Mississippi, within 28 days of the entry of this Agreed Order. (C) In the event that the Debtor defaults by failing to fully and timely comply with any provision of this Agreed Order for any reason (including any reason which is beyond the Debtor's control), and in the further event of the Debtor's failure to cure such default within 14 days from the date of written notice thereof to the Debtor's attorney of record, then upon the filing by Deere & Company of a Notice of Default or Noncompliance Pursuant to Order, all of the Equipment shall stand abandoned from the bankruptcy estate and the automatic stay arising under 11 U.S.C. Sec. 362 shall stand terminated as to all of the Equipment and to Deere & Company and John Deere Construction & Forestry Company, all without necessity of further notice or order of the Court, and Deere & Company and John Deere Construction & Forestry Company shall then be free to proceed with enforcement of their security interests in the Equipment under applicable nonbankruptcy law. In the event of any termination of the automatic stay under this Agreed Order, the 14-day stay arising under Rule 4001(a) of the Federal Rules of Bankruptcy Procedure shall stand waived. The provisions of this Agreed Order deal only with issues of adequate protection of Deere & Company's and John Deere Construction & Forestry Company's interests in the Equipment. All other issues concerning the Equipment and the Claims, including, but not limited to, payment terms and the value of the Equipment to be paid, are reserved for treatment in the Debtor's Chapter 11 plan, in the confirmation process, and in any motion, objection, or other application for relief as may be hereafter filed by any of the parties. A copy of the Agreed Order dated May 27, 2026, is available at https://urlcurt.com/u?l=JsGOR2 from PacerMonitor.com. Attorney for Debtor: Christopher J. Steiskal, Sr., Esq. LAW OFFICES OF GENO AND STEISKAL, PLLC 601 Renaissance Way, Suite A Ridgeland, MS 39157 Tel: (601) 427-0048 E-mail: csteiskal@cmgenolaw.com Attorney for Deere & Company and John Deere Construction & Forestry Company: Les Alvis, Esq. LES ALVIS P.O. Box 1836 Tupelo, MS 38802-1836 Tel: (662) 842-8945 E-mail: lalvis@rccalaw.com About Brooks Custom Application Brooks Custom Application, LLC, provides agricultural application services including liquid fertilizer and chemical treatments, lime spreading, and both fixed-rate and variable-rate applications. The family-owned Company, founded in 1969 and based in Houston, Mississippi, serves growers and ag retailers across Mississippi, Alabama, Tennessee, and Kentucky. Brooks Custom Application filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Miss. Case No. 25-13062) on September 16, 2025. At the time of filing, the Debtor listed $6,229,773 in total assets against $8,477,809 in total liabilities. The petition was signed by John Paul Brooks as managing member. Judge Selene D. Maddox presides over the case. Craig M. Geno, Esq., at LAW OFFICES OF GENO AND STEISKAL, PLLC, is the Debtor's counsel. Watkins, Ward & Stafford serves as the Debtor's accountant. CANTOR GROUP: Case Summary & 13 Unsecured Creditors --------------------------------------------------- Debtor: Cantor Group, LLC 520 Newport Center Drive, Suite 480 Newport Beach, CA 92660 Business Description: Cantor Group, LLC is a single-asset real estate entity that owns a commercial office property in Antioch, California. Chapter 11 Petition Date: May 29, 2026 Court: United States Bankruptcy Court Central District of California Case No.: 26-11706 Debtor's Counsel: Kyra E. Andrassy, Esq. RAINES FELDMAN LITTRELL LLP 4675 MacArthur Court, Suite 1550 Newport Beach, CA 92660 Tel: (310) 440-4100 E-mail: kandrassy@raineslaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Jason Miller as authorized agent. A full-text copy of the petition, which includes a list of the Debtor's 13 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/MR3T7NA/Cantor_Group_LLC__cacbke-26-11706__0001.0.pdf?mcid=tGE4TAMA CARBON HEALTH: Gets Approval for AI-Focused Ch. 11 Turnaround Plan ------------------------------------------------------------------ James Nani of Bloomberg Law reports that a bankruptcy judge approved Carbon Health Technologies Inc.'s Chapter 11 reorganization plan, paving the way for the healthcare provider to exit bankruptcy under the ownership of its secured lenders. The restructuring is backed by new capital commitments and a strategy centered on technology-driven growth. The plan includes approximately $33 million in fresh funding and a $100 million debt-for-equity swap that significantly reduces the company's debt burden. Through the exchange, a lender group led by Future Solution Investments LLC will assume majority ownership of the reorganized enterprise, the report relays. Following emergence from bankruptcy, Carbon Health plans to continue offering primary and urgent care services while investing in artificial intelligence capabilities designed to streamline operations and improve patient engagement. Supporters of the plan argue that the technology investments will help strengthen the company's competitive position. Judge Christopher Lopez approved the proposal during a hearing in the US Bankruptcy Court, allowing the company to move toward implementation of the restructuring. The decision brings Carbon Health closer to completing its financial overhaul and continuing operations under new ownership, the report cites. About Carbon Health Technologies Founded in 2015, Carbon Health Technologies Inc. is a modern healthtech company that offers in-person and virtual care for easier everyday health. Before the bankruptcy filing, Carbon Health Technologies operated 93 urgent care or primary care clinics in the states of Texas, Washington, California, Colorado, Kansas, Missouri, New Jersey and Massachusetts. On the Web: http://www.carbonhealth.com/ On Feb. 2, 2026, Carbon Health Technologies and 28 affiliated debtors each filed voluntary Chapter 11 petition (Bankr. S.D. Texas Lead Case No. 26-90306). At the time of the filing, Carbon Health Technologies reported $100 million to $500 million in both assets and liabilities. The cases are pending before the Honorable Christopher M. Lopez. Pachulski Stang Ziehl & Jones, LLP and Alvarez and Marsal serve as bankruptcy counsel and financial advisor, respectively. Kroll is the claims agent. KTBS Law is representing Future Solution Investments LLC, the agent for the pre-petition lenders and the DIP lenders. CARBON HEALTH: Seeks to Extend Plan Exclusivity to Aug. 31 ---------------------------------------------------------- Carbon Health Technologies, Inc., and its affiliates asked the U.S. Bankruptcy Court for the Southern District of Texas to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to Aug. 31 and Nov. 2, 2026, respectively. The Debtors explain that the relevant factors strongly favor an extension of their Exclusivity Periods: * The Debtors' Chapter 11 Cases Are Large and Complex. These cases were filed as a complex case. The Debtors are a health technology and management services organization that provides non-clinical, administrative, and operational support to urgent care and primary care medical service providers at approximately 93 locations across eight states. Additionally, the Debtors have an array of active constituents, including, the Committee. * An Extension of the Exclusivity Periods Will Not Prejudice Creditors. The Debtors seek to maintain exclusivity so parties with competing interests do not hinder their efforts to finalize a value-maximizing restructuring. All stakeholders benefit from the continued stability and predictability that a centralized process provides, which can only occur while the Debtors remain the sole potential plan proponents. * The Debtors Are Not Pressuring Creditors by Requesting an Extension of the Exclusivity Periods. The Debtors' restructuring process is intended to confirm a plan that maximizes the value of the Debtors' estates for all of the Debtors' key economic stakeholders. The Debtors request a brief extension of the Exclusivity Periods not to pressure creditors, but to provide a sufficient, flexible window in which the Debtors can obtain additional certainty regarding their path to exit from chapter 11 without the disruption and distraction created by unanticipated competing plan proposals. * Relatively Little Time Has Elapsed in the Chapter 11 Cases. Just approximately three months have elapsed since the Petition Date, and this is the Debtors' first request for an extension of the Exclusivity Periods. During the brief pendency of these cases, the Debtors have negotiated, filed, and solicited acceptances for the Plan, which is set for confirmation imminently. The Debtors seek extension of the Exclusivity Periods out of an abundance of caution while finalizing the plan process. The Debtors' Bankruptcy Counsel: Maxim B. Litvak, Esq. Theodore S. Heckel, Esq. PACHULSKI STANG ZIEHL & JONES LLP 700 Louisiana Street Suite 4500 Houston, TX 77002 Tel: 713-691-9385 Fax: 713-691-9407 Email: mlitvak@pszjlaw.com theckel@pszjlaw.com AND Debra I. Grassgreen, Esq. John W. Lucas, Esq. One Sansome Street, 34th Floor, Suite 3430 San Francisco, CA 94104 Tel: (415) 263-7000 Fax: (415) 263-7010 Email: dgrassgreen@pszjlaw.com jlucas@pszjlaw.com About Carbon Health Technologies Founded in 2015, Carbon Health Technologies Inc. is a modern health-tech company that offers in-person and virtual care for easier everyday health. Before the bankruptcy filing, Carbon Health Technologies operated 93 urgent care or primary care clinics in the states of Texas, Washington, California, Colorado, Kansas, Missouri, New Jersey and Massachusetts. On the Web: http://www.carbonhealth.com/ On Feb. 2, 2026, Carbon Health Technologies and 28 affiliated debtors each filed voluntary Chapter 11 petition (Bankr. S.D. Texas Lead Case No. 26-90306). At the time of the filing, Carbon Health Technologies reported $100 million to $500 million in both assets and liabilities. The cases are pending before the Honorable Christopher M. Lopez. Pachulski Stang Ziehl & Jones, LLP and Alvarez and Marsal serve as bankruptcy counsel and financial advisor, respectively. Kroll is the claims agent. KTBS Law is representing Future Solution Investments LLC, the agent for the prepetition lenders and the DIP lenders. CARLSBAD 10: To Sell Carlsbad Property to Alliance Development -------------------------------------------------------------- Carlsbad 10 Hospitality, LLC seeks permission from the U.S. Bankruptcy Court for the Southern District of California, to assume purchase and sale agreement and certain leases. The Debtor is the lessee of the real property located at 5010 Avenida Encinas, Carlsbad, California 92028 under a 35-year Ground Lease Agreement dated July 24, 2000 with the Property owner Cannon Road, LLC. The Debtor is also the sublandlord under a Wireless Telecommunications Site Agreement dated August 15, 2011 (as amended with Cannon's prior consent, the "Verizon Sublease") pursuant to which Debtor subleases to a wireless carrier a certain portion of the Premises. The Debtor filed bankruptcy after Cannon refused to approve Debtor's assignment of its Ground Lease to buyer Alliance Development Services, Inc. (ADS) in connection with Debtor and ADS's Purchase and Sale Agreement and Escrow Instructions dated July 1, 2024, and Cannon noticed Debtor’s default under the Ground Lease. Debtor, Cannon Road, and ADS mediated the disputes between them regarding, among other things, the assumption and assignment of Debtor's interest in the Ground Lease and Debtor's sale of related assets to ADS under the PSA, and have reached an agreement regarding the sale, the assumption and the assignment of Debtor's interest in the Ground Lease and in the Verizon Sublease, and Cannon's interim forbearance on enforcement of Debtor’s alleged defaults under the Ground Lease. To document their agreement, Debtor and ADS have executed an Addendum No. 1 to Purchase and Sale Agreement (PSA) and Escrow Instructions dated April 28, 2026, and the Parties have entered into a written settlement agreement which will enable the Sale to proceed to closing. Concurrent with the filing of the Motion, the Debtor is filing a request to have the Motion heard on shortened notice for good cause. The Addendum provides for a Target Closing Date of June 9, 2026 which is in the best interest of all creditors and the estate as closing the Sale as quickly as possible is the best way to avoid additional carrying costs while Debtor is not operating, to pay claims as quickly as possible, and to avoid any potential degradation in the value of Debtor’s assets while the Property remains vacant. The Debtor is a California limited liability company formed on August 26, 2014. Debtor's largest asset is a leasehold interest in real property located at 5010 Avenida Encinas, Carlsbad, California 92028 and the buildings and improvements located consisting of a hotel. The Debtor is the lessee under a Ground Lease Agreement dated July 24, 2000, between Debtor, as successor in interest to Inns of America Cannon, LLC, on the one hand, and Cannon Road, LLC. The Debtor determined that, given its inability to operate the Hotel at a profit, it was necessary to move forward with a sale of its assets. In 2024, the proposed sale to ADS, which appeared to be cooperative with Cannon, made sense. The Debtor believed that the sales price of $12,500,000 was a fair price, given the restrictions under the Ground Lease. Among other conditions, the PSA required Debtor deliver to ADS an assignment and assumption of the Ground Lease executed by Debtor and consented to by Cannon. The Debtor entered into the PSA with the understanding that ADS and Cannon had reached or would reach an agreement regarding the terms of that sale. Overview of the Debtor's alleged default under the ground lease is provided. On March 31, 2026, Debtor participated in a mediation with ADS and Cannon to discuss the terms under which the parties could agree to move forward with the Sale. At the Mediation, ADS agreed to proceed with the Sale for a reduced a purchase price of $10,600,000 under certain terms and conditions. On May 29, 2026, Debtor, Cannon, and ADS executed a Settlement Agreement in which the Parties agreed to conditionally resolve certain claims and disputes existing between them in connection with the assumption of the PSA, Ground Lease, and Verizon Sublease, assignment of the Leases, and approval of the Sale. About Carlsbad 10 Hospitality Carlsbad 10 Hospitality, LLC is a California-based company that operates hotel properties in Carlsbad under the brand names Hyatt House Carlsbad, Studio 6 Suites, and Carlsbad Suites, with Studio 6 Suites operated as a franchise of G6 Hospitality Franchising LLC. It holds a leasehold interest under a ground lease for the land, buildings, and associated improvements at 5010 Avenida Encinas, valued at $11 million. Carlsbad 10 Hospitality filed Chapter 11 petition (Bankr. S.D. Calif. Case No. 26-00434) on February 3, 2026, with between $10 million and $50 in both assets and liabilities. Judge Christopher B. Latham oversees the case. Paul Leeds, Esq., at Franklin Soto Leeds, LLP is the Debtor's legal counsel. CAROLINA RENOVATION: Unsecureds Will Get 1.7% over 36 Months ------------------------------------------------------------ Carolina Renovation Warehouse LLC filed with the U.S. Bankruptcy Court for the Western District of North Carolina a Plan of Reorganization dated May 21, 2026. Formed October 5, 2022, the Debtor is a North Carolina limited liability company that operates as a retail brick and mortar storefront with six locations focusing on home improvement. As of the Petition Date, the Debtor had six storefront locations but has since terminated one commercial lease. The Debtor intends on operating out of the remaining five locations. The Debtor has one equity owner, Dustin Bealby. The Debtor commenced this Chapter 11 case to address a liquidity constraint resulting from its use of merchant cash advance ("MCA") financing, which imposed extraordinarily high effective interest rates and costs of capital. This Plan of Reorganization is designed to deleverage the Debtor's balance sheet and position the business for long-term viability in a competitive market environment. Class 2 consists of all Allowed General Unsecured Claims. After the Claims Deadline, the holders of the Allowed Class 2 Claims will receive distributions in an amount equal to their unsecured creditor pool amount. The monthly payment is $700.00 for 36 months for a total payment to Allowed Class 2 Claims in the amount of $25,200. After deducting anticipated disputed claims, the unsecured creditor pool amount to $1,478,914.48 which equals a Pro Rata Share estimated to be 1.7%. Monthly payments will be escrowed into a designated account established by the Debtor and remitted by the Debtor to Allowed Class 2 Claims on a semi-annual basis. Monthly payments provided herein shall begin the first full month after the expiration of the Claims Deadline. These Claims shall be treated as unsecured obligations of the Reorganized Debtor. Allowed General Unsecured Creditors shall be paid a pro rata share of the Reorganized Debtor's projected disposable income. Class 2 is impaired. Distributions to holders of Allowed Claims will be made from available Cash, funded by the revenue generated through the Debtor's operations. If an Allowed Claim does not have a specific due date, the distribution shall be made timely as long as the distribution was made during the applicable month, quarter or year associated with the Allowed Claim. A full-text copy of the Plan of Reorganization dated May 21, 2026 is available at https://urlcurt.com/u?l=UC3SVt from PacerMonitor.com at no charge. Counsel to the Debtor: John C. Woodman, Esq. Essex Richards, PA 1701 South Blvd. Charlotte, NC 28203 Tel: (704) 377-4300 Fax: (704) 372-1357 About Carolina Renovation Warehouse Carolina Renovation Warehouse, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D.N.C. Case No. 26-40048) on Feb. 20, 2026. In the petition signed by Dustin C. Bealby, president, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Judge Ashley Austin Edwards oversees the case. John C. Woodman, at Essex Richards PA, is the Debtor's legal counsel. CATTLE CARTEL: Unsecureds to Recover 100% over 5 Years ------------------------------------------------------ Cattle Cartel, LLC and M&O LLC filed with the U.S. Bankruptcy Court for the District of Kansas a Plan of Reorganization dated May 21, 2026. Cattle Cartel is a Kansas limited liability company formed under the laws of the State of Kansas with its principal place of business in Lucas, Kansas. M&O is a Kansas limited liability company formed under the laws of the State of Kansas with its principal place of business in Lucas, Kansas. The members of M&O and Cattle Cartel are William Shane Pertl and AgFluent, LLC. AgFluent, LLC is owned 100% by the Westset Trust and Mindy Montgomery is the trustee. William Shane Pertl is the manager of M&O and Cattle Cartel. The Debtors operate a cattle and agriculture commodity transportation company headquartered in Lucas, Kansas. M&O is a holding company of the equipment, and Cattle Cartel is the operating arm for the Debtors' trucking operations. The Debtors are a reliable livestock and agricultural commodity hauler that offer time and money savings to farmers, including but not limited to cow/calf ranchers, grain farmers, and small business meat processors. Except as hereinafter specified in the Plan, Confirmation of the Plan shall not vest the assets of the Estate in the Debtors. All assets of the Debtors shall remain property of the Estate until the Discharge has been entered. As of the Effective Date of the Plan, all of the Disposable Income of the Debtors to be received in the five-year Plan Period, beginning on the date that the first payment is due under the Plan, shall be applied to make the payments to Unsecured Claims during the Plan Period. The Budget set forth on Exhibit B shows that the Debtors will have sufficient net income to fund the payments required by the Plan. They are based on past performance, changes summarized above to the Debtors' operations, and reasonable expectations for the future. Class 7 consists of all timely filed and Allowed Claims of General Unsecured Creditors, including the portion of the Claims of Secured Creditors which exceeds the value of their Collateral. Class 7 further consists of the IRS Claims. The IRS filed a tax claim in Cattle Cartel's and M&O cases. The Cattle Cartel IRS Claim was filed as Claim 5, in the amount of $16,200.00. The M&O IRS Claim was filed as Claim 1, in the amount of $18,299.06. Both IRS Claims are subject to setoff. According to the IRS, the IRS Claims are unsecured general claims that are not entitled to priority under section 507(a)(8) of the Bankruptcy Code. As such, the IRS Claims will be treated in Class 7 as General Unsecured Claims. Class 7 will receive the total amount of $860,596.89 payable Pro Rata with monthly payments over the five-year Plan Period commencing on the Effective Date of the Plan. Claimants in Class 7 would recover roughly nothing, if anything, in a liquidation, and accordingly Class 7 Claimants' recovery under the Plan is greater. The proposed recovery for Claimants in Class 7 is estimated at 100%. This percentage is subject to change depending on the ultimate recoveries of creditors in Classes 1 through 6. If the monthly payment for a creditor is less than $50.00. Class 7 is Impaired under the Plan. Class 8 consists of all Equity Interests in the Debtors. Each Debtors' pre-petition equity interests shall remain the same post petition. Class 8 Claim Holders are retaining ownership interests in the Debtors. The Debtors shall implement the Plan and fund Payments and Distributions to Creditors through the following means: (a) the Debtors shall sell two Wilson Cattle Trailers, with the net sale proceeds applied to pay down the Allowed Class 3 Claim of Commercial Capital; (b) the Debtors shall transfer one 2019 Peterbilt 579, VIN 1XPBDP9X4KD260191, to Commercial Capital, which shall be authorized to sell or otherwise dispose of such vehicle and apply the net proceeds as a credit against the Allowed Class 3 Claim; (c) the Debtors shall continue their hauling operations, with the majority of operations consisting of agricultural hauling and one to two trucks dedicated to cattle hauling, the revenue from which shall fund ongoing Plan payments; (d) Cattle Cartel will repair four trucks and acquire four trucks over the first six months of the Plan (between July 2026 and January 2027), which will increase revenue by approximately $32,500.00 per truck per month; Cattle Cartel will fund the truck purchases with the personal funds of its principal, except for the first truck, which will be financed over a period of five months; and (e) the Debtors shall pursue the Avoidance Actions and Causes of Action, including those identified in their bankruptcy schedules, and any proceeds resulting from such lawsuits shall be used to pay creditors under this Plan. A full-text copy of the Plan of Reorganization dated May 21, 2026 is available at https://urlcurt.com/u?l=rjju2f from PacerMonitor.com at no charge. Counsel to the Debtors: Robert A. Hammeke, Esq. DENTONS US LLP 4520 Main Street, Suite 1100 Kansas City, MO 64111-7700 Telephone: (816) 460-2400 Facsimile: (816) 531-7545 E-mail: robert.hammeke@dentons.com - and - Krystal R. Mikkilineni, Esq. Tirzah R. Roussell, Esq. Dentons Davis Brown PC 215 10th St. Des Moines, IA 50309 Telephone: (515) 288-2500 Facsimile: (515) 243-0654 E-mail: krystal.mikkilineni@dentons.com E-mail: tirzah.roussell@dentons.com About Cattle Cartel LLC Cattle Cartel, LLC is a Kansas-based agricultural and livestock company engaged in cattle operations, including cattle ownership, trading, and related agricultural services. Cattle Cartel and affiliate M&O, LLC filed Chapter 11 petitions (Bankr. D. Kansas Lead Case No. 26-20079) on January 23, 2026. In its petition, Cattle Cartel reported assets of between $1 million and $10 million and liabilities of between $500,001 and $1 million. Honorable Chief Bankruptcy Judge Dale L. Somers handles the cases. The Debtors are represented by Robert Hammeke, Esq., at Dentons US, LLP. CHON'S PAINT: James Cross Named Subchapter V Trustee ---------------------------------------------------- The U.S. Trustee for Region 14 appointed James Cross, Esq., at Cross Law Firm, PLC as Subchapter V trustee for Chon's Paint & Body, Inc. Mr. Cross will be paid an hourly fee of $575 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Cross declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: James E. Cross, Esq. Cross Law Firm, PLC P.O. Box 45469 Phoenix, AZ 85064 Phone: 602-412-4422 Email: jcross@crosslawaz.com About Chon's Paint & Body Inc. Chon's Paint & Body, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Ariz. Case No. 26-05065) on May 21, 2026, with $500,001 to $1 million in both assets and liabilities. Jody A. Corrales, Esq., at Deconcini Mcdonald Yetwin & Lacy, P.C. represents the Debtor as legal counsel. CONAIR HOLDINGS: S&P Upgrades ICR to 'CCC+', Outlook Negative ------------------------------------------------------------- S&P Global Ratings raised its rating on U.S.-based Conair Holdings LLC to 'CCC+' from 'SD' (selective default). The outlook is negative. S&P also affirmed its 'CCC+' issue-level credit rating on its first-lien term loan due in May 2028. The negative outlook reflects the potential for a downgrade if Conair does not significantly improve operating performance in line with S&P's base-case scenario and it views a default scenario as increasingly likely over the next 12 months. S&P said, "We forecast Conair Holdings LLC's profitability will improve significantly in 2026, leading to lower albeit still elevated leverage. Difficult macroeconomic conditions continue, and incremental demand and cost headwinds could pressure credit metrics. "Our upgrade to 'CCC+' reflects our forecast of significant profit growth over the coming quarters, albeit with heightened risks to our base case posed by the difficult macroeconomic environment. Conair reported a year-over-year decline in net sales during the first quarter of fiscal 2026 (ended March 31, 2026) due to lower volumes in its culinary and beauty business segments in the U.S. Conair significantly raised prices last year to offset higher U.S. import tariff costs, which pressured volumes. Nonetheless, we estimate S&P Global Ratings-adjusted EBITDA improved from the same prior-year period because of pricing and cost-saving initiatives. "Notwithstanding the first-quarter net sales decline, we project sales will sequentially improve and expand over 5% in 2026 due to easier comparable sales from tariff-related disruptions last year, selective price decreases to improve volumes, new distribution wins, new product introductions, and continued e-commerce expansion. We also expect restructuring, network optimization, and other nonrecurring expenses will decrease this year. The company's recent repurchase of approximately $82 million of its second-lien term loan will decrease annual interest expense by about $5 million, net of funding costs. Our base-case forecast reflects our expectation of S&P Global Ratings-adjusted EBITDA cash interest coverage improving to about 1.4x in 2026 from below 1x in 2025." Nonetheless, volumes could be weaker than expected because of lower consumer spending due to slowing disposable income growth, a weakening labor market, and a pick-up in inflation. A protracted Middle East war could sustain high oil prices, which would weigh on profitability by contributing to lower household purchasing power, more cautious consumer spending, and higher input and shipping costs. In February 2026, the U.S. Supreme Court struck down tariffs imposed last year under the International Economic Emergency Powers Act (IEEPA). In May 2026, the U.S. Court of International Trade ruled that the temporary global 10% Section 122 tariffs that the U.S. administration implemented to replace the IEEPA tariffs were unlawful. The Trump administration immediately appealed. S&P said, "We have not materially altered our forecast because we expect the U.S. to maintain high tariffs via a mix of sectoral levies through various channels. For instance, the U.S. is investigating several countries under Section 301 of the Trade Act of 1974 regarding their acts, policies, and trade practices, which could lead to new levies. Our forecast does not incorporate the potential benefit of IEEPA tariffs refunds which could improve credit measures if used for debt reduction." Conair faces heightened refinancing risk if it cannot improve operating performance. S&P said, "We believe Conair will maintain adequate liquidity over the next 12 months through sufficient cash on hand, availability under its asset-based lending (ABL) facility, and free operating cash flow (FOCF) generation. It reported positive FOCF in the first quarter, compared with a deficit last year, on price increases to offset import tariffs, improved working capital management through tight inventory controls, and timing of capital expenditures (capex). We forecast about $40 million of FOCF in 2026 from improved earnings and working capital management." At the same time, Conair has approaching debt maturities that could be difficult to refinance on manageable terms if it does not improve operating performance over the coming quarters. Its first-lien term loan becomes current in less than 12 months, and its ABL facility, which it heavily relies on to fund its seasonal working capital needs, becomes current in February 2027. The negative outlook on Conair reflects risks to S&P's base-case scenario of significant profit improvement, such that it views a default scenario as increasingly likely over the next 12 months. S&P could lower its ratings on Conair if it envisions a default scenario in the next 12 months. This could occur if: -- S&P views a distressed debt exchange, additional below-par debt repurchases, or other debt restructuring as increasingly likely; -- Conair's credit facilities become current; -- It cannot significantly improve sales and earnings because of lower consumer discretionary spending or competitive pressures; or -- Profits deteriorate due to rising input costs that it cannot mitigate with price increases, productivity savings, or other measures. S&P could take a positive rating action if Conair sustains EBITDA cash interest coverage of about 1.5x and generates positive FOCF. S&P believes this could occur if it: -- Increases the organic sales in both its culinary and beauty segments on market share gains or improved macroeconomic conditions; and -- Continues to save costs through productivity initiatives. S&P said, "We would also need to believe Conair can address its upcoming debt maturities on manageable terms. This could be from demonstrated operating performance improvement and ongoing cash generation that we believe will support a sustainable capital structure. This could also include support from the financial sponsor." CONEJO RIVERSIDE: Case Summary & 18 Unsecured Creditors ------------------------------------------------------- Debtor: Conejo Riverside Group, LLC 520 Newport Center Drive, Suite 480 Newport Beach, CA 92660 Business Description: Conejo Riverside Group, LLC is a real estate company that owns and leases commercial property at 2402-2502 South Grove Avenue in Ontario, California. Chapter 11 Petition Date: May 28, 2026 Court: United States Bankruptcy Court Central District of California Case No.: 26-11647 Judge: Hon. Scott C Clarkson Debtor's Counsel: Kyra E. Andrassy, Esq. RAINES FELDMAN LITTRELL LLP 4675 MacArthur Court Suite 1550 Newport Beach, CA 92660 Tel: (310) 440-4100 Email: kandrassy@raineslaw.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $1 million to $10 million The petition was signed by Jason Miller as manager. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/I2NLGIQ/Conejo_Riverside_Group_LLC__cacbke-26-11647__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 18 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Joses Nuevo $51,000 Landscaping LLC 3857 Birch Street Suite 209 Newport Beach, CA 92660 2. Vierergruppe $26,750 Management, Inc. 1932 East Deere Avenue Suite 150 Santa Ana, CA 92705 Email: jennifer@vgruppemanagement.com Phone: (714) 442-0625 3. City of Ontario $5,881 PO Box 8000 Ontario, CA 91761-1076 Email: customerservice@ongarioca.gov Phone: (909) 395-2050 4. California FAIR Plan $4,592 Property Ins. 725 S Figueroa St Suite 3900 Los Angeles, CA 90017 5. Sain Builders $3,200 147 Hart Beach Road Darby, MT 59829 6. Southern California Edison $2,369 PO Box 300 Rosemead, CA 91772-0001 Tel: (800) 655-4555 7. City of Ontario $1,953 Business Licensing Division PO Box 3247 Ontario, CA 91761 8. City of Ontario $1,924 PO Box 8000 Ontario, CA 91761-1076 Email: customerservice@ontarioca.gov Phone: (909) 395-2050 9. Kuri Services LLC $1,764 14817 Janine Drive Whittier, CA 90605 10. Smart Key Locksmith $1,600 25211 Sunnymead Blvd. Suite C-4 Moreno Valley, CA 92553 Email: smartkeylocksmiths@yahoo.com Phone: (951) 544-2544 11. Trend Systems Group $1,170 2126 S. Standard Avenue Santa Ana, CA 92707 Email: reice@trendsystems.net Phone: (714) 936-6545 12. Fenn Termite & Pest Control $920 7322 Walnut Avenue Buena Park, CA 90620 Tel: (714) 736-9000 13. Alz Electrical and $346 Lighting Service 23905 Clinton Keith Road 114-395 Wildomar, CA 92595 Email: alzelectrical@yahoo.com 14. Dominion Disposal $330 1436 E. Pinewood Ave Anaheim, CA 92805 Email: dominiondisposal@mail.com Phone: (714) 402-0274 15. Arrowhead Group, Inc. $135 dba Basic Backflow 3424 Del Rosa Ave San Bernardino, CA 92404 Email: darlene@basicbackflow.com Phone: (909) 881-0898 16. EVN Salon Studios LLC Litigation $0 c/o Timothy P. Dillon Dillon Miller Ahuja & Boxx, LLP 5872 Owens Avenue, Suite 200 Carlsbad, CA 92008 Email: tdillon@dmablaw.com Phone: (858) 587-1800 17. Hussam Channaoui Litigation $0 c/o Carmela Birnbaum Singleton Schreiber, LLP 591 Camino de la Reina #1025 San Diego, CA 92108 Email: cbirnbaum@singletonschreiber.com Phone: (619) 272-4128 18. Newmark of Southern Calif. Inc. Litigation $0 c/o Cantor Fitzgerald Securities Attn: Andrew Raunau 18401 Karman Avenue, #150 Irvine, CA 92612-8590 Email: andrew.raunau@cantor.com Phone: (949) 608-2024 CONSTRUCTION PARTNERS: S&P Affirms 'BB-' ICR, Outlook Stable ------------------------------------------------------------ S&P Global Ratings affirmed our 'BB-' issuer credit rating on civil infrastructure company Construction Partners Inc. (CPI). S&P said, "The stable outlook reflects our view that CPI's leading market position in the Sunbelt region will allow it to benefit further from demand for its asphalt paving services. We expect margins to modestly expand toward mid-15% over the next 12 months, S&P Global Ratings-adjusted debt to EBITDA to remain high-3x, and FOCF to debt to hover around 10%." Construction Partners will prioritize allocating capital to acquisitions and greenfield development, which will expand regional market share. Its most recent purchase, Four Star Paving in Nashville, will diversify its Tennessee end markets by adding a specialized focus on commercial paving services. S&P said, "We assume Construction Partners will spend approximately $500 million annually on acquisitions over our forecast, using rollover equity, cash, and revolver borrowings. As of the end of the second quarter of fiscal 2026 (quarter ended Mar. 31, 2026), the company has spent approximately $276 million on acquisitions, not inclusive of the recent acquisition of Four Star Paving, which was completed in the third quarter. We forecast S&P Global Ratings-adjusted debt to EBITDA to remain high-3x in 2026 and 2027--about a turn higher than its average of 2.7x for the past 5 years. Leverage had spiked in 2025 to 3.7x for a large platform acquisition." Revenue grew approximately 35% in the second quarter of its fiscal year (quarter ending March 31, 2026), reflecting acquisition contributions of 24% and strong organic growth of 11%. Strong demand for the company's paving services stems from steady government funding and population growth in the Sunbelt. S&P said, "We expect this trend to persist as aging regional infrastructure requires a continuous stream of new projects. Additionally, we expect the company will continue to pursue greenfield investments in the Sunbelt by constructing new hot mix asphalt plants, further increasing its vertical integration. As a result, we expect revenue will expand by over 25% in 2026 and about 15% in 2027." Construction Partners will continue to generate healthy free operating cash flow (FOCF) in 2026 and 2027. S&P expects the company to maintain a disciplined capital expenditure (capex) plan, with maintenance capex of approximately 3.25% annually with an additional 2% allocated to growth investments, including greenfield opportunities. While working capital outflows will be slightly higher in 2026 to fund revenue growth, working capital requirements still remain modest at $10 million to $20 million, given the short duration and small size of the company's projects. S&P said, "As such we expect the company to generate S&P Global Ratings-adjusted FOCF of $180 million to $200 million in 2026 and $220 million to $240 million in 2027.This results in S&P Global Ratings-adjusted FOCF to debt of high-single-digit percent in both years. "We expect margin to expand to low-15% in 2026 and mid-15% in 2027. Margin growth was robust in the second quarter of 2026, with S&P Global Ratings-adjusted margins of 13.9%--a 200-basis-point, year-over-year increase--due to better vertical integration and strong execution. "For the full year in 2026, we expect S&P Global Ratings-adjusted EBITDA margins to reach low-15% as vertical integration continues to improve, partially offset by transaction fees. In 2027, we expect margins to expand to mid-15%, driven by improving vertical integration, increased operating leverage from scale, and the phasing out of one-time transaction costs. "The stable outlook reflects our view that CPI's leading market position in the Sunbelt benefits from demand for its asphalt paving services in both the public and private sectors. This is due to sustained government funding, population growth in the region, and reshoring. We expect margins to modestly expand toward 15% over the next 12 months, S&P Global Ratings-adjusted debt to EBITDA to remain high-3x, and FOCF to debt to hover around 10%. "We could lower our ratings on CPI over the next 12 months if its operating performance unexpectedly weakens such that its S&P Global Ratings-adjusted debt to EBITDA approaches 5x or its S&P Global Ratings-adjusted FOCF to debt approaches 5%." This could result from: -- Financial policy that is more aggressive than we expect, with acquisitions or share repurchases well beyond our base case; or -- S&P Global Ratings-adjusted EBITDA margins deteriorating toward 12%. Although highly unlikely over the next year, S&P could raise its ratings on CPI over the next 12 months if: -- The company can sustain leverage of low-3x and FOCF to debt of mid-teens percent through most market conditions; and -- S&P believes its financial policy is committed to maintaining such credit measures. CPPIB OVM: Moody's Affirms 'B2' CFR & Alters Outlook to Positive ---------------------------------------------------------------- Moody's Ratings changed CPPIB OVM Member US LLC's (CPPIB OVM) rating outlook to positive from stable. Moody's also affirmed CPPIB OVM's ratings, including its B2 Corporate Family Rating, B2-PD Probability of Default Rating and the B2 rating of its senior secured 1st lien term loan B. CPPIB OVM is an investment of the Canada Pension Plan Investment Board (CPPIB). CPPIB OVM owns a 35% interest in Ohio Valley Midstream LLC (OVM), a joint venture (JV) with The Williams Companies, Inc. (Williams, Baa2 positive), with Williams owning the remaining ownership interest and operating the JV assets. The JV is expected to remain unlevered. RATINGS RATIONALE CPPIB OVM's positive outlook incorporates the improved credit quality of the JV in which it has an ownership interest, driven by its enhanced counterparty risk profile and bigger scale. While some of this benefit has been offset by the company's increased debt balances and leverage, the positive outlook is supported by Moody's expectations that CPPIB OVM's leverage metrics will improve over the remainder of 2026 and 2027. CPPIB OVM's B2 CFR reflects its 35% ownership in the OVM JV with Williams, the JV's well-positioned operations in the Marcellus and Utica shales, as well as its strong contractual rights and expected influence on key decisions of the JV. OVM's contracts are 100% fee-based, eliminating direct commodity price risk. However, these contracts rely largely on acreage dedications with only limited minimum volume commitments (MVCs), exposing OVM to volume risk. OVM (and by extension, CPPIB OVM) benefits from Williams' 65% stake and its long and successful track record as operator of these types of assets. OVM's counterparty credit profile has meaningfully improved and it has steadily increased its earnings. Based on its business profile and the implicit burden to support its owners' debts, Moody's now view OVM to be of a mid Ba credit quality. The JV is expected to remain unlevered and distribute a substantial majority of its cash flows to its partners. While CPPIB OVM benefits from its strong influence on the JV's financial policies, the company's credit profile is limited by its minority ownership position and lack of operating control over the JV's operations. The B2 secured term loan rating, consistent with the B2 CFR, reflects its status as the only debt in CPPIB OVM's capital structure. The term loan is secured by a pledge of CPPIB OVM's equity interest in the JV and security interest in substantially all of its assets. Moody's expects that CPPIB OVM will maintain adequate liquidity through 2027. Liquidity will be sourced from JV distributions the company will receive. The JV's cash flow is well in excess of its capital expenditures, leading to distributions that Moody's expects to be more than sufficient to fund CPPIB OVM's debt service obligations. CPPIB OVM does not have a bank revolving credit facility. The term loan matures in August 2031 and has a minimum debt service coverage ratio covenant of 1.1x. Moody's expects the company to be well in compliance with its covenants through 2027. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS CPPIB OVM's ratings could be upgraded if OVM maintains its scale and overall credit quality, and CPPIB OVM's debt/EBITDA falls below 4.5x. Ratings could be downgraded if JV distributions fall substantially, debt/EBITDA exceeds 5.5x, OVM's credit quality erodes materially, or if liquidity meaningfully deteriorates. CPPIB OVM Member US LLC owns a 35% interest in Ohio Valley Midstream LLC, that owns natural gas gathering and processing assets in the southwestern Appalachian Basin. The principal methodology used in these ratings was Midstream Energy published in October 2025. CPPIB OVM Member US LLC's B2 CFR is three notches below the scorecard-indicated outcome of Ba2 reflecting, among other factors, its minority and non-operating ownership position in the Ohio Valley Midstream LLC joint venture. CRONLY BLUFFS: Case Summary & 12 Unsecured Creditors ---------------------------------------------------- Debtor: Cronly Bluffs LLC 514 Wayne Drive Wilmington, NC 28403-1255 Business Description: Cronly Bluffs LLC is a North Carolina real estate holding company that owns rural land and related real estate assets in Columbus County, including Delco Road acreage, solar-farm parcels, the Kelly House property and an access road. Chapter 11 Petition Date: May 28, 2026 Court: United States Bankruptcy Court Eastern District of North Carolina Case No.: 26-02381 Judge: Hon. Joseph N Callaway Debtor's Counsel: Clint Morse, Esq. BROOKS, PIERCE, McLENDON, HUMPREY & LEONARD, LLP 230 North Elm Street, Suite 2000 Greensboro, NC 27401 Tel: 336-373-8850 Fax: 336-378-1001 Email: cmorse@brookspierce.com Total Assets: $2,199,895 Total Liabilities: $972,266 The petition was signed by James Cecil Barker as president. A full-text copy of the petition, which includes a list of the Debtor's 12 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/5KVMKNY/Cronly_Bluffs_LLC__ncebke-26-02381__0001.0.pdf?mcid=tGE4TAMA CTN HOLDINGS: Co-Founder Sentenced to 14 Yrs. in $248MM Fraud Case ------------------------------------------------------------------ Gina Kim of Law360 Bankruptcy Authority reports that a California federal judge has sentenced Joseph Sanberg, co-founder of Aspiration Partners, to 14 years in prison following his conviction in a fraud scheme tied to the once high-profile, sustainability-focused financial services firm. The company, which counted celebrities among its backers, later ceased operations. Court records indicate that Sanberg was implicated in misleading investors and engaging in deceptive financial practices that helped sustain the company's fundraising efforts. Prosecutors described the scheme as extensive, affecting multiple stakeholders and financial counterparties. The sentencing concludes a major criminal case involving the collapse of Aspiration Partners, which had marketed itself as an environmentally responsible fintech alternative before its downfall, the report states. About CTN Holdings CTN Holdings Inc., formerly known as Aspiration Partners Inc., is a climate finance company specializing in providing high-quality carbon solutions to businesses worldwide. They connect companies with effective decarbonization strategies and a wide range of carbon removal projects, selling carbon credits sourced from a diverse network of project developers. The company is famous for providing carbon creditors of Microsoft Corp., Meta Platforms Inc., and other big companies. CTN Holdings Inc. and six of its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10613) on March 30, 2025. In the petition, the Debtors reported estimated assets of $50 million to $100 million and up to $50,000 and estimated liabilities of $100 million to $500 million. The petitions were signed by Miles Staglik as chief restructuring officer. The Debtors tapped Whiteford, Taylor & Preston LLC as counsel and BDO USA PC as tax consultants. Kurtzman Carson Consultants, LLC dba Verita Global, is the Debtors' claims and noticing agent. CURIS INC: Stockholders Approve Share Increase ---------------------------------------------- Curis Inc. stockholders approved an amendment to the company's restated certificate of incorporation, as amended, increasing authorized capital stock to 572,514,300 shares, the company reported in a Form 8-K filing with the Securities and Exchange Commission. The amendment increased authorized common stock to 567,514,300 shares from 283,757,150 shares. The company filed the certificate of amendment with the Delaware secretary of state on May 19, and it became effective on filing. Curis also filed a certificate of elimination for its Series A Convertible Exchangeable Preferred Stock and Series B Convertible Non-Redeemable Preferred Stock. The shares of both series were returned to authorized and unissued preferred stock without designation as to series. At the annual meeting, stockholders elected Martyn D. Greenacre and Kenneth I. Kaitin, Ph.D., as Class III directors for terms expiring at the company's 2029 annual meeting. Stockholders also approved advisory executive compensation, ratified PricewaterhouseCoopers LLP as auditor for the fiscal year ending Dec. 31, 2026, and approved an adjournment proposal that the company said was not needed. About Curis Inc. Curis Inc. is a biotechnology company focused on developing emavusertib, also known as CA-4948, an orally available small-molecule inhibitor of IRAK4 and FLT3. Emavusertib is being evaluated in the TakeAim Lymphoma Phase 1/2 study in relapsed or refractory primary central nervous system lymphoma in combination with ibrutinib and in a Phase 2 chronic lymphocytic leukemia combination study with zanubrutinib. The company has an exclusive license to emavusertib through a 2015 collaboration with Aurigene Discovery Technologies Ltd. Curis is headquartered in Lexington, Massachusetts. In an audit report dated March 24, 2026, PricewaterhouseCoopers LLP said Curis had incurred recurring losses and cash outflows from operations that raised substantial doubt about its ability to continue as a going concern. As of March 31, 2026, Curis reported total assets of $29.69 million, total liabilities of $16.98 million and total stockholders' equity of $12.71 million. DARRINGTON PROPERTIES: Voluntary Chapter 11 Case Summary -------------------------------------------------------- Debtor: Darrington Properties LLC 801 2nd St Mukilteo, WA 48275 Chapter 11 Petition Date: May 28, 2026 Court: United States Bankruptcy Court Western District of Washington Case No.: 26-11771 Judge: Hon. Christopher M Alston Debtor's Counsel: Eric Hultman, Esq. HULTMAN LAW OFFICE 218 Main St., #477 Kirkland, WA 98033 Phone: 425-943-0649 E-mail: eric@hultmanlawoffice.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Michael Dahl as authorized representative of the Debtor. The Debtor has confirmed in the petition that it has no unsecured creditors. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/LWDS5AQ/Darrington_Properties_LLC__wawbke-26-11771__0001.0.pdf?mcid=tGE4TAMA DAVID HARLEY PALFI: Wins Bid to Correct Scrivener's Error in Plan ----------------------------------------------------------------- Judge Jerry C. Oldshue, Jr. of the U.S. Bankruptcy Court for the Northern District of Alabama granted the motion of debtors David Harley Palfi and Brittany Amber Palfi to correct the scrivener's error in their Subchapter V Plan. The Palfis filed their Chapter 11, Subchapter V petition on November 21, 2024. On the Petition Date, the Palfis owned real property commonly described as 171 General Cleburne Drive in Richmond, Virginia. Stockton Mortgage Corporation filed a proof of claim reflecting a first mortgage indebtedness of $248,607.45 on the Property and the University of Kentucky Federal Credit Union filed a proof of claim denoting indebtedness of $60,936.71 as fully secured by its second mortgage. The Debtors' Plan contained the following provisions: Class 4: Claim of University of Kentucky Federal Credit Union (1) Description. Class 4 consists of the claim of University of Kentucky Federal Credit Union ("UKFCU") in the asserted amount of $60,936.71 which represents the amount set forth in Claim #9, and which the Class 4 Creditor asserts is secured by a lien on the General Cleburne Property. The Debtors reserve the right to file a motion to value the collateral which may result in a lower secured claim on behalf of UKFCU. (3) Treatment. The Debtors shall surrender the General Cleburn Property to Stockton Mortgage, the Class 3 Creditor, subject to the lien (the Class 4 Claim) of UKFCU. The treatment set forth herein shall be in full satisfaction of the Class 4 Claim. (5) Impairment and Voting. Class 4 is Impaired. UKFCU shall be entitled to vote its Secured Claim to accept or reject the Plan. Class 10: General Unsecured Claims Class 10: General Unsecured Claims (1) Description. Class 10 consists of Claims of General Unsecured Creditors. (2) Treatment of General Unsecured Claims. The Class 4 Unsecured Creditors Class shall receive payments as set forth in Article VII(B)(4) with funding provided as described in Article XI below. No Class 10 Unsecured Claim shall be allowed to the extent that it is for interest or other similar charges other than as otherwise specifically and expressly provided for herein. (3) (1) Impairment and Voting. Class 10 is Impaired. Class 10 creditors with Allowed Claims shall be entitled to vote their Allowed Class 10 Claims to accept or reject the Plan. The Palfis obtained non-consensual confirmation of their Chapter 11, Subchapter V Plan on October 31, 2025 and the Confirmation Order was subsequently entered on November 5, 2025. On January 8, 2026, the Debtors, by and through their counsel, filed a Motion to Amend the Plan to Correct Scrivener's Error, stating in part: (4) The Plan was created from a template and, while all other references in the Class 10 treatment were edited and properly refer to Class 10, there is one reference which incorrectly states "Class 4" instead of "Class 10." (5) The paragraph with the error is clearly meant to set forth the plan treatment for the Class 10 unsecured creditors class and should be corrected to properly reflect the plan treatment for the unsecured creditors class (Class 10). The Credit Union objected to the Debtors' Motion asserting the Plan allowed for the unsecured portion of its Class 4 claim in Class 10. In this case, the Debtors' Motion states that the reference to Class 4 in the Article VI Class 10 Treatment was a scrivener's error caused by an oversight in editing a template and that Paragraph 10 was clearly meant to set forth the treatment for Class 10 unsecured creditors. According to the Court, careful consideration of the Plan language, context, and Record, supports the Debtors' position. Construing the language otherwise would result in illogical and contradictory Plan provisions. Although the Credit Union contends that the reference to Class 4 in Paragraph 10 evidences the Debtors' intent to treat its secured claim differently than specifically delineated in Paragraph 4, the Court disagrees. Judge Oldshue explains, "With the exception of the digit in question, all the other references in Paragraph 10 refer to Class 10 as the unsecured creditor's class, with no other mention of Class 4. At the time that the Debtors' Plan was confirmed, the Credit Union's Proof of Claim on record reflected that its debt was fully secured. Therefore, it is clear that the Debtors' Plan proposed to treat the Credit Union's Claim as secured under the terms of Paragraph 4, not as a general unsecured claim and the reference to Class 4 in Paragraph 10 was an obvious error. The Court does not view this as a substantive change in the treatment of the Credit Union, but rather a correction of inconsistent language due to an error of the plan scrivener, which was not realized or brought to the Court's attention by any party prior to confirmation. Thus, in light of the totality of the circumstances, the Credit Union's argument against correction of the scrivener's error is untenable." The Court finds that the reference to Class 4 in Paragraph 10 was an obvious clerical error and the Debtor's Motion is due to be granted. Accordingly, it is ordered that VI.C.10(2) of the Plan is corrected to read as follows: (2) Treatment of General Unsecured Claims. The Class 10 Unsecured Creditors Class shall receive payments as set forth in Article VII(B)(4) with funding provided as described in Article XI below. No Class 10 Unsecured Claim shall be allowed to the extent that it is for interest or other similar charges other than as otherwise specifically and expressly provided for herein. The Court further held that the Confirmation Order is likewise amended to reflect the said corrective amendment to the Plan. A copy of the Court's Memorandum Opinion and Order dated May 28, 2026, is available athttps://urlcurt.com/u?l=eOoCjj from PacerMonitor.com. David Harley Palfi and Brittany Amber Palfi filed for Chapter 11 bankruptcy protection (Bankr. N.D. Ala. Case No. 24-30978) on November 21, 2024, listing under $1 million in both assets and liabilities. DEL MONTE: Minority Lenders Fail to Halt Chapter 11 Plan -------------------------------------------------------- Alex Wittenberg of Law360 Bankruptcy Authority reports that a bankruptcy judge in New Jersey refused to pause Del Monte Foods' Chapter 11 plan after a minority lender group sought a stay pending appeal. The lenders challenged aspects of the confirmed plan, contending that their rights were adversely affected by the restructuring process. In denying the motion, the court determined that the lenders had not met the legal standard required to halt the plan's implementation. The judge found insufficient evidence that the lenders would suffer immediate and irreparable injury if the reorganization moved forward while appellate proceedings continue, the report states. The decision allows Del Monte to press ahead with its bankruptcy exit strategy and implement transactions contemplated under the plan. The lender group retains the ability to pursue its appeal, but without an order stopping the restructuring from advancing, according to Law360. About Del Monte Foods Corporation II Inc. Founded in 1886 and headquartered in Walnut Creek, California, the Del Monte business has been a cornerstone of American grocery stores for more than 130 years. Del Monte Foods has been driven by its mission to nourish families with earth's goodness. As the original plant-based food company, Del Monte is always innovating to make nutritious and delicious foods more accessible to consumers across its portfolio of beloved brands, including Del Monte, Contadina, College Inn, Kitchen Basics, JOYBA, Take Root Organics and S&W. On the Web: http://www.delmontefoods.com/or http://www.joyba.com/ On July 1, 2025, Del Monte Foods Corporation II, Inc. and 17 affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. D.N.J. Lead Case No. 25-16984) to address $1.235 billion in funded debt obligations. At the time of the filing, the Debtors listed $1 billion to $10 billion in both assets and liabilities. Judge Michael B. Kaplan presides over the case. The Debtors tapped Herbert Smith Freehills Kramer (US), LLP and Cole Schotz P.C. as legal counsel; Jonathan Goulding, managing director at Alvarez & Marsal North America, LLC, as chief restructuring officer; and Stretto, Inc. as claims and noticing agent. The U.S. Trustee for Regions 3 and 9 appointed an official committee to represent unsecured creditors. The committee hired Morrison & Foerster LLP as counsel; Province, LLC as financial advisor; Kelley Drye & Warren LLP as co-counsel; and Stifel, Nicolaus & Co., Inc. as investment banker. DENALI CONSTRUCTION: Unsecureds to Get 100% via Quarterly Payments ------------------------------------------------------------------ Denali Construction Services, LLC, submitted an Amended Combined Disclosure Statement and Chapter 11 Plan dated May 21, 2026. The Debtor proposes a Plan that it believes will repay its undisputed debts in full over time and result in a higher recovery to creditors than a chapter 7 liquidation. The Debtor's equity security holders will retain their interests in the Debtor under the Plan. Class 8 consists of General Unsecured Claims against the Debtor, including, without limitation, any unsecured deficiency Claims of the holders of Secured Claim in Classes 2 to 7. Beginning on the first Business Day of the first month after the occurrence of the Effective Date, the Reorganized Debtor will pay all Allowed General Unsecured Claims in full, with simple interest then accruing at five percent per annum, in 20 equal quarterly installments. The Reorganized Debtor may prepay Allowed General Unsecured Claims at any time in full or in part without penalty. Class 8 is Impaired and entitled to vote. All Interests in the Debtor shall remain in full force and effect and shall be retained by the holder(s) thereof. Unless otherwise set forth in the Plan, pursuant to section 1123 of the Bankruptcy Code and Bankruptcy Rule 9019, and in consideration for the classification, distributions, releases, and other benefits provided under the Plan, upon the Effective Date, the provisions of the Plan shall constitute a good-faith compromise and settlement of all Claims, Interests, Causes of Action, and controversies released, settled, compromised, discharged, or otherwise resolved pursuant to the Plan. Payments to creditors contemplated under this Plan shall be made from revenue generated from the Reorganized Debtor's continued business operations. The Debtor anticipates pursuing claims objections that will reduce the Allowed General Unsecured Claim pool. Following the Effective Date, Michelle Thrailkill will continue to serve as the Reorganized Debtor's president and managing member, and she will receive compensation of $265,000.00. A full-text copy of the Amended Combined Disclosure Statement and Plan dated May 21, 2026 is available at https://urlcurt.com/u?l=vzr5Tv from PacerMonitor.com at no charge. Counsel to the Debtor: Thomas D. Berghman, Esq. Jonathan S. Petree, Esq. Munsch Hardt Kopf & Harr P.C. 1717 West 6th Street, Suite 250 Austin, TX 78703 Telephone: (512) 391-6100 Facsimile: (512) 391-6149 Email: tberghman@munsch.com About Denali Construction Services Denali Construction Services, LLC, provides mechanical solutions for commercial, government, and industrial projects ranging from preventive maintenance, renovation, remodel, and retrofit to new construction ventures. Its specialty areas are municipalities, airports, schools, colleges, hospitals, secured-government facilities, correctional facilities, and manufacturers. Denali Construction sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 24-33155) with $1 million to $10 million in both assets and liabilities. Michelle L. Thrailkill, president and managing member, signed the petition. Thomas Daniel Berghman, at Munsch Hardt Kopf & Harr, PC, is serving as counsel to the Debtor. DORMAN PRODUCTS: S&P Assigns 'BB' ICR, Outlook Stable ----------------------------------------------------- S&P Global Ratings assigned its 'BB' issuer credit rating to Dorman Products Inc. and 'BB-' issue-level rating and '5' recovery rating to the senior unsecured notes, indicating its expectation of modest recovery (10%-30%; rounded estimate: 10%) in the event of a payment default. The stable outlook reflects S&P's view that S&P Global Ratings-adjusted EBITDA margins remain above 20%, supporting debt to EBITDA below 3x and free operating cash flow (FOCF) to debt above 10%. Dorman, an aftermarket auto parts supplier, proposes to raise $450 million, eight-year senior unsecured notes to recapitalize its balance sheet and pay transaction expenses. The company also plans to obtain a $800 million, five-year cash flow revolver (undrawn at close). S&P said, "We assigned a 'BB' rating to Dorman on its recapitalization transaction. The automotive aftermarket parts supplier's products include powertrain, chassis, and body systems largely for nondiscretionary auto maintenance. The company also has a specialty vehicle segment that is more discretionary, but is small and accounts for only 10% of revenues. Most of Dorman's sales come from designing and engineering largely nondiscretionary stock-keeping units (SKU) sold into maintenance and repair end markets. This high mix of largely nondiscretionary products supports volume and margin stability because demand is primarily stimulated by vehicle miles driven and structural tailwinds of an aging U.S. vehicle population--averaging approximately 13 years--rather than more volatile new vehicle sales. While a weak consumer environment or recession could lead consumers to delay nonessential repairs, we view demand for most of Dorman's parts as resilient." Dorman is a smaller auto parts supplier with $2 billion in annual revenues competing in big box retail end markets. The company competes in the $165 billion North American automotive aftermarket, selling predominantly to big box retailers and wholesale distributors. Dorman's scale is smaller and less geographically diverse than larger aftermarket peers such as Clarios, Goodyear, and LKQ, as well as global auto part suppliers such as BorgWarner, Magna, and Lear. In addition, Dorman is highly exposed to the bargaining power of its large retail customers (AutoZone, O'Reilly, and Napa), which control much of the aftermarket shelf space. Its top two retail customers accounted for more than 40% of 2025 revenue, and big box retail channel sales overall were more than 50%, creating a vulnerability to shifts in customer strategy such as the potential for retailers to move toward private-label brands. It somewhat mitigates these pressures through a continuous cycle of new product launches and brand strength. By releasing approximately 1,500 new to the aftermarket parts annually and maintaining a large catalog of over 144,000 SKUs, Dorman provides high-margin products that are difficult to disintermediate, capturing specialty niches and better negotiation that reduce its reliance on any product category or customer relationship. Dorman's sourcing strategy is dependent on foreign manufacturers, with more than 75% of its annual spend directed toward vendors outside the United States including just under 40% from China. While the company has actively diversified its supplier base away from China and reduced concentration with any single country, Dorman remains exposed to heightened geopolitical, regulatory, and logistical uncertainties. Many aftermarket suppliers tend to source from outside the U.S., so to the extent that tariffs were to increase, Dorman and its competitors would likely increase prices. Dorman also introduces high-margin, innovative replacement parts through robust research and development to better price products and sustain growth. Although margins faced temporary pressure in early 2026 as it exhausted peak tariff inventory from 2025, the anticipated decline in these costs combined with prior-year pricing actions support our expectation for modest margin recovery this year. To mitigate the risk of supply disruptions and manage the extended lead times inherent in foreign procurement, the company maintains substantial inventory. Though this supports high fill rates and operational continuity, it necessitates significant working capital investment and leaves Dorman vulnerable to geopolitical shocks or higher tariffs. S&P said, "We anticipate solid growth and margin stability in our base case forecast. Behind a continuous cycle of new product launches and anticipated mergers and acquisitions, we forecast revenue growth of 9.7% in 2026 and above 10% thereafter. Despite near-term headwinds as the company works through higher-cost inventory, we expect margin recovery throughout the year to above 20% for 2026-2027. We expect this trajectory to be supported by steady demand and ability to capture market share in niche aftermarket categories." Dorman utilizes customer-arranged supplier finance programs to factor its receivables. This bridges the gap between operational needs and the protracted payment terms mandated by its big-box retail customers. At the end of 2025, this was close to $1.1 billion. S&P said, "We do not assume Dorman will have permanent access to the securitization or factoring market and may need conventional debt to replace this source of supplier arranged financing. We would therefore typically include these factored receivables as an adjustment to debt. Much of Dorman's factoring is due to programs instituted by the big box North American auto retailers - Advanced Auto Parts, O'Reilly, AutoZone, Genuine Auto Parts (Napa). Given the very extended nature of the payment terms, we believe if these programs end, suppliers could not continue to operate at the longer 365-day term given the cash flow demands to fund their own operations and pay suppliers. We expect in this situation that terms would revert to more normal payment terms. S&P said, "Therefore, we add back only the portion of the factored receivables, representing Dorman's advantage that we believe the company is receiving versus “normal” payment terms, which results in a significant haircut to the portion of factored receivables associated with big box accounts. In contrast, we add back the full amount of factored receivables outside the big box retailers because these terms are less extended. Our adjustment at the end of 2025 represented about a three-quarters turn of leverage." S&P said, "We expect continued organic growth through its innovation-led strategy. Dorman would simultaneously maintain acquisition capacity to expand its product categories or geographic reach. We anticipate annual acquisition spending of $250 million-$350 million alongside ongoing share buybacks exceeding $100 million, based on the company's lower leverage relative to its stated goal of 2x (per management's calculation). This could be substantially different depending on Dorman's capital allocation priorities. While such capital deployment can accelerate growth and diversify the portfolio, it also introduces integration risks and potential short-term leverage pressure. "Including these anticipated transactions in our assumptions and its factoring programs, we forecast debt to EBITDA will rise to 2.8x in 2027 from 2.5x in 2026 and 1.8x at year-end 2025. Long term, we expect a manageable leverage profile, focused on balancing opportunistic mergers and acquisitions with sufficient liquidity. "The stable outlook on Dorman reflects our view that S&P Global Ratings-adjusted EBITDA margins remain above 20%, supporting debt to EBITDA below 3x and FOCF to debt above 10%." S&P could lower its ratings if debt to EBITDA approaches 4x for a prolonged period or FOCF to debt falls below 10%. This could occur if Dorman: -- Faces operational disruptions affecting sales volumes, profitability, and cash flow; or -- Engages in aggressive financial policies such as mergers, acquisitions, or share buybacks above our expectations. While unlikely over the next 12 months, S&P could raise its rating on Dorman if it sustains debt to EBITDA below 2x and FOCF to debt greater than 15%. This could occur if: -- Dorman maintains growth with customers; -- Better manages net working capital while balancing capital allocation priorities; and -- Sustains these credit metrics and commits to remain at these level levels or better. DREAMS AND DESTINATIONS: Gets Extension to Access Cash Collateral ----------------------------------------------------------------- Dreams and Destinations, Inc. received another extension from the U.S. Bankruptcy Court for the Middle District of Florida, Fort Myers Division, to use cash collateral. The court issued a fourth interim order authorizing the Debtor to use cash collateral strictly for ordinary operating expenses under an approved budget, subject to a 10% variance. The Debtor may not use funds to pay pre-bankruptcy debts unless specifically authorized. The four-week budget shows total operational expenses of $15,141 for the week ending June 9; $3,471 for the week ending June 16; $14,239 for the week ending June 23; $26,521 for the week ending June 30. As of filing, the Debtor's cash collateral consisted mainly of approximately $7,526.20 in bank accounts and receivables. Secured debts include about $197,380 owed to the U.S. Small Business Administration (first-priority lien) and roughly $30,700 owed to PayPal Loan Builder (second-priority lien). As adequate protection, secured creditors will receive replacement liens on post-petition assets to the extent of cash collateral actually used and any resulting diminution in value. The Debtor must also maintain insurance, preserve collateral, comply with reporting obligations, and make a $200 adequate-protection payment to the SBA during the interim period. Creditors retain the right to challenge liens, claims, or collateral valuation at later stages. Authorization to use cash collateral will terminate if the Debtor's Chapter 11 case is dismissed or converted, a reorganization plan is confirmed, the Debtor defaults and fails to cure within the allowed period, or business operations cease. The next hearing is set for June 30. The fourth interim order is available at https://tinyurl.com/43achu7v PacerMonitor.com. Dreams and Destinations, founded in 2001, operates a romance-travel agency specializing in honeymoons and destination weddings, working through independent travel advisors and supplier commissions. The filing aims to restructure debt while allowing the business to continue operations and serve clients. The Debtor experienced financial distress primarily due to the COVID-19 pandemic, which eliminated projected revenue and forced the business to incur debt to cover operating expenses. Although travel demand later returned, economic uncertainty, delayed bookings, and reduced cash reserves created unsustainable financial pressure by late 2025. About Dreams and Destinations Inc. Dreams and Destinations, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D.N.C. Case No. 26-10095) on February 13, 2026, with up to $50,000 in assets and $500,001 to $1 million in liabilities. Judge Benjamin A. Kahn oversees the case. Samantha K. Brumbaugh, Esq., at Ivey, Mcclellan, Siegmund, Brumbaugh & Mcdonough, LLP represents the Debtor as legal counsel. DUKE ROBOTICS: Somekh Chaikin Raises Going Concern Doubt -------------------------------------------------------- DUKE Robotics Corp. filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2025 with the U.S. Securities and Exchange Commission earlier this year. The audited report contains a blunt warning: conditions exist that raise substantial doubt about its ability to continue as a going concern. Based on the financial statements, the Company reported a net loss of $1,241,000 for the year ended December 31, 2025, compared with a net loss of $985,000 for 2024. Revenues for the year ended December 31, 2025 were $377,000, compared to $108,000 in 2024. While revenues are trending upward, they remain nowhere near sufficient to offset the Company's mounting losses. Going Concern Tel Aviv, Israel-based Somekh Chaikin, Member Firm of KPMG International, the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 12, 2026, attached to the Company's Annual Report for the fiscal year ended December 31, 2025, citing that the Company has incurred significant losses and negative cash flows from operations and has an accumulated deficit that raises substantial doubt about its ability to continue as a going concern. Since its incorporation, the Company incurred losses from operations and net cash outflows from operating activities as reflected in the consolidated statements of operations and cash flows. As of December 31, 2025, the Company had an accumulated deficit of $12,403,000, and it expects to incur losses for the foreseeable future. The Company has historically financed its operations primarily through fundraising from various investors, and the revenues generated from operations to date were not sufficient to cover its losses. As a result, it remains dependent upon external sources to finance its operations. There can be no assurance that it will succeed in obtaining the necessary financing to continue its operations. Liquidity and Capital Resources Since inception, the Company has devoted substantially most of its efforts to research and development and has incurred accumulated losses of $12,403,000. During the year ended December 31, 2025, the Company's loss of $1,241,000 included non-cash stock-based compensation of $224,000. As of December 31, 2025, it had a working capital of $151,000 as compared to a working capital of $1,010,000 as of December 31, 2024. As of December 31, 2025, the Company had a cash balance of $750,000 compared to a cash balance of $1,256,000 as of December 31, 2024. The reason for the decrease in its cash balance was mainly due to operating expenses. This balance excludes $275,000 received in January 2026 under its December 30, 2025, Securities Purchase Agreement. Cash used in operations for the year ended December 31, 2025, was $811,000, as compared to cash used in operations of $918,000 for the year ended December 31, 2024. The reason for the decrease in cash used in operations is mainly related to increase in trade receivable and other liabilities. Since its inception, the Company and Duke have funded operations through equity and debt financing, bank loans, loans provided by shareholders, and demonstration projects of its technology to potential customers. Since Duke's inception and until 2017, certain Duke affiliates provided loans to Duke from time to time, as needed. Before entering into the Share Exchange, Duke entered into debt cancellation letters with regard to the Stockholders Loans. Pursuant to the Debt Cancellation Letters, the accumulated interest on the Stockholders' Loans was waived and 842,135 shares of Duke's common stock were issued in exchange for the cancellation of $623,180 in debt, leaving $280,000 of Outstanding Stockholders' Loans. The Outstanding Stockholders' Loans, including the accumulated interest amount, shall be repaid on the later of the following: (i) three years after the Effective Date (March 9, 2020); or (ii) Duke raised capital amounting to at least $15 million following the Effective Date and the Earnings before interest, tax, depreciation and amortization of Duke has reached an amount of $3 million. As of December 31, 2025, and December 31, 2024, the outstanding balances of such stockholders' loans were $330,000 and $322,000, respectively. On May 11, 2021, the Company entered into securities purchase agreements with eight (8) non-U.S. investors, pursuant to which it agreed to issue and sell, in a private placement offering, an aggregate of: (i) 500,000 shares of Common Stock at a price of $10.00 per share; and (ii) warrants to purchase 500,000 shares of Common Stock. The warrants were exercisable immediately and for a term of 18 months, with an exercise price of $10 per share. The aggregate gross proceeds from the offering were approximately $5,000,000 and the offering closed on May 11, 2021. On April 5, 2022, the Company entered into an agreement with the investors pursuant to which it extended the term of the warrants to expire on November 11, 2023. On November 1, 2023, the Company and the investors executed a second extension agreement, such that the term of the warrants was extended to expire on November 11, 2024. On June 20, 2024, the Company entered into a Warrant Amendment Agreement with the investors to amend the terms of the warrants, agreeing to: (i) extend the warrant exercise term to May 11, 2026; (ii) amend the warrant exercise price, increasing it from $10.00 per share to $16.25 per share; and (iii) include a beneficial ownership blocker that limits the exercise of such warrants if the exercise would result in the holder beneficially owning more than 19.99% of the Company's common stock immediately following the exercise. On March 10, 2026, the Company entered into an additional Warrant Amendment Agreement with the investors pursuant to which it extended the term of the warrants to expire on May 1, 2031. On December 30, 2025, the Company entered into securities purchase agreements with seven (7) non-U.S. investors, pursuant to which it agreed to issue and sell, in a private placement offering, an aggregate of: (i) 83,338 shares of common stock at a price of $9.00 per share; and (ii) warrants to purchase 83,338 shares of common stock. The warrants have an exercise price of $16.25 per share, are exercisable immediately, and expire on November 30, 2026, subject to extension to May 30, 2028 if a public offering or other qualifying financing of at least $2,500,000 has not occurred prior to such date. In addition, the securities purchase agreement contains a make-whole provision that provides for the investors to receive additional shares of Common Stock in the event that the Company consummates a firm-commitment underwritten public offering on a major stock exchange by November 30, 2026 at a price per share -- after giving effect to a 20% discount -- that is less than the Purchase Price. The aggregate gross proceeds from the offering were approximately $750,000 and the offering closed on January 6, 2026. Proceeds from the offering were used for general corporate purposes and working capital, including supporting operational and commercialization initiatives. On March 10, 2026, the Company entered into an additional Warrant Amendment Agreement with the investors pursuant to which it extended the term of the warrants to expire on May 1, 2031. Tough skies ahead Although the Company is actively pursuing opportunities to increase revenues -- including the potential expansion of commercial sales in additional jurisdictions -- some of these efforts remain at an early stage while other initiatives have progressed to more advanced stages of discussion. However, because none of these initiatives have resulted in binding agreements or firm commitments, there can be no assurance that any of them will materialize within expected timeframes. If the Company is unable to successfully proceed with these initiatives, its need for additional capital may accelerate. The Company currently believes that its existing capital resources will be sufficient to support its operating plan at least through the fourth quarter of 2026. To support planned growth, strategic initiatives, and general working capital needs, it will likely seek to raise additional capital through the issuance of debt, equity, or a combination thereof. There can be no assurance it will be successful in raising additional capital on favorable terms, or at all. If unable to obtain sufficient amounts of additional capital, the Company may be required to reduce the scope of its operations, delay or discontinue development activities, limit its manufacturing or commercial expansion plans, or take other actions that could materially harm its business, financial condition, and operating results. If it obtains additional funds by selling equity, the percentage ownership of its stockholders will be reduced, stockholders may experience additional dilution, or the equity securities may have rights, preferences, or privileges senior to the common stock. If it issues debt securities, there may be negative covenants which may restrict the Company's activities. If adequate funds are not available when needed on satisfactory terms, the Company may be required to cease operating or otherwise modify its business strategy. A full text copy of the Company's Form 10-K is available at https://tinyurl.com/yvdvfjde About DUKE Robotics Corp. DUKE Robotics, based in Mevo Carmel Science and Industrial Park, Israel, is a robotics Company developing advanced robotic and drone-based systems. Its technologies include an advanced robotic stabilization system that enables remote, real-time, pinpoint-accurate firing of small arms and light weapons, as well as civilian drone-based solutions focused on infrastructure maintenance, which is a drone technology for conducting routine maintenance of critical infrastructure for electric utility insulator cleaning. As of December 31, 2025, the Company had $1,249,000 in total assets, $1,149,000 in total liabilities, and $100,000 in total stockholders' equity. EASTSIDE COLLISION: Case Summary & Six Unsecured Creditors ---------------------------------------------------------- Debtor: Eastside Collision & Car Care Center, Inc. 8430 Covington Highway Lithonia, GA 30058 Business Description: Eastside Collision & Car Care Center provides automotive collision repair, body, paint and car-care services from Lithonia, Georgia. Chapter 11 Petition Date: May 29, 2026 Court: United States Bankruptcy Court Northern District of Georgia Case No.: 26-57078 Debtor's Counsel: Adam E. Ekbom, Esq. JONES & WALDEN LLC 699 Piedmont Avenue NE Atlanta, GA 30308 Tel: 404-564-9300 E-mail: info@joneswalden.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Brian Young as CEO. A full-text copy of the petition, which includes a list of the Debtor's six unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/IWETQLI/Eastside_Collision__Car_Care__ganbke-26-57078__0001.0.pdf?mcid=tGE4TAMA ELDORADO GOLD: Fitch Hikes IDR to 'BB-', Outlook Positive --------------------------------------------------------- Fitch Ratings has upgraded Eldorado Gold Corporation's Issuer Default Rating (IDR) to 'BB-' from 'B+' and assigned a Positive Outlook. Fitch has also upgraded the senior unsecured notes to 'BB-' from 'B+' with a Recovery Rating (RR) of 'RR4' and affirmed the secured RCF at 'BB+' and revised the RR to 'RR2' from 'RR1'. The upgrade reflects Eldorado's strong EBITDA generation, which Fitch expects to remain above USD1 billion over the forecast period, a cost position in the second quartile of the Wood Mackenzie "total cash costs plus sustaining capex" normal cost curve, average operating reserve life over 10 years, and reduced financial and execution risk from the Skouries project and the Foran Mining acquisition. The rating remains constrained by jurisdiction risks in Greece and Türkiye. The Positive Outlook reflects Fitch's expectation that Skouries and the Foran acquisition will increase average annual gold output while keeping EBITDA leverage below 1.1x. Key Rating Drivers Skouries Adds Scale/Copper: Fitch expects the successful completion of the Skouries copper-gold project in Greece to improve the company's overall cost position, add scale, and provide diversification through copper exposure. Execution risk at Skouries appears limited given the project is 94% complete as of March 2026. The first concentrate is expected in 3Q26, with commercial production in 4Q26. Fitch expects liquidity to be sufficient to support completion and ramp up of the project. For 2026, Skouries is expected to produce between 60,000 ounces (oz) and 100,000 oz of gold and 20 million pounds (lbs)-40 million lbs of copper. The technical report dated Jan. 22, 2022, outlines a nine-year mine life for Phase 1, followed by an additional 11 years for Phase 2. Over the life of the mine, average annual production is expected to be 140,000oz of gold and 67 million lbs of copper, with cash costs in the low first quartile of the Wood Mackenzie total cash costs plus sustaining capex normal cost curve. Competitive Cost Position: Fitch expects Eldorado to maintain an average cost position in the second quartile of Wood Mackenzie total cash costs plus sustaining capex normal cost curve over the forecast period. The recent increase in unit cash costs at Olympias is likely to moderate. Based on company guidance, total cash cost per ounce sold at Olympias is expected to decline to $1,030-$1,230 in 2026 from $1,722 in 2025. Eldorado's key Kişladag mine in Turkiye was positioned in the fourth quartile of Wood Mackenzie total cash costs plus sustaining capex normal cost curve. Efemcukuru in Turkiye, the Lamaque Complex in Canada, and Olympias in Greece were in the fourth quartile, third quartile, and first quartile, respectively. In 2025, Kişladag represented 35% of gold production, the Lamaque Complex 38%, Efemcukuru 15%, and Olympias 12%. Foran Acquisition Credit Positive: Fitch views Eldorado's largely equity-funded acquisition of Foran Mining Corp. (NR) credit positive, as the acquisition strengthens Eldorado's production growth profile, increases copper and zinc exposure, enhances jurisdictional strength by adding Canada focus, and adds long-life assets with exploration upside. The McIlvenna Bay project is a high-quality Canadian underground project that is expected to reach commercial production in 3Q26. The asset has an estimated 18-year mine life and is expected to produce annually around 41 million lbs of copper, 20,000oz of gold, 444,000oz of silver, and 54 million lbs of zinc. Corporate Structurally Subordinated: FCF from Skouries will be prioritized to the repayment of the project's financing as the borrower of those loans is not a guarantor of Eldorado's debt. Fitch expects distributions to be subject to an excess cash flow sweep while amounts are still outstanding. Gold Price Sensitivity: The ratings incorporate Eldorado's expected resilience to moderating gold prices, in line with Fitch's rating case gold price assumptions. The rating case assumes gold prices of USD4,500/oz in 2026, moderating to USD2,700/oz by 2029, compared with a realized gold price of USD3,505/oz in 2025. Fitch expects EBITDA of about USD1.6 billion in 2026, increasing in 2027 as Skouries ramps up to commercial production. The Skouries project and the Foran acquisition are expected to diversify production exposure to about 77% gold, 15% copper, and 8% other metals from 2027. Recovery Rating Criteria Variation: Fitch applied a variation for Eldorado's RCF ratings, assigning a rating two notches above the IDR at 'BB+' with the Recovery Rating revised to 'RR2' from 'RR1'. This is higher than the 'RR3' indicated by Fitch's "Country-Specific Treatment of Recovery Ratings Criteria". The security from Eldorado Gold (Quebec) Inc.'s secured guaranty overcollateralizes the RCF. This supports a higher Recovery Rating than the 'RR3' that would result from the weighted average of the recovery caps for Canada and Turkiye, where the economic value of the guarantors could be realized. The RCF rating may change if the collateral value of the Canadian subsidiary's secured guaranty changes. Peer Analysis Eldorado's guidance for 2026 gold production midpoint of around 540,000 oz is below IAMGOLD Corporation's (B+/Positive) attributable gold production midpoint guidance of about 770,000 oz. However, Fitch expects Eldorado gold production to increase toward 700,000 oz by 2029 and to generate higher EBITDA than IAMGOLD from 2027 onward, supported by the completion of the Skouries project and McIlvenna Bay project. On this basis, Eldorado would have exposure to six operating mines, compared with IAMGOLD's three. Relative to other rated mining peers, Eldorado is larger and more diversified than Ero Copper Corp. (Ero; B+/Stable), but fairly similar in terms of 2025 EBITDA however less diversified than Hudbay Minerals Inc. (Hudbay; BB-/Stable). It is also smaller than Endeavour Mining plc (Endeavour; BB/Positive), which is projected to produce about 1.1 million oz of gold in 2026 and benefits from greater scale at current gold prices however the rating is constrained by the weak operating environment in west Africa. Eldorado's operating reserve life of at least 13 years at YE 2025 compares favorably with many rated gold mining peers, while its cost position is broadly in line with similarly rated producers. Eldorado's EBITDA leverage was 1.3x at Dec. 31, 2025, compared with 0.5x for IAMGOLD, 1.2x for Hudbay, and 0.3x for Endeavour. Fitch expects Eldorado to delever materially over the forecast period, supported by stronger EBITDA generation in the current gold price environment. This should move the company toward the lower end of the peer leverage range, supporting the Positive Outlook relative to Hudbay's Stable Outlook. Fitch also expects Eldorado to generate materially stronger positive FCF than Hudbay over the next few years. Fitch’s Key Rating-Case Assumptions - Gold sales approximately 500,000/oz in 2026, 635,000/oz in 2027, 660,000/oz in 2028 and 690,000/oz in 2029; - Gold prices at USD4,500/oz in 2026, USD3,800/oz in 2027, USD3,300/oz in 2028 and USD2,700/oz in 2029; - Copper prices at USD11,500 per tonne in 2026, USD11,000/tonne in 2027, and USD10,000/tonne thereafter; - EBITDA margins average 59% weighted toward the ramp-up of Skouries; - Capex at USD1,150 million in 2026, averaging USD430 million between 2027-2029; - Skouries project financing hedged as announced and amortized according to the agreement; - Additional USD250 million credit facility debt following the closing of the Foran acquisition which closed in April 2026; - Dividends and share repurchases with excess operating cash flow after capex. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): Business and financial profile factors (assessment, relative importance): management ('bbb', Lower), sector characteristics ('bbb-', Lower), market and competitive positioning ('bb-', Higher), diversification and asset quality ('b+', Higher), company operational characteristics ('bb-', Moderate), profitability ('bbb-', Moderate), financial structure ('a+', Lower), and financial flexibility ('bb', Moderate). The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2025, 20% for the forecast year 2026, 20% for the forecast year 2027, 20% for the forecast year 2028 and 30% for the forecast year 2029. The governance assessment of 'good' has no impact. The operating environment assessment of 'a-' has no impact. The SCP is 'bb-'. To derive the Long-Term IDR: Fitch made no adjustments to the SCP, resulting in an IDR of 'BB-'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Expectations for EBITDA leverage sustained above 3.0x; - Deviation from financial policy without a clear path toward deleveraging during periods of heavy investment spending. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Successful completion and ramp-up from Skouries & McIlvenna mines; - EBITDA leverage sustained below 2.0x; - Average cost position maintained in second quartile of the Wood Mackenzie total cash costs plus sustaining capex cost curve; - Visibility into maintaining low-risk mines with an average operating mine life greater than 10 years. Liquidity and Debt Structure Eldorado had cash on hand of USD630 million and USD158 million was available under its USD350 million senior secured RCF due in 2028, as of March 31, 2026. The RCF is used for letters of credit supporting the company's contributions to fund the Skouries project. Fitch believes the RCF availability will improve throughout 2026 as the company invests further in the Skouries project. Following the closing of the Foran acquisition in April 2026, the acquisition comprised of a USD250 million credit facility with a maturity of Sept. 30, 2031. Eldorado has no near-term debt maturities. The RCF is due in 2028. The notes are due in 2029. The Skouries project debt is due in 2032. The RCF facility has a net debt/EBITDA covenant maximum of 3.5x and an interest coverage covenant of no less than 3.0x. Fitch believes the company will remain in compliance with these covenants. Issuer Profile Eldorado is a mid-tier, average cost, Canada-domiciled gold and base metals producer operating four mines: Kisladag and Efemcukuru in western Turkiye, Lamaque in Canada, and Olympias in northern Greece. The company also owns two near term production projects, the Skouries project in Greece and McIlvenna Bay project in Canada. Criteria Variation Fitch has applied a criteria variation for Eldorado's RCF ratings to be two notches above the IDR at 'BB+' with a Recovery Rating of 'RR2'. The over-collateralization provided by the secured guaranty of Canadian subsidiary, Eldorado Gold (Quebec) Inc., is consistent with the higher recovery rating. A Recovery Rating of 'RR3' would result from the weighted average of the caps of Canada and Turkiye, where the economic value of the guarantors could be realized, under to Fitch's "Country-Specific Treatment of Recovery Ratings Criteria". MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for Eldorado Gold Corporation. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Eldorado Gold Corporation LT IDR BB- Upgrade B+ senior secured LT BB+ Affirmed RR2 BB+ senior unsecured LT BB- Upgrade RR4 B+ ELITE PROJECT: Final Cash Collateral Hearing Set for June 11 ------------------------------------------------------------ The U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, is set to hold a final hearing on June 11 to consider Elite Project Management, LLC's bid to use cash collateral. The Debtor is currently authorized to use cash collateral pursuant to the court's May 22 interim order. This authorization remains in effect until a final determination is made. Under the interim order, the Debtor is authorized to utilize its cash collateral based on an approved budget, subject to a 10% variance. The budget may be revised before the final hearing through agreement between the Debtor and lenders, subject to court approval. As adequate protection, lenders received replacement liens on the Debtor's equipment, inventory, and accounts, with the same priority and validity as their pre-petition liens. These replacement liens do not apply to avoidance actions and remain subordinate to certain administrative expenses, including professional fees, trustee fees, and court-related costs. The lenders that collectively assert liens on substantially all of the Debtor's accounts receivable and related proceeds, typically arising from UCC-1 financing statements, are Redwood Business Loans, LLC, LG Funding, LLC, W Funding Group, LLC, Headway Capital, LLC, and Fiji SPV, LLC. These lenders are associated with merchant cash advance or similar financing arrangements. Their claimed secured positions range from approximately $43,000 to over $700,000. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/1xPHp from PacerMonitor.com. About Elite Project Management LLC Elite Project Management LLC is a Texas-based company engaged in project management and business support services for commercial and operational projects. Elite Project Management sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 26-42193) on May 19, 2026. In its petition, the Debtor reported up to $50,000 in assets and between $1 million and $10 million in liabilities. Honorable Bankruptcy Judge Mark X. Mullin handles the case. The Debtor is represented by Robert Thomas DeMarco, Esq. ELK GROVE VILLAGE: S&P Assigns Prelim 'BB-' Rating on Sec. Notes ---------------------------------------------------------------- S&P Global Ratings assigned its preliminary 'BB-' rating and '2' recovery rating to Elk Grove Village Property LLC's (EGVP) $850 million senior secured notes, indicating the likelihood of substantial recovery in the event of a default. EGVP's operating risk reflects its attractive site and advanced construction. Underpinned by a 15-year triple-net lease with CoreWeave (B+/Positive), S&P believes the project can find a replacement tenant on similar terms relatively quickly, so the rating is not capped by the credit strength of the tenant. EGVP is raising $850 million in senior secured notes to refinance construction debt, fund an additional construction contingency reserve and six-month debt service reserve, and for a distribution to parent Prime Data Centers. S&P said, "Under our base-case scenario, we assume immediate replacement of CoreWeave by another tenant with stronger financial position at the start of operations, albeit at a lower lease rate at a similar 15-year term. Under this scenario, we estimate a minimum debt service coverage ratio (DSCR) of about 1.13x (versus 1.24x under the CoreWeave lease) through the lease term. The median DSCR is significantly higher at 1.36x. "The stable outlook reflects our expectation that the data center will be complete on schedule and remain on budget. We also expect it to generate sufficient cash flow to repay its obligations through the 15-year initial lease term." EGVP is one in a three-building data center campus in Elk Grove Village, which is in the Chicago area owned by the sponsor, Prime Data Centers. It will have 72 megawatts (MW) of capacity with six data halls across a three-story configuration. Construction is advanced, with 75% of estimated total spending complete at the end of May 2026. Three data halls are operating, with the fourth expected to be operational in August 2026. The remaining two halls have anticipated delivery dates in December 2026. Construction is being performed under a guaranteed maximum price construction contract with Clune Construction, the general contractor. All equipment has been acquired by the sponsor separately under an owner-furnished, contractor installed basis, with fixed-price purchase orders, and delivered ahead of installation. Construction also relies on power supply. Commonwealth Edison (ComEd) is constructing a new substation onsite for the long-term supply, expected to be completed early in the second quarter of 2027. It also has an agreement to supply bridging power in the interim. There is sufficient bridging power for commissioning and full operation of four halls, and ComEd and EGVP are discussing an upsize to support halls five and six. The entire building is contracted with CoreWeave as lessee under a 15-year triple-net lease with two potential seven-year extensions. S&P said, "The preliminary 'BB-' rating reflects more risk for operations than construction. We base the rating on the lower of a construction phase stand-alone credit profile (SACP) of 'bbb' and an operations phase SACP of 'bb-'. Construction is well advanced, with all equipment ordered and about 75% of spending complete. There are some delays, including completion of the onsite substation, but we expect construction to conclude by year end of 2026 and final power to be available in the first half of 2027. In operations, debt service coverage is strong, but EGVP relies on a low-rated tenant in CoreWeave. Our assessment of operations considers replacement with another tenant, which we consider possible due to the tier 1 location, the fact it is nearly complete, small scale, and other potential tenants such as one in the other two campus buildings. "EGVP is well advanced in construction. We expect all halls to be complete and generating revenue under the lease by the second quarter of 2027. The project has bridging energy from ComEd, which is also constructing a substation onsite expected to provide long-term energy supply through the operating period. We base the construction phase SACP of 'bbb' on relatively simple remaining construction efforts, advanced design, a well experienced and qualified sponsor and contractor, and significant remaining liquidity and contingency amounts. This is offset somewhat by expected substation completion delayed by 3-6 months from the original schedule, and final power on the critical path to begin operations for the final two data halls. "We view EGVP as having significant liquidity to cover our downside scenario and allow for replacement of the guaranteed maximum price contractor if required. All material equipment has been sourced by the developer outside the contract, ordered, and firm prices signed. Equipment is being delivered on schedule. "The entire facility is under a triple-net lease with CoreWeave. Since all revenue comes from CoreWeave, we see this single tenant's credit strength as an important influence on the rating on EGVP. To rate the project above the rating on CoreWeave, we model cash flow assuming CoreWeave is replaced by another tenant immediately at completion of construction. We consider the location as tier 1, with available alternative tenants; a flexible and smaller scale footprint that allows relatively easy replacement; and availability in the near term (versus a greenfield development). As such, we assume a similar 15-year triple-net lease but at a haircut in price. We also consider a downside scenario with further reduction in re-leasing rate and lower annual adjustment in rates. The difference between lease rates in our base and downside scenarios leads to a '2' market risk score and an OPBA of '5' (rather than the '2' typical for data centers that don't face potential tenant replacement). "EGVP has refinancing risk but significant buffer in DSCRs. With tenant replacement included in our modeling, our operations assessment is driven by DSCRs rather than counterparty credit strength. We note that median DSCRs are significantly stronger, with the project having one year at the minimum and coverage increasing through the lease term. "We base the operations phase SACP of 'bb-' on an asset class operations stability score of '2' (relatively simple technology complexity) and the assumption of immediate replacement of the tenant. Our base and downside scenarios forecast different haircuts in re-leasing rates, leading to market risk of '2' and an OPBA of '5'. A minimum DSCR of 1.13x leads to a preliminary SACP of 'b+', with modest resilience leading to a one-notch uplift and a strong median through the life of the project for another one-notch adjustment." However, S&P notches EGVP down one notch for weakness in structural protection, due to a combination of capacity for additional debt and some looseness in the distribution test: -- Documents allow both a $50 million letter of credit and an additional debt bucket up to 50% of the last 12 months of net operating income (about $60 million under the CoreWeave lease). -- Can also make permitted tax distributions as well as payment to its parent to cover director insurance, and financial advisory feed related to the project even if the DSCR is below the restricted payment test level of 1.1 to 1.0. These two features lead to a negative one-notch adjustment to the operations SACP. The overall outcome is 'bb-'. S&P's assumption of tenant replacement means there is no material counterparty cap during operations. S&P said, "The stable outlook on EGVP reflects our expectations that the data center and substation will be built on time and budget, with all halls operating in the second quarter of 2027, generating sufficient cash flow to allow full repayment of debt obligations within the initial 15-year lease term of an assumed replacement lease. "We would consider a negative rating action if we believe DSCRs would fall below 1.10x. This could happen if CoreWeave fails to perform as a tenant and a replacement counterparty enters a new lease at worse terms than our base-case assumptions, or the project raises material additional debt as under the additional debt buckets. The project could also potentially face downgrade during construction if there is significant delay to completion of the substation and commencement of operations for the final two data halls. "We could consider raising the rating if CoreWeave's credit strength increases above the project rating or because of a replacement lease at a better price than our assumption." ENCORE CAPITAL: Fitch Alters Outlook on BB+ LongTerm IDR to Stable ------------------------------------------------------------------ Fitch Ratings has revised its Outlook on Encore Capital Group, Inc.'s Long-Term Issuer Default Rating (IDR) to Stable, from Negative, and has affirmed the rating at 'BB+'. Fitch also affirmed Encore's senior secured debt rating at 'BB+'. The Outlook revision reflects Encore's improved collections performance and Fitch's expectation that its strategic execution should result in Encore's financial profile, in particular leverage, remaining within Fitch's tolerance levels for the rating over the next 12 to 24 months. Key Rating Drivers Strong Franchise; Challenging Environment: Encore's leading franchise in the key US and, to a lesser extent, European debt purchasing market is balanced against its concentrated business activities and a reliance on leverage for portfolio purchases. This is particularly relevant in an increasingly volatile operating environment with inherent challenges of forecasting cash collections to ensure profitable underwriting. The rating also accounts for Encore's robust liquidity and experienced management team with a sound investment record. Prominent Franchise; Narrow Segment: Encore has a leading position in the debt purchasing sector, particularly within the structurally deep credit markets of the US, supplemented by activities in the UK and continental Europe. It acquires portfolios of unsecured defaulted receivables from financial service providers including banks, credit unions, consumer finance companies and commercial retailers. Encore's well-established franchise and relationships with financial institutions are particularly beneficial in the US, where defaulted receivables are largely sourced through ongoing forward flow agreements. Fitch expects strong recent purchasing in the US to support cash collection inflows. Robust EBITDA Margin: Profitability, on a cash flow basis, is adequate with an adjusted EBITDA/revenue (adjusted for portfolio amortisation) margin consistently above 50% which is in line with peers'. On a net income basis, profitability has been volatile in recent years and was hit by goodwill impairments and under-collections in 2024 and 2023 leading to a net loss for both years. Last year saw a reversal of the under-collections with significant over- collections bolstering net income and no goodwill impairments being recognised. Fitch does not expect further material goodwill impairments or under-collections and the recent increased US portfolio purchases should support robust profitability, with estimated remaining collections up at USD9.8 billion at end-1Q26 (1Q25: USD8.9 billion). Stable and Experienced Management: Encore's management has substantial through-the-cycle experience in debt purchasing and has achieved significant organic growth within the business. The nature of the assets Encore purchases carries inherent risks, but its presence in both the US and Europe allows the choice of capital deployment to match the relative strength of investment opportunities available, and the company's historical money multiples (collections relative to purchase price) indicate adequate long-term pricing discipline. Dependence on Leverage: Encore funds portfolio purchases largely through debt, which means that leverage can fluctuate according to collections and portfolio purchasing activity. Management has a long-term guidance range for net debt/EBITDA of 2x-3x and leverage has consistently been maintained within that range. Fitch calculates leverage using gross debt/EBITDA (adjusted for portfolio amortisation), which was 2.5x at end-2025 (2024: 2.7x) and Fitch would expect this metric to be around this level on a normalized basis. Fitch also considers debt/tangible equity as a complementary leverage metric, which at end-2025 was high at 9x (2024: 14x), inflated by the impact of goodwill. The company has recently restarted its share repurchase programme. Fitch expects these amounts to be moderate, but they could still put pressure on tangible equity in a more difficult collections environment. Sound Near-Term Liquidity: Encore has no material near-term refinancing needs, having proactively addressed debt maturities. The earliest material maturity is June 2028. Interest coverage, as calculated by adjusted EBITDA/interest expense, is adequate and unchanged at 5x. The company generates large cash flows through collections and has recently amended and extended its revolving credit facility to provide additional liquidity headroom, with the increased facility now at USD1,485 million, maturing in 2029. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Recognition of impairments resulting in a material negative impact on net income or underlining risk management weaknesses - A sustained fall in cash collections, resulting in significantly reduced earnings generation, material write-downs of the value of portfolio investments, cash flow leverage consistently at the higher end of management's target range for net debt/adjusted EBITDA of 2x-3x, or more aggressive capital management resulting in tangible equity reduction - A material adverse operational event or regulatory intervention undermining franchise strength or business-model resilience Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Fitch views upside potential to be limited in the near-to-medium term unless there is a material increase in the company's tangible equity, alongside maintenance of cash flow leverage consistently at the low end of management's guidance range. This is provided that strategic execution is effective with no material underperformance of collections. DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS Encore's senior secured notes are guaranteed by most group subsidiaries and rank equally with other senior secured obligations. The rating is equalised with Encore's Long-Term IDR as the senior secured debt class represents most of Encore's borrowings, resulting in average rather than above-average expected recoveries. DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES The ratings of the senior secured notes are primarily sensitive to changes in Encore's IDR. Changes to Fitch's assessment of recovery prospects for senior secured debt in a default (eg due to a material shift in the proportion of Encore's debt that is either super-senior or unsecured) could also result in the senior secured debt rating being notched up or down from the IDR. ADJUSTMENTS Encore's 'bb+' standalone credit profile (SCP) is in line with the 'bb+' implied SCP. The business profile score of 'bb+' is below the implied score of 'bbb' due to the following adjustment reason: business model (negative). The capitalisation and leverage score of 'bb' is below the implied score of 'bbb' due to the following adjustment reason: risk profile and business model (negative). ESG Considerations Encore has an ESG Relevance Score of '4' for Customer Welfare - Fair Messaging, Privacy & Data Security due to the importance of fair collection practices and consumer interactions and the regulatory focus on them, particularly in the US. Encore has an ESG Relevance Score of '4' for Financial Transparency due to the significance of internal modelling to portfolio valuations and associated metrics such as estimated remaining collections. These factors have negative influences on the rating but they are features of the debt purchasing sector as a whole, and not specific to Encore. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Encore Capital Group, Inc. LT IDR BB+ Affirmed BB+ senior secured LT BB+ Affirmed BB+ ENDLESS SUMMER: Case Summary & Eight Unsecured Creditors -------------------------------------------------------- Debtor: Endless Summer Real Estate & Investments, LLC 241 Ashworth Circle Madison, MS 39110 Business Description: Endless Summer is a privately held company that holds and rents out real estate properties. Chapter 11 Petition Date: May 29, 2026 Court: United States Bankruptcy Court Southern District of Mississippi Case No.: 26-01509 Judge: Hon. Jamie A Wilson Debtor's Counsel: Craig M. Geno, Esq. LAW OFFICES OF GENO AND STEISKAL, PLLC 601 Renaissance Way, Suite A Ridgeland, MS 39157 Tel: 601-427-0048 Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Steven T. Johnson as managing member. A copy of the Debtor's list of its eight unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/VNTNFQA/Endless_Summer_Real_Estate__Investments__mssbke-26-01509__0008.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/UIZRBNI/Endless_Summer_Real_Estate__Investments__mssbke-26-01509__0001.0.pdf?mcid=tGE4TAMA ESJ TOWERS: Special Counsel Loses Bid to Dismiss Adversary Case --------------------------------------------------------------- Judge Enrique S. Lamoutte of the U.S. Bankruptcy Court for the District of Puerto Rico denied the motion filed by Luis Daniel Muniz to dismiss the amended complaint in the adversary proceeding captioned as ESJ TOWERS, INC, Plaintiff, vs. LUIS DANIEL MUNIZ, and DE ANGEL & COMPANIA CPA, LLC, Defendants, ADV. PROC. 25-00036 (Bankr. D.P.R.). On July 14, 2022, roughly a month after the Petition Date, the Debtor filed an application to employ Muniz as special counsel for a wide variety of matters. The Original Muniz Application proposed to pay Muniz a "retainer" of $3,500 per month for up to 30 hours of work, and $150.00 per hour for any work in excess of the 30 hours. On March 3, 2023, less than a month after the Muniz Order, Muniz filed an interim fee application pursuant to section 331 of the Bankruptcy Code. The Interim Muniz Fee Application requested payment of $21,000 -- that is, $3,500 for six months of work from July 2022 through February 2023, but excluding December 2022 and January 2023. On April 3, 2023, when no one had objected to the Interim Muniz Application, the Court entered an Order granting the request. On March 28, 2023, shortly after the Court entered the Interim Muniz Award, the Debtor paid counsel $21,000. During the ensuing 14 months, through May 24, 2024, the Debtor paid counsel another $52,500, all without court approval. Muniz did not file a final fee application before (or after) the Administrative Expense Claim Bar Date. The Official Committee of Unsecured Creditors filed an adversary proceeding complaint against Muniz and De Angel & Compania CPA, LLC ("DAC") on July 20, 2025. An Amended Complaint was subsequently filed on October 30, 2025. The Amended Complaint includes two counts related to Muniz. In Count I, the Committee alleges Muniz was not allowed fees on a final basis and, thus, requests the Court to enter an order requiring Muniz to disgorge the full amount that he was paid by the Debtor ($73,500.00). Meanwhile, in Count II the Committee seeks to avoid the $52,500.00 of allegedly unauthorized payments made to Muniz by the Debtor between April 2023 and May 2024. Muniz argues in the Motion to Dismiss that the issues raised by the UCC in relation to the compensation received by the Defendant can be entertained with a final application for compensation Nunc Pro Tunc. Further, Muniz posits that the Committee failed to assert an actionable claim for relief against him, even when the non-conclusory allegations in the Amended Complain are assumed to be true. Lastly, Muniz argues that the filing of an adversary proceeding, instead of filing an objection to the Final Fee Application for Compensation is the incorrect mechanism to entertain the matter before the court. The Committee states that the motion nowhere argues that the Amended Complaint's allegations fail to provide Muniz with notice of a substantively plausible claim. Nor does the motion attempt to explain why -- even if the Bankruptcy Code or the Confirmed Plan would allow the court to enter a nunc pro tunc fee award -- Muniz would qualify for such extraordinary relief in this case. The Court agrees with the Committee's position, holding that the conclusory and unsupported allegations in the Motion to Dismiss do not adequately contest the well-plead allegations in the Amended Complaint as to the Committee's claims against Muniz. In addition, as of this date and over four months after the filing of the Motion to Dismiss, no final application for compensation has been filed by Muniz. Moreover, contrary to Muniz's assertion, an adversary proceeding, such as the instant case, is the proper method to recover the money allegedly paid improperly to Muniz by the Debtor. Accordingly, the Motion to Dismiss filed by Muniz is denied. A copy of the Court's Opinion and Order dated May 28, 2026, is available at https://urlcurt.com/u?l=HVWCFc from PacerMonitor.com About ESJ Towers ESJ Towers, Inc. owns the ESJ Towers in Carolina, P.R. The luxury apartments and condo units at ESJ Towers have direct access to Isla Verde Beach, widely considered one of the best in Puerto Rico. ESJ sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 22-01676) on June 10, 2022, with as much as $50 million in both assets and liabilities. ESJ President Keith St. Clair signed the petition. Judge Enrique S. Lamoutte Inclan oversees the case. The Debtor tapped Charles A. Cuprill, Esq., at Charles A. Cuprill, PSC Law Offices as bankruptcy counsel; Ramon Luis Nieves, Esq., at RL Legal Consulting Services, LLC and Luis Daniel Muniz, Esq., as special counsels; Dage Consulting CPAS, PSC as financial advisor; CPA Luis R. Carrasquillo & Co., P.S.C. as financial consultant; and De Angel & Compania, PA, LLC as auditor. The U.S. Trustee for Region 21 appointed an official committee of unsecured creditors on Sept. 12, 2022. The committee tapped the Law Office of Jonathan A. Backman as lead bankruptcy counsel; Julio Cesar Alejandro Serrano, Esq., at JCAS Law as local counsel; and Dage Consulting CPAS, PSC as financial advisor. The Court confirmed the Debtor's Chapter 11 plan of reorganization on May 21, 2024. ESSENTIAL INVESTMENT: Dwayne Murray Named Subchapter V Trustee -------------------------------------------------------------- The Acting U.S. Trustee for Region 5 appointed Dwayne Murray, Esq., at Murray & Murray, LLC, as Subchapter V trustee for Essential Investment Properties, LLC. Mr. Murray 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. Murray declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Dwayne Murray, Esq. Murray & Murray, LLC 4970 Bluebonnet Blvd., Suite B Baton Rouge, LA 70809 Tel: (225) 925-1110 Fax: (225) 925-1116 Email: dmm@murraylaw.net About Essential Investment Properties LLC Essential Investment Properties, LLC is a real estate investment and property management company engaged in acquiring, managing, and operating investment properties. Essential Investment Properties sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-11234) on May 21, 2026. In its petition, the Debtor listed $1 million to $10 million in assets and unknown liabilities. Honorable Bankruptcy Judge Meredith S. Grabill handles the case. The Debtor is represented by Mark Ladd, Esq., at Butler McDonald. FAT BRANDS: Alagna Case Transferred to Texas Bankruptcy Court ------------------------------------------------------------- Judge Lorna G. Schofield of the U.S. District Court for the Southern District of New York granted the Alagna Advisors LLC's motion to transfer venue of the case captioned as FAT BRANDS INC., Plaintiff, -against- ALAGNA ADVISORS LLC, Defendant, Case No. 26-cv-03371-LGS (S.D.N.Y.), to the United States Bankruptcy Court for the Southern District of Texas, Houston Division. Plaintiff FAT Brands Inc. is a global franchising company which owns various restaurant brands, including the brands Twin Peaks and Fazoli's. Defendant Alagna Advisors LLC is an investment advisory firm. The Complaint alleges that Plaintiff sells bonds through its operating subsidiaries and, over the last several years, has sold millions of dollars' worth of bonds to Defendant. The Complaint alleges that in June 2025, the parties agreed to swap bonds issued by Twin Peaks and already held by Defendant for different bonds issued by Fazoli's. The agreed-upon transaction consisted of two parts: (1) a sale by Defendant to Plaintiff of $6,389,930.56 worth of bonds issued by Twin Peaks -- Twin Peaks Trade -- and (2) a sale by Plaintiff to Defendant of $6,389,307.89 worth of bonds issued by Fazoli's -- Fazoli's Trade. The Complaint alleges that on June 30, 2025, Plaintiff caused its broker to post both trades, but Defendant accepted only the Twin Peaks Trade and not the Fazoli's Trade. That is, Defendant left Plaintiff with both sets of bonds and the obligation to pay Defendant for the Twin Peaks bonds. The Complaint alleges that Plaintiff was unable to cancel its purchase of the Twin Peaks bonds, and on July 2, 2025, when the trade settled, Plaintiff wired the approximately $6.4 million purchase price of the Twin Peaks bonds to Defendant. On July 15, 2025, Plaintiff commenced this action against Defendant in the Supreme Court of the State of New York, New York County, asserting claims for breach of contract, unjust enrichment and promissory estoppel. Defendant answered, asserting a counterclaim for breach of contract against Plaintiff. Plaintiff does not oppose the motion to transfer venue. Defendant contends that the dispute can then be resolved through the claims reconciliation process in the bankruptcy proceedings and the parties state that they will jointly seek a stay of this action in the Texas Bankruptcy Court once the action has been transferred. This Court finds these considerations weigh in favor of transfer. Transfer to the Southern District of Texas is also in the interest of justice as that Court could refer the matter to the Texas Bankruptcy Court, where Plaintiff's bankruptcy proceedings are pending. Judge Schofield explains, "Plaintiff's claims and Defendant's counterclaim may affect Plaintiff's bankruptcy estate and its administration. Transfer would promote judicial economy by allowing the court overseeing Plaintiff's bankruptcy proceedings to manage and coordinate both the bankruptcy proceedings and the instant action. These interest-of-justice considerations weigh in favor of transfer." A copy of the Court's Opinion & Order dated May 22, 2026, is available at http://urlcurt.com/u?l=WawijVfrom PacerMonitor.com. About FAT (Fresh. Authentic. Tasty.) Brands FAT Brands (NASDAQ: FAT) -- http://www.fatbrands.com/-- is a global franchising company that strategically acquires, markets, and develops fast casual, quick-service, casual dining, and polished casual dining concepts around the world. The Company currently owns 18 restaurant brands: Round Table Pizza, Fatburger, Marble Slab Creamery, Johnny Rockets, Fazoli's, Twin Peaks, Great American Cookies, Smokey Bones, Hot Dog on a Stick, Buffalo's Cafe & Express, Hurricane Grill & Wings, Pretzelmaker, Elevation Burger, Native Grill & Wings, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses. FAT Brands franchises and owns over 2,200 units worldwide. Fat Brands Inc. and 181 subsidiaries sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-90126) on Jan. 26, 2026. In its petition, Fat Brands listed estimated assets and liabilities more than $1 billion. The Honorable Bankruptcy Judge Alfredo R. Perez handles the case. Latham & Watkins LLP is serving as legal counsel to the Company. GLC Advisors & Co., LLC is serving as investment banker, and Huron Consulting Services LLC is serving as financial advisor. Omni Agent Solutions, Inc., is serving as claims, noticing and solicitation agent. White & Case LLP is representing the Ad Hoc Group of Securitization Noteholders. Greenberg Traurig, LLP represents UMB Bank, National Association, solely in its capacity as Trustee to certain series of notes. FAT BRANDS: Creditors to Get Proceeds From Liquidation ------------------------------------------------------ FAT Brands Inc. and affiliates filed with the U.S. Bankruptcy Court for the Southern District of Texas a Disclosure Statement describing Joint Plan of Liquidation dated May 22, 2026. The origin of the Debtors' restaurant portfolio traces back over 20 years when, in June of 2003, they acquired Fatburger, an iconic, all-American hamburger restaurant that was founded in Los Angeles in 1947. In March 2017, the Debtors launched FAT Brands as a Delaware corporation that was a wholly-owned subsidiary of Fog Cutter Capital Group, Inc. Initially, FAT Brands served as a holding company for the Fatburger, Buffalo's Cafe, and Buffalo's Express brands. To facilitate its continued growth and goal of becoming a multi-brand restaurant franchising company focused on developing, marketing, and acquiring predominantly fast casual restaurant concepts, FAT Brands completed its initial public offering in October 2017. The Debtors operate primarily as a franchisor for the brands owned by the direct and indirect subsidiaries of the Securitization Issuers. They are party to franchise agreements (the "Franchise Agreements") with about 700 franchisees who operate over 1,900 franchisee restaurants across the world. As such, the Debtors generate a significant amount of their revenue approximately $86.3 million in royalties and $5.7 million in franchise fees in 2025, by collecting certain franchise fees, royalties, and other fees associated with providing certain services to franchised restaurants in accordance with the Franchise Agreements. On April 27, 2027, at 9:00 a.m., the Debtors held the Auction virtually via Zoom, at which the Debtors and their advisors participated in active negotiations with the Proposed Purchasers' and opened the floor to the bidders in an attempt to obtain the highest and best Bids for the Debtors' assets. Following the Auction, and in accordance with the Bidding Procedures Order, the Debtors designated (i) FBG Bid Co. as Successful Bidder for the FBG Sale Assets16, as well as DC Restaurant Group, LLC as the Backup Bidder for substantially all Assets related to the Debtors' Round Table Pizza restaurant brand; (ii) TWNPKS Bid Co. as Successful Bidder for substantially all of the assets related to the Debtors' Twin Peaks business, excluding the Debtors' Smokey Bones brand; (iii) Amazing Brands, LLC as Successful Bidder for substantially all of the assets related to the Debtors' Hot Dog on a Stick restaurant brand; and (iv) TABCO International Food Catering K.S.C.C. as Successful Bidder for all of the assets related to the Debtors' Elevation Burger restaurant brand. Following extensive discussions and multiple rounds of negotiations with each Successful Bidder, on May 15 and 16, 2026, the Debtors agreed to the terms of the respective Asset Purchase Agreements and filed notices and proposed orders in connection therewith. Following the Sale Hearing on May 19, 2026, at 9:00 a.m., Bankruptcy Court approved each of the four Sale Transactions. The Plan is a liquidating plan. The Debtors have undertaken a value-maximizing and competitive marketing and sale process (the "Sale Process") to sell substantially all of their assets. The Sale Process resulted in four separate Sale Orders entered by the Bankruptcy Court, whereby the Debtors obtained authorization to sell substantially all of their assets to several Purchasers. The Debtors intend to liquidate their remaining assets on the terms and conditions contained in the Plan. As such, the Plan provides for (i) the Distribution of any proceeds from the Sale Process and the liquidation of any remaining non-litigation assets, as well as the Distribution of other Cash that the Debtors have on hand on the Effective Date, and (ii) the creation of a Liquidation Trust and appointment of a Liquidation Trustee that will, among other things, reconcile Claims, make Distributions on account of Allowed Claims under the Plan, pursue the Retained Causes of Action, and wind down the Debtors' Estates, the Non-Debtor Subsidiaries, and remaining business affairs. Class 7 consists of all General Unsecured Claims. On the Effective Date, in full and final satisfaction, compromise, settlement, and release of its Claim (unless the applicable Holder agrees to less favorable treatment), each Holder of an Allowed General Unsecured Claim shall receive its Pro Rata Share of the Class C Liquidation Trust Interests, which shall be Class C-1 Liquidation Trust Interests. Class 7 is Impaired under the Plan. Class 12 consists of all Existing Equity Interests. On the Effective Date, all Equity Interests shall be cancelled, released and extinguished, and each holder of an Existing Equity Interest shall not receive or retain any Distribution, property, or other value on account of its Equity Interest. On the Effective Date, the Liquidation Trustee will execute the Liquidation Trust Agreement, thereby establishing the Liquidation Trust for the benefit of Holders of Allowed Claims receiving Liquidation Trust Interests. In accordance with the terms of the Liquidation Trust Agreement, the Liquidation Trust Assets, consisting of all Distributable Proceeds, the WindDown Account, the Escrow Account (provided that the funds held in the Escrow Account must first be used to pay all Allowed Professional Fee Claims and are held in trust for the Professionals and then available to the Liquidation Trust), the Retained Causes of Action, the DIP Contributed Assets, Specified Securitization Entity Assets, all of the Debtors' commercial tort claims, and all Claims and Causes of Action, with respect to the foregoing, not released under the Plan or sold in a Sale Transaction, will vest in the Liquidation Trust. The Liquidation Trustee will, among other things, reconcile Claims, investigate and pursue Causes of Action (if any), and facilitate Distributions under the Plan until the Chapter 11 Cases of all the Debtors have been fully administered. Pursuant to the "Recovery Waterfall" set forth in Article V.D.7 of the Plan, Distributable Proceeds will be applied as follows: first, to Liquidation Trust Fees and Expenses; second, to any residual Allowed Administrative and Priority Tax Claims; third, 100% to Class A Liquidation Trust Beneficiaries until repayment of the NewCo Funding Claims; fourth, in respect of the next $18.9 million of Distributable Proceeds, 65% to Class A Liquidation Trust Beneficiaries, 15% to Class B Liquidation Trust Beneficiaries, and 20% to Class C Liquidation Trust Beneficiaries; and fifth, the remaining Distributable Proceeds shall be distributed among Class B Liquidation Trust Beneficiaries, Class C Liquidation Trust Beneficiaries, and Class D Liquidation Trust Beneficiaries according to the terms and percentages set forth in the Plan. A full-text copy of the Disclosure Statement dated May 22, 2026 is available at https://urlcurt.com/u?l=FRKV3L from Omni Agent Solutions, claims agent. Co-Counsel for the Debtors: Timothy A. ("Tad") Davidson II, Esq. Ashley L. Harper, 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 ashleyharper@hunton.com pguffy@hunton.com -and- Ray C. Schrock, Esq. Natasha Hwangpo, Esq. Randall Carl Weber-Levine, Esq. Ashley Gherlone Pezzi, Esq. Thomas Fafara, Esq. LATHAM & WATKINS LLP 1271 Avenue of the Americas New York, New York 10020 Tel: (212) 906-1200 Email: ray.schrock@lw.com natasha.hwangpo@lw.com randall.weber-levine@lw.com ashley.pezzi@lw.com thomas.fafara@lw.com - and - Ted A. Dillman, Esq. 10250 Constellation Blvd., Suite 1100 Los Angeles, CA 90067 Tel: (424) 653-5500 Email: ted.dillman@lw.com About FAT (Fresh. Authentic. Tasty.) Brands FAT Brands (NASDAQ: FAT) -- http://www.fatbrands.com/-- is a global franchising company that strategically acquires, markets, and develops fast casual, quick-service, casual dining, and polished casual dining concepts around the world. The Company currently owns 18 restaurant brands: Round Table Pizza, Fatburger, Marble Slab Creamery, Johnny Rockets, Fazoli's, Twin Peaks, Great American Cookies, Smokey Bones, Hot Dog on a Stick, Buffalo's Café & Express, Hurricane Grill & Wings, Pretzelmaker, Elevation Burger, Native Grill & Wings, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses. FAT Brands franchises and owns over 2,200 units worldwide. Fat Brands Inc. and 181 subsidiaries sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-90126) on Jan. 26, 2026. In its petition, Fat Brands listed estimated assets and liabilities more than $1 billion. The Honorable Bankruptcy Judge Alfredo R. Perez handles the case. Latham & Watkins LLP is serving as legal counsel to the Company. GLC Advisors & Co., LLC is serving as investment banker, and Huron Consulting Services LLC is serving as financial advisor. Omni Agent Solutions, Inc., is serving as claims, noticing and solicitation agent. White & Case LLP is representing the Ad Hoc Group of Securitization Noteholders. Greenberg Traurig, LLP, represents UMB Bank, National Association, solely in its capacity as Trustee to certain series of notes. FIEE INC: UHY LLP Raises Going Concern Doubt Over Future Operations ------------------------------------------------------------------- FiEE, Inc. filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2025 with the U.S. Securities and Exchange Commission earlier this year. The audited report contains a blunt warning: conditions exist that raise substantial doubt about its ability to continue as a going concern. Based on the financial statements, the Company reported a net income of $1.1 million for the year ended December 31, 2025, compared with a net loss of $4.2 million for 2024, Total revenues increased year-over-year by $5.6 million, or 867.9%. For the year ended December 31, 2025, the Company reported revenue of $6.2 million, compared to $639,893 in 2024. The Company also began generating operating profit in the fourth quarter of 2025. Going Concern Irvine, California-based UHY LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 20, 2026, citing that although the Company had liquidity for the year ended December 31, 2025, the historical losses and negative cash flows raise substantial doubt about the Company's ability to continue as a going concern. The Company's operations have historically been financed through the issuance of common stock and preferred stock. Since inception, the Company has incurred significant losses and negative cash flows from operations and an accumulated deficit of $95.6 million. The consolidated financial statements as of December 31, 2025 were prepared under the assumption that the Company will continue as a going concern, contemplating the realization of assets and satisfaction of liabilities in the normal course of business. However, substantial doubt exists about its ability to continue as a going concern, and the Company will require additional liquidity to continue operations beyond the next 12 months. Liquidity and Capital Resources On a more encouraging note, as of December 31, 2025, the Company had cash of $3.1 million as compared to just $30,000 on December 31, 2024 -- a dramatic improvement. It had no borrowings outstanding and a working capital of $2.4 million as of the same date. The Company's historical cash outflows have primarily been associated with: (1) cash used for operating activities such as the purchase and growth of inventory, expansion of sales and marketing and research and development infrastructure, and other working capital needs; (2) expenditures related to increasing manufacturing capacity and improving manufacturing efficiency; (3) capital expenditures related to the acquisition of equipment; (4) cash used to repay debt obligations and related interest expense; and (5) cash used for acquisitions. Previously, the Company funded its operations and financing activities primarily through the sale of preferred stock and common stock. Its ability to maintain adequate levels of liquidity depends in part on its ability to generate cash from operations and its ability to raise additional funds through equity or debt financing. The Company is evaluating options related to its liquidity and will continue to monitor its costs in relation to its sales and adjust its cost structure accordingly. Should the Company be unable to continue as a going concern, it may have to liquidate its assets and may receive less than the value at which those assets are carried on its financial statements. It is likely that investors will lose all or part of their investment in such a scenario. A full text copy of the Company's Form 10-K is available at https://tinyurl.com/y33b3f2n About FiEE, Inc. FiEE, Inc. (formerly, Minim, Inc.) was founded in 1977 as a networking Company and pivoted into delivering intelligent software to protect and improve the WiFi connections we depend on to work, learn, and live. FiEE held the exclusive global license to design, manufacture, and sell consumer networking products under the Motorola brand until 2023. Its cable and WiFi products, with an intelligent operating system and bundled mobile app, were sold in leading retailers and e-commerce channels in the United States.Its AI-driven cloud software platform and applications make network management and security simple for home and business users, as well as the service providers that assist them--leading to higher customer satisfaction and decreased support burden. As of December 31, 2025, the Company had $10.8 million in total assets, $4.2 million in total liabilities, and $6.6 million in total stockholders' equity. FIREHOUSE GRILL: Cash Collateral Hearing Set for June 22 -------------------------------------------------------- U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division is set to hold a hearing on June 22 to consider extending Firehouse Grill, Inc.'s authority to use cash collateral. The Debtor is currently authorized to use cash collateral pursuant to the court's April 27 fourth interim order. Under the fourth interim order, the Debtor is allowed to use the cash collateral of Newtek Bank and the U.S. Small Business Administration for the period from May 1 through June 26 based on an approved budget, plus up to a 10% variance. The 30-day budget projects total operational expenses of $330,200 for May and June. The order granted secured creditors replacement liens on any property acquired by the Debtor or the estate before and after the bankruptcy filing, with the same validity, priority, and enforceability as their pre-bankruptcy liens. Additional protections include insurance coverage on the secured creditors' collateral and access to the Debtor's books and records. The fourth interim order is available at https://shorturl.at/sdrBc from PacerMonitor.com. About Firehouse Grill Inc. Firehouse Grill Inc. is a restaurant operator providing prepared food and beverage services to customers through its dining location. The company participates in the food service sector, focusing on in-person dining and related hospitality operations. Firehouse Grill Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-00903) on January 20, 2026. In its petition, the Debtor listed up to $1 million in estimated assets and up to $10 million in estimated liabilities. The Debtor tapped Scott R. Clar, Esq., at Crane, Simon, Clar & Goodman as counsel and Weinberg Barton & Company as accountant. FIRST BRANDS: WARN Act Claimants Seek Greater Role in Chapter 11 ---------------------------------------------------------------- Vince Sullivan of Law360 Bankruptcy Authority reports that two groups of former First Brands Group employees are battling for control of litigation alleging the bankrupt auto-parts maker violated federal mass-layoff laws. Attorneys for the workers have separately petitioned the bankruptcy court, each seeking appointment as lead counsel in WARN Act proceedings against the company. According to the filings, both groups maintain that they can most effectively represent the interests of terminated employees and coordinate efforts to pursue compensation. The attorneys contend that centralizing leadership is necessary to streamline the litigation and prevent overlapping claims as the bankruptcy case progresses. The dispute comes as First Brands continues its Chapter 11 restructuring amid mounting creditor claims and workforce-related liabilities. A ruling on leadership of the WARN Act litigation could shape how employee claims are prosecuted and negotiated within the broader bankruptcy proceedings, the report states. 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. The 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. FRED RAU: Cash Collateral Hearing Set for June 24 ------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of California, Fresno Division, is set to hold a hearing on June 24 to consider extending Fred Rau Dairy, Inc.'s authority to use cash collateral. The Debtor is currently authorized to use cash collateral through June 28 pursuant to the court's April 28 interim order. Under the interim order, the Debtor is authorized to utilize its cash collateral to pay operating expenses based on an approved budget and a prior stipulation with AgWest Farm Credit, FLCA and AgWest Farm Credit, PCA. The interim order granted creditors holding security interests in the cash collateral replacement liens on all of the Debtor's property, with the same validity, priority, and extent as their pre-bankruptcy liens. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/cP4sK from PacerMonitor.com. Based on UCC-1 filings with the California Secretary of State, Agwest Farm Credit, Farm Credit Leasing Services Corporation, Stanislaus Farm Supply Co. and Nutrien Ag Solutions, Inc. may hold interest in cash or proceeds of the Debtor's assets. The Debtor believes it owes $20,495,322.37 to Agwest Farm Credit and $558,126.22 to Stanislaus or its successors. About Fred Rau Dairy Inc. Fred Rau Dairy, Inc. operates a large-scale dairy farm in Fresno, California. The family-owned business utilizes advanced robotic milking systems and automated feeding technologies. It has been part of the regional agricultural sector since 1976. Fred Rau Dairy sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 25-11791) on May 29, 2025. In its petition, the Debtor reported between $10 million and $50 million in both assets and liabilities. Judge Jennifer E. Niemann handles the case. The Debtor tapped Peter L. Fear, Esq., at Fear Waddell, P.C. as legal counsel and Boos & Associates, P.C. as financial consultant and accountant. GEC TRANSPORT: Court Abates Vela Appeal Due to Bankruptcy Filing ---------------------------------------------------------------- Chief Justice Maria Salas-Mendoza, Justice Gina Palafox and Justice Lisa Soto of the Texas Eighth Court of Appeals abated the appeal styled Cynthia Vela, Individually, Joel Vela, Individually, and as Co-Representatives of the Estate of Honesty Vela, Appellants/Cross-Appellees v. GEC Transport Solutions, LLC, Appellee/Cross-Appellant, No. 08-24-00313-CV (Tex. App.). On May 15, 2026, the Court issued an opinion and rendered judgment in this case. On May 21, 2026, GEC Transport Solutions, LLC filed a suggestion of bankruptcy notifying this Court that on October 6, 2025, it had petitioned for Chapter 11 Bankruptcy in the United States Bankruptcy Court of the Southern District of Texas, McAllen Division in Cause No. 25-70297. A bankruptcy suspends the appeal, and all appellate deadlines, until the appellate court reinstates or severs the appeal in accordance with federal law. For administrative purposes only, and without surrendering jurisdiction, the appeal is abated, removed from the Court’s active docket, and treated as a closed case until further order of this Court. A copy of the Court's Order dated May 22, 2026, is available at http://urlcurt.com/u?l=Xmc0kH About GEC Transport Solutions LLC GEC Transport Solutions, LLC is a logistics and transportation company based in Pharr, Texas, operating a fleet of 131 trucks and trailers nationwide. GEC Transport Solutions sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 25-70297) on October 6, 2025, listing up to $10 million in both assets and liabilities. Benjamin Cavazos, company owner, signed the petition. Judge Eduardo V. Rodriguez oversees the case. Susan Tran Adams, Esq., at Tran Singh, LLP, represents the Debtor as legal counsel. J D Factors LLC, as DIP lender, is represented by Trent L. Rosenthal, Esq., at Rosenthal Law Firm, P.L.L.C. GENETCO INC: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------- Debtor: Genetco, Inc. 711 Union Pkwy Ronkonkona, NY 11779 Business Description: Genetco, Inc. is a Ronkonkoma, New York- based generic pharmaceutical distributor that supplies generic drugs from pharmaceutical manufacturers to pharmacies, hospitals and other health-care facilities. Founded in 1986, the company operates from a 24,000-square-foot facility and distributes products through licenses covering 48 states. Chapter 11 Petition Date: May 29, 2026 Court: United States Bankruptcy Court Eastern District of New York Case No.: 26-72195 Judge: Hon. Sheryl P Giugliano Debtor's Counsel: Robert J. Spence, Esq. SPENCE LAW OFFICE, P.C. 55 Lumber Road Roslyn, NY 11576 Tel: (516) 972-7981 E-mail: rspence@spencelawpc.com Total Assets: $670,393 Total Liabilities: $5,170,929 The petition was signed by Carol Reinbold 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/SOFVGVY/Genetco_Inc__nyebke-26-72195__0001.0.pdf?mcid=tGE4TAMA GIFTIFY INC: Weinberg Flags Going Concern Due to Persistent Losses ------------------------------------------------------------------ Giftify, Inc. filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2025 with the U.S. Securities and Exchange Commission earlier this year. The audited report contains a blunt warning: conditions exist that raise substantial doubt about its ability to continue as a going concern. Based on financial statements filed with regulators, the Company reported a net loss of $10,491,658 for the year ended December 31, 2025, compared with a net loss of $18,832,080 for 2024. The Company generated net sales of $83,181,716 in 2025, compared to net sales of $88,934,036 in 2024. For the year ended December 31, 2025, the Company had used cash in operating activities of $1,590,074. At December 31, 2025, its cash and cash equivalents balance was $3,654,944. As of the same date, the outstanding balance on its line of credit facility was $3,212,935, with $663,589 outstanding in promissory notes and $46,137 in convertible notes payable, including interest. Going Concern Los Angeles, California-based Weinberg & Company, P.A., the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 18, 2026, citing that the Company has a history of reporting net losses and negative cash flows from operations. These factors raise substantial doubt about the Company's ability to continue as a going concern. As of December 31, 2025, the Company had $3,654,944 in cash available to fund its operations, including expansion plans, and to service its debt, and working capital of $249,223. The consolidated financial statements have been presented on the basis that the Company will continue as a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The Company incurred operating losses and negative operating cash flows in both 2025 and 2024 and has financed its working capital requirements through borrowings from various sources and the sale of its equity securities. As a result, management has concluded, and its independent registered public accounting firm has agreed, that there is substantial doubt regarding its ability to continue as a going concern for a period of at least 12 months beyond the filing of this Annual Report on Form 10-K. Liquidity and Capital Resources The Company's ability to continue as a going concern depends on its ability to raise additional debt or equity capital to fund its business activities and ultimately achieve sustainable operating revenues and profitability. As market conditions present uncertainty as to the Company's ability to secure additional funds, there can be no assurances that it will be able to secure additional financing on acceptable terms as and when necessary to continue to conduct operations. There is also significant uncertainty as to the effect that the coronavirus may have on the Company's business plans and the amount and type of financing available in the future. If the Company is unable to obtain the cash resources necessary to satisfy its ongoing cash requirements, it could be required to scale back its business activities or to discontinue its operations entirely. A full text copy of the Company's Form 10-K is available at https://tinyurl.com/2t7n9tku About Giftify, Inc. Giftify, Inc., through its wholly owned subsidiary, Restaurant.com, Inc., has been in the business of connecting digital consumers, businesses, and communities with dining and merchant deals throughout the United States. As of December 31, 2025, the Company had $31,841,058 in total assets, $9,530,111 million in total liabilities, and $22,310,947 million in total stockholders' equity. GLS MATERIALS: Seeks Chapter 7 Bankruptcy in Texas -------------------------------------------------- On May 29, 2026, GLS Materials and Trucking LLC commenced a Chapter 7 bankruptcy case in the Eastern District of Texas. Court records indicate that the company has estimated liabilities ranging from $1 million to $10 million and between 50 and 99 creditors. About GLS Materials and Trucking LLC GLS Materials and Trucking LLC is engaged in trucking and materials transportation services, supporting construction, infrastructure, and industrial projects. The company specializes in hauling materials and providing logistics solutions to regional customers. GLS Materials and Trucking LLC filed for liquidation under Chapter 7 of the Bankruptcy Code (Case No. 26-41879) on May 29, 2026. The petition lists estimated assets between $100,001 and $1,000,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Daniel R. Fine oversees the proceedings. The Debtor is represented by Eric G. Zelazny, Esq. of Law Offices of Eric G. Zelazny. GO PRO: Flags Going-Concern Risk Amid AI-Fueled Crunch ------------------------------------------------------ Dorothy Ma of Bloomberg Law reports that action-camera manufacturer GoPro Inc. is facing mounting financial pressure as rising memory costs and declining sales threaten its liquidity position. In a recent filing, the company acknowledged substantial doubt about its ability to remain a going concern and said it is seeking new financing sources to prevent a potential loan default. The company reported that first-quarter revenue fell 26% from the prior year, underscoring the challenges facing its business. GoPro previously disclosed that it had breached certain loan covenants and received temporary waivers from lenders while pursuing solutions to address its financial condition. According to the filing, increasing memory prices have become a significant burden on operations. The surge in demand for memory products linked to artificial intelligence applications has contributed to supply constraints and higher costs throughout the technology sector, affecting hardware makers such as GoPro. Management said it is actively exploring strategic alternatives, including financing transactions and expense reductions, to improve cash flow and preserve operations. The company's future may depend on its ability to secure sufficient capital and adapt to changing market conditions. About GoPro Inc. GoPro, Inc. (NASDAQ: GPRO) provides cameras, mountable and wearable accessories, and subscription and services in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. The company provides HERO13 Black, HERO12 Black, HERO11 Black, HERO10 Black, HERO, and MAX cameras; Premium and Premium+ subscription, which are subscription services that include cloud storage for its content; and Quik subscription, a subscription service in total addressable market to those who value organizing the visual moments of their lives with footage from any phone or camera. The company sells its products through retailers, distributors, and on GoPro.com. The company was formerly known as Woodman Labs, Inc. and changed its name to GoPro, Inc. in February 2014. GoPro, Inc. was founded in 2002 and is headquartered in San Mateo, California. GOLDENPEAKS POLAND: Case Summary & 23 Largest Unsecured Creditors ----------------------------------------------------------------- Lead Debtor: Goldenpeaks Poland Holding Limited 216, Level 6, Rosa Marina Bldg. Marina Seafront Pieta PTA 9014 Malta Business Description: GoldenPeaks Capital is a renewable energy group headquartered in Pieta, Malta. The company owns, builds, and optimizes renewable energy projects, producing power through arrangements including government and corporate power purchase agreements. Its activities include project development, engineering, construction, operations and maintenance, Green Credit trading, and support services for renewable energy operations. The group operates a renewable energy platform in Eastern Europe, including utility-scale solar photovoltaic assets in Poland, and is developing energy storage systems to supplement its existing assets. Chapter 11 Petition Date: May 29, 2026 Court: United States Bankruptcy Court Southern District of Texas Forty affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Goldenpeaks Poland Holding Limited (Lead Case) 26-90564 Goldenpeaks Poland LLC 26-90758 Alpha Energy Malta Limited 26-90565 Alpha Renewable Energy Sp. Z O.O. 26-90577 Bravo Renewble Energy Sp. Z O.O. 26-90578 Charlie Bis Renewable Energy Sp. Z O.O. 26-90579 Charlie Renewble Energy Sp. Z O.O. 26-90580 De Renewable Energy Holding Limited 26-90559 Delta Renewable Energy Limited 26-90563 Delta Renewable Energy Sp. Z O.O. 26-90581 Echo Renewable Energy Limited 26-90560 Echo Renewable Energy Sp. Z O.O. 26-90582 Foxtrot Renewable Energy Limited 26-90561 Foxtrot Renewable Energy Sp. Z O.O. 26-90583 Gamma Energy Limited 26-90562 Gamma Renewable Energy Sp. Z O.O. 26-90584 Helios Energy Limited 26-90566 Helios Renewable Energy Sp. Z O.O. 26-90585 Iris Energy Limited 26-90567 Iris Renewable Energy Sp. Z O.O. 26-90586 Juno Energy Limited 26-90568 Juno Renewable Energy Sp. Z O.O. 26-90587 Leto Energy Holding Limited 26-90569 Leto Energy Limited 26-90570 Leto Renewable Energy Limited 26-90571 Leto Renewable Energy Sp. Z O.O. 26-90588 Project Bravo Malta Ltd 26-90572 Project Charlie Spc Limited 26-90573 Sierra Energy Limited 26-90574 Sierra Renewable Energy Sp. Z O.O. 26-90589 Timber Energy Limited 26-90575 Timber Renewable Energy Sp. Z O.O. 26-90590 Whiskey Energy Limited 26-90576 Whiskey Renewable Energy Sp. Z O.O. 26-90591 Goldenpeaks Bess Poland Holding Limited 26-90594 Goldenpeaks Bess Poland Limited 26-90595 Azure Energy Limited 26-90592 Azure Renewable Energy Sp. Z O.O. 26-90593 Rhea Renewable Energy Limited 26-90596 Rhea Renewable Energy Sp. Z O.O. 26-90597 Judge: Hon. Alfredo R Perez Debtors' Bankruptcy Counsel: Benjamin L. Wallen, Esq. Michael D. Warner, Esq. Maxim B. Litvak, Esq. Steven W. Golden, Esq. PACHULSKI STANG ZIEHL & JONES LLP 700 Louisiana Street, Suite 4500 Houston, TX 77002 Tel: (713) 691-9385 Fax: (713) 691-9407 Email: bwallen@pszjlaw.com mwarner@pszjlaw.com mlitvak@pszjlaw.com sgolden@pszjlaw.com - and - Richard M. Pachulski, Esq. Debra I. Grassgreen, Esq. 10100 Santa Monica Blvd., 13th Floor Los Angeles, CA 90067 Tel: (310) 277-6910 Fax: (310) 201-0760 Email: rpachulski@pszjlaw.com dgrassgreen@pszjlaw.com Debtors' Claims, Noticing & Solicitation Agent: KROLL RESTRUCTURING ADMINISTRATION LLC Estimated Assets: $1 billion to $10 billion Estimated Liabilities: $500 million to $1 billion The petitions were signed by Jame Donath as non-executive director. A full-text copy of the Lead Debtor's petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/GGLNPPI/GOLDENPEAKS_POLAND_HOLDING_LIMITED__txsbke-26-90564__0001.0.pdf?mcid=tGE4TAMA Consolidated List of Debtors' 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Kronospan Polska Spolka Z Accounts Payable $530,937 Ograniczona Odpowiedzial ul. Warynskiego 1 Szczecinek, 78-400 Poland 2. CNBM Research Institute For Accounts Payable $282,553 Advanced Glass No.1047 Tushan Road Bengbu, Anhui, 233010 China 3. Kraft Foods Schweiz Accounts Payable $221,290 Holding Gmbh 4 Chollerstrasse Zug, 6300 Switzerland 4. DWF Poland Jamka Spolka Accounts Payable $86,487 Komandytowa plac Stanislawa Małachowskiego 2 Warsaw, 00-066 Poland 5. Advantim Sp. z o.o. Accounts Payable $85,964 Audit Spolka Komandytowa ul. Skierniewicka 10A Warsaw, 01-230 Poland 6. CMS Cameron Accounts Payable $49,400 Varso Tower Chmielna 69 Warsaw, 00-801 Poland 7. Greenberg Traurig Accounts Payable $48,408 Nowakowska-Zimoch Wysokinski Varso Tower Chmielna 69 Warsaw, 00-801 Poland 8. Inspect Jacek Mogilka Accounts Payable $45,764 ul. Adama Mickiewicza 49/1 Malbork, 82-200 Poland 9. Towarzystwo Ubezpieczen I Accounts Payable $40,846 Reasekuracji Warta S.A. Group, I. Daszynskiego 1 Warsaw, 00-843 Poland 10. CRP Tax Accounts Payable $34,188 The Shire, Plac Malachowskiego 2 Warsaw, 00-066 Poland 11. Ayesa Polska Sp. z o.o. Accounts Payable $31,765 Ul. Szyb Walenty 26a Ruda Sląska, 41-700 Poland 12. Ganado & Associates Advocates Accounts Payable $21,768 171, Old Bakery Street Valletta, VLT 1455 Malta 13. Reckitt Benckiser Production Accounts Payable $19,433 (Poland) Sp. z o.oOkunin 1Nowy Dwor Mazowiecki, 05-100 Poland 14. DNV Poland Sp. z o.o. Accounts Payable $16,756 Ul. Luzycka 6E Gdynia, 81-537 Poland 15. Kancelaria Notarialna Accounts Payable $13,052 Emil Gozdz Joanna Gozdz Notariusze Spolka Cywilna ul. Sienna 83 lok. 102 Warsaw, Wola, 00-815 Poland 16. Compensa Towarzystwo Accounts Payable $11,745 Ubezpieczen S.A. Vienna Insurance Group ALEJE JEROZOLIMSKIE 162 Warsaw, 02-342 Poland 17. PDC Construction Management Accounts Payable $5,763 Spolka Jawna 55A/1 Drewnowska Street Lodz, 91-002 Poland 18. Dentons Europe Dabrowski i Accounts Payable $5,245 Wspolnicy sp. k. ul. Zajecza 4 Warsaw, 00-351 Poland 19. Bond Capital House GmbH Accounts Payable $4,839 Bahnhofstrasse 10 Zurich, 8001 Switzerland 20. Towarowa Gielda Energii S.A. Accounts Payable $1,836 Ksiazca 4 Warsaw, 00-498 Poland 21. China Construction Bank Performance Undetermined Corporation Anhui Branch Bond No. 253 Huizhou Road Hefei, 230001 China 22. China Merchants Bank Hefei Performance Undetermined Branch Bond Jin Cheng Building No. 436 central Changjiang Rd Hefei, Anhui, 230061 China 23. Agricultural Bank of China Performance Undetermined Anhui Branch Bond 448 Changjiang Zhonglu Hefei, Anhui Province, 230061 P.R. China GOLIATH VENTURES: Turnover Motion OK'd, Fee Request Denied as Moot ------------------------------------------------------------------ Judge Robert A. Mark of the U.S. Bankruptcy Court for the Southern District of Florida granted the motion of Goliath Ventures Inc. (FL) and Goliath Ventures Inc. (WY) for turnover by and from Alston & Bird LLP and for an award of fees. The Debtors are investigating the circumstances surrounding an (alleged) massive fraud that was perpetrated by Christopher Delgado, through and upon the Debtors, for which reportedly ~1,500 victims suffered losses of ~$328 million. The Debtors and their professionals are seeking to minimize administrative fees, recognizing that those costs will ultimately be borne by the estate and the creditor body. According to the Debtors, Alston & Bird, which has been sued by a class of investors, is delaying and prejudicing the Debtors' investigation by refusing to turnover the Alston & Bird Files to its former client: the Debtors. As a result, the Debtors requested an award of compensatory fees for prosecuting this Motion based on the Court’s inherent authority and 11 U.S.C. Section 105. The Debtors and Alston & Bird have resolved the issues raised in the motion and agreed to the relief set forth in this Order. Michael S. Budwick, as receiver for the Debtors, has been excused from compliance with 11 U.S.C. Secs. 543(a)-(b). Accordingly, the Receiver has all decision-making authority for the Debtors and the authority to direct the Debtors in these chapter 11 proceedings. The Receiver has the authority to cause the Debtors to demand from Alston & Bird LLP the Debtors' entire client file held by Alston & Bird LLP, as well as all recorded information, including books, documents, records, and papers, relating to the Debtors' property or financial affairs. The Receiver has the authority to cause the Debtors to waive the attorney-client privilege for the client file held by Alston & Bird LLP and any other books, documents, records, and papers, relating to the Debtors' property or financial affairs. The Debtors' authority includes the ability to disclose attorney-client privileged documents and information to third parties. Based on the representation of Daniel Y. Gielchinsky, who has identified himself to counsel to BlackBlock Management Solutions, LLC, that BlackBlock has waived all attorney-client privilege rights to the client file held by Alston & Bird that share a joint privilege among it and the Debtors, the Debtors have the authority to waive attorney-client privilege for any documents subject to joint privilege with BlackBlock. Alston & Bird shall turn over to the Debtors the firm's entire client file relating to the Debtors, as well as all recorded information, including books, documents, records, and papers, relating to the Debtors' property or financial affairs within seven business days of the date of entry of this Order. The Debtors having withdrawn their request for attorneys' fees and costs in bringing the motion, the request for attorneys' fees and costs is denied as moot. A copy of the Court's Order dated May 28, 2026, is available at http://urlcurt.com/u?l=yRMEkFfrom PacerMonitor.com. About Goliath Ventures Inc. Goliath Ventures Inc., formerly known as Gen-Z Venture Firm Inc., incorporated in Florida, was a cryptocurrency investment firm offering high-yield digital asset programs and liquidity pool investments to institutional and retail investors. A Florida court appointed Michael S. Budwick as receiver to secure remaining assets and records. Goliath Ventures and affiliate Goliath Ventures Inc., formerly known as Goliath Ventures Inc., a FL corporation, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Lead Case No. 26-13174) on March 16, 2026. Michael S. Budwick, receiver of Goliath Ventures, signed the petition. At the time of the filing, Goliath Ventures reported $1 million to $10 million in assets and $100 million to $500 million in liabilities. Judge Laurel M. Isicoff presides over the cases. The Debtors are represented by: Solomon B. Genet, Esq. Meland Budwick, P.A. 200 South Biscayne Boulevard, Suite 3200 Miami, FL 33131 Telephone: (305) 358-6363 Email: sgenet@melandbudwick.com Jonathan S. Feldman, Esq. and Phang & Feldman, P.A. serve as counsel for the Official Committee of Unsecured Creditors. GOOD WORKS: Updates Several Secured Claims Pay Details ------------------------------------------------------ Good Works Housing, LLC, submitted a Fifth Amended Plan of Reorganization for Small Business dated May 21, 2026. The Debtor will have sufficient financial resources over the life of the Plan to make the required Plan payments, to pay administrative costs, and to operate the Debtor's business, under the terms of this Fifth Amended Plan of Reorganization. The Debtor will derive the funds necessary to fund the Plan as well as ongoing business operations from a combination of rental revenues and proceeds from property sales and refinancing, and/or reducing debt service thereby. In addition to the rental revenues, the Debtor plans to sell one property, 1311 S. 47th, and to transfer title to another property, Dauphin, while retaining a minority interest in Dauphin, and to use the proceeds of the 1311 S. 47th and Dauphin sales to pay off mortgage balances and other liens, and to fund additional property acquisitions from any residual proceeds in order to generate additional rental revenues that will help fund the Plan. The Plan Proponent's financial projections show that the Debtor will have projected disposable income starting at $8,500.00 monthly, then $4,075.00 monthly after the dispositions of 1311 S. 47th and a majority interest in Dauphin (less the Debtor's share of expenses including, but not limited to post-petition mortgage payments, real estate taxes and insurance cost, 100% on Salford, 50% on Glenwood (as a member of Understated LLC), and 35% on Dauphin). Upon closing of sale on 1311 S. 47th and transfer of Dauphin, those revenues will be reduced, but likewise the Debtor's monthly debt service will also be reduced, leaving the Debtor with significantly less debt and positive cash flow. This Plan of Reorganization proposes to pay creditors of the Debtor from sale of assets, cash flow from operations, and/or future income. Non-priority unsecured creditors holding allowed claims will receive distributions, which the proponent of this Plan has valued at a total dollar amount of approximately $20,000.00. This Plan also provides for full payment of administrative expenses/claims and priority claims. Class 2 consists of Secured claims related to Debtor's properties to be sold under the Plan, at: 505 W. Dauphin Street Philadelphia, PA 19133; and and 1311 S. 47th Street Philadelphia, PA 19143. The Class 2 creditors are impaired by this Plan only with respect to the timing of payment and with respect to any reduction in the remaining balance due as agreed to by a particular creditor; the creditors will be paid in full, as agreed, in accordance with the treatment set forth in Article 7, or the date on which such claim is allowed by a final non-appealable order, whichever is later. Class 3 consists of Secured claims related to Debtor's properties to be retained under the Plan, at: 1927 S. Salford Street Philadelphia, PA 19143. The Class 3 creditors are impaired by this Plan only with respect to the timing of payment; the creditors will be paid the full amount of their filed claims in accordance with the treatment set forth in Article 7, or the date on which such claim is allowed by a final non-appealable order, whichever is later. Like in the prior iteration of the Plan, Class 5 unsecured creditors will be paid pro rata from pool of funds as specified in Article 7 after full payment to Class 1 through 4 creditors, to the extent the claims of any such creditors are allowed. The primary means for the Debtor to fund implementation of this Plan, including both prepetition and post-petition obligations is a combination of the rental income received from tenants of the Debtor's properties, transferring title to Dauphin, selling 1311 S. 47th, refinancing Salford, and acquiring an interest in Glenwood. The Debtor has entered into a Stipulation concerning 1311 S. 47th with the first mortgage lender, Sherman Bridge that was approved by the Court, and has entered into an agreement of sale for which the Debtor will be seeking Court approval promptly upon receiving approval of the zoning variance necessary for the Debtor's financing to receive final approval. The Debtor expects to close on the sale of 1311 S. 47th no later than August 31, 2026 (which may be extended under the terms of the Stipulation between the Debtor and the first mortgage lender, as revised). The Debtor will make payments under this Fifth Amended Plan of Reorganization of $1,000.00 per month beginning thirty days after confirmation until the sales of 1311 S. 47th and Dauphin are closed, then reduce payments to $500.00 per month. Such payments under the Plan will continue, primarily to fund administrative costs, for the number of months needed to cover all allowed administrative costs not paid upon confirmation from accrued funds in the Debtor in Possession account, and will be paid for a total of thirty-six months if funds are needed in addition to the proceeds from the sale and refinancing described herein to pay all secured claims either as agreed with the lienholder or as allowed by the Court, and to also fund the pool of funds in the amount of $20,000.00 for allowed claims of general unsecured (Class 5) creditors. The final Plan payment is expected to be paid as soon as six months after confirmation, but in any event, no later than on or about May 31, 2029. A full-text copy of the Fifth Amended Plan dated May 21, 2026 is available at https://urlcurt.com/u?l=qOUPYl from PacerMonitor.com at no charge. Counsel to the Debtor: Roger V. Ashodian, Esq. Regional Bankruptcy Center of Southeastern PA, PC 101 West Chester Pike, Suite 1A Havertown, PA 19083 Telephone: (610) 446-6800 About Good Works Housing Good Works Housing LLC has been in the business of real estate investment, renovation, and management. The Debtor filed its voluntary Chapter 11 petition (Bankr. E.D. Pa. Case No. 25-12224) on June 2, 2025, listing up to $1 million in both assets and liabilities. Judge Derek J. Baker oversees the case. Roger V. Ashodian, at Regional Bankruptcy Center of Southeastern PA, PC, serves as the Debtor's counsel. GOODYEAR TIRE: S&P Rate New $750MM Senior Unsecured Notes 'B+' -------------------------------------------------------------- S&P Global Ratings assigned its 'B+' issue-level rating and '3' recovery rating to Goodyear Tire & Rubber Co.'s proposed $750 million senior unsecured notes due 2032. The '3' recovery rating indicates its expectation for meaningful (50%-70%; rounded estimate: 50%) recovery for lenders in the event of a payment default. All its existing ratings on the company, including its 'B+' issuer credit rating and 'B+' issue-level rating and '3' recovery rating on its existing senior unsecured debt, are unchanged. Goodyear plans to use the proceeds from these notes to repay outstanding debt and cover related fees and expenses. S&P said, "Due to the ongoing conflict in the Middle East and resulting inflationary pressures, we now expect FOCF will remain negative in 2026. Despite this, the company's liquidity remains in a strong position given ample revolving credit facility capacity. We currently anticipate disruptions in the Strait of Hormuz will ease in the second half of the year. However, if disruptions persist beyond our expectations or if operating conditions remain more challenging, we will assess how Goodyear's ability to offset higher costs with pricing and restructuring, as well as what that ultimately means for market share, volumes, profits, and free cashflow. If we expect FOCF deficits to increase meaningfully or more sustainably, we could consider a negative outlook or rating action on the company." ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors -- S&P's simulated default scenario assumes that Goodyear's cash flow is impaired by weakened demand for replacement tires, higher raw material costs, a loss of market share stemming from significant competitive pressures, and continued high plant investment. -- S&P applied a 5x multiple to its estimate of the company's distressed EBITDA, which reflect its brand recognition and the diversification between its original equipment manufacturer and replacement-market sales. Simulated default assumptions -- Simulated year of default: 2030 -- EBITDA at emergence: $1.5 billion -- EBITDA multiple: 5x Simplified waterfall -- Gross enterprise value: $7.7 billion -- Administrative expenses: $382.7 million -- Net enterprise value: $7.3 billion -- Valuation split (obligors/nonobligors): 60%/40% -- Priority claims: $2.6 billion -- Total value available to unsecured claims: $2.8 billion -- Senior unsecured debt claims: $4.9 billion -- Other unsecured claims: $474 million -- Total unsecured claims: 5.4 billion --Recovery expectations: 30%-50% (rounded estimate: 50%) GREAT CIRCLE: Cash Collateral Hearing Set for July 15 ----------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of New York is set to hold a hearing on July 15 to consider extending Great Circle Park, LLC's authority to use its lender's cash collateral. The Debtor is currently authorized to use the cash collateral of Flagstar Bank, N.A. pursuant to the court's April 27 order, which approved their fourth stipulation on cash collateral use. Under the order, the Debtor is allowed to utilize up to $51,183.85 in cash collateral from April 24 through July 23, strictly in accordance with an approved operating budget. Any variance greater than 5% for a budget line item requires the lender's written consent. \ As adequate protection, Flagstar will receive monthly non-default interest payments of $23,801.04 and retain all pre-bankruptcy liens on the collateral. Events of default include the appointment of a Chapter 11 trustee; conversion of the Debtor's bankruptcy case to one under Chapter 7; stay relief; or breach of the stipulation terms. Upon default, the lender may move for relief from stay on seven days' notice. Flagstar consented to the Debtor's use of its cash collateral in order to preserve the value of its collateral and fund the Debtor's business operations. The stipulation is available at https://shorturl.at/0gERG from PacerMonitor.com. About Great Circle Park LLC Great Circle Park, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. N.Y. Case No. 25-11767) on August 12, 2025, listing up to $10 million in both assets and liabilities. Pamela Frost, managing member, signed the petition. Judge Martin Glenn oversees the case. Tracy L. Klestadt, Esq., at Klestadt Winters Jureller Southard & Stevens, LLP, represents the Debtor as legal counsel. Flagstar Bank, N.A., as lender, is represented by: Phillip S. Pavlick, Esq. McCarter & English, LLP Four Gateway Center, 100 Mulberry Street Newark, NJ 07102 Tel: (973) 849-4181 ppavlick@mccarter.com GRIDAI TECHNOLOGIES: Settles $1.01 Million Loan Demand ------------------------------------------------------ GridAI Technologies Corp. and lender 1396974 BC Ltd. entered into a debt settlement and subscription agreement covering a loan demand of about $1.01 million, according to an SEC filing. The company will satisfy the obligation with an $800,000 cash payment and the issuance of 71,482 common shares at a deemed price of $3.25 per share. The cash payment consists of $700,000 in principal and $100,000 in accrued interest. The share issuance will satisfy remaining accrued interest obligations of $232,315. The settlement follows a lender demand letter dated April 1 that asserted GridAI was in default under a revolving loan agreement because the Jan. 31 maturity date had passed and amounts due had not been repaid. The lender had demanded $1,014,675, including the $700,000 principal amount received by the company, interest and a 20% increase tied to the alleged default under the loan agreement. About GridAI Technologies GridAI Technologies Corp., formerly Entero Therapeutics, Inc., is a diversified technology and life sciences company. The company operates through two principal areas: energy orchestration and grid optimization software solutions through Grid AI Corp. and legacy biopharmaceutical development activities centered on Adrulipase for exocrine pancreatic insufficiency. GridAI acquired Grid AI Corp. in September 2025, after which Grid AI Corp. and its subsidiaries, including AMPX, became consolidated subsidiaries. The company changed its name to GridAI Technologies Corp. effective Dec. 1, 2025. In an audit report dated May 1, 2026, Macias Gini & O'Connell LLP included going-concern language, stating that GridAI had incurred significant operating losses and negative cash flows from operations since inception and had a significant accumulated deficit. The auditor said the company is dependent on obtaining additional working-capital funding from equity and/or debt securities, and that those conditions raised substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2025, GridAI reported total assets of $48.55 million, total liabilities of $19.72 million and total stockholders' equity of $24.94 million. GROUND WEST: Seeks to Hire Lefkovitz & Lefkovitz as Counsel ----------------------------------------------------------- Ground West Franklin, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Tennessee to hire Lefkovitz & Lefkovitz, PLLC as counsel. The firm's services include: a. advising the Debtor(s) as to her rights, duties, and powers as Debtor(s)-in Possession; b. preparing and filing statements and schedules, plans, and other documents and pleadings necessary to be filed by the Debtor(s) in this proceeding; and c. representing the Debtor(s) at all hearings, meetings of creditors, conferences, trials, and any other proceedings in this main case in the U.S. Bankruptcy Court for the Middle District of Tennessee. The firm's counsel will be paid at these hourly rates: Attorneys $550 Paralegals $200 In addition, the firm will seek reimbursement for expenses incurred. The firm received a total of $18,262 as retainer, plus $1,738 in Court filing fees. Jay Lefkovitz, attorney at Lefkovitz & Lefkovitz, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Jay R. Lefkovitz, Esq. Lefkovitz & Lefkovitz, PLLC 908 Harpeth Valley Place Nashville, TN 37221 Telephone: (615) 256-8300 Facsimile: (615) 255-4516 Email: jlefkovitz@lefkovitz.com About Ground West Franklin LLC Ground West Franklin, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Tenn. Case No. 26-02343) on May 15, 2026, with up to $50,000 in assets and $500,001 to $1 million in liabilities. Judge Nancy B. King presides over the case. Jay Lefkovitz, Esq., represents the Debtor as legal counsel. GROUPE SOLMAX: S&P Alters Outlook to Negative, Affirms 'B-' ICR --------------------------------------------------------------- S&P Global Ratings revised its outlook on Quebec-based geosynthetic manufacturer Groupe Solmax Inc. (Solmax) to negative from stable. At the same time, S&P affirmed its 'B-' issuer credit rating on the company and its 'B-' issue-level ratings on its senior secured debt. The negative outlook reflects S&P's view that at the current rating, Solmax has little capacity to underperform versus its estimates or time to refinance its capital structure, which has increased the likelihood of a downgrade. Solmax is pursuing a multi-year transformation to drive EBITDA growth, but macroeconomic uncertainty and the looming maturity of its term loan in 2028 are notable credit risks. S&P expects the company's free operating cash flow (FOCF) to be negative through 2027 before turning positive in 2028 as the company increases adjusted EBITDA to above $120 million from about $83 million in 2025. While Solmax's transformation plan offers a path to margin and cash flow improvement, the company faces execution and refinancing risks with the May 2028 maturity of its term loan. The company's management team, the majority of whom have joined the company within the last two years, is implementing a transformation plan aimed at improving profitability and competitiveness in the company's key markets. As S&P understands it, the plan will focus on SKU rationalization, cross-selling value-added products, and improving margins and product mix across the business through pricing discipline. In addition, cost-reduction initiatives--such as footprint consolidation and procurement efficiencies--are aiming to reduce the company's fixed cost base. S&P said, "We estimate that these initiatives could improve annual EBITDA by about $5 million per year and $25 million-$35 million over the next five years. While we consider the plan achievable, we think there is downside risk to our projections due to potential challenges in realizing these cost savings amid an increasingly volatile geopolitical and macroeconomic environment. With negative FOCF through 2027, limited liquidity, and all its debt due by May 2028, there is little room at the current rating for Solmax to underperform against our estimates or time to refinance its capital structure. "We forecast Solmax will continue to generate negative FOCF through 2027, as capex is elevated due to the buildout of its Les Mureaux facility in France. In 2026, we expect Solmax will generate negative FOCF of about $70 million before improving to about negative $10 million in 2027, turning positive thereafter. This assumes that sharply higher resin costs--resulting from the war in the Middle East--will be almost entirely passed on to its customers while contributing to a working-capital outflow from higher inventory costs this year before unwinding as resin prices decline. In addition, we expect capex will be elevated through 2027 as the company completes its buildout of its new facility in Les Mureaux, which will consolidate production of Group Solmax's two other European facilities that have been sold or will be. We estimate remaining proceeds for these facilities will total about $30 million in 2026, which we exclude from our FOCF forecast. "The negative outlook reflects our view that Solmax has little capacity to underperform against our estimates or time to refinance its existing capital structure at the current rating, which increases the likelihood of a downgrade. This incorporates our expectation for the company to generate negative FOCF through 2027. It also incorporates our view of the company's limited liquidity, because of its revolving credit facility that is set to expire in May 2027 and its term loan due in May 2028. "We could downgrade Solmax within the next several months if we no longer view its capital structure as sustainable. In this scenario, we would likely expect funds from operations (FFO) cash interest coverage to remain below 1.5x or FOCF generation to be insufficient to cover scheduled debt amortization. This could result from weaker demand for its products (potentially stemming from competitive pressures), a more challenging economic environment than we anticipate, or the company's failure to achieve meaningful cost savings from its transformation initiatives. We could also downgrade Solmax if we no longer expect the company to address its upcoming maturities over the coming months. "We could revise our outlook back to stable within the next 12 months if Solmax extends the maturities of its RCF and term loans, improves operating performance such that FFO cash interest coverage increases to at least 1.5x on a sustained basis, and we expect the company will generate meaningful FOCF above scheduled annual debt amortization." GUNTER LAND: Seeks to Hire Michael Group as Real Estate Broker -------------------------------------------------------------- Gunter Land NTX, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Texas to hire The Michael Group as real estate broker. The firm will be paid a commission of 3% of the gross sales proceeds on a sale of the Panther Trail Lots, located in the City of Van Alstyne, Texas, and consisting of 81 finished, vacant, one-half-acre residential lots, one commercial lot, and one existing residential home, all within the Panther Trail development in Grayson County, Texas 75495. As disclosed in the court filings, The Michael Group is a "disinterested person" within the meaning of Sec. 101(14) of the Bankruptcy Code, as modified by Sec. 1107(b) of the Bankruptcy Code. The firm can be reached through: John Edelman The Michael Group 1845 Precinct Line Rd #208 Hurst, TX 76054 Phone: (817) 577-9000 Email: hurst@themichaelgroup.com About Gunter Land NTX, LLC Gunter Land NTX, LLC is a Dallas-based real estate company associated with property ownership and land-related activity in North Texas. The company, whose listed address is in Dallas, is linked to property in Van Alstyne, Grayson County, Texas. Gunter Land NTX, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Tex. Case No. 26-41416) on April 24, 2026, listing $10 million to $50 million in assets and $1 million to $10 million in liabilities. The petition was signed by Donald Craig Barrow as authorized member. Eric T. Haitz, Esq. at BONDS ELLIS EPPICH SCHAFER JONES LLP serves as the Debtor's counsel. HAZE HOSPITALITY: Commences Chapter 11 Bankruptcy in New York ------------------------------------------------------------- On May 21, 2026, Haze Hospitality LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of New York. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1-49 creditors. A meeting of creditors filed by the United States Trustee under Section 341(a) meeting to be held on June 26, 2026 at 10:00 AM at USA Toll-Free (888) 330-1716, USA Caller Paid/International Toll (713) 353-7024, Access Code 3913464. About Haze Hospitality LLC Haze Hospitality LLC is a hospitality industry company engaged in the ownership, management, or operation of hospitality-related businesses. The company operates within the food, beverage, lodging, or entertainment sector, serving customers in the hospitality market. Haze Hospitality LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-72050) on May 21, 2026. In its petition, the Debtor reports estimated assets of $0-$100,000 and estimated liabilities of $100,001-$1,000,000. Honorable Bankruptcy Judge Louis A. Scarcella handles the case. The Debtor is represented by Marc A. Pergament, Esq. of Weinberg, Gross & Pergament, LLP. HEPION PHARMACEUTICALS: Grassi & Co. Raises Going Concern Doubt --------------------------------------------------------------- Hepion Pharmaceuticals, Inc. filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2025 with the U.S. Securities and Exchange Commission earlier this year. The audited report contains a blunt warning: conditions exist that raise substantial doubt about its ability to continue as a going concern. Based on the financial statements, the Company reported a net loss of $8.3 million for the year ended December 31, 2025, compared with a net loss of $13.2 million for 2024. The Company has not generated revenue to date and has incurred substantial losses and negative cash flows from operations since its inception. As of December 31, 2025, the Company had $1.8 million in cash, an accumulated deficit of $246.1 million, and working capital of $2.8 million. For the year ended December 31, 2025, cash used in operating activities was $3.3 million. Going concern Jericho, New York-based GRASSI & CO., CPAs, P.C., the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 11, 2026, attached to the Company's Annual Report for the fiscal year ended December 31, 2025, citing that the Company's significant operating losses and negative cash flows from operations since inception raise substantial doubt about its ability to continue as a going concern. These consolidated financial statements have been prepared under the assumption that the Company will continue as a going concern. Due to its recurring and expected continuing losses from operations, the Company has concluded there is substantial doubt in its ability to continue as a going concern within one year of the issuance of these consolidated financial statements without additional capital becoming available to it. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. The Company has historically funded its operations through the issuance of convertible preferred stock, warrants, the issuance and sale of shares of common stock, and subsequent issuances of shares of common stock through at-the-market offerings. Its ability to continue operations after its current cash resources are exhausted depends on future events outside of its control, including its ability to obtain additional financing or to achieve profitable operations, as to which no assurances can be given. If adequate additional funds are not available when required, management may need to curtail planned operations to conserve cash until sufficient additional capital can be raised. There can be no assurances that such a plan would be successful. Liquidity and Capital Resources No doubt, management has been working to stay afloat. On January 23, 2025, the Company consummated a "best efforts" public offering of 553,846 shares of common stock (or pre-funded warrants in lieu thereof), with each share of common stock (or pre-funded warrant) accompanied by: (i) a Series A common warrant to purchase one (1) common share at an exercise price of $20.00 per share and (ii) a Series B common warrant to purchase one (1) common share at an exercise price of $20.00 per share. The gross proceeds of the public offering were approximately $9 million before deducting placement agent fees and offering expenses, and were used to repay certain indebtedness and for general corporate purposes, including working capital, operating expenses, and capital expenditures. The Company cannot be certain that additional funding will be available on acceptable terms, or at all. To the extent that it raises additional funds by issuing equity securities, stockholders may experience significant dilution. Any debt financing, if available, may involve restrictive covenants that impact the Company's ability to conduct business. If it is unable to raise additional capital when required or on acceptable terms, it may have to: (i) seek collaborators for its product candidates on terms that are less favorable than might otherwise be available; or (ii) relinquish or otherwise dispose of rights to technologies, product candidates, or products that it would otherwise seek to develop or commercialize on unfavorable terms. Tough road ahead Absent further funding, the Company currently expects to run out of available cash resources during the third quarter of 2026. As a result of its lack of cash resources, it has already slowed the timeline of its clinical trial work to preserve cash in the near term. If the Company fails to obtain additional financing, it likely will be forced to abandon such activities entirely and file for bankruptcy protection, with the possible loss of such properties or assets, including the license to its core technology. Based on its explorations to date, the Company does not expect that any other strategic alternatives -- such as a potential sale of the Company or its assets or other restructuring efforts -- will be available in the near term. As a result, any inability to obtain additional financing in the near term, including a material amount of financing over the next two to three years, would likely result in a material adverse effect on its business, results of operations, cash flow, financial condition, and prospects -- and cause its stockholders to receive little or no return on their shares of common stock. A full text copy of the Company's Form 10-K is available at https://tinyurl.com/yvxb4mt8 About Hepion Pharmaceuticals Hepion Pharmaceuticals, Inc. is a medical diagnostic Company headquartered in Morristown, New Jersey, that was previously focused on the development of drug therapy for treatment of chronic liver diseases. As of December 31, 2025, the Company had $3.1 million in total assets, $402,405 in total liabilities, and $2.7 million in total stockholders' equity. HUMACYTE INC: PwC Raises Going Concern Doubt Over Recurring Losses ------------------------------------------------------------------ Humacyte, Inc. filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2025 with the U.S. Securities and Exchange Commission earlier this year. The audited report contains a blunt warning: conditions exist that raise substantial doubt about its ability to continue as a going concern. Based on the financial statements, the Company reported a net loss and comprehensive loss of $40.8 million for the year ended December 31, 2025, compared to $148.7 million for 2024. Although the Company is a commercial-stage biotechnology platform Company, it has a single product approved for commercial sale and have generated $1.4 million in product revenue from the sale of Symvess for the period ended December 31, 2025 Going Concern Raleigh, North Carolina-based PricewaterhouseCoopers LLP, the Company's auditor since 2013, issued a "going concern" qualification in its report dated March 27, 2026, attached to the Company's Annual Report for the fiscal year ended December 31, 2025, citing the Company has incurred operating losses and negative cash flows from operations since inception that raise substantial doubt about its ability to continue as a going concern. Liquidity Since its inception in 2004, the Company has incurred operating losses and negative cash flows from operations in each year. To date, the Company has financed its operations primarily through the sale of equity securities and convertible debt, proceeds from the Reverse Recapitalization, borrowings under loan facilities, proceeds from a revenue interest purchase agreement and, to a lesser extent, through product revenue, governmental and other grants. At December 31, 2025 and December 31, 2024, the Company had an accumulated deficit of $726.8 million and $686 million, respectively. The Company's operating losses were $108.1 million and $114.4 million for the years ended December 31, 2025 and 2024, respectively. Net cash flows used in operating activities were $105 million and $98.1 million during the years ended December 31, 2025 and 2024, respectively. Substantially all the Company's operating losses resulted from costs incurred in connection with the Company's research and development programs and from general and administrative costs associated with the Company's operations. The Company expects to incur substantial operating losses and negative cash flows from operations for the foreseeable future as the Company advances its product candidates. As of December 31, 2025, the Company had available cash and cash equivalents of $50.5 million. Subsequent to December 31, 2025, on March 20, 2026, we issued and sold to certain investors in a registered direct offering 25,000,000 shares of Common Stock at a price of $0.80 per share. Net proceeds to the Company from the March 2026 Registered Direct Offering were approximately $18,400,000, after deducting the placement agent's fees and estimated expenses payable by the Company. Also, from January 1, 2026 until March 17, 2026, we sold an aggregate of 4,018,497 shares of Common Stock under the TD Cowen ATM Facility at an average price of $1.16 per share for net proceeds of approximately $4.6 million. On March 19, 2026, we suspended and terminated the ATM Prospectus, pursuant to which shares had been sold under the TD Cowen ATM Facility. On May 12, 2023, Humacyte, Inc. and Global entered into a Revenue Interest Purchase Agreement with two purchasers, both affiliates of Oberland Capital Management LLC, and another affiliate of Oberland Capital Management LLC, as agent for the Purchasers, to obtain financing with respect to the further development and commercialization of the Company's ATEV, to repay the Company's then-existing credit facility with Silicon Valley Bank, and for other general corporate purposes. The Purchase Agreement contained customary representations and warranties and affirmative covenants for transactions of this type, including, among others, the provision of financial and other information to the Purchaser, notice to the Purchaser upon the occurrence of certain material events, and compliance with applicable laws. The Purchase Agreement also contained customary negative covenants, including certain restrictions on the ability to incur indebtedness and grant liens or security interests on assets. On February 18, 2024, the Company reached an agreement with the Purchasers and the Agent to waive certain breaches related to and extend the deadline for certain post-closing obligations under, the Purchase Agreement, including the requirement for the Company to deliver a leasehold mortgage in favor of the Agent over the Company's headquarters. On May 8, 2024, the Company agreed with the Purchasers to amend the Purchase Agreement to remove requirements related to the leasehold mortgage. In exchange for removing this requirement, the Company agreed to fund an account in the amount of $54 million over which the Agent had certain consent and other rights to $50 million of the funds. The Company funded an account with the required $54 million on August 14, 2024. On September 17, 2025, the Company and Humacyte Global, Inc. entered into a second amendment to the Purchase Agreement with the Purchasers and the Agent to amend the Purchase Agreement. In connection with the Purchase Agreement Amendment, the Company made a $50 million repayment under the Purchase Agreement, funded from the restricted cash previously maintained for the benefit of the Agent. As a result of the Purchase Agreement Amendment Payment, the Company was no longer obligated to maintain $50 million of restricted cash in an account for the benefit of the Agent. As of December 31, 2025 and 2024, $0 million and $50 million, respectively, related to the Purchase Agreement was classified as restricted cash on the acCompanying consolidated balance sheets. On December 15, 2025, the Company entered into a payoff letter with the Purchasers and the Purchasers' Agent pursuant to which the Purchase Agreement and the Option Agreement were terminated in their entirety. As consideration for the termination of these agreements and the satisfaction of all obligations thereunder, the Company paid $38 million in cash and issued 5,725,190 shares of the Company's common stock, par value $0.0001 per share, to the Purchasers. The cash payment was funded with proceeds from the Term Loan Facility. Pursuant to the Loan Agreement, the proceeds of the Term Loan Facility are required to be used to repay outstanding indebtedness under the Purchase Agreement and for other general corporate purposes. The funding of the first tranche of the Term Loan Facility was conditioned upon delivery of a payoff letter with respect to all indebtedness outstanding under the Purchase Agreement and evidence that the liens securing such indebtedness would be released. The extinguishment of the Purchase Agreement was accounted for as a debt extinguishment under ASC 470-50. The termination of the Purchase Agreement released all liens and security interests previously granted to the Purchasers and their agent and relieved the Company of any further obligations to the Purchasers. As of December 31, 2025 and 2024, $0 million and $64.2 million, respectively, was recorded as a revenue interest liability on the acCompanying consolidated balance sheets. On September 24, 2024, the Company entered into a common stock purchase agreement with Lincoln Park Capital Fund, LLC for an equity line financing. The Common Stock Purchase Agreement provides that, subject to the terms and conditions set forth therein, the Company has the sole right, but not the obligation, to sell to Lincoln Park shares of Common Stock, having an aggregate value of up to $50 million over a 24-month period. The Company controls the timing and amount of any sales of Purchase Shares to Lincoln Park pursuant to the Common Stock Purchase Agreement in its sole discretion. As of December 31, 2025, the Company had $47.5 million in remaining availability for sales of Common Stock under the Common Stock Purchase Agreement. There were no purchases under the Common Stock Purchase Agreement during the fiscal year ended December 31, 2025. As of December 31, 2024, the Company had completed sales of shares under the Common Stock Purchase Agreement that provided $2.5 million in gross proceeds. See Note 10 for further discussion. On September 1, 2022, we entered into a sales agreement with Jefferies LLC, acting as sales agent for the sale from time to time of up to $80 million of shares of Common Stock. In December 2024, we sold an aggregate of 1,333,596 shares of Common Stock under the Jefferies ATM Facility at an average price of $5.26 per share for net proceeds of approximately $6.8 million. In the year ended December 31, 2025, the Company completed sales of shares under the Jefferies ATM Facility that provided net proceeds of approximately $10 million. On November 21, 2025, the Company delivered a notice to Jefferies LLC terminating the Jefferies ATM Sales Agreement, which termination became effective 10 days thereafter. As of December 31, 2025, no shares remained available for issuance under the Jefferies ATM Facility. The Company will not have sufficient liquidity to fund its operations beyond one year from the issuance of these financial statements if the Company is unable to generate sufficient cash flows from commercial sales on a timely basis and/or obtain additional capital. These factors raise substantial doubt about the Company's ability to continue as a going concern. The future viability of the Company is dependent on its ability to generate cash flows from the sale of Symvess and raise additional capital to finance its operations. The Company plans to seek additional funding through private or public equity financings, debt financings, debt refinancings or restructurings, collaborations, strategic alliances, and marketing, distribution or licensing arrangements. Adequate additional capital may not be available to the Company when needed or on acceptable terms. If the Company is unable to raise capital, the Company plans to implement a program that delays, reduces, suspends or ceases certain of its planned capital expenditures, research and development programs or any future commercialization efforts, which would have a negative impact on its business, prospects, operating results and financial condition. A full text copy of the Company's Form 10-K is available at https://tinyurl.com/mr3tsyf9 About Humacyte, Inc. Humacyte, Inc. and subsidiaries is pioneering the development and manufacture of off-the-shelf, universally implantable, bioengineered human tissues, advanced tissue constructs and organ systems with the goal of improving the lives of patients and transforming the practice of medicine. The Company is leveraging its regenerative medicine technology platform to develop proprietary product candidates for use in the treatment of diseases and conditions across a range of anatomic locations in multiple therapeutic areas. As of December 31, 2025, the Company had $116.4 million in total assets, $113.3 million in total liabilities, and $3.1 million in total stockholders' equity. HYBAR LLC: S&P Assigns 'B-' ICR on Refinancing And Expansion ------------------------------------------------------------ S&P Global Ratings assigned its 'B-' issuer credit rating to Arkansas-based rebar producer Hybar LLC and 'B-' issue-level rating and '3' recovery rating to its proposed senior secured debt. The stable outlook reflects S&P's expectation that Hybar will continue to ramp up operations at its first facility while constructing its second, albeit with elevated leverage during the construction and ramp-up periods over the next few years. Hybar LLC is raising approximately $1.1 billion of senior secured debt to refinance its capital structure and fund its Hybar II expansion project. This comes after the company recently completed construction on and is ramping up its 630,000-ton scrap-metal recycling facility, Hybar I, on the same site in Osceola, Arkansas. Despite higher leverage initially due to the new construction and ramp-up periods, S&P expects Hybar's production output, contractual revenues, market position, and industry expertise will support increasing earnings and cash flow to support deleveraging due to the phase II development. S&P's rating reflects Hybar refinancing its capital structure to construct a second facility. Hybar completed construction on its first rebar facility in October 2025 and became EBITDA positive within four months. Hybar 1 is ramping up production to its rated capacity of about 630,000 tons per year and company-estimated capacity of about 700,000 tons per year. Hybar is accessing capital markets to raise approximately $1.1 billion to refinance its capital structure and to build its co-located Hybar II plant, which will cost approximately $800 million and produce similar capacity. The proposed capital structure comprises a $75 million asset-based lending (ABL) revolving facility (upsized from $50 million; unrated), $100 million of new series 2026A tax-exempt bonds, $230 million of new series 2026B taxable bonds (which could become tax-exempt after the initial year), and $110 million of series 2023A and $220 million series 2023B exchanged tax-exempt bonds (all issued by the Arkansas Development Finance Authority and Hybar will be the obligor). The latter will replace the 2023A and 2023B bonds issued to finance Hybar I and the exchanged bonds will be used to transition the company from a project finance to corporate indenture. Hybar also plans to issue other secured debt soon, which will be pari passu with the municipal bonds, with total debt not expected to exceed $1.1 billion. S&P assigned its 'B-' issue-level rating and '3' recovery rating to the proposed 2023 and 2026 bonds. The '3' recovery rating indicates our expectation for meaningful recovery (50% to 70%; rounded estimate: 65%) in a payment default. All ratings are based on preliminary terms and conditions. Business risk factors include its cost position, location, concentration, and start-up risk. Hybar produces rebar in a scrap-metal recycling steel rebar mill in Osceola, Arkansas. Its location allows direct access to the Mississippi River, a railroad, and major highway systems, allowing easy end-market access and low-cost scrap sourcing. Hybar has single-site operations (although soon to be dual facility) and narrow commodity product focus. Hybar is a pure rebar supplier business. Unlike larger peers, such as Nucor Corp. and Commercial Metals Co., which produce more than three-quarters of market demand, Hybar does not fabricate. And while the owners have had meaningful previous industry experience (the site is near an earlier project, Big River Steel, which Hybar eventually sold to U.S. Steel for approximately $1.47 billion), S&P still sees construction risks associated with the approximately $800 million phase II expansion. Hybar I was completed in the second half of 2025 for approximately $630 million. Estimates for the approximately $800 million phase II expansion include contingencies for potential delays, tariff implications, and potential supply chain disruptions. S&P also considers the start-up risks associated with the ramp-up of phase I into our assessment of the company's business. There is a limited track record of operations, less than a year since Hybar I completed construction and began ramping up operations. Hybar is aiming for a first quartile cost position. Its feedstock consists of 100% recycled and domestic scrap, which partial owner Koch Minerals and Trading will assist in sourcing. Hybar is also the first steel mill in North America capable of operating entirely on renewable energy through an integrated, behind-the-meter solar and battery storage facility. It is also unique in that it can spool rebar, which allows specific specs and prevents yield loss, as compared to competitors that often only sell predetermined lengths of rebar. Once operational, the capacity of both mills could account for more than 10% of expected domestic industry capacity, according to World Steel Dynamics. Hybar should also benefit from steady demand, with about half of its projected total capacity in secured off-take agreements annually and the rebar market expected to expand in the U.S. due to trends such as infrastructure spending. S&P said, "Our financial risk assessment considers increased leverage in 2026 and 2027. As Hybar ramps up phase I and simultaneously builds phase II, leverage will peak in the low-double digits over the next two years. We project it will gradually decline toward the mid-single digits upon completion and successful ramp-up. We expect the ramp up in capacity at Hybar I could translate into $80 million-$100 million of EBITDA during 2026, then improving steadily to more than $200 million once Hybar II is complete and fully operational, with construction expected to be completed in 2028 and a full year's worth of earnings contribution starting in 2029. Hybar's earnings are sensitive to metal spread fluctuations between rebar pricing and scrap pricing in the U.S. As a result, a material compression in spreads, especially over a prolonged period, could cause credit metrics to deteriorate. Moreover, the capital intensity of the industry requires significant reinvestment of cash flow, which could constrain free and discretionary cash flow for debt reduction. "We expect rebar pricing to remain correlated with hot rolled coil, which we project to stay elevated above $800/st over the coming years. In the short term, however, spot prices have recently exceeded these levels due to trade protections; 50% tariffs on the U.S. steel sector pushed prices approximately 30% higher than a year ago. Although the U.S. still imports roughly 20% of its steel needs, these barriers have redirected excess Chinese steel exports into less-protected regions, supporting demand for locally produced steel. "We project a free cash flow deficit as the company builds out phase II, with approximately $120 million-$140 million of capital expenditure (capex) in 2026 and $440 million-$460 million during the spending peak in 2027. We expect no dividends at least during this expansion phase. We expect total debt of about $1.1 billion at close of the transaction, which incorporates the new proposed capital structure and no major pension or lease adjustments. "The stable outlook on Hybar reflects our expectation that earnings will continue to steadily climb from its Hybar I operations and contained risk in its execution of Hybar II. The company has just completed the first plant with minimal disruption. We expect leverage of more than 10x over the next two years as Hybar I operations ramp up while simultaneously constructing Hybar II. However, we expect leverage should decline in further years once both plants are running." S&P could lower its ratings on Hybar in the next 12 months if the company faces: -- Delays in ramping up operations at Hybar I; or -- Meaningful construction delays or cost overruns at Hybar II. In these cases, S&P would expect constrained liquidity, with sources less than 1.2x uses, which could suggest an unsustainable capital structure. -- S&P could upgrade Hybar in the next 12 months if leverage trends below 6x as the company integrates and ramps up its first facility in a heavy construction period for its second. HYDROFARM HOLDINGS: Deloitte & Touche Raises Going Concern Doubt ---------------------------------------------------------------- Hydrofarm Holdings Group, Inc. filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2025 with the U.S. Securities and Exchange Commission earlier this year. The audited report contains a blunt warning: conditions exist that raise substantial doubt about its ability to continue as a going concern. Based on the financial statements, the Company reported a net loss of $289.8 million for the year ended December 31, 2025, compared with a net loss of $66.7 million for 2024. Net sales for the year ended December 31, 2025, were $134.3 million, a decrease of $56 million, or 29.4%, compared to the same period in 2024. Going Concern Minneapolis, Minnesota-based Deloitte & Touche LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 27, 2026, attached to the Company's Annual Report for the fiscal year ended December 31, 2025, citing the Company has incurred recurring operating losses, negative cash flows from operations, and has significant debt obligations due within the next 12 months, which raises substantial doubt about its ability to continue as a going concern. Due to the Company's recurring operating losses, negative cash flows from operations, and the Company's $114.4 million reclassification of Term Loan principal to current portion of long-term debt, management has determined that the Company's present capital resources may not be sufficient to fund our planned operations for at least the next 12 month. The Company's ability to continue as a going concern will depend on its ability to generate cash from operations and obtain additional financing to fund operations after its current resources are exhausted, and no assurances can be given that additional financing will be available to us on commercially reasonable terms, or at all. If the Company is unable to raise sufficient capital when needed, its business, financial condition, and results of operations will be materially and adversely affected, and the Company will need to modify its operational plans to continue as a going concern. Moreover, the reaction of investors to the inclusion of a going concern statement in the Company's financial statements and its potential inability to continue as a going concern could adversely affect the price of the Company's common stock and its ability to raise new capital or enter into strategic or other transactions. Management's plans to address these conditions include reducing costs through restructuring and other initiatives, including facility consolidations, headcount reductions, and focusing on our proprietary brand offerings. To improve liquidity the Company is negotiating with lenders and key vendors and is pursuing additional financing or strategic alternatives including the sale of assets, businesses, or through an offering of equity securities. These plans are not within the Company's control and therefore cannot be deemed probable. As a result, the Company has concluded that management's plans do not alleviate substantial doubt about the Company's ability to continue as a going concern. A full text copy of the Company's Form 10-K is available at https://tinyurl.com/rd5nthse About Hydrofarm Holdings Hydrofarm Holdings Group, Inc. is an independent manufacturer and distributor of branded hydroponics equipment and supplies for controlled environment agriculture, including grow lights, climate control solutions, grow media and nutrients, as well as a broad portfolio of innovative, proprietary branded products. Products offered include agricultural lighting devices, indoor climate control equipment, nutrients, and plant additives used to grow, farm and cultivate cannabis, flowers, fruits, plants, vegetables, grains and herbs in controlled environment settings that allow end users to control key farming variables including temperature, humidity, CO2, light intensity and color, nutrient concentration and pH. As of December 31, 2025, the Company had $123.8 million in total assets, $187.1 million in total liabilities, and $63.3 million in total stockholders' deficit. ICAHN ENTERPRISES: Moody's Affirms 'B1' CFR, Outlook Stable ----------------------------------------------------------- Moody's Ratings has affirmed Icahn Enterprises L.P.'s (IEP) corporate family rating and backed senior secured debt ratings of B1, and its probability of default rating at B1-PD. The outlook is stable. RATINGS RATIONALE The B1 rating reflects the modestly improving albeit still weak operating performance of IEP's core subsidiaries, lackluster investment results, and financial policies that Moody's believes favor depositary unitholders over creditors. As of March 31, 2026, IEP's net asset value totaled $3.4 billion, up 12% from a year ago. This increase has improved its market value-based leverage and strengthened coverage of upcoming debt maturities. The affirmation also reflects the creditworthiness of IEP's largest dividend-paying subsidiary, CVR Energy, Inc. (B2 stable). Volatile energy prices during Q1 2026 due to the conflict with Iran resulted in a loss from hedging in the refining sector, although this has partially reversed this quarter. IEP's real estate segment was bolstered by the addition of intercompany rents from the automotive segment after the transfer of properties in Q4 2025. While cash flow and earnings generation are still weak, IEP's liquid resources remain strong with $624 million in cash at the holding company, and $2,203 million in liquid investments as of March 31, 2026. While IEP's operating companies have modest direct exposure to US trade policy, they are procyclical. The firm's choice to use available cash flows for unitholder distributions, despite uncertain economic conditions, reflects a high financial risk tolerance. IEP's recent historical distribution policy has resulted in annualized cash outflows of about $100 million for depositary units not held by insiders, as determined quarterly by the board of directors. When combined with the unpredictable cash election decision of its majority unitholder, Mr. Carl Icahn, raises the liquidity demands on the firm. IEP's B1 CFR reflects its substantial liquidity reserves and track record of activist investing, though these strengths are tempered by the firm's high market value-based leverage, low interest coverage, and the key person risks associated with its reliance on its chairman and majority depositary unitholder. The stable outlook reflects IEP's substantial cash and liquidity resources which, given the sensitivity of its operating subsidiaries to the macroeconomic environment, will help it navigate increasing market volatility or a prolonged downturn. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS IEP's ratings could be upgraded if: 1) the Energy segment's profitability improves such that its regular dividends are restored to levels commensurate with its historical targets, or IEP's other operating subsidiaries contribute meaningful and regular distributions that diversify its funds from operations; 2) there is a sustained improvement in the Investment Funds' performance; or 3) the firm adopts financial policies that maintain the strength of its liquidity profile and lowers market value-based leverage below 40% on a sustained basis. Conversely, IEP's ratings could be downgraded if: 1) market value-based leverage increases significantly, hampering the firm's ability to execute its activist agenda; or 2) the holding company's available cash and liquidity resources are significantly depleted including due to an increase in unitholder distributions without a corresponding improvement to core operating performance; or 3) there is further reduction in the creditworthiness or valuations of the firm's principal operating subsidiaries. The principal methodology used in these ratings was Investment Holding Companies and Conglomerates published in April 2023. IEP's standalone credit profile adjusted score of B1 is positioned two notches below the standalone credit profile before qualitative notching factors of Ba2. The downward adjustment reflects the key person risks associated with its reliance on its chairman and majority depositary unitholder. INGENOVIS HEALTH: S&P Upgrades ICR to 'CCC+', Outlook Stable ------------------------------------------------------------ S&P Global Ratings raised our issuer credit rating on Ingenovis Health to 'CCC+' from 'SD' (selective default) and our issue-level ratings on the term loan to 'CCC+' from 'D'. The '4' recovery rating is unchanged, indicating our expectation of average recovery prospects of between 30% - 50% (40%) in the event of a payment default. The stable outlook reflects the potential for weak demand for temporary healthcare staff to persist through 2026 and into 2027. It also reflects the company's decent liquidity position and only limited free cash deficits, which likely give the company adequate flexibility to participate in an eventual recovery in the industry. Temporary nurse staffing company, Ingenovis Health completed a distressed exchange transaction on May 22, 2026, substantially reducing debt outstanding and cash interest expense. Despite the improvement in leverage to 14x (about 10x excluding the noncash pay preferred), S&P expects the company to generate free cash flow deficits at least through the end of 2026. S&P expects industry trends around utilization of temporary nurse staffing to greatly influence the company's financial performance in 2026 and 2027. S&P believes the company has adequate liquidity for 2026 and 2027, including about $98 million cash on the balance sheet, and $32 million available to draw on its $85 million accounts receivable (A/R) securitization facility. The recapitalization transaction meaningfully reduced adjusted debt and improved the company's liquidity position. Ingenovis exchanged $725 million of term loan debt maturing 2028 and $85 million of outstanding revolver debt for a $275 million new term loan maturing 2032 and about $30 million of preferred stock with a payment-in-kind (PIK) coupon of 20% annually, redeemable at any time or upon a liquidation event, at the higher of (1) the accrued balance and (2) 300% of the initial balance. Additionally, the equity sponsors have issued $100 million of preferred stock with the same terms. S&P said, "We treat the $130 million preferred equity as debt-like in our ratios, given the high PIK rate, while acknowledging the financial flexibility of the subordinated non-cash-pay obligation. While this exchange addresses immediate maturity concerns and cash interest expense, we expect the company to generate free cash flow deficits in 2026, on continued weakness in demand for temporary nurses." As of transaction close, the company has around $98 million cash on hand and about $32 million available on its A/R securitization facility. The company is required to maintain at least 50% of the A/R securitization facility drawn, and its borrowing base is $85 million. S&P believes the company's liquidity is sufficient to weather near-term pressures. S&P anticipates the industry temporary nurse staffing business will return to growth in 2027, which will facilitate improvement in profitability and free cash flow generation. The temporary healthcare staffing industry in the U.S., which aims to address short-term capacity needs at health systems, due to turnover, temporary leave, strikes, or during public health emergencies or peak demand, has been experiencing multiple years of pressure as part of a boom-bust cycle, especially in the travel nurse staffing. Ingenovis and peers experienced significant pressure in 2023-2025, as health systems sought to minimize their reliance on temporary staffing after bearing extremely high prices during and following the pandemic. Despite the continued pressures, S&P believes providers will eventually revert to a mix of permanent and temporary staff that optimizes cost efficiencies, supporting increased demand for temporary staffing. S&P said, "We expect leverage to remain elevated over the next two years. This transaction reduced the total debt load to roughly $475 million in 2026 (including the preferred) from approximately $850 million in 2025. However, we project S&P Global Ratings-adjusted leverage to be around 14.0x for 2026 and 12x-13x in 2027. This reflects our continued expectation of soft demand for travel nurses and allied health services over coming quarters. Due to its unpredictability our forecast assumes strike revenue is limited. "We expect persistent pricing pressure, with tighter bill-pay spreads driven by aggressive cost management at hospital customers coupled with wage inflation, compressing EBITDA margins by approximately 60 basis points (bps) in 2026, but then improving by about 90 bps in 2027. "We expect free operating cash flow (FOCF) deficits to persist in 2026, but for the company to approach breakeven FOCF in 2027. Due to low profitability, we expect the company to continue struggling in generating cash flow, consistent with pressures at industry peers. We anticipate the industry will stabilize in 2027, which will provide the company with an opportunity to improve profitability and achieve breakeven FOCF. However, any further delay in the industry recovery could further strain FOCF and, by extension, pressure liquidity. "Our stable outlook on Ingenovis reflects adequate liquidity, including about $100 million of cash, given the 2032 maturity of the $275 million term loan and 2030 maturity on the A/R facility. This gives the company time for the temporary nurse staffing industry dynamics to improve." S&P could lower the rating on Ingenovis if free cash flow deficits increase or we see potential for constrained liquidity. This could occur if: -- Demand for temporary nurses remains depressed for multiple years. -- Further deterioration in the bill-pay spread, a key driver of margins. -- In several years prospects don't improve ahead of the maturing debt in 2023 and 2032, increasing potential refinancing risk S&P could raise the rating if it believes Ingenovis can consistently generate free cash flow. S&P believes this would limit refinancing risk. This could occur from: -- Improved demand for temporary nurses -- Improvement in the bill-pay spread, a key driver of margins. INTEGRIS EQUIPMENT: Case Summary & 18 Unsecured Creditors --------------------------------------------------------- Debtor: Integris Equipment LLC 662 Persons Street East Aurora, NY 14052 Business Description: Integris Equipment LLC provides new and refurbished medical equipment, including patient monitors, anesthesia machines, AEDs/defibrillators, EKG machines, and related medical accessories. The company offers medical equipment rentals for short- and long-term use and also buys or trades used equipment. Integris Equipment operates an in-house biomed and refurbishing department and performs quality assurance checks on equipment sold. Chapter 11 Petition Date: May 29, 2026 Court: United States Bankruptcy Court Western District of New York Case No.: 26-10689 Debtor's Counsel: Scott J. Bogucki, Esq. GLEICHENHAUS, MARCHESE & WEISHAAR, P.C. 930 Convention Tower 43 Court Street Buffalo, NY 14202 Tel: (716) 845-6446 Total Assets: $1,382,869 Total Liabilities: $3,789,151 The petition was signed by Jacob Steck as manager member/vice president. A full-text copy of the petition, which includes a list of the Debtor's 18 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/NWQNJEQ/Integris_Equipment_LLC__nywbke-26-10689__0001.0.pdf?mcid=tGE4TAMA INTERNATIONAL SUPPORT: Cash Collateral Hearing Set for June 23 -------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Florida, Fort Lauderdale Division is set to hold a hearing on June 23 to consider extending International Support Group, LLC's authority to use cash collateral. The Debtor is currently authorized to use cash collateral through June 23 pursuant to the court's April 27 second interim order. Under the second interim order, the Debtor is allowed to use its cash collateral to pay operating expenses based on an approved budget, subject to a 10% variance per line item. Any use of cash collateral outside the approved terms requires consent from City National Bank. The order granted City National Bank adequate protection through a monthly payment of $9,876 and a continuing and replacement lien on the Debtor's post-petition assets, with the same validity, priority and extent as its pre-petition liens. Additional safeguards include insurance coverage on the bank's collateral and regular financial reporting. City National Bank is the Debtor's primary secured creditor, with a claim of at least $1.45 million and a first-priority lien on substantially all assets of the Debtor. City National Bank is represented by: J. Ryan Yant, Esq. Carlton Fields, P.A. P.O. Box 3239 Tampa, FL 33601-3239 (813) 223-7000 ryant@carltonfields.com 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. The Debtor tapped Thomas L. Abrams, Esq., at Gamberg & Abrams as general bankruptcy counsel and Christopher R. Shiplett, Esq., at Randolph Law, PLLC as special counsel. INTRUSION INC: Whitley Penn Raises Going Concern Doubt ------------------------------------------------------ Intrusion Inc. filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2025 with the U.S. Securities and Exchange Commission earlier this year. The audited report contains a blunt warning: conditions exist that raise substantial doubt about its ability to continue as a going concern. For the years ended December 31, 2025 and 2024, the Company generated revenues of approximately $7.1 million and $5.8 million, respectively, and reported net losses of approximately $9.1 million and $7.8 million, respectively, and cash flow used in operating activities of approximately $6.8 million and $6.3 million, respectively. The Company continues to incur losses from operations, and negative cash flows from operations, as well as having a continued dependence on equity and debt financing. As of December 31, 2025, the Company had cash and cash equivalents of $3.6 million and $2.4 million in working capital. The Company's primary source of cash for funding operations in 2025 has come from net proceeds received from a registered direct offering of $7 million and $1.5 million in proceeds from the sale of common stock pursuant to a SEPA, recorded as a receivable at December 31, 2024. Going Concern Dallas, Texas-based Whitley Penn LLP, the Company's auditor since 2009, issued a "going concern" qualification in its report dated March 25, 2026, attached to the Company's Annual Report for the fiscal year ended December 31, 2025, citing that the Company has suffered recurring losses from operations, has negative cash flows from operations, and has a reliance on equity and debt financing. These factors raise substantial doubt about the Company's ability to continue as a going concern. The Company plans to finance operations by raising additional funds through public or private financings, including the utilization of the ATM program. The Company can provide no assurances that additional funds will be raised or that the terms of those financings, if available at all, will be on favorable terms or will not result in dilution to stockholders. If the Company is not able to obtain additional debt or equity financing, the Company may be unable to implement the Company's business plan, fund its liquidity needs, or even continue operations. ATM Program In June 2025, the Company terminated its At Market Sales Agreement with B. Riley Securities, Inc and entered into a new ATM Offering Agreement with H.C. Wainwright & Co., LLC to potentially sell up to $50 million of its common stock using a shelf registration statement on Form S-3/A (File No. 333-281565) which was filed in January 2025 and became effective in February 2025. Under the Sales Agreement, Wainwright may sell shares of the Company's common stock by any method permitted by law deemed to be an "ATM offering" as defined in Rule 415(a)(4). The Company pays Wainwright a commission of up to 3.0% of the gross sales price of any shares sold through Wainwright under the Sales Agreement. The Company filed a replacement shelf registration on Form S-3 in January 2025, with an effective date of February 2025, pursuant to which it can sell up to $50 million of its common stock. As of February 25, 2025, the Company's public float calculated in accordance with General Instruction I.B.1 of Form S-3, was $112.9 million based on 19,342,776 shares of common stock outstanding of which 17,861,513 shares are held by non-affiliates, and a per share price of $6.32 based on the average of the bid and asked prices of common stock on the Nasdaq on December 30, 2024. SEPA In July 2024, the Company entered into a $10 million SEPA with Streeterville pursuant to which the Company has the right, during the 24-month term of the agreement and subject to certain limitations and conditions to direct Streeterville to purchase shares of our common stock. Shares of common stock issued pursuant to SEPA will be purchased at a price equal to 95% of the lowest daily volume-weighted average price of the Company's common on the Nasdaq Stock Market during the three consecutive trading days during regular trading hours, as reported by Bloomberg L.P. beginning on the date the Company delivers an advance notice. The Company is required to use 10% of the proceeds from each advance to redeem outstanding shares of Series A Preferred Stock held by Streeterville. During 2024, pursuant to the SEPA, Streeterville purchased 1.2 million shares of common stock resulting in aggregate net proceeds of $1.8 million of which $0.1 million was received in 2024 and the remaining proceeds of $1.7 million were received in January 2025. No draws on the SEPA were made in 2025. A full text copy of the Company's Form 10-K is available at http://tiny.cc/3r64101 About Intrusion Headquartered in Plano, Texas, Intrusion Inc. offers businesses of all sizes and industries products and services that leverage the Company's exclusive threat intelligence database of over 8.5 billion IP addresses and domain names. After many years of gathering intelligence and providing its INTRUSION TraceCop and Savant solutions exclusively to government entities, the Company released its first commercial product in 2021, the INTRUSION Shield. INTRUSION Shield was designed to allow businesses to incorporate a Zero Trust, reputation-based security solution into their existing infrastructure to observe traffic flow and instantly block known malicious or unknown connections from both entering or exiting a network, making it an ideal solution for protecting from Zero-Day and ransomware attacks. As of December 31, 2025, the Company had $10.4 million in total assets, $1.8 million in total current liabilities, $1.3 million in total noncurrent liabilities, and $7.3 million in total stockholders' equity. IVANTI SOFTWARE: S&P Downgrades ICR to 'CCC', Outlook Negative -------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on Ivanti Software Inc. to 'CCC' from 'CCC+'. S&P said, "We also lowered our issue-level ratings on its $350 million first-lien new money term loan and revolving credit facility to 'B-' from 'B'; its first-lien term loan to 'CCC' from 'CCC+'; and its second-lien term loan to 'CC' from 'CCC-'. Our '1' recovery rating on the first-lien new money term loan and revolving credit facility, '4' recovery rating on the first-lien term loan, and '6' recovery rating on the second-lien term loan are unchanged. "The negative outlook reflects our view that Ivanti's capital structure is unsustainable given diminishing liquidity from consistent cash burn due to high debt burden and transition to a SaaS/subscription model." Ivanti's high debt burden, combined with additional pressure from its transition to a software-as-a-service (SaaS)/subscription model is straining its cash generation capacity. Ivanti's capital structure may be unsustainable, given its consistent cash burn and weakening liquidity. Its high debt burden, combined with additional pressure from transitioning to a SaaS/subscription model is pressuring its liquidity. Ivanti burned more cash in fiscal 2025 than we anticipated, generating negative S&P Global Ratings-adjusted free operating cash flow (FOCF) near $190 million. S&P said, "We expect revenue headwinds to persist at least through 2027 and believe Ivanti's high debt burden will continue to limit its ability to generate sufficient cash flow over the next couple of years, with our expectation that EBITDA interest coverage will remain around 1x. We anticipate that Ivanti will experience cash burn through at least 2027, with negative FOCF estimated at $85 million-$95 million in fiscal 2026. "We view Ivanti's current liquidity cushion of $234 million, comprising $60 million in cash and $174 million in undrawn revolver, as less than adequate to withstand the expected cash burn and underperformance relative to our expectations. This increases the risk that the company may not be able to meet its debt service requirements or chooses to restructure its debt in a way we could consider tantamount to a default (which may differ from what constitutes a default under the credit agreement). "We expect continued revenue headwinds until fiscal 2027. Ivanti's transition to a SaaS/subscription model has weighed on its financial performance in the past couple of years. In fiscal 2025 and the first quarter of fiscal 2026, the company's revenue declined by about 5% and 4%, respectively, as decreases in license and maintenance revenue more than offset the growth in subscription and SaaS revenue. "We anticipate revenue headwinds will continue until 2027, with the potential for a gradual recovery thereafter. We believe profitability could improve once the transition is complete, but the pace of scale of this transition remains a key credit risk. "The negative outlook reflects our view that Ivanti's capital structure is unsustainable given diminishing liquidity from consistent cash burn due to high debt burden and transition to a SaaS/subscription model." S&P could lower the rating if: -- FOCF deteriorates beyond our current projections, further weakening its liquidity position and increasing the risk of a failure to meet mandatory debt obligations; or -- S&P believes persistent weak operating performance and liquidity pressures will lead to restructuring or a similar transaction within six months. S&P could take positive rating action on Ivanti if it expects its FOCF and liquidity to improve considerably such that S&P views the likelihood of a near-term default to be reduced. JD HUNT: Seeks to Extend Plan Exclusivity to July 21 ---------------------------------------------------- JD Hunt Custom Homes Inc. and affiliates asked the U.S. Bankruptcy Court for the Western District of Texas to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to July 21 and Sept. 21, 2026, respectively. The Debtors believe that the relevant factors weigh in favor of extending exclusivity. * First, the Debtors have been progressing towards a reorganization in good faith. The Debtors have been communicating with their creditors and has begun the plan drafting process. * Second, the Debtors are generally paying their debts as they come due. * Third, the Debtors believe they have reasonable prospects for confirming a viable plan. * Fourth, the Debtors are not filing the instant Motion as a means of pressuring any creditors. * Fifth, and most importantly, extraneous factors beyond the Debtors direct control will significantly impact the plan to be filed and the Debtors believe the exclusivity period should be extended. JD Hunt Custom Homes, Inc. is represented by: Todd Headden, Esq. Charlie Shelton, Esq. Hayward PLLC 7600 Burnet Road, Suite 530 Austin, TX 78757 Tel: (737) 881-7102 E-mail: theadden@haywardfirm.com About JD Hunt Custom Homes JD Hunt Custom Homes Inc. is a custom home builder based in Austin, Texas. The Company specializes in high-end residential construction projects and has been involved in sustainable building practices, including materials repurposing. JD Hunt Custom Homes and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Lead Case No. 25-10700) on May 11, 2025. In its petition, JD Hunt estimated assets and liabilities between $10 million and $50 million. The Debtors tapped Hayward PLLC and Kell C. Mercer PC as attorneys. JEFFERSON CAPITAL: Fitch Alters Outlook on 'BB-' IDR to Positive ---------------------------------------------------------------- Fitch Ratings has affirmed Jefferson Capital Holdings, LLC's (Jefferson) Long-Term Issuer Default Rating (IDR) and long-term senior unsecured debt ratings at 'BB-'. The Rating Outlook has been revised to Positive from Stable. Today's rating actions have been taken as part of a periodic review of North American and European debt purchasers, which is comprised of four public rated firms. For more information on the peer review, please refer to "Fitch Ratings Completes Peer Review of North American and European Debt Purchasers". Key Rating Drivers Positive Outlook: The Positive Outlook reflects the continued strengthening in Jefferson's franchise and demonstrated ability to sustain strong operating performance with leverage discipline. A one-notch upgrade could be supported by further franchise expansion — including disciplined portfolio deployment and profitable collections of acquired portfolios — that further narrows the scale gap with higher-rated peers, while maintaining strong underlying profitability and gross debt-to-adjusted EBITDA around 2x. Growing Franchise: The affirmation of Jefferson's ratings reflects its franchise within the debt purchasing sector, underscored by its leading market positions across multiple niche consumer receivable segments in the U.S. and Canada, with expanding operations in the U.K. and Latin America. The ratings also consider Jefferson's improved corporate governance, strong collections performance, and funding flexibility. Monoline Business Model: Rating constraints include Jefferson's monoline business model focused on the purchase and collection of charged-off consumer debt, reliance on internal modelling for portfolio valuations and estimated remaining collections (ERC), and regulatory risks inherent in consumer collections. Improved Governance: Following Jefferson's initial public offering in June 2025 and follow-on equity offering in January 2026, J.C. Flowers & Co.'s (JCF) ownership declined to approximately 53% (from 95%) in 1Q26. Corporate governance has improved to align with public company standards, including an increased number of independent board directors and the formation of key board committees. While the sponsor-controlled ownership structure continues to entail a degree of uncertainty over Jefferson's strategic and financial policies, enhanced governance transparency and disclosure requirements partially mitigate this concern. Fitch expects JCF will continue to reduce its ownership in an orderly manner over time. Sector-Leading Profitability: Jefferson continues to demonstrate sector-leading profitability, bolstered by its variable cost structure and consistent collection efficiency, with near-term earnings also benefiting from the recent Conn's and Bluestem portfolio acquisitions. The cash efficiency ratio and adjusted EBITDA margin improved to 70.3% and 73.0% for the trailing 12 months (TTM) ended 1Q26, compared to the 2022-2025 average of 67.8% and 69.4%, respectively, both well above other rated peers. Additionally, Jefferson has remained profitable every year since inception, contrasting with episodic operating losses at higher-rated peers. As the Conn's and Bluestem portfolios run off through 2026-2027, Fitch expects Jefferson's underlying cash efficiency ratio and adjusted EBITDA margin will decline but be sustained in the high-60% range, consistent with historical averages, supported by its strong operating efficiency and a low cost-to-collect profile. Conservative Leverage: Jefferson's gross debt-to-adjusted EBITDA declined to 1.8x for the TTM ended 1Q26 from 2.2x one year ago, driven by record adjusted EBITDA generation. Cash flow leverage is now below management's 2.0x-2.5x target and below that of higher-rated peers. Fitch expects Jefferson to operate at the lower end of its stated leverage target over the Outlook horizon, underpinned by continued strong collection performance, absent any material debt-funded acquisitions. Gross debt-to-tangible equity increased to 3.8x from 3.3x over the same period, reflecting a reduction in tangible equity from the $59 million share repurchase executed concurrently with the January 2026 secondary equity offering. Disciplined Capital Policy: Shareholder returns remain measured, with dividends representing 39% of net income for the TTM ended 1Q26. The January 2026 share repurchase was deemed one-time in nature, with no active buyback authorization in place. Fitch believes Jefferson will maintain a prudent capital policy with adequate leverage headroom against Fitch's downgrade triggers. Adequate Liquidity: Jefferson intends to repay its August 2026 senior unsecured notes at maturity, supported by available capacity of its revolving credit facility (RCF). As of March 31, 2026, liquidity comprised $26 million in unrestricted cash and $746 million in available RCF capacity, adequate to support its forward flow commitment of $353 million. The next maturity is in February 2029, when $400 million of unsecured notes come due. Stable Market Access: Jefferson's unsecured funding mix averaged 62% between 2022-2025, comparing favorably to U.S. peers. In April 2026, Jefferson upsized its RCF to $1.15 billion from $1.0 billion, demonstrating stable capital markets access. Interest coverage improved to 7.2x for the TTM ended 1Q26 from 6.5x one year prior, now consistent with the 2022-2025 average. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - The Outlook could be revised back to Stable if Jefferson is unable to sustain franchise growth momentum and underlying operating performance, including an inability to purchase and collect portfolios profitably, material adverse regulatory actions, or a severe deterioration in consumer financial health that impairs collection performance. Beyond that, rating pressure could arise from: - A sustained increase in gross debt/adjusted EBITDA above 2.5x or gross debt/tangible equity above 5.0x, particularly if driven by material debt-funded acquisitions and/or aggressive shareholder distributions without a commensurate improvement in earnings. - Failure to maintain a diverse funding profile and/or a sustained shift to a largely secured funding model. - A weakening in asset quality, as reflected in acquired debt portfolios significantly underperforming anticipated returns or repeated material write-downs in expected recoveries. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - A sustained enhancement of scale and franchise strength relative to peers, as measured by net operating income and ERC, combined with maintenance of underlying earnings resilience, could result in a one-notch upgrade. - A rating upgrade would also be conditioned on leverage maintained around 2x on a gross debt/adjusted EBITDA basis and below 4x on a gross debt/tangible equity basis, as well as further diversification of the funding profile with an unsecured debt mix sustained above 40% of total debt. DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS Jefferson's senior unsecured debt rating is equalized with its Long-Term IDR, reflecting the largely unsecured funding mix and Fitch's expectation of average recovery prospects under a stressed scenario. DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES Jefferson's senior unsecured debt rating is primarily sensitive to changes in the company's Long-Term IDR and, secondarily, to the funding mix and recovery prospects on the unsecured debt. A material increases in the proportion of secured debt, which weakens recovery prospects for unsecured debtholders in a stressed scenario, could result in the unsecured debt rating being notched down from the IDR. ADJUSTMENTS - The Standalone Credit Profile (SCP) has been assigned below the implied SCP due to the following adjustment reason: Business Profile (negative). - The Business Profile score has been assigned below the implied score due to the following adjustment reason: Business model (negative). - The Earnings & Profitability score has been assigned below the implied score due to the following adjustment reason: Revenue diversification (negative). - The Capitalization & Leverage score has been assigned below the implied score due to the following adjustment reason: Historical and future metrics (negative). - The Funding, Liquidity & Coverage score has been assigned below the implied score due to the following adjustment reason: Historical and future metrics (negative). ESG Considerations Jefferson Capital Holdings LLC has an ESG Relevance Score of '4' for Customer Welfare - Fair Messaging, Privacy & Data Security due to the importance of fair collection practices and consumer interactions and the regulatory focus on them, which has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. Jefferson Capital Holdings LLC has an ESG Relevance Score of '4' for Financial Transparency due to the significance of internal modelling to portfolio valuations and associated metrics such as estimated remaining collections, which has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. These are features of the debt purchasing sector as a whole, and not specific to the company. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Jefferson Capital Holdings LLC LT IDR BB- Affirmed BB- senior unsecured LT BB- Affirmed BB- JOHN FITZGIBBON: Hires Epiq Bankruptcy as Administrative Agent -------------------------------------------------------------- John Fitzgibbon Memorial Hospital, Inc. and Fitzgibbon Health Services seek approval from the U.S. Bankruptcy Court for the Western District of Missouri to employ Epiq Bankruptcy Solutions, LLC as administrative agent. The administrative services that Epiq will render are: a) assist with, solicitation, balloting, tabulation, and calculation of votes, as well as prepare any appropriate reports, as required in furtherance of plan confirmation, and in connection with such services, process requests for documents from parties in interest; b) generate an official ballot certification and testify, if necessary, in support of the ballot tabulation results; c) assist with the preparation of the Debtors' schedules of assets and liabilities and statements of financial affairs and gather data in conjunction therewith; and d) provide such other processing, solicitation, balloting and other administrative services described in the Services Agreement, but not included in the Section 156(c) Application, as may be requested from time to time by the Debtors, this Court, or the Office of the Clerk of the Bankruptcy Court. Kathryn Tran, senior consultant with Epiq Bankruptcy Solutions, LLC, attests that Epiq is a "disinterested person," as that term is defined in Bankruptcy Code section 101(14). Epiq Systems hourly rates are: Clerical/Administrative Support $25 - $45 IT / Programming $65 - $85 Case Managers $85 - $175 Consultants/ Directors/Vice Presidents $175 - $190 Solicitation Consultant $190 Executive Vice President, Solicitation $195 Executives No Charge The firm can be reached at: Kathryn Tran Epiq Bankruptcy Solutions, LLC 777 Third Avenue 11th and 12th Floors New York, NY 10017 Tel: 212 225 9200 About John Fitzgibbon Memorial Hospital Inc. John Fitzgibbon Memorial Hospital, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Mo. Case No. 26-40689) on April 21, 2026. In the petition signed by Angela P. Littrell, president and chief executive officer, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Cynthia A. Norton oversees the case. The Debtor tapped Zachary R.G. Fairlie, Esq., at Spencer Fane as counsel and Huron Consulting Services LLC as financial advisor. JOJOTO GRILL: Seeks Subchapter V Bankruptcy in Florida ------------------------------------------------------ On May 22, 2026, Jojoto Grill & Latin Food LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Middle District of Florida. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1-49 creditors. A meeting of creditors under Section 341(a) to be held on June 22, 2026 at 01:00 PM. U.S. Trustee (Orl) will hold the meeting telephonically. Call in Number: 888-330-1716. Passcode: 5814238#. About Jojoto Grill & Latin Food LLC Jojoto Grill & Latin Food LLC is a restaurant and food service company specializing in Latin American cuisine. The company operates within the hospitality industry, providing dining and food preparation services to its customers. Jojoto Grill & Latin Food LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-03819) on May 22, 2026. In its petition, the Debtor reports estimated assets of $0-$100,000 and estimated liabilities of $100,001-$1,000,000. The Debtor is represented by Jeffrey Ainsworth, Esq. of BransonLaw PLLC. JOSEPHINES RESTAURANT: Cash Collateral Hearing Set for June 22 -------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, is set to hold a hearing on June 22 to consider extending Josephines Restaurant, Inc.'s authority to use cash collateral. The Debtor is currently authorized to use cash collateral pursuant to the court's April 27 fourth interim order. Under the interim order, the Debtor is allowed to utilize the purported cash collateral of Newtek Bank, National Association and Altbanq Lending II LLC for the period from May 1 through June 26, strictly in accordance with an approved budget, subject to a 10% variance. The budget shows total monthly operational expenses of $104,250 for May and June. As adequate protection, the interim order granted Newtek Bank and Altbanq replacement liens on and security interests in all property acquired by the Debtor or its bankruptcy estate before and after the bankruptcy filing. Additional safeguards include insurance coverage of the secured creditors' collateral and access to the Debtor's books and records. The order is available at https://shorturl.at/5udBF from PacerMonitor.com. As of the petition, the Debtor's cash collateral consists of cash ($18,000) and inventory ($6,200) such as liquor, food and supplies in which Newtek holds an interest. The Debtor owes Newtek approximately $756,000. Josephines Restaurant sought Chapter 11 protection after rising food costs and a post-COVID drop in revenue led it to take on high-interest merchant cash advance loans with frequent payments. Newtek Bank is represented by: Paulina Garga-Chmiel, Esq. Dykema Gossett PLLC 10 S. Wacker Drive, Suite 2300 Chicago, IL 60606 Phone: 312-876-1700 pgarga@dykema.com About Josephines Restaurant Inc. Josephines Restaurant Inc. operates the restaurants La Rosa Pizza and Tick Tock Tacos in Skokie, Illinois, providing casual dining services. La Rosa Pizza serves Italian and American cuisine, including pizzas, pastas, salads, and sandwiches, while Tick Tock Tacos focuses on Mexican-style dishes such as tacos, burritos, and quesadillas. Both establishments offer catering services and operate from the same location. Josephines Restaurant sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-00909) on January 20, 2026. In its petition, the Debtor reported between $50,001 and $100,000 in assets and between $500,001 and $1 million in liabilities. The Debtor is represented by Scott R. Clar, Esq., at Crane, Simon, Clar & Goodman. Matthew Brash of Newpoint Advisors Corporation serves as Subchapter V trustee for the Debtor. JUST LOGISTICS: Unsecureds Will Get 6.75% over 60 Months -------------------------------------------------------- Just Logistics Group, Inc., filed with the U.S. Bankruptcy Court for the District of New Jersey a Plan of Reorganization for Small Business dated May 21, 2026. The Debtor operates a trucking and warehousing company that formerly was located in Dayton, New Jersey. The company was formed in 2016. In 2019, Michael Caracappa its current President became a shareholder of the company. The imposition of tariffs in 2025 plus national bankruptcy filings of major retailers who had warehoused inventory with the Debtor crippled the Debtor's business. The Debtor defaulted on its obligations to is landlord and the parties could not come to a negotiated resolution. The landlord commenced eviction proceeds against the Debtor and this Chapter 11 case was filed to allow the Debtor time to relocate and reorganize its affairs. The Debtor is proposing a plan of Reorganization that will be funded from the continued operations of the Debtor. The Debtor has sixteen secured claims with certain secured creditors holding multiple claims. The claims of PNC Bank secured by the two letters of credit have been satisfied as the Court granted relief from the stay to allow PNC to set off against those accounts. The Court further authorized PNC Bank to pay its third secured claim from a deposit account maintained at the bank to secure the line of credit. The Debtor cannot determine if PNC has set off that account as of the date of the filing of this plan. There are certain equipment leasing creditors that have leases that in fact are intended as security and the Debtor intends on treating those claims as secured creditors. Those creditors include Contract Leasing, Toyota Industrial Commercial Finance, TD Equipment Finance, Ascentium Capital and Marlin Leasing. The Debtor scheduled seventy-five unsecured creditors holding total claims of $797,793.74. Eight unsecured creditors filed claims relating to pre-petition debts totaling $102,353.11. In addition, the Debtor's former landlord filed rejection damages claims based on the Debtor's rejecting two leases in the amount of $3,597,342.74 bring the total unsecured claims filed to $3,699,695.85. Class 14 consists of General Unsecured Claims. Creditors in this class shall be paid all of the Debtor's disposable income for the period of 60 months commencing on the first month after confirmation of the plan. Based on cash flow projections, the Debtor anticipates the creditors in this class of receiving a total distribution of 6.75% over the life of the plan. This Class is impaired. The plan will be funded from the Debtor's continued operations. A full-text copy of the Plan of Reorganization dated May 21, 2026 is available at https://urlcurt.com/u?l=4lFRAD from PacerMonitor.com at no charge. Counsel to the Debtor: Joseph M. Casello, Esq. Collins, vella & Casello, LLC 2430 Highway 34, B12 Manasquan, NJ 08736 Telephone: (732) 751-1766 About Just Logistics Group Just Logistics Group, Inc., is a transportation and logistics company providing freight and supply chain solutions across multiple regions. Just Logistics Group sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 26-10036) on Jan. 4, 2026. In its petition, the Debtor listed assets of $1 million to $10 million and estimated liabilities of $1 million to $10 million. Honorable Bankruptcy Judge Christine M. Gravelle handles the case. The Debtor is represented by Joseph Casello, Esq., of Collins, Vella & Casello. KAMAN CORP: Moody's Raises CFR & Senior Secured Debt to B1 ---------------------------------------------------------- Moody's Ratings upgraded the ratings of Kaman Corporation's corporate family rating to B1 from B2, probability of default rating to B1-PD from B2-PD and Backed Senior Secured Credit Facility Rating to B1 from B2. Kaman Corporation, Quantic Electronics, LLC, Quantic Corporate Holdings, Inc., and Subs, Sanders Industries Holdings, Inc. and Qnnect, LLC are co-borrowers and companies collectively known as "Arxis". Moody's also assigned a speculative grade liquidity rating of SGL-1. The rating outlook is stable. The upgrade reflects strengthened credit metrics for Arxis due to a recent repayment in debt of approximately $945 million. The repayment of debt followed the recent initial public offering of Arxis and the use of a portion of the proceeds for this repayment of debt. Moody's expects adjusted debt/EBITDA to decline below 3.5x and funds from operations / debt to increase above 20% assuming no debt-funded acquisitions or dividends. Prior to this debt repayment, Moody's expected debt/EBITDA to be above 5x and FFO/debt to be close to the mid-single digits. Moody's expects that sponsor Arcline Investment Management will maintain majority control of Arxis and risks of significant capital outflows and future leveraging events remain. The Credit Impact Score for Arxis remains as CIS-4 which indicates that the ratings are lower than they would have been if ESG risk exposure did not exist. RATINGS RATIONALE The B1 CFR is supported by Arxis' solid market position as a provider of products that require considerable process and engineering expertise for design, manufacturing and ongoing certification requirements. The company's technological expertise to spec and create new products for its longstanding customer base has created a competitive advantage for Arxis. Platforms that Arxis supports tend to have updates and enhancements after being in the market for many years which positions Arxis favorably to supply updated or modified parts when these product updates and enhancements occur. The stable outlook reflects Moody's expectations of positive free cash flow and maintenance of very good liquidity over the next 12-18 months. The SGL-1 speculative grade liquidity rating denotes Moody's expectation for Arxis to operate with very good liquidity over the next 12-18 months. Cash on hand as of December 31, 2025 was $250 million and will increase to $500 million partially from IPO proceeds. Moody's projects that the company will generate positive free cash flow of around $300 million per annum. Liquidity will also be supported by a $400 million revolving credit facility that is currently undrawn. Revolver draws will be modest over the next 12-18 months and will primarily be used for working capital purposes and potential acquisitions. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if conservative and predictable financial policies are demonstrated. Upward ratings pressure could also occur if with the establishment of a track record of good operating performance at the company's existing scale while adjusted debt/EBITDA is sustained below 4.0 times and funds from operations plus interest-to-interest is sustained above 3.5 times. An upgrade could also occur if the company's ownership and control concentration is materially reduced. The ratings could be downgraded if the company adopts aggressive return on capital policies, adjusted debt/EBITDA is sustained above 5.0 times, funds from operations plus interest-to-interest is sustained below 2.5 times or liquidity weakens. Arxis is a designer and manufacturer of proprietary electronic and mechanical components used in defense, aerospace, medical and other specialty industrial end markets. The company represents the unification of four separate platforms which is majority owned by sponsor Arcline Investment Management. Revenue for 2025 was $1.59 billion. The principal methodology used in these ratings was Aerospace and Defense published in July 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. KATAPULT HOLDINGS: Grant Thornton Raises Going Concern Doubt ------------------------------------------------------------ Katapult Holdings, Inc. filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2025 with the U.S. Securities and Exchange Commission earlier this year. The audited report contains a blunt warning: conditions exist that raise substantial doubt about its ability to continue as a going concern. Based on the financial statements, the Company reported a net loss of $8.3 million for the year ended December 31, 2025, compared with a net loss of $13.2 million for 2024. The Company generated revenue of 291.8 million in 2025, compared to a revenue of $247.2 million in 2024. Going Concern Philadelphia, Pennsylvania-based Grant Thornton LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 12, 2026, citing that the impending maturity of the Company's credit facility and uncertainty about the Company's ability to meet financial covenant requirements of the credit facility over a forward-looking period raise substantial doubt about the Company's ability to continue as a going concern. At the center of the concern is the New Revolving Facility, which provides total commitments of $110 million and matures on December 4, 2026. As the maturity date falls within the next 12 months and the Company does not have sufficient cash on hand to repay the outstanding borrowings at maturity absent refinancing or extension, the upcoming maturity raises substantial doubt about the Company's ability to continue as a going concern. The New Revolving Facility contains financial covenants, and as of December 31, 2025, the Company was in compliance with all such covenants. However, future compliance with certain covenants may require additional waivers from the lender, and there can be no assurance that such waivers will be obtained. Management intends to refinance, extend, or replace the New Revolving Facility prior to maturity and continues to work closely with the lender. However, there can be no assurance that such refinancing or extension will be completed on acceptable terms or at all. Liquidity and Capital Resources The Company's financing generally consists of cash generated from leases and borrowings under its revolving line of credit, which is fully collateralized by the Company's assets. Restricted cash consists primarily of customer lease payments received in a collection account pending release by the Company's lender, with restrictions released on a weekly basis pursuant to completion of waterfall and borrowing base requirements. Revenue and operating results depend significantly on gross originations, defined as the retail price of the merchandise associated with lease-purchase agreements entered into during the period. Gross originations are a leading indicator of potential revenue streams, with revenue recognized over a period of time subsequent to the gross origination date -- on average over 8 months. As gross originations increase, the Company may require additional borrowings under the New Revolving Facility to fund growth in property held for lease. On the cash flow front, net cash used in operating activities decreased by $20.6 million in 2025 compared to 2024, primarily driven by improved net income (loss), adjusted for non-cash charges, and higher spending on property held for lease, partially offset by changes in working capital, including accrued liabilities and litigation-related balances. Net cash used in investing activities decreased by $0.2 million in 2025 compared to 2024, primarily due to lower capitalized software additions. Net cash provided by financing activities decreased by $1.6 million in 2025 compared to 2024, primarily due to the $35.1 million repayment of the New Term Loan, lower borrowings and higher principal repayments under the RLOC resulting in a $26 million reduction in net financing inflows, and a $5.3 million increase in debt issuance costs. These outflows were partially offset by $65 million of proceeds from the issuance of Convertible Preferred Stock in 2025. A full text copy of the Company's Form 10-K is available at https://tinyurl.com/3pytw875 About Katapult Holdings, Inc. Katapult Holdings, based in Plano, Texas, is a technology driven lease-to-own platform that integrates with omnichannel retailers and e-commerce platforms to power the purchasing of everyday durable goods for underserved U.S. non-prime consumers. As of December 31, 2025, the Company had $107.9 million in total assets, $118 million in total liabilities, $27.9 million in total mezzanine equity, and $38.1 million in total stockholders' deficit. LAVIE CARE: Trustee Sues Former Execs Over Alleged Asset Misuse --------------------------------------------------------------- James Nani of Bloomberg Law reports that LaVie Care Centers LLC's former leadership is facing a new lawsuit alleging that insiders improperly extracted assets and funds from the senior-care operator before its collapse into bankruptcy. The complaint was brought by an unsecured creditors' trustee acting on behalf of the estate. The trustee claims that a series of transactions carried out between 2020 and 2024 transferred value from the company to insiders and related parties. According to the filing, the alleged conduct significantly weakened LaVie’s financial position and harmed creditors who were left with reduced prospects for repayment. Among the defendants are Joel Landau and Isaac Lefkowitz, who are accused of helping direct or benefit from the challenged transactions. The lawsuit seeks to hold former company leaders accountable for what it describes as improper asset transfers ahead of bankruptcy, the report states. Judge Paul Baisier temporarily sealed the complaint after it was filed in the Northern District of Georgia bankruptcy court. The trustee is pursuing damages and the recovery of assets allegedly removed from the company before the Chapter 11 proceedings, according to Bloomberg. About Lavie Care Centers LaVie Care Centers, LLC is the parent company of skilled nursing facility operators and providers, with facilities primarily located in Mississippi, North Carolina, Pennsylvania and Virginia. The company operates 43 licensed facilities, with 4,300 beds, providing short-term rehabilitation, comprehensive post-acute care, and long-term care to its residents. On June 2 and 3, 2024, LaVie Care Centers and 281 affiliates filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Lead Case No. 24-55507), before Judge Paul Baisier in Atlanta. The Debtors tapped McDermott Will & Emery, LLP as legal counsel; Stout Capital, LLC as investment banker; and Ankura Consulting as financial advisor. M. Benjamin Jones, senior managing director at Ankura, serves as the Debtors' chief restructuring officer. Kurtzman Carson Consultants, LLC is the claims agent, and maintains the page http://www.kccllc.com/LaVie The U.S. Trustee for Region 21 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The U.S. Trustee also appointed Joani Latimer as patient care ombudsman for patients at the Debtors' Virginia facilities; Victor Orija for North Carolina facilities; Lisa Smith for the Mississippi facilities; Margaret Barajas for the Pennsylvania facilities; and Terri Cantrell for the Florida facility. LIFEWARD LTD: Kost Forer Raises Going Concern Over Recurring Losses ------------------------------------------------------------------- Lifeward Ltd. filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2025 with the U.S. Securities and Exchange Commission earlier this year. The audited report contains a blunt warning: conditions exist that raise substantial doubt about its ability to continue as a going concern. Based on the financial statements, the Company reported a net loss of $19.9 million for the year ended December 31, 2025, compared with a net loss of $28.9 million for 2024. The Company generated revenue of $22 million in 2025, compared to a revenue of $25.7 million in 2024. Going Concern Tel-Aviv, Israel-based Kost Forer Gabbay & Kasierer, the Company's auditor since 2014, issued a "going concern" qualification in its report dated March 18, 2026, attached to the Company's Annual Report for the fiscal year ended December 31, 2025, citing that the Company has suffered recurring losses from operations, has negative cash flows from operating activities, and has stated that substantial doubt exists about the Company's ability to continue as a going concern. As of December 31, 2025, the Company had cash and cash equivalents of just $2.2 million. It had an accumulated deficit of $284.7 million as of December 31, 2025, and further losses are anticipated in the development of its business. Those factors raise substantial doubt about the Company's ability to continue as a going concern. The ability to continue as a going concern is dependent upon the Company obtaining the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Liquidity and Capital Resources Since inception, the Company has funded its operations primarily through the sale of equity securities and convertible notes to investors in private placements, the sale of equity securities in public offerings, cash exercises of outstanding warrants, the incurrence of bank debt and loans, including the loan from Oramed. The Company intends to finance operating costs over the next 12 months with existing cash on hand, potential reduction in operating cash burn, and future issuances of equity and debt securities, or through a combination of the foregoing. However, it will also need to seek additional sources of financing if it requires more funds than anticipated during the next 12 months or in later periods. The Company expects to incur future net losses, and its transition to profitability is dependent upon, among other things, the successful development and commercialization of its products and product candidates, the establishment of contracts for the distribution of new product lines, or the acquisition of additional product lines, any of which, or in combination, would contribute to the achievement of a level of revenue adequate to support its cost structure. Until it achieves profitability or generates positive cash flows, the Company will continue to need to raise additional cash from time to time. The Company intends to fund future operations through cash on hand, additional private and/or public offerings of debt or equity securities, cash exercises of outstanding warrants, or a combination of the foregoing. In addition, it may seek additional capital through arrangements with strategic partners or from other sources and will continue to address its cost structure. Notwithstanding, there can be no assurance that it will be able to raise additional funds or achieve or sustain profitability or positive cash flows from operations. The Company's anticipated primary uses of cash include funding: (i) sales, marketing, and promotion activities related to market development for its ReWalk Personal Exoskeleton device and AlterG Anti-Gravity system, broadening third-party payor and CMS coverage for its ReWalk Personal Exoskeleton device and commercializing new product lines added through distribution agreements; (ii) development of future generation designs for its ReWalk device, new AlterG products utilizing DAP technology, and the development and commercialization of the upper-body exoskeleton technology acquired from Skelable for potential personal health and rehabilitation applications across multiple indications; (iii) routine product updates; (iv) potential acquisitions of businesses; and (v) general corporate purposes, including working capital needs. If current estimates of revenue, expenses, or capital or liquidity requirements change or are inaccurate, the Company may seek to sell additional equity or debt securities, arrange for additional bank debt financing, or refinance its indebtedness. There can be no assurance that it will be able to raise such funds on acceptable terms. A full text copy of the Company's Form 10-K is available at https://tinyurl.com/4fp3f4xp About Lifeward Ltd. Lifeward -- http://golifeward.com/-- is a global innovator focused on advancing medical technologies and biomedical solutions that improve lives. The Company's established portfolio includes market-leading neurorehabilitation technologies such as the ReWalk(R) Exoskeleton, AlterG(R) Anti-Gravity system, MyoCycle(R) FES System, and ReStore(R) Exo-Suit. These solutions span the continuum of care in physical rehabilitation and recovery, deploying the most advanced robotics and AI technologies to restore full health and quality of life to a broadening patient population. The Company is now executing a strategic evolution into a diversified biomedical Company, expanding beyond rehabilitation and into high-value therapeutic platforms. This includes its Protein Oral Delivery (POD(TM)) platform, designed to enable oral delivery of biologic drugs, with lead candidate ORMD-0801 (oral insulin) targeting a large and underserved diabetes market. Lifeward has operations in the United States, Israel, and Germany. As of December 31, 2025, the Company had $22.9 million in total assets, $14.5 million in total liabilities, and $8.4 million in total stockholders' equity. LONGSHORE MIDCO: S&P Rates New $1.95BB First-Lien Term Loan 'B' --------------------------------------------------------------- S&P Global Ratings assigned its 'B' issue ratings to Longshore Midco LLC's (d/b/a MedRisk) new $1.95 billion first-lien term loan due 2033 and $200 million revolver due 2031 (issued by borrower Bella Holding Co. LLC). S&P also assigned its '3' recovery ratings, indicating its expectation of meaningful recovery (50%-70%; rounded estimate: 50%) in the event of payment default. All existing ratings, including its 'B' issuer credit rating, are unchanged by the new debt issuance. MedRisk intends to use the proceeds from the issuance to refinance its existing capital structure (consisting of a $1.5 billion first lien term loan) and pay a distribution to shareholders of near $500 million. With the incremental debt, leverage will rise to about 7.5x, from 5.8x for the 12 months ended March 31, 2026. While leverage post transaction will be slightly strained relative to our downside rating trigger of 7x, S&P expects the ratio to drop to 6.5x-7.0x by the end of 2026 thanks to favorable growth and earnings momentum. For the 12 months ended March 31, 2026, MedRisk's revenue expanded by about 21% and S&P-adjusted margins improved by around 100 basis points to about 20%, given substantial and profitable new business development and contributions from recent acquisitions (including StrataCare in September 2024 and Horizon Casualty Services in February 2026). S&P expects revenue and EBITDA to grow in the double digits through 2026 thanks to price and market volume growth, the ramp-up of recent customer wins, cross-sell from recent strategic acquisitions, and new product development across payments and advanced savings solutions. LRS HOLDINGS: Moody's Upgrades CFR to B3 & Alters Outlook to Stable ------------------------------------------------------------------- Moody's Ratings upgraded the ratings of LRS Holdings, LLC (LRS), including the corporate family rating to B3 from Caa1, probability of default rating to B3-PD from Caa1-PD, and the rating on the senior secured bank credit facility to B3 from Caa1. This facility includes a senior secured first lien revolving credit facility expiring in 2028 and a senior secured first lien term loan due 2028. Moody's also changed the outlook to stable from positive. The upgrades and stable outlook reflect Moody's expectations that LRS's credit metrics will improve over the next 12–18 months, building on the company's positive momentum following a period of transition. LRS has focused on rationalizing costs, improving operating efficiency, and realigning its portfolio by divesting lower-margin operations in favor of higher-margin businesses and markets. The company has also added a key municipal contract in Indianapolis, which commenced in January 2026. Moody's expects LRS to benefit from higher pricing, new contract wins, and synergies from recent acquisitions. These factors will support EBITDA growth and lower leverage (adjusted debt-to-EBITDA) to about 5.8x in 2026 and toward 5x in 2027. RATINGS RATIONALE The B3 CFR reflects the company's competitive position in its core markets and steady waste volumes underpinned by contracts that provide a base of recurring revenue. This tempers industrial volume pressures during weak economic cycles. LRS has increased its proportion of steady municipal contracts to 60% of revenue while reducing its revenue share of cyclical construction and demolition business. The company's strategically-located recycling facilities, transfer stations and landfill provide barriers to entry while enabling vertical integration. These assets make LRS well-positioned to meet demand as the company grows in its core US Midwest markets over the long term. Continued focus on efficiencies, including optimization of collection routes, investments to modernize facilities and pricing collections above inflation will help support returns over time. The B3 CFR also reflects LRS modest scale with a regional focus in the US Midwest (primarily Chicago), high leverage driven by an acquisitive growth strategy and negative free cash flow. Acquisitions will remain core to the growth strategy given the fragmented industry. In addition, the company is exposed to volatility in commodity prices, which continue to be weak. Contracts include annual price escalators tied to an index, usually CPI, though this may not always fully offset the rate of cost increases. However, the management team has focused on pricing discipline and undertaken cost-out actions, which will help offset labor cost inflation following a renegotiated labor union contract and support improving adjusted EBITDA margins toward 18% over the next 12-18 months. Moody's expects LRS to maintain adequate liquidity. Cash on hand and ample revolver availability will balance negative free cash flow in 2026. Moody's expects free cash flow to remain negative in 2026, but to a lesser extent than in 2025 with capital expenditures still high at $88 million, albeit lower than in 2025. Continued fleet modernization and a pull forward of new truck investments ahead of changes in emission regulations in 2027 will lower the company's fleet age and maintenance costs. Moody's expects free cash flow to improve progressively and be positive in 2027 as capital expenditures will likely moderate further. The cash balance of about $40 million at December 31, 2025 was boosted by recent non-core asset sale proceeds, of which the majority was used to reduce the outstanding balance on the $180 million revolving credit facility due 2028. Cash on hand was $18.4 million at March 31, 2026. As of the same date, the revolving credit facility was $10 million drawn with about $141 million available, net of $29 million in letters of credit. However, Moody's anticipates borrowings will increase through the year to help fund capital expenditures and periodic working capital needs. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded with prudent and profitable scale expansion and significant earnings growth with EBITDA margin approaching 20%, debt-to-EBITDA approaching 5x and EBITDA-to-interest above 2x. Additionally, good liquidity with sustained positive free cash flow and ample revolver availability would be a prerequisite for an upgrade. Reduced geographic concentration would also be viewed favorably. The ratings could be downgraded if liquidity erodes, including diminishing revolver availability, tightening covenant headroom, or declining funds from operations. Revenue contraction and no margin expansion, including from a meaningful drop in pricing, the loss of a contract or ineffective cost controls. Quantitatively, debt-to-EBITDA expected to remain above 6x, EBITDA-to-interest below 1.5x, or funds from operations-to-debt falling below 4% could prompt a downgrade. Finally, acquisition integration challenges or debt funded transactions that weaken the credit metrics could also result in a downgrade. The principal methodology used in these ratings was Environmental Services and Waste Management published in November 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. LRS Holdings, LLC, based in Rosemont, Illinois, provides waste collection, disposal and recycling services for residential, commercial and roll-off customers primarily in Chicago and adjacent core markets in the US Midwest region. LRS also provides ancillary services, including street sweeping and renting portable restrooms for construction sites, parks and outdoor events. Revenue approximated $621 million for the year ended December 31, 2025. Pro forma for acquisitions and divestitures completed in 2025, revenue was about $584 million. LRS Holdings, LLC is owned by a private infrastructure fund of Macquarie. M&L EXPRESS: Commences Subchapter V Bankruptcy in Maryland ---------------------------------------------------------- On May 29, 2026, M&L Express, LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of Maryland. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1-49 creditors. A meeting of creditors under Section 341(a) to be held on July 6, 2026 at 02:00 PM via Conference Call - Chapter 11 Greenbelt: Phone number 1-888-330-1716, Access Code 2792558#. The Debtor must file its Chapter 11 Subchapter V Plan by August 27, 2026. Government entities have until November 25, 2026, to submit Proofs of Claim. About M&L Express, LLC M&L Express, LLC is a transportation and logistics company that provides trucking and freight delivery services. The company operates in the commercial transportation sector, serving customers with cargo movement and logistics solutions. M&L Express, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-15686) on May 29, 2026. In its petition, the Debtor reports estimated assets of $100,001-$1,000,000 and estimated liabilities of $100,001-$1,000,000. Honorable Bankruptcy Judge (not specified in available court records) handles the case. The Debtor is represented by David Erwin Cahn, Esq. of Law Office of David Cahn, LLC. MAKIIN LLC: Seeks Subchapter V Bankruptcy in Texas -------------------------------------------------- On May 20, 2026, Makiin 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 1-49 creditors. A meeting of creditors under Section 341(a) to be held on June 23, 2026 at 03:30 PM, US Trustee Houston Teleconference. Government Proofs of Claim must be filed by November 18, 2026. About Makiin LLC Makiin LLC is a limited liability company operating in the private business sector. The specific nature of the company’s operations was not disclosed in the bankruptcy petition summary. Makiin LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-33560) on May 20, 2026. In its petition, the Debtor reports estimated assets of $100,001-$1,000,000 and estimated liabilities of $1 million-$10 million. Honorable Bankruptcy Judge Jeffrey P. Norman handles the case. The Debtor is represented by Elias Marwan Yazbeck, Esq. of The Law Office of Elias M. Yazbeck, PLLC. MARQUIS STAR: Plan Exclusivity Period Extended to July 20 --------------------------------------------------------- Judge Robert A. Mark of the U.S. Bankruptcy Court for the Southern District of Florida extended Marquis Star Holding, Inc. and Marquis Solar Frame Works, Inc.'s exclusive periods to file a plan of reorganization and obtain acceptance thereof to July 20 and Sept. 18, 2026, respectively. As shared by Troubled Company Reporter, the Debtors claim that they are actively engaged in negotiations with key constituents to maintain critical business relationships, preserve ongoing operations, and ensure sufficient cash flow to support and confirm a feasible plan of reorganization. These ongoing negotiations are essential to the Debtors' restructuring efforts and warrant an extension of the exclusivity periods to allow the Debtors a meaningful opportunity to finalize such negotiations and propose a confirmable plan. Second, cause may be shown to extend the exclusivity periods where the debtor is paying its debts as they become due. The Debtors submit that they are paying their postpetition obligations in a timely fashion consistent with the Bankruptcy Code and all applicable court orders. The Debtors have been managing their businesses effectively and preserving the value of their assets for the benefit of all creditors. Accordingly, the Debtors submit that cause exists to extend the Exclusivity Period until July 20, and the Acceptance Period to September 18. Third, the Debtors have made good faith progress toward the resolution of this proceeding, including by securing entry of the Omnibus Order on Discovery Motions that will produce the Insider Transfer Report, which is a necessary predicate to the formulation of a confirmable plan. Fourth, significant unresolved contingencies remain outstanding that directly affect the Debtors' ability to formulate and file an informed plan within the current Exclusivity Period. First, the Debtors are awaiting final valuation reports concerning their machinery and equipment, inventory, and owned commercial real estate, which are expected to be delivered on or about May 29, 2026. Second, the Debtors are awaiting completion of the Insider Transfer Report, which, pursuant to the Court's order, is due on May 28, 2026 and may have an impact on the Debtors' formulation of a plan. Moreover, a court may grant an extension of exclusivity where the case has been pending for a relatively brief period of time. Here, the Debtor's bankruptcy case is only a little more than three months old. In addition, it is worth noting, in other cases of equal or lesser size and complexity in this District, courts have routinely granted similar extensions on the debtor's initial request for an extension of the exclusive periods. In addition, no party in interest will be prejudiced by the relief requested herein. This is the Debtors' first request for an extension of the exclusive periods. The requested extension is reasonable given the Debtors' progress to date and the current posture of this chapter 11 case. The Debtors are not seeking this extension to delay this proceeding. Rather, the proposed extensions of the Exclusivity Period and Acceptance Period will advance the Debtors' efforts to confirm a plan as expeditiously as possible and bring this case to a resolution. Counsel for the Debtors: Linda Leali, Esq. LINDA LEALI, P.A. 2525 Ponce De Leon Blvd., Suite 300 Coral Gables, FL 33134 Telephone: (305) 341-0671 Email: lleali@lealilaw.com - and - Jason R. Alderman, Esq. THE ALDERMAN LAW FIRM 9999 NE 2nd Ave Ã¢â‚¬â€œ Suite 211 Miami Shores, FL 33138 Telephone: (305) 200-5473 Email: jalderman@thealdermanlawfirm.com About Marquis Star Holding Marquis Star Holding, Inc. is a Florida corporation that operates as a real estate holding company, owning multiple properties including a condominium in Florida and manufacturing facilities in Wisconsin, while Marquis Solar Frame Works, Inc. is a Wisconsin corporation engaged in the fabrication and supply of aluminum solar panel frames, operating manufacturing facilities in Wisconsin and Canada, including facilities owned by Marquis Star Holding, Inc. Marquis Star Holding, Inc. and Marquis Solar Frame Works, Inc. filed their petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-10660 and 26-10661, respectively) on January 20, 2026. Marquis Star listed $10 million to $50 million in assets and $1 million to $10 million in liabilities, while Marquis Solar listed $10 million to $50 million in assets and $1 million to $50 million in liabilities Marquis Star Holding's petition was signed by its president, Michelle Chiever, while the petition for Marquis Solar Frame was signed by Jun Niu, the Company's chief operating officer. Linda Leali, at LINDA LEALI, P.A., is the Debtor's counsel. MARTINS FOOD: Gets Extension to Access Cash Collateral ------------------------------------------------------ Martins Food Technology, LLC received another extension from the U.S. Bankruptcy Court for the Middle District of Florida, Fort Myers Division, to use cash collateral. The court issued a fifth interim order authorizing the Debtor's continued use of cash collateral to pay expenses based on an approved operating budget. The Debtor may exceed any individual budget line item by up to 10%, provided that total aggregate spending does not exceed the overall budget by more than 10%. As protection, Farm Credit Leasing Corporation and other secured creditors will be granted replacement liens on the Debtor's pre-petition collateral and cash collateral, with the same priority, validity and extent as their pre-petition liens. Additional safeguards include insurance coverage for the Debtor's property, regular financial reporting, and access to business records and premises upon request. A copy of the court's order and the Debtor's budget is available at http://bankrupt.com/misc/MartinsFood_5ICCOrder.pdf About Martins Food Technology LLC Martins Food Technology, LLC, doing business as Naples Fresh, is a family-owned agricultural company based in Naples, Florida, specializing in greenhouse-grown hydroponic lettuce and herbs. It operates fully controlled, bio-secure facilities that use advanced technology to produce fresh, flavorful, and non-GMO greens year-round. Martins Food Technology emphasizes sustainable farming practices and innovation to deliver local produce while minimizing environmental impact. Martins Food Technology filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-02199) on November 5, 2025, with $898,467 in assets and $3,113,463 in liabilities. Saint Clair Martins, managing member, signed the petition. Judge Luis Ernesto Rivera II oversees the case. Michael Dal Lago, Esq., at Dal Lago Law represents the Debtor as bankruptcy counsel. Amy Denton Mayer of Stichter Riedel Blain & Postler, P.A. serves as Subchapter V trustee for the Debtor. MATADOR RESOURCES: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable ------------------------------------------------------------------ Fitch Ratings has affirmed Matador Resources Company (Matador) and MRC Energy Company's (MRC) Long-Term Issuer Default Ratings (IDRs) at 'BB'. Fitch has also affirmed MRC's reserve-based lending credit facility (RBL) at 'BBB-' with a Recovery Rating 'RR1' and Matador's senior unsecured notes at 'BB'/'RR4'. The Rating Outlook is Stable. Matador's ratings reflect management's continued debt reduction, capital efficiency improvements, the company's large, oil-focused Delaware Basin asset base, Fitch's expectation of positive free cash flow (FCF) generation through the forecast period, sub-1.5x midcycle EBITDA leverage and ample liquidity. The Stable Outlook reflects Fitch's expectation of low single-digit production growth and continued FCF generation while maintaining low leverage. Key Rating Drivers Continued Debt Reduction: Fitch views Matador's continued commitment to debt reduction favorably and forecasts EBITDA leverage to remain durably below 1.5x throughout the forecast period. The company has reduced gross debt by more than USD700 million following the close of the Ameredev transaction in 3Q24 and has decreased its RBL borrowing to USD45 million as of May 6, 2026. Management anticipates full repayment of the RBL in May 2026 given positive FCF expectations. Fitch expects management to maintain ample financial flexibility in the near and medium term. Improving Capital Efficiency; Modest Growth: Matador increased its full-year 2026 guidance for oil production and total production without changing capex, reflecting the company's improving capital efficiency. Matador expects oil production to increase 3.5% and total capex to decline 11% in 2026 from 2025. Management expects its drilling and completion cost per lateral foot to decline to $785-$805 in 2026, driven by improved cycle times, longer laterals and higher estimated ultimate recovery per foot, which Fitch views positively. Fitch anticipates flat to mid-single digit growth throughout the forecast. Delaware-Focused Asset Base: As of 1Q26, Matador's asset profile consists of approximately 212,500 net acres in the core of the Delaware Basin, split primarily between Eddy and Lea counties, in addition to smaller non-core acreage positions in the Haynesville Shale and Cotton Valley (17,300 net acres). The company's Delaware Basin acreage has high oil exposure of approximately 58%, is largely held by production and supports two-mile laterals or longer across most drilling locations. Fitch believes the high-quality asset profile and continued operational and capital efficiencies support the company's FCF-focused strategy. Strong FCF Generation, Measured Distributions: Fitch forecasts pre-dividend FCF of approximately $800 million-$900 million in 2026 at Fitch's $80/bbl WTI oil price assumption. At the current strip, management estimates 2026 adjusted FCF at around $1.1 billion-$1.2 billion. Fitch expects the company to maintain its fixed dividend of $1.50/share, with potential for measured increases in the near and medium term. Excess cash could support further debt reduction, measured dividend increases over time, share repurchases, and potential bolt-on M&A. Improving Gas Realizations: Fitch expects Matador's natural gas realizations to improve after the company secured firm transportation agreements on the Hugh Brinson pipeline when it enters service by YE 2026. The contract provides 500,000 MMBtu per day of firm transportation at no capital cost and should allow Matador to sell more gas at Henry Hub-linked prices rather than Waha prices. This should reduce the company's exposure to weak Waha pricing and support gas revenue and cash flow in 2027 and beyond. Supportive Midstream Assets: Matador's wholly owned midstream assets and midstream joint venture assets at San Mateo provide operational benefits through overall reduced transportation costs, flow assurance and lower marketing fees in addition to performance incentives from partner Five Point Infrastructure. The San Mateo assets consist of approximately 660 miles of three-stream pipelines, 720 million cubic feet per day (MMcf/d) of gas processing capacity and 475,000 barrels per day (Mbbl/d) of water disposal capacity and oil gathering and transportation systems, which covers nearly all of Matador's Delaware acreage. Near-Term Hedging Profile: Matador is hedging around half of its 2026 oil production via collars with a weighted average floor price and ceiling price of $52/bbl and $66.36/bbl, respectively. Oil hedge coverage drops off in 2027 although Fitch expects the company will remain proactive and add hedges to support the dividend and offer downside price protection. The company is also hedging its 2026 gas production via collars and Waha gas differentials via basis swaps. Peer Analysis Matador's 1Q26 production averaged 208 mboed (58% oil) which is similar to Murphy Oil Corp. (BB+/Stable; 180 mboepd), larger than Northern Oil & Gas Inc. (BB-/Stable; 148 mboepd), but smaller than SM Energy Company (BB+/Stable; 371 mboed) and Crescent Energy Company (BB-/Positive; 341 mboed) following their recent acquisitions. The company's continued cost reduction efforts and high oil mix result in Fitch-calculated unhedged cash netbacks consistently toward the high end of the peer group. The company's sub-1.5x mid-cycle EBITDA leverage is consistent with most peers. Fitch’s Key Rating-Case Assumptions - West Texas Intermediate oil prices of $80/bbl in 2026, $60/bbl in 2027 and $57/bbl in 2028 and thereafter; - Henry Hub natural gas prices of $3.50/mcf in 2026, $3.25/mcf in 2027, $3.00/mcf in 2028 and $2.75/mcf thereafter; - 2026 production of 213 mboed with a low single-digit growth thereafter; - 2026 total capex of $1.5 billion and growth-related spending thereafter; - Measured increases in the fixed dividend; - No material M&A activity. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): Business and financial profile factors (assessment, relative importance): management ('bbb', Lower), sector characteristics ('bb-', Moderate), market and competitive positioning ('bbb-', Moderate), diversification and asset quality ('bbb-', Moderate), company operational characteristics ('bb', Higher), profitability ('bb', Higher), financial structure ('a+', Lower), and financial flexibility ('bbb-', Moderate). The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2025, 10% for the forecast year 2026, 10% for the forecast year 2027, 15% for the forecast year 2028 and 55% for the forecast year 2029. The governance assessment of 'good' has no impact. The operating environment assessment of 'a+' has no impact. The SCP is 'bb'. To derive the Long-Term IDR: Application of Fitch's Parent Subsidiary Linkage Rating Criteria results in a consolidated approach. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Change in financial policy that reduces financial flexibility and/or overly debt-funded M&A; - Inability to extend economic inventory life that leads to expectations for weakened unit economics; - Midcycle EBITDA leverage sustained above 2.5x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Increased size and scale evidenced by average daily production approaching 250 mboed with similar oil mix; - Maintenance of economic inventory life while maintaining competitive unit economics; - Midcycle EBITDA leverage sustained below 2.0x. Liquidity and Debt Structure Matador had $30 million of cash on hand at 1Q26 and $45 million of borrowings outstanding under its $2.25 billion reserve-based lending (RBL) credit facility on May 6, 2026. Matador has repaid approximately $350 million of its RBL borrowings since YE 2025 and expects to repay the remaining balance by the end of the month. The company's maturity schedule is clear, with the next maturity being 6.500% notes due 2032. Issuer Profile Matador Resources Company is an independent exploration and production company focused on the Delaware Basin in Southwest New Mexico and West Texas. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals Matador's Climate.VS is 54 out of 100 in 2035, which is in-line with North American upstream liquids-focused producers and Matador's rated peers. Key transition risks arise from potential reduction in demand driven by policies designed to reduce the use of oil and gas in the global economy and, in the shorter term, from policies designed to limit greenhouse gas emissions from oil and gas production. These risks do not have a material influence on the rating, given the long timeframe over which the transition may take place and uncertainty regarding the extent and nature of changes and markets' and companies' reaction to them. Matador has shown strong improvements in per-barrel greenhouse gas emissions, methane intensity, flaring intensity and water recycling since 2019 and publishes this data in their annual sustainability report, although the company does not have long-term scope 1 and scope 2 emissions reduction targets. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Matador Resources Company LT IDR BB Affirmed BB senior unsecured LT BB Affirmed RR4 BB MRC Energy Company LT IDR BB Affirmed BB senior secured LT BBB- Affirmed RR1 BBB- MERYDE GROUP: Seeks to Sell White Plains Property at Auction ------------------------------------------------------------ Meryde Group of Hotels, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of New York, to sell Property at auction, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property is located at 441 Central Avenue, White Plains, New York 10606 and 19 Waldo Avenue, White Plains, New York 10606. The Real Property consists of a motel located at 441 Central Avenue, White Plains, New York and an office/residence located at 19 Waldo Avenue, White Plains, New York. The Debtor retains Corcoran Company and Douglas Elliman Real Estate as its real estate broker and marketing agent with regard to the intended sale of the Real Property. On June 1, 2026 the Debtor entered into a Purchase and Sale Agreement with Shiv Hospitality Corp. for the sum of $3,125,000. The prospective purchaser has remitted a good faith deposit of $156,250 (5%), which is currently being held in escrow by the Debtor's counsel pending approval of the proposed sale by this Court and subject to any higher or better bids. The Terms of Sale are the terms that the Debtor seeks authority to provide to all prospective bidders for the Real Property at a Public (auction) Sale. All parties-in-interest will be advised to read the Terms of Sale in their entirety for a complete description of all of the terms and conditions of the proposed sale process. The Debtor respectfully submits that, under the facts and circumstances presented, the proposed Notice Procedures are fair and reasonable and would provide all interested parties with ample information and sufficient time to formulate any bids for the Real Property while also providing all interested parties with adequate notice and opportunity to be heard by this Court with respect to the proposed sale of the Real Property. The Sale Procedures provide the Debtor with an adequate opportunity to consider competing bids and select the highest or otherwise best offer for the completion of the sale of the Real Property. The Brokers will continue to be extensively marketing the Real Property prior to the Public Sale so as to generate maximum interest from potential bidders. About Meryde Group of Hotels LLC Meryde Group of Hotels LLC is a hospitality company engaged in the ownership and operation of hotel properties. Meryde Group of Hotels LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-22056) on January 21, 2026. In its petition, the Debtor reports estimated assets of $1MM to $10MM and estimated liabilities of $1MM to $10MM. Honorable Bankruptcy Judge Sean H. Lane handles the case. The Debtor is represented by Douglas J. Pick, Esq., of Pick & Zabicki LLP. MIC'S RESTAURANT: Initiates Chapter 7 Bankruptcy in California -------------------------------------------------------------- On May 21, 2026, Mic's Restaurant LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Northern District of California. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1-49 creditors. About Mic's Restaurant LLC Mic's Restaurant LLC is a restaurant and food service company engaged in the preparation and sale of food and beverages. The company operates within the hospitality and dining sector, serving customers through restaurant operations. Mic's Restaurant LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10381) on May 21, 2026. In its petition, the Debtor reports estimated assets of $100,001-$1,000,000 and estimated liabilities of $100,001-$1,000,000. The Debtor is represented by Kevin Tang, Esq., of Tang & Associates. MICHAL INTERNATIONAL: Insider Accused of Gaining Unfair Advantage ----------------------------------------------------------------- Emlyn Cameron of Law360 Bankruptcy Authority reports that the unsecured creditors committee overseeing the bankruptcy of Michal International Investment LLC has sued a fellow creditor, accusing it of manipulating the lien structure on debtor assets to gain an unfair advantage. The committee alleges the creditor worked through a designated manager to position itself ahead of other stakeholders. Court filings claim the creditor's actions resulted in the placement of liens that improperly elevated its recovery prospects while diminishing the pool available for unsecured creditors. The committee contends this conduct undermines the integrity of the bankruptcy process. The lawsuit seeks to invalidate the disputed liens and ensure that asset distributions follow the established priority rules under bankruptcy law, the report relays. About Michal International LLC Michal International Investment LLC, f/k/a Yanai International Investment, LLC and Michal International Investment, LLC, based in Lawrence, New York, is a financial investment entity engaged in holding and trading securities and other financial assets, classified under NAICS 5239. Michal International Investment LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 26-10124) on February 1, 2026. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $100 million to $500 million. Honorable Bankruptcy Judge Laurie Selber Silverstein handles the case. The Debtor is represented by Mark L. Desgrosseilliers, Esq. of CHIPMAN BROWN CICERO & COLE, LLP. ARBEL CAPITAL ADVISORS LLC servers as the Debtor's restructuring advisor and SILVER BIRCH SILVER BIRCH GROUP, INC. and BA SECURITIES, LLC as Investment Banker. MIKE WALKER TRUCKING: Commences Chapter 7 Bankruptcy in Utah ------------------------------------------------------------ On May 29, 2026, Mike Walker Trucking LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the District of Utah. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1-49 creditors. About Mike Walker Trucking LLC Mike Walker Trucking LLC is a trucking and freight transportation company that provides hauling and logistics services for commercial customers. The company operates in the transportation sector, supporting the movement of goods and materials. Mike Walker Trucking LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-23243) on May 29, 2026. In its petition, the Debtor reports estimated assets of $0-$100,000 and estimated liabilities of $100,001-$1,000,000. Honorable Bankruptcy Judge Peggy Hunt handles the case. The Debtor is represented by Dusten L. Heugly I, Esq. of Heugly & Bludworth, PLLC. MTF CHILDCARE: Cash Collateral Hearing Set for June 23 ------------------------------------------------------ The U.S. Bankruptcy Court for the Eastern District of Pennsylvania is set to hold a hearing on June 23 to consider extending MTF Childcare, LLC's authority to use cash collateral. The Debtor is currently authorized to use cash collateral through June 30 pursuant to the court's fourth interim order. Under the interim order, the Debtor is allowed to utilize cash collateral, subject to a 10% variance, and to make regular monthly payments to the U.S. Small Business Administration. As adequate protection, secured creditors were granted replacement liens on post-petition collateral, with the same validity, extent, and priority as their pre-petition liens, subject to a carveout. The carveout includes statutory fees owed to the Clerk and U.S. Trustee and any avoidance actions and related recoveries. If adequate protection proves insufficient, secured creditors will receive a superpriority administrative expense claim under section 507(b). A copy of the court's order and the Debtor's budget is available at https://shorturl.at/biDbo from PacerMonitor.com. About MTF Childcare LLC MTF Childcare, 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 Childcare LLC and five affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Lead Case No. 26-10243) on January 21, 2026. At the time of the filing, MTF Childcare LLC 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. Ciardi Ciardi & Astin 1905 Spruce Street Philadelphia, PA 19103 Tel: 215-557-3550 aciardi@ciardilaw.com MTF HOLDINGS: Cash Collateral Hearing Set for June 23 ----------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Pennsylvania is set to hold a hearing on June 23 to consider extending MTF Holdings, LLC's authority to use cash collateral. The Debtor is currently authorized to use cash collateral pursuant to the court's fourth interim order. Under the interim order, the Debtor is allowed to utilize cash collateral through June 30, strictly in accordance with its budget. The order permitted up to a 10% budget variance without constituting default. As adequate protection, the interim order authorized payment of regular monthly payments to the U.S. Small Business Administration and granted the SBA and other secured creditors replacement liens on post-petition collateral, with the same extent, validity, and priority as their pre-petition liens. The replacement liens are subject to a carveout, which includes statutory fees owed to the Clerk and U.S. Trustee, as well as avoidance actions and their proceeds. Additionally, secured creditors will receive potential superpriority administrative expense claims under Section 507(b) if the protection provided proves insufficient. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/0lP2g from PacerMonitor.com. 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 January 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. Ciardi Ciardi & Astin 1905 Spruce Street Philadelphia, PA 19103 Tel: 215-557-3550 NEWBURY POWER: Seeks to Sell Bridgeville Property at Auction ------------------------------------------------------------ Newbury Power Center A-1, LP seeks permission from the U.S. Bankruptcy Court for the Western District of Pennsylvania, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property is comprised of approximately 6 acres of development-ready vacant land located at the center of Bridgeville, Pennsylvania's commercial district more specifically identified as Vacant Land, Presto Sygan Road, Bridgeville, Allegheny County, Pennsylvania. The Property is subject to an open-end mortgage in favor of Fund Investment 154, LLC and a ground lease with Beazer East Inc. The Debtor seeks the Court's approval of procedures for bidding for and sale of the Property. The Bidding Procedures were designed with the objective of generating the greatest level of interest in, and highest or best value for, the Property while affording the Debtor maximum flexibility to execute a Transaction as quickly and efficiently as possible. Details of the Debtor's proposed key dates and deadlines for the sale process are provided. Given the Debtor's financial condition, an orderly but expeditious sale of the Property is critical to maximizing recoveries for all creditors. The Debtor designed the Bidding Procedures to encourage all entities to put their best bids forward and to maximize the value obtained for the Property. An Acceptable Bidder that desires to make a proposal, solicitation, or offer shall transmit such proposal, solicitation, or offer via email (in .pdf or similar format) so as to be actually received on or before July 3, 2026, to Debtor's Counsel. Each Bid must be accompanied by a cash deposit in the amount not less than $50,000.00 to be held in one or more escrow accounts on terms acceptable to the Debtor. Any Qualified Bidder who has a valid and perfected lien on the Property have the right to credit bid all or a portion of the value of such Secured Creditor's claims. The Auction shall take place at 9:00 a.m. (prevailing Eastern Time) on July 14, 2026, either via videoconference or at the offices of Campbell & Levine LLC, 310 Grant Street, Suite 1700, Pittsburgh, PA, 15219. The Debtor seeks approval of the sale of the Property free and clear of any interest in the Property at the Sale Hearing. About Newbury Power Center A-1 Newbury Power Center A-1, LP's primary holding is a residential property located at 1263 Newbury Highland in Bridgeville, Pennsylvania. Newbury Power Center A-1 sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 26-20022) on January 4, 2026. At the time of the filing, the Debtor listed up to $10 million in both assets and liabilities. Brett A. Malky, managing member, signed the petition. Judge Gregory L. Taddonio oversees the case. The Debtor tapped Paul J. Cordaro, Esq., at Campbell & Levine, LLC as counsel. NIROAL LIMITED: Seeks Chapter 7 Bankruptcy in New Jersey -------------------------------------------------------- On May 18, 2026, Niroal Limited Liability Company filed for Chapter 7 protection in the U.S. Bankruptcy Court for the District of New Jersey. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1-49 creditors. About Niroal Limited Liability Company Niroal Limited Liability Company is a limited liability company organized under New Jersey law. The company’s specific business operations were not disclosed in the bankruptcy petition summary. Niroal Limited Liability Company sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-15587) on May 18, 2026. In its petition, the Debtor reports estimated assets of $0-$100,000 and estimated liabilities of $100,001-$1,000,000. The Debtor is represented by Leonard S. Singer, Esq. of Zazzali & Singer, Esqs. NOBLE CORP: S&P Rates New $500MM Senior Unsecured Notes 'BB-' ------------------------------------------------------------- S&P Global Ratings assigned its 'BB-' issue-level rating and '3' recovery rating to U.K.-based offshore drilling company Noble Corp. PLC's proposed $500 million senior unsecured notes due 2034, which will be issued by Noble Finance II LLC. The '3' recovery rating indicates its expectation for meaningful (capped at 50%-70%; rounded estimate: 65%) recovery of principal to creditors in the event of a payment default. The proposed notes will rank pari-passu with the company's existing $1.4 billion 8.00% senior unsecured notes due 2030 and will be fully and unconditionally guaranteed on a senior unsecured basis by all its subsidiaries that are borrowers or guarantors under the revolving credit facility and the existing senior unsecured notes. Noble intends to use the net proceeds from this offering, together with cash on hand, to redeem its 8.50% senior secured second-lien notes due October 2030, originally issued by Diamond Foreign Asset Co. and Diamond Finance LLC and guaranteed on a senior secured basis by Noble Offshore Drilling Inc. The debt is secured by the legacy Diamond fleet, which Noble acquired in 2024. As of March 31, 2026, Noble had $495 million of outstanding principal on the Diamond notes. S&P view sthe transaction as leverage neutral and believe it will improve the company's capital structure by eliminating its secured debt in favor of unsecured obligations, collapsing two debt silos into a single structure (thereby simplifying the hierarchy), and extending its debt maturity profile. S&P's 'BB-' issuer credit rating and stable outlook on Noble are unchanged. Issue Ratings--Recovery Analysis Key analytical factors -- S&P's hypothetical default scenario contemplates a prolonged deterioration in cash flow stemming from a significant decline in capital spending for offshore oil and gas exploration and development. -- S&P said, "We evaluate the company on a discrete asset-value basis, which is consistent with our treatment of other contract drilling companies. We assume a 5% annual depreciation rate and a 50% realization rate on Noble's drilling equipment. We assume 0% value for the company's stacked rigs." -- S&P assumes Noble Corp.'s $650 million secured revolving credit facility (recently upsized from $550 million) is 85% drawn at the time of default. Simulated default assumptions -- Simulated year of default: 2030 -- Insolvency jurisdiction (Rank A): The company is headquartered in London. Simplified waterfall -- Net enterprise value (after 5% administrative costs): $2.1 billion -- Total first-lien claims: $566 million --Recovery expectations: Not applicable -- Total value available to unsecured claims: $1.5 billion -- Total senior unsecured debt: $1.97 billion --Recovery expectations: Capped at 50%-70% (rounded estimate: 65%) Note: All debt amounts include six months of prepetition interest. S&P said, "Numerically, our recovery expectations for Noble's unsecured debt exceed 70%, though we cap our recovery ratings on the unsecured debt of companies we rate in the 'BB' category at '3' to reflect the heightened risk that they will issue additional priority or pari-passu debt along the path to default." NOMADAR CORP: Exercises EUR 4.71 Million Option for Spain Land -------------------------------------------------------------- Nomadar Corp. exercised a purchase option over the remaining 161,433 square meters of land in Spain for EUR 4.71 million, plus applicable taxes and costs, according to an SEC filing. The company previously exercised a purchase option over 130,000 square meters of the same property on April 9. The latest transaction is expected to be completed within 90 business days, after which Nomadar would hold full ownership of the relevant plot once the sale and purchase deed is granted by the parties. The property is the intended site for Nomadar's JP Financial Arena real estate development project. The land is located in Puerto de Santa Maria, Spain. Nomadar and Sport City Cadiz S.L., the company's controlling shareholder (Sportech), previously entered into a land lease agreement and purchase option covering the property. Under an April 9 addendum, Sportech agreed to lease the property to Nomadar for an initial three-year term, with a possible two-year extension by mutual agreement. The addendum allows the purchase option to be exercised in increments during the agreement term, provided each purchase option covers at least 100,000 square meters. Nomadar said in a furnished press release that the newly executed agreement together with a previously announced agreement covering about 130,000 square meters, would complete its acquisition of the property. About Nomadar Corp. Nomadar Corp. operates as the innovation arm of Cadiz CF, a professional soccer club competing in Spain's Segunda Division, with activities across sports, tourism, technology, health, and event development. The U.S.-based company is majority owned by Sport City Cadiz S.L. and began generating revenue in 2025 from services provided under commercial contracts and purchase orders. Nomadar has agreements related to player programs and training methodologies through Cadiz CF and is pursuing the JP Financial Arena project, a proposed multi-purpose event center in Cadiz, Spain. In an audit report dated March 31, 2026, EisnerAmper LLP included going-concern language, stating that Nomadar's recurring losses from operations since inception raised substantial doubt about its ability to continue as a going concern. As of March 31, 2026, Nomadar reported total assets of $19.11 million, total liabilities of $7.40 million and total stockholders' equity of $11.71 million. NRAD MEDICAL: Former Shareholders Win Bid to Reopen Ch.11 Case -------------------------------------------------------------- Judge Louis A. Scarcella of the U.S. Bankruptcy Court for the Eastern District of New York granted the second motion of former shareholders and creditors of the bankruptcy estate of the debtor, NRAD Medical Associates, P.C., to reopen the Debtor's bankruptcy case pursuant to 11 U.S.C. Sec. 350(b). Alice Kim, M.D.; David Kaplan, M.D.; Corrine Tobin, M.D.; Elizabeth Lustrin, M.D.; Jay Bosworth, M.D.; Jed Pollack, M.D.; Colette Zito, as executor of the estate of Joseph Zito, M.D.; and Julian Safir, M.D. are the Movant Former Shareholders. They seek to reopen the bankruptcy case so as to move the Court for derivative standing to bring suit on behalf of NRAD's bankruptcy estate against NRAD's current shareholders, Robert V. Blake, M.D.; Paul D. Cayea, M.D.; Paul S. Lang, M.D.; Robin Ehrenpreis, M.D.; Daniel Benjamin, M.D.; Gene Berkovich, M.D.; Eric Schnipper, M.D.; and Paul Schorr, M.D. for disgorgement of certain proceeds distributed to the Current Shareholders by NRAD in connection with the demutualization of the Medical Liability Mutual Insurance Company. By the end of 2017, NRAD owned Blue Dot Holdings, LLC, a holding company, which had a 52.8875% interest in Meridian Imaging Group, LLC ("Meridian"). On or about July 25, 2018, NRAD transferred its ownership interest in Meridian to New York University School of Medicine ("NYU"), and NRAD received its portion of the proceeds. In or about July 2018, the Former Shareholders each executed and delivered a Declaration and Release agreeing to receive payment reflecting the 13.33% discount of their Maximum Distribution, and releasing any and all claims against NYU. NRAD's bankruptcy case was first closed on March 15, 2018. The Current Shareholders testified that they did not become aware of the MLMIC Demutualization until August 2018. After NRAD informed eligible policyholders (including certain of the Movant Former Shareholders) of its intention to claim the MLMIC Proceeds, several months of litigation and arbitration ensued. On October 4, 2019, Arbitrator Erica Garay awarded the MLMIC Proceeds to NRAD, and on October 28, 2019, Justice Timothy Driscoll of the Supreme Court of the State of New York, County of Nassau, also awarded the MLMIC Proceeds to NRAD. In March 2020, after MLMIC considered those decisions final and non-appealable, the MLMIC proceeds were distributed to NRAD, which then distributed the proceeds to the Current Shareholders. On May 8, 2020, the Movant Former Shareholders filed their first motion to reopen the Debtor's bankruptcy case, which was approximately 2 years and 2 months after the case was first closed on March 15, 2018 but approximately 2 months after the MLMIC Proceeds were distributed to the Current Shareholders in March 2020. The Court granted the first motion to reopen the Debtor's case by order dated September 17, 2020. On September 24, 2020, the Movant Former Shareholders commenced an adversary proceeding, seeking, inter alia, a judgment "determining that the MLMIC Proceeds are property of NRAD's bankruptcy estate" and "directing NRAD to distribute the MLMIC Proceeds to creditors whose claims have not been paid in full, in accordance with the Plan." On August 12, 2021, the Debtor moved to close the bankruptcy case a second time on the grounds that (i) the Debtor's bankruptcy was fully administered and reopened solely for the purpose of allowing the adversary proceeding to commence, (ii) there was no other activity in the bankruptcy case, and (iii) closing the case was in the best interest of the estate and creditors due to continuing United States Trustee fees and other administrative costs. The Court granted the motion to close the Debtor's bankruptcy case a second time on September 3, 2021, "without prejudice to the rights of any party in interest to seek to reopen the Chapter 11 Case," and the case was closed a second time on September 24, 2021. After several years of litigation, on January 26, 2024, the Court entered the Summary Judgment Decision in the adversary proceeding, holding that the MLMIC Proceeds constitute property of the Debtor's estate. On September 6, 2024, the Court entered a judgment in the plaintiffs' favor on their first claim for relief, adjudging solely that the MLMIC Proceeds constitute property of the Debtor's bankruptcy estate. The adversary proceeding was closed on December 18, 2024, and the Movant Former Shareholders filed the second motion to reopen the Debtor's bankruptcy case on April 23, 2025. The Movant Former Shareholders argue that, in light of the Court's holding that the MLMIC Proceeds are property of the bankruptcy estate, "other cause" exists pursuant to Bankruptcy Code Section 350(b) to reopen the Debtor's case to enforce the Court's order confirming the Debtor's Second Amended Chapter 11 Plan. They also argue that reopening the Debtor's case is necessary to allow them to bring certain causes of action against the Current Shareholders to return the MLMIC Proceeds to the Debtor's estate. On the other hand, the Debtor argues that its bankruptcy case should not be reopened because: (1) the doctrine of equitable mootness applies; (2) the Movant Former Shareholders waived their claims to the MLMIC Proceeds because: (i) they waived their claims pursuant to the NYU Transaction, (ii) they waived their claims by failing to pursue relief after the Court's Summary Judgment Decision, and (iii) they are not eligible to receive the MLMIC Proceeds because they ceased being shareholders of NRAD before the Debtor's petition date and the MLMIC Proceeds are surplus proceeds; and (3) the claims of the Movant Former Shareholders are futile because they cannot plead or establish fraud. The Movant Former Shareholders argue, inter alia, that: (1) the Debtor's plan has not been substantially consummated because a significant sum of money now deemed by the Court to be property of the estate remains undistributed in accordance with the Plan; (2) the Movant Former Shareholders have not waived their claims; (3) the MLMIC Proceeds are not surplus proceeds but rather property of the estate, and the Movant Former Shareholders are proceeding in their capacity as creditors of the Debtor; and (4) the claims of the Movant Former Shareholders in a potential second adversary proceeding are not futile but rather colorable. The Court says reopening the case would allow the Movant Former Shareholders to seek derivative standing to pursue certain causes of action against the Current Shareholders, and if successful, the Debtor would stand to benefit by an addition of over $3.2 million to its bankruptcy estate. The Movant Former Shareholders have pointed out that NRAD is a nominal entity, which is controlled by the Current Shareholders, who are NRAD's board of directors and corporate officers. The Movant Former Shareholders have argued that the interests of the Debtor as a corporate entity are adverse to the personal interests of the Current Shareholders with regard to the MLMIC Proceeds. According to the Court, because it is unlikely that the Debtor will pursue on its own any claims against the Current Shareholders -- who are its owners, directors, and officers -- reopening the bankruptcy case may allow the claims of the Movant Former Shareholders to proceed and result in a return of the MLMIC Proceeds to the estate. The Debtor argues that there would be no relief forthcoming to the Movant Former Shareholders if the Debtor's bankruptcy case is reopened because, inter alia, the Movant Former Shareholders have waived their claims or are ineligible to receive the MLMIC Proceeds. The Debtor argues that the Movant Former Shareholders waived their claims to the MLMIC Proceeds by executing and delivering a Declaration and Release agreement, whereby they consented to a 13.33% reduction of their maximum distribution under the Debtor's Plan in exchange for an upfront payout of $6,500,250 from NRAD after the close of the NYU Transaction. The Movant Former Shareholders counter that those releases only barred claims against NYU, not NRAD or the Current Shareholders. The Movant Former Shareholders also argue that the releases in the Plan contain an exception for the parties' "right to enforce the performance of their respective obligations, if any, under the Plan." Because the Movant Former Shareholders have made at least a colorable claim that they have not waived their claims to the MLMIC Proceeds, the Court finds that it would not be futile to reopen the Debtor's bankruptcy case. Judge Scarcella concludes, "Here, there is a clear potential benefit to creditors of the Debtor's estate if the bankruptcy case is reopened. If the Movant Former Shareholders prevail on their causes of action after the Debtor's case is reopened, the MLMIC Proceeds, a substantial sum, may be returned to the Debtor's estate to be re-distributed to creditors in accordance with the Plan." A copy of the Court's Memorandum Decision and Order dated May 29, 2026, is available at https://urlcurt.com/u?l=zMi1X6 from PacerMonitor.com. About NRAD Medical Associates NRAD Medical Associates, P.C., operated a regional radiology imaging medical practice and a regional radiation therapy practice with 16 locations throughout Long Island and Queens, New York. In June 2015, NRAD sold most of the assets utilized in the imaging practice assets in June 2015 to Meridian Imaging Group, LLC. In addition, NRAD and certain multi-specialty practitioners (e.g. gynecologists, internists, surgeons) were parties to agreements pursuant to which MSPs were employed by NRAD, certain assets require acquired and certain obligations were assumed. NRAD Medical sought Chapter 11 bankruptcy protection (Bankr. E.D.N.Y. Case No. 15-72898) in Central Islip, New York, on July 7, 2015. The Debtor estimated assets and liabilities of $10 million to $50 million. The case is assigned to Judge Louis A. Scarcella. The Debtor is represented by Anthony C. Acampora, Esq., at Silverman Acampora LLP, in Jericho, New York. On Aug. 13, 2015, the Office of the U.S. Trustee appointed an official committee of unsecured creditors. The committee tapped Farrell Fritz, P.C. as counsel. On Sept. 24, 2015, the court approved the sale of substantially all of the assets of the Debtor's RT Practice to St. Francis Hospital, Roslyn, NY, or its designee. The Debtor filed its notice of closing and effective date with respect to the RT sale on Oct. 14, 2015. On February 23, 2017, the Debtor filed a proposed Chapter 11 plan of reorganization. NUWELLIS INC: Baker Tilly Raises Going Concern Doubt Over Losses ---------------------------------------------------------------- Nuwellis, Inc. filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2025 with the U.S. Securities and Exchange Commission earlier this year. The audited report contains a blunt warning: conditions exist that raise substantial doubt about its ability to continue as a going concern. Based on the financial statements, the Company reported a net loss of $17.52 million for the year ended December 31, 2025, compared with a net loss of $11.17 million for 2024. Net sales for the year ended December 31, 2025 were $8.27 million, compared to $8.74 million in 2024. As of December 31, 2025, the Company had an accumulated deficit of $316.3 million, and it expects to incur losses for the immediate future. Cash, cash equivalents, and marketable securities stood at just $1.2 million as of December 31, 2025, down sharply from $5.1 million at the end of 2024. And the Company believes that its existing capital resources will be sufficient to support its operating plan through the end of the second quarter of 2026. Going Concern Minneapolis, Minnesota-based Baker Tilly US, LLP, the Company's auditor since 2017, issued a "going concern" qualification in its report dated March 11, 2026, attached to the Company's Annual Report for the fiscal year ended December 31, 2025, citing that the Company has recurring losses from operations, an accumulated deficit, expects to incur losses for the foreseeable future, and needs additional working capital. These are the conditions that raise substantial doubt about its ability to continue as a going concern. During the years ended December 31, 2025 and 2024, the Company incurred losses from operations and net cash outflows from operating activities. To date, the Company has been funded by equity financings, and although the Company believes that it will be able to successfully fund its operations, there can be no assurance that it will be able to do so or that it will ever operate profitably. Management efforts No doubt, management is trying to stay afloat. The Company became a revenue-generating Company after acquiring the Aquadex Business in August 2016. The Company expects to incur additional losses in the near term as it grows the Aquadex Business, including investments in expanding its sales and marketing capabilities, purchasing inventory, manufacturing components, investing in clinical research and new product development, and complying with the requirements related to being a U.S. public Company. To become and remain profitable, the Company must succeed in expanding the adoption and market acceptance of the Aquadex System. This will require the Company to succeed in training personnel at hospitals and effectively and efficiently manufacturing, marketing, and distributing the Aquadex System and related components. There can be no assurance that the Company will succeed in these activities, and it may never generate revenues sufficient to achieve profitability. During 2021 and through December 31, 2025, the Company closed on underwritten public equity offerings for aggregate net proceeds of approximately $57 million after deducting the underwriting discounts and commissions and other costs associated with the offerings. The Company will require additional funding to grow its Aquadex Business, which may not be available on terms favorable to the Company, or at all. The Company may receive those funds from the proceeds from future warrant exercises, issuances of equity securities, or other financing transactions. The Company will seek to raise additional capital to support its growth or other strategic initiatives through debt, equity, or a combination thereof. There can be no assurance it will be successful in raising additional capital. A full-text copy of the Company's Form 10-K is available at https://tinyurl.com/r7mcmde About Nuwellis Nuwellis, based in Eden Prairie, Minnesota, develops, manufactures and commercializes medical devices used in ultrafiltration therapy, including the Aquadex System. The Company focuses on cardiorenal care and fluid management for patients. Its Aquadex SmartFlow system is indicated for temporary or extended use in adult and pediatric patients weighing 20 kilograms or more whose fluid overload is unresponsive to medical management, including diuretics. Fluid overload, also known as hypervolemia, occurs when too much fluid builds up in the blood, vital organs and interstitial space. As of December 31, 2025, the Company had $6.12 million in total assets, $3.49 million in total liabilities, and $2.62 million in total stockholders' equity OCEAN THERMAL: Victor Mokuolu Raises Going Concern Doubt -------------------------------------------------------- Ocean Thermal Energy Corporation filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2025 with the U.S. Securities and Exchange Commission earlier this year. The audited report contains a blunt warning: conditions exist that raise substantial doubt about its ability to continue as a going concern. Houston, Texas-based Victor Mokuolu, CPA PLLC, the Company's auditor since 2025, issued a "going concern" qualification in its report dated March 23, 2026, attached to the Company's Annual Report for the fiscal year ended December 31, 2025, citing that for the years ended December 31, 2025, and December 31, 2024, the Company had a net loss of $69,212,016, and $1,185,163, respectively. The Company had an accumulated deficit of $176,478,512 and $107,266,496 for the years ending December 31, 2025, and December 31, 2024, respectively. The Company has not established revenue to cover its operating costs for the next 12 months. The Company's ability to continue as a going concern is dependent on its ability to increase sales and obtain external funding for the projects under development. The Company has no current project that will generate revenues in the near future. None of the Company's projects is at a stage of development that will allow them to generate revenues in the near future. The Company's project development cycles are expected to be relatively long, extending over several years as it identifies a potential project site, completes negotiations with third parties, completes permitting, obtains financing, completes construction, and places a plant into service. The Company expects to receive a development fee of approximately 3% of the project cost from its projects, payable upon the close of project financing. Operating revenues from projects are expected to be received when the plant has been built and placed into operation. The Company is currently under contract with the U.S. Army through Johnson Controls Government Systems to provide detailed engineering designs and financial analyses for an OTEC system at a remote military installation in the Pacific. This contract, valued at approximately $3.6 million, focuses on developing a comprehensive Basis of Design to enable the Army to evaluate OTEC as a long-term, sustainable source of renewable energy and desalinated water. Upon completion of this phase, the Company anticipates that its work may lead to discussions with the U.S. Army regarding a potential Power Purchase Agreement, under which the Army would purchase power and water from a proposed OTEC facility for a period of 25 to 30 years. However, there can be no assurance that such a PPA or similar arrangement will be negotiated or executed. Until such time as the Company begins to generate revenues from this or other projects, it expects to continue to rely on external sources of capital to fund its operations. The Company will require substantial amounts of additional capital from external sources. The Company does not have any current source of revenues or sufficient cash or other liquid resources to fund its planned activities until it begins receiving development fees from new contracts. Accordingly, as in the past, the Company will need substantial amounts of capital from external sources to fund day-to-day operations and project development. The Company has no arrangements or commitment for such capital. The Company plans to continue its practice of seeking external capital through the sale of debt or equity, although it cannot guarantee that such efforts will be successful. Any new investments will dilute the interests of the current stockholders. Further, new investors may require preferential financial returns, security, voting rights, or other preferences that will be superior to the rights of the holders of common stock. Alternatively, as project development advances, the Company may be required to sell all or a portion of its interest in one or more projects, which could reduce its retained financial interest and potential return. The Company currently has outstanding indebtedness that is convertible into shares of the Company's common stock. Some of this debt is associated with legacy financing arrangements entered into to support the Company's operations and development activities during earlier phases of its growth. In certain circumstances, holders of these instruments may elect to convert amounts owed into shares of common stock in accordance with the terms of the underlying agreements. The potential issuance of additional shares upon conversion of these instruments may result in dilution to existing stockholders and could create an overhang of potential share issuances that may affect the market price or volatility of the Company's common stock. Management is actively engaged in ongoing discussions with certain creditors and stakeholders regarding potential restructurings, settlements, refinancing arrangements, or conversions that could better align creditor interests with the long-term growth of the Company. The Company has historically sought, and may continue to seek, to address such obligations through negotiated restructurings, settlements, or other capital structure adjustments. In some circumstances, the conversion of indebtedness into equity may reduce cash repayment obligations and strengthen the Company's balance sheet. The Company continues to evaluate opportunities to simplify its capital structure over time. However, until such obligations are fully resolved, they will continue to represent a potential source of dilution and financial risk that could adversely affect the Company's financial condition, results of operations, or the market value of its common stock. A full text copy of the Company's Form 10-K is available at http://tiny.cc/cu64101 About Ocean Thermal Energy Corporation OTEC is designing ocean thermal energy conversion power plants, seawater air conditioning and lake water air conditioning plants for large commercial properties, utilities, and municipalities. The Company believes these technologies provide practical solutions to mankind's three oldest and most fundamental needs: clean drinking water, plentiful food, and sustainable, affordable energy without the use of fossil fuels. The Company plans to provide a clean technology that continuously extracts energy from the temperature differentials between warm surface ocean water and cold deep seawater. In addition to producing electricity, the Company's technology can efficiently desalinate seawater producing thousands of cubic meters of fresh water every day for use in agriculture and human consumption. This cold, deep, nutrient-rich water can also be used to cool buildings and for fish farming or aquaculture. As of December 31, 2025, the Company had $1,484,775 in total assets, $114,885,902 in total liabilities, and $113,401,127 in total stockholders' deficit. PAKA HOLDINGS: Hires Tittle Santiago PLLC as Bankruptcy Counsel --------------------------------------------------------------- Paka Holdings LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Texas to hire Tittle Santiago, PLLC as counsel. The firm will render these services: (a) provide legal advice with respect to the Debtor's powers and duties as debtor-in-possession in the continued operation of its business and the management of its property; (b) take all necessary action to protect and preserve the Debtor's estate, including the prosecution of actions on behalf of the Debtor, the defense of any actions commenced against the Debtor, negotiations concerning litigation in which the Debtor is involved, and objections to claims filed against the Debtor's estate; (c) prepare on behalf of the Debtor necessary motions, answers, orders, reports, and other legal papers in connection with the administration of its estate; (d) assist the Debtor in preparing for and filing a plan of reorganization at the earliest possible date; (e) perform any and all other legal services for the Debtor in connection with the Debtor's Chapter 11 Case; and (f) perform such legal services as the Debtor may request with respect to any matter, including, but not limited to, corporate finance and governance, contracts, antitrust, labor, and tax. The firm will charge for time at its normal billing rates for attorneys and legal assistants and will request reimbursement for its out-of-pocket expenses. On May 1, 2026, the firm received a $11,738 retainer from the Debtor. Manolo R. Santiago, Esq., an attorney at Tittle Santiago, 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: Manolo R. Santiago, Esq. Tittle Santiago, PLLC 1125 Legacy Dr., Suite 230 Frisco, TX 75034 Tel: (972) 213-2316 Email: msantiago@tittlelawpllc.com About Paka Holdings LLC Paka Holdings LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Tex. Case No. 26-41549) on May 4, 2026, listing $1,000,001-$10 million in both assets and liabilities. Manolo R. Santiago, Esq. at Tittle Santiago, PLLC serves as the Debtor's counsel. PAUL J. MASSEY: June 18 Hearing Set for Judicial Lien Motion ------------------------------------------------------------ Judge Janet E. Bostwick of the U.S. Bankruptcy Court for the District of Massachusetts will continue on June 18 the hearing on the motion filed by Paul J. Massey, Jr. to avoid the judicial lien of DHI Group, Inc. The deadline for objections to this motion is extended to June 12. If no objections are filed, the court may act on the motion and cancel the hearing. In his motion, the Debtor pursuant to 11 U.S.C. 522(f)(1) and Massachusetts Local Bankruptcy Rule 4003-1, seeks to avoid the judicial lien obtained by DHI on real property located at 76 Shore Drive, Larchmont, Westchester County, New York, on the grounds that the liens impedes his New York homestead. On December 8, 2022, DHI obtained a judgment against the Debtor, in the amount of $676,720.77, from the New York Supreme Court, New York County, NY. On September 11, 2023, DHI filed the judgment with the Clerk of Westchester County, NY at Index Number T005859-23, as a lien on the property in the amount of $676,720.77. The property is owned by the Debtor and his non-debtor spouse as tenants by the entirety. The Debtor has accepted an offer to purchase the property for the sum of $3,400,000.00. A motion for authority to approve the sale of the property at that price is currently pending before this court. Accordingly, the Debtor asserts that the current fair market value of the property is $3,400,000.00. The motion states the lien impairment exceeds the value of the Debtor's interest in the property in the absence of any liens ($3,400,000.00) by $2,666,908.95. Therefore, the DHI lien, in the amount of $676,720.77 impairs the Debtor's exemption in the property and may be avoided in its entirety pursuant to 11 U.S.C. Sec. 522(f)(2)(A). The motion is available at http://urlcurt.com/u?l=zD7wsGfrom Pacermonitor.com. Paul J. Massey, Jr. filed for Chapter 11 bankruptcy protection (Bankr. D. Mass. Case No. 26-10363) on February 23, 2026, listing under $1 million in both assets and liabilities. The Debtor is represented by David Madoff, Esq., at Madoff & Khoury LLP. PHOTO HOLDINGS: S&P Rates New $500MM First-Lien Term Loan 'B' ------------------------------------------------------------- S&P Global Ratings assigned a 'B' issue-level rating and '2' recovery rating to U.S.-based personalized picture-related product and service provider Photo Holdings LLC's (Shutterfly) (B-/Stable/--) proposed $500 million first-lien term loan due in 2031. It has also proposed to issue $1,150 million in senior secured notes that will rank pari passu with the new term loan and is also due 2031. The '2' recovery rating reflects our expectation of substantial (70%-90%; rounded estimate: 75%) recovery prospects in a default scenario. As part of the transaction, the company also plans to raise $225 million in second-lien term loan debt (unrated.) The stable outlook reflects S&P's view that the company will continue to improve operations, resulting in interest coverage of about 1.5x and adjusted leverage in the low-7x area over the next 12 months. U.S.-based personalized picture-related product and service provider Photo Holdings LLC (Shutterfly) plans to issue new term loan debt and senior secured notes totaling $1,875 million, the proceeds of which will be used to refinance existing borrowings. S&P said, "We view the transaction as credit neutral with respect to our base-case credit-metric assumptions, and our long-term issuer credit rating remains 'B-'. "The 75% rounded recovery estimate reflects our view of meaningful recovery in a default, consistent with a rating of '2', which is applied to issues with nominal recovery expectations of 70%-90%. We raised our EBITDA assumed in a hypothetical bankruptcy emergence 52% to $272.1 million from $179 million. This change reflects the proposed refinancing's increased fixed charges that result from more cash interest relative to the prior capital structure's significant levels of non-cash, pay-in-kind debt. Our calculation further benefits from improving profitability and cash flow in 2025, which stemmed from the company's strategic persistent cost streamlining, product-offering simplification, and favorable mix shift to higher-margin small and medium-sized business revenues. In addition, this transaction supports higher collateral value available to senior secured noteholders, the claims of which were previously subordinate to first-lien lenders but are expected to rank pari passu with the new $500 million term loan. "We view the proposed transaction as largely neutral. The long-term issuer credit rating remains 'B-.' The company intends to use the proceeds to support refinancing $1,875 million of existing term loans and senior secured debt. While we expect stronger priority ranking and improved operating results to support more favorable recovery prospects for senior secured lenders relative to the prior capital structure, we continue to believe elevated leverage and underlying cash-flow volatility will constrain the rating. Our base-case forecast assumes 2026 EBITDA of about $358 million, up 3%, supporting free operating cash flow (FOCF) of about $148 million and sustained FOCF to debt of 5%-6%, up from 2.8% in 2024. In addition, we expect the company's S&P Global Ratings-adjusted debt to EBITDA to continue to improve to 7.2x at the end of 2026 compared with 7.4x in 2025 and 8.6x in 2024. Despite these improvements, we expect leverage to remain elevated--well above our 5.5x upside threshold--over the next couple of years. "The stable outlook reflects our view that the company will generate sufficient cash flow to service debt, with interest coverage of about 1.5x and S&P Global Ratings-adjusted leverage in the low-7x area over the next 12 months." S&P could lower the rating on Shutterfly if: -- Its liquidity deteriorates to the point where it would depend on favorable business, financial, and economic conditions to meet its financial commitments, absent support from its private-equity sponsor; -- Profitability and cash flow weaken such that S&P considers the capital structure to be unsustainable and a distressed debt exchange or default as probable; or -- S&P views its capital structure as no longer sustainable over the longer term. While unlikely over the next 12 months due to the company's high S&P Global Ratings-adjusted leverage and significant operating risk, S&P could raise the rating on Shutterfly if: -- Profitability continues to improve such that leverage declines and remains well below 5.5x; and -- FOCF to debt stays comfortably above 5%. PRA GROUP: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable ---------------------------------------------------------- Fitch Ratings has affirmed PRA Group Inc.'s (PRA) Long-Term Issuer Default Rating (IDR) and its senior unsecured debt ratings at 'BB'. The Rating Outlook is Stable. Fitch has also affirmed the Long-Term debt rating of the senior unsecured notes issued by PRA Group Europe Holding II S.à r.l. (PRA Lux II), a wholly owned subsidiary of PRA, at 'BB'. These rating actions have been taken as part of a periodic review of North American and European debt purchasers, which is comprised of four publicly rated firms. For more information on the peer review, please refer to "Fitch Ratings Completes Peer Review of North American and European Debt Purchasers". Key Rating Drivers Global Franchise; Improved Operating Metrics: The ratings affirmation reflects PRA's leading debt purchasing franchise operating across 18 countries in the Americas, Europe, and Australia; improved collection efficiency and adjusted EBITDA margin; good funding flexibility; and adequate liquidity with manageable near-term refinancing risk. Leverage Constrains Rating: The ratings are constrained by elevated cash flow leverage, which remains at the higher end of management's stated target range. While recent execution has been encouraging, sustaining collection efficiency and profitability improvements through the cycle, particularly given persistently elevated legal collection costs and potential macroeconomic headwinds, represent a key execution challenge. PRA 3.0 Strategy; Execution Risk Remains: PRA continues to advance its business strategy and has made tangible progress with structural improvements to the U.S. cost base and accelerated call center offshoring and collection channel diversification. Management's medium-term objectives include $1.0 billion-$1.3 billion in annual portfolio purchases to support collections and adjusted EBITDA growth while gradually reducing leverage toward the mid-2x range. However, ongoing investment in the legal collection channel and technology modernization introduce near-term uncertainty about the pace of operational efficiency gains, and PRA's ability to execute across varying market conditions remains to be demonstrated. Improved EBITDA Margin; Goodwill Impairment: Adjusted EBITDA grew 14% yoy to $1.35 billion for the trailing 12 months (TTM) ended 1Q26, roughly in line with cash collections growth over the same period. The adjusted EBITDA margin improved to 62.0% for the TTM ended 1Q26, compared to 60.6% a year ago and a 60.9% average from 2022-2025. On a reported basis, TTM earnings were impacted by a non-cash, non-recurring goodwill impairment of $413 million in 3Q25. Fitch views the impairment as a balance sheet de-risking event with no direct impact on estimated remaining collections (ERC) or portfolio performance. Adjusted for this charge, the cash efficiency ratio improved by approximately 200bps yoy to 61% for TTM 1Q26. Management expects growth of legal collection costs to moderate relative to the prior two years. Fitch believes sustaining profitability enhancement remains contingent on disciplined cost management, as rising legal collection costs and weakening consumer repayment capacity could pressure collection rates and the pace of margin improvement. Leverage Remains Elevated: Gross debt-to-adjusted EBITDA was 2.8x for the TTM ended 1Q26, compared with 2.9x one year ago, but still at the higher end of management's 2.0x-3.0x target range. Gross debt-to-tangible equity improved to 3.9x from 4.4x over the same period. PRA repurchased a total of $30 million in common stock in 2025 and 1Q26, with approximately $38 million remaining under its Board authorization. Fitch believes further de-leveraging will be subject to disciplined portfolio purchases, sustained adjusted EBITDA growth, and management prioritizing debt reduction over other capital initiatives. Adequate Liquidity: The unsecured funding mix increased to 43% as of 1Q26, from 37% a year ago, supported by PRA's inaugural €300 million Eurobond issuance in September 2025. Liquidity remains adequate, comprising $125 million in unrestricted cash and $714 million in revolving credit facility (RCF) availability based on current ERC as of March 31, 2026. On April 30, 2026, PRA amended and extended its €730 million European RCF to April 2031 with no change to commitment levels or pricing, further staggering maturities. The next debt maturity is in February 2028, when $400 million of unsecured notes come due. Solid Interest Coverage: Interest coverage was 5.3x for the TTM ended 1Q26, modestly below the 2022-2025 average of 6.0x which corresponds to a 'bbb' category benchmark range of 6.0x-10.0x. Fitch believes interest coverage will improve modestly over the Outlook horizon, supported by adjusted EBITDA expansion. Stable Outlook: The Stable Outlook reflects Fitch's expectation that PRA will continue executing on its stated strategic initiatives, sustaining profitability improvements, and gradually reducing leverage toward the midpoint of the 2x-3x range while maintaining tangible leverage below 5x over the Outlook horizon. The Outlook also assumes PRA will maintain a disciplined capital allocation approach and prudently manage refinancing needs. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Maintenance of cash flow leverage above 3.0x, particularly if stemming from an inability to enhance collection efficiency and adjusted EBITDA; - An increase in debt/tangible equity above 5.0x on a sustained basis, particularly if corporate initiatives such as share repurchases are prioritized ahead of de-leveraging; - Deterioration in asset quality, as evidenced by acquired debt portfolios significantly underperforming anticipated returns or material writedowns in expected recoveries; - A shift in business strategy that leads to an increase in risk appetite outside the core business, outsized operating losses and significant deficiencies in liquidity management; - Increased reliance on secured funding with the unsecured mix approaching 20%; - An adverse operational event or a significant disruption in business activities, such as additional regulatory intervention in key markets that weakens collection activity, that undermines franchise strength and business model resilience. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - A sustained reduction in cash flow leverage below 2.5x, underpinned by effective execution on the stated strategies and consistent profitability improvement through the cycle; - Debt/tangible equity sustained below 4.0x; - Maintenance of unsecured debt greater than 40% of total debt while maintaining adequate liquidity and a well-laddered maturity profile. DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS The unsecured debt rating is equalized with PRA's Long-Term IDR, reflecting the availability of unencumbered assets and Fitch's expectation of average recovery prospects for creditors in a stressed scenario. DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES The senior unsecured debt ratings of both PRA and PRA Lux II are primarily sensitive to changes in the PRA's Long-Term IDR. The PRA Lux II's unsecured rating is also sensitive to any change in the guarantee structure, given that the notes are fully guaranteed on a senior unsecured basis by PRA and its domestic subsidiaries. A material increases in the proportion of secured debt that weakens recovery prospects for unsecured debtholders in a stress scenario could result in the respective unsecured debt rating being notched down below the IDR. ADJUSTMENTS - The Standalone Credit Profile (SCP) has been assigned in line with the implied SCP. - The Business Profile score has been assigned below the implied score due to the following adjustment reason: Business model (negative). - The Earnings and Profitability score has been assigned below the implied score due to the following adjustment reason: Revenue diversification (negative). - The Funding, Liquidity and Coverage score has been assigned below the implied score due to the following adjustment reason: Historical and future metrics (negative). ESG Considerations PRA Group, Inc. has an ESG Relevance Score of '4' for Customer Welfare - Fair Messaging, Privacy & Data Security due to the importance of fair collection practices and consumer interactions and the regulatory focus on them, which has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. PRA Group, Inc. has an ESG Relevance Score of '4' for Financial Transparency due to the significance of internal modelling to portfolio valuations and associated metrics such as estimated remaining collections, which has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. These are features of the debt purchasing sector as a whole and not specific to the company. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- PRA Group, Inc. LT IDR BB Affirmed BB senior unsecured LT BB Affirmed BB PRA Group Europe Holding II S.a r.l. senior unsecured LT BB Affirmed BB PRECISION EXPRESS: Unsecureds Will Get 25% over 60 Months --------------------------------------------------------- Precision Express Inc. filed with the U.S. Bankruptcy Court for the Eastern District of Arkansas a First Amended Plan of Reorganization for Small Business dated May 21, 2026. The Debtor is an interstate freight carrier transportation company. Cindy O'Donnell is the owner and managing member of the Debtor. The Debtor was organized and Articles of Incorporation were filed with the Arkansas Secretary of State on November 30, 2017. The Company primarily utilizes one diesel truck to deliver freight to customer job sites. Debtor believes that the business will continue to operate at a sufficient level to provide the funds necessary for an effective reorganization over the life of Debtor's Amended Plan. This Amended Plan proposes to pay creditors of the Debtor from cash flow from operations of its transportation business and/or any other future income. This Amended Plan provides for three classes of secured claims; one class of priority claims; one class of general, non-priority unsecured claims; and one class of equity interests. Unsecured creditors will be paid from a dividend pool that is not less than the estimated and projected disposable income of the Debtor to be received during the five-year period beginning on the date that the first payment is due under the Amended Plan, or during the period for which the Amended Plan provides payments, whichever is longer, consistent with Section 1191(c)(2) of the Bankruptcy Code. This Amended Plan is being proposed as a sixty-month Amended Plan. The estimated total amount of allowed claims in the general unsecured class (Class 3) is $166,046.00. Debtor estimates that there will be a dividend pool of $41,511.50 for distribution to allowed general unsecured, non-priority creditor claims over the sixty-month term of this Amended Plan. The Debtor will therefore pay a dividend of approximately 25% to allowed general unsecured creditors. If this case were converted to a Chapter 7 case and the property of the Debtor were liquidated, the unsecured class of creditors could expect to receive approximately zero percent (0.89%) on their claims from the Chapter 7 liquidation. Debtor encourages its unsecured creditors to vote to accept this 60-month Amended Plan and thereby allow this Amended Plan to be confirmed as a consensual confirmation under Section 1191(a). Based upon the treatment set forth in Article IX, the Debtor's aggregate monthly payment obligation to classified creditors under the Plan is approximately $3,474.01, consisting of: (a) secured claims of $2,667.15 (Class 1(a) Amur Dry Van $820.66; Class 1(b) Wilson Hopper Trailer surrendered, $0.00; Class 1(c) North Mill $1,846.49); (b) the priority tax claim payment of $115.00 (Class 2, representing the allowed Internal Revenue Service claim of $6,900.00 amortized over sixty months); and (c) the general unsecured dividend of approximately $691.86 per month (Class 3 dividend pool of $41,511.50 amortized over sixty months and paid quarterly). By surrendering the Wilson Hopper Grain Trailer and objecting to the Internal Revenue Service claim, the Debtor has shown a reduced aggregate monthly Plan obligation from approximately $4,432.25 (under the Plan) to approximately $3,474.01. The Subchapter V Trustee's fees and allowed professional fees are treated separately as set forth in Article VII. Class 3 consists of the Debtor's general unsecured, non-priority claims, including the claims of Marion Helton and Mike Harrison, any allowed deficiency claims of secured creditors, and the allowed non-priority portion (if any) of the claim of the Internal Revenue Service. The estimated total of allowed general unsecured claims is $166,046.00. Debtor estimates that total net Projected Disposable Income available under the Amended Plan will generate a dividend pool of $41,511.50, yielding an estimated dividend of approximately twenty-five percent to allowed Class 3 claims. Each allowed claim in this class shall receive a pro-rata distribution, paid quarterly for the previous calendar quarter on April 15th, July 15th, October 15th, and January 15th following the end of each calendar quarter during the term of the Amended Plan. The Debtor intends to object to the unsecured claims (if any) of the Internal Revenue Service on the grounds set forth in Class 2; no distribution shall be made on account of any disputed claim unless and until such claim is allowed by Final Order. The sole equity interest holder, Cindy O'Donnell, shall retain her full equity interest in the reorganized Debtor. Payments to creditors will be made from cash flow from the Debtor's transportation business operations and any other future income. Debtor-in-Possession may maintain bank accounts under the confirmed Amended Plan in the ordinary course of business and may pay ordinary and necessary expenses of the administration of the Amended Plan in due course. A full-text copy of the First Amended Plan dated May 21, 2026 is available at https://urlcurt.com/u?l=yF3xvc from PacerMonitor.com at no charge. Counsel to the Debtor: Cecille Doan, Esq. The Law Offices of Cecille Doan, LLC The Stephens Building 111 Center St., Suite 1200 Little Rock, AR 72201 Telephone: (501) 400-7395 Facsimile: (501) 500-6072 Email: bk@cashanddoan.com Email: cecille@cashanddoan.com About Precision Express Precision Express Inc. provides trucking services for shipments moving between states. Precision Express Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Ark. Case No. 25-13266) on Sept. 23, 2025. In its petition, the Debtor listed assets and liabilities between $100,001 and $1 million. Bankruptcy Judge Bianca M. Rucker handles the case. The Debtor is represented by Anh-Thu Cecille Doan, of Law Offices Of Cecille Doan. PREMIUM EDGE: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------- Debtor: Premium Edge, LLC d/b/a Alura Senior Living 777 Roy Wall Boulevard Rockledge, FL 32955 Business Description: Premium Edge, LLC, doing business as Alura Senior Living, is a senior living community located in Rockledge, Florida. Opened to its first residents in 2021, the community provides independent living, assisted living, and memory care. It offers studio, one-bedroom, and two-bedroom apartment options, with resident services including weekly housekeeping, maintenance, utilities, dining services, wellness center access, and salon and spa access. Chapter 11 Petition Date: May 29, 2026 Court: United States Bankruptcy Court Middle District of Florida Case No.: 26-04017 Judge: Hon. Tiffany P Geyer Debtor's Counsel: Michael L. Schuster, Esq. POLSINELLI PC 315 S. Biscayne Boulevard, Suite 400 Miami, FL 33131 Tel: (720) 931-1188 Email: mschuster@polsinelli.com Estimated Assets: $50 million to $100 million Estimated Liabilities: $10 million to $50 million The petition was signed by Adriana Dall'Armellina as manager. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/KEERNWY/Premium_Edge_LLC__flmbke-26-04017__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Cheney Brothers $23,640 One Cheney Express Way Port St Lucie, FL 34987 2. Cintas $1,633 Post Office Box 630910 Cincinnati, OH 45263-0910 3. Dex Imaging $908 PO Box 17299 Clearwater, FL 33762-0299 4. DynaFire, LLC $4,670 Post Office Box 541067 Atlanta, GA 30353 5. Energy Air $1,486 5401 Energy Air Court Orlando, FL 32810 6. Florida City Gas $1,706 4045 NW 97th Ave Doral, FL 33178 7. Harmony Senior $9,932 Living Advisors Incorpora P.O. Box 360031 Melbourne, FL 32936 8. MB Seafood, Inc. $1,098 650 Azalea Avenue Merritt Island, FL 32952 9. McKesson Medical - Surgical $3,154 PO Box 204786 Dallas, TX 75320 10. New Horizon $2,198 Communications Corp PO Box 981073 Boston, MA 02298 11. Poor Paul's Produce, Inc. $4,023 132 Tomahawk Drive Indian Harbour Beach, FL 32937 12. Robertson's Lawn Inc. $4,290 580 Cox Road Cocoa, FL 32926 13. Softrim LLC $1,640 9210 Estero Park Commons Blvd. Suite #5 Estero, FL 33928 14. The Home Depot Pro $1,949 PO Box 404468 Atlanta, GA 30384 15. The Sherwin Williams Co $4,857 Post Office Box 743885 Atlanta, GA 30374 16. Triton Aquascapes $1,300 and Outdoor Design PO Box 327713 Satellite Beach, FL 32937 17. UniFirst Corporation $1,794 Post Office Box 650481 Dallas, TX 75265 18. US Foods, Inc. $10,451 PO Box 198421 Atlanta, GA 30384 19. Verve Cloud Inc. $2,981 Verve Post Office Box 846023 Los Angeles, CA 90084 20. Wells Fargo Equipment Finance, Inc. $1,573 Post Office Box 858178 Minneapolis, MN 55485 QVC GROUP: Davis Polk Files First Supplemental Rule 2019 Statement ------------------------------------------------------------------ In the Chapter 11 bankruptcy cases of QVC Group, Inc. and its debtor-affiliates, Davis Polk & Wardwell LLP and Porter Hedges LLP filed with the United States Bankruptcy Court for the Southern District of Texas, Houston Division, a First Supplemental Joint Verified Statement pursuant to Bankruptcy Rule 2019 to inform the Court that the firms represent certain holders of: (i) the 4.750% senior secured notes due 2027 (the QVC 2027 Notes) issued by QVC, Inc. pursuant to a third supplemental indenture, dated as of February 4, 2020, to the indenture dated as of September 13, 2018; (ii) the 4.375% senior secured notes due 2028 (the QVC 2028 Notes) issued by QVC pursuant to a fourth supplemental indenture, dated as of August 20, 2020, to the indenture dated as of September 13, 2018; (iii) the 6.875% senior secured notes due 2029 (the QVC 2029 Notes) issued by QVC pursuant to an indenture dated as of September 25, 2024; (iv) the 5.450% senior secured notes due 2034 (the QVC 2034 Notes) issued by QVC pursuant to an indenture dated as of August 21, 2014; (v) the 5.950% senior secured notes due 2043 (the QVC 2043 Notes) issued by QVC pursuant to an indenture dated as of March 18, 2013; (vi) the 6.375% senior secured notes due 2067 (the QVC 2067 Notes) issued by QVC pursuant to a first supplemental indenture, dated as of September 13, 2018, to the indenture dated as of September 13, 2018; and (vii) the 6.250% senior secured notes due 2068 (the QVC 2068 Notes) issued by QVC pursuant to a second supplemental indenture, dated as of November 26, 2019, to the indenture dated as of September 13, 2018. According to the First Supplemental Joint Verified Statement: 1. In June 2025, the QVC Noteholder Group engaged Davis Polk to represent it in connection with the Members' holdings of QVC Notes. In April 2026, the QVC Noteholder Group engaged Porter Hedges to act as co-counsel in the Chapter 11 Cases. 2. Counsel represents only the QVC Noteholder Group and does not represent or purport to represent any entities other than the QVC Noteholder Group in connection with the Chapter 11 Cases. In addition, the QVC Noteholder Group does not claim or purport to represent any other entity and undertakes no duties or obligations to any entity. 3. On April 17, 2026, Counsel submitted the Joint Verified Statement of David Polk & Wardwell LLP and Porter Hedges LLP Pursuant to Federal Rule of Bankruptcy Procedure 2019. Counsel submits this First Supplemental Statement to update information contained in the Initial Verified Statement. 4. The Members, beneficially own (or are the investment advisors or managers for funds that beneficially own) or manage approximately: a. $9.28 million in aggregate principal amount of the QVC 2027 Notes; b. $22.14 million in aggregate principal amount of the QVC 2028 Notes; c. $471.23 million in aggregate principal amount of the QVC 2029 Notes; d. $317.60 million in aggregate principal amount of the QVC 2034 Notes; e. $216.21 million in aggregate principal amount of the QVC 2043 Notes; f. $63.32 million in aggregate principal amount of the QVC 2067 Notes; g. $151.67 million in aggregate principal amount of the QVC 2068 Notes; h. $552.53 million of aggregate loans (the RCF Loans) under the revolving credit facility pursuant to that certain fifth amended and restated credit agreement dated as of October 27, 2021, by and among QVC and QVC Global Corporate Holdings, LLC, as borrowers, the lenders from time to time party thereto, JPMorgan Chase Bank, N.A., as administrative agent and collateral agent, and any other parties from time to time party thereto; i. $32.32 million of aggregate commitments under the debtor-in-possession letter of credit facility (the DIP LC Facility) pursuant to that certain debtor-in-possession letter of credit facility agreement dated as of April 17, 2026, by and among QVC, as borrower, the lenders from time to time party thereto, JPMorgan Chase Bank, N.A., as administrative agent and an issuing bank, and the other issuing banks party thereto; j. $155.79 million in aggregate principal amount of the 3.750% senior unsecured exchangeable debentures due 2030 (the 3.750% LINTA Exchangeables) issued by Liberty Interactive LLC (LINTA) pursuant to that certain indenture, dated as of July 7, 1999, as supplemented by that certain fourth supplemental indenture, dated as of February 10, 2000; k. $103.60 million in aggregate principal amount of the 4.000% senior unsecured exchangeable debentures due 2029 (the 4.000% LINTA Exchangeables) issued by LINTA pursuant to that certain indenture, dated as of July 7, 1999, as supplemented by that certain second supplemental indenture, dated as of November 16, 1999; l. $148.27 million in aggregate principal amount of the 8.250% senior unsecured debentures due 2030 (the 8.250% LINTA Notes) issued by LINTA pursuant to that certain indenture, dated as of July 7, 1999, as supplemented by that certain third supplemental indenture, dated as of February 2, 2000; m. $74.10 million in aggregate principal amount of the 8.500% senior unsecured debentures due 2029 (the 8.500% LINTA Notes) issued by LINTA pursuant to that certain indenture, dated as of July 7, 1999, as supplemented by that certain first supplemental indenture, dated as of July 7, 1999; and n. 220,725 shares of the 8% series A cumulative redeemable preferred stock issued by QVCG (the QVCG Preferred Equity) with an aggregate liquidation preference of approximately $22.07 million. 4. Upon information and belief formed after due inquiry, Counsel does not hold any claim against, or interests in, the Debtors or their estates, other than claims for fees and expenses incurred in representing the QVC Noteholder Group. 5. Counsel submits this First Supplemental Statement out of an abundance of caution, and nothing herein should be construed as an admission that: -- the requirements of Bankruptcy Rule 2019 apply to Counsel's representation of the QVC Noteholder Group or -- the QVC Noteholder Group constitutes a "group" (within the Securities Exchange Act of 1934, as amended or any successor provision), including any group acting for the purpose of acquiring, holding, or disposing of securities (within the Securities Exchange Act of 1934, as amended or any successor provision). 6. Nothing contained in this First Supplemental Statement should be construed as: -- a waiver or release of any claims against the Debtors by any Member, -- an admission with respect to any fact or legal theory or -- a limitation upon, or waiver of, any Member's right to file and/or amend a proof of claim in accordance with applicable law and any orders entered in the Chapter 11 Cases. 7. Counsel reserves the right to amend or supplement this First Supplemental Statement. 8. The information contained is intended only to comply with Bankruptcy Rule 2019 and is not intended for any other use or purpose. 9. The information contained is based upon information provided by the Members to Davis Polk and is subject to change. The name, address, nature, and amount of all disclosable economic interests of each Member in relation to the Debtors, are: 1. BRANDYWINE GLOBAL INVESTMENT MANAGEMENT, LLC, on behalf of certain funds and/or accounts managed or advised by Franklin Resources, Inc. 1735 Market Street, Suite 1800 Philadelphia, PA 19103 Nature and Amount of Disclosable Economic Interest $5,068,000.00 in aggregate principal amount of QVC 2029 Notes $70,751,000.00 in aggregate principal amount of QVC 2034 Notes $10,096,000.00 in aggregate principal amount of 8.250% LINTA Notes $24,227,000.00 in aggregate principal amount of 8.500% LINTA Notes 2. GLOBAL INVESTMENT OPPORTUNITIES ICAV, acting through its investment manager Mirabella Financial Services LLP 35, Shelbourne Road Ballsbridge, Dublin D04 A4E0, Ireland Nature and Amount of Disclosable Economic Interest $2,000,000.00 in aggregate principal amount of QVC 2043 Notes $7,226,325.00 in aggregate principal amount of QVC 2067 Notes $30,331,700.00 in aggregate principal amount of QVC 2068 Notes 3. GOLDENTREE ASSET MANAGEMENT LP, on behalf of certain funds and accounts for which it serves as an investment advisor 300 Park Avenue, 21st Floor New York, NY 10022 Nature and Amount of Disclosable Economic Interest $6,666,000.00 in aggregate principal amount of QVC 2027 Notes $17,887,000.00 in aggregate principal amount of QVC 2028 Notes $165,499,000.00 in aggregate principal amount of QVC 2029 Notes $168,061,000.00 in aggregate principal amount of QVC 2034 Notes $109,300,500.00 in aggregate principal amount of QVC 2043 Notes $20,192,300.00 in aggregate principal amount of QVC 2067 Notes $34,116,075.00 in aggregate principal amount of QVC 2068 Notes $224,683,760.71 in aggregate commitments under the Revolving Credit Facility via unsettled trades, of which $224,683,760.71 is funded and outstanding as RCF Loans $107,665,000.00 in aggregate principal amount of 3.750% LINTA Exchangeables $75,030,000.00 in aggregate principal amount of 4.000% LINTA Exchangeables $127,151,000.00 in aggregate principal amount of 8.250% LINTA Notes $42,115,000.00 in aggregate principal amount of 8.500% LINTA Notes 4. MORGAN STANLEY SENIOR FUNDING, INC., on behalf of its New York Distressed Debt Trading Desk, and not on behalf of any of its other businesses or those of its affiliates 1585 Broadway, 3rd Floor New York, NY 10036 Nature and Amount of Disclosable Economic Interest $50,000.00 in aggregate principal amount of QVC 2027 Notes $125,000.00 in aggregate principal amount of QVC 2028 Notes $8,756,000.00 in aggregate principal amount of QVC 2029 Notes $1,144,000.00 in aggregate principal amount of QVC 2034 Notes $7,594,000.00 in aggregate principal amount of QVC 2043 Notes $745,000.00 in aggregate principal amount of 3.750% LINTA Exchangeables -$357,000.00 in aggregate principal amount of 4.000% LINTA Notes 5. Certain funds and/or accounts, or subsidiaries of such funds and/or accounts, managed, advised, controlled, or represented by NYL INVESTORS LLC, or an affiliate thereof or successor thereto 51 Madison Avenue New York, NY 10010 Nature and Amount of Disclosable Economic Interest $30,048,000.00 in aggregate principal amount of QVC 2029 Notes 6. OAKTREE CAPITAL MANAGEMENT, L.P., as an investment manager, solely on behalf of certain funds and accounts within its Global Opportunities, Global Credit and High Yield strategies 333 South Grand Avenue, 28th Floor Los Angeles, CA 90071 Nature and Amount of Disclosable Economic Interest $254,265,000.00 in aggregate principal amount of QVC 2029 Notes $60,600,000.00 in aggregate principal amount of QVC 2034 Notes $84,460,000.00 in aggregate principal amount of QVC 2043 Notes $1,625,000.00 in aggregate principal amount of QVC 2067 Notes $12,121,300.00 in aggregate principal amount of QVC 2068 Notes $263,230,769.22 in aggregate commitments under the Revolving Credit Facility, of which $263,230,769.22 is funded and outstanding as RCF Loans $44,615,384.62 in aggregate commitments under the Revolving Credit Facility via an unsettled trade, of which $44,615,384.62 is funded and outstanding as RCF Loans $32,318,501.17 in aggregate commitments under the DIP LC Facility Shares of QVCG Preferred Equity with an aggregate liquidation preference of $22,072,500.00 7. OAKTREE FUND ADVISORS, LLC, as investment manager, solely on behalf of certain funds and accounts within its High Yield and Global Credit Strategies 333 South Grand Avenue, 28th Floor Los Angeles, CA 90071 Nature and Amount of Disclosable Economic Interest $1,499,000.00 in aggregate principal amount of QVC 2029 Notes 8. SCHONFELD DMFI MASTER FUND LP 590 Madison Avenue, Floor 23 New York, NY 10022 Nature and Amount of Disclosable Economic Interest $20,965,450.00 in aggregate principal amount of QVC 2067 Notes $52,584,850.00 in aggregate principal amount of QVC 2068 Notes 9. Certain funds and/or accounts, or subsidiaries of such funds and/or accounts, managed, advised, controlled or represented by WHITEBOX ADVISORS LLC, or an affiliate thereof 3033 Excelsior Boulevard, Suite 500 Minneapolis, MN 55416 Nature and Amount of Disclosable Economic Interest $2,563,000.00 in aggregate principal amount of QVC 2027 Notes $4,125,000.00 in aggregate principal amount of QVC 2028 Notes $6,095,000.00 in aggregate principal amount of QVC 2029 Notes $17,046,000.00 in aggregate principal amount of QVC 2034 Notes $12,851,000.00 in aggregate principal amount of QVC 2043 Notes $13,308,250.00 in aggregate principal amount of QVC 2067 Notes $22,512,725.00 in aggregate principal amount of QVC 2068 Notes $20,000,000.00 in aggregate commitments under the Revolving Credit Facility via unsettled trades, of which $20,000,000.00 is funded and outstanding as RCF Loans $47,383,000.00 in aggregate principal amount of 3.750% LINTA Exchangeables $28,930,000.00 in aggregate principal amount of 4.000% LINTA Exchangeables $11,024,000.00 in aggregate principal amount of 8.250% LINTA Notes $7,757,000.00 in aggregate principal amount of 8.500% LINTA Notes Counsel for the QVC Noteholder Group: Damian S. Schaible, Esq. Angela M. Libby, Esq. Aryeh Ethan Falk, Esq. Helen (Muhan) Zhang, Esq. DAVIS POLK & WARDWELL LLP 450 Lexington Avenue New York, NY 10017 Tel: (212) 450-4000 E-mail: damian.schaible@davispolk.com angela.libby@davispolk.com aryeh.falk@davispolk.com helen.zhang@davispolk.com - and - John F. Higgins, Esq. M. Shane Johnson, Esq. PORTER HEDGES LLP 1000 Main Street, 36th Floor Houston, TX 77002 Tel: (713) 226-6000 E-mail: jhiggins@porterhedges.com sjohnson@porterhedges.com About QVC Group Inc. QVC Group, Inc., formerly known as Qurate Retail, Inc. -- https://www.qvcgrp.com/ -- owns interests in subsidiaries and other companies that are primarily engaged in the video and online commerce industries. Through its subsidiaries and affiliates, the company operates in North America, Europe and Asia. Its principal businesses and assets include its consolidated subsidiaries QVC, Inc., Cornerstone Brands, Inc., and other cost method investments. QVC Group and several affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas 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 and Porter Hedges LLP. The RCF Lender Group, led by JPMorgan Chase Bank, N.A., as administrative agent, is represented by Simpson Thacher & Bartlett LLP. An ad hoc group of beneficial holders to QVC Group, Inc. is represented by Brown Rudnick LLP as counsel. Glenn Agre Bergman & Fuentes LLP, Cleary Gottlieb Steen & Hamilton LLP, and Kane Russell Coleman Logan PC represent certain beneficial holders of the 8.0% Series A Cumulative Redeemable Preferred Stock issued by QVC Group, Inc. QVC GROUP: Simpson Thacher Files First Supplemental 2019 Statement ------------------------------------------------------------------ In the Chapter 11 bankruptcy cases of QVC Group, Inc. and its debtor-affiliates, Simpson Thacher & Bartlett LLP filed with the United States Bankruptcy Court for the Southern District of Texas, Houston Division, a First Supplemental Verified Statement pursuant to Bankruptcy Rule 2019 to inform the Court that the firm represents JPMorgan Chase Bank, N.A., as administrative agent (RCF Agent), acting at the direction of certain lenders (the RCF Lender Group) constituting Required Lenders under and as defined in the Fifth Amended and Restated Credit Agreement, dated as of October 27, 2021 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the Credit Agreement), by and among QVC, Inc., QVC Global Corporate Holdings, LLC, the RCF Agent, and lenders from time to time party thereto. According to the First Supplemental Verified Statement: 1. On April 30, 2026, Simpson Thacher filed the Verified Statement of Simpson Thacher & Bartlett LLP Pursuant to Federal Rule of Bankruptcy Procedure 2019, which listed the nature and amount of all discloseable economic interests held by each member of the RCF Lender Group. Simpson Thacher now files this Supplemental Statement to update the information contained within the Statement. 2. Simpson Thacher represents JPM in its separate capacities as: -- RCF Agent, which is acting at the direction of and working in concert with the RCF Lender Group, which collectively constitute Required Lenders under the Credit Agreement, and -- administrative agent (DIP LC Agent) to the $300,000,000 Debtor-In-Possession Letter of Credit Facility Agreement dated as of April 17, 2026 (the DIP LC Facility). Simpson Thacher does not purport to represent any additional entities in connection with the Chapter 11 Cases. In addition, the RCF Agent and members of the RCF Lender Group do not claim or purport to represent any other entity and undertake no duties or obligations to any entity. 3. The Members beneficially own (or are the investment advisors or managers for funds that beneficially own) or manage approximately: a. $2,572,250,958.04 in aggregate prepetition commitments under the Credit Agreement, some of which may be held by settled or unsettled participations; b. $2,168,000.00 in aggregate principal amount of 4.750% senior secured notes due 2027 (the QVC 2027 Notes) issued by QVC pursuant to that certain third supplemental indenture, dated as of February 4, 2020, to the indenture dated as of September 13, 2018; c. $1,600,000.00 in aggregate principal amount of 4.375% senior secured notes due 2028 (the QVC 2028 Notes) issued by QVC pursuant to that certain fourth supplemental indenture, dated as of August 20, 2020, to the indenture dated as of September 13, 2018; d. $77,488,000.00 in aggregate principal amount of the 6.875% senior secured notes due 2029 (the QVC 2029 Notes) issued by QVC pursuant to that certain indenture dated as of September 25, 2024; e. $22,003,000.00 in aggregate principal amount of the 5.450% senior secured notes due 2034 (the QVC 2034 Notes) issued by QVC pursuant to that certain indenture dated as of August 21, 2014; f. $15,985,000.00 in aggregate principal amount of the 5.950% senior secured notes due 2043 (the QVC 2043 Notes) issued by QVC pursuant to that certain indenture dated as of March 18, 2013; g. 2,411,190 shares of the 6.375% senior secured notes due 2067 (the QVC 2067 Notes) issued by QVC pursuant to that certain first supplemental indenture, dated as of September 13, 2018, to the indenture dated as of September 13, 2018; h. 5,375,404 shares of the 6.250% senior secured notes due 2068 (the QVC 2068 Notes) issued by QVC pursuant to that certain second supplemental indenture, dated as of November 26, 2019, to the indenture dated as of September 13, 2018; and i. 583,700 shares of the 8% series A cumulative redeemable preferred stock issued by QVCG (the QVCG Preferred Equity) with an aggregate liquidation preference of approximately $27.07 million 4. Upon information and belief formed after due inquiry, Simpson Thacher does not hold any claim against, or interests in, the Debtors or their estates, other than claims for fees and expenses incurred in representing the RCF Agent or DIP LC Agent. 5. Simpson Thacher submits this Supplemental Statement out of an abundance of caution, and nothing herein should be construed as an admission that -- the requirements of Bankruptcy Rule 2019 apply to Simpson Thacher's representation of the RCF Agent and DIP LC Agent or -- the RCF Lender Group constitutes a "group" of the Securities Exchange Act of 1934, as amended or any successor provision), including any group acting for the purpose of acquiring, holding, or disposing of securities. 6. Nothing contained in this Supplemental Statement should be construed as: -- a waiver or release of any claims against the Debtors by the RCF Agent or any Member, -- an admission with respect to any fact or legal theory or -- a limitation upon, or waiver of, the RCF Agent or any Member's claims against the Debtors or the right to file and/or amend a proof of claim in accordance with applicable law and any orders entered in the Chapter 11 Cases. 7. Simpson Thacher reserves the right to amend or supplement this Supplemental Statement in accordance with the requirements outlined in Bankruptcy Rule 2019. 8. The information outlined is intended only to comply with Bankruptcy Rule 2019 and not intended for any other use or purpose. 9. The information provided by the Members to Simpson Thacher is subject to change. The name, address, nature, and amount of all disclosable economic interests of each Member in relation to the Debtors, are: 1. PNC Bank N.A. 201 East Fifth Street B1-BM01-02-3 Cincinnati, OH 45202 Nature and Amount of Disclosable Economic Interest $130,000,000.00 in aggregate commitments under the Credit Agreement. 2. Royal Bank of Canada 200 Vesey St, 12th Floor New York, NY 10281 Nature and Amount of Disclosable Economic Interest $130,000,000.00 in aggregate commitments under the Credit Agreement. 3. Silver Point Capital, L.P. on behalf of one or more investment funds, separate accounts and other entities owned, controlled, managed, and/or advised by it or its affiliates 2 Greenwich Plaza, Suite 1 Greenwich, CT 06830 Nature and Amount of Disclosable Economic Interest $524,013,409.96 in aggregate commitments under the Credit Agreement $2,168,000.00 in aggregate principal amount of QVC 2027 Notes $1,600,000.00 in aggregate principal amount of QVC 2028 Notes $77,488,000.00 in aggregate principal amount of QVC 2029 Notes $22,003,000.00 in aggregate principal amount of QVC 2034 Notes $15,985,000.00 in aggregate principal amount of QVC 2043 Notes 2,411,190 shares of QVC 2067 Notes 5,375,404 shares of QVC 2068 Notes 583,700 shares of QVCG Preferred Equity 4. Scotiabank 711 Louisiana Street, Suite 1400, Houston, TX 77002, United States Nature and Amount of Disclosable Economic Interest $130,000,000.00 in aggregate commitments under the Credit Agreement 5. Strategic Value Partners on behalf of one or more investment funds, separate accounts and other entities owned, controlled, managed, and/or advised by it or its affiliates 100 West Putnam Avenue Greenwich, CT 06830 Nature and Amount of Disclosable Economic Interest $1,492,681,992.53 in aggregate commitments under the Credit Agreement. 6. Wells Fargo Bank, National Association 1000 Louisiana St, 4th Floor Houston, TX 77002 Nature and Amount of Disclosable Economic Interest $165,555,555.55 in aggregate commitments under the Credit Agreement. Local Counsel for the RCF Agent and the DIP LC Agent: Tom A. Howley, Esq. Eric Terry, Esq. HOWLEY LAW PLLC 700 Louisiana St., Suite 4220 Houston, TX 77002 Tel: 713-333-9125 E-mail: tom@howley-law.com eric@howley-law.com Counsel for the RCF Agent and the DIP LC Agent: Nicholas E. Baker, Esq. Moshe A. Fink, Esq. Rachael L. Foust, Esq. Zachary J. Weiner, Esq. SIMPSON THACHER & BARTLETT LLP 425 Lexington Avenue New York, NY 10017 Tel: (212) 455-2032 Fax: (212) 455-2502 E-mail: nbaker@stblaw.com moshe.fink@stblaw.com rachael.foust@stblaw.com zachary.weiner@stblaw.com About QVC Group Inc. QVC Group, Inc., formerly known as Qurate Retail, Inc. — https://www.qvcgrp.com/ — owns interests in subsidiaries and other companies that are primarily engaged in the video and online commerce industries. Through its subsidiaries and affiliates, the company operates in North America, Europe and Asia. Its principal businesses and assets include its consolidated subsidiaries QVC, Inc., Cornerstone Brands, Inc., and other cost method investments. QVC Group and several affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-90447) on April 16, 2026. In its petition, the Debtor reports more than $1 billion in assets and estimated liabilities of $6.6 billion. The Hon. Bankruptcy Judge Alfredo R. Perez handles the jointly administered cases. The Debtors employed Kirkland & Ellis LLP and Kirkland & Ellis International LLP as co-counsel; Gray Reed, as co-counsel; AlixPartners, LLP, as financial advisor; Evercore Group L.L.C., as investment banker; Kroll Restructuring Administration LLC, as claims and noticing agent; and PricewaterhouseCoopers LLP, as tax advisor. Joele Frank, Wilkinson Brimmer Katcher is serving as strategic communications advisor to QVC Group and QVC, Inc. Kobre & Kim LLP, serves as legal counsel to QVC Group, Inc. under the direction of the Special Committee; Seward & Kissel LLP, as legal counsel to QRI Cornerstone, Inc. under the direction of the Special Committee; Milbank LLP, as legal counsel to Liberty Interactive LLC, under the direction of the disinterested directors, and as legal counsel to Qurate Retail Group, Inc., under the direction of the Special Committee; and Katten Muchin Rosenman LLP, as legal counsel to QVC, Inc., under the direction of the disinterested directors. The Bank of New York Mellon Trust Company, N.A., as trustee under the LINTA Notes Indenture, is represented by Reed Smith LLP, as counsel. The LINTA Noteholder Group is represented by Akin Gump Strauss Hauer & Feld LLP. The QVC Noteholder Group is represented by Davis Polk & Wardwell LLP. The RCF Lender Group, led by JPMorgan Chase Bank, N.A., as administrative agent, is represented by Simpson Thacher & Bartlett LLP. An ad hoc group of beneficial holders to QVC Group, Inc. is represented by Brown Rudnick LLP as counsel. Glenn Agre Bergman & Fuentes LLP, Cleary Gottlieb Steen & Hamilton LLP, and Kane Russell Coleman Logan PC represent certain beneficial holders of the 8.0% Series A Cumulative Redeemable Preferred Stock issued by QVC Group, Inc. QXO BUILDING: S&P Rates Proposed Senior Unsecured Notes 'BB-' ------------------------------------------------------------- S&P Global Ratings assigned its 'BB-' issue-level rating and '4' recovery rating to QXO Building Products Inc.'s (a wholly owned subsidiary of QXO Inc.) proposed $1.5 billion senior unsecured notes due 2031 and $1.5 billion senior unsecured notes due 2034. The '4' recovery rating indicates S&P's expectation for average (30%-50%; rounded estimate: 35%) recovery in the event of a payment default. The proposed notes are part of QXO's planned $6 billion debt-financing package to partially fund its pending acquisition of TopBuild Corp. S&P's 'BB+' issue-level rating and '1' recovery rating on the company's proposed $3 billion term loan and existing secured debt are unchanged. Issue Ratings--Recovery Analysis Key analytical factors -- The company's pro forma debt capital structure comprises a $2 billion revolving credit facility (which S&P expects could be upsized, given the larger size of the combined business) due 2030, a $850 million term loan B due 2032, a proposed $3 billion term loan B due 2033, $2.25 billion of senior secured notes due 2032, $1.5 billion of proposed senior unsecured notes due 2031, and $1.5 billion of proposed senior unsecured notes due 2034. -- S&P said, "We rate all the secured debt 'BB+' with a '1' recovery rating, indicating our expectation for very high (90%-100%; rounded estimate: 95%) recovery in the event of a default. We rate the senior unsecured notes 'BB-' with a '4' recovery rating, indicating our expectation for average (30%-50%; rounded estimate: 35%) recovery in the event of a default." -- S&P's simulated default scenario contemplates a default in 2030 stemming from a downturn in the company's end markets, heightened competition, and significant price increases imposed by suppliers that it is unable to pass on to its customers. These adverse developments hamper QXO's margins and cash flow, pressuring its ability to meet its financial obligations and prompting the need for a bankruptcy filing or restructuring. -- S&P said, "Our emergence EBITDA assumption contemplates a rebound in profitability following the sharp cyclical downturn that we believe is required for the company to default with its present capital structure. Therefore, our EBITDA assumption does not purport to represent a default-level EBITDA, which we think could be lower." Simulated default assumptions -- Year of default: 2030 -- Assumed ABL draw at default: 60% -- Emergence EBITDA: $1.535 billion -- EBITDA multiple: 6.0x -- Gross recovery value: $9.2 billion Simplified waterfall -- Net enterprise value at default (after 5% administrative costs): $8.75 billion -- Priority claims: $1.53 billion -- Total collateral value for secured claims: $7.2 billion -- Secured claims: $6.1 billion --Recovery expectation for secured debt: 90%-100% (rounded estimate: 95%) -- Value available for unsecured claims: $1.1 billion -- Unsecured claims: $3.1 billion --Recovery expectation for unsecured debt: 30%-50% (rounded estimate: 35%) Note: Debt amounts include six months of accrued interest that S&P assumes will be owed by default. QXO INC: S&P Affirms 'BB-' ICR on TopBuild Acquisition Financing ---------------------------------------------------------------- S&P Global Ratings affirmed its 'BB-' issuer credit rating on QXO Inc. S&P said, "We assigned our 'BB+' issue-level rating and '1' recovery rating to QXO Building Products, Inc.'s proposed term loan. The '1' recovery rating reflects our expectation for very high recovery (rounded estimate: 95%) in the event of a payment default. "We also raised our issue-level ratings on the existing first-lien term loan and secured notes to 'BB+' from 'BB' and revised the recovery ratings to '1' from '2'. "The stable outlook reflects our view that leverage will be temporarily elevated in 2026 but will return below 5x in 2027 from debt repayment and EBITDA growth as QXO realizes integration synergies and efficiencies." QXO Inc. plans to issue a $3 billion first-lien term loan due in 2033. QXO will use the loan, along with balance sheet cash and $3 billion of other new unsecured debt, to fund the cash portion of its pending purchase of TopBuild Corp. (BB+/Watch Neg/--). S&P said, "We believe the strategic benefit of the acquisition offsets the higher financial risk from leverage temporarily elevated above 5.5x. "We view QXO's business more favorably with TopBuild, which offsets temporarily higher financial risk. The TopBuild acquisition significantly improves QXO's scale, diversification, and margins. The added scale should provide better volume discounts and more negotiating power. TopBuild also adds product breadth, installation capabilities, and increased commercial exposure. Its installation capabilities give it direct access to job sites which could provide it with better data and cross-selling opportunities. "We estimate pro forma S&P Global Ratings-adjusted leverage as of the first quarter was about 6.3x (including about $2.8 billion of preferred stock that we view as debt-like) but should improve to 5.8x-6.0x by the end of the year. We believe the elevated leverage is permissible at the current rating because we view the business more favorably and we expect leverage will drop in 2027 as demand modestly recovers and the company passes along price increases, realizes integration synergies, and repays debt." The recent Kodiak acquisition significantly expanded QXO's addressable market but increased volatility. QXO was previously concentrated in roofing materials distribution. Kodiak added lumber and other building materials (LBM), which significantly increased its addressable market and ability to serve the full project lifecycle of large, multi-site developments and master-planned communities. However, Kodiak derives more than 70% of its revenue from new residential construction, which has been more negatively affected by affordability issues. S&P expects these categories, and TopBuild's exposure to new construction, will typically be more volatile than QXO's existing roofing products, which depend on more stable repair and remodeling spending. Large acquisitions come with rebranding and integration risk. Since April 2025, QXO acquired Beacon Roofing Supply for $11 billion, Kodiak for $2.25 billion, and agreed to acquire TopBuild for about $15 billion. CEO Brad Jacobs has a good track record and our base case assumes successful integrations. That said, large acquisitions carry risks like not achieving synergy targets, spending more than expected, or impairing service quality. QXO has just begun the process of integrating Kodiak and rebranding dozens of storied local brands to QXO Building Products. It is also still working through Beacon transformation initiatives, including a comprehensive ERP upgrade. S&P said, "We expect the TopBuild acquisition should be relatively easier since TopBuild is already a well-run business with good margins and we expect lower costs to achieve planned synergies. Still, the acquisition carries some rebranding risk and the challenges of combining cultures and retaining talent." QXO's acquisition pace after TopBuild is uncertain. Management says the company's primary focus has shifted from acquiring to integrating, which S&P views positively, but S&P still expects it to evaluate opportunities and eventually resume a more rapid pace. Layering in additional acquisitions in a short time frame may obscure its underlying financial performance and make it difficult to evaluate the success of prior initiatives. Industry conditions are still challenging. S&P said, "We view the long-term residential housing industry dynamics favorably and believe it may be close to a trough. However, S&P Global Ratings economists project housing starts will be down 1.5% to about 1.34 million this year. We forecast modest 0%-1% growth in starts in 2027. We also expect R&R spending to remain in the low-single digits. Recent spikes in mortgage rates and oil prices further complicate the picture." First quarter results from QXO were weak, with S&P Global Ratings-adjusted EBITDA of about $11 million, down about 90% versus the prior year. S&P said, "We believe this is mostly due to soft industry demand because of affordability issues, a lack of severe storms necessitating roof repairs, and rough winter weather to start the year, but QXO's integration and transformation initiatives also had a negative impact. We believe the company's first quarter revenue decline was generally consistent with most peers, however competitor SRS (owned by Home Depot), noted that it took share from competitors in the first quarter." Kodiak performed better in first quarter, with S&P Global Ratings-adjusted EBITDA down about 10%. TopBuild's EBITDA expanded but primarily because of acquisitions; organic revenue dropped about 7% in the quarter. S&P said, "Still, we forecast consolidated pro forma leverage should improve to about 5.8x-6.0x by the end of 2026 as demand recovers modestly in the second half, pricing increases are passed through, and the company realizes more acquisition synergies. Leverage should improve below 5x in 2027. "The stable outlook reflects our view that leverage will be temporarily elevated in 2026 but will return below 5x in 2027 from debt repayment and EBITDA growth as QXO realizes integration synergies and efficiencies." S&P could lower its ratings on QXO if S&P Global Ratings-adjusted leverage remains above 5.5x. This could occur if: -- Profitability is significantly weaker than we expect due to continued market weakness and integration challenges; or -- The company undertakes aggressive financial policy decisions such as pursuing larger debt-financed acquisitions or shareholder returns that deteriorate its credit ratios. S&P could raise its ratings on QXO if leverage improves below 4.5x, likely due to strong execution on integrations and better end-market stability. This would also require the company to maintain operating cash flow to debt above 10% and make prudent financial policy decisions that sustain these credit measures through most market conditions. RENT-A-CHRISTMAS LLC: Unsecureds to Get 1.09% in Quarterly Payments ------------------------------------------------------------------- Rent-A-Christmas LLC submitted a First Amended Subchapter V Plan of Reorganization dated May 21, 2026. The Debtor filed this Chapter 11 case in order to restructure its affairs and propose a plan of reorganization that is in the best interests of its creditors and affords them the greatest recovery possible. As of the Petition Date, NYBDC Local Development Corporation d/b/a Pursuit Community Finance (the "NYBDC") is the holder of a first priority blanket lien on all the Debtor's assets, pursuant to two separate Loan Agreements, Notes and Security Agreements, entered into on August 4, 2021 (the "2021 NYBDC Loan") and April 7, 2022 (the "2022 NYBDC Loan", together with the 2021 NYBDC Loan, the "NYBDC Loan Agreements"), which were perfected by NYBDC by the filing of UCC-1 financing statements with the New York State Department of State on August 10, 2021 and April 5, 2022, respectively. As of the Petition Date, the total amount owed to NYBDC in accordance with the NYBDC Loan Agreements is approximately $56,548.00 (the "NYBDC Secured Claim"), of which approximately $26,572.00 is attributable to the 2021 NYBDC Loan and approximately $29,976.00 is attributable to the 2022 NYBDC Loan. Pursuant to Orders of the Court, the Debtor has been making monthly adequate protection payments to the NYBDC during the Chapter 11 Case in the amount of $2,487.43, reducing the amount of the NYBDC Secured Claim to approximately $40,127.63 as of May 1, 2026. Class 4 shall consist of the Allowed Unsecured Claims. Each holder of an Allowed Unsecured Claim shall receive a distribution, Pro Rata, from the Debtor's net income in twelve equal quarterly payments in the amount of $1,000, commencing on the Effective Date. The Debtor estimates an approximate 1.09% distribution to Class 4 Claims. The allowed unsecured claims total $1,099,831.13. Class 4 Claims are Impaired and holders are entitled to vote under the Plan. In addition, in the event of a recovery by the Debtor in connection with the Décor Litigation Claim, the Net Litigation Recovery, after payment in full to Class 1, 2 and 3 Claims, shall be paid pro rata to Class 4 Claims, up to such amounts necessary to pay the Class 4 Claims in full. Partial payment shall not affect Debtor's requirement to continue making the quarterly payments required by this Plan. However, payment in full of Class 4 Claims shall release the Debtor of its obligation to make any remaining payments due Class 4 Claims pursuant to this Plan. Class 4 Claims are Impaired and holders are entitled to vote under the Plan. The Plan will be financed from the Debtor's projected net income, and from the Net Litigation Proceeds of the Décor Litigation Claim, if any. While the Debtor's business is seasonal, with operations busiest between the months of September and January, the Debtor does not receive all of the income generated during the corresponding period. Instead, the Debtor receives deposits for jobs and installment progress payments throughout the year, providing it with the income necessary to make the plan payments set forth herein. Furthermore, in the event sufficient cash is not available from the Debtor's net income to make any installment required under the Plan, the Debtor's principal will reduce his draw in such amounts necessary to enable the Debtor to make the required installments. A full-text copy of the First Amended Plan dated May 21, 2026 is available at https://urlcurt.com/u?l=b3neQk from PacerMonitor.com at no charge. Counsel to the Debtor: Dana P. Brescia, Esq. Kirby Aisner & Curley LLP 700 Post Road, Suite 237 Scarsdale, NY 10583 Telephone: (914) 401-9500 Email: dbrescia@kacllp.com About Rent-A-Christmas LLC Rent-A-Christmas LLC is a seasonal decoration rental company specializing in Christmas trees, lights, and holiday displays for commercial and residential customers. Rent-A-Christmas sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-22707) on July 29, 2025. In its petition, the Debtor listed assets between $100,000 and $500,000, and liabilities between $1 million and $10 million. Judge Sean H. Lane oversees the case. The Debtor is represented by Julie Cvek Curley, at Kirby Aisner & Curley LLP. ROGUEFOX ENTERTAINMENT: Cash Collateral Hearing Set for June 11 --------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of California is set to hold a final hearing on June 11 on RogueFox Entertainment, LLC's bid to use cash collateral. The Debtor is currently authorized to use cash collateral pursuant to the court's May 21 order. This authorization remains in effect on an interim basis until a final determination is made. Under the May 21 order, the Debtor is allowed to utilize its cash collateral to pay operating expenses in accordance with an approved 13-week operating budget, which projects total operational expenses of $192,209. The order granted replacement liens to secured creditors holding valid pre-petition liens on the Debtor's cash collateral as adequate protection. Secured creditors retain the ability to seek additional relief, including termination of cash collateral use if circumstances warrant. The order is available at http://bankrupt.com/misc/RogueFox_ACCOrder.pdf As of the petition date, RogueFox possessed only limited cash collateral, consisting of $600 in cash registers, $89 in a bank account, and approximately $4,476 in inventory, for total cash collateral of $5,165. Other assets, including furniture, fixtures, equipment, a liquor license, a lease deposit, and a contingent class action claim, are not considered cash collateral. Several secured creditors hold purported liens on the Debtor's assets. The U.S. Small Business Administration is listed as the senior secured creditor with a $500,000 claim secured by a UCC-1 filing recorded in October 2020. Additional merchant cash advance lenders include Smart Business with an approximately $106,000 claim, American Funding Group with a roughly $36,000 claim, and United First with a $30,000 claim. Only the SBA, however, appears to have a present interest in the actual cash collateral existing on the petition date because the total collateral value is only $5,164.56, leaving no remaining value for junior lienholders to attach to. The Debtor reserves the right to challenge the validity, extent, or priority of any purported lien claims. Although the Debtor's business obtained a $500,000 Economic Injury Disaster Loan from the SBA, it later relied on high-interest MCA loans that required daily automatic withdrawals from its bank account. These withdrawals crippled cash flow, prevented meaningful reduction of loan principal, and caused the Debtor to fall behind on lease obligations. In 2025, the business generated positive operating income of approximately $83,245 before MCA interest expenses, but after paying roughly $140,000 in MCA interest, the Debtor suffered a net loss of approximately $56,755. As a result, the Debtor filed for Chapter 11 relief on May 12, intending to stop the daily withdrawals, stabilize operations, restructure debt, and continue operating while proposing a plan of reorganization. About RogueFox Entertainment LLC RogueFox Entertainment, LLC operates a combined bar and arcade in North Hollywood, California. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Cal. Case No. 26-02058) on May 12, 2026, with between $100,001 and $500,000 in both assets and liabilities. Kit James Gardner, Esq., at the Law Offices of Kit J. Gardner, represents the Debtor as bankruptcy counsel. ROTARY AIRLOCK: Seeks Chapter 11 Bankruptcy in Illinois ------------------------------------------------------- On May 20, 2026, Rotary Airlock, LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Illinois. According to court filings, the Debtor reports between $10 million and $50 million in liabilities and indicates that funds will be available for distribution to unsecured creditors. A meeting of creditors under Section 341(a) meeting to be held on June 25, 2026 at 01:30 PM at Appear by Telephone: (888) 330-1716 Passcode: 9375845. About Rotary Airlock, LLC Rotary Airlock, LLC is a Rock Falls, Illinois-based manufacturer of rotary valves and related material-handling equipment used in industrial processing applications. The company serves customers across a variety of industries requiring bulk material handling and flow-control solutions. Rotary Airlock, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-80841) on May 20, 2026. In its petition, the Debtor reports estimated assets of $10 million to $50 million and estimated liabilities of $10 million to $50 million. The Debtor is represented by David K. Welch, Esq. of Burke, Warren, MacKay & Serritella, P.C. SAKS GLOBAL: Louis Vuitton, Ex-Chair Challenge Chapter 11 Plan -------------------------------------------------------------- Alex Wolf of Bloomberg Law reports that Saks Global Enterprises LLC’s Chapter 11 reorganization plan has drawn objections from several parties, including Louis Vuitton, which alleges the luxury retailer has outstanding contract defaults. The challenges add complexity to Saks’ efforts to finalize its restructuring framework. Former CEO Richard Baker also objected to the plan, telling the Delaware court that it fails to preserve indemnification rights he secured in a separation agreement tied to Saks’ earlier bankruptcy filing. Baker argued that eliminating such protections would unfairly expose him to litigation risk, the report relays. According to Baker’s filing, the plan's treatment of his rights violates negotiated terms that were intended to shield him from post-employment liability. Saks Global must now address both commercial and governance-related objections as it seeks approval of its reorganization, according to Bloomberg. About Saks Global Enterprises LLC Saks Global is the largest multi-brand luxury retailer in the world, comprising Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman, Saks OFF 5TH, Last Call and Horchow. Its retail portfolio includes 70 full-line luxury locations, additional off-price locations and five distinct e-commerce experiences. With talented colleagues focused on delivering on our strategic vision, The Art of You, Saks Global is redefining luxury shopping by offering each customer a personalized experience that is unmistakably their own. By leveraging the most comprehensive luxury customer data platform in North America, cutting-edge technology, and strong partnerships with the world's most esteemed brands, Saks Global is shaping the future of luxury retail. Saks Global Properties & Investments includes Saks Fifth Avenue and Neiman Marcus flagship properties and represents nearly 13 million square feet of prime U.S. real estate holdings and investments in luxury markets. On Jan. 13, 2026, and Jan. 14, 2026, Saks Global Enterprises, LLC and 112 affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 26-90103). The jointly administered cases are pending before the Honorable Alfredo R. Perez. Willkie Farr & Gallagher LLP and Haynes and Boone, LLP are serving as legal counsel, PJT Partners LP is serving as an investmentbanker, Berkeley Research Group is serving as the financial advisor, and C Street Advisory Group is serving as a strategic communications advisor to the Company. Stretto is the claim agent. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel, Lazard Freres & Co, LLC is serving as investment banker, FTI Consulting, Inc. is serving as financial advisor, and Kekst and Company, Inc., is serving as a strategic communications advisor toan ad hoc group of debt holders. Hilco Global Professional Services, LLC, is the real property advisor to the Ad Hoc Group. Bank of America, N.A., is the administrative agent and collateral agent under the $1.5 billion asset-based revolving credit facility. U.S. Bank Trust Company, National Association, is the administrative agent and collateral agent under the $2.56 billion SGUS DIP Facility, a term loan facility with new money and roll-up components. U.S. Bank is also the agent under the $1.75 billion OpCo DIP Facility, a term loan facility to be used for refinancing existing debt. Barclays Bank, PLC serves as the fronting lender of the SGUS First Out DIP Loans. It is advised by Dentons US LLP. Otterbourg P.C., Morgan, Lewis & Bockius LLP, and Norton Rose Fulbright US LLP serves as counsel to the ABL DIP Agent; M3 Advisory Partners, LP, is the financial advisor to the ABL DIP Agent; and Great American serves as its inventory valuation consultant. Seward & Kissel LLP serves as counsel to the SGUS DIP Agent. On January 27, 2026, the U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. SECURETECH INNOVATIONS: Gary Cheng CPA Raises Going Concern Doubt ----------------------------------------------------------------- Securetech Innovations, Inc. filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2025 with the U.S. Securities and Exchange Commission earlier this year. The audited report contains a blunt warning: conditions exist that raise substantial doubt about its ability to continue as a going concern. The Company reported a net profit of $203,298 for the year ended December 31, 2025, compared with a net loss of $409,440 for 2024. The Company generated total revenue of $7,720,757 in 2025, compared to revenue of $14,235 in 2024. Going Concern Hong Kong-based Gary Cheng CPA Limited, the Company's auditor since 2025, issued a "going concern" qualification in its report dated March 24, 2026, attached to the Company's Annual Report for the fiscal year ended December 31, 2025, citing that the Company has incurred negative cash flows from operating activities over the past two years and has an accumulated deficit which raises substantial doubt about its ability to continue as a going concern. Historically, the Company has experienced negative cash flows from operations. As of December 31, 2025, however, the Company reported net income attributable to shareholders of $112,777 for the fiscal year and positive gross profit of $1,902,259. Cash and cash equivalents totaled $233,825 as of December 31, 2025, compared to no cash and cash equivalents balance as of December 31, 2024. Despite these improvements, the Company's ability to continue as a going concern is dependent upon successfully executing its growth strategy, maintaining profitability, and securing additional financing to fund working capital requirements and strategic initiatives. Current liabilities of $6,372,234 exceed cash on hand, and management anticipates the need for bridge financing, longer‑term debt facilities, and/or equity issuances to support operations, planned uplisting to a national exchange, and the spin‑off of Top Kontrol. These factors raise substantial doubt about the Company's ability to continue as a going concern withinthe next 12 months. Management is actively pursuing financing arrangements and implementing cost controls to mitigate these uncertainties. A full text copy of the Company's Form 10-K is available at http://tiny.cc/ju64101 About SecureTech Innovations SecureTech Innovations, Inc. is a technology-driven Company focused on developing and commercializing artificial intelligence–driven manufacturing systems, blockchain‑based digital infrastructure, and innovative automotive safety technologies. As of December 31, 2025, the Company had $18,889,616 in total assets, $7,115,144 in total liabilities, and $11,774,472 in total stockholders' equity. SENIOR SERVICES: Case Summary & Six Unsecured Creditors ------------------------------------------------------- Debtor: Senior Services Center of Will County, Inc. 251 North Center St. Joliet, IL 60435 Business Description: Senior Services Center of Will County, operating as Will County Seniors, is a non-profit organization incorporated in 1966 and based in Romeoville, Illinois, with an office in Joliet. The organization connects people over 60 with resources, information, services, and programs. Its services include Choices for Care, Adult Protective Services, the Community Care Program, the Caregiver Program, and care for seniors living independently. Chapter 11 Petition Date: May 29, 2026 Court: United States Bankruptcy Court Northern District of Illinois Case No.: 26-09222 Judge: Hon. Daniel R Fine Debtor's Counsel: Ben Schneider, Esq. THE LAW OFFICES OF SCHNEIDER AND STONE 8424 Skokie Blvd Suite 200 Skokie, IL 60077 Tel: (847) 933-0300 E-mail: ben@windycitylawgroup.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Sheila Pardo as CEO. A full-text copy of the petition, which includes a list of the Debtor's five unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/WURJF7I/Senior_Services_Center_of_Will__ilnbke-26-09222__0001.0.pdf?mcid=tGE4TAMA SERVICOM LLC: Court Okays Settlement Agreement with Coral, et al. ----------------------------------------------------------------- Chief Judge Ann M. Nevins of the U.S. Bankruptcy Court for the District of Connecticut approved the Settlement and Release Agreement between and among Barbara H. Katz, Chapter 7 Trustee for Servicom, LLC, JNET Communications, LLC, and Vitel Communications, LLC ("Debtors"); Coral Capital Solutions LLC; VFI KR SPE I, LLC; and David Jefferson and Eugene Caldwell. Coral alleged the Debtors owed it $3,152,850.86, excluding attorneys' fees and costs, based upon a secured claim arising from certain pre- and post-petition factoring agreements. Chapter 7 Trustee Barbara H. Katz, Coral, creditor VFI KR SPE I, LLC, and interested parties Rev. Dr. David Jefferson and Mr. Eugene Caldwell have been embroiled in a years-long legal dispute regarding the nature, extent, priority and enforceability of Coral's assertion of secured claims against the bankruptcy estates and numerous collateral issues that flowed from Coral's litigation stance. Some of the Mediation Parties also disputed the validity, extent, priority and enforceability of the VFI and J&C claims. After the Court entered a Memorandum of Decision and Order Determining Amount of Coral's Pre-Petition and Post-Petition Factoring Agreement Claims and Pre-Petition Term Loan Claim and after a lengthy, sustained mediation effort by court-appointed mediator Bankruptcy Judge James Tancredi, the Trustee seeks authority pursuant to Fed.R.Bankr.P. 9019(a) to enter into a substantial global settlement agreement. The Settlement and Release Agreement would result $0 being paid to Coral for its $3,152,850.86 claim, and instead Coral will pay $2,468,995.42 to the other Mediation Parties. The three pending adversary proceedings among these parties (19-3005, 19-3006, and 22-3010) would be dismissed, as well as all pending District Court appeals. The Trustee would make substantial distributions on account of allowed claims to VFI and J&C. Based on the record in this case and the representations that Coral is paying $1,350,000 to compensate the other Mediation Parties for their attorneys' fees; and that Coral's counsel is providing Coral with a financial accommodation, the Court concludes the payment is a sufficient monetary resolution to any further exercise of the Court's inherent power and duty to enforce Fed.R.Bankr.P. 9011, Fed.R.Civ.P. 11, and 28 U.S.C. Sec. 1927. In reaching this determination the Court gave significant weight to the request made by each of the other Mediation Parties that the Settlement and Release Agreement be approved and that the $1,350,000 payment (of $450,000 to each) would be an appropriate and complete resolution of their particular claims against Coral or its counsel. A copy of the Court's Memorandum of Decision dated May 22, 2026, is available at http://urlcurt.com/u?l=5Nd51D About ServiCom LLC, et al. JNET Communications LLC is a Delaware limited liability company that provides over all management and administrative functions as the holding company for ServiCom LLC and Vitel Communications LLC. JNET, in conjunction with its subsidiaries, constitutes a full service, outsource provider of customer contact management and telecommunication infrastructure fulfillment services to Fortune 1000 companies. JNET was founded in July 2003 by David Jefferson, a former senior executive of Comcast Corporation and AT&T Corporation. JNET has grown significantly since its founding. JNET realized on a consolidated basis $80 million in revenues in 2017 and is on track to generate revenues of $70 million in 2018 largely from its two separate but complementary subsidiaries, ServiCom and Vitel. As of the Petition Date, JNET independently employs approximately 31 people. ServiCom provides a comprehensive suite of call center outsourcing services to a broad range of industries. ServiCom maintains its principal assets and operates a call center location in Milford, CT. ServiCom also operates a call center location in Machesney Park, IL. As of the Petition Date, ServiCom employs approximately 200 people. Vitel provides installation and construction related services and other customer management services to cable and telecom companies, including installation of cable and telephone equipment, high speed data and digital phone installation, multiple dwelling unit construction and customer save services. Vitel currently operates in Georgia, Maryland, New Jersey, Ohio and Texas. As of the Petition Date, Vitel employs approximately 25 people. ServiCom Canada is a limited company organized in Nova Scotia, Canada, that is wholly owned by ServiCom. ServiCom Canada maintains its principal assets and operates a call center location in Sydney, Nova Scotia, from which location ServiCom Canada primarily serves the clients of its ServiCom parent. As of the ServiCom Canada Petition Date, ServiCom Canada employs approximately 600 people. After suffering significant losses in 2017 and 2018, ServiCom LLC, JNET Communications LLC, and Vitel Communications LLC concurrently filed Chapter 11 petitions (Bankr. D. Conn. Case Nos. 18-31722 to 18-31724) on Oct. 19, 2018, each estimating $10 million to $50 million in assets and liabilities. Another affiliate, ServiCom Canada Limited, filed a Chapter 11 petition (Bankr. D. Conn. Case No. 18-31734) on Oct. 23, 2018, estimating assets of $500,000 to $1 million and liabilities of $1 million to $10 million. Zeisler and Zeisler, led by James Berman, serves as counsel to the Debtors. After an early December 2018 shutdown of operations and a mid-December 2018 auction of the Debtor's assets, the Court converted the Chapter 11 case to a Chapter 7 case on Jan. 16, 2019. SHANNON WIND: Seeks to Extend Plan Exclusivity to Aug. 24 --------------------------------------------------------- Shannon Wind, LLC asked the U.S. Bankruptcy Court for the Southern District of Texas to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to Aug. 24 and Oct. 23, 2026, respectively. The Debtor explains that there is no question that this Chapter 11 Case is large and extremely complex. As indicated in the Notice of Designation as Complex Case, the Debtor has a total debt of more than $110 million, and numerous parties in interest in the Chapter 11 Case. Accordingly, the Debtor submits that the size, complexity, and the breadth of financial and legal issues involved in this Chapter 11 case weigh in favor of extending the Exclusivity Periods. Since the Petition Date, the Debtor has made substantial progress in negotiating with its respective stakeholders and administering this Chapter 11 Case. Notwithstanding the Debtor's material developments and substantial progress since the Petition Date, the administration of this Chapter 11 Case as well as the confirmation and implementation of the Plan will require additional time and effort. Accordingly, such circumstances support granting the Debtor's requested extension of the Exclusivity Periods. The Debtor claims that it is working towards confirmation of the Plan, which maximizes the value of the Debtor's estate for all stakeholders. The Debtor has engaged with key stakeholders regarding a variety of issues in this Chapter 11 Case and is not seeking an extension of the Exclusivity Periods as a tactic to exert pressure on their creditors. Rather, the Debtor, in good faith, requests an extension of the Exclusivity Periods to provide a sufficient, flexible window in which to conclude the orderly and efficient chapter 11 process, including by continuing negotiations with creditors to confirm the Plan to successfully exit this Chapter 11 Case without the disruption and distraction that would otherwise be created by competing chapter 11 plan proposals. The Debtor seeks to preserve exclusivity to ensure that parties with competing interests do not obstruct its efforts to confirm a plan that maximizes value for all interested parties. Extending the Exclusivity Periods will benefit all creditors by avoiding the significant expenditure of time and resources that inevitably results when multiple parties with potentially diverging interests vie for the consideration of their own respective plans. The Debtor asserts that approximately four months have elapsed since the Petition Date, and this is the Debtor's first request for an extension of the Exclusivity Periods. As noted, during the brief pendency of this Chapter 11 Case, the Debtor made significant progress towards a sale of substantially all of its assets and confirmation of the Plan. The Debtor further asserts that it is progressing substantially along the currently proposed timeline and expects to have approval of the sale of substantially all the Debtor's assets and confirmation of the Plan in the coming weeks. Considering the resources of the Debtor's estate that have already been spent on preparing and commencing solicitation of the Plan, the filing of a competing plan or plans during this time would force the Debtor to fend off alternative chapter 11 plan proposals instead of focusing its efforts on maximizing the recovery of all stakeholders. Shannon Wind, LLC is represented by: BRADLEY ARANT BOULT CUMMINGS LLP Jarrod B. Martin, Esq. Michael K. Riordan, Esq. 600 Travis Street, Suite 5600 Houston, Texas 77060 Telephone: (713) 576- 0300 Facsimile: (713) 547-0301 Email: jbmartin@bradley.com mriordan@bradley.com -and- James Bailey, Esq. 1819 Fifth Avenue N. Birmingham, AL 35203 Telephone: (205) 521-8000 Facsimile: (205) 488-6913 Email: jbailey@bradley.com –and- Alexandra E. Dugan, Esq. 1221 Broadway, Suite 2400 Nashville, TN 37203 Telephone: (615) 252-4638 Facsimile: (615) 252-4705 Email: adugan@bradley.com About Shannon Wind LLC Shannon Wind LLC develops and owns the Shannon Wind project, a utility-scale wind farm in Clay County, Texas, generating approximately 204 megawatts of electricity from wind turbines. The Company manages construction, commercial operations, and overall project oversight for the renewable energy facility. Shannon Wind, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 26-90124) on January 25, 2026. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. The Debtor is represented by Jarrod B. Martin, Esq. of Bradley Arant Boult Cummings, LLP. The Debtor's financial advisor is Accordion Partners, LLC, its investment banker is Nomura Securities International, Inc., its valuator is KPMG LLP. The Debtor's notices, claims, solicitation and balloting agent and administrative advisor is Kurtzman Carson Consultants LLC doing business as Verita Global. SILENT HERO: Class 8 Unsecured Claims to Split $60K in Joint Plan ----------------------------------------------------------------- Silent Hero LLC and Donwan and Jahayra Harrell filed with the U.S. Bankruptcy Court for the District of New Jersey a Joint Plan of Reorganization for Small Business dated May 21, 2026. Silent Hero is a professional corporation organized under the laws of New Jersey. The Individual Debtors are the owners of Silent Hero. Silent Hero is a screen-printing company which makes custom art shirts and pants for schools, restaurants and any other party who needs customized clothing. Silent Hero also does embroidery work and prints on a variety of other fabrics and materials. Lastly, Silent Hero also does a heat transfer form of printing on cert garments. The Debtors propose to pay the holders of all allowed administrative claims in full on the later of (i) the Effective Date of the Plan; (ii) allowance of the claim(s) or (iii) in accordance with any agreement between the Debtors and the holder(s) of the claim(s). Silent Hero proposes to pay the allowed priority tax claim of the Internal Revenue Service (the "IRS") in the amount of $14,251.62, over five years at 6.5% interest, in monthly installments of $278.85. Silent Hero proposes to pay the allowed priority tax claim of the State of New Jersey Division of Taxation (the "State of NJ") in the amount of $9,500.00, over five years at 6.5% interest, in monthly installments of $185.88. Silent Hero proposes to pay the allowed priority tax claim of the New Jersey Department of Labor, Employer Accounts (the "NJ DOL") in the amount of $603.34, over five years at 6.5% interest, in monthly installments of $11.81. The Individual Debtors propose to pay the allowed priority tax claim(s) of the State of NJ against the Individual Debtors in the amount of $189,659.36, over five years at 6.5% interest, in monthly installments of $3,710.90. The individual Debtors propose to pay the allowed priority tax claim of the Internal Revenue Service (the "IRS") against the Individual Debtors in the amount of $144,966.94, over five years at 6.5% interest, in monthly installments of $2,836.44. The individual Debtors propose to pay the allowed priority tax claim of the Internal Revenue Service (the "IRS") against the Individual Debtors in the amount of $184,898.64, over five years at 6.5% interest, in monthly installments of $3,617.75. Silent Hero's property is covered by a security interests held by the US Small Business Administration ("SBA"). Silent Hero proposes to pay the secured portion of the SBA's claim by paying $59,299.00 over a 120-month term, in 120 monthly installments of $494.16. The Debtors propose to treat the balance of the SBA's claim as general unsecured claims. Silent Hero also owns a 2024 Mimaki TxF300-75 Printer with 32" Shaker Combo which is covered by a lien held by Channel Partners Capital, LLC. Silent Hero proposes to pay the secured portion of Channel's claim by paying $36,851.85 over a 120-month term, in 120 monthly installments of $307.10. Silent Hero also owns a BEKYS1502CII 2HD SERVO Machine which is covered by a lien held by First Citizens Bank & Trust. Silent Hero proposes to pay the secured portion of Channel's claim by paying $6,033.97 over a 120-month term, in 120 monthly installments of $50.28. The Individual Debtors propose to repay the allowed secured claim of Haven Savings Bank, which is secured by the mortgage covering their residence located at 135 79th Street, North Bergen, New Jersey 07047, in compliance with the notes, mortgage and/or other loan documents forming the basis of the claim, and will cure the arrears due and owing to Haven by paying $52,516.59 over a 120-month term, in 120 monthly installments of $437.64. The Individual Debtors propose to repay the allowed secured claim of PNC Bank National Association, which is secured by a second position mortgage covering their residence located at 135 79th Street, North Bergen, New Jersey 07047, in compliance with the notes, mortgage and/or other loan documents forming the basis of the claim, and will cure the arrears due and owing to PNC by paying $33,977.22 over a one hundred twenty-month term, in 120 monthly installments of $283.14. The Individual Debtors propose to repay the allowed secured claim of Santander Consumer USA Inc. d/b/a Chrysler Capital which is secured by a lien that Santander has on one of the vehicles owned by the Individual Debtors, a 2020 Dodge TR Durango by paying the secured portion of the Santander's claim by paying $5,438.92 over a 120-month term, in 120 monthly installments of $45.32. The Debtors propose to treat the balance of the Santander's claim as general unsecured claims. Silent Hero proposes to treat all other allowed claims against Silent Hero, including any deficiency claims of the Secured Creditors and any other holder of an allowed claim secured by property of Silent Hero, as general unsecured claims against Silent Hero under Bankruptcy Code Sec. 506(a). Silent Hero will distribute the amount of $60,000.00 over a 120-month period, in 120 monthly payments of $500.00, toward the holders of general unsecured claims; the holders of such claims will share in the fund pro rata. The Individual Debtors propose to treat all other allowed claims against the Individual Debtors as general unsecured claims against the Individual Debtors under Bankruptcy Code Sec. 506(a). The Individual Debtors will distribute the amount of $30,000.00 over a one-hundred twenty-month period, in 120 monthly payments of $250.00 toward the holders of general unsecured claims; the holders of such claims will share in the fund pro rata. Class 8 consists of Allowed Unsecured Claims against Silent Hero. Claimants to share pro rata in a total fund of $60,000.00. Commencing 120 days after the Effective Date, for a period of 120 months, the Debtors will make the monthly payments in the amount of $500.00 toward the fund for payment of Class 8 Claims. The Debtors propose to distribute the fund to the holders of allowed Class 8 claims monthly. However, if the monthly payment due any holder of an allowed Class 8 Claim from the fund is less than $100.00, the Debtors may elect to distribute the full amount of the claimant's share of the fund in a single payment. This Class is impaired. Class 9 consists of Allowed General Unsecured Claims Against Individual Debtors. Claimants to share pro rata in a total fund of $30,000.00. Commencing 120 days after the Effective Date, for a period of 120 months, the Debtors will make the monthly payments in the amount of $250.00 toward the fund for payment of Class 9 Claims. The Debtors propose to distribute the fund to the holders of allowed Class 9 claims monthly. However, if the monthly payment due any holder of an allowed Class 9 Claim from the fund is less than $10.00, the Debtors may elect to distribute the full amount of the claimant’s share of the fund in a single payment. Silent Hero will fund the payments toward the unclassified priority tax claims against it and the payments to Classes 1, 2, 3 and 8 by contributing post-confirmation income realized through its operations. The Individual Debtors will fund the payments to the unclassified claims priority tax claims against them and the payments to Classes 4, 5, 6 and 9 by contributing post-confirmation income realized through their employment. A full-text copy of the Joint Plan dated May 21, 2026 is available at https://urlcurt.com/u?l=Y4NYmE from PacerMonitor.com at no charge. Counsel to the Debtors: NORGAARD O'BOYLE Brian G. Hannon, Esq. 184 Grand Avenue Englewood, NJ 07631 Tel: (201) 871-1333 About Silent Hero LLC Silent Hero, LLC owns and operates Artmeetschaos, an online apparel brand offering streetwear, hoodies, T-shirts, hats, and other clothing items primarily through e-commerce, supported by industrial embroidery and garment customization equipment and marketed under the registered Artmeetschaos trademark. Silent Hero sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-11893) on Feb. 20, 2026. In its petition, the Debtor listed assets between $50,001 and $100,000 and liabilities between $1 million and $10 million. The Debtor is represented by the Law Office of Norgaard O'Boyle. SILVER STAR: Case Summary & 16 Unsecured Creditors -------------------------------------------------- Debtor: Silver Star Virginia Parkway LLC 2870 Virginia Parkway Mckinney, TX 75071 Business Description: Silver Star Virginia Parkway LLC, doing business as Silver Star Storage, is a real estate company that owns and operates a self-storage facility in McKinney, Texas, as its sole asset. Chapter 11 Petition Date: May 28, 2026 Court: United States Bankruptcy Court Northern District of Texas Case No.: 26-42315 Judge: Hon. Mark X Mullin Debtor's Counsel: Robert T DeMarco, Esq. DEMARCO MITCHELL, PLLC 500 N. Central Expressway Suite 500 Plano, TX 75074 Tel: (972) 991-5591 E-mail: robert@demarcomitchell.com Total Assets: $7,650,856 Total Liabilities: $5,982,406 The petition was signed by David T. Wheeler as president of Silver Star Property Management, Manager of the Debtor. A full-text copy of the petition, which includes a list of the Debtor's 16 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/AQNGGNA/Silver_Star_Virginia_Parkway_LLC__txnbke-26-42315__0001.0.pdf?mcid=tGE4TAMA SIX RIVERS: Awarded $75,364 on Declaratory Judgment Counterclaim ---------------------------------------------------------------- Judge Peter G. Cary of the U.S. Bankruptcy Court for the District of Maine ruled in favor of Six Rivers Construction, LLC and Byron Bouchard on all counts alleged by John and Hope Bilodeau in the adversary proceeding captioned as JOHN BILODEAU and HOPE BILODEAU, Plaintiffs and Counter-Defendants, v. SIX RIVERS CONSTRUCTION, LLC, Defendant and Counter-Plaintiff, and BYRON BOUCHARD, Defendant, Adv. Pro. No. 25-02001 (Bankr. D. Me.). Six Rivers is a construction company wholly owned by Mr. Bouchard. In November 2023, the Bilodeaus approached Ryan Kenney, then a Project Manager for Six Rivers, to discuss constructing an addition to their existing home, located in Brunswick, Maine. Following that meeting, the Bilodeaus contracted with a third party, Distinctive Design, to develop plans for the Project. On April 17, 2024, Six Rivers provided the Bilodeaus with a proposal listing costs for various phases of the Project. The construction costs totaled $455,766, which included a "15% Overhead and Markup". The Proposal required a 33% deposit and provided for monthly invoicing as the Project commenced. The Proposal established a spring 2024 start date but did not include a deadline for completion. On April 18, 2024, the Bilodeaus signed the Construction Agreement and paid the Deposit in the amount of $151,922.00. The Contract provided that Six Rivers would invoice the Bilodeaus monthly for work that had been completed and for materials stored on site. It did not establish a specific start or end date; merely that work would commence and finish in accordance with the "Substantial Completion and Final Completion date" identified in the "Project Schedule". Pursuant to the terms of the Contract, Six Rivers was not responsible for delays beyond its reasonable control. As of July 12, 2024, work still had not commenced. The Bilodeaus requested a meeting to discuss scheduling. During that meeting, Mr. Bouchard informed the Bilodeaus that Six Rivers would be filing a petition for relief under Subchapter V of the United States Bankruptcy Code. The Bilodeaus allege that Mr. Bouchard also told them during the First Meeting that: (a) Six Rivers would be relying more heavily on subcontractors as it reduced its workforce and sold off equipment; and (b) they would need to pay vendors directly, notwithstanding the terms of the Contract. Mr. Bouchard concedes that he told the Bilodeaus that he had lost some employees but denies that he told them that Six Rivers was incapable of completing the Project unless they paid vendors directly. On July 17, 2024, the Bilodeaus e-mailed Mr. Bouchard and Mr. Kenney, stating that they no longer felt comfortable moving forward on the Project. Six Rivers did not perform any further work under the Contract after the e-mail, nor did it return the Deposit. The Bilodeaus did not pay any further sums to Six Rivers. The Bilodeaus seek judgment on their February 5, 2025 Amended Complaint against Six Rivers for breach of contract (Count II) and nondischargeability pursuant to 11 U.S.C. Sec. 523(a)(2)(A)) (Count VI), and against both Six Rivers and Byron Bouchard for unjust enrichment (Count III) and intentional misrepresentation (Count IV). Six Rivers asserts counterclaims for breach of contract (Counterclaim I) and declaratory judgment (Counterclaim II). Breach of Contract Claims The Court finds neither Six Rivers nor the Bilodeaus successfully established a claim for breach of contract. Six Rivers argues that the Bilodeaus breached the Contract by terminating it, but the Contract explicitly allowed for termination in two ways: either for cause or for convenience. To terminate for cause, the Bilodeaus were required to establish that Six Rivers materially breached the Contract, provide written notice of that material breach to Six Rivers, and allow Six Rivers seven days to cure. The Bilodeaus did not meet their burden of proving that Six Rivers breached the Contract and, therefore, they could not have terminated for cause. Therefore, they must have terminated under the "for convenience" provision. According to the Court, since the Contract explicitly provided for termination under either scenario, however, the Bilodeaus did not breach simply by terminating the Contract and Six Rivers' counterclaim fails. The Bilodeaus contend that Six Rivers breached the contract when Mr. Bouchard told the Bilodeaus that they would be paying vendors directly and Six Rivers would rely on more subcontractors to complete the Project. Even if Mr. Bouchard made these statements on July 12, 2024 -- and it is not clear that he did -- they do not give rise to a breach of contract claim. The Court is not convinced that Mr. Bouchard told the Bilodeaus that the Project could not be completed unless the payment terms changed. According to the Court, regardless, a statement about a change in contract terms does not constitute "nonperformance" of an obligation. Six Rivers did not delay commencement of work pending a change in payment terms, invoice the Bilodeaus in a manner inconsistent with the Contract terms, direct a vendor to seek payment directly from the Bilodeaus, demand that the Bilodeaus sign a modified contract, or otherwise take any action, or refuse to take an action, inconsistent with the terms of the Contract. Unjust Enrichment Claim The Court says the Bilodeaus are barred under Maine law from asserting claim for unjust enrichment against Six Rivers because it arises out of a transaction governed by a valid, binding contract. As to Mr. Bouchard, the Bilodeaus allege that he was unjustly enriched by the Deposit because he continued to receive regular paychecks and owner withdrawals after April 18, 2024. The Court finds the Bilodeaus have not established valid unjust enrichment claims against either Six Rivers or Mr. Bouchard. Judge Cary explains, "In this instance, the Bilodeaus failed to establish that they conferred a benefit on Mr. Bouchard. They paid the Deposit to Six Rivers, which is a separate legal entity with its own bank account. The fact that Mr. Bouchard received a regular paycheck from the commingled funds in that account, or that Mr. Bouchard took owner withdrawals in the form of payments to his mortgage company, is insufficient to establish that the Bilodeaus conferred a benefit on him. Having made no effort to pierce the corporate veil, the Bilodeaus' claim against Mr. Bouchard for unjust enrichment fails." Intentional Misrepresentation and Nondischargeability Claims At issue in this case are representations made by Mr. Bouchard before and on April 18, 2024 that: (a) Six Rivers could complete the Project by October 2024; (2) the Bilodeaus would be invoiced monthly for completed work and materials stored on site; and (3) Six Rivers employees would perform the majority of the work and subcontractors would be hired solely to perform electrical, plumbing and some finish work. Based on Mr. Bouchard's credible testimony, the Court finds it likely that Six Rivers was ready, willing, and able at all relevant times to complete the Project by October 2024 and in accordance with the original Contract terms. The Bilodeaus argue that Mr. Bouchard knew or should have known in March of 2024 that Six Rivers' financial difficulties precluded the company from performing in accordance with his representations. Mr. Bouchard conceded that cash flow was tight but maintains that Six Rivers fully intended to perform the Contract. While Six Rivers had consulted a bankruptcy attorney in 2023, both Mr. Bouchard and Mr. Kenney testified that bankruptcy relief did not appear necessary at the time. In the spring of 2024, Six Rivers expected to commence several large commercial projects and borrowed money from a short-term lender to bridge the financial gap until that work commenced. The projects failed to materialize, however, and in mid- to lateJune, Six Rivers began, once again, to consider bankruptcy relief. Six Rivers filed its petition on August 6, 2024. The Court finds the Bilodeaus failed to meet their burden of establishing that Mr. Bouchard and Six Rivers knew, or should have known, at the time the Bilodeaus entered into the Contract that Six Rivers was incapable of completing the Project in accordance with the terms discussed among the parties. The Bilodeaus contend that Mr. Bouchard and Six Rivers should have known that Six Rivers would need to rely more heavily on subcontractors because it had reduced its workforce and sold off equipment. While Mr. Bouchard concedes that Six Rivers may have eventually relied upon more subcontractors, nothing in the record indicates Six Rivers planned to use extra subcontractors when the Bilodeaus signed the Contract on April 18, 2024. The Court finds the Bilodeaus did not establish either (a) when Six Rivers began reducing its workforce and selling off equipment, or (b) the scope of that restructuring. Declaratory Judgment In Count II of its Counterclaim, Six Rivers seeks a declaration as to the parties' rights relative to the Deposit. Six Rivers asserts, and the Court agrees, that it is entitled to retain $75,364.90 of the Deposit. That figure includes $68,364.90 representing 15% of the total Project price for Overhead and Markup for work that remained to be done at termination. The remaining $7,000 is for permit-related work pursuant Mr. Bouchard's uncontroverted testimony that Six Rivers had completed the pre-construction portion of the Project. The Court further declares that the Bilodeaus have an unsecured claim of $76,557.10 for the remainder of the Deposit. The Court will enter judgment against the Bilodeaus on all of their surviving counts. Further, judgment will enter against Six Rivers on its counterclaim for breach of contract. On the declaratory judgment counterclaim, the Court will award Six Rivers $75,364.00. The Bilodeaus will be awarded an allowed, unsecured claim against the Six Rivers bankruptcy estate in the amount of $76,557.10. A copy of the Court's Memorandum of Decision dated May 29, 2026, is available at https://urlcurt.com/u?l=qfaRv6 from PacerMonitor.com. About Six Rivers Construction Six Rivers Construction offers construction services for residential and commercial projects. Six Rivers Construction filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Maine Case No. 24-20164) on Aug. 6, 2024, listing $1 million to $10 million in both assets and liabilities. The petition was signed by Byron Bouchard as managing member. Judge Peter G. Cary presides over the case. Tanya Sambatakos, Esq., at Molleur Law Firm, is the Debtor's bankruptcy counsel. SJ HOLDINGS: Seeks to Sell Memphis Property at Auction ------------------------------------------------------ SJ Holdings Group LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to sell Property at auction, free and clear of liens, claims, interests, and encumbrances. The Debtor seeks to sell real properties, improvements and related assets collectively known as "Walden Pointe Apartments," a 379-unit apartment complex, located in Memphis, Tennessee. The sale of the Property and the Landlord Claims shall be conducted by Thomas A. Draghi (Plan Administrator). Important Dates and Deadline: -- July 17, 2026 at 5:00 p.m. (ET)/4:00 p.m. CT) - Bid Deadline -- July 29, 2026 at 5:00 p.m. (ET)/4:00 p.m. CT) -- August 5, 2026 at 11:00 a.m. (ET)/10:00 a.m. (CT) - Auction -- August 7, 2026 at 5:00 p.m. (ET)/4:00 p.m. CT) - Deadline to File and Serve Notice of Successful Bidder -- August 12, 2026 at 11:00 a.m. (ET)/10:00 a.m. (CT) Sale Hearing -- No later than 21 days after entry of the Sale Order - Sale Closing The sale of the Property and the Landlord Claims shall be free and clear of all liens, claims, encumbrances, equities and interests, of any nature or kind. Any potential bidder, other than the Secured Creditor, who wishes to submit a bid with respect to the Property must demonstrate to the satisfaction of the Plan Administrator. The opening bid at the Auction shall be the amount of the highest and best Qualified Bid received by the Bid Deadline, as determined by the Plan Administrator, in consultation with the Broker and the Plan Proponent, with subsequent bids to be made in $25,000.00 increments, or in such increments as determined by the Plan Administrator, in consultation with the Plan Proponent. The Secured Creditor or its assignee may, but is not required to, submit a credit bid, up to an amount to be determined, for the Property and the Landlord Claims and pay any senior liens and encumbrances at closing. The Successful Bidder must pay the balance of the Purchase Price for the Property and the Landlord Claims. In the event that the Successful Bidder fails to tender the payment of the balance of the Purchase Price on the Closing Date, or otherwise perform any of its obligations under these Terms and Conditions of Sale, the Plan Administrator, in consultation with the Plan Proponent, will be authorized to sell the Property to the Backup Bidder without any further notice. The Property is being sold free and clear of all liens, claims, and encumbrances. About SJ Holdings Group SJ Holdings Group, LLC, doing business as Walden Pointe Apartments, is the owner of certain real properties, improvements and related assets known as "Walden Pointe Apartments," a 379-unit apartment complex located in Memphis, Tennessee. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-42207) on May 7, 2025, with up to $50,000 in assets and between $1 million and $10 million in liabilities. Judge Nancy Hershey Lord presides over the case. Kevin J. Nash, at Goldberg Weprin Finkel Goldstein LLP, is the Debtor's legal counsel. A10 Commercial Mortgage Trust 2024-FLSN1, LLC, as secured creditor, is represented by Paul Rubin, Esq. and Hanh Huynh, Esq., at Rubin, LLC. SLEEP NUMBER: Deloitte & Touche Raises Going Concern Doubt ---------------------------------------------------------- Sleep Number Corp. filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2025 with the U.S. Securities and Exchange Commission earlier this year. The audited report contains a blunt warning: conditions exist that raise substantial doubt about its ability to continue as a going concern. Based on the financial statements, the Company reported a net loss of $131.96 million for the year ended December 31, 2025, compared with a net loss of $20.33 million for 2024. The Company generated net sales of $1.41 billion in 2025, compared to a revenue of $1.68 billion in 2024. Going Concern Minneapolis, Minnesota-based Deloitte & Touche LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 12, 2026, citing that the impending maturity of the Company's credit facility, projections of noncompliance with future debt covenants, and lack of liquidity raise substantial doubt about its ability to continue as a going concern. The Company's financial statements have been prepared under the assumption that the Company will continue as a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business for the foreseeable future. Historically, the Company has relied principally on liquidity generated from operating activities to fund its day-to-day operations and service its debt. Over the past three years, the Company has a history of net losses. For 2025, net loss was $132 million. Although the Company continues to pursue its turnaround strategy "Sleep Number Shifts" -- centered on product, marketing and distribution, as well as ongoing cost savings and operating efficiencies, to reignite growth and increase financial resilience -- the timing and realization of its turnaround strategy cannot be guaranteed to ensure sufficient cash flow is generated to provide liquidity to meet the Company's obligations. In addition, the Company anticipates that it will not remain in compliance with the financial covenants of its Credit Agreement for the next 12 months. These conditions and events raise substantial doubt about the Company's ability to continue as a going concern. Management's Plan Management's plan to address the substantial doubt about the Company's ability to continue as a going concern includes the following actions: * Execute the Company's turnaround strategy centered on product, marketing and distribution with ongoing cost savings and operating efficiencies to reignite growth and increase financial resilience; * Engage in negotiations with the lenders in its Credit Agreement with the goal of amending or waiving financial covenants and certain other provisions of its credit facility; and * Engaged financial advisors to assist in negotiating with the lenders and identifying and securing additional capital options, alternative financing arrangements, strategic alternatives, or other comprehensive solutions to address the Company's capital structure and leverage needs to return to growth and create long-term value. There can be no assurance of the Company's ability to realize these plans. As a result, the Company has concluded that management's plans do not alleviate substantial doubt about the Company's ability to continue as a going concern for at least the next 12 months. A full text copy of the Company's Form 10-K is available at https://tinyurl.com/ymyxehkp About Sleep Number Corp. Sleep Number Corp., based in Minneapolis, Minnesota, is a leader in personalized sleep wellness. Its mattresses are designed to evolve with each sleeper to help them feel and perform their best. With adjustable firmness, pressure-relieving support, and temperature-balancing comfort built into every mattress, Sleep Number beds adapt to customers' changing needs, night after night, year after year. As of December 31, 2025, the Company had $680.06 million in total assets, $1.26 billion in total liabilities, and $578.48 million in total shareholders' deficit. SMITH CUSTOM: Cash Collateral Hearing Set for July 29 ----------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division is set to hold a hearing on July 29 to consider extending Smith Custom Home Corporation's authority to use cash collateral. The Debtor is currently authorized to use cash collateral pursuant to the court's April 28 second interim order. This authorization remains in effect until further order of the court. Under the interim order, the Debtor is allowed to use its cash collateral to pay operating expenses based on an approved budget, which projects total operational expenses of $513,449 for the period from March to August. As adequate protection, the interim order granted secured creditors including CT Corporation, Caymus Funding, Inc., and BizFund, LLC replacement liens on cash collateral, with the same validity and priority as their pre-petition liens. Additional safeguards include insurance coverage, access to financial records and regular financial reporting. The order is available at http://bankrupt.com/misc/SmithCustom_2ICCOrder.pdf About Smith Custom Home Corporation Smith Custom Home Corporation, doing business as Maverick Design & Construction, is a Florida-based residential construction company headquartered in Tampa, Florida. Founded in 2017, it provides custom home design, construction, and remodeling services across the Tampa Bay area, emphasizing personalized project management and client-driven home builds. Smith Custom Home filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-01812) on March 9, 2026, with $135,764 in assets and $2,476,493 in liabilities. Marcus Smith, president of Smith Custom Home, signed the petition. Judge Caryl E. Delano oversees the case. Buddy D. Ford, Esq., at Ford & Semach, P.A. represents the Debtor as legal counsel. Amy Denton Mayer of Stichter Riedel Blain & Postler, P.A. serves as Subchapter V trustee for the Debtor. SN TRANSPORT: Loses Bid to Stay Dismissal of Bankruptcy Case ------------------------------------------------------------ Judge Mildred Caban Flores of the U.S. Bankruptcy Court for the District of Puerto Rico denied the motion of SN Transport Inc. to stay the Bankruptcy Court's order dismissing the bankruptcy case pending appeal. Upon the United States Trustee's motion to dismiss, after notice and a hearing, the Bankruptcy Court dismissed the present case for cause pursuant Secs. 1112(b)(4)(E), (F), and (H) of the Bankruptcy Code. The Debtor appealed the dismissal order to the United States District Court for the District of Puerto Rico and requested a stay pending appeal, which is opposed by the U.S. Trustee. The U.S. Trustee requested the dismissal of the present case pursuant Sec. 1112(b)(4)(F) and (H) for Debtor's failure to file schedules and failure to provide the information requested by the U.S. Trustee for the Initial Debtor Interview ("IDI"). Debtor opposed U.S. Trustee's request for dismissal asserting, in summary, that it had cured the deficiencies and that there was a reasonable likelihood of rehabilitation, even though, to this day, it has not filed its schedules. At the hearing and supported by the case record, the U.S. Trustee established and demonstrated that there was cause for the dismissal of the case. The U.S. Trustee demonstrated that Debtor did not file the schedules of the case as required by Sec. 521(a)(1) nor submitted the requested documents for the IDI meeting as required by Sec. 521(a)(3). Moreover, the record showed that Debtor did not comply with the Bankruptcy Court's order to coordinate with the U.S. Trustee the IDI. Debtor and its counsel were not present at the hearing on the U.S. Trustee's motion to dismiss, failing to establish any valid defense pursuant to Sec. 1112(b)(2) for which the motion to dismiss should not be granted. Accordingly, the case was dismissed pursuant Secs. 1112(b)(4)(E), (F) and (H). Judge Flores holds, "In the present case, Debtor is not likely to succeed on the merits. Debtor asserts in its motion for stay pending appeal that it is likely to succeed on appeal because the dismissal was imposed without finding of bad faith and without consideration of lesser sanctions. However, there is no need of a finding of bad faith to dismiss a case pursuant Section 1112(b)(4). Debtor has not filed the required schedules in the present case. Debtor's request for a stay pending appeal does not satisfy the first requirement which is a strong showing of success on the merits. Consequently, SN Transport motion for stay pending appeal is denied." A copy of the Court's Opinion and Order dated May 29, 2026, is available at https://urlcurt.com/u?l=bMBcUt from PacerMonitor.com. About SN Transport Inc. SN Transport, Inc., a privately held company founded in June 2014 and based in Cabo Rojo, Puerto Rico, provides commercial transportation and goods delivery services across the island. Incorporated under the laws of the Commonwealth of Puerto Rico, the firm qualifies as a small business debtor under the U.S. Bankruptcy Code. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 26-01095) on March 15, 2026, with $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Whesley Eliezer Sepulveda Rodriguez, owner, signed the petition. Jose Francisco Gierbolini, Esq., represents the Debtor as legal counsel. SUNPOWER INC: Issues Additional 10% Notes Due 2029 -------------------------------------------------- SunPower Inc. issued additional 10% convertible senior secured notes due 2029 after entering a note purchase agreement on May 19, the company reported in a Form 8-K filing. The additional notes were issued May 20 under an indenture dated April 23. The notes are senior secured obligations and mature May 1, 2029, unless earlier converted, redeemed or repurchased. Interest accrues at 10% a year from April 23 and is payable quarterly in arrears beginning July 1. Holders may convert notes in $1,000 principal amount multiples into SunPower common stock. The initial conversion rate is 610.3143 shares per $1,000 principal amount, equal to an initial conversion price of about $1.64 a share. Under certain corporate events, SunPower may increase the conversion rate for holders that elect conversion, subject to a maximum of 884.9557 shares per $1,000 principal amount. The notes are guaranteed by Complete Solar Inc., a wholly owned subsidiary. The notes and guarantees are secured by first-priority liens on substantially all assets of SunPower and the guarantor, subject to exceptions. SunPower said initially up to 4,424,779 common shares may be issued upon conversion based on the initial maximum conversion rate. About SunPower Inc. SunPower Inc. is the rebranded name of Complete Solaria Inc. and is headquartered in Orem, Utah. The company offers clean energy products to homeowners and small to medium-sized businesses through a technology platform that enables a national network of sales partners and build partners. Sales partners generate solar installation contracts with homeowners on its behalf, while the company provides software tools, sales support and brand identity, manages the customer experience and completes pre-construction activities before delivering build-ready projects to builder partners and in-house teams. In an audit report dated April 14, 2026, BDO USA, P.C. said SunPower had suffered recurring losses and had negative cash flows that raised substantial doubt about its ability to continue as a going concern. As of March 29, 2026, SunPower reported total assets of $262.09 million, total liabilities of $323.54 million and total stockholders' deficit of $61.45 million. SYSTEM1 INC: Deloitte and Touche Raises Going Concern Doubt ----------------------------------------------------------- System1, Inc. filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2025 with the U.S. Securities and Exchange Commission earlier this year. The audited report contains a blunt warning: conditions exist that raise substantial doubt about its ability to continue as a going concern. Based on the financial statements, the Company reported a net loss of $81.2 million for the year ended December 31, 2025, compared with a net loss of $97.3 million for 2024. The Company generated revenue of $266.1 million in 2025, compared to a revenue of $343.9 million in 2024. Going Concern Los Angeles, California-based Deloitte and Touche LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated March 11, 2026, attached to the Company's Annual Report for the fiscal year ended December 31, 2025, citing that the Company is experiencing difficulty in generating sufficient cash flow to meet its obligations and sustain its operations, which raises substantial doubt about the Company's ability to continue as a going concern. The Company has experienced declining cash flows and financial performance primarily as a result of reductions in Advertising Partners and overall consumer demand for its marketing services. As of December 31, 2025, it had cash and cash equivalents of $86.9 million and total net working capital -- defined as current assets less current liabilities -- of $3 million. Adding urgency to the picture, the Company had an aggregate principal amount outstanding of $50 million under its revolving facility with a maturity date of January 27, 2027, and $260.1 million of term debt outstanding on its term loan, which matures in July 2027. Management determined that its current cash and cash equivalents, net working capital position, and the upcoming maturity date of its revolving facility raise substantial doubt about its ability to continue as a going concern for the 12-month period following the date of this filing. The Company's plan is to continue exploring options of refinancing all of its debt obligations. Management cannot conclude as of the date of this filing that its plans are probable of being successfully implemented. There can be no assurance that it will be able to obtain financing that will provide sufficient liquidity to satisfy its revolving facility in January 2027. As a result, management has concluded that substantial doubt exists about its ability to continue as a going concern. Management Commentary "Our full-year 2025 results demonstrate the strength and resilience of our platform and the disciplined execution of our team." said Michael Blend, System1's Co-Founder & Chief Executive Officer. "While we experienced macro and market-specific headwinds in the fourth quarter, continued investment in our products and AI capabilities is positioning the business for long-term growth. We look forward to hosting a call in the near future to provide additional perspective on our strategy, performance, and opportunities ahead." Tridivesh Kidambi, Chief Financial Officer of System1, added, "Despite a challenging operating environment in the fourth quarter, our full-year performance reflects solid execution against our strategic priorities combined with prudent financial resource management. In collaboration with our key stakeholders, we are continuing to evaluate opportunities to strengthen our balance sheet and optimize our capital structure. We believe this balanced approach positions us well for the future, and we look forward to discussing our financial results and broader corporate updates in the near future." A full text copy of the Company's Form 10-K is available at https://tinyurl.com/59dauuay About System1, Inc. System1 -- http://www.system1.com-- operates several flagship brands across multiple consumer verticals, including shopping, travel and search, and a best-in-class customer acquisition and marketing platform powered by AI and machine learning. The Company's platform is omnichannel and omnivertical, delivering high-intent customers to its advertising partners to maximize their reach and effectiveness. As of December 31, 2025, the Company had $404.97 million in total assets, $387.55 million in total liabilities, and $17.42 million in total stockholders' equity. SYSTEM1 INC: S&P Cuts ICR to 'CC' On Announced Debt Restructuring ----------------------------------------------------------------- S&P Global Ratings lowered all its ratings on System1 Inc., including its issuer credit rating, to 'CC' from 'CCC+'. The negative outlook reflects S&P's expectation that it will lower its issuer credit rating to 'D' upon completion of the proposed transaction. System1 Inc. recently announced a debt restructuring, under which it proposes to exchange its fully drawn revolving credit facility and term loan (both maturing in 2027) for a combination of cash, preferred stock, and a new term loan. S&P said, "We view the proposed debt restructuring as distressed and the proposed exchange of the term loan and revolver as tantamount to a default because we expect lenders will receive less than originally promised, without adequate offsetting compensation. Absent the transaction, we believe there is a realistic possibility of a conventional default. "We view the debt restructuring as distressed and the proposed exchange as tantamount to a default. System1 entered into a restructuring agreement to exchange its revolving credit facility ($50 million outstanding) maturing in January 2027 and term loan ($252.6 million outstanding) maturing in July 2027 for a $31.4 million cash payment, $39.3 million of preferred equity, and a new $150 million term loan maturing in 2031. In our view, lenders will receive less than originally promised without adequate offsetting compensation, as they will receive about 72 cents on the dollar, and the rate on the new term loan will only be 25 basis points higher (SOFR + 5.00%) than that of the existing loan (SOFR + 4.75%), of which up to 50% can be paid-in-kind. The transaction includes full lender participation. "Due to the preferred equity issuance, the deal is subject to a shareholder vote, which we expect will be held over the next couple of months. The company expects the transaction to close in the third quarter of 2026. "Upon completion of the proposed transaction, we expect to lower our issuer credit rating on System1 and the issue-level rating on the term loan and revolving credit facility to 'D'. "Absent the transaction, we believe there is a realistic possibility of a conventional default in the next few quarters. System1's performance has been pressured by weak macroeconomic conditions, lower advertising inventory pricing, and continued declines from its Google partnership, which accounted for 67% of its revenue in 2025." Marketing segment revenue declined 34% in 2025, driven by lower advertising spend due to constrained availability of consumer traffic at cost-effective pricing. The marketing segment represented about 65% of total revenue in 2025. This decline was only partially offset by 16% growth in its products segment, which accounted for the remaining 35% of revenue in 2025, driven by growth in product sessions. EBITDA has also faced headwinds from continued restructuring charges over the past few years, including about $10 million in 2025. System1's S&P Global Ratings-adjusted gross leverage was over 10x in 2025, with negative free operating cash flow. The negative outlook reflects S&P's expectation that we will lower our issuer credit rating to 'D' upon completion of the proposed transaction. S&P expects to lower its issuer credit rating to 'D' upon completion of the proposed transaction. S&P could raise the rating if System1 does not complete the proposed transaction, likely to the 'CCC' category. Under this scenario, our rating would reflect the potential for other restructuring initiatives and its ability to refinance its upcoming debt maturities. T-NEVIN-T HOLDINGS: Jill Durkin Named Subchapter V Trustee ---------------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed Jill Durkin, Esq., at Durkin Law, LLC as Subchapter V trustee for T-Nevin-T Holdings, LLC. Ms. Durkin will be paid an hourly fee of $375 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Durkin declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Jill E. Durkin, Esq. Durkin Law, LLC 401 Marshbrook Road Factoryville, PA 18419 Phone number: (570) 881-4158 Email: jilldurkinesq@gmail.com About T-Nevin-T Holdings LLC T-Nevin-T Holdings, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Pa. Case No. 26-01449) on May 21, 2026, with $500,001 to $1 million in BOTH assets and liabilities. Judge Mark J. Conway presides over the case. Lawrence V. Young, Esq., at Cga Law Firm represents the Debtor as bankruptcy counsel. T.E.A.M. PARKER: Unsecureds Will Get 6% of Claims over 60 Months ---------------------------------------------------------------- T.E.A.M. Parker Hospitality, LLC, filed with the U.S. Bankruptcy Court for the Middle District of Alabama a Plan of Reorganization for Small Business dated May 21, 2026. The Debtor is an entity that was organized as a Domestic Limited Liability Company on or around October 7, 2019, in Montgomery County, Alabama. Elri Parker is the sole member of the Debtor and accordingly owns 100% of the Debtor's membership interests. The Debtor's income is derived exclusively from the sales of beverages and food products pursuant to the Franchise Agreement with The Toasted Yolk Company, LLC. Pursuant to the Franchise Agreement, the Debtor is obligated to share a percentage of its profits with and to pay certain advertising costs to The Toasted Yolk Company, LLC. In recent years, the Debtor has experienced significant financial issues related, at least in part, to various financing arrangements including those with exorbitant interest rates, all of which are reflected in Debtor's schedules. Specifically, the Debtor has financing arrangements with and/or accessed funds from Elri.Parker, Inc. (an affiliated entity owned, at least in part, by Elri Parker), Expansion Capital Group, Inc., PNC Bank, N.A. and SmartBank. These financing arrangements caused the Debtor to experience an inability to fund ordinary course debts and thereby resulted in the filing of this bankruptcy case. This Plan provides for four Classes of Claims and one Class of Equity Interests. This Plan also provides for the payment of Administrative Claims and Priority Claims, along with an approximate 6% distribution to all Holders of Allowed Unsecured Claims. The funds to service these obligations will be derived from revenues generated from the Debtor's business operations and, if necessary, sales of assets, which, in the Debtor's opinion, will provide a greater recovery than under liquidation of the Debtor. This Plan, under Chapter 11, Subchapter V, of the Bankruptcy Code, proposes to pay certain Creditors of the Debtor, as provided for herein, from Cash flow from future earnings. The Debtor intends to keep the assets disclosed within its Schedules, excepting only the assets surrendered herein the Plan, if any. The Debtor does not intend to liquidate or dispose of any Property other than as identified within the Plan; however, if disposition or liquidation of Property becomes necessary for a successful reorganization, the Debtor will undertake such necessary disposition or liquidation in accordance with the terms of this Plan. As set forth in this Plan and unless stated otherwise, an Allowed Secured Claim will be treated as secured to the extent of the value of the Creditor's interest in the Estate's interest in the subject Property and as unsecured to the extent that the value of the Creditor's interest is less than the amount of the Allowed Secured Claim. A secured Creditor will retain its Lien on the Collateral under this Plan, to the extent of the secured value of the Allowed Secured Claim, unless there is an express provision herein that states otherwise. A secured Creditor will receive payment on its Allowed Secured Claim, as set forth in this Plan, out of the Debtor's future earnings on the terms set forth herein this Plan. This Plan provides payment to Creditors holding Administrative and Priority Unsecured Claims. This Plan provides for a Distribution of approximately 6% to Creditors holding Allowed Unsecured Claims. Class 4 consists of Non-priority Unsecured Creditors (Includes Deficiency and Under-secured Claims). Each Holder of an Allowed Unsecured Claim in this Class shall receive a total Distribution of approximately 6% of the total amount of the Allowed Unsecured Claim, without interest, pursuant to the payment schedule that follows this provision, for a period of sixty months or until said claim is satisfied in full. Specifically, the amount of $100,000 will be distributed on a pro-rata basis to holders of Allowed Secured Claims. The payment schedule is as follows: a) first phase, commencing with the 7th month after the Effective Date and concluding with the12th month after the Effective Date, the total monthly Distribution will be $1,000; b) second phase, commencing with the 13th month after the Effective Date and concluding with the 24th month after the Effective Date, the total monthly Distribution will be $1,400; and, c) third phase, commencing with the 25th month after the Effective Date and concluding with the 66th month after the Effective Date, the total monthly Distribution will be $1,850.00. The total monthly Distribution for each phase will be distributed to the Creditors holding Allowed Unsecured Claims on a pro-rata basis. The Debtor shall make these Distributions on a quarterly basis, with each Distribution being due no later than thirty days of the end of each respective quarter. The Debtor can satisfy the Claim(s) at any time prior to the end of the term set forth in this Plan without early payment penalty or unaccrued interest. In the event the Debtor or Reorganized Debtor makes a monetary recovery on a prepetition Cause of Action, the Debtor or Reorganized Debtor will distribute any net proceeds to the Holders of Allowed Unsecured Claims in Class 4 on a pro-rata basis within thirty days of receipt of said proceeds or approval of the settlement by the Court, if required, or the latter thereof said two dates. The phrase "net proceeds" means any monetary recovery after payment of attorney's fees, costs and expenses related to the prosecution of said Cause of Action. Class 5 consists of Equity Interests of the Debtor. The Equity Interests in this Class consists of the membership interest held by Elri Parker who retains said interest within this Plan. Mr. Parker will remain in the position of daily management of the Reorganized Debtor. This Class is Impaired, but not required to submit a ballot in favor of the Plan under Subchapter V of the Bankruptcy Code. The Reorganized Debtor will retain its Property (excepting the surrendered Collateral identified herein, if any), subject to the encumbrances and Liens thereon as provided herein, which will allow the Reorganized Debtor to operate its business, earn revenue, and pay its Creditors holding Allowed Priority, Secured and/or Unsecured Claims from future earnings from operations. As applicable and necessary, the Reorganized Debtor submits all or such required amount of its future earnings or other future income as is necessary to effectuate the execution of this Plan. A full-text copy of the Plan of Reorganization dated May 21, 2026 is available at https://urlcurt.com/u?l=smwCYC from PacerMonitor.com at no charge. Counsel to the Debtor: Anthony C. Bush, Esq. The Bush Law Firm, LLC 3198 Parliament Circle 302 Montgomery, AL 36116 Tel: (334) 263-7733 Fax: (334) 832-4390 E-mail: abush@bushlegalfirm.com About T.E.A.M. Parker Hospitality T.E.A.M. Parker Hospitality, LLC, doing business as The Toasted Yolk Cafe, operates a breakfast, brunch, and lunch restaurant. The company is part of the broader Toasted Yolk franchise network, serving chef-inspired, made-from-scratch menu items in a casual cafe setting with a full bar. T.E.A.M. Parker Hospitality, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Ala. Case No. 26-10218) on February 20, 2026, listing $500,000 to $1 million in assets and $1 million to $10 million in liabilities. Judge Christopher L Hawkins presides over the case. Anthony Brian Bush, at THE BUSH LAW FIRM, LLC, serves as the Debtor's counsel. TEANECK SURGICAL: To Sell Ambulatory Care License to Holy Name -------------------------------------------------------------- Teaneck Surgical Center LLC seeks permission from the U.S. Bankruptcy Court for the District of New Jersey, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor is a five member limited liability company formed under the laws of the state of New Jersey and is managed by two physician managers. Prior to the Petition Date, the Debtor operated as an ambulatory surgical center located at 730 Palisade Avenue, Teaneck, New Jersey 07666 (Property), specializing in orthopedic, spine and related surgical procedures. The Debtor is no longer operating, having ceased operations prior to the Petition Date. The Debtor's two physician managers along with certain other physicians were shareholders of North Jersey Orthopedic Specialists, P.A., a New Jersey professional association, who previously operated a medical practice from the Property. Certain of the Physicians were members of OwensLee, LLC, which owned the Property. OwensLee, LLC leased a portion of the Property to NJOS, and also leased a separate 12,000 square feet portion of the Property to the Debtor pursuant to a lease agreement dated March 12, 2018 for a period of 10 years with no extension options The Debtor previously entered into a contract to sell membership interests to Holy Name for $1,040,000 purchase price. However, Holy Name terminated that sale and advised that it would only proceed with a sale by the Debtor of the Debtor's equipment and operating license in a bankruptcy case at the same purchase price. Given the Debtor's continued losses, cessation of operations and failure to pay rent with significant arrearages due and owing to Holy Name's affiliate, the Debtor and Holy Name agreed that as part of the sale, the Lease, which had less than 2 years remaining with no extension option, would be surrendered. In exchange for the surrender, Holy Name agreed to waive any claims for past-due and future rent arising from the Lease, which claims would have exceeded $600,000 in the aggregate. All of the members of the Debtor consented to the proposed sale, which the Debtor is pursuing as a private sale to facilitate the efficient and expeditious transfer of the Equipment and Operating License for a purchase price that is in an amount sufficient to satisfy unsecured claims asserted against the Debtor and its estate. Since the April 2024 effective date of the sale of the Property to Holy Name Real Estate Corporation (HNREC), if not earlier, the Debtor faced economic losses attributable to rising operational expenses, labor shortages, tightening reimbursement rates and other payor challenges. These challenges ultimately led to several years of net operating losses for the Debtor and severe financial strain on the Debtor’s operations as a going concern. The Debtor and its members explored options for selling the surgical center as a going-concern. The Debtor also continued discussions with Holy Name. Such discussions included the Debtor and Holy Name negotiating a surrender of the Lease in exchange for the Debtor being released of rental arrearages and any future obligations for the remaining two years of the Lease. The Debtor engages Sasso Consulting, LLC to value the Debtor, its equipment and its license, as well as to opine on the marketplace and as to the on-going discussions with Holy Name regarding a purchase price. The Debtor and its members determined that the highest and best alternative for selling the Debtor's assets is the proposal from Holy Name to purchase all assets free and clear of all liens for a purchase price of $1,040,000.00 by way of a private sale. The parties have executed certain Asset Purchase Agreement by and between the Debtor and the Purchaser which provides for the sale of substantially all of the Debtor's equipment (Equipment), and the Debtor's Ambulatory Care Facility License (Operating Licens). The terms of the sale to the Purchaser are also provided. About Teaneck Surgical Center LLC Teaneck Surgical Center LLC is a five member limited liability company formed under the laws of the state of New Jersey and is managed by two physician managers. Teaneck Surgical Center sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.J. Case No.: 26-16013 (MEH)) on May 28, 2026. Morris S. Bauer at Duane Morris LLP represents the Debtor as legal counsel. TEGETHOFF DEVELOPMENT: Seeks Chapter 11 Bankruptcy in Missouri -------------------------------------------------------------- Rieka Rahadiana of Bloomberg News reports that real estate developer Tegethoff Development has commenced Chapter 11 proceedings in the Eastern District of Missouri, according to bankruptcy filings. The company is seeking court protection as it works to address a significant debt burden through reorganization. The petition lists estimated assets of between $50 million and $100 million, while liabilities are reported in the range of $500 million to $1 billion. The filing highlights the scale of the financial challenges facing the developer and its stakeholders. About Tegethoff Development LLC Tegethoff Development is a Midwest-based real estate development company specializing in luxury multifamily, mixed-use, hospitality, and destination developments. Founded and led by Jeff Tegethoff, the company focuses on creating large-scale lifestyle communities and long-term investment properties across Missouri and other Midwestern markets. Tegethoff Development LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Miss. Case No. 26-42401) on June 1, 2026. In its petition, the Debtor reports timated assets of between $50 million and $100 million, while liabilities are reported in the range of $500 million to $1 billion. The Debtor is represented by Carmody MacDonald P.C. TERRASTRAT GROUP: Seeks Cash Collateral, $100K DIP Loan ------------------------------------------------------- TerraStrat Group, LLC asks the U.S. Bankruptcy Court for the Southern District of Ohio, for authority to continue using cash collateral and to obtain related financing and operational relief through July 27 based on an updated 15-week cash flow forecast. The Debtor previously obtained cash collateral orders, including an agreed order entered on May 21 that extended its authority to access cash collateral through June 30. After a change in counsel, the Debtor reassessed its liquidity position, operational needs, and restructuring strategy, which resulted in a revised budget reflecting updated revenue projections, cost controls, and ongoing operational requirements. The revised budget is based on conservative assumptions and is intended to guide controlled spending during the reorganization period. The Debtor states that adequate protection for secured creditors will be provided through replacement liens, adherence to the budget with limited variance, and other court-approved safeguards. Separately, the Debtor filed a concurrent motion seeking approval of $100,000 in unsecured post-petition financing from Meridian Analytics LLC. This financing is incorporated into the revised budget and is intended to work in tandem with cash collateral usage to stabilize liquidity. The Debtor contends that, together, these funding sources will allow it to maintain operations, meet payroll, and fund essential expenses during the forecast period while it continues pursuing a restructuring plan. The financing is structured as a non-revolving unsecured credit facility with a maximum capacity of $250,000, though only the first $100,000 is a mandatory commitment and additional advances are discretionary. It carries 17% annual interest, split between current-pay and deferred components, and is limited strictly to budgeted operational uses such as payroll, vendor payments, rent, utilities, insurance, and case-related expenses. The agreement expressly prohibits liens, superpriority claims, equity interests, control rights, or any transfer of estate value to the lender, and does not authorize any merger or restructuring transaction. The Debtor argues that both the cash collateral usage and the proposed financing are necessary to prevent immediate and irreparable harm to the estate. Without these sources of liquidity, it states it would be unable to meet payroll or continue operations, resulting in loss of employees, disrupted customer relationships, and significant diminution of going-concern value. The Debtor further notes that it has been coordinating with the Subchapter V trustee and other stakeholders regarding ongoing operational and restructuring issues, and that continued financing and cash collateral use are critical to supporting a viable Chapter 11 process. A copy of the cash collateral motion is available at https://urlcurt.com/u?l=PSVgGO from PacerMonitor.com. A copy of the DIP financing motion is available at https://urlcurt.com/u?l=ReunAs from PacerMonitor.com. About Terrastrat Group LLC Terrastrat Group, LLC provides consulting and analytics services to financial institutions in the United States, focusing on optimizing branch networks and ATM placement. The Columbus, Ohio-based company delivers data-driven growth strategies that leverage predictive modeling, market analysis, and micromarket optimization to inform decisions on branch consolidation, expansion, and investment prioritization. Its services are tailored to each client's needs, helping banks improve efficiency, reach, and customer retention within their retail footprint. Terrastrat Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-55664) on December 24, 2025. In its petition, the Debtor reports estimated assets of $100,001 to $1 million and estimated liabilities of $1 million to $10 million. Honorable Bankruptcy Judge Tiffany Strelow Cobb handles the case. Tami Hart Kirby, Esq., at Porter Wright Morris & Arthur, LLP. McGrath & Terlecky Co., LPA, and Singh Law Firm, P.A. serve as the Debtor's bankruptcy counsel. The Debtor also tapped the services of Debra Stark, a certified public accountant. THOMAS TRIO: Cash Collateral Hearing Set for June 10 ---------------------------------------------------- U.S. Bankruptcy Court for the Middle District of Florida is set to hold a hearing on June 10 to consider extending The Thomas Trio, LLC's authority to use cash collateral. The Debtor is currently authorized to use cash collateral pursuant to the court's April 28 interim order. This authorization remains in effect until further order of the court. Under the interim order, the Debtor is authorized to use funds for court-approved expenses, Subchapter V trustee payments, and operating expenses listed in the latest budget, subject to a 10% variance for each line item. The order granted creditors with interests in cash collateral replacement liens, with the same validity and priority as their pre-petition liens without additional filings. Additional safeguards include insurance coverage and access to business records and premises. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/ICkr8 from PacerMonitor.com. About The Thomas Trio LLC The Thomas Trio LLC, a company based in Zephyrhills, Florida, operates three franchise territories under the Mr. Electric brand: Mr. Electric of Land O' Lakes, Mr. Electric of Lakeland and Mr. Electric of Roswell - Alpharetta, providing electrical installation and repair services to residential and commercial customers. The company maintains franchise relationships with Neighborly and holds separate franchise obligations tied to territories including Land O Lakes, Lakeland, Riverview and Roswell. Thomas Trio filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-02189) on March 20, 2026, listing assets of between $500,000 and $1 million and liabilities of between $1 million and $10 million. Melissa Thomas, president of Thomas Trio, signed the petition. Judge Luis Ernesto Rivera II oversees the case. The Debtor is represented by Scott A. Stichter, Esq., at Stichter, Riedel, Blain & Postler, PA. Amy Denton Mayer of Stichter Riedel Blain & Postler, P.A. serves as Subchapter V trustee for the Debtor. TIMIOS ENTERPRISES: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------------- Debtor: Timios Enterprises Corp. d/b/a Palm Court Restaurant and Banquets 1912 North Arlington Heights Road Arlington Heights, IL 60004 Business Description: Timios Enterprises Corp., doing business as Palm Court Restaurant and Banquets, operates a full-service restaurant and private-events venue in Arlington Heights, Illinois. The company, which serves dining guests and event customers, offers restaurant service, live entertainment, catering and banquet space. Chapter 11 Petition Date: May 27, 2026 Court: United States Bankruptcy Court Northern District of Illinois Case No.: 26-08984 Debtor's Counsel: Gregory K. Stern, Esq. GREGORY K. STERN, P.C. 53 West Jackson Boulevard, Suite 1442 Chicago, IL 60604 Tel: (312) 427-1558 Fax: (312) 427-1289 E-mail: greg@gregstern.com Total Assets: $41,253 Total Liabilities: $5,078,180 The petition was signed by George Theodossopoulos, the 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/PDLLJKA/Timios_Enterprises_Corp__ilnbke-26-08984__0001.0.pdf?mcid=tGE4TAMA TRIO PETROLEUM: Stockholders Approve Reverse Stock Split -------------------------------------------------------- Trio Petroleum Corp. stockholders approved a potential reverse stock split at the company's annual meeting, according to a filing with the Securities and Exchange Commission. The amendment would allow the board to effect a reverse split at a ratio of at least 1-for-2 and not more than 1-for-10. The exact whole-number ratio would be set by the board, and the split would become effective after final board approval and filing a certificate of amendment with Delaware. Stockholders also elected Robin Ross as a Class III director for a three-year term expiring at the 2029 annual meeting. Ross received 4,171,474 votes for, 1,051,922 withheld and 8,006,450 broker non-votes. Trio said stockholders approved an amendment to its 2022 equity incentive plan increasing the shares reserved for awards to 6,452,383 from 2,952,383, adding 3.5 million shares. Stockholders also ratified Bush & Associates CPA LLC as the company's independent registered public accounting firm for the year ending Oct. 31, 2026. About Trio Petroleum Trio Petroleum Corp. is a California-based oil and gas exploration and development company headquartered in Malibu, California. The company has operations in Monterey County, California, Uintah County, Utah and Lloydminster, Saskatchewan. It was formed to acquire and develop an interest in the South Salinas Project in Monterey County and has shifted efforts beyond California to pursue opportunities including the Asphalt Ridge Project in Utah and heavy-oil properties in Saskatchewan. In an audit report dated Jan. 20, 2026, Bush & Associates CPA LLC said Trio Petroleum had suffered loss from operations and had a net capital deficiency that raised substantial doubt about its ability to continue as a going concern. As of Jan. 31, 2026, Trio Petroleum reported total assets of $14.17 million, total liabilities of $1.97 million and total stockholders' equity of $12.19 million. TRM NRE: Hires DLA Piper LLP (US) as Bankruptcy Counsel ------------------------------------------------------- TRM NRE Holding LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ DLA Piper LLP (US) as counsel. The firm's services include: (a) advising the Debtors of their rights, powers and duties as debtors and debtors in possession, while operating and managing their business and property under chapter 11 of the Bankruptcy Code; (b) preparing on behalf of the Debtors all necessary and appropriate applications, motions, proposed orders, other pleadings, notices, schedules and other documents and reviewing all financial and other reports to be filed in these chapter 11 cases; (c) advising the Debtors concerning and preparing responses to applications, motions, other pleadings, notices and other papers that may be filed by other parties in these chapter 11 cases; (d) advising the Debtors with respect to, and assisting in the negotiation and documentation of asset purchase agreements or other definitive deal documentation, financing agreements, and related transactions; (e) advising the Debtors regarding actions to collect and recover property for the benefit of their estates; (f) advising the Debtors concerning executory contract and unexpired lease assumptions and assignments and rejections; (g) assisting the Debtors in reviewing, estimating and resolving claims asserted against the Debtors' estates; (h) assisting the Debtors in complying with applicable laws and governmental regulations; and (i) providing any other services to the extent requested by the Debtors. The firm's current standard hourly rates are: R. Craig Martin (Partner) $2,195 W. Benjamin Winger (Partner) $1,825 Erik F. Stier (Associate) $1,740 Stephanie B. Cohen (Associate) $1,375 Riley M. Sissung (Associate) $1,375 Roxanne M. Eastes (Associate) $1,320 Shant K. A. Eulmessekian (Associate) $1,090 Anthony Han (Associate) $895 William L. Countryman (Case Manager) $640 Tennille Wilson (Paralegal) $460 The firm received a retainer in the amount of $150,000. DLA Piper is a "disinterested person" within the meaning of section 101(14) of the Bankruptcy Code, as required by section 327(a) of the Bankruptcy Code, and does not hold or represent an interest adverse to the Debtors' estates, according to court filings. The firm can be reached through: W. Benjamin Winger, Esq. DLA Piper LLP (US) 444 West Lake Street, Suite 900 Chicago, IL 60606-0089 Phone: (312) 368-2172 Email: benjamin.winger@us.dlapiper.com About TRM NRE TRM NRE is a Mt. Vernon, Illinois-based Debtor that supplies new, used, and remanufactured locomotives and provides locomotive, diesel engine, rail, marine, and power-related services. The Debtor offers leasing, field services, parts, salvage operations, overhauls, wreck repairs, and locomotive design, manufacturing, and re-engineering. It also provides marine and industrial diesel engine sales and service, automation and control services, and engine generator set and equipment sales. TRM NRE serves Class 1, regional, short line, government, and industrial railroads, along with OEMs, leasing companies, marine and industrial power customers, gas and oil platforms, and stationary power users. TRM NRE Holding LLC and TRM NRE Acquisition LLC filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del., Case No 26-10568) on April 21, 2026. The petitions were signed by Shaun Karn as authorized signatory. Each Debtor reported estimated assets of $10 million to $50 million and estimated liabilities of $10 million to $50 million. The Hon. Karen B. Owens presides over the cases. The Debtors are represented by DLA Piper LLP. Bayard, P.A. serves as bankruptcy co-counsel to the Debtors. Stretto, Inc. is the Debtors' claims and noticing agent. TRM NRE: Taps James Katchadurian of CR3 Partners as CRO ------------------------------------------------------- TRM NRE Holding LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ CR3 Partners, LLC and designate James Katchadurian as chief restructuring officer. The firm will render these services: a) provide oversight and support to the Debtor and the Debtor's other professionals in connection with execution of the Debtor's business plan, reorganization plan, any sales process, and the overall administration of activities within the chapter 11 proceeding; b) provide oversight and assistance in connection with the preparation of financial reporting and related disclosures required by the Court, including the Schedules of Assets and Liabilities, the Statement of Financial Affairs and Monthly Operating Reports, and any other disclosures required by the Debtor in connection with the bankruptcy process, or in keeping with CR3 Partners' professional and ethical responsibilities; c) provide oversight and assistance in connection with the preparation of financial information for distribution to creditors and others, including, but not limited to, cash flow projections and budgets, cash receipts and disbursements analysis of various asset and liability accounts, and analysis of proposed transactions for which Court approval is sought; d) participate in meetings and provide assistance to any official committee(s) appointed in the case, the Office of the United States Trustee for the District of Delaware, other parties in interest, including contractual counterparties, and professionals hired by the same; e) evaluate and make recommendations as needed to maximize the value of the Debtor's assets; f) provide oversight and assistance in connection with the preparation of analysis of creditor claims; g) provide oversight and assistance in connection with the evaluation and analysis of avoidance actions, including, fraudulent conveyances and preferential transfers, and in the defense and prosecution of other litigation, if necessary; h) provide testimony in litigation/bankruptcy matters as required; i) evaluate the cash flow generation capabilities of the Debtor for valuation maximization opportunities; j) provide oversight and assistance in connection with communications and negotiations with constituents including investors and other critical constituents to the successful restructuring of the Debtor, as well as to directly communicate with stakeholders where appropriate, and to establish communication protocols; k) manage professionals engaged by the Debtor, or committees or other stakeholders involved in a chapter 11 or restructuring of the Debtor, and directly communicate with such stakeholders as appropriate; l) assist in development of a plan of reorganization and in the preparation of information and analysis necessary for the development of a plan and disclosure statement, and confirmation of a plan in the chapter 11 proceeding; and m) perform other tasks as directed by the Board of Directors and agreed to by CR3 Partners, including all tasks necessary to facilitate the Debtor's restructuring, or in keeping with CR3 Partners' ethical responsibilities, in CR3 Partners' sole discretion. The firm's current hourly rates are: James Katchadurian (CRO) $1,295 John Gordon (Conferring Partner) $995 Senior Managing Directors $995 to $1,295 Managing Directors $695 to $950 Directors $595 to $725 Managers and Senior Associates $450 to $575 The firm received a retainer in the amount of $75,000. CR3 Partners, LLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code and does not hold or represent any interest materially adverse to the Debtors' estates, according to court filings. The firm can be reached at: James Katchadurian CR3 Partners, LLC 135 W 50th St., Suite 200 New York, NY 10020 Phone: (914) 646-9451 Email: james.katchadurian@cr3partners.com About TRM NRE TRM NRE is a Mt. Vernon, Illinois-based Debtor that supplies new, used, and remanufactured locomotives and provides locomotive, diesel engine, rail, marine, and power-related services. The Debtor offers leasing, field services, parts, salvage operations, overhauls, wreck repairs, and locomotive design, manufacturing, and re-engineering. It also provides marine and industrial diesel engine sales and service, automation and control services, and engine generator set and equipment sales. TRM NRE serves Class 1, regional, short line, government, and industrial railroads, along with OEMs, leasing companies, marine and industrial power customers, gas and oil platforms, and stationary power users. TRM NRE Holding LLC and TRM NRE Acquisition LLC filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del., Case No 26-10568) on April 21, 2026. The petitions were signed by Shaun Karn as authorized signatory. Each Debtor reported estimated assets of $10 million to $50 million and estimated liabilities of $10 million to $50 million. The Hon. Karen B. Owens presides over the cases. The Debtors are represented by DLA Piper LLP. Bayard, P.A. serves as bankruptcy co-counsel to the Debtors. Stretto, Inc. is the Debtors' claims and noticing agent. TRONOX HOLDINGS: S&P Alters Outlook to Pos., Affirms 'CCC+' ICR --------------------------------------------------------------- S&P Global Ratings affirmed its ratings on Tronox Holdings PLC, including the 'CCC+' issuer credit rating, and revised its outlook on the rating to positive from negative. The positive outlook reflects a one-in-three potential for higher ratings over the next year if Tronox improves its operating profitability, unwinds inventory to meaningfully bolster cash flows, and reduces its weighted-average S&P Global Ratings-adjusted debt to EBITDA to the 8.5x area. S&P said, "While the unsecured recovery rating of '4' remains unchanged, we revised our rounded recovery estimate to 30% from 40% based on recent upsizes to the accounts receivable (AR) securitization program, which we treat as a priority claim against the related cash flows. "We are now more confident that improved pricing will boost Tronox's 2026 earnings, although we view the effects of the war in the Middle East as temporary. Disruption to trade flows in the Strait of Hormuz has resulted in higher sulfur and freight costs, which are key to the production of titanium dioxide. In response, Tronox has undertaken a series of price increases since late March, and we now see potential for further price increases in the fourth quarter and into 2027. "We have revised our previous estimates and now believe that in 2026, titanium prices will be roughly 7% higher on average compared with full-year 2025 with greater gains in the back half of the year. We estimate zircon prices will be 15% higher in the back half after a relatively flat start to the year." Higher sulfur costs also disrupt Tronox's Chinese competitors on the mining side, which could help Tronox gain market share. Many producers in China need sulfur to produce their sulfate-based titanium dioxide. The war has driven down sulfur supply and raised pricing for these competitors relative to Tronox. Tronox largely produces chloride-based titanium dioxide. Furthermore, antidumping regulations will likely (at least temporarily) reduce the competitiveness of Tronox's China-based competition. China supplies about two-thirds of India's titanium dioxide imports. In third-quarter 2025, antidumping duties were temporarily stayed by a state court in India, primarily due to procedural issues. If these duties come into play again, exports from China could drop significantly, allowing Tronox an opportunity to sell titanium dioxide cheaper than most competitors due to the free trade agreement between Australia and India. Operational initiatives provide opportunities to strengthen credit quality. Before titanium dioxide prices were buoyed by the war, Tronox had identified other levers to pull to enhance credit quality. These included implementing a cost savings program, gaining market share in India, and capitalizing on disruptions in Venator Materials' production as it rectifies its insolvency. Venator, which had been a European-based company, is now Chinese-owned and will be subject to future regulatory decisions pertaining to its Chinese ownership and associated tariffs. Improving credit prospects are supporting the potential for ratings upside. S&P said, "Tronox remains highly leveraged, but the likelihood that weighted-average credit measures improve to the point where we would consider upgrading the company has improved. As of March 31, 2026, Tronox's S&P Global Ratings-adjusted debt to EBITDA was 13x. While we do not anticipate a meaningful uptick in residential construction, repair, and remodeling, we assume demand will remain stable enough that Tronox will make progress in EBITDA generation this year, such that its leverage ratio improves slightly." However, if raw material and freight inflation cause prices to become high enough to cause significant demand destruction, then the pace of improvement could slow or reverse. S&P said, "We see Tronox's liquidity as adequate, despite the maturity of the Emirates credit facility and likely downsizing of the Saudi Export Import Bank credit facility. We believe Tronox has enough liquidity through its $350 million revolving credit facility (limited to $122.5 million of effective availability by a secured leverage ratio covenant of 4.75x) to meet its near-term requirements." This assessment incorporates our view that it will make significant progress in generating cash from working capital management this year, likely through inventory reduction. S&P said, "Tronox has increased the AR securitization program by $45 million recently, and we believe it will also undertake an equipment sale/leaseback transaction, with proceeds used to reduce existing revolver borrowings. This would free up some capacity. Rare earth financing is not yet in place, and its terms and structure are still unknown; we will evaluate its impact on Tronox's capital structure once it has been established. Tronox's debt maturity profile is manageable, with the nearest maturity not due until 2029. "Our positive outlook reflects our greater confidence that Tronox's credit metrics will improve this year due to ongoing improvement in pricing throughout 2026 and temporarily mitigated earnings volatility. We believe there is now a one-in-three chance of weighted-average debt to EBITDA declining to the 8.5x area. We continue to view the titanium dioxide sector as cyclical and do not expect current market conditions to persist throughout the cycle. We do not anticipate meaningful changes to debt or significant acquisitions. "We could revise our outlook to stable if Tronox's operating performance or financial policies result in limited or no improvement in credit measures from current levels." S&P could lower its rating if: -- There is disruption or damage to physical assets in the Middle East, or other adverse conditions in the region; -- The terms of rare earth financing impede or hurt Tronox's credit measures; -- Tronox engages in a restructuring or transaction that we view as distressed; -- It breaches the springing first-lien leverage covenant on its revolving credit facility; -- Liquidity weakens; or -- Leverage is likely to be higher than S&P anticipates. For an upgrade in the next 12 months, S&P would expect: -- Weighted-average debt to EBITDA sustained below 8.5x; -- At least marginally positive free cash flow, which could occur if Tronox makes progress in generating cash from working capital management and margins improve above our expectations, generating sufficient earnings to account for potential volatility; and -- S&P gains confidence that Tronox's financial policies will support maintenance of the aforementioned credit measures. UNITED FIBER: Unsecureds Will Get 5.4% to 100% over 5 Years ----------------------------------------------------------- United Fiber Comm., Inc. filed with the U.S. Bankruptcy Court for the Central District of California a First Amended Disclosure Statement describing First Amended Plan of Reorganization dated May 21, 2026. The Debtor specializes in the engineering and construction of fiber optics as well as other types of digital networks primarily, but not limited to, regions throughout Southern California, extending to Northern California and Arizona. The Debtor was formed in 2013 and is based out of Corona, California. Originally Debtor operated as a modest engineering firm with a single service, one client, and a handful of employees. Raymond Martinez became an owner of Debtor in 2017, bringing extensive telecommunications industry experience to the company, and has been an owner of Debtor since 2022. The Debtor's bankruptcy filing was prompted by an unfortunate series of events, including the overbidding of a major contract the Debtor was servicing on behalf of Frontier Communications by a former employee of the Debtor, which set off a cascade of events by causing liquidity problems and the need for Debtor to obtain outside financing. Unfortunately, Debtor fell victim to predatory lending tactics of a merchant cash lender based in New York State, which resulted in, among other things, the Debtor's receivables being frozen in some cases, or directly collected by this lender, in other instances, preventing the Debtor from operating and necessitating bankruptcy relief. As discussed herein, Debtor's efforts to salvage its business and repair the damage caused with its customer relationships caught in the middle of its dispute with the merchant cash advance lender and rebound its business have proven successful, with Debtor achieving substantial revenue growth post-petition and new business opportunities based on its excellent work product. Debtor now is confident in the survival and long-term success of its business. The Debtor's Plan is a reorganization plan, which provides for the restructuring of certain Allowed Creditor Claims and payments under the Plan for a period of five years with an estimated payment(s) to Allowed General Unsecured Claims1 in the range of 5.4% to 100% of their Claims, depending on the outcomes of Debtor's challenges to two objectionable Claims currently asserted against the Estate2 , full payment to Debtor's Allowed Priority Tax Claims from Debtor's Cash Flow and payment to Debtor's Secured Creditors, mostly vehicle lenders, including by cramming down certain Secured Claims. For Secured Creditors whose claims are partially secured, the unsecured bifurcated portions of their claims will be treated as General Unsecured Claims. The Effective Date of the Plan is the date thirty days after entry of the Confirmation Order. The automatic stay will remain in place until Debtor is granted a discharge pursuant to Section 1141(d)(1) of the Bankruptcy Code. Class 8 consists of Allowed General Unsecured Claims. In full and complete satisfaction, settlement, release, discharge, and extinguishment of the Class 8 Allowed, General Unsecured Claims, commencing one hundred eighty days after the Effective Date, the holders of such Allowed, General Unsecured Class 8 Claims shall receive payment, biannually, of their Pro -Rata share of Debtor's Cash Flow over 5 years from the Effective Date in full and complete satisfaction of their Allowed Claims. Debtor's Projections provide for biannual payments to be shared Pro-Rata by the holders of Class 8 Claims. To the extent any Holders of Class 8 General Unsecured Creditors had filed prepetition liens, such liens are void pursuant to Bankruptcy Code section 506(a) as there is no collateral value to support such liens and shall no longer encumber Debtor's Assets. Class 9 consists of the Debtor's Existing Equity Interests. On the Effective Date, the existing equity Interest Holder shall be reinstated and shall retain all rights associated with such interest. The existing Interest Holder reserves the right to contribute new value as needed, to retain his Interests in the Debtor. After payment in full of all Allowed Claims in Classes senior to Class 9, all remaining Estate assets shall be distributed to holders of Class 9 Claims in accordance the Class 9 Claim Holder's 100% Interest in the Debtor. The Plan will be funded by Debtor's continued operations and collections. A full-text copy of the First Amended Disclosure Statement dated May 21, 2026 is available at https://urlcurt.com/u?l=DRlg8M from PacerMonitor.com at no charge. United Fiber Comm. Inc. is represented by: Robert P. Goe, Esq. Goe Forsythe & Hodges LLP 17701 Cowen, Lobby D, Suite 210 Irvine, CA 92614 Telephone: (949) 796-2460 Facsimile: (949) 955-9437 Email: rgoe@goeforlaw.com About United Fiber Comm. United Fiber Comm., Inc., is a telecommunications contractor in California, with offices in Goleta, Corona, and Vista. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 24-16470) on Oct. 29, 2024, with $1,663,379 in assets and $8,172,909 in liabilities. Raymond Martinez, chief executive officer, signed the petition. Judge Scott H. Yun oversees the case. The Debtor is represented by Robert P. Goe, at Goe Forsythe & Hodges, LLP. VASILIA INVESTMENTS: Cash Collateral Hearing Set for June 11 ------------------------------------------------------------ The U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division is set to hold a hearing on June 11 to consider extending Vasilia Investments, LLC's authority to use cash collateral. The Debtor is currently authorized to use cash collateral pursuant to the court's second interim order through the June 11 hearing. Under the second interim order, the Debtor is allowed to use cash collateral to pay court-authorized amounts, including Subchapter V trustee fees, and necessary expenses listed in the budget. As adequate protection, creditors holding interests in cash collateral received automatically perfected post-petition replacement liens, matching the validity, extent, and priority of their pre-petition liens. Additional safeguards include insurance coverage consistent with obligations under the Debtor's loan and security agreements. Prior to its Chapter 11 filing, Vasilia Investments entered into a loan agreement with Newtek Small Business Finance, LLC, which included a security agreement granting Newtek a security interest in the Debtor's equipment, inventory, accounts, and general intangibles. On May 31, 2018, Newtek filed UCC-1 financing statements covering all of the Debtor's personal property, including accounts. About Vasilia Investments LLC Vasilia Investments, LLC, based in New Smyrna Beach, Florida, owns and operates the Salty Mermaid Oceanfront Hotel, a boutique oceanfront lodging property serving visitors to the New Smyrna Beach area, offering individually designed suites with private patios, beach cabanas, and reserved seating. The hotel provides upscale amenities, including king-size beds, luxury bedding, and curated comforts aimed at creating a high-end beach getaway experience. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-01293) on Feb. 25, 2026, with $1 million to $10 million in assets and liabilities. John Kostoglou, manager, signed the petition. Judge Grace E. Robson presides over the case. Katelyn Vinson, Esq., at Jennis Morse represents the Debtor as legal counsel. VENTURE GLOBAL: S&P Rates Proposed Senior Secured Notes 'BB' ------------------------------------------------------------ S&P Global Ratings assigned its 'BB' issue-level rating and '2' recovery rating to Venture Global LNG Inc.'s (VGLNG) proposed issuance of senior secured notes due in 2034 and 2036. VGLNG will use the proceeds to repay the $2.25 senior secured notes outstanding due in 2028. S&P's 'BB-' long-term issuer credit rating and negative outlook on VGLNG are unchanged. The 'BB' issue-level rating, with a '2' recovery rating, on the previously issued senior secured notes is also unchanged. WEST MARINE: Milbank & Richards Layton Advise Evolution & Oaktree ----------------------------------------------------------------- In the Chapter 11 bankruptcy cases of West Marine, Inc. and its debtor-affiliates, Milbank LLP and Richards, Layton & Finger, P.A. filed with the United States Bankruptcy Court for the District of Delaware a Verified Statement pursuant to Bankruptcy Rule 2019 to inform the Court that the firms represent an Ad Hoc Group of Consenting Stakeholders of loans to and equity interests in Rising Tide Holdings Inc. According to the Verified Statement: 1. In June 2025, one member of the Ad Hoc Group retained Milbank as counsel with respect to its investments in the Debtors. In May 2026, the Ad Hoc Group was formed, and Milbank and RLF became its counsel. 2. Counsel represent the Ad Hoc Group and do not represent or purport to represent any entities other than the Ad Hoc Group in connection with the Debtors' chapter 11 cases. In addition, neither the Ad Hoc Group nor any member of the Ad Hoc Group represents or purports to represent any other entity in connection with these cases. 3. To the best of Counsel's knowledge, the information provided is accurate as of the close of business on May 15, 2026. The amounts for the loans and interests held by each member of the Ad Hoc Group: (a) include only the outstanding principal amounts of the applicable debt instruments and do not include accrued and unpaid interest, fees, make-whole amounts, MOIC amounts, or any other amounts that may be owed under the applicable debt documents, (b) include all equity units, warrants and other interests, and (c) reflect any unsettled trades as if they have settled. 4. Nothing contained in this Verified Statement should be construed as a limitation upon, or waiver of, any rights of any member of the Ad Hoc Group to assert, file, and/or amend any claim or proof of claim filed in accordance with applicable law and any orders entered in these cases. 5. The information contained is provided only for the purpose of complying with Bankruptcy Rule 2019 and is not intended for any other use or purpose. 6. Counsel reserves the right to amend this Verified Statement as may be necessary in accordance with the requirements outlined in Bankruptcy Rule 2019. 7. The members of the Ad Hoc Group have indicated to Counsel that they hold disclosable economic interests or act as investment managers or advisors to funds and/or accounts that hold disclosable economic interests in relation to the Debtors, including FILO Loans, Term Loans, and Interests. Each member is listed either in its principal capacity or in its capacity as agent, investment advisor, or investment manager for certain investment funds or accounts or their respective subsidiaries that hold disclosable economic interests in relation to the Debtors. The members' disclosable economic interests have not changed since the Ad Hoc Group was formed. The names, addresses, nature, and amount of all disclosable economic interests of each present member of the Ad Hoc Group in relation to the Debtors, are: 1. Evolution Credit Partners 28 State Street, 23rd Floor Boston, MA 02109 FILO Loans $10,166,275 Term Loans $24,572,877 Interests Common: 842,400 Penny Warrants: 8,768,432 Warrants: 21,938 2. Oaktree Capital Management, L.P. 333 South Grand Ave., 28th Floor Los Angeles, CA 90071 FILO Loans $23,265,790 Term Loans $74,444,543 Interests Common: 1,196,480 Penny Warrants: 26,821,026 Warrants: 8,218 Total FILO Loans $33,432,065 Total Term Loans $99,017,420 Total Interests Common: 2,038,880 Penny Warrants: 35,589,458 Warrants: 30,156 Co-Counsel to the Ad Hoc Group of Consenting Stakeholders: Michael J. Merchant, Esq. Brendan J. Schlauch, Esq. Zachary J. Javorsky, Esq. RICHARDS, LAYTON & FINGER, P.A. One Rodney Square 920 N. King Street Wilmington, DE 19801 Tel: 1 (302) 651-7700 Fax: 1 (302) 651-7701 E-mail: Merchant@rlf.com Schlauch@rlf.com Javorsky@rlf.com - and - Matthew Brod, Esq. Benjamin M. Schak, Esq. MILBANK LLP 55 Hudson Yards New York, NY 10001 Tel: 1 (212) 530-5000 E-mail: MBrod@Milbank.com BSchak@Milbank.com About West Marine Inc. West Marine Inc. is a U.S.-based marine retail company specializing in boating, fishing, and marine maintenance products. Established in 1968, the company operated as one of the country's largest networks of boating supply stores, offering products ranging from marine electronics and navigation tools to fishing accessories, apparel and safety equipment. West Marine Inc. and certain of its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 26-10794) on May 17, 2026. West Marine reported $500 million to $1 billion in estimated assets and liabilities. The petitions were signed by Paulee Day as chief executive officer. The Debtors hired Kirkland & Ellis LLP and Young Conaway Stargatt Taylor, LLP, as restructuring counsel. The Debtors tapped Triple P Securities, LLC as their investment banker. FTI Consulting Inc. is the Debtors' restructuring advisor. The Debtors' claims and the noticing agent is Kurtzman Carson Consultants LLC dba Verita Global. Hilco Merchant Resource LLC and Hilco Real Estate LLC are the Debtors' real estate advisor and liquidator. Milbank LLP and Richards, Layton & Finger, P.A. represent an Ad Hoc Group of Consenting Stakeholders of loans to and equity interests in Rising Tide Holdings Inc. WHIRLPOOL CORP: S&P Affirms 'BB-/B' Issuer Credit Ratings --------------------------------------------------------- S&P Global Ratings affirmed its 'BB-' long-term and '' short-term issuer credit ratings on U.S.-based Whirlpool Corp. S&P said, "We also assigned our 'BB+' rating to the proposed senior secured notes. The recovery rating is 1, indicating a very high (90%-100%, rounded estimate: 95%) likelihood of recovery in the event of default. "Additionally, we affirmed our 'BB-' rating on the existing senior unsecured notes. We revised down our recovery rating to '4' from '3' due to the addition of significant priority debt in the debt capital structure. Our '4'-recovery rating indicates average (30%-50%, rounded estimate: 35%) recovery prospects for unsecured note holders. "We could reassess our ratings if the final transaction terms deviate materially from what has been presented to us. The negative outlook reflects the potential for a lower rating at any time over the next 12 months if we believe Whirlpool is not on pace to strengthen credit ratios by 2027, including reaching S&P Global Ratings adjusted leverage of 5x, or if we unfavorably reassess our view of the company's business risk." Whirlpool Corp. has launched $1.5 billion senior secured notes. The proceeds, alongside a draw under an expected $2 billion asset-based lending (ABL) facility, will repay its EUR500 million notes due 2026, EUR600 million notes due 2027, and borrowings under its existing unsecured revolving credit facility. Whirlpool's proposed debt capital structure transactions will substantially reduce liquidity risk through 2027. S&P said, "Assuming the proposed $2 billion ABL and $1.5 billion senior secured note issuances are closed substantially on the terms provided to us, we anticipate the company will redeem euro-denominated notes with approximately $1.3 billion of equivalent principal balance maturing through 2027. The company will also repay the existing senior unsecured revolver before July 1, 2026, as required by the recent credit facility amendment. As such, we revised our liquidity assessment to adequate from less than adequate." S&P said, "We updated our forecast to incorporate the proposed transactions, including higher interest expense. Compared to our prior forecast in early May, we now project moderately reduced cash flow and slightly weaker adjusted leverage, reflecting the assumed interest rate on the secured notes. S&P Global Ratings-adjusted leverage will likely reach 6.5x by Dec. 31, 2026, and 5.1x as of Dec. 31, 2027, compared to 7.2x presently after an extremely weak first quarter. "We continue to incorporate lower volumes due to reduced consumer confidence and elevated input costs, offset by our assumption that recent higher industry pricing will hold. We have made no revisions to our sales and profit expectations. "Our forecast for S&P Global Ratings-adjusted leverage of 5.1x by 2027 includes treating the $575 million mandatory convertible preferred stock (MCPS) as equity starting in February 2027, compared to the current debt treatment. Consistent with our criteria, if we lower our issuer credit rating to 'B+', we will not treat MCPS as equity until February of 2028. It would affect 2027 leverage by about 0.5x. Regardless, our decision to treat the MCPS as equity hinges on our continued view that Whirlpool will allow conversion and that the company will not undermine the conversion benefit through open market repurchases or subsequent stock buybacks. "Whirlpool still faces risks and uncertainties. While we factor higher pricing into our forecast, the potential for further shifts in global trade policies, competitor actions to effectively compete in the important U.S. market, and deterioration in consumer demand could trigger renewed promotional intensity. Since the Trump administration's tariff actions in 2025, we have yet to see tangible evidence that Whirlpool will benefit from its strong domestic manufacturing footprint. While trade war volatility may be ending, U.S. and global trading partners' trade policies have been fluid since 2025. In addition, geopolitical developments, especially in the Middle East, could increase energy costs and lower demand from consumers. This could hurt sales by depressing volumes or raising promotional intensity. "The negative outlook reflects the potential for a lower rating at any time over the next 12 months if we believe Whirlpool is not on pace to materially strengthen credit ratios by 2027, including reaching S&P Global Ratings-adjusted leverage of 5x, or if we unfavorably reassess our view of the company's business risk. Our negative outlook incorporates the assumption the ABL closes substantially on the terms provided to us. "We could lower the rating if we forecast S&P Global Ratings-adjusted leverage will remain above 5x in 2027 or FOCF is below our base-case forecast." This could occur if: -- Expectations for higher industry pricing are short-lived, potentially due to weaker-than-expected demand amid a further strain in consumer confidence; -- Inflation escalates, particularly for oil-based input costs in 2026 and metals thereafter; -- Whirlpool fails to strengthen profitability despite potential favorable pricing associated with higher tariffs on rivals, or due to competitor actions or further shifts in trade policies; or -- Financial policy changes, potentially due to pressure from shareholders. S&P could revise its outlook to stable over the next 12 months if profits improve materially compared to the severe deterioration in the first quarter, increasing visibility that S&P Global Ratings-adjusted leverage will meet its base case of 5x in 2027. This could occur if: -- Higher industry pricing holds, enabling Whirlpool to more than offset lower volumes; -- The costs of key commodity inputs fall, potentially due to deescalation of the Iran war; and -- The company continues to direct substantially all discretionary cash flow (DCF) after MCPS dividends to debt repayment or takes other creditor friendly actions such as using the net cash proceeds from potentially selling its stake in India to reduce debt. WIKELEY FAMILY: Stadler Can't Appeal Recognition Orders ------------------------------------------------------- Judge Karen K. Caldwell of the U.S. District Court for the Eastern District of Kentucky granted the motion of the Foreign Representatives for Wikeley Family Trustee Ltd. to dismiss the appeal styled MARKUS A. STADLER, Appellant, v. WIKELEY FAMILY TRUSTEE LTD. (In Liquidation), Appellee, CIVIL ACTION NO. 5:25-402-KKC (E.D. Ky.). A lawsuit was filed in the Kentucky state court involving two New Zealand companies: The Wikeley Family Trust and Kea Investments Ltd. In that action, the Trust sued Kea for breach of contract. Kea never answered or otherwise responded to the complaint, and the Trust obtained a default judgment of more than $123 million against Kea. That action is related to this one because the trustee of the Trust is the Wikeley Family Trustee Ltd., which is the debtor in this action. Kea sought to avoid enforcement of the Kentucky state judgment in a few ways, including by appealing it to the Kentucky Court of Appeals, a case that appears to remain pending. It also asserted an action in the High Court of New Zealand against the Debtor Trustee and others, arguing that the default judgment was obtained by fraud. The New Zealand court appears to have agreed with Kea. It issued an order that enjoined the Debtor Trustee from enforcing the Kentucky default judgment and from enforcing or otherwise acting on the Debtor Trustee's assignment of its interest in the default judgment to Wikeley Inc., a related company. The New Zealand Court also appointed two insolvency practitioners -- Foreign Representatives -- to serve as interim liquidators of the Debtor Trustee. The Foreign Representatives for the Debtor Trustee then filed a "Chapter 15 Petition for Recognition of a Foreign Proceeding" in the United States Bankruptcy Court for the Eastern District of Kentucky. By order dated May 25, 2023, the bankruptcy court recognized the New Zealand action as a foreign main proceeding under Chapter 15. Wikeley, Inc. appealed the Recognition Order to this Court. However, Judge Van Tatenhove dismissed that appeal after Wikeley, Inc. failed to file an opening brief or respond to a show cause order demonstrating why the case should not be dismissed. Back in bankruptcy court, more than two years after the Recognition Order was entered, on September 1, 2025, Oliver Wikeley, a beneficiary of the Wikeley Family Trust, moved to vacate the Recognition Order. The bankruptcy court denied that motion by order dated October 14, 2025. Stadler now appeals the Recognition Order and the order denying the motion to vacate it. The Debtor Trustee's Foreign Representatives move to dismiss this appeal. They make several arguments, one of which is that Stadler does not have standing to appeal the Recognition Orders because he was not a party to the bankruptcy proceeding. The District Court agrees. Judge Caldwell explains, "Stadler has never been a party to the bankruptcy proceeding. He is an attorney in the British Virgin Islands who is not a member of the Kentucky bar. His name does not pop up in the bankruptcy proceeding docket until August 2025, years after the bankruptcy court entered the 2023 Recognition Order. That is when a local attorney moved the bankruptcy court for Stadler's admission pro hac vice to represent Oliver Wikeley. The bankruptcy court initially granted Stadler pro hac vice admission, but days later vacated that order. This was because Stadler had represented the Debtor Trustee in the Kentucky state court action that resulted in the default judgment but sought to represent Oliver Wikeley in the bankruptcy proceeding and take a position 'directly adverse' to the Debtor Trustee. Thus, Stadler was not a party to the bankruptcy proceeding and did not ultimately represent anyone who was a party to the bankruptcy proceeding." A copy of the Court's Opinion and Order dated May 28, 2026, is available at https://urlcurt.com/u?l=939MKe from PacerMonitor.com. Wikeley Family Trustee Ltd. sought relief under Chapter 15 of the U.S. Bankruptcy Code (Bankr. E.D. K.y. Case No. 23-50420) on April 20, 2023. WILSON 1350: Case Summary & Six Unsecured Creditors --------------------------------------------------- Debtor: Wilson 1350 LLC 2102 Condado Real 1700 Ave MCleary San Juan, PR 00911 Business Description: Wilson 1350 LLC is a San Juan, Puerto Rico- based company engaged in residential real estate development. Chapter 11 Petition Date: May 27, 2026 Court: United States Bankruptcy Court District of Puerto Rico Case No.: 26-02372 Debtor's Counsel: Noemi Landrau Rivera, Esq. LANDRAU RIVERA & ASSOC. P.O. Box 270219 San Juan, PR 00928 Tel: (787) 774-0224 E-mail: nlandrau@landraulaw.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $1 million to $10 million The petition was signed by Al Rizet Rincon as president. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/GPJ7H7A/Wilson_1350_LLC__prbke-26-02372__0001.0.pdf?mcid=tGE4TAMA List of Debtor's Six Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Andrea Gonzalez Deposit $917,500 576 Ave. Arterial b Coliseum Tower #2203 San Juan, PR 00918 2. Endeavor Capital PR LLC Contested $4,000,000 350 Mendez Vigo Rd Mortgage Lien Dorado, PR 00646 3. Glen Li Xiomara Li Deposit $1,300,000 100 E 53rd Street Aptg 7-B New York, NY 10282 4. Manuel Soto Ruiz & Deposit $555,000 Grace Canetti Rodrigu Pase San Juan Calle Garita D-21 San Juan PR 00926 5. Mariano Gonzalez Diez Deposit $850,000 Urb El Paraiso Carr 129 Km H8 Hato Arriba Arecibo, PR 00612 6. Neil Kapoor Deposit $1,100,000 1364 Wilson St Apt 408 San Juan, PR 00907 Z SQUARED: Names Halabu Sole Chief Executive -------------------------------------------- Michelle Burke resigned as Z Squared Inc.'s co-chief executive officer and director, and David Halabu will continue as sole chief executive, according to a filing with the Securities and Exchange Commission. Burke's resignation was effective May 22 and was accepted by the board the same day. The company said her resignation did not result from any disagreement about operations, policies or practices. Z Squared said the board had not appointed a successor to fill the director vacancy as of the Form 8-K filing. Burke will return to Minting Dome Inc., and the company's existing master services agreement with Minting Dome remains in effect. Halabu, 50, had served as co-chief executive with Burke since the closing of the company's business combination on April 24. He has also served as chief executive of Z Squared OpCo Inc., the company's wholly owned operating subsidiary, since June 2024. The company said there were no changes to Halabu's compensation arrangements in connection with the leadership change. About Z Squared Inc. Z Squared Inc., formerly Coeptis Therapeutics Holdings Inc., operates through subsidiaries including SNAP Biosciences Inc., GEAR Therapeutics Inc., Coeptis Therapeutics Inc., Coeptis Pharmaceuticals Inc. and Coeptis Pharmaceuticals LLC. The company owns, acquires and develops cell therapy technologies for cancer and other diseases, with products and technologies intended for commercialization in the U.S. and other major markets. It has focused on innovative products and technologies after moving away from commercialization of generic products. In an audit report dated March 19, 2026, Astra Audit and Advisory LLC said Coeptis Therapeutics Holdings Inc. had incurred net losses, negative operating cash flows and working capital deficits that raised substantial doubt about its ability to continue as a going concern. As of March 31, 2026, Z Squared reported total assets of $19.79 million, total liabilities of $2.21 million and total stockholders' equity of $17.58 million. [^] Recent Small-Dollar & Individual Chapter 11 Filings ------------------------------------------------------- In re Jonathan Leon Martin Bankr. M.D. Ala. Case No. 26-31358 Chapter 11 Petition filed May 25, 2026 In re Angus J. Gavin Bankr. N.D. Cal. Case No. 26-30448 Chapter 11 Petition filed May 25, 2026 represented by: Lars Fuller, Esq. In re Finch Property Chicago, LLC Bankr. N.D. Ill. Case No. 26-08890 Chapter 11 Petition filed May 25, 2026 See https://www.pacermonitor.com/view/VMB4Q7A/Finch_Property_Chicago_LLC__ilnbke-26-08890__0001.0.pdf?mcid=tGE4TAMA represented by: Penelope Bach, Esq. BACH LAW OFFICES E-mail: pnbach@bachoffices.com In re Momona Properties, LLC Bankr. D. Md. Case No. 26-15529 Chapter 11 Petition filed May 25, 2026 See https://www.pacermonitor.com/view/6LFCBAI/Momona_Properties_LLC__mdbke-26-15529__0001.0.pdf?mcid=tGE4TAMA represented by: Justin P. Fasano, Esq. MCNAMEE HOSEA, P.A. E-mail: jfasano@mhlawyers.com In re Tenth Place, LLC Bankr. D. Ariz. Case No. 26-05217 Chapter 11 Petition filed May 26, 2026 See https://www.pacermonitor.com/view/WKRTIAY/Tenth_Place_LLC__azbke-26-05217__0001.0.pdf?mcid=tGE4TAMA represented by: Grant L. Cartwright, Esq. MAY, POTENZA, BARAN & GILLESPIE E-mail: gcartwright@maypotenza.com In re Pradeep K. Khatri and Kokila Pradip Khatri Bankr. N.D. Cal. Case No. 26-30453 Chapter 11 Petition filed May 26, 2026 represented by: Sandford Frey, Esq. In re Loyd Have Mercy LLC Bankr. M.D. Fla. Case No. 26-03854 Chapter 11 Petition filed May 26, 2026 See https://www.pacermonitor.com/view/ZSLVJEY/Loyd_Have_Mercy_LLC__flmbke-26-03854__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Michael Sheffield Bankr. N.D. Ga. Case No. 26-56860 Chapter 11 Petition filed May 26, 2026 Filed Pro Se In re Revi Express Inc. Bankr. D. Mass. Case No. 26-40615 Chapter 11 Petition filed May 26, 2026 See https://www.pacermonitor.com/view/7JDKQOQ/Revi_Express_Inc__mabke-26-40615__0001.0.pdf?mcid=tGE4TAMA represented by: Louis S. Robin, Esq. LAW OFFICES OF LOUIS S. ROBIN E-mail: louis.robin@prodigy.net In re 40 Halstead St LLC Bankr. D.N.J. Case No. 26-15889 Chapter 11 Petition filed May 26, 2026 See https://www.pacermonitor.com/view/RSMFCJI/40_Halstead_St_LLC__njbke-26-15889__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re EQ Realty LLC Bankr. D.N.J. Case No. 26-15899 Chapter 11 Petition filed May 26, 2026 See https://www.pacermonitor.com/view/LEMBVCI/EQ_Realty_LLC__njbke-26-15899__0001.0.pdf?mcid=tGE4TAMA represented by: Brett Silverman, Esq. SILVERMAN LAW PLLC E-mail: brett@getconciergelaw.com In re UO1351E233 LLC Bankr. E.D.N.Y. Case No. 26-42524 Chapter 11 Petition filed May 26, 2026 See https://www.pacermonitor.com/view/Q5IJE3I/UO1351E233_LLC__nyebke-26-42524__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re VCHG Ghost Kitchen Facility, LLC Bankr. E.D.N.Y. Case No. 26-42538 Chapter 11 Petition filed May 26, 2026 See https://www.pacermonitor.com/view/APOYNUQ/VCHG_Ghost_Kitchen_Facility_LLC__nyebke-26-42538__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Law Ofice of Cheryl Charles-Duval, PLLC Bankr. E.D.N.Y. Case No. 26-42547 Chapter 11 Petition filed May 26, 2026 See https://www.pacermonitor.com/view/E3TNH4A/Law_Ofice_of_Cheryl_Charles-Duval__nyebke-26-42547__0001.0.pdf?mcid=tGE4TAMA represented by: Narissa A. Joseph, Esq. NARISSA JOSEPH E-mail: njosephlaw@aol.com In re GVS Hospitality Hall LLC Bankr. S.D.N.Y. Case No. 26-11236 Chapter 11 Petition filed May 26, 2026 See https://www.pacermonitor.com/view/BZ3UURQ/GVS_Hospitality_Hall_LLC__nysbke-26-11236__0001.0.pdf?mcid=tGE4TAMA represented by: Heath S. Berger, Esq. BFSNG LAW GROUP, LLP E-mail: hberger@bfslawfirm.com In re Thai Wisdom LLC Bankr. W.D. Wash. Case No. 26-11738 Chapter 11 Petition filed May 26, 2026 See https://www.pacermonitor.com/view/FYUEI4Y/Thai_Wisdom_LLC__wawbke-26-11738__0001.0.pdf?mcid=tGE4TAMA represented by: James E Dickmeyer, Esq. LAW OFFICE OF JAMES E DICKMEYER PC E-mail: jim@jdlaw.net In re TWBEdmonds LLC Bankr. W.D. Wash. Case No. 26-11729 Chapter 11 Petition filed May 26, 2026 See https://www.pacermonitor.com/view/6I7SXMA/TWBEdmonds_LLC__wawbke-26-11729__0001.0.pdf?mcid=tGE4TAMA represented by: James E Dickmeyer, Esq. LAW OFFICE OF JAMES E DICKMEYER PC E-mail: jim@jdlaw.net In re Francis Xavier Haas Bankr. S.D. Ala. Case No. 26-11505 Chapter 11 Petition filed May 27, 2026 represented by: Barry Friedman, Esq. In re By The Book Attorney Service, Inc. Bankr. C.D. Cal. Case No. 26-15240 Chapter 11 Petition filed May 27, 2026 See https://www.pacermonitor.com/view/M36AIAI/By_The_Book_Attorney_Service_Inc__cacbke-26-15240__0001.0.pdf?mcid=tGE4TAMA represented by: Alan W. Forsley, Esq. FLP LAW GROUP LLP E-mail: alan.forsley@flpllp.com In re Ruben Arturo Romero Carbajal Bankr. C.D. Cal. Case No. 26-11134 Chapter 11 Petition filed May 27, 2026 represented by: Yoon Ham, Esq. In re A&G General Services USA LLC Bankr. M.D. Fla. Case No. 26-03909 Chapter 11 Petition filed May 27, 2026 See https://www.pacermonitor.com/view/A77LZLA/AG_General_Services_USA_LLC__flmbke-26-03909__0001.0.pdf?mcid=tGE4TAMA represented by: Jeffrey S. Ainsworth, Esq. BRANSON AINSWORTH PLLC E-mail: jeff@bransonlaw.com In re Brent W. Merryman Bankr. N.D. Fla. Case No. 26-40298 Chapter 11 Petition filed May 27, 2026 represented by: Byron Wright, Esq. In re Adam Earle Arnett Bankr. S.D. Fla. Case No. 26-16862 Chapter 11 Petition filed May 27, 2026 represented by: Brian McMahon, Esq. In re Triple Cross Ranch Trailers, LLC Bankr. M.D. Ga. Case No. 26-40409 Chapter 11 Petition filed May 27, 2026 See https://www.pacermonitor.com/view/2QE5ZLY/Triple_Cross_Ranch_Trailers_LLC__gambke-26-40409__0001.0.pdf?mcid=tGE4TAMA represented by: Daniel L. Wilder, Esq. EMMETT L GOODMAN JR LLC Email: bkydept@goodmanlaw.org In re Darren Antuane Stover Bankr. N.D. Ga. Case No. 26-56911 Chapter 11 Petition filed May 27, 2026 represented by: Ian M. Falcone, Esq. THE FALCONE LAW FIRM, P.C In re AM Logistics, Inc. Bankr. S.D. Ind. Case No. 26-03372 Chapter 11 Petition filed May 27, 2026 See https://www.pacermonitor.com/view/OM6SYUI/AM_Logistics_Inc__insbke-26-03372__0001.0.pdf?mcid=tGE4TAMA represented by: KC Cohen, Esq. KC COHEN, LAWYER, PC E-mail: kc@esoft-legal.com In re 111 Lawton LLC Bankr. D. Mass. Case No. 26-11234 Chapter 11 Petition filed May 27, 2026 See https://www.pacermonitor.com/view/FWEBAEI/Lawton_LLC__mabke-26-11234__0001.0.pdf?mcid=tGE4TAMA represented by: Michael Walsh, Esq. WALSH & WALSH LLP E-mail: walsh.lynnfield@gmail.com In re DZS Enterprise Services, LLC Bankr. E.D. Mich. Case No. 26-46079 Chapter 11 Petition filed May 27, 2026 See https://www.pacermonitor.com/view/PWKKE2Y/DZS_Enterprise_Services_LLC__miebke-26-46079__0001.0.pdf?mcid=tGE4TAMA represented by: Edward J. Gudeman, Esq. GUDEMAN & ASSOCIATES, PC E-mail: ecf@gudemanlaw.com In re Basic Wholesale Floral Distributors, LLC Bankr. E.D. Mich. Case No. 26-46055 Chapter 11 Petition filed May 27, 2026 See https://www.pacermonitor.com/view/LN5TKUI/Basic_Wholesale_Floral_Distributors__miebke-26-46055__0001.0.pdf?mcid=tGE4TAMA represented by: George E. Jacobs, Esq. BANKRUPTCY LAW OFFICES Email: george@bklawoffice.com In re Alexander Mitchell Pollmann and Sydney C Pollmann Bankr. D. Neb. Case No. 26-40604 Chapter 11 Petition filed May 27, 2026 represented by: James C. Bocott, Esq. THE LAW OFFICE OF JAMES C. BOCOTT In re 8830 172nd LLC Bankr. E.D.N.Y. Case No. 26-42555 Chapter 11 Petition filed May 27, 2026 See https://www.pacermonitor.com/view/R233ULA/8830_172nd_LLC__nyebke-26-42555__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Millerton Inc. Bankr. S.D.N.Y. Case No. 26-35567 Chapter 11 Petition filed May 27, 2026 See https://www.pacermonitor.com/view/EKXDVAY/Millerton_Inc__nysbke-26-35567__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Bless Your Heart LLC Bankr. W.D. Tex. Case No. 26-51404 Chapter 11 Petition filed May 27, 2026 See https://www.pacermonitor.com/view/U55BYYA/Bless_Your_Heart_LLC__txwbke-26-51404__0001.0.pdf?mcid=tGE4TAMA represented by: Robert C Lane, Esq. THE LANE LAW FIRM Email: notifications@lanelaw.com In re Randolph J Archer And Gloria J Archer Bankr. D. Ariz. Case No. 26-05369 Chapter 11 Petition filed May 28, 2026 represented by: Patrick F Keery, Esq. KEERY MCCUE, PLLC In re Phoenix Pride Incorporated Bankr. D. Ariz. Case No. 26-05375 Chapter 11 Petition filed May 28, 2026 See https://www.pacermonitor.com/view/XCPLJZA/Phoenix_Pride_Incorporated__azbke-26-05375__0001.0.pdf?mcid=tGE4TAMA represented by: JoAnn Falgout, Esq. DAVIS MILES - TEMPE, AZ E-mail: jfalgout@davismiles.com In re Yan Xiao and Wei Chen Bankr. N.D. Cal. Case No. 26-30467 Chapter 11 Petition filed May 28, 2026 represented by: Robert Goldstein, Esq. In re Spinnaker Melbourne, Inc. Bankr. S.D. Fla. Case No. 26-17020 Chapter 11 Petition filed May 28, 2026 See https://www.pacermonitor.com/view/MMWPFMA/Spinnaker_Melbourne_Inc__flsbke-26-17020__0001.0.pdf?mcid=tGE4TAMA represented by: Dana Kaplan, Esq. KELLEY KAPLAN DELANEY & ELLER, PLLC E-mail: dana@kelleylawoffice.com In re Virginia Toalepai Bankr. D. Nev. Case No. 26-13346 Chapter 11 Petition filed May 28, 2026 represented by: Daniel Riggs, Esq. In re Teaneck Surgical Center, L.L.C. Bankr. D.N.J. Case No. 26-16013 Chapter 11 Petition filed May 28, 2026 See https://www.pacermonitor.com/view/6JB34NY/Teaneck_Surgical_Center_LLC__njbke-26-16013__0001.0.pdf?mcid=tGE4TAMA represented by: Morris S. Bauer, Esq. DUANE MORRIS LLP E-mail: MSBauer@duanemorris.com In re Jorge Nunez Silveira and Beatriz Alonso Bankr. W.D.N.C. Case No. 26-30727 Chapter 11 Petition filed May 28, 2026 represented by: Kenneth Love, Esq. In re Jon Robert Throne Bankr. W.D. Wash. Case No. 26-11778 Chapter 11 Petition filed May 28, 2026 represented by: Masafumi Iwama, Esq. In re Vikki Kelly and Howie Wayne Kelly Bankr. W.D. Ark. Case No. 26-71060 Chapter 11 Petition filed May 29, 2026 represented by: Jessica Hall, Esq. In re Lisa Ann Nkonoki Bankr. D. Conn. Case No. 26-20564 Chapter 11 Petition filed May 29, 2026 In re Terry Demetrios Coutsolioutsos Bankr. M.D. Fla. Case No. 26-04689 Chapter 11 Petition filed May 29, 2026 represented by: Kelley Petry, Esq. In re Stepaddy1959, LLC Bankr. M.D. Fla. Case No. 26-04009 Chapter 11 Petition filed May 29, 2026 See https://www.pacermonitor.com/view/V6ZG32A/Stepaddy1959_LLC__flmbke-26-04009__0001.0.pdf?mcid=tGE4TAMA represented by: Jeffrey S. Ainsworth, Esq. BRANSON AINSWORTH PLLC E-mail: jeff@bransonlaw.com In re Bellvilla Services, LLC Bankr. N.D. Ga. Case No. 26-57083 Chapter 11 Petition filed May 29, 2026 See https://www.pacermonitor.com/view/I4ONE2A/Bellvilla_Services_LLC__ganbke-26-57083__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Greedy Man Investment Properties, LLC Bankr. N.D. Ga. Case No. 26-57064 Chapter 11 Petition filed May 29, 2026 See https://www.pacermonitor.com/view/NVASDEQ/Greedy_Man_Investment_Properties__ganbke-26-57064__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re The Screaming Goat Group, LLC Bankr. N.D. Ga. Case No. 26-57055 Chapter 11 Petition filed May 29, 2026 See https://www.pacermonitor.com/view/QLWWMMI/The_Screaming_Goat_Group_LLC__ganbke-26-57055__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Musemilu Oluwakemi Salami Bankr. N.D. Ill. Case No. 26-09198 Chapter 11 Petition filed May 29, 2026 See https://www.pacermonitor.com/view/T7JFGXI/Musemilu_Oluwakemi_Salami__ilnbke-26-09198__0001.0.pdf?mcid=tGE4TAMA represented by: Nicole Batson, Esq. In re Endurance Recovery Services, Inc Bankr. N.D. Ill. Case No. 26-09049 Chapter 11 Petition filed May 28, 2026 See https://www.pacermonitor.com/view/23K7FBA/Endurance_Recovery_Services_Inc__ilnbke-26-09049__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re American Locating Services, Inc. Bankr. S.D. Ind. Case No. 26-03480 Chapter 11 Petition filed May 29, 2026 See https://www.pacermonitor.com/view/STXSQOI/American_Locating_Services_Inc__insbke-26-03480__0001.0.pdf?mcid=tGE4TAMA represented by: KC Cohen, Esq. KC COHEN, LAWYER, PC Email: kc@esoft-legal.com In re 56 Third Food Corp Bankr. E.D.N.Y. Case No. 26-42646 Chapter 11 Petition filed May 29, 2026 See https://www.pacermonitor.com/view/MRXKPVQ/56_Third_Food_Corp__nyebke-26-42646__0001.0.pdf?mcid=tGE4TAMA represented by: Lawrence Morrison, Esq. MORRISON TENENBAUM PLLC E-mail: lmorrison@m-t-law.com In re Adar Foundation LLC Bankr. E.D.N.Y. Case No. 26-42588 Chapter 11 Petition filed May 28, 2026 See https://www.pacermonitor.com/view/TY3YY3I/Adar_Foundation_LLC__nyebke-26-42588__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Ot Aspect & Chiropractic PLLC Bankr. E.D.N.Y. Case No. 26-42600 Chapter 11 Petition filed May 28, 2026 See https://www.pacermonitor.com/view/Q4W2NWI/Ot_Aspect__Chiropractic_PLLC__nyebke-26-42600__0001.0.pdf?mcid=tGE4TAMA represented by: Alla Kachan, Esq. LAW OFFICES OF ALLA KACHAN, P.C. Email: alla@kachanlaw.com In re Union Turnpike Associates LLC Bankr. E.D.N.Y. Case No. 26-42594 Chapter 11 Petition filed May 28, 2026 See https://www.pacermonitor.com/view/QWY42EI/Union_Turnpike_Associates_LLC__nyebke-26-42594__0001.0.pdf?mcid=tGE4TAMA represented by: Elliot S. Schlissel, Esq. SCHLISSEL DECORPO LLP Email: Elliot@sdnylaw.com In re Richland 3914 LLC Bankr. W.D. Va. Case No. 26-70571 Chapter 11 Petition filed May 28, 2026 See https://www.pacermonitor.com/view/6TIJSWQ/Richland_3914_LLC__vawbke-26-70571__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re 4850 Long Ave LLC Bankr. N.D. Ill. Case No. 26-09230 Chapter 11 Petition filed May 29, 2026 See https://www.pacermonitor.com/view/HH5UGZQ/4850_Long_Ave_LLC__ilnbke-26-09230__0001.0.pdf?mcid=tGE4TAMA represented by: David P. Lloyd, Esq. DAVID P. LLOYD, LTD. Email: courtdocs@davidlloydlaw.com In re C & S Adkins Enterprises, Inc. Bankr. S.D. Ind. Case No. 26-03473 Chapter 11 Petition filed May 29, 2026 See https://www.pacermonitor.com/view/STREGFA/C__S_Adkins_Enterprises_Inc__insbke-26-03473__0001.0.pdf?mcid=tGE4TAMA represented by: KC Cohen, Esq. KC COHEN, LAWYER, PC Email: kc@esoft-legal.com In re M&L Express, LLC Bankr. D. Md. Case No. 26-15686 Chapter 11 Petition filed May 29, 2026 See https://www.pacermonitor.com/view/DVXP4AI/ML_Express_LLC__mdbke-26-15686__0001.0.pdf?mcid=tGE4TAMA represented by: David E. Cahn, Esq. LAW OFFICE OF DAVID CAHN, LLC Email: cahnd@cahnlawoffice.com In re Jeffery Land Company, LLC Bankr. E.D. Mich. Case No. 26-46229 Chapter 11 Petition filed May 29, 2026 See https://www.pacermonitor.com/view/OLQYK7A/Jeffery_Land_Company_LLC__miebke-26-46229__0001.0.pdf?mcid=tGE4TAMA represented by: Tami Salzbrenner, Esq. THE FRANK FIRM, PLLC Email: tami@frankfirm.com In re SB Hauling & Crane Services, LLC Bankr. M.D.N.C. Case No. 26-80177 Chapter 11 Petition filed May 29, 2026 See https://www.pacermonitor.com/view/JX5WRKY/SB_Hauling__Crane_Services_LLC__ncmbke-26-80177__0001.0.pdf?mcid=tGE4TAMA represented by: Florence A. Bowens, Esq. FLORENCE A. BOWENS, ATTORNEY AT LAW Email: fbowenslaw@gmail.com In re Celina Total Foot Care PLLC Bankr. E.D. Tex. Case No. 26-41849 Chapter 11 Petition filed May 29, 2026 See https://www.pacermonitor.com/view/RTAD3OI/Celina_Total_Foot_Care_PLLC__txebke-26-41849__0001.0.pdf?mcid=tGE4TAMA represented by: Robert C Lane, Esq. THE LANE LAW FIRM Email: notifications@lanelaw.com In re Texas Advantage Realty, LLC Bankr. S.D. Tex. Case No. 26-33791 Chapter 11 Petition filed May 29, 2026 See https://www.pacermonitor.com/view/BFACC2Q/Texas_Advantage_Realty_LLC__txsbke-26-33791__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Susan Jo White Bankr. C.D. Cal. Case No. 26-11720 Chapter 11 Petition filed May 31, 2026 represented by: Anerio Altman, Esq. In re Security Check Me, LLC Bankr. M.D. Fla. Case No. 26-04706 Chapter 11 Petition filed May 31, 2026 See https://www.pacermonitor.com/view/KK3424I/Security_Check_Me_LLC__flmbke-26-04706__0001.0.pdf?mcid=tGE4TAMA represented by: Jake C. Blanchard, Esq. BLANCHARD LAW, P.A. Email: jake@jakeblanchardlaw.com In re MITT Real Estate, LLC Bankr. N.D. Ga. Case No. 26-57122 Chapter 11 Petition filed May 31, 2026 See https://www.pacermonitor.com/view/PTSCUQI/MITT_Real_Estate_LLC__ganbke-26-57122__0001.0.pdf?mcid=tGE4TAMA represented by: Gregory C Okwuosah, Esq. THE LAW OFFICES OF GREGORY C OKWUOSAH LLC Email: greg@gcoLAW.com In re Oleksandr Holubenko Bankr. N.D. Ill. Case No. 26-09314 Chapter 11 Petition filed May 31, 2026 represented by: David Freydin, Esq. ********* On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. 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