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260605.mbx T R O U B L E D C O M P A N Y R E P O R T E R Friday, June 5, 2026, Vol. 30, No. 156 Headlines 1 SOURCE: Seeks Approval to Hire Ritchie Bros. as Auctioneer 125 BERCKMAN: Seeks to Hire Middlebrooks Shapiro PC as Attorney 2235 CASTOR: Case Summary & Two Unsecured Creditors 3E EIGHT: Seeks to Tap Aubrey Rudd as General Bankruptcy Counsel 527 ALMONESSON: Order Vacating Final Judgment in MMG Case Affirmed 5500 ROWLETT: Voluntary Chapter 11 Case Summary 6D BYTES: IndigoSpireCPA Raises Going Concern Doubt ABBEY GROUP: Commences Chapter 11 Bankruptcy in Pennsylvania AG RECYCLING: Amends STL Bank Secured Claim Pay ALERA GROUP: Moody's Assigns B3 CFR, Outlook Stable ALL SEASONS: Claims to be Paid from Rental Income ALTA LOMA: Seeks to Hire Dynasty Real Estate as Real Estate Broker AMERICAN TRAILER: S&P Downgrades ICR to 'CCC+', Outlook Negative ANDERSON HAY: Hearing Today on Bid to Use Cash Collateral ANOINTED TOUCH: Plan Filing Deadline Extended to June 25 APTOSE BIOSCIENCES: Gets $2 Million Hanmi Advance ARCHITECTURAL GLAZING: Hires FoxLaw Corp as Bankruptcy Counsel ARCHITECTURAL GLAZING: Hires Jones & Walden LLC as Legal Counsel ASCENSUS GROUP: $500MM Loan Add-on No Impact on Moody's 'B3' CFR AT THE CROSS: Seeks to Tap Daniel J. Winfree as Bankruptcy Counsel ATI INC: S&P Rates Proposed $450MM Senior Unsecured Notes 'BB' ATI INC: S&P Rates Proposed $450MM Senior Unsecured Notes 'BB' AVIS BUDGET: Moody's Rates New $300MM Senior Unsecured Notes 'B1' B & C PARTNERS: Unsecureds to Recover 100% over 60 Months BATCH INC: Court Extends Cash Collateral Access to July 9 BCI FINANCES: Foreign Representative Can Compel Discovery BELDEN INC: S&P Alters Outlook to Negative, Affirms 'BB' ICR BELLA TUSCANY: Gets OK to Use Cash Collateral Until June 10 BET MIDRASH: Plan Exclusivity Period Extended to Sept. 16 BITCOIN DEPOT: Gets Interim OK to Use Cash Collateral BITCOIN DEPOT: Judge Backs July Sale Plan for Bitcoin Kiosk Firm BLUE ONYX: Seeks Cash Collateral Access BRAVO BRIO: Restaurants Down from 130 to 38 BRAZAS CHICKEN: Seeks Subchapter V Bankruptcy in Florida BRD LAND: Committee Hires IslandDundon LLC as Financial Advisor BRIGHTLINE TRAIN: Pursues Ch. 11 Funding While Searching for Buyer BROADWAY FORD: Hires Carmody MacDonald P.C. as Bankruptcy Counsel BYSTOL PERFORMANCE: Seeks to Hire Joel A. Schechter as Counsel CANNON'S CLASSIC CARS: Hires Workman Nydegger as General Counsel CARDIFF ONCOLOGY: Disputes License Termination Notice CARNITAS EL: Commences Chapter 7 Bankruptcy in Arizona CAROLINA FITNESS: Unsecureds Will Get 1% to 5% of Claims CARR'S PLUMBING: Seeks to Hire Tax Pros Inc as Accountant CASA SOUTH: Gets Interim OK to Use Cash Collateral CASA SOUTH: Seeks to Hire RK Pruitt Law Firm LLC as Attorney CERO THERAPEUTICS: Sells $937,500 Convertible Note CES ENERGY: S&P Rates Proposed C$300MM Senior Unsecured Notes 'B+' CHEESE SHOP: Case Summary & 20 Largest Unsecured Creditors CID HOLDCO: Issues $287,500 Note, Starts Furlough CLEAN ENERGY: Gets Nasdaq Notice Over Late 10-Q CLEVELAND INSTITUTE OF ART: S&P Affirms 'BB' Rating on Rev. Bonds CLINTWOOD JOD: Committee Hires Province LLC as Financial Advisor COMPUTE NORTH: Court Narrows Claims in Tribolet Adversary Case CONDOMINIUM BOARD: Court Won't Dismiss Bankruptcy Case CONFLUENCE CORPORATION: Unsecureds Will Get 6.3% in 3 Years COSCIENS BIOPHARMA: Deloitte LLP Raises Going Concern Doubt COSWMP LTD: Kevin Neiman Named Subchapter V Trustee CP ATLAS: Moody's Cuts CFR to Caa1, Outlook Negative CPM HOLDINGS: S&P Withdraws 'B-' Issuer Credit Rating CPV MARYLAND: Moody's Hikes Rating on Senior Secured Debt to Ba2 CRUZ TEC: Seeks to Hire Andrews Myers P.C. as Bankruptcy Counsel CYCURION INC: To Buy Secuvant for $2.88 Million DANIEL TRUCKING: Cash Collateral Hearing Set for June 24 DECOR HOLDINGS: Order Vacating Judgment in Ryniker Case Annulled DIOCESE OF OAKLAND: Creditors Seek Access to Ch. 11 Voting Records DMLP LLC: Case Summary & Five Unsecured Creditors DOLCHE TRUCKLOAD: Cash Collateral Hearing Set for June 24 DONALD KELLY: Deadline for Panel Questionnaires Set for June 8 EDGAR BENJAMIN: CEO Sentenced to 6 Months for Financial Misconduct EEW AMERICAN: Seeks to Hire Hilco Corporate as Investment Banker EEW AMERICAN: Seeks to Tap Connell Foley LLP as Bankruptcy Counsel EEW AMERICAN: Taps Tom Pratt of Applied Business Strategy as CRO ELVICTOR GROUP: RBSM Raises Going Concern Due to Operating Losses EMERA US: Fitch Affirms 'BB+' Rating on Junior Subordinated Debt EMUNDSON INC: Seeks to Hire Wipfli Advisory LLC as Accountant EP WEALTH: Moody's Rates New Sr. Secured First Lien Term Loan 'B2' ESCO TECHNOLOGIES: S&P Assigns 'BB' ICR, Outlook Stable FARMERS COOPERATIVE: Seeks to Hire Gary R. More as Appraiser FAT BRANDS: Plan Exclusivity Period Extended to Aug. 24 FERRARA BUILDING: Paula Beran Named Subchapter V Trustee FIRST EAGLE: Fitch Rates 7.2% Senior Secured Notes Due 2032 'BB-' GORDON VENTURE: Voluntary Chapter 11 Case Summary GRACE LIMOUSINE: Court Extends Cash Collateral Access to Aug. 28 GRAVITAS NW: Seeks to Hire Walton Law Group LLC as Attorney GUNTER LAND: Hires Bonds Ellis Eppich Schafer Jones LLP as Counsel GVS HOSPITALITY: Seeks Subchapter V Bankruptcy in New York HAPPYNEST REIT: Assurance Dimensions Raises Going Concern Doubt HARRISBURG PARKING: Moody's Cuts Rating on 2013 Parking Bond to Ba3 HARRISON BY RENZZI: Amends Plan to Include Disputed Unsecured Claim HERITAGE GROCERS: Moody's Cuts CFR to Caa2, Outlook Stable HI SIGN BREWING: Case Summary & 20 Largest Unsecured Creditors HONEY BRANDS: Hires Law Offices of Joel A. Schechter as Counsel HPC MOTORSPORTS: Case Summary & Largest Unsecured Creditors HUBILU VENTURE: M&K CPAS Raises Going Concern Doubt Over Losses INTEGRAGEN: Plans to Seek Receivership to Stabilize Finances INTEGRATED ENDOSCOPY: Taps Christopher E. Vossman as Accountant IQVIA INC: S&P Rates Euro-Denominated Senior Unsecured Notes 'BB' J.B. POINDEXTER: Moody's Alters Outlook on 'B1' CFR to Negative JACQUELINE D MOORE: Has Deal on Cash Collateral Access JN GRIFFIN: Stanley Bond Named Subchapter V Trustee JOHN STOCKWELL: Rodey Firm Loses Bid to Stay Bankruptcy Proceedings JOSHUA MASSINGILL: Seeks to Hire Cormier & Rea Inc. as Accountant JSM PROPERTIES: Case Summary & Three Unsecured Creditors LIFE LINE PLUMBING: Files Emergency Bid to Use Cash Collateral LIGHTEN UP: Gets Interim OK to Use Cash Collateral LOYD HAVE: Seeks Chapter 11 Bankruptcy in Florida M&S OILFIELD: Unsecured Creditors to Split $58K over 5 Years MADRONE-FLORIDA TECH: S&P Affirms 'BB' Rating on 2025A-B Rev Bonds MAGENTA BUYER: Moody's Alters Outlook on 'Caa2' CFR to Negative MALO ES NA: Seeks Subchapter V Bankruptcy in Puerto Rico MARAGAL MEDICAL: Gets Interim OK to Use Cash Collateral MAYS & JEUNE: Seeks to Hire Jill M. Flinton CPA PLLC as Accountant MIRACLE RESTAURANT: Court Narrows Claims in Iris Associates Case MIYOSHI AMERICA: Secures Court OK for Chapter 11 Bankruptcy Plan MORVATT ENTERPRISES: Trustee Files Liquidating Plan MOTIVO: Exits Receivership After Sold to Board Member's New Firm MOUNTAIN REGIONAL: Seeks to Extend Plan Exclusivity to June 16 MYSTICAL STARS: To Sell Denville Property to Steven DiSarro NAVA HEALTH: Seeks 120-Day Extension of Plan Filing Deadline NEW ENVIRI: S&P Affirms 'B+' ICR Then Withdraws Rating NGUYEN WIN: Lender Seeks to Prohibit Cash Collateral Access NTI BUYER: S&P Assigns 'B+' Issuer Credit Rating, Outlook Stable ORIGIN FOOD: Plan Exclusivity Period Extended to June 10 ORTHO MATTRESS: Case Summary & 20 Largest Unsecured Creditors OUTFRONT MEDIA: S&P Rates New $500MM Senior Unsecured Notes 'B+' PBF HOLDING: Fitch Rates Proposed Sr. Unsecured Notes 'BB' PBF HOLDING: Moody's Rates New Senior Unsecured Notes 'B1' PEARL CAPITAL: Case Summary & Two Unsecured Creditors PERFORMANCE CONSULTING: Case Summary & 20 Top Unsecured Creditors PHOENIX PRIDE: Seeks Chapter 11 Bankruptcy in Arizona PHOENIX RISING: Case Summary & 20 Largest Unsecured Creditors PLUTUS PROPERTIES: Case Summary & Four Unsecured Creditors POINCIANA PERSONAL: Gets OK to Use Cash Collateral Until July 22 PRINTED MINT: Seeks to Hire Guidant Law PLC as Bankruptcy Counsel PSCD TRINITY: Gets Court OK to Use Cash Collateral QUARTZ ACQUIRECO: Moody's Cuts CFR to B3, Alters Outlook to Stable QUOTEMEDIA INC: MNP LLP Raises Going Concern Doubt RAD DIVERSIFIED: Court OKs Idaho Property Sale at Auction RAISING CANE'S: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable RAISING CANE'S: Moody's Rates New $500MM First Lien Term Loan 'B1' RAVEN RHAPSODY: Case Summary & One Unsecured Creditor RED LOBSTER: Shuts Down 2 Significant Locations After Ch. 11 Exit RENTBERRY INC: Flags Going Concern Due to Expected Continued Losses RESTORATION DOCTOR: Plan Exclusivity Period Extended to Aug. 19 REVI EXPRESS: Stephen Darr Named Subchapter V Trustee REVOLVING KITCHEN: Case Summary & Six Unsecured Creditors RHINOGRAM INC: Gets Interim OK to Use Cash Collateral RL ENTERPRISES: Unsecureds Will Get 2.63% of Claims over 3 Years SALT LAKE CITY DISTILLERY: Seeks Cash Access Until July 31 SAM'S DINER: Cash Collateral Hearing Set for June 24 SILVER STAR PROPERTIES: Case Summary & 20 Top Unsecured Creditors SKYE BIOSCIENCE: Holders Approve Authorized Share Increase to 300M SKYSKOPES INC: Hires Brady Martz & Associates as Accountant SQUARE ONE: Seeks to Hire Century 21 S.G.R. as Exclusive Broker SRRAF LLC: Case Summary & One Unsecured Creditor STEVEN MCCANLESS: Gets Interim OK to Use Cash Collateral STICKY NORTH: Seeks Chapter 7 Bankruptcy in South Carolina STOKES & STOKES: Hires Edward Diehl of Remax Access as Realtor STRATA SKIN: CBIZ Raises Going Concern Doubt Over Debt Default SUNBELT PLANTATIONS: Hwy 82 Wst Property Sale to Phoebe Health Ok'd SYNAPTICS INC: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable TAPS RANCH: Amends Unsecured Claims Pay Details TELESAT CORP: Deloitte Raises Going Concern Over Debt Obligations TERRASTRAT GROUP: Hires Heskin & Proper PLLC as Special Counsel TEXAS AUTO: Unsecureds Will Get 50% Dividend via Quarterly Payments THAI WISDOM: Seeks Subchapter V Bankruptcy in Washington TITAN INT'L: Moody's Lowers CFR to B2 & Alters Outlook to Stable TREE HOUSE: Case Summary & Nine Unsecured Creditors TRI-STATE ENVIRONMENTAL: Cash Collateral Hearing Set for June 10 TRIMONT ENERGY: Hires Lugenbuhl Wheaton Peck Rankin as Counsel TRIPLE STICKS: To Sell Inventories to Multiple Buyers UMZU LLC: Court Extends Cash Collateral Access to June 12 UNION FLATIRON: Hires Wadsworth Garber Warner Conrardy as Counsel US MEDICAL: Case Summary & One Unsecured Creditor VANDERBILT MINERALS: Taps Latham & Watkins as Bankruptcy Counsel VEYTIA VENTURES: Case Summary & 20 Largest Unsecured Creditors W/L PROPERTIES: Hires Thomas P. Moriarty LLC as Special Counsel WATLOW ELECTRIC: S&P Alters Outlook to Positive, Affirms 'B' ICR WEST MARINE: Gets Interim OK to Use Cash Collateral WHIRLPOOL CORP: S&P Lowers Senior Unsecured Notes Rating to 'B+' WOLVERINE WORLD: Moody's Ups CFR to 'B1', Outlook Stable WORTHINGTON STEEL: Moody's Rates New $900MM Sr. Secured Notes 'B2' WS ESCROW: Fitch Rates Proposed $900MM Sr. Secured Notes 'BB+' XCF GLOBAL: Private Placement to Raise $4 Million Y&J MICHELE: Case Summary & 15 Unsecured Creditors ZONED PROPERTIES: Salberg & Company Raises Going Concern Doubt [] BOOK REVIEW: Taking Charge [] Jarel Rosser Joins King & Spalding's Restructuring Practice [] US Dioceses Weigh Abuse Payouts to Preserve Operations ********* 1 SOURCE: Seeks Approval to Hire Ritchie Bros. as Auctioneer ------------------------------------------------------------ 1 Source, LLC, doing business as 1 Source Power & Equipment, and Gulf States Industrial Services, LLC seek approval from the U.S. Bankruptcy Court for the Southern District of Alabama to employ Ritchie Bros. as auctioneer. The firm will render these services: (a) organize and undertake the online auction and coordinate the sale of the Debtors' assets; (b) prior to listing the assets online, a qualified Ritchie Bros.' inspector will take pictures of the assets and conduct a comprehensive inspection of key systems and components that are appropriate for the assets and their condition to create an inspection report; (c) build the web-listing for the action; (d) create a location watermark that will inform buyers where the assets are sitting so buyers can make appropriate decisions regarding transportation post-sale; (e) Ritchie Bros. will organize and undertake any refurbishment of the assets on behalf of the Debtors, if requested. The costs of any such refurbishment, plus a 10 percent handling fee, will be deducted from the gross auction proceeds; and (f) other auctioneer functions as needed. From the gross sales proceeds, Ritchie Bros. will deduct a (1) 9 percent commission fee for any lot realizing in excess of $3,000, or 25 percent for any lot realizing $3,000 or less (there is no minimum lot fee); and (2) a listing fee for each piece of equipment listed, if applicable. Blair Finstad, an auctioneer at Ritchie Bros., 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: Blair Finstad Ritchie Bros. Two Westbrook Corporate Center, Suite #500 Westchester, IL 60154 Telephone: (800) 663-845 About 1 Source LLC 1 Source, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ala., Case No. 25-13269) on November 21, 2025, listing between $1 million and $10 million in assets and liabilities. Jodi Dubose serves as Subchapter V trustee. Judge Jerry C. Oldshue handles the case. The Debtor tapped Alexandra K. Garrett and Jason R. Watkins, Esq., at Silver Voit Garrett & Watkins as counsel and Nomadic Accountant, LLC and KBA Group, PC as accountants. 125 BERCKMAN: Seeks to Hire Middlebrooks Shapiro PC as Attorney --------------------------------------------------------------- 125 Berckman St., LLC, seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to hire Middlebrooks Shapiro, P.C. as attorneys. The firm will prepare and file motions, pleadings, and applications on behalf of the Debtor. The firm will represent in hearings and negotiate with creditors. As well as formulating and pursuing a plan of reorganization under Chapter 11. The firm will be paid at these hourly rates: Melinda D. Middlebrooks, Esq. $500 Joseph M. Shapiro, Esq. $450 Jessica M. Minneci, Esq. $400 Paralegals $100 The firm agreed to a $7,500 plus $1,738 for court costs. Middlebrooks Shapiro, P.C. is a disinterested person under 11 U.S.C. Sec. 101(14), according to court filings. The firm can be reached through: Jessica M. Minneci, Esq. MIDDLEBROOKS SHAPIRO, P.C. P.O. Box 1630 Belmar, NJ 07719-1630 Tel: (973) 218-6877 Email: jminneci@middlebrooksshapiro.com About 125 Berckman St., LLC 125 Berckman St., LLC is a real estate holding company formed to own and manage property assets. 125 Berckman St., LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 26-10392) on January 14, 2026. In its petition, the Debtor reports estimated assets of $100,001 to $1 million and estimated liabilities of $100,001 to $1 million. Honorable Bankruptcy Judge Christine M. Gravelle handles the case. 2235 CASTOR: Case Summary & Two Unsecured Creditors --------------------------------------------------- Debtor: 2235 Castor LLC 2235 Castor Avenue Philadelphia, PA 19134 Business Description: 2235 Castor LLC is a real estate company that owns and manages a single income- generating property. Chapter 11 Petition Date: June 1, 2026 Court: United States Bankruptcy Court Southern District of New York Case No.: 26-11321 Debtor's Counsel: H Bruce Bronson, Esq. BRONSON LAW OFFICES PC 480 Mamaroneck Ave Harrison, NY 10528-1621 Tel: (914) 269-2530 Fax: (888) 908-6906 E-mail: hbbronson@bronsonlaw.net Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by David Ebrahimzadeh as managing member. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/NIURGLA/2235_Castor_LLC__nysbke-26-11321__0001.0.pdf?mcid=tGE4TAMA 3E EIGHT: Seeks to Tap Aubrey Rudd as General Bankruptcy Counsel ---------------------------------------------------------------- 3E Eight LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ the Law Office of Aubrey Rudd Esq. as counsel. The firm's services include: (a) advise the Debtor of its rights, powers and duties and the continued management of its business operations; (b) advise the Debtor with respect to its responsibilities in complying with the U.S. Trustee's Operating Guidelines and reporting requirements and with the Rules of the Court; (c) prepare legal documents necessary in the administration of the case; (d) protect the interest of the Debtor in all matters pending before the court; and (e) represent the Debtor in negotiation with its creditors in the preparation of a plan. Aubrey Rudd, Esq. disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Aubrey G. Rudd, Esq. Law Office of Aubrey G. Rudd, Esq. 297 SW 27th Ave. Miami, FL 33135 Telephone: (786) 360-6733 About 3E Eight LLC 3E Eight, LLC is a privately held company with its principal assets located at 244 NE 85th St El Portal, FL 33138-3065. 3E Eight, LLC, filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-15765) on May 3, 2026, listing under $1 million in both assets and liabilities. Judge Corali Lopez-Castro oversees the case. The Law Office of Aubrey G. Rudd, Esq. 527 ALMONESSON: Order Vacating Final Judgment in MMG Case Affirmed ------------------------------------------------------------------ In the appeal styled MMG INVESTMENTS III, LLC, Plaintiff-Appellant, v. 527 ALMONESSON, LLC, PRECISION DRYWALL SERVICES, LLC, JOSHUA R. STRAX, JAMES BRUGGEWORTH, and TOBY C. SHIAVO, Defendants-Respondents, DOCKET NO. A-3403-24 (N.J. Super. Ct. App. Div), Judges Robert J. Gilson and Lisa Perez of the Superior Court of New Jersey, Appellate Division, affirmed the May 23, 2025 Chancery Division order granting defendant 527 Almonesson, LLC's motion to vacate the final judgment entered on February 8, 2024 pursuant to Rule 4:50-1(f) in the foreclosure action filed by MMG Investments against the Debtor. This foreclosure action involves two commercial loans that Sovereign Bank, N.A. (Sovereign) issued to two separate corporations. Sovereign issued co-defendant Precision Drywall Service, LLC (Precision) a loan in December 2011, and thereafter provided Almonesson a loan in January 2012. Co defendant Joshua R. Strax was a member of both corporations. The Sovereign loan to Precision was for $300,000 and memorialized by a promissory note. Precision also executed a business loan agreement and a commercial security agreement, which was perfected by a filed UCC-1 financing statement. Additionally, Strax and co-defendant James Bruggeworth, another member of Precision, executed personal guaranties in connection with the note. Sovereign loaned Almonesson $110,000, which was memorialized by a promissory note. The same day, to secure the note, Almonesson executed a mortgage in favor of Sovereign, encumbering a property at 527 Almonesson Road, Blackwood, New Jersey (the property). Almonesson's members included Strax, co-defendant Toby C. Shiavo, and Michael Niessner. Strax and Shiavo each personally guaranteed the repayment of the note. In 2013, Sovereign became Santander Bank (Santander). In 2017, Almonesson entered into a loan modification agreement with Santander. Thereafter, in 2021, Santander assigned its rights, title, and interest regarding Almonesson's loan to CL45 MW Loan 1, LLC (CL45). In June 2022, CL45 assigned MMG Investments all rights, title, and interest in Almonesson's note and mortgage, Strax's and Shiavo's personal guarantees, and related loan documents. On October 5, 2022, MMG Investments filed a foreclosure complaint against Almonesson, Precision, Strax, and Bruggeworth. On February 17, 2023, MMG Investments filed an amended foreclosure complaint, adding Shiavo. On April 28, 2024 MMG Investments filed a motion for summary judgment against Almonesson, Precision, and Strax to enforce Almonesson's lost promissory note dated January 20, 2012. In support of summary judgment, MMG Investments argued that foreclosure against the property as to Almonesson was warranted because it had executed a mortgage to secure its loan and had "cross-collateralized" Precision's loan. Because Precision had defaulted on its loan, which Almonesson had allegedly cross-collateralized, MMG Investments asserted the property was subject to foreclosure. On June 23, 2023, after argument, the court entered an order granting the motion for summary judgment and striking the answer filed by Almonesson, Precision, and Strax. On January 10, 2024, MMG Investments moved for final judgment. On February 5, 2024, the Office of Foreclosure (OOF) issued a denial of final judgment because the application was missing the mortgage for the $300,000 note signed by Precision and a guarantee by Almonesson cross-collateralizing the note. On February 8, 2024, the OOF issued the final judgment against defendants for the aggregate sum of $460,797.10, which represented the combined default amount owed for both the Almonesson and Precision loans, and cross-collateralized the lien against Almonesson's mortgaged property. Almonesson did not move for reconsideration or file an appeal of the final judgment. In March 2024, MMG Investments assigned MMG REO the judgments entered against defendants. MMG Investments also filed a Law Division action against defendants to recover the loan amounts owed. On June 17, 2024, the Law Division entered a final judgment by default against Precision in the amount of $296,105.86 plus interest. In the same order, the Law Division separately entered a final judgment by default against Almonesson and Shiavo in the amount of $65,535.64 plus interest. Thereafter, a sheriff's sale was scheduled in the foreclosure action for the sale of the property, which was stayed because Almonesson filed for Chapter 11 bankruptcy on September 3, 2024. Because Almonesson objected in the bankruptcy proceedings to MMG REO's filed proof of claim, the bankruptcy judge held a hearing to address whether the property secured both loans. On February 3, 2025, Almonesson moved before the court to vacate the final judgment of foreclosure entered on February 8, 2024, arguing it was erroneously entered. On April 1, 2025, the bankruptcy judge denied Almonesson's objection to MMG REO's proof of claim without prejudice, determining it would await the chancery court's decision on Almonesson's foreclosure motion to vacate the final judgment. On May 9, 2025, the court heard Almonesson's motion to vacate the final judgment. Almonesson argued equity demanded vacating the final judgment because there was no basis in law or in fact for a judgment in the full amount of $460,000 to be entered against it. Almonesson highlighted that the mortgage's specific language states that the property is a collateral pledge to secure the $110,000 loan by the mortgagee, in this case the bank, to the mortgagor, which is Almonesson and the mortgage does not extend to any other party. It argued MMG REO was only entitled to the balance of the mortgage plus all the accrued interest solely on the Almonesson loan and not the amount owed on the Precision loan. On May 23, 2025, the court rendered an oral decision accompanied by an order vacating the final judgment as to Almonesson. The court found equity required vacating the final judgment after further review of the relevant loan documents because it had clearly made a mistake. The court highlighted that different parties were on the loan documents. While Almonesson had delayed filing its motion, the court noted the bankruptcy proceeding and found equity mandated setting aside the final judgment because Almonesson and other parties had not signed a guaranty and mortgage for Precision; thus, forcing their liability was unjust. On appeal, MMG REO contends the court erroneously vacated the February 8, 2024 final judgment because: granting Almonesson's late motion was an abuse of discretion; partially vacating the final judgment as to Almonesson created ambiguity and prejudice to MMG REO's lien and the uncontested liability of co-defendants; the court had correctly decided the crosscollateralization issue in granting summary judgment; and the Law Division's judgment was not a relevant consideration because it was an in personam action, having no preclusive or limiting effect on the final judgment of foreclosure. MMG REO argues the court's acknowledged error should not have been reviewable through a motion to vacate as doing so subverts finality and there were no exceptional circumstances. Having reviewed the record, the panel concludes these contentions lack merit. As the court correctly recognized, a substantive injustice would occur if the final judgment was not vacated because members of Almonesson had not guaranteed Precision's loan and, therefore, should not be held responsible for it. The panel finds the the court was within its authority to review the motion to vacate and remedy its clear error because MMG Investment's reliance on the Almonesson loan documents to establish cross-collateralization was patently erroneous. The panel also rejects MMG REO's assertion that vacating the final judgment as to Almonesson created procedural uncertainty and prejudice warrantingreversal. MMG REO's argument of alleged prejudice, because it is now prevented from collecting more than the Almonesson loan documents provided, is unpersuasive. According to the Appellate Judges, a review of the loan documents supports the court's determination that it erred in entering the final judgment after finding the Almonesson's loan documents supported cross collateralization. The panel holds, "For these reasons, we discern no error in the court's order vacating final judgment. Summary judgment should not have been entered originally against Almonesson because the court should not have cross-collateralized the loans given they were different parties named on different loans. The court also properly found it had made a mistake and that based on equity, it could vacate its prior order because it would be undamentally unfair to the parties who did not guarantee the Precision loan. Thus, the court's decision to vacate the final judgment after correctly analyzing the loan documents and determining Almonesson did not cross-collateralize Precision's loan is supported by the record." A copy of the Court's Opinion dated May 28, 2026, is available at https://urlcurt.com/u?l=bKIxEg Counsel for Appellant: Alana R. Bartley, Esq. Michael D'Angelo, Esq. Drake Loeb PLLC 555 Hudson Valley Avenue Suite 100 New Windsor, NY 12553 E-mail: abartley@drakeloeb.com Counsel for Respondent 527 Almonesson, LLC: Paul J. Winterhalter, Esq. Offit Kurman, PA 2000 Market Street, Suite 2700 Philadelphia, PA 19103 E-mail: pwinterhalter@offitkurman.com About 527 Almonesson, LLC 527 Almonesson, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 24-18721) on September 3, 2024, listing $100,001 to $500,000 on both assets and liabilities. Paul J. Winterhalter, Esq. at Offit Kurman represents the Debtor as counsel. 5500 ROWLETT: Voluntary Chapter 11 Case Summary ----------------------------------------------- Debtor: 5500 Rowlett LLC 13151 Emily Road, Suite 200 Dallas, TX 75240 Business Description: 5500 Rowlett LLC is a real estate company that owns more than 20 acres of development land and vacant properties in Rowlett, Texas. Chapter 11 Petition Date: May 31, 2026 Court: United States Bankruptcy Court Northern District of Texas Case No.: 26-42390 Judge: Hon. Edward L Morris 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: $0 Total Liabilities: $5,075,897 The petition was signed by Md Tauhid Chaudhury as manager. The Debtor filed a list of its 20 largest unsecured creditors, but all entries were left blank. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/6CGS7WA/5500_Rowlett_LLC__txnbke-26-42390__0001.0.pdf?mcid=tGE4TAMA 6D BYTES: IndigoSpireCPA Raises Going Concern Doubt --------------------------------------------------- 6d bytes inc. filed its Annual Report on Form 1-K for the fiscal year ended October 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 $2.61 million for the year ended December 31, 2025, compared with a net loss of $2.1 million for 2024. The Company generated net revenue of $467,269 in FYE 2025, compared to revenue of $528,420 in FYE 2024. Going Concern San Jose, California-based IndigoSpireCPA, PC, the Company's auditor since 2023, issued a "going concern" qualification in its report dated, citing that the Company has stated that substantial doubt exists about the Company's ability to continue as a going concern if revenue targets are not met. The Company began operation in 2015. The Company's ability to continue is dependent upon management's plan to raise additional funds and achieve profitable operations. Liquidity and Capital Resources As of October 31, 2025, the Company's cash on hand was $77,508 as compared to $228,188 as of October 31, 2024. The Company's accounts receivable balance was $112,143 as of October 31, 2025, as compared to $33,170 as of October 31, 2024. This increase is reflective of a couple of sales with longer payment terms. The Company believes both of these will be paid. The Company's inventory balance was $483,718 as of October 31, 2025, as compared to $860,859 as of October 31, 2024, reflecting a usage of inventory, as well as a write off of obsolete inventory of over $300,000 that cannot be used with the new product offering. The Company raised funds in 2025. The Company may seek to raise any necessary additional funds through equity or debt financings, or other sources, which may be dilutive to existing stockholders. If the Company is unable to secure financing on commercially reasonable terms, if at all, its business, financial position, results of operations and cash flows may be materially and adversely impacted. To date, the Company's operations have been funded through a combination of debt and offerings of securities. The Company anticipates needing to raise a significant amount of capital in order to fund operations, research and development and other costs associated with growing its business until its operations generate enough revenue to cover its operating expenses and other costs. Fundraising Conversion of Preferred Stock into Common Stock On December 30, 2024, majority shareholders of Voting Preferred Stock voted to convert all shares of Preferred Stock including Series Seed 1, Series Seed 2, Series A, Series A-1, Series B, Series B-1, Series B-2 and Series C into shares of Common Stock. After the conversion, the Company had 35,001,334 shares of Common Stock. In this process, Warrants for 3,406,458 shares of Preferred Stock became Warrants for shares of Common Stock. Equity Financing On December 31, 2024, the Company entered into a Preferred Stock and Warrant Purchase Agreement (the "Purchase Agreement"), pursuant to which it sold an aggregate of 8,600,916 shares of Series 1 Preferred and warrants (the "Warrants") exercisable for an aggregate of 8,600,916 shares of Series 1 Preferred at an exercise price of $0.01 per share, for an aggregate purchase price of $1,500,000, reflecting a combined purchase price of $0.1744 for one share of Series 1 Preferred and Warrant exercisable for one share of Series 1 Preferred. The Purchase Agreement contemplates the issuance of an additional 8,600,916 Series 1 Preferred to additional purchasers on or prior to December 31, 2025. In addition, upon consummation of the sale of Series 1 Preferred and Warrants under the Purchase Agreement, the July 2024 Notes were automatically converted into an aggregate of 6,062,693 shares of Series 1 Preferred and Warrants exercisable for an aggregate of 6,062,693 shares of Series 1 Preferred, reflecting a combined conversion price of $0.1221 for one share of Series 1 Preferred and Warrant exercisable for one share of Series 1 Preferred. 2,119,824 Series 1 Preferred Shares and 2,119,824 Warrants exercisable for an aggregate of 4,239,648 shares of Series 1 Preferred were issued to BGV III, LP, which is owned and controlled by Eric Benhamou who serves on the Company's board of directors. 2,119,824 Series 1 Preferred Shares and 2,119,824 Warrants exercisable for an aggregate of 4,239,648 shares of Series 1 Preferred were issued to JGV1, LLC is owned and controlled by Vik Mehta who serves on the Company's board of directors. During 2025, BGV III, LP and JGV1, LLC have continued to fund the Company. Between January 1, 2025 and October 31, 2025, BGV III, LP and JGV1, LLC have each contributed $450,000 for a total of $900,000 in exchange for a total of 5,160,548 Series 1 Preferred Shares. Indebtedness On March 23, 2023, the Company entered into a Promissory Note with a third party for a total of $200,000 of principal. The note will pay $5,000 of interest quarterly for 20 consecutive quarters. In consideration for this note, the Company issued a warrant for 45,045 Series B Preferred Shares with an exercise price of $2.22. As of October 31, 2025, the amount outstanding is $200,000. Material Commitments and Obligations The Company's current liabilities as of October 31, 2025 were $418,894 compared to $669,251 as of October 31, 2024. The decrease in current liabilities is primarily due to a payoff of current notes payable due of $212,500, as well as a decrease in deferred revenue of $78,437 with the recognition of revenue. The Company currently has a lease for its Sunnyvale, California office space that automatically renews monthly. The monthly payment for the period from June 1, 2025 through May 31, 2026 is $13,000, $6,500 of which is in cash and the remaining half accrues for potential equity conversion. On May 31, 2025, the Company converted the amount of accrued rent through May 31, 2025 in the amount of $157,670 into 106,975 shares of common stock based on a conversion price of $1.4739 per share. A full text copy of the Company's Form 1-K is available at http://tiny.cc/cx64101 About 6d bytes 6d bytes inc. dba Blendid was incorporated in the State of Delaware on November 16, 2015 and was registered to do business in California. The Company builds robotic and artificial intelligence-enabled food automation solutions. The Company's first product, a fully autonomous robotic kiosk called Blendid(R), makes fresh smoothies on-demand. The Company's smoothies are customizable to individual taste and nutrition preferences. Its kiosks are designed for deployment in commercial venues such as health clubs, hospitals, colleges, corporate offices, travel stops supermarkets, airports and shopping malls. The Company operates both branded food service locations and license its robotic solutions to other food service operators. As of December 31, 2025, the Company had $1.31 million in total assets, $618,894 in total liabilities, and $693,117 in total stockholders' equity. ABBEY GROUP: Commences Chapter 11 Bankruptcy in Pennsylvania ------------------------------------------------------------ On May 22, 2026, The Abbey Group LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Western District of Pennsylvania. According to court filings, the debtor reports between $1 million and $10 million in debt owed to 1-49 creditors. The deadline to file the Disclosure Statement is September 21, 2026, while Government Proofs of Claim are due by November 17, 2026. About The Abbey Group LLC The Abbey Group LLC, doing business as The Abbey on Butler Street, operates a hospitality venue in Pittsburgh, Pennsylvania. The company provides coffeehouse, bar, and dining services under one roof, with food and drink menus, reservations, events, private parties, and gift cards. Its venue includes The Coffeehouse, The Parlour Bar, The Vesper Room, and an outdoor dining area. The Abbey Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-21453) on May 22, 2026. In its petition, the debtor reported estimated assets of $0-$100,000 and estimated liabilities of $1 million-$10 million. The debtor is represented by David Z. Valencik, Esq., of Calaiaro Valencik. AG RECYCLING: Amends STL Bank Secured Claim Pay ----------------------------------------------- AG Recycling, Inc., and affiliates submitted a First Amended Disclosure Statement describing First Amended Joint Plan of Reorganization dated May 22, 2026. The Plan divides Allowed Claims and Allowed Interests against the Debtor into various Classes, which the Debtor believes are in accordance with the Classification requirements of the Code. Class 2 Allowed Secured Claim of St. Louis Bank ("STL Bank"). The Class 2 Secured Claim of St. Louis Bank is based on secured loans made to the Debtors and secured by all the Debtors' assets. The Class 2 Secured Claim of St. Louis Bank will include interest, legal fees, and other charges under the loan documents that have accrued during the pendency of the case and shall be added to the loan balance, less adequate protection payments made by the Debtor. The approximate principal balance of St. Louis Bank's loans totals $7,109,925.00. The Class 2 Allowed Secured Claim shall be paid as follows: * Monthly Payments. On or before each the 15th of each month following the Effective Date, Debtors will make payments to STL Bank in the amounts as set forth in Exhibit 1. In addition to the STL Bank monthly payments set forth on Exhibit 1, the Debtors shall pay STL Bank seventy percent of any net profits from actual performance by the 30th day of the following month. STL Bank shall apply each monthly payment to the outstanding balance due under the Loans in its sole and absolute discretion. * Maturity Date and Maturity Date Payment. The Maturity Date for the Class 2 Allowed Secured Claims is September 30, 2027. On or before September 30, 2027, the Debtors shall pay to STL Bank the outstanding balance of the Class 2 Allowed Secured Claims, including unpaid principal and unpaid interest accrued thereon, together with attorneys' fees and other charges incurred under the Loan Documents; * Interest. From and after the Effective Date through the Maturity Date, and so long as the Debtors are not in default under the Plan, interest shall accrue on the Class 2 Allowed Secured Claims at a rate equal to Prime + 1% floating with a floor of 6.50%. This is calculated on a 365/360 rate (the "Standard Rate"). * Sale of Debtors' Property. Debtors shall market and attempt to sell, convey and transfer all right, title and interest in and to the assets of each of the Debtors, in accordance with the following procedures: The Debtors shall execute and deliver to STL Bank special warranty deeds (the "Stalking Horse Deeds") conveying (1) the real property owned by Surmeier Holdings for the purchase price of $2,750,000.00; and (2) the real property owned by Surmeier Holdings Gregan for the purchase price of $240,000.00 to STL Bank (collectively, the "Real Property"). STL Bank shall pay the Purchase Price by credit bid. STL Bank shall hold the Special Warranty Deeds in escrow, subject to the right of the Debtors to sell the Real Property, along with the other assets of the Debtors and subject to STL Bank's express consent, on or before the Maturity Date. Like in the prior iteration of the Plan, each Class 8 Allowed Unsecured Claimant shall receive payment that consists of its pro rata share of $50,000.00 to be distributed quarterly beginning the last day of the first calendar quarter three years after the Effective Date (the "Class 8 Distributions"). The Plan will be funded with future operating revenue from business operations. The Debtors have based the Plan payments upon conservative income projections drawn from the recent historical revenue data. The future projections are based on the same assumptions, modeling and pricing the debtors used during the bankruptcy case. These projections were accurate and the Debtors met or exceeded the forecast. A full-text copy of the First Amended Disclosure Statement dated May 22, 2026 is available at https://urlcurt.com/u?l=u6YIN8 from PacerMonitor.com at no charge. Counsel to the Debtors: Spencer P. Desai, Esq. The Desai Law Firm, LLC 13321 North Outer Forty Road, Suite 300 St. Louis, MO 63017 Telephone: (314) 666-9781 Facsimile: (314) 448-4320 Email: spd@desailawfirmllc.com About AG Recycling Inc. AG Recycling, Inc. is a recycling and aggregate materials company based in Mascoutah, Illinois, engaged in processing concrete, asphalt, and soil for reuse in construction and infrastructure projects. The Company provides mobile crushing, materials recovery, and related recycling services across Illinois. It is affiliated with Surmeier Holdings LLC, Surmeier Holdings Gregan LLC, Carbonox Incorporated, and Eco Recycling, Inc. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ill. Lead Case No. 25-30862) on November 9, 2025. In the petition signed by Timothy L. Surmeier, president and manager, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Judge Mary E. Lopinot oversees the case. Spencer Desai, at The Desai Law Firm, represents the Debtor as bankruptcy counsel. ALERA GROUP: Moody's Assigns B3 CFR, Outlook Stable --------------------------------------------------- Moody's Ratings has affirmed the credit facility ratings of Alera Group, Inc., including the B2 ratings on its senior secured first-lien revolving credit facility and term loan and the Caa2 rating on its senior secured second-lien term loan. Moody's also assigned a B3 corporate family rating and B3-PD probability of default rating to Alera Group, Inc., which now provides the group's audited financial statements. The rating outlook for the company is stable. For administrative purposes, Moody's withdrew the existing B3 CFR and B3-PD PDR from Alera Group Intermediate Holdings, Inc., parent of Alera Group, Inc. and former provider of the group's audited financial statements. Prior to withdrawal the rating outlook was stable. Please refer to Moody's Ratings' Withdrawal of Credit Ratings Policy, available on Moody's website, https://ratings.moodys.com, for more information. RATINGS RATIONALE The ratings of Alera Group, Inc. (Alera) reflect its growing presence in US middle market insurance brokerage; its good diversification across products, clients, producers and insurance carriers; and its healthy EBITDA margins. Alera ranks among the 15 largest US insurance brokers in terms of revenue according to Business Insurance. Alera offers property & casualty insurance and employee benefits, and to a lesser extent, financial services, mainly to middle market commercial clients. Since its founding in 2017, Alera has expanded and diversified through more than 200 acquisitions along with mid-single-digit organic revenue growth. The company has recently slowed its pace of acquisitions to focus on a transformation program to streamline its client facing and back office operations. Credit challenges for Alera include its high financial leverage and limited interest and free cash flow coverage owing to its history of acquisitions funded mainly with debt. The acquisitions carry integration risk and give rise to contingent earnout liabilities that consume significant free cash flow. The company is also exposed to errors and omissions in the delivery of professional services. Moody's estimates that Alera has a pro forma debt-to-EBITDA ratio above 7.5x (per Moody's calculations), with (EBITDA - capex) interest coverage of about 1.2x, and a free-cash-flow-to-debt ratio in the low single digits. These metrics incorporate Moody's adjustments for operating leases, contingent earnout liabilities, and run-rate earnings from recent acquisitions. Moody's expects that Alera will reduce its financial leverage gradually over the next 12-18 months through EBITDA growth and settlement of some contingent earnout liabilities, partly offset by costs of the transformation program. Alera generated revenue of $1.6 billion in 2025, up from $1.4 billion in 2024, based on organic growth of 3% plus 19 tuck-in acquisitions. The EBITDA margin remained strong in the low 30s, and the free-cash-flow-to-debt ratio improved slightly to the 1%-2% range (per Moody's calculations). Organic growth for Alera and peers will likely be constrained in the year ahead by price declines in some property & casualty insurance lines, particularly commercial property. Moody's expects Alera will maintain sound credit metrics as it navigates these pricing trends and works through its transformation program. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Factors that could lead to a rating upgrade for Alera include: (i) debt-to-EBITDA ratio below 6x, (ii) (EBITDA - capex) coverage of interest above 2x, (iii) free-cash-flow-to-debt ratio above 5%, and (iv) further integration of its many acquired businesses. Factors that could lead to a rating downgrade for Alera include: (i) debt-to-EBITDA ratio above 7.5x, (ii) (EBITDA - capex) coverage of interest below 1.2x, (iii) free-cash-flow-to-debt ratio below 2%, or (iv) disruptions to existing or newly acquired operations. The principal methodology used in these ratings was Insurance Brokers and Service Companies published in February 2024. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Based in Deerfield, Illinois, Alera is a middle market insurance broker offering property & casualty insurance, employee benefits, and wealth and retirement plan services to commercial clients across the US. The company generated revenue of $1.6 billion in 2025. ALL SEASONS: Claims to be Paid from Rental Income ------------------------------------------------- All Seasons Joy, LLC filed with the U.S. Bankruptcy Court for the Southern District of Florida a Subchapter V Plan of Reorganization dated May 22, 2026. The Debtor owns five residential rental properties located in Riviera Beach, Palm Beach County, Florida, which constitute the Debtor's principal assets. Class 3 consists of General Unsecured Claims. All allowed Class 3 general unsecured claims, including the unsecured deficiency claim of Frank Daniels (estimated at approximately $1,306,787.73, i.e., $3,006,576.10 less the Allowed Secured Claim) and the claim of Tucker Law (if any and if allowed), shall be paid pro rata from the Debtor's projected disposable income over the applicable commitment period of three to five years, as required by Section 1191(c)(2) of the Bankruptcy Code. The Debtor proposes to pay all projected disposable income remaining after payment of Administrative Claims, Class 1, and Class 2 obligations to holders of allowed Class 3 claims during the commitment period. The Debtor acknowledges that under Section 1191(c)(2) of the Bankruptcy Code, the Plan must provide that all of the projected disposable income of the Debtor received during the three-year period (or such longer period not to exceed five years as the Court may fix) beginning on the date that the first payment is due under the Plan will be applied to make payments under the Plan. Class 4 consists of Equity Interests. Hughetta Davis shall retain her membership interest in All Seasons Joy, LLC. Pursuant Section 1191(b) of the Bankruptcy Code, the absolute priority rule does not apply in a case confirmed under Subchapter V without the consent of all impaired classes, provided the plan does not discriminate unfairly and is fair and equitable. Following confirmation, the Debtor shall continue to operate its residential rental business and manage the Properties in the ordinary course. The Debtor shall continue to collect rents, maintain the Properties, pay taxes and insurance, and otherwise operate as a going concern. Sources of Funding. The Plan shall be funded from: * Rental Income. Monthly rental income from the Properties, currently approximately $5,550.00 per month, with the Debtor committing to use commercially reasonable efforts to increase rental income, including by bringing rents to market rates upon lease renewal. The Debtor's appraiser estimated market rents for the 3-unit property at 1472 W. 34th Street at approximately $1,250 per unit ($3,750 total for that property alone). * Third-Party Contributions. Regular contributions from Divine Properties LLC in the amount of $6600 per month. * Refinancing or Sale. On or before the 60th month, the Debtor shall refinance or sell one or more Properties in an amount sufficient to pay the Balloon Payment. The Debtor's Properties have a combined appraised value of $1,715,000. A full-text copy of the Subchapter V Plan dated May 22, 2026 is available at https://urlcurt.com/u?l=p6rlPO from PacerMonitor.com at no charge. Counsel for the Debtor: Frank M. Wolff, Esq. Nardella & Nardella, PLLC 135 W. Central Blvd., Suite 300 Orlando, FL 32801 Phone: (407) 966-2680 Facsimile: (407) 966-2681 About All Seasons Joy LLC All Seasons Joy, LLC owns five rental properties located in Riviera Beach, Florida. All Seasons Joy filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-12879) on March 9, 2026, with $1 million to $10 million in both assets and liabilities. Hughetta Davis, manager, signed the petition. Frank M. Wolff, Esq., at Nardella & Nardella, PLLC, is the Debtor's legal counsel. ALTA LOMA: Seeks to Hire Dynasty Real Estate as Real Estate Broker ------------------------------------------------------------------ Alta Loma Vivative, LP seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Dynasty Real Estate as broker. The broker will market and sell the Debtor's property located at 9456 Roberds Street, Rancho Cucamonga, CA 91701-5820. The broker will receive a commission in an amount equal to 4% of the listing price. Shawn Corneille, an agent at Dynasty Real Estate, assured the court that the firm is a disinterested person as that term is defined in Bankruptcy Code Section 101 (14) and used in Bankruptcy Code Section 327(a). The broker can be reached through: Shawn Corneille Dynasty Real Estate 8047 Day Creek Blvd Rancho Cucamonga, CA 91739 Phone: (909) 605-2500 About Alta Loma Vivative, LP Alta Loma Vivative, LP sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Cal. Case No. 6:25-bk-16799-SY) on September 22, 2025. At the time of the filing, Debtor had estimated assets of between $1,000,001 and $10 million and liabilities of between $1,000,001 and $10 million. Judge Scott H. Yun oversees the case. The Law Office of W. Derek May is Debtor's legal counsel. AMERICAN TRAILER: S&P Downgrades ICR to 'CCC+', Outlook Negative ---------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on U.S. trailer manufacturer American Trailer World Corp. (ATW) to 'CCC+' from 'B-'. At the same time, we lowered our issue-level rating on the company's first-lien term loan (maturing March 2028) to 'CCC+' from 'B-' and revised the recovery rating to '3' from '4'. The '3' recovery rating indicates our expectation for meaningful (50%-70%; rounded estimate: 50%) recovery in the event of a default. The negative outlook reflects ATW's challenged operating environment, with somewhat limited revenue visibility, and our forecast for continued FOCF deficits over the next 12 months that will pressure its liquidity and increase its refinancing risk ahead of its 2027 and 2028 maturities. ATW's performance has declined amid a prolonged industry downturn, which has been exacerbated by recent cost inflation. S&P forecasts the company will generate a free operating cash flow (FOCF) deficit over the next 12 months, diminishing its liquidity position and increasing the refinancing risk related to its debt maturing in 2027 and early 2028. S&P said, "The downgrade reflects our belief that ATW's capital structure is unsustainable. This is due to the company's high fixed charges and depressed EBITDA relative to its 2020-2024 levels. We assume ATW's operating conditions remain challenging over the next 12 months, with cost inflation paring most of the benefits to its profitability from higher projected professional-grade volumes, surcharges, and productivity gains. Furthermore, we forecast the company will generate FOCF deficits over the next 12 months, constraining its liquidity and heightening its refinancing risk ahead of its 2027 and 2028 debt maturities. "We forecast FOCF deficits will constrain ATW's liquidity over the next 12 months, given our forecast that its EBITDA will be insufficient to fully cover about $130 million of estimated cash fixed charges. The company's high debt service burden, relative to its EBITDA base, weighs on its ability to generate material operating cash flow, resulting in an ongoing deterioration in its total liquidity (cash and asset-based lending [ABL] facility availability) under our forecast. We believe the continued reduction in ATW's liquidity may impair its ability to meet seasonal working capital needs (about $50 million at their peak) or make growth investments, particularly if its demand, pricing ability, and operating costs do not improve materially. We forecast the company's unadjusted FOCF deficits will moderate year over year in 2026 and 2027 but remain negative, which is supported by our assumption for only modestly higher trailer volumes as the markets recover gradually. "We estimate ATW had total liquidity of about $180 million as of March 31, 2026 (about $31 million of cash on hand and $149 million of availability under its $250 million ABL facility [net of cash]). We believe these amounts are sufficient to fund operations over the next few quarters, particularly because it typically improves its liquidity following the spring selling season as it unwinds its inventory levels. However, we believe ATW is dependent on favorable market and operating conditions to materially improve its cash flow and liquidity thereafter." ATW's S&P Global Ratings-adjusted EBITDA margin has contracted to the 6%-7% range over the past few years. This is down from the company's margin of about 13% in 2023 due to negative operating leverage from lower volumes, cost inflation, and pricing pressures. In addition, ATW has faced greater difficulty in offsetting higher materials costs due to tariff headwinds and, more recently, elevated freight costs stemming from the Middle East war through price increases. This is due to increased competition by its smaller domestic, Mexican, and Canadian peers as demand remains muted amid end-customer financial pressures and what S&P believes is a shift in the replacement cycle related to the high amount of pull-forward demand during the COVID-19 pandemic. ATW maintains its leading position in the U.S. trailer market, generating $1.2 billion of revenue for the 12 months ended March 31, 2026, which is over twice the revenue of its nearest competitor. The company also operates in a fragmented industry where it competes with many small, regional players. S&P believes ATW's scale benefits its competitive position compared to its peers, including by strengthening its ability to win large national accounts (e.g. Tractor Supply, Lowe's, and recently, new business with Home Depot). It has its own distribution (68 company-owned stores, contributing about 20% of total revenue) and a large sales footprint through its third-party dealer network, which spans most U.S. regions. The company's national footprint and greater proportion of non-recreational unit sales help to reduce its earnings and cash flow volatility relative to its peers. The negative outlook reflects ATW's challenged operating environment, with somewhat limited revenue visibility, and S&P's forecast for continued FOCF deficits over the next 12 months that will pressure its liquidity and increase its refinancing risk ahead of its 2027 and 2028 maturities. S&P could lower its ratings on ATW if its cash burn accelerates and its liquidity deteriorates such that it is unable to cover its fixed charges over the next 12 months, increasing the risk of a debt restructuring that S&P would consider distressed. S&P could raise its ratings on ATW if we no longer view its capital structure as unsustainable. This could occur if: -- The company generates positive FOCF and maintains good liquidity through seasonal troughs; and -- It addresses its upcoming maturities in a manner that we do not view as tantamount to a default. ANDERSON HAY: Hearing Today on Bid to Use Cash Collateral --------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Washington is set to hold a hearing today, at 11:30 a.m. Pacific Time, to consider granting another extension to Anderson Hay Enterprise, Inc. and its affiliates to use cash collateral. The Debtors' authority to use cash collateral under the court's fifth interim order expires today. Under The fifth interim order, the Debtors are allowed to use cash collateral to pay operating expenses based on an approved budget. The order granted secured creditors including PGIM Real Estate Finance, LLC and AgWest Farm Credit, PCA replacement liens on the Debtors' post-petition assets similar to their pre-bankruptcy collateral, with the same priority, validity and extent as their pre-bankruptcy liens. The Debtors have a complex secured financing structure, including AgWest's $25 million revolving note, additional term notes, and extensive security interests in machinery, equipment, crops, inventory, receivables, and valuable real property in Washington. PGIM similarly holds liens securing two loans totaling over $15 million, collateralized by real estate in Washington and Oregon. The Debtors also note agricultural liens arising under state law and UCC-perfected equipment liens held by various parties. AgWest, as secured creditor, is represented by: Daniel T. Hagen, Esq. Cairncross & Hempelmann, P.S. 524 Second Avenue, Suite 500 Seattle, WA 98104-2323 Telephone: (206) 587-0700 Facsimile: (206) 587-2308 dhagen@cairncross.com About Anderson Hay Enterprise Inc. Anderson Hay Enterprise, Inc., together with its subsidiaries, supplies Pacific Northwest-grown forage products, including three-tie hay, bagged forage, compressed hay, and MAG bales, serving both consumer and commercial markets such as horse owners, small-acreage farms, retailers, and agricultural operations. The Company operates domestically and internationally, distributing hay to partners in more than 30 countries. Founded in 1960 and family-led since its inception, it focuses on producing consistent forage and maintaining long-term relationships across its supply chain. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Lead Case No. 25-02074) on November 26, 2025. In the petition signed by Steve Gordon, chief financial officer, Anderson Hay Enterprise disclosed up to $50 million in assets and up to $100 million in liabilities. Judge Whitman L. Holt oversees the cases. The Debtors tapped James L. Day, Esq., at Bush Kornfeld LLP, as bankruptcy counsel; Lathrop, Winbauer, Harrel & Slothower L.L.P. as special counsel; and Root Results, LLC as professional consultant. The U.S. Trustee for Region 18 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. Tonkon Torp, LLP and Dundon Advisers, LLC serve as the committee's legal counsel and financial advisor, respectively. ANOINTED TOUCH: Plan Filing Deadline Extended to June 25 -------------------------------------------------------- Judge James M. Carr of the U.S. Bankruptcy Court for the Southern District of Indiana extended Anointed Touch Residential Services LLC's period to file Small Business Chapter 11 Plan of Reorganization and Disclosure Statement to June 25, 2026. As shared by Troubled Company Reporter, 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 LLC 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. APTOSE BIOSCIENCES: Gets $2 Million Hanmi Advance ------------------------------------------------- Aptose Biosciences Inc. received an additional US$2 million advance from Hanmi Pharmaceutical Co. Ltd. while the parties await Korean regulatory approvals for their planned arrangement, according to a Form 8-K filing with the Securities and Exchange Commission. The company said aggregate advances received under the US$11.9 million amended loan facility agreement now total US$9.9 million. Aptose expects to receive the final US$2 million advance in the coming days. Aptose said closing of its previously announced arrangement with Hanmi and HS North America Ltd. has been further delayed because certain Korean regulatory approvals remain in progress. The parties said they do not anticipate that the review will prevent closing and are targeting completion in June. Under the arrangement, Hanmi would acquire all issued and outstanding Aptose common shares not already owned or controlled by the Hanmi purchasers or their affiliates for C$2.41 in cash per share. About Aptose Biosciences Aptose Biosciences is a clinical-stage biotechnology company developing precision medicines for oncology, with an initial focus on hematology. Its small-molecule cancer therapeutics pipeline includes products designed to provide single-agent efficacy and enhance the efficacy of other cancer therapies without overlapping toxicities. The company's lead clinical-stage compound TUS is an oral kinase inhibitor being developed in acute myeloid leukemia. Ernst & Young LLP, in an audit report dated March 31, 2026, included a going concern paragraph stating that Aptose had recurring losses from operations and a working capital deficiency, and that substantial doubt exists about the company's ability to continue as a going concern. As of March 31, 2026, Aptose Biosciences reported total assets of $10.72 million, total liabilities of $45.4 million and a shareholders' deficit of $34.67 million. ARCHITECTURAL GLAZING: Hires FoxLaw Corp as Bankruptcy Counsel -------------------------------------------------------------- Architectural Glazing Systems, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to hire The FoxLaw Corporation, Inc. as bankruptcy counsel. The firm's services include: (a) preparing pleadings and applications; (b) conducting examination; (c) advising the Debtor of its rights, duties and obligations as a debtor-in-possession; (d) consulting with the Debtor and representing the Debtor with respect to a Chapter 11 plan; (e) performing those legal services incidental and necessary to the day-to-day operations of the Debtor's business, including, but not limited to, institution and prosecution of necessary legal proceedings, and general business legal advice and assistance; and (f) taking any and all other action incident to the proper preservation and administration of the Debtor's estate and business. The firm has stated present hourly fee rates of $700 for Steven R. Fox, $650 for associates, and $200 for paralegals. As of the Petition Date, the firm holds a $30,000 security retainer. The FoxLaw Corporation, Inc. is a "disinterested person" within the meaning of the 11 U.S.C. Sec. 101(14), according to court filings. The firm can be reached through: Steven R. Fox, Esq. The FoxLaw Corporation, Inc. 15455 San Fernando Mission Blvd, Suite 400 Mission Hills, CA 91345 Phone: (818) 774-3545 Email: Srfox@foxlaw.com About Architectural Glazing Systems, Inc. Architectural Glazing Systems, Inc. is a construction industry company specializing in architectural glass and glazing solutions for commercial and institutional projects. The company provides design, fabrication, and installation services for building envelope systems. Architectural Glazing Systems, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10813) on May 18, 2026. The filing was made voluntarily in federal bankruptcy court in Georgia. Honorable Bankruptcy Judge Paul Baisier is handling the case. The Debtor is represented by Thomas T. McClendon, Esq. of Jones & Walden, LLC. ARCHITECTURAL GLAZING: Hires Jones & Walden LLC as Legal Counsel ---------------------------------------------------------------- Architectural Glazing Systems, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to hire Jones & Walden LLC as counsel. The firm will render these services: (a) prepare pleadings and applications; (b) conduct examination; (c) advise the Debtor of its rights, duties and obligations; (d) consult with the Debtor and represent it with respect to a Chapter 11 plan; (e) perform those legal services incidental and necessary to the day-to-day operations of the Debtor's business; and (f) take any and all other action incident to the proper preservation and administration of the Debtor's estate and business. The firm's counsel will be paid at these hourly rates: Attorneys $225 - $500 Paralegals $150 - $250 As of the Petition Date, the firm holds a $16,631 security retainer. In addition, the firm will seek reimbursement for expenses incurred. Thomas McClendon, Esq., a partner at Jones & Walden, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Thomas T. McClendon, Esq. Jones & Walden LLC 699 Piedmont Avenue, NE Atlanta, GA 30308 Telephone: (404) 564-9300 Email: TMcClendon@joneswalden.com About Architectural Glazing Systems, Inc. Architectural Glazing Systems, Inc. is a construction industry company specializing in architectural glass and glazing solutions for commercial and institutional projects. The company provides design, fabrication, and installation services for building envelope systems. Architectural Glazing Systems, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10813) on May 18, 2026. The filing was made voluntarily in federal bankruptcy court in Georgia. Honorable Bankruptcy Judge Paul Baisier is handling the case. The Debtor is represented by Thomas T. McClendon, Esq. of Jones & Walden, LLC. ASCENSUS GROUP: $500MM Loan Add-on No Impact on Moody's 'B3' CFR ---------------------------------------------------------------- Moody's Ratings said all ratings for Ascensus Group Holdings, Inc. ("Ascensus") including its B3 corporate family rating, B3-PD probability of default rating, B3 rating on the first lien credit facilities (revolver and term loan), as well as the Caa2 rating on the second lien term loan, remain unchanged following the proposed incremental $500 million add-on to its first lien term loan due 2032. The stable outlook also remains unchanged. Proceeds from the add-on, along with an equity contribution from its sponsors, are expected to be used to fund the acquisition of AmericanTCS ("ATCS"), a leading provider of trust, custody and recordkeeping services for retirement plans. The incremental debt has no impact on Ascensus's B3 CFR because Moody's anticipates the company's credit metrics as well as free cash flow generation will remain within Moody's expectations for the B3 rating category. The additional debt also does not increase leverage as it is accompanied by acquired EBITDA and an equity contribution. Pro forma for the $500 million incremental debt and acquired EBITDA from ATCS, Moody's adjusted debt-to-EBITDA was in the low 7x range for the last twelve months ended March 31, 2026 (Moody's adjusted leverage only includes EBITDA add-backs that Moody's considers one-time in nature). The company's own leverage calculation is roughly 6.5x pro forma for the incremental debt. Moody's expects leverage will decline through earnings growth and cost savings from its business optimization initiatives to below 7x over the next 12 to 18 months. Additionally, Moody's expects Ascensus to maintain good liquidity over the next year. Pro forma cash balance is $114 million. The company is expected to generate free cash flow exceeding $70 million over the next year, which is sufficient to cover the approximately $34 million of mandatory first-lien term loan amortization. Liquidity is also provided by full availability under the company's $425 million revolver expiring in 2030. RATINGS RATIONALE Ascensus's B3 CFR reflects the company's consistent high leverage due to aggressive financial policies under PE ownership. Ascensus has moderate revenue concentration among its top customers, which include state 529 college savings plans, institutional clients, and channel partners. The company's reliance on channel partners for new plan sales heightens the risk that losing these relationships could adversely impact its operating performance. However, the rating is supported by its well-established and scalable position in the market for retirement plans and government savings plans with long-standing customer relationships and high retention rates. Its account fee structures with long-term contracts provide revenue visibility and stability. A general trend of increasing regulatory compliance and disclosure requirements for retirement asset administration also supports the growing demand for the company's services. Ascensus is a service provider primarily focused on record-keeping and administration for retirement plans and college savings programs in the United States. The company is controlled by affiliates of financial sponsor Stone Point Capital and GIC (Singapore's sovereign wealth fund). Revenue for FY2025 was roughly $1.2 billion. AT THE CROSS: Seeks to Tap Daniel J. Winfree as Bankruptcy Counsel ------------------------------------------------------------------ At The Cross Oceanside Church Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of California to hire Daniel J. Winfree Attorney At Law as counsel. The firm will render these services: a. prepare all necessary legal documents; b. advise and represent the Debtor at all hearings contested matters and other proceedings in the case; c. assist in all bankruptcy issues which may arise in the operation in church activities; d. take necessary legal action to protect and preserve the estate; and e. perform all necessary legal services. The firm will be paid at these rates: Attorneys $295 per hour Paralegals $120 per hour As disclosed in the court filing, Daniel J Winfree Attorney at Law is a "disinterested person" as required by the Bankruptcy Code. The firm can be reached through: Daniel J. Winfree, Esq. Attorney at Law PO Box 19061 San Diego, CA 92159 Tel: (619) 235-6060 Fax: (619) 462-6060 E-mail: lawyer@bkatty.com About At The Cross Oceanside Church Inc. At The Cross Oceanside Church Inc. is a California-based faith-based organization that provides religious services, community outreach programs, and spiritual guidance to its congregation. The church operates as a nonprofit institution focused on worship services, charitable initiatives, and local engagement. At The Cross Oceanside Church Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Cal. Case No. 26-01076) on March 20, 2026. In its petition, the Debtor reports estimated assets between $1,000,000 and $10,000,000 and estimated liabilities between $1,000,000 and $10,000,000. A U.S. Bankruptcy Judge handles the case. The Debtor is represented by Daniel J. Winfree. ATI INC: S&P Rates Proposed $450MM Senior Unsecured Notes 'BB' -------------------------------------------------------------- S&P Global Ratings assigned its 'BB' issue-level rating and '3' recovery rating to Dallas-based specialty materials manufacturer ATI Inc.'s proposed $450 million senior unsecured notes. The company will use proceeds to repay its existing $350 million senior unsecured notes due 2027, with remaining amounts as cash to the balance sheet. The '3' recovery rating indicates its expectation for meaningful (50%-70%; rounded estimate: 65%) recovery in the event of a payment default. S&P generally cap its recovery ratings on the unsecured debt issued by entities S&P rates 'BB-' or higher at '3' to account for the high risk that their recovery prospects will be impaired by incremental secured debt issuance prior to default. S&P expects to withdraw its ratings on the existing 2027 notes following completion of this leverage-neutral refinancing transaction. Its ratings are based on the preliminary terms and conditions of the proposed issuance. S&P expects ATI will continue to generate potential record EBITDA and cash flows in fiscal 2026 on robust demand in the aerospace and defense markets, improved product mix, and higher pricing as manufacturers continue to prioritize security of supplies in this favorable business environment. ATI's backlog increased to $4.1 billion as of March 31, 2026, twice as much as it was at the end of fiscal 2021, underscoring a widening supply deficit in the aerospace and defense industry due to limited new capacity coming online and strong entry barriers. The company's rolling 12-month leverage strengthened to 2.1x as of March 31, 2026, which compares with 2.4x a year ago. The strong free cash flow generation will continue to support reinvestments in the business and shareholder distributions. ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors -- ATI's pro forma unsecured debt will comprise the proposed $450 million senior unsecured notes, $325 million notes due 2029, $425 million notes due 2030, and $350 million notes due in 2031. S&P assumes the existing $350 million senior unsecured notes will be paid off with proceeds from the proposed issuance. -- S&P assesses recovery prospects based on a gross reorganization value of about $1.85 billion, reflecting $336 million of emergence EBITDA and a 5.5x multiple. The emergence EBITDA incorporates our assumption for minimum capex to represent 3% of sales and its standard 15% cyclicality adjustment for issues in the metals and mining downstream sector. The 5.5x multiple is also in line with the multiples it assigns to peer companies. -- S&P assumes ATI's $600 million asset-backed lending (ABL) revolving facility would be 60% drawn at default. Simulated default assumptions S&P's simulated default contemplates a default in 2031 due to substantial deterioration in ATI's financial performance. This could stem from an increasingly difficult operating environment brought about by weakening demand for specialty aerospace and defense products, exacerbated by global overcapacity, a deteriorating export market, and increased competition from imports. -- Year of default: 2031 -- Emergence EBITDA: $336 million -- EBITDA multiple: 5.5x -- Gross recovery value: $1.85 billion Simplified waterfall -- Estimated net enterprise value (after 5% administrative costs): $1.75 billion -- Total secured debt (ABL and $200 million term loan): $540 million -- Remaining recovery value: $1.21 billion -- Senior unsecured debt claims (ATI unsecured notes): $1.59 billion -- Recovery expectation: 50%-70%; rounded estimate: 65% ATI INC: S&P Rates Proposed $450MM Senior Unsecured Notes 'BB' -------------------------------------------------------------- S&P Global Ratings assigned its 'BB' issue-level rating and '3' recovery rating to Dallas-based specialty materials manufacturer ATI Inc.'s proposed $450 million senior unsecured notes. The company will use proceeds to repay its existing $350 million senior unsecured notes due 2027, with remaining amounts as cash to the balance sheet. The '3' recovery rating indicates its expectation for meaningful (50%-70%; rounded estimate: 65%) recovery in the event of a payment default. S&P generally cap its recovery ratings on the unsecured debt issued by entities S&P rates 'BB-' or higher at '3' to account for the high risk that their recovery prospects will be impaired by incremental secured debt issuance prior to default. S&P expects to withdraw its ratings on the existing 2027 notes following completion of this leverage-neutral refinancing transaction. Its ratings are based on the preliminary terms and conditions of the proposed issuance. S&P expects ATI will continue to generate potential record EBITDA and cash flows in fiscal 2026 on robust demand in the aerospace and defense markets, improved product mix, and higher pricing as manufacturers continue to prioritize security of supplies in this favorable business environment. ATI's backlog increased to $4.1 billion as of March 31, 2026, twice as much as it was at the end of fiscal 2021, underscoring a widening supply deficit in the aerospace and defense industry due to limited new capacity coming online and strong entry barriers. The company's rolling 12-month leverage strengthened to 2.1x as of March 31, 2026, which compares with 2.4x a year ago. The strong free cash flow generation will continue to support reinvestments in the business and shareholder distributions. ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors -- ATI's pro forma unsecured debt will comprise the proposed $450 million senior unsecured notes, $325 million notes due 2029, $425 million notes due 2030, and $350 million notes due in 2031. S&P assumes the existing $350 million senior unsecured notes will be paid off with proceeds from the proposed issuance. -- S&P assesses recovery prospects based on a gross reorganization value of about $1.85 billion, reflecting $336 million of emergence EBITDA and a 5.5x multiple. The emergence EBITDA incorporates our assumption for minimum capex to represent 3% of sales and its standard 15% cyclicality adjustment for issues in the metals and mining downstream sector. The 5.5x multiple is also in line with the multiples it assigns to peer companies. -- S&P assumes ATI's $600 million asset-backed lending (ABL) revolving facility would be 60% drawn at default. Simulated default assumptions S&P's simulated default contemplates a default in 2031 due to substantial deterioration in ATI's financial performance. This could stem from an increasingly difficult operating environment brought about by weakening demand for specialty aerospace and defense products, exacerbated by global overcapacity, a deteriorating export market, and increased competition from imports. -- Year of default: 2031 -- Emergence EBITDA: $336 million -- EBITDA multiple: 5.5x -- Gross recovery value: $1.85 billion Simplified waterfall -- Estimated net enterprise value (after 5% administrative costs): $1.75 billion -- Total secured debt (ABL and $200 million term loan): $540 million -- Remaining recovery value: $1.21 billion -- Senior unsecured debt claims (ATI unsecured notes): $1.59 billion -- Recovery expectation: 50%-70%; rounded estimate: 65% AVIS BUDGET: Moody's Rates New $300MM Senior Unsecured Notes 'B1' ----------------------------------------------------------------- Moody's Ratings assigned a B1 rating to the new $300 million backed senior unsecured notes due February 2031 of Avis Budget Car Rental, LLC (Avis) and Avis Budget Finance, Inc. All other ratings of Avis are unaffected, including the Ba3 corporate family rating, the Ba1 backed senior secured rating and the B1 backed senior unsecured rating on the existing notes. The B1 backed senior unsecured ratings on the existing notes of Avis Budget Finance plc are also unaffected. The outlook remains negative. The proceeds from the offering will be used to repay a portion of the 5.750% senior unsecured notes maturing July 2027, together with cash on hand. RATINGS RATIONALE Avis' Ba3 CFR benefits from the competitive position that the company holds in the car rental industry. Avis' revenue is diversified across on-airport and off-airport operations, leisure and corporate travel and by geography. Strategically, Avis is intently focused on enhancing customer experience, operational efficiency, fleet discipline and the use of technology to advance its service offerings and operations. The rating is constrained by high leverage and weak profitability. The company also needs to adapt its fleet size when industry demand wanes and contend with the possibility of pricing pressure from imbalances between industry fleet size and customer demand. Avis also relies heavily on capital markets to fund fleet purchases. Moody's expects that a gradual recovery of revenue per day (RPD) will support an improvement in pre-tax income margin from -0.7% for the 12 months ended in March 2026 to a positive range during the next 12-18 months. Debt/EBITDA will likely ease below 5x in 2027 but remain high. The negative outlook reflects Moody's expectations that the recovery of Avis' pretax margin and the deleveraging of its balance sheet remains protracted. Moody's expects Avis to maintain adequate liquidity (SGL-3). Avis maintains a cash balance of at least $500 million, which was $528 million as of March 31, 2026. The available capacity under the $2 billion revolving credit facility was $387 million at the end of March. The aggregate liquidity of about $0.9 billion is lower than in the three years before 2020 even though Avis' revenue and debt balance are materially higher. Including proceeds from the disposition of vehicles, Moody's expects free cash flow for 2026-27 to be largely break even. Avis' ability to dispose used vehicles expeditiously remains critical when demand wanes to raise proceeds that can be deployed for repayment of the company's vehicle debt and other obligations. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING The ratings could be upgraded with evidence that Avis manages its assets efficiently while industry fleet capacity and capital allocation remain disciplined. Metrics that would reflect such performance include pre-tax income as a percent of sales of at least 10%, EBITA/average assets of around 10% and debt/EBITDA below 3.25x. The upgrade will also assume Avis to maintain good liquidity, including prudent management of collateral in the company's vehicle funding programs. The ratings could be downgraded if Avis is unable to manage fleet utilization consistently at approximately 70%, revenue per vehicle per day drops considerably, ability to dispose vehicles becomes constrained, or there is a steep drop in used vehicle prices that would require Avis to increase collateral under its vehicle financing programs. Metrics that would contribute to a rating downgrade include pre-tax income as a percent of sales of less than 7.5%, EBITA/average assets of less than 7% or debt/EBITDA sustained above 4.0x. The principal methodology used in this rating was Equipment and Transportation Rental published in October 2025. Headquartered in Parsippany, New Jersey, Avis Budget Group, Inc. (NASDAQ: CAR) is one of the world's leading car rental companies, primarily operating under the Avis, Budget and Zipcar brands. Revenue for the 12 months that ended March 2026 was about $11.8 billion. B & C PARTNERS: Unsecureds to Recover 100% over 60 Months --------------------------------------------------------- B & C Partners, LLC, filed with the U.S. Bankruptcy Court for the Eastern District of Pennsylvania an Amended Small Business Plan of Reorganization under Subchapter V dated May 22, 2026. The Debtor is a limited liability corporation, operating within the City and County of Philadelphia in the Commonwealth of Pennsylvania. Since November of 2020, the Debtor has been purchasing and maintaining real properties. The Plan Proponent's financial projections show that the Debtor will have projected disposable income of $6,220.00. The final Plan payment is expected to be paid on or before January 2, 2031. This Plan of Reorganization proposes to pay creditors of the Debtor from the sale of real properties and cash flow from operations. Non-priority unsecured creditors holding allowed claims will receive distributions, which the proponent of this Plan has valued at approximately 100 cents on the dollar. This Plan also provides for the payment of administrative and priority claims. Class 5 consists of Non-priority unsecured creditors. Each holder of this Class will be paid 100% of allowed claim within 60 months after the date of the order for relief, unless otherwise agreed between the Debtor and such creditor. This Class is impaired. The Cash held by the Debtor on the effective date shall be used to fund first, the Initial Distributions, the employment, business operations of the Debtor, and property sales shall fund the remaining distributions under the Plan. A full-text copy of the Amended Plan dated May 22, 2026 is available at https://urlcurt.com/u?l=eys92Q from PacerMonitor.com at no charge. ¬ Counsel to the Debtor: Ronald G. McNeil, Esq. McNeil Legal Services 1333 Race Street Philadelphia, PA 19107-1585 Tel: (215) 564-3999 Fax: (215) 564-3537 E-mail: r.mcneil1@verizon.net About B & C Partners LLC B & C Partners, LLC, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 26-10413) on Feb. 2, 2026, with $500,001 to $1 million in assets and liabilities. Judge Ashely M. Chan presides over the case. Ronald G. Mcneil, Esq., at McNeil Legal Services, is serving as the Debtor's legal counsel. BATCH INC: Court Extends Cash Collateral Access to July 9 --------------------------------------------------------- The U.S. Bankruptcy Court for the District of Massachusetts entered an interim order authorizing Batch, Inc. to use cash collateral to fund its operations. Under the June 1 interim order, the Debtor is authorized to use cash collateral based on its latest budget and cash flow projections through July 9. The Debtor lists several secured creditors including the U.S. Small Business Administration with approximately $221,843 EIDL loan allegedly secured by a first-priority lien on substantially all assets, and additional UCC-1 filings tied to merchant cash advance agreements or short-term loans with uncertain underlying obligations. The Debtor disputes the validity of the MCA agreements, alleging potential predatory lending and usury issues. It also estimates approximately $575,826 in unsecured debt and values its main assets at about $105,699. As adequate protection, secured creditors will be granted continuing replacement liens on the Debtor's assets to the extent their collateral value diminishes after the bankruptcy filing. The replacement liens retain the same validity, enforceability, and priority as the creditors' pre-petition liens but do not attach to Chapter 5 avoidance actions or their proceeds. The Debtor is required to file by July 7 a reconciled budget comparing actual and projected financial performance for May and June, together with projected budgets for July, August, and September. A continued hearing is scheduled for July 9. The order is available at http://bankrupt.com/misc/BatchInc_ICCOrder.pdf About Batch Inc. Batch Inc. is a premium all-natural ice cream company headquartered in Longmeadow, Massachusetts. It operates retail ice cream shops and mobile ice cream trucks while offering handcrafted flavors made with high-quality ingredients. Batch Ice Cream became known for specialty flavors such as Salted Caramel, Dark Chocolate, Vanilla Bean, and Mexican Chili. Batch filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Mass. Case No. 26-30294) on May 11, 2026, with assets of between $100,000 and $500,000 and liabilities of between $500,000 and $1 million. James LaMontagne of Sheehan Phinney Bass & Green serves as Subchapter V trustee. The Debtor is represented by Robert Girvan, Esq, at Weiner Law Firm, P.C. BCI FINANCES: Foreign Representative Can Compel Discovery --------------------------------------------------------- The Hon. Shireen A. Barday of the U.S. Bankruptcy Court for the Southern District of New York granted the motion of B.C.I. Finances Pty Limited's foreign representative to enforce the Rule 2004 order and to compel discovery over the Binetter parties' Fifth Amendment objections. The motion for a protective order is denied as to Michael Binetter. This Chapter 15 matter began almost a decade ago when the first foreign proceedings relating the case were recognized and the Foreign Representative began to seek asset-tracing discovery from three members of the Binetter family: Andrew Binetter, his wife (Samantha Kelliher), and his brother (Michael Binetter) -- collectively, the "Binetters." The Binetter brothers had been part of a tax fraud scheme that gave rise to substantial civil liability in Australia; in 2016, based on this conduct, an Australian court issued a civil assessment of AU$100 million. Detailed information about the Australian tax fraud scheme has been publicly available in the United States since at least May 9, 2017, when the Foreign Representative filed a copy of the decision from the Federal Court of Australia on the docket in this Chapter 15 proceeding. But at no time -- before or after May 9, 2017 -- has anyone ever identified any nexus between the civil tax fraud in Australia and criminality in the United States. Nevertheless, the Binetters have repeatedly sought to assert a Fifth Amendment "act of production" privilege to avoid complying with subpoenas in the United States and to frustrate the Foreign Representative's ability to obtain discovery from third-parties, including a corporate entity affiliated with the family (Nate's Fine Foods LLC) and JPMorgan Chase Bank, N.A. ("JPMorgan"). This case in bankruptcy court began on May 9, 2017, before the Honorable Sean H. Lane, when the Foreign Representative filed a chapter 15 petition for recognition of a foreign proceeding in Australia. Recognition was contested -- but granted -- on April 24, 2018: In re B.C.I. Finances Pty Ltd., 583 B.R. 288, 303 (Bankr. S.D.N.Y. 2018) ("BCI I"). Less than a year later, the matter was resolved and ordered closed. But almost as soon as the case was closed, there was a new finding by the Australian Tax Office in 2020 that two new Binetter entities -- Erbin Finances Pty Ltd (9800) and Rawbin Finances Pty Ltd (collectively, the "New Foreign Debtors") -- had participated in a separate yet similar tax evasion scheme, leading to the appointment of liquidators in those and other related entities in Australia. Matter of B.C.I. Finances Pty Ltd. (in Liquidation), 668 B.R. 51, 55 (Bankr. S.D.N.Y. 2025) ("BCI II"). Accordingly, the Foreign Representative, now representing the estates of the New Foreign Debtors as well as the Prior Foreign Debtors, commenced a chapter 15 proceeding on behalf of the New Foreign Debtors and moved to reopen the chapter 15 case on behalf of the Prior Foreign Debtors. The Honorable Sean H. Lane granted recognition of the liquidation proceedings of the New Foreign Debtors, over objections, and the matter was reopened on December 1, 2021. Asset-Tracing Exercise The Foreign Representative filed a motion seeking authorization to pursue discovery to trace the Binetters's assets using the extraordinary authority conferred under Bankruptcy Rule 2004. On May 16, 2022, the Foreign Representative's motion was granted, and he was given authority by the Court to pursue the Rule 2004 discovery he sought from the Binetters in connection with his asset-tracing exercise. Among other things, pursuant to this authority, the Foreign Representative sought broad categories of discovery, including documents and communications relating to the Foreign Debtors, any bank account opened in the United States since 2015, any purchase of real property, any purchase of an asset with a value greater than $10,000 since 2015, any direct or indirect interest in certain entities, including but not limited to Nate's Fine Foods, and copies of United States tax returns for certain periods. Rule 2004 Order Not long after the Rule 2004 Order issued in May 2022, this matter was transferred to the Honorable Philip J. Bentley. The Rule 2004 Order required the Binetters to comply with the subpoenas served on them except as to anything they might assert was shielded from production pursuant to their Fifth Amendment rights. In support of their position, the Binetters cited, among other things, their Fifth Amendment right against self-incrimination, which they argued entitled them to withhold copies of their bank statements and copies of certain documents filed with courts in Australia (the "Australian Court Documents"). On August 11, 2025, the Foreign Representative issued a subpoena to JPMorgan for unredacted copies of Michael Binetter's bank statements. The Motion Compel seeks an order: (i) compelling the Binetters (Andrew Binetter, Michael Binetter, and Samantha Kelliher) to respond to the Foreign Representative's discovery requests over their Fifth Amendment objections, and (ii) directing third-party JPMorgan to comply with the Foreign Representative's August 11 subpoena. The Motion for a Protective Order, filed on behalf of the Binetters, seeks an order shielding the Binetters from having to produce certain documents (in full or in unredacted form) based upon their invocation of the Fifth Amendment. However, at the hearing on May 1, 2026, the Binetters clarified their position that the motions sub judice were only ripe as to Michael Binetter. Accordingly, this decision addresses only the obligation to produce documents of: (i) JPMorgan with regard to the bank statements sought through the JPMorgan Subpoena (based upon information garnered from Michael Binetter's prior document production), and (ii) Michael Binetter himself with respect to unredacted copies of his bank statements as well as the Australian Court Documents, the latter of which have not been produced in discovery. According to the Court, on the issue of redactions specifically, Michael Binetter has not identified a single case where selective redactions for Fifth Amendment "act of production" privilege were deemed a permissible exercise of that privilege, which is, after all, a privilege circumscribing the discoverability of documents in the first place Several of the documents -- including the third-party affidavits -- were prepared by others (not any of the Binetters) and submitted to Australian courts. Michael Binetter has not explained how producing documents he did not author, submitted in foreign proceedings, would tend to incriminate him in the United States. The Court finds Michael Binetter has failed to sustain his burden of establishing that the Fifth Amendment "act of production" privilege applies to unredacted copies of his bank statements or to the Australian Court Documents and he must produce both. A copy of the Court's Memorandum Opinion and Order dated May 26, 2026, is available at https://urlcurt.com/u?l=Fyv7aP from PacerMonitor.com. About BCI Finances B.C.I. Finances PTY Ltd. is an Australian borrowing and lending entity that operated within a complex group of companies targeted by Australian authorities for 25 years of tax avoidance. B.C.I. Finances Pty Limited (in Liquidation) and three affiliates, Binqld Finances Pty Limited (in Liquidation), E.G.L. Development (Canberra) Pty Limited (in Liquidation), and Ligon 268 Pty Limited (in Liquidation) filed Chapter 15 petitions (Bankr. S.D.N.Y. Lead Case No. 17-11266) on May 9, 2017, to seek recognition of their winding down proceedings in Australia. John Sheahan and Ian Russell Lock, the foreign representatives, signed the Chapter 15 petitions. The Hon. Sean H. Lane presides over the Chapter 15 cases. Robert N. H. Christmas, Esq., and Christopher J. Fong, Esq., at Nixon Peabody LLP, in New York, serve as counsel to the petitioners. BELDEN INC: S&P Alters Outlook to Negative, Affirms 'BB' ICR ------------------------------------------------------------ S&P Global Ratings revised its outlook on Belden Inc. to negative from stable. At the same time, S&P affirmed the 'BB' issuer credit rating. In addition, S&P assigned a 'BB' issue-level rating to the new senior secured loan based on a '3' recovery rating. S&P also lowered its issue-level ratings on the existing subordinated notes to 'B+' from 'BB-' based on a '6' recovery rating. S&P said, "The negative outlook reflects our view that the RUCKUS acquisition will materially increase Belden's leverage. While we believe there's a path to deleveraging, elevated leverage reduces the cushion at the current rating to absorb earnings underperformance stemming from unexpected market shifts or acquisition-related setbacks." Belden Inc. will finance its acquisition of RUCKUS Networks with a new $1.85 billion term loan B due 2033. S&P expects the transaction will raise Belden's S&P Global Ratings-adjusted debt/EBITDA to about 4.1x pro forma at year-end 2026 from 2.1x in 2025 and reduce its ability to withstand earnings underperformance at the current rating. The debt-funded acquisition will materially weaken Belden's credit metrics. The company will fund the RUCKUS acquisition using all debt. The new $1.85 billion term loan B will more than double the company's S&P Global Ratings-adjusted debt burden to about $2.77 billion post-close from $1.05 billion in 2025. S&P said, "Moreover, we project it will raise pro forma leverage to about 4.1x at year-end 2026 from 2.1x at the end of 2025. The significantly higher debt reduces the cushion at the rating to absorb business volatility or further mergers and acquisitions (M&A). As a result, we believe the company's ability to withstand earnings underperformance--while maintaining credit metrics commensurate with the 'BB' issuer rating--could be more challenging." In addition, S&P believes the transformative nature of the acquisition and the company's limited track history completing such large deals introduce some integration-related risk. (Recently, Belden has focused on tuck-in style acquisitions like Voleatech GmbH in September 2024 and the $290 million acquisition of Precision Optical Technologies in June 2024.) Closing delays, lower-than-expected revenue synergies, and higher one-time restructuring expenses could weigh on earnings in the near term and slow deleveraging. S&P believes the company has a path to reduce leverage to near 3x within 12 months of close. However, leverage could remain elevated at about 3.8x in 2027 if its S&P Global Ratings-adjusted EBITDA margin is roughly 300 basis points (bps) lower than we forecast. S&P said, "We believe Belden's financial policy will prioritize deleveraging. The company will temporarily rein in discretionary spending--like share repurchases and incremental M&A--as it focuses on the RUCKUS integration and conserving cash. Our forecast considers that the company will generate healthy adjusted free operating cash flow (FOCF) of $280 million-$290 million in 2026 and $380 million-$390 million in 2027, with limited mandatory uses of cash." The company has committed publicly to a long-term net leverage ratio of around 1.5x, which is roughly equivalent to 1.7x on an S&P Global Ratings-adjusted basis (using 2027 projected EBITDA as a proxy). In addition, since leverage peaked at 4.7x in 2020, Belden has established a track record of maintaining relatively low leverage of around 1.5x–2.5x. S&P said, "Given these factors, we believe it's likely that management would use excess cash to deleverage faster than expected. We don't consider opportunistic debt repayment in our base case forecast but calculate our credit metrics on a net debt basis." S&P said, "In our view, the RUCKUS acquisition will strengthen Belden's business, and it fits well with its solutions-focused strategy. We view the RUCKUS acquisition as complementary to Belden's existing offerings because the acquisition expands the depth and breadth of the company's offerings by adding faster-growth, stickier, and higher-margin active products and cloud-based management and networking platforms. For 2025, Belden's sales grew by approximately 10.3%, and it reported a gross margin of about 38%. By contrast, for the same period, RUCKUS' sales rose 31.8%, and it reported gross margins above 60%. The acquisition also increases Belden's total addressable market by unlocking new commercial opportunities that support the convergence of IT and operational technology (OT) environments across the industrial end market. This positions Belden as an end-to-end networking solution supplier. S&P anticipates the latter will accelerate Belden's solutions-enabled sales, which is one of its main priorities; the company set a goal to raise solutions-enabled revenues to 20% of total revenues by 2028. Pro forma the business combination, management expects solutions to exceed 20% of business sales. S&P said, "We view this positively because solutions-based revenues tend to be more profitable, as they allow for more consultative client engagements and higher-margin product sales. As a result, we forecast a steady 100-bp improvement in Belden's S&P Global Ratings-adjusted EBITDA margin to 19.5% in 2027 from 2025. We expect the company's strengthened profitability profile will support earnings generation and, consequently, organic deleveraging. We forecast its S&P Global Ratings-adjusted leverage will decline to 3.1x by the end of 2027." S&P said, "The negative outlook reflects our view that the RUCKUS acquisition will materially increase Belden's leverage to about 4.1x pro forma at year-end 2026 from 2.1x at the end of 2025. While we believe the company has deleveraging prospects, elevated leverage reduces the cushion at the current rating to absorb earnings underperformance caused by unexpected market shifts or acquisition-related setbacks." S&P could lower its rating on Belden if it does not deleverage toward 3x building cushion to absorb potential demand cyclicality at the current rating level. This could occur if: -- Business headwinds--including business integration challenges with RUCKUS and a lower-than-anticipated margin benefit from the business combination--pressure earnings generation; or -- Its revenue expansion and operating performance are significantly weaker than expected due to a deteriorating macroeconomic environment, reduced industrial capital spending, or both. S&P said, "We could also lower our rating if management adopts a more aggressive financial policy such that we expect leverage to be maintained above 4x, even accounting for large-scale share repurchases, debt-funded acquisitions, and demand cyclicality. "We could revise our outlook on Belden back to stable over the next 12 months if we expect its S&P Global Ratings-adjusted leverage to decline below 3x. Such improvement would likely stem from the successful integration of RUCKUS, as demonstrated by higher growth, profitability gains, and enhanced FOCF generation." BELLA TUSCANY: Gets OK to Use Cash Collateral Until June 10 ----------------------------------------------------------- Bella Tuscany Windermere, Inc. received fourth interim approval from U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division, to use cash collateral through June 10. The court authorized the Debtor to use cash collateral to pay the amounts expressly authorized by the court; the expenses set forth in the budget, plus an amount not to exceed 10% for each line item; and additional amounts subject to approval by secured creditors. The order requires Bella to meet all obligations imposed on a debtor-in-possession, including compliance with the Bankruptcy Code, maintaining insurance under its loan documents, and honoring court directives. Creditors will be granted replacement liens on cash collateral to the same extent and priority as their pre-bankruptcy liens. The order is without prejudice to later requests for modified adequate protection or further restrictions. A continued preliminary hearing is scheduled for June 10. A copy of the court's order and the Debtor's budget is available at https://tinyurl.com/3dznehzd from PacerMonitor.com. About Bella Tuscany Windermere Inc. Bella Tuscany Windermere Inc. operates in the restaurants industry. Bella Tuscany Windermere Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-07204) on November 6, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Grace E. Robson handles the case. The Debtor is represented by Daniel A. Velasquez, Esq. of Latham, Luna, Eden & Beaudine, LLP. BET MIDRASH: Plan Exclusivity Period Extended to Sept. 16 --------------------------------------------------------- Judge Scott M. Grossman of the U.S. Bankruptcy Court for the Southern District of Florida extended Bet Midrash Ohr Hachayim Hakadosh, Inc.'s exclusive periods to file a plan of reorganization and obtain acceptance thereof to Sept. 16 and Nov. 16, 2026, respectively. As shared by Troubled Company Reporter, the Debtor explains that in considering whether the extend these deadlines, Courts have considered the size and complexity of the case. The debtor's diligence in attempting to reorganize and progress in negotiating with creditors weighs in favor of extension. This is the Debtor's first request for such an extension. The Debtor has been diligently working to achieve a plan that will benefit all valid creditors of the Debtor's estate. Namely, the Debtor is seeking to open its school in the City of Hollywood, something the City of Hollywood ("City") has refused to allow, but provided no roadmap or guidance on how or what is necessary for the school to open. The Debtor asserts that it has sued the City of Hollywood in Federal District Court. That case has been referred to this Court. The Debtor has provided the City with all documents requested by the City to consider allowing the school to open, however, the City has failed to respond in any way in the nearly four months since the documents were provided. The Debtor further asserts that it filed a Motion for Order to Show Cause for the City to explain why the school has not been allowed to reopen and the Debtor has filed a supplement to the Motion for Order to Show Cause contemporaneously with The Debtor filed a Motion for Order to Show Cause for the City to explain why the school has not been allowed to reopen and the Debtor has filed a supplement to the Motion for Order to Show Cause contemporaneously with. The Debtor's Counsel: Kristopher Aungst, Esq. PARAGON LAW, LLC 2665 S. Bayshore Drive Suite 220-10 Miami FL 33133 Tel: (305) 812-5443 Email: ka@paragonlaw.miam About Bet Midrash Ohr Hachayim Hakadosh Bet Midrash Ohr Hachayim Hakadosh, Inc., based in Hollywood, Florida, is a Jewish religious organization and community center providing synagogue services, Torah study programs, and a mikveh. It offers adult learning through Kollel Boker, children's education programs, and maintains a schedule of Shabbat and holiday services. The nonprofit serves the local Jewish community by supporting religious, educational, and cultural activities in the region. Bet Midrash Ohr Hachayim Hakadosh, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-10599) on January 19, 2026, with $0 to $500,000 in assets and $1 million to $10 million in liabilities. Rabbi Menachem Razla signed the petition. Kris Aungst, at Paragon Law, LLC, is the Debtor's counsel. BITCOIN DEPOT: Gets Interim OK to Use Cash Collateral ----------------------------------------------------- Bitcoin Depot Inc. and its affiliates received interim approval from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to use cash collateral. The interim order authorized the Debtors to use cash collateral during the period from the May 18 through and including the earlier of (i) the termination date or (ii) 30 days after May 18. The Debtors require the use of cash collateral to fund payroll, vendor payments, kiosk operations, and administrative costs of the bankruptcy cases. The Debtors offers to mitigate lender risk through adequate protection measures, including segregation of funds into an "adequate protection account," replacement liens on post-petition collateral, and potentially superpriority administrative claims to the extent of any diminution in value. The Debtors' principal secured debt consists of a $13.3 million term loan facility provided under a 2024 credit agreement, secured by liens on substantially all assets of the corporate group, including cash and cash equivalents, subject to certain exclusions. The secured parties include Silverview Credit Partners LP as administrative agent and the lending syndicate. As of the petition date, the Debtors also report additional liabilities including approximately $2.43 million in equipment-related obligations, about $9 million in unsecured trade payables, and potential disputed litigation claims estimated at approximately $20 million. The order is available at http://bankrupt.com/misc/BitcoinDepot_ICCOrder.pdf The nest hearing is scheduled for June 9. About Bitcoin Depot Inc. Bitcoin Depot, Inc. is a Delaware corporation with its principal place of business in Georgia that operates the largest cryptocurrency kiosk network in North America, claiming to operate more than 8,400 Bitcoin ATMs across the United States, Canada, and Puerto Rico. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-90528) on May 18, 2026. In the petition signed by W. Alexander Holmes, director, the Debtor disclosed up to $50 million in both assets and liabilities. Paul E. Heath, Esq., at Vinson & Elkins LLP, represent the Debtor as legal counsel. BITCOIN DEPOT: Judge Backs July Sale Plan for Bitcoin Kiosk Firm ---------------------------------------------------------------- Rick Archer of Law360 Bankruptcy Authority reports that a Texas bankruptcy judge on Wednesday, June 3, 2026, said he would allow Bitcoin Depot, a cryptocurrency kiosk operator, to begin marketing its assets in preparation for a potential early July 2026 sale. While the court approved the general request, the judge asked the company to adjust certain aspects of its proposed sale plan. Bitcoin Depot operates a nationwide network of cryptocurrency kiosks and is working through bankruptcy proceedings aimed at selling its assets in an organized process. The company argued that a quick sale would preserve value and benefit creditors, the report relays. The judge's comments clear the way for the marketing phase to begin, with further court review expected before the final sale is approved, according to Law360. About Bitcoin Depot Bitcoin Depot is a financial technology company focused on cryptocurrency transaction services and bitcoin ATM operations. The company manages a broad network of self-service kiosks that facilitate digital currency purchases for consumers. Bitcoin Depot sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-90528) on May 18, 2026. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. The Debtor is represented by Paul E. Heath, Esq. of Vinson & Elkins. BLUE ONYX: Seeks Cash Collateral Access --------------------------------------- Blue Onyx Systems, LLC asks the U.S. Bankruptcy Court for the Eastern District of Wisconsin for authority to use cash collateral and provide adequate protection, in accordance with its agreement with Old National Bank. The bankruptcy filing resulted from an over-expansion into new markets that caused overhead expenses to become unsustainable. The Debtor's reorganization strategy is to restructure debt obligations and continue operations while paying creditors over time. The Debtor identified three entities that may claim interests in cash collateral: Old National Bank, FANUC America Corporation, and CT Corporation as representative for Kapitus, LLC. However, the Debtor stated that FANUC’s financing statements relate only to equipment leases and do not appear to create a claim against cash collateral because lease payments are current. The Debtor believes ONB holds the senior security interest based on earlier-filed UCC financing statements. The Debtor’s records show that ONB’s collateral, valued at approximately $1.69 million, may be insufficient to fully secure ONB's debt of approximately $1.73 million, which consists of three loans and an operating line of credit. CT's filing appears related to a merchant cash advance transaction with Kapitus. The Debtor requires funds to purchase materials and supplies, pay employees, and maintain ordinary business operations. A detailed weekly cash projection attached to the motion shows projected revenues and expenses. The Debtor requested permission to operate within a budget subject to a 10% variance cushion to account for fluctuations. The budget projected significant incoming revenue from customer projects and outgoing expenses for payroll, benefits, rent, utilities, insurance, internet, retirement contributions, and vendor payments. The projections reflected an improving cumulative cash flow position over several weeks, supporting the Debtor’s argument that continued operations would preserve enterprise value. As adequate protection for secured creditors, the Debtor proposed granting replacement liens on post-petition cash collateral with the same priority and extent as existed before bankruptcy. These replacement liens would automatically be perfected upon entry of the final order. The Debtor also proposed extending prepetition liens to post-petition proceeds and products under 11 U.S.C. section 552(b). Additional protections include ongoing financial reporting, maintenance of tax obligations, and continuation of insurance coverage consistent with prepetition practices. The Debtor agreed to provide monthly operating reports and accounts payable aging summaries. Special provisions were negotiated specifically for ONB. The Debtor agreed to make monthly adequate protection payments of $25,000 beginning three days after entry of the final order and continuing monthly until confirmation of a plan or another terminating event. The Debtor also agreed to provide ONB with updated financial statements, proof of insurance coverage, and continued compliance with non-solvency loan covenants. The proposed order included a waiver of marshaling rights, meaning the Debtor could not compel ONB to proceed against particular collateral or sources of repayment in any specified order. The Debtor also agreed to an equities of the case waiver under section 552(b), ensuring ONB would retain rights to proceeds and profits from collateral without challenge based on equitable considerations. The proposed final order would terminate upon certain events, including failure to make adequate protection payments, failure to maintain insurance, cessation of business operations, appointment of a trustee, dismissal or conversion of the case, or confirmation of a plan of reorganization. ONB also agreed not to pursue guarantors until the occurrence of a termination event. The court will conduct a hearing on June 8. A copy of the motion is available at https://urlcurt.com/u?l=SJFUFQ from PacerMonitor.com. About Blue Onyx Systems LLC Blue Onyx Systems, formerly known as IAS, is a New Berlin, Wisconsin-based provider of industrial automation systems, designing and integrating equipment for manufacturing environments. The company, founded by Paul Szeflinski and a KUKA System Partner since 2008, develops solutions that incorporate robotics in a majority of its systems. Its services include custom machine design, equipment upgrades, remote support, maintenance programs, and training, serving customers across industries such as consumer products, food and beverage, rubber and plastics, metal processing, and warehousing and logistics. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Wis. Case No. 26-22269) on April 22, 2026, with $1 million to $10 million in assets and liabilities. Bryan Brisch, authorized representative, signed the petition. Judge G. Michael Halfenger presides over the case. Nicholas W. Kerkman, Esq. at KERKMAN & DUNN represents the Debtor as legal counsel. BRAVO BRIO: Restaurants Down from 130 to 38 ------------------------------------------- msn.com reports that the restaurant operator, Bravo Brio, has experienced a significant reduction in scale over the past decade. Once operating 118 restaurants in 2017, the company now maintains just 38 locations—19 Brio and 19 Bravo restaurants—spread across 10 states. The shrinking footprint highlights ongoing difficulties within the upscale casual dining segment, particularly for brands located in shopping centers and malls. Economic pressures have weighed heavily on the business. Rising labor and ingredient costs, persistent inflation, and declining foot traffic at retail centers have eroded profitability. While Chapter 11 may provide an opportunity to stabilize operations and reposition the brands, Bravo Brio faces continued pressure from changing consumer preferences and a competitive restaurant landscape increasingly focused on value and convenience, the report states. Facing mounting financial and operational pressures, Bravo Brio Restaurant Group has sought Chapter 11 protection in Florida bankruptcy court on August 18, 2025. The company said the restructuring will allow it to shutter underperforming restaurants, reduce expenses, and reorganize debt obligations. Court records indicate liabilities between $10 million and $100 million and identify between 200 and 999 creditors. To support the reorganization, the company secured $3.5 million in debtor-in-possession financing from senior lender GPEE Lender LLC, according to report. About Bravo Brio Restaurants, LLC Bravo Brio Restaurants, LLC is a FloridaÃ¢â‚¬â€˜based restaurant operator behind the Bravo! Italian Kitchen and Brio Italian Grille chains. The multi-state casual dining group known for Italian-American cuisine. Bravo Brio Restaurants, LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-05224) on August 18, 2025, listing $50,000,001 to $100 million in both assets and liabilities. Judge Lori V Vaughan presides over the case. R Scott Shuker, Esq. at Shuker & Dorris, P.A. represents the Debtor as counsel. BRAZAS CHICKEN: Seeks Subchapter V Bankruptcy in Florida -------------------------------------------------------- On May 22, 2026, Brazas Chicken Inc. filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Middle District of Florida. According to court filings, the debtor reports between $100,001 and $1 million in debt owed to 1-49 creditors. A meeting of creditors scheduled for June 22, 2026, at 2:00 p.m. telephonically via US Trustee - Orlando. Filed by U.S. Trustee United States Trustee - ORL. Call in Number: 888-330-1716. Passcode: 5814238#. About Brazas Chicken Inc. Brazas Chicken Inc. operates in the restaurant and food-service industry, offering prepared meals and dining services. The company is engaged in the operation and management of restaurant-related business activities. Brazas Chicken Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-03802) on May 22, 2026. In its petition, the debtor reported estimated assets of $100,001-$1 million and estimated liabilities of $100,001-$1 million. Honorable Bankruptcy Judge Tiffany P. Geyer handles the case. The debtor is represented by Daniel A. Velasquez, Esq., of Latham, Luna, Eden & Beaudine, LLP. BRD LAND: Committee Hires IslandDundon LLC as Financial Advisor --------------------------------------------------------------- The official committee of unsecured creditors of BRD Land & Investment and its affiliates seek approval from the U.S. Bankruptcy Court for the Western District of North Carolina to employ IslandDundon LLC as its financial advisor. The firm will render these services: a. develop bottom-up valuations across all real property and contract positions, incorporating entitlement status, cost-to-complete estimates, and current market conditions. b. review all relevant land purchase and sale agreements, option agreements, and associated correspondence regarding extensions, waivers, and milestone deadlines. c. evaluate entitlement & permitting progress, required carry costs, and the estate’s ability to preserve or monetize development rights within the bankruptcy timeline. d. categorize assets into actionable buckets – i.e., monetize, hold, or abandon by sensitizing key variables such as sales proceeds and capital requirements (i.e., cost-to-complete). e. develop distribution model that compares the economics of a liquidating trust, in-court sale process, or 3rd-party Plan sponsor scenarios. f. analyze creditor treatment across all classes, assess Plan feasibility, and stress-test the financial projections underlying any reorganization or liquidation Plan. g. map the complete capital structure, including all secured, unsecured, and intercompany obligations, and identify priority waterfall and lien positions. h. evaluate validity, perfection, and cross-collateralization of all secured claims to assess potential challenges or recharacterization opportunities. i. analyze the impact of capital structure on creditor recoveries and inform plan negotiation strategy. j. evaluate & respond to stalking horse bids, assess bid protections, and develop a bid comparison framework. k. advise on sale procedures and the allocation of proceeds across creditor classes. l. implement a budget-to-actual tracking framework with weekly reporting cadence and maintain a rolling forward cash flow model. m. review all disbursements for compliance with approved budgets and 1stDay orders, flagging any variance, unauthorized spend, or payments to related parties submitted by Debtors for operational and administrative expenses. The firm's customary hourly rates are: Tabish Rizvi, Managing Director $960 Steve Landgraber, Managing Director $960 Lee Rooney, Managing Director $960 Michael Garbe, Senior Director $850 Harry Tucker, Directo $755 Alec Rovitz, Senior Associate $495 Christopher Kazantzis, Associate $350 Tabish Rizvi, managing director of IslandDundon, assured the court that his firm is a "disinterested person" as that term is defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Tabish Rizvi IslandDundon LLC 565 Fifth Avenue, 16th Floor New York, NY 10017 Phone: (203) 247 0057 Email: rr@dundon.com About BRD Land & Investment BRD Land & Investment and its affiliates filed their voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D.N.C. Case No. 26-30215) on February 24, 2026, listing $10,000,001 to $50 million in assets and $50,000,001 to $100 million in liabilities. Judge Laura T. Beyer presides over the cases. Matthew L. Tomsic, Esq., at Rayburn Cooper & Durham PA serves as the Debtors' counsel. BRIGHTLINE TRAIN: Pursues Ch. 11 Funding While Searching for Buyer ------------------------------------------------------------------ Eliza Ronalds-Hannon, Reshmi Basu, and Martin Z. Braun of Bloomberg News report that Florida rail operator Brightline is reviewing loan proposals from major creditors after efforts to secure a buyer failed to produce a transaction by the company’s targeted deadline. The development signals that a court-supervised restructuring may become increasingly likely. Sources familiar with the situation said groups representing municipal and corporate bondholders have offered financing packages that would support Brightline through bankruptcy while maintaining day-to-day operations. The proposals are intended to provide liquidity as the company addresses its debt burden. The financing arrangements could ultimately give lenders a path to ownership if the restructuring results in a debt exchange or recapitalization. Creditors are positioning themselves to play a central role in shaping Brightline's future should the company enter bankruptcy protection, the report relays. The discussions are occurring as major debt payments approach and pressure mounts on the company to secure additional funding. Brightline continues to evaluate alternatives but appears increasingly focused on restructuring solutions backed by existing creditors, the report cites. About Brightline Train Florida Brightline offers high-speed rail between Miami, Fort Lauderdale, and Orlando. BROADWAY FORD: Hires Carmody MacDonald P.C. as Bankruptcy Counsel ----------------------------------------------------------------- Broadway Ford Truck Sales, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Missouri to hire Carmody MacDonald P.C. as bankruptcy counsel. The firm's services include: a. advising the Debtor with respect to its rights, power, and duties in this Chapter 11 Case; b. assisting and advising the Debtor in its consultations with any appointed committee related to the administration of this Chapter 11 Case; c. assisting the Debtor in analyzing the claims of creditors and negotiating with such creditors; d. assisting the Debtor with investigation of the assets, liabilities, and financial condition of Debtor and reorganizing Debtor's business in order to maximize the value of Debtor's assets for the benefit of all creditors; e. advising the Debtor in connection with the sale of assets or business; f. assisting Debtor in its analysis of and negotiation with any appointed committee or any third-party concerning matters related to, among other things, the terms of a plan of reorganization; g. assisting and advising the Debtor with respect to any communications with the general creditor body regarding significant matters in this Chapter 11 Case; h. commencing and prosecuting necessary and appropriate actions and/or proceedings on behalf of Debtor; i. reviewing, analyzing, or preparing, on behalf of the Debtor, all necessary applications, motions, answers, orders, reports, schedules, pleadings, and other documents; j. representing the Debtor at all hearings and other proceedings; k. conferring with other professional advisors retained by Debtor in providing advice to Debtor; l. performing all other necessary legal services in this Chapter 11 Case as may be requested by Debtor; and m. assisting and advising the Debtor regarding pending arbitration and litigation matters in which the Debtor may be involved, including continued prosecution or defense of actions and/or negotiations on Debtor's behalf. The range of hourly billing rates of the firm's partners for this matter will be $310 to $650 per hour, associates $280 to $375 per hour, and paralegals/law clerks $150 to $250 per hour. As of the Petition Date, the firm has been paid the sum of $68,673 for services and fees performed prior to the Petition Date. The firm is holding a retainer of $11,327. Thomas Riske, a principal at Carmody MacDonald, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Thomas H. Riske, Esq. Carmody MacDonald, PC 120 Central Ave Ste 1800 Saint Louis, MO 63105 Telephone: (314) 854-8600 About Broadway Ford Truck Sales, Inc. Broadway Ford Truck Sales, Inc. is a commercial vehicle dealership engaged in the sale and service of Ford trucks in the Saint Louis market. Broadway Ford Truck Sales, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mo. Case No. 26-42179) on May 18. In its petition, the Debtor reports estimated assets and liabilities of $10 million to $50 million. The Debtor is represented by Thomas H. Riske, Esq. of Carmody MacDonald P.C. BYSTOL PERFORMANCE: Seeks to Hire Joel A. Schechter as Counsel -------------------------------------------------------------- Bystol Performance Center Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to hire the Law Offices of Joel A. Schechter as counsel. The firm's services include: (a) advise the Debtor with respect to its powers and duties in the continued operation of its business and financial affairs; (b) prepare on behalf of the Debtor necessary legal papers and appurtenant to these proceedings; and (c) perform all other legal services for the Debtor which may be necessary in the prosecution of this proceeding. The firm received a retainer of $15,000, in addition to the filing fee, from the Debtor. Joel Schechter, Esq. disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Joel A. Schechter, Esq. Law Offices of Joel A. Schechter 53 W., Jackson Blvd., Suite 860 Chicago, IL 60604 Telephone: (312) 332-0267 Email: joel@jasbklaw.com About Bystol Performance Center Inc. Bystol Performance Center Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 26-07442) on April 29, 2026, with up to $50,000 in assets and $500,001 to $1 million in liabilities. Joel A. Schechter, Esq. at the Law Office of Joel A. Schechter represents the Debtor as bankruptcy counsel. CANNON'S CLASSIC CARS: Hires Workman Nydegger as General Counsel ---------------------------------------------------------------- Cannon's Classic Cars LLC seeks approval from the U.S. Bankruptcy Court for the District of Utah to hire Workman Nydegger as general counsel. The firm will provide these services: (a) advise the Debtor regarding all aspects of its Chapter 11 case; and (b) advise the Debtor on all matters pertinent to this pending Chapter 11 case. Workman Nydegger will be compensated at the firm's customary hourly rates, as they may increase from time to time, noting that T. Edward Cundick's current hourly rate is $375. Workman Nydegger had a remaining retainer of $15,067 on hand at the time the petition was filed. Workman Nydegger does not hold or represent any interest adverse to the estate and is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: T. Edward Cundick, Esq. WORKMAN NYDEGGER 60 East South Temple, Suite 1000 Salt Lake City, UT 84111 Telephone: (801) 533-9800 Facsimile: (801) 328-1707 E-mail: tcundick@wnlaw.com About Cannon's Classic Cars LLC Cannon's Classic Cars LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Utah Case No. 26-22970) on May 19, 2026, listing $100,001 to $500,000 in both assets and liabilities. Judge David H Leigh presides over the case. T. Edward Cundick, Esq. at Workman Nydegger serves as the Debtor's counsel. CARDIFF ONCOLOGY: Disputes License Termination Notice ----------------------------------------------------- Cardiff Oncology Inc. disputed a license termination notice from Nerviano Medical Sciences S.r.l. and said it will continue to perform under the agreement, according to a Form 8-K filing with the Securities and Exchange Commission. NMS informed Cardiff in writing May 27 that it was terminating the March 13, 2017, license agreement under Section 11.3. NMS alleged Cardiff materially breached the agreement by failing to correct, or provide power of attorney to correct, inventorship of certain Cardiff patents to include NMS employee Dr. Barbara Valsasina as a joint inventor. NMS also alleged Cardiff failed to use commercially reasonable efforts to conduct development activities and obtain regulatory approvals for onvansertib. Cardiff said the termination notice is legally ineffective, factually unsupported and procedurally improper. About Cardiff Oncology Cardiff Oncology is a clinical-stage oncology company developing therapies intended to treat cancer. Its lead program is onvansertib, a polo-like kinase 1 inhibitor being evaluated in cancer indications. The company's work is focused on development of onvansertib and related clinical programs. In an audit report dated Feb. 24, 2026, BDO USA, P.C. included a going concern paragraph stating that the company has suffered recurring losses from operations and has negative operating cash flows that raise substantial doubt about its ability to continue as a going concern. As of March 31, 2026, Cardiff Oncology reported total assets of $49.17 million, total liabilities of $14.46 million and stockholders' equity of $34.71 million. CARNITAS EL: Commences Chapter 7 Bankruptcy in Arizona ------------------------------------------------------ On May 28, 2026, Carnitas El Taste filed for Chapter 7 protection in the U.S. Bankruptcy Court for the District of Arizona. According to court filings, the Debtor reports between $100,001 and $1 million in debt owed to 1-49 creditors. About Carnitas El Taste Carnitas El Taste is an Arizona-based business that appears to operate in the restaurant and food service industry, specializing in Mexican cuisine. The bankruptcy petition does not provide additional details regarding its operations. Carnitas El Taste sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-05354) on May 28, 2026. In its petition, the Debtor reported estimated assets of $0-$100,000 and estimated liabilities of $100,001-$1 million. Honorable Bankruptcy Judge Scott H. Gan handles the case. The Debtor is represented by Vida Z. Florez, Esq. of the Law Office of Vida Z. Florez, PLLC. CAROLINA FITNESS: Unsecureds Will Get 1% to 5% of Claims -------------------------------------------------------- Carolina Fitness Equipment, LLC filed with the U.S. Bankruptcy Court for the Western District of North Carolina a Disclosure Statement describing Plan of Reorganization dated May 22, 2026. The Debtor operates a fitness equipment retail store and service company based in Belmont, North Carolina. John David Preble is the sole member and president of the Debtor. In addition to Mr. Preble, the Debtor's workforce includes approximately forty-five other individuals depending on the season. The Debtor's financial difficulties are largely attributable to rent increases. The Debtor previously had locations in Greenville, South Carolina, Nashville, Tennessee, and Charlotte, North Carolina through which the Debtor leased over 144,000 square-feet. The Debtor worked with a potential lender to refinance both its debt to Regions Bank as well as the MCA debt. That lender suggested that the Debtor obtain a bridge loan from Orange Funding until the refinance was complete. The Debtor used those funds to operate. Unfortunately, the takeout lender backed out, and the Debtor was left with the bridge loan. The interest rate on the bridge loan is not sustainable long term. Orange Funding filed a collection in December 2025 in state court in New York. Around the same time, Orange Funding asserted lien rights in the Debtor's receivables and caused the Debtor's credit card processor to freeze all disbursements to the Debtor. This situation led to the Debtor defaulting on its obligation to Regions Bank. As a result, Regions Bank filed a collection lawsuit. To stop collection efforts, the company was forced to file this case. Mr. Preble was similarly forced into bankruptcy. Class 7 consists of Holders of Allowed General Unsecured Claims (which includes Allowed Unsecured Deficiency Claims and any claim of Orange Funding). This Class will receive a distribution of 1% to 5% of their allowed claims. This Class is impaired, and the holder of the related Claim is entitled to vote for or reject the Plan. Allowed General Unsecured Creditors shall be paid a Pro Rata share of 20% of the Reorganized Debtor's Net After Tax Cash Flow for calendar years 2027, 2028, and 2029. Payment to holders of Allowed Unsecured Claims will be paid as follows: * Payment calculated for calendar year 2027 will be paid June 1, 2028, * Payment calculated for calendar year 2028 will be paid June 1, 2029, and * Payment calculated for calendar year 2029 will be paid June 1, 2030. Class 8 consists of Critical Vendors with Allowed General Unsecured Claims. This Class will receive a distribution of 10% to 15% of their allowed claims. This Class is impaired, and the holder of the related Claim is entitled to vote for or reject the Plan. Any Allowed General Unsecured Creditors held by Critical Vendors shall be paid a Pro Rata share of 80% of the Reorganized Debtor's Net After Tax Cash Flow for calendar years 2027, 2028, and 2029. Payment to holders of Allowed Unsecured Claims will be paid as follows: * Payment calculated for calendar year 2027 will be paid June 1, 2028, * Payment calculated for calendar year 2028 will be paid June 1, 2029, and * Payment calculated for calendar year 2029 will be paid June 1, 2030. All Equity Interests held prior to the Petition Date shall be retained in exchange for the New Value Contribution. To retain his Equity Interest in the Reorganized Debtor, John David Preble shall (i) pay to the Reorganized Debtor a $25,000 New Value Contribution in equal installments of $5,000 due on December 31 of 2026, 2027, 2028, 2029, and 2030, (ii) personally guarantee the payments owed on the Allowed Secured Claim of Regions set forth in Article 3 of the Plan, and (iii) waive, release, and forever discharge any claims John David Preble or any entity owned by John David Preble (DynaBody, LLC, DEM Real Estate Holdings, LLC, FitKing, LLC, and Sports and Fitness Outlet, LLC) holds against the Debtor, which amounts to more than $1,200,000. A full-text copy of the Disclosure Statement dated May 22, 2026 is available at https://urlcurt.com/u?l=fCQdcG from PacerMonitor.com at no charge. Counsel to the Debtor: Cole Hayes, Esq. COLE HAYES LAW 601 S. Kings Drive, Suite F PMB #411 Charlotte, NC 28204 Phone: (980) 416-4266 Email: info@colehayeslaw.com About Carolina Fitness Equipment Carolina Fitness Equipment, LLC, sells new and used commercial and residential fitness equipment and provides installation, delivery, and maintenance services from its Belmont, North Carolina location to customers throughout the Carolinas and nearby areas. Carolina Fitness Equipment, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D.N.C. Case No. 26-30091) on Jan. 25, 2026. The company reports estimated assets and liabilities between $1 million and $10 million. Bankruptcy Judge Laura T. Beyer oversees the case. The Debtor is represented by Cole Hayes, Esq. CARR'S PLUMBING: Seeks to Hire Tax Pros Inc as Accountant --------------------------------------------------------- Carr's Plumbing and Maintenance, LLC seeks approval from the U.S. Bankruptcy Court for the District of Kansas to hire Tax Pros, Inc. as accountant. The firm will conduct accounting services for the bankruptcy estate. The firm will be paid $350 per hour for its services. Tax Pros, Inc. is a disinterested person as that term is defined and used in the Bankruptcy Code, according to court filings. The firm can be reached through: Susie McDonald Tax Pros, Inc. 216 S Oliver Wichita, KS 67067 About Carr's Plumbing and Maintenance Carr's Plumbing and Maintenance, LLC runs a plumbing business in Wichita, Kansas. Carr's sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Kan. Case No. 26-10101) on February 4, 2026. In the petition signed by Christopher Carr, managing member, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Mitchell L. Herren oversees the case. Mark J. Lazzo, Esq., at Mark J Lazzo PA, represents the Debtor as legal counsel. CASA SOUTH: Gets Interim OK to Use Cash Collateral -------------------------------------------------- Casa South, LLC received interim approval from the U.S. Bankruptcy Court for the District of South Carolina to use cash collateral while operating its restaurant business, Casa Mia's Restaurant, during its Chapter 11 Subchapter V case. The court granted the Debtor's motion on an interim basis and authorized the use of cash collateral in accordance with a four-week budget through the final hearing. Budget variances exceeding 10% of any line item are prohibited without consent. As adequate protection, the Debtor must make weekly payments of $1,750 to the Edward Scott Wiley Revocable Trust, which claims a secured interest in substantially all of the Debtor's assets under loan agreements totaling $500,000. The trust was also granted replacement liens on post-petition assets to the extent of any decline in the value of its collateral. Additional safeguards include maintaining insurance on collateral, restrictions on payments to insiders and pre-petition unsecured creditors, and default provisions for missed payments, reporting failures, or excessive budget deviations. The court scheduled a final hearing for July 2 and set a June 25 deadline for filing objections. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/zi3Ql from PacerMonitor.com. Casa South's business is based in Myrtle Beach, South Carolina, and operates a restaurant that depends on daily cash flow to pay payroll, taxes, rent, utilities, food and beverage costs, insurance, vendor obligations, merchant processing fees, maintenance expenses, and other ordinary operational costs. Prior to bankruptcy, the Debtor experienced mounting financial difficulties caused by rising operating costs, fluctuating sales, debt obligations, tax liabilities, and vendor pressures. Because restaurant operations require constant liquidity, any interruption in access to cash would quickly threaten continued operations, employee retention, customer service, and vendor relationships. The Debtor identifies potential secured creditors that may claim interests in the cash collateral, particularly the Edward Scott Wiley Revocable Trust, which allegedly filed a UCC financing statement asserting a security interest in assets including cash, bank accounts, inventory, tools of the trade, and related proceeds. Although the Debtor acknowledges that these creditors may assert rights in cash collateral, it reserves the right to challenge the validity, perfection, enforceability, amount, or priority of any asserted liens or claims. About Casa South LLC Casa South, LLC is based in Myrtle Beach, South Carolina, and operates a restaurant. Casa South filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. S.C. Case No. 26-02236-eg) on May 19, 2026. In the petition signed by Joseph Carolan, president, the Debtor disclosed up to $100,000 in assets and up to $1 million in liabilities. Judge Elisabetta Gm Gasparini oversees the case. Roger K Pruitt, Esq., at RK Pruitt Law Firm, represents the Debtor as legal counsel. Christine Brimm serves as Subchapter V trustee for the Debtor. CASA SOUTH: Seeks to Hire RK Pruitt Law Firm LLC as Attorney ------------------------------------------------------------ Casa South LLC seeks approval from the U.S. Bankruptcy Court for the District of South Carolina to hire RK Pruitt Law Firm LLC as attorney. The firm's services include: a. advising the Debtor of its rights, powers and duties; b. attending meetings with the Debtor and hearing before the court; c. assisting other professionals in the investigation of the acts, conduct, assets, liabilities and financial condition of the Debtor, any other matters relevant to the case or to the formulation of a plan of organization or liquidation; d. investigating the validity, extend and priority of secured claims against the Debtor's estate and investigating the acts and conduct of such secured creditors and other parties to determine whether any causes of action exist; e. advising the Debtor with regard to the preparation and filing of all necessary and appropriate applications, motions, pleadings, draft orders, notices, schedules, and other documents, and reviewing all financial and other reports to be filed in these matters; f. advising the Debtor with regard to the preparation and filing of response to applications, motions, pleadings, notices, and other papers that may be filed and served in these Chapter 11 cases by other parties; and g. performing other necessary legal services. The firm's current rates are: Attorneys $350 per hour Paralegals $100 per hour The firm received a pre-petition retainer in the amount of $16,738. As disclosed in the court filings, RK Pruitt Law Firm LLC is a "disinterested person" within the meaning of 11 U.S.C. 101(14). The firm can be reached through: Roger Pruitt, Esq. RK Pruitt Law Firm LLC PO Box 162 Columbia, SC 29202 Phone: (803) 767-5988 Email: attorney@rkpruitt.com About Casa South LLC Casa South LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.S.C. Case No. 26-02236) on May 19, 2026, listing $50,001 to $100,000 in assets and $500,001 to $1 million in liabilities. Judge Elisabetta Gm Gasparini presides over the case. Roger K Pruitt, Esq. at R.K Pruitt Law Firm serves as the Debtor's counsel. CERO THERAPEUTICS: Sells $937,500 Convertible Note -------------------------------------------------- CERo Therapeutics Holdings Inc. issued and sold a $937,500 convertible promissory note to SRX Health Solutions Inc. on May 28, according to a Form 8-K filing with the Securities and Exchange Commission. The note was sold for a $750,000 purchase price, bears 10% annual interest and matures May 28, 2027. The company may borrow up to $750,000 under the note. SRX Health Solutions may convert all or part of the outstanding principal and accrued unpaid interest into common stock. The conversion price is the lesser of 5 cents or 80% of the average of the five lowest intraday trading prices during the 20 days before the lender requests conversion, subject to adjustments and a 4.99% beneficial ownership limit. CERo Therapeutics said it must prepare and file a Form S-1 or Form S-3 registration statement covering resale of all common shares issuable upon conversion of the note. The note issuance relied on exemptions from registration under Section 4(a)(2) of the Securities Act and Rule 506(b). Shares issuable upon conversion will be issued under Section 3(a)(9) or Section 4(a)(2), the filing said. About CERo Therapeutics CERo Therapeutics Holdings Inc. is a South San Francisco, California-based immunotherapy company developing engineered T-cell therapeutics for cancer. The company's cellular immunotherapy platform is designed to redirect patient-derived T cells to eliminate tumors through cytotoxic and phagocytic mechanisms, creating what it calls Chimeric Engulfment Receptor T cells. Its lead molecule is CER-1236, an autologous T-cell product targeting the TIM-4 ligand, and the company has pursued clinical development in acute myeloid leukemia, non-small cell lung cancer and ovarian cancer. In an audit report dated April 15, 2026, Salberg & Company, P.A. included a going concern qualification, stating that CERo Therapeutics had no revenue, a net loss of $19.90 million and used $16.10 million of cash in operations during 2025. The auditor also cited an accumulated deficit of $90.80 million, a stockholders' deficit of $5.40 million and a working capital deficit of $6.40 million as of Dec. 31, 2025, saying those matters raised substantial doubt about the company's ability to continue as a going concern. As of March 31, 2026, CERo Therapeutics reported total assets of $2.21 million, total liabilities of $11.46 million and a total stockholders' deficit of $9.26 million. CES ENERGY: S&P Rates Proposed C$300MM Senior Unsecured Notes 'B+' ------------------------------------------------------------------ S&P Global Ratings assigned its 'B+' issue-level rating and '4' recovery rating to CES Energy Solutions Corp.'s proposed C$300 million senior unsecured notes. The '4' recovery rating indicates our expectations of average (30%-50%, rounded estimate: 35%) recovery prospects. CES will use the proceeds to repay its C$275 million senior notes due in 2029, partially repay the revolving credit facility, and related transaction fees. S&P said, "We continue to expect healthy credit metrics in 2026 and 2027 consistent with CES' 1.5x leverage target while the company prioritizes shareholder returns. We forecast S&P Global Ratings-adjusted funds from operations to debt averaging 45%-60% for 2026-2027 and debt to EBITDA around 1.5x." Modest EBITDA growth this year is supported by robust structural demand, including increased service intensity in the oil and gas sector and customers' focus on efficiency gains. Furthermore, CES could see potential demand growth and benefit from its improving market share if higher energy prices drive increased customer activity. Following the prolonged disruption in the Strait of Hormuz, heightened energy security concerns could lead to increased incremental investments or drilling that could drive demand for CES's oilfield chemical offerings. CES's market share has improved modestly with revenue growth despite declining industry rig counts in the U.S. and Canada due to its 2025 acquisition of Fossil Fluids. Other factors include constructive customer relationships, increasing service intensity, and demand for its production efficiency offerings. CES has increased its U.S. drilling fluids market share to 25% from 22% in 2024 and Canadian share to 41% from 34%. Issue Ratings--Recovery Analysis Key analytical factors -- S&P assigned its 'B+' issue-level rating to CES' proposed C$300 million senior unsecured notes, in line with the issuer credit rating. S&P expects CES to use proceeds to repay its C$275 million senior notes due in 2029. -- The recovery rating of '4' indicates average (30%-50%; rounded estimate: 35%) recovery to creditors in a payment default. -- S&P said, "We assess recovery prospects for noteholders on a reorganization value of approximately $598 million, which reflects C$114 million of emergence EBITDA and a 5.5x multiple. The 5.5x multiple is in line with those we use for other companies in the oil and gas equipment and services sector." -- S&P said, "The C$114 million of emergence EBITDA incorporates our adjusted assumption for minimum capital spending of 2% and our standard 5% cyclicality adjustment for issuers in the oil and gas equipment and services sector. We also adjust our estimate so the EBITDA degradation in our hypothetical default scenario is in line with that of similarly rated peers." -- S&P maintains the obligor/nonobligor split of 100%/0% to reflect the split between the EBITDA it generates in the U.S. and internationally. -- S&P said, "Our recovery analysis assumes that in a hypothetical bankruptcy scenario CES' revolving credit facility (not rated) would be fully covered. Although the revolving credit facility's commitment is C$550 million, we assume outstanding borrowings of about C$485 million (85% drawn) at default." Simulated default assumptions -- Simulated year of default: 2029 -- EBITDA at emergence: C$114.4 million -- Implied enterprise value multiple: 5.5x -- Gross enterprise value: C$629 million Simplified waterfall -- Net enterprise value (after 5% administrative costs and obligor/nonobligor valuation split: 100%/0%): C$598 million -- Senior secured claims (assumed 85% cash flow revolver usage): C$485 million -- Total enterprise value available to unsecured claims: C$113 million -- Senior unsecured debt claims: C$309 million --Recovery expectations: 30%-50% (rounded estimate: 35%) All amounts include six months of accrued prepetition interest. CHEESE SHOP: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------- Debtor: The Cheese Shop LLC d/b/a Wedgewood Cheese Bar 100B Brewer Lane Carrboro, NC 27510 Business Description: The Cheese Shop LLC, doing business as Wedgewood Cheese Bar, operates a cheese bar and cheese and wine shop in Carrboro, North Carolina. The company offers cheese- forward food service, cheese boards, wine and other beverages, catering and private dining, events and classes, gift cards, and a food-focused blog. Chapter 11 Petition Date: May 29, 2026 Court: United States Bankruptcy Court Middle District of North Carolina Case No.: 26-80175 Judge: Hon. Benjamin A Kahn Debtor's Counsel: Lydia C. Carpenter, Esq. HENDREN, REDWINE & MALONE, PLLC 4600 Marriott Drive Suite 150 Raleigh, NC 27612 Tel: (919) 420-7867 Fax: (919) 420-0475 Email: lcarpenter@hendrenmalone.com Total Assets: $116,896 Total Liabilities: $1,375,336 The petition was signed by Stevie Lee Webb as managing member. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/32R7QWY/The_Cheese_Shop_LLC__ncmbke-26-80175__0001.0.pdf?mcid=tGE4TAMA CID HOLDCO: Issues $287,500 Note, Starts Furlough ------------------------------------------------- CID HoldCo Inc. issued a $287,500 senior secured convertible promissory note and implemented a temporary employee furlough as it evaluates financing opportunities, according to a Form 8-K filing with the Securities and Exchange Commission. The note was issued to White Lion Capital LLC for $230,000 in cash proceeds, reflecting a 20% original issue discount. The note bears 8% annual interest and matures six months after issuance. CID said proceeds from the closing are required to be used for scheduled monthly payments under a senior secured convertible note issued to J.J. Astor & Co. The company also said its CEO, chief financial officer and chief technology officer agreed to reduce salary payments to minimum state-law amounts and defer base salaries. Its chief revenue officer agreed to receive 50% of salary and defer the balance. The Company expects to restore executive compensation to the levels in effect before the reductions and, as applicable, pay the deferred portions of executive salaries when it is able to do so in connection with its review of financing opportunities. The furlough took effect May 25. Affected employees will not perform services or receive salary or wages during the furlough, subject to applicable law. About CID Holdco CID Holdco, Inc., formerly known as SEE ID Inc. and doing business as Dot AI, is a Las Vegas, Nevada-based company that provides a SaaS platform for real-time asset tracking and visibility. The company develops asset tracking technology using RFID, edge camera platforms, artificial intelligence, machine learning, and related software applications. Its systems support vehicle inspection, inventory tracking, item and personnel tracking, and vehicle collision avoidance, serving industries including construction, military, mining, retail, warehousing, and manufacturing. CID Holdco also manufactures hardware through Dot Works in Puerto Rico and has software, embedded development, and design for manufacturing operations in India and Massachusetts. In an audit report dated March 11, 2026, Carr, Riggs & Ingram L.L.C. included a going concern paragraph stating that the Company has incurred recurring losses from operations, has a working capital deficiency, and an accumulated deficit that raise substantial doubt about its ability to continue as a going concern. As of March 31, 2026, CID HoldCo reported total assets of $7.77 million, total liabilities of $11.87 million and a shareholders' deficit of $4.09 million. CLEAN ENERGY: Gets Nasdaq Notice Over Late 10-Q ----------------------------------------------- Clean Energy Technologies Inc. received a Nasdaq notice after it had not filed its Form 10-Q for the quarter ended March 31, 2026, according to a Form 8-K filing with the Securities and Exchange Commission. The notice, received May 26, said the company was not in compliance with Nasdaq Listing Rule 5250(c)(1), which requires listed companies to timely file required periodic reports. The notice has no immediate effect on the listing or trading of the company's securities. Clean Energy has 60 calendar days from receipt of the notice to submit a plan to regain compliance. If Nasdaq accepts the plan, it may grant an exception of up to 180 calendar days from the Form 10-Q due date, or until Nov. 16, 2026. Clean Energy said it is working to complete and file the quarterly report. About Clean Energy Clean Energy Technologies, Inc., headquartered in Irvine, California, develops renewable energy products and clean energy solutions focused on energy efficiency and renewable energy. The company provides waste heat recovery, waste-to-energy, engineering, consulting and project management services, including converting waste products into electricity, renewable natural gas, hydrogen and biochar. Through Clean Energy Technologies (H.K.) Limited, the company sources, purchases and supplies natural gas to industries and municipalities in mainland China. In an audit report dated April 14, 2025, TAAD, LLP included a going concern paragraph stating that the Company had an accumulated deficit and negative cash flows from operations that raised substantial doubt about the company's ability to continue as a going concern. As of Sept. 30, 2025, Clean Energy Technologies reported total assets of $14.8 million, total liabilities of $7.7 million and total equity of $7.1 million. CLEVELAND INSTITUTE OF ART: S&P Affirms 'BB' Rating on Rev. Bonds ----------------------------------------------------------------- S&P Global Ratings affirmed its 'BB' rating on Ohio Higher Educational Facility Commission's (the commission) series 2018 facility revenue bonds, issued for Cleveland Institute of Art (CIA or the institute). The outlook is stable. S&P said, "We analyzed CIA's environmental, social, and governance factors related to the institute's market position and financial performance. We view these factors as neutral in our credit rating analysis. "The stable outlook reflects our opinion that, despite declining enrollment, CIA will maintain solid demand metrics, financial resources will remain stable, and the institute will not issue additional debt. The outlook also reflects our opinion of management's efforts to improve operations starting in fiscal 2027 through targeted expense cuts. "We could take a negative rating action if financial resources were to fall to a level we no longer consider commensurate with the rating, operations weaken after management's planned expense cuts, demand metrics were to weaken, or if CIA were to issue additional debt without corresponding financial resource growth. "We could take a positive rating action if CIA were to stabilize enrollment, demonstrate sustained improvement in operating performance without extraordinary endowment draws, and improve financial resources to levels commensurate with those of higher-rated peers." CLINTWOOD JOD: Committee Hires Province LLC as Financial Advisor ---------------------------------------------------------------- The official committee of unsecured creditors of Clintwood JOD, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Kentucky to hire Province, LLC as its financial advisor. The firm's services include: a. becoming familiar with and analyzing the Debtors' DIP/Cash Collateral budget, assets and liabilities, and overall financial condition; b. reviewing financial and operational information furnished by the Debtors; c. monitoring the sale process, interfacing with the Debtors' professionals, and advising the Committee regarding the process; d. scrutinizing the economic terms of various agreements, including, but not limited to, various professional retentions; e. analyzing the Debtors' proposed business plans and developing alternative scenarios, if necessary; f. assessing the Debtors' various pleadings and proposed treatment of unsecured creditor claims therefrom; g. preparing, or reviewing as applicable, avoidance action and claim analyses; h. assisting the Committee in reviewing the Debtors' financial reports, including, but not limited to, statements of financial affairs, schedules of assets and liabilities, DIP/Cash Collateral budgets, and monthly operating reports; i. advising the Committee on the current state of these chapter 11 cases; j. advising the Committee in negotiations with the Debtors and third parties as necessary; k. if necessary, participating as a witness in hearings before the Court with respect to matters upon which Province has provided advice; and l. other activities as are approved by the Committee, the Committee's counsel, and as agreed to by Province. Province's current standard hourly rates are: Managing Directors and Partners $900 to $1,600 Vice Presidents, Directors, and Senior Directors $700 to $1,050 Analysts, Associates, and Senior Associates $370 to $750 Paraprofessional/Admin /Interns $270 to $380 As disclosed in the court filings, Province, LLC is a "disinterested persons" within the meaning of section 101(14), as modified by section 1107(b) of the Bankruptcy Code. The firm can be reached through: Adam Rosen Province, LLC 2360 Corporate Circle, Suite 340 Henderson, NV 89074 Phone: (702) 685-5555 About Clintwood JOD LLC Clintwood JOD, LLC is a coal mining company based in Belcher, Kentucky, operating surface and underground mining activities focused on producing bituminous coal for industrial and metallurgical use. Founded in 2019, the company works across eastern Kentucky and nearby regions, supplying coal to domestic energy and steel-related markets. Its operations center on extracting, processing, and transporting coal, supporting demand from industrial clients in the region. Clintwood JOD sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Ky. Case No. 26-60438) on March 22, 2026. In the petition signed by J. Christopher Adkins, authorized signatory, the Debtor disclosed assets of between $100 million and $500 million and liabilities of between $50 million and $100 million. Judge Gregory R. Schaaf oversees the case. Dean A. Langdon, Esq., at Gartland Thacker DelCotto, PLLC, represents the Debtor as legal counsel. COMPUTE NORTH: Court Narrows Claims in Tribolet Adversary Case -------------------------------------------------------------- Judge Marvin Isgur of the U.S. Bankruptcy Court for the Southern District of Texas ruled on the motion for partial summary judgment filed by Corpus Christi Energy Park, LLC, and Bootstrap Energy, LLC Tribolet Advisors LLC's claims for violation of automatic stay, transfer avoidance, unjust enrichment, and piercing the corporate veil in the adversary proceeding captioned as TRIBOLET ADVISORS LLC, Plaintiff, VS. CORPUS CHRISTI ENERGY PARK, LLC, et al., Defendants, ADVERSARY NO. 23-3210 (Bankr. S.D. Tex.) as follows: 1. The constructive fraudulent transfer avoidance claim over the Design Build Contract payments fails as a matter of law. 2. The claim for unjust enrichment fails as a matter of law. 3. The alter ego/piercing the veil claim fails as a matter of law. 4. The preferential transfer claim for $35,000 in storage fee payments is moot. 5. The claim seeking contempt damages for violation of the automatic stay fails as a matter of law. Compute North owned and operated cryptocurrency mining data centers. Bootstrap Energy, LLC was formed to develop "large scale energy infrastructure projects" for data centers. In February 2021, Bootstrap identified a 114-acre tract of land in Corpus Christi, Texas for its "Corpus Christi Energy Park." Bootstrap's plan was to develop a "shovel ready" site on the land, and market parcels of the site to prospective data center owners. Bootstrap pitched the idea to Compute North in October 2021. Following negotiations, Compute North and Bootstrap, doing business as Corpus Christi Energy Park, LLC, entered into a term sheet purchase agreement. ECF No. 138-2 at 256. The Term Sheet provided that Bootstrap would develop and obtain easements on the 114-acre tract of land, and Compute North would prepay $500,000.00 for a 50 year ground lease on a 33.8 acre parcel ("1102 McKinzie"). The ground lease would convert into fee title upon partition and land survey approval. Under the Term Sheet, Compute North paid $2,371,500.00 for earnest money, and $758,880.00 for a termination option fee in consideration for reserving a 30-day exclusive option period of negotiation. In March 2022, Compute North Corpus Christi, LLC and Corpus Christi Energy Park entered into the design build contract for an original purchase price of $24,250,000.00. The purchase price was to be paid in installments. Upon execution of the Design Build Contract, about $10.37 million was paid to Bootstrap. The $10.37 million was funded from the release of the escrowed earnest money, and an additional payment of $8 million. The Design Build Contract required Corpus Christi Energy Park to tender a satisfactory interconnection agreement with AEP Texas for 300 MW of electricity capacity to Compute North within 60 days of the signing of the contract. Corpus Christi Energy Park did not tender a satisfactory AEP letter of agreement by the 60-day deadline. On June 3, 2022, Corpus Christi Energy Park issued a notice of default to Compute North for failure to timely pay for the first half of a change order executed in May 2022. ECF No. 138 at 22. A few days later, Compute North emailed Corpus Christi Energy Park regarding its right to terminate the Design Build Contract for failure to timely provide the AEP Agreement. However, Compute North expressed its interest in proceeding with the project. Later in the month, Corpus Christi Energy Park sent Compute North another notice of nonpayment on the change order, exercising its right to stop work. Despite cross notices of defaults, the parties proceeded with the project. On August 25, 2022, Corpus Christi Energy Park provided a new AEP Agreement to Compute North. The next day, Corpus Christi Energy Park communicated to Compute North intent to terminate the Design Build Contract for Compute North's failure to make its third milestone payment. On September 22, 2022, Compute North and its affiliates filed for Chapter 11 bankruptcy protection. In December 20, 2022, the Court entered an agreed order terminating the Design Build Contract. After the Design Build Contract was terminated, Corpus Christi Energy Park and Bootstrap completed the 1102 McKinzie facility, and sold it to a third-party buyer. Tribolet alleges that Corpus Christi Energy Park and Bootstrap used Compute North's payments under the Design Build Contract to complete the facility. Tribolet also alleges that they used the funds on another project ("1242 McKinzie Project") in the Energy Park. Constructive Fraudulent Transfers Tribolet seeks avoidance of payments Compute North made under the Design Build Contract in the total amount of $11,024,097. The payments were: * March 16, 2022: $8,005,500 for milestone payment #1. * March 17, 2022: $2,371,500 in released escrowed funds to milestone payment #1. * August 30, 2022: $647,097.00 for a change order payment. Tribolet argues that those payments constitute avoidable constructive fraudulent transfers under Sec. 548(a)(1)(B). The sole issue in this case is whether the Design Build Contract payments were made for less than reasonably equivalent value. In this case, Tribolet does not dispute the validity or the enforceability of the Design Build Contract. But Tribolet argues that the first milestone payment, in the amount of about $10.37 million, was not for reasonably equivalent value. That payment became due upon "Execution and Delivery of the Contract Documents." Tribolet argues that the value of contract execution is disproportionate compared to the $10.37 million payment. Corpus Christi Energy Park contends that the payment reflects "significant value" prior to the execution of the Design Build Contract -- namely the upfront work to get the Energy Park site "shovel ready." But Corpus Christi Energy Park also concedes that the first milestone payment was made to mitigate risk because Compute North allegedly failed to provide a letter of credit or other security to ensure funding for the project. According to the Court, the payment of about $647,097 in connection with the change order was made in exchange for reasonably equivalent value as a matter of law. The change order was executed by the parties for the procurement of voltage breakers. Corpus Christi Energy Park incurred a charge from its subcontractor as the result of the change order. Tribolet's constructive fraudulent transfer claim fails as a matter of law. Unjust Enrichment Corpus Christi Energy Park argues that Tribolet's unjust enrichment claim fails as a matter of law because a valid, express contract governs this dispute. The Court finds at the summary judgment stage, the record demonstrates that the parties' dispute is governed by the Design Build Contract. Tribolet seeks recovery of the same payments made under the Design Build Contract through both breach of contract and unjust enrichment theories. Alter Ego/Pierce the Corporate Veil Tribolet seeks to hold Bootstrap liable for Corpus Christi Energy Park's obligations under the Design Build Contract. To do so, Tribolet must pierce the corporate veil under Texas law. Corpus Christi Energy Park and Bootstrap argue that Tribolet cannot pierce the corporate veil because Tribolet cannot prove actual fraud as a matter of law. Tribolet's main assertion for actual fraud is that the "entire structure of and relationship between Bootstrap, Corpus Christi Energy Park, and the McKinzie entities was calculated to provide maximum benefit to Bootstrap while placing maximum risk on Compute North." According to the Court, there is nothing on the record to suggest that Compute North was "kept in the dark" during negotiations preceding the execution of the Design Build Contract. The circumstances in this case are insufficient to support a veil piercing claim. The alter ego/veil piercing claim, to hold Bootstrap liable for Corpus Christi Energy Park's contractual obligations, fails as a matter of law. Preferential Transfer Tribolet concedes he is not seeking to avoid storage fee payments in the amount of $35,000 as preference transfers. Corpus Christi Energy Park does not seek summary judgment on the $647,096.00 change order payment. Tribolet's preference transfer claim over the remaining $647,096.00 survives summary judgment. Violation of Automatic Stay Tribolet argues that Compute North had a legal and equitable interest in the 1102 McKinzie and 1242 McKinzie projects as of the Petition Date. The basis of those alleged interests is that Corpus Christi Energy Park and Bootstrap retained payments made under the Contract and used those payments for projects. Tribolet asserts that they violated the automatic stay by marketing and selling those projects. Tribolet seeks damages for the violation of the automatic stay under Sec. 105. The Court finds at the summary judgment stage, Tribolet has not raised a genuine issue of fact as to whether damages are warranted for a stay violation. Count Two fails as a matter of law. A copy of the Court's Memorandum Opinion dated May 27, 2026, is available at https://urlcurt.com/u?l=UPDWu3 from PacerMonitor.com. About Compute North Holdings Computer North Holdings, Inc., now known as Mining Project Wind Down Holdings Inc. -- https://www.computenorth.com/ -- operated crypto mining data centers -- two in Texas and one in both South Dakota and Nebraska. Compute North Holdings and 18 affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 22-90273) on Sept. 22, 2022. In the petitions signed by Harold Coulby, as authorized signatory, the Debtors reported between $100 million and $500 million in both assets and liabilities. Judge Marvin Isgur oversees the cases. The Debtors tapped Paul Hastings, LLP and Ferguson Braswell Fraser Kubasta, PC as bankruptcy counsels; Jefferies, LLC as investment banker; and Portage Point Partners as financial advisor. Epiq Corporate Restructuring, LLC is the claims, noticing and solicitation agent. On Oct. 6, 2022, the Office of the U.S. Trustee for Region 7 appointed an official committee of unsecured creditors. The committee tapped McDermott Will & Emery LLP as legal counsel; and Miller Buckfire & Co., LLC and its affiliate, Stifel, Nicolaus & Co., Inc., as investment banker. On Nov. 23, 2022, the Debtors filed their proposed joint Chapter 11 liquidating plan and disclosure statement. In February 2023, the Debtors secured Bankruptcy Court approval of its liquidation after selling off its assets. The Debtors, which entered bankruptcy with about $250 million in secured debt, sold off assets through 13 separate sales and reached key settlements with all of their largest creditors and constituents. CONDOMINIUM BOARD: Court Won't Dismiss Bankruptcy Case ------------------------------------------------------ The Hon. Michael E. Wiles of the U.S. Bankruptcy Court for the Southern District of New York denied the motion of the Residential Board of Managers of the Cassa NY Condominium and Waterscape Resort LLC to dismiss the bankruptcy case of The Condominium Board of Managers of The Cassa NY ("the Condo Board") and/or to remove the Condo Board as debtor in possession. The condominium is divided into separate commercial and residential units, and a separate Residential Board of Managers (the "Residential Board") has responsibilities for certain matters that pertain solely to the residential spaces. The Condo Board has the right to assess and collect common charges and the ability to make special assessments, but it has no other source of revenue. The hotel spaces closed as a result of the Covid pandemic in 2020. The prior owner of the commercial spaces then defaulted in the payment of common charges, and its nominees to the Condo Board either resigned or failed to participate further. The Residential Board obtained a default judgment against the Condo Board in 2021 in an action to recover common charges that the residential owners had overpaid. The New York State Supreme Court also issued injunctions, and a later TRO, in aid of the enforcement of that judgment. Waterscape Resort LLC, in its capacity as the purported manager of the condominium, also filed a disputed Confession of Judgment in 2025 that led to entry of an additional judgment. The commercial spaces were sold in a foreclosure sale in mid-2025, and the new owner of the commercial spaces designated the members of the Condo Board that it was entitled to appoint. The new owners of the commercial spaces did not assume the obligations of the prior owners. The Residential Board contended, however, that a state court injunction issued in 2021, and a separate restraining order issued by the state court in 2026, barred the Condo Board from assessing or collecting any common charges from the Residential Board and/or from the owners of residential units unless and until the condominium first satisfied the judgment that the Residential Board obtained in 2021. Waterscape asserted its own claims, and the parties obtained competing temporary restraining orders, from different state court judges, regarding the parties' respective management rights and the enforcement of Waterscape's claims. The Condo Board filed a bankruptcy petition on February 24, 2026 to try to sort out the mess that the parties' disputes had created. The Debtor has removed, from the New York State courts, the lawsuit in which the original 2021 judgment, the 2021 injunction and the 2026 TRO were issued and three other lawsuits that were pending in the state court. The Bankruptcy Court held an initial hearing on April 14, 2026 and thereafter Judge Wiles entered an Order in which he confirmed the Debtor's right to proceed under Subchapter V of chapter 11 and in which he denied a motion to dismiss to the extent that it alleged bad faith or mismanagement by the Condo Board. The Residential Board and Waterscape argue that the bankruptcy filing should be dismissed and that actions taken at the relevant meeting of the Condo Board should be treated as a nullity, on the ground that the agenda for the meeting at which the bankruptcy filing was authorized only stated an intent to discuss "how to address" financial difficulties and illiquidity, and did not explicitly state that a bankruptcy filing was a possible solution. They also contend that the injunction and TRO that the state court issued in aid of the enforcement of the 2021 judgment should continue to be given effect, and that the Condo Board should not be allowed to assess, collect and pay post-petition common charges from the residential owners unless and until it first pays the amount due on the 2021 judgment. The Residential Board and Waterscape have also asked that the Bankruptcy Court remand all of the removed actions to the state court and/or abstain from exercising Jurisdiction over them, and lift the automatic stay to allow the state court cases to continue. Finally, they have also objected to the retention of the law firm of Tarter, Krinsky and Drogin as counsel to the Debtor. The Subchapter V trustee filed a separate letter suggesting that it might make sense to compel the parties to mediate their disputes. The Bankruptcy Court will issue one or more Orders: (1) denying the motion to dismiss or the motion to remove the Condo Board as debtor in possession; (2) holding that the state court injunctions do not restrict the post-petition management rights of the Condo Board, including but not limited to its authority to assess, collect and pay common charges and expenses; (3) modifying the state court injunctions and temporary restraining orders to conform to the supervening requirements of the Bankruptcy Code; (4) denying the motions for mandatory abstention, permissive abstention, remand and/or relief from the automatic stay as to the actions that have been removed from state court to the Bankruptcy Court; (5) approving the retention of Tarter, Krinsky & Drogin LLP as attorneys for the Debtor; (6) denying, without prejudice, the motion by the Residential Board and Waterscape to give special powers to the Subchapter V trustee; and (7) denying, without prejudice, the request by the Subchapter V trustee that the Bankruptcy Court order the parties to submit to mediation. A copy of the Court's Order dated May 26, 2026, is available at https://urlcurt.com/u?l=I9UmJs from PacerMonitor.com. Proposed Counsel to the Condominium Board of Managers of The Cassa NY Condominium: Scott S. Markowitz, Esq. Rocco A. Cavaliere, Esq. Jack M. Manchester, Esq. jmanchester@tarterkrinsky.com Tarter Krinsky & Drogin LLP 1350 Broadway New York, NY 10018 E-mail: smarkowitz@tarterkrinsky.com rcavaliere@tarterkrinsky.com Attorneys for the Residential Board of Managers of the Cassa NY Condominium and Waterscape Resort, LLC: Andrew R. Gottesman, Esq. ROSENBERG & ESTIS, P.C. 11 Grand Central East New York, NY 10017 E-mail: agottesman@rosenbergestis.com About The Condominium Board of Managers of The Cassa NY The Condominium Board of Managers of The Cassa NY Condominium sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. N.Y. Case No. 26-10379) on February 24, 2026, with $50,001 to $100,000 in assets and $1 million to $10 million in liabilities. Judge Michael E. Wiles oversees the case. Scott S. Markowitz, Esq., at Tarter Krinsky & Drogin, LLP represents the Debtor as legal counsel. CONFLUENCE CORPORATION: Unsecureds Will Get 6.3% in 3 Years ----------------------------------------------------------- Confluence Corporation filed with the U.S. Bankruptcy Court for the District of Hawaii a Disclosure Statement describing Plan of Reorganization dated May 22, 2026. The Debtor is a Hawaii corporation. It was founded in 1975 as an air conditioning service company. Christopher Caliedo acquired the Debtor in 2013. The Debtor currently specializes in maritime vessel repair and maintenance services, including welding, mechanical, HVAC and related services for US Navy and commercial vessels, and also performs similar work for private-sector land-based clients. It relies almost exclusively on contract employees for jobs on the mainland. The Debtor's financial difficulties date back to liquidity challenges caused by the COVID pandemic, exacerbated by the Debtor's inability to obtain reasonable financing to fund the often, heavy upfront costs associated with its jobs. The funding necessary for the Debtor to emerge from Chapter 11 will be provided by business operations. Class 4 consists of Allowed General Unsecured Claims which is estimated to total approximately $7,924,975 (consisting of approximately $3,110,213 in filed General Unsecured Claims, the approximately $1,106,054 claim of Fox Capital Group, Inc., and approximately $3,708,528 of scheduled General Unsecured Claims). Each Holder of an Allowed General Unsecured Claim shall receive a Pro Rata share of a fixed distribution fund in aggregate amount of $750,000, payable in three annual installments of $250,000 each on or before December 15, 2027, December 15, 2028 and December 15, 2029. The Debtor estimates that Holders of Allowed General Unsecured Claims will receive approximately 6.3% of their claims. Class 4 is impaired, and Holders of General Unsecured Claims are entitled to vote to accept or reject the Plan. Class 5 consists of Allowed Equity Interests in the Debtor held by Christopher Caliedo. Mr. Caliedo shall retain his Equity Interests in the Debtor. Class 5 is unimpaired, and is deemed to accept the Plan. The Plan will be implemented and funded from the Debtor's operations. The Debtor will, as the Reorganized Debtor, continue to exist on and after the Effective Date with all of the powers of a legal entity under the applicable nonbankruptcy law, and without prejudice to any right to alter or terminate its existence (whether by merger or otherwise). A full-text copy of the Disclosure Statement dated May 22, 2026 is available at https://urlcurt.com/u?l=5k3V3c from PacerMonitor.com at no charge. The Debtor's Counsel: Chuck C. Choi, Esq. CHOI & ITO 700 Bishop Street, Suite 1107 Honolulu, HI 96813 Tel: 808-533-1877 Fax: 808-566-6900 Email: cchoi@hibklaw.com About Confluence Corporation Confluence Corporation, doing business as Regal Service Company, specializes in maritime vessel repair and maintenance services. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Hawaii Case No. 25-00623) on July 17, 2025, listing between $1 million and $10 million in both assets and liabilities. Christopher W. Caliedo, president of Confluence, signed the petition. Judge Robert J. Farris oversees the case. Chuck C. Choi, Esq., at Choi & Ito, represents the Debtor as legal counsel. COSCIENS BIOPHARMA: Deloitte LLP Raises Going Concern Doubt ----------------------------------------------------------- COSCIENS Biopharma Inc. filed its Annual Report on Form 20-F 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. Montreal, Canada-based Deloitte LLP, the Company's auditor since 2024, 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 incurred a net loss of $10.36 million and had negative cash flows from operating activities of $8.47 million during the year ended December 31, 2025, and, as of that date, the Company had an accumulated deficit of $20.51 million. These conditions, along with other matters, raise substantial doubt about the Company's ability to continue as a going concern. The Company has also experienced a sustained decline in revenues and has incurred continuous operating losses during the current and prior fiscal period, raising substantial doubt about the Company's ability to continue as a going concern. The Company generated revenue of $7.5 million in 2025, compared to a revenue of $9.59 million in 2024. In addition, a significant portion of the Company's revenue is derived from a single customer primarily located in the United States, exposing the Company to potential volatility in cash flows. Furthermore, on August 1st, 2025, the President of the United States issued executive orders imposing 35% tariffs on imports from Canada, up from the previous 25%, with an exemption for The Canada-United States-Mexico Agreement ("CUSMA")-compliant goods. Although the Company's product sales to the US are CUSMA compliant, the Company is monitoring the potential direct and indirect impacts of tariffs, retaliatory tariffs, or other trade protectionist measures. As a result, the Company is exposed to uncertainty in cash flows from operations and consequently, there is no assurance that projected revenue and positive cash flows will be realized. Failure to achieve these projections could require the Company to reduce or curtail operations and development activities, harming the business, financial condition, and results of operations. The Company has implemented a comprehensive strategic plan that focuses on initiatives to conserve cash. As part of this plan, management is actively evaluating its overall manufacturing process and procurement strategy to identify potential areas for future margin improvement and cost reduction. Actions taken to date included reduced spending on research and development activities, lowering capital expenditures and the restructuring of operations. The Company has begun executing the strategic plan and will continue to do so as necessary, based on cash availability. There is no assurance on the availability of future funding which could impact the Company's ability to continue as a going concern. A full text copy of the Company's Form 20-F is available at http://tiny.cc/4174101 About COSCIENS Biopharma Inc. COSCIENS Biopharma Inc. and its subsidiaries, formerly Aeterna Zentaris Inc., is a Life Science Company developing and commercializing a diversified portfolio of products for the cosmeceutical, nutraceutical and pharmaceutical markets. These products are produced using the Company's proprietary technologies. The Company's patented technologies include the Pressurized Gas eXpanded (PGX) technology, which is a unique technology that generates high-value yields of active ingredients from natural based resources for use in novel cosmeceutical, nutraceutical and pharmaceutical products. The Company's two value-driving products, oat beta glucan and avenanthramides, are found in many household name cosmetic and personal care brands. These products are manufactured from the Company's proprietary oat extraction manufacturing technology and are known for their well-documented health benefits. As of December 31, 2025, the Company had $21.43 million in total assets, $17.59 million in total liabilities, and $3.84 million in total shareholders' equity. COSWMP LTD: Kevin Neiman Named Subchapter V Trustee --------------------------------------------------- The Acting U.S. Trustee for Region 19 appointed Kevin Neiman as Subchapter V trustee for COSWMP Ltd. Mr. Neiman will be paid an hourly fee of $375 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Neiman declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Kevin S. Neiman PO Box 100455 Denver, CO 80250 Tel: (303) 996-8637 Fax: (877) 611-6839 Email: trustee@ksnpc.com ‘ About COSWMP Ltd. COSWMP Ltd., doing business as SOS Site Services and Snow Outdoor Services, provides landscape maintenance, irrigation maintenance, snow removal, tree removal and related site services in Colorado. The Boulder, Colorado-based company serves commercial and municipal customers, including public-sector clients, and operates a small fleet supporting construction and site-service work. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case No. 26-13686) on May 22, 2026, with $500,000 to $1 million in assets and $1 million to $10 million in liabilities. Troy Emberton, CFR, signed the petition. Judge Thomas B. McNamara presides over the case. Justin M Mertz, Esq. at MICHAEL BEST & FRIEDRICH represents the Debtor as legal counsel. CP ATLAS: Moody's Cuts CFR to Caa1, Outlook Negative ---------------------------------------------------- Moody's Ratings downgraded CP Atlas Buyer, Inc.'s (doing business as American Bath Group, LLC) corporate family rating to Caa1 from B3, its probability of default rating to Caa1-PD from B3-PD, the ratings on the senior secured first lien term loan B due 2030, senior secured first lien revolving credit facility due 2030 and senior secured first lien notes due 2030 to B3 from B2, and the ratings on the senior secured second lien notes due 2031 and senior unsecured notes due 2028 to Caa3 from Caa2. The rating outlook remains negative. The rating action reflects the company's weak credit metrics and deteriorating liquidity with limited prospects that demand will improve this year. Weak consumer sentiment and rising material costs will lead to lower levels of repair and remodel, particularly for more discretionary products such as bathware, and Moody's expects new residential construction to decline this year. Moody's expects negative free cash flow generation over the next 12-18 months and weakening covenant headroom under the company's first-lien net leverage covenant, which is tested at quarter-end once revolver utilization exceeds 35%. Governance risk considerations are material to the rating action, reflecting an aggressive financial policy evidenced by past debt-financed acquisitions despite weak credit metrics and weak end-market demand. RATINGS RATIONALE The Caa1 CFR reflects the highly discretionary nature of bathware and spa products and customer concentration with big box retailers that exposes the company to shifts in its end-market. The company's very high leverage of over 10x debt/EBITDA expected by the end of 2026 is attributable to an approximate 35% decline in adjusted EBITDA from its peak in 2022 and the increase in debt levels following its recent acquisitions. Moody's expects the operating environment to continue to be challenging, which will limit any material improvements in credit metrics. Resin prices, the company's largest material cost, have significantly increased as a result of the closure of the Strait of Hormuz, and passing these costs through to customers is difficult in weak industry conditions. The rating is supported by American Bath's solid market position and national footprint and broad bathware product offerings. After the $32 million senior unsecured notes due December 2028, the company has no near-term maturities until 2030. However, American Bath's liquidity is weak, driven by ongoing free cash flow deficits that Moody's expects to persist through 2026. As of year-end 2025, the company had no drawings drawn on its $221.7 million revolving credit facility but drawings increased to approximately $80M by the end of Q1 2026 because of seasonality and large semi-annual interest payments in Q1. Moody's expects drawings will reduce to around $20 million by the end of 2026 but will again increase significantly in Q1 2027. While this suggests meaningful availability, actual access could be constrained by its springing first-lien net leverage covenant, triggered at 35% utilization. The covenant steps down to 8.5x effective Q3 2026 from 8.75x, and further to 7.75x effective Q2 2027. The company estimates that its first-lien net leverage covenant calculation as of Q1 2026 is about 7.2x. While Moody's expects the company to remain in compliance with its covenant in 2026, Moody's expects the cushion to shrink and be tight in Q1 2027, given Moody's expectations for EBITDA declines in 2026 and higher revolver drawings in the quarter, and in Q2 2027 because of the step-down to 7.75x. The B3 ratings on the first-lien credit facilities, including the revolver, term loan and notes, are one notch above the CFR. The higher rating reflects the prioritized position of debt in the capital structure and the loss absorption provided by the second-lien notes and senior unsecured notes. The Caa3 rating on the second-lien notes and unsecured notes reflects the subordination of these instruments to the first-lien credit facilities and the expected loss in value in a default scenario. ESG CONSIDERATIONS Governance considerations are material to the credit decision. Moody's lowered American Bath's credit impact score to CIS-5 from CIS-4 and its governance issuer profile score to G-5 from G-4, reflecting heightened governance risk in financial strategy and risk management. American Bath's leverage has increased significantly, and Moody's expects the company to rely on its revolver to cover ongoing cash flow deficits. The company's management track record score remains at 3, reflecting management's ability to manage operations and maintain gross margins in a prolonged period of weak end-market demand. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if debt/EBITDA is sustained below 6.5x and EBITA/interest expense is sustained above 1.0x. An upgrade would also require adequate liquidity and sufficient cushion under its financial covenant. The ratings could be downgraded if there is a deterioration in liquidity or increased prospects of a default or debt restructuring. American Bath Group, LLC is a major US and Canadian manufacturer and distributor of bathware constructed from gelcoat, sheet molded compound, porcelain on steel, acrylic and solid surface. The company also manufactures shower doors and shower wall panels. The company is owned by funds advised by Centerbridge Partners, L.P. The principal methodology used in these ratings was Manufacturing published in September 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. CPM HOLDINGS: S&P Withdraws 'B-' Issuer Credit Rating ----------------------------------------------------- S&P Global Ratings withdrew its 'B-' issuer credit rating on CPM Holdings Inc. S&P also discontinued the 'B-' issue-level ratings on the $100 million revolving credit facility due June 2028 and $1.215 billion term loan due September 2028 after the debt was repaid in full. Rosebank Industries completed its acquisition of CPM Holdings on May 12, 2026. CPM Holdings' revolving credit facility and term loan were repaid at close. At the time of withdrawal, the outlook was stable. CPV MARYLAND: Moody's Hikes Rating on Senior Secured Debt to Ba2 ---------------------------------------------------------------- Moody's Ratings has upgraded the senior secured bank credit facilities of CPV Maryland, LLC (CPV Maryland or Project) to Ba2 from Ba3. The outlook is stable. CPV Maryland's senior secured bank credit facilities consist of an outstanding $212 million senior secured term loan B (TLB), originally issued at $350 million in May 2021, and due in May 2028; and a $100 million revolving credit facility maturing in November 2027. RATINGS RATIONALE The rating action acknowledges the Project's consistently improved financial and operating performance combined with meaningful debt repayment achieved to date. CPV Maryland has demonstrated strong credit metrics, including the Project's Moody's adjusted debt service coverage ratio (DSCR) achieving a 3.1x and Moody's adjusted cash flow from operations (CFO) to debt ratio achieving 19%, both on a three-year average basis during FY 2023 to FY2025. During FY 2025, the Project's Moody's adjusted DSCR and CFO to debt ratio reached 6.1x and 43.6%, respectively and achieved higher than expected levels of debt repayment with the Project's TLB balance as of March 31, 2026 decreasing to $212 million, equivalent to about $285/kW. CPV Maryland's financial performance and improving cash flow reflect the recent improvement in PJM capacity prices and the Project's demonstrated strong energy margins, further buoyed by the Project's rolling hedging strategy that provide a good degree of near-term downside cash flow protection. While the Project's credit profile reflects the risks of a single asset merchant generator with exposure to market capacity and energy price volatility, the Project benefits from substantially improved PJM Base Residual Auction (BRA) capacity prices which are known at least through mid-2028 at the $333 MW-day PJM price cap and likely to remain at the cap through mid-2030, beyond the maturity of the credit facilities. The Project additionally benefits from its proximity to the Washington DC metro area and northern Virginia load centers, which is a region characterized by expected high load demand due to data centers. CPV Maryland has achieved significantly favorable spark spreads as the region experiences high power prices and relatively low gas prices due to good pipeline access from the Marcellus and Utica gas supply resources. With the recent improvements in the PJM BRA capacity prices and widening spark spreads, Moody's expects the Project's cash flows and credit metrics to improve further as additional debt repayments are achieved through the Project's cash sweep mechanism, tempered somewhat by emissions cost volatility due to compliance requirements pursuant to the Northeast Regional Greenhouse Gas Initiative (RGGI). OUTLOOK The stable outlook reflects Moody's expectation that the Project will continue to demonstrate solid operating performance, and credit metrics will continue to improve based on increasingly favorable capacity pricing environment and an active ongoing hedging strategy to protect energy margins. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS FACTORS THAT COULD LEAD TO AN UPGRADE -- Upward rating pressure will remain limited for the Project as a single power generation asset which is exposed to merchant market volatility. However, the rating could face upward pressure should CPV Maryland's leverage decrease substantially leading to consistently stronger financial metrics such that DSCR is consistently above 5.0x, and the project CFO to debt ratio remains above 35%, respectively. FACTORS THAT COULD LEAD TO A DOWNGRADE -- The rating could be downgraded if the Project incurs sustained operational problems. -- The rating will be pressured downward should the Project face a sustained period of low energy margins in combination with an erosion of PJM BRA capacity prices such that the Project DSCR falls below 3.0x, in combination with the project CFO to debt ratio falling below 20%, on a sustained basis. PROFILE CPV Maryland, LLC is a special purpose entity formed solely to own and operate the St. Charles Energy Center power generating station (Plant), a 745 megawatt natural gas-fired combined-cycle combustion turbine generating facility located in Charles County, Maryland. CPV Maryland is presently owned 100% by a subsidiary of CPV Group, LP and managed by its affiliate Competitive Power Ventures, Inc. LIST OF AFFECTED RATINGS Issuer: CPV Maryland, LLC Upgrades: Senior Secured Bank Credit Facility, Upgraded to Ba2 from Ba3 Outlook Actions: Outlook, Remains Stable The principal methodology used in these ratings was Power Generation Projects published in May 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. CRUZ TEC: Seeks to Hire Andrews Myers P.C. as Bankruptcy Counsel ---------------------------------------------------------------- Cruz Tec Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to hire Andrews Myers, P.C. as counsel. The firm will provide these services: (a) assist, advise, and represent the Debtors relative to the administration of this jointly administered Chapter 11 case; (b) assist, advise, and represent the Debtors in analyzing assets and liabilities, investigating the extent and validity of liens and claims, and participating in and reviewing any proposed asset sales or dispositions; (c) attend meetings and negotiate with representatives of creditors; (d) assist the Debtors in the preparation, analysis, and negotiation of any plan(s) of reorganization and related disclosure statement(s); (e) take all necessary action to protect and preserve the interests of the Debtors; (f) appear before the Court, Appellate Courts, and other courts to protect the Debtors' interests; and (g) perform all other necessary legal services, including the removal of any pending Texas state court litigation to the Bankruptcy Court. These are the hourly billing rates for Andrews Myers: T. Josh Judd, Shareholder $625 Lisa Norman, Shareholder $600 Bryce C. Latray, Associate $425 Paralegals $225 to $300 As of the Petition Date, the firm maintained a pre-petition retainer balance in the amount of $7,500. According to court filings, Andrews Myers, P.C. does not represent any interest adverse to the Debtors or their estates and is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: T. Josh Judd, Esq. ANDREWS MYERS, P.C. 1885 Saint James Place, 15th Floor Houston, TX 77056 Telephone: (713) 850-4200 Facsimile: (832) 786-4877 E-mail: jjudd@andrewsmyers.com About Cruz Tec Inc. Cruz Tec Inc., founded in 2001 and headquartered in Houston, Texas, is a trenchless utility contractor that provides engineering solutions including cured-in-place pipe (CIPP), pipe bursting, manhole rehabilitation, and protective coatings. The Company operates as a self-performing turnkey firm serving municipalities and utilities across Texas and the United States, with projects ranging in scale from small contracts to multi-million-dollar upgrades. Its work includes compliance-driven infrastructure rehabilitation, such as projects for the San Antonio Water System under a federal consent decree to repair and modernize sewer systems. Cruz Tec sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-35537) on Sept. 19, 2025. In its petition, the Debtor reports total assets of $2,392,423 and total debts of $3,174,040. Bankruptcy Judge Jeffrey P. Norman handles the case. The Debtor is represented by Robert C Lane, Esq., at The Lane Law Firm. CYCURION INC: To Buy Secuvant for $2.88 Million ----------------------------------------------- Cycurion Inc. agreed to acquire Secuvant LLC in a merger valued at about $2.88 million in cash and equity, according to a Form 8-K filing with the Securities and Exchange Commission. Cycurion Merger Sub LLC will merge with Secuvant, with Secuvant surviving as a wholly owned subsidiary of Cycurion. The transaction includes $875,000 in cash and 888,888 Series I convertible preferred shares representing $2 million in value. The cash component consists of $350,000 at closing, $300,000 60 days after closing and $225,000 120 days after closing, subject to a working capital adjustment. Secuvant equityholders also are eligible for contingent earn-out payments over 2026 to 2028, including guaranteed annual payments of $100,000 and performance-based payments tied to gross profit from qualifying revenue streams. Cycurion said in a press release that the acquisition is expected to contribute about $3 million in annualized revenue and about $1.5 million in EBITDA for fiscal 2026. About Cycurion Cycurion, headquartered in McLean, Virginia, provides cybersecurity, IT security and managed-services offerings. The company delivers integrated platforms and services for government, enterprise and other customers, including AI-driven cybersecurity and national security solutions. Its offerings include managed detection and response, threat and vulnerability management, compliance and related cybersecurity services. In its March 31, 2026, audit report, WWC, P.C., included a going concern paragraph, citing the Company's recurring operating losses and working capital deficit as conditions that raise substantial doubt about its ability to continue as a going concern. As of March 31, 2026, Cycurion reported total assets of $31.45 million, total liabilities of $17.76 million and total stockholders' equity of $13.68 million. DANIEL TRUCKING: Cash Collateral Hearing Set for June 24 -------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Illinois is set to hold a hearing on June 24 to consider extending Daniel Trucking International, Inc.'s authority to use cash collateral. The Debtor is currently authorized to use cash collateral through June 26 pursuant to the court's fifth interim order. Under the fifth interim order, the Debtor is allowed to utilize its cash collateral for post-petition expenses based on an approved 30-day budget, subject to a 10% variance per line item. The budget shows total operational expenses of $1,103,027. Secured creditors, Old National Bank and the U.S. Small Business Administration, were granted adequate protection, through replacement liens on the cash collateral, with the same validity and extent as their pre-bankruptcy liens. Additional safeguards include insurance coverage on the creditors' collateral. Daniel Trucking International owes approximately $1.3 million and $1.886 million to Old National Bank and the SBA, respectively. Both creditors hold perfected security interests in all of the Debtor's assets, including its cash and receivables pursuant to pre-bankruptcy UCC filings. Old National Bank is represented by: Kristopher A. Capadona, Esq. Grogan Hesse & Uditsky, P.C. 2 Mid America Plaza, Suite 110 Oakbrook Terrace, IL 60181 Telephone: 630-359-8197 kcapadona@ghulaw.com About Daniel Trucking International Inc. Daniel Trucking International, Inc. is a Wheeling, Illinois-based transportation company. Daniel Trucking International sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-10329) on July 7, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Honorable Bankruptcy Judge Deborah L. Thorne handles the case. The Debtor is represented by David Freydin, Esq., at the Law Offices of David Freydin Ltd. and Gutnicki, LLP. The Debtor filed its proposed Chapter 11 plan of reorganization on November 4, 2025. DECOR HOLDINGS: Order Vacating Judgment in Ryniker Case Annulled ---------------------------------------------------------------- In the appeal styled BRYAN RYNIKER, in his capacity as Litigation Administrator of the Post-Confirmation Estates of Decor Holdings, Inc., Plaintiff-Appellant -v. 12 SUMEC TEXTILE COMPANY LIMITED, Defendant-Appellee, No. 24-2090 (2nd Cir.), Judges Amalya L. Kearse, Dennis Jacobs, and Raymond J. Lohier, Jr. of the U.S. Court of Appels for the Second Circuit vacated the order of the U.S. District Court for the Eastern District of New York that vacated the denial by the U.S. Bankruptcy Court for the Eastern District of New York of Sumec Textile Company's motion to vacate the default judgment against it in the adversary proceeding brought by Bryan Ryniker. The judgment of the bankruptcy court that, on remand from the district court, dismissed the adversary proceeding is also vacated. Plaintiff Bryan Ryniker, as bankruptcy litigation administrator of the Post-Confirmation Estates of Decor Holdings, Inc., and its debtor affiliates, appeals from a 2024 judgment of the United States Bankruptcy Court for the Eastern District of New York, granting the motion of defendant Sumec Textile Company Limited to dismiss this adversary proceeding brought by Ryniker to recover preferential payments made to Sumec by the Debtors in the 90-day period before they filed for bankruptcy. On February 12, 2019, Decor and its debtor affiliates, which were sellers of decorative fabric, filed a voluntary petition for bankruptcy under Chapter 11 of the Bankruptcy Code. They listed Sumec, a Nanjing, China-based textile manufacturer, as their second-largest unsecured creditor. On March 4, 2019, Sinosure hired a collection agency in the United States, Brown & Joseph, LLC ("B&J"), to collect on the Decor debt to Sumec. On April 16, 2019, B&J filed a claim in the Decor bankruptcy for $3,029,719.52 on behalf of "Sumec" as the creditor. On August 25, 2020, Ryniker commenced the present adversary proceeding against Sumec. Ryniker sought to recover from Sumec a total of $693,048.84 of preferential payments that Sumec had received from the Debtors within 90 days of their filing for bankruptcy. In 2021, a default judgment had been entered in favor of Ryniker, and the bankruptcy judge denied Sumec's motion to vacate for allegedly insufficient service of process, finding that sufficient service had been made on Sumec's subagent who had filed Sumec's proof of claim in the bankruptcy proceeding. The default judgment was vacated on appeal by the United States District Court for the Eastern District of New York, which concluded that Sumec had not expressly or impliedly conferred on its agent or the subagent any authority to accept service of process on behalf of Sumec. On remand from the district court, the bankruptcy court in 2024 dismissed the adversary proceeding with prejudice. On this direct appeal from the bankruptcy court's 2024 judgment, Ryniker seeks reinstatement of the default judgment, contending principally that the district court erred in ruling that the subagent on which the adversary proceeding complaint was served lacked authority to accept service of process on behalf of Sumec. The Circuit Judges conclude, "The documents in the record, including two that were part of Sumec's proof of claim in the bankruptcy proceeding, establish that Sumec conferred authority on an agent and a subagent to file Sumec's proof of claim and to do all that was appropriate in order to collect from Decor the 'full amount' of Sumec's $3,029,719.52 claim, and thereby implicitly authorized the agent and subagent to do all that was appropriate to resist the Administrator's reduction of Sumec's recovery, as could occur in a bankruptcy adversary proceeding. Accordingly, we vacate the order of the district court that vacated the bankruptcy court's denial of Sumec's motion to vacate the default judgment against it; and we vacate the judgment of the bankruptcy court which, on remand from the district court, dismissed the adversary proceeding. We remand to the bankruptcy court for further proceedings." A copy of the Court's Order dated May 27, 2026, is available at https://urlcurt.com/u?l=zgNjPx About Robert Allen Duralee Group The Robert Allen Duralee Group -- https://www.robertallendesign.com/ -- is a supplier of decorative fabrics and furniture to the design industry in the United States. In addition to their own extensive product lines, the Robert Allen Duralee Group represents six other furnishing companies, including Paris Texas Hardware, The Finial Company, Clarke & Clarke, Thibaut and Byron & Byron. The Robert Allen Duralee Group maintains showroom premises located in major metropolitan cities across the United States and Canada, and an extensive worldwide agent showroom network that collectively service more than 30 countries around the globe. Decor is a privately-owned company with headquarters in Hauppauge, New York. The Robert Allen Duralee Group, Inc., and 4 related entities, including ultimate parent Decor Holdings, Inc., sought Chapter 11 protection on Feb. 12, 2019. The lead case is In re Decor Holdings, Inc. (Bankr. E.D.N.Y. Lead Case No. 19-71020). Decor Holdings estimated assets of $50 million to $100 million and liabilities of $50 million to $100 million as of the bankruptcy filing. The Hon. Robert E. Grossman is the case judge. The Debtors tapped Hahn & Hessen LLP as counsel; Halperin Battaglia Benzija, LLP, as special counsel; RAS Management Advisors, LLC, as restructuring advisor; Blum Shapiro as tax advisor; SSG Capital Advisors, LLC, as investment banker; Great American as sales agent; and Omni Management Group, Inc., as claims agent. DIOCESE OF OAKLAND: Creditors Seek Access to Ch. 11 Voting Records ------------------------------------------------------------------ Emlyn Cameron of Law360 Bankruptcy Authority reports that a group of unsecured creditors has urged a California bankruptcy court to order the Roman Catholic Diocese of Oakland to turn over documents relating to plan voting and creditor communications. The request includes ballots, correspondence, and other records that the creditors say could shed light on how support for the Chapter 11 plan was obtained. The creditors claim there are unanswered questions regarding interactions between the diocese and certain voting creditors. They argue that without access to the requested records, it is difficult to determine whether the solicitation and voting process complied with bankruptcy rules and standards, the report relays. The dispute arises as the diocese continues efforts to secure approval of a reorganization plan designed to address abuse-related claims and other obligations. Creditors contend that full disclosure of voting-related materials is necessary to ensure confidence in the integrity of the confirmation process, according to Law360. About Roman Catholic Bishop Of Oakland The Roman Catholic Bishop of Oakland, a tax-exempt religious organization, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 23-40523) on May 8, 2023. In the petition signed by Bishop Michael Charles Barber, the Debtor disclosed $100 million to $500 million in both assets and liabilities. Judge William J. Lafferty oversees the case. The Debtor tapped Foley & Lardner LLP as legal counsel and Alvarez & Marsal North America, LLC as restructuring advisor. Kurtzman Carson Consultants LLC is the Debtors' claims and noticing agent and administrative advisor. The U.S. Trustee for Region 17 appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. The committee tapped Lowenstein Sandler, LLP as bankruptcy counsel; Burns Bair LLP as special insurance counsel; and Berkeley Research Group, LLC, as financial advisor. DMLP LLC: Case Summary & Five Unsecured Creditors ------------------------------------------------- Debtor: DMLP, LLC 4908 Golden Pkwy Suite 100 Buford, GA 30518 Business Description: DMLP, LLC owns a residential lakefront vacant lot at 4612 Shirley Rd Gainesville, GA 30506, valued at $1.48 million. Chapter 11 Petition Date: June 1, 2026 Court: United States Bankruptcy Court Northern District of Georgia Case No.: 26-20879 Debtor's Counsel: Charles Kelley, Esq. KELLEY LAW LLC 100 Main St SW Gainesville, GA 30501 Tel: (678) 567-6120 E-mail: charles@charleskelley.law Total Assets: $1,571,300 Total Liabilities: $898,000 The petition was signed by Arthur Dixon Marlow II as sole member. A full-text copy of the petition, which includes a list of the Debtor's five unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/LULMEDA/DMLP_LLC__ganbke-26-20879__0001.0.pdf?mcid=tGE4TAMA DOLCHE TRUCKLOAD: Cash Collateral Hearing Set for June 24 --------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Illinois is set to hold a hearing on June 24 to consider extending Dolche Truckload Corp.'s authority to use cash collateral. The Debtor is currently authorized to use cash collateral through June 26 pursuant to the court's fifth interim order. Under the fifth interim order, the Debtor is allowed to utilize its cash collateral to pay operating expenses consistent with the budget and the prior order entered on July 18, 2025, which remains in effect. The Debtor projects total operational expenses of $468,450. About Dolche Truckload Corp. Dolche Truckload Corp. provides full truckload transportation services across the United States, including refrigerated, dry van, and hazardous materials freight. The Company operates a fleet of trucks and offers tailored logistics solutions from its headquarters in Palatine, Illinois. Dolche Truckload sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-09093) on June 15, 2025. In its petition, the Debtor reported total assets of $1,944,419 and total liabilities of $3,410,448. Judge Deborah L. Thorne handles the case. The Debtor is represented by: David Freydin, Esq. Law Offices of David Freydin Ltd Tel: 630-516-9990 david.freydin@freydinlaw.com DONALD KELLY: Deadline for Panel Questionnaires Set for June 8 -------------------------------------------------------------- The United States Trustee is soliciting members for committee of unsecured creditors in the bankruptcy case of Donald Kelly. If a party wishes to be considered for membership on any official committee that is appointed, it must complete a questionnaire available at https://tinyurl.com/y6sjzc9e and return by email it to Angeliza Ortiz-Ng -- Angeliza.Ortiz-Ng@usdoj.gov -- at the Office of the United States Trustee so that it is received no later than 1:00 p.m., on Monday, June 8, 2026. If the U.S. Trustee receives sufficient creditor interest in the solicitation, it may schedule a meeting or telephone conference for the purpose of forming a committee. About Donald Kelly Donald Kelly filed a bankruptcy petition under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 26-12692) on March 11, 2026. E. Richard Dressel, Esq. of LEX NOVA LAW, LLC serves as the Debtor's counsel. EDGAR BENJAMIN: CEO Sentenced to 6 Months for Financial Misconduct ------------------------------------------------------------------ Avery Bleichfeld of The Bay State Banner reports that a federal judge has sentenced former nursing home executive Tony Francis to six months in prison after he admitted misusing federal funds designated for the Edgar P. Benjamin Healthcare Center. The sentence includes three years of supervised release and restitution exceeding $43,600. Francis is expected to report to prison in July 2026 after pleading guilty to federal charges related to pandemic-era relief money. The sentencing hearing featured sharply contrasting views of Francis' leadership. Defense attorneys described him as a respected healthcare professional who made poor decisions while managing a financially struggling facility. Critics, including staff members and supporters of the nursing home, argued that his management practices harmed the organization, left employees unpaid, and contributed to the facility's long-running financial difficulties, the report states. Court records show Francis admitted using federal disaster loan proceeds to pursue the purchase of a Connecticut nursing home and later directing nursing home funds toward personal financial obligations. Judge Talwani rejected arguments that the acquisition was pursued on behalf of the facility, noting that the plea agreement identified Francis as the intended purchaser. While acknowledging the nursing home's financial challenges, the judge stressed that the case focused solely on the misuse of federal funds. Separate civil litigation remains pending against Francis. The lawsuit, brought by the nursing home's court-appointed receiver, alleges he improperly diverted more than $3 million from the organization over a decade. Francis denies those allegations, and the court emphasized that the criminal sentence does not address claims raised in the civil proceedings, the report relays. About Edgar Benjamin Healthcare Edgar Benjamin Healthcare is a non-profit skilled Nursing and Rehabilitation Center, which services the greater Boston community. On April 3, 2024, a judge ordered a Boston skilled nursing facility into receivership after family members of residents warned of unsafe conditions and operational failures. Court filings alleged that Edgar P. Benjamin Healthcare Center suffered from staffing shortages, supply deficiencies, and payroll lapses that caused some employees to stop reporting to work. The petition, backed by sworn statements from facility leadership, said the resulting strain left remaining staff unable to meet the care needs of the facility's approximately 70 residents. EEW AMERICAN: Seeks to Hire Hilco Corporate as Investment Banker ---------------------------------------------------------------- EEW American Offshore Structures Inc. and EEW AOS Paulsboro Urban Renewal, LLC, seek approval from the U.S. Bankruptcy Court for the District of New Jersey to hire Hilco Corporate Finance, LLC as their investment banker. The firm will render these services: a. familiarize itself to the extent that HCF deems appropriate with the commercial, financial, operational, and legal circumstances of the Debtors; b. identify and recommend to the Debtors potential buyers and plan sponsors in connection with a Transaction; c. with the Debtors' assistance, create written materials (e.g., a "teaser," confidential information memorandum, management presentation, form of Non-Disclosure Agreement) to be used in presenting the Transaction opportunity to prospective buyers and capital sources; d. solicit and review proposals and make recommendations and advise the Debtors in negotiating proposals concerning a Transaction; e. assist the Debtors in responding to the due diligence review of interested parties with respect to a Transaction, including by managing a virtual data room ("VDR"), and assisting the Debtors in organizing, populating, and maintaining the VDR; f. assist the Debtors in soliciting, evaluating, and negotiating Transaction proposals; g. assist the Debtors and their other professional advisors in negotiating definitive documentation concerning a Transaction and otherwise assisting in the process of closing a Transaction; and h. as necessary, assisting with the preparation of motions related to a Transaction; consulting with other retained parties, lenders, creditors' committee, and other parties-in-interest; participating in hearings and providing testimony in connection with a Transaction; and performing such other tasks as appropriate and as may reasonably be requested by the Debtors' management or counsel. The firm will receive compensation as follows: a. Upon June 16, 2025 (the "Effective Date"), the Debtors shall pay HCF a retainer fee of $50,000 for the services provided in evaluation and preparing the Debtors for a Transaction. The Retainer Fee shall be fully earned upon payment and non-refundable. Commencing on April 1, 2026, the Debtors shall pay HCF a fee of $25,000 payable monthly and continuing for five months thereafter for a total of $150,000. The Monthly Fees shall be fully earned and non-refundable upon payment but shall be credited against any Sale Transaction Fee earned as a result of a Sale Transaction that is not with the credit bidder. b. The Debtors shall pay HCF a fee (a "Sale Transaction Fee") upon and as a condition to the Closing of a Sale Transaction in an amount equal to (i) $800,000, plus (ii) 5% of the aggregate Transaction Value in excess of $30 million; provided that the Sale Transaction Fee for the Closing of a Sale Transaction consummated by an initial credit bid (with no other bidders) from the Debtors' secured lender shall equal (i) $400,000, plus (ii) 5% of the aggregate Transaction Value in excess of $30 million; c. A Sale Transaction Fee shall not arise to any purchase price realized on the Building Auction; d. The amount under section (b) shall accrue only once even if Sale Transactions will be executed with more than one third party hereunder. Hilco is a "disinterested person" within the meaning of section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Richard Klein Hilco Corporate Finance, LLC 1500 Broadway 27th Floor New York, NY 10036 Email: rklein@hilcocf.com About EEW American Offshore Structures Inc. EEW American Offshore Structures Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.J. Case No. 26-13901-JNP) on April 8, 2026. In the petition signed by Tom Pratt, chief restructuring officer, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Jerrold N. Poslusny, Jr. oversees the case. Brett S. Theisen, Esq., at Connell Foley LLP, represents the Debtor as legal counsel. DiScho Vermogensverwaltung GmbH & Co. KG, as DIP Lender, is represented by: Ericka F. Johnson, Esq. Daniel N. Brogan, Esq. Steven D. Adler, Esq. BAYARD, P.A. 600 N. King Street, Suite 400 Wilmington, DE 19801 Telephone: (302) 655-5000 E-mail: ejohnson@bayardlaw.com dbrogan@bayardlaw.com sadler@bayardlaw.com EEW AMERICAN: Seeks to Tap Connell Foley LLP as Bankruptcy Counsel ------------------------------------------------------------------ EEW American Offshore Structures Inc. and EEW AOS Paulsboro Urban Renewal, LLC, seek approval from the U.S. Bankruptcy Court for the District of New Jersey to hire Connell Foley LLP as their counsel. The firm's services include: a. advising the Debtors with respect to their powers and duties as debtors in possession in the continued management of and operation of their businesses and properties; b. advising and consulting on the conduct of these Chapter 11 Cases, including the legal and administrative requirements of operating in chapter 11; c. advising the Debtors regarding tax matters relating to the Chapter 11 Cases; d. advising the Debtors regarding the potential sale of assets; e. advising and assisting the Debtors' state court litigation counsel in connection with the removed action; f. taking all necessary actions to protect and preserve the Debtors' estates, including prosecuting actions on the Debtors' behalf, defending any action commenced against the Debtors, and representing the Debtors in negotiations concerning litigation in which the Debtors are involved, including objections to claims filed against the Debtors' estates; g. preparing pleadings in connection with these Chapter 11 Cases, including motions, applications, orders, answers, reports, and papers necessary or otherwise beneficial to the administration of the Debtors' estates; h. appearing before the Court and at any meeting with the United States Trustee and any meeting of creditors to represent the interests of the Debtors' estates; i. attending meetings and negotiating with representatives of creditors and other parties in interest; j. representing the Debtors in connection with obtaining authority to continue using cash collateral and/or utilize post petition financing; k. taking any necessary action on behalf of the Debtors to negotiate, prepare, and obtain approval of a disclosure statement and confirmation of a chapter 11 plan and all documents related thereto; and l. performing all other necessary legal services for the Debtors in connection with the prosecution of these Chapter 11 Cases, including: (i) analyzing the Debtors' leases and contracts and the assumption and assignment or rejection thereof; (ii) analyzing the validity of liens against the Debtors' assets; and (iii) advising the Debtors on corporate and litigation matters. Connell Foley's hourly rates range from $170 for paralegals to $1,600 for our firm's most senior partners. The hourly rates for the paraprofessionals expected to work on this matter range from $350 to $375. The current hourly rates applicable to the principal attorneys proposed to represent the Debtors are as follows: Robert K. Malone, Partner $1,375 Brett S. Theisen, Partner $850 Katharina Earle, Partner $825 Kyle P. McEvilly, Associate $625 Amanda R. Simone, Associate $525 Connell Foley is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Brett S. Theisen, Esq. Connell Foley LLP 875 3rd Ave New York, NY 10022 Telephone: (212) 307-3700 Facsimile: (212) 542-3790 About EEW American Offshore Structures Inc. EEW American Offshore Structures Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.J. Case No. 26-13901-JNP) on April 8, 2026. In the petition signed by Tom Pratt, chief restructuring officer, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Jerrold N. Poslusny, Jr. oversees the case. Brett S. Theisen, Esq., at Connell Foley LLP, represents the Debtor as legal counsel. DiScho Vermogensverwaltung GmbH & Co. KG, as DIP Lender, is represented by: Ericka F. Johnson, Esq. Daniel N. Brogan, Esq. Steven D. Adler, Esq. BAYARD, P.A. 600 N. King Street, Suite 400 Wilmington, DE 19801 Telephone: (302) 655-5000 E-mail: ejohnson@bayardlaw.com dbrogan@bayardlaw.com sadler@bayardlaw.com EEW AMERICAN: Taps Tom Pratt of Applied Business Strategy as CRO ---------------------------------------------------------------- EEW American Offshore Structures Inc. and EEW AOS Paulsboro Urban Renewal, LLC, seek approval from the U.S. Bankruptcy Court for the District of New Jersey to hire Applied Business Strategy, LLC and designate Tom Pratt as chief restructuring officer. The firm will render these services: (a) prepare short-term liquidity projections, including 13-week cash flows; (b) oversee the preparation of 2023 and 2024 financial information; (c) assist with or lead negotiations with creditors; (d) prepare information and analysis required for any restructuring, including court required reporting; and (e) attend court hearings, provide testimony, formulate Chapter 11 plan, and prepare court required reporting; and (f) assist in the marketing of the Company's assets. The hourly rates of the firm's professionals are as follows: Tom Pratt $475 Henry Curtis $300 In addition, the firm will seek reimbursement for all reasonable out-of-pocket expenses incurred. Prior to the petition date, the Debtors paid the firm a retainer of $35,000. Mr. Pratt disclosed in a court filing that the firm is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: Tom Pratt Applied Business Strategy, LLC 1100 Superior Avenue E., Suite 1750 Cleveland, OH 44114 Telephone: (216) 239-1815 About EEW American Offshore Structures Inc. EEW American Offshore Structures Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.J. Case No. 26-13901-JNP) on April 8, 2026. In the petition signed by Tom Pratt, chief restructuring officer, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Jerrold N. Poslusny, Jr. oversees the case. Brett S. Theisen, Esq., at Connell Foley LLP, represents the Debtor as legal counsel. DiScho Vermogensverwaltung GmbH & Co. KG, as DIP Lender, is represented by: Ericka F. Johnson, Esq. Daniel N. Brogan, Esq. Steven D. Adler, Esq. BAYARD, P.A. 600 N. King Street, Suite 400 Wilmington, DE 19801 Telephone: (302) 655-5000 E-mail: ejohnson@bayardlaw.com dbrogan@bayardlaw.com sadler@bayardlaw.com ELVICTOR GROUP: RBSM Raises Going Concern Due to Operating Losses ----------------------------------------------------------------- Elvictor 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 December 31, 2024, the Company recorded a net loss of $175,719 and net income of $199,780, respectively, representing a deterioration in net income of $375,499 between the two years. This negative shift is primarily due to increased operating expenses, in particular higher salaries and professional fees, which outpaced the modest growth in revenues. For the years ended December 31, 2025, and December 31, 2024, the Company generated $2,427,968 and $2,421,308 in revenues, respectively, representing an increase in revenue of $6,660, or 0.3%, which is mainly attributable to an increase in fees such as agency and allotment fees. Going Concern New York, New York-based RBSM LLP, the Company's auditor since 2022, issued a "going concern" qualification in its report dated April 6, 2026, attached to the Company's Annual Report for the fiscal year ended December 31, 2025, citing that has incurred substantial operating losses and will require additional capital to continue as a going concern. The Company has incurred substantial operating losses for the year ended December 31, 2025 and, as discussed in the Report of Independent Registered Public Accounting Firm, these conditions raise substantial doubt about the Company's ability to continue as a going concern for the next 12 months. In response to these conditions, management has developed and is actively executing a plan intended to alleviate substantial doubt. The principal elements of management's plan are as follows: (i) Revenue Growth: During the first quarter of 2026, the Company executed nine new crew management contracts with a reputable shipping client, with billing commencing in Q1 2026. These contracts are expected to represent a material improvement to the Company's revenue base. Management continues to actively pursue additional contracts with creditworthy counterparties that are expected to further strengthen the Company's revenue trajectory during the 12-month assessment period. (ii) Cost Rationalization: The Company is implementing an operational enhancement program leveraging artificial intelligence tools, expected to result in a meaningful reduction in operating costs beginning in the second half of 2026. (iii) Balance Sheet and Liquidity Position: As of the date of issuance of these financial statements, the Company carries no debt obligations. Management believes this debt-free capital structure materially reduces the risk of a near-term liquidity shortfall. (iv) Additional Capital: Management is actively pursuing additional capital through equity and other financing arrangements. The proceeds of any such capital raise are intended to diversify the Company's revenue base through the expansion into new geographical markets and broadening of the Company's portfolio of services, enhance working capital, and further reduce the risk of liquidity shortfall during the 12-month period following the issuance of these financial statements. While management believes the foregoing plans are reasonable and achievable, there can be no assurance that these plans will be successfully executed or that the Company will generate sufficient revenues or obtain sufficient capital to continue as a going concern. A full text copy of the Company's Form 10-K is available at http://tiny.cc/7w64101 About Elvictor Group, Inc. Elvictor Group, Inc. (OTCID: ELVG) -- https://www.elvictorgroup.com -- is transforming the fragmented maritime industry through its fully digitalized crew and ship management platform designed to enhance operational efficiency and reduce costs. With a strategic focus on AI-driven workforce solutions, M&A-driven expansion, and cost-efficient vessel ownership, Elvictor is ushering in a new era of transparency in the shipping industry. As of December 31, 2025, the Company had $2,034,540 in total assets, $1,677,466 in total liabilities, and $357,074 in total stockholders' equity. EMERA US: Fitch Affirms 'BB+' Rating on Junior Subordinated Debt ---------------------------------------------------------------- Fitch Ratings has affirmed Emera Inc.'s (Emera) Long-Term Issuer Default Rating (IDR) at 'BBB'. Fitch has also affirmed the Long-Term IDRs of Emera's subsidiaries as follows: Tampa Electric Co. (TEC) and Peoples Gas System, Inc. (PGS) at 'A-' and New Mexico Gas Co. Inc. (NMGC) at 'BBB+'. The Rating Outlooks for Emera, TEC, PGS, and NMGC are Stable. Additionally, Fitch has affirmed Emera's senior unsecured, preferred shares and junior subordinated debt at 'BBB', 'BB+' and 'BB+', respectively. Fitch has affirmed TEC and PGS's senior unsecured debt at 'A', Emera US Finance LP's senior unsecured debt at 'BBB', Emera US Finance, LLC's senior unsecured and junior subordinated debt at 'BBB' and 'BB+' respectively and EUSHI Finance Inc's junior subordinated debt at 'BB+'. Emera's Stable Outlook reflects meaningful progress on its deleveraging plan and management's continued commitment to maintaining funds from operations (FFO) leverage below 6.0x. With the anticipated closing of the NMGC sale in mid-2026 and securitization of thermal assets in Nova Scotia, Fitch forecasts Emera's FFO leverage will further improve to 5.6x-5.9x through 2027, below the 6.0x downgrade sensitivity; however, it will have minimal headroom. Failure to maintain FFO leverage below 6.0x will likely result in a negative rating action. Key Rating Drivers Emera Inc. Meaningful Execution of Deleveraging Plan: Emera outlined a deleveraging plan to improve its credit measures in 2024. The company has made meaningful progress on the plan, including selling its equity investment in Labrador Island Link, issuing hybrid notes and common equity, securitizing deferred fuel costs, and obtaining a credit-supportive, multi-year base rate outcome at TEC. Emera also moderated its dividend growth from 4%-5% to 1%-2% to preserve cash for capex. Emera also announced the sale of NMGC on Aug. 5, 2024. The transaction is now expected to close in mid-2026 and should further reduce Emera's FFO leverage at closing. Fitch views these steps to reduce leverage as a credit positive. Improving Leverage but Limited Cushion: Execution of its deleveraging plan helped Emera improve its fiscal 2025 FFO leverage to about 6.2x from 6.6x in 2024, and from an average of 6.8x over the past four years. FFO leverage for YE 2025 was slightly higher than expected due to the pending sale of NMGC. Fitch expects Emera's FFO leverage to further improve in 2026, supported by the closing of the NMGC sale, new base rates at Nova Scotia Power Inc. (NSPI), TEC and PGS and approval of the securitization of coal assets at NSPI. Fitch estimates Emera's FFO leverage to average to about 5.8x through 2027, with limited headroom against the 6.0x downgrade sensitivity. In the unlikely event the NMGC transaction fails to close or securitization of the coal assets fails to materialize, Fitch expects Emera to take appropriate steps to maintain its FFO leverage below 6.0x. Failure to maintain FFO leverage below 6.0x will likely result in a negative rating action. Sale of NMGC: On Nov. 14, 2025, the New Mexico Public Regulation Commission (NMPRC), the regulator in New Mexico, concluded evidentiary hearings on the proposed sale of NMGC. On May 20, 2026, the hearing examiners recommended approval of the transaction. Management expects the NMPRC's decision in mid-2026. Fitch's rating case assumes the NMGC divestiture will be approved and will close in mid-2026. Securitization of Thermal Assets: NSPI is seeking to securitize about CAD700 million of unrecovered coal plant value associated with assets that must be retired by 2030. The securitization is expected to provide about CAD225 million in customer savings over 30 years and improve the credit measures of NSPI and Emera, which Fitch views as a credit positive. The securitization requires approval from the Nova Scotia Energy Board (NSEB) and the enactment of enabling regulations by the Province of Nova Scotia. Fitch's base case assumes NSPI will obtain all necessary approvals and complete the securitization by year-end 2026. Sizable Capex Pressures Metrics: Emera has a large capex plan of about CAD11.9 billion over 2026-2028, almost 3x depreciation expense. The plan will lead to higher execution risk that could pressure credit metrics during construction. Fitch expects Emera to execute the plan on time and within budget, and fund it in a balanced manner through parent-equity infusions, internal cash flow and utility debt. Tampa Electric Co. Constructive Florida Regulation: The Florida regulatory compact is supportive of utility credit quality. In recent years, Florida utilities' authorized return on equity (ROE) have been above the nationwide median authorized ROE. TEC operates under an authorized midpoint ROE of 10.50%, with an allowed range of 9.50%-11.50%, based on a 54% common equity ratio. The utility has several rate riders that provide timely recovery of all prudent costs related to fuel, purchased power, environmental expenditure, conservation costs, a storm protection plan, and a storm recovery clause. In February 2025, the Florida Public Service Commission (FPSC) approved TEC's recovery of approximately $464 million of storm costs deferrals, including replenishment of a $55.8 million storm reserve over an 18-month period from March 1, 2025, to Aug. 31, 2026. Large Capex Plan: TEC expects to spend approximately $5.5 billion on capital investments in 2026-2028, mostly on cleaner sources of generation, including solar and battery storage, storm hardening and grid modernization. Fitch expects capital expenditure (capex) to be funded in a conservative manner, in line with the authorized statutory capital structure, using debt, internal cash flows and equity injections from Emera. Rate Case Outcome: Fitch views the resolution of TEC's last rate case as generally constructive. TEC filed a rate case in April 2024 for new rates effective in January 2025. The requested rate increases over the 2025-2027 period were $468.5 million. The approved rate increase was $280.5 million, about 60% of the request, with $184.8 million in rates effective January 2025, followed by rate increases of $86.6 million and $9.1 million, effective January 2026 and 2027, respectively. The allowed equity ratio was 54%, while the allowed regulated ROE range was set at 9.50%-11.50%, with a 10.50% midpoint. Adequate Credit Metrics: TEC's FFO leverage was 4.3x in 2025, reflecting new base rate increases and consistent with Fitch's expectation. Fitch forecasts credit metrics to average around 4.2x through 2027, reflecting the implementation of the TEC's multi-year rate plan and deferred fuel and storm cost recovery. Fitch assumes that Emera will continue to fund significant capital investments at TEC, in line with the approved regulatory capital structure. Low-Risk Business Model: TEC operates in the supportive Florida regulatory environment within a strong local economy. This has translated into above-average utility sales and customer growth trends. In addition, the company derives most of its sales volumes from residential and commercial customers (over 80%), which Fitch views as a credit positive. TEC is the largest contributor to Emera's earnings and cash flow. Parent-Subsidiary Linkage (PSL): There is a PSL between Emera and TEC. Fitch views TEC's Standalone Credit Profile (SCP) as stronger than that of parent Emera due to TEC's lower-risk regulated utility operations, strong regulatory environment, and better financials. Legal ring-fencing and access and control are porous given general protection afforded by economic regulation. Emera centrally manages the treasury function of TEC and is its sole source of equity, but TEC issues its own debt. As a result, Fitch limits the difference between TEC and Emera to two notches. Peoples Gas System, Inc. Low-Risk Business Profile: PGS's rating reflects its low-risk regulated gas utility business. PGS is the largest natural gas distributor in Florida, and its service territory extends throughout most of the state. Its customer base comprises residential, commercial, and industrial and other segments, with revenue split about 40%, 46% and 14%, respectively. PGS is regulated by the FPSC. As an indirect subsidiary of Emera, PGS benefits from the resources and liquidity of its parent. PGS is one of the smaller utilities in Emera's family, representing about 11% of the consolidated rate base in 2024. Constructive Regulatory Environment: PGS's ratings benefit from Florida's constructive regulatory environment, including rate recovery between rate cases through clauses and riders. The gas distribution business has a purchased gas adjustment clause that allows for full recovery and timely adjustments to reflect gas market price fluctuations. PGS has also had a cast iron/bare steel (CI/BS) replacement rider program since 2013, which includes recovery of problematic plastic pipe replacement. These rate mechanisms increase the stability and predictability of earnings and cash flow and provide timely cost recovery. In addition, authorized ROE of Florida utilities has been above the median nationwide authorized ROE in recent years. The FPSC utilizes forecast test years and frequently authorizes interim rate increases. As a result, utilities are generally able to earn authorized returns. 2025 Rate Case Approved: On March 31, 2025, PGS filed a new rate case to seek a multiyear rate increase of $103.6 million and $26.7 million for 2026 and 2027, respectively, totaling $130.3 million for the period. On Aug. 13, 2025, PGS filed a settlement agreement supporting a $67 million base rates increase in 2026, including $6.7 million collected through the CI/BS rider, and a $25 million and $5 million base rate increase in 2027 and 2028, respectively. The FPSC fully adopted the settlement on Oct. 7, 2026. The approved ROE was 10.3% and equity thickness was 54.7%. Fitch views this as a balanced rate case outcome. Adequate Credit Metrics: PGS's FFO leverage for 2025 was 3.6x, reflecting higher off-system sales revenue. Fitch estimates FFO leverage will average about 4.2x through 2027. PGS is forecast to invest approximately $860 million from 2026 to 2027 to maintain and expand its distribution infrastructure. Fitch expects Emera to manage dividend and equity contributions from/to PGS to maintain its regulatory capital structure. Florida's Support for Gas: Decarbonization poses risks for local gas distribution companies (LDCs). Nevertheless, Fitch believes Florida's decarbonization policies have been supportive of natural gas. State support was demonstrated by the passing of House Bill 1281 - Pre-emption Over Utility Service Restrictions in June 2023. The bill amended the natural gas pre-emption statute to include major appliances and increased protection against local government attempts to ban natural gas appliances. Strong Customer Growth: Florida has experienced greater population and economic growth than the rest of the U.S. This strong economic background supports above-average PGS growth. PGS has experienced significant customer growth concentrated in five metro areas within its service territory. Annual customer growth at PGS averaged about 4.0% since 2020, well above the national average. Fitch expects Florida's population growth to continue at double the national rate. Parent-Subsidiary Linkage (PSL): There is a PSL between Emera and PGS. Fitch views PGS's SCP as stronger than that of parent Emera due to PGS's lower-risk regulated utility operations, strong regulatory environment, and better financials. Legal ring-fencing and access and control are porous given general protection afforded by economic regulation. Emera centrally manages the treasury function of PGS and is its sole source of equity, but PGS issues its own debt. As a result, Fitch limits the difference between PGS and Emera to two notches. New Mexico Gas Company, Inc. Acquisition by Bernhard Capital: Fitch views the sale of NMGC to Bernhard Capital as credit-neutral to NMGC. The transaction requires regulatory approval from the NMPRC. Management expects the transaction to close in mid-2026. Fitch's base case assumes a balanced outcome from the NMPRC that will not lead to a material deterioration to NMGC's financial measures. Fitch expects regulatory protections embedded in NMPRC approval of the proposed transaction will ensure a structure under new ownership consistent with NMGC's current 'BBB+' rating under the Fitch's PSL criteria. Low-Risk Business Profile: NMGC's rating reflects the relatively low risk profile of its regulated gas utility business. It is the largest natural gas distributor in New Mexico, serving about 550,000 customers, with a service territory that extends throughout most of the state. Most of its customers are residential (92%) and use natural gas for heating and cooking. Residential heating load, due to the elevation of the state, primarily occurs from October through April. The residential segment contributes about 67% of NMGC's revenue, while the commercial and industrial segment contributes about 22%. As an indirect subsidiary of Emera, NMGC benefits from the resources and liquidity of its parent. NMGC is one of the smaller utilities in Emera's family, contributing about 4% of consolidated rate base and earnings in 2025. Adequate Credit Metrics: NMGC's FFO leverage for 2025 was 4.3x, consistent with Fitch's expectation. For 2026, Fitch forecast FFO leverage to be elevated at 5.6x, due to regulatory lag as higher operations and maintenance (O&M) expenses won't be recovered until new rates are established, expected in 2027. Also, NMGC's capex remains higher than prior years, at more than 2x of depreciation expense. The higher capex will also pressure credit metrics until they are included in rates. Improving Regulatory Environment: The ratings benefit from an improving regulatory environment in New Mexico, including rate case approvals allowing for a future test year. The natural gas distribution business has a weather normalization mechanism, along with a purchased gas adjustment mechanism, with minimal recovery lag. These rate mechanisms increase the stability and predictability of earnings and cash flow and provide timely cost recovery. Fitch believes NMGC's last base rate increase order from 2024 was balanced. Parent-Subsidiary Linkage (PSL): Fitch considers NMGC's SCP to be stronger than that of Emera due to NMGC's lower risk, regulated utility operations, strong regulatory environment and stronger financial profile. Legal ring-fencing is porous given the general protection from economic regulation. Access and control are also porous, as Emera centrally manages the treasury function and is the sole source of equity. But NMGC issues its own debt. Thus, Fitch limits the difference between NMGC and Emera to two notches. NMGC is rated at its own SCP PEER ANALYSIS Emera and peer utilities FirstEnergy Corp. (FE; BBB/Stable) and American Electric Power Company Inc. (AEP; BBB/Stable) are large utility holding companies with operations spanning multiple jurisdictions, focused strategically on maximizing relatively predictable operating utility returns. FE and AEP both benefit from greater regulatory diversification and scale than Emera. FE and AEP operate in six and 11 states, respectively, while Emera operates in two states, two provinces in Canada and the Caribbean. FE and AEP are much larger in scale than Emera, serving about 6.0 million and 5.6 million customers, respectively, while Emera serves about 2.5 million customers. Based on Fitch's estimates, Emera's FFO leverage will average about 5.9x through 2027, compared with 5.8x for AEP and 5.3x for FE. RATING SENSITIVITIES Emera Inc. Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - FFO leverage sustained above 6.0x; - A change in management's commitment to maintaining FFO leverage below 6.0x; - An unexpected, material deterioration in the Florida regulatory compact. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Further deleveraging that leads to sustained FFO leverage less than 5.0x. Tampa Electric Co. Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - A downgrade at Emera; - An unexpected, material deterioration in the Florida regulatory compact; - TEC FFO leverage sustained above 4.3x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - An upgrade to TEC's rating would require a rating upgrade at Emera; - TEC FFO leverage sustained below 3.3x. Peoples Gas System, Inc. Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - A downgrade at Emera; - Although not anticipated by Fitch, a material deterioration in the Florida regulatory compact; - PGS FFO leverage sustained above 4.5x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - An upgrade to PGS's rating would require a rating upgrade at Emera; - PGS FFO leverage sustained below 3.5x. New Mexico Gas Company, Inc. Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Material concessions in the final NMPRC order authorizing the sale of NMGC that results in FFO leverage sustained above 4.5x or an unexpected, highly leveraged post-transaction ownership structure; - Unfavorable regulatory developments. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - NMGC's FFO leverage sustained below 3.5x. LIQUIDITY AND DEBT STRUCTURE Fitch believes Emera has adequate access to liquidity. Emera and its subsidiaries have, in aggregate, access to CAD2.1 billion and CAD1.98 billion of committed credit facilities, with approximately CAD1.02 billion and CAD916 million undrawn and available as of March 31, 2026. The company also had unrestricted cash balance of about CAD2.46 billion on March 31, 2026. Emera's syndicated credit facilities have a financial covenant that the debt to total capitalization ratio should be no greater than 70%. The company was compliant with the covenant on March 31, 2026. Fitch believes future maturities are manageable and will be refinanced upon maturity. Fitch’s Key Rating-Case Assumptions Emera Inc. - Sale of NMGC close by mid-2026 - Capital plan consistent with management projection; - Securitization of thermal assets at Nova Scotia Power in 2026 - Dividend growth consistent with management guidance; - Rate increases at other utilities reflect rate filings and riders. Tampa Electric Co. - Revenue increases for 2026-2027 in line with those approved in the last TEC rate case; - Capex of about $3.5 billion in 2026-2027; - Recovery of the remaining deferred fuel balances and storm costs as approved; - Equity contributions/dividend payments to balance the capital structure and support credit ratings. Peoples Gas System, Inc. - Revenue increases for 2026-2027 in line with those approved in the last PGS rate case; - Capex of about $860 million from 2026-2027; - Equity contributions/dividend payments to balance the capital structure and support credit ratings; - CI/BS replacement rider remains in place through forecast period. New Mexico Gas Company, Inc. - NMGC will be sold and operate under new ownership structure - No adverse regulatory outcomes; including anticipated approval of the sale of NMGC - Expect new base rates in 2027; - Capital spending of about $300 million in 2026-2027. Corporate Rating Tool Inputs and Scores Emera Inc. 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 ('a', Higher), market and competitive positioning ('a-', Moderate), diversification and asset quality ('a-', Moderate), company operational characteristics ('bbb+', Moderate), profitability ('bbb+', Moderate), financial structure ('bb+', Higher), and financial flexibility ('bbb', Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - The governance assessment of 'good' has no impact. - The operating environment assessment of 'aa-' has no impact. - The SCP is 'bbb'. To derive the Long-Term IDR: Application of Fitch's Parent Subsidiary Linkage Rating Criteria results in a consolidated approach. Tampa Electric Co. 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 (a, Higher), Market and Competitive Positioning (a-, Moderate), Diversification and Asset Quality (bbb+, Moderate), Company Operational Characteristics (bbb+, Moderate), Profitability (bbb+, Moderate), Financial Structure (a-, Higher), and Financial Flexibility (a-, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'a-'. To derive the IDR: - Application of Fitch's Parent Subsidiary Linkage Rating Criteria results in a consolidated profile+2 approach. Peoples Gas System, Inc. 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 (a, Higher), Market and Competitive Positioning (bbb+, Moderate), Diversification and Asset Quality (a-, Moderate), Company Operational Characteristics (bbb+, Moderate), Profitability (bbb+, Moderate), Financial Structure (a-, Higher), and Financial Flexibility (a-, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'a-'. To derive the IDR: - Application of Fitch's Parent Subsidiary Linkage Rating Criteria results in a consolidated profile+2 approach. New Mexico Gas Company, Inc. 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, Higher), Market and Competitive Positioning (bbb+, Moderate), Diversification and Asset Quality (bbb+, Moderate), Company Operational Characteristics (bbb+, Moderate), Profitability (bbb+, Moderate), Financial Structure (bbb+, Higher), and Financial Flexibility (a-, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bbb+'. To derive the IDR: - Application of Fitch's Parent Subsidiary Linkage Rating Criteria results in a consolidated profile+2 approach. Issuer Profile Emera Inc. is a diversified electric and natural gas utility holding company serving approximately 2.7 million customers in Canada, the U.S. and the Caribbean. 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 Emera Inc., Tampa Electric Company, and New Mexico Gas Company. The Climate.VS for PGS is 50 at 2035. The high Climate.VS score reflects PGS's gas LDC operation, a source of methane and other greenhouse gas emissions. The score also reflects PGS's service territory which covers regions of Florida that are prone to hail. However, this is not a major concern because most of PGS's gas distribution infrastructure is underground. Any potential future impact on the rating may differ from the illustrative rating impact in the Climate.VS framework, reflecting the evolution of Fitch's assessment of the global risks, action the entity might take to adapt to or mitigate the exposure, and any other relevant factors. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- New Mexico Gas Company, Inc. LT IDR BBB+ Affirmed BBB+ Emera Incorporated LT IDR BBB Affirmed BBB senior unsecured LT BBB Affirmed BBB preferred LT BB+ Affirmed BB+ jr subordinated LT BB+ Affirmed BB+ Emera US Finance, LLC jr subordinated LT BB+ Affirmed BB+ senior unsecured LT BBB Affirmed BBB Emera US Finance LP senior unsecured LT BBB Affirmed BBB EUSHI Finance, Inc. jr subordinated LT BB+ Affirmed BB+ Peoples Gas System, Inc. LT IDR A- Affirmed A- senior unsecured LT A Affirmed A Tampa Electric Company LT IDR A- Affirmed A- senior unsecured LT A Affirmed A EMUNDSON INC: Seeks to Hire Wipfli Advisory LLC as Accountant ------------------------------------------------------------- Emundson Inc., d/b/a Arbor Valley Nursery, and Edmundson Land LLC seek approval from the U.S. Bankruptcy Court for the District of Colorado to hire Wipfli Advisory LLC as accountants. The firm will assist with the preparation and filing of the Debtor's federal and state income tax returns, Edmundson Land's Schedule E and associated tax compliance obligations for Debtors for the most recent fiscal years and subsequent fiscal years if needed, as well as to provide such other accounting services as may be needed from time to time. The accountant who will perform the services is Russell Hampton, whose hourly billing rate is $550. Where appropriate, Applicant may use the services of other of its personnel at rates of between $250 and $350 per hour. These rates are adjusted from time to time. Applicant estimates that fees will be approximately $12,000. Wipfli Advisory LLC is disinterested, as that term is defined in 11 U.S.C. Sec. 101(14), according to court filings. The firm can be reached through: Russell Hampton Wipfli Advisory LLC 3615 Delgany St., Suite 500 Denver, CO 80216 Tel: (720) 445-3374 Email: russell.hampton@wipfli.com About Edmundson, Inc. Edmundson, Inc. is a Colorado-based corporation engaged in nursery and garden center retail and wholesale operations, offering plants, landscaping supplies, and related products. The Company operates nursery facilities in Brighton, which serves as its headquarters, as well as Fort Collins and Franktown, serving residential and commercial customers throughout Colorado. Edmundson, Inc. and Edmundson Land LLC filed their voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case Nos. 26-10019 & 26-10021, respectively) on January 2, 2026, listing $10 million to $50 million in both assets and liabilities. The petitions were signed by Matthew Edmundson as CEO and member. J. Brian Fletcher, Esq. at ONSAGER FLETCHER JOHNSON PALMER LLC serves as the Debtor's counsel. EP WEALTH: Moody's Rates New Sr. Secured First Lien Term Loan 'B2' ------------------------------------------------------------------ Moody's Ratings has assigned a B2 rating to EP Wealth Advisors, LLC's (EP) senior secured first lien term loan B due 2032, following its repricing and upsizing. EP plans to reprice its credit facility and raise an additional $50 million through an add-on to the existing term loan, bringing the total principal outstanding to $450 million. Proceeds will be retained as balance sheet cash and used for general corporate purposes. The transaction is expected to reduce the facility's pricing by 50 basis points to S+250, while all other key terms and conditions of the credit agreement are expected to remain unchanged. RATINGS RATIONALE While the transaction increases EP's gross leverage, it will also reduce borrowing costs. On a pro forma basis, EP's adjusted debt-to-EBITDA is expected to rise by approximately 0.5x to 4.9x for the last twelve months ended March 31, 2026, while generating about $2 million in annual interest expense savings. EP's operating performance has been solid in fiscal 2025 and year-to-date, supported by continued EBITDA growth and robust annualized net new asset growth. EP's B2 corporate family rating reflects its integrated business model, strong organic asset growth, and expanding, though still modest, market share in the highly competitive US wealth management sector. The rating is constrained by moderate leverage driven by its acquisitive growth strategy and weak profitability. The stable outlook reflects Moody's expectations that EP will continue to expand its franchise both through inorganic growth and business reinvestment while maintaining current leverage levels. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING EP's ratings could be upgraded if it enhances its scale and competitive position, leading to sustained positive pretax earnings with minimal margin volatility. Consistent demonstration of prudent financial policies and a disciplined approach to its inorganic growth strategy, ensuring that adjusted debt leverage remains below 3.5x, could also support an upgrade. Conversely, EP's ratings could be downgraded if its financial policy shifts, leading to significant debt increases that push Moody's adjusted leverage ratio above 5.5x. A decline in revenue not offset by flexible expense management, resulting in its interest expense coverage ratio falling below 2.0x, or a major operational or compliance failure that erodes franchise value, could also result in a downgrade. The principal methodology used in this rating was Securities Industry Service Providers published in February 2024. ESCO TECHNOLOGIES: S&P Assigns 'BB' ICR, Outlook Stable ------------------------------------------------------- S&P Global Ratings assigned ESCO Technologies Inc. its 'BB' issuer credit rating. At the same time, S&P assigned its 'BB' issue-level rating to the proposed $500 million term loan B due 2033. The recovery rating is '3', reflecting its expectation for meaningful (50%-70%; rounded estimate: 65%) recovery in the event of a payment default. S&P's stable outlook on ESCO reflects our expectations for 2027 S&P Global Ratings-adjusted pro forma leverage of 2.0x-2.5x and good free operating cash flow (FOCF). ESCO Technologies is seeking to raise a $500 million revolving credit facility due 2031 (around $117 million expected to be drawn at close) (unrated), a $500 million term loan A due 2031 (unrated), and a $500 million term loan B due 2033. Proceeds from the term loans will help finance the $900 million cash portion of the company's $2.35 billion acquisition of Megger Group Ltd. and refinance existing debt. The acquisition is expected to close in the company's first fiscal quarter of 2027. ESCO has smaller scale relative to higher-rated peers, mitigating its diversity across end markets and above-average profitability. S&P forecasts S&P Global Ratings-adjusted leverage of 2x-3x in fiscal 2027 (ending Sept. 30, 2027), pro forma for the proposed transaction. S&P forecasts S&P Global Ratings-adjusted leverage of 2x-3x through fiscal 2027, driven by continued EBITDA growth and deleveraging. This incorporates ESCO's planned financing of Megger, which includes about $972 million in incremental debt and the issuance of $1.4 billion in ESCO equity, its belief that the financial policy will support such leverage, and our assumption for operating performance to continue to improve. Historically ESCO has maintained S&P Global Ratings-adjusted leverage below 1x. Leverage rose above 2x only once in the past five years for the $550 million acquisition of Signature Management & Power Business in 2025. S&P said, "We expect EBITDA growth, solid free cash flow generation, and debt repayment will keep S&P Global Ratings-adjusted leverage below 2.5x in fiscal 2027. Furthermore, we believe the company will prioritize deleveraging following the Megger acquisition, given its publicly stated net leverage target of 2x (S&P Global Ratings adjustments represent a 0.5x difference to management's figures)." S&P said, "We expect ESCO's performance to remain stable over the next 12 months. We forecast organic revenue to grow high-single-digit percent over the next two years as power-related infrastructure investment and U.S. defense spending increase. Specifically, higher spending on data centers and grid hardening projects will drive growth given the company's utilities solutions group (USG) segment will comprise of 52% of the company's revenue following the Megger acquisition. "We also anticipate increased demand from elevated capital expenditure (capex) spending among technology companies and utilities to support revenue growth. "We forecast S&P Global Ratings-adjusted EBITDA margins will increase to 26%-27% in fiscal 2027 (from about 24% in fiscal 2025 and 2026) as good demand and positive price realizations support higher gross margins for the combined company, along with acquisition-related cost synergies, benefits from previous cost reduction actions, and some transaction and restructuring costs rolling off. "ESCO will prioritize debt reduction ahead of inorganic growth initiatives and shareholder returns as it integrates the acquisition. We forecast S&P Global Ratings-adjusted annual free cash flow of over $200 million in fiscal 2027 largely from EBITDA growth. We assume this offsets our assumption for working capital to be a moderate use of cash in 2027 to grow revenue, and for capex to increase modestly along with revenue growth. "Further, other than regular dividend payouts of about $8 million annually and about $30 million in required debt repayments, we believe the company will use excess free cash to reduce debt instead of reinvest in new acquisitions or distribute as share buybacks. If this occurs, we expect credit metrics to improve to be at lower end of 2x-3x over the next 12-24 months." ESCO's relatively smaller scale mitigates its solid market position and track record of above-average EBITDA margins. Pro forma a full year of Megger contributions, S&P forecasts 2027 and 2028 revenue of $1.9 billion-$2.1 billion, which is small compared with similarly rated capital goods companies. Nonetheless, ESCO's products, systems, and services are developed and manufactured for use in a broad number of end markets, including aerospace and defense, naval, electric utility and grid hardening, renewable energy, healthcare, and wireless consumer electronics. ESCO has a global presence, with about 45% of pro forma revenue generated outside the U.S., primarily in Europe and Asia. S&P believes ESCO's specialized products, technological capabilities, and product innovation create relatively high barriers to entry and support its above-average EBITDA margins of roughly 26% pro forma for the acquisition. S&P's stable outlook on ESCO reflects our expectations for 2027 S&P Global Ratings-adjusted pro forma leverage of 2.0x-2.5x and good free operating cash flow (FOCF). S&P could lower its rating on ESCO over the next 12 months if S&P expects S&P Global Ratings-adjusted leverage sustained above 3x. This could occur if: -- The company experiences difficulties integrating Megger and achieving forecast synergies; -- There is a prolonged downturn in ESCO's end markets or a greater-than-anticipated decrease in defense spending, weakening profitability and cash generation; or -- The company adopts a more aggressive financial policy, prioritizing large, debt-funded acquisitions or shareholder remuneration over debt repayment. S&P could raise its rating on ESCO if: -- The company is successful in integrating Megger and achieving forecast synergies; and -- S&P Global Ratings-adjusted leverage sustains toward the lower end of its base case of 2x-3x. FARMERS COOPERATIVE: Seeks to Hire Gary R. More as Appraiser ------------------------------------------------------------ Farmers Cooperative Gin of Anson, Texas seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Gary R. More as appraiser. The Debtor asserts that it is necessary to retain an appraiser in the administration of this estate for the purpose of conducting an appraisal of Debtor's machinery and equipment and other personal prope1ty. Mr. Moore will charge a $3,500 fee for conducting the appraisal and will charge $100 per hour, plus expenses for hearing testimony. Mr. Moore assured the court that he is a "disinterested person" within the meaning of 11 U.S.C. Sec. 101(14). The firm can be reached through: Gary R. Moore 1031 FM 400 Tahoka, TX 79373 Phone: (806) 787-5139 Email: hungryhillcattle@att.net About Farmers Cooperative Gin of Anson, Texas Farmers Cooperative Gin of Anson, Texas is a cotton gin cooperative, operating both a cotton processing gin and a farm supply store in Anson, Texas. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 26-10109-11) on April 23, 2026. In the petition signed by Mike Polk, manager, the Debtor disclosed up to $10 million in assets and up to $1 million in liabilities. David R. Langston, Esq., at Mullin Hoard & Brown, LLP, represents the Debtor as legal counsel. FAT BRANDS: Plan Exclusivity Period Extended to Aug. 24 ------------------------------------------------------- Judge Alfredo R. Perez of the U.S. Bankruptcy Court for the Southern District of Texas extended FAT Brands Inc. and affiliates' exclusive periods to file a plan of reorganization and obtain acceptance thereof to Aug. 24 and Oct. 26, 2026, respectively. As shared by Troubled Company Reporter, courts may consider a variety of factors in determining whether "cause" exists to extend a debtor's exclusive period for filing a plan. The application of these factors to the facts and circumstances of the Chapter 11 Cases demonstrates that the requested extension of the Exclusive Periods is both appropriate and necessary: First, the size and complexity of the issues attendant to the Chapter 11 Cases warrants approval of the requested relief. The Debtors comprise 183 affiliated entities operating in multiple jurisdictions, with significant funded indebtedness and a complex capital structure of more than $1 billion of funded indebtedness, including multiple whole-business securitization facilities and other non-securitization debt. The complexity of the Chapter 11 Cases is further evidenced by the contested hearings and litigation surrounding the Debtors' governance and obtaining and maintaining access to DIP Financing and use of cash collateral. Second, termination of the Exclusive Periods at this juncture would adversely impact the Debtors' efforts to preserve and maximize the value of their estates and advance the Chapter 11 Cases. The Debtors are presently engaged in a Court-approved Sale Process, whereby the Court approved procedures for the sale of substantially all the Debtors' assets. Granting the requested extensions will allow the Debtors to focus on finalizing their restructuring strategy via consummation of asset sales and moving toward plan confirmation without the distraction, cost, and delay associated with a competing plan process. Third, the Debtors have obtained critical first day relief, secured DIP Financing on an interim basis, retained necessary professionals, successfully negotiated numerous settlement agreements to resolve outstanding disputes, and filed their schedules and statements, and implemented procedures for claims and professional compensation. The Debtors have also advanced their sale and restructuring efforts, including ongoing engagement with the WBS Ad Hoc Group and the Committee regarding the terms of a chapter 11 plan, which demonstrates meaningful progress toward a successful reorganization and satisfaction of the third and fourth factors. Fourth, the Debtors do not seek the extension of the Exclusive Periods as a means to exert pressure on the relevant parties in interest. Instead, the extension will allow the Debtors to continue making progress with key stakeholders. The Debtors seek the requested extension of the Exclusive Periods out of an abundance of caution simply to ensure the progress made to date is not upended by a potential loss of their Exclusive Periods. 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. FERRARA BUILDING: Paula Beran Named Subchapter V Trustee -------------------------------------------------------- The Acting U.S. Trustee for Region 4 appointed Paula Beran, Esq., at Tavenner & Beran, PLC as Subchapter V trustee for Ferrara Building Group. Ms. Beran will be paid an hourly fee of $480 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Beran declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Paula S. Beran, Esq. Tavenner & Beran, PLC 20 North 8th Street Richmond, Virginia 23219 Phone: (804) 783-8300 Email: Beran@TB-LawFirm.com About Ferrara Building Group Ferrara Building Group sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Case No. 26-71362) on May 22, 2026, with $0 to $50,000 in assets and $500,001 to $1 million in liabilities. Paul A. Driscoll, Esq. at Zemanian Law Group represents the Debtor as legal counsel. FIRST EAGLE: Fitch Rates 7.2% Senior Secured Notes Due 2032 'BB-' ----------------------------------------------------------------- Fitch Ratings has assigned a final debt rating of 'BB-' to First Eagle Holdings, Inc.'s (First Eagle) $575 million 7.25% senior secured notes due 2032. The assignment of the final rating follows the receipt of documents conforming to information already received. The final rating is the same as the expected rating assigned on May 4, 2026. For more details, please see "Fitch Affirms First Eagle at 'BB-' Following Diamond Hill Acquisition; Outlook Stable". First Eagle's current Long-Term Issuer Default Rating (IDR) is 'BB-'. The Rating Outlook is Stable. Key Rating Drivers Growing Franchise; Solid Investment Performance: First Eagle's ratings reflect its long-tenured franchise as an investment manager (IM), solid investment performance within its public market funds, experienced management team, and above average fee-based EBITDA (FEBITDA) margins. Elevated Leverage: Ratings constraints include First Eagle's elevated leverage, weaker interest coverage, smaller but growing platform scale and diversity relative to peers. Constraints also include net asset value-based fees, which increase FEBITDA volatility, and the company's private equity ownership, which introduces some uncertainty around financial policies and strategic objectives. Leverage Increase Following Acquisition: Leverage, measured as gross debt to adjusted FEBITDA, was 5.1x at YE 2025, which was above the rated peer average and corresponds to Fitch's 'b' category benchmark range of 5x-7x for traditional IMs. Pro forma for the $575 million notes issuance, excluding yet to be executed cost synergies, leverage increases to 5.3x based on 2025 adjusted FEBITDA. Proceeds from the issuance were used to fully pay down outstanding borrowings on the company's RCF and additional bridge loan that were used to fund the April 22 closing of the Diamond Hill acquisition. Fitch expects First Eagle to deleverage gradually through incremental FEBITDA growth. Failure to maintain leverage below 6.0x on a sustained basis over the Outlook horizon could result in negative rating action. Interest Coverage Pressure: Interest coverage (adjusted FEBITDA-to-interest expense) was 2.5x at YE 2025, compared with the four-year (2022-2025) average of 2.6x. First Eagle's interest coverage is weaker than peers and falls within Fitch's 'b' category benchmark range of 1x to 3x for traditional IMs. Fitch expects interest coverage will remain strained over the Outlook horizon, given increased funding costs from a larger debt balance and the potential for increased use of the company's delayed draw term loan for additional opportunistic acquisitions in the medium term. Failure to sustainably improve interest coverage above 2.5x could yield negative rating pressure. Stable Outlook: The Stable Outlook reflects Fitch's expectation that First Eagle's strategic initiatives will be supportive of continued solid operating performance, which should lead to gradual deleveraging and the maintenance of interest coverage above 2.5x. Fitch also expects First Eagle to continue executing on its business and investment strategies such that it leads to further diversification of product offerings and supports greater consistency of customer net flows. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade For the latest rating sensitivities for First Eagle's Long-Term IDR, please see the press release "Fitch Affirms First Eagle at 'BB-' Following Diamond Hill Acquisition; Outlook Stable," published May 4, 2026. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade For the latest rating sensitivities for First Eagle's Long-Term IDR, please see the press release "Fitch Affirms First Eagle at 'BB-' Following Diamond Hill Acquisition; Outlook Stable," published May 4, 2026. DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS The secured debt rating is equalized with First Eagle's Long-Term IDR, reflecting the current funding mix and Fitch's expectations for average recovery prospects under a stressed scenario. DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES The secured debt rating is primarily sensitive to changes in First Eagle's Long-Term IDR, and secondarily to material changes in First Eagle's funding mix or changes in Fitch's assessment of the recovery prospects for the debt instrument. Date of Relevant Committee May 1, 2026 ESG Considerations First Eagle has an ESG Relevance Score of '4' for Governance Structure due to private equity ownership, which may result in more opportunistic growth strategies or shareholder-friendly financial policies. This has a negative impact on the credit profile and is highly relevant to the ratings, resulting in a lower Long-Term IDR. 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 ----------- ------ ----- First Eagle Holdings, Inc. senior secured LT BB- New Rating BB-(EXP) GORDON VENTURE: Voluntary Chapter 11 Case Summary ------------------------------------------------- Debtor: Gordon Venture Capital, LLC 1372 Peachtree St, NE, Ste 100 Atlanta, GA 30309 Business Description: Gordon Venture Capital, LLC is a real estate entity that owns and operates a single income-producing property. Chapter 11 Petition Date: June 1, 2026 Court: United States Bankruptcy Court Northern District of Georgia Case No.: 26-57264 Debtor's Counsel: Clarence Bryant, Esq. C.E. BRANT LAW FIRM, LLC 2275 Marietta Blvd, NW, Ste. 270-297 Atlanta GA 30318 Tel: 833-727-3224 E-mail: clarence@cebryantlaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Virgil Gordon as president. The Debtor did not submit a list of its 20 largest unsecured creditors along with the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/RVDENBA/Gordon_Venture_Capital_LLC__ganbke-26-57264__0001.0.pdf?mcid=tGE4TAMA GRACE LIMOUSINE: Court Extends Cash Collateral Access to Aug. 28 ---------------------------------------------------------------- Grace Limousine, LLC received another extension from the U.S. Bankruptcy Court for the District of New Hampshire to use cash collateral to fund operations. The court entered a fourth final order authorizing the Debtor to use cash collateral through August 28 in accordance with its budget. Use of cash collateral is capped at 125% of the budgeted expenditures, and payments to critical vendors require a separate court order. Pre-bankruptcy lienholders will be granted adequate protection liens on all assets of the Debtor except avoidance action proceeds, with the same priority as their pre-bankruptcy liens. In case such liens do not fully protect against any diminution in the value of their collateral, the lienholders may assert Section 507(b) administrative claims. If the Debtor seeks to use cash collateral after August 28, it must file and serve a proposed continued final order and budget by August 3. Objections are due by August 12 and the continued final hearing is set for August 19. A copy of the fourth final order and the Debtor's budget is available at https://shorturl.at/0AYVB from PacerMonitor.com. Based on its review of its records and financing statements filed with the New Hampshire Secretary of State, Grace Limousine believes that these lienholders may assert an interest in the cash collateral as of the petition date: The Provident Bank, Mollica, Inc., ODK Capital, LLC, Celtic Bank Corporation/BlueVine Inc., and the U.S. Small Business Administration. The Debtor and Provident entered into a series of loan transactions, which comprised of a term loan ($414,000), term loan (vehicles) ($508,200), term loan (acquisition) ($1.8 million), equipment line of credit ($300,000), and revolving demand note ($100,000). The Debtor's obligations are secured by all or substantially all of its assets, including cash collateral. Additionally, the Debtor obtained a $1.8 million commercial loan from Mollica, a $500,000 loan from the SBA, and a $50,000 loan from ODK. About Grace Limousine LLC Grace Limousine LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.H. Case No. 25-10775) on November 3, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Kimberly Bacher handles the case. The Debtor is represented by Matthew J. Delude, Esq. of Bernstein, Shur, Sawyer & Nelson, PA. GRAVITAS NW: Seeks to Hire Walton Law Group LLC as Attorney ----------------------------------------------------------- Gravitas NW, LLC seeks approval from the U.S. Bankruptcy Court for the District of Columbia to hire Walton Law Group, LLC as its attorneys. The firm will render these services: a. prepare and file all necessary bankruptcy pleadings on behalf of the Debtor; b. negotiate with taxing authorities, landlords, creditors, and other parties in interest regarding post-petition obligations and a Chapter 11 plan or other resolution; c. represent with respect to Adversary and other proceedings in connection with the Bankruptcy; d. prepare debtor status reports, schedules, statements, and, if appropriate, a disclosure statement and plan of reorganization; e. prepare and respond to all necessary pleadings and requests from the Court, Trustee, creditors, and any other interested party; and f. advise the Debtor with respect to its powers and duties as a debtor in possession and continue to advise regarding financial affairs in the Bankruptcy. The firm will be paid at these rates: Charles E. Walton $475 per hour Senior Associate $375 per hour Junior Associates $275 per hour Paralegal $175 per hour Financial Analysis $100 per hour Walton Law Group is disinterested as that term is defined in 11 U.S.C. Sec. 101(14), according to court filings. The firm can be reached through: Charles E. Walton, Esq. Walton Law Group, LLC 10905 Fort Washington Road, Suite 201 Fort Washington, MD 20744 Phone: (301) 292-8357 About Gravitas NW, LLC Gravitas NW, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Col. Case No. 26-00199) listing $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Elizabeth L Gunn presides over the case. Charles Earl Walton, Esq. at Law Office Of Charles E. Walton serves as the Debtor's counsel. GUNTER LAND: Hires Bonds Ellis Eppich Schafer Jones LLP as Counsel ------------------------------------------------------------------ Gunter Land NTX, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Texas to hire Bonds Ellis Eppich Schafer Jones LLP as its counsel. The firm will provide these services: a. serve as attorneys of record for the Debtor and to provide representation and legal advice with respect to the Debtor's powers and duties as debtor in possession in the continued operation of the Debtor's businesses; b. assist the Debtor in carrying out its duties under the Bankruptcy Code, including advising the Debtor of such duties, its obligations, and its legal rights; c. take all necessary action to protect and preserve the Debtor's estate; d. consult with the United States Trustee, any statutory committee that may be formed, and all other creditors and parties in interest concerning administration of this Chapter 11 Case; e. assist in potential sales of the Debtor's assets; f. prepare on behalf of the Debtor all motions, applications, answers, orders, reports, and other legal papers and documents to further the Debtor's estate's interests and objections, and to assist the Debtor in preparation of schedules, statements, and reports, and to represent the Debtor and its estate at all related hearings and at all related meetings of creditors, United States Trustee interviews, and the like; g. assist the Debtor in connection with preparing and refining its Chapter 11 plans and disclosures statements, and/or all related agreements and documents necessary to facilitate an exit from this Chapter 11 Case, take appropriate action on behalf of the Debtor to obtain confirmation of such plan, and take such further actions as may be required in connection with the implementation of such plan; h. assist the Debtor in analyzing and appropriately treating the claims of creditors, including objecting to claims and trying claim objections; i. appear before this Court and any appellate courts or other courts having jurisdiction over any matter associated with this Chapter 11 Case; and j. perform all other legal services and provide all other legal advice to the Debtor as may be required or deemed to be in the interest of its estate in accordance with the Debtor's rights and duties as set forth in the Bankruptcy Code. The firm will be paid at these rates: Bailey C. Pompea, Partner $425 per hour Eric T. Haitz, Partner $500 per hour H. Brandon Jones, Partner $500 per hour Honest Kapic, Associate $315 per hour Linda Gordon, Paralegal $325 per hour The firm received $50,000 from the Debtor as a retainer. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Eric T. Haitz, Esq., a partner at Bonds Ellis Eppich Schafer Jones LLP, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Eric T. Haitz, Esq. Bonds Ellis Eppich Schafer Jones LLP 420 Throckmorton Street, Suite 1000 Fort Worth, TX 76102 Telephone: (817) 405-6900 Facsimile: (817) 405-6902 Email: eric.haitz@bondsellis.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. GVS HOSPITALITY: Seeks Subchapter V Bankruptcy in New York ---------------------------------------------------------- On May 26, 2026, GVS Hospitality Hall LLC commenced a voluntary Chapter 11 bankruptcy case in the Southern District of New York Bankruptcy Court. Court records indicate liabilities ranging from $100,001 to $1 million and a creditor count estimated between 1 and 49. A meeting of creditors under Section 341(a) to be held on June 25, 2026 at 02:00 PM at Zoom.us - USTrustee 1: Meeting ID 160 7717 9142, Passcode 0186029495, Phone 1 (202) 381-3292. About GVS Hospitality Hall LLC GVS Hospitality Hall LLC is a hospitality-focused limited liability company based in New York. The company's name suggests involvement in banquet facilities, event spaces, restaurants, or related hospitality services. The company sought reorganization under Subchapter V of Chapter 11 (Bankr. Case No. 26-11236) and disclosed estimated assets of $0-$100,000 and estimated liabilities of $100,001-$1 million. The case has been assigned to Judge Philip Bentley. The Debtor is represented by Heath S. Berger, Esq., BFSNG Law Group, LLP. HAPPYNEST REIT: Assurance Dimensions Raises Going Concern Doubt --------------------------------------------------------------- HappyNest REIT, Inc. filed its Annual Report on Form 1-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 revenue of 291.8 million in 2025, compared to a revenue of $247.2 million in 2024. Going Concern Coral Springs, Florida-based Assurance Dimensions, LLC, the Company's auditor since 2023, issued a "going concern" qualification in its report dated April 29, 2026, attached to the Company's Annual Report for the fiscal year ended December 31, 2025, citing that the Company generated negative cash flows from operations of $1,700, has a net loss of $84,801, and has an accumulated deficit of $905,617. These conditions raise substantial doubt about the Company's ability to continue as a going concern. The continuation of the Company as a going concern is dependent upon successful financing through equity investors and profitable investment opportunities expected to have long-term benefits. Liquidity and Capital Resources The Company requires capital to fund its investment activities and operating expenses. The capital sources may include net proceeds from the Offering, cash flow from operations and borrowings under loans and credit facilities. As of December 31, 2025, the Company had operating capital of $38,329 resulting from current assets of $182,094 less non-operating current assets of $143,765. For the foreseeable future the Company will be dependent upon its ability to finance its operations from the sale of equity or other financing alternatives. The Company's principal demands for funds will be to purchase real estate properties and make other real estate investments, for the payment of operating expenses and distributions, and for the payment of principal and interest on any indebtedness it incurs. Although the Company depends upon the net proceeds from the sale of its shares of common stock to conduct substantially all of its operations, it may fund its capital requirements from a variety of other sources. As of December 31, 2025, the Company's indebtedness primarily consisted of expenses reimbursable to its affiliates for the costs incurred by it in connection with its organization and its Offering, fees payable to its affiliates that it incurred in connection with the acquisitions of its investment properties, as well as stock-based compensation expenses and redemptions payable. Once the Company has acquired a substantial portion of its real estate portfolio with the proceeds from its Offering, the Company expects that its debt ratio will not exceed 50% (before deducting depreciation or other non-cash reserves). Although the Company's borrowing policy is not to exceed 50% of the portfolio's net assets (equivalent to 50% of the cost of its assets), the Company has imposed no limitation on the amount it may borrow for the purchase of individual assets. For example, HappyNest may take on a property level loan at 65% loan-to-cost (LTC) so long as its total portfolio's debt ratio, including all debt financings and other liabilities, does not exceed its limitations. Any debt financing for investments that will render the Company's debt ratio in excess of 50% must be approved by a majority of its independent directors, or its Conflicts Committee, and disclosed to its stockholders in any subsequent public reports. In order to qualify as a REIT for income tax purposes the Company is required to pay minimum annual distributions to its stockholders of at least 90% of HappyNest's taxable income (computed without regard to the dividends paid deduction and excluding net capital gain). The Company intends for its investments to provide sufficient available cash flow from operations to pay distributions. The Company may deem, from time to time, its then-current financial condition capable of supporting distributions in excess of the minimum distribution amount. In the event the Company is required to pay dividends prior to having invested a substantial portion of the net proceeds from its Offering, management of the Company may choose, at their sole discretion, to defer reimbursements and fees due to them in order to increase the capital available for distributions to stockholders. The amount and frequency of fee reimbursements to the Company's Sponsor and Advisor may adversely impact its ability to make future distributions and requires approval of the majority of its independent directors or its Conflicts Committee prior to payment. As of December 31, 2025, the Company's Sponsor has deferred its right to payment in reimbursement for the costs incurred by it or its affiliates in connection with the Company's organization and its Offering. Although the Company depends upon the net proceeds from the sale of its shares of common stock to conduct substantially all of its operations, it may fund its capital requirements from a variety of other sources. The Company's primary sources and uses of funds may be as follows: * Sources: sale of shares of common stock through its Offering pursuant to Regulation A; sale of shares of common stock through its dividend reinvestment plan; rent payments from its tenants; proceeds from mortgage loans, credit facilities, or other amount borrowed; and distributions from investments. * Short-term liquidity and capital requirements: property level operating expenses, if any; interest and principal payments on mortgage loans, credit facilities, or other debt obligations; distributions to stockholders; fees or reimbursements payable to the Company's Sponsor and Advisor; repurchases of shares under the share repurchase program; and general and administrative expenses. * Long-term liquidity and capital requirements: acquisitions of new real estate investments; payment of deferred investment property acquisition obligation; interest and principal payments on mortgage loans and credit facility; tenant improvements, leasing commissions, and other capital expenditures; and repurchases of shares under the dividend reinvestment plan. A full text copy of the Company's Form 1-K is available at http://tiny.cc/wy64101 About HappyNest REIT Annapolis, Maryland-based HappyNest REIT, Inc. is a real estate investment trust that focuses primarily on acquiring a diverse portfolio of commercial real estate properties through direct ownership structures and limited partnerships with existing operators. HappyNest is headquartered in Charlotte, North Carolina and was formed for the purpose of providing the opportunity to invest in a low-cost, professionally managed portfolio of commercial real estate assets to investors who have, until recently, had limited access to these types of investments. As of December 31, 2025, the Company had $2,530,051 in total assets, $440,150 in total liabilities, and $2,089,901 in total stockholders' equity. HARRISBURG PARKING: Moody's Cuts Rating on 2013 Parking Bond to Ba3 ------------------------------------------------------------------- Moody's Ratings has downgraded the Harrisburg Parking Authority, PA Senior Parking Revenue Bonds (Capitol Region Parking System, Seres A of 2013 - Capital Appreciation Bonds, Series A- 2 to Ba3 from Ba2, and revised the outlook to stable from negative. The project has about $285 million of debt outstanding. This report focuses solely on the Series 2013A senior lien bonds, which has only about $14 million outstanding. The downgrade of the project's senior lien bonds reflects total debt service coverage that continues to grind at 1x, which means it is not able to reimburse the insurer for a series of debt service reserve fund draws during the pandemic. (Coverage of the senior lien bonds is adequate at more than 2x.) In addition, debt service will begin to escalate significantly in 5 years, which considering the difficulty the project is having increase revenues raises doubt about its ability to generate sufficient revenues to cover all debt service in the future. RATINGS RATIONALE The Ba3 rating recognizes a project that struggles with a heavy debt burden (12x revenue) and weak demand. The system has shown very little ability to increase its parking revenues, which poses significant risk over the long term. Total debt service coverage is currently only 1x and debt service will begin escalating dramatically starting in 2031. The system has been unable to reimburse its guarantors for a series of debt service reserve fund draws during the pandemic (it continues to operate under forbearance following these draws). The fact that the system is capable of producing only minimal surplus revenues for these reimbursements over several years suggests it is not well-positioned to cope with escalating debt service in the future. Crucially for the senior lien rating, the Commonwealth of Pennsylvania (Aa2 stable) leases parking spaces from this project at the state capitol. Lease payments alone are sufficient to cover senior lien debt service. While senior lien coverage will remain adequate throughout the life of the rated senior lien bonds, the project's challenged ability to cover all debt service poses numerous risks to all of its bonds, including the senior lien. RATING OUTLOOK The stable outlook reflects coverage at 1x, and the fact that the Ba3 rating appropriately balances the risks of coverage below 1x in future years given escalating debt service. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATING -- Ability to increase parking revenues sufficient to meet escalating debt service in 2031 -- Revision of bond documents to eliminate the possibility of acceleration from the Series A bonds FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATING -- Failure to reimburse guarantors for historical DSRF draws -- Indication that Assured Guaranty might not be willing to extend its forbearance agreement -- Revenue trend suggesting that coverage may once again slip below 1x PROFILE Harrisburg Parking Authority is a parking system located in downtown Harrisburg, PA, consisting of nine parking garages and two parking lots with roughly 7,700 combined spaces and 1,267 metered on-street parking spaces. The Ba3 rating described in this press release applies only to the system's 2013A senior lien bonds. Its other bonds have ratings based on guarantees or insurance policies from Dauphin County, PA (A2 stable) or Assured Guaranty Inc. (insurance financial strength rating A1 stable). METHODOLOGY The principal methodology used in this rating was Publicly Managed Toll Roads and Parking Facilities published in May 2023. HARRISON BY RENZZI: Amends Plan to Include Disputed Unsecured Claim ------------------------------------------------------------------- Harrison by Renzzi on the Beach Inc. submitted an Amended Plan of Reorganization dated May 22, 2026. The Plan, and the Debtor's financial projections, provides that unsecured creditors will receive an amount greater than all of the projected disposable income, as defined by section 1191(d) of the Code, of the Debtor to be received in the 3-year period. The disposable income amount is the total income projected to be received by the Debtor that is not reasonably necessary to be expended for the payment of expenditures necessary for the continuation, preservation, or operation of the business of the Debtor. The Plan will be funded by operations of the hotel. The length of the Plan will be three years from the Effective Date. This Plan provides for: 0 class of secured claims 1 class of priority claims 1 class of non-priority unsecured claims, and 1 class of equity security holders Like in the prior iteration of the Plan, Class 1 Unsecured creditors with allowed claims shall receive a pro rata share of the Debtor's projected disposable income. Class 2 consists of the Disputed Unsecured Claim of Michael Kadosh Intervivos Rev Trust. The Plan provides for payment of Landlord's approximately $300,000.00 in pre-petition rent through plan payments. This claim is subject to dispute as both parties have asserted damage claims. The plain delays payment until these disputes are resolved while projecting that that the Debtor is capable of paying the claim in full should the Landlord be entitled to same. This Class is impaired. Karim Kammoun, Mohammed Chabchoub Amine, and Yousseff Msakni shall retain their equity interest in the Debtor. All distributions under the Plan shall be made by the Debtor, whether the Plan is confirmed pursuant to Section 1191(a) or (b) of the Bankruptcy Code. The Debtor shall file with the Court as a supplement to the Plan and provide notice to all creditors at or before confirmation, a list of all the creditors who will be receiving payments under the Plan, the total amount to be paid to each creditor under the Plan (inclusive of all allowed interest and fees) and the payment terms and schedule for each creditor under the Plan. A full-text copy of the Amended Plan dated May 22, 2026 is available at https://urlcurt.com/u?l=jB2Knc from PacerMonitor.com at no charge. Counsel to the Debtor: Thomas G. Zeichman, Esq. ZEICHMAN LAW 2385 Executive Center Drive, Suite 300 Boca Raton, FL 33431 Telephone: (561) 467-6291 E-mail: Tom@ZeichmanLaw.com About Harrison by Renzzi on the Beach Inc. Harrison by Renzzi on the Beach Inc. provides real estate and hospitality services for South Florida beachfront properties. The company specializes in property rentals, development, and maintenance, catering to both residential and commercial clients. Harrison by Renzzi on the Beach Inc. filed for relief under Chapter 11 of the U.S. Bankruptcy Code (Case No. 26-11205) on Jan. 30, 2026. The bankruptcy petition reflects estimated assets of $100,001 to $1 million, with estimated liabilities in the range of $100,001 to $1 million. Bankruptcy Judge Robert A. Mark presides over the case. The Debtor is represented by Thomas G. Zeichman, Esq. HERITAGE GROCERS: Moody's Cuts CFR to Caa2, Outlook Stable ---------------------------------------------------------- Moody's Ratings downgraded Heritage Grocers Group, LLC's ("Heritage Grocers") corporate family rating to Caa2 from Caa1, its probability of default rating to Caa2-PD from Caa1-PD and the ratings on its backed senior secured term loan and backed senior secured revolving credit facility to Caa2 from Caa1. The rating outlook remains stable. The downgrades reflect Heritage Grocers' continued weak operating performance, with earnings down about 26% since 2023 and Moody's views that meaningful improvement will take longer than originally anticipated. This deterioration has led to very high leverage of 7.2x, weak EBITA to interest of 0.5x and lower than expected free cash flow for the LTM ended December 28, 2025. Moody's expects Heritage Grocers to continue to face a difficult consumer spending environment, compounded by reduced customer traffic due to changes in immigration policy and high promotional activity that will constrain revenue growth and pressure margins. Moody's expects the company to maintain adequate liquidity over the next 12 months and for Heritage to refinance its $125 million revolving credit facility expiring in August 2027 in a timely manner. RATINGS RATIONALE Heritage Grocers' Caa2 corporate family rating reflects its very high leverage and weak coverage with debt to EBITDA at 7.2x and EBITA to interest was 0.5x for the LTM ended December 29, 2025. The company's profitability was pressured by changes in immigration policy that has reduced customer traffic, as well as elevated promotional activity, driven by consumers' increasing focus on value as they continue to face high cost essentials. The rating also reflects the company's small scale within the fiercely competitive grocery retail sector and geographic concentration in the Southwest and Chicago area, as well as the risk of aggressive financial policies inherent with ownership by a financial sponsor. While Heritage previously maintained stronger operating margins than many larger peers, a meaningful decline since 2023 has brought operating margins to a level that is below its peers, eliminating its historical margin advantage. The ratings are supported by Heritage Grocers' attractive market niche with a focus on the Hispanic community. The company's high perishable sales mix, which is at about 60% including dairy, makes it less exposed to the sales volatility associated with pantry loading when compared to other traditional grocery stores. With the use of partners, such as Instacart and Uber Eats, Heritage Grocers will continue delivery from all stores and curbside pickup at its stores in Chicago. The stable outlook reflects Moody's belief that the company will maintain adequate liquidity and a conservative financial policy. The outlook also reflects Moody's belief that the company will refinance its revolving credit facility in a timely manner. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Ratings could be upgraded if operating performance meaningfully improves, including earnings recovery and consistently positive free cash flow. An upgrade would also require maintaining cash flow that decreases the likelihood of a default or increases recovery, as well as adequate liquidity, including refinancing the company's revolving credit facility in a timely manner. Ratings could be downgraded if profitability, free cash flow and liquidity deteriorate from current levels. Ratings could also be downgraded should the probability of default increase for any reason or if recovery prospects decline for any reason. The principal methodology used in these ratings was Retail and Apparel published in September 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Headquartered in Ontario, California, Heritage Grocers Group, LLC operate 115 grocery stores in six states in the Southwest and Chicago area. The company is owned by funds managed by Apollo and generates about $3.0 billion in revenue. HI SIGN BREWING: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------------- Two affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Hi Sign Brewing, LLC (Lead Case) 26-11027 730 Shady Lane Austin, TX 78702 Escondido HSB, LLC 26-11028 730 Shady Lane Austin, TX 78702 Business Description: Hi Sign Brewing is a veteran-owned craft brewery, coffee bar, and taproom located in Austin, Texas. Founded by Marine Corps veteran Mark Phillippe, the company brews beer on-site and operates a taproom offering specialty coffee, beer, wine, Wi-Fi, outdoor patio space, and beer garden seating. The taproom is dog-friendly and family-friendly and hosts on-site food partners Nyam Sunshine Cuisine and Reunion 64 Pizza. Chapter 11 Petition Date: May 31, 2026 Court: United States Bankruptcy Court Western District of Texas Judge: Hon. Christopher G Bradley Debtors' Counsel: Stephen W Sather, Esq. BARRON & NEWBURGER, P.C. 7320 N. MoPac Expressway 400 Austin TX 78731 Tel: (512) 476-9103 x220 E-mail: ssather@bn-lawyers.com Each Debtor's Estimated Assets: $0 to $50,000 Each Debtor's Estimated Liabilities: $500,000 to $1 million The petitions were signed by Mark Phillippe as manager. Full-text copies of the petitions, which includes lists of the Debtors' largest unsecured creditors, are available for free on PacerMonitor at: https://www.pacermonitor.com/view/QFG4YHI/Hi_Sign_Brewing_LLC__txwbke-26-11027__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/QBLTWXA/Escondido_HSB_LLC__txwbke-26-11028__0001.0.pdf?mcid=tGE4TAMA HONEY BRANDS: Hires Law Offices of Joel A. Schechter as Counsel --------------------------------------------------------------- Honey Brands Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to hire the Law Offices of Joel A. Schechter as counsel. The firm's services include: (a) advise the Debtor with respect to its powers and duties in the continued operation of its business and financial affairs; (b) prepare on behalf of the Debtor necessary legal papers and appurtenant to these proceedings; and (c) perform all other legal services for the Debtor which may be necessary in the prosecution of this proceeding. The firm received a retainer of $10,000, in addition to the filing fee, from the Debtor. Joel Schechter, Esq. disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Joel A. Schechter, Esq. Law Offices of Joel A. Schechter 53 W., Jackson Blvd., Suite 860 Chicago, IL 60604 Telephone: (312) 332-0267 Email: joel@jasbklaw.com About Honey Brands Inc. Honey Brands Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 26-07105) on April 23, 2026, with $100,001 to $500,000 in both assets and liabilities. Ira Bodenstein serves as Subchapter V trustee. Judge Timothy A. Barnes oversees the case. Joel A. Schechter, Esq., at the Law Office of Joel A. Schechter represents the Debtor as bankruptcy counsel. HPC MOTORSPORTS: Case Summary & Largest Unsecured Creditors ----------------------------------------------------------- 12345678901234567890123456789012XX56789012345678901234567890123456 Lead Debtor: HPC Motorsports, LLC 17545 Kuykendahl Rd Spring, TX 77379-8327 Business Description: HPC Motorsports LLC is a Spring, Texas-based automotive performance company. The company provides performance parts sales, professional parts installation, wheels, engine component work, turnkey race motors, and full race performance applications. HPC serves high-performance vehicle customers, including owners of American classic, muscle, late-model super cars, domestic vehicles, and foreign vehicles. Chapter 11 Petition Date: May 29, 2026 Court: United States Bankruptcy Court Southern District of Texas Two affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- HPC Motorsports, LLC (Lead Case) 26-33781 High Performance Connection, LLC 26-33782 Judge: Hon. Eduardo V Rodriguez Debtors' Counsel: Robert C Lane, Esq. THE LANE LAW FIRM 6200 Savoy Dr., Suite 1150 Houston, TX 77036-3369 Tel: (713) 595-8200 Email: notifications@lanelaw.com HPC Motorsports' Total Assets: $117,097 HPC Motorsports' Total Liabilities: $447,195 High Performance's Total Assets: $463,949 High Performance's Total Liabilities: $1,288,029 The petitions were signed by Elie Bejjani as managing member. Full-text copies of the petitions, which include lists of the Debtors' largest unsecured creditors, are available for free on PacerMonitor at: https://www.pacermonitor.com/view/ZWL765Y/HPC_Motorsports_LLC__txsbke-26-33781__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/3O362AA/High_Performance_Connection_LLC__txsbke-26-33782__0001.0.pdf?mcid=tGE4TAMA HUBILU VENTURE: M&K CPAS Raises Going Concern Doubt Over Losses --------------------------------------------------------------- Hubilu Venture 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. The Company reported a net loss of $551,442 for the year ended December 31, 2025, compared with a net loss of $186,237 for 2024. The Company generated rental revenue of $2,203,976 in 2025, compared to a revenue of $2,232,412 in 2024. Going Concern Woodlands, Texas-based M&K CPAS, PLLC, the Company's auditor since 2019, issued a "going concern" qualification in its report dated April 7, 2026 attached to the Company's Annual Report for the fiscal year ended December 31, 2025, citing that the Company suffered a net loss from operations and has a net capital deficiency, which raises substantial doubt about its ability to continue as a going concern. As shown in the acCompanying financial statements, the Company has incurred recurring losses from operations resulting in an accumulated deficit of $2,858,582, and negative working capital of $2,436,873 as of December 31, 2025, and the Company's cash on hand may not be sufficient to sustain operations. Management is actively pursuing new properties to increase revenues. In addition, the Company is currently seeking additional sources of capital to fund short term operations. Management believes these factors will contribute toward achieving profitability. A full text copy of the Company's Form 10-K is available at http://tiny.cc/ew64101 About Hubilu Venture Hubilu Venture Corporation was incorporated under the laws of the state of Delaware on March 2, 2015 and is a publicly traded real estate consulting, asset management and business acquisition Company, which specializes in acquiring student housing income properties and development/business opportunities located near within the Los Angeles area. The Company currently owns thirty properties within the Los Angeles area under a total of nine subsidiaries in the form of Limited Liability Companies. As of December 31, 2025, the Company had $23,534,370 in total assets, $25,312,016 in total liabilities, and $1,777,646 in total stockholders' deficit. INTEGRAGEN: Plans to Seek Receivership to Stabilize Finances ------------------------------------------------------------ Market Screener reports that IntegraGen is preparing to seek court-ordered receivership protection as the French genomics specialist attempts to stabilize its financial position amid continuing cash-flow challenges. The company stated that although its commercial pipeline remains promising, delays in converting opportunities into revenue have left it unable to meet short-term funding requirements. The company operates in the fields of cancer genomics and rare genetic diseases, providing genomic research services and molecular diagnostic solutions. IntegraGen has spent recent months repositioning its business toward biopharma clinical studies and premium genomic services while working to reduce costs and improve efficiency. Management said the proposed court-supervised restructuring would support ongoing operations and improve the search for strategic investors or buyers. The company's safeguard proceeding, initially opened in October 2025, remains active, and a recent indication of interest from an industrial player prompted the court to delay further proceedings to allow additional evaluation of a potential rescue transaction. About IntegraGen IntegraGen is a French life sciences company specializing in genomics, molecular diagnostics, and bioinformatics. The company offers genetic sequencing and data analysis services that help researchers and healthcare professionals better understand complex diseases and develop targeted therapies. INTEGRATED ENDOSCOPY: Taps Christopher E. Vossman as Accountant --------------------------------------------------------------- Integrated Endoscopy, Inc., seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Christopher E. Vossman CPA, APC as accountant. The firm will prepare the Debtor's tax returns. The firm will be paid at these rates: Christopher E. Vossman $275 per hour Haley Golden (assistant) $92 per hour The firm has requested a post-petition retainer for fees and costs in the sum of $4,000. Christopher E. Vossman CPA, APC does not hold or represent an interest adverse to the bankruptcy estate and, therefore, is disinterested within the meaning of 11 U.S.C. Sec. 101(14), according to court filings. The firm can be reached through: Christopher E. Vossman, CPA Christopher E. Vossman CPA, APC 19100 Von Karman Ave., Suite 240 Irvine, CA 92612-6554 Telephone: (949) 851-6271 About Integrated Endoscopy Inc. Integrated Endoscopy Inc. develops wireless arthroscopic and single-use rigid endoscope technology for surgical applications. Headquartered in Irvine, California, the privately held Company was founded in 1996 following its acquisition of Micro Optics Development Engineering Labs' optical design assets and markets its Nuvis Single-Use Arthroscope with plans to extend into additional procedure-specific endoscopes. Its intellectual property portfolio includes 19 issued patents across the U.S., Europe, Japan, Australia, and Canada covering lens systems, LED lighting, and molded glass optics. Integrated Endoscopy sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-12121 on July 31, 2025. In its petition, the Debtor reported between $10 million and $50 million in assets and liabilities. Honorable Bankruptcy Judge Scott C. Clarkson handles the case. The Debtor is represented by Vanessa H. Haberbush, Esq., at Haberbush, LLP. Research Corporation Technologies is represented by: Jeffrey R. Gleit, Esq. Brett D. Goodman, Esq. ArentFox Schiff, LLP 1301 Avenue of the Americas, 42nd Floor New York, NY 10019 Telephone: (212) 484-3900 Facsimile: (212) 484-3990 E-mail: jeffrey.gleit@afslaw.com brett.goodman@afslaw.com - and - Aram Ordubegian, Esq. Christopher K.S. Wong, Esq. ArentFox Schiff, LLP 555 West Fifth Street, 48th Floor Los Angeles, CA 90013-1065 Telephone: (213) 629-7400 Facsimile: (213) 629-7401 E-mail: aram.ordubegian@afslaw.com christopher.wong@afslaw.com IQVIA INC: S&P Rates Euro-Denominated Senior Unsecured Notes 'BB' ----------------------------------------------------------------- S&P Global Ratings assigned its 'BB' issue-level rating and '5' recovery rating to IQVIA Inc.'s proposed senior unsecured notes due 2033. The '5' recovery rating indicates its expectation for modest (10%-30%; rounded estimate: 15%) recovery in the event of a payment default. The 'BBB-' issue-level and '2' recovery ratings on IQVIA's secured debt remain unchanged. S&P said, “We expect the company will use the proceeds to repay its 364-day term loan facility due 2027 (unrated), repay outstanding indebtedness under its revolving credit facility, and pay fees and expenses related to this offering. "Our 'BB+' long-term issuer credit rating and stable outlook on the company's parent, IQVIA Holdings Inc., remain unchanged. Our rating reflects the company's position as a leading global clinical research organization with sizeable scale and a strong market position in both its research and development solutions and commercial solutions segments. "We expect the company's S&P Global Ratings-adjusted debt to EBITDA will remain in the 3.5x-4x range in the near term, but our ratings incorporate the expectation that IQVIA would be willing to consider acquisitions that push leverage temporarily above 4x." J.B. POINDEXTER: Moody's Alters Outlook on 'B1' CFR to Negative --------------------------------------------------------------- Moody's Ratings affirmed the ratings of J.B. Poindexter & Co., Inc. (J.B. Poindexter), including the B1 corporate family rating, the B1-PD probability of default rating and the B2 senior unsecured ratings. At the same time, Moody's revised J.B. Poindexter's outlook to negative from stable. The negative outlook reflects Moody's expectations of a protracted recovery of the company's operating performance and key credit metrics. Despite improved orders and backlog during the first quarter of 2026, uncertainty remains over the strength and pace of the recovery over the next 12-18 months. For the 12 months ended March 2026, the company's leverage has increased to 6.5x debt-to-EBITDA, well above Moody's downgrade guidance of 4.5x. The affirmation of the ratings reflects a gradual recovery Moody's expects in the company's sales and profit in 2026-2027, supported by its strong competitive position across core business lines and long-standing relationships with key blue-chip customers. Moody's also expects the company to have adequate liquidity for the next 12 months. RATINGS RATIONALE J.B. Poindexter's ratings reflect the company's strong competitive position in its main business lines and long-standing relationships with key blue-chip customers. At the same time, the ratings are constrained by the company's exposure to cyclical end markets, with significant customer concentration and volatility around fleet truck orders in both its Morgan and Morgan Olson segments. Moody's expects the addition of DBCM (renamed as Pulse division) to J.B. Poindexter's portfolio of businesses to temper the company's cyclical earnings fluctuations. Moody's expectations of revenue recovery through 2027 also incorporates a rebound in the company's legacy businesses, including an increase in Morgan's revenue and a moderation in Reading's sales decline, supported by an improving backlog during the first quarter of 2026. Moody's also expects Morgan Olson's sales to recover as new FedEx orders offset UPS's ongoing order suspension. However, Moody's expects profit and cash flow recovery to be moderate under an uncertain US policy environment that may temper demand for new Class 5-7 truck bodies for Morgan, and weak homebuilding demand that drives demand for Reading's vocational truck bodies. Moody's anticipates J.B. Poindexter will have adequate liquidity for the next 12 months. Moody's expects the company to generate around breakeven free cash flow in 2026-2027 and to have sufficient availability under its asset-based lending (ABL) facility, expiring in 2030. As of March 31, 2026, the unused borrowing availability was $128 million. There are no significant near-term debt maturities until 2031 when the $850 million senior unsecured notes are due. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if J.B. Poindexter maintains debt/EBITDA below 3.0x and EBITDA/interest above 4.0x through cyclical periods in its end-markets. Good liquidity is also an important consideration for a ratings upgrade. The rating could also be upgraded if the company sustains the EBIT margin above 6.5%. The ratings could be downgraded if J.B. Poindexter is unable to maintain debt/EBITDA below 4.5x, or if liquidity deteriorates, including in the event negative free cash flow erodes the remaining cash balance further. The ratings can also be downgraded if the EBIT margin is sustained below 4.5%. The adoption of more aggressive financial policies, such as sizeable owner distributions or additional sizeable debt funded acquisitions could also cause a ratings downgrade. The principal methodology used in these ratings was Automotive Suppliers 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. Headquartered in Houston, Texas, J.B. Poindexter & Co., Inc. manufactures commercial truck bodies for medium-duty trucks, pickup truck caps and tonneau covers; truck bodies for walk-in step vans and service utility trucks; ambulance cars, commercial vehicle shelving and storage systems, funeral coaches and limousines. The company is privately held by Mr. J.B. Poindexter. JACQUELINE D MOORE: Has Deal on Cash Collateral Access ------------------------------------------------------ Jacqueline D Moore PLLC asks the U.S. Bankruptcy Court for the Eastern District of Virginia, Alexandria Division, for authority to use cash collateral and provide adequate protection, pursuant to a negotiated agreement with its secured lender, PNC Bank, N.A., in order to continue business operations during the Chapter 11 case. At the time of filing, the Debtor held approximately $42,405 in bank deposits and accounts receivable, which constitute the Prepetition Cash Collateral. According to the motion, PNC Bank extended a loan to the Debtor on April 21, 2023, in the original amount of $985,000. The bank perfected its security interest through a UCC financing statement filed with the Virginia State Corporation Commission. As of the bankruptcy filing, the Debtor owed PNC approximately $1,011,435, and the bank held a first-priority lien on, among other assets, the Debtor's cash collateral. As adequate protection for the bank's interest in the collateral, the proposed consent order grants PNC Bank a replacement lien on all post-petition proceeds and products derived from the prepetition cash collateral, but only to the extent of any diminution in value of the bank's collateral position. Additionally, the Debtor agreed to make periodic adequate protection payments to the bank, consisting of a $2,000 payment in May 2026 and $1,000 monthly payments during June, July, and August. These payments are intended to compensate the lender for any potential decline in the value of its secured interest during the Chapter 11 proceedings. The Debtor requested that the court immediately approve the consent order on an interim basis for a 14-day period to avoid immediate and irreparable harm to the bankruptcy estate. A copy of the motion is available at https://urlcurt.com/u?l=oBsV6b from PacerMonitor.com. About Jacqueline D Moore PLLC Jacqueline D Moore PLLC, doing business as Comprehensive Surgery Specialists and Comprehensive Surgical Specialists of Stone Ridge, is a surgical practice located in Aldie, Virginia. The practice provides minimally invasive surgical procedures and robotic surgery, including colon, breast cancer, acid reflux, hernia, gallbladder, and abdominal cancer procedures. It also treats conditions including appendix pain, cysts, diverticulitis, hemorrhoids, hidradenitis suppurativa, lipomas, moles, painful leg veins, skin cancer, and skin tags. The practice serves communities including Aldie, Fairfax, Chantilly, Ashburn, South Riding, Dulles, Annandale, Springfield, and Burke. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Case No. 26-11018) on April 29, 2026, with $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Jacqueline D. Moore, MD, sole member, signed the petition. Steven B. Ramsdell, Esq., at Tyler, Bartl & Ramsdell, PLC represents the Debtor as legal counsel. JN GRIFFIN: Stanley Bond Named Subchapter V Trustee --------------------------------------------------- The Acting U.S. Trustee for Region 13 appointed Stanley Bond as Subchapter V trustee for JN Griffin Trucking, LLC. Mr. Bond will be paid an hourly fee of $250 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Bond declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Stanley V. Bond P.O. Box 1893 Fayetteville, AR 72702 479-444-0255 Email: attybond@me.com About JN Griffin Trucking LLC JN Griffin Trucking, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Ark. Case No. 26-71014) on May 22, 2026, with $500,001 to $1 million in assets and liabilities. Judge Richard D. Taylor presides over the case. Marc Honey, Esq. at Honey Law Firm, P.A. represents the Debtor as legal counsel. JOHN STOCKWELL: Rodey Firm Loses Bid to Stay Bankruptcy Proceedings ------------------------------------------------------------------- Judge Peter D. Russin of the U.S. Bankruptcy Court for the Southern District of Florida denied as moot the Rodey Firm's expedited motion to stay all matters in the bankruptcy case of John Kent Stockwell and Lynn Darlene Stockwell and related adversary proceeding pending the decision on the motion to transfer the bankruptcy case to the U.S. Bankruptcy Court for the District of New Mexico. All deadlines in the bankruptcy case or the related adversary proceeding (Case No. 26-ap-01150), with respect to responses or objections to pending motions, pleadings, or other filed papers are abated until further order of the Court. The hearings currently set on June 23, 2026, in both the bankruptcy case or the related adversary proceeding (Case No. 26-ap-01150) are cancelled and will be continued, subject to further notice or order of the Court. The Court will hold a status conference on June 23, 2026. A copy of the Court's Order dated June 1, 2026, is available at http://urlcurt.com/u?l=ljrqdVfrom PacerMonitor.com. John Kent Stockwell and Lynn Darlene Stockwell filed for Chapter 11 bankruptcy protection (Bankr. S.D. Fla. Case No. 26-15628) on April 30, 2026, listing under $1 million in both assets and liabilities. The Debtor is represented by Indira Spence, Esq. JOSHUA MASSINGILL: Seeks to Hire Cormier & Rea Inc. as Accountant ----------------------------------------------------------------- Joshua Massingill, Attorney at Law, PLLC seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to employ Cormier & Rea, Inc. as accountants. Cormier & Rea, Inc. will file Debtor's 2025 federal taxes for a flat fee of $1,500. There is no monthly payment. Payment will be due when the taxes are filed. As disclosed in the court filings, Cormier & Rea, Inc has no connection with Debtor’s creditors, parties-in-interest or affiliates, or attorneys for any of them, the United States Trustee, or any person employed in the Office of the United States Trustee. The firm can be reached through: John Craite, CPA Cormier & Rea, Inc. 4413 Spicewood Springs Rd, Ste 301 Austin, TX 78759 Phone: (512) 808-0855 Email: Jcraite@candrtax.com About Joshua Massingill, Attorney at Law, PLLC Joshua Massingill, Attorney at Law, PLLC provides services in business, estate planning, and probate law. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 26-10460) on March 17, 2026. In the petition signed by Joshua Massingill, managing member, the Debtor disclosed up to $100,000 in assets and up to $1 million in liabilities. Judge Shad M. Robinson oversees the case. The Debtor tapped Robert C. Lane, Esq., at The Lane Law Firm as counsel; CPN2 LLC, doing business as, CPN Legal as, bookkeeper; and Cormier & Rea, Inc. as accountant. JSM PROPERTIES: Case Summary & Three Unsecured Creditors -------------------------------------------------------- Debtor: JSM Properties, LLC 130 Deer Hill Avenue Unit #13 Danbury, CT 06810 Business Description: JSM Properties owns two real estate properties in Georgia, located in Savannah and Atlanta, with a combined current value of $1 million. Chapter 11 Petition Date: June 1, 2026 Court: United States Bankruptcy Court District of Connecticut Case No.: 26-50401 Judge: Hon. Julie A Manning Debtor's Counsel: Joseph J. D'Agostino, Jr., Esq. LAW OFFICES OF JOSEPH J. D'AGOSTINO JR., LLC 1062 Barnes Rd Suite 108 Wallingford, CT 06492 Tel: (203) 265-5222 Fax: (203) 265-5236 Email: joseph@lawjjd.com Total Assets: $1,282,262 Total Liabilities: $338,325 The petition was signed by Josephine Miller as manager. A full-text copy of the petition, which includes a list of the Debtor's three unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/PM3Y2EY/JSM_PROPERTIES_LLC__ctbke-26-50401__0001.0.pdf?mcid=tGE4TAMA LIFE LINE PLUMBING: Files Emergency Bid to Use Cash Collateral -------------------------------------------------------------- Life Line Plumbing LLC asks the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, for authority to use cash collateral and provide adequate protection. The company maintained stable revenues for many years, but declining job volume during the prior year caused significant financial strain. To sustain operations, the company borrowed funds from lenders including Kapitus, Stripe, and Headway, and mounting pressure from those creditors ultimately forced the bankruptcy filing. The Debtor explains that ongoing access to cash collateral is essential to continue business operations and preserve the company's value as a going concern. The business depends entirely on operational revenue and requires immediate access to funds to cover payroll, office expenses, maintenance, and general operating costs. The Debtor emphasizes that without authority to use cash collateral, the company would be forced to cease operations, which would undermine its restructuring efforts and harm creditors. To support the request, the Debtor submitted a 14-day and 30-day operating budget showing projected income and expenses. The company requests authority to spend cash collateral according to the budget, with flexibility to exceed individual budget categories by up to 10% so long as total monthly expenditures do not exceed the budget by more than 10%. The Debtor discusses several Uniform Commercial Code filings that may affect the Debtor's assets and cash collateral. An online UCC search revealed a first-position filing in favor of Stellar Bank related to a 2017 Jetter Trailer. However, the Debtor believes that debt has already been paid in full and that the lien should have been released. As a result, the Debtor scheduled Stellar Bank as a disputed secured creditor with a zero-dollar claim and asserts that Stellar Bank has no interest in cash collateral. A second UCC filing by an unidentified creditor purports to create a blanket lien on all company assets, including cash. The Debtor states that it remains unclear whether this or any other creditor actually possesses perfected liens on the company's cash collateral. As of the petition date, the company reported approximately $14,498 in cash on hand and accounts receivable totaling roughly $25,961, with total scheduled assets valued at approximately $87,105. To provide adequate protection to any creditor that may ultimately establish a valid security interest in the cash collateral, the Debtor proposes maintaining the business as a going concern and granting replacement liens on postpetition cash and after-acquired property to the same extent and priority as any valid prepetition liens. The proposed replacement liens would not extend to Chapter 5 avoidance actions. A copy of the motion is available at https://urlcurt.com/u?l=lfOO2Z from PacerMonitor.com. About Life Line Plumbing LLC Life Line Plumbing LLC is a Katy, Texas-based residential and commercial plumbing company formed in 2013. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-33536) on May 20, 2026. In the petition signed by Jacob Rogers, owner, the Debtor disclosed up to $100,000 in assets and up to $500,000 in liabilities. Judge Jeffrey P. Norman oversees the case. Robert C Lane, Esq., at The Lane Law Firm, represents the Debtor as legal counsel. LIGHTEN UP: Gets Interim OK to Use Cash Collateral -------------------------------------------------- Lighten Up Hair Salon and Spa, LLC received interim approval from the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, to use cash collateral. Under the June 2 interim order, the Debtor is authorized to use cash collateral only in accordance with an approved operating budget, with permitted variances of up to 25% above or below budgeted disbursements. As adequate protection, secured lender Kearny Bank was granted automatically perfected replacement liens on the Debtor's post-petition assets and proceeds. The lender will be granted potential superpriority administrative expense status under Section 507(b) of the Bankruptcy Code if its collateral position is diminished. The Debtor must provide periodic financial accountings, monthly operating reports, and other financial information required under the loan documents. Termination events include failure to comply with the budget; dismissal or conversion of the Chapter 11 case; failure to obtain a final cash collateral order within 90 days of the petition date; and modification of the order without the lender's consent. Upon a termination event and after seven days' notice, Kearny Bank may revoke the Debtor's right to use cash collateral and exercise its remedies against collateral. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/uxoq1 from PacerMonitor.com. A final hearing is scheduled for June 30. Kearny Bank issued a Small Business Administration-backed loan to the Debtor in February 2021 in the amount of approximately $1.06 million, carrying a variable interest rate tied to the prime rate plus 1.75 percent. To secure the loan, the Debtor granted Kearny a security interest in substantially all business assets, including cash collateral. The SBA is expected to assert a first-priority lien on these assets, and the Debtor's principals, Ronald and Stephanie Oringer, personally guaranteed the loan obligations. Although the Debtor acknowledges the asserted secured claim, it reserves the right to dispute the amount, priority, or secured status of any claim filed in the bankruptcy case. About Lighten Up Hair Salon and Spa Lighten Up Hair Salon and Spa, LLC operates a full-service salon and spa in Budd Lake, New Jersey. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.J. Case No. 26-15441) on May 13, 2026. In the petition signed by Ronald E. Oringer, managing member, the Debtor disclosed up to $50,000 in assets and up to $1 million in liabilities. Melinda Middlebrooks, Esq., at Middlebrooks Shapiro, P.C., represents the Debtor as legal counsel. LOYD HAVE: Seeks Chapter 11 Bankruptcy in Florida ------------------------------------------------- On May 26, 2026, Loyd Have Mercy LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Middle District of Florida. According to court filings, the Debtor reports between $100,001 and $1 million in debt owed to 1-49 creditors. A meeting of creditors under Section 341(a) meeting to be held on June 22, 2026 at 12:00 PM. U.S. Trustee (Orl) will hold the meeting telephonically. Call in Number: 888-330-1716. Passcode: 5814238#. About Loyd Have Mercy LLC Loyd Have Mercy LLC is a Florida limited liability company. Based on its name, the company appears to operate in the food service, restaurant, or hospitality sector, although specific business activities were not disclosed in the bankruptcy petition. Loyd Have Mercy LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-03854) on May 26, 2026. In its petition, the Debtor reported estimated assets of $100,001-$1 million and estimated liabilities of $100,001-$1 million. M&S OILFIELD: Unsecured Creditors to Split $58K over 5 Years ------------------------------------------------------------ M&S Oilfield Service, LLC, submitted an Amended Subchapter V Plan of Reorganization dated May 22, 2026. M&S is a Wyoming Limited Liability Company that was formed on February 26, 2013, and its sole member and manager is Floyd Sorensen. Because its business did not dramatically improve after the pandemic, M&S sold all of its unencumbered assets and started negotiations with its secured creditors to restructure those obligations. While those efforts were helpful, the settlement discussions did not result in any meaningful restructuring of the secured debt. At the time of filing, there were two semi-trucks operating, which has not changed to the date of this Plan. M&S (or its affiliate M&S Trucking Inc.) is the titled owner of its assets (and the obligor on the debts secured by its assets), but the actual day-to-day operating of its assets is handled by Diamond Six S Trucking, LLC under a lease agreement whereby Diamond leases M&S assets, and Diamond employs the drivers, insures the assets, does the billing, and pays the expenses for both entities. Diamond's sole owner and manager is Floyd Sorensen. Class 7 consists of those unsecured creditors (other than Allowed Administrative Claims, Allowed Tax Claims and Allowed Priority Claims) that hold Allowed Claims that were either scheduled by Debtor as undisputed, or subject to timely proofs of claim to which Debtor does not successfully object. With the deficiency claims from Class 1 to 6, there are a total of $246,694.31 in general unsecured claims. Subject to Article VIII.8.19, the Class 7 Claims will be treated and paid the sum of Debtor's net disposable income or at least $57,933.00 which payments will be distributed on a pro-rata basis over the five-year term of the Plan. Payments will commence to this Class on a quarterly basis after the Administrative Expenses/Claims have been satisfied. Class 7 is impaired. Class 8 includes the Interests of the Debtor. Class 8 is unimpaired by this Plan. On the Effective Date, Class 8 shall retain their Interests subject to the terms of this Plan. The Debtor shall submit all of its projected disposable income for the term of the Plan beginning on the Effective Date. On the Effective Date, Debtor shall carry out the terms of the Plan including paying the creditors under this Plan, and take all actions deemed necessary or convenient to consummating the terms of the Plan. Diamond operates M&S' assets, and its income will be the source of the payments to the Debtor for its payments under the Plan. A full-text copy of the Amended Plan dated May 22, 2026 is available at https://urlcurt.com/u?l=Xyu2Xt from PacerMonitor.com at no charge. Counsel to the Debtor: Stephen R. Winship, Esq. Winship & Winship, PC 145 South Durbin Street, Suite 201 Casper, WY 82601 Tel: (307) 234-8991 Email: steve@WinshipandWinship.com About M&S Oilfield Service M&S Oilfield Service, LLC, is a Wyoming Limited Liability Company that was formed on February 26, 2013 with oilfield related hauling in the Rocky Mountain region as its primary business. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Wyo. Case No. 24-20220) on June 10, 2024, with $500,001 to $1 million in assets and $100,001 to $500,000 in liabilities. Judge Cathleen D. Parker presides over the case. Stephen R. Winship, at Winship And Winship, PC, is the Debtor's legal counsel. MADRONE-FLORIDA TECH: S&P Affirms 'BB' Rating on 2025A-B Rev Bonds ------------------------------------------------------------------ S&P Global Ratings affirmed its 'BB' long-term rating on Capital Trust Authority, Florida's series 2025A and series 2025B student housing revenue bonds, issued for Madrone-Florida Tech Student Housing I LLC, Fla., the sole member of which is Madrone Community Development Foundation, California. The outlook is stable. S&P analyzed the project's environmental, social, and governance factors related to its market position and financial performance. Florida Tech's campus faces environmental risk, given its coastal location. S&P Global Sustainable1 views the institute as vulnerable to severe weather-related events, including tropical storms and hurricanes, coastal flooding, and extreme heat. All other social and governance credit factors are neutral in our credit rating analysis. S&P said, "The stable outlook reflects our expectation that, during the one-year outlook period, construction will be completed, and the project will open with solid occupancy in fall 2026. Over the longer term, the stable outlook incorporates our view that the project will perform as forecast, meeting its projected occupancy and coverage requirements. "We could consider a negative rating action if cost overruns or construction delays inhibit the project's ability to open on time and within budget. We could consider a negative rating action if once opened, the project's occupancy is materially weaker than projected, pressuring the project's ability to meet DSC or FCC covenants. "We could consider a positive rating action if the project opens on time and within budget, and in the longer term, establishes a trend of strong occupancy and DSC well above 1.2x." MAGENTA BUYER: Moody's Alters Outlook on 'Caa2' CFR to Negative --------------------------------------------------------------- Moody's Ratings affirmed Magenta Buyer LLC (McAfee Enterprise)'s ("Magenta") ratings including its Caa2 corporate family rating. The outlook was revised to negative from stable. The change in outlook reflects the continuing challenges the company faces stabilizing revenues and improving cash flow before debt maturities in 2028. Debt will likely need to be restructured again, given the still high leverage and negative cash flow. Magenta continues to make progress revitalizing its security software lineup, particularly for customers with hybrid on-prem/cloud IT infrastructure and reducing its cost base. While many of the company's newer products are targeted to the security challenges of an AI centric architecture and AI enabled threat actors, the AI landscape is evolving extremely quickly. RATINGS RATIONALE Magenta's Caa2 rating reflects the high leverage, negative cash flow, weak liquidity and challenges stemming from revenue declines since the separation of McAfee Enterprise as a stand-alone company and the subsequent acquisition of the FireEye products business (collectively now doing business under the Trellix brand). While Magenta has made progress reducing the pace of revenue declines, cutting run rate operating expenses and cash interest expense, free cash flow continues to be negative. Leverage is around 8x on a Moody's adjusted basis for the twelve months ended March 2026. Moody's expects leverage will remain elevated over the next 12-18 months as revenues continue to decline, offset partially by cost improvements. Moody's also expects cash flow to remain negative. While the company has a significant installed base of customers in endpoint, network, email and cloud security, Magenta continues to face challenges from existing and new market entrants. Magenta benefits from its scale, diverse enterprise customer base with long-term relationships, and one of the broadest suites of security software products. However, declining revenue trends imply the company is losing market share in segments of the growing cybersecurity market. Still, Magenta has made significant improvements in its Skyhigh segment and is addressing other key areas which can offset some declines from legacy products. Liquidity is weak given the company's negative free cash flow profile and upcoming debt maturities in 2028. Moody's expects free cash flow will be negative over the next 12 months with some potential for breakeven in 2027. The loans mature in 2028. The company had $87 million of cash and an undrawn $125 million revolver as of March 31, 2026. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Magenta significantly improves its cash flow profile, stabilizes revenues, and sustains leverage below 8x (including Moody's adjustments). The ratings could be downgraded if performance continues to weaken or does not show signs of improving well before debt maturities. LIST OF AFFECTED RATINGS Issuer: Magenta Buyer LLC (McAfee Enterprise) Affirmations: LT Corporate Family Rating, Affirmed Caa2 Probability of Default Rating, Affirmed Caa2-PD Senior Secured 1st Lien Bank Credit Facility, Affirmed Caa3 Outlook Actions: Outlook, Changed to Negative from Stable Issuer: Magenta Security Holdings LLC Affirmations: Superpriority Senior Secured Revolving Credit Facility, Affirmed B2 Superpriority Senior Secured Term Loan, Affirmed B2 Senior Secured First-out Term Loan, Affirmed B3 Senior Secured Second-out Term Loan, Affirmed Caa3 Senior Secured Third-out Term Loan, Affirmed Ca Outlook Actions: Outlook, Changed to Negative from Stable The principal methodology used in these ratings was Software published in December 2025. Magenta's CFR is Caa2, two notches below the scorecard indicated forward outcome of B3. The difference partially reflects the challenges the company will have refinancing the upcoming maturities. Magenta is a security software company serving both enterprise and government customers, with about $1.4 billion of revenue for the twelve months ended December 2025. The company is owned by a consortium of investors led by private equity firm Symphony Technology Group. The investor group acquired the McAfee Enterprise business in July 2021. The company subsequently acquired certain FireEye assets in October 2021. MALO ES NA: Seeks Subchapter V Bankruptcy in Puerto Rico -------------------------------------------------------- On May 16, 2026, Malo Es Na Corp. filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of Puerto Rico. According to court filings, the debtor reports between $100,001 and $1 million in debt owed to 1-49 creditors. The deadline for filing the Chapter 11 Subchapter V plan is August 14, 2026, while governmental units must file proofs of claim by November 16, 2026. About Malo Es Na Corp. Malo Es Na Corp. is a Puerto Rico-based corporation. Public filings provide limited details regarding the company's operations, but it conducts business as a corporate entity organized under Puerto Rico law. Malo Es Na Corp. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-02237) on May 16, 2026. In its petition, the debtor reported estimated assets of $0-$100,000 and estimated liabilities of $100,001-$1 million. The debtor is represented by Antoan Figueroa, Esq. MARAGAL MEDICAL: Gets Interim OK to Use Cash Collateral ------------------------------------------------------- Maragal Medical, P.C. received another extension from the U.S. Bankruptcy Court for the District of Massachusetts to use cash collateral to fund operations. Under the order, signed by Judge Elizabeth D. Katz, the Debtor is authorized to use cash collateral, on an interim basis, through Aug. 6, under the same terms and conditions set forth in its cash collateral motion. As protection, WebBank and the U.S. Small Business Administration will be granted replacement liens on the same assets in which they maintained a security interest prior to the Debtor's Chapter 11 filing. The Debtor is required to file on or before Aug. 3 a reconciled budget showing actual to projected income and expenses for the period ending July 31, 2026, as well as beginning and ending bank balances monthly, and a projected budget for August, September and October 2026. The next hearing is set for Aug. 6. The order is available at https://urlcurt.com/u?l=jpNbA2 from Pacermonitor.com. About Maragal Medical P.C. Maragal Medical, P.C. is a healthcare provider operating under Massachusetts law. Maragal Medical, P.C. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-40150) on February 13, 2026. In its petition, the Debtor reports estimated assets of $100,001-$1,000,000 and estimated liabilities of $1 million to $10 million. Honorable Chief Bankruptcy Judge Elizabeth D. Katz handles the case. The Debtor is represented by Andrew G. Lizotte, Esq., of Murphy & King, P.C. MAYS & JEUNE: Seeks to Hire Jill M. Flinton CPA PLLC as Accountant ------------------------------------------------------------------ Mays & Jeune Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of New York to hire Jill M. Flinton CPA PLLC as accountant and bookkeeper. The firm's services include: a) preparation and filing of applicable Federal and New York State income tax returns; and b) preparation of Debtor's Monthly Operating Reports. The firm will be paid at these rates: a) Flat Rate Services: (1) Tax preparation and filing -- combined total not to exceed $1200 per year b) Hourly Services: (1) Monthly Operating Reports -- $250 per hour (2) Bookkeeping -- $140 per hour (3) Administrative -- $100 per hour Jill Flinton, CPA, managing member of Jill M Flinton CPA PLLC, assured the court that his firm is a "disinterested person" within the meaning of 11 U.S.C. Sec. 101(14). The firm can be reached through: Jill Flinton, CPA Jill M Flinton CPA PLLC 800 NY-146 Suite 385 Clifton Park, NY 12065 Phone: (518) 460-5165 About Mays & Jeune Inc. Mays & Jeune Inc. owns commercial and residential properties in Albany County, New York, including mixed-use buildings at 159 and 171 Central Avenue and a three-unit residential rental at 215 Clinton Avenue. The Company manages storefronts and apartments across its portfolio. Mays & Jeune Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.N.Y. Case No. 25-11127) on September 30, 2025. In its petition, the Debtor reports total assets of $1,037,300 and total liabilities of $360,760. Honorable Bankruptcy Judge Patrick G. Radel handles the case. The Debtor is represented by Michael Boyle, Esq. of BOYLE LEGAL LLC. MIRACLE RESTAURANT: Court Narrows Claims in Iris Associates Case ---------------------------------------------------------------- Chief Judge Shelly D. Dick of the U.S. District Court for the Middle District of Louisiana granted in part and denied in part the motion of Robert C. Miller and Millco Walker, LLC to dismiss the case captioned as IRIS ASSOCIATES, L.P. VERSUS ROBERT C MILLER, ET AL., Case No. 25-cv-00463-SDD-EWD (M.D. La.) or alternatively (a) stay the case or (b) transfer the case to the Bankruptcy Court. This case arises out of the sale and subsequent lease of certain commercial real estate in Walker, Louisiana ("the Walker Property"). Miller is "a member, officer, and/or company insider of Miracle Restaurant Group, LLC" ("Miracle"). He is also a real estate developer. By 2023, Miracle "owned and operated over twenty Arby's restaurants." Miracle and Miller developed a build-to-suit arrangement to develop new Arby's locations for Miracle. They engaged in one such agreement to develop the Walker Property. As was typical under their build-to-suit arrangement, Miller organized and controlled a "special purpose limited liability company" ("special purpose LLC"), i.e., Millco, to develop the new Arby's location. Millco then purchased the Walker Property and began construction and development of the restaurant, and Miracle entered into a twenty-year lease of this property. Miller and Millco subsequently marketed the Walker Property to Iris as an Arby's restaurant under a twenty-year lease with Defendants' "represented affiliate and longtime Arby's operator, Miracle." Without a strong twenty-year lease, Iris would not have been interested in the Walker Property because its value would have been around $1.5 million less than the $2.2 million list price. Defendants did not offer to assign the preexisting twenty-year lease to Iris as part of the sale of the Walker Property. Instead, Defendants represented that they, as insiders with Miracle, would facilitate a new twentyyear lease between Miracle and Iris at the closing of the sale. To induce the sale, Miller and Millco presented Iris with Miracle's financial records to evidence Miracle's success and viability as a long-term tenant. The financials showed Miracle was "coming out of the COVID-19 pandemic on solid financial footing," with an eighteen-year history of operating twenty-eight Arby's locations in multiple states and a cash flow gain of more than $2.7 million over the prior two years.20 Despite these financial records, Defendants, as insiders of Miracle, knew that Miracle was in "perilous financial condition." Defendants also knew that Miracle would be unable to fulfill its obligations under the new lease they were marketing to Iris. They, however, did not disclose Miracle's true financial condition to Iris, despite their knowledge. Defendants instead actively promoted the new twenty-year lease with Miracle because they knew Iris's valuation of the Walker Property mainly hinged upon the revenue from the lease. On October 19, 2023, and based on Miller and Millco's representations about Miracle, Iris purchased the Walker Property from Millco for $2,075,000. Iris would not have purchased the Walker Property absent Defendants' representations about Miracle's financial condition. Additionally, Iris and Miracle entered into a new triple-net, twenty-year commercial lease of the Walker Property on October 19, 2023. On June 20, 2024, Miracle stopped paying rent and filed a voluntary Chapter 11 petition for bankruptcy. Miracle formally rejected the lease on August 15, 2024. Iris attempted to secure a suitable replacement tenant, but the Walker Property remained unleased for months. Iris's replacement tenant was a local, less established restaurant chain, and the lease was made "on substantially less beneficial terms." Specifically, the replacement lease is for seven and a half years, as opposed to twenty, and the monthly rental payments are lower than those in the Miracle lease. Additionally, the Walker Property generated no rent for eight and a half months, during which time it incurred tax, insurance, and other expenses that Miracle would have borne under the lease marketed and facilitated by Defendants. On May 27, 2025, the United States Bankruptcy Court for the Eastern District of Louisiana ("the Bankruptcy Court") issued Findings of Fact and Conclusions of Law Confirming the Debtor's Third Amended Subchapter V Plan of Reorganization ("the Plan") in Miracle's bankruptcy case. Plaintiff then filed this lawsuit against Defendants on May 29, 2025, alleging Louisiana law causes of action for fraud, violation of the Louisiana Unfair Trade Practices and Consumer Protection Law ("LUTPA"), negligent misrepresentation, and alternatively, unjust enrichment and detrimental reliance. Count One: Fraud Defendants argue the Amended Complaint's fraud allegations should be dismissed because they do not satisfy Rule 9(b). Specifically, they assert, "there are no particularized facts" alleging that "either of the Defendants were aware that Miracle either had financial problems or knew that Miracle would file the Bankruptcy Case" or that "either Defendant performed a fraudulent act prior to or in connection with the closing of the sale." Defendants again insist that Plaintiff's case "would not exist" if Miracle did not reject the lease on the Walker Property, which is an argument this Court has already rejected. The Amended Complaint alleges knowing omissions, i.e., Miracle's "true financial condition." Specifically, Defendants knew about Miracle's "perilous financial condition and its inability to fulfil a twenty-year lease of the Walker Property" but failed to disclose this information. Defendants allegedly omitted this information when they were marketing the Walker Property to Plaintiff and when they provided Plaintiff with financial information that portrayed Miracle as a company on "solid financial footing." These omissions occurred in 2023 in the lead up to the October 19, 2023, sale and renewed lease of the Walker Property. Plaintiff also adequately pled how omitting information about Miracle's poor financial situation made Defendants' representations misleading. Specifically, Plaintiff emphasized that Defendants knew Plaintiff's valuation of the Walker Property "hinged primarily upon the revenues to be derived from" the twenty-year lease with Miracle. And Plaintiff states it would not have bought the property at all, much less for the $2,075,000 purchase price, if it knew the twenty-year lease with Miracle was not financially viable. In this case, Plaintiff alleges Defendants provided it with financial information "to evidence the success and viability of Miracle Group as a long-term tenant." Plaintiff further alleges that both Defendants, as insiders, knew and failed to disclose that Miracle's "true financial condition" was different than what was presented in the financial information they provided to Plaintiff. The Court must accept Plaintiff's well-pled facts as true and view them in the light most favorable to Plaintiff. Thus, Plaintiff has sufficiently alleged that Defendants made partial disclosures regarding Miracle's financial condition, which created a duty to disclose the whole truth to Plaintiff. Accordingly, Plaintiff has plausibly pled fraud by omission. Count Two: LUTPA Violation Plaintiff's LUTPA cause of action arises from Defendants' alleged misrepresentations that induced Plaintiff to buy the Walker Property and to enter into a lease with Miracle. These transactions occurred on October 19, 2023. Plaintiff filed this lawsuit on May 29, 2025. In this case, Plaintiff's LUTPA claim is based on Defendants' alleged concealment of information about Miracle's financial situation and misrepresentation of Miracle as a financially sound tenant that would lease the Walker Property for twenty years. Defendants allegedly knew Plaintiff mainly valued the Walker Property for the lease revenue. These allegations allow the Court to infer that Defendants' acts were intended to induce Plaintiff to buy the Walker Property from Defendants. Defendants argue the Amended Complaint lacks plausible allegations that Defendants had a motivation to harm Plaintiff. Defendants also argue Plaintiff's allegations do not establish, without drawing unreasonable inferences, that any of Defendants' acts were egregious enough for the LUTPA claim to survive a Rule 12(b)(6) dismissal. The Court disagrees. Accepting the facts alleged as true, Defendants intentionally misrepresented Miracle's financial situation to induce Plaintiff to buy the Walker Property from Defendants. Specifically, Defendants knew Plaintiff's interest in the sale depended on a twenty-year lease with Miracle, so they chose not to disclose information about Miracle's "perilous financial condition" and instead provided Plaintiff with misleading financial records. These acts led Plaintiff to purchase the property and lease it to Miracle for a twenty-year term. Taking these allegations as true, Plaintiff has plausibly pled that Defendants' misrepresentations fraudulently induced the sale to Plaintiff and were sufficiently unscrupulous to support a LUTPA cause of action. Thus, the Motion will be denied as to the LUTPA claim, the Court holds. Count Three: Negligent Misrepresentation Defendants argue the negligent misrepresentation claim against Miller must be dismissed because there is no allegation of privity of contract between Miller and Plaintiff, and he therefore owed no duty to Plaintiff. According to the Court, Plaintiff has sufficiently alleged that Defendants voluntarily conveyed partial financial information to induce the sale of the Walker Property, which created a duty to disclose the whole truth about Miracle's financial situation. Thus, Defendants' argument fails. Defendants also argue the Amended Complaint lacks plausible factual allegations that Defendants supplied false information or knew that Miracle would file for bankruptcy and reject the lease. This argument also fails. The Court has already acknowledged that the Amended Complaint sufficiently alleges Defendants' "actual knowledge of Miracle Group's perilous financial condition," failure to disclose that information to Plaintiff, and false portrayal of Miracle as financially healthy. Thus, the Court finds Plaintiff has plausibly pled factual allegations that Defendants supplied false information. Therefore, this argument also fails. Accordingly, the Motion is denied as to the negligent misrepresentation claim. Count Four: Unjust Enrichment and Detrimental Reliance Defendants correctly argue the Amended Complaint fails to plead the fifth element, lack of alternative remedies. Plaintiff must "sufficiently allege facts demonstrating every element in order to state a claim for unjust enrichment." Plaintiff has failed to do so. Therefore, Plaintiff's unjust enrichment claim must be dismissed for failure to state a claim. Defendants argue Plaintiff failed to plausibly plead detriment because Plaintiff owns the Walker Property and currently has a tenant. Plaintiff counters that its detriment was the months without rent and the lowered value of the Walker Property after having to secure a replacement tenant at a lower rent and for a shorter term. Due to Defendants' alleged representations, which induced Plaintiff to buy the property and enter into a lease with Miracle, Plaintiff expected Miracle to cover said rent and expenses for twenty years. With the replacement lease rather than Miracle's twenty-year lease, the Walker Property is allegedly valued at $1.2 million, rather than the $2,075,000 Plaintiff paid for it. Considering these factual allegations, the Court concludes Plaintiff has plausibly plead a detriment. Defendants have not satisfied their burden under Rule 12(b)(6). Therefore, the Motion is denied as to the detrimental reliance claim. The motion is granted to the extent that it seeks dismissal of the unjust enrichment claim, and Plaintiff's claim for unjust enrichment is dismissed with prejudice. The motion is denied in all other respects. The Plaintiff's request for leave to amend the Amended Complaint is denied. A copy of the Court's Ruling dated May 26, 2026, is available at https://urlcurt.com/u?l=s27XPr from PacerMonitor.com. About Miracle Restaurant Group Miracle Restaurant Group, LLC owns and operates a fast-food restaurant in Covington, La. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. La. Case No. 24-11158) on June 20, 2024, with $1 million to $10 million in both assets and liabilities. Dwayne Murray, Esq., at Murray & Murray, LLC, serves as Subchapter V trustee. Judge Meredith S. Grabill presides over the case. The Debtor is represented by Douglas S. Draper, Esq., and Michael E. Landis, Esq., at Heller, Draper & Horn, LLC. First Franchise Capital Corp., as secured creditor, is represented by Jeffrey M. Hendricks, Esq., at Bricker Graydon, LLP, in Cincinnati, Ohio. MIYOSHI AMERICA: Secures Court OK for Chapter 11 Bankruptcy Plan ---------------------------------------------------------------- Emlyn Cameron of Law360 Bankruptcy Authority reports that a Texas bankruptcy judge Wednesday, June 3, 2026, authorized Miyoshi America Inc. to carry out its prepackaged Chapter 11 plan aimed at resolving tort claims tied to the cosmetics ingredient supplier. The judge concluded that the plan satisfied confirmation requirements and could be implemented as proposed. Miyoshi America develops and supplies ingredients used in cosmetics and personal care products. The company's restructuring plan was negotiated in advance with key stakeholders to expedite the bankruptcy process and reduce litigation uncertainty, according to report. The approval clears the way for the company to begin implementing its restructuring framework, including the treatment of tort claimants under the confirmed plan, the report relays. About Miyoshi America Inc. Miyoshi America Inc. is a U.S.-based supplier of advanced materials used in cosmetics and personal care products. The company specializes in engineered powders and treated pigments designed to improve product feel, durability, and visual performance. Miyoshi America Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-90522) on April 27, 2026. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Christopher M. Lopez handles the case. The Debtor tapped Charles Stephen Kelley, Esq., at Mayer Brown LLP as counsel and Stretto, Inc. as claims, noticing, and solicitation agent. MORVATT ENTERPRISES: Trustee Files Liquidating Plan --------------------------------------------------- Matthew Golden, the appointed Trustee for Morvatt Enterprises LLC, filed with he U.S. Bankruptcy Court for the Western District of Kentucky a Combined Disclosure Statement and Plan of Final Liquidation for the Debtor dated May 22, 2026. The Debtor was at one time one of the largest poultry operations in the Commonwealth of Kentucky, with more than 50 poultry houses across 6 farms of hundreds of acres producing millions of chickens per year. Charles Morris was the sole owner of Morvatt and had operated the business since 1998. There was no question that Morvatt successfully operated as a poultry operation, employing workers and producing substantial income. However, Morvatt's poultry products were captive to the Tyson Chicken corporation by agreement. Tyson provided feed, chicks, and other supplies and, in exchange, Morvatt could only sell to Tyson. Morvatt, together with several other poultry farmers in the Western District of Kentucky, became embroiled in an unfair trade practices dispute that ultimately led to a lawsuit being filed in the Western District of Kentucky, Morvatt, et al., v. Tyson Chicken, Inc., 4:15-cv-00077. This Plan is a plan of liquidation. The Trustee proposes to liquidate remaining assets, reconcile claims, and distribute proceeds to creditors in accordance with the priorities of the Bankruptcy Code. The Trustee has sold substantially all of the Debtor's assets since his appointment pursuant to Court-approved Section 363 sales and has closed those transactions. The Trustee has also pursued Chapter 5 actions and has recovered money. The Trustee has only expended the bare minimum to maintain the estate, grass cutting in anticipation of an auction and the maintenance of liabilityonly insurance, and has a substantial amount of money ready for disbursement, approximately $647,046.32. The Trustee's Plan proposes payment of the following classes of creditors in the following order: * Payment of Allowed Administrative Claims and other priority obligations, including US Trustee Fees, as required by the Bankruptcy Code. The Trustee estimates that these Administrative Claimants are owed approximately $128,253.48 plus US Trustee Fees. * Payment of secured claims the value of their claims in the sale of their collateral in accordance with Section 506 of the Bankruptcy Code and applicable non-bankruptcy law. The Trustee estimates that these secured claimants are owed approximately $163,859.24. * Payment of priority liabilities, if any, upon determination pursuant to Section 505 of the Bankruptcy Code. The Trustee has considered the tax consequences of this matter. The Debtor and Debtor-in-possession did not file tax returns in this matter and failure to, file assessments have been made. The Trustee will employ a tax professional to finalize the taxes of Debtor and has filed a Motion to Employ an accountant which is pending before the Bankruptcy Court. The final tax liability of Morvatt is presently unknown and will not be known until the returns are filed. The Internal Revenue Service and the Kentucky Department of Revenue have filed pending claims of $64,572.64. * Pro rata distributions from the remaining balance after payment of senior claims and plan expenses to holders of allowed general unsecured claims who do not have other security. * Cancellation of equity interests and closure of the estate. The Trustee will fund the above payments with the $647,046.32 cash proceeds from the aforementioned sales and recoveries of assets from Chapter 5 actions. The Trustee believes that he will be able to pay Administrative Claims in full, Priority Claims in full, Secured Claimants the full value of their collateral from the proceeds of the prior sales of that collateral, and will be able to make a pro-rata distribution to unsecured creditors. The Trustee believes that there will be as much as $354,933.60 available for distribution to unsecured creditors and priority claimants after the payment of administrative and secured claimants. This number may, and highly likely will, change upon the determination of the final tax liability of the entity, additional collections by the Trustee and the determination of claims. Of the 12 claims, one is a duplicate, and five have been satisfied. The remaining claimants are Field and Main Bank, Caroline Skinner Morris, the Internal Revenue Service, the Kentucky Department of Revenue, and the United States Small Business Administration. The balance of the claims at issue in this case are administrative expense claimants whose claims arose as a result of the case filing. Treatment of Unsecured Claimants The Trustee proposes paying the unsecured creditors a pro rata distribution of all amounts left on hand after payment of the Administrative Expense Claims, the Secured Claimants' proceeds, and the priority claimants subject to determination under Section 505 of the Bankruptcy Code. The Trustee does not believe that there will be sufficient funds to pay these unsecured creditors in full. As such, the unsecured creditors are impaired and will be entitled to a vote. The Trustee has approximately $647,046.32 on hand for distribution as of the date of this filing. Of that amount, the Trustee believes that secured creditors have liens in those proceeds in the amount of $163,859.24. The Trustee estimates that there will be administrative expenses of $128,253.48 including those administrative expenses from prior to the Trustee's appointment. The Trustee will seek a determination of tax liability in this matter pursuant to Section 505 of the Bankruptcy Code after filing the returns that the debtor-in-possession did not file. It is uncertain as to how much tax liability the estate will have for failure to file returns but the Trustee notes that the present priority claimants have filed claims exceeding $64,572.64. As such, the Trustee approximates that there may be up to $354,933.60 for distribution to unsecured creditors but actual amounts may differ materially based upon the unknown tax liability. The Trustee proposes distributing the remaining funds to the unsecured creditors' pool. Upon information and belief, the only unsecured creditors in this matter are (a) Caroline Skinner Morris for the deficiency balance on her secured claim, (b) the United States Small Business Administration, (c) unsecured claims of priority claimants IRS and Kentucky Department of Revenue not otherwise addressed in Section 5(B)(2), if any, and (d) Field and Main Bank for the alleged deficiency balance on its secured claim. The Trustee proposes dividing the unsecured creditors into two classes. Unsecured Class A Creditors will be those creditors that have no additional security. Those creditors are Caroline Skinner Morris, the United States Small Business Administration, and the priority creditors, if any, who have unsecured claims upon determination under Section 505 of the Bankruptcy Code. Unsecured Class A Creditors are impaired and entitled to a vote. Under the Trustee's plan, the Trustee proposes paying each of these creditors a pro rata share of the balance remaining on hand after deducting for any amounts those creditors have received elsewhere in this plan. Unsecured Class B Creditors consists only of Field and Main Bank. The Trustee proposes paying Field and Main Bank the amount of its proceeds of $65,420.75 and disallowing any further claims based on the following information. Field and Main Bank has filed two claims in this matter. The first is a secured claim for $966,215.36, secured in 1097 Collins Lane and 1030 Country Club Lane, Henderson Kentucky (Proof of Claim 1). Field and Main Bank valued that collateral at $2,984,748.00. The second Field and Main Bank claim is for $225,282.46. This claim is alleged to be secured in 1097 Collins Lane in the amount of $225,282.46 and is now allegedly secured in the proceeds of sale. Field and Main valued that collateral at $1,384,748. The equity interests of Morvatt Enterprises, LLC, are property of the bankruptcy estate of In re Charles Morris, WDKY No. 23-40451. Under this plan, equity interests shall receive no distribution and shall be cancelled on the Effective Date, unless the Trustee determines that all Claims are paid in full and value remains for equity in which case the Trustee will turn said property over to the Trustee of In re Charles Morris. As no distribution is provided, The 5(B)(5) equity interests are deemed to have rejected the plan. A full-text copy of the Combined Disclosure Statement and Plan dated May 22, 2026 is available at https://urlcurt.com/u?l=UxwaZ8 from PacerMonitor.com at no charge. About Morvatt Enterprises Morvatt Enterprises, LLC, a company in Henderson, Ky., filed a Chapter 11 petition (Bankr. W.D. Ky. Case No. 23-40488) on Aug. 22, 2023, with up to $50,000 in assets and $1 million to $10 million in liabilities. Charles H. Morris, Jr., owner and sole member, signed the petition. Judge Charles R. Merrill oversees the case. The Debtor tapped Sandra D. Freeburger, Esq., at Deitz Shields & Freeburger, LLP as counsel and Richard Anderson, CPA at TPS West, LLC as accountant. MOTIVO: Exits Receivership After Sold to Board Member's New Firm ---------------------------------------------------------------- Rich Kirchen of Milwaukee Business Journal reports that a Milwaukee manufacturing business has been transferred out of receivership and sold to a newly established company tied to one of its board members. The deal was approved as part of a court-supervised receivership process intended to restructure distressed assets and facilitate an orderly sale. The receiver oversaw operations during the restructuring period, maintained business continuity, and evaluated potential buyers. Ultimately, a board-member-affiliated investment group emerged as the winning bidder and acquired the company's assets, intellectual property, and ongoing operations. The sale was structured to ensure a smooth transition while addressing creditor claims, the report states. The manufacturer, which operates in the industrial and mobility equipment sector, has long supplied specialized products to commercial and healthcare markets. The receivership outcome is expected to preserve portions of the business and maintain a footprint in the Milwaukee industrial economy, according to report. About Motivo Motivo is a U.S. medical device company specializing in the development and production of modern walkers and rollators. Its most recognized product is the Motivo Tour Walker, designed as an advanced alternative to standard mobility aids. The company traces its origins to around 2012. The Company has been placed into receivership after securing millions in investor funding. The company’s financial difficulties emerged after an extended effort to commercialize its flagship Tour Walker product. MOUNTAIN REGIONAL: Seeks to Extend Plan Exclusivity to June 16 -------------------------------------------------------------- Mountain Regional Equipment Solutions, LLC and MRES Holdings, LLC asked the U.S. Bankruptcy Court for the District of Utah to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to June 16 and August 17, 2026, respectively. This Motion is the Debtors' second request for an extension of the Plan Period. It cannot be reasonably asserted that the Debtors are seeking an extension of the Plan Period to unfairly prejudice or pressure the Debtors' creditors. Instead, the extension requested by the Debtors is an exercise of prudent business judgment and an attempt to have adequate time to negotiate terms with secured creditor and other creditors of the estate. The Debtors explain that they may file a request for a further extension of the Plan Period and Solicitation Period, and this Motion is without prejudice to the Debtors seeking such an extension. In sum, the requested extension of the Plan Period will facilitate the Debtors' efforts to maximize the value of their estates by providing the Debtors with a full and fair opportunity to seek acceptance of their Plans. The Debtors submit that the extension requested herein will increase the likelihood of a greater distribution to creditors than would be possible if the Debtors were required to seek confirmation without additional time to finalize acceptance of the plan with key creditors. Counsel to the Debtors: Jeffrey L. Trousdale, Esq. Cohne Kinghorn, P.C. 111 E. Broadway Eleventh Floor Salt Lake City, UT 84111 Telephone: (801) 363-4300 Facsimile: (801) 363-4378 Email: jtrousdale@ck.law Cameron M. McCord, Esq. JONES & WALDEN LLC 699 Piedmont Ave. NE Atlanta, GA 30308 Phone: (404) 564-9300 Email: cmccord@joneswalden.com About Mountain Regional Equipment Solutions Mountain Regional Equipment Solutions, LLC, supplies and services automated lubrication systems, safety systems, and maintenance products used in heavy mobile equipment and industrial machinery. It serves customers across construction, mining, transportation, agriculture, and industrial markets, with operations based in Salt Lake City, Utah. Mountain Regional Equipment Solutions sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Utah Case No. 25-27678) on Dec. 19, 2025, listing between $1 million and $10 million in assets and between $10 million and $50 million in liabilities. Todd Miceli, manager, signed the petition. Jeffrey L. Trousdale, at Cohne Kinghorn, P.C., is the Debtor's legal counsel. MYSTICAL STARS: To Sell Denville Property to Steven DiSarro ----------------------------------------------------------- Kenneth A. Rosen, Liquidating Trustee of Mystical Stars LLC f/k/a Arya International Inc., seeks approval 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's Property is located at One Hillside Road, Denville, New Jersey. The Debtors operated various dance studios headquatered in Parsipanny, New Jersey. Debtor Rupal Patel purchased various residential properties in Morris County where her dance instructors and family members lived. Debtor Rupal Patel and certain family members resided at 1 Hillside Road, Denville, New Jersey which is a single family residence consisting of approximately 2,744 sq. ft., 4 bedrooms and 3 full bathrooms. The Official Unsecured Creditors' Committee and Farmers and Merchant Banks reached an accommodation to liquidate the properties against which Farmers and Merchants Bank holds a first mortgage lien against with an indebtedness in excess of $12 million. The agreement provides that the Liquidating Trust will receive 20% of the net proceeds. The Liquidating Trustee retains Max Spann Auctions and AJ Wilner Auction to market and sell the Real Estate Assets. The fee agreed to by the auctioneers was a 5% buyers' premium. If any third-party broker pregistered, that licensed broker will receive 2% of the purchase price not including the buyers' premium. A detailed report dated May 29, 2026 is attached as Exhibit A. https://urlcurt.com/u?l=brYFCo The highest bidder was Steven DiSarro at $780,000 plus the buyer's premium of $39,000. The proposed Buyer has no connection to the Liquidating Trustee, the Liquidating Trustee's professionals, the Debtors, Farmers & Merchants Bank, or any member of the Official Unsecured Creditors Committee. The Liquidating Trustee further request that the Bankruptcy Court authorize the Sale of the Real Property free and clear of all Encumbrances which be asserted against the Real Property. About Mystical Stars Mystical Stars, LLC, f/k/a Arya International, Inc. is a dance academy that teaches Indian dance styles throughout the country. The Debtor filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 24-18290) on August 21, 2024, listing $1,000,001 to $10 million in assets and $10,000,001 to $50 million in liabilities. Judge Stacey L. Meisel presides over the case. Anthony Sodono, III, Esq., at Mcmanimon, Scotland & Baumann, LLC represents the Debtor as counsel. NAVA HEALTH: Seeks 120-Day Extension of Plan Filing Deadline ------------------------------------------------------------ NAVA Health MD, Inc. ("NHMD") and NAVA Health Medical Group, LLC ("NHMG," and together with NHMD, the "Debtors") asked the U.S. Bankruptcy Court for the Eastern District of Virginia to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof for additional one hundred twenty days. The Debtors explain that they are currently and actively evaluating the potential for new capital raises designed to aid in reorganization efforts, and at the same time, analysis of potential sales of viable assets of the Debtors in a manner that would afford material payment to general unsecured claims in these cases. To that end, the Debtors are moving, contemporaneously with the filing of this Motion, to seek approval for their engagement and employment of a business valuation expert. The Debtors believe and represent that a current business valuation is necessary to assist in the Debtors' efforts both to identify and solicit new capital, and/or to seek potential purchasers for assets of the Debtors. The Debtors expect that inquiries currently being made to current and prospective capital sources will require a business valuation and will require additional time beyond the exclusive period remaining to the Debtors under Section 1121(d) of the Bankruptcy Code. Similarly, any efforts to effect a potential sale of assets will similarly require additional time and effort of the Debtors and their retained professionals. The Debtors claim that they have not previously made a request for extension of the exclusive periods herein and have stabilized business operations during the initial stages of these Chapter 11 proceedings with respect to the remaining four retail locations operated by the Debtors. The Debtors have been successful in managing overhead and operational expenses during the early stages of these cases so as to ensure positive cash flow from operations. The Debtors assert that with respect to the large amount of indebtedness incurred from failed expansion efforts, the Debtors cases are large and complex. The jointly administered Debtors have over two hundred scheduled creditors holding over $26,000,000.00 in claims. The Debtors' principal secured lender has filed a claim of over $5,000,000.00 secured by the assets of the joint Debtors. The prospects of formulating a Chapter 11 Plan that will provide any material distribution to general unsecured claims is both a challenging and complex process facing the Debtor. The Debtors further assert that they have stabilized their current business operations and are paying their current operating expenses. Additional time is required to generate data and information which will permit material negotiations with creditors and parties in interest. Finally, the sheer volume in amount of claims and the number of creditors make this a challenging and complex proceeding requiring additional time of the Debtors to navigate same. Counsel to the Debtors: Kevin M. O'Donnell, Esq. HENRY & O'DONNELL, P.C. 300 N. Washington Street, Suite 604 Alexandria, VA 22314 Telephone: (703) 548-2100 Facsimile: (703) 548-2105 E-mail: kmo@henrylaw.com About NAVA Health MD, Inc. Nava Health MD, Inc. operates in the functional medicine, longevity, and wellness sector, providing personalized, integrative care through physical centers and digital platforms. Through its management of Nava Health Medical Group, LLC, the company offers physician-supervised hormone optimization, nutrition, IV therapy, diagnostic testing, and wellness programs aimed at improving health span and biological-age markers. NAVA Health MD, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Va. Case No. 26-10497) on March 1, 2026. At the time of the filing, Debtor had estimated assets of between $1,000,001 to $10 million and liabilities of between $10,000,001 to $50 million. Judge Brian F. Kenney oversees the case. Henry & O'Donnell, P.C. is the Debtor's legal counsel. NEW ENVIRI: S&P Affirms 'B+' ICR Then Withdraws Rating ------------------------------------------------------ S&P Global Ratings affirmed its 'B+' issuer-credit rating on Enviri Corp. S&P subsequently withdrew its ratings on legacy Enviri Corp, and assigned its 'B+' issuer-rating to the new Enviri Corp. The stable outlook reflects Enviri's improved financial flexibility, leverage, and covenant compliance, as well as resilient performance in Harsco Environmental, partially offset by cash flow drag from legacy rail contracts. On June 1, Enviri Corp. completed the sale of its Clean Earth business to Veolia Environnement S.A. for gross proceeds of $3.04 billion. The new spin-off entity, renamed Enviri Corp, contains the Harsco Environmental and Harsco Rail businesses. Enviri used proceeds to pay a $1.3 billion dividend to shareholders and for debt repayment of about $1.2 billion, with the remaining proceeds placed on the balance sheet to bolster liquidity and de-risk currently loss-making rail contracts. The transaction improves Enviri's capital structure and liquidity. Enviri used proceeds from the transaction to fully repay approximately $628 million of revolver borrowings, redeem its $475 million notes due 2027, and prepay about $100 million of term loan borrowings. It now has no upcoming maturities for the next two years. Liquidity and covenant headroom were tight before the transaction, but Enviri should have ample cushion on a pro forma basis. S&P expects leverage will improve to about 2x on a company-adjusted basis, with plenty of headroom under Enviri's lowered 3x net leverage covenant, along with full availability under the downsized $152 million revolver (not rated). S&P said, "On an unadjusted basis, we expect S&P gross debt including leases of about $425 million, implying leverage of 3x our 2026 EBITDA estimate of $140 million; we do not net cash against gross debt given Enviri's weak business risk profile. This figure moves to the mid-3x area when including our standard debt adjustments. "We expect leverage will improve moderately in coming years because of volume growth in Harsco Environmental and an eventual return to profitability for rail as Enviri completes, exits, or restructures loss-making engineered-to-order (ETO) contracts and refocuses on its profitable aftermarket equipment, standard products, and contracted services businesses." Balance sheet cash and management actions should mitigate further cost overruns and future credit risk related to the company's legacy ETO contracts. Although Harsco Rail's long-term, fixed-price contracts to manufacture highly engineered equipment for Deutsche Bahn, Network Rail, and SBB could weigh on free cash flow if they are not restructured, with future costs exceeding current expectations, management is reviewing options to derisk the contracts. This could dramatically limit cash burn in coming years. Additionally, Enviri did not take additional forward loss provisions in the first-quarter of 2026 and has set aside a material amount of cash to support guarantees related to the ETO contracts if they were not restructured. S&P said, "Given Enviri's improved balance sheet and reduced interest expense, we believe it will continue to generate positive free cash flow on a consolidated basis, with free cash flow from Harsco Environmental more than offsetting Harsco Rail. The remainder of the rail business remains challenged, with weak demand for original equipment manufacturer (OEM) orders (34% of revenue) offset by resilient performance in aftermarket equipment (40% of revenue). Thus, we don't expect the segment to generate materially positive EBITDA until 2028." Harsco Rail began generating negative EBITDA in first-quarter 2025; it consumed about $54 million of cash in 2025 and $18 million in first-quarter 2026. Weak profitability and negative free cash flow result from the legacy contracts with Deutsche Bahn, Network Rail, and SBB, which require significant overhead and have experienced cost overruns due to cost inflation for materials and labor, supply chain delays, bankruptcy of key vendors, and engineering challenges. As of year-end 2025, the contracts with Deutsche Bahn, Network Rail, and SBB were 56%, 68%, and 91% complete, respectively, based on costs incurred compared with estimated costs to complete. Harsco Environmental benefits from diversification and supportive contract structures. The business is characterized by its concentrated exposure to the cyclical steel industry, global footprint, and long-term contracts with high customer retention and earnings visibility. Harsco Environmental is the largest provider of onsite environmental services and material processing to the global steel industry. Its core services, which include metal recycling and slag optimization, scrap management, materials handling and logistics, and meltshop and furnace services, are niche, and nearly the entire segment is exposed solely to global steel production. However, within its peer group, Harsco Environmental is relatively well diversified from a customer and geographic perspective. It operates at approximately 120 sites in 30 countries, with about 50% of its revenue coming from electric arc furnace operations and 50% from integrated operations. It has moderate customer concentration, with the top five customers accounting for 37% of revenue, and is slightly over-indexed to regions where steel production remains under pressure, with Europe representing 41% of revenue and North America 22%, due to excess capacity from Asian imports. The breadth of its operations mitigates the risk of nonrenewal at any given site, and recent regulatory actions in Europe and the U.S. should support its steel customers. Harsco Environmental is indirectly exposed to volatile steel market conditions and competition from imports through changes in steel production levels. However, its contracts typically included fixed fees or minimum billings. This provides an earnings floor and ensures EBITDA is less volatile than that of its steel customers. From 2021-2025, EBITDA remained at $170 million-$210 million. Contracts do often contain variable fees linked to quantities of metal produced or waste processed, so earnings are not completely immune to fluctuations in steel pricing or customer cost position. Average contract life of five to seven years provides earnings visibility. S&P views Harsco Environmental's business model as capital-intensive, as maintaining the cost profile at production sites requires regularly deploying capital for equipment and machinery upkeep. Unanticipated outages, maintenance expenses, or limited labor availability can erode margins and decrease customer production at its sites. The stable outlook reflects S&P's view that reduced leverage, lower cash interest expense, and relatively resilient performance in Harsco Environmental will offset the negative EBITDA and free cash flow drag from Harsco Rail, resulting in S&P Global Ratings-adjusted leverage of 3x-4x and positive free cash flow on a pro forma basis, excluding one-time transaction-related charges. S&P could take a negative rating action on Enviri over the next year if: -- S&P does not expect the company to generate positive free operating cash flow (FOCF); or -- S&P Global Ratings-adjusted debt leverage exceeds 4x. This could occur if steel production declines, Enviri is unable to renew Harsco Environmental contracts at favorable rates as they come due, or management is unable to derisk the ETO contracts and cost overruns continue beyond our current expectations. S&P could take a positive rating action on Enviri over the next year if: -- The company generates moderately positive FOCF on a sustained basis; -- It sustains S&P Global Ratings-adjusted leverage below 3x, inclusive of acquisitions or shareholder returns; and -- Management restructures existing ETO contracts in such a way that S&P believes future cost overruns or unexpected developments are unlikely. NGUYEN WIN: Lender Seeks to Prohibit Cash Collateral Access ----------------------------------------------------------- Golden Road Investment Trust 2A asks the U.S. Bankruptcy Court for the Northern District of Oklahoma to prohibit Nguyen Win Properties, LLC from using cash collateral. Specifically, Golden Road seeks to prohibit the Debtor from using rental income generated by a Tulsa, Oklahoma property that serves as collateral for the lender's loan. The rents collected from the property constitute cash collateral under 11 U.S.C. section 363 and therefore cannot be used by the Debtor without either the lender's consent or court authorization. The Lender seeks to prohibit any further use of these rents, compel the Debtor to turn over all collected rental payments to the lender, and require the Debtor to provide adequate protection for the lender's secured interest. The Debtor previously executed a promissory note in favor of the lender as part of a financing transaction. To secure repayment of the debt, the Debtor also granted the lender a first-priority mortgage lien and a recorded assignment of rents covering the real property located at 3014 South 132nd East Avenue in Tulsa, Oklahoma, legally described as Lot 37, Block 9, Eastpark Addition. The collateral includes not only the real estate itself, but also all buildings, improvements, fixtures, appurtenances, and related rights associated with the property. The Debtor is currently collecting rent payments from tenants occupying the subject property. In addition to prohibiting the use of rents, the Lender seeks turnover or sequestration of all rental payments received by the debtor. This would effectively require the Debtor either to deliver all rental income directly to the lender or to segregate those funds pending further order of the court. The Lender also seeks adequate protection, a bankruptcy concept intended to protect secured creditors from declines in the value of their collateral during a bankruptcy proceeding. A copy of the motion is available at https://urlcurt.com/u?l=yRD643 from PacerMonitor.com. About Nguyen Win Properties Nguyen Win Properties LLC, based in Tulsa, Oklahoma, operates as a residential real estate and property management company, holding multiple single-family lots and subdivision properties across Tulsa, Broken Arrow, Mounds, Porter, and Wagoner County. The company's portfolio primarily consists of fee simple residential properties, which it manages and offers for lease. Nguyen Win Properties sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Okla. Case No. 25-11795) on November 24, 2025, with $27,160,442 in assets and $22,927,424 in liabilities. Bao Quoc Mai Nguyen, manager/member, signed the petition. Paul R. Thomas oversees the case. Ron D. Brown, Esq., at Brown Law Firm, PC represents the Debtor as counsel. Citibank, N.A., acting as trustee for CMLTI Asset Trust, is represented by Linda St. Pierre, Esq. at McCalla Raymer Leibcrt Pierce LLP. NTI BUYER: S&P Assigns 'B+' Issuer Credit Rating, Outlook Stable ---------------------------------------------------------------- S&P Global Ratings assigned a 'B+' issuer credit rating to U.S.-based digital infrastructure services provider NTI Buyer LLC (dba Network Connex). At the same time, S&P assigned 'B+' issue-level and '3' recovery ratings (50%-70%; rounded estimate: 60%) to the company's first-lien term loan, delayed-draw term loan, and revolving credit facility. S&P said, "The stable outlook reflects our expectation that the company will maintain S&P Global Ratings-adjusted EBITDA margins above 20% (absent transaction fees) and leverage below 4x over the next 12 months. The outlook incorporates our expectations for a meaningful increase in scale and earnings based on the company's current backlog." Olympus Partners, a private-equity sponsor, entered into a definitive agreement to acquire U.S.-based digital infrastructure services provider NTI Buyer LLC (dba Network Connex), funded with debt and equity. Network Connex is issuing a $750 million first-lien term loan due 2033, $75 million delayed-draw term loan due 2033 (undrawn at close), and $100 million revolving credit facility due 2031 (undrawn at close) to fund the acquisition. The leveraged buyout will result in S&P Global Ratings-adjusted debt to EBITDA of 4.2x at transaction close with sustained deleveraging through 2027. S&P said, "We expect S&P Global Ratings-adjusted debt to EBITDA will remain below 4.0x. Network Connex is issuing a new term loan to the fund the leveraged buyout by its new sponsor, Olympus Partners, in addition to an equity contribution. Olympus Partners has agreed to acquire Network Connex from ORIX Capital Partners. The company will fund the acquisition with the proceeds from the new $750 million term loan alongside equity contributions from the sponsor, the seller, and management. "We expect the transaction will result in S&P Global Ratings-adjusted debt to EBITDA (leverage) peaking at 4.2x and declining to 3.5x by year-end 2026 with further deleveraging through 2027 on sustained EBITDA growth, which we forecast of over 30%. We note estimated leverage in 2027 is strong for the rating but incorporates potential for unexpected acquisitions or earnings volatility. "Under our forecast, we expect the company will execute its growth strategy, supported by its contracted backlog and strong secular tailwinds. We also expect the sponsor will maintain a prudent financial policy such that credit metrics will remain comfortably below 5x over the next couple of years. We assume about $50 million in bolt-on acquisition annually as Network Connex utilizes its delayed draw term loan, and no dividends." Network Connex caters to the growing data center infrastructure market. The company delivers essential electrical services that facilitate the final transition of data center projects to an operational state for hyperscalers and developers. It holds a modest market share in a highly fragmented market, but with strong growth prospects. S&P expects sustained demand for the company's services due to the rapid expansion of AI and cloud computing infrastructure, cyclical requirements for GPU upgrades, and recurring data center maintenance. NTI operates almost entirely under a fixed-price contract structure, which we view as a risk due to potential cost overruns; however, S&P believes the company's short project duration (typically three to six months) and small average job size (approximately $50,000), mitigates much of this risk. The company exhibits long-tenured relationships with hyperscalers and large data center developers, which speak to its solid position as a provider of communications electrical services. However, its niche services offering results in high customer concentration, with the five hyperscalers accounting for more than half of revenues. S&P sees this as an inherent risk within the business model for digital infrastructure-focused service providers, as it exacerbates reliance on customers' capital expenditure budgets, pullbacks, delays, and other dynamics. Network Connex generates approximately 30% of its revenue from its materials procurement segment, which introduces both the risk of revenue erosion should hyperscalers bypass the company to procure materials directly, and the potential for substantial working capital volatility. S&P expects Network Connex to materially increase its scale in 2026, with growth moderating to a normalized run-rate in 2027 while maintaining strong profitability. The company has rapidly expanded since 2024, with revenue almost doubling in 2025 and continuing through the first quarter of 2026. As of March 31, 2026, its 18-month backlog was $783 million, a 30% and 448% growth from year-end 2025 and 2024, respectively, which S&P believes provides good top-line visibility over the next one to two years. S&P said, "We anticipate strong top line growth will persist through 2026 and estimate full-year revenue growth of approximately 120%, moderating to the mid- to-high-single-digit percent area in 2027. We expect growth will largely be organic and supplemented by bolt-on acquisitions." The company derives approximately 20% of revenue from maintenance work through Master Services Agreements (MSA), which is recurring in nature and enhances revenue stability. Focus on higher-margin electrical work in data centers strengthens profit margins. Network Connex's strategic focus on electrical work inside and outside data centers yields higher margins relative to its legacy fiber-to-the-home work. In addition, the company's rapid revenue base expansion now allows it to benefit from operating leverage. Its S&P Global Ratings-adjusted EBITDA margin increased to over 20% in 2025, up from high single digits in 2024. S&P expects S&P Global Ratings-adjusted margins to contract modestly in 2026 due to nonrecurring transaction expenses and due diligence fees. Absent these fees, EBITDA margins largely unchanged. In 2027 and beyond, S&P expects the company's margin profile will remain strong and expect only modest expansion as it realizes operating leverage from its increased scale of operations. Network Connex's strong margin profile benefits from the critical nature of its work to the data center construction process and is at the higher end of the average range within the engineering and construction industry. S&P said, "We expect healthy cash flow in 2027 and beyond. In 2026, we expect large working capital outflows to fund outsized revenue growth and transaction expenses to result in break-even free operating cash flow (FOCF) despite higher earnings. We anticipate sustained positive FOCF from 2027 onward, driven by normalized working capital cycles, the roll-off of transaction-related costs, and modest capital expenditure (capex). We expect S&P Global Ratings-adjusted FOCF to debt to be break-even in 2026 before increasing to the high-teens area in 2027. "The stable outlook reflects our expectation that the company will maintain S&P Global Ratings-adjusted EBITDA margins above 20% (absent transaction fees) and leverage below 4x over the next 12 months. The outlook incorporates our expectations for a meaningful increase in scale and earnings based on the company's current backlog. "We could lower our rating on Network Connex within the next 12 months if the company's S&P Global Ratings-adjusted debt to EBITDA approaches 5x or FOCF to debt approaches 5%." This could occur if: -- The company pursues significant debt-funded acquisitions or dividends, indicating a shift toward a more aggressive financial policy than S&P currently contemplates; or -- The company's margin profile deteriorates below 20% as it continues to scale the business, with limited prospects for near-term improvement. S&P said, "While unlikely, we could raise our ratings on Network Connex if our view of the company's business risk strengthens, mostly likely from a material increase in scale and diversification of its service offerings. We would also expect the company to maintain S&P Global Ratings-adjusted debt to EBITDA below 3x." ORIGIN FOOD: Plan Exclusivity Period Extended to June 10 -------------------------------------------------------- Judge Laura T. Beyer of the U.S. Bankruptcy Court for the Western District of North Carolina extended Origin Food Group, LLC's exclusive periods to file a plan of reorganization and obtain acceptance thereof to June 10 and July 30, 2026, respectively. As shared by Troubled Company Reporter, the Debtor explains that the reason for this third request is that the company is still working to secure white knight exit financing. However, more importantly, the Debtor is also still working to firm up its financial projections based on commitments from customers and vendors in anticipation of the delivery and installation of its new Tetra Pak 4 Loop Ultra Filtration System (the "UF4 Loop") which is expected to occur in July. Moreover, the auction sale of certain of the Debtor's equipment approved pursuant to the Court's Order Granting Motion for Approval of Auction Marketing Agreement and to Sell Free and Clear of Any Interest in Property entered on March 20, 2026, is set to close the first week of June 2026, and the requested extension of time will allow the Plan to fully capture and incorporate the results of the auction as it relates to the auction sale proceeds. Lastly, to the extent financially feasible, the Debtor will engage a professional financial consultant to assist it in preparing the Plan projections. The Debtor submits that this request is made in good faith and not for the purposes of delay, and that no party of interest will be harmed by the granting of the extension requested herein. Origin Food Group, LLC is represented by: ESSEX RICHARDS, P.A. John C. Woodman, Esq. 1701 South Boulevard Charlotte, North Carolina 28203 Tel: (704) 377-4300 Fax: (704) 372-1357 E-mail: jwoodman@essexrichards.com About Origin Food Group Origin Food Group, LLC, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D.N.C. Case No. 25-50268) on Aug. 20, 2025. In the petition signed by Halil Ulukaya, president, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Laura T. Beyer oversees the case. John C. Woodman, Esq., at Essex Richards PA, is the Debtor's legal counsel. ORTHO MATTRESS: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------- Debtor: Ortho Mattress Inc. 6301 Sepulveda Blvd. Van Nuys, CA 91411 Business Description: Ortho Mattress manufactures and sells mattresses through retail stores in Southern California. Founded in 1957 in Gardena, California, the company also sells sleep- related products including furniture, adjustable bases, pillows, protectors, bed frames, foundations, and accessories. Ortho Mattress handcrafts mattresses, makes its own innersprings, and provides delivery, setup, and removal services. The company is headquartered in Cerritos, California, and serves retail customers as well as hospitality clients, including luxury, independent, and boutique hotels. Chapter 11 Petition Date: June 1, 2026 Court: United States Bankruptcy Court Central District of California Case No.: 26-11189 Judge: Hon. Victoria S Kaufman Debtor's Counsel: Ron Bender, Esq. LEVENE, NEALE, BENDER, YOO & GOLUBCHICK L.L.P. 2818 La Cienega Ave. Los Angeles, CA 90034 Tel: (310) 229-1234 Fax: (310) 229-1244 E-mail: rb@lnbyg.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $10 million to $50 million The petition was signed by David Fleischman as co-chief executive officer and director. 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/7XQU5CY/Ortho_Mattress_Inc__cacbke-26-11189__0001.0.pdf?mcid=tGE4TAMA OUTFRONT MEDIA: S&P Rates New $500MM Senior Unsecured Notes 'B+' ---------------------------------------------------------------- S&P Global Ratings assigned its 'B+' issue-level rating and '5' recovery rating to Outfront Media Inc.'s proposed $500 million senior unsecured notes due 2034, issued by subsidiaries Outfront Media Capital LLC and Outfront Media Capital Corp. The '5' recovery rating indicates its expectation for modest (10%-30%; rounded estimate: 15%) recovery for lenders in the event of a payment default. Outfront plans to use proceeds from the proposed notes, along with borrowings under its accounts receivable securitization facility and cash on hand, to fully repay its existing 5% senior unsecured notes due 2027 ($650 million outstanding). S&P said, "Our 'BB-' issuer credit rating and stable ratings outlook on Outfront remain unchanged because the proposed transaction will not affect its net leverage. We continue to expect Outfront's S&P Global Ratings-adjusted net leverage will decline to about 5x in 2026 from 5.3x in 2025, with further improvement to about 4.8x in 2027." Issue Ratings--Recovery Analysis Key analytical factors -- Pro forma for the transaction, Outfront will be the borrower of a $150 million priority accounts receivable securitization facility maturing in 2027 (not rated), a $500 million senior secured revolving credit facility maturing in 2030, a $500 million senior secured term loan maturing in 2032, $450 million of 7.375% senior secured notes due 2031, $500 million of 4.25% senior unsecured notes due in 2029, $500 million of 4.625% senior unsecured notes due in 2030, and $500 million of senior unsecured notes due in 2034. -- Outfront Media Capital Corp. and Outfront Media Capital LLC are coborrowers of the secured and unsecured debt. -- The senior secured credit facility is secured by a first-priority security interest in all tangible and intangible assets, subject to 66% of the voting stock and 100% of the nonvoting stock of first-tier foreign subsidiaries. Simulated default assumptions -- S&P's simulated default scenario considers a default in 2030 because of a significant decline in cash flow from a prolonged economic downturn that reduces advertising spending, coupled with increased competition from alternative media. -- Other default assumptions include an 85% draw on the revolving credit facility, a 60% draw on the accounts receivable securitization facility, the spread on the revolving credit facility increases to 5% as covenant amendments are obtained, and all debt includes six months of prepetition interest. -- S&P said, "We value Outfront on a going-concern basis using a 7.5x multiple of our projected emergence EBITDA, in line with other outdoor advertisers we rate. We assume Outfront would reorganize in the event of a default, given the importance of outdoor advertising to advertisers' marketing mix and the company's strong market position and long-term contracts with landlords and customers." Simplified waterfall -- EBITDA at emergence: About $255 million -- EBITDA multiple: 7.5x -- Gross recovery value: About $1.9 billion -- Net recovery value (after 5% administrative expenses): About $1.8 billion -- Value available to senior secured debt (after priority claims): About $1.7 billion -- Estimated senior secured debt claims: About $1.4 billion --Recovery expectation: 90%-100% (rounded estimate: 95%) -- Value available to senior unsecured debt: About $300 million -- Estimated senior unsecured debt: About $1.5 billion --Recovery expectation: 10%-30% (rounded estimate: 15%) PBF HOLDING: Fitch Rates Proposed Sr. Unsecured Notes 'BB' ---------------------------------------------------------- Fitch Ratings has assigned PBF Holding Company LLC's (PBFH) proposed senior unsecured notes offering a 'BB' rating with a recovery rating of 'RR4'. Net proceeds will be used to refinance its senior notes due 2028. Key factors impacting the rating include strong geographic diversification, the completion of the Martinez rebuild, the cost improvement program, and supportive near-term market conditions. Offsetting factors include a relatively higher cost structure than its peers, minimal non-refining diversification, and volatile refining sector conditions. The Stable Outlook reflects Fitch's expectation of improved performance following the weaker years of 2024 and 2025. Key Rating Drivers Improving Macro Conditions: Fitch expects refining market conditions to materially improve in 2026, providing key support to PBFH's credit profile. Beneficial factors include widening light-heavy differentials and the closure of major refineries (PSX LAR and VLO Benicia) near PBFH's Torrance and Martinez refineries. Fitch acknowledges the significant uncertainty in refining markets, particularly considering the conflict in the Middle East, but views any risks as shorter term. Martinez Fire Impact: The February 2025 fire at the Martinez Refinery had material negative impacts on cash flows in 2025. The company projects that the refinery will once again be fully operational in 2Q26. Fitch believes effective operation of Martinez going forward is critical for the company to realize margin and EBITDA improvements, supported by the strengthening California market. Unallocated insurance proceeds provided a key support through the reconstruction by funding capex and partially offsetting lost cash flows. Lagging Profitability, Potential Improvements: PBFH's refineries have a higher cost structure compared to peers, which has historically led to underperformance and larger cash flow deficits during industry downturns, notably in 2020-2021 and 2024-2025. PBFH has initiated the Refining Business Improvement plan with management estimated run-rate savings of $230 million. The program, in conjunction with favorable supply side dynamics, has the potential to support margins during cyclical troughs. However, margin deterioration relative to peers would have a detrimental impact on the company's credit profile. Geographic Diversification: While PBFH's refinery operations span four of the five PADD regions, offering valuable geographic diversification, the company is more exposed to volatility than other refiners due to its lack of diversification outside the refining sector. PBFH's geographic diversification provides access to various market dynamics and crack spread indices. However, the focus on refining heightens its exposure to market downturns compared to refiners with a broader mix of countercyclical businesses that can better weather industry downcycles. Varied Capital Allocation: Fitch expects capex to decline somewhat in 2026 from elevated levels in 2025 related to several turnarounds as well as the Martinez refinery fire. PBF Energy is expected to maintain stable dividends, supported by adequate funds generated by PBF Logistics. Management has indicated that reducing leverage will be prioritized over shareholder returns when the company observes improved cash generation. Cash generated by PBF Logistics could potentially be used to reduce debt at PBF Holding. Impact of Regulatory Obligations: Fitch considers PBFH's obligations related to RINs and California's cap-and-trade program to be manageable in the near term. While refiners generally pass RIN costs to consumers, this becomes difficult when prices spike alongside demand reductions. PBFH aims for a RIN turnover cycle of two to four months and benefits from purchasing RINs from the St. Bernard JV. California's cap-and-trade costs are also typically passed on to buyers. High barriers to entry and decreased supply in California partially offset these regulatory costs. Peer Analysis PBFH has a nameplate throughput capacity of 1,023 mbbl/d, which compares favorably to peers Delek US Holdings, Inc. (Delek; B+/Stable) with 302 mbbl/d, Par Pacific Holdings, Inc, (B+/Stable with 219 mbbl/d and CVR Energy, Inc. (CVR; B+/Stable) with 207 mbbl/d. PBFH's refining operations are geographically well diversified with operations in PADDs I, II, III, and V. It lacks non-refining diversification, although the company may receive distributions from PBF Logistics LP and the St. Bernard JV under certain conditions. CVR's refining operation is concentrated in the mid-continent, although this is offset by niche market exposure and diversification through its non-recourse fertilizer business. Delek has material non-refining diversification with its logistics segment but is limited by its smaller size in more competitive refining markets. PBFH has a higher cost structure than CVR, as indicated by lower through-the-cycle EBITDA margins. Investment-grade peers HF Sinclair Corporation (HF Sinclair; BBB-/Stable) with 678 mbbl/d, Marathon Petroleum Corporation (Marathon Petroleum; BBB/Stable) with 2,900 mbbl/d, and Valero Energy Corporation (Valero; BBB/Stable) with 2,600 mbbl/d all benefit from distinct credit profile advantages relative to PBFH. Marathon Petroleum and Valero both operate at significantly larger scale with higher levels of diversification than PBFH. While HF Sinclair's size lags PBFH's, it benefits from diversified non-refining businesses. PBFH has lower through-the-cycle EBITDA margins relative to investment-grade peers, which reflects the company's higher cost structure. Fitch’s Key Rating-Case Assumptions - West Texas Intermediate oil price of $65 in 2026, $58 in 2027, and $57 over the long term; - Gross refining margins recover through 2027 before declining to five-year averages in outer years of forecast; - Capex in line with company guidance; - PBF Energy dividend maintained through forecast; - Turnarounds as described in company guidance. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bb-, Moderate), Sector Characteristics (bb, Lower), Market and Competitive Positioning (bbb-, Higher), Diversification and Asset Quality (b+, Moderate), Company Operational Characteristics (bbb-, Moderate), Profitability (b+, Higher), Financial Structure (bbb, Moderate), and Financial Flexibility (bb+, Higher). - Assessments of the quantitative financial subfactors include bespoke calculations. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bb'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Declining refining margin profitability relative to peers; - Through-the-cycle EBITDA leverage above 2.2x; - Regulatory changes that decrease margins including RINs, tariffs and other federal and state regulations. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Increased diversification through scale or non-refining businesses (i.e., retail, chemicals, etc.); - Materially improved refining margins relative to peers; - Through-the-cycle EBITDA leverage below 1.7x. Liquidity and Debt Structure PBFH had $504 million in cash on hand as of March 31, 2026. Its asset-based revolving credit facility of $3.5 billion had $750 million drawn. The company has senior unsecured notes that mature in 2028 and 2030. Its revolving credit facility matures in 2028. Issuer Profile PBF Holding Company LLC owns and operates oil refineries and related assets with a combined throughput capacity of 1,023,000 barrels per day. PBF Holding's refineries are geographically diversified with refineries in PADD I, PADD II, PADD III, and PADD V. Date of Relevant Committee 05-Mar-2026 MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The 2025 revenue-weighted Climate.VS for PBFH for 2035 is 54 out of 100, slightly higher than that of its North American refining and marketing peers. This elevated score reflects the company's relative lack of diversification beyond refining, an industry significantly exposed to energy transition. Key transition risks arise from potential reductions in demand for refined products due to policies aimed at reducing the use of oil and gas in the global economy, and in the shorter term, from policies intended to limit greenhouse gas emissions from hydrocarbon consumption. Currently, these risks do not have a material influence on PBFH's rating, given the long-term nature of the transition, uncertainty about the extent and nature of the changes, and positive offsets like PBFH's expanding investments in renewable fuels. PBFH has not yet publicly indicated any Scope 1, 2, or 3 reduction goals outside of a general target of reducing Scope1 and 2 emissions through 2050. PBFH holds the right to purchase about 500 million RINs generated by the St. Bernard renewable JV at market prices. The company also publishes a comprehensive ESG report annually, providing relatively detailed emissions data. ESG Considerations PBFH has an ESG Relevance Score of '4' for Exposure to Environmental Impacts due to the potential of operational disruptions from extreme weather events, including PBFH's exposure to hurricanes on the Gulf Coast through its Chalmette refinery, which has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery ----------- ------ -------- PBF Holding Company LLC senior unsecured LT BB New Rating RR4 PBF HOLDING: Moody's Rates New Senior Unsecured Notes 'B1' ---------------------------------------------------------- Moody's Ratings assigned a B1 rating to PBF Holding Company LLC's (PBF) proposed senior unsecured notes. PBF's other ratings, including its Ba3 Corporate Family Rating and existing B1 senior unsecured notes ratings, and stable outlook remain unchanged. PBF will use net proceeds from its proposed senior notes, along with existing liquidity, to refinance its senior notes due 2028. "PBF's refinancing transaction benefits the company's credit profile by proactively extending debt maturities," commented Jonathan Teitel, a Moody's Vice President and Senior Analyst. RATINGS RATIONALE PBF's senior unsecured notes are rated B1, one notch below the CFR, reflecting their effective subordination to the secured ABL revolver. Given the size of the revolver relative to the capital structure, the notes ratings could face pressure if revolver utilization exceeds expectations or if committed capacity is expanded. The notes are not guaranteed by PBF Energy Inc. or PBF Logistics LP. PBF's Ba3 CFR reflects the scale and geographic diversification of its refining system, balanced against the inherent cyclicality of the refining sector and history of earnings volatility. The company operates six refineries across the East Coast, Gulf Coast, Mid-Continent, and West Coast, with aggregate capacity exceeding one million barrels per day, providing broad exposure to multiple end markets and mitigating single-region concentration risk. However, PBF's east and west coast refineries, in particular, could face risk to securing competitively priced crude oil while global flow remains disrupted. Moody's expects operating performance to improve meaningfully over the course of 2026, supported by wider crack spreads reflecting product tightness, higher utilization as refinery operations normalize, and ongoing cost reduction initiatives. These factors are expected to drive a significant recovery in EBITDA and support debt reduction. However, capital spending will remain elevated, with turnarounds planned at five refineries, and cash flow outcomes will depend in part on capital requirements in fully restoring Martinez refinery operations, and the timing and amount of additional insurance recoveries related to the Martinez incident, which could affect the pace of debt reduction. PBF Logistics LP, an affiliate outside the credit group supporting the rated notes, carries no debt and represents a potential source of cash to support PBF Energy Inc.'s dividends or PBF's capital requirements, providing modest additional financial flexibility. PBF's SGL-3 rating reflects adequate liquidity. As of March 31, 2026, PBF held $504 million in cash and had over $1.9 billion of borrowing availability under its $3.5 billion ABL revolving credit facility, with $750 million of outstanding borrowings and $197 million in letters of credit. The revolver matures in August 2028. The facility includes a springing minimum fixed charge coverage ratio of 1.0x, triggered when excess availability falls below the greater of (1) 10% of the lesser of the borrowing base and lender commitments and (2) $100 million, a threshold which Moody's do not expect to be breached. Following this refinancing transaction, PBF's next senior notes maturity is 2030. The stable outlook reflects Moody's expectations that wider margins and higher throughput will support improved operating performance and cash flow generation, enabling debt reduction and a rebuilding of cash balances. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING Factors that could lead to an upgrade include sustained improvement in operating performance; consistent generation of positive free cash flow; and substantial debt reduction supporting maintenance of lower leverage through the cycle. Conservative financial policies are also important, including a pace of shareholder returns that preserves substantial cash balances and strong liquidity across market conditions. Factors that could lead to a downgrade include a deterioration in operating performance; negative free cash flow and increased debt; or a weakening of liquidity. Aggressive financial policies such as with respect to shareholder returns could also pressure ratings. PBF, with headquarters in Parsippany, NJ, is a subsidiary of publicly traded PBF Energy Inc. The company owns and operates six petroleum refineries across the US. PBF Energy Inc. also owns PBF Logistics LP, which primarily operates midstream infrastructure supporting PBF's refining operations. The principal methodology used in this rating was Refining and Marketing published in February 2026. PEARL CAPITAL: Case Summary & Two Unsecured Creditors ----------------------------------------------------- Debtor: Pearl Capital Management, LLC 132 N. Brentwood Blvd. Saint Louis MO 63105 Business Description: Pearl Capital is an investment holding company that owns interests in multifamily real estate and investment entities, including Ellis Apartments, LP, Helen Louise Apartments, LP, and TD Zuelke Investment, LLC. Chapter 11 Petition Date: June 1, 2026 Court: United States Bankruptcy Court Eastern District of Missouri Case No.: 26-42403 Judge: Hon. Bonnie L Clair Debtor's Counsel: Robert Eggmann, Esq. CARMODY MacDONALD P.C. 120 South Central Ave., Ste. 1800 Saint Louis MO 63105 Tel: (314) 854-8600 E-mail: ree@carmodymacdonald.com Total Assets: $1,545,187 Total Liabilities: $14,340,663 The petition was signed by Jeffrey J. Tegethoff as authorized representative. 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/H7UQEDY/Pearl_Capital_Management_LLC__moebke-26-42403__0001.0.pdf?mcid=tGE4TAMA PERFORMANCE CONSULTING: Case Summary & 20 Top Unsecured Creditors ----------------------------------------------------------------- Debtor: Performance Consulting, LLC d/b/a Mainstream Heating & Cooling f/d/b/a Cerprotech 1539 Ashland City Road Suite A Clarksville, TN 37040 Business Description: Performance Consulting, LLC, doing business as MainStream Heating & Cooling, is a family-owned heating and cooling company based in Clarksville, Tennessee. Founded in 1995, the company provides residential and commercial HVAC services including heating, air conditioning, duct cleaning, furnace services, geothermal installation, radiant floor heating, indoor air quality, refrigeration service, and equipment repairs and installations. It also offers HVAC-related products such as humidifiers, mini split systems, packaged systems, split systems, thermostats, and home safety products. The company serves Clarksville, Montgomery County, surrounding areas in Tennessee, and Oak Grove, Kentucky. Chapter 11 Petition Date: May 29, 2026 Court: United States Bankruptcy Court Middle District of Tennessee Case No.: 26-02570 Judge: Hon. Charles M Walker Debtor's Counsel: Jay R. Lefkovitz, Esq. LEFKOVITZ & LEFKOVITZ, PLLC 908 Harpeth Valley Place Nashville, TN 37221 Tel: 615-256-8300 Fax: 615-255-4516 Email: jlefkovitz@lefkovitz.com Total Assets: $541,402 Total Liabilities: $9,880,980 The petition was signed by Daryl Pater as chief manager. 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/WPB4HIQ/PERFORMANCE_CONSULTING_LLC__tnmbke-26-02570__0001.0.pdf?mcid=tGE4TAMA PHOENIX PRIDE: Seeks Chapter 11 Bankruptcy in Arizona ----------------------------------------------------- Kevin Stone of KTAR News reports that Arizona-based nonprofit Phoenix Pride has entered Chapter 11 bankruptcy, seeking to reorganize its debts while continuing to serve the LGBTQ+ community. The organization said the filing follows years of increasing financial pressure and reflects the need for a structured path toward stability. Board members pointed to higher operating costs, economic uncertainty, reduced sponsorship opportunities, fundraising challenges, and growing demands on nonprofit services as key factors behind the decision. They described the move as necessary to preserve the organization’s long-term future and ongoing operations, the report relays. Phoenix Pride traces its roots to the city’s first Pride march in 1981 and has since grown into one of the region’s most prominent LGBTQ+ organizations. The nonprofit said it remains committed to hosting its flagship events and continuing its mission throughout the restructuring process, according to report. About Phoenix Pride Phoenix Pride is a nonprofit organization that serves Arizona's LGBTQ+ community through advocacy, education, and large-scale cultural events. Founded by community volunteers, the organization traces its roots to Phoenix’s first Pride march and has become a leading force for LGBTQ+ visibility and engagement in the state. Phoenix Pride sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 26-05375) on May 28, 2026. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $100,000 and $500,000. Honorable Bankruptcy Judge Madeleine C. Wanslee handles the case. The Debtor is represented by Joann Falgout, Esq. of Davis Miles, PLLC. PHOENIX RISING: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------- Debtor: Phoenix Rising, LLC 111 Weber Avenue Leesburg, FL 34748 Business Description: Phoenix Rising LLC provides design, fabrication, and installation services for themed and scenic environments. The company's capabilities include 3-D modeling, digital and physical prototyping, mockup production, CNC machining, and fabrication using metals, plastics, and wood products. Founded by David Rogers in 1990, Phoenix Rising LLC is based in Leesburg, Florida, and serves contexts including museums, retail, trade shows, theme parks, corporate theming, and curvilinear projection screens. Chapter 11 Petition Date: May 29, 2026 Court: United States Bankruptcy Court Middle District of Florida Case No.: 26-03978 Debtor's Counsel: Jeffrey S. Ainsworth, Esq. BRANSON AINSWORTH PLLC 1501 E. Concord Street Orlando, FL 32803 Tel: 407-894-6734 E-mail: jeff@bransonlaw.com Total Assets: $123,303 Total Liabilities: $1,233,904 The petition was signed by David Hugh Rogers s managing member. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/VW3EWEQ/Phoenix_Rising_LLC__flmbke-26-03978__0001.0.pdf?mcid=tGE4TAMA PLUTUS PROPERTIES: Case Summary & Four Unsecured Creditors ---------------------------------------------------------- Debtor: Plutus properties LLC 1801 Eagles Glen Cv Austin, TX 78732-2093 Business Description: Plutus Properties LLC is an Austin, Texas- based real estate company that owns and manages residential rental properties. Chapter 11 Petition Date: June 1, 2026 Court: United States Bankruptcy Court Western District of Texas Case No.: 26-11052 Judge: Hon. Christopher G Bradley Debtor's Counsel: Frank B Lyon, Esq. FRANK B LYON PO Box 50210 Austin TX 78763-0210 Tel: (512) 345-8964 E-mail: frank@franklyon.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $1 million to $10 million The petition was signed by Matthew Perez as managing member. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/M2GQ4LY/Plutus_properties_LLC__txwbke-26-11052__0001.0.pdf?mcid=tGE4TAMA List of Debtor's Four Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Estate of Eugene Bouligny Deed of Trust $50,000 PO Box 6431 Corpus Christi, TX 78466-6432 2. Triton Recovery LLC $15,850 3111 N University Dr Ste 702 Coral Springs, FL 33065-5060 3. Simmons Bank Deed of Trust $7,871 PO Box Box 8012 Little Rock, AR 72203 4. Vista Point HOA HOA Lien $7,000 c/o Niemann Law 1122 Colorado St 313 Austin, TX 78701 POINCIANA PERSONAL: Gets OK to Use Cash Collateral Until July 22 ---------------------------------------------------------------- Poinciana Personal Care and Companion Services Corp. received another extension from the U.S. Bankruptcy Court for the Middle District of Florida to use cash collateral to fund operations. The court on June 3 entered a third preliminary order extending the Debtor's interim use of cash collateral from May 27 to July 22. Under the order, the Debtor is authorized to use cash collateral for court-approved expenses, including quarterly fees payable to the U.S. Trustee, and for operating expenses contained in an approved budget. The debtor is permitted a 10% variance on each budget line item and may seek additional expenditures with written approval from senor creditor, Newtek Bank, N.A. As adequate protection, Newtek will receive a replacement lien on its cash collateral, with the same validity, extent, and priority as its pre-petition lien, without requiring additional filings. Additional safeguards include insurance coverage on the collateral in accordance with obligations under the Debtor's loan and security agreements with the senior creditor. The interim order preserves all parties' rights to make future requests for additional protection, restrictions on cash collateral use, or other remedies. The order is available at http://bankrupt.com/misc/Poinciana_3ICCOrder.pdf A continued preliminary hearing is scheduled for July 22. About Personal Care and Companion Services Corp. Poinciana Personal Care and Companion Services Corp is a Florida-based home health care provider headquartered in Kissimmee, Florida, offering personal care and companion services to individuals in residential settings. The company provides non-medical assistance with activities of daily living as well as supportive care services designed to help clients maintain independence at home. Incorporated in 2021, it operates as a for-profit corporation serving clients within the state of Florida. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-01350) on Feb. 27, 2026, with $148,523 in assets and $2,052,845 in liabilities. Hector Rodriguez, president and director, signed the petition. Judge Tiffany P. Geyer presides over the case. Juan Burgos, Esq., at the Law Offices of Juan C. Burgos, P.L. represents the Debtor as bankruptcy counsel. L. Todd Budgen, Esq., a practicing attorney in Longwood, Fla., serves as Subchapter V trustee for the Debtor. PRINTED MINT: Seeks to Hire Guidant Law PLC as Bankruptcy Counsel ----------------------------------------------------------------- Printed Mint LLC seeks approval from the U.S. Bankruptcy Court for the District of Arizona to hire Guidant Law, PLC as bankruptcy counsel. The professional legal services Guidant shall render include, without limitation, legal advice and assistance with respect to the Debtor's Chapter 11 proceedings and reorganization. Guidant's fees are as follows: Attorneys $375 to $575 per hour Paralegals $125 to $195 per hour Paralegal Assistants $80 to $125 per hour As disclosed in the court filings, Guidant Law, PLC is a "disinterested person" within the meaning of 11 U.S.C. Sec. 101(14). The firm can be reached through: D. Lamar Hawkins, Esq. Karen Bentley, Esq. GUIDANT LAW, PLC 4320 E. Presidio Street, Suite 101 Mesa, AZ 85215 Phone: (602) 888-9229 About Printed Mint LLC Printed Mint LLC provides print-on-demand, branded drop-shipping, fulfillment and white-label customization services for e-commerce businesses. The company produces, packages and ships customizable products, including accessories, apparel, drinkware, home and living products, pet accessories and pet apparel, using print technologies such as dye sublimation, latex printing, direct-to-garment printing and decal transfer. Printed Mint serves brands, creators, retailers, entrepreneurs and other product-based businesses. Printed Mint LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case No. 26-04939) on May 19, 2026, listing $829,358 in assets and $7,253,873 in liabilities. The petition was signed by Christopher J Ellis as manager. Judge Eddward P. Ballinger Jr presides over the case. Lamar Hawkins, Esq. at GUIDANT LAW PLC serves the Debtor as counsel. PSCD TRINITY: Gets Court OK to Use Cash Collateral -------------------------------------------------- PSCD Trinity, LLC received approval from the U.S. Bankruptcy Court for the District of Massachusetts to continue to use cash collateral. The court authorized the Debtor to use cash collateral on the same terms and conditions as set forth in its collateral motion in accordance with the approved budget to pay expenses incurred in the ordinary course of business permitted by the budget through the closing date. PSCD Trinity filed for bankruptcy on December 8 to halt a scheduled foreclosure by its lenders, Service Federal Credit Union and Service Capital, which hold first and second mortgages securing more than $51 million in debt. The filing followed loan maturity defaults and a failed refinancing process. The Watermills property is valued at approximately $76.2 million, providing substantial equity, which the Debtor argues adequately protects the lenders' interests. Service Federal Credit Union and Service Capital, as lenders, are represented by: Nathan R. Fennessy, Esq. PRETI FLAHERTY BELIVEAU & PACHIOS, PLLP P.O. Box 1318 Concord, NH 03302-1318 (603) 410-1500 nfennessy@preti.com About PSCD Trinity LLC PSCD Trinity, LLC provides activities related to real estate, including property management, real estate appraisal, and other support services. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-12658) on December 8, 2025. In the petition signed by Mark D. Coppola, managing member, the Debtor disclosed up to $100 million in both assets and liabilities. George W. Tetler, Esq. at PRINCE LOBEL TYE LLP, represents the Debtor as legal counsel. QUARTZ ACQUIRECO: Moody's Cuts CFR to B3, Alters Outlook to Stable ------------------------------------------------------------------ Moody's Ratings downgraded the ratings of Quartz AcquireCo, LLC (Qualtrics) including its Corporate Family Rating to B3 from B1, Probability of Default Rating to B3-PD from B1-PD, and its Senior Secured Bank Credit Facility (Term Loan B-2) to B3 from B1. The existing Senior Secured Revolving Credit Facility rated B1 has been withdrawn. Concurrently, Moody's assigned B3 ratings to the company's new Senior Secured Term Loan (Term Loan B-3) and new Senior Secured Revolving Credit Facility. The outlook was changed to stable from negative. The company executed an amendment to its existing credit agreement, which established the new Term Loan B-3 due 2033 and a new revolver expiring 2031, replacing the previous revolver expiring in 2028. Proceeds from the new Term Loan B-3, along with Class A Units of Qualtrics' parent entity, a revolver draw and balance sheet cash, were used to fund the purchase and related expenses of Press Ganey, an Experience Management (XM) leader in the Healthcare vertical, for $6.75 billion, which closed on May 18th, 2026. The rating actions reflect Qualtrics' very high leverage post-close and execution risk associated with integrating Press Ganey and delivering the growth and margin expansion required to reduce leverage. Governance considerations were a key driver of the rating action given the significant increase in leverage as a result of the transaction. RATINGS RATIONALE Qualtrics' B3 CFR reflects very high leverage and execution risk in improving credit metrics following the Press Ganey acquisition partially mitigated by the company's leadership in Customer (CX), Employee (EX) and Patient (PX) Experience Management software and good liquidity. Qualtrics' pro-forma debt to EBITDA (Moody's calculation: pre-unrealized synergies, and certain one-time expenses) was around 9x at closing of the Press Ganey acquisition and is expected to remain high. Free cash flow, though expected to be positive, will be impacted in the near-term by headwinds from integration costs, transaction fees, and incremental interest expense. Profitability improvements resulting from the elimination of duplicative costs, workforce rationalization and investment in automation are expected to be materially realized after 2026, driving leverage (Moody's adjusted) towards 7x over the next two years. Moody's expects mid-single digit revenue growth with increased customer usage and cross-sell opportunities, driven in part by an AI-enabled product suite. Leverage reduction is dependent on significant EBITDA (Moody's adjusted) margin expansion through 2028. While the company achieved significant margin expansion following the 2023 take private through workforce and vendor related cost savings, these actions are complex and carry execution risk, and the associated benefits may not be fully realized, may be prolonged, or could negatively affect growth, as post-take-private revenue growth has been approximately half of the high-teen figures initially projected. The credit profile benefits from Qualtrics' position as one of the largest providers of customer experience and employee experience management software with particular strength in survey tools and platforms to integrate feedback across chat, SMS, voice, email, and social media channels. The company possesses decades of historical data, that together with new AI-enabled technology, allow customers to more effectively analyze and act on feedback to support customer, employee and patient sentiment and retention. Though the rapidly evolving AI landscape presents significant risks to Qualtrics and most software companies, Qualtrics has been building AI capabilities into its products and early attach rates are promising. The acquisition of Press Ganey Forsta positions Qualtrics as a leader in the patient experience management Healthcare vertical, one of the company's fastest growing end-markets. Demand in the segment comes in part from regulated PX surveys required by Medicare/Medicaid for patient reimbursement which provides steady, recurring revenue. The combined company benefits from Press Ganey's expertise, longstanding healthcare provider relationships, and rich data assets, which, when integrated with Qualtrics' infrastructure and AI capabilities, provide an opportunity to gain market share. The stable outlook reflects Moody's expectations that the company will generate mid-single-digit revenue growth with modest EBITDA margin expansion over the next 12-18 months, resulting in credit metrics commensurate with the B3 CFR, including leverage (Moody's adjusted) of below 8x and free-cash-flow to debt in the low-single digit percentage. Liquidity is good, supported by an estimated $110 million of cash at close of the Press Ganey transaction, and Moody's expectations for annual free cash flow to debt in the low single digits and rising, post-close. The inflection to positive cash flow following the final RSU payments in 2026 provides increased financial flexibility that supports the credit profile. The company has access to a new Senior Secured Revolving Credit Facility expiring in 2031(estimated around $400 million available at close of the Press Ganey acquisition). The company is subject to a 10x first-lien net leverage test when the revolver draw is greater than 40% of commitment that Moody's do not expect to be tested. STRUCTURAL CONSIDERATIONS The existing and new Senior Secured Bank Credit Facilities are rated B3, the same as the Corporate Family Rating (CFR), as they represent the preponderance of debt in the capital structure. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Ratings could be upgraded if the company adopts more conservative financial policies and demonstrates organic revenue and EBITDA growth, such that debt/EBITDA (Moody's adjusted) is sustained below 6.5x and free cash flow to debt is sustained above 5%. The ratings could be downgraded if anticipated revenue and EBITDA growth is weaker than expected, resulting in debt/EBITDA (Moody's adjusted) not on track to fall below 8x. Weakening liquidity, or more aggressive financial policies would also result in downward pressure on the ratings. Qualtrics International Inc. is a provider of customer and employee experience management software and services. Headquartered in Provo, Utah, Qualtrics generated $2.9 billion of revenues in 2025 pro-forma for the Press Ganey Forsta acquisition. The company is owned by private equity firm Silver Lake Partners, Canada Pension Plan, and other co-investors. The principal methodology used in these ratings was Software published in December 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. QUOTEMEDIA INC: MNP LLP Raises Going Concern Doubt -------------------------------------------------- QuoteMedia, 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 $2,317,424 for the year ended December 31, 2025, compared with a net loss of $1,327,037 for 2024. The Company generated revenue of $20,253,917 in 2025, compared to revenue of $18,742,252 in 2024. Going Concern Mississauga, Canada-based MNP LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated April 7, 2026, attached to the Company's Annual Report for the fiscal year ended December 31, 2025, citing that the Company has incurred losses from operations resulting in an accumulated deficit and does not have sufficient working capital which raises substantial doubt about its ability to continue as a going concern. The Company has incurred losses since inception resulting in an accumulated deficit of $23,505,303 and further losses are anticipated in the development of its business. The Company does not have sufficient cash to fund normal operations and meet debt obligations for the next 12 months without deferring payment on certain current liabilities and/or raising additional funds. In order to continue to meet its fiscal obligations in the current fiscal year and beyond, the Company may need to seek additional financing. This raises substantial doubt about the Company's ability to continue as a going concern. Its ability to continue as a going concern is dependent upon the ability of the Company to generate profitable operations in the future and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. A full text copy of the Company's Form 10-K is available at http://tiny.cc/gw64101 About QuoteMedia, Inc. QuoteMedia, Inc. (OTCQB: QMCI) is a provider of financial data, market research information, analytics, news feeds, and financial software solutions to online brokerages, banks, clearing firms, financial service companies, media portals, and public corporations. The Company is a sole source for a wide array of market information and services, including streaming stock market data feeds, research and analysis information, content applications, portfolio management systems, software products, corporate investor relations provisioning, news services, mobile apps, and custom development. The Company's portfolio management products are provided on a SaaS (software as a service) model, as are its other interactive content and data APIs. As of December 31, 2025, the Company had $5,773,230 in total assets, $6,212,963 million in total current liabilities, $400,609 in total noncurrent liabilities, and $840,342 million in total stockholders' deficit. RAD DIVERSIFIED: Court OKs Idaho Property Sale at Auction --------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, has granted RAD Diversified REIT, Inc. and its affiliates, to sell Property at auction, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property is located at 1611 West Sales Yard Road Emmett, Idaho. The Property is currently occupied pursuant to an oral agreement by 7 Rivers Livestock Commission, LLC and 7 Rivers Auction House LLC, which are affiliates of the Debtor. Occupants are not paying rent to the Debtor. 7 Rivers Livestock Commission, LLC is licensed by the Idaho Department of Agriculture to operate a livestock auction on the premises. Because Occupants’ livestock business is not profitable, the Occupants have ceased operations. The Property consists of 11.89 acres, improved with a feed barn and certain other improvements, as reflect on the property card from the Gem County Property Assessor. The Debtor, through SoldNow, LLC dba Tranzon Driggers, is authorized to sell the Property pursuant to the procedures set forth in the Motion and on the terms and conditions set forth in the Auction Application. All Encumbrances that are not paid at closing, if any, shall attach to the proceeds of the sale of the Property with the same extent, validity, and priority as existed on the Petition Date. This Order shall be immediately enforceable and any stay imposed by the Bankruptcy Code or Bankruptcy Rules is waived. About RAD Diversified REIT Inc RAD Diversified REIT, Inc are a group of entities engaged in acquiring, managing, renovating, repositioning, and operating real estate, primarily single-family residential properties and vacant lots across Florida, Pennsylvania, Texas, and New Jersey, with certain affiliates holding other types of real estate. RAD Diversified OZ Fund, LP, a Delaware limited partnership, focuses on investments in Qualified Opportunity Zone properties, while RAD Diversified REIT, Inc., a Maryland corporation, is structured to qualify as a real estate investment trust under U.S. tax law. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Lead Case No. 26-01636) on March 1, 2026. In the petition signed by Katie S. Goodman, chief restructuring officer, the Debtor disclosed up to $100 million in both assets and liabilities. Judge Catherine Peek Mcewen oversees the case. Joseph Pack, Esq. and Jessey J. Krehl, Esq at PACK LAW, represents the Debtor as legal counsel. The Debtors tapped KAPILAMUKAMAL, LLP as forensic accountant, financial analyst and financial advisor, EPIQ CORPORATE RESTRUCTURING, LLC as noticing and claims agent, and GGG PARTNERS, LLC as operations advisor. RAISING CANE'S: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable ---------------------------------------------------------------- Fitch Ratings has affirmed Raising Cane's Restaurants, LLC's Long-Term Issuer Default Rating (IDR) at 'BB-'. Fitch also affirmed the company's senior secured Term Loan B facilities due 2031 and 2032 at 'BB+' with a Recovery Rating of 'RR1'. Fitch has assigned a 'BB+'/'RR1' rating to the new senior secured Term Loan B due 2033. The Rating Outlook is Stable. The ratings reflect Raising Cane's solid competitive position in the quick-service restaurant (QSR) sector, supported by its focused menu, strong brand identity and national expansion. Expansion of systemwide units and strong average unit volume support revenue growth. The ratings are constrained by Rasing Cane's single-brand concentration, meaningful FCF deficits and rising debt from expansion investments and member distributions. Fitch expects EBITDAR leverage to approach the mid-4x range in 2026 amid continued consumer and macroeconomic pressures, before improving toward the low-4x range in 2027 and thereafter as the business continues to scale. Key Rating Drivers Streamlined Durable Model, Strong Execution: Fitch views Raising Cane's streamlined operating model, centered on chicken fingers and a limited menu, as a key factor in reducing operational complexities and supporting efficient service at competitive prices. The QSR model has demonstrated resilience across economic cycles, benefiting from increased consumer spending during periods of economic strength. Raising Cane's is well-positioned within the growing chicken segment, which has expanded at a mid-single-digit rate over the past decade and is likely to continue outpacing the broader QSR category. Fitch believes the company's proven brand concept and strong portability will support further unit expansion and EBITDA scale. The company's single-brand concept with narrow consumer appeal leaves it more vulnerable to brand-specific downturns or changes in consumer trends. Healthy System, Softening SRS: Raising Cane's has historically benefited from a value proposition that Fitch believes has resonated with consumers, supporting a long track record of positive same restaurant sales (SRS) growth averaging around the high-single-digit range over the past decade. Trends have softened since 2Q25 as pressured consumer spending and broader macroeconomic challenges weighed on traffic. While recent sales performance has moderated, the company's average unit volumes (AUVs) remain healthy at more than double the QSR industry average. These factors continue to reflect solid brand positioning and management's disciplined approach to site selection and unit development. Fitch expects consumer and macroeconomic pressures to persist in 2026, particularly as the company maintains a prudent pricing approach in a highly competitive and value-conscious consumer environment. As a result, Fitch expects growth to moderate to the mid-single-digit range in 2026, driven primarily by high-single-digit unit growth rather than same-store sales. Despite these near-term headwinds, Fitch expects Raising Cane's to remain focused on unit expansion, including opening approximately 80 company-owned restaurants annually. Sizable Growth, Significant FCF Deficit: Fitch expects material FCF deficits annually over the next three years as Raising Cane's continues to grow its company-owned stores at a high-single-digit rate on a current base of 1,004 units over the next five years, with capex materially above historical levels. Member distributions should rise as EBITDA grows, with payout rates consistent with historical levels. Any operational missteps could further widen FCF deficits and elevate credit risk. This could be mitigated by pulling back on unit expansion or member distributions to preserve liquidity and manage leverage. Margins Moderating in 2026: Fitch expects EBITDA margins to moderate towards the mid-teens in 2026 due to a more cautious pricing strategy, higher marketing spend and rising food and labor costs. New unit openings and other growth investments may also weigh on margins. This follows strong 2025 performance, with revenue growth above 10% and EBITDA margins in the high teens. Margins should recover toward recent historical levels, thereafter, supported by healthy unit economics and scale benefits. Leverage Expectations: Raising Cane's founder, Todd Graves, controls decision making for the company through his roughly 90% ownership stake. The company has a strong track record, and Fitch believes it will continue to allocate capital to investing in the business and returning value to shareholders through member distributions while maintaining long-term leverage within its stated EBITDAR leverage target of 3x to 4x. This equates to approximately 3.5x to 4.5x on Fitch-calculated EBITDAR leverage. Fitch expects EBITDAR leverage to approach 4.5x exiting 2026, which is at the upper end of Fitch's rating sensitivities, and decline towards the low-4x from 2027. Peer Analysis Raising Cane's 'BB-' IDR is lower than Darden Restaurants, Inc.'s (Darden; BBB/Stable) due to its smaller scale, single-brand business model, and significant FCF deficits, which result in weaker credit metrics. Darden is one of the largest full-service restaurant companies in the U.S., with more than 2,100 restaurants, a diversified brand portfolio, revenue exceeding $12.5 billion, strong FCF generation and liquidity, a disciplined financial policy, and a proven ability to outperform the broader casual dining segment. Although a moderation in discretionary consumer spending could pressure Darden's operating performance, Fitch believes its EBITDAR leverage in the mid-2x range provides sufficient headroom at the current rating level. Relative to Darden, Raising Cane's significant FCF deficits, higher leverage, and single-brand concentration weigh on its credit profile. Fitch’s Key Rating-Case Assumptions - Revenue is expected to grow in the mid-teen percentage range in 2025, mainly driven by the opening of approximately 85 new restaurants and low-single digit SRS growth. For 2026, Fitch assumes an additional 85 net new openings and low-single digit SRS growth, which would result in revenue growing high-single digit; - Fitch expects EBITDA margins, including restaurant opening costs, to sustain the high-teen range in 2025 and 2026, supported by moderate chicken and wage costs, as well as higher operating leverage as the company scale the business; - New store openings, along with higher member distributions, are expected to result in material FCF deficits over the forecast period; - EBITDAR leverage is expected to reach the high-3x range exiting 2025 and trend toward 4x in 2026; - Raising Cane's has variable interest rate exposure through its senior secured credit facilities, with base rate secured overnight financing rate (SOFR) assumptions of around 4% in 2025 and 3.75% in 2026. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): Business and financial profile factors (assessment, relative importance): management ('bbb-', Moderate), sector characteristics ('bbb+', Moderate), market and competitive positioning ('bbb-', Moderate), diversification and asset quality ('b+', Moderate), company operational characteristics ('bbb', Lower), profitability ('b-', Moderate), financial structure ('b+', Higher), and financial flexibility ('bbb+', Moderate). The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. The governance assessment of 'good' has no impact. The operating environment assessment of 'aa-' has no impact. The SCP is 'bb-'. To derive the Long-Term IDR: Fitch made no adjustments to the SCP, resulting in an IDR of 'BB-'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Weaker-than-expected topline growth and EBITDA contribution with higher FCF deficits and/or more aggressive financial policy that leads to EBITDAR leverage sustained above 4.5x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Continued unit growth and positive SRS that result in an increased EBITDAR scale of at least $1 billion, with sustained positive FCF (after member distributions) combined with an articulated and/or demonstrated financial policy that results in EBITDAR leverage sustained below 4.0x. Liquidity and Debt Structure As of March 31, 2026, Raising Cane's liquidity consisted of $45 million of unrestricted cash on its balance sheet and $930 million of available capacity under its $1.2 billion revolving credit facility (RCF). Pro forma for the May 2026 transaction, the company's capital structure includes a $900 million secured term loan A due in 2028, $2.2 billion of secured term loan B debt across three tranches maturing between 2031 and 2033, and $159 million of subordinated notes due between 2027 and 2028. The RCF balance was paid down as part of the May transaction. Overall, adequate liquidity and a balanced capital structure provide the company with flexibility to meet near-term obligations and support its expansion plans. Issuer Profile Raising Cane's Restaurants, LLC is a privately held U.S. quick-service restaurant chain specializing in chicken finger meals, operating and franchising over 1000 restaurants across the U.S. and certain international markets. The majority of revenue is generated from company-owned restaurants. 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 Raising Cane's Restaurants, LLC. 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 ----------- ------ -------- ----- Raising Cane's Restaurants, LLC LT IDR BB- Affirmed BB- senior secured LT BB+ New Rating RR1 senior secured LT BB+ Affirmed RR1 BB+ RAISING CANE'S: Moody's Rates New $500MM First Lien Term Loan 'B1' ------------------------------------------------------------------ Moody's Ratings assigned a B1 rating to Raising Cane's Restaurants, LLC's ("Raising Cane's") proposed $500 million backed senior secured first lien term loan B due 2033. All other ratings, including the B1 corporate family rating, the B1-PD probability of default rating and the B1 ratings on the company's existing $500 million and the $1,250 million senior secured first lien term loans B due 2031 and 2032 respectively, remain unchanged. The outlook remains stable. Proceeds of the proposed term loan will be used to repay in full an expected outstanding revolving credit facility balance of approximately $450 million, with the remainder added to cash on the balance sheet after paying transaction fees and expenses. Pro forma for the transaction, debt/EBITDA increases to 4.4x versus 4.2x pre-transaction as of March 2026 while EBITA/interest expense decreases to 2.6x versus 2.9x. Moody's expects Raising Cane's to maintain credit metrics with debt/EBITDA of around 4.5x and EBITA/Interest of around 2.5x over the next 12-18 months as growth is supported by new units while same store sales are modestly negative as the consumer environment remains challenging. RATINGS RATIONALE Raising Cane's B1 CFR reflects its narrow product offering, relatively small number of system-wide restaurants and geographic concentration in certain states in the US. The ratings also reflect the company's adequate liquidity given its good operating cash flow offset by the expectation that the revolving credit facility will continue to be used to fund its capital spend and distributions to the company's owner. The ratings benefit from the company's historically very good operating performance in the highly-competitive chicken QSR segment, its strong margin, solid cash flow generation and its good brand awareness in core markets as reflected by high average unit volumes. The stable outlook reflects the expectation that Raising Cane's will continue to generate solid operating performance and new restaurant openings will be at a measured pace. The outlook also reflects that Raising Cane's will maintain adequate liquidity as it continues to spend on new store growth and funds shareholder distributions. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING Factors that could result in an upgrade include sustained operating performance and same-restaurant sales resulting in improved credit metrics. Other factors include increased size, scale and geographic diversification. Quantitatively, a higher rating would require debt/EBITDA sustained under 4.5x and EBITA/interest expense above 2.5x. An upgrade would also require at least good liquidity and positive free cash flow. A downgrade could occur if operating performance sustainably weakens, liquidity deteriorates, or if financial strategies become more aggressive, such as leveraging the company to fund shareholder distributions. Specifically, debt/EBITDA sustained above 5.25x or EBITA/interest expense below 2.0x would be considerations for a downgrade. Raising Cane's Restaurants, LLC owns and operates 923 restaurants and 81 franchises in 44 states in the US and five countries in the Middle East under the brand name Raising Cane's. Revenue for the twelve-month period ended March 31, 2026, was about $5.5 billion. The company is majority owned by its founder. The principal methodology used in this rating was Restaurants published in September 2025. RAVEN RHAPSODY: Case Summary & One Unsecured Creditor ----------------------------------------------------- Debtor: Raven Rhapsody LLC d/b/a Raven Rapsody LLC 4160 Main St. Chincoteague Island, VA 23336 Business Description: Raven Rhapsody LLC is a Chincoteague Island, Virginia-based real estate and hospitality company that owns a historic inn and bed-and-breakfast property at 4160 Main St. Chapter 11 Petition Date: June 1, 2026 Court: United States Bankruptcy Court Eastern District of Virginia Case No.: 26-71434 Debtor's Counsel: Carolyn Bedi, Esq. BEDI LEGAL, P.C. 1305 Executive Blvd, Suite 110 Chesapeake, VA 23320 Tel: 757-222-5842 E-mail: carolyn@bedilegal.com Total Assets: $1,401,300 Total Liabilities: $519,609 The petition was signed by Audra Swain as owner. The Debtor listed Accomack County Treasurer, at 23296 Courthouse Ave., Suite 105, Accomac, Virginia, as its only unsecured creditor, holding an $8,544 claim related to property taxes. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/A5OG4QA/Raven_Rhapsody_LLC__vaebke-26-71434__0001.0.pdf?mcid=tGE4TAMA RED LOBSTER: Shuts Down 2 Significant Locations After Ch. 11 Exit ----------------------------------------------------------------- EmilyAnn Jackman of PennLive Patriot News reports that the seafood restaurant sector continues to struggle with weakening sales and changing consumer spending patterns. According to industry figures reported by Nation's Restaurant News, seafood chains collectively lost more than $500 million in sales during 2024. Red Lobster played a major role in that decline, posting a 20.2% drop in revenue as it navigated Chapter 11 bankruptcy proceedings and a large-scale reduction of its restaurant network. While the iconic seafood chain is working to rebuild its business following its restructuring, recent closures underscore the challenges that remain. On May 24, 2026, Red Lobster permanently closed its North Monroe Street location in Tallahassee, Florida, ending a 56-year run. The restaurant was one of the company's oldest operating units and reflected the brand's early expansion efforts during the 1970s, the report relays. The Tallahassee shutdown came shortly after the closure of a Baton Rouge, Louisiana, location in April. With only one Louisiana restaurant remaining, Red Lobster's footprint continues to shrink. The difficulties facing the company mirror broader challenges across the seafood dining category, where brands including Joe's Crab Shack and Bonefish Grill have also faced declining traffic and restaurant closures, according to report. About Red Lobster Seafood Co. Red Lobster Management, LLC, owns and operates 705 Red Lobster seafood restaurants throughout North America. Red Lobster generates about $2.4 billion of annual revenue. Red Lobster is owned by private equity firm Golden Gate Capital. On the Web: http://www.redlobster.com/ Red Lobster Management and its affiliates sought Chapter 11 protection (Bankr. M.D. Fla. Lead Case No. 24-02486) on May 19, 2024. As part of these filings, Red Lobster has entered into a stalking horse purchase agreement pursuant to which Red Lobster will sell its business to an entity formed and controlled by its existing term lenders. King & Spalding LLP is lead counsel to the Debtors; Berger Singerman LLP serves as local counsel; and Blake, Cassel & Graydon, LLC, represents the Canadian applicants. Alvarez & Marsal North America, LLC is serving as financial advisor and providing corporate leadership as Chief Executive and Chief Restructuring Officers. Jonathan Tibus, a Managing Director at Alvarez & Marsal, serves as the debtors' CEO. Hilco Corporate Finance is serving as M&A advisor to Red Lobster. Keen-Summit is serving as real estate advisor. The U.S. Trustee for Region 21 appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. The committee is represented by Pachulski Stang Ziehl & Jones, LLP. RENTBERRY INC: Flags Going Concern Due to Expected Continued Losses ------------------------------------------------------------------- Rentberry, Inc. filed its Annual Report on Form 1-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 fiscal year ended December 31, 2025, the Company had revenue from operations of $1,722,578 compared to revenue from operations of $819,365 for the fiscal year ended December 31, 2024. The increase in revenue of $903,213 is primarily attributable to the services that were offered to its customers. The Company's revenue to date has largely come from testing various monetization channels on the platform, and the increase represents wider usage of its platforms. The Company's total operating expenses were $6,483,156 for FYE 2025 compared with $4,761,802 for FYE 2024, a $1,721,354 increase. The primary driver to this increase was a $2,081,434 increase in information technology expenses, driven by continued development of the Rentberry platform and functionality, partially offset by a reduction in general and administrative expenses of $495,973. Overall, the Company experienced a net loss of $4,772,469 for FYE 2025 compared to a net loss of $3,954,412 for FYE 2024. Liquidity and Capital Resources As at December 31, 2025 and December 31, 2024, the Company had $7,784,998 and $1,904,654, respectively, in cash and cash equivalents. The increase of $5,880,344 during FYE 2025 was due to the Company having raised funds in FYE 2025 via a Regulation D offering at higher levels than the fund raising by the Company in 2024. The Company believes current capital will be able to fund operations for the next 24 months. The Company intends to use it for the salaries for current employees to cover engineering and business development, marketing, paying servers and Google (for utilizing their Google Maps API). For the remainder of 2026, the Company anticipates its average burn rate between $250,000-$300,000 per month. Sources of Liquidity The Company increased net cash used in operating activities to ($4,590,304) for FYE 2025 compared to ($3,568,824) for FYE 2024. The main driver in the increase in net cash used in operating activities was the increase in the Company's comprehensive net loss for 2025 of 818,057, primarily driven by increased operating expenses, particularly higher information technology expenses. To date the Company has been financed by the proceeds of its offerings of securities. From July 2023 to December 2025, the Company raised $5,129,644 through a private placement under Regulation D. The proceeds from the sale of securities were allocated toward marketing, advertising, business development, and salaries. In 2023, the Company conducted an offering of Crowd SAFEs in reliance on Regulation Crowdfunding which terminated on November 15, 2023 and raised net proceeds of $1,928,633. The Company also conducted an offering of its Common Stock in reliance on Regulation Crowdfunding beginning November 15, 2022, and ending on February 14, 2023 during which it raised $240,577 in net proceeds. Also, the Company conducted a Regulation A offering which terminated on November 4, 2022, and raised gross proceeds of $11,800,591 from the sale of Common Stock. The Company intends to pursue additional capital raises in the near future. Going Concern Since inception, the Company has relied primarily on the issuance of securities to fund its operations. As of April 30, 2026, the Company expects to continue incurring losses prior to generating positive working capital. These matters raise substantial concern about the Company's ability to continue as a going concern. The Company is currently in an expansion phase and intends to enter new business segments within the real estate sector. The Company's ability to continue as a going concern is dependent on its ability to grow its revenue and generate sufficient cash flows from operations to meet its obligations and/or obtaining additional financing from its shareholders or other sources, as may be required. If the Company is unable to raise the required capital or achieve profitable operations, it may not be able to fully execute its planned business activities. These factors represent significant risks and uncertainties and raise substantial doubt about the Company's ability to continue as a going concern. The Company is dependent on additional capital resources for its planned principal operations and is subject to significant risks and uncertainties, including failing to secure funding to operationalize its planned operations or failing to profitably operate the business. A full text copy of the Company's Form 1-K is available at http://tiny.cc/ux64101 About Rentberry Inc. Rentberry Inc. is a technology Company transforming the long-term rental industry through its end-to-end digital platform. The Company's main platform, Rentberry, streamlines the entire rental process, from property search and application to lease signing and rent payments, offering a seamless experience for both tenants and landlords. As of December 31, 2025, the Company had $8,505,873 in total assets and $8,505,873 in total stockholders' equity. RESTORATION DOCTOR: Plan Exclusivity Period Extended to Aug. 19 --------------------------------------------------------------- Judge Scott M. Grossman of the U.S. Bankruptcy Court for the Southern District of Florida extended Restoration Doctor, LLC's exclusive periods to file a plan of reorganization and obtain acceptance thereof to Aug. 19 and Oct. 18, 2026, respectively. As shared by Troubled Company Reporter, since the Petition Date, the Debtor has been hard at work laying the groundwork for a successful reorganization. While much work remains, the Debtor has made significant progress with respect to maximizing the value of its assets and bringing this Chapter 11 Case to a conclusion. * First, the Debtor has worked diligently to ensure that this Chapter 11 Case is being managed efficiently and without unnecessary costs, all in an effort to preserve value for all stakeholders. To that end, after the commencement of this Chapter 11 Case, the Debtor has obtained three interim Orders on consent by IAG granting them authorization for its continued use of cash collateral that have provided the Debtor with the necessary runway to execute a successful reorganization. * Second, since the Petition Date, the Debtor has taken various actions it believes will significantly enhance the value of its estate going forward and/or resolve key issues, including, among others: (i) authorizing on a final basis the continued use of its cash management system;; (ii) retaining bankruptcy accountants to facilitate this Chapter 11 Case; (iii) retaining CBIZ Inc., as forensic accountants to analyze the accounts receivable, the disputed claims of IAG, and Debtor's counter claims; (iv) timely filing its monthly operating reports; and (iv) attendance and full cooperation at the Initial Debtor Interview and Section 341(a) Conference. The Debtor asserts that an extension of the Exclusive Periods will not prejudice the Debtor's stakeholders. On the contrary, the Debtor filed this Chapter 11 Case in December, approximately three months ago, and this is the Debtor's first request for extension of the Exclusive Periods. While unresolved issues remain, with additional time and absent the added confusion and disruption of competing third-party plans, the Debtor will endeavor to resolve all such issues and consummate a restructuring as contemplated herein. The Debtor further asserts that it is not pressuring its creditors via the relief requested by this Motion, in fact, the Debtor will call for interested parties to help shape a plan of reorganization at the appropriate time. Currently, the Debtor is focusing on maximizing value associated with the IAG Litigation. As such, the Debtor has been pushing this Chapter 11 Case forward with one ultimate goal: to maximize the value of the Debtor's estate for the benefit of all stakeholders. Restoration Doctor, LLC is represented by: Peter E. Shapiro, Esq. Shapiro Law LLC 8551 West Sunrise Boulevard, Suite 300 Plantation, FL 33322 Tel: (954) 315-1157 Email: pshapiro@shapirolawpa.com -and- Robert L. Rattet, Esq. Davidoff Hutcher & Citron LLP 605 Third Avenue New York, NY 10158 Tel: (212) 557-7200 E-mail: rlr@dhclegal.com About Restoration Doctor Restoration Doctor, LLC, is a property restoration company providing water, fire, and mold remediation services to residential and commercial clients. It specializes in restoring damaged properties to their original condition. Restoration Doctor filed for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-11388) on Dec. 22, 2025. The bankruptcy petition reflects estimated assets of $1 million to $10 million and estimated liabilities in the same range. The case is assigned to Judge Scott M. Grossman. The Debtor is represented by Davidoff Hutcher & Citron, LLP. REVI EXPRESS: Stephen Darr Named Subchapter V Trustee ----------------------------------------------------- The U.S. Trustee for Region 1 appointed Stephen Darr of Huron Consulting Group as Subchapter V trustee for Revi Express Inc. Mr. Darr will be paid an hourly fee of $775 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Darr declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Stephen Darr Huron Consulting Group 265 Franklin Street, Suite 402 Boston MA 02110 Phone: (617) 226-5593 Email: sdarr@hcg.com About Revi Express Inc. Revi Express Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 26-40615) on May 26, 2026, with $50,001 to $100,000 in assets and $100,001 to $500,000 in liabilities. Louis S. Robin, Esq. at the Law Offices Of Louis S. Robin represents the Debtor as legal counsel. REVOLVING KITCHEN: Case Summary & Six Unsecured Creditors --------------------------------------------------------- Debtor: Revolving Kitchen - Dallas LLC 520 Shepherd Dr. Garland, TX 75042 Business Description: Revolving Kitchen - Dallas LLC operates a commercial kitchen and food-service facility in Garland, Texas, providing licensed private kitchen suites, storage, equipment and related services for ghost kitchens, caterers, meal-prep businesses, food trucks and other food producers. Chapter 11 Petition Date: May 31, 2026 Court: United States Bankruptcy Court Northern District of Texas Case No.: 26-42387 Judge: Hon. Edward L Morris 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: $6,581,200 Total Liabilities: $10,532,033 The petition was signed by Tyler Sul Shin as managing member. 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/TTTSSCQ/Revolving_Kitchen_-_Dallas_LLC__txnbke-26-42387__0001.0.pdf?mcid=tGE4TAMA RHINOGRAM INC: Gets Interim OK to Use Cash Collateral ----------------------------------------------------- Rhinogram, Inc. received interim approval from the U.S. Bankruptcy Court for the Eastern District of Tennessee, Southern Division, to use cash collateral. Under the order, the Debtor is authorized to use cash collateral solely for the expenses identified in the budget, along with reasonable and necessary professional fees subject to separate court approval. Unless otherwise agreed to by creditors or authorized by further court order, the Debtor may not make disbursements outside the approved budget, and budgeted expenses cannot exceed the authorized amounts by more than from 25% to 15%. As adequate protection, the court found that secured creditors were protected by the equity cushion in the Debtor's assets, including equipment, fixtures, and patents. In addition, the dDbtor agreed to make monthly payments of $731 to the U.S. Small Business Administration beginning this month; maintain insurance coverage, provide financial reporting upon request; and grant replacement liens to secured creditors with the same validity and priority as their pre-petition liens. The interim relief remains effective through June 11. The court scheduled a final hearing on the cash collateral motion for June 11, at 9:00 a.m. in Chattanooga, Tennessee, and set June 9 as the deadline for objections. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/DyZvZ from PacerMonitor.com. About Rhinogram Inc. Rhinogram, Inc., a company based in Chattanooga, Tennessee, provides a cloud-based patient engagement and virtual care platform that enables health-care providers, patients and office administrators to communicate through HIPAA-compliant SMS/MMS messaging, video interactions, encrypted phone calls, e-forms, appointment reminders and contactless payment tools. Founded in 2017 by Dr. Keith Dressler, the company serves medical, dental, behavioral health, community health, specialty care and health-system customers, with its platform integrating with EHR and practice-management systems to support patient communications and clinical workflows. Rhinogram sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tenn. Case No. 26-111990 on May 5, 2026. In the petition signed by Keith Dressler, chairman, the Debtor disclosed up to $50,000 in assets and up to $50 million in liabilities. Judge Nicholas W. Whittenburg oversees the case. The Debtor is represented by W. Thomas Bible, Jr., Esq., at Tom Bible Law. RL ENTERPRISES: Unsecureds Will Get 2.63% of Claims over 3 Years ---------------------------------------------------------------- RL Enterprises, Inc. submitted an Amended Disclosure Statement describing Plan of Reorganization dated May 22, 2026. The Debtor owns eight parcels of real estate located in California. The Debtor is engaged in the business of owning and renting its properties. Currently the property located at 700 Paularino consists of raw land. The remaining seven parcels contain single family residences, townhouses, or condominiums. All of the rental properties are currently rented with the exception of the 2630 E. Omaha property, which will be rented commencing July 1, 2026, and the 1116 N. 3rd Street property, which is currently being marketed for rent. All of the properties are insured and taxes are current on each property, with the exception of the property taxes on 700 Paularino, which the Debtor anticipates will be paid upon closing of a loan that the Debtor anticipates will close prior to the Confirmation hearing regarding Plan #4. The Debtor was informed that the loan would close no later than the first week of May, but the lender required additional documentation which the Debtor has provided. The Debtor has already signed the necessary loan documents for this loan to close. The Plan proposes to pay the various Lenders, in full (up to the value of their collateral) over a period of between one and twenty years using the rental income from the Tenants to pay note rate interest, or refinancing when the mortgage markets become more normal. Any shortages will be paid personally by the Debtor's principal, Roman Libonao. One creditor, Greg Wilde (who previously held a second position lien on12582 Josephine, Unit E, Garden Grove, California 92841 before the foreclosure of that property) will be paid in full over three years and will be provided a junior priority deed of trust on the property located at 2630 E. Omaha after confirmation of the Plan. Any Tenants with priority claims for deposits, if any, will be paid 100% in the normal course of the Debtor's operation. The Plan also provides for the 100% payment of all other administrative claims, including fees payable to the Office of the United States Trustee, and priority claims upon confirmation. Class 12 consists of the allowed General Unsecured Claims against the Debtor. Holders of Class 12 Allowed Claims shall be paid in quarterly payments, commencing on the first day of the month after the 6-month anniversary of the effective date, their pro rata share of $50,000.00, which shall be paid from the equity infusion of $50,000 made by Debtor's principal, Roman Libonao, as set forth in this Plan. At the Debtor's Option, Debtor may pre-pay any payment due without penalty. Class 12 is an impaired class, and the holder of a Class 12 Allowed Claim is entitled to vote to accept or reject the Plan. The allowed unsecured claims total $1,897,548.77. Unsecured creditors holding Allowed Claims will receive distributions under the Plan, which the Debtor has valued at approximately 2.63% of each unsecured creditor's Allowed Claim over a three-year period. These funds will come from the Debtor's principal, Roman Libonao, who will contribute $50,000.00 to the Plan. All liens of unsecured creditors, if any, shall be stripped upon confirmation of the Plan. The Plan also provides for the payment of administrative and priority claims in full on the effective date of the Plan, or as agreed by the holder of such administrative or priority claim. All liens of any creditors to which an objection to claim is sustained shall also be stripped under the Plan. If an objection to the Plan is lodged under Section 1129(a)(15) of the Bankruptcy Code, the Debtor's Payments and distributions under the Plan will be funded by the Debtor, based upon its (a) projected monthly rental income (b) proceeds from the sale of real property, at the Debtor's sole discretion, (c) refinance of the debtor's property, and (d) contributions by the Debtor's principal Roman Libonao, as necessary. A full-text copy of the Amended Disclosure Statement dated May 22, 2026 is available at https://urlcurt.com/u?l=sPn380 from PacerMonitor.com at no charge. Proposed Attorneys for the Debtor: Matthew L. Johnson, Esq. Russell G. Gubler, Esq. JOHNSON & GUBLER, P.C. 8831 West Sahara Ave. Las Vegas, NV 89117 Tel: (702) 471-0065 Fax: (702) 471-0075 E-mail: mjohnson@mjohnsonlaw.com About RL Enterprises RL Enterprises, Inc., offers customized training programs that generate results to improve employee skill sets. The company is based in Costa Mesa, Calif. RL Enterprises sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 22-13254) on Sept. 11, 2022, with between $1 million and $10 million in both assets and liabilities. Roman Libonao, president of RL Enterprises, signed the petition. Judge August B. Landis oversees the case. The Debtor is represented by Matthew L. Johnson, and Russell G. Gubler, at Johnson & Gubler, P.C. SALT LAKE CITY DISTILLERY: Seeks Cash Access Until July 31 ---------------------------------------------------------- Salt Lake Distillery, LLC d/b/a Dented Brick Distillery asks the U.S. Bankruptcy Court for the District of Utah for authority to use cash collateral and provide adequate protection, through July 31, 2026. The Debtor previously obtained authority to use cash collateral through a court order entered on November 21, 2025, and has complied with all reporting and operational requirements established under that prior order. The Debtor notes that it previously filed a stipulated motion on February 11, 2026, requesting approval of a budget and extension of cash collateral usage through July 31, 2026, but no order was entered on that earlier filing. At the direction of the court, the Debtor has now renewed the request and formally seeks express approval of the parties' stipulation and related budget. The secured creditors have consented to the Debtor's ongoing use of cash collateral and that the requested relief is fully negotiated and agreed upon among the parties. The secured creditors include Cache Valley Bank, Rotterdam Partners–Dented Brick Mezzanine Debt, LLC, Headway Capital, LLC, and Doyle “Quin” Buchanan. The proposed budget governs the Debtor's operations through July 31, 2026, and permits up to a ten percent variance in any budget category. Continued access to cash collateral is critical for maintaining ordinary business operations, including payroll, inventory purchases, utilities, insurance, regulatory compliance, and other ongoing operating expenses necessary to preserve the distillery as a going concern. As adequate protection for the secured creditors, the Debtor proposes continuing the protections previously approved under the earlier cash collateral order. These protections include replacement liens to compensate secured creditors for any diminution in the value of their interests in the collateral resulting from the Debtor’s use of cash collateral. A copy of the motion is available at https://urlcurt.com/u?l=Imx9zB from PacerMonitor.com. About Salt Lake City Distillery Salt Lake City Distillery, LLC, operating as Dented Brick Distillery, is a Utah-based craft spirits producer located in Salt Lake City. It specializes in manufacturing alcoholic beverages, primarily focused on distilled spirits production. Salt Lake City Distillery sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Utah Case No. 25-23944) on July 10, 2025. In its petition, the Debtor reported up to $50,000 in assets and between $1 million and $10 million in liabilities. Judge Peggy Hunt handles the case. The Debtor is represented by Steven M. Rogers, Esq. at Rogers & Russell. Cache Valley Bank, as secured creditor, is represented by Reid W. Lambert, Esq. at Strong & Hanni, PC. Rotterdam Partners, as secured creditor, is represented by Brian M. Rothschild, Esq. and Darren Neilson, Esq.at Parsons Behle & Latimer. SAM'S DINER: Cash Collateral Hearing Set for June 24 ---------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Ohio is set to hold a hearing on June 24 to consider extending Sam's Diner of Maumee, Inc.'s authority to use cash collateral. The Debtor is currently authorized to use cash collateral pursuant to the court's third interim order, which remains in effect through June 30. Under the third interim order, the Debtor is allowed to utilize the cash collateral of secured creditors to pay its expenses based on an approved budget. As adequate protection, the interim order granted the U.S. Small Business Administration and other secured creditors replacement liens on post-petition assets, with the same priority as their pre-petition liens. Additional safeguards include insurance coverage on the creditors' collateral. As of the petition date, the Debtor owed $345,220.47 on a $350,000 SBA loan obtained in May 2020. To secure the loan, the Debtor granted the SBA a security interest in substantially all of its personal property, including accounts and payment rights that may constitute cash collateral. About Sam's Diner of Maumee Inc. Sam's Diner of Maumee, Inc. is a Maumee, Ohio-based dining company specializing in American-style cuisine. The privately held diner offers breakfast, lunch, and dinner to local patrons and travelers, focusing on high-quality meals and customer satisfaction. Sam's Diner of Maumee, Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-30057) on January 13, 2026, with $50,001 to $100,000 in assets and $500,001 to $1 million in liabilities. Frederic P. Schwieg serves as Subchapter V trustee for the Debtor. Judge Mary Ann Whipple presides over the case. Eric R. Neuman, Esq., represents the Debtor as legal counsel. SILVER STAR PROPERTIES: Case Summary & 20 Top Unsecured Creditors ----------------------------------------------------------------- Debtor: Silver Star Properties REIT, Inc. Hartman Short Term Income Properties XX, Inc. 100 N. Forest Park Blvd., Suite 100 Fort Worth, TX 76102 Business Description: Silver Star Properties is a real estate investment company which previously qualified as a Real Estate Investment Trust (REIT). The company owns a commercial retail property at 17211 North Freeway in Houston, a 0.709-acre retail pad site. Chapter 11 Petition Date: May 28, 2026 Court: United States Bankruptcy Court Northern District of Texas Case No.: 26-42316 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: $1,553,588 Total Liabilities: $74,996,073 The petition was signed by Gerald Haddock as chief executive officer. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/AYRCIMY/Silver_Star_Properties_REIT_Inc__txnbke-26-42316__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Greyhawk Silver Star LLC Guaranty of $24,390,628 1001 East Sunset Road, Debt Unit 1001 Las Vegas, NV 89119 2. HSRE-ADV VII LLC $17,000,000 444 West Lake Street, Suite 2100 Chicago, IL 60606 3. FBRED BDC Finance LLC $15,530,000 Attn: Micah Goodman, General Counsel 1345 Avenue of The Americas, Suite 32A New York, NY 10105 4. Wells Fargo, NA, As Trustee $8,100,000 Argentic Services Company LP As Special Servicer 500 North Central Expressway, Suite 261 Plano, TX 75074 5. Saul Ewing, LLP $1,205,443 Po Box 825482 Philadelphia, PA 19182 6. Louis Fox Stock Purchase $1,000,000 958 Del Norte Houston, TX 77018 7. Mark Torok Stock Purchase $1,000,000 11530 Meadow Lake Drive Houston, TX 77007 8. Michaeljohn Kudlik Stock Purchase $1,000,000 22102 Rochester Drive Katy, TX 77450 9. BGSF Professional LLC $652,145 Po Box Box 660282 Dallas, TX 75266 10. Goldman Sachs $439,661 2001 Ross Avenue, 31st Floor Dallas, TX 75201 11. Paul, Weiss, Rifkind, Legal $359,859 Wharton, & Garriso, LLP 1285 Avenue Of The Americas New York, NY 10019 12. Winston & Strawn, LLP Legal $225,325 35 W Wacker Drive Chicago, IL 60601 13. Snell & Wilmer L.L.P. Legal $225,068 1 East Washington St., Suite 2700 Phoenix, AZ 85004 14. CBIZ CPAS P.C. $218,205 Po Box 95000-2288 Philadelphia, PA 19195 15. Alliance Advisors LLC $119,029 200 Broadacres Drive 3rd Floor Bloomfield, NJ 07003 16. Taylor Law Firm Legal $100,000 6630 Colleyville Blvd., 200 Colleyville, TX 76034 17. Weisbart Springer Hayes LLP Legal $85,941 212 Lavaca Street, Suite 200 Austin, TX 78701 18. Norton Rose Fulbright US LLP Legal $81,048 1550 Lamar, Suite 2000 Houston, TX 77010 19. Phoenix American $78,401 Financial Services Inc Po Box 2189 San Rafael, CA 94912 20. Vistra USA, LLC $72,052 5450 N Cumberland Ave, Suite 100 Chicago, IL 60656 SKYE BIOSCIENCE: Holders Approve Authorized Share Increase to 300M ------------------------------------------------------------------ Skye Bioscience Inc. stockholders approved an amendment increasing the company's authorized common shares to 300 million from 100 million, according to a Form 8-K filing with the Securities and Exchange Commission. The company filed the certificate of amendment with the Nevada secretary of state May 28. Skye said the amendment did not change issued and outstanding common shares and only affects shares that may be issued in the future. At the May 26 annual meeting, 23,529,424 shares were present or represented by proxy, or 66.98% of issued and outstanding shares entitled to vote. Stockholders also elected six directors, ratified CBIZ CPAs P.C. as the company's independent registered public accounting firm for 2026 and approved named executive officer compensation on an advisory basis. About Skye Bioscience Skye Bioscience is a clinical-stage biopharmaceutical company focused on developing therapeutics for metabolic health and related disorders. The company's programs have included cannabinoid receptor-targeted product candidates and clinical development work in obesity and metabolic disease. Skye is headquartered in San Diego, Calif. In an audit report dated March 10, 2026, CBIZ CPAs P.C. included a going concern paragraph stating that the Company has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the company's ability to continue as a going concern. As of March 31, 2026, Skye Bioscience reported total assets of $19.42 million, total liabilities of $10.4 million and stockholders' equity of $9.01 million. SKYSKOPES INC: Hires Brady Martz & Associates as Accountant ----------------------------------------------------------- SkySkopes, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Arizona to hire Brady, Martz, & Associates, P.C. as accountant. The firm will assist with the preparation of SkySkopes' federal, state, and, if applicable, local income tax returns with supporting schedules, perform any bookkeeping necessary for preparation of the income tax returns, and prepare tax basis depreciation schedules when necessary for the years ending Dec. 31, 2024 and Dec. 31, 2025. BradyMartz' fees will be based on its hourly rates from $200 per hour for staff to $400 per hour for the principal/owner, primarily for review and supervision, plus actual out-of-pocket expenses. BradyMartz is a "disinterested person" within the meaning of 11 U.S.C. Sec. 101(14), according to court filings. The firm can be reached through: Brady Martz Brady, Martz, & Associates, P.C. 207 E Broadway Avenue P.O. Box 1297 Bismarck, ND 58502-1297 Phone: (701) 223-1717 Fax: (701) 222-0894 Email: info@bradymartz.com About Lasen, Inc. Lasen, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case No. 2:25-bk-05316) on June 11, 2025. At the time of the filing, Debtor had estimated assets of between $1,000,001 and $10 million and liabilities of between $1,000,001 and $10 million. Judge Brenda K. Martin oversees the case. THE CAVANAGH LAW FIRM P.A. is Debtor's legal counsel. SQUARE ONE: Seeks to Hire Century 21 S.G.R. as Exclusive Broker --------------------------------------------------------------- Square One Preservation LLP seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ Jessica Hayes and Century 21 S.G.R. Inc. as exclusive broker. The broker will market and sell the firm's real properties known as 18790 Welch Way, Country Club Hills, IL 60478. The firm will receive a commission in the amount of 5.5 percent of the gross sales price. Ms. Hayes assured the court that Century 21 S.G.R. Inc. is a "disinterested person" within the meaning of 11 U.S.C. 101(14). The broker can be reached through: Jessica Hayes Century 21 S.G.R. Inc. 1823 S Michigan Ave. Chicago, IL 60616 Mobile: (872) 366-2320 Email: Jessicah.c21sgr@gmail.com About Square One Preservation Square One Preservation, LLP sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-16033) on October 25, 2024, with $100,001 to $500,000 in both assets and liabilities. Judge Timothy A. Barnes presides over the case. The Law Offices of Joel Schechter serves the Debtor as counsel. SRRAF LLC: Case Summary & One Unsecured Creditor ------------------------------------------------ Debtor: SRRAF LLC 625 Sunningdale Richardson, TX 75081 Business Description: SRRAF LLC, a real estate company based in Richardson, Texas, owns property at 3318 W. Buckingham Road in Garland, Texas. Chapter 11 Petition Date: May 31, 2026 Court: United States Bankruptcy Court Northern District of Texas Case No.: 26-42391 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: $0 Total Liabilities: $1,725,371 The petition was signed by Md Tauhid Chaudhury as managing member. The Debtor listed Davis Consulting Engineers LLC of Haslet, Texas, as its only unsecured creditor, with a $10,000 vendor claim. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/6K4X3ZA/SRRAF_LLC__txnbke-26-42391__0001.0.pdf?mcid=tGE4TAMA STEVEN MCCANLESS: Gets Interim OK to Use Cash Collateral -------------------------------------------------------- Steven McCanless Trucking, Inc. got the green light from the U.S. Bankruptcy Court for the Eastern District of Tennessee, Chattanooga Division, to use cash collateral. At the recently held hearing, the court authorized the Debtor's interim use of cash collateral and set a further hearing for June 25. One merchant cash advance lender may assert security interests in substantially all of the Debtor's cash receivables and cash collateral, even though the lender allegedly did not record UCC financing statements in Tennessee. While the Debtor does not concede the validity or enforceability of any such secured claim, it acknowledges that the lender may contend that its receivables and bank accounts constitute cash collateral under Section 363 of the Bankruptcy Code. As adequate protection for any creditor claiming an interest in cash collateral, the Debtor offers granting replacement liens. These replacement liens would mirror the same form, status, and priority as any valid prepetition liens. Steven McCanless Trucking has operated since 1987 and has become a well-known hauling business throughout Middle and East Tennessee, specializing in hauling rock, gravel, and related materials. Over time, the Debtor expanded its operations across the state and developed into a profitable transportation business. However, the Debtor recently encountered serious financial distress caused by internal family issues and operational setbacks, including damaged and unusable trucks that contributed to financial losses and the repossession of several vehicles. As a result, the Debtor filed for Chapter 11 protection under the streamlined Subchapter V process, with the goal of stabilizing operations, restructuring debt, and preserving the business as a going concern. About Steven McCanless Trucking Inc. Steven McCanless Trucking, Inc. is a Tennessee-based freight carrier that provides trucking and property transportation services. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tenn. Case No. 26-11242) on May 8, 2026. In the petition signed by Steven Mccanless, chief executive officer, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Nicholas W. Whittenburg oversees the case. Roy Michael Roman, Esq., at RMR LEGAL PLLC, represents the Debtor as legal counsel. STICKY NORTH: Seeks Chapter 7 Bankruptcy in South Carolina ---------------------------------------------------------- On May 25, 2026, Sticky North Creek LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the District of South Carolina. According to court filings, the Debtor reports between $100,001 and $1 million in liabilities owed to 1-49 creditors. About Sticky North Creek LLC Sticky North Creek LLC is a South Carolina limited liability company. Sticky North Creek LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-02323) on May 25, 2026. In its petition, the Debtor reported estimated assets of $0-$100,000 and estimated liabilities of $100,001-$1 million. Honorable Bankruptcy Judge L. Jefferson Davis IV handles the case. The Debtor is represented by Robert H. Cooper, Esq. of The Cooper Law Firm. STOKES & STOKES: Hires Edward Diehl of Remax Access as Realtor -------------------------------------------------------------- Stokes & Stokes Properties filed an amended application seeking approval from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to hire Edward Diehl of Remax Access as realtor. The Debtor seeks to employ and retain Edward Diehl of Remax Access with regard to the selling several of Debtor's properties to eliminate much of Debtor's unmanageable Debt. Mr. Diehl's fee for selling Debtor's properties is 5% for each property sold. Mr. Diehl, an associate broker for REMAX Access, assured the court that his firm is a disinterested person within the meaning of 11 U.S.C. Sec. 101(14). The realtor can be reached through: Edward Diehl Remax Acces 100 Spring Garden Philadelphia, PA 19123 Mobile: (215) 817-7602 Direct: (215) 400-2655 About Stokes & Stokes Properties, LLC Stokes & Stokes Properties, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Pa. Case No. 26-10431) on February 3, 2026, listing $1,000,001 to $10 million in assets and up to $50,000 in liabilities. Judge Ashely M Chan presides over the case. Demetrius J. Parrish, Jr., Esq. at The Law Offices Of Demetrius J. Parrish represents the Debtor as counsel. STRATA SKIN: CBIZ Raises Going Concern Doubt Over Debt Default -------------------------------------------------------------- STRATA Skin Sciences, 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 loss of $6.3 million for the year ended December 31, 2025, compared with a net loss of $10.1 million for 2024. The Company generated net revenue of $30.7 million in 2025, compared to a revenue of $33.6 million in 2024. Going Concern Philadelphia, Pennsylvania-based CBIZ CPAs P.C., the Company's auditor since 2019 (such date takes into account the acquisition of the attest business of Marcum LLP by CBIZ CPAs P.C. effective November 1, 2024), issued a "going concern" qualification in its report dated March 25, 2026, attached to the Company's Annual Report for the fiscal year ended December 31, 2025, citing that the Company's shares were delisted from The Nasdaq Capital Market on February 19, 2026 which constitutes an event of default under its Senior Term Facility. This, combined with the Company's history of operating losses raises substantial doubt about the Company's ability to continue as a going concern. Liquidity The Company has historically experienced recurring losses and has been dependent on raising capital from the sale of securities in order to continue to operate. In October 2021, the Company entered into an equity distribution agreement with an investment bank under which, as of December 31, 2025, the Company could sell up to an additional $5.1 million of its common stock in registered "at-the-market" offerings, subject to certain limitations. As of the date that the consolidated financial statements were issued, the Company may not sell any of its shares of common stock under the equity distribution agreement because it deregistered the unsold shares following the delisting of its common stock. Management Plan Management has evaluated the Company's ability to meet its financial obligations as they become due within the next 12 months following the issuance of these consolidated financial statements. The delisting of the Company's shares constitutes an event of default under the Senior Term Facility, which has continued through the date of issuance of these consolidated financial statements. The lender reserves any and all rights and remedies available to it under the Senior Term Facility, including, without limitation, its right to choose to accelerate the debt and seek immediate repayment in full. As a result, all of the Company's long-term debt has been classified as current in the consolidated balance sheet, resulting in negative working capital. This, combined with its history of operating losses, raises substantial doubt about the Company's ability to continue as a going concern for the next 12 months. Specifically, the Company's ability to meet its obligations and continue operations is dependent upon regaining compliance with its debt covenants, modifying its existing debt facility, or successfully securing additional sources of liquidity and financing, as well as addressing other challenges, including market conditions that may negatively impact its ability to access capital. These conditions include, but are not limited to, potential future pandemics, changes in U.S. trade policies, supply chain disruptions, customer behavior, and rising interest rates, and could interfere with the Company's ability to access financing and on favorable terms. Management is actively evaluating various strategies to address the Company's liquidity concerns, including exploring financing alternatives and pursuing other strategic initiatives. However, there can be no assurance that these efforts will be successful or sufficient to mitigate the substantial doubt regarding the Company's ability to continue as a going concern. A full text copy of the Company's Form 10-K is available at http://tiny.cc/4v64101 About STRATA Skin STRATA Skin Sciences, Inc. is a medical technology Company in dermatology dedicated to developing, commercializing, and marketing innovative products for the treatment of dermatologic conditions. Its products include the XTRAC(R) line of excimer lasers and VTRAC(R) lamp systems utilized in the treatment of psoriasis, vitiligo, and various other skin conditions, as well as the TheraClear(R) X Acne Therapy System utilized in the treatment of acne-related skin conditions. As of December 31, 2025, the Company had $30.52 million in total assets, $27.61 million in total liabilities, and $2.91 million in total stockholders' equity. SUNBELT PLANTATIONS: Hwy 82 Wst Property Sale to Phoebe Health Ok'd ------------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Georgia, Gainesville Division, has granted Sunbelt Plantations Inc. and its affiliates, to sell Property, free and clear of liens, claims, interests, and encumbrances. Adcock Family Properties, LLC (AFP) owns certain real property located at US Hwy 82 West, 1.5 acres of which Debtors seeks to sell. The Court has authorized the Debtor to sell the Property to Phoebe Putney Health System, Inc. in the purchase price of $950,000. The Debtors may sell the Property free and clear of all liens, claims and encumbrances. Upon closing of the Sale, all liens, claims, and encumbrances, if any, on the Property shall attach to the proceeds of the Sale to the same extent, validity, and priority as they existed on the Petition Date. The Debtors are authorized to take all actions necessary to close the Sale and to comply with the Purchase and Sale Agreement. The closing agent is authorized to pay all closing-related expenses, including but not limited to, outstanding property taxes, utilities, or other associated itemized closing expenses. About Sunbelt Plantations Inc. Sunbelt Plantations Inc., doing business as Adcock Pecan Co., produces and distributes pecans, peanuts, jams, jellies, fruit butters, and chutneys. The Company operates from Tifton, Georgia, and offers its products through retail and online channels, including its Website at http://www.adcockpecans.com/ Sunbelt Plantations Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-21011) on July 21, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $500,000 and $1 million. The Debtor is represented by William Rountree, Esq. at ROUNTREE, LEITMAN, KLEIN & GEER, LLC. SYNAPTICS INC: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable -------------------------------------------------------------- Fitch Ratings has affirmed Synaptics Incorporated's Long-Term Issuer Default Rating (IDR) at 'BB', as well as its senior unsecured notes at 'BB' with a Recovery Rating of 'RR4'. The Rating Outlook is Stable. Synaptics' ratings and Stable Outlook reflect lower EBITDA leverage and progress toward returning within Fitch's leverage sensitivities. They also reflect growth opportunities in the company's core Internet of Things (IoT) segment and its through-cycle FCF generation. The ratings also consider Synaptics' end-market volatility and potential supply chain cost pressures, which could weaken demand. Key Rating Drivers Deleveraging To Within Sensitivities: Fitch forecasts that Synaptics' EBITDA leverage will decrease to 3.6x by the end of its fiscal year in June 2026, down from 4.4x in 2025 and 6.4x in 2024. Fitch has updated it downgrade EBITDA leverage sensitivity to 3.5x from 3.0x to more closely align with Synaptics' peers and Fitch's technology sector EBITDA leverage 'BB' midpoint of 3.5x. The change also reflects the company's relatively smaller scale in the technology sector and historic leverage volatility. Fitch expects Synaptics to operate within leverage sensitives during fiscal 2027, supported by EBITDA growth. End Market Growth Opportunities: Synaptics is well-positioned to capitalize on growth in end markets and product applications within its core IoT segment. IoT accounted for 32% of sales YTD through 3Q26, up 31% YoY in the last quarter. New OEM design wins, market opportunities within touch, and the ramp-up of its Astra processer in areas such as robotics expose the company to potentially high-growth end markets that should require more content over time. A continued increase in the core IoT segment's sales mix could reduce operating volatility, diversify the customer base with new OEMs and support higher-margin FCF. Volatility Offsets Profitability: Synaptics is exposed to the cyclical consumer electronics markets, where component suppliers often face shifts in consumer spending, short product lead times and annual product updates. Synaptics' focus on less elastic, more premium end products partly limits this exposure. The company also faces intermittent supply and demand imbalances, as well as changing enterprise spending timing. Fitch views Synaptics' profitability, with EBITDA margins of about 20% that are strong for the 'BB' rating category, as less important to the credit profile because of this volatility. Through the Cycle FCF Generation: Fitch forecasts positive annual FCF generation between fiscal 2026 and 2029 will cumulatively exceed $500 million. FCF generation benefits from a low capex business model that outsources manufacturing and generally ships directly from manufacturers, along with flexible shareholder distributions via buybacks. Synaptics' consistent FCF strengthens its balance sheet and enhances its capacity for opportunistic M&A to supplement organic growth. Entrenched Product Leadership: Synaptics has a strong record of leadership across several products, including PC fingerprint sensors and touchpads, and video interfaces for laptop docking stations and adapters. However, the sector's competitive nature limits pricing power and product leadership. Low switching costs, the risk that OEM customers develop in-house designs, evolving device interfaces, and intense competition for design wins also constrain long-term competitive advantages. Customer Concentration: Growth in less concentrated end markets and emerging product areas enhances customer diversification. In fiscal 2025, two customers accounted for 26% of revenues. Customer concentration is likely to persist due to the scale of its OEM customers in PC, mobile and automotive markets, but Fitch expects the concentration to decrease as the core IoT segment grows as a percentage of sales mix and as go-to-market initiatives gain traction. Convertible Notes Treatment: Fitch assigns no equity credit to Synaptics' $450 million in convertible senior unsecured notes. Under Fitch's "Corporate Hybrid Treatment and Notching Criteria," the notes are optionally rather than mandatorily convertible and are not subordinated to senior debt. Peer Analysis Synaptics' profitability, as measured by its EBITDA margin of approximately 20%, is lower than 'BB' peers Entegris, Inc. (29%; BB/Stable), MKS Instruments, Inc. (25%; BB/Stable) and Coherent Corp (22%; BB/Positive). Each of these peers has some level of cyclicality. Synaptics' FCF as a percentage of revenue, at approximately 9%-10%, is comparable to that of Entegris and MKS, which is notably high for the 'BB' rating category, and is ahead of Coherent's 2%. Leverage for Synaptics, Entegris and MKS is similar, with all three forecasts at 3.5x-4.0x at their respective fiscal 2026-year ends, as each is in the later stages of post-M&A deleveraging. Coherent's leverage profile is distinct from these 'BB' peers, forecast at 2.1x at its fiscal 2026-year end. Higher-rated semiconductor peers Microchip Technology Inc. (Microchip; BBB/Stable) and NXP Semiconductors N.V. (BBB+/Stable) have superior market positions and greater diversification relative to Synaptics. Microchip and NXP also have higher profitability, with EBITDA margins of 30% and 38%, respectively. Microchip is prioritizing its balance sheet and utilization rates, with Fitch estimating leverage of 2.6x exiting fiscal 2027, down from over 4.0x exiting fiscal 2025. NXP's financial policies remain conservative and are underpinned by a net EBITDA leverage target of 1.0x-1.5x, which translates to below 2.0x on a gross basis. Fitch’s Key Rating-Case Assumptions - Overall growth supported by continued strong performance of IoT segment with Astra processor design adoptions expected over the forecast. Higher organic growth rates moderate in 2028 and 2029 with a continue macroeconomic pressures affecting end market demand; - EBITDA margins in 2026 informed by YTD performance of approximately 20%. Margins improve slightly through the forecast period as operating leverage improves and sales mix contributions from the lower gross margin mobile segment decrease. - Capex about 3.5% of revenue in 2026, in line with 2026 YTD trend primarily driven by expansion of facilities relating to the 2025 Broadcom transaction. Capex declines during the forecast after, but remains toward the higher end of historic levels; - Share repurchases of about $100 million annually during forecast period with the existing share repurchase program extended. No common or special dividends paid; - Partially debt-funded acquisitions within the core IoT segment closing in fiscal 2029 with total consideration of $500 million, completed at 3.5x enterprise value/revenue; - Base rates above SOFR applicable to the revolving credit facility reflects the forward curve of 3.6%, 3.8%, 3.7% and 3.7% in fiscal 2026 to 2029 respectively. The revolving facility is not expected to be drawn during the forecast period. 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', Higher), market and competitive positioning ('bb-', Moderate), diversification and asset quality ('bb-', Moderate), company operational characteristics ('bbb', Lower), profitability ('bbb-', Lower), financial structure ('bb', Higher), and financial flexibility ('bb+', Moderate). The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year FY25, 40% for the forecast year FY26 and 40% for the forecast year FY27. 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 - EBITDA leverage sustained above 3.5x; - Disruption to market position in touch technology; - Consistent flat or declining revenue YoY; Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - EBITDA leverage sustained below 3.0x; - Continued Core IoT sales mix growth resulting in EBITDA margin increases, greater customer diversity and above industry revenue growth; Liquidity and Debt Structure Synaptics' liquidity position consisted of $404 million cash and a $350 million revolving credit facility that was undrawn as of fiscal 3Q26. certificates of deposit) at fiscal 3Q25 (March 29, 2025). Forecast FCF, benefiting from a low capital intensity business structure, a relatively low overall interest expense attributable to the 0.75% convertible notes, support Synaptics' liquidity position. Synaptics' next outstanding debt maturity is its $400 million senior unsecured notes in 2029, followed by its convertible notes maturing in 2031. Issuer Profile Synaptics develops semiconductor solutions that enable people to interact with electronic devices. Its product offerings include connectivity, audio, high-definition video, touch controllers, display drivers, fingerprint sensors and touchpad solutions. 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 Synaptics Incorporated. 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 ----------- ------ -------- ----- Synaptics Incorporated LT IDR BB Affirmed BB senior unsecured LT BB Affirmed RR4 BB TAPS RANCH: Amends Unsecured Claims Pay Details ----------------------------------------------- TAPS Ranch II, LLC submitted a Second Amended Plan of Reorganization under Subchapter V dated May 22, 2026. TAPS Ranch reached an agreement with Shelby Savings Bank as to value of the St. Augustine and Chireno Properties. On March 2, 2026, a Notice of Agreement on the value of the properties was filed. On March 2, 2026, the court entered an order at docket #86 Order adopting the agreement. The agreed value is $2,000,000 for St. Augustine and Chireno Properties. The value was agreed at $1,160,000 for the St. Augustine Property and $840,000 for the Chireno Property. This Plan of Reorganization proposes to pay Debtor’s creditors from the cash flow generated in the ordinary course of the Debtor's business after confirmation. Class 7 consists of all other non-priority unsecured claims allowed under Section 502 of the Code. The aggregate amount of Class 7 claims is approximately $163,129. The Debtor will pay the projected disposable income in the amount as set forth on the projections for a period of sixty months following the Effective Date to creditors in this class with allowed claims in the amount set forth on the projections with this plan. Debtor may pay these amounts in quarterly distributions. Debtor projects that creditors in Class 7 will receive a payback of 100%. If any recovery is made as against Pilgrim's Pride, after payment of attorneys' fees and expenses of the litigation and this bankruptcy case, the Debtor will pay 75% of the net proceeds to the creditors in Class 7 until the creditors in Class 7 are paid in full. The equity security holders will retain the interest in the Debtor. The term "disposable income" means the income that is received by the debtor and that is not reasonably necessary to be expended * for -- the maintenance or support of the debtor or a dependent of the debtor; or -- a domestic support obligation that first becomes payable after the date of the filing of the petition; or * for the payment of expenditures necessary for the continuation, preservation, or operation of the business of the debtor. A full-text copy of the Second Amended Plan dated May 22, 2026 is available at https://urlcurt.com/u?l=onUnTm from PacerMonitor.com at no charge. Counsel to the Debtor: Reese W. Baker, Esq. Baker & Associates 950 Echo Lane Suite 300 Houston, TX 77024 Telephone: (713) 979-2251 About TAPS Ranch II LLC TAPS Ranch II, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-34509) on August 4, 2025, listing between $1 million and $10 million in both assets and liabilities. Judge Jeffrey P Norman presides over the case. Reese W Baker, at Baker & Associates, is the Debtor's legal counsel. TELESAT CORP: Deloitte Raises Going Concern Over Debt Obligations ----------------------------------------------------------------- Telesat Corporation filed its Annual Report on Form 20-F 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. Telesat's net loss for the year ended December 31, 2025, was C$530.2 million compared to net loss of C$302.5 million for the prior year. Total revenue for the year ended December 31, 2025 decreased by $153.1 million to $418 million compared to C$571 million for the prior year as Broadcast revenue decreased by C$78.2 million and Enterprise revenue decreased by $61.1 million. Going Concern Toronto, Canada-based Deloitte LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 16, 2026, attached to the Company's Annual Report for the fiscal year ended December 31, 2025, citing that the impending maturity of the Company's credit facility and uncertainty about the Company's ability to successfully refinance the Telesat Canada Debt in advance of the upcoming maturity raises substantial doubt about its ability to continue as a going concern. The Company has approximately C$509.8 million of cash and cash equivalent of which $206.6 million is held within Telesat Canada, as at December 31, 2025. The Company and Telesat Canada expect to generate sufficient cash flow to meet the requirements of their respective ongoing operations and debt servicing costs for the reasonably foreseeable future, including at least the one-year period following the date of these financial statements. However, the Company's consolidated cash flows and cash resources alone, which includes those of Telesat Canada, are not expected to be sufficient to meet Telesat Canada's debt maturity obligations as they come due. Liquidity and Capital Resources The Company's Term Loan B and Senior Notes, held in Telesat Canada, are scheduled to mature between December 2026 and October 2027, resulting in substantial obligations at the end of 2026 of approximately $2.3 billion that will require repayment or refinancing. Based on current projections, cash flows from operations and assets of the Company are expected to be sufficient to meet its contractual obligations as they become due prior to the date of debt maturity. However, these cash flows alone are not expected to be sufficient to satisfy the obligations related to the settlement of the debt instruments as they become due in December 2026 and October 2027. Management is therefore actively engaged in discussions with lenders' advisors about refinancing the Telesat Canada Debt and, at the time of issuing the financial statements, management expects to refinance the existing debt obligations before they become due. However, these refinancing activities are dependent on a number of factors outside of the Company's control. As such, there can be no assurance that these refinancing initiatives will be completed successfully. This material uncertainty, which relates solely to the upcoming Telesat Canada Debt maturities in December 2026, casts substantial doubt as to Telesat Canada's ability to meet its obligations as they come due -- and accordingly raises substantial doubt for the Company in these consolidated financial statements. Should Telesat Canada not be able to refinance its debt obligations prior to maturity, these financial statements may require significant adjustments, with a material impact to the carrying amount and classification of reported assets, liabilities, revenues, or expenses. A full text copy of the Company's Form 20-F is available at http://tiny.cc/t074101 About Telesat Corporation Telesat is a leading global satellite operator, providing its customers with mission-critical communications services since the start of the satellite communications industry in the 1960s. Through a combination of advanced satellites and ground facilities and a highly expert and dedicated staff, our communications solutions support the requirements of sophisticated satellite users throughout the world. Throughout the Company's lengthy operating history, it has demonstrated a deep commitment to customer service and led the way on many of the industry's most ground-breaking innovations. As of December 31, 2025, the Company had C$6.6 billion in total assets, C$4.8 billion in total liabilities, and C$1.8 billion in total stockholders' equity. TERRASTRAT GROUP: Hires Heskin & Proper PLLC as Special Counsel --------------------------------------------------------------- Terrastrat Group LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Ohio to hire Heskin & Proper, PLLC as special counsel. The firm will investigate, analyze, prosecute, defend, negotiate, and resolve claims and disputes involving merchant cash advance lenders and other creditors that have restrained, levied upon, enforced against, or otherwise exercised control over assets of the Debtor or property of the estate. The proposed contingency fee arrangement provides compensation equal to 40% of Gross Recoveries. Shane R. Heskin, Esq. of Heskin & Proper, PLLC assured the court that the firm is a "disinterested person" within the meaning of 11 U.S.C. Sec. 101(14). The firm can be reached through: Shane R. Heskin, Esq. Heskin & Proper, PLLC 641 Lexington Avenue, 14th Floor New York, NY 10022 Telephone: (917) 362-1313 Email: shane@heskinproper.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. The Debtor is represented by Tami Hart Kirby, Esq. of Porter Wright Morris & Arthur LLP. TEXAS AUTO: Unsecureds Will Get 50% Dividend via Quarterly Payments ------------------------------------------------------------------- Texas Auto Save, LLC ("TAS") and Synergy Capital Auto Lending, LLC filed with the U.S. Bankruptcy Court for the Western District of Texas a Joint Disclosure Statement describing Plan of Reorganization dated May 22, 2026. The Debtors will continue to manage their financial affairs as they did in the few months prior to the bankruptcy filing as a part of their respective Plans of Reorganization. The Debtors will be able to make monthly plan payments using their operating income. The corporate Debtors are owned 51% by Alex Sinno and 49% by Sridhar Vasireddy. Debtor's landlord is SAR American Properties, LLC and SAR American Properties, LLC is an insider owned by Alex Sinno and Sridhar Vasireddy. Alex Sinno's wife Farheen Mir works full time for Debtor and is paid $83,900 per year. Alex Sinno earns $163,800 annually working for the Debtors. Alex Sinno shall continue to manage the corporate entities. He shall receive a salary of $163,800 plus be entitled to profit distributions only to the extent the Debtors are first able to honor their plan obligations. Synergy shall pay Westlake interest on its secured debt for the first 12 months of the plan. The outstanding balance shall then be fully amortized over the next 7 years. The interest rate shall be fixed at the prime rate in effect on the Effective Date plus 2 percentage points. Westlake shall retain its liens against both Debtors. The Debtors shall pay ad valorem taxes currently due and payable as of January 2026 in regular monthly installments within 60 months of the date of the order for relief and at the statutory interest rate. Debtors shall pay past due federal and state non real estate taxes in regular monthly installments within 60 months of the date of the order for relief and at the statutory interest rate in effect on the confirmation date. Debtor Synergy shall pay Creditor Captive Formation Corp. $100,000 in 24 monthly payments of $4167. Debtor TAS' debt with the SBA shall be reinstated with arrearages paid in 53 monthly payments after the Effective Date. Debtor TAS shall pay Jefferson State Bank interest only for 12 months and then in the 13th month of the Plan and then begin making regular monthly payments. Both Debtors have at least two UCC liens filed anonymously against them in the Texas State UCC records. To the extent the claims are allowed as secured claims, they shall be paid approximately 50% of their claims in regular quarterly payments beginning in the second year of the Synergy Plan. To the extent they have unsecured allowed claims, they shall be treated in Synergy's general unsecured class. The Debtors shall pay general unsecured claims an estimated 50% dividend in quarterly payments beginning in year three of the Plans. Debtors shall pay affiliate entity unsecured claims an estimated 50% dividend in quarterly payments in the final two years of the Plan. TAS shall pay the Secured and 11 USC Section 503(b)(9) Claim of Lawler Motor Sports, LLC $30,000 per month until paid in full beginning 30 days after the Effective Date. The equity holders in the corporate entities shall retain their interests in the Debtors. The Class 3 claims consist of the impaired claims of general unsecured creditors against Synergy and the total or partially unsecured claims from Class 2. Allowed claims shall receive their pro rata share of their prorate share of $287,500 up to the full amount of their allowed claims in 24 quarterly payments with the first payments due the first date of the first quarter to occur two years after the Effective Date. The Class 4 claims consist of the impaired claims of general unsecured creditors against TAS. Allowed claims shall receive their prorate share of $128,000 in 24 quarterly payments with the first payments due the first date of the first quarter to occur two years after the Effective Date. The Plans are feasible as a result of projected sales of Debtors' assets in their respective plans and for operating Debtors, the income generated from Debtors' business operations and assets. Debtors have provided a proforma in Exhibit B, which demonstrates the Plans' feasibility. A full-text copy of the Joint Disclosure Statement dated May 22, 2026 is available at https://urlcurt.com/u?l=p5V57L from PacerMonitor.com at no charge. Counsel to the Debtors: THE SMEBERG LAW FIRM, PLLC Ronald J. Smeberg, Esq. 4 Imperial Oaks San Antonio, Texas 78248 Tel: (210) 695-6684 Fax: (210) 598-7357 Email: ron@smeberg.com About Texas Auto Save LLC Texas Auto Save LLC is a used car dealership based in San Antonio, Texas. The company sells pre-owned vehicles and provides buy-here-pay-here and in-house financing, along with extended warranty options. It also offers online inventory access, quote requests, test drive scheduling, and financing pre-approval applications, serving customers in San Antonio and nearby Texas communities. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 26-51089) on April 25, 2026. In the petition signed by Alex Sinno, managing member, the Debtor disclosed $2,122,888 in total assets and $13,800,382 in total liabilities. Judge Aubrey L Thomas oversees the case. Ronald Smeberg, Esq., at THE SMEBERG LAW FIRM, is the Debtor's legal counsel. THAI WISDOM: Seeks Subchapter V Bankruptcy in Washington -------------------------------------------------------- On May 26, 2026, Thai Wisdom LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Western District of Washington. According to court filings, the Debtor reports between $100,001 and $1 million in debt owed to 1-49 creditors. A meeting of creditors filed by Ryan S Moore on behalf of United States Trustee under Section 341(a) to be held on June 30, 2026 at 01:30 PM via Telephonic Creditors Meeting. Small Business Subchapter V Plan deadline set for August 24, 2026 About Thai Wisdom LLC Thai Wisdom LLC is a Washington-based limited liability company. Based on its name, the company appears to operate in the food service and hospitality sector, though specific business details were not disclosed in the bankruptcy petition. Thai Wisdom LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-11738) on May 26, 2026. In its petition, the Debtor reported estimated assets of $0-$100,000 and estimated liabilities of $100,001-$1 million. Honorable Bankruptcy Judge Timothy W. Dore handles the case. The Debtor is represented by James E. Dickmeyer, Esq. of James E. Dickmeyer, PC. TITAN INT'L: Moody's Lowers CFR to B2 & Alters Outlook to Stable ---------------------------------------------------------------- Moody's Ratings downgraded the ratings of Titan International, Inc. (Titan), including the corporate family rating to B2 from B1, the probability of default rating to B2-PD from B1-PD and the backed senior secured global notes rating to B2 from B1. At the same time, Moody's changed the outlook to stable from negative. Titan's speculative grade liquidity rating (SGL) was downgraded to SGL-3 from SGL-2. The downgrades reflect Moody's expectations that weak credit metrics will remain well below Moody's original projections with global demand for agriculture equipment constrained and construction equipment uneven into 2027. A recovery in new equipment spending is being hindered by low commodity prices, high interest rates and macroeconomic headwinds from tariffs and the Middle East conflict. Titan's consumer segment, despite its aftermarket focus, is also being negatively impacted by the effects of general inflationary conditions as a meaningful percentage of this business is discretionary. Governance considerations were a factor in this rating action as availability under the revolving credit facility is modest considering Moody's expectations for the continuation of negative free cash flow for 2026. This could further constrain financial flexibility in the event key market conditions deteriorate relative to Moody's current projections. As a result, Moody's changed Titan's governance score to G-4 from G-3 and the Credit Impact Score (CIS) to CIS-4 from CIS-3. RATINGS RATIONALE Titan's ratings reflect the company's solid competitive position as a tire and wheel supplier to leading global agriculture and construction original equipment manufacturers (OEM). Titan's operating results are highly dependent on demand for new farm, construction and mining equipment but sizable aftermarket/replacement revenue across all three segments helps mitigate OEM business cyclicality. Though currently in the midst of a sharp downcycle, long term demand for agriculture equipment is supported by greater need for grain output for a growing global population, aging equipment fleets and the need for technologically advanced equipment to offset increasingly difficult farming conditions. In response to challenging market conditions, Titan's agriculture customers have meaningfully scaled back production because of the weaker demand environment, which in turn has weighed heavily on Titan's operating results. Earthmoving and construction equipment markets are mixed, with solid mining demand and construction activity supported by infrastructure and onshoring investment but offset by muted residential construction markets. The weak market conditions are more than offsetting Titan's structural cost saving initiatives that were implemented to limit erosion in earnings when production volumes decline. Accordingly, Moody's expects a 2026 EBITA margin of 2%, roughly flat with the 2025 level, before moving above 2% in 2027. Debt-to-EBITDA is expected in the high-6x range in 2026, tracking towards 6x in 2027 as key markets start to normalize. Moody's are projecting negative free cash flow this year with breakeven-to-modestly positive free cash flow in 2027 even with the anticipated build in inventory to meet improving demand. Benefits from the Carlstar Group LLC acquisition (enhanced scale, consumer focus and a broader customer base) have been diminished by the weak demand environment as aftermarket revenues have not been able to offset the pullback in new equipment spending. The Q1 2024 acquisition, which was partially debt-financed and led to an increase in Moody's debt adjustment for operating leases, coincided with an acceleration of the earnings decline that began in 2023, contributing to the weakening of credit metrics. The stable outlook reflects Moody's expectations that demand in core end markets will remain weak but will not materially worsen through the remainder of 2026. These markets should begin to recover from extended downturns in 2027, enabling credit metrics to improve, though modestly. Titan's SGL-3 rating reflects Moody's expectations that the company will maintain adequate liquidity supported by a cash position in the $150 million - $200 million range and modest availability (approximately $50 million at Q1 2026) under its unrated $225 million asset-based lending (ABL) facility set to expire in February of 2029. Moody's expects free cash flow to be negative again this year as earnings remain weak. Free cash flow is expected to recover to breakeven or modestly positive in 2027 as the agricultural sector should be in a better position for a rebound. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Moody's expects Titan to sustain operational efficiencies to support an EBITA margin in excess of 5.5%, debt-to-EBITDA in the low-5x range, even during a downturn in its cyclical end markets, and EBITA-to-interest above 3x. In addition, Moody's would expect Titan to maintain good liquidity with consistently positive free cash flow and greater availability under its ABL. The ratings could be downgraded if Titan is unable to improve the EBITA margin from the current level, debt-to-EBITDA remains near 6x or higher, or EBITA-to-interest remains below 1.5x. The continuation of negative free cash flow or deteriorating liquidity, including the inability to pay down ABL borrowings, could also lead to a ratings downgrade. The principal methodology used in these ratings was Manufacturing published in September 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Titan International, Inc. is a manufacturer of wheels, tires, assemblies and undercarriage products for off-highway vehicles. The company serves end markets in the agricultural, earthmoving/construction and consumer industries. Titan sells its products directly to original equipment manufacturers as well as in the aftermarket through independent distributors, equipment dealers and distributions centers. Tires are sold primarily under the Titan and Goodyear brand names. Revenue for the twelve months ended March 31, 2026 was approximately $1.8 billion. TREE HOUSE: Case Summary & Nine Unsecured Creditors --------------------------------------------------- Debtor: The Tree House Park LLC 7701 Colton Bluff Springs Road Austin, TX 78744 Business Description: The Tree House Park LLC is an Austin, Texas- based real estate company that owns a 2.932-acre property at 7701 Colton Bluff Springs Road. The property is associated with The Tree House Park, an outdoor venue for food trucks, vendors, and events. Chapter 11 Petition Date: June 1, 2026 Court: United States Bankruptcy Court Western District of Texas Case No.: 26-11051 Judge: Hon. Christopher G Bradley Debtor's Counsel: C. Daniel Roberts, Esq. C. DANIEL ROBERTS, P.C. PO Box 300549 Austin, TX 78703 Tel: (512) 470-0897 E-mail: droberts@cdrlaw.net Total Assets: $3,374,150 Total Liabilities: $1,011,045 The petition was signed by Maria de la Cruz Castillo, aka Maria de la Cruz Martinez, as manager and sole member. 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/MT3JYQQ/The_Tree_House_Park_LLC__txwbke-26-11051__0001.0.pdf?mcid=tGE4TAMA TRI-STATE ENVIRONMENTAL: Cash Collateral Hearing Set for June 10 ---------------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of New York is set to hold a hearing on June 10 to consider extending Tri-State Environmental Restoration, Inc.'s authority to use cash collateral. The Debtor is currently authorized to use cash collateral pursuant to the court's April 23 interim order. Under the interim order, the Debtor is allowed to utilize its cash collateral through June 12, subject to an approved budget, which shows total operational expenses of $329,255 for the period from March 23 to June 12. The interim order granted the U.S. Small Business Administration adequate protection through a monthly payment of $1,404 and a replacement lien, with the same priority and validity as its pre-petition lien. The replacement lien is subject to carveouts including U.S. Trustee fees, professional fees, a hypothetical Chapter 7 trustee fee cap of $10,000, and proceeds from certain avoidance actions. Additional safeguards include insurance coverage and regular filing of monthly operating reports. Termination events include uncured defaults after a five-business-day notice period, expiration of the authorized period, trustee appointment and conversion or dismissal of the Debtor's Chapter 11 case. The order is available at https://shorturl.at/21Bqh from PacerMonitor.com. Tri-State's cash collateral is tied to loan obligations owed to the SBA, which had extended approximately $1.2 million in financing secured by UCC filings. The Debtor said it needs access to cash collateral to continue operating. About Tri-State Environmental Restoration Inc. Tri-State Environmental Restoration, Inc is a New York-based corporation engaged in environmental restoration services throughout the Tri-State area. Tri-State filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. N.Y. Case No. 26-41343) on March 23, 2026, with up to $500,000 in assets and up to $10 million in liabilities. James Rengifo, chief executive officer of Tri-State, signed the petition. Judge Jill Mazer-Marino oversees the case. Ronald D. Weiss, Esq., at Ronald D. Weiss, P.C., represents the Debtor as legal counsel. Yann Geron, Esq., at Geron Legal Advisors, LLC serves as Subchapter V trustee for the Debtor. TRIMONT ENERGY: Hires Lugenbuhl Wheaton Peck Rankin as Counsel -------------------------------------------------------------- Trimont Energy (NOW), LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Eastern District of Louisiana to hire Lugenbuhl, Wheaton, Peck, Rankin & Hubbard (A Law Corporation) as their counsel. The firm's services include: a. advising the Debtors with respect to their rights, powers and duties as Debtors and Debtors-in-possession in the continued operation and management of the business and property; b. preparing and pursuing confirmation of a plan of reorganization as Debtors that are proceeding under Subchapter V and pursuing approval of the disclosure statement and plan confirmation should the Debtors cease to elect to continue under Subchapter V; c. preparing, on behalf of the Debtors, all necessary applications, motions, answers, proposed orders, other pleadings, notices, schedules and other documents, and reviewing all financial and other reports to be filed; d. advising the Debtors concerning, and preparing responses to, applications, motions, pleadings, notices and other documents which may be filed by other parties; e. appearing in Court to protect the interests of the Debtors; f. representing the Debtors in connection with use of cash collateral and/or obtaining post-petition financing; g. advising the Debtors concerning and assisting in the negotiation and documentation of financing agreements, cash collateral orders and related transactions; h. investigating the nature and validity of liens asserted against the property of the Debtors, and advising the Debtors concerning the enforceability of said liens; i. investigating and advising the Debtors concerning and taking such action as may be necessary to collect income and assets in accordance with applicable law, and the recovery of property for the benefit of the Debtors' estates; j. advising and assisting the Debtors in connection with any potential property dispositions; k. advising the Debtors concerning executory contract and unexpired lease assumptions, assignments and rejections and lease restructuring, and recharacterizations; l. assisting the Debtors in reviewing, estimating and resolving claims asserted against the Debtors' estates; m. commencing and conducting litigation necessary and appropriate to assert rights held by the Debtors, protect assets of the Debtors' chapter 11 estates or otherwise further the goal of completing the Debtors' successful reorganization; and n. performing all other legal services for the Debtors which may be necessary and proper in this case. The compensation of Lugenbuhl's attorneys and paraprofessionals are proposed at varying rates currently ranging from $400 to $600 for attorneys and $125 for paralegals. Douglas S. Draper is the attorney principally responsible for the representation and his rate in this case is $600 per hour. Lugenbuhl is a "disinterested person" as that term is defined in section 101(14) of the Bankruptcy Code, as modified by section 1107(b) of the Bankruptcy Code, according to court filings. The firm can be reached through: Douglas S. Draper, Esq. Benjamin W. Kadden, Esq. Greta M. Brouphy, Esq. Lugenbuhl, Wheaton, Peck, Rankin & Hubbard 601 Poydras Street Suite 2775 New Orleans, LA 70130 Tel: (504) 568-1990 Fax: (504) 310-9195 Email: DDraper@lawla.com bkadden@lawla.com gbrouphy@lawla.com About Trimont Energy (Now) Trimont Energy (NOW) LLC, a company in Houston, Texas, filed its voluntary petition for Chapter 11 protection (Bankr. E.D. La. Case No. 23-11868) on October 25, 2023, listing $1 million to $10 million in both assets and liabilities. Christopher O. Ryals, chief restructuring officer, signed the petition. Judge Meredith S. Grabill oversees the case. The Debtor tapped Heller, Draper, & Horn, LLC as legal counsel; Chaffe & Associates, Inc. as financial advisor; and Christopher O. Ryals of RCO Capital, LLC as chief operating officer. TRIPLE STICKS: To Sell Inventories to Multiple Buyers ----------------------------------------------------- Triple Sticks Foods, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Illinois, to sell Inventory, free and clear of liens, claims, interests, and encumbrances. The Debtor manufactured food products. The bankruptcy estate's assets include raw materials used to manufacture food products, including ingredients and packaging, as well as finished goods (Inventory). The Debtor has ceased business operations and is in the process of liquidating substantially all its assets. The Debtor wishes to immediately sell the Inventory to reduce administrative expenses, including post-petition rent and expensive utilities (particularly electrical) necessary to preserve the Debtor's food Inventory. After careful consideration, the Debtor, in its business judgment, has determined that liquidating the Inventory will maximize the proceeds from the Inventory—and other relevant savings—while minimizing transaction expenses. Details of the terms of the proposed sale are: -- Butcher paper; labels - Brookwood Farms for $3,500.00 -- 5,400 pounds of American cheese slices; 1,900 pounds of turkey white meat -- ES Foods for $5,415.84 -- 95,040 English muffins; 85,488 buttermilk biscuits -- Penn Foods for $10,950.00 -- 72,000 egg white patties. - Start Right for $3,656.25 The proceeds of the proposed sales represent a $13,939.49 or 245% premium over the projected liquidation value. In addition to the proposed sales above, the Debtor proposes to sell additional Inventory, more specifically identified in Schedule A to the Purchase Offer attached as Exhibit 1 (https://urlcurt.com/u?l=2AsqHnv), to Omni Foods for a purchase price of $28,141.25. The total purchase price under the proposed sales contemplated here represents the best price obtainable under the circumstances presented. The Debtor, in its sound business judgment, has determined that private sales of the Inventory is in the best interest of the Estate. The sale of the Inventory is in good faith and will not unfairly benefit any insiders or creditors of the Debtor. None of the Purchasers are insiders of the Debtor and the sales contemplated hereunder were negotiated at arms’ length and in good faith. The SBA has consented to the sale. The Debtor submits that it is in the best interest of the Estate and all stakeholders to dispose of such remaining Inventory or to donate it to one or more non-insider charitable organizations. About Triple Sticks Foods LLC Triple Sticks Foods, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ill. Case No. 26-30341-mel) on April 16, 2026. In the petition signed by Joseph Trover, principal, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Mary E. Lopinot oversees the case. Eric C. Peterson, Esq., at Spencer Fane, LLP and Dawi Consulting, LLC serve as the Debtor's legal counsel and financial advisor, respectively. UMZU LLC: Court Extends Cash Collateral Access to June 12 --------------------------------------------------------- UMZU, LLC received a seven-day extension from the U.S. Bankruptcy Court for the Central District of California to use cash collateral to fund its operations. The court on June 4 entered an order extending the Debtor's authority to use cash collateral from June 5 to June 12 to pay its expenses based on an approved budget. The Debtor was initially allowed to use up to $526,133 in cash collateral under the court's May 27 interim order. The initial order remains in full force and effect. The Debtor offers adequate protection to its secured creditors including NewCo Capital Group, American Funding Services and Drive Fulfillment, LLC through replacement liens on its post-petition assets and monthly payments. NewCo and American Funding Services will receive monthly payments of $30,000 and $15,000, respectively, while Drive Fulfillment may receive up to $36,000 if it releases the Debtor's inventory held at its facility. The order is available at http://bankrupt.com/misc/UMZULLC_June4ICCOrder.pdf The next hearing is set for June 9. UMZU operates an e-commerce supplement business that sells products primarily through its website and Amazon. It relies heavily on third-party manufacturer WB Blends and fulfillment providers to maintain inventory and ship products. Both vendors had threatened to halt services unless overdue balances were paid, prompting UMZU to seek authority to treat them as critical vendors. The Debtor also stressed the importance of maintaining advertising access through Meta Platforms (Facebook and Instagram), which it described as essential to customer acquisition and revenue generation. UMZU owed Meta more than $829,000 prepetition and sought approval for a structured repayment plan. The Debtor's financial decline followed internal disputes among founders, which led to litigation and operational instability. After regaining control in 2024, CEO Michael Dobson discovered the business burdened by unsustainable overhead and debt. To survive, UMZU turned to merchant cash advances, which created a "debt spiral" due to aggressive repayment terms and mounting liens on the Debtor's assets. Despite these difficulties, UMZU stated that operational improvements in 2025 restored positive operating income. The Debtor argued that restructuring its debt through Chapter 11 would allow it to preserve its strong customer base, valuable intellectual property, and long-term going-concern value. About UMZU LLC UMZU, LLC operates an e-commerce supplement business that sells products primarily through its website and Amazon. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 2:26-bk-14886) on May 18, 2026. In the petition signed by Michael Dobson, chief executive officer, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Sheri Bluebond oversees the case. Matthew D. Resnik, Esq., at RHM Law, LLP, represents the Debtor as legal counsel. UNION FLATIRON: Hires Wadsworth Garber Warner Conrardy as Counsel ----------------------------------------------------------------- Union Flatiron LLC filed an amended application seeking approval from the U.S. Bankruptcy Court for the District of Wyoming to hire Wadsworth Garber Warner Conrardy, P.C. as counsel. The firm's services include: a. preparation on behalf of the Debtor of all necessary reports, orders and other legal papers required in this Chapter 11 proceeding; b. performance of all legal services for Debtor as debtor-in-possession which may become necessary; c. representation of the Debtor in any litigation which the Debtor determines is in the best interest of the estate whether in state or federal court(s). The firm's counsel and staff will be paid at these hourly rates: David Wadsworth, Attorney $500 Aaron Garber, Attorney $500 Aaron Conrardy, Attorney $425 Hallie Cooper, Attorney $225 Paralegals $125 The firm received a retainer of $25,000 from the Debtor. Mr. Garber 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: Aaron A. Garber, Esq. Wadsworth Garber Warner Conrardy, PC 2580 West Main Street, Suite 200 Littleton, CO 80120 Telephone: (303) 296-1999 Facsimile: (303) 296-7600 Email: agarber@wgwc-law.com About Union Flatiron LLC Union Flatiron LLC is a real estate and investment holding company engaged in property-related development and management activities. Union Flatiron LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-20222) on May 14, 2026. In its petition, the Debtor reports estimated assets between $1,000,001 and $10,000,000 and estimated liabilities between $1,000,001 and $10,000,000. Honorable Bankruptcy Judge Cathleen D. Parker handles the case. The Debtor is represented by Aaron J. Conrardy, Esq. of Wadsworth Garber Warner Conrardy PC. US MEDICAL: Case Summary & One Unsecured Creditor ------------------------------------------------- Debtor: US Medical Supplies, LLC 12138 Front Street Norwalk, CA 90650 Business Description: US Medical Supplies, LLC is a single-asset real estate entity (as defined in 11 U.S.C. Section 101(51B)). Chapter 11 Petition Date: June 1, 2026 Court: United States Bankruptcy Court Central District of California Case No.: 26-15508 Debtor's Counsel: Thomas B. Ure, Esq. URE LAW FIRM 8280 Florence Avenue, Suite 200 Downey, CA 90240 Tel: 213-202-6070 Fax: 213-202-6075 E-mail: tom@urelawfirm.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Ivan Rodriguez as managing member. The Debtor identified Southern California Edison, based in Rosemead, California, as its sole unsecured creditor, holding a $243 utility-services claim. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/JVXLISI/US_Medical_Supplies_LLC__cacbke-26-15508__0001.0.pdf?mcid=tGE4TAMA VANDERBILT MINERALS: Taps Latham & Watkins as Bankruptcy Counsel ---------------------------------------------------------------- Vanderbilt Minerals, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of New York to employ Latham & Watkins LLP as bankruptcy counsel. The firm will render these services: a) advise the Debtor with respect to its powers and duties as debtor in possession in the continued management and operation of its business and properties; b) advise and consult on the conduct of the Chapter 11 Case, including all the legal and administrative requirements of operating in chapter 11; c) advise the Debtor and take all necessary action to protect and preserve the Debtor's estate, including prosecuting actions on the Debtor's behalf, defending any action commenced against the Debtor, and representing the Debtor's interests in negotiations concerning litigation in which the Debtor is involved; d) analyze proofs of claim filed against the Debtor and object to such claims as necessary; e) represent the Debtor in connection with obtaining post petition financing; f) attend meetings and negotiate with representatives of creditors, interest holders, and other parties in interest; g) analyze executory contracts and unexpired leases, and potential assumptions, assignments, or rejections of such contracts and leases; h) prepare pleadings in connection with the Chapter 11 Case, including motions, applications, answers, orders, reports, and papers necessary or otherwise beneficial to the administration of the Debtor's estate; i) advise the Debtor in connection with its proposed sale of assets; j) take necessary action on behalf of the Debtor to obtain approval of a disclosure statement and confirmation of a chapter 11 plan; k) appear before this Court or any appellate courts to protect the interests of the Debtor's estate before those courts; l) advise on corporate, litigation, regulatory, finance, tax, employee benefits, and other legal matters; and m) perform all other necessary legal services for the Debtor in connection with the Chapter 11 Case. The firm will be paid at these rates: Partners $1,895 to $3,050 per hour Counsel $1,815 to $2,550 per hour Associates $945 to $1,850 per hour Professional Staff $280 to $1,410 per hour Paralegals $390 to $970 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. George Davis, a partner at Latham & Watkins, 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: George A. Davis, Esq. Latham & Watkins LLP 355 South Grand Avenue, Suite 100 Los Angeles, CA 90071-1560 Tel: (213) 485-1234 Fax: (213) 891-8763 About Vanderbilt Minerals, LLC Vanderbilt Minerals, LLC supplies mineral and chemical products. The Company offers ceramics, clay binders, mineral fillers, floor finishes, paints, concrete, and lubricants. Vanderbilt Minerals serves rubber, plastics, petroleum, paper, pharmaceutical, agricultural, ceramics, adhesives, wire and cable, and cosmetics industries worldwide. Vanderbilt Minerals sought sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-60110 (WAK)) on February 16, 2026). Charles J. Sullivan at Bond, Schoeneck & King, PLLC represents the Debtor as legal counsel. Kurtzman Carson Consultants, LLC (operating as Verita Global, LLC) serves as claims agent. R.T. Vanderbilt Holding Company, Inc. is the sole equity holder, owning 100% of the company. VEYTIA VENTURES: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------------- Debtor: Veytia Ventures, LLC 128 Third Street South Saint Petersburg, FL 33701 Business Description: Veytia Ventures, LLC operates Red Mesa Cantina, a restaurant in St. Petersburg, Florida. The company provides Mexican, Latin, Caribbean, and Modern Mexican food service, with menu offerings that include ceviches, tacos, small plates, brunch, kids' items, and bar selections. It also offers catering, reservations, online ordering, gift cards, and event hosting, serving occasions such as weddings, corporate events, and special celebrations. Chapter 11 Petition Date: June 1, 2026 Court: United States Bankruptcy Court Middle District of Florida Case No.: 26-04736 Debtor's Counsel: Kathleen L. DiSanto, Esq. BUSH ROSS, P.A. PO Box 3913 Tampa, FL 33601-3913 Tel: 813-224-9255 E-mail: kdisanto@bushross.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Peter B. Veytia, Jr., as managing member. A copy of the Debtor's list of its 20 largest unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/ZGXIVRY/Veytia_Ventures_LLC__flmbke-26-04736__0003.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/G4R2EOY/Veytia_Ventures_LLC__flmbke-26-04736__0001.0.pdf?mcid=tGE4TAMA W/L PROPERTIES: Hires Thomas P. Moriarty LLC as Special Counsel --------------------------------------------------------------- W/L Properties L.L.C. seeks approval from the U.S. Bankruptcy Court for the District of Connecticut to hire Thomas P. Moriarty, LLC, as special counsel. The firm's services include: (a) advising the Debtor concerning, and assisting in the re-negotiation and documentation of one or more commercial leases on the real property located at 1379 Farmington Avenue, Bristol, Connecticut; and (b) closing the proposed sale of the aforesaid commercial real property. The firm will charge its customary hourly rate of $265 for attorney time. As disclosed in the court filings, neither the attorneys or Thomas P. Moriarty, LLC nor its members or employees have any interest adverse to the estate and are "disinterested persons" as that term is defined by 11 U.S.C. Sec. 101(14). The firm can be reached through: Thomas P. Moriarty, Esq. Thomas P. Moriarty, LLC 2230 Main Street Glastonbury, CT 06033 Phone: (860) 657-1010 Fax: (860) 657-1011 Email: tom@mpslawfirm.com About W/L Properties L.L.C. W/L Properties L.L.C. is a single-asset real estate company that owns The Shoppes at Larson Farm, a 59,201-square-foot retail plaza at 1379 Farmington Avenue in Bristol, Connecticut. The property has an estimated value of $13.49 million. W/L Properties L.L.C. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Conn. Case No. 26-20444) on May 1, 2026, listing $13,582,367 in assets and $10,413,156 in liabilities. Stephen C. Larson signed the petition as managing member. Edward P. Jurkiewicz, Esq. at LAWRENCE & JURKIEWICZ, LLC serves as the Debtor's counsel. WATLOW ELECTRIC: S&P Alters Outlook to Positive, Affirms 'B' ICR ---------------------------------------------------------------- S&P Global Ratings affirmed its 'B' issuer credit rating on global designer and manufacturer of thermal management solutions Watlow Electric Manufacturing Co. and revised the outlook to positive from stable. At the same time, S&P assigned its 'B' issue-level rating and '3' recovery rating to the company's proposed revolving credit facility (RCF), first-lien term loan, and delayed draw term loan. The positive outlook on Watlow reflects at least a one-in-three likelihood of an upgrade if its financial policy and earnings performance support credit measures such that its S&P Global Ratings-adjusted debt to EBITDA is sustained well below 5x with positive FOCF generation. On June 3, 2026, Watlow Electric launched a refinancing transaction, including a proposed $150 million revolving credit facility (RCF) due 2031, a $715 million first-lien term loan due 2033, and a $75 million delayed draw term loan due 2033 (undrawn at close). The company plans to use proceeds from the term loan to repay balances under its existing RCF and term loan facilities. S&P said, "We forecast Watlow's S&P Global Ratings-adjusted leverage to improve modestly below 5x in 2026 given the May 2026 conversion of the company's convertible preferred equity, which we treated as debt, to common equity, and given our expectation for recovery in the semiconductor end market. "We forecast Watlow's revenue will improve in the high-teens percent area in 2026, as the semiconductor end market recovers and the company benefits from acquisitions. Over the past year, Watlow's semiconductor segment (42% of total revenue) has been pressured because of lower demand from a key customer for new equipment. This, along with new export controls, caused customers to push out projects, further affecting this segment. "We anticipate this segment to recover in 2026. This key customer is beginning to start capacity investments and original equipment manufacturers (OEMs) in the semiconductor space are increasing their capital expenditure (capex) due to strong demand across AI-related and data center infrastructure. S&P Global Ratings estimates major AI players will continue investing aggressively, benefitting both chipmakers and data center infrastructure providers. Moreso, as productivity gains from AI become more evident, we believe companies will further accelerate their AI spending. Therefore, we forecast significant capital spending to continue into 2026. This, along with new product development, and contributions from the Genes Tech acquisition will increase revenue in the semiconductor segment around 30% in 2026." Watlow benefits from significant barriers to entry due to the highly engineered nature of its products and the substantial switching costs associated with rigorous upfront testing requirements. While customer concentration presents a risk—with concentration within the company's top ten customers —this bargaining power is mitigated by deep-seated, long-term relationships. Furthermore, Watlow's role as a sole-source provider and its increasing focus on 'spec'd in' engineered solutions reduce price sensitivity among customers, allowing the company to maintain dominant market positions. S&P expects high-single-digit percent revenue growth in the industrial segment in 2026, primarily due to continued tailwinds from megatrends in energy transition, electrification, aerospace and defense, and new product development. Additionally, the incremental contributions from key business wins in 2025, expanding product portfolio to meet growing international demand for electrified industrial manufacturing solutions, and price increases will further contribute to revenue growth in 2026. S&P said, "We forecast Watlow will expand its S&P Global Ratings-adjusted EBITDA margins to the 17% area in 2026, from 15% in 2025. Driving this will be improved operating leverage from higher volumes, higher prices, favorable product mix toward higher-margin semiconductor products, acquisition synergies, and the tapering of some operating expenses. We assume the roll-off of some ERP software-related expenses, which we anticipate will be completed in 2027, and lower restructuring costs. This growth is partially offset by tariffs and inflationary costs. However, we believe the company has the ability to pass on higher inflationary costs, such as freight, if necessary, through additional prices increases. "We continue to believe the company's exposure to the semiconductor end market and the industrial end markets overall are cyclical, which could cause a significant reduction in profitability during an industry downcycle." As a partial offset, the company serves the medical, food service and refrigeration, and power generation markets, which are typically less cyclical. Watlow's organic semiconductor revenue declined significantly during the last downturn in 2023 as customers destocked their high inventory positions. In addition, end-user demand for consumer electronics softened, which caused lower demand for semiconductors and wafer fabrication equipment. S&P said, "We forecast Watlow will generate good FOCF and its 2026 S&P Global Ratings-adjusted leverage to fall modestly below 5x, with further improvement in 2027. In May 2026, the company converted its $110 million of convertible preferred equity (which we viewed as debt-like) to common equity. The convertible preferred equity was issued to rolling shareholders as part of the 2021 acquisition by Tinicum. Our S&P Global Ratings-adjusted leverage will no longer include the $110 million of convertible preferred equity as debt, resulting in roughly 1x turn of lower S&P Global Ratings-adjusted debt starting in 2026, all else equal. With our forecast of improving adjusted EBITDA, we expect Watlow's S&P Global Ratings-adjusted leverage will improve to the high-4x area in 2026, with future improvement going forward. While we forecast leverage under 5x, before considering higher ratings, we would want to observe a track record of sustaining leverage comfortably below 5x to ensure cushion given the cyclicality in Watlow's end markets and its customer concentration. Further, before considering higher ratings, we would want to be confident that the company's financial sponsor, Tinicum, would be committed to this level of leverage, inclusive of acquisitions and shareholder returns. While we do not expect Watlow to pursue debt-funded dividends given its track record with other investments, we believe the company could opportunistically pursue tuck-in acquisitions. "Furthermore, we assume Watlow will generate good levels (around $41 million) on unadjusted FOCF in 2026, improving further in 2027, given our forecast for higher EBITDA generation and lower interest expense due to the refinancing. Our forecast is notwithstanding our assumption that working capital will continue to be a use of cash to support growth, and for capex of around $30 million (or roughly 3% of sales)." The positive outlook on Watlow reflects at least a one-in-three likelihood of an upgrade if its financial policy and earnings performance support credit measures such that its S&P Global Ratings-adjusted debt to EBITDA is sustained well below 5x with positive free operating cash flow generation. S&P could revise the outlook back to stable on Watlow if: -- S&P expects S&P Global Ratings-adjusted debt to EBITDA will be maintained above 5x, which could occur if the semiconductor industry contracts unexpectedly due to regulatory changes or unanticipated cyclicality, or if the company loses market share with key customers; -- Management pursues a more aggressive financial policy, such as issuing a debt-funded dividend to its financial sponsors or undertaking additional debt-funded mergers and acquisitions; or -- There is minimal FOCF generation. S&P could raise its ratings on Watlow if: -- The company increases its scale and scope to align with higher rated peers; -- Maintains a track record of sustaining leverage comfortably below 5x, with a buffer to manage against inherent cyclicality; and -- The financial sponsors commit to maintaining leverage at less than 5x throughout the business cycle, including shareholder rewards and potential acquisitions. WEST MARINE: Gets Interim OK to Use Cash Collateral --------------------------------------------------- West Marine, Inc. and its affiliates received interim approval from the U.S. Bankruptcy Court for the District of Delaware to use cash collateral. As an integrated retailer of marine and water sports products with over 200 stores and 2,600 employees, the company entered bankruptcy equipped with a Restructuring Support Agreement backed by a vast majority of its core stakeholders, including 96.2% of its Term Loan Lenders, 100% of its FILO Lenders, and 93.9% of its equity holders. The RSA outlines a clear path forward that includes paying off or converting ABL and FILO claims dollar-for-dollar, equitizing all term loan claims into 100% of the reorganized company's equity, and continuing a court-approved marketing process to explore potential asset sales. Crucially, the Debtors have initiated their restructuring without seeking expensive debtor-in-possession financing, electing instead to fund the administration of the cases entirely through cash on hand and peak-season operational revenue. West Marine commenced its Chapter 11 proceedings with approximately $21.5 million in cash, which constitutes prepetition cash collateral. Against an estimated average weekly disbursement of $12.5 million over the first thirteen weeks, the Debtors emphasized that immediate and uninterrupted access to this cash collateral is vital to buy inventory, maintain payroll, preserve vendor and customer relationships, and prevent an immediate cessation of business that would lead to a value-destroying liquidation. To secure this consensual cash access, the Debtors negotiated a comprehensive adequate protection package for their prepetition secured parties, split between ABL and Term Loan interests. The Prepetition ABL Secured Parties (represented by Eclipse Business Capital LLC) and Prepetition Term Loan Secured Parties (represented by Wilmington Savings Fund Society, FSB) are granted automatically perfected, superpriority replacement liens and Section 507(b) administrative expense claims on the Debtors' assets, structured hierarchically to mirror prepetition intercreditor priorities. These protections specifically exclude direct liens on real property leaseholds and landlord security deposits, though they do attach to any proceeds generated from lease dispositions. Furthermore, the ABL lenders will receive current cash payments for accrued interest at contractual non-default rates starting this month, while the Term Loan lenders will receive their postpetition interest payments in kind. The agreement strictly binds the Debtors to an approved 13-week budget and establishes clear mechanisms to pay down prepetition debt out of excess operations. West Marine must submit weekly borrowing base calculations; if a deficit occurs, a mandatory permanent prepayment must be made to cover the shortfall. Additionally, the Debtors are required to make weekly "Excess Cash Payments" to the ABL agent, remitting any consolidated cash balance that exceeds $20 million (excluding a funded reserve account). Rigorous information-sharing and reporting requirements regarding asset monetization, "Going Out of Business" store sales, and marketing process bids are also required. Any failure to meet these strict budget variances or the case milestones outlined in the RSA will trigger a Cash Collateral Termination Event. Legal fees and expenses for the prepetition agents will also be paid currently by the debtors as part of the negotiated adequate protection. The final hearing is set for June 11. The order is available at http://bankrupt.com/misc/WestMarine_ICCOrder.pdf About West Marine Inc. West Marine Inc. is a U.S.-based marine retail company specializing in boating, fishing and marine maintenance products. Established in 1968, the company operates one of the country's largest networks of boating supply stores, offering products ranging from marine electronics and navigation tools to fishing accessories, apparel and safety equipment. West Marine Inc. and certain of its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 26-10794) on May 17, 2026. In its petition, the Debtor reported estimated total assets of $500 million to $1 billion and estimated liabilities of $500 million to $1 billion. The petition was signed by Paulee Day as chief executive officer. The Debtors' restructuring counsel is Young Conaway Stargatt Taylor, LLP and their co-bankruptcy counsel is Kirkland & Ellis LLP. The Debtors tapped Triple P Securities, LLC as their investment banker. FTI Consulting Inc. is the Debtors' restructuring advisor. The Debtors' claims and noticing agent is Kurtzman Carson Consultants LLC dba Verita Global. Hilco Merchant Resource LLC and Hilco Real Estate LLC is the Debtors' real estate advisor and liquidator. A copy of the motion is available at https://urlcurt.com/u?l=pvXbec from PacerMonitor.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 operates one of the country's largest networks of boating supply stores, offering products ranging from marine electronics and navigation tools to fishing accessories, apparel and safety equipment. West Marine Inc. and certain of its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 26-10794) on May 17, 2026. In its petition, the Debtor reported estimated total assets of $500 million to $1 billion and estimated liabilities of $500 million to $1 billion. The petition was signed by Paulee Day as chief executive officer. The Debtors' restructuring counsel is Young Conaway Stargatt Taylor, LLP and their co-bankruptcy counsel is Kirkland & Ellis LLP. The Debtors tapped Triple P Securities, LLC as their investment banker. FTI Consulting Inc. is the Debtors' restructuring advisor. The Debtors' claims and noticing agent is Kurtzman Carson Consultants LLC dba Verita Global. Hilco Merchant Resource LLC and Hilco Real Estate LLC is the Debtors' real estate advisor and liquidator. WHIRLPOOL CORP: S&P Lowers Senior Unsecured Notes Rating to 'B+' ---------------------------------------------------------------- S&P Global Ratings affirmed its 'BB+' rating on Whirlpool Corp.'s upsized $2 billion second-lien senior secured notes issuance, consisting of $1 billion of notes due 2031 and $1 billion of notes due 2034. The recovery rating remains '1', indicating a very high (90%-100%, rounded estimate: 95%) likelihood of recovery in the event of default. S&P said, "We also lowered our issue rating on Whirlpool's senior unsecured notes to 'B+' from 'BB-' due to the higher amount of priority obligations in the debt capital structure. We revised the recovery rating to '5' (10%-30%, rounded estimate: 25%) from '4' (30%-50%, rounded estimate: 35%), implying modest recovery in the event of default." S&P's BB- issuer credit rating and negative outlook are unchanged. Issue Ratings--Recovery Analysis Key analytical factors The pro forma debt capital structure consists of: -- Proposed $2.0 billion asset-based lending (ABL) facility expiring in 2031; -- Proposed $2.0 billion of second-lien senior secured notes consisting of $1.0 billion of notes due 2031 and $1.0 billion of notes due 2034; -- $4.9 billion of senior unsecured notes maturing between 2028-2050; and -- Receivable securitization facilities with assumed $155 million seasonal low point borrowings. Simulated default assumptions S&P's simulated default scenario assumes a default in 2030, reflecting protracted weak economic conditions, poor housing demand, volatile input costs, and stringent demands from large retailers. These factors cause significant EBITDA and cash flow deterioration, resulting in a payment default. Security and guarantee package The borrowers under the proposed five-year $2 billion ABL include Whirlpool Corp., InSinkErator LLC, KitchenAid Global LLC, Whirlpool Properties Inc., and Maytag Properties LLC. Guarantors include certain wholly owned U.S. and Canadian subsidiaries. Utilization under the ABL facility is secured by first-priority security interests in substantially all assets of the company and its material subsidiaries, including accounts receivable, inventory, and intellectual property (IP), but excluding assets subject to limitations under indentures governing the company or its subsidiaries' senior note indentures. These excluded assets consist of certain manufacturing properties located in the U.S., as defined in the indenture. Under the ABL, there is a maturity reserve for indebtedness with a principal balance exceeding $500 million that remains outstanding more than 91 days prior to the maturity of such debt. This mechanism is meant to reserve sufficient ABL availability to repay such debt at maturity. In addition, S&P assumes approximately $280 million of letters of credit related to synthetic leases will be replaced over the next few months with traditional leases. The borrowing base includes (after haircuts and exclusions) the net orderly liquidation value of eligible semifinished and finished goods inventory, eligible raw material inventory, eligible service parts inventory, eligible in-transit inventory, and qualified loan parties' eligible machinery and equipment subject to a combined cap with IP collateral. Borrowers under the proposed $2 billion of second-lien secured notes will be the same as the ABL facility. Note holders will have a second-priority security interest on the same assets that secure the first-priority ABL. Like the ABL, the collateral will exclude assets subject to lien limitations under the senior unsecured note indentures. The borrower of the senior unsecured notes is Whirlpool, with the exception of about EUR1.6 billion of notes issued by finance subsidiaries Whirlpool Finance Luxembourg S.a.r.l. and Whirlpool EMEA Finance S.a.r.l., which are guaranteed by Whirlpool. The senior unsecured notes would be required to be repurchased if there were both a change of control and a below-investment-grade rating event by any two of three rating agencies. S&P believes this would include a further lowering of Whirlpool's already speculative-grade senior unsecured note rating resulting from a change of control. Insolvency regime S&P said, "In the event of an insolvency proceeding, we assume Whirlpool would file for bankruptcy protection under the auspices of the U.S. federal bankruptcy court system and not involve other foreign jurisdictions. We believe creditors would receive maximum recovery in a payment default if Whirlpool reorganized instead of liquidated. This is primarily because of its well-recognized brands, significant manufacturing footprint, and established relationships with large national retailers." Valuation -- Emergence EBITDA: $865 million -- Multiple: 6x -- Gross emergence enterprise value: $5,189 million Simplified waterfall -- Net recovery value (after 5% administrative expenses): $4,930 million -- Valuation split (obligor/nonobligor; including estimated value of lien limitation): 78%/22% -- Priority obligations (securitizations and ABL): $1,386 million --Priority recovery expectations: Not rated -- Senior secured note claims: $2,079 million -- Value available for senior secured claims: $2,461 million --Senior secured recovery expectation: 90%-100% (rounded estimate: 95%) -- Senior unsecured note claims: $5,031 million -- Value available for senior unsecured claims: $1,464 million --Senior unsecured recovery expectation: 10%-30% (rounded estimate: 25%) Note: All debt amounts include six months of prepetition interest. WOLVERINE WORLD: Moody's Ups CFR to 'B1', Outlook Stable -------------------------------------------------------- Moody's Ratings upgraded Wolverine World Wide, Inc.'s (Wolverine) ratings, including the corporate family rating to B1 from B2, probability of default rating to B1-PD from B2-PD, and senior unsecured global notes rating to B2 from B3. The speculative-grade liquidity rating (SGL) was upgraded to SGL-2 from SGL-3 and the outlook remains stable. The upgrades reflect Wolverine's improved operating performance, leverage and liquidity, supported by the turnaround in its two largest brands, Merrell and Saucony. The upgrades also incorporate governance considerations, including the company's continued debt reduction. Moody's-adjusted debt/EBITDA declined to 4.1x as of April 04, 2026 from 5.3x as of June 30, 2025, while EBITA/interest expense improved to 3.7x from 2.8x. Merrell and Saucony, which represent almost two-thirds of revenue, continue to benefit from product innovation, broader distribution and strong sell-through, with Merrell supported by momentum in hiking and trail running and Saucony by strength in both performance running and lifestyle. The SGL upgrade to SGL-2 from SGL-3 reflects Moody's expectations for good liquidity over the next 12-18 months, including $60-80 million of annual free cash flow, significant availability under the $600 million revolving credit facility, ample covenant cushion and no near-term debt maturities. RATINGS RATIONALE Wolverine's B1 CFR reflects the company's ownership of Merrell and Saucony, which are well-recognized brands in the outdoor and running categories, respectively. The company's turnaround and portfolio rationalization since 2024 has significantly improved profitability. Merrell and Saucony drove a significant portion of earnings growth, reflecting reduced promotions, improved planning and supply chain processes, product innovation, marketing, new retail and wholesale distribution, and information technology investment. Over the next 12-18 months, Moody's expects mid-single-digit revenue and earnings growth, supported by Merrell and Saucony and gradual stabilization and improvement in the rest of the portfolio, partly offset by higher costs including marketing. Moody's projects Moody's-adjusted debt/EBITDA to decline to mid-3x over the next 12-18 months reflecting earnings improvement and revolver paydown, while EBITA/interest expense improves to mid-4x. At the same time, Wolverine's brands have limited scale and operate in highly competitive and fashion-sensitive footwear and apparel categories. In addition, the company has yet to turn around its smaller brands. Sweaty Betty is stabilizing by reinvesting in its core UK market, and the Wolverine brand has continued to decline. The company's other brands, representing about 16% of revenue, are very small and have low direct-to-consumer penetration, limiting their ability to leverage customer insights. The company is also subject to social and environmental risks, including remaining remediation and litigation exposure related to per- and polyfluoroalkyl substances (PFAS) at its former tannery facility. The stable outlook reflects Moody's expectations for earnings growth, debt reduction and at least good liquidity. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if the company commits to a balanced financial policy that supports low leverage and very good liquidity, including strong positive free cash flow generation. An upgrade would also require revenue and operating profit growth in Wolverine's key brands. Quantitative measures include Moody's-adjusted debt/EBITDA sustained below 3.5x and EBITA/interest expense maintained above 3.25x. The ratings could be downgraded if operating performance or liquidity weaken, or if there are material adverse regulatory or litigation developments related to the company's environmental liabilities. Quantitative measures include Moody's-adjusted debt/EBITDA above 4.5x or EBITA/interest expense below 2.25x. Headquartered in Rockford, Michigan, Wolverine World Wide, Inc. is a designer, marketer and distributor of footwear, apparel and accessories. The company's brands include Merrell, Saucony, Sweaty Betty and Wolverine, along with workwear brands such as Cat, Bates, Harley-Davidson and HyTest. Revenue for the last twelve months ended April 04, 2026 was about $1.9 billion. The principal methodology used in these ratings was Retail and Apparel published in September 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. WORTHINGTON STEEL: Moody's Rates New $900MM Sr. Secured Notes 'B2' ------------------------------------------------------------------ Moody's Ratings assigned a B2 rating to Worthington Steel, Inc.'s (Worthington Steel) proposed $900 million backed senior secured notes due 2033. The company plans to use the proceeds from the notes issuance and its B2 rated backed senior secured term loan B to fund the closing date consideration required to complete the purchase of the majority of the shares in Kloeckner & Co (Kloeckner), and to fund share purchases and other compensation to the remaining minority shareholders following the closing date. Worthington Steel's B1 corporate family rating, B1-PD probability of default ratings, the B2 rating on the backed senior secured term loan B, its Speculative Grade Liquidity Rating (SGL) of SGL-2 and its stable outlook remain unchanged. RATINGS RATIONALE Worthington Steel's B1 corporate family rating is supported by its strong pro forma market position as the second largest metals service center in North America and the high percentage of value added processing it performs on the metal it sells. It also reflects its pro forma cash generating potential, its enhanced product and end market diversity, potential synergies which the company estimates at about $150 million, and its growth prospects from ongoing investments in new facilities and value added capabilities. The company's credit profile also benefits from countercyclical cash flows as working capital often becomes a source of cash during periods of product pricing and demand weakness. Worthington Steel's rating is constrained by the company's high pro forma leverage and low profit margins due to the debt funded acquisition of Kloeckner at a high multiple of earnings considering the company's weak profit margins and high exposure to slower growing European markets. Worthington Steel indicated the enterprise value of the transaction at about $2.4 billion when it announced the deal in January 2026. Moody's estimates Kloeckner's 2025 adjusted EBITDA was about $250 million excluding its money losing Becker business that it is in the process of selling. Therefore, the acquisition price was about 9.5x trailing EBITDA for a company with an EBITDA margin of around 4.0%. The acquisition is also a somewhat complex and lengthy transaction that will result in certain shareholders continuing to hold equity positions in Kloeckner and requiring the payment of a relatively high dividend yield to those shareholders. The company's ratings also reflect the integration risks related to this acquisition and the variability in its operating performance, which is often influenced by metals price volatility and end market cyclicality. Moody's estimates Worthington Steel will generate around $475 million in pro forma adjusted EBITDA, including Moody's standard adjustments, for the fiscal year ending May 30, 2026, excluding the losses from Becker. The company could achieve earnings growth in fiscal 2027 supported by synergies and investments in expanded capacity and value-added capabilities. Nevertheless, this will be contingent on continued economic growth and relatively stable metals prices since both can materially impact earnings and have led to elevated earnings volatility historically. If Worthington Steel can achieve around $500 million in adjusted EBITDA and uses its free cash flow to pay down debt, then its Moody's-adjusted leverage ratio (Debt/EBITDA) will be around 5.0x, its interest coverage ratio about 3.5x (EBITDA/Interest) and EBIT margins below 3.0%. These metrics will be commensurate with the B1 rating. Worthington Steel and Kloeckner have both been inconsistent in their cash generation historically with free cash flow dictated by end market demand, product pricing and working capital investments. While Worthington Steel will implement best practices at Kloeckner and likely improve its working capital management, Moody's still anticipate free cash flow will remain volatile due to the countercyclical cash flows evident in the metals service center business model. Moody's anticipates the company will use its free cash beyond that required to fund its common dividend of about $30 million and any dividends to be paid to remaining Kloeckner minority shareholders, to pay down debt. The company's Speculative Grade Liquidity rating of SGL-2 indicates it is expected to maintain a good liquidity profile on a pro forma basis, which assumes a portion of the proceeds from the term loan B are used to pay down revolver borrowings. Worthington Steel had a cash balance of $90 million and $150 million of availability on its unrated $550 million ABL revolver, which had $193 million of borrowings outstanding as of February 2026. The borrowing base was limited to $343 million based on the amount of eligible accounts receivable and inventory. The company increased its revolver borrowings in the quarter ended February 2026 to fund the purchase of Kloeckner shares. The company plans to establish a new $1.2 billion unrated ABL revolver when it completes the Kloeckner acquisition process. This will be equal to the size of the current Worthington Steel ($550 million) and Kloeckner ($650 million) borrowing facilities. Moody's anticipates ample availability on a pro forma basis. The senior secured notes and the term loan B have a rating of B2, which is one notch below the B1 CFR and reflects their lower priority position versus the Worthington Steel and Kloeckner ABL facilities and a number of local lending facilities at foreign operating subsidiaries. The senior secured notes and the term loan B will be secured by a second priority lien on the ABL collateral (inventory & receivables) and a first priority lien on substantially all tangible and intangible assets, and a pledge of shares held in Kloeckner. The stable ratings outlook reflects Moody's expectations that pro forma credit metrics will be commensurate with the current rating and the company will use its free cash flow to pay down debt. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING An upgrade could be considered if Moody's adjusted leverage were to be sustained below 4.0x, EBIT margins sustained above 5.0%, and the company consistently generates positive free cash flow and reduces gross debt. The ratings could be downgraded if Moody's adjusted leverage were to be sustained above 5.0x, EBIT margins sustained below 3.0%, or if the company experiences a significant deterioration in its liquidity. More aggressive financial policies such as debt-financed dividends, share repurchases or acquisitions could also result in a downgrade. Worthington Steel, Inc. is based in Columbus, Ohio and will be one of the largest metals service centers in North America with operations in Europe and Asia on a pro forma basis after the completion of the acquisition of Kloeckner. Worthington Steel is a value-added processor of carbon flat-rolled steel and a producer of laser welded solutions and electrical steel laminations with locations in North America, Europe and Asia. Kloeckner is a processor and distributor of hot rolled products, structural steel, sheet, pipe, plate, electrical steel, aluminum and stainless steel products in North America and Europe. Pro forma revenues for the combined companies are around $10.0 billion. The principal methodology used in these ratings was Distribution and Supply Chain Services published in November 2025. Worthington Steel's corporate family rating of B1 is three notches below the scorecard-indicated outcome of Ba1 for the LTM period ended November 30, 2025. The scorecard indicated outcome for the LTM period does not reflect the pro forma metrics after the completion of the debt funded acquisition of Kloeckner, which results in forward looking metrics that are in line with the assigned B1 rating. WS ESCROW: Fitch Rates Proposed $900MM Sr. Secured Notes 'BB+' -------------------------------------------------------------- Fitch Ratings has assigned a 'BB+' rating with a Recovery Rating of 'RR2' to WS Escrow LLC's proposed $900 million senior secured notes. WS Escrow LLC is a wholly owned subsidiary of Worthington Steel, Inc. Proceeds of the proposed notes will be held in escrow pending the closing of the acquisition by Worthington Steel of Klockner & Co. SE. The escrowed funds, along with proceeds of the recently rated new Worthington Steel term loan, will be used to finance the acquisition. The ratings reflect Worthington Steel's size as the second-largest North American service center, its scale, and operational and geographic diversification, pro forma for the Kloeckner acquisition. The Stable Rating Outlook reflects Fitch's view that Worthington Steel will deleverage through debt repayment and earnings growth for an EBITDA leverage below 3.5x by fiscal YE 2029 and maintain EBITDA margins around 6%. Key Rating Drivers Pari Passu with Term Loan: When the acquisition closes, WS Escrow LLC will merge into Worthington Steel with Worthington Steel as the survivor and obligor under the notes. Supplemental guarantee and security agreements will be executed and delivered, and the notes will be pari passu with the recently rated Worthington Steel term loan. If the acquisition fails to close by March 12, 2027, the escrowed funds will be used to redeem the notes. Kloeckner Acquisition Brings Scale/Leverage: Fitch believes the Kloeckner acquisition will improve Worthington Steel's geographic and product diversification while increasing scale, thereby adding operating flexibility and further margin resilience across cycles. Kloeckner's operations will strengthen Worthington Steel's core competencies in carbon flat-roll and electrical steel and expand its product portfolio to include aluminum, stainless, long products and downstream fabrication. It will also extend its footprint, particularly in the Southern U.S. The acquisition will increase financial leverage significantly above Worthington Steel's historical range. Kloeckner has higher financial leverage and the acquisition will be debt funded, which Fitch expects will result in pro forma EBITDA leverage over 4.0x. This compares to about 1.1x currently and less than 1.0x historically. The company aims to reduce net leverage to 2.5x within 24 months of the acquisition closing. Synergies/Integration Track Record: Fitch believes the USD150 million run-rate synergies target by the end of fiscal 2028 (May 31, 2028) is reasonable, does not rely on significant changes to footprint, and is roughly half under the company's control and not dependent on market improvement. The company has a track record of successful acquisition integration and a dedicated team. Fitch assumes half of the target in its rating case. Deleveraging Capacity: Fitch expects FCF to be over USD200 million per year on average beginning in fiscal 2028, bolstered by prior capital programs at each company to grow value-added processing and prior divestiture of non-core operations. Fitch expects the company to maintain its dividend at current levels and for capex to be less than USD120 million per year beginning in fiscal 2028. Improvements in working capital efficiency and additional portfolio actions would speed deleveraging but are not included in Fitch's rating case. Subdued Macro Environment/Cyclical Exposure: Fitch believes Worthington Steel will have sufficient flexibility to cut variable costs, delay investment spending and reduce working capital to weather downturns. About 30% of pro forma revenues are exposed to the automotive sector and roughly 20% are exposed to construction. Fitch expects fairly stable auto sales and a gradual recovery in non-residential construction and sustained public infrastructure spending. Balanced Financial Policies: The company has a commitment to deleveraging and maintaining its dividend. Fitch expects Worthington Steel to focus on the integration and capture of synergies as well as debt repayment post-acquisition. Fitch expects it to pursue further M&A and shareholder returns once targets are met. Peer Analysis Worthington Steel's operational profile is most comparable to those of metals service center companies Ryerson Holding Corporation (BB/Stable) and Reliance, Inc. (BBB+/Stable). Worthington Steel, pro forma for the acquisition of Kloeckner, ranks second in the highly fragmented North American service center industry in terms of sales. Reliance is the largest with more than 1.5x the sales of pro forma Worthington Steel. Ryerson, pro forma for the acquisition of Olympic Steel, Inc., is the third largest. The companies have similar underlying volumetric risk resulting from their exposure to cyclical end markets, relatively stable margins, and low annual capex requirements. Pro forma Worthington Steel has higher margins than pro forma Ryerson but will have higher EBITDA leverage after the transaction before deleveraging. Both pro forma Worthington and pro forma Ryerson have lower margins and higher EBITDA leverage than Reliance. Fitch's Key Rating-Case Assumptions - The Kloeckner acquisition closes on June 1, 2026, under the disclosed terms and financed in part with the proposed notes and new term loan; - WS Escrow LLC merges into Worthington Steel, Inc. with Worthington Steel, Inc. as the survivor; - Shipments grow at about 2% per year on average through 2030; - Modest growth in average selling prices on mix and improved demand; - EBITDA margin averages about 6%, including 50% of expected synergies; - New pari passu senior secured debt aggregating USD1.4 billion; - No increase in dividends; - In fiscal 2030, Sitem Group non-controlling interest exercise their put requiring payment of about USD97 million; - No additional acquisitions; - Excess cash used to repay debt. Corporate Rating Tool Inputs and Scores Fitch scored Worthington Steel, Inc. as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bb+, Moderate), Market and Competitive Positioning (bb, Higher), Diversification and Asset Quality (bb+, Moderate), Company Operational Characteristics (bbb-, Moderate), Profitability (b+, Moderate), Financial Structure (bb, Moderate), and Financial Flexibility (bb, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2025, 20% for the forecast year 2026, 20% for the forecast year 2027, 20% for the forecast year 2028 and 20% for the forecast year 2029. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bb'. To derive the Long-Term IDR: - Fitch made no adjustments to the SCP, resulting in an IDR of 'BB'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA leverage sustained above 4.0x; - EBITDA margins sustained below 5%; - Sustained negative FCF. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - EBITDA leverage sustained below 3.0x; - EBITDA margins sustainably at or above 7%, driven by increasing levels of value-added processing; - Increase in size and scale. Liquidity and Debt Structure Fitch believes the combined company will generate USD629 million in aggregate FCF from June 1, 2026, through May 31, 2030, and will use this to repay debt. Availability under various credit facilities supports working capital and short-term liquidity requirements. As of Feb. 28, 2026, Worthington Steel had USD90 million of cash on hand and USD150.5 million was available under the company's existing USD550 million ABL RCF due in 2028 after borrowings of USD193 million and accounting for the borrowing base. As of Dec. 31, 2025, Kloeckner had EUR60 million in cash and availability of EUR215 million under a EUR350 million syndicated loan facility due 2028, USD358 million available under the USD650 million U.S. ABL facility due 2027, USD25 million available under the USD115 Mexican ABL due 2028, EUR62 million available under the EUR100 million asset based securitization facility due 2028, and CHF130 million available under the CHF200 million unsecured syndicated facility due 2029. Shortly after closing, Worthington Steel will replace its existing USD550 million ABL with a new, five-year USD550 million ABL facility. Upon merging Worthington Steel's and Kloeckner's capital structure, the new ABL will increase to USD1.2 billion and replace in full the USD650 million Kloeckner U.S. ABL. Issuer Profile Worthington Steel is a leading U.S. independent intermediate carbon flat-rolled steel processor with 37 facilities (19 in the U.S.). The Kloeckner acquisition will add about 110 locations across North America and Europe. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for Worthington Steel, Inc. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery ----------- ------ -------- WS Escrow LLC senior secured LT BB+ New Rating RR2 XCF GLOBAL: Private Placement to Raise $4 Million ------------------------------------------------- XCF Global Inc. entered private-placement agreements to issue 26,666,680 shares of common stock for total gross proceeds of about $4 million, according to a Form 8-K filing with the Securities and Exchange Commission. The company agreed to sell 13,333,340 Class A common shares to Brown Stone Capital Ltd. at 15 cents a share for about $2 million in gross proceeds. XCF separately agreed to sell 13,333,340 shares to EEME Energy SPV I LLC at the same price for about $2 million in gross proceeds. In a press release furnished with the filing, XCF said it completed key upgrade work at its New Rise Reno refinery and that the facility is in the final phase of its planned conversion. The company said it believes production will resume in early June, subject to catalyst receipt, final commissioning and standard start-up procedures. About XCF Global XCF Global is a U.S.-based producer of renewable diesel and sustainable aviation fuel focused on decarbonizing transportation and supporting domestic fuel supply. Its flagship facility is New Rise Renewables Reno, which the company has described as having permitted nameplate production capacity of 38 million gallons per year. The company is pursuing expansion opportunities in Nevada, North Carolina and Florida. Grant Thornton LLP, in an audit report dated March 31, 2026, included a going concern paragraph, citing the company's history of operating losses since inception and management's expectation that losses and negative cash flow will continue for the foreseeable future. Those conditions, along with other factors, raised substantial doubt about the company's ability to continue as a going concern. As of March 31, 2026, XCF Global reported total assets of $402.96 million, total liabilities of $377.65 million and stockholders’ equity of $25.31 million. Y&J MICHELE: Case Summary & 15 Unsecured Creditors -------------------------------------------------- Debtor: Y&J Michele Way LLC 1900 S. Norfolk Street, Suite 350 San Mateo, CA 94403 Business Description: Y&J Michele Way LLC holds an equitable interest in a mixed-use condominium building at 4115 El Camino Real Palo Alto, Calif. Chapter 11 Petition Date: May 28, 2026 Court: United States Bankruptcy Court Northern District of California Case No.: 26-30466 Judge: Hon. William J. Lafferty Debtor's Counsel: Robert L. Goldstein, Esq. LAW OFFICES OF ROBERT L. GOLDSTEIN 100 Bush Street, Suite 501 San Francisco, CA 94104 Tel: 415-391-8710 Fax: 415-391-8701 E-mail: rgoldstein@taxexit.com Total Assets: $22,580,223 Total Liabilities: $23,481,638 The petition was signed by Yan Xiao as managing member. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/5KUXXBI/Y__J_Michele_Way_LLC__canbke-26-30466__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 15 Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Li Jun $2,000,000 20 Caldecott Close Singapore 299130 2. F&F Steel $50,064 1775 Monterey Highway Building 46A San Jose, CA 95112 3. Aegis Fire Systems $29,449 500 Boulder Court Suite A Pleasanton, CA 94566 4. Schindler Elevators $28,382 555 McCormick Street San Leandro, CA 94577 5. Express Plumbing $24,430 307 N. Amphlett Blvd. San Mateo, CA 94401 6. Door Systems $14,969 587 Division Street Campbell, CA 95008 7. Trojan Systems, Inc. $13,763 60 Rickenbacker Circle Livermore, CA 94550 8. Westec Electric $11,260 2102 Walsh Street Suite G Santa Clara, CA 95050 9. Detailed Custom Painting $10,633 1941 Everglade Avenue San Jose, CA 95122 10. Klaus Multiparking $7,592 2930 Domingo Ave #201 Berkeley, CA 94705 11. South Bay Glass $5,000 3155 S. Bascom Avenue Unit A Campbell, CA 95008 12. Aus Decking, Inc. $4,278 2979 Promenade St. #200 West Sacramento, CA 95691 13. Flying Locksmiths $2,587 6412 Spring Meadow Court San Jose, CA 95135 14. Geer Excavating $2,425 690 Aldo Avenue Santa Clara, CA 95054 15. City Rise Safety $736 44800 Industrial Drive Fremont, CA 94538 ZONED PROPERTIES: Salberg & Company Raises Going Concern Doubt -------------------------------------------------------------- Zoned Properties, 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. As reflected in the consolidated financial statements, the Company had a net loss of $2.85 million and had cash provided by operations of $781,476 during the year ended December 31, 2025. The Company generated total revenue of $4.14 million in 2025, compared to a revenue of $3.79 million in 2024. Boca Raton, Florida-based Salberg & Company, P.A., the Company's auditor since 2024, issued a "going concern" qualification in its report dated April 1, 2026, attached to the Company's Annual Report for the fiscal year ended December 31, 2025, citing that the Company had a net loss of $2.85 million. Furthermore, in December 2025 and January 2026 the Company entered into an agreement with a third party and with a related party management group, respectively, to sell all its assets. The closings are contingent on certain events occurring. If the Company sells some or all of its properties, it will have minimal or no operations. These matters raise substantial doubt about the Company's ability to continue as a going concern. Additionally, as of December 31, 2025, the Company had cash of $837,767 and stockholders' equity of $3.07 million. Furthermore, on December 31, 2025 and effective January 1, 2026, the Company entered into Amended and Restated Absolute Net Lease Agreements with certain tenants... The Amended and Restated Absolute Net Lease Agreements include, among other provisions: (i) a right of first refusal with a right of first refusal period of up to 60 days and (ii) a short-term exclusive option that permits the tenant to purchase, on an all-or-none basis, three leased properties (Chino Valley, Green Valley and Kingman). The Purchase Option originally stated that the Purchase Option may be exercised during an option period ending March 30, 2026; however, the parties have subsequently agreed that optionee will have until April 10, 2026 to exercise the Purchase Option, and if exercised, requires a closing no later than June 30, 2026. Additionally, on January 15, 2026, the Company and its subsidiaries entered into an Asset Purchase Agreement to sell substantially all of its properties to a Company owned by management... The closing of the Asset Purchase Agreement is contingent upon the Buyer obtaining financing. If the Company sells some or all of its properties, it will have minimal or no operations. These factors raise substantial doubt about the Company's ability to continue as a going concern for the next 12 months. There can be no assurance that the Company will sell its properties. If the Company sells its properties, the Company's cash flow provided by operating activities would decrease substantially and the Company may need to raise capital through debt and/or equity financings to fund any ongoing operations, may need to curtail its operations, or may decide the liquidate the Company. A full text copy of the Company's Form 10-K is available at http://tiny.cc/mv64101 About Zoned Properties, Inc Zoned Properties is a technology-driven property investment Company focused on acquiring value-added real estate within the regulated cannabis industry in the United States. Headquartered in Scottsdale, Arizona, Zoned Properties is redefining the approach to commercial real estate investment through its standardized investment model backed by its proprietary property technology. Zoned Properties has developed a national ecosystem of real estate services to support its real estate development model, including a commercial real estate brokerage and a real estate advisory practice. As of December 31, 2025, the Company had $13.93 million in total assets, $10.86 million in total liabilities, and $3.07 million in total stockholders' equity. [] BOOK REVIEW: Taking Charge ----------------------------- Taking Charge: Management Guide to Troubled Companies and Turnarounds Author: John O. Whitney Publisher: Beard Books Softcover: 283 Pages List Price: $34.95 Order a copy today at: http://beardbooks.com/beardbooks/taking_charge.html Review by Susan Pannell Remember when Lee Iacocca was practically a national hero? He won celebrity status by taking charge at a company so universally known as troubled that humor columnists joked their kids grew up thinking the corporate name was "Ayling Chrysler." Whatever else Iacocca may have been, he was a leader, and leadership is crucial to a successful turnaround, maintains the author. Mediagenic names merit only passing references in Whitney's book, however. The author's own considerable experience as a turnaround pro has given him more than sufficient perspective and acumen to guide managers through successful turnarounds without resorting to name-dropping. While Whitney states that he "share[s] no personal war stories" in this book, it was, nonetheless, written from inside the "shoes, skin, and skull of a turnaround leader." That sense of immediacy, of urgency and intensity, makes Taking Charge compelling reading even for the executive who feels he or she has already mastered the literature of turnarounds. Whitney divides the work into two parts. Part I is succinctly entitled "Survival," and sets out the rules for taking charge within the crucial first 120 days. "The leader rarely succeeds who is not clearly in charge by the end of his fourth month," Whitney notes. Cash budgeting, the mainstay of a successful turnaround, is given attention in almost every chapter. Woe to the inexperienced manager who views accounts receivable management as "an arcane activity 'handled over in accounting.'" Whitney sets out 50 questions concerning AR that the leader must deal with – not academic exercises, but requirements for survival. Other internal sources for cash, including judiciously managed accounts payable and inventory, asset restructuring, and expense cuts, are discussed. External sources of cash, among them banks, asset lenders, and venture capital funds; factoring receivables; and the use of trust receipts and field warehousing, are handled in detail. Although cash, cash, and more cash is the drumbeat of Part I, Whitney does not slight other subjects requiring attention. Two chapters, for example, help the turnaround manager assess how the company got into the mess in the first place, and develop strategies for getting out of it. The critical subject of cash continues to resonate throughout Part II, "Profit and Growth," although here the turnaround leader consolidates his gains and looks ahead as the turnaround matures. New financial, new organizational, and new marketing arrangements are laid out in detail. Whitney also provides a checklist for the leader to use in brainstorming strategic options for the future. Whitney's underlying theme -- that a successful business requires personal leadership as well as bricks and mortar, money and machinery -- is summed up in a concluding chapter that analyzes the qualities that make a leader. His advice is as relevant in this 1999 reprint edition as it was in 1987 when first published. John O. Whitney had a long and distinguished career in academia and industry. He served as the Lead Director of Church and Dwight Co., Inc. and on the Advisory Board of Newsbank Corp. He was Professor of Management and Executive Director of the Deming Center for Quality Management at Columbia Business School, which he joined in 1986. He died in 2013. [] Jarel Rosser Joins King & Spalding's Restructuring Practice -------------------------------------------------------------- King & Spalding announced that Jarel Rosser has joined the firm as a partner in its Finance and Restructuring practice group. He is based in the New York office Mr. Rosser regularly represents national, international, and regional lenders and servicers in connection with various structured finance transactions, including commercial mortgage-backed securities (CMBS) and balance sheet mortgage loans, private bank lending, mezzanine debt, and other credit facilities secured by all commercial asset classes. "Jarel's arrival strengthens our ability in New York to continue to meet the needs of our clients in connection with comprehensive capital solutions, including real estate financings," said Todd Holleman, co-leader of the firm's Finance and Restructuring practice group. "Jarel's experience representing lenders on complex transactions will help us support existing client relationships while creating opportunities to grow the practice alongside our broader finance platform." Mr. Rosser joins King & Spalding from K&L Gates, where he was a partner. Prior to private practice, he was an associate general counsel at Safehold Inc., a publicly traded ground-lease real estate investment trust. He received his B.A. from St. John's University and his J.D. from Wake Forest University of Law. "I am excited to join King & Spalding's collaborative and growing finance platform," said Mr. Rosser. "The strength of the Finance and Restructuring team and its integration with other practices creates makes it a great place to expand my practice, including into loan origination and borrower-side representations, while continuing to serve lenders on complex transactions." About King & Spalding King & Spalding -- http://www.kslaw.com/-- is an international law firm that represents a broad array of clients, including half of the Fortune Global 100, with 1,300 lawyers in 26 offices in the United States, Europe, the Middle East and Asia Pacific. The firm has handled matters in over 160 countries on six continents and is consistently recognized for the results it obtains, uncompromising commitment to quality and dedication to understanding the business and culture of its clients. [] US Dioceses Weigh Abuse Payouts to Preserve Operations --------------------------------------------------------- Brian Fraga of The Tablet reports that U.S. Catholic dioceses navigating bankruptcy proceedings are increasingly seeking a balance between compensating survivors of clergy abuse and maintaining ongoing church operations. The Archdiocese of Baltimore recently proposed a Chapter 11 plan that includes a $168.9 million trust dedicated to abuse survivors, funded by church entities and insurance recoveries. According to the archdiocese, the plan is intended to provide fair compensation while ensuring the continuation of religious, educational, and charitable ministries. Officials described the proposal as a practical approach that reflects both accountability to survivors and the financial realities facing the church. In Vermont, however, the Diocese of Burlington continues to face questions regarding its restructuring efforts. During recent proceedings, Judge Heather Cooper voiced concerns about the lack of a clear reorganization roadmap and stressed the importance of preserving funds for more than 100 abuse claimants involved in the case, the report relays. The Diocese of Ogdensburg has moved closer to resolving its bankruptcy by agreeing to pay $45 million to settle 125 abuse claims. The settlement follows the diocese's 2023 bankruptcy filing, which came after New York expanded opportunities for survivors to pursue previously time-barred abuse lawsuits through the Child Victims Act, according to report. ********* On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA. Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2026. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. 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