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260617.mbx T R O U B L E D C O M P A N Y R E P O R T E R Wednesday, June 17, 2026, Vol. 30, No. 168 Headlines 109-16 34TH: Commences Chapter 11 Bankruptcy in New York 335 RUSHMORE: Seeks Chapter 11 Bankruptcy in New York 513 INVESTMENTS: Amends Legalist SPV Unsecured Claims Pay 540 VAN: Hires Anton Peter Marantz as Special Litigation Counsel 5404 BLACK: Court Denies Pittsburgh Property Sale 5500 ROWLETT: Hires DeMarco Mitchell PLLC as Bankruptcy Counsel 903 REALTY: Seeks Chapter 11 Bankruptcy in New York A FAMILY AFFAIR: Hires Frank J. Giarratano, CPA as Accountant ADI GLOBAL: S&P Assigns 'B' Rating on Proposed Unsecured Notes ADONAI CONGREGATE: Unsecureds Will Get 2% of Claims over 5 Years AHT TRANSPORT: Hires Prelle Eron & Bailey as Bankruptcy Counsel AIKEN COURT: Seeks to Hire Brian K. McMahon P.A. as Counsel ALACHUA GOVERNMENT: Creditors to Get Proceeds from Liquidation ALAMO BIOLOGICS: Case Summary & 20 Largest Unsecured Creditors ALBERTSONS COS: S&P Affirms 'BB+' ICR, Outlook Stable AMERICAN LOCATING: Hires KC Cohen Lawyer as Bankruptcy Counsel AMERIMED EMERGENCY: Hires Kelley Law LLC as Bankruptcy Counsel AMERIMED EMERGENCY: Seeks to Hire Small Herrin LLP as Attorney ANR INSULATION: Unsecureds to Get Less Than 2% of Claims in Plan ARC PRIMARY: Hires Lane Law Firm PLLC as Bankruptcy Counsel ARCHDIOCESE OF BALTIMORE: Court Urges Targeted Talks in Chapter 11 ASHWOOD FOOD: Case Summary & 17 Unsecured Creditors ASHWOOD FOOD: David Madoff Named Subchapter V Trustee AVITA MEDICAL: Issues 500K-Share Warrant to Perceptive Credit BAXSTO LLC: Seeks Continued Cash Collateral Access BEASLEY BROADCAST: Implements Governance and Structural Provisions BEASLEY BROADCAST: Kingdom Capital Advisors Hold 7.2% Stake BEAZER HOMES: S&P Rates New $400MM Unsecured Senior Notes 'B-' BELLATX2023 LLC: Files Emergency Bid to Use Cash Collateral BETTER BATH: Case Summary & 20 Largest Unsecured Creditors BETTER BATH: Michael Wheatley Named Subchapter V Trustee BIG BATCH: Gets Interim OK to Use Cash Collateral BOXLIGHT CORP: Adjourns Proposal to Increase Authorized Shares BRAND ARMY: Non-SAFE Unsecured Claims to Recover 39.7% in Plan BUILTTOSUIT USA: Case Summary & 12 Unsecured Creditors BUNTING GRAPHICS: Seeks to Extend Plan Exclusivity to Aug. 12 BYJU'S ALPHA: Court Upholds Contempt Order v. Camshaft, Morton C & S ADKINS: Seeks to Hire KC Cohen Lawyer as Bankruptcy Counsel CACERES SPECIALIZED: Andrew Layden Named Subchapter V Trustee CAROLINA EARTHWERX: Case Summary & 20 Largest Unsecured Creditors CAROLINA EARTHWERX: John Rhyne Named Subchapter V Trustee CATHETER PRECISION: Invests $1MM in Volato Group Private Placement CENTER FOR SPECIAL: Trustee Taps Levine Kellogg as Counsel CHF-WENTWORTH INC: S&P Assigns 'BB+' Rating on 2026A/B Rev. Bonds CIBUS INC: Elects 9 Directors, Ratifies BDO USA Appointment CLEAN ENERGY: Secures $260,000 Short-Term Loan From Agile Capital CONNECTICUT HEALTHCARE: Secures Chapter 15 Recognition CONNECTM TECHNOLOGY: Says Blue Cloud Deal to Lift Equity to $18.8M CONROE CORRAL: Voluntary Chapter 11 Case Summary COSMOS HEALTH: Andreas Bovopoulos Holds 7.2% Equity Stake CRAFTEDWILD INC: Neema Varghese Named Subchapter V Trustee CRANE ENTERPRISES: Cranes Lose Bid to Stay Bankruptcy Sale Order CROCODILE: Exits Receivership After Sale to New Owner CYTOPHIL INC: Unsecureds to Get $600K to $750K per Year for 5 Years DANIEL YOON: Court Affirms Summary Judgment in K.S. Aviation Case DANSKAMMER ENERGY: Seeks Chapter 11 After Scrapping Revamp Plan DANSKAMMER HOLDCO: June 18 Deadline for Panel Questionnaires Set DAREN C. DALY: Court Upholds Disallowance of Daly, et al. Claim DEL MONTE: Minority Lenders Lose Bid to Stay Confirmation Order DIOCESE OF BUFFALO: Proceeds of Seminary Property Sale Unrestricted DIOCESE OF OAKLAND: Seeks Court OK for $180MM Abuse Fund DIRECT MOTOR: Seeks to Hire Gutnicki LLP as Co-Bankruptcy Counsel DIV005 LLC: Milbank, et al., Win Summary Judgment in SK Lawsuit DNA ELECTRICAL: Case Summary & Three Unsecured Creditors DNA ELECTRICAL: Gets Interim OK to Use Cash Collateral DNA ELECTRICAL: Michael Markham Named Subchapter V Trustee DOUBLE CHECK: Gets Interim OK to Use Cash Collateral DOUBLECHECK SOLUTIONS: Case Summary & 20 Top Unsecured Creditors DURANTE EQUIPMENT: Case Summary & 20 Largest Unsecured Creditors ENDLESS SUMMER: To Sell Gulfport Property to M. Brown & C. Robinson EVERGREEN BUILDING: James LaMontagne Named Subchapter V Trustee FAIRFAX INVESTORS: Commences Chapter 11 Bankruptcy in Oklahoma FIRST BRANDS: US Trustee's Conversion to Chapter 7 Bid Denied FIRST LIBERTY: Founder's Wife Wants to Protect Assets from Receiver FTX TRADING: 2nd Cir. Upholds 25-Year Bankman-Fried Conviction FUND FOR SANDY: Hires Lewis Alligood & Associates as Appraiser GOHEALTH INC: Cahill Gordon, MNAT Represent Ad Hoc Revolver Group GRANITE SENIOR: Hires Keen-Summit Capital as Marketing Consultant GREAT AJAX FS: Seeks Chapter 7 Bankruptcy in Delaware GREAT CIRCLE: Gets Court OK for Chapter 11 Disclosure Statement GREGORY FUNDING: Seeks Chapter 7 Bankruptcy in Delaware HAMPTON DREAM: Seeks to Hire BFSNG Law Group, LLP as Attorney HANDLOS FINISHING: Seeks to Extend Plan Exclusivity to July 8 HS GROUP: SSG Served as Investment Banker in Kaylad Asset Sale I-ON DIGITAL: Assumes $25MM Mineral Property Purchase Agreement IKPM PET SUPPLY: Gets OK to Use Cash Collateral Until July 8 INOTIV INC: Paul Weiss & Cole Schotz Represent Noteholder Group IQSTEL INC: Board Authorizes Repurchase of Up to 1MM Common Shares IQSTEL INC: Targets US$130-Mil. Revenue With Ultranet Acquisition IRON MOUNTAIN: S&P Rates Proposed Senior Unsecured Notes 'BB-' JACKSON WALKER: Texas Urged to Preserve Judge Romance Suit JAGUAR HEALTH: All Five Proposals Passed at 2026 Annual Meeting JELD-WEN HOLDING: Bank of Nova Scotia Holds 3.41% Equity Stake JOANN INC: Vendors Lawsuit Will Remain in Delaware, Judge Rules KARBON-X CORP: Approves Consulting Agreement with Chad Clovis KARYOPHARM THERAPEUTICS: T. Rowe Price Investment Holds 6.6% Stake KEEL LABS: George Oliver Named Subchapter V Trustee KNIGHTSCOPE INC: Sets Executive Awards With $123.5M Target Value LEGACY LIFESTYLES: Fort Myers Property Sale to Multiple Buyers OK'd LEGACY LIFESTYLES: Orange Co. Property Sale to Hamilton Media OK'd LEWIS TOWING: Case Summary & One Unsecured Creditor LIBERTY LATIN AMERICA: Advised by Latham on New Financing Agreement LIFTOFF MOBILE: S&P Upgrades ICR to 'BB-' Following IPO Closing LISA GILMORE: Kathleen DiSanto Named Subchapter V Trustee LONG ISLAND: Gerard Luckman Named Subchapter V Trustee M&B SERVICES: Plan Exclusivity Period Extended to Oct. 31 M.K. WEEDEN: Claims to be Paid from Income & Sale Proceeds MACON ARTS: Unsecureds to be Paid in Full from Sale Proceeds MEGASLAB INC: Claims to be Paid from Business Revenue MISS AMERICA: Carlton Fields Seeks Role in Company Hearing MITT REAL ESTATE: Seeks Cash Collateral Access MUSCULOSKELETAL ASSOCIATES: Case Summary & 20 Unsecured Creditors NEW FORTRESS: Frederick Hundt Appointed CAO Effective July 1 NORTHERN INYO: S&P Alters Outlook to Negative, Affirms 'B' ICR ONE SOURCE: Case Summary & Three Unsecured Creditors ONYX BUSINESS: Unsecured Creditors to Split $95K over 5 Years PACIFIC PRAIRIE: Unsecured Creditors to be Paid in Full in Plan PCMZ NUTRA: Seeks to Hire Gamberg & Abrams as Bankruptcy Counsel POWER BLOCK: Trustee Taps Hoggan Lee Hutchinson as Legal Counsel POWER BLOCK: Trustee Taps J.S. Held LLC as Financial Advisor PRESENTATION MEDIA: Amends Unsecured Claims Pay Details PROGRESS TELECOMM: J.M. Cook Named Successor Subchapter V Trustee PSS TRUCKING: Unsecured Creditors to Get 1 Cent on Dollar in Plan PWB LAND: Seeks to Hire Tran Singh LLP as Bankruptcy Counsel QUANTUM CORP: 2026 Annual Meeting Set for Sept. 15 QUANTUM CORP: Cancels 10% PIK Senior Secured Convertible Notes QUANTUM CORP: Dialectic Technology SPV Holds 40% Equity Stake QUANTUM CORP: Ends Standby Equity Purchase Deal With Yorkville QUANTUM CORP: Terminates Alter Domus Term Loan With $57.8MM Payment QUEENS MEDICAL: Claims to be Paid from Continued Operation R V K INC: Lender Seeks to Prohibit Cash Collateral Access R.E.M. US: Unsecured Creditors to Split $7K over 36 Months RAVEN RHAPSODY: Seeks Subchapter V Bankruptcy in Virginia READY ROOFING: Gets Interim OK to Use Cash Collateral RED RIVER: J&J Wants Talc MDL Tossed After Plaintiffs Drop Experts RIBBIT ROOFING: Taps Whitaker Chalk Swindle as Substitute Counsel RITCHEY'S TRUCK: Case Summary & 20 Largest Unsecured Creditors ROYAL HASS: Unsecured Creditors to Split $133K in Plan RTB DIGITAL: D. Bailey Leaves Board to Focus on Nakamoto CEO Role S&G LABS: Seeks to Extend Plan Exclusivity to Sept. 7 SAIG LAUNDRY: Unsecureds Will Get 10% of Claims over 60 Months SAKS GLOBAL: Court Confirms Third Amended Joint Chapter 11 Plan SAKS GLOBAL: Willkie Farr Served as Counsel in Plan Confirmation SCHRAPPER'S FINE: Voluntary Chapter 11 Case Summary SDRES PARTNERS: Case Summary & 19 Unsecured Creditors SEARLES VALLEY: Seeks to Sell Mining Assets at Auction SECURITY CHECK: Hires Blanchard Law P.A. as Bankruptcy Counsel SENTINEL HOLDINGS: Bush & Associates Raises Going Concern Doubt SHIV POOJA: Seeks Subchapter V Bankruptcy in Michigan SILVER STAR: Seeks to Hire DeMarco Mitchell as General Counsel SIREN SISTERS: Seeks Chapter 11 Bankruptcy in Florida SKMGT PROPERTIES: Hires Gunster Yoakley as Litigation Counsel SKYBOUND PROPERTIES: Seeks to Sell Wilmington Property at Auction SLEEP NUMBER: Seeks Chapter 11 Bankruptcy w/ $415MM Sale Offer SMART COMMUNICATIONS: Hires Akerman LLP as Litigation Counsel SMITH MICRO: William Smith, Jr. Holds 40.2% Equity Stake SPARHAWK LLC: Seeks to Sell Trucks to Highest Offer SPHERE 3D: CEO Joel Block Gets 500K RSU Inducement Grant STEVE CLARK: Seeks to Extend Plan Exclusivity to July 8 STRIDE ACADEMY: S&P Assigns 'BB-' Rating on 2026 Revenue Bonds SUNATION ENERGY: Signs Agreement and Plan of Merger With Suniva SUPERNOVA MANAGEMENT: Seeks to Tap Richie Brothers as Auctioneer SURVWEST LLC: Unsecureds Will Get 37% to 74% in Trustee's Plan SYNERGY INFRASTRUCTURE: S&P Rates New $400MM Sr. Secured Notes 'B' T7 ENTERPRISES: Case Summary & 20 Largest Unsecured Creditors TALLMADGE II: Fannie Mae Wants M. Shapiro Real Estate as Receiver TEADS HOLDING: Regains Nasdaq Minimum Bid Price Compliance TERRAFORM LABS: Says Jane Street Used Tips to Avoid Losses THERAPEUTIC EXERCISE: Trustee Taps Mr. Gabrielson as Accountant TRANS EXPRESS: Seeks to Hire Gutnicki LLP as Co-Bankruptcy Counsel TRAYJOCKEY ENTERPRISES: Case Summary & 20 Unsecured Creditors TRAYJOCKEY ENTERPRISES: Gets Interim OK to Use Cash Collateral TRAYJOCKEY ENTERPRISES: James LaMontagne Named Subchapter V Trustee TREE AND GARDEN: Carlos Garcia Miranda Named Subchapter V Trustee TRICOLOR AUTO: Judge Issues Contempt Ruling Against "Pseudo-Atty" TRINSEO PLC: Lenders Seek to Dismiss Competing Chapter 11 Suit TTNG HOLDINGS: Hires Scott B. Riddle LLC as Bankruptcy Counsel TURNER SERVICE'S: Hires Barry A. Friedman & Associates as Counsel UGA STREET: Hillsborough Property Sale to Astacia Senate OK'd VI BRANDON: Seeks Chapter 11 Bankruptcy in Florida VIAVI SOLUTIONS: S&P Upgrades ICR to 'BB', Outlook Stable VICTORIA'S SECRET: S&P Alters Outlook to Pos., Outlook Positive VICTORIA'S SECRET: S&P Alters Outlook to Pos., Outlook Positive VIRIDIS CHEMICAL: Unsecureds to Get Nothing in Liquidating Plan VIVAKOR INC: Agrees to Contribute $2.25MM to New MRP Entity VIVAKOR INC: Converts $1.037M Debt Into 2.09M Common Shares VIVAKOR INC: Secures $108MM Annualized Crude Oil Transaction VIVION INVESTMENTS: S&P Alters Outlook to Stable, Affirms 'BB' ICR WELLPATH HOLDINGS: Wins Bid to Dismiss Whiters Civil Rights Lawsuit WENTHOLD EXCAVATING: Seeks to Extend Plan Exclusivity to Aug. 24 WESTPORT FUEL: Shareholders to Vote on Name-Change Authority WESTVIEW BAPTIST: Aleida Martinez Molina Named Subchapter V Trustee WHATABRANDS LLC: S&P Affirms 'B' ICR on Declining Leverage WINDMILL LAKES: Soneet Kapila Named Subchapter V Trustee WINDSOR HOSPITALITY GROUP: Seeks Ch. 11 Bankruptcy in California WOODLAND OAKS: Starts Chapter 11 Bankruptcy in Oklahoma WRENCHERS LLC: Richardo Kilpatrick Named Subchapter V Trustee WRIGHT SCAPES: Amends Several Secured Claims Pay Details WSN CONSTRUCTION: Unsecured Creditors to Split $50K in Plan Y.N.L.C. CAFE: Nathaniel Wasserstein Named Subchapter V Trustee YELLOW CORP: Chapter 11 Pension Claim Review Scheduled for Sept. [] Montana Farm Bankruptcies Rose in 2026 Amid Economic Pressure ********* 109-16 34TH: Commences Chapter 11 Bankruptcy in New York -------------------------------------------------------- On June 11, 2026, 109-16 34th Ave Corp. filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of New York. According to court filings, the Debtor reports between $100,001 and $1 million in debt owed to 1-49 creditors. A meeting of creditors filed by the Office of the United States Trustee under Section 341(a) to be held on July 13, 2026 at 01:30 PM at USA Toll-Free (888) 330-1716, USA Caller Paid/International Toll (713) 353-7024, Access Code 6982178. The Chapter 11 Small Business Plan and Disclosure Statement are both due on December 8, 2026. About 109-16 34th Ave Corp. 109-16 34th Ave Corp. is a privately held corporate entity operating in New York. The company's bankruptcy filing provides limited public detail regarding its business operations. 109-16 34th Ave Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-42900) on June 11, 2026. In its petition, the Debtor reports estimated assets and estimated liabilities both in the range of $100,001 to $1 million. Honorable Bankruptcy Judge Elizabeth S. Stong handles the case. 335 RUSHMORE: Seeks Chapter 11 Bankruptcy in New York ----------------------------------------------------- On June 11, 2026, 335 Rushmore Inc. filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of New York. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. A meeting of creditors under Section 341(a) to be held on July 20, 2026 at 02:00 PM at Zoom.us - USTrustee 1: Meeting ID 160 7717 9142, Passcode 0186029495, Phone 1 (202) 381-3292. Both the Chapter 11 Plan and Disclosure Statement must be filed no later than October 9, 2026. About 335 Rushmore Inc. 335 Rushmore Inc. is a privately held corporate entity operating in New York. The bankruptcy filing provides limited public detail regarding the company’s underlying business operations. 335 Rushmore Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-22584) on June 11, 2026. In its petition, the Debtor reports estimated assets and liabilities both in the range of $1 million to $10 million. The Debtor is represented by Dawn Kirby, Esq. of Kirby Aisner & Curley, LLP. 513 INVESTMENTS: Amends Legalist SPV Unsecured Claims Pay --------------------------------------------------------- 513 Investments, LLC, submitted a First Modified Subchapter V Plan of Reorganization dated June 4, 2026. The Debtor's Plan provides for an orderly liquidation of the Debtor's real estate assets to pay all creditors in full. The Plan is founded on a "Lease-to-Sale" bridge strategy designed to satisfy the demands of both the senior lender and the largest unsecured creditor, Legalist SPV III, LP. The Debtor intends to execute a lease for the Van Alstyne property generating $15,000 or more in monthly gross revenue. To the extent the Debtor executes a lease for the Van Alstyne property prior to a sale, any rental proceeds generated (the 'Rental Proceeds') will be used to pay property operating expenses and provide monthly interest-only 'adequate protection' payments to First United Bank & Trust Co. and pro-rata installments to secured tax creditors. Should the Debtor execute a lease for the Van Alstyne property prior to closing a sale, the Debtor shall file a formal notice outlining the terms of the lease, which must include, without limitation: (1) the identity of the proposed tenant; (2) whether the tenant constitutes an insider of the Debtor; (3) the specific duration of the lease; and (4) the exact dollar amount of the monthly rental payments due thereunder. The properties will be aggressively marketed by a court-approved broker for a period of 120 days following the Effective Date. During the 120-day Controlled Marketing Period, the listing prices for the Real Properties may be reduced to facilitate a competitive and timely sale. To prevent depressing the market value of the assets, these price reductions will not occur automatically or be published in advance. Rather, any such price adjustments shall be implemented at the sole discretion of the Debtor, following prior consultation with the Subchapter V Trustee, First United Bank & Trust Co. (FUBTC), and Legalist. The Debtor shall seek authority to employ Vincent Realty Group as its exclusive real estate broker to market the Debtor's real property, including the 659 Martin Duke Road, Van Alstyne, Texas property and the Hwy 289, Gunter, Texas property, for sale. Any sale or other transaction shall be subject to notice, opportunity for hearing, and Bankruptcy Court approval. Upon closing of any approved transaction, Vincent Realty Group shall be paid from the transaction proceeds a commission of 6.00% of the gross purchase price for a sale, subject to any approved sharing with a cooperating broker. Any distribution of proceeds, including the waterfall in Section VI, shall remain subject to Bankruptcy Court approval. General unsecured vendors will be paid pro-rata from any remaining sale proceeds and 100% of the net recovery from the Mal Tech litigation. Given the equity identified in the professional appraisals and the Debtor's own internal valuations, the Debtor anticipates a 100% recovery for all classes of creditors. Class 4 consists of the allowed unsecured claim of Legalist SPV III, LP in the amount of $955,551.45. This claim is separately classified from other general unsecured creditors due to Legalist's existing personal guaranty claims against David Kirby and contended equitable interests in the Real Properties. Legalist shall be paid in full, including post-petition interest at the contract rate of 9.5%, from the sale proceeds in accordance with the distribution waterfall following the satisfaction of Classes 1, 2, and 3. Class 5 consists of all other allowed non-priority unsecured claims, primarily representing various trade and vendor debt. These claims shall be paid on a pro-rata basis from the remaining real estate sale proceeds and 100% of the net recovery obtained by the Debtor from the pending litigation against Mal Technologies Fleet, LLC. In the event the Debtor executes a lease for the Van Alstyne property prior to a sale, the resulting net Rental Proceeds shall be distributed monthly as follows: * Property Expenses: Insurance, maintenance, and Subchapter V Trustee fees. * Class 3 (FUBTC): Interest payments at the contract rate to prevent further debt accrual. * Class 2 (Taxes): Installment payments to Grayson County and Van Alstyne ISD. The Debtor shall continue to prosecute the $157,000 claim against Mal Technologies Fleet, LLC. 100% of net proceeds (after legal fees) shall be dedicated to Class 5 (General Unsecured Vendors) to ensure they are made whole even if the real estate hits the lower end of the valuation scale. A full-text copy of the First Modified Plan dated June 4, 2026 is available at https://urlcurt.com/u?l=lYC8CS from PacerMonitor.com at no charge. Counsel to the Debtor: Clayton L. Everett, Esq. Norred Law, PLLC 515 E. Border Street Arlington, TX 76010 Telephone: (817) 704-3984 Email: clayton@norredlaw.com About 513 Investments LLC 513 Investments, LLC, a real estate lessor, holds fee simple ownership of two properties in Texas: an 11-acre tract at Reed Lane and Preston Road in Gunter, valued at $1.9 million based on broker assessments and prior offers, and a 7-acre site with three commercial buildings at 659 Martin Duke Road in Van Alstyne, appraised at $4 million according to broker and owner evaluations. 513 Investments sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 26-40381) on Feb. 2, 2026. In the petitition signed by David Kirby, member and owner, the Debtor disclosed $5,900,000 in total assets and $1,600,000 in total liabilities. Clayton L. Everett, Esq., at Norred Law, PLLC represents the Debtor as counsel. 540 VAN: Hires Anton Peter Marantz as Special Litigation Counsel ---------------------------------------------------------------- 540 Van, LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Law Office of Anton Peter Marantz as special litigation counsel. The firm will prosecute eviction proceedings relating to tenants/occupants at the two rental real properties of the bankruptcy estate in San Bernardino County, 1101 W. Sixth St., San Bernardino, CA and 18612 New Hampshire Ave., Adelanto, CA. The firm will render these services: a. initiate and litigate eviction proceedings against non-paying and problem tenants occupying units in the estate's properties; b. evaluate, review, and consult on issues pertaining to and arising from the above eviction proceedings; and c. perform such other services as are appropriate as Special Litigation Counsel for the purposes of eviction proceedings against non-paying and problem tenants of units on the estate's properties. The firm will receive $750 for each eviction, including costs (filing fees, service of process & fees for the Sheriff), plus $250 per hour (sometimes discounted to a $200 flat or hourly fee) for appearances, including trial. Anton Peter Marantz, Esq., a principal of the Law Office of Anton Peter Marantz, 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: Anton Peter Marantz, Esq. Law Office of Anton Peter Marantz 5850 Canoga Ave. Ste 400 Woodland Hills, CA 91367 Phone: (818) 993-7994 About 540 Van LLC 540 Van, LLC is a limited liability company engaged in business activities that may include real estate ownership, investment, or asset management. 540 Van, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 26-10433) on March 2, 2026. In its petition, the Debtor reports estimated assets between $100,001 and $1 million and estimated liabilities within the same range. Honorable Bankruptcy Judge Martin R. Barash handles the case. The Debtor is represented by Mark E. Goodfriend, Esq., of Law Offices Of Mark E. Goodfriend. 5404 BLACK: Court Denies Pittsburgh Property Sale ------------------------------------------------- The U.S. Bankruptcy Court for the Western District of Pennsylvania has denied 5404 Black St PA LLC to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property is located at 5404 Black Street, Pittsburgh, Allegheny County, Pennsylvania 15206, which is presently worth approximately $45,000, based on a reasonable sales effort by the Debtor. The Property is free and clear of all mortgages, judgments, liens, claims, and encumbrances. The Court has denied the Debtor's motion to sell the Property. About 5404 Black St. PA LLC 5404 Black St. PA, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 26-20571) on March 1, 2026, listing up to $50,000 in assets and up to $500,000 in liabilities. Judge John C. Melaragno handles the case. The Debtor is represented by Rodney D. Shepherd, Esq. 5500 ROWLETT: Hires DeMarco Mitchell PLLC as Bankruptcy Counsel --------------------------------------------------------------- 5500 Rowlett LLC and SRRAF LLC seek approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire DeMarco Mitchell, PLLC as counsel. The firm will provide these services: (a) take all necessary action to protect and preserve the Estate, including the prosecution of actions on its behalf, the defense of any actions commenced against it, negotiations concerning all litigation in which it is involved, and objecting to claims; (b) prepare on behalf of the Debtor all necessary motions, applications, answers, orders, reports, and papers in connection with the administration of the estate; (c) formulate, negotiate, and propose a plan of reorganization; and (d) perform all other necessary legal services in connection with these proceedings. The firm will receive these hourly compensation: Robert T. DeMarco $450 Michael S. Mitchell $400 paralegal Barbara Drake $150 The firm received from the Debtor a retainer of $8,750. In addition, the firm will seek reimbursement for its out-of-pocket expenses. The firm is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Robert T. DeMarco, Esq. Michael S. Mitchell, Esq. DeMarco Mitchell, PLLC 12770 Coit Road, Suite 850 Dallas, TX 75251 Telephone: (972) 991-5591 Facsimile: (972) 346-6791 E-mail: robert@demarcomitchell.com mike@demarcomitchell.com About 5500 Rowlett LLC 5500 Rowlett LLC is a real estate company that owns more than 20 acres of development land and vacant properties in Rowlett, Texas. 5500 Rowlett LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 26-42390) on May 31, 2026, listing $5,075,897 in liabilities. The petition was signed by Md Tauhid Chaudhury as manager. Judge Edward L Morris presides over the case. Robert T. DeMarco, Esq. at DeMarco Mitchell, PLLC serves as the Debtor's counsel. 903 REALTY: Seeks Chapter 11 Bankruptcy in New York --------------------------------------------------- On June 11, 2026, 903 Realty NY LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of New York. According to court filings, the Debtor reports between $100,001 and $1 million in debt owed to 1–49 creditors. A meeting of creditors filed by the Office of the United States Trustee under Section 341(a) to be held on July 13, 2026 at 01:00 PM at USA Toll-Free (888) 330-1716, USA Caller Paid/International Toll (713) 353-7024, Access Code 6982178. The Chapter 11 Plan and Disclosure Statement are both due on October 9, 2026. About 903 Realty NY LLC 903 Realty NY LLC is a privately held real estate–related limited liability company operating in New York. The bankruptcy filing provides limited disclosure regarding its underlying operations and property holdings. 903 Realty NY LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-42877) on June 11, 2026. In its petition, the Debtor reports estimated assets and liabilities both in the range of $100,001 to $1 million. Honorable Bankruptcy Judge Elizabeth S. Stong handles the case. A FAMILY AFFAIR: Hires Frank J. Giarratano, CPA as Accountant ------------------------------------------------------------- A Family Affair Productions, LLC seeks approval from the U.S. Bankruptcy Court for the District of Maryland to hire Frank J. Giarratano, CPA as accountant. The Debtor requires assistance with their bookkeeping and its preparing and filing its federal and state income tax returns for 2024 and 2025. The Debtor expects that the Applicant will prepare the state and federal returns for tax years 2026, 2027, and 2028. The Debtor proposes to employ Mr. Giarratano at the rate of $350 per month to perform bookkeeping tasks and $500 per tax year to prepare the corporate federal and state income tax return. As disclosed in the court filings, Mr. Giarratano neither represents nor holds any interest adverse to the estate in the matters upon which it is to be engaged. Mr. Giarratano can be reached at: Frank J. Giarratano, CPA 4237 Red Bandana Way Ellicott City, MD 21042-5928 Phone: (410) 207-8807 Email: frank.giarratano@fjgcpa.com About A Family Affair Productions, LLC A Family Affair Productions, LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Md. Case No. 26-12453) on March 9, 2026, listing $50,001 to $100,000 in assets and $500,001 to $1 million in liabilities. David Erwin Cahn, Esq. at Law Office of David Cahn, LLC serves as the Debtor's counsel. ADI GLOBAL: S&P Assigns 'B' Rating on Proposed Unsecured Notes -------------------------------------------------------------- S&P Global Ratings assigned its 'B' issue-level rating and '6' recovery rating to ADI Global Distribution Funding LLC's proposed $500 million senior unsecured notes due 2034. It will use proceeds to partly fund a $900 million dividend payment to Resideo, which plans to spin off ADI into an independent, publicly traded company this year. The initial borrower for the proposed notes will be ADI Escrow Issuer LLC, which ADI plans to merge with and into ADI Global Distribution Funding LLC (borrower for the company's term loan and revolver). ADONAI CONGREGATE: Unsecureds Will Get 2% of Claims over 5 Years ---------------------------------------------------------------- Adonai Congregate Living, Inc. filed with the U.S. Bankruptcy Court for the Central District of California a Plan of Reorganization for Small Business dated June 4, 2026. The Debtor is an S-corporation and was incorporated on June 12, 2012. The Debtor's principal is Syuzanna Mnatsakanyan, who is the CEO and a 100% equity security holder. The Debtor currently and historically generates income from operating two congregate living facilities in Northridge and Van Nurs, California. The Debtor provides 24-hour skilled nursing, medical supervision and rehabilitative care in a residential home setting. The final Plan payment is expected to be paid on October 2031 (estimated). The Debtor's general unsecured creditors are classified in Class 3. The total amount of the allowed general unsecured claims in Class 3 is $1,698,740.23 and includes the undersecured portion of the SBA's claim. Based on the liquidation analysis and the income valuation of the Debtor's assets, the holders of allowed general unsecured claims in Class 3 shall receive an estimated 2% pro-rata distribution through the plan. The distribution to allowed general unsecured claims will be made monthly, with the first payment of $566.23 due on the effective date, followed by 59 consecutive payments, each in the amount of $566.23, to be paid pro-rata to each holder of allowed unsecured claim. The equity security holder of the Debtor is Syuzanna Mnatsakanyan. She does not hold a pre-petition or a post-petition claim against the Debtor. She will retain her 100% equity interest in the Debtor. The Debtor's proposed 5-year projections itemize the Debtor's income source and the expense for the next 5 years. The Debtor intends to fund its plan from the continued operation of its business. A full-text copy of the Plan of Reorganization dated June 4, 2026 is available at https://urlcurt.com/u?l=GmOTiV from PacerMonitor.com at no charge. Counsel to the Debtor: Michael Jay Berger, Esq. Law Offices of Michael Jay Berger 9454 Wilshire Boulevard, 6th Floor Beverly Hills, CA 90212 Telephone: (310) 271-6223 Email: Michael.Berger@bankruptcypower.com About Adonai Congregate Living Inc. Adonai Congregate Living, Inc., operates as a provider of congregate living and residential care services. Adonai Congregate Living, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 26-10098) on Jan. 20, 2026, with between $100,001 and $500,000 in both assets and liabilities. Bankruptcy Judge Martin R. Barash handles the case. The Debtor is represented by the Law Offices of Michael Jay Berger. AHT TRANSPORT: Hires Prelle Eron & Bailey as Bankruptcy Counsel --------------------------------------------------------------- AHT Transport LLC seeks approval from the U.S. Bankruptcy Court for the District of Kansas to hire Prelle Eron & Bailey, P.A., as counsel. The firm's services include: a) advising the Debtor of its rights, powers and duties as Debtor and Debtor-in-Possession, including those with respect to the operation and management of their business; b) advising the Debtor concerning and assisting in the negotiation and documentation of financing agreements, cash collateral orders and related transactions; c) investigating into the nature and validity of liens asserted against the Debtor, and advising the Debtor concerning the enforceability of said liens; d) investigating and advising the Debtor concerning and taking such action as may be necessary to collect income and assets in accordance with applicable law, and recover property for the benefit of the estate; e) preparing on behalf of Debtor such applications, motions, pleadings, orders, notices, schedules and other documents as may be necessary and appropriate, and reviewing the financial and other reports to be filed; f) advising the Debtor concerning and preparing responses to applications, motions, pleadings, notices and other documents which may be filed and served; g) counseling Debtor in connection with the formulation, negotiation and promulgation of Chapter 11 plan or plans and related documents; and, h) performing such other legal services for and on behalf of Debtor as may be necessary or appropriate in the administration of the cases. The firm's current hourly rates are: David Prelle Eron $450 January M. Bailey $350 Michael Fowler $275 Laura Prelle $140 Legal Assistants $115 The firm received a retainer in the amount of $20,000. January M. Bailey, Esq., a partner of Prelle Eron & Bailey, P.A., disclosed in the court filing that the firm is a "disinterested person" within the meaning of 11 U.S.C. Sec. 101(14). The firm can be reached through: January M. Bailey, Esq. PRELLE ERON & BAILEY, P.A. 301 N Main St Ste 2000 Wichita, KS 67202-4820 Tel: (316) 262-5500 Fax: (316) 262-5559 Email: january@eronlaw.net About AHT Transport LLC AHT Transport LLC is a transportation and logistics company engaged in freight hauling and related trucking services. AHT Transport LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Kan. Case No. 26-10613) on June 2, 2026. In its petition, the Debtor reported estimated assets of $1 million to $10 million and estimated liabilities of $1 million to $10 million. The Honorable Bankruptcy Judge Mitchell L. Herren handles the case. The Debtor is represented by January M. Bailey, Esq., of Prelle Eron & Bailey, PA. AIKEN COURT: Seeks to Hire Brian K. McMahon P.A. as Counsel ----------------------------------------------------------- Aiken Court, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire Brian K. McMahon, P.A. to serve as its legal counsel. The firm will provide these services: (a) give the Debtor and Debtor-in-Possession legal advice with respect to its powers and duties in these proceedings; (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 motions, pleadings, orders, applications, adversary proceedings, and other 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. Brian McMahon, Esq., will be paid at his hourly rate of $450 plus reimbursement. The firm shall receive a retainer in the amount of $4,000. Brian K. McMahon, P.A. 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: Brian K. McMahon, Esq. Brian K. McMahon, P.A. 1401 Forum Way, Suite 730 West Palm Beach, FL 33401 Telephone: (561) 478-2500 Facsimile: (561) 478-3111 E-mail: brian@bkmbankruptcy.com About Aiken Court, LLC Aiken Court, LLC single-asset real estate entity (as defined in 11 U.S.C. Section 101(51B)). Aiken Court, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-17004) on May 28, 2026, listing $1 million to $10 million in both assets and liabilities. The petition was signed by Stuart Roffman as manager member. Brian K. McMahon, Esq. at BRIAN K. MCMAHON, PA serves as the Debtor's counsel. ALACHUA GOVERNMENT: Creditors to Get Proceeds from Liquidation -------------------------------------------------------------- Alachua Government Services, Inc., filed with the U.S. Bankruptcy Court for the District of Delaware a Combined Disclosure Statement and Plan of Liquidation dated June 3, 2026. The Debtor's corporate predecessor was founded in 1999 to research and utilize applications of nanometer-scale particle technology to develop new drug delivery technologies and increase the efficacy of existing drugs. In October 2017, the ADM Facility opened at the Alachua Site and was subsequently expanded in 2020 to include "Building G", a 92,000-square foot facility designed to expand the manufacturing facilities of the ADM Facility. The Alachua Site was designed as a state-of-the art development, testing, and manufacturing facility. In February 2020, the Debtor was awarded a contract from the U.S. government to develop an advanced monoclonal antibody therapy against COVID-19. The Debtor is a Delaware corporation. The Debtor is wholly owned by AGS Holdco, LLC, and is an indirect wholly-owned subsidiary of National Resilience Parent, both of which are not debtors in this (or any other) chapter 11 case. The Debtor is controlled by and acts through a board of directors comprised solely of the Independent Director, who was appointed on June 30, 2025 to oversee the Debtor's winddown and Chapter 11 Case. In addition, on July 3, 2025, Janet R. Naifeh of FTI was appointed as the CRO to assist the Independent Director with the Debtor's winddown and Chapter 11 Case. With the drop off in business from the government and limited commercial alternatives, a lack of additional funding, no ability to consummate any transaction, and no corresponding decline in overhead expense, the Debtor determined that filing for chapter 11 protection and winding down its business was the only viable path forward. As a result of the prepetition marketing process failing to result in any going concern bids, in June 2025, the Debtor, with the assistance of Jefferies, began seeking alternative sale proposals from interested parties for the Debtor's Assets, including the Alachua Site Assets and the Royalty Assets. After receiving 3 Qualified Bids and consulting with the Consultation Parties, the Debtor determined that an auction conducted pursuant to the Alachua Site Assets Bidding Procedures Order was the best course to maximize the value of the Alachua Site Assets. On October 8, 2025, the Debtor held the auction with respect to the Alachua Site Assets. After multiple rounds of bidding, Strive's bid of $11,500,000.00 for the Alachua Site Assets was declared the Successful Bid and Blue Marlin's bid of $11,250,000.00 for the Alachua Site Assets was declared the back up bid. On October 17, 2025, the Bankruptcy Court approved the sale of the Alachua Site Assets to Strive pursuant to the Alachua Site Assets Sale Order. The sale of the Alachua Site Assets to Strive closed on October 31, 2025. With respect to the Royalty Assets, Jefferies solicited interest from 47 potential financial and strategic buyers. After receiving 2 Qualified Bids and consulting with the Consultation Parties, the Debtor determined that an auction conducted pursuant to the Royalty Assets Bidding Procedures Order was the best course to maximize the value of the Royalty Assets. On January 29, 2026, the Debtor held the auction with respect to the Royalty Assets. After multiple rounds of bidding, OrbiMed's bid of $16,000,000.00 for the Royalty Assets was declared the Successful Bid and Emergent's bid of $15,000,000.00 for the Royalty Assets was declared the back-up bid. On February 10, 2026, the Bankruptcy Court approved the sale of the Royalty Assets to OrbiMed pursuant to the Royalty Assets Sale Order. The sale to OrbiMed closed on February 13, 2026. In October of 2025, discussions began in earnest regarding the terms of a global settlement between the Debtor, Resilience, and the Committee (collectively, the "Global Settlement Parties"). Following months of hard-fought negotiations, including following the filing of the Standing Motion, the Global Settlement Parties reached an agreement to settle all potential Claims and Causes of Actions against Resilience and certain of the Debtor's former officers and directors in exchange for valuable consideration (the "Global Settlement"). The Combined Disclosure Statement and Plan provides for the Distribution of the Debtor's Assets already liquidated or to be liquidated over time to the Holders of Allowed Claims in accordance with the terms of the Combined Disclosure Statement and Plan and the priority of claims provisions of the Bankruptcy Code. Except as otherwise provided by Order of the Bankruptcy Court, Distributions will occur on the Effective Date or as soon thereafter as is practicable, and at various intervals thereafter. Class 6 consists of General Unsecured Claims. Except to the extent that a Holder of a General Unsecured Claim agrees to a less favorable or different treatment, on, or as soon as reasonably practicable after, the later of the Effective Date or the date such General Unsecured Claim becomes an Allowed General Unsecured Claim, each Holder of an Allowed General Unsecured Claim shall receive, in full and final satisfaction, settlement, and release, and in exchange for such Allowed General Unsecured Claim: * its Pro Rata share of the Liquidation Trust Series A Interests; and * each Holder of an Allowed General Unsecured Claim that makes the Cash Recovery Election shall also receive its Pro Rata share of the Liquidation Trust Series B Interests. Class 6 is Impaired. Allowed General Unsecured Claims in Class 6 are entitled to vote to accept or reject the Combined Disclosure Statement and Plan. Class 9 consists of Equity Interests in the Debtor. On the Effective Date, all Equity Interests in the Debtor shall be cancelled and released without any Distribution or retention of any property on account of such Equity Interests. On the Effective Date, the Liquidation Trustee shall sign the Liquidation Trust Agreement and, in his, her, or its capacity as Liquidation Trustee, accept all Liquidation Trust Assets, and be authorized to obtain, collect, seek the turnover of, liquidate, and collect all of the Liquidation Trust Assets not in its possession or control. The Liquidation Trust will then be created and effective without any further action by the Bankruptcy Court or any Person as of the Effective Date. The Liquidation Trust shall be established for the primary purpose of liquidating the Liquidation Trust Assets and making Distributions in accordance with the Combined Disclosure Statement and Plan and the Liquidation Trust Agreement, with no objective to continue or engage in the conduct of a trade or business, except only in the event and to the extent necessary to, and consistent with, the liquidating purpose of the Liquidation Trust. After the Effective Date, the Liquidation Trust Agreement may be amended in accordance with its terms without further Order of the Bankruptcy Court. A full-text copy of the Combined Disclosure Statement and Plan of Liquidation dated June 3, 2026 is available at https://urlcurt.com/u?l=i7SeQp from Epiq Corporate Restructuring LLC, claims agent. Alachua Government Services Inc., is represented by: RICHARDS, LAYTON & FINGER, P.A. Mark D. Collins, Esq. Michael J. Merchant, Esq. Amanda R. Steele, Esq. Matthew P. Milana, Esq. One Rodney Square 920 N. King Street Wilmington, Delaware 19801 Telephone: (302) 651-7700 Facsimile: (302) 651-7701 Email: collins@rlf.com merchant@rlf.com steele@rlf.com milana@rlf.com About Alachua Government Services Alachua Government Services, Inc., is a pharmaceutical and medicine manufacturing company formerly known as Ology Bioservices. Based in Alachua, Florida, Alachua operates in the pharmaceutical manufacturing sector. Alachua sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11289) on July 6, 2025. In its petition, the Debtor estimated assets between $50 million and $100 million and estimated liabilities between $100 million and $500 million. Judge J. Kate Stickles oversees the case. Richards, Layton & Finger, P.A., is the Debtors' legal counsel. FTI Consulting, Inc.'s Janet R. Naifeh has been designated as chief restructuring officer of the Debtor. Jefferies LLC and Jefferies International Limited is the Debtor's investment banker. Epiq is the claims agent. The official committee of unsecured creditors formed in the case retained Goodwin Procter LLP as co-counsel, Robinson & Cole LLP as its co-counsel and Delaware counsel, and M3 Advisory Partners, LP as financial advisor. ALAMO BIOLOGICS: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------------- Debtor: Alamo Biologics LLC Po Box 691433 San Antonio, TX 78269-1433 Business Description: Alamo Biologics LLC is a San Antonio-based regenerative medicine company and full-service tissue bank, founded in 1996, that processes, manufactures, stores and distributes allograft tissue and biologic products for surgical, dental, orthopedic, wound-care and regenerative applications. Chapter 11 Petition Date: June 3, 2026 Court: United States Bankruptcy Court Western District of Texas Case No.: 26-51549 Judge: Hon. Aubrey L Thomas Debtor's Counsel: Morris E. "Trey" White, III, Esq. VILLA & WHITE LLP 100 NE Loop 410 Suite 615 San Antonio, TX 78216 Tel: (210) 225-4500 E-mail: treywhite@villawhite.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Pamela Sloan as chief financial officer. 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/7TPH6WI/Alamo_Biologics_LLC__txwbke-26-51549__0001.0.pdf?mcid=tGE4TAMA ALBERTSONS COS: S&P Affirms 'BB+' ICR, Outlook Stable ----------------------------------------------------- S&P Global Ratings affirmed all of its ratings on U.S.-based food retailer Albertsons Cos. Inc. (ACI), including the 'BB+' issuer credit rating. The stable outlook reflects S&P's expectation that Albertsons will progress on its transformation initiatives, including digital expansion, sharper cost control, and increased store productivity. These support consistent earnings and free cash flow generation, keeping S&P Global Ratings-adjusted leverage below 4x. S&P expects ACI's operating performance to remain generally stable. It continues to undertake cost-saving and productivity initiatives to fund investments in its stores, prices and e-commerce capabilities to improve its overall customer value proposition amid the current competitive environment. S&P said, "We anticipate capital allocation priorities will remain balanced and forecast S&P Global Ratings-adjusted leverage remaining below 4x. "Productivity improvements will support modest EBITDA growth over the next 12 to 24 months. In our view, Albertsons should generate stable earnings and cash flow this year as it enhances its customer value proposition and improves its operating efficiency. Initiatives include growing private label brands, modernizing stores, expanding its food service offerings and strengthening its digital business. We expect these to drive low-single-digit percent same-store sales growth over the next two years." Additionally, the company has identified $2 billion in multiyear savings across store operations and supply chain. Albertsons is deploying AI technology to reduce shrink, sharpen pricing and promotions, improve inventory forecasting and availability, and optimize labor scheduling. S&P believes these productivity savings, along with benefits from the company's shift to buying nationally, will fund growth investments and manage cost inflation. S&P said, "We expect Albertsons will operate effectively in an increasingly competitive environment due to its scale, digital capabilities, and enhanced store offerings. Revenue increased to $83.2 billion in fiscal 2025 (ended Feb. 28, 2026), with pharmacy and digital orders driving identical sales growth of 2%. Digital investments--such as adding AI features and hastening delivery speeds--have strengthened its e-commerce, with roughly 10% of total sales now online. Furthermore, Albertsons' solid portfolio of owned brands, which generated nearly $17 billion in sales in fiscal 2025, remains a key competitive strength in our view. Though its overall sales mix penetration has remained relatively flat at around 25% over the last few years, while other grocers have expanded their mix." Still, grocery units remain negative, consistent with industry trends, as value-focused consumers are more selective and food spending shifts to nontraditional players. Discounters, online, and club stores continue to take market share from conventional grocers as their strong value propositions across price and convenience have resonated with consumers. Pharmacy pricing headwinds will also challenge revenue growth this year due to the Inflation Reduction Act, which is also impacting other food and drug retailers, as well as lapping a 53rd week in fiscal 2025. In addition, the operating environment remains fiercely competitive and price investments appear to be accelerating across the industry as retailers battle for market share. Albertsons' customer base skews more towards the middle and upper-income cohorts, which have remained resilient. However, higher pressure on lower-income households has cut down basket size and customers shopping across more retailers as they seek deals. S&P expects volume pressures and fierce competition to persist, requiring Albertsons to leverage its merchandising, promotional capabilities, and technology enhancements to retain market share. S&P expects S&P Global Ratings-adjusted EBITDA margin to remain 5.5%-6% over the next two years. Adjusted EBITDA margin compressed roughly 20 basis points (bps) in fiscal 2025 to 5.5% from the prior year as gross margin pressure from channel mix and price investments offset savings from the company's productivity initiatives. Increasing pharmacy and digital sales will continue to weigh on margins but should incrementally improve as they grow in scale and efficiency. S&P said, "We expect growing savings from productivity initiatives, as well as increasing contributions from its retail media business, to mitigate pressure from price investments and channel mix. Our base-case forecast could be challenged if price competition intensifies or macroeconomic conditions deteriorate, increasing consumer stress. "We expect leverage will be maintained below 4x. S&P Global Ratings-adjusted leverage was 3.9x as of Feb. 28, 2026, unchanged from the prior fiscal year as steady EBITDA and lower nonfunded debt obligations offset higher debt balances. This compares to a reported company-defined net debt ratio of 2.24x, up from 1.88x in the prior-year period, largely due to higher debt balances. We anticipate Albertsons to maintain this adjusted leverage as it balances its capital allocation priorities: reinvesting in its business, paying a dividend that increases over time, and opportunistically repurchasing shares while maintaining a strong balance sheet." Albertsons owns or ground leases 39% of its stores and 51% of its distribution centers, warehouses, and manufacturing plants. The company's valuable real estate portfolio, last appraised at $14.3 billion in July 2025, is a key underpinning of its value given the quality of its sites, as well as the benefits to its cost structure. S&P said, "Our debt adjustment includes our estimate of Albertsons' share of the underfunded portion of the multiemployer pension plans (MEPP) it contributes to, resulting in a tax-adjusted amount of $1.3 billion (approximately 0.3x of leverage as of Feb. 28, 2026). Approximately 68% of Albertsons' work force is unionized, with the company contributing to 28 MEPPs, the majority of which are underfunded. "While Albertsons' share of the funding deficit is not legally funded debt, we believe it represents a potential future call on cash. This adjustment is applied consistently across peers and other corporate entities that have exposure to underfunded MEPPs. The company's share of underfunding has narrowed significantly in recent years as the majority of the plans it contributes to have received or been approved to receive special financial assistance--a component of the 2021 American Rescue Plan Act--in the form of a one-time cash payment (not subject to repayment) needed to pay unreduced pension benefits through 2051. "We apply a negative comparable rating analysis modifier to Albertsons, reflecting our view that its S&P Global Ratings-adjusted credit metrics fall on the weaker end of the significant range. "We forecast Albertsons will generate reported free operating cash flow (FOCF) of approximately $800 million in fiscal 2026, up from $473 million in fiscal 2025 as improvements in working capital efficiency offset higher capex and opioid settlement cash outflows." The company increased its capex guidance to $2 billion-$2.2 billion this year to support its plans to accelerate store remodels and new store openings, strengthen the supply chain, and enhance its technology and digital capabilities. S&P said, "However, ongoing capital returns to shareholders, which we forecast to exceed $900 million between dividends and $600 million in share repurchases in fiscal 2026, will more than consume its FOCF. "The stable outlook reflects our expectation that Albertsons will progress on its transformation initiatives, including digital expansion, sharper cost control, and increased store productivity, supporting consistent earnings and free cash flow generation. The stable outlook also reflects our expectation that S&P Global Ratings-adjusted leverage will sustain below 4x." S&P could lower its ratings if Albertsons sustains S&P Global Ratings-adjusted leverage above 4.25x, which could occur if: -- Operating performance deteriorates, including contracting same-store sales and margins, caused by a worsening macroeconomic environment, intensifying competition, or operational miscues; or -- The company adopts a more aggressive financial policy, including incurring debt to fund shareholder returns or acquisitions. In S&P's view, an investment-grade rating for Albertsons is unlikely over the next 12 months because of its forecasted credit protection metrics, as well as macroeconomic uncertainty and intensifying industry competition. However, S&P could upgrade Albertsons to 'BBB-' if: -- S&P Global Ratings-adjusted leverage improves to 3.5x or below on an ongoing basis and the company commits to a clear financial policy that maintains leverage at this level; and -- The company executes on its priorities, including improving productivity and strengthening its value proposition with customers, which supports stable market share, EBITDA growth, and solid cash flow. AMERICAN LOCATING: Hires KC Cohen Lawyer as Bankruptcy Counsel -------------------------------------------------------------- American Locating Services, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Indiana to hire KC Cohen, Lawyer, PC, as bankruptcy counsel. The firm will render these services: (a) advise the Debtor with respect to its duties, powers, and responsibilities in this case; (b) investigate and pursue any actions on behalf of the estate in order to recover assets for or best enable this estate to reorganize fairly; (c) represent the Debtor in these proceedings in an effort to maximize the value of the assets available herein, and to pursue confirmation of a successful Plan of Reorganization; and (d) perform such other legal services as may be required and in the interest of the estate. The firm will be paid at these rates: Christopher J. McElwee $325 per hour Nicholas J Wildeman $275 per hour Bobby H Macias (paralegal) $125 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. KC Cohen, Esq., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: KC Cohen, Esq. KC Cohen, Lawyer, PC 1915 Broad Ripple Ave. Indianapolis, IN 46220 Telephone: (317) 715-1845 Facsimile: (317) 636-8686 Email: kc@smallbusiness11.com About American Locating Services, Inc. American Locating Services, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Case No. 26-03480) on May 29, 2026, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Hon. James M Carr oversees the case. The Debtor is represented by: KC Cohen, Esq. Kc Cohen, Lawyer, PC Telephone: (317) 715-1845 Email: kc@esoft-legal.com AMERIMED EMERGENCY: Hires Kelley Law LLC as Bankruptcy Counsel -------------------------------------------------------------- Amerimed Emergency Medical Services LLC and DMLP, LLC seek approval from the U.S. Bankruptcy Court for Northern District of Georgia to hire Kelley Law LLC as its counsel. The firm's services include: a. providing legal advice and services regarding the Debtor's bankruptcy case and providing substantive and strategic advice on how to accomplish the Debtor's goals in connection with the prosecution of this chapter 11 case; b. advising the Debtor of its obligations, duties, and rights as a debtor in possession; c. preparing documents to be filed with the Court; d. appearing in Court and at any meeting with the U.S. Trustee and any meeting of creditors on behalf of the Debtor; e. performing various services in connection with the administration of this chapter 11 case, including, without limitation, (i) preparing motions, certifications of counsel, notices of fee applications, motions and hearings, and hearing binders of documents and pleadings, (ii) monitoring the docket for filings, (iii) monitoring pending applications, motions, hearing dates, and other matters and the deadlines associated therewith, (iv) handling inquiries from creditors, contract counterparties and counsel to parties-in-interest regarding pending matters and the general status of this chapter 11 case; and (v) providing notice to parties in interest in compliance with the Court's direction; f. interacting and communicating with the Court's chambers and the Court's Clerk's Office; g. preparing, reviewing, revising, filing, and prosecuting motions and other pleadings related to contested matters, executory contracts and unexpired leases, asset sales, plan and disclosure statement issues, and claims administration and resolving objections and other matters relating thereto; and h. performing all other services necessary to prosecute Debtor's chapter 11 case to a successful conclusion. The firm received a retainer in the amount of $103,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. As disclosed in the court filings, Kelley Law LLC is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Charles N. Kelley, Jr., Esq. Kelley Law LLC PO Box 2758 Gainesville, GA 30503 Tel: (770) 531-0007 Email: charles@charleskelley.law About Amerimed Emergency Medical Services LLC Amerimed provides emergent and non-emergent medical transportation services, including emergency, non-emergency, critical care, behavioral health, and psychiatric patient transport. The company also provides emergency medical personnel services for special events. Amerimed is family owned and operated and is headquartered in Buford, Georgia, with operations in Georgia, Tennessee, South Carolina, Indiana, Ohio, and Florida. Amerimed Emergency Medical Services LLC and DMLP, LLC concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Lead Case No. 26-20894) on June 2, 2026, listing $1,000,001 to $10 million in assets and $10,000,001 to $50 million in liabilities. Charles N. Kelley, Jr., Esq. at Kelley Law LLC serves as the Debtor's counsel. AMERIMED EMERGENCY: Seeks to Hire Small Herrin LLP as Attorney -------------------------------------------------------------- Amerimed Emergency Medical Services LLC and DMLP, LLC seek approval from the U.S. Bankruptcy Court for Northern District of Georgia to hire Small Herrin, LLP as its attorneys. The firm's services include: a. preparing schedules, statement of financial affairs, pleadings and applications in this case; b. conducting examinations incidental to administration of this case; c. developing the relationship of Petitioner to the claims of creditors in this case; d. advising Petitioner of its rights, duties, and obligations as Debtor-in-Possession; e. consulting with Petitioner and representing Petitioner with respect to a Chapter 11 plan; f. representing Petitioner in litigation that is currently pending or that may be brought at a later date; and g. taking any and all other necessary action incident to the proper preservation and administration of Petitioner's bankruptcy estate. The firm's standard hourly rates are: Gus H. Small $650 Anna M. Humnicky $475 Brent W. Herrin $475 Benjamin S. Klehr $475 Other attorneys $250 to $600 Paralegals and other employees $100 to $250 Small Herrin received a pre-petition retainer for the case in the amount of $50,000 toward fees and expenses to be incurred in this Chapter 11 case, including the filing fee. Benjamin S. Klehr, Esq., a partner at Small Herrin, disclosed in a court filing that the firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Benjamin S. Klehr, Esq. Small Herrin LLP 100 Galleria Parkway, Suite 350 Atlanta, GA 30339 Telephone: (770) 857-4792 Facsimile: (404) 332-0315 Email: bklehr@smallherrin.com About Amerimed Emergency Medical Services LLC Amerimed provides emergent and non-emergent medical transportation services, including emergency, non-emergency, critical care, behavioral health, and psychiatric patient transport. The company also provides emergency medical personnel services for special events. Amerimed is family owned and operated and is headquartered in Buford, Georgia, with operations in Georgia, Tennessee, South Carolina, Indiana, Ohio, and Florida. Amerimed Emergency Medical Services LLC and DMLP, LLC concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Lead Case No. 26-20894) on June 2, 2026, listing $1,000,001 to $10 million in assets and $10,000,001 to $50 million in liabilities. Charles N. Kelley, Jr., Esq. at Kelley Law LLC serves as the Debtor's counsel. ANR INSULATION: Unsecureds to Get Less Than 2% of Claims in Plan ---------------------------------------------------------------- ANR Insulation, LLC filed with the U.S. Bankruptcy Court for the District of Arizona a Disclosure Statement to accompany Plan of Reorganization dated June 3, 2026. The Debtor is a commercial insulation installer that installs all types of insulation, including fiberglass, foam, cellulose, and rigid boards. The Debtor was formed in June 2020 to acquire the assets of King Insulation of Arizona, LLC, and, in August 2020, the Debtor purchased King Insulation's assets, financed by a secured promissory note to King Insulation in the original amount of $3,375,000, and began its business operations. From 2023 through the middle of 2025, in connection with liquidity issues the Debtor was facing, the Debtor obtained funding from multiple merchant cash advance lenders. Most of the MCA Lenders filed junior UCC-1s with respect to the Debtor's accounts and payment intangibles. The MCA Lenders include Alternative Funding Group, Highland Hill Capital LLC, Libertas Funding, Bluevine, Epic Advance (FastCash), Spring Funding, Revenued, Headway Capital, Coconut Funding, and Funding Futures (the "MCA Lenders"). Throughout 2024 and 2025, the Debtor experienced substantial liquidity difficulties. These difficulties were primarily caused by a combination of declining revenue, significant debt-servicing costs associated with the MCA loans, ongoing payroll obligations, and payments to prior secured creditors. Faced with the impending foreclosure that would have wiped out substantially all of its assets and terminated its business, the Debtor filed its voluntary Chapter 11 petition on December 7, 2025. The Debtor filed this bankruptcy case to restructure its obligations and to ensure the maximum recovery for all of its legitimate creditors. Class 6 consists of General Unsecured Claims. Each Holder of an Allowed General Unsecured Claim shall be entitled to receive Pro Rata distributions of Net Disposable Income for a period of five years. Starting on the 25th day of the month following the first full calendar quarter following the Effective Date, and on the 25th day of the month following each successive calendar quarter thereafter for a total period of 20 calendar quarters, the Reorganized Debtor shall disburse Net Disposable Income generated from the Debtor's operations. Class 6 is Impaired under the Plan. Holders of Allowed General Unsecured Claims are entitled to vote on the Plan. The allowed unsecured claims total $2,742,222.47. This Class will receive a distribution of less than 2% of their allowed claims. On the Effective Date, Holders of interests in Class 7 shall retain their pre-petition interests in the Debtor. Ricardo Caceres, Angela Crawford and Nicholas Wiggins shall retain their equity interests in the Reorganized Debtor in exchange for the Equity Contribution in accordance with Sections 1129(a) and (b) of the Bankruptcy Code. All payments under the Plan that are due on the Effective Date will be funded from the Equity Contribution and the remaining Cash held by the Reorganized Debtor as of the Effective Date. On the Effective Date, the Holders of Equity Securities shall fund the Equity Contribution in Cash. The funds necessary to ensure continuing performance under the Plan after the Effective Date will be funded from the Equity Contribution and from the Reorganized Debtor's continuing operating revenue. A full-text copy of the Disclosure Statement dated June 3, 2026 is available at https://urlcurt.com/u?l=xAPt65 from PacerMonitor.com at no charge. The Debtor's Counsel: Christopher C. Simpson, Esq. OSBORN MALEDON, P.A. 2929 N. Central Avenue Suite 2100 Phoenix, AZ 85012 Tel: 602-640-9349 Fax: 602-640-9050 Email: csimpson@omlaw.com About ANR Insulation LLC ANR Insulation, LLC, doing business as King Insulation, provides thermal and sound insulation materials and services for residential, commercial, and industrial properties in Arizona. Since 1981, the Company has supplied insulation solutions that comply with local building codes and energy efficiency standards, serving homeowners, contractors, property managers, developers, and business owners across the state. Its offerings include installation and re-insulation for projects ranging from small residential additions to large commercial warehouses. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-11784) on Dec. 7, 2025. In the petition signed by Ricardo Caceres, president, the Debtor disclosed $3,666,410 in assets and $5,566,839 in liabilities. Judge Brenda K. Martin oversees the case. Christopher C. Simpson, at Osborn Maledon, P.A., represents the Debtor as legal counsel. ARC PRIMARY: Hires Lane Law Firm PLLC as Bankruptcy Counsel ----------------------------------------------------------- ARC Primary Care, LLC received interim approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire The Lane Law Firm, PLLC as general bankruptcy counsel. The firm will render these services: a. advise and represent the Debtor as debtor in possession in the administration of this bankruptcy case; b. analyze the Debtor’s assets and liabilities, investigate the extent and validity of liens and claims, and review or participate in any proposed asset sales or dispositions; c. communicate and negotiate with creditors and other parties in interest; d. prepare pleadings, including motions and applications, and to represent the Debtor in all meetings, hearings, and conferences, including the section 341 meeting of creditors; e. assist in the preparation, analysis, and negotiation of a plan of reorganization and any accompanying disclosure statement, and to facilitate confirmation of such plan; f. take all actions necessary to protect and preserve the Debtor and its assets, including maintaining going-concern value for the benefit of creditors; g. appear before this Court and any other court or tribunal, as appropriate, and to represent the Debtor before the United States Trustee; and h. perform such other legal services as may be necessary in connection with this case. The firm will be paid at these rates: Robert C. Lane (lead), Partner $825/hour Joshua D. Gordon, Partner $825/hour Matthew W. Bourda, Senior Counsel $825/hour A. Zachary Casas, Attorney $700/hour Kyle Garza, Attorney $650/hour Paraprofessional staff Paralegal $350/hour Lane Law Firm will seek the reimbursement of reasonable and necessary out-of-pocket expenses incurred as part of its representation of the Debtor during the bankruptcy case. Lane Law Firm received a retainer of $80,000. Lane Law Firm is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code and holds no interest adverse to the estate, according to court filings. The firm can be reached through: Robert C. Lane, Esq. Joshua D. Gordon, Esq. Matthew W. Bourda, Esq. THE LANE LAW FIRM, PLLC 6200 Savoy, Suite 1150 Houston, TX 77036 Tel: (713) 595-8200 Fax: (713) 595-8201 Email: notifications@lanelaw.com joshua.gordon@lanelaw.com matt.bourda@lanelaw.com About ARC Primary Care LLC ARC Primary Care LLC, doing business as Happy Valley Home Care, provides home care services in Edinburg, Texas. The company offers private duty nursing, primary home care, and 24-hour medical support at home, including skilled nursing care and physician-prescribed treatments such as ventilator care, tracheostomy aspiration care, nasopharyngeal treatments, and gastrostomy feedings. It serves children under age 21 with serious medical conditions and works with the Texas STAR Kids program and listed insurers. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-70143) on May 15, 2026. In the petition signed by Richard Troy Nelson, managing member, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Judge Eduardo V Rodriguez oversees the case. Robert C Lane, Esq., at THE LANE LAW FIRM, represents the Debtor as legal counsel. ARCHDIOCESE OF BALTIMORE: Court Urges Targeted Talks in Chapter 11 ------------------------------------------------------------------ Ben Zigterman of Law360 Bankruptcy Authority reports that the Archdiocese of Baltimore and a committee representing child sexual abuse claimants were encouraged by a Maryland bankruptcy judge on Monday, June 15, 2026, to seek mediation over a lingering dispute in the church's Chapter 11 case. The judge suggested that a focused mediation process could help resolve the issue more quickly than courtroom proceedings. Negotiations have continued as the parties work toward a plan that would address abuse claims and other obligations. While progress has been made, unresolved disagreements threaten to slow the path toward confirmation of a restructuring plan, according to report. The judge's comments underscore the court's preference for a consensual outcome in the bankruptcy case. Mediation could provide an opportunity for both sides to reach common ground and avoid further delays in resolving claims against the archdiocese, the report cites. About the Archdiocese of Baltimore The Archdiocese of Baltimore operates as a non-profit religious organization. The organization provides catholic charities, chancery, pastoral council, policies, presbyteral council, and child and youth protection. The Archdiocese of Baltimore sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 23-16969) on Sept. 29, 2023. In the petition filed by Archbishop William E. Lori, the Debtor estimated assets between $100 million and $500 million and liabilities between $500 million and $1 billion. The Debtor is represented by Catherine Keller Hopkin, Esq. at YVS Law, LLC. ASHWOOD FOOD: Case Summary & 17 Unsecured Creditors --------------------------------------------------- Debtor: Ashwood Food Service, Incorporated d/b/a Jake Rooney's Restaurant 119 Brooks Road Harwich Port, MA 02646 Business Description: Ashwood Food Service, Incorporated is a Massachusetts corporation established in 1994 that operates full- service restaurants in Harwich Port, Massachusetts. The company operates a 153-seat restaurant at 119 Brooks Road and the restaurant at Cranberry Valley municipal golf course in Harwich. Chapter 11 Petition Date: June 3, 2026 Court: United States Bankruptcy Court District of Massachusetts Case No.: 26-11320 Debtor's Counsel: Andrea O'Connor, Esq. SHATZ, SCHWARTZ & FENTIN, P.C. 1441 Main St Springfield, MA 01103-1450 Tel: (413) 737-1131 E-mail: aoconnor@ssfpc.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Peter D. Klaus as president. A full-text copy of the petition, which includes a list of the Debtor's 17 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/HMEEPDI/Ashwood_Food_Service_Incorporated__mabke-26-11320__0001.0.pdf?mcid=tGE4TAMA ASHWOOD FOOD: David Madoff Named Subchapter V Trustee ----------------------------------------------------- The U.S. Trustee for Region 1 appointed David Madoff, Esq., a partner at Madoff & Khoury, LLP, as Subchapter V trustee for Ashwood Food Service Incorporated. Mr. Madoff will be compensated at $450 per hour for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. In court filings, Mr. Madoff declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: David B. Madoff Madoff & Khoury, LLP 124 Washington Street, Suite 202 Foxborough, MA 02035 Phone: (508) 543-0040 Email: madoff@mandkllp.com About Ashwood Food Service Incorporated Ashwood Food Service, Incorporated is a Massachusetts-based food service company engaged in commercial catering and hospitality operations. It provides food preparation and distribution services to institutional and private clients. Ashwood Food Service Incorporated filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Mass. Case No. 26-11320) on June 3, 2026, with $1 million to $10 million in both assets and liabilities. Andrea M. O'Connor, Esq. at Shatz, Schwartz & Fentin, P.C. represents the Debtor as legal counsel. AVITA MEDICAL: Issues 500K-Share Warrant to Perceptive Credit ------------------------------------------------------------- AVITA Medical, Inc. announced in a regulatory filing that the Company issued a warrant certificate to Perceptive Credit Holdings V, LP to purchase up to an initial 500,000 shares of the Company's common stock, par value $0.0001 per share, at an exercise price of $3.4019 per share, following stockholder approval of the Warrant issuance at the Company's 2026 Annual Meeting of Stockholders held on June 3, 2026. The issuance of the shares underlying the Warrant will be registered pursuant to the Company's Registration Statement on Form S-3 (File No. 333-294790) and a prospectus supplement filed by the Company on June 5, 2026. As previously disclosed, January 13, 2026, the Company entered into a Credit Agreement and Guaranty with Perceptive, as lender and administrative agent. The Credit Agreement provides for a five-year senior secured credit facility in an aggregate principal amount of up to $60 million, of which: (i) $50 million was made available on the closing date of the Credit Agreement and (ii) $10 million will be made available, at the Company's discretion by notice to Perceptive on or before March 31, 2027, subject to satisfaction of a certain net revenue requirement. Under the Credit Agreement, the Company and Perceptive agreed to the issuance of the Warrant, subject to approval by the Company's stockholders. If the Company incurs the Additional Commitment Amount under the Credit Agreement, an additional 150,000 shares of Common Stock will vest and become issuable under the Warrant at the same exercise price. A full text copy of the Warrant is available at https://tinyurl.com/2pp88f78 About Avita Medical, Inc. AVITA Medical, Inc. and its subsidiaries is a leading therapeutic acute wound care Company delivering transformative solutions. The Company's technologies are designed to optimize wound healing, effectively accelerating the time to patient recovery. The Company's solutions improve the healing outcomes for patients with traumatic injuries and surgical repairs, addressing critical healing needs that arise from unpredictable and life-changing events. At the forefront of the Company's portfolio is the patented and proprietary RECELL(R) System, approved by the U.S. Food and Drug Administration for the treatment of thermal burn wounds and full-thickness skin defects. RECELL harnesses the healing properties of a patient's own skin to create an autologous skin cell suspension, Spray-On Skin(TM) Cells, offering an innovative solution for improved clinical outcomes at the point-of-care. Newport Beach, California-based Grant Thornton LLP, the Company's auditor since 2020, issued a "going concern" qualification in its report dated February 12, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company has current debt service obligations and has incurred historical negative cash flows and recurring losses. These conditions, along with other matters, raise substantial doubt about the Company's ability to continue as a going concern. As of March 31, 2026, the Company had $51.5 million in total assets, $74.7 million in total liabilities, and $23.2 million in total stockholders' deficit. BAXSTO LLC: Seeks Continued Cash Collateral Access -------------------------------------------------- Baxsto, LLC asks the U.S. Bankruptcy Court for the Western District of Texas, Austin Division, for authority to use cash collateral and provide adequate protection. The court previously entered a final order on March 4 authorizing the use of cash collateral through June 18, 2026. Because the Debtor continues to require access to these funds to operate and administer its bankruptcy case, it requests that the court extend that authorization through September 18, 2026, based on an updated operating budget submitted with the request. The Debtor outlines several changes reflected in the proposed budget. First, Baxsto seeks to increase the weekly compensation of Ashley Stout from $2,500 to $3,250. According to the Debtor, this increase is necessary because Ms. Stout has incurred higher health insurance costs for her children. Second, the Debtor proposes increasing the weekly compensation of Asia Mack from $1,250 to $1,750. The Debtor states that Ms. Mack has assumed additional responsibilities, particularly relating to the preparation of the Debtor's tax return, which justifies the higher compensation level. The request also addresses compensation for Kindred Financial, a service provider that has apparently been assisting the Debtor during the bankruptcy case. While the amount paid to Kindred Financial would remain unchanged under the new budget, Baxsto indicates that it intends to gradually eliminate this expense after September 18, 2026, suggesting that the Debtor expects to reduce its reliance on outside financial assistance as the case progresses. Additionally, the revised budget includes a new line item for legal expenses totaling $25,000. The Debtor's bankruptcy counsel, Barron & Newburger, P.C., intends to file a Second Interim Fee Application seeking approval of professional fees incurred during the Chapter 11 case. Baxsto emphasizes that no payment of these attorney fees will be made unless and until the Bankruptcy Court approves them, and any payment will be limited strictly to the amount authorized by the court. A copy of the motion is available at https://urlcurt.com/u?l=Kn4QSv from PacerMonitor.com. About Baxsto LLC Baxsto LLC, based in Austin, Texas, manages and owns undivided mineral interests in Howard and Borden Counties. Formed in 2014, the Company leases these mineral rights to oil and gas operators for the extraction of oil, gas, limestone, gravel, coal, sulfur, and other minerals. Baxsto LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-11291) on August 21, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Bankruptcy Judge Shad Robinson handles the case. The Debtor is represented by Stephen W. Sather, at BARRON & NEWBURGER, P.C. BEASLEY BROADCAST: Implements Governance and Structural Provisions ------------------------------------------------------------------ Beasley Broadcast Group, Inc. announced in a regulatory filing that it filed with the Secretary of State of the State of Delaware a Certificate of Amendment to its Amended and Restated Certificate of Incorporation to implement certain governance and structural provisions in connection with the Company's entry into an Amended and Restated Transaction Support Agreement, dated as of April 27, 2026, by and among the Company and certain debtholders. The Charter Amendment became effective as of 11:59 p.m. Eastern Time on June 4, 2026. The Charter Amendment added the following provisions to the Company's Amended and Restated Certificate of Incorporation: (i) The Company shall not, and shall not authorize or permit any of its affiliates to, initiate any insolvency or similar proceeding, including, without limitation, any bankruptcy filing of the Company or its affiliates, without the unanimous approval of the Board of Directors, which shall for the avoidance of doubt include the approval of the Initial 2L Supporting Holder Director (or any successor Independent 2L Director so selected). (ii) Upon receipt by the Company of a Notice of Conversion delivered in accordance with the Transaction Support Agreement, the Company shall effect the Equity Conversion by issuing shares of its Class A Common Stock, par value $0.001 per share, and Class B Common Stock, par value $0.001 per share, to the holders entitled thereto pursuant to Section 8(k) of the Transaction Support Agreement, effective on the date that is the later of: (A) the earlier of (x) December 31, 2027 (or the Springing Maturity Date, as applicable) or (y) the date on which an Event of Default has occurred and is continuing as determined in accordance with Section 8(o) of the Transaction Support Agreement, or (B) the date on which all required approvals of the Federal Communications Commission and all other required governmental or regulatory approvals in connection with the Equity Conversion have been duly obtained and remain in full force and effect. 2027 PIK Notes Indenture Provisions The Charter Amendment also implements certain provisions of the 2027 PIK Notes Indenture, the operation of which may, at a subsequent date, result in a change in control of the Company. On May 1, 2026, Beasley Mezzanine Holdings, LLC, a direct, wholly owned subsidiary of the Company, issued $98,475,254 in aggregate principal amount of 10.000% Senior Secured Second Lien PIK Notes due 2027 pursuant to an indenture, dated as of May 1, 2026. At any time on or after December 31, 2027, or upon the occurrence of an Event of Default (as defined in the 2027 PIK Notes Indenture), holders of at least a majority in aggregate principal amount of the 2027 PIK Notes then outstanding may elect to convert all outstanding 2027 PIK Notes into shares of the Company's Class A Common Stock and the Company's Class B Common Stock. Upon such Equity Conversion, subject to obtaining any required regulatory approvals, all outstanding 2027 PIK Notes shall convert into Conversion Shares representing, in the aggregate, 95% of the issued and outstanding Class A Common Stock and Class B Common Stock (calculated on a fully diluted basis) immediately following such conversion; provided that the conversion percentage shall be reduced to 90%, 85% or 80%, respectively, if the Issuer has made cash payments at par to holders in respect of principal of the 2027 PIK Notes equal to at least 85%, 90% or 95%, respectively, of the original aggregate principal amount of 2027 PIK Notes issued on May 1, 2026 (without giving effect to any increase in principal amount resulting from PIK Interest (as defined in the 2027 PIK Notes Indenture)). The Equity Conversion is subject to obtaining prior approval of the FCC and compliance with applicable FCC foreign ownership rules. A complete text copy of the Charter Amendment is available at https://tinyurl.com/mr2steym About Beasley Beasley Broadcast Group -- http://www.bbgi.com-- is a multi-platform media company whose primary business is operating radio stations throughout the United States. The Company offers local and national advertisers integrated marketing solutions across audio, digital and event platforms. The Company owns and operates 49 AM and FM stations in the following large- and mid-size markets in the United States: Augusta, GA, Boston, MA, Charlotte, NC, Detroit, MI, Fayetteville, NC, Las Vegas, NV, Middlesex, NJ, Monmouth, NJ, Morristown, NJ, Philadelphia, PA, and Tampa-Saint Petersburg, FL. Los Angeles, California-based Crowe LLP, the Company's auditor since 2006, issued a "going concern" qualification in its report dated April 8, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company has a history of net losses and negative operating cash flows, expects to continue to incur additional losses in the near future and is currently in default on a portion of its debt that raise substantial doubt about its ability to continue as a going concern. As of December 31, 2025, the Company had $549.2 million in total assets, $402 million in total liabilities, and $147.2 million in total stockholders' equity. BEASLEY BROADCAST: Kingdom Capital Advisors Hold 7.2% Stake ----------------------------------------------------------- Kingdom Capital Advisors LLC, David Bastian, and Kurt Cooper disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of June 3, 2026, they each beneficially own 70,136 shares of Beasley Broadcast Group Inc.'s Class A Common Stock, par value $.001 per share, each representing 7.2% of the outstanding shares. Kingdom Capital Advisors LLC may be reached through: Kurt Cooper, Chief Compliance Officer 3929 University Drive Fairfax, VA 22030 Tel: 804-678-8369 A full-text copy of Kingdom Capital Advisors LLC's SEC report is available at: https://tinyurl.com/bdhr9755 About Beasley Beasley Broadcast Group -- http://www.bbgi.com-- is a multi-platform media company whose primary business is operating radio stations throughout the United States. The Company offers local and national advertisers integrated marketing solutions across audio, digital and event platforms. The Company owns and operates 49 AM and FM stations in the following large- and mid-size markets in the United States: Augusta, GA, Boston, MA, Charlotte, NC, Detroit, MI, Fayetteville, NC, Las Vegas, NV, Middlesex, NJ, Monmouth, NJ, Morristown, NJ, Philadelphia, PA, and Tampa-Saint Petersburg, FL. Los Angeles, California-based Crowe LLP, the Company's auditor since 2006, issued a "going concern" qualification in its report dated April 8, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company has a history of net losses and negative operating cash flows, expects to continue to incur additional losses in the near future and is currently in default on a portion of its debt that raise substantial doubt about its ability to continue as a going concern. As of December 31, 2025, the Company had $549.2 million in total assets, $402 million in total liabilities, and $147.2 million in total stockholders' equity. BEAZER HOMES: S&P Rates New $400MM Unsecured Senior Notes 'B-' -------------------------------------------------------------- S&P Global Ratings assigned its 'B-' issue-level rating and '3' recovery rating to Beazer Homes USA Inc.'s proposed $400 million unsecured senior notes due in 2032. The '3' recovery rating indicates S&P's expectation for meaningful (50%-70%; rounded estimate: 60%) recovery in the event of a default. S&P said, "We expect the company will use the net proceeds to redeem the outstanding portion of the 5.875% senior unsecured notes due 2027, as well as for fees, expenses, and general corporate purposes. Approximately $33 million in cash on the balance sheet will further strengthen its liquidity profile. "Our 'B-' issuer credit rating and negative outlook on Beazer Homes are unchanged. We view the refinancing as a credit positive, as it enhances the financial flexibility of the company and eliminates any near-term refinancing needs." BELLATX2023 LLC: Files Emergency Bid to Use Cash Collateral ----------------------------------------------------------- Bellatx2023, LLC asks the U.S. Bankruptcy Court for the Southern District of Texas, Galveston Division for authority to use the cash collateral of its secured creditor, WaFd Bank. The Debtor has no alternative sources of financing and needs access to cash collateral to continue day-to-day operations. The requested funds would be used to cover essential operating expenses, maintain its apartment complex, and support ongoing business activities while it reorganizes and develops a Chapter 11 repayment plan. The proposed budget outlines three months of projected expenses necessary to sustain operations during the restructuring process. To protect the secured lender's interests, the Debtor proposes granting WaFd Bank post-petition liens, priority claims, and future cash flow payments beginning in September. The Debtor argues that these protections adequately safeguard the lender while allowing continued operations. A court hearing is scheduled for June 18. A copy of the motion is available at https://urlcurt.com/u?l=OHEmPj from PacerMonitor.com. About Bellatx2023 LLC Bellatx2023, LLC is believed to operate as a privately held company involved in investment, commercial holdings, or real estate-related business activities. Bellatx2023 sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-80329) on May 5, 2026. In its petition, the Debtor reported assets of between $10 million and $50 million and liabilities of between $10 million and $50 million. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. BETTER BATH: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------- Debtor: Better Bath Better Body LLC d/b/a Dr. Suds f/d/b/a BBBB Kenutcky LLC Successor by merger with Better Bath Better Body LLC, a California LLC 10200 Forest Green Blvd, Suite 112 Louisville, KY 40223 Business Description: Better Bath Better Body LLC is a Louisville, Kentucky-based online retailer founded in 2015. The company markets and sells bath products through Amazon and its own website, with product categories including bath, foot, and sitz soaks, shower tablets, gift sets, wholesale ingredients, and private-label offerings. Its warehouse is located in Shelbyville, Kentucky, and its products are available through Amazon marketplaces in the United States, Canada, and Japan. Chapter 11 Petition Date: June 3, 2026 Court: United States Bankruptcy Court Western District of Kentucky Case No.: 26-31525 Judge: Hon. Mary Elisabeth Naumann Debtor's Counsel: Charity S. Bird, Esq. KAPLAN JOHNSON ABATE & BIRD LLP 710 West Main Street Fourth Floor Louisville, KY 40202 Tel: (502) 540-8285 Fax: (502) 540-8282 E-mail: cbird@kaplanjohnsonlaw.com Total Assets: $232,742 Total Liabilities: $3,138,380 The petition was signed by Jason Clegg as 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/MK6GRVI/Better_Bath_Better_Body_LLC__kywbke-26-31525__0001.0.pdf?mcid=tGE4TAMA BETTER BATH: Michael Wheatley Named Subchapter V Trustee -------------------------------------------------------- The Acting U.S. Trustee for Region 8 appointed Michael Wheatley as Subchapter V trustee for Better Bath Better Body, LLC. Mr. Wheatley will be paid an hourly fee of $275 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Wheatley declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Michael E, Wheatley PO Box 1072 Prospect KY 40059 502-744-6484 Email: mwheatleytr@gmail.com About Better Bath Better Body LLC Better Bath Better Body, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Ky. Case No. 26-31525) on June 3, 2026, with $100,001 to $500,000 in assets and $1 million to $10 million in liabilities. Judge Mary Elisabeth Naumann presides over the case. Charity S. Bird, Esq., at Kaplan Johnson Abate & Bird, LLP represents the Debtor as legal counsel. BIG BATCH: Gets Interim OK to Use Cash Collateral ------------------------------------------------- Big Batch Enterprises, LLC received interim approval from the U.S. Bankruptcy Court for the Eastern District of New York to use cash collateral. Under the interim order, the Debtor is authorized to use the cash collateral of Dime Saving Bank through July 4 based on an approved operating budget, subject to a variance of up to 5% on individual budget line items. Dime, which holds a perfected blanket lien on the Debtor's assets, will be provided with adequate protection through a monthly payment of $1,000 and replacement liens on the Debtor's assets similar to its pre-petition collateral, with the same validity and priority as its pre-petition lien. These replacement liens do not apply to Chapter 5 avoidance actions and any proceeds derived from such actions. Both the Debtor and Dime preserve all rights regarding future challenges, objections, requests for additional protection, and disputes concerning lien validity. The order also includes a carve-out for U.S. Trustee fees and up to $10,000 in Chapter 7 trustee fees if the Debtor's case is converted to Chapter 7. A copy of the Debtor's budget is available at https://shorturl.at/vlONM from PacerMonitor.com. A final hearing is scheduled for July 1, with objections due by June 25. Big Batch Enterprises operates a pickleball facility in Riverhead, New York, offering court rentals, memberships, and food and beverage services. The business was originally controlled by the Debtor's principal shareholder, Pete Bachmore, who allegedly ignored requests for financial transparency and operational updates. Current management contends that Bachmore's actions contributed significantly to the Debtor's insolvency. The Debtor alleges that substantial funds were spent on questionable ventures, including efforts to organize a pickleball event at Mohegan Sun, premature franchise development initiatives, and expensive advertising and promotional arrangements that generated little practical benefit. The Debtor further alleges that Bachmore used company resources for personal benefits, family members, and friends by providing free court time, complimentary food, and excessive compensation to insiders, even as the business struggled to pay rent and other obligations. After reviewing the Debtor's finances, the remaining shareholders discovered numerous unpaid obligations stemming from the facility's original development and launch. Creditors included architects, trainers, a former food and beverage director, and various vendors, many of whom were threatening legal action. In response, shareholders injected additional capital into the business. Two investors contributed substantial new funding in exchange for increased ownership interests, while Bachmore's ownership was reduced to approximately one percent and he was removed from management. Through these efforts, management paid outstanding contractor and vendor claims and brought the business current on nearly all obligations, leaving only about one month of rent in arrears. Current management then attempted to negotiate with the landlord to use the security deposit to cure the remaining rent arrearage and sought temporary rent concessions to help stabilize operations. At the same time, management focused on completing unfinished projects and correcting operational deficiencies inherited from prior leadership. Particular attention was devoted to completing a previously unfinished coffee shop buildout and overhauling the underperforming restaurant operation, which had been a significant source of financial losses. The management has taken substantial steps to improve the facility's prospects. The restaurant concept was redesigned through a partnership with an established chef and food service provider. The management also implemented marketing and promotional initiatives after determining that little meaningful advertising had been conducted previously. A coordinated strategy aimed at increasing visibility, memberships, and customer traffic was launched. The Debtor reports that it recently introduced an unlimited membership program that has gained traction, attracting approximately 120 members and generating increased recurring revenue while also boosting ancillary sales. Regarding secured debt, the Debtor identifies Dime, through an SBA-backed loan originated in September 2023, as the Debtor's sole secured creditor. The loan is secured by a blanket lien covering all company assets, and approximately $1.3 million remained outstanding as of the bankruptcy filing. The Debtor estimates that the liquidation value of its assets is only about $200,000, making Dime substantially undersecured. About Big Batch Enterprises LLC Big Batch Enterprises LLC, doing business as Box Pickleball, operates an indoor pickleball and recreation venue in Riverhead, New York. The company provides pickleball court booking, open play, lessons, clinics, leagues, and tournaments, along with recreational activities including cornhole, pool tables, golf simulators, and darts. It also offers food and bar service, parties and events, group table and court reservations, and a pro shop. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.Y. Case No. 26-72117) on May 27, 2026. In the petition signed by Curtis Morrison, managing member, the Debtor disclosed $409,303 in total assets and $1,574,271 in total liabilities. Judge Sheryl P Giugliano oversees the case. Heath S. Berger, Esq., at BFSNG Law Group, LLP, represents the Debtor as legal counsel. BOXLIGHT CORP: Adjourns Proposal to Increase Authorized Shares -------------------------------------------------------------- Boxlight Corporation has announced the results of its 2026 Annual Meeting of Stockholders. Approval of Proposals At the Annual Meeting, a quorum was present, and stockholders approved the following proposals: Proposal 1 - Election of Directors. Stockholders elected the following five directors to serve until the 2027 Annual Meeting of Stockholders and until their successors are duly elected and qualified: Michael Pope, Carine Clark, Peter Fittin, Tiffany Kuo, and Mark Elliott. 1. Michael Pope * For: 1,144,084 * Withheld: 44,881 * Broker Non-Votes: 765,349 2. Carine Clark * For: 1,132,812 * Withheld: 56,153 * Broker Non-Votes: 765,349 3. Peter Fittin * For: 1,132,822 * Withheld: 56,143 * Broker Non-Votes: 765,349 4. Tiffany Kuo * For: 1,126,529 * Withheld: 62,436 * Broker Non-Votes: 765,349 5. Mark Elliott * For: 1,157,199 * Withheld: 31,766 * Broker Non-Votes: 765,249 Proposal 2 - Ratification of Independent Auditor. Stockholders ratified the appointment of Cherry Bekaert LLP as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2026. * For: 1,903,057 * Against: 44,063 * Abstain: 7,194 * Broker Non-Votes: -- Proposal 4 - Approval of Future Share Issuance. Stockholders approved the future issuance of shares of the Company's Class A common stock and/or securities convertible into or exercisable for Class A common stock equal to 20% or more of the Company's outstanding Class A common stock in a non-public transaction or series of transactions, as required by and in accordance with Nasdaq Marketplace Listing Rule 5635(d). * For: 1,007,829 * Against: 125,082 * Abstain: 56,051 * Broker Non-Votes: -- Adjournment of Meeting with Respect to Proposal 3 Proposal 3, which sought stockholder approval to amend the Company's Articles of Incorporation to increase the number of authorized shares of Class A common stock from 4,166,667 to 55,000,000, received a majority of the votes cast on the proposal. However, approval of Proposal 3 requires the affirmative vote of holders representing a majority of the voting power of the Company's issued and outstanding shares of Class A common stock, rather than merely a majority of the votes cast at the Annual Meeting. As a result, despite receiving majority support from the votes cast, Proposal 3 did not obtain the requisite stockholder approval at this time. Accordingly, Michael Pope, Chairman of the Board, adjourned the Annual Meeting solely with respect to Proposal 3 in order to provide stockholders additional time to submit their votes. The reconvened meeting for the purpose of considering Proposal 3 will be held on July 7, 2026, at 12:30 p.m. Eastern Time, virtually via the same meeting platform used for the Annual Meeting. The Company's Board of Directors unanimously recommends that stockholders vote "FOR" Proposal 3. About Boxlight Corp Boxlight Corporation, based in Duluth, Georgia, develops, sells, and services interactive technology solutions primarily for the education sector, with additional offerings for corporate and government clients. The Company designs, produces, and distributes interactive and non-interactive flat-panel displays, LED video walls, classroom audio systems, cameras, peripherals, STEM products, and software integrated into a classroom suite for learning, assessment, and collaboration. Boxlight sells its products through over 1,000 global reseller partners, reaching more than 1.5 million classrooms and meeting spaces in over 70 countries. Atlanta, Georgia-based Cherry Bekaert LLP, the Company's auditor since 2025, issued a "going concern" qualification in its report dated April 15, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company has suffered recurring losses and negative cash flows from operations, and may be unable to maintain compliance with financial covenants required by its credit agreement that raise substantial doubt about its ability to continue as a going concern. As of December 31, 2025, the Company had $97.5 million in total assets, $996.3 million in total liabilities, and $1.3 million in total stockholders' equity. BRAND ARMY: Non-SAFE Unsecured Claims to Recover 39.7% in Plan -------------------------------------------------------------- Brand Army, Inc., filed with the U.S. Bankruptcy Court for the Central District of California a Plan of Reorganization under Subchapter V dated June 3, 2026. The Debtor was formed in 2020 and began operations in March 2021. The Debtor is a female-led, turnkey, creator-first web-application platform (the "Platform") built for ownership and direct monetization of internet content by internet content creators (the "Content Creators"). Through its Platform the Debtor provides a service pursuant to which it is the conduit between Content Creators and parties paying for their content (the "Content Purchasers"). Approximately 80% of the payments made by Content Purchasers (the "Payments") is the property of the Content Creators (the "Creator Funds") and, therefore not property of the Estate pursuant to Section 541. The Debtor must also show that it will have enough cash over the life of the Plan to make the required Plan payments and operate its businesses. Here, the Plan will be funded from (1) cash on hand, (2) cash received from payments on existing accounts receivable, (3) future operating revenue, and (4) any funds received if there is a Triggering Event during the three-year period of the Plan starting on the Effective Date and ending three years thereafter. Class 5 consists of Non-SAFE General Unsecured Claims. The allowed unsecured claims total $2,761,587.39. In full and final satisfaction of their Claims and any guaranties thereof, the Holders of Allowed Non-SAFE General Unsecured Claims will share a collective pot of $1,094,974, which will be disbursed on a quarterly basis as set forth in the Plan Projections. Upon payment of $1,094,974 to the Holders of Allowed Non-SAFE General Unsecured Claims pursuant to this Plan, any guaranties of the underlying Non-SAFE General Unsecured Claims shall be deemed to be released and of no further force and effect. As set forth in the Plan Projections and the Claims Chart, the Holders of Allowed Non SAFE General Unsecured Claims are projected to receive a distribution of 39.7% on their Claims (projected distributions in the total amount of $1,094,974 on Allowed Non-SAFE General Unsecured Claims divided by projected Allowed Non-SAFE General Unsecured Claims in the amount of $2,761,587.39). Notwithstanding any of the foregoing, if there is a Triggering Event during the three-year term of the Plan, then, to the extent possible, when the Debtor obtains funds from any such Triggering Event, the Debtor will pay any outstanding Allowed Claims in accordance with the Triggering Event Waterfall. If, after paying one of the senior Classes of Claims under the Triggering Event Waterfall in full, the Debtor does not have sufficient funds to pay the next Class of Claims in full, then that Class will share remaining funds on a pro rata basis. If all Classes of Claims are paid in full, then the Holders of Equity Interests will share remaining funds on a pro rata basis. Class 6 consists of SAFE General Unsecured Claims. The allowed unsecured claims total $2,706,399. As discussed in this Plan, the SAFE General Unsecured Claims are contingent Claims of the Holders of SAFEs that do not have a right to payment unless there is a Triggering Event. The Holders of the SAFEs will retain their SAFEs and their contingent SAFE General Unsecured Claims and have SAFE General Unsecured Claims against the Estate if there is a Triggering Event. If there is a Triggering Event during the three-year term of the Plan, then, to the extent possible, when the Debtor obtains funds from any such Triggering Event, the Debtor will pay any outstanding Allowed Claims in accordance with the Triggering Event Waterfall. If, after paying one of the senior Classes of Claims under the Triggering Event Waterfall in full, the Debtor does not have sufficient funds to pay the next Class of Claims in full, then that Class will share remaining funds on a pro rata basis. If all Classes of Claims are paid in full, then the Holders of Equity Interests will share remaining funds on a pro rata basis. If there is a Triggering Event after the three-year term of the Plan, then the Holders of SAFEs shall be paid in accordance with the terms of the SAFEs. The Holders of the SAFEs will retain their rights under their SAFE in the event of an Equity Financing (as defined in the SAFE). The Plan will be funded from (1) cash on hand, (2) cash received from payments on existing accounts receivable, (3) future operating revenue, and (4) any funds received if there is a Triggering Event during the three-year period of the Plan starting on the Effective Date and ending three years thereafter. A full-text copy of the Plan of Reorganization dated June 3, 2026 is available at https://urlcurt.com/u?l=RBfRbx from PacerMonitor.com at no charge. Counsel to the Debtor: Ron Bender, Esq. Todd M. Arnold, Esq. Robert M. Carrasco, Esq. Levene, Neale, Bender, Yoo & Golubchik LLP 2818 La Cienega Avenue Los Angeles, CA 90034 Telephone: (310) 229-1234 Facsimile: (310) 229-1244 E-mail: RB@LNBYG.COM; TMA@LNBYG.COM; RMC@LNBYG.COM About Brand Army Inc. Brand Army, Inc., operates a creator-monetization platform, rebranded from BrandArmy to Wink following negative publicity and revenue decline. Brand Army sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 26-10412) on Feb. 27, 2026, with up to $10 million in both assets and liabilities. Ramon Mendez, president, signed the petition. Judge Victoria S. Kaufman oversees the case. Ron Bender, Esq., at Levene, Neale, Bender, Yoo & Golubchik L.L.P., is the Debtor's legal counsel. BUILTTOSUIT USA: Case Summary & 12 Unsecured Creditors ------------------------------------------------------ Debtor: Builttosuit USA, LLC 1200 N Dixie Hwy Lake Worth Beach, FL 33460 Chapter 11 Petition Date: June 10, 2026 Court: United States Bankruptcy Court Southern District of Florida Case No.: 26-17598 Debtor's Counsel: Craig I. Kelley, Esq. KELLEY KAPLAN DELANEY & ELLER, PLLC 1665 Palm Beach Lakes Blvd The Forum - Suite 1000 West Palm Beach, FL 33401 Tel: 561-491-1200 Email: craig@kelleylawoffice.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $500,000 to $1 million The petition was signed by Benjamin Peterson as managing member. A full-text copy of the petition, which includes a list of the Debtor's 12 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/HPMQMNA/Builttosuit_USA_LLC__flsbke-26-17598__0001.0.pdf?mcid=tGE4TAMA BUNTING GRAPHICS: Seeks to Extend Plan Exclusivity to Aug. 12 ------------------------------------------------------------- Bunting Graphics, Inc., asked the U.S. Bankruptcy Court for the Western District of Pennsylvania to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to Aug. 12 and Sept. 3, 2026, respectively. The Debtor maintains that sufficient cause exists for an extension of the filing deadlines and the Exclusivity Periods. First, the Debtor has been working with First National Bank of Pennsylvania and other key stakeholders on various paths for a successful reorganization. While these discussions are ongoing, additional time is needed in order to propose a plan. Second, the Debtor is employing Meridian Management Partners, LLC, as Consultant for the Debtor-in-Possession to allow a third-party professional to analyze any potential sale of the Debtor and possibly procure a buyer. Third, the Debtor is working to finalize the Liquidating Trust documents that will accompany the Amended Chapter 11 Plan and Disclosure Statement. The Debtor asserts that its creditor will not be prejudiced by the requested extensions. On the contrary, the Debtor's creditors will be best served with an extension of the Exclusivity Periods. The Debtor further asserts that it will continue to work in good faith towards a resolution of all matters to provide for the best path forward for the estate. About Bunting Graphics Bunting Graphics, Inc., is a specialty contractor offering products and services in architectural signage and ornamental metal markets. Its main services include engineering, fabrication, installation, and project management. Bunting Graphics, Inc., filed a Chapter 11 bankruptcy petition (Bankr. W.D. Pa. Case No. 25-22741) on Oct. 9, 2025. The Debtor tapped Calaiaro Valencik as counsel. Bunting Graphics' counsel can be reached at: David Z. Valencik, Esq. CALAIARO VALENCIK 555 Grant Street, Suite 300 Pittsburgh, PA 15219 Telephone: (412) 232-0930 Facsimile: (412) 232-3858 E-mail: dvalencik@c-vlaw.com BYJU'S ALPHA: Court Upholds Contempt Order v. Camshaft, Morton -------------------------------------------------------------- In the appeal styled BYJU'S ALPHA, INC. v. CAMSHAFT CAPITAL FUND, LP; CAMSHAFT CAPITAL ADVISORS, LLC; CAMSHAFT CAPITAL MANAGEMENT, LLC; RIJU RAVINDRAN; INSPILEARN LLC; and THINK AND LEARN PRIVATE LIMITED CAMSHAFT CAPITAL FUND, LP; CAMSHAFT CAPITAL ADVISORS, LLC; CAMSHAFT CAPITAL MANAGMENT, LLC; and WILLIAM MORTON, Appellants; GLAS TRUST COMPANY LLC, Intervenor-Appellee, No. 25-1828 (3rd Cir.), Judges Thomas Hardiman, Emil Bove and D. Michael Fisher of the United States Court of Appeals for the Third Circuit will affirm the order of the United States District Court for the District of Delaware upholding a contempt order in BYJU's Alpha, Inc.'s bankruptcy proceeding. Camshaft Capital Fund, LP, Camshaft Capital Advisors, LLC, Camshaft Capital Management, LLC the Camshaft Entities), and the Fund's sole officer, William Morton appeal the District Court's order. BYJU's Alpha, Inc. (Alpha), a special purpose vehicle and subsidiary of Indian conglomerate Think and Learn Private Limited, along with its related entities, defaulted on a $1.2 billion loan. A few weeks later, Alpha's sole director, Riju Ravindran, initiated a series of monetary transfers totaling over $533 million to the Camshaft Fund in exchange for an ownership interest. The assets were later transferred to Inspilearn LLC, another subsidiary of Think and Learn. After Alpha defaulted on the loan, the lenders exercised contractual rights to take control of that entity and oust Ravindran. Alpha, under new management, soon learned about the allegedly fraudulent transfers. It then filed for Chapter 11 protection and initiated this adversary proceeding against the Camshaft Entities to recover the $533 million in the Bankruptcy Court for the District of Delaware. At the heart of the bankruptcy proceedings was the location and control of the $533 million. The Bankruptcy Court doubted the legitimacy of the Camshaft Fund. The Bankruptcy Court issued an order granting Alpha's motion for expedited discovery, which required the Camshaft Entities to respond to Alpha's interrogatories about the location of the missing half-a-billion dollars. The Camshaft Entities and Morton failed to comply. The Bankruptcy Court held the Camshaft Entities and Morton in contempt. It ordered Morton's civil confinement and the Camshaft Entities and Morton to each remit $10,000 for each day they remained in contempt. After the Bankruptcy Court entered its contempt order, the Camshaft Entities and Morton appealed to the District Court. The District Court held that the Camshaft Entities could not immediately appeal the contempt order because they were parties to the ongoing bankruptcy matter. It also held that the order was not an abuse of discretion. The Camshaft Entities and Morton then filed this appeal. The panel holds, "We lack jurisdiction over the appeal as to the Camshaft Entities because, as parties to the bankruptcy proceeding, the civil contempt order against them was interlocutory." Morton argues that the Bankruptcy Court did not hold an evidentiary hearing or support its findings with any evidence before issuing the contempt order. He contends that the Bankruptcy Court imposed the harshest sanctions rather than considering the least coercive sanctions necessary. The panel says, "We disagree. Morton repeatedly refused to comply with a discovery order relating to the missing $533 million and even told the Court that he had no intention of complying. Especially after multiple warnings, the Court was well within its discretion to impose sanctions of this magnitude." A copy of the Court's Opinion dated June 12, 2026, is available at https://urlcurt.com/u?l=fCWIFE About BYJU's Alpha BYJU's Alpha, Inc., designs and develops education software solutions. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 24-10140) on Feb. 1, 2024. In the petition signed by Timothy R. Pohl, chief executive officer, the Debtor disclosed up to $1 billion in assets and up to $10 billion in liabilities. Judge John T. Dorsey oversees the case. Young Conaway Stargatt & Taylor, LLP, and Quinn Emanuel Urquhart & Sullivan, LLP serve as the Debtor's legal counsel. GLAS Trust Company LLC, as DIP Agent and Prepetition Agent, is represented in the Debtor's case by Kirkland & Ellis LLP, Pachulski Stang Ziehl & Jones, and Reed Smith. C & S ADKINS: Seeks to Hire KC Cohen Lawyer as Bankruptcy Counsel ----------------------------------------------------------------- C & S Adkins Enterprises, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Indiana to hire KC Cohen, Lawyer, PC as bankruptcy counsel. The firm will render these services: (a) advise the Debtor with respect to its duties, powers, and responsibilities in this case; (b) investigate and pursue any actions on behalf of the estate in order to recover assets for or best enable this estate to reorganize fairly; (c) represent the Debtor in these proceedings in an effort to maximize the value of the assets available herein, and to pursue confirmation of a successful Plan of Reorganization; and (d) perform such other legal services as may be required and in the interest of the estate. The firm will be paid at these rates: Christopher J. McElwee $325 per hour Nicholas J Wildeman $275 per hour Bobby H Macias (paralegal) $125 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. KC Cohen, Esq., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: KC Cohen, Esq. KC Cohen, Lawyer, PC 1915 Broad Ripple Ave. Indianapolis, IN 46220 Telephone: (317) 715-1845 Facsimile: (317) 636-8686 Email: kc@smallbusiness11.com About C & S Adkins Enterprises Inc. C & S Adkins Enterprises, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Ind. Case No. 26-03473) on May 29, 2026, with $500,001 to $1 million in both assets and liabilities. Judge Jeffrey J. Graham presides over the case. KC Cohen, Esq., at Kc Cohen, Lawyer, PC represents the Debtor as bankruptcy counsel. CACERES SPECIALIZED: Andrew Layden Named Subchapter V Trustee ------------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Andrew Layden, Esq., at BakerHostetler, as Subchapter V trustee for Caceres Specialized Gynecology, LLC. Mr. Layden will be paid an hourly fee of $400 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Layden declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Andrew Layden 200 S. Orange Avenue, Suite 2300 Orlando, FL 32801 Telephone: 407-649-4000 Facsimile: 407-841-0168 Email: alayden@bakerlaw.com About Caceres Specialized Gynecology LLC Caceres Specialized Gynecology, LLC is a gynecology practice with locations in Kissimmee and Celebration, Florida. Caceres Specialized Gynecology filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-04100) on June 1, 2026, with $1 million to $10 million in both assets and liabilities. R Scott Shuker, Esq., at Shuker & Dorris, P.A. represents the Debtor as legal counsel. CAROLINA EARTHWERX: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------------- Debtor: Carolina Earthwerx LLC 315 Basil Court Hubert, NC 28539 Business Description: Carolina EarthWerx is a veteran-owned small business based in Stella, North Carolina. The company provides land-management and site-work services, including excavation and grading, drainage and septic-system installation, land clearing and forestry mulching, demolition, site preparation, and trucking. It serves residential, commercial, and agricultural projects in Eastern North Carolina, including Onslow, Carteret, Craven, Jones, Duplin, Lenoir, and Pender counties. Chapter 11 Petition Date: June 3, 2026 Court: United States Bankruptcy Court Eastern District of North Carolina Case No.: 26-02509 Judge: Hon. Pamela W. McAfee Debtor's Counsel: George Mason Oliver, Esq. THE LAW OFFICES OF GEORGE OLIVER, PLLC P.O. Box 1548 New Bern, NC 28563 Tel: 252-633-1930 Fax: 252-633-1950 Total Assets: $168,634 Total Liabilities: $1,079,432 The petition was signed by Cody Kubinak as 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/DYUDN2Y/Carolina_Earthwerx_LLC__ncebke-26-02509__0001.0.pdf?mcid=tGE4TAMA CAROLINA EARTHWERX: John Rhyne Named Subchapter V Trustee --------------------------------------------------------- Brian Behr, the U.S. Bankruptcy Administrator for the Eastern District of North Carolina appointed John Rhyne as Subchapter V trustee for Carolina Earthwerx, LLC. Mr. Rhyne will be paid an hourly fee of $375 for his services as Subchapter V trustee. Mr. Rhyne disclosed in an affidavit that he does not have an interest materially adverse to the interest of Fuel Homestead's estate, creditors or equity security holders. The Subchapter V trustee can be reached at: John G. Rhyne P.O. Box 8327 Wilson, NC 27893 (252) 234-9933 About Carolina Earthwerx LLC Carolina Earthwerx, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D.N.C. Case No. 26-02509) on June 3, 2026, with $100,001 to $500,000 in assets and $1 million to $10 million in liabilities. Judge Pamela W. Mcafee presides over the case. George M. Oliver, Esq., at The Law Offices of George Oliver, PLLC represents the Debtor as bankruptcy counsel. CATHETER PRECISION: Invests $1MM in Volato Group Private Placement ------------------------------------------------------------------ Catheter Precision, Inc. announced in a regulatory filing that it entered into a Securities Purchase Agreement between Volato Group, Inc. (NYSE American: SOAR), a Delaware corporation, the Company, and other investors party thereto, pursuant to which the Company agreed to purchase 2,941,176 shares of common stock, par value $0.0001 per share, of Volato at a per share purchase price of $0.34 per share, for an aggregate purchase price of $1,000,000, in a private placement transaction. As of June 5, 2026, the aggregate closing price of these securities had a market value of approximately $1,000,000. However, there is no guaranty the Company will realize the current value of these securities through future sales. The closing of the Private Placement will occur upon the satisfaction or waiver of customary closing conditions set forth in the Purchase Agreement, including the accuracy of the representations and warranties of each party, the performance of each party's covenants, and the absence of a Material Adverse Effect (as defined in the Purchase Agreement) with respect to Volato. As consideration for the Company's participation in the Private Placement, Volato has agreed to deliver to the Company certain freely tradeable equity securities of a third-party entity, as further described in the Purchase Agreement. As of June 5, 2026, the aggregate closing price of these securities had a market value of approximately $1,100,000. However, there is no guaranty the Company will realize the current value of these securities through future sales. The Purchase Agreement contains customary mutual representations and warranties, covenants of Volato, and indemnification provisions by Volato. Registration Rights Agreement In connection with the Private Placement, on June 7, 2026, the Company entered into a Registration Rights Agreement with Volato. Pursuant to the Registration Rights Agreement, Volato agreed to file an initial registration statement on Form S-3 (or such other appropriate form if Form S-3 is not available) with the U.S. Securities and Exchange Commission covering the resale of the Shares no later than the 10th calendar day following the date of the Registration Rights Agreement, and to use its best efforts to cause such registration statement to be declared effective by the Commission as promptly as possible after the filing thereof, but in any event no later than the fifth trading day after the date Volato is notified by the Commission that the registration statement will not be reviewed or will not be subject to further review. The Registration Rights Agreement contains customary provisions relating to registration procedures, registration expenses, liquidated damages (subject to certain carve-outs) and indemnification. Full text copies of such agreements are available at https://tinyurl.com/3advnca3 and https://tinyurl.com/ka88aurn, respectively. About Catheter Precision Inc. Headquartered in the U.S., Catheter Precision, Inc. is a medical device company focused on improving the treatment of cardiac arrhythmias. The Company, which was reincorporated as Ra Medical Systems, Inc. in Delaware in 2018 and changed its name to Catheter Precision, Inc. on August 17, 2023, develops technology for electrophysiology procedures through collaborations with physicians and continuous product advancements. As of March 31, 2026, the Company had $35.1 million in total assets, $25.9 million in total liabilities, and $9.2 million in total stockholders' equity. East Brunswick, New Jersey-based WithumSmith+Brown, PC, the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 31, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company has suffered recurring losses from operations, has experienced negative cash flows from operations, and has an accumulated deficit, which raises substantial doubt about its ability to continue as a going concern. CENTER FOR SPECIAL: Trustee Taps Levine Kellogg as Counsel ---------------------------------------------------------- Michael Goldberg, the trustee appointed in the Chapter 11 case of The Center for Special Needs Trust Administration, Inc., filed an amended application seeking approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Levine Kellogg Lehman Schneider + Grossman LLP as special counsel. The firm will represent Mr. Goldberg in contemplated litigation against a publicly-traded regional bank, and a law firm. The firm will be paid at these rates: Jeffrey C. Schneider $700 Victoria J. Wilson $625 As disclosed in the court filings, Levine Kellogg Lehman Schneider + Grossman LLP is a disinterested person within the meaning of 11 U.S.C. Sec. 101(14). The firm can be reached through: Jeffrey C. Schneider, Esq. LEVINE KELLOGG LEHMAN SCHNEIDER + GROSSMAN LLP Miami Tower 100 SE 2nd Street, 36th Floor Miami, FL 33131 Direct: (305) 403-8799 Main: (305) 403-8788 Fax: (305) 403-8789 Email: jcs@lklsg.com About The Center for Special Needs Trust Administration The Center for Special Needs Trust Administration, Inc. filed Chapter 11 petition (Bankr. M.D. Fla. Case No. 24-00676) on Feb. 9, 2024, with $100 million to $500 million in both assets and liabilities. Judge Roberta A. Colton oversees the case. Scott A. Stichter, Esq., at Stichter, Riedel, Blain & Postler, PA is the Debtor's legal counsel. On March 4, 2024, the U.S. Trustee appointed an official committee of unsecured creditors in this Chapter 11 case. The committee tapped Underwood Murray, PA as bankruptcy counsel and Gilbert Garcia Group, PA as special counsel. Michael Goldberg was appointed as trustee in this case. CHF-WENTWORTH INC: S&P Assigns 'BB+' Rating on 2026A/B Rev. Bonds ----------------------------------------------------------------- S&P Global Ratings assigned its 'BB+' long-term rating to Massachusetts Development Finance Agency's $276.4 million tax-exempt series 2026A, $370,000 taxable series 2026B, and $18.3 million tax-exempt subordinate series 2026C student housing revenue bonds issued for Collegiate Housing Foundation Wentworth Inc.–Wentworth Institute of Technology Pike Project (CHF Wentworth or the borrower), the sole member of which is Collegiate Housing Foundation. The outlook is stable. S&P said, "We analyzed the project's environmental, social, and governance factors related to its market position and financial performance. We found all factors to be neutral in our credit rating analysis. "The outlook reflects our expectation that construction of the new student housing facility will progress on time and within budget. "We would consider a negative rating action during the outlook period if cost overruns or construction delays inhibit the project's ability to open on time. Beyond the outlook period, we would consider a negative rating action if occupancy is materially weaker than projected, pressuring the projects' ability to meet projected coverage. "We do not expect to raise the rating or revise the outlook to positive during the outlook period, as the project will be under construction. Beyond the outlook period, an established trend of strong occupancy and FCCR could lead to a positive rating action." CIBUS INC: Elects 9 Directors, Ratifies BDO USA Appointment ----------------------------------------------------------- Cibus, Inc. has announced the results of its 2026 Annual Meeting of Stockholders. Of the 76,345,736 shares of Class A Common Stock, $0.0001 par value per share (including 62,641 restricted shares of Class A Common Stock that remain subject to vesting) and no shares of Class B Common Stock, par value $0.0001 per share, outstanding and entitled to vote at the Annual Meeting on the April 6, 2026 record date, 53,072,072 shares, or approximately 69.52%, were present at the Annual Meeting either by attendance via online webcast or represented by proxy, constituting a quorum. The following describes the matters considered by the Company's stockholders at the Annual Meeting, as well as the results of the votes cast at the meeting: PROPOSAL 1. To elect nine directors to the Board of Directors, each to serve until the next annual meeting of stockholders and until his or her successor has been elected and qualified, or until his or her earlier death, resignation, or removal. 1. Mark Finn * For: 22,401,892 * Against: 140,761 * Abstain: 146,090 * Broker Non-Vote: 30,383,329 2. Peter Beetham * For: 22,509,475 * Against: 94,295 * Abstain: 84,973 * Broker Non-Vote: 30,383,329 3. Kimberly A. Box * For: 22,592,926 * Against: 58,874 * Abstain: 36,943 * Broker Non-Vote: 30,383,329 4. Jean-Pierre Lehmann * For: 22,516,810 * Against: 139,956 * Abstain: 31,977 * Broker Non-Vote: 30,383,329 5. August Moretti * For: 22,552,460 * Against: 88,895 * Abstain: 47,388 * Broker Non-Vote: 30,383,329 6. Gerhard Prante * For: 22,444,612 * Against: 211,345 * Abstain: 32,786 * Broker Non-Vote: 30,383,329 7. Rory Riggs * For: 22,478,028 * Against: 137,007 * Abstain: 73,708 * Broker Non-Vote: 30,383,329 8. Thomas Urban * For: 22,643,935 * Against: 12,213 * Abstain: 32,595 * Broker Non-Vote: 30,383,329 9. Craig Wichner * For: 22,591,365 * Against: 64,777 * Abstain: 32,601 * Broker Non-Vote: 30,383,329 PROPOSAL 2. To approve, on an advisory basis, the compensation of the Company's Named Executive Officers. * For: 22,117,686 * Against: 167,944 * Abstain: 403,113 * Broker Non-Vote: 30,383,329 PROPOSAL 3. To ratify the appointment by the Audit Committee of BDO USA, P.C. as independent registered public accounting firm for the year ending December 31, 2026. * For: 53,014,318 * Against: 36,870 * Abstain: 20,884 * Broker Non-Vote: -- As a result, at the Annual Meeting, Mark Finn, Peter Beetham, Kimberly A. Box, Jean-Pierre Lehmann, August Moretti, Gerhard Prante, Rory Riggs, Thomas Urban, and Craig Wichner were elected as directors of the Company, each to serve a one-year term, the compensation of Company's named executive officers was approved (on an advisory basis), and the appointment of BDO USA, P.C. was ratified. About Cibus Cibus Inc. is an agricultural biotechnology company based in San Diego, California. It develops genetic traits for major food crops using its proprietary gene-editing platform, the Rapid Trait Development System. The Company's technology aims to improve crop productivity and resilience by addressing challenges such as pests, diseases, and environmental stressors. San Diego, Calif.-based BDO USA, P.C., the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 17, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025. The report highlights that the Company has suffered recurring losses from operations and negative cash flows from operations that raise substantial doubt about its ability to continue as a going concern. As of March 31, 2026, the Company had $324.2 million in total assets, $288.7 million in total liabilities, and $35.5 million in total stockholders' equity. CLEAN ENERGY: Secures $260,000 Short-Term Loan From Agile Capital ----------------------------------------------------------------- Clean Energy Technologies, Inc. disclosed in a regulatory filing that it borrowed approximately $260,000 from Agile Capital Funding, LLC pursuant to a short-term secured cash advance loan. Under the Company's loan agreement with Agile, the Subordinated Business Loan and Security Agreement dated May 27, 2026, approximately $389,740 is due to Agile, amortizing and to be repaid over approximately 32 weeks pursuant to a Subordinated Secured Promissory Note issued to Agile by the Company on May 27, 2026. A full text copy of the Loan Agreement and Note are available at https://tinyurl.com/kf4devvh 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. CONNECTICUT HEALTHCARE: Secures Chapter 15 Recognition ------------------------------------------------------ Clara Geoghegan of Law360 Bankruptcy Authority reports that a Texas bankruptcy court has recognized the Cayman Islands winding-up proceedings of Connecticut Healthcare Insurance Company under Chapter 15. The insurer, which is indirectly owned by Prospect Medical Holdings, sought recognition to coordinate its foreign insolvency with U.S. legal processes. The company is currently undergoing liquidation abroad, with its Cayman-appointed representatives overseeing the orderly wind-down of assets and liabilities. The Chapter 15 order ensures that U.S. courts will assist in supporting and enforcing the foreign proceeding, the report relays. The recognition enhances cooperation between jurisdictions and helps centralize creditor communications as the insurer continues its restructuring and liquidation efforts internationally, according to report. About Connecticut Healthcare Connecticut Healthcare is a Cayman Islands-based captive insurance company owned by Prospect ECHN, Inc. The company, licensed as a Class B insurer and managed through Marsh Management Services Cayman Ltd. in Grand Cayman, provided insurance coverage for healthcare-related liabilities, including personal injury, wrongful death, medical malpractice and similar tort claims associated with Prospect Medical Holdings-related entities. Connecticut Healthcare sought relief under Chapter 15 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 26-32010) on May 5, 2026. Honorable Bankruptcy Judge Stacey G. Jernigan handles the case. The Debtor is represented by Kimberly A. Brown, Esq. of Landis Rath & Cobb LLP. Foreign Representatives are Michael Pearson and Orla O'Regan of JTC Special Situations Ltd. Foreign Representatives' Counsel is Vienna F. Anaya, Esq. of JACKSON WALKER LLP. CONNECTM TECHNOLOGY: Says Blue Cloud Deal to Lift Equity to $18.8M ------------------------------------------------------------------ ConnectM Technology Solutions Inc. said Blue Cloud Softech Solutions Limited received in-principle approval from BSE Limited, the Indian stock exchange, for the planned issuance of 160 million shares to ConnectM as part of Blue Cloud's acquisition of ConnectM's India business, according to a press release furnished with a Form 8-K filing. The company said the approval clears the principal remaining condition for Blue Cloud to issue 160 million equity shares to ConnectM under a previously announced share swap agreement involving ConnectM, AstraBridge Inc. and Blue Cloud. Upon completion, ConnectM expects to record the Blue Cloud shares as a $30.4 million investment and recognize a non-cash gain of about $18.4 million attributable to ConnectM stockholders. On a pro forma basis, the transaction is expected to lift stockholders' equity to about $18.8 million from about $2 million. The company said the expected pro forma equity level would be about four times the $4 million to $5 million minimum required for listing on a U.S. national exchange. The illustrative pro forma balance sheet assumes the transaction closed June 2. Blue Cloud shareholders approved the transaction May 4. ConnectM said closing is anticipated by the third quarter of 2026 and that the Blue Cloud shares it receives are expected to be subject to a statutory lock-up period under Indian securities regulations. About ConnectM Technology ConnectM Technology Solutions, Inc., operates technology-driven businesses that provide AI-enabled electrification, distributed energy, mobility, and Industrial Internet of Things solutions. The company operates a data and intelligence platform that monitors, analyzes, and manages connected assets across their lifecycle and aggregates anonymized performance and utilization data from service providers, OEMs, infrastructure providers, and enterprise customers. Its portfolio includes AI-enabled hardware components such as intelligent heat-pump controllers, batteries, digital control units, and vehicle modules. Through Keen Labs Operations, Inc., its wholly owned technology subsidiary launched in October 2025, ConnectM develops AI, software, and IIoT connectivity platforms used in virtual power plants, intelligent building systems, and connected mobility and logistics networks. In an audit report dated Aug. 4, 2025, Adeptus Partners LLC included a going concern qualification, stating that ConnectM Technology had a net loss from operations, negative cash flows from operations and an accumulated deficit. The conditions raised substantial doubt about the company's ability to continue as a going concern. As of March 31, 2026, ConnectM Technology Solutions reported total assets of $39.82 million, total liabilities of $37.86 million and a total stockholders' equity of $1.96 million. CONROE CORRAL: Voluntary Chapter 11 Case Summary ------------------------------------------------ Debtor: Conroe Corral Murphy, LLC 1604 Interstate 45 N Conroe, TX 77301-1697 Business Description: Conroe Corral Murphy LLC operates a full- service buffet restaurant in Conroe, Texas, offering dine-in, takeout and delivery services to local customers. Chapter 11 Petition Date: June 10, 2026 Court: United States Bankruptcy Court Southern District of Texas Case No.: 26-34166 Judge: Hon. Jeffrey P. Norman Debtor's Counsel: Alex Olmedo Acosta, Esq. ACOSTA LAW P.C. One Northwest Centre Houston, TX 77040 Tel: (713) 980-9014 Email: alex@theacostalawfirm.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Kirk Murphy as president/CEO. 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/4V2EA4A/CONROE_CORRAL_MURPHY_LLC__txsbke-26-34166__0001.0.pdf?mcid=tGE4TAMA COSMOS HEALTH: Andreas Bovopoulos Holds 7.2% Equity Stake --------------------------------------------------------- Andreas Bovopoulos disclosed in a Schedule 13G (Amendment No. 4) filed with the U.S. Securities and Exchange Commission that as of June 5, 2026, he beneficially owns 4,324,197.22 shares of Cosmos Health Inc.'s Common Stock, representing 7.212% of the outstanding shares. Andreas Bovopoulos may be reached at: 15413 Lone Hill Road Los Gatos, CA 95032 A full-text copy of Andreas Bovopoulos's SEC report is available at: https://tinyurl.com/3ah57f4d About Cosmos Health Cosmos Health Inc. (Nasdaq: COSM), incorporated in 2009 in Nevada, is a diversified, vertically integrated global healthcare group. The Company owns a portfolio of proprietary pharmaceutical and nutraceutical brands, including Sky Premium Life, Mediterranation, bio-bebe, and C-Sept. Through its subsidiary, Cana Laboratories S.A., which is licensed under European Good Manufacturing Practices (GMP) and certified by the European Medicines Agency, it manufactures pharmaceuticals, food supplements, cosmetics, biocides, and medical devices within the European Union. As of March 31, 2026, the Company had $62.37 million in total assets, $42.54 million in total liabilities, and $19.83 million in total stockholders' equity. RBSM LLP issued a "going concern" qualification in its report dated April 15, 2026, attached to the Company's Annual Report for the fiscal year ended December 31, 2025, citing that the Company has incurred substantial operating losses and will require additional capital to continue as a going concern. CRAFTEDWILD INC: Neema Varghese Named Subchapter V Trustee ---------------------------------------------------------- The U.S. Trustee for Region 11 appointed Neema Varghese of NV Consulting Services as Subchapter V trustee for CraftedWild Inc. Ms. Varghese will be paid an hourly fee of $400 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Varghese declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Neema T. Varghese NV Consulting Services 701 Potomac, Ste. 100 Naperville, IL 60565 Tel: (630) 697-4402 Email: nvarghese@nvconsultingservices.com About CraftedWild Inc. CraftedWild Inc. is a full-service cabinetry manufacturer and retailer based in Vernon Hills, Illinois. CraftedWild filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 26-09442) on June 3, 2026, with $100,001 to $500,000 in assets and $1 million to $10 million in liabilities. Alexander Tynkov, Esq., at Zalutsky & Pinski, Ltd. represents the Debtor as legal counsel. CRANE ENTERPRISES: Cranes Lose Bid to Stay Bankruptcy Sale Order ---------------------------------------------------------------- Judge Denise Cote of the U.S. District Court for the Southern District of New York granted Crane Enterprises LLC's motion to dismiss the appeal styled CRANE, et al., Appellants, -v- CRANE ENTERPRISES LLC, Appellee, Case No. 26-cv-03960-DLC (S.D.N.Y.). The appeal is dismissed as equitably moot. The Debtor, Crane Enterprises LLC, is a New York limited liability company that, prior to the consummation of the sale at issue in this appeal, held a single asset: 99 shares in a two-bedroom cooperative apartment located in Long Beach, New York, that has been valued at an amount less than $1 million, and a corresponding proprietary lease to possess the Apartment. The Debtor is owned in equal parts by the estates of sisters Rhoda Crane and Joyce Crane, which both have court-appointed administrators. After the deaths of Rhoda Crane and Joyce Crane, the Debtor commenced an eviction action in New York state court to remove Michael Crane from the Apartment. Although Michael produced an alleged "lifetime lease" permitting him and his son Daniel to reside in the Apartment indefinitely for $1 per year, the New York state court rejected this "lifetime lease" defense and entered a Judgment of Possession in the Debtor's favor and a Warrant of Eviction against Michael on November 18, 2024. On March 4, 2025, the Debtor filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code and, on March 5, the Debtor commenced an adversary proceeding in the Bankruptcy Court, seeking an order directing Michael and Daniel Crane to turn over possession of the Apartment to the Debtor under Sec. 542 of the Bankruptcy Code. On April 16, 2026, the Bankruptcy Court approved the sale of the Apartment to a good-faith buyer. The Cranes failed to obtain a stay of the April 16 Order and the sale was consummated on May 18. On May 13, the Cranes appealed the Bankruptcy Court's Sale Order to this Court, seeking reversal of the sale. On May 20, the Debtor moved to dismiss the Cranes' May 13 appeal pursuant to Rule 8013 of the Federal Rules of Bankruptcy Procedure. According to the Court, their failure to diligently seek a stay of that April 16 Order renders the request to vacate it now inequitable. A copy of the Court's Opinion and Order dated June 12, 2026, is available at https://urlcurt.com/u?l=QZxRBS from PacerMonitor.com. About Crane Enterprises LLC Crane Enterprises LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-10405) on March 4, 2025, listing $500,001 to $1 million in assets and $100,001 to $500,000 in liabilities. Judge David S Jones handles the case. Brett Silverman, Esq., at Silverman Law PLLC, represents the Debtor as counsel. CROCODILE: Exits Receivership After Sale to New Owner ----------------------------------------------------- Egan Ward of Puget Sound Business Journal reports that The Crocodile, one of Seattle's best-known live entertainment venues, has exited receivership after being acquired by a new ownership consortium led by Jimmy Miller. The sale follows a period of financial strain that left the venue with roughly $1.6 million in debt and prompted management to seek a court-supervised restructuring process. Located in Seattle's Belltown neighborhood, The Crocodile has long been recognized as a cultural landmark within the Pacific Northwest music scene. The venue pursued receivership as a means of addressing creditor claims while preserving ongoing operations and avoiding a bankruptcy filing, the report states. The purchasing group includes interests associated with Upright Citizens Brigade, Abso Lutely Productions, and Bottlerocket Social Hall. According to company officials, the goal is to strengthen the venue financially while preserving its legacy and connection to Seattle's creative community, the report relays. Management has stated that scheduled events, staffing, and day-to-day operations will remain largely unchanged. In addition, plans are being developed to bring renewed activity to portions of the entertainment complex that were previously closed due to financial challenges, according to Puget Sound Business Journal. About The Crocodile The Crocodile, a renowned Seattle music venue. The Company entered a court-supervised receivership in 2025 after accumulating approximately $1.6 million in debt. Financial pressures stemming from declining attendance, weaker beverage sales, and rising operating costs contributed to the venue's distress. Attorney Dominique Scalia was selected as receiver and quickly began working with stakeholders and prospective buyers. The goal was to stabilize the business and identify a buyer capable of continuing the venue's legacy. The receivership concluded in 2026 with the sale of The Crocodile to a new ownership group led by entertainment industry executives. The transaction preserved more than 100 jobs and allowed the iconic venue to continue operating under its established brand. CYTOPHIL INC: Unsecureds to Get $600K to $750K per Year for 5 Years ------------------------------------------------------------------- Cytophil, Inc., filed with the U.S. Bankruptcy Court for the Eastern District of Wisconsin a Disclosure Statement describing Plan of Reorganization dated June 4, 2026. The Debtor is a Delaware corporation, headquartered and operating in East Troy, Wisconsin. The Debtor was founded in 2005 by Dr. William "Bill" Hubbard. The Debtor took its first product to market in 2014. The Debtor manufactures medical devices for vocal, orthopedic, dental, and aesthetic implants. It also performs contract manufacturing for other medical device companies. For many years the Debtor operated a profitable business with domestic and international sales. The Debtor's financial problems first arose from the disruption to the supply chain caused by the Covid-19 pandemic. Those problems were compounded by a costly litigation on two fronts. First, the Debtor was dragged into an intellectual property lawsuit which resulted in more than a million dollars in attorney's fees for the Debtor. In addition, the Debtor had a lawsuit with a consulting firm, Health Policy Associates ("HPA") over invoicing. The Debtor engaged HPA in June 2017 to advise it on regulatory filings. The litigation over the invoices commenced in 2018. The Debtor could not afford to continue to litigate and in 2023 a judgment was entered in favor of HPA in the amount of $583,823.94. HPA domesticated the judgment in Wisconsin and commenced collection efforts. The Debtor did not have cash to pay the judgment and its other creditors in the ordinary course. On February 5, 2025, the Debtor filed a voluntary petition under chapter 11 of the Code to preserve its value as a going concern and repay creditors through a plan of reorganization. Throughout the Case, the Debtor has continued to operate as a debtor-in-possession. Exhibit A contains an estimated yearly financial pro forma for the Debtor for the Plan. Exhibit A was prepared by the Debtor based on historical performance, current performance, and expected future events. The Debtor projects that it will have sufficient net income on an annual basis to fund payments under the Plan. The final Plan payment is expected to be paid ten years after the Effective Date. The Debtor and InHealth are finalizing the terms of a new five-year exclusive distribution agreement for the Renu(R) platform in the United States and Canada. Under the proposed terms, the transfer price will increase from the current level for Renu(R) Voice and $ Renu(R) Gel at approximately 25% per unit. These improved commercial terms, combined with InHealth's projected unit volume increase of 58%, form the foundation of the pro forma financial projections supporting the Plan. Class 1 consists of Allowed General Unsecured Creditors. Allowed Claims of Creditors in Class 1 consist of Allowed Unsecured Claims without priority. After Opt-In elections, and resolution of claim objections, the Debtor estimates that the total amount for all Class 1 Creditors will be in the range of $3,500,000 to $3,000,000. Claimants shall receive their pro rata share of annual disbursements of $600,000 to $750,000 for five years. It is projected that Class 1 Claimants shall be paid in full. Class 2 consists Opt-In Allowed Unsecured Claims. Allowed Claims of Creditors in Class 2 consist of Allowed Unsecured Claims in Class 1 that affirmatively elect or opt-in to Class 2. The Class 2 claims will have half (50%) of their Allowed Unsecured Claim treated under Class 1. The remaining half (50%) will receive a pro-rata share of New Class B Common Stock. The New Class B Common Stock will be entitled to 10% of the entire voting rights; 25% of the Reorganized Debtor's Net Profits; and to elect one director on the board of directors. The New Class B Common Stock may be redeemed upon the aggregate of the payments made on account of the New Class B Common Stock being redeemed totaling the portion of the amount of the Allowed Claim converted to the New Class B Common Stock being redeemed plus interest at the rate of 5% per annum from the Effective Date. The redemption right is void after ten years from the Effective Date. Class 3 consists of Allowed Voting Common Stock Interests. The holders voting common stock interests in the Debtor shall be cancelled. New Class A Common Stock shall be issued equal to the same number of shares held before the Petition Date. The New Class A Common Stock will be entitled: 90% of the entire voting rights; and 75% of the Reorganized Debtor's Net Profits. The Plan depends on the Debtor's business operations, primarily ENT products Renu(R) Voice and Renu(R) Gel, under a distribution agreement with InHealth. The Plan relies on the new exclusive distribution agreement under significantly improved commercial terms. A full-text copy of the Disclosure Statement dated June 4, 2026 is available at https://urlcurt.com/u?l=LzQnSO from PacerMonitor.com at no charge. Cytophil Inc. is represented by: Evan P. Schmit, Esq. Kerkman & Dunn 839 N. Jefferson St., Ste. 400 Milwaukee, WI 53202-3744 Tel: (414) 277-8200 Email: eschmit@kerkmandunn.com About Cytophil Inc. Cytophil Inc., doing business as RegenScientific, operates in the field of manufacturing medical devices. Cytophil sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Wisc. Case No. 25-20576) on February 4, 2025. In its petition, the Debtor reported total assets of $1,131,109 and total liabilities of $3,520,398 as of September 30, 2024. Judge G. Michael Halfenger handles the case. The Debtor is represented by Evan P. Schmit, Esq. at Kerkman & Dunn. DANIEL YOON: Court Affirms Summary Judgment in K.S. Aviation Case ----------------------------------------------------------------- In the appeal styled DAN YOON, Plaintiff-Appellee, v. K.S. AVIATION INC., et al., Defendants-Appellants, Case No. 25-cv-04076-MMC (N.D. Cal.), Judge Maxine M. Chesney of the U.S. District Court for the Northern District of California affirmed the Bankruptcy Court's: (1) grant of summary judgment against John Yoon and K.S. and in favor of plaintiff-appellee Dan Yoon in the amount of $260,514.18, and (2) judgment against Xing Kong and Xin Han and in favor of Dan Yoon for that same amount. Before the Court is defendants-appellants John Yoon, K.S. Aviation, Inc., Xing Kong Aviation Service, LLC, and Xin Han Aviation, LLC's appeal from the judgment entered in the action by the Bankruptcy Court on April 16, 2025. Dan and John jointly owned K.S., a corporation with two subsidiaries: Sierra Academy of Aeronautics, which operated a flight training school, and Sierra Air Center Development, LLC, which operated a nascent EB-5 program. In July 2014, Sierra Air took out two loans, namely, a $1.5 million loan from Bank of the West ("BOTW") and a $1.543 million U.S. Small Business Administration loan from the Bay Area Employment Development Company ("BAED"). Both loans were secured by a flight simulator, and Dan personally guaranteed the loans. Shortly thereafter, Dan and John's business relationship deteriorated, and on June 29, 2015, Dan sought to terminate John's employment, resulting in litigation unrelated to the instant action. Making matters worse, in June 2016, Sierra Air defaulted on the BOTW and BAED loans secured by the flight simulator, leading BOTW to file, in July 2016 in Alameda County Superior Court, a lawsuit seeking to collect on its defaulted loan. On September 2, 2016, Dan and John reached a settlement agreement (the "Agreement") resolving the litigation between them as well as addressing Dan's personal guarantees of the now-defaulted loans, which guarantees were causing Dan "significant financial stress." Specifically, as to the litigation, Dan agreed to resign from K.S., relinquish his ownership in K.S. and Sierra Academy, and return all corporate property to K.S.; in exchange, John and K.S. surrendered their interests in Sierra Air, agreed to pay back personal loans to Dan, and arranged for K.S. to make scheduled payments to Dan based on K.S.'s meeting financial benchmarks in the future. As to the guarantees, Dan agreed and recognized that the simulator facility and its contents are not part of the EB-5 regional investment program" and thus belong to K.S., and, in recognition of Dan's agreement that K.S. owns the simulator facility and its contents, John and K.S. agreed to indemnify Dan should the loans for said items become delinquent and the creditors seek enforcement against Dan. In BOTW's lawsuit to collect on its loan secured by the flight simulator, the Alameda County Superior Court appointed a receiver to take control of the simulator and sell it for the benefit of BOTW and to the extent funds were available, for BAED. (After the flight simulator was sold, an outstanding balance of $260,514.18 remained on the BAED loan. All the while, Dan was failing to fulfill his obligation in the Agreement to turn over his shares in K.S. to John, while K.S. allegedly was failing to pay back the personal loans Dan had made to the company. On March 2, 2017, Dan filed the instant lawsuit in Merced County Superior Court, seeking to collect on the loans he had made to K.S. in prior years. In August 2017, Chen Zhao entered the picture. In particular, John and Zhao negotiated a stock purchase agreement whereby John agreed to sell K.S. to Zhao. Zhao then began operating K.S. and Sierra Academy under the name Xing Kong and formed Xin Han to hold title for the aircraft acquired and used by Xing Kong. On March 4, 2020, while the instant case was proceeding in state court, Dan removed it to the Bankruptcy Court for the Northern District of California, where he and his wife, Jeenee, had filed for Chapter 11 bankruptcy protection. In the bankruptcy proceeding, BAED filed a $260,514.18 unsecured proof of claim based on Dan's guarantee of the loan. In the operative complaint, the Fourth Amended Complaint, filed after the case was removed to bankruptcy court, Dan claimed, inter alia, that John and K.S. were obligated under the Agreement to indemnify him for loans, including the BAED loan, made to purchase the flight simulator, and that Xing Kong, Xin Han, and Zhao, were liable for any judgment entered against K.S. On December 23, 2022, Dan filed a motion for summary judgment against John and K.S. on his indemnification claim, on the asserted grounds that: (1) there was no dispute the BAED loan was used to purchase the flight simulator and (2) his failure to turn over his K.S. shares was not a condition precedent to John and K.S.'s obligation to indemnify. On March 13, 2023, the Bankruptcy Court granted the motion as to the above issues. As relevant to the instant appeal, Dan sought to hold defendants Xing Kong, Xin Han, and Zhao liable on any judgment against K.S. under an alter ego or successor liability theory. On April 16, 2025, the Bankruptcy Court entered judgment in favor of Dan against John, K.S., Xing Kong, and Xin Han in the amount of $260,514.18. Based on its findings, set forth in a Memorandum Decision, the Bankruptcy Court held Xing Kong liable as a successor to K.S., finding the evidence at trial established conclusively that Xing Kong and K.S. are not separate entities and recourse to K.S. is unavailable. The Bankruptcy Court also found Xing Kong and Xin Han liable as alter egos of K.S. Thereafter, John, K.S., Xing Kong, and Xin Han appealed. In particular, defendant-appellants challenge the Bankruptcy Court's: (1) findings in support of summary judgment that (a) no material dispute of fact existed as to whether the BAED loan was used to purchase the flight simulator, and, consequently, that said loan was covered by John and K.S.'s agreement to indemnify Dan, and that (b) the Agreement's provision to indemnify was independent of Dan's obligation to turn over his K.S. shares; and (2) findings at trial that K.S. was unable to satisfy the judgment against it, and, consequently, that (a) Xing Kong is liable as K.S.'s successor, and that (b) Xing Kong and Xin Han are liable as K.S.'s alter egos. The District Court concludes the Bankruptcy Court did not err in granting summary judgment in favor of Dan and against John and K.S. According to the District Court, Xing Kong and Xin Han's assertion that the four planes to which K.S. retain title are sufficient to satisfy the judgment is devoid of support in the record. This Court cannot find the Bankruptcy Court's determination that it would be inequitable not to impose alter ego liability is clearly erroneous. Accordingly, the Bankruptcy Court did not err in granting judgment in favor of Dan and against Xing Kong and Xin Han as alter egos of K.S. Based on the record before it, the Bankruptcy Court concluded K.S. has few assets, has no current operations or ability to operate and is simply a shell of a corporation. In challenging that conclusion, Xing Kong, as noted, does not point to any evidence in the trial record ascribing a value to the planes, let alone a value sufficient to satisfy the judgment. Giving such record, this Court cannot find the Bankruptcy Court's determination as to the unavailability of recourse is clearly erroneous. Accordingly, the Bankruptcy Court did not err in granting judgment in favor of Dan and against Xing Kong as a successor to K.S. A copy of the Court's Order dated June 9, 2026, is available at https://urlcurt.com/u?l=yhnA62 from PacerMonitor.com Daniel B. Yoon and Jeenee S. Yoon filed for Chapter 11 bankruptcy protection (Bankr. N.D. Cal. Case No. 19-42763) on December 6, 2019, listing under $1 million in both assets and liabilities. DANSKAMMER ENERGY: Seeks Chapter 11 After Scrapping Revamp Plan --------------------------------------------------------------- Clara Geoghegan of Law360 Bankruptcy Authority reports that Hudson Valley power producer Danskammer Energy LLC has sought Chapter 11 protection in Delaware after years of uncertainty following the collapse of a proposed redevelopment project. The company had planned to replace its existing plant with a modern natural gas facility, but the effort encountered legal challenges, regulatory obstacles and strong opposition from environmental advocates. According to bankruptcy filings, the company faces financial difficulties that have made a court-supervised restructuring necessary. Danskammer said Chapter 11 will provide an opportunity to stabilize operations, preserve asset value and evaluate potential transactions or restructuring alternatives. The bankruptcy case follows the company's decision in 2024 to withdraw its redevelopment proposal after New York regulators denied required approvals. With the project abandoned, Danskammer has been left to manage an aging facility while navigating changing energy market conditions and significant financial obligations, the report states. About Danskammer Energy LLC Danskammer Energy LLC is a New York-based energy company focused on electric power generation. The company operates the Danskammer power plant on the Hudson River and provides generation capacity to support the state's energy infrastructure and wholesale electricity markets. Danskammer Energy LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 26-10954) on June 10, 2026. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Karen B. Owens handles the case. The Debtor is represented by Kimberly A. Brown, Esq. of Landis Rath & Cobb LLP. DANSKAMMER HOLDCO: June 18 Deadline for Panel Questionnaires Set ---------------------------------------------------------------- The United States Trustee is soliciting members for committee of unsecured creditors in the bankruptcy cases of Danskammer HoldCo, LLC, et al. 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/4prx7ydr and return by email it to Jon Lipshie -- Jon.Lipshie@usdoj.gov -- at the Office of the United States Trustee so that it is received no later than 4:00 p.m., on Thursday, June 18, 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 Danskammer Holdco Danskammer HoldCo LLC is a New York-based owner and operator of a natural gas-fired power plant. Danskammer Holdco and its affiliates filed a petition under Chapter 11 of the Bankruptcy Code (Bankr. D. Del., Case No. 26-10950) on June 10, 2026. The Debtors reported $10 million to $50 million in both assets and liabilities. Landis Rath & Cobb LLP represents the Debtors. DAREN C. DALY: Court Upholds Disallowance of Daly, et al. Claim --------------------------------------------------------------- Judge Melissa Damian of the U.S. District Court for the Southern District of Florida denied the motion of Patrick Daly, Elizabeth Daly, and All Paving and Sealcoating, LLC ("Appellants") for rehearing of the order dismissing their appeal in the adversary proceeding they filed against against Daren C. Daly. The order, entered on November 22, 2023, by the U.S. Bankruptcy Court for the Southern District of Florida determined that Daren C. Daly ("Appellee" or "Debtor"), owns all 100 shares of All Paving, Inc., sustaining Appellee's objection to Appellants' proof of claim, and disallowing Appellants' claim against Appellee in the underlying adversary proceeding. Appellee filed a motion to dismiss on April 10, 2024, seeking to dismiss the appeal as equitably moot. However, before the Court ruled on the motion to dismiss, on January 17, 2025, Appellee withdrew the motion. A year and a half later, after the bankruptcy plan was substantially consummated, Appellee filed a renewed motion to dismiss, in which he argued that the appeal is equitably moot because Appellants failed to obtain a stay during the pendency of the appeal, the confirmed plan is completed, and the Appellee and third parties would be significantly affected if any relief were granted in favor of Appellants. Appellee also argued that the relief the Appellants sought was, at that point, impossible. On January 7, 2026, this Court entered an order granting the motion to dismiss. This Court determined that the appeal was equitably moot for several reasons. Initially, this Court found that Appellants had not offered a justifiable basis for not seeking a stay and that their failure to do so induced Appellee to act in reliance on the plan having been approved. This Court also observed that Appellants failed to address Appellee's arguments regarding how the interests of third parties would be affected since the bankruptcy plan had been fully consummated, and they failed to address the considerations set forth in 11 U.S.C. Sec. 1101(2) regarding substantial consummation. Appellants' Motion for Rehearing In the motion now before the Court, Appellants argue that this Court incorrectly concluded that it was unable to provide relief and that consummation of the plan, although relevant, is not dispositive. According to Appellants, granting Appellants the relief they sought would not impair creditor recoveries, unravel negotiated plan provisions, or destabilize the reorganization. Instead, they claim they simply seek a determination of ownership and claim-related rights between the parties which, according to Appellants, can be implemented without undoing consummated transactions or destabilizing the Plan's structure. Appellee avers there is no relief that can be granted at this stage without significant harm to himself, the Debtor, and numerous third-party creditors. He also argues that Appellants' judicial estoppel argument is without merit. Appellants argue that the Plan was not actually consensual because it took into consideration Appellants' objection, that a change in ownership of All Paving would not harm creditors because Appellants waived the ability to claw back should they take control of All Paving, and that judicial estoppel does apply because Appellants relied on Appellee's withdrawal of the earlier motion. Judge Damian concludes, "Review of the motion reflects Appellants have not identified any of the permissible grounds for reconsideration. They have not identified an intervening change in controlling law, the availability of new evidence (that is, evidence that was not available to them at the time they responded to the motion to dismiss), nor the need to correct a clear error or prevent manifest injustice. Therefore, Appellants have not demonstrated that they are entitled to the extraordinary remedy of reconsideration because the motion is based entirely on authority and facts they could have, but, for the most part, did not raise when responding to the motion to dismiss." As this Court pointed out in the Dismissal Order, Appellants' decision not to seek a stay, though not dispositive, weighs in favor of a finding of equitable mootness. Appellants did not challenge Appellee's claim that the Plan was consummated, and this Court independently determined that it could find that it was. The Court finds Appellants offer no authority for their claim of judicial estoppel as a basis to preclude the filing of a motion to dismiss under circumstances like those presented in this case. The appeal is styled PATRICK DALY, ELIZABETH DALY, ALL PAVING AND SEALCOATING, LLC, and PATRICK DALY and ELIZABETH DALY AS THE MAJORITY SHAREHOLDERS OF ALL PAVING, INC., Appellants, v. DAREN C. DALY, Appellee, Case No. 23-cv-62227-MD (S.D. Fla.). Daren C. Daly sought Chapter 11 protection (Bankr. S.D. Fla. Case No. 22-15694) on July 26, 2022. The Debtor is represented by Isaac M. Marcushamer, Esq. at DGIM LAW PLLC. DEL MONTE: Minority Lenders Lose Bid to Stay Confirmation Order --------------------------------------------------------------- Judge Robert Kirsch of the U.S. District Court for the District of New Jersey denied the emergency motion for a temporary administrative stay and to stay the Bankruptcy Court's order confirming the First Amended Joint Chapter 11 Plan of Reorganization of Del Monte Foods Corporation II Inc. and its affiliated debtors pending appeal filed by Appellants the Ad Hoc Group of Minority Secured Lenders. The appeal is styled AD HOC GROUP OF MINORITY SECURED LENDERS, Appellants, v. DEL MONTE FOODS CORPORATION et al., Appellees, Civil Action No. 26-6259 (RK) (D.N.J.). Debtors-Appellees Del Monte Foods Corporation II Inc. et al. ("Debtors-Appellees" or "Del Monte") filed an opposition. The Court says Appellants fail to satisfy the second "critical" factor of demonstrating irreparable injury absent a stay, and this dooms their motion. Appellants assert that the only irreparable injury they face is the risk of equitable mootness -- that, without a stay, the Plan is likely to be quickly substantially consummated, imposing on Appellants a significant risk that the pending appeal of the Settlement Order, as well as the present Appeal, may be subject to equitable mootness. Moreover, Appellants' alleged injury is, at bottom, economic: the money distributions they say they should get in the bankruptcy proceedings. According to the Court, economic loss does not qualify as irreparable harm absent "exceptional circumstances." The Court finds because Appellants fail to make the requisite showing of irreparable harm, the stay should be denied without further analysis. Even if Appellants could satisfy both threshold factors, the Court would find that the final two factors -- substantial injury of a stay to other interested parties and the public interest -- weigh against a stay. Judge Kirsch explains, "The Plan received overwhelming creditor support and is the product of extensive negotiations, mediation efforts, litigation, and creditor participation. Granting a stay under these circumstances would delay implementation of a confirmed plan supported by the vast majority of the stakeholders based upon objections advanced by a limited constituency whose arguments have already been fully litigated." A copy of the Court's Memorandum Order dated June 11, 2026, is available at https://urlcurt.com/u?l=2xM5M1 from PacerMonitor.com. About Del Monte Foods Corporation II Inc. Founded in 1886 and headquartered in Walnut Creek, California, the Del Monte business has been a cornerstone of American grocery stores for more than 130 years. Del Monte Foods has been driven by its mission to nourish families with earth's goodness. As the original plant-based food company, Del Monte is always innovating to make nutritious and delicious foods more accessible to consumers across its portfolio of beloved brands, including Del Monte, Contadina, College Inn, Kitchen Basics, JOYBA, Take Root Organics and S&W. On the Web: http://www.delmontefoods.com/or http://www.joyba.com/ On July 1, 2025, Del Monte Foods Corporation II, Inc. and 17 affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. D.N.J. Lead Case No. 25-16984) to address $1.235 billion in funded debt obligations. At the time of the filing, the Debtors listed $1 billion to $10 billion in both assets and liabilities. Judge Michael B. Kaplan presides over the case. The Debtors tapped Herbert Smith Freehills Kramer (US), LLP and Cole Schotz P.C. as legal counsel; Jonathan Goulding, managing director at Alvarez & Marsal North America, LLC, as chief restructuring officer; and Stretto, Inc. as claims and noticing agent. The U.S. Trustee for Regions 3 and 9 appointed an official committee to represent unsecured creditors. The committee hired Morrison & Foerster LLP as counsel; Province, LLC as financial advisor; Kelley Drye & Warren LLP as co-counsel; and Stifel, Nicolaus & Co., Inc. as investment banker. DIOCESE OF BUFFALO: Proceeds of Seminary Property Sale Unrestricted ------------------------------------------------------------------- The Hon. Meredith A. Vacca of the U.S. District Court for the Western District of New York reversed the Bankruptcy Court's decision to apply the cy pres doctrine to find that the use of proceeds by the Roman Catholic Diocese of Buffalo, New York from the sale of a seminary property traceable to the Reuter donation and a fund drive is restricted. The case is remanded for further proceedings. In 1959, Fred H. Reuter offered to donate approximately 80 acres of undeveloped land on Knox Road in the Town of Aurora, New York, to the Diocese of Buffalo for use as the campus of a new seminary for the training of clergy. Contemporaneously with its acceptance of this gift, the Diocese conducted what it called "The Seminary Fund Drive." Through this campaign, the Diocese collected more than $3.5 million, all of which was spent on costs of construction. From 1961 until 2021, the seminary property was used as a Catholic seminary, although under several different governing and ownership arrangements. Appellants, the Roman Catholic Diocese of Buffalo, New York and the Official Committee of Unsecured Creditors, appeal from a June 2025 decision and order of the Bankruptcy Court granting in part and denying in part the Diocese's unopposed application for unrestricted use of proceeds from the sale of the seminary property. The Bankruptcy Court found that approximately 65% of the proceeds from the sale were traceable to either the real property that was donated, or to the money that was given as part of the fund drive, for the specified and lasting purpose of establishing a permanent seminary to serve the Diocese of Buffalo. Because operation of the seminary is no longer possible, the Bankruptcy Court invoked the cy pres doctrine to find that that portion of the proceeds was restricted to use for clergy education. On appeal, Appellants maintain that the Bankruptcy Court misapplied New York law, and that the decision should be reversed. No opposition has been filed. The Diocese maintains that the Bankruptcy Court's decision erred on four principal points: (1) by concluding that the proceeds of the sale were restricted by a uniform, collective donor intent that gifts of monies and property to the Diocese to build a seminary were restricted in use in perpetuity for the benefit of clergy education; (2) by finding that the Diocese was holding the sale proceeds in trust because the donative intent created an implied trust; (3) by basing the decision on facts outside of the record (i.e., facts drawn from the Catholic Union and Echo) and which were not subject to judicial notice; and (4) by using an unsupported methodology to formulate its pro rata allocation of the sale proceeds into restricted and unrestricted funds. The Committee's brief echoes the Diocese's brief on the first two points, but also argues that 11 U.S.C. Sec. 544(a)(3) vitiates any unrecorded restriction, and that the Bankruptcy Court incorrectly traced donations to the sale proceeds. The District Court agrees with the Diocese and the Committee that the proceeds from the seminary sale are not subject to the cy pres doctrine, and therefore that the Diocese is not bound to use a portion of those proceeds for the benefit of clergy education. Rather, the Court finds that while the gifts were made with the intent that they be used for the construction of a seminary, that intent has long since been satisfied. For these reasons, Appellants' appeal is granted. Because there is no express "gift instrument" in the record clearly restricting the use of the donations to The Seminary Fund Drive, and because the documents that do exist discussing the purpose of the drive indicate that Diocesan communications suggested the animating principle of the drive was to raise funds to build a seminary, the District Court finds that the funds donated to the fund drive were given for the purpose of constructing a seminary for the Diocese of Buffalo. It is not disputed that the funds were so used, and that a Catholic seminary did, in fact, operate on the seminary property for decades. Therefore, the Court finds that the proceeds of the sale of the seminary property traceable to the fund drive are not restricted. A copy of the Court's Decision and Order dated June 10, 2026, is available at https://urlcurt.com/u?l=NFbYPV from PacerMonitor.com. About The Diocese of Buffalo N.Y. The Diocese of Buffalo, N.Y., is home to nearly 600,000 Catholics in eight counties in Western New York. The territory of the diocese is co-extensive with the counties of Erie, Niagara, Genesee, Orleans, Chautauqua, Wyoming, Cattaraugus, and Allegany in New York State, comprising 161 parishes. There are 144 diocesan priests and 84 religious priests who reside in the Diocese. The diocese through its central administrative offices (a) provides operational support to the Catholic parishes, schools, and certain other Catholic entities that operate within the territory of the Diocese "OCE"; (b) conducts school operations through which it provides parish schools with financial and educational support; (c) provides comprehensive risk management services to the OCEs; (d) administers a lay pension trust and a priest pension trust for the benefit of certain employees and priests of the OCEs; and (e) provides administrative support for St. Joseph Investment Fund, Inc. Dealing with sexual abuse claims, the Diocese of Buffalo sought Chapter 11 protection (Bankr. W.D.N.Y. Case No. 20-10322) on Feb. 28, 2020. The diocese was estimated to have $10 million to $50 million in assets and $50 million to $100 million in liabilities as of the bankruptcy filing. The Honorable Carl L. Bucki is the case judge. The Debtor tapped Bond, Schoeneck & King, PLLC, led by Stephen A. Donato, Esq., as counsel; Connors LLP and Lippes Mathias Wexler Friedman LLP as special litigation counsel; Jones Day as special corporate governance counsel; and Phoenix Management Services, LLC as financial advisor. Stretto is the claims agent, maintaining the page: https://case.stretto.com/dioceseofbuffalo/docket The U.S. Trustee for Region 2 appointed a committee of unsecured creditors on March 12, 2020. The committee tapped Pachulski Stang Ziehl & Jones, LLP and Gleichenhaus, Marchese & Weishaar, PC as bankruptcy counsel, and Burns Bair LLP as special insurance counsel. DIOCESE OF OAKLAND: Seeks Court OK for $180MM Abuse Fund -------------------------------------------------------- Rick Archer of Law360 reports that the Roman Catholic Diocese of Oakland has asked a California bankruptcy court to approve its $180 million Chapter 11 plan, defending the proposal against objections raised by sexual abuse survivors. The diocese argued that the plan provides a substantial recovery for claimants while preserving the organization's ability to continue serving parishioners. Several abuse claimants challenged confirmation, asserting that the proposed settlement amount is inadequate and that the diocese has not committed all available resources to compensate victims. They urged the court to require greater contributions before approving the restructuring plan, according to report. In response, the diocese said the plan reflects months of negotiations with stakeholders and represents the best achievable outcome under the circumstances. The proposal would channel abuse claims into a settlement trust funded through cash, property interests and other assets earmarked for survivor compensation. 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. DIRECT MOTOR: Seeks to Hire Gutnicki LLP as Co-Bankruptcy Counsel ----------------------------------------------------------------- Direct Motor Lines, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to hire Gutnicki LLP as co-bankruptcy counsel. The firm's services include: (a) negotiation with creditors; (b) preparation of a plan; (c) examining and resolving claims filed against the estate; (d) preparation and prosecution of adversary proceedings, if any; (e) preparation of pleadings filed in the case; (f) attendance at court hearings; and (g) otherwise to represent the Debtor in matters before the Court. The firm will be paid at the rate of $345 per hour to $850 per hour. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. As 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: Miriam Stein Granek, Esq. Gutnicki LLP 4711 Golf Road, Suite 200 Skokie, IL 60076 Tel: (847 933-9280 Fax: (847) 933-9285 About Direct Motor Lines, Inc. Direct Motor Lines, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 26-08611) on May 19, 2026, listing $1,000,001 to $10 million in both assets and liabilities. Judge David H Decelles presides over the case. David Freydin, Esq. at Law Offices Of David Freydin Ltd serves as the Debtor's counsel. DIV005 LLC: Milbank, et al., Win Summary Judgment in SK Lawsuit --------------------------------------------------------------- Judge Vernon D. Oliver of the U.S. District Court for the District of Connecticut granted the motion for summary judgment of Milbank Investment Holdings, LLC, Belpointe Capital Management, LLC and Pointe Residential Builders Milbank LLC (the "Milbank Defendants") on Counts Two, Three, and Four of the SK Contractors Group, Inc. d/b/a SK Contractors, LLC's amended complaint in the case captioned as SK CONTRACTORS GROUP, INC., d/b/a SK CONTRACTORS, LLC, Plaintiff, -against- DIV005, LLC, MILBANK INVESTMENT HOLDING, LLC, BELPOINTE CAPITAL MANAGEMENT, LLC, and POINTE RESIDENTIAL BUILDERS MILBANK LLC, Defendants, Case No. 23-cv-00636-VDO (D. Conn.). Plaintiff SK Contractors Group, Inc. d/b/a SK Contractors, LLC ("SK") brought this action against Defendants for breach of contract (in Count One against Defendant DIV005, LLC ("DIV005") and in Count Two against Pointe Residential Builders Milbank LLC ("Pointe")); misrepresentation (in Count Three against Pointe); and unjust enrichment (in Count Four against Milbank Investment Holdings, LLC ("Milbank") and Belpointe Capital Management, LLC ("Belpointe"). Milbank is the owner and developer of the construction project located at 71 Havemeyer Place in Greenwich, Connecticut, consisting of two three-story residential buildings containing thirty rental apartments (the "Project"). Milbank retained Pointe as the general contractor to manage and oversee construction. To carry out the structural steel fabrication and erection work for the Project, Pointe entered into a written subcontract with DIV005 on or about December 28, 2021 ("Milbank Agreement"). The Milbank Agreement provided for a total contract price of $2,375,000 for DIV005's steel fabrication and scope of work. It provided that DIV005 "shall provide sufficient organization, personnel and management to carry out the requirements of [the Milbank Agreement] in a reasonably expeditious and economical manner consistent with the interests of" Milbank. Approximately ten months after entering into the Milbank Agreement with Pointe, DIV005 independently entered into a contract with SK on October 26, 2022, wherein SK agreed to perform steel erection labor for DIV005 (the "SK Subcontract"). The Milbank Defendants were not involved in negotiating or executing the SK Subcontract and are not parties to it. The SK Subcontract expressly incorporates the Milbank Agreement between Pointe and DIV005, "except that any payment provisions are not incorporated." And the Milbank Agreement specifically obligates DIV005, not the Milbank Defendants, to pay all subsubcontractors engaged for the steel work. The Milbank Agreement further allocates the risk of nonpayment to DIV005, providing that DIV005 "assumes the risk of non-payment" in the event the Owner does not pay due to DIV005's own nonperformance. SK understood the payment scheme and submitted all payment applications solely to DIV005, never to any Milbank Defendant. DIV005 repeatedly failed to mobilize adequate manpower or supply required materials, and Pointe thus issued multiple schedule accommodations throughout the summer and fall of 2022, attempting to keep the Project on track. When DIV005 failed to cure its defects or improve performance, Pointe issued a formal Notice of Default on October 6, 2022, and a second follow-up notice on October 27, 2022, indicating that DIV005's performance had worsened. Shortly thereafter, on November 23, 2022, DIV005 sought Chapter 11 bankruptcy protection. Throughout the period of DIV005's performance, Pointe paid DIV005 approximately $958,550 pursuant to the Milbank Agreement. DIV005 accepted these payments but did not pass them through to SK. Nevertheless, SK never submitted an invoice or payment application to any Milbank Defendant; all payment requests were directed exclusively to DIV005. Under the Milbank Agreement, DIV005 was obligated to perform steel work valued at approximately $2,375,000. In paying DIV005 approximately $958,550, the Milbank Defendants thus paid for 40% of the work called for under that Milbank Agreement, while receiving, at most, 25% of the steel work SK was obligated to perform under the contract. Count Two: Breach of Contract as against Pointe In Count Two of the Amended Complaint, Plaintiff alleges that Pointe "contracted with DIV005, LLC to provide certain labor, materials, and equipment," that "SK is a third-party beneficiary of the contract between" Pointe, Milbank, and DIV005, and that SK now seeks to recover based on the breach of contract by DIV005. The Court notes that there is no dispute over the fact that none of the Milbank Defendants, including Pointe -- against whom the breach of contract claim is brought -- directly contracted with SK, including as part of the SK Subcontract. The record reflects no evidence of a contract between Pointe and SK, and the SK Subcontract was entered only by SK and DIV005. Nor does the Amended Complaint allege that Pointe or any other Milbank Defendant breached the SK Subcontract. According to the Court, because the existence of a contract is an essential element of a breach of contract claim, its absence means that SK may not maintain a direct breach of contract claim against the Milbank Defendants, none of whom were parties to the SK Subcontract. The Court finds Because Connecticut law requires clear contractual intent to create enforceable third-party beneficiary rights, and no such intent appears within the four corners of the agreements, SK's breach of contract claim against the Milbank Defendants fails as a matter of law. Summary judgment in favor of the Milbank Defendants is thus proper on Count Two. Count Three: Misrepresentation as against Pointe In Count Three of the Amended Complaint, Plaintiff alleges that Pointe Residential made material factual misrepresentations to SK that it would sign a Joint Check Agreement with SK and DIV005, LLC. SK's claim fails because the record does not reflect that any of the Milbank Defendants made any misrepresentations of fact to SK. Accordingly, the Court grants summary judgment in favor of the Milbank Defendants on Count Three, negligent misrepresentation. Count Four: Unjust Enrichment as against Milbank and Belpointe In Count Four of the Amended Complaint, Plaintiff alleges that Milbank and Belpointe were unjustly enriched by SK's work. SK alleges it provided "labor, materials, and equipment" at the Project pursuant to that Subcontract, and it seeks "$302,900.81" specifically for "unpaid work under the Subcontract. The Court finds SK's unjust enrichment claim fails because the record reflects the existence of an enforceable contract that governs the subject matter for which SK seeks recovery. The damages SK seeks in unjust enrichment fall squarely within the circumstances specified in the SK Subcontract, rendering equitable relief unavailable. According to the Court, any alleged enrichment was not unjust because the Milbank Defendants did not receive SK's work "for free." On the contrary, after SK and DIV005 abandoned the Project, Pointe was forced to incur substantial additional costs, totaling $197,641.00, to remediate structural deficiencies, correct defective welding and misalignment, and complete portions of the steel scope SK left unfinished. The Milbank Defendants thus incurred substantial economic loss from the circumstances underlying SK's claims. Far from being unjustly enriched, the Milbank Defendants had to pay twice: once to DIV005, and again to a separate party to correct and complete SK's incomplete work Accordingly, SK cannot demonstrate that the Milbank Defendants have been unjustly enriched. The Court thus grants summary judgment in favor of the Milbank Defendants on Count Four, unjust enrichment. A copy of the Court's Memorandum & Order dated June 11, 2026, is available at https://urlcurt.com/u?l=TGsJ95 from PacerMonitor.com. About Div005, LLC Div005, LLC, is primarily engaged in manufacturing iron and steel pipe and tube, drawing steel wire, and rolling steel shapes, from purchased steel. Div005, LLC, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 22-21202) on Nov. 23, 2022. In the petition signed by Harold Lerner, manager, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Metal Benders USA LLC filed its voluntary petition for relief under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 22-21201) on Nov. 23, 2022. The Debtor estimated up to $50,000 in assets and $1 million to $10 million in liabilities. Gary M. Murphey has been appointed as Subchapter V trustee. Cameron M. McCord, Esq., at Jones & Walden, LLC, serves as the Debtors' counsel. DNA ELECTRICAL: Case Summary & Three Unsecured Creditors -------------------------------------------------------- Debtor: DnA Electrical, L.L.C. d/b/a T.B.I. Electric, Inc. 7901 4th Street North, Suite 300 Saint Petersburg, FL 33702 Business Description: DnA Electrical, L.L.C., doing business as T.B.I. Electric, operates an electrical contracting business serving Naples, Collier County, and Southwest Florida. The company provides commercial and residential electrical services, including installations, upgrades, ongoing service, lighting and ceiling fan work, outlet and appliance electrical services, smart home and accent lighting, and pool, dock, and waterfront electrical work. It serves homeowners, builders, remodelers, property managers, and business owners. Chapter 11 Petition Date: June 3, 2026 Court: United States Bankruptcy Court Middle District of Florida Case No.: 26-01375 Judge: Hon. Luis Ernesto Rivera II Debtor's Counsel: Andrew Kamensky, Esq. TAX WORKOUT GROUP, P.A. 175 South 3rd Street, Suite 200 Columbus, OH 43215 Tel: (561) 786-0002 E-mail: AKamensky@TWG.Law Total Assets: $147,552 Total Liabilities: $2,584,150 The petition was signed by Derek Hanners as authorized member. 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/BQII47A/DnA_Electrical_LLC__flmbke-26-01375__0001.0.pdf?mcid=tGE4TAMA DNA ELECTRICAL: Gets Interim OK to Use Cash Collateral ------------------------------------------------------ DnA Electrical, L.L.C. received interim approval from the U.S. Bankruptcy Court for the Middle District of Florida, Fort Myers Division, to use cash collateral. Under the interim order, the Debtor is authorized to use cash collateral to pay court-authorized expenses including U.S. Trustee quarterly fees; operating expenses outlined in its approved budget, with a permitted variance of up to 10% per line item; and additional expenditures, subject to approval by secured creditor The Huntington National Bank. This authorization remains effective until further court order. The cash collateral includes cash, bank account balances, and accounts receivable and is currently subject to pre-petition liens held by Huntington. As adequate protection, Huntington and other creditors that may have security interests in cash collateral will receive perfected post-petition replacement liens, with the same validity, extent, and priority as their pre-petition liens. Additional safeguards include insurance coverage and access to business records and premises upon request. The order preserves the rights of creditors, the U.S. trustee, and any future creditors' committee to seek additional protections or challenge lien claims. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/usEff from PacerMonitor.com. The court scheduled the next hearing for July 1. About DnA Electrical L.L.C. DnA Electrical, L.L.C. operates an electrical contracting business in Southwest Florida serving new constructions, remodelers, and property owners. It conducts business under the name TBI Electric Inc. DnA Electrical filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-01375) on June 3, 2026, with $100,001 to $500,000 in assets and $1 million to $10 million in liabilities. Derek Hanners, authorized member, signed the petition. Judge Luis Ernesto Rivera II oversees the case. Andrew Kamensky, Esq., at Tax Workout Group, P.A., represents the Debtor as legal counsel. DNA ELECTRICAL: Michael Markham Named Subchapter V Trustee ---------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Michael Markham, Esq., as Subchapter V trustee for DnA Electrical, L.L.C. Mr. Markham, a partner at Johnson Pope Bokor Ruppel & Burns, LLP, will be paid an hourly fee of $400 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Markham declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Michael C. Markham, Esq. Johnson Pope Bokor Ruppel & Burns, LLP 401 E. Jackson Street, Suite 3100 Tampa, FL 33602 Phone: (727) 480-5118 Mikem@jpfirm.com About DnA Electrical L.L.C. DnA Electrical, L.L.C. operates an electrical contracting business in Southwest Florida serving new constructions, remodelers, and property owners. It conducts business under the name TBI Electric Inc. DnA Electrical filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-01375) on June 3, 2026, with $100,001 to $500,000 in assets and $1 million to $10 million in liabilities. Derek Hanners, authorized member, signed the petition. Judge Luis Ernesto Rivera II oversees the case. Andrew Kamensky, Esq., at Tax Workout Group, P.A., represents the Debtor as legal counsel. DOUBLE CHECK: Gets Interim OK to Use Cash Collateral ---------------------------------------------------- Double Check Solutions, Inc. received interim approval from the U.S. Bankruptcy Court for the Western District of Texas, Austin Division, to use cash collateral. Under the interim order, the Debtor is authorized to use cash collateral until the final hearing on July 9 to pay the expenses set forth on its budget. The Debtor may exceed the amount of any line item by 10% but may not exceed the total amount authorized by 10%. The Debtor's cash collateral is generated from licensing its software and collecting customer fees. The Debtor identifies four individuals as the only known secured creditors: Dan Roman ($50,000), Eran Perry ($75,000), Lou Silvestri ($100,000), and Scott Hinkle ($250,000). Hinkle and Silvestri serve on the Debtor's board of directors and hold convertible notes either directly or through affiliated entities. These secured creditors generally support the Debtor's restructuring efforts and are expected to consent to the use of cash collateral, although none had retained bankruptcy counsel at the time of filing. Pursuant to the order, creditors with an interest in cash collateral will be granted replacement liens on the cash collateral, with the same priority, validity and extent as their pre-petition liens. The Debtors authorized to pay post-petition interest to the four creditors as they come due. The order is available at http://bankrupt.com/misc/DoubleCheck_ICCOrder.pdf Double Check Solutions' bankruptcy filing is primarily intended to facilitate the marketing and sale of its assets while preserving the value of the business as a going concern. Double Check Solutions remains in possession of its assets and is operating as a debtor-in-possession under Chapter 11. Its assets include approximately $103,477 in cash as of the petition date, roughly $37,000 in accounts receivable, ongoing contract rights with eight software licensees, and intellectual property that management believes constitutes the Debtor's most valuable asset. Although no formal valuation has been conducted, the Debtor asserts that the value of its intellectual property likely exceeds the amount of its secured debt, suggesting the existence of an equity cushion that may help protect secured creditors. About Double Check Solutions Inc. Double Check Solutions, Inc. develops and licenses cash-management software for credit unions through its platform, MyDoubleCheck. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 26-11071-smr) on June 3, 2026. In the petition signed by Anne Lee, chief executive officer, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Judge Shad M. Robinson oversees the case. Stephen W Sather, Esq., at Barron & Newburger, P.C., represents the Debtor as legal counsel. DOUBLECHECK SOLUTIONS: Case Summary & 20 Top Unsecured Creditors ---------------------------------------------------------------- Debtor: DoubleCheck Solutions, Inc. 166 Hargraves Dr. Austin, TX 78737-4831 Business Description: DoubleCheck Solutions provides banking technology for insufficient-funds and overdraft situations. Founded in Burbank, California in 2013, the company offers a platform that alerts account holders to insufficient-funds events, enables transaction review and payment prioritization, and supports decisions on which transactions are paid or returned. DoubleCheck serves banks and credit unions, with consumers and small businesses using the platform through participating financial institutions. Chapter 11 Petition Date: June 3, 2026 Court: United States Bankruptcy Court Western District of Texas Case No.: 26-11071 Judge: Hon. Shad M Robinson Debtor's Counsel: Stephen W Sather, Esq. BARRON & NEWBURGER, P.C. 7320 N. MoPac Expressway 400 Austin, TX 78731 Tel: (512) 476-9103x220 Email: ssather@bn-lawyers.com Total Assets: $205,197 Total Liabilities: $6,073,730 The petition was signed by Anne Lee as CEO. 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/FNSNOLQ/DoubleCheck_Solutions_Inc__txwbke-26-11071__0001.0.pdf?mcid=tGE4TAMA DURANTE EQUIPMENT: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------------- Debtor: Durante Equipment LLC 3300 N. 28th Terrace Hollywood, FL 33020 Business Description: Durante Equipment is a construction equipment supplier located in Hollywood and Lake Worth, Florida. The company offers equipment rentals, sales, parts, service, in-store pickup, and delivery. It serves general contractors, construction companies, and homeowners in Miami-Dade, Broward, and Palm Beach counties, with equipment including landscaping equipment, contractor tools, scissor lifts, forklifts, skid steers, and boom lifts. Chapter 11 Petition Date: June 3, 2026 Court: United States Bankruptcy Court Southern District of Florida Case No.: 26-17303 Judge: Hon. Scott M. Grossman Debtor's Counsel: Bart Houston, Esq. HOUSTON RODERMAN PLLC 633 S. Andrews Avenue Suite 500 Ft. Lauderdale, FL 33301 Tel: 954-900-2615 E-mail: bhouston@thehoustonfirm.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $500,000 to $1 million The petition was signed by John E. Durante as CEO. 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/ZFZ7MVY/DURANTE_EQUIPMENT_LLC__flsbke-26-17303__0002.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/P6YLFTQ/DURANTE_EQUIPMENT_LLC__flsbke-26-17303__0001.0.pdf?mcid=tGE4TAMA ENDLESS SUMMER: To Sell Gulfport Property to M. Brown & C. Robinson ------------------------------------------------------------------- Endless Summer Real Estate & Investments LLC seeks permission from the U.S. Bankruptcy Court for the Southern District of Mississippi, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property is located at 3403 54th Avenue, Gulfport, MS 39501. The Debtor's decision to liquidate the Property is in the best interest of all creditors and parties-in-interest. The purchasers of the Property are Mikie Brown and Charles Robinson. The purchase price of the Property is $337,500. The Purchasers are good faith purchasers and the sale transaction is an arms-length transaction. The Debtor seeks to sell the Property free and clear of liens, claims, and security interests with the exception of ad valorem tax claims which shall be prorated based upon possession, and paid at closing, and customary seller's costs of closing. Southern Bancorp Bank is the lienholder of the Property. The remaining sales proceeds shall be placed in an interest-bearing escrow account by counsel for the Debtor, with the funds to be disbursed only upon further order of the Court. The Debtor requests that the Court approve the sale for the fair, reasonable, and appropriate contract price of $337,500. About Endless Summer Real Estate & Investments LLC Endless Summer Real Estate & Investments is a privately held company that holds and rents out real estate properties. Endless Summer Real Estate & Investments sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.Missi. Case No.: 26-01509) on May 29, 2026. In the petition signed by Steven T. Johnson as managing member, the Debtor disclosed estimated assets of $1 million to $10 million and estimated liabilities of $1 million to $10 million. Judge Jamie A. Wilson presides over the case. Craig M. Geno, Esq. at LAW OFFICES OF GENO AND STEISKAL, PLLC, represents the Debtor as legal counsel. EVERGREEN BUILDING: James LaMontagne Named Subchapter V Trustee --------------------------------------------------------------- The U.S. Trustee for Region 1 appointed James LaMontagne of Sheehan Phinney Bass & Green as Subchapter V trustee for Evergreen Building Company, LLC. Mr. LaMontagne will be paid an hourly fee of $475 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. LaMontagne declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: James S. LaMontagne, Esq. Sheehan Phinney Bass & Green 75 Portsmouth Boulevard, Suite 110 Portsmouth, NH 03801 Phone: (603) 627-8102 jlamontagne@sheehan.com About Evergreen Building Company LLC Evergreen Building Company, LLC is a South Portland, Maine-based construction and millwork company. The company provides new home construction, residential and commercial renovation, pre-construction services, design/build support, construction management, and custom cabinetry and woodwork. It serves developers, architects, owners, and clients through its office and millwork shop in South Portland. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Me. Case No. 26-20145) on May 28, 2026, with $222,950 in assets and $1,357,573 in liabilities. Thomas A. Gagne, general manager, signed the petition. Judge Peter G. Cary presides over the case. Tanya Sambatakos, Esq. at MOLLEUR LAW OFFICE represents the Debtor as legal counsel. FAIRFAX INVESTORS: Commences Chapter 11 Bankruptcy in Oklahoma -------------------------------------------------------------- On June 12, 2026, Fairfax Investors, LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Western District of Oklahoma. According to court filings, the Debtor reports between $10 million and $50 million in debt owed to 1-49 creditors. The deadline for filing the Chapter 11 Plan and Disclosure Statement is October 13, 2026. About Fairfax Investors, LLC Fairfax Investors, LLC is a limited liability company based in Oklahoma. Public information regarding its operations is limited, but the company appears to function as an investment and asset-holding entity. Fairfax Investors, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-11984) on June 12, 2026. In its petition, the Debtor reported estimated assets of $10 million to $50 million and estimated liabilities of $10 million to $50 million. Chief Judge Sarah A. Hall is overseeing the case. The Debtor is represented by Joyce W. Lindauer, Esq. of Lindauer & Vaughn. FIRST BRANDS: US Trustee's Conversion to Chapter 7 Bid Denied ------------------------------------------------------------- Emily Lever of Law360 Bankruptcy Authority reports that First Brands Group LLC received court approval Friday, June 12, 2026, to distribute its fifth amended Chapter 11 plan to creditors for voting after a Texas bankruptcy judge denied a request by the U.S. Trustee to block solicitation efforts. The ruling keeps the automaker parts supplier's restructuring timeline on track. The U.S. Trustee had raised objections to aspects of the proposed plan and disclosure statement, contending that additional issues needed to be resolved before votes could be sought. First Brands maintained that its latest revisions adequately addressed outstanding concerns and complied with bankruptcy requirements, the report states. By overruling the trustee's motion, the court cleared the way for creditors to review and vote on the reorganization proposal. The outcome represents an important step toward confirmation of a plan that could determine the company's path out of bankruptcy, according to Law360. About First Brands Group First Brands Group, LLC, is a global supplier of aftermarket automotive parts, based in Rochester Hills, Michigan. On September 24, 2025, the Company's non-operational special purpose entities, Global Assets LLC, Global Lease Assets Holdings, LLC, Carnaby Capital Holdings, LLC, Broad Street Financial Holdings, LLC, Broad Street Financial, LLC, Carnaby Inventory II, LLC, Carnaby Inventory Holdings II, LLC, Carnaby Inventory III, LLC, Carnaby Inventory Holdings III, LLC, Patterson Inventory, LLC, Patterson Inventory Holdings, LLC, Starlight Inventory I, LLC and Starlight Inventory Holdings I, LLC each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. Commencing on Sept. 28, 2025, First Brands Group, LLC and 98 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. In its petition, First Brands Group listed $1 billion to $10 billion in estimated assets and $10 billion to $50 billion in estimated liabilities. The cases are pending before the Hon. Christopher M. Lopez, and are jointly administered under Case No. 25-90399, and consolidated for procedural purposes only. The Debtors tapped Weil, Gotshal and Manges, LLP as legal counsel; Lazard Freres & Co. as investment banker; Alvarez & Marsal North America, LLC as financial advisor; and C Street Advisory Group as strategic communications advisor. Kroll Restructuring Administration, LLC is the Debtors' claims, noticing and solicitation agent. Gibson, Dunn & Crutcher, LLP and Evercore serve as the Ad Hoc Group of Lenders' legal counsel and investment banker, respectively. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The Committee has hired M3 Advisory Partners, LP, as Financial Advisor; Cole Schotz P.C. as Efficiency and Local Counsel; and Brown Rudnick LLP as Co-Counsel. The U.S. Trustee has proposed Martin De Luca, Esq., at Boies Schiller Flexner LLP as Chapter 11 examiner. FIRST LIBERTY: Founder's Wife Wants to Protect Assets from Receiver ------------------------------------------------------------------- Kelly Yamanouchi of The Atlanta Journal-Constitution reports that the receiver tasked with recovering money for victims of the failed First Liberty Building & Loan is seeking access to assets associated with a company owned by Krista Frost, wife of founder Brant Frost IV. The move is part of ongoing efforts to identify and recover funds for investors affected by the lender's collapse. Krista Frost is opposing the receiver's request, arguing that her business should not be swept into the receivership proceedings. Court filings indicate the disagreement centers on whether the company's assets can be used to help repay investors who suffered losses, the report relays. First Liberty became the subject of federal scrutiny after regulators alleged it operated a $140 million Ponzi scheme. The SEC accused the company and Brant Frost IV of deceiving investors while raising money through securities offerings. Frost later admitted guilt in a related criminal fraud case and is awaiting sentencing. according to The Atlanta Journal-Constitution. Federal investigators contend that substantial amounts of investor money were diverted for non-business purposes. The alleged expenditures included luxury goods, vacations, jewelry, credit card payments and political donations. Authorities estimate that at least $570,000 in investor funds was directed toward political contributions. About First Liberty Building & Loan First Liberty Building & Loan offers promissory notes and loan-participation deals to retail investors, touting returns of up to 18% from funds supposedly used for short-term business bridge loans. In July 2025, First Liberty Building & Loan, LLC of Newnan, Georgia, was placed under federal receivership after the SEC accused the firm and founder Edwin Brand Frost IV of orchestrating a $140 million Ponzi-style operation. The case is being overseen by U.S. District Judge Michael L. Brown of the Northern District of Georgia, who appointed S. Gregory Hays as receiver on July 11, 2025. The receivership extends to several related entities, including First Liberty Capital Partners, LLC, First National Investments, LLC, MyHealthAI Capital, LLC, and The Legacy Advisory Group, Inc. FTX TRADING: 2nd Cir. Upholds 25-Year Bankman-Fried Conviction -------------------------------------------------------------- Aislinn Keely of Law360 Bankruptcy Authority reports that on June 12, 2026, the Second Circuit has upheld Sam Bankman-Fried's fraud conviction and an accompanying $11 billion forfeiture order, rejecting the former FTX executive's appeal in its entirety. The court found that the trial proceedings were fair and that the evidence overwhelmingly supported the jury's verdict. Bankman-Fried contended that the district court improperly limited evidence related to the potential recovery of customer assets through the FTX bankruptcy. He argued that the possibility of full repayment undermined the government's contention that customers suffered losses. The appeals court, however, concluded that such evidence would not have changed the outcome because the unauthorized use of customer funds constituted fraud, the report relays. The ruling leaves standing the penalties imposed following one of the most closely watched prosecutions in the cryptocurrency industry. It also reinforces the government's position that subsequent recoveries in bankruptcy do not erase criminal liability arising from the misuse of customer assets, according to Law360. About FTX Trading Ltd. FTX is the world's second-largest cryptocurrency firm. FTX is a cryptocurrency exchange built by traders, for traders. FTX offers innovative products including industry-first derivatives, options, volatility products and leveraged tokens. Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that FTX paused customer withdrawals after it was hit with roughly $5 billion worth of withdrawal requests. Faced with liquidity issues, FTX on Nov. 9 struck a deal to sell itself to its giant rival Binance, but Binance walked away from the deal amid reports on FTX regarding mishandled customer funds and alleged US agency investigations. At 4:30 a.m. on Nov. 11, Bankman-Fried ultimately agreed to step aside, and restructuring vet John J. Ray III was quickly named new CEO. FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc. (d/b/a FTX US), Alameda Research Ltd. and certain affiliated companies then commenced Chapter 11 proceedings (Bankr. D. Del. Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022. Additional entities sought Chapter 11 protection on Nov. 14, 2022. FTX Trading and its affiliates each listed $10 billion to $50 million in assets and liabilities, making FTX the biggest bankruptcy filer in the US this year. According to Reuters, SBF shared a document with investors on Nov. 10 showing FTX had $13.86 billion in liabilities and $14.6 billion in assets. However, only $900 million of those assets were liquid, leading to the cash crunch that ended with the company filing for bankruptcy. The Hon. John T. Dorsey is the case judge. The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel; Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal North America, LLC as financial advisor. Kroll is the claims agent, maintaining the page https://cases.ra.kroll.com/FTX/Home-Index The official committee of unsecured creditors tapped Paul Hastings as bankruptcy counsel; Young Conaway Stargatt & Taylor, LLP as Delaware and conflicts counsel; FTI Consulting, Inc. as financial advisor; and Jefferies, LLC as investment banker. Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory T. Donilon, Edward L. Schnitzer, and David M. Banker, is representing Sam Bankman-Fried in the Chapter 11 cases. White collar crime specialist Mark S. Cohen has reportedly been hired to represent SBF in litigation. Lawyers at Paul Weiss previously represented SBF but later renounced representing the entrepreneur due to a conflict of interest. FUND FOR SANDY: Hires Lewis Alligood & Associates as Appraiser -------------------------------------------------------------- The Fund for Sandy Point North Carolina LP seeks approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to hire Lewis, Alligood & Associates, LLC as appraiser. The firm will assist with inspecting and appraising of the Debtor's property located at 215 Sandy Point Road, Edenton, Chowan County, North Carolina, Parcel Nos. 783300124627 and 783300557887. The appraiser will be compensated with a fee in the amount of $3,500 to update their appraisal of the property. As disclosed in the court filings, Lewis, Alligood & Associates, LLC does not currently hold an interest adverse to the estate. The appraiser can be reached through: Thomas C. Alligood Lewis, Alligood & Associates, LLC 4016 Barrett Drive, Suite 202 Raleigh, NC 27609 Tel: (919) 782-5652 About The Fund for Sandy Point North Carolina LP The Fund for Sandy Point North Carolina LP sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.C. Case No. 26-01339) on March 25, 2026. At the time of the filing, Debtor had estimated assets of between $1,000,001 to $10 million and liabilities of between $1,000,001 to $10 million. Judge David M. Warren oversees the case. Hendren, Redwine & Malone, PLLC is Debtor's legal counsel. GOHEALTH INC: Cahill Gordon, MNAT Represent Ad Hoc Revolver Group ----------------------------------------------------------------- In the Chapter 11 bankruptcy cases of GoHealth, Inc. and its debtor-affiliates, Cahill Gordon & Reindel LLP and Morris, Nichols, Arsht & Tunnell LLP filed with the United States Bankruptcy Court for the District of Delaware a Verified Statement pursuant to Bankruptcy Rule 2019 to inform the Court that both firms represent the Ad Hoc Revolver Group. According to the Verified Statement: 1. In June 2025, the Ad Hoc Revolver Group (as comprised from time to time) formed and retained Cahill Gordon & Reindel LLP to represent it as legal counsel in connection with a potential financing or restructuring of the Debtors' outstanding debt obligations and certain of their subsidiaries and affiliates. Subsequently, in May 2026, Cahill contacted Morris, Nichols, Arsht & Tunnell LLP to serve as Delaware co-counsel to the Ad Hoc Revolver Group. 2. As of the date of this Verified Statement, Cahill and Morris Nichols represent the Ad Hoc Revolver Group, comprised of the beneficial holders or the investment advisors or managers for certain beneficial holders, in their capacities as lenders under: -- a Superpriority Senior Secured Credit Agreement, dated as of August 6, 2025 (as amended, restated, supplemented or otherwise modified from time to time) (the Super-Priority Credit Agreement and the claims thereunder, the Super-Priority Loan Claims) and -- a Credit Agreement, dated as of September 13, 2019 (as amended, restated, supplemented or otherwise modified from time to time) (the First Lien Credit Agreement and the claims thereunder, the First Lien Loan Claims) (the Credit Agreements, and the Loans (as defined in the respective Credit Agreements) made thereunder, the Loans), by and among Norvax, LLC, as borrower, Blizzard Midco, LLC, as holdings, the lenders party thereto from time to time, and Blue Torch Finance, LLC, as administrative agent. 3. Cahill and Morris Nichols do not represent or purport to represent any other entities in connection with the Debtors' chapter 11 cases. Cahill and Morris Nichols do not represent the Ad Hoc Revolver Group as a committee (as such term is used in the Bankruptcy Code and Bankruptcy Rules) and do not undertake to represent the interests of, and are not fiduciaries for, any creditor, party in interest, or other entity that has not signed a retention agreement with Cahill or Morris Nichols. In addition, the Ad Hoc Revolver Group does not represent or purport to represent any other entities in connection with the Debtors' chapter 11 cases. Each member of the Ad Hoc Revolver Group does not represent the interests of, nor act as a fiduciary for, any person or entity other than itself in connection with the Debtors' chapter 11 cases. 4. Upon information and belief formed after due inquiry, Cahill and Morris Nichols do not hold any disclosable economic interests (as that term is defined in Bankruptcy Rule 2019 in relation to the Debtors. 5. Nothing contained in this Verified Statement is intended or shall be construed to constitute: A. a waiver or release of the rights of any of the members of the Ad Hoc Revolver Group to have any final order entered by, or other exercise of the judicial power of the United States performed by, an Article III court; B. a waiver or release of the rights of any of the members of the Ad Hoc Revolver Group to have any final orders in any non-core matters entered only after de novo review by a United States District Judge; C. consent to the jurisdiction of the Court over any matter; D. an election of remedy; E. a waiver of release of any rights of any of the members of the Ad Hoc Revolver Group may have to a jury trial; F. a waiver or release of the right to move to withdraw the reference with respect to any matter or proceeding that may be commenced in these Chapter 11 cases against or otherwise involving any of the members of the Ad Hoc Revolver Group; or G. a waiver or release of any other rights, claims, actions, defenses, setoffs or recoupments to which any of the members of the Ad Hoc Revolver Group are or may be entitled under the Credit Agreement, in law or in equity, applicable law or under any agreement or otherwise, with all such rights, claims, actions, defenses, setoffs or recoupments being expressly reserved in all respects 2019(a)(1)) in relation to the Debtors. 6. The Ad Hoc Revolver Group, through its undersigned counsel, reserves the right to amend or supplement this Verified Statement in accordance with the requirements of the Bankruptcy Rule 2019 at any time in the future. 7. The information outlined is based on information provided to Cahill and Morris Nichols by the members of the Ad Hoc Revolver Group and is intended only to comply with Bankruptcy Rule 2019 and not for any other purpose. The names and addresses of each of the members of the Ad Hoc Revolver Group, together with the nature and amount of the disclosable economic interests held by each of them in relation to the Debtors, are: 1. Bank of America, N.A. 401 North Tryon Street, NC1-021-06-01 Charlotte, NC 28255 Loans Super-Priority Loan Claims: $5,655,183 First Lien Loan Claims: $9,517,950 Other Disclosable Economic Interests Shares of Common Stock: 76,104 2. Barclays Bank PLC 745 7th Ave New York, NY 10019 Loans Super-Priority Loan Claims: $7,804,189 First Lien Loan Claims: $7,818,316 Other Disclosable Economic Interests Shares of Common Stock: 62,514 3. Benefit Street Partners 1 Madison Avenue, Suite 1600, New York, NY 10010 Loans Super-Priority Loan Claims: $1,009,854 First Lien Loan Claims: $1,699,634 Other Disclosable Economic Interests Shares of Common Stock: 13,592 4. Blue Owl Credit Advisors LLC 399 Park Avenue, 37th Floor, New York, NY 10022 Loans Super-Priority Loan Claims: $3,029,562 First Lien Loan Claims: $5,098,902 Other Disclosable Economic Interests Shares of Common Stock: 40,770 5. Goldman Sachs Lending Partners LLC 6011 Connection Drive Irving, TX 75039 Loans Super-Priority Loan Claims: $5,655,183 First Lien Loan Claims: $9,517,950 Other Disclosable Economic Interests Shares of Common Stock: 0 6. MidCap Financial Trust 7255 Woodmont Ave. Suite 300, Bethesda, MD 20814 Loans Super-Priority Loan Claims: $4,183,050 First Lien Loan Claims: $3,399,268 Other Disclosable Economic Interests Shares of Common Stock: 27,180 7. Morgan Stanley Senior Funding, Inc. 1585 Broadway New York, NY 10036 Loans Super-Priority Loan Claims: $5,655,183 First Lien Loan Claims: $9,517,950 Other Disclosable Economic Interests Shares of Common Stock: 76,104 8. Royal Bank of Canada 200 Vesey St, 12th Floor New York, NY 10281 Loans Super-Priority Loan Claims: $4,645,329 First Lien Loan Claims: $7,818,316 Other Disclosable Economic Interests Shares of Common Stock: 62,514 9. Truist Bank 303 Peachtree Street Atlanta, GA 30308 Loans Super-Priority Loan Claims: $3,433,504 First Lien Loan Claims: $5,778,756 Other Disclosable Economic Interests Shares of Common Stock: 46,206 Attorneys for the Ad Hoc Revolver Group: Derek C. Abbott, Esq. Cicely Berzack, Esq. MORRIS, NICHOLS, ARSHT & TUNNELL LLP 1201 N. Market Street Wilmington, DE 19801 Tel: (302) 658-9200 Fax: (302) 658-3989 E-mail: dabbott@morrisnichols.com cberzack@morrisnichols.com - and - Joel Moss, Esq. Jordan Wishnew, Esq. Matthew Catone, Esq. Tanner Bowen, Esq. CAHILL GORDON & REINDEL LLP 32 Old Slip New York, NY 10005 Tel: (212) 701-3000 Fax: (212) 269-5420 E-mail: JMoss@cahill.com JWishnew@cahill.com MCatone@cahill.com TBowen@cahill.com About GoHealth, Inc. GoHealth, Inc. is an American health insurance company. GoHealth, Inc. and several affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 26-10914) on June 7, 2026. In their petitions, the Debtors reported $500 million to $1 billion in estimated assets and $1 billion to $10 billion in estimated liabilities. The Hon. Bankruptcy Judge Thomas M. Horan handles the jointly administered cases. The Debtors filed a Joint Prepackaged Chapter 11 Plan and Disclosure Statement together with their bankruptcy petitions. The hearing to consider confirmation of the Plan and approval of the adequacy of the Disclosure Statement is set for July 16, 2026, at 1:00 p.m., prevailing Eastern Time. The Debtors hired Kirkland & Ellis LLP and Kirkland & Ellis International LLP as restructuring counsel; Pachulski Stang Ziehl & Jones LLP as Delaware bankruptcy counsel; Alvarez & Marsal North America, LLC as restructuring advisor; and Donlin, Recano & Company, Inc., as claims and noticing agent. The ad hoc group of term loan holders is represented by Akin Gump Strauss Hauer & Feld LLP and Young Conaway Stargatt & Taylor, LLP. Cahill Gordon & Reindel LLP and Morris, Nichols, Arsht & Tunnell LLP represent the Ad Hoc Revolver Group. GRANITE SENIOR: Hires Keen-Summit Capital as Marketing Consultant ----------------------------------------------------------------- Granite Senior Services, LLC seeks approval from the U.S. Bankruptcy Court for the District of New Hampshire to employ Keen-Summit Capital Partners, LLC as its marketing agent and consultant. The firm will advise the Debtor regarding the marketing and sale of its property known as Artemis Living elderly care facility located at 1262 St. Johnsbury Road, Littleton, NH. The Debtor proposes to pay Keen-Summit a retainer of $25,000 with a 5% commission on the sale of the property. Debtor will also pay any out-of-pocket costs and expenses of the approved marketing plan budget with the consultant. Michael Papadimatos has agreed to lend Debtor the $25,000 to pay the retainer and fund the marketing budget. David Levy, managing director at Keen-Summit, assured the court that his firm is a "disinterested person" within the meaning of U.S.C. Sec. 101(14). The firm can be reached through: David Levy Keen-Summit Capital Partners, LLC 1 Huntington Quadrangle Suite 2C04 Melville, New York 11747 Phone: (312) 754-9560 Email: dlevy@keen-summit.com About Granite Senior Services Granite Senior Services, LLC, operating the Artemis Living senior living community in Littleton, New Hampshire, provides independent living, supportive care, and memory care services. Established to foster vibrant community life and overall well-being, the company offers maintenance-free residences, wellness programs, and engaging activities designed for older adults, ranging from active seniors to those requiring memory-focused or supportive care. Granite Senior Services filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D.N.H. Case No. 26-10275) on March 30, 2026. In the petition signed by George Papadimatos, managing member, the Debtor disclosed up to $50 million in both assets and liabilities. William S. Gannon PLLC represents the Debtor as counsel. GREAT AJAX FS: Seeks Chapter 7 Bankruptcy in Delaware ----------------------------------------------------- On June 11, 2026, Great Ajax FS LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the District of Delaware. According to court filings, the Debtor reports between $100,001 and $1 million in debt owed to between 1 and 49 creditors. About Great Ajax FS LLC Great Ajax FS LLC is a financial services and asset-holding company affiliated with mortgage and real estate investment activities, including the management and ownership of financial assets. Great Ajax FS LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10957) on June 11, 2026. In its petition, the Debtor reports estimated assets between $0 and $100,000 and estimated liabilities between $100,001 and $1 million. The Debtor is represented by Katherine Strauch, Esq. and Brendan Joseph Schlauch, Esq., of Richards, Layton & Finger, P.A. GREAT CIRCLE: Gets Court OK for Chapter 11 Disclosure Statement --------------------------------------------------------------- Chief Judge Martin Glenn of the U.S. Bankruptcy Court for the Southern District of New York conditionally approved Great Circle Park, LLC's Second Amended Combined Disclosure Statement and Chapter 11 Plan of Reorganization. The Plan, which contemplates a Property Sale or Refinancing, classifies holders of claims and interests into three classes. Only Class 1 (Flagstar Secured Claims) is impaired and entitled to vote on the Plan. The Plan provides for non-priority unsecured creditors holding Allowed General Unsecured Claims to receive distributions, which the Debtor projects will be paid in full. The Debtor will market the Parking Garage and pursue a negotiated sale transaction with one or more prospective purchasers in a manner designed to maximize value for the benefit of the Debtor's estate and its creditors. As a condition to the effectiveness of the Plan, the Debtor must close the Property Sale or Refinancing on or before November 30, 2026. Specifically, the Debtor is authorized to structure any Property Sale pursuant to the terms of a sale and purchase agreement and the sale and purchase agreement may be structured so that it qualifies as a Like-Kind Exchange. The Disclosure Statement, which was filed combined with the Plan, is comprehensive and informative and contains information necessary for impaired creditors to make an "informed judgment" about the Plan. The Disclosure Statement appears to satisfy the requirements of section 1125. Accordingly, the Court approves the Disclosure Statement. Section 1129(a)(10) requires at least one class of impaired claims -- if there are any impaired classes -- to have accepted the Plan. Voting has not yet occurred. As such, whether the Plan meets the requirements of section 1129(a)(10) is to be determined. Section 1129(a)(11) requires the Court to determine that confirmation of the plan is not likely to be followed by the liquidation, or the need for further financial reorganization, of the debtor or any successor to the debtor under the plan, unless such liquidation or reorganization is proposed in the plan. The Debtors will engage in either a Property Sale or Refinancing. While a Property Sale for the single-asset Debtor would constitute a liquidating plan, the Debtors have demonstrated that a sale is feasible. The Debtors have engaged Marcus & Millichap Real Estate Investment Services, Inc. for Property Sale and/or Refinancing efforts, and the net proceeds will fund the distributions. Accordingly, the Plan meets the requirements of section 1129(a)(11). The Court conditionally approves the Plan subject to later voting. A copy of the Court's Memorandum Opinion and Order dated June 5, 2026, is available at https://urlcurt.com/u?l=N1MDnG from PacerMonitor.com. About Great Circle Park LLC Great Circle Park, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. N.Y. Case No. 25-11767) on August 12, 2025, listing up to $10 million in both assets and liabilities. Pamela Frost, managing member, signed the petition. Judge Martin Glenn oversees the case. Tracy L. Klestadt, at Klestadt Winters Jureller Southard & Stevens, LLP, represents the Debtor as legal counsel. Flagstar Bank, N.A., as lender, is represented by: Phillip S. Pavlick, Esq. McCarter & English, LLP Four Gateway Center, 100 Mulberry Street Newark, NJ 07102 Tel: (973) 849-4181 ppavlick@mccarter.com GREGORY FUNDING: Seeks Chapter 7 Bankruptcy in Delaware ------------------------------------------------------- On June 11, 2026, Gregory Funding LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the District of Delaware. According to court filings, the Debtor reports between $0 and $100,000 in debt owed to between 1 and 49 creditors. About Gregory Funding LLC Gregory Funding LLC is a financial services company engaged in loan servicing, asset management, and the administration of mortgage-related and consumer finance portfolios. Gregory Funding LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10958) on June 11, 2026. In its petition, the Debtor reports estimated assets between $100,001 and $1 million and estimated liabilities between $0 and $100,000. The Debtor is represented by Brendan Joseph Schlauch, Esq. and Katherine Strauch, Esq. of Richards, Layton & Finger, P.A. HAMPTON DREAM: Seeks to Hire BFSNG Law Group, LLP as Attorney ------------------------------------------------------------- Hampton Dream Properties, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire BFSNG Law Group, LLP as attorneys. The firm will render these services: a. advise the Debtor's with respect to the powers and duties of the Debtor-in-Possession in the continued management of its business and property; b. represent the Debtor the Bankruptcy Court and at all hearings on matters pertaining to its affairs, including prosecuting and defending litigated matters ad they may rise during the Chapter 11 case; c. advise and assist the Debtor in the preparation and negotiation of a Plan of Reorganization with its creditors; d. prepare all necessary or desirable applications, answers, orders, reports, documents and other legal papers; and e. perform all other legal services. The firm will be paid at these hourly rates: Partners $600 to $725 Of Counsel $500 Associates $500 to $550 Paralegals $210 In addition, the firm will seek reimbursement for expenses incurred. Prior to the petition date, the Debtor paid a retainer of $30,000 plus $1,738 filing fee in this matter. Mark E. Cohen, Esq., a partner of BFSNG Law Group, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Mark E. Cohen, Esq. BFSNG Law Group, LLP 6851 Jericho Turnpike, Suite 250 Syosset, NY 11791 Telephone: (516) 747-1136 Email: mcohen@bfslawfirm.com About Hampton Dream Properties, LLC Hampton Dream Properties, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 26-72065) on May 24, 2026, listing $1,000,001 to $10 million in both assets and liabilities. Mark E. Cohen, Esq. at BFSNG Law Group, LLP serves as the Debtor's counsel. HANDLOS FINISHING: Seeks to Extend Plan Exclusivity to July 8 ------------------------------------------------------------- Handlos Finishing, LLC, and its affiliates asked the U.S. Bankruptcy Court for the Southern District of Iowa to extend their exclusivity periods to file a plan of reorganization and disclosure statement to July 8, 2026. On April 23, 2026, the Debtors' filed their Joint Plan of Reorganization Dated April 23, 2026. On May 7, 2026, Debtors' filed their Joint Disclosure Statement Dated May 7, 2026. The Debtors explain that they have withdrawn their Plan and Disclosure Statement, as a result of material changes to the Class 2 Claims and the Means of Implementation sections of the Plan and Disclosure Statement. Additionally, Debtors and the Class 2 Claimants, Farm Credit Services of America, FLCA and Farm Credit Services of America, PCA are engaged in extensive good faith settlement discussions regarding the Class 2 Claims. The Debtors further assert that the requested extension is of no prejudice to creditors or the Bankruptcy Estate and is in the best interests of all parties in interest. Counsel to the Debtors: Jeffrey D. Goetz, Esq. Brennan B. Eddie, Esq. Dickinson, Bradshaw, Fowler & Hagen, P.C. 801 Grand, Suite 3700 Des Moines, IA 50309-8004 Tel: (515) 246-5817 Fax: (515) 246-5808 Email: jgoetz@dickinsonbradshaw.com About Handlos Finishing Handlos Finishing, LLC is part of a family-owned pork producer in Audubon, Iowa, that raises hogs from farrowing through finishing and provides custom manure-handling services. The vertically integrated operation also farms grain and feed crops that support its swine units. Handlos Finishing and nine affiliates filed Chapter 11 petitions (Bankr. S.D. Iowa Lead Case No. 25-00669) on April 23, 2025. In its petition, Handlos Finishing reported assets between $1 million and $10 million and liabilities between $50 million and $100 million. Judge Lee M. Jackwig oversees the cases. The Debtors are represented by Jeffrey D. Goetz, Esq., at Dickinson, Bradshaw, Fowler & Hagen, P.C. HS GROUP: SSG Served as Investment Banker in Kaylad Asset Sale -------------------------------------------------------------- SSG Capital Advisors, LLC (SSG) served as investment banker to HS Group, Inc. d/b/a ZOTA Payment Services and Direct Payment Services (ZOTA or the Company) in the sale of substantially all of its assets to Kaylad, LLC. The transaction closed in June 2026. ZOTA is a registered ISO/MSP providing integrated payment processing, point-of-sale software, and value-added merchant services to approximately 5,000 U.S. merchants, with a particular focus on nail salons. The ZOTA platform offers card processing, scheduling and workflow tools, booking, and digital marketing solutions, with back-office support from teams in Vietnam and the Philippines. Since its founding, the Company achieved meaningful growth by targeting an underserved and highly fragmented merchant segment with unique payment needs. Despite the strength of the underlying business, disputes among the Company's equity holders disrupted governance and ultimately resulted in ZOTA being placed into receivership. In September 2024, the District Court of Laramie County, Wyoming appointed Randy L. Royal as Receiver, with responsibility for overseeing day-to-day operations, preserving enterprise value, and effectuating a court-supervised sale process. SSG was retained in February 2026 to conduct a targeted marketing process, identify strategic and financial buyers, and solicit offers for the Company's assets. In collaboration with the Receiver and his legal team, SSG developed and executed a strategy designed to reach buyers with relevant payments expertise and the ability to transact in a complex receivership. Through this process, SSG generated strong market engagement and secured multiple offers for the Company's assets. Following negotiations with prospective bidders, the offer submitted by Kaylad, LLC was determined to be the highest and best proposal. SSG's experience managing competitive sale processes in contentious stakeholder environments enabled the Receiver to maximize value, preserve continuity for the Company's merchant base, and bring finality to a longstanding dispute. Other professionals who worked on the transaction include: * Randy L. Royal of Randy L. Royal, PC, court-appointed Receiver of HS Group, Inc.; and * Bradley T. Hunsicker and Patrick R. Akers of Markus Williams LLC, counsel to HS Group, Inc. I-ON DIGITAL: Assumes $25MM Mineral Property Purchase Agreement --------------------------------------------------------------- I-ON Digital Corp. disclosed in a regulatory filing that it entered into an Assignment of Mineral Property Purchase Agreement with Tall Ship Resource Development LLC, a Delaware limited liability company controlled and owned by the Company's Chief Executive Officer and majority shareholder, Carlos Montoya, pursuant to which Tall Ship irrevocably assigned, transferred, conveyed, and delivered to the Company all of Tall Ship's right, title, and interest as buyer under that certain Secured Mineral Property Purchase Agreement dated May 17–18, 2026 between Tall Ship and the prior owners thereof and/or their designated entity. The Company did not pay any consideration to Tall Ship for the assignment of the rights to the Claims under the Purchase Agreement but did agree to assume all of Tall Ship's obligations to the Seller under the Purchase Agreement as more fully set forth below. The Purchase Agreement relates to the acquisition of 21 of 22 mutually agreed upon unpatented placer mining claims known as the "Project," Bureau of Land Management gold mining claims located in the southwestern United States. The Project consists of 22 contiguous BLM placer mining claims, comprising approximately 440 acres and containing an estimated 1 to 1.5 million ounces of in situ gold reserves. The project exhibits mineralization associated with gold, platinum group metals, light and heavy rare earth elements, gallium, scandium, and yttrium. The total purchase price of the Claims under the Purchase Agreement is $25,000,000, payable via an initial escrow deposit of $500,000 (including a $75,000 reimbursement to Seller, conditioned on receipt of supporting documentation) and deferred installment payments as set forth therein. The Purchase Agreement contemplates a phased transfer of the Claims: 11 mutually agreed claims transferring free and clear at the initial closing, and 10 mutually agreed claims transferring free and clear upon completion of the fourth installment payment. Pursuant to the Assignment Agreement, effective as of the Assignment Effective Date, Tall Ship irrevocably assigned, transferred, conveyed, and delivered to the Company all of Tall Ship's right, title, and interest in, to, and under the Purchase Agreement, including without limitation: (i) all rights to acquire, receive, and hold title to the 21 claims in accordance with the phased transfer schedule set forth in the Purchase Agreement; (ii) all rights relating to the escrow, including rights to direct disbursements and receive any refunds in the event of Seller default; (iii) all due diligence rights, access rights, and cooperation rights afforded to buyer under the Purchase Agreement during the purchasing claims period; (iv) all rights to participate in the cooperative Acquisition and Development Agreement relating to the proposed local mineral processing mill; and (v) all other rights, benefits, privileges, claims, and interests of buyer under the Purchase Agreement. Further, pursuant to the Assignment Agreement and effective as of the Assignment Effective Date, the Company accepted the assignment and assumed all liabilities, duties, and obligations of Tall Ship as buyer under the Purchase Agreement arising from and after the Assignment Effective Date, including without limitation: (i) all installment payments and interest obligations under the purchase price payment schedule; (ii) all escrow funding obligations, including the initial $500,000 deposit if not yet funded; (iii) all obligations to complete the NI 43-101 technical report and related feasibility studies at the Company's cost; (iv) all access, cooperation, and due diligence obligations owed to Seller during the purchasing claims period; and (v) all obligations relating to the development, financing, and operation of the proposed mineral processing mill. The Company intends to utilize a phased reserve-development and digitization strategy with respect to the Project, including: advancing core claims toward inferred/indicated resource classification; completing feasibility and reserve upgrade work; and potential. A full text copy of the Assignment Agreement is available at https://tinyurl.com/mtf73zfa About I-On Digital Corp. Headquartered in Chicago, Ill., I-ON develops and provides advanced asset-digitization and securitization solutions designed to deliver a secure, fast, and transparent digital asset ecosystem. The Company converts documentary evidence of ownership into secure, asset-backed digital certificates, enhancing liquidity and value across a range of asset classes. Its hybrid blockchain architecture integrates smart contracts and workflow automation, augmented by artificial intelligence technologies. This system enables the digitization of ownership records for recoverable gold, precious metals, and mineral reserves, supporting value transfer through innovative financial instruments. As of March 31, 2026, the Company had $22.92 million in total assets, $4.52 million in total liabilities, and $18.4 million in total stockholders' equity. Midvale, Utah-based Mac Accounting Group & CPAs, LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated April 15, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company has suffered recurring losses, has reported cash used in operations, and has a net capital deficiency that raise substantial doubt about its ability to continue as a going concern. IKPM PET SUPPLY: Gets OK to Use Cash Collateral Until July 8 ------------------------------------------------------------ IKPM Pet Supply, LLC received interim approval from the U.S. Bankruptcy Court for the Southern District of Texas to use the cash collateral of its secured lenders. Under the order, the Debtor is authorized to use cash collateral through July 8 to pay its expenses based on a court-approved budget, subject to a 15% variance. Unused budgeted funds may be carried forward and applied to subsequent months or different budget categories as needed. The Debtor needs approximately $107,393 in cash collateral during the first 90 days of the bankruptcy case to support operations, excluding professional fees, future payments to lenders as adequate protection, and other court-approved expenses. At the time of filing, the Debtor's books and records reflected only about $48,150 in available operating cash held in bank accounts. The Debtor estimates that secured claims against cash collateral may exceed $838,000 in total. Its secured lenders include For1, LLC, Ford Credit, and Texas Capital Bank. Lenders will be granted adequate protection through replacement and additional liens on the Debtor's existing and post-petition cash collateral, with the same priority as their pre-petition liens. The order provides for a carveout that takes priority over the lenders' liens for administrative expenses. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/Lskdz from PacerMonitor.com. A final hearing is scheduled for July 8, with objections due by July 1. About IKPM Pet Supply LLC IKPM Pet Supply LLC operates a Pet Supplies Plus-branded pet retail store in Sugar Land, Texas. The store sells pet food and supplies and offers pet-related services, including grooming and self-serve pet wash services. IKPM Pet Supply sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-33610) on May 22, 2026, with assets of between $100,001 and $1 million and liabilities of between $1 million and $10 million. Melissa Haselden, Esq., at Haselden Farrow, PLLC serves as Subchapter V trustee. Honorable Bankruptcy Judge Eduardo V. Rodriguez handles the case. The Debtor is represented by Vicky M. Fealy, Esq., at Fealy Law Firm, PC. INOTIV INC: Paul Weiss & Cole Schotz Represent Noteholder Group --------------------------------------------------------------- In the Chapter 11 bankruptcy cases of Inotiv, Inc. and its debtor-affiliates, Paul, Weiss, Rifkind, Wharton & Garrison LLP and Cole Schotz, P.C. filed with the United States Bankruptcy Court for the Southern District of Texas, Houston Division, a Verified Statement pursuant to Bankruptcy Rule 2019 to inform the Court that both firms represent the Ad Hoc Noteholder Group of the Prepetition PIK Notes and Prepetition Convertible Notes. According to the Verified Statement: 1. In October 2025, certain members of the Ad Hoc Noteholder Group retained Paul, Weiss to represent them as counsel in connection with a potential transaction with the Debtors. In or around December 2025, additional holders of Prepetition Notes joined the Ad Hoc Noteholder Group. In June 2026, the Ad Hoc Noteholder Group retained Cole Schotz to serve as its co-counsel with respect to such matters. 2. As of the date of this Verified Statement, Counsel represent only the Ad Hoc Noteholder Group in connection with the Chapter 11 Cases. Counsel does not undertake to represent the interests of, and are not a fiduciary for, any other creditor, party in interest, or other entity in connection with the Chapter 11 Cases. In addition, neither the Ad Hoc Noteholder Group nor any Member -- has assumed any fiduciary duties to any other creditor or person, or -- purports to act, represent, or speak on behalf of any other entities in connection with the Chapter 11 Cases. 3. Nothing contained in this Verified Statement is intended to or should be construed as -- a limitation upon, or waiver of, any right to assert, file, and/or amend any claims in accordance with applicable law and any orders entered in these Chapter 11 Cases, or -- an admission with respect to any fact or legal theory. 4. The Ad Hoc Noteholder Group, through its undersigned counsel, reserves the right to amend or supplement this Verified Statement as necessary for any reason in accordance with the requirements outlined in Bankruptcy Rule 2019. 5. The information outlined is based upon information provided to Counsel by the Members and is intended only to comply with Bankruptcy Rule 2019. The names, addresses, and disclosable economic interests as of June 15, 2026, of all the Members of the Ad Hoc Noteholder Group in relation to the Debtors, are: 1. Certain funds and accounts managed by or affiliated with Concise Capital Management, LP 777 Brickell Ave, Suite 630 Miami, FL 33131 Principal Amount of Prepetition PIK Notes $15,576,807 Principal Amount of Prepetition Convertible Notes $11,000,000 Other Disclosable Economic Interests $17,224,354.74 of Prepetition First Lien Claims Warrants for 1,057,874 common shares 2. Certain funds and accounts managed by or affiliated with DeepCurrents Investment Group LLC 575 Fifth Avenue, 21st Floor New York, NY 10017 Principal Amount of Prepetition PIK Notes $0 Principal Amount of Prepetition Convertible Notes $8,455,000 Other Disclosable Economic Interests Short position of 781,536 common shares 3. Certain funds and accounts managed by or affiliated with Lazard Asset Management LLC 30 Rockefeller Plaza, 56th Floor New York, NY 10112 Principal Amount of Prepetition PIK Notes $0 Principal Amount of Prepetition Convertible Notes $17,005,000 Other Disclosable Economic Interests $0 4. Certain funds and accounts managed by or affiliated with Linden Advisors, L.P. 590 Madison Avenue, 32nd Floor New York, NY 10022 Principal Amount of Prepetition PIK Notes $0 Principal Amount of Prepetition Convertible Notes $30,975,000 Other Disclosable Economic Interests $0 5. Certain funds and accounts managed by or affiliated with Silverback Asset Management, LLC 555 S. Mangum Street, Suite 910 Durham, NC 27701 Principal Amount of Prepetition PIK Notes $9,547,068 Principal Amount of Prepetition Convertible Notes $17,092,000 Other Disclosable Economic Interests Warrants for 1,330,000 common shares Total Principal Amount of Prepetition PIK Notes $25,123,875 Total Principal Amount of Prepetition Convertible Notes $84,527,000 Co-Counsel to the Ad Hoc Noteholder Group: Daniel F.X. Geoghan, Esq. COLE SCHOTZ P.C. 901 Main Street, Suite 4120 Dallas, TX 75202 Tel: (469) 557-9390 Fax: (469) 533-1587 E-mail:dgeoghan@coleschotz.com - and - Jacob A. Adlerstein, Esq, Luxiang Wang, Esq. PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP 1285 Avenue of the Americas New York, NY 10019 Tel: (212) 373-3000 Fax: (212) 757-3990 E-mail: jadlerstein@paulweiss.com lwang@paulweiss.com About Inotiv, Inc Inotiv, Inc. is a contract research organization dedicated to providing nonclinical and analytical drug discovery and development services primarily to the pharmaceutical and medical device industries and selling a range of research-quality animals and diets to the same industries as well as academia and government clients. The Company's products and services focus on bringing new drugs and medical devices through the discovery and preclinical phases of development and, in certain cases, the clinical phases of development, all while focusing on increasing efficiency, improving data, and reducing the cost of discovering and taking new drugs and medical devices to market. Indianapolis, Ind.-based Ernst & Young LLP, the Company's auditor since 2021, expressed substantial doubt regarding the Company's ability to continue as a going concern. In its "going concern" qualification dated December 5, 2025, included in the Company's Annual Report on Form 10-K for the year ended September 30, 2025, Ernst & Young reported that the Company has negative operating cash flows, operating losses and net losses, is forecasting non-compliance with certain covenants under its loan agreements, and has significant debt obligations due within the next 12 months. West Lafayette, Ind.-based Inotiv, Inc. and several affiliates filed for Chapter 11 bankruptcy (Bankr. S.D. Texas Lead Case No. 26-bk-90601) on June 3, 2026. The Hon. Christopher M Lopez presides over the case. In their petitions, the Debtors listed estimated assets and liabilities of $500 million to $1 billion. As of Dec. 31, 2025, Inotiv reported $734.3 million in total assets, $625.3 million in total liabilities, and $109 million in total equity. The Debtors hired Ropes & Gray LLP as general bankruptcy counsel; Hunton Andrews Kurth LLP, as co-bankruptcy counsel; Perella Weinberg Partners, as investment banker; FTI Consulting, Inc., as financial advisor; and Kroll Restructuring Administration LLC, as notice, claims, solicitation and balloting agent. Acquiom Agency Services LLC, serves as the administrative agent and collateral agent for a syndicate of lenders providing DIP financing. Davis Polk & Wardwell LLP and Haynes and Boone, LLP represent the First Lien Ad Hoc Group. Paul, Weiss, Rifkind, Wharton & Garrison LLP and Cole Schotz, P.C. represent the Ad Hoc Noteholder Group of the Prepetition PIK Notes and Prepetition Convertible Notes. IQSTEL INC: Board Authorizes Repurchase of Up to 1MM Common Shares ------------------------------------------------------------------ iQSTEL Inc. announced in a regulatory filing that the Board of Directors authorized and approved a share repurchase program for up to 1,000,000 shares of the currently outstanding shares of the Company's common stock, funded in whole or in part by cash dividends received from the Company's subsidiary QXTEL. The repurchase program has no expiration date and will continue until the maximum number of shares authorized have been repurchased or until the program is suspended, modified, or terminated by the Board. Under the stock repurchase program, the Company intends to repurchase shares through open market purchases, privately-negotiated transactions, block purchases or otherwise in accordance with applicable federal securities laws, including Rule 10b-18 of the Exchange Act. The Board also authorized the Company to enter into written trading plans under Rule 10b5-1 of the Exchange Act. Adopting a trading plan that satisfies the conditions of Rule 10b5-1 allows the Company to repurchase its shares at times when it might otherwise be prevented from doing so due to self-imposed trading blackout periods or pursuant to insider trading laws. Under any Rule 10b5-1 trading plan, the Company's third-party broker, subject to Securities and Exchange Commission regulations regarding certain price, market, volume and timing constraints, would have authority to purchase the Company's common stock in accordance with the terms of the plan. The Company may from time to time enter into Rule 10b5-1 trading plans to facilitate the repurchase of its common stock pursuant to its share repurchase program. The Company cannot predict when or if it will repurchase any shares of common stock as such stock repurchase program will depend on a number of factors, including constraints specified in any Rule 10b5-1 trading plans, price, general business and market conditions, and alternative investment opportunities. Information regarding share repurchases will be available in the Company's periodic reports on Form 10-Q and 10-K filed with the Securities and Exchange Commission as required by the applicable rules of the Exchange Act. About iQSTEL iQSTEL Inc. is a multinational technology company that provides services across telecom, fintech, blockchain, artificial intelligence, and cybersecurity. The Company operates in 21 countries and serves a global customer base. It projects $340 million in revenue for fiscal year 2025. As of March 31, 2026, the Company had $44,526,126 in total assets, $30,227,388 in total liabilities, and $14,298,738 in total stockholders' equity. Pittsburgh, Pennsylvania-based Urish Popeck & Co., LLC, the Company's auditor, issued a "going concern" qualification in its report dated April 6, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company has suffered recurring losses from operations, negative working capital, and does not have an established source of revenues sufficient to cover its operating costs. The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish its business plan and eventually attain profitable operations. Accordingly, the Company has determined that these factors raise substantial doubt as to the Company's ability to continue as a going concern. IQSTEL INC: Targets US$130-Mil. Revenue With Ultranet Acquisition ----------------------------------------------------------------- iQSTEL Inc. announced in a regulatory filing that it entered into a Binding Memorandum of Understanding with Ultranet Telecom Group and its shareholders, Raymond Oppong-Dapaah and Mohsin Ali, pursuant to which the Company agreed to acquire a 51% controlling interest in the Ultranet Telecom Group. The Ultranet Business is a fast-growing telecommunications and technology company headquartered in Ghana with operations across multiple African countries (including Ghana, Nigeria, Mali, Burkina Faso, Senegal, and Ivory Coast) and international markets. The transaction is structured through a newly established UAE holding company structure (Ultranet GH Holdings Limited as HoldCo owning 100% of Ultranet Global Communications Limited as OpCo), which will exercise full operational and economic control over the existing operating entities (Ultranet Telecom Limited (Ghana) and Ultranet Telecoms Limited (Nigeria)) via exclusive economic agreements and irrevocable call options for nominal consideration. The total consideration for the 51% interest is US$17,600,000, allocated as follows: * Initial cash payments: US$7,000,000 (US$3,000,000 at execution of the definitive Purchase Agreement, US$2,000,000 within 45 days post-closing, and US$2,000,000 within 90 days post-closing). * Deferred/contingent payments: Up to US$10,600,000 payable in two tranches (US$5,300,000 at 12 months and US$5,300,000 at 24 months), subject to Ultranet achieving specified net income targets (US$4.5 million in Year 1 and US$9.5 million cumulative over two years, based on US GAAP audited financial statements). Payments are subject to proportional reductions if targets are not fully met (with a 70% threshold) and a potential performance bonus if cumulative net income exceeds US$9.5 million. * Working capital adjustment: The Company will receive a minimum normalized working capital of approximately US$3,350,000 at closing, with dollar-for-dollar adjustments (subject to a US$50,000 collar) and a post-closing true-up. The MOU includes customary closing conditions, including completion of due diligence, regulatory approvals (including from the Ghana NCA and Nigeria NCC), execution of definitive documentation, FCPA audit, third-party valuation, and maintenance of ordinary-course operations. The definitive Purchase Agreement is targeted for execution within 60 days, with closing anticipated in Q3 2026. The MOU also contains exclusivity, non-compete (Africa scope), confidentiality, termination fee, indemnification, equity clawback (in case of payment default), and post-closing governance provisions (including majority board control for the Company and continued operational leadership by the Sellers under employment agreements). The transaction is expected to add approximately US$130 million in annual revenue and US$4.5 million in net profit (based on Ultranet's FY 2025 audited financial statements), pushing the Company above a US$500 million annualized revenue run rate. "In this transaction we are expanding our global footprint and operational scale," said Leandro Iglesias, CEO of IQSTEL. "This is more than an acquisition, it is a strategic partnership combining Ultranet's powerful African telecom platform with IQSTEL's global commercial infrastructure, AI capabilities, and digital services vision. Together, we intend to accelerate Ultranet's Africa growth and launch the Ultranet platform into the Middle East and Asia. Raymond Oppong-Dapaah and his management team will continue leading day-to-day operations and will now have access to greater financial resources, a larger global platform, and expanded technology capabilities to pursue significantly larger opportunities." Raymond Oppong-Dapaah, CEO and Owner of Ultranet Telecom Group, added: "We were looking for a strategic partner to accelerate our Africa growth and expand into the Middle East and Asia. IQSTEL brings global scale, financial strength, and a strong digital services vision that we believe will take Ultranet to the next level. By partnering with IQSTEL, we gain the ability to accelerate larger projects, enter new regions more quickly, and access a much broader international ecosystem." A full text copy of the MOU is available at https://tinyurl.com/2t8bcuhy About iQSTEL iQSTEL Inc. is a multinational technology company that provides services across telecom, fintech, blockchain, artificial intelligence, and cybersecurity. The Company operates in 21 countries and serves a global customer base. It projects $340 million in revenue for fiscal year 2025. As of March 31, 2026, the Company had $44,526,126 in total assets, $30,227,388 in total liabilities, and $14,298,738 in total stockholders' equity. Pittsburgh, Pennsylvania-based Urish Popeck & Co., LLC, the Company's auditor, issued a "going concern" qualification in its report dated April 6, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company has suffered recurring losses from operations, negative working capital, and does not have an established source of revenues sufficient to cover its operating costs. The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish its business plan and eventually attain profitable operations. Accordingly, the Company has determined that these factors raise substantial doubt as to the Company's ability to continue as a going concern. IRON MOUNTAIN: S&P Rates Proposed Senior Unsecured Notes 'BB-' -------------------------------------------------------------- S&P Global Ratings assigned its 'BB-' issue-level rating and '3' recovery rating to Iron Mountain Inc.'s (IRM) proposed $1.0 billion of senior unsecured notes due 2035. The '3' recovery rating indicates its expectation for meaningful (50%-70%; rounded estimate: 55%) recovery in the event of a default. S&P views the transaction as leverage-neutral because IRM will use it to pay down a portion of the outstanding balance on its revolving credit facility. On a rolling-12-month basis, IRM's leverage (pro forma for under-construction data center EBITDA) declined to 6.3x as of March 30, 2026, from 6.4x as of the end of fiscal-year 2025. This was driven by the rapid expansion of its data centers and asset life-cycle management segments--which collectively grew by more than 50% during the quarter--and the successful conclusion of "Project Matterhorn". This resulted in the cessation of transformation-related expenses in the first quarter of 2026. The company's outperformance in the first quarter supports our forecast for about 15% growth in its revenue and EBITDA in 2026. S&P expects leverage on an S&P adjusted basis to settle in the mid-6x area this year, down from 6.9x as of year-end 2025, supported by continued strong performance in the company's records management and data center segments through new lease commencements, contract wins, and favorable pricing. Issue Ratings--Recovery Analysis Key analytical factors -- We updated our analysis to include the proposed $1.0 billion of unsecured notes. All ratings on the existing debt are unchanged. -- Our simulated default scenario considers a default due to financial stress arising from a deep cyclical downturn and an accelerating shift away from paper, as well as increased competitive and technological pressures that hinder its digital storage and data center development. -- U.S. subsidiaries generally guarantee IRM's U.S. secured and unsecured debt on a pari passu basis. The company's foreign subsidiaries do not guarantee IRM's senior unsecured notes issued in the U.S. -- The liens granted to its senior secured revolving credit facility and term loan lenders are modest and generally limited to intercompany claims and the capital stock of domestic and first-tier foreign subsidiaries. In addition, given that the U.S. domestic subsidiary guarantees provided to the senior secured and senior unsecured debtholders rank equally, we attributed negligible recovery from liens on the capital stock of U.S. subsidiaries. -- Certain foreign subsidiaries are direct obligors under the senior secured revolving credit facility and term loan. In the event of a default, recoveries could benefit from claims on foreign borrowers for outstanding borrowings. However, under our base case, we conservatively assume revolving credit facility borrowings are from U.S.-based borrowers. -- Given the company has significant unencumbered real estate from its storage facilities as well as recent growth investments in data centers, we include our stressed estimate of value realizable from these assets. Simulated default assumptions -- Simulated year of default: 2030 -- EBITDA at emergence: About $1.75 billon -- EBITDA multiple: 6x -- Going-concern valuation: $10.5 billion -- Real estate (45% stress to book value): $3.6 billion -- Gross recovery value: $14.1 billion, which comprises about $10.5 billion of going-concern value plus about $3.6 billion of real estate value (assumes 45% stress to book value) because the company has significant unencumbered real estate from its storage facilities and recent investments in data centers Simplified waterfall -- Net direct recovery available to senior secured debt: $2.8 billion -- Recovery from unencumbered value: $1.3 billion -- Total recovery for senior secured debt: $4.1 billion -- Senior secured debt outstanding at default: $5.2 billion --Recovery expectations: 70%-90% (rounded estimate: 75%) -- Recovery from unencumbered value: $8.2 billion -- Unsecured debt outstanding at default: $12.0 billion -- Aggregate deficiency claims of senior secured debt: $2.4 billion -- Other unsecured claims: $197 million -- Total unsecured claims: $14.6 billion --Recovery expectations: 50%-70% (rounded estimate: 55%) JACKSON WALKER: Texas Urged to Preserve Judge Romance Suit ---------------------------------------------------------- Clara Geoghegan of Law360 Bankruptcy Authority reports that inn multiple court filings, EJS Investment Holdings LLC asked a Texas federal judge to deny efforts by former bankruptcy judge David Jones and other parties to dismiss a proposed class action lawsuit. The company argues that its allegations concerning undisclosed conflicts and related conduct are sufficiently detailed to survive dismissal. According to EJS, the complaint presents viable legal claims and raises issues that warrant examination through discovery. The plaintiff contends that defendants are attempting to short-circuit the litigation before the facts can be fully developed. The case arises from controversy surrounding Jones' tenure on the bankruptcy bench and the subsequent review of cases linked to alleged disclosure failures. EJS seeks to represent a class of parties who claim they suffered damages as a result of those events, the report relays. About Jackson Walker LLP Jackson Walker LLP is a law firm. The Firm's practice areas include aviation, antitrust, bankruptcy, energy, environmental, entertainment, health care, immigration, insurance, intellectual property, international, labor and employment, real estate, and tax law. JAGUAR HEALTH: All Five Proposals Passed at 2026 Annual Meeting --------------------------------------------------------------- Jaguar Health, Inc. announced in a regulatory filing the voting results of the Company's 2026 Annual Meeting of Stockholders. At the Annual Meeting, five proposals were submitted to and approved by the Company's stockholders. The proposals are described in detail in the Company's definitive proxy statement of the Annual Meeting on Schedule 14A, originally filed with the Securities and Exchange Commission on April 30, 2026. At the Annual Meeting, a total of 7,169,152 shares of the Company's common stock, par value $0.0001 per share, out of a total of 14,044,277 shares of Common Stock issued and outstanding and entitled to vote at the Annual Meeting, as of April 15, 2026, the record date for the Annual Meeting, were represented in person or by proxy at the Annual Meeting. The final results for the votes regarding each proposal are: 1. Proposal to John Micek III as Class II director to the Company's board of directors to hold office for a three-year term until the annual meeting of stockholders in 2029 and until such director's successor is elected and qualified. The votes regarding this proposal were as follows: * For: 3,967,085 * Withheld: 240,944 * Broker Non-Votes: 2,961,123 2. Proposal to ratify the appointment of RBSM LLP as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2026 was approved by the stockholders by the following vote: * For: 6,898,326 * Against: 238,443 * Abstain: 32,383 * Broker Non-Votes: 0 3. Proposal to approve, pursuant to Nasdaq Listing Rule 5635(d) (Rule 5635(d)), the issuance of more than 19.99% of the Company's issued and outstanding shares of Common Stock to C/M Capital Master Fund, LP (and its affiliates), an accredited investor, pursuant to a securities purchase agreement to be entered into between the Company and C/M Capital within 90 days after the date of the Annual Meeting, was approved by the stockholders by the following vote: * For: 3,891,273 * Against: 291,441 * Abstain: 25,315 * Broker Non-Votes: 2,961,123 4. Proposal to approve, pursuant to Rule 5635(d), the issuance of more than 19.99% of the Company's issued and outstanding shares of Common Stock to C/M Capital pursuant to a securities purchase agreement to be entered between the Company and C/M Capital within 90 days after the date of the Annual Meeting, including shares of Common Stock issuable upon redemption of shares of a new series of preferred stock of the Company, par value $0.0001 per share, to be designated as Series P Non-Convertible Preferred Stock, to be issued and sold pursuant to the Preferred Stock Purchase Agreement, was approved by the stockholders by the following vote: * For: 3,846,847 * Against: 336,712 * Abstain: 24,470 * Broker Non-Votes: 2,961,123 5. Proposal to approve a proposal to grant discretionary authority to adjourn the Annual Meeting, if necessary, to solicit additional proxies in the event that there are not sufficient votes at the time of the Annual Meeting to approve Proposals 3 and 4, was approved by the stockholders by the following vote: * For: 3,928,027 * Against: 258,049 * Abstain: 21,953 * Broker Non-Votes: 2,961,123 About Jaguar Health Jaguar Health Inc. develops novel proprietary prescription drugs sustainably derived from plants for people with complicated gastrointestinal disease states. Its family companies include Napo Pharmaceuticals Inc., which is developing a highly concentrated lyophilized crofelemer powder for oral solution for intestinal failure, including microvillus inclusion disease and short bowel syndrome with intestinal failure, while Napo Therapeutics S.p.A. is focused on expanding global access to crofelemer and developing therapies for orphan and rare gastrointestinal conditions. In an audit report dated April 7, 2026, RBSM LLP issued a "going concern" qualification, stating that the company has an accumulated deficit, recurring losses, and expects continuing future losses. These conditions raise substantial doubt about the Company's ability to continue as a going concern As of Dec. 31, 2025, the company reported total assets of $38.32 million, total liabilities of $57.01 million, and a total stockholders' deficit of $18.69 million. JELD-WEN HOLDING: Bank of Nova Scotia Holds 3.41% Equity Stake -------------------------------------------------------------- Bank of Nova Scotia disclosed in a Schedule 13G (Amendment No. 1) filed with the U.S. Securities and Exchange Commission that as of May 29, 2026, it beneficially owns 2,934,229 shares of JELD-WEN Holding, Inc.'s Common Stock, representing 3.41% of the shares outstanding which reflects an ownership of less than 5 percent of a class. Bank of Nova Scotia may be reached through: Raj Sachdeva, Vice President, Head of GBM&T Compliance Canada 40 Temperance Street Toronto, Ontario, Canada M5H 0B4 Tel: (416) 866-3672 A full-text copy of Bank of Nova Scotia's SEC report is available at: https://tinyurl.com/33jckdha About JELD-WEN Holding, Inc. ELD-WEN Holding, Inc., along with its subsidiaries, is a vertically integrated global manufacturer and distributor of windows, doors, and other building products that derives substantially all its revenues from the sale of its door and window products. As of March 28, 2026, the Company had $2.08 billion in total assets, $2.07 billion in total liabilities, and $12.18 million in total stockholders' equity. * * * In May 2026, S&P Global Ratings lowered its issuer credit rating on JELD-WEN Holding Inc. to 'CCC+' from 'B-', its issue-level rating on its senior secured debt to 'B' from 'B+', and its issue-level rating on its senior unsecured debt to 'CCC' from 'CCC+'. The negative outlook reflects S&P's expectation that the company's S&P Global Ratings-adjusted debt to EBITDA will remain above 10x through 2026 as subdued demand for new construction and R&R activity continues to impair its credit metrics and refinancing risk increases as the company's December 2027 notes approach current status. JOANN INC: Vendors Lawsuit Will Remain in Delaware, Judge Rules --------------------------------------------------------------- Vince Sullivan of Law360 Bankruptcy Authority reports that on Thursday, June 11, 2026, a Delaware bankruptcy judge ruled that claims brought by vendors of Joann Inc. do not constitute property of the bankruptcy estate and may continue outside of the Chapter 11 proceedings. The court declined to extend estate control over the disputed causes of action. The ruling found that the vendors' claims arise from their own legal rights rather than derivative interests of the debtor. Accordingly, the court allowed the litigation to proceed independently of the bankruptcy case, the report relays. The decision comes as Joann Inc. winds down following its liquidation. It ensures that vendor disputes will remain active in separate forums rather than being consolidated into the bankruptcy estate, according to report. About Joann Inc. JOANN operates in the fabric and sewing industry with one of the largest assortments of arts and crafts products. JOANN has transformed itself into a fully-integrated, digitally-connected omni-channel retailer. JOANN reported a net loss of $200.6 million for the year ended Jan. 28, 2023. On March 18, 2024, JOANN Inc. and 9 affiliates filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-10418). JOANN listed $2,257,700,000 in assets against $2,440,700,000 in liabilities as of Oct. 28, 2023. Judge Craig T. Goldblatt oversees the case. The Debtors tapped Latham & Watkins, LLP as legal counsel; Houlihan Lokey Capital, Inc. as investment banker; and Alvarez & Marsal North America, LLC, as financial advisor. Kroll Restructuring Administration, LLC is the noticing agent. JOANN Inc., on April 30, 2024 successfully emerged from its court-supervised financial restructuring process. 2nd Attempt Joann Inc. sought voluntary Chapter 11 petition for the second time under U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25 10068) on Jan. 15, 2025. Kirkland & Ellis is serving as legal counsel to JOANN, with Centerview Partners LLC serving as financial advisor and Alvarez & Marsal North America, LLC serving as restructuring advisor. KARBON-X CORP: Approves Consulting Agreement with Chad Clovis ------------------------------------------------------------- Karbon-X Corp. disclosed in a regulatory filing that the Board of Directors approved a Consulting Agreement between the Company and Chad Clovis effective May 29, 2025. The Consulting Agreement provides that the Company and Mr. Clovis with his compensation structure going forward. A full text copy of the Consulting Agreement is available at https://tinyurl.com/32y59hac About Karbon-X Calgary, Canada-based Karbon-X Corp. provides customized transactional options, tailored insights, and scalable access to the Verified Emissions Reduction markets. As of February 28, 2026, the Company had $20.40 million in total assets, $27.30 million in total liabilities, and $6.90 million in total stockholders' deficit. Spokane, Wash.-based Fruci & Associates II, PLLC, the Company's auditor since 2022, issued a "going concern" qualification in its report dated September 15, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended May 31, 2025, citing that Company has generated minimal revenues from its business operations and has incurred operating losses since inception. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. KARYOPHARM THERAPEUTICS: T. Rowe Price Investment Holds 6.6% Stake ------------------------------------------------------------------ T. Rowe Price Investment Management, Inc. disclosed in a Schedule 13G (Amendment No. 3) filed with the U.S. Securities and Exchange Commission that as of May 31, 2026, it beneficially owns 1,539,147 shares of Karyopharm Therapeutics Inc.'s Common Stock, representing 6.6% of the outstanding shares. T. Rowe Price Investment may be reached through: Ellen York, Vice President T. Rowe Price Investment Management, Inc. 1307 Point Street Baltimore, MD 21231 A full-text copy of T. Rowe Price Investment Management, Inc.'s SEC report is available at: https://tinyurl.com/59rppkvc About Karyopharm Therapeutics Karyopharm Therapeutics Inc. operates as an oncology-focused pharmaceutical company. The Company offers combination with dexamethasone as a treatment for patients with pretreated multiple myeloma, as well as provides single-agent and combination activity against a variety of human cancers. Karyopharm Therapeutics serves patients in the United States, Germany, and Israel. Boston, Massachusetts-based Ernst & Young LLP, the Company's auditor since 2014, issued a "going concern" qualification in its report dated February 12, 2026, citing that the Company has incurred significant operating losses since inception, expects to incur significant operating losses for the foreseeable future and has stated that substantial doubt exists about the Company's ability to continue as a going concern. As of March 31, 2026, the Company had $131.4 million in total assets, $397 million in total liabilities, and $265.6 million in total stockholders' deficit. KEEL LABS: George Oliver Named Subchapter V Trustee --------------------------------------------------- The U.S. Bankruptcy Administrator for the Eastern District of North Carolina appointed George Mason Oliver as Subchapter V trustee for Keel Labs Inc. Mr. Oliver will be compensated at $375 per hour for his services as Subchapter V trustee. Mr. Oliver disclosed in a court filing that he does not have an interest materially adverse to the interest of the Debtor's estate, creditors or equity security holders. The Subchapter V trustee can be reached at: George Mason Oliver, Esq. The Law Offices of George Oliver, PLLC 405 Middle Street P.O. Box 1548 New Bern, NC 28563 Phone: (252) 633-1930 Fax: (252) 633-1950 george@georgeoliverlaw.com About Keel Labs Inc. Keel Labs Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 26-02558) on June 5, 2026, with $1,000,001 to $10 million in assets and $100,001 to $500,000 in liabilities. Judge Joseph N. Callaway presides over the case. Jason L. Hendren, Esq. at Hendren Redwine & Malone, PLLC represents the Debtor as legal counsel. KNIGHTSCOPE INC: Sets Executive Awards With $123.5M Target Value ---------------------------------------------------------------- Knightscope, Inc., a Sunnyvale, Calif.-based developer of autonomous security technology, disclosed amended employment agreements and performance awards for three executives in a Form 8-K filing with the Securities and Exchange Commission. The agreements cover William Santana Li, chief executive officer and chairman; Apoorv S. Dwivedi, executive vice president, chief financial officer and secretary; and Mercedes Soria, executive vice president, chief intelligence officer and chief information security officer. The market capitalization performance awards have an aggregate target value of $123.5 million, consisting of $65 million for Li, $35.75 million for Dwivedi and $22.75 million for Soria, subject to market capitalization milestones of $500 million, $1 billion, $2 billion and $3 billion and related operational performance goals. The agreements set annual base salaries of $610,500 for Li and $440,000 each for Dwivedi and Soria. Each executive is eligible for a target annual bonus of at least 100% of base salary. The company also granted options to acquire 1,243,116 shares to Li, 710,352 shares to Dwivedi and 355,176 shares to Soria. About Knightscope Knightscope, Inc. is a security technology company headquartered in Sunnyvale, California. The company provides integrated, technology-enabled security solutions as a managed service, combining hardware, software, and human personnel. Its services include autonomous security systems, emergency communication devices, cloud-based monitoring and event management tools, licensed security personnel, and remote monitoring with human-in-the-loop verification, escalation, and response. Knightscope serves commercial, government, healthcare, education, transportation, and residential markets across the United States. In an audit report dated March 27, 2026, BPM LLP included a going concern paragraph stating that the Company's recurring losses from operations and cash used in operations raise substantial doubt about the Company's ability to continue as a going concern. The company reported total assets of $59.58 million, total liabilities of $25.57 million and stockholders' equity of $34 million as of March 31, 2026. LEGACY LIFESTYLES: Fort Myers Property Sale to Multiple Buyers OK'd ------------------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division, has granted Allan Rutman, court-appointed receiver of Legacy Lifestyles of Destin LP and its affiliates, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtors are Canadian-backed entities and have assets in the United States, including real properties located in Florida. The real properties are undeveloped and were purchased to build senior care facilities, though those projects have not materialized. The Debtor's Property is located at 20161 Summerlin Road, Fort Myers, Lee County, Florida 33908, which is owned by Debtor Legacy Lifestyles Ft. Myers Property, LLC. The proposed buyers of the Ft. Myers Property, are Stonewater Development Group LLC and WBDC, Inc. The Court has authorized the Debtor to sell the Property to the Buyers, free and clear of liens, claims, and encumbrances, in the purchase price of $1,8000,000. The Canadian Sale Order shall be given full force and effect and be binding on and enforceable in the United States against all persons and entities. The Court shall retain jurisdiction with respect to the enforcement, amendment or modification of the Order and any request by any person or entity for relief from the provisions of the Order. About Legacy Lifestyles Destin LP The Debtors are Canadian-backed entities which own real estate located in Florida. Legacy Lifestyles Destin LP and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fl. on April 7, 2022). In the petition, the Debtors disclose unkonwn assets and liabilities. The affiliates are Legacy Lifestyles Summerlin GP Inc., Legacy Lifestyles Summerlin LP, Legacy Lifestyles Trailwinds GP Inc., Legacy Lifestyles Trailwinds LP, Legacy Lifestyles Trailwinds Property LLC, Legacy Lifestyles Destin GP Inc., Legacy Lifestyles Destin Property LLC, Legacy Lifestyles Ft. Myers Property LLC, Legacy Lifestyles Longleaf GP Inc., Legacy Lifestyles Longleaf LP, Legacy Lifestyles Longleaf Property LLC, Legacy Lifestyles Ocoee GP Inc., Legacy Lifestyles Ocoee LP, and Legacy Lifestyles Ocoee Property LLC. Judge Lori V. Vaughan presides over the case. Foreign Representative is Allan Rutman, in Zeifman Partners Inc., in North York, Ontario. The Foreign Proceeding is Case No. CV-21-Q0668821-00CL before the Superior Court of Justice, in Ontario. Foreign Representative's Local Counsel is Erica Baines, Esq., at Dentons Cohen & Grigsby P.C., in Naples, Florida. Foreign Representative's Counsel is James R. Irving, Esq., and Gina M. Young, Esq., at Dentons Bingham Greenbaum LLP, in Louisville, Kentucky. LEGACY LIFESTYLES: Orange Co. Property Sale to Hamilton Media OK'd ------------------------------------------------------------------ The U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division, has granted Allan Rutman, court-appointed receiver of Legacy Lifestyles of Destin LP and its affiliates, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtors are Canadian-backed entities and have assets in the United States, including real properties located in Florida. The real properties are undeveloped and were purchased to build senior care facilities, though those projects have not materialized. The Debtor's Property is located at 1220 Arya Way, Ocoee, Orange County, Florida, which is owned by Debtor Legacy Lifestyles Ocoee Property LLC. The proposed buyers of the Ocoee Property is Hamilton Media Property LLC. The Court has authorized the Debtor to sell the Property to Hamilton Media Property, free and clear of liens, claims, and encumbrances in the purchase price of $3,200,000. The Canadian Sale Order shall be given full force and effect and be binding on and enforceable in the United States against all persons and entities. The Objection is overruled, provided that upon closing of the sale of the Ocoee Property the closing agent for the sale, Oliver Title Law, shall disburse the sum of $602,727.00 directly from the Debtors’ closing proceeds to AWAD. The Court shall retain jurisdiction with respect to the enforcement, amendment or modification of the Order and any request by any person or entity for relief from the provisions of the Order. About Legacy Lifestyles Destin LP The Debtors are Canadian-backed entities which own real estate located in Florida. Legacy Lifestyles Destin LP and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fl. on April 7, 2022). In the petition, the Debtors disclose unkonwn assets and liabilities. The affiliates are Legacy Lifestyles Summerlin GP Inc., Legacy Lifestyles Summerlin LP, Legacy Lifestyles Trailwinds GP Inc., Legacy Lifestyles Trailwinds LP, Legacy Lifestyles Trailwinds Property LLC, Legacy Lifestyles Destin GP Inc., Legacy Lifestyles Destin Property LLC, Legacy Lifestyles Ft. Myers Property LLC, Legacy Lifestyles Longleaf GP Inc., Legacy Lifestyles Longleaf LP, Legacy Lifestyles Longleaf Property LLC, Legacy Lifestyles Ocoee GP Inc., Legacy Lifestyles Ocoee LP, and Legacy Lifestyles Ocoee Property LLC. Judge Lori V. Vaughan presides over the case. Foreign Representative is Allan Rutman, in Zeifman Partners Inc., in North York, Ontario. The Foreign Proceeding is Case No. CV-21-Q0668821-00CL before the Superior Court of Justice, in Ontario. Foreign Representative's Local Counsel is Erica Baines, Esq., at Dentons Cohen & Grigsby P.C., in Naples, Florida. Foreign Representative's Counsel is James R. Irving, Esq., and Gina M. Young, Esq., at Dentons Bingham Greenbaum LLP, in Louisville, Kentucky. LEWIS TOWING: Case Summary & One Unsecured Creditor --------------------------------------------------- Debtor: Lewis Towing 2 Inc. 4052 Marriot Drive Bakersfield, CA 93308 Business Description: Lewis Towing 2 Inc. is a Bakersfield, California-based towing and recovery company that provides light-, medium- and heavy-duty towing, roadside recovery, vehicle storage and related transport services. Chapter 11 Petition Date: June 3, 2026 Court: United States Bankruptcy Court Eastern District of California Case No.: 26-12633 Judge: Hon. Jennifer E. Niemann Debtor's Counsel: Joseph West, Esq. THE WEST LAW FIRM OF CALIFORNIA INC. 6716 N. Cedar Ave. Fresno, CA 93710 Tel: 310-478-0890 E-mail: jw@wlfofca.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Ray Tavakoli as president. The Debtor listed Employees First Labor Law P.C., located at 1 S. Fair Oaks Ave., Suite 200, Pasadena, CA 91105, as its only unsecured creditor, with a $634,957 claim related to a judgment. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/GBDS5QI/Lewis_Towing_2_Inc__caebke-26-12633__0001.0.pdf?mcid=tGE4TAMA LIBERTY LATIN AMERICA: Advised by Latham on New Financing Agreement ------------------------------------------------------------------- Liberty Latin America Ltd. ("Liberty Latin America") (NASDAQ: LILA and LILAK, OTC Link: LILAB) has announced that its Liberty Puerto Rico subsidiary has successfully entered into two new financing agreements through existing unrestricted subsidiaries (the "Unrestricted Subsidiaries") that are parties to an existing senior secured term loan credit facility that matures in 2030 ("the 2030 Facility"). First, the Unrestricted Subsidiaries and the lenders under Liberty Puerto Rico's prior revolving credit facility entered into a new senior secured revolving credit facility that currently has $140 million of availability. Additionally, Liberty Puerto Rico has successfully raised an additional $200 million senior secured term loan financing through the Unrestricted Subsidiaries as an incremental term loan under the 2030 Facility. Latham & Watkins LLP advised Liberty Puerto Rico on the financings with a team led by New York partner Ryan Preston Dahl, with associates Eric Einhorn, Angeline Hwang, Nikhil Gulati, Montana Licari and Saadia Naeem, with assistance from Calvin Best. Latham & Watkins LLP served as co-counsel with another firm. Liberty Latin America Ltd. provides various telecommunications services. Its services primarily include video, broadband Internet, fixed-line telephony, and mobile services. Liberty Latin America Ltd. was incorporated in 2017 and is based in Denver, Colorado. LIFTOFF MOBILE: S&P Upgrades ICR to 'BB-' Following IPO Closing --------------------------------------------------------------- S&P Global Ratings raised our issuer credit rating on Liftoff Mobile Inc. to 'BB-' from 'B-'. S&P also raised its issue-level rating on the company's senior secured credit facility to 'BB-' from 'B-'. In addition, S&P removed all the ratings from CreditWatch, where S&P placed them with positive implications on Jan. 16, 2026. S&P said, "The stable outlook reflects our expectation that S&P Global Ratings-adjusted leverage will decline to about 3.5x in 2026 as revenue and EBITDA benefit from growing digital advertising spending and rising demand for its Cortex platform. Despite our forecast for Liftoff's leverage to decrease below our 4x upgrade threshold we expect the company to continue to prioritize investing in growth and could use cash flow and debt issuance to fund acquisitions or shareholder returns. "We expect leverage will decline to the mid-3x area in 2026 from 9.5x at year end 2025. On June 5, 2026, Liftoff completed an IPO of its ordinary shares at $23 per share. The company received about $472.4 million in net proceeds from the IPO. We expect it will use approximately $413.8 million of the proceeds to partially repay its term loan, with the remainder used to cover transaction expenses and add cash to the balance sheet. In addition, as part of the transaction, its existing $425 million Series A preference shares, which we previously included in our measure of adjusted debt, automatically converted into ordinary shares, reducing adjusted leverage by approximately 1.5x for the rolling-12-month period ended March 31, 2026. "Further, we expect S&P Global Ratings-adjusted EBITDA to almost double to about $440 million in 2026. EBITDA will significantly improve in 2026, driven by about 23% revenue growth and meaningful operating leverage. We also expect a significant reduction in one-time costs, which we don't add back to EBITDA, compared with 2025; this is related to its debt refinancing efforts and General Atlantic investment. "Our view of Liftoff's business risk has improved given its growing competitive position and operating efficiency. Digital advertising continues to take market share from traditional media channels such as TV and radio. We expect this trend will continue to increase digital advertising at a high-single-digit percent rate in 2026. We believe barriers are high for a competitor to replicate Liftoff's machine-learning engine because it takes substantial time and capital to develop and roll out machine-learning platforms to the marketplace." Liftoff reaches approximately 1.4 billion daily active users across 167,000+ apps that have its software development kit integrated. Cortex is the company's AI-neural network prediction model. It powers Liftoff's 1) demand-side platform to optimize advertisers' bid strategies and 2) supply-side platform to enhance ad inventory yield for publishers in real time. S&P said, "In addition, we forecast an S&P Global Ratings-adjusted EBITDA margin of about 52% in 2026 versus margins of 35%-40% a few years ago. Margin improvement is attributed to its relatively fixed cost structure and the efficiency of its Cortex model. Cortex can hold more data than Liftoff's previous models and reduce AI training cycles, supporting core advertising growth. The company's capital intensity is also low, supporting healthy levels of free operating cash flow. As a result, we revised our assessment of its business risk to fair from weak. "Although not included in our base-case forecast, future changes to data privacy or other regulatory impacts could hinder the company's business if they limit how the company can collect and utilize user data for ad targeting. We also believe macroeconomic headwinds could affect the business if they were to materially erode consumer spending and overall spending through the Liftoff ecosystem." Liftoff's financial policy could slow the pace of long-term leverage reduction. As the company's operating performance improves and it continues to generate significant free cash flow, we expect it will add to its sizable cash balance. However, its financial policy could slow the pace of long-term leverage reduction if the company returns capital to shareholders or pursues acquisition opportunities. Following the IPO, the company is still majority-owned (49.5%) by Blackstone, and the financial sponsor's ownership stake could result in a more aggressive financial policy. The company doesn't have a stated public leverage target. S&P said, "Despite our expectation for Liftoff's leverage to be below our 4x upgrade threshold in 2026, we believe leverage reduction either be prolonged or temporary, due to leveraging acquisitions or shareholder-rewarding activities (it has a history of debt-financed shareholder returns). We expect Liftoff to continue to prioritize investing in growth rather than debt repayment." S&P said, "The stable outlook reflects our expectation that S&P Global Ratings-adjusted leverage will decline to about 3.5x in 2026 as revenue and EBITDA benefit from growing digital advertising spending and rising demand for its Cortex platform. Despite our forecast for Liftoff to decrease leverage below our 4x upgrade threshold, we expect the company to continue to prioritize investing in growth and could use cash flow and debt issuance to fund acquisitions or shareholder returns." S&P could lower the ratings if it believes Liftoff's S&P Global Ratings-adjusted leverage will increase above 5.0x on a sustained basis. This could occur if: -- The company pursues large, debt-funded acquisitions or shareholder returns; -- Mobile advertising competition intensifies such that the company's revenue and earnings decline; or -- Macroeconomic conditions weaken such that advertising growth declines and limits the company's expansion. S&P could raise its rating on Liftoff if: -- The financial sponsor relinquishes control of the company; and -- The company establishes a track record of leverage sustained below 4.0x. LISA GILMORE: Kathleen DiSanto Named Subchapter V Trustee --------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Kathleen DiSanto, Esq., at Bush Ross, P.A., as Subchapter V trustee for Lisa Gilmore Design, LLC. Ms. DiSanto will be paid an hourly fee of $400 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. DiSanto declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Kathleen L. DiSanto, Esq. Bush Ross, P.A. P.O. Box 3913 Tampa, FL 33601-3913 Phone: (813) 224-9255 Fax: (813) 223-9620 disanto.trustee@bushross.com About Lisa Gilmore Design LLC Lisa Gilmore Design, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-04817) on June 4, 2026, with $0 to $50,000 in assets and $500,001 to $1 million in liabilities. Leon A. Williamson, Jr., Esq. at the Law Office Of Leon A. Williamson, Jr. represents the Debtor as legal counsel. LONG ISLAND: Gerard Luckman Named Subchapter V Trustee ------------------------------------------------------ The U.S. Trustee for Region 2 appointed Gerard Luckman, Esq., at Forchelli Deegan Terrana, LLP as Subchapter V trustee for Long Island Artisan Wine & Spirit Inc. Mr. Luckman will be paid an hourly fee of $725 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Luckman declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Gerard R. Luckman, Esq. Forchelli Deegan Terrana, LLP 333 Earle Ovington Blvd., Suite 1010 Uniondale, NY 11553 Tel: (516) 812-6291 Email: gluckman@ForchelliLaw.com About Long Island Artisan Wine & Spirit Inc. Long Island Artisan Wine & Spirit Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 26-72224) on June 1, 2026, with $100,001 to $500,000 in assets and $50,001 to $100,000 in liabilities. Judge Sheryl P. Giugliano oversees the case. Richard S. Feinsilver, Esq., represents the Debtor as legal counsel. M&B SERVICES: Plan Exclusivity Period Extended to Oct. 31 --------------------------------------------------------- Judge Ronald A. Clifford, III of the U.S. Bankruptcy Court for the Central District of California extended M&B Services, Inc.'s exclusive periods to file a plan of reorganization and disclosure statement to Oct. 31, 2026. As shared by Troubled Company Reporter, the Debtor claims that due to the issues, the Debtor will be unable to file a plan and disclosure statement before the expiration of the exclusivity period, June 8, 2026. The Debtor expects to timely file a plan and disclosure statement, but seeks to extend the exclusivity period to Oct. 31, to allow the Debtor time to propose the plan and attempt to have it confirmed. Therefore, the Debtor requests that the Court extend the exclusivity period from June 8 to Oct. 31. In the event the Debtor is unable to file a plan and disclosure statement by this date or have a confirmed plan by that date, the Debtor may seek an extension of the exclusivity period. Given the circumstances of the Debtor's bankruptcy case, cause exists to extend the exclusivity period. M&B Services Inc. is represented by: David R. Haberbush, Esq. Vanessa M. Haberbush, Esq. Lane K. Bogard, Esq. Haberbush, LLP 444 West Ocean Boulevard, Suite 1400 Long Beach, CA 90802 Telephone: (562) 435-3456 Facsimile: (562) 435-6335 Email: vhaberbush@lbinsolvency.com About M&B Services Inc. M&B Services, Inc., is a Southern California plumbing company in Oxnard, California. M&B Services sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 26-10164)) on Feb. 6, 2026, listing up to $500,000 in assets and up to $10 million in liabilities. Martin Alvarez, company owner, signed the petition. Judge Ronald A. Clifford, III oversees the case. Vanessa M. Haberbush, at Haberbush, LLP, is serving as the Debtor's legal counsel. M.K. WEEDEN: Claims to be Paid from Income & Sale Proceeds ---------------------------------------------------------- M.K. Weeden Construction, Inc. and affiliates filed with the U.S. Bankruptcy Court for the District of Montana a Disclosure Statement describing Amended Joint Plan of Reorganization dated June 4, 2026. The Debtors historically operated in the construction and mining industries. MKW Corp operated as the operating company, contracting for construction and excavation jobs. MKE and WMK were equipment holding companies, who leased equipment back to MKW Corp for work on its projects. Monte Weeden is an individual residing in Lewistown, Montana. He is married to Julie, who is not a bankruptcy debtor but who supports the Joint Plan. Weeden is the primary owner of MKW Corp and the sole member of MKE and WMK, all three Montana corporations or LLCs. Weeden is also the sole owner of non-filing entities MK Air LLC and Weeden Construction LLC. Since the filing of his bankruptcy, Weeden has actively engaged in efforts to reorganize. Weeden participated in a mediation on March 27, 2025 to attempt to resolve creditor concerns surrounding his reorganization efforts. In order to satisfy creditor concerns, Weeden sold a parcel from the Yard Property to fund the bankruptcies of his related entities that contained various assets and collateral. In these Chapter 11 Cases, the Plan contemplates payments to creditors from a liquidation of Construction Debtors' Assets and of certain of Ranch's real properties, funding from Ranch's ongoing operations and potentially supplemented by ongoing income from the Entities. The Plan is therefore referred to as a "plan of reorganization." Weeden's assets are primarily (1) future revenues from the cattle herd he jointly owns with his non-debtor spouse, (2) his ownership interest in the Weeden Entities, (3) his ownership in certain non debtor entities, and (4) certain Causes of Action as described in the Plan and this Disclosure Statement. The Construction Debtors’ assets are primarily (1) potential future revenues, (2) equipment and supplies, and (3) certain Causes of Action as described in the Plan and in this Disclosure Statement. Ranch's assets are primarily (1) future revenue from its cattle operations and (2) real estate. The Plan provides for Distributions to be made to certain Holders of Administrative Expense Claims, Priority Tax Claims, Secured Claims, and General Unsecured Claims, and Equity. Class 11 consists of all Unsecured Claims against Weeden. Class 11 is Impaired under the Plan. The Class 11 Allowed Claims shall be paid by Weeden as follows: * Interest shall accrue on the unpaid principal balance of the Class 11 Allowed Claims at the Federal Judgment Rate until the Class 11 Allowed Claims are paid in full. * Plan Distributions; Timing. Holders of Class 11 Allowed Claims shall be paid from Weeden's post-Effective Date asset sales and/or cash flow or other available funds, within five years after the Effective Date (the "Class 11 Outside Payment Date"). * Periodic Payments and Timing. Weeden shall make a distribution of $150,000 to Holders of Class 11 Allowed Claims, by July 1, 2028 to be paid to Holders pro rata and if such payment is made, shall continue to make payments of at least $150,000 not less frequently than annually, in amounts determined in the exercise of ordinary business judgment to comply with the Class 11 Outside Payment Date. Class 12 consists of all Unsecured Claims against the Construction Debtors. The Class 12 Allowed Claims shall be paid by the Debtors as follows: * Interest. Interest shall accrue on the unpaid principal balance of the Class 12 Allowed Claims at the Federal Judgment Rate until the Class 12 Allowed Claims are paid in full. * Plan Distributions; Timing. Holders of Class 12 Allowed Claims shall be paid from Construction Debtors' post-Effective Date asset sales and/or cash flow or other available funds, within five years after the Effective Date (the "Class 12 Outside Payment Date"). * Periodic Payments and Timing. Construction Debtors shall make a distribution of $250,000 to Holders of Class 12 Allowed Claims, by July 1, 2028 and if such payment is made, shall continue to make payments of at least $250,000 not less frequently than annually, in amounts determined in the exercise of ordinary business judgment to comply with the Class 11 Outside Payment Date. Class 13 consists of all Unsecured Claims against Ranch. Class 13 is Impaired under the Plan. The Class 13 Allowed Claims shall be paid by the Debtors as follows: * Accrual of Interest. From and after the Effective Date, interest shall accrue on the unpaid principal balance of the Class 13 Allowed Claims at the Federal Judgment Rate until the Class 13 Allowed Claims are paid in full. * Plan Distributions; Timing. Holders of Class 13 Allowed Claims shall be paid in full from the Post-Effective Date Ranch cash flow and/or other available funds within five years after the Effective Date (the "Class 13 Outside Payment Date"). The Post-Effective Date Ranch shall make periodic distributions to Holders of Class 13 Allowed Claims, not less frequently than annually, in amounts determined in the exercise of ordinary business judgment to comply with the Class 13 Outside Payment Date. * No Earlier Distribution Obligation; Administrative Reserve. Nothing herein shall require any distribution on account of Class 13 Allowed Claims prior to satisfaction of the condition precedent set forth in Section c. above; provided, however, that the Post Effective Date Ranch may (but are not required to) make voluntary interim distributions if cash flow permits without impairing treatment of Secured Classes. Ranch may establish reasonable reserves for taxes, administrative expenses, and other obligations senior to Class 13 in accordance with its budget filed with the Bankruptcy Court. Class 15 consists of all Interests in Weeden Ranch LLC. In exchange for the retention of their ownership interests in Ranch, Monte Weeden and Julie Weeden shall contribute $75,000.00 in total to the Plan from non-estate property. Nonetheless, neither Monte Weeden nor Julie Weeden shall be entitled to, or shall, receive any distribution under the Plan on account of their retained equity interest until creditors in all prior Classes have been paid in full. The Plan provides for the distribution of substantially all projected disposable income and/or the proceeds of sales of Estate Assets and/or recoveries from retained Causes of Action to Holders of Allowed Claims, consistent with the priority provisions of the Bankruptcy Code. The Plan will be implemented by various acts and transactions as set forth in the Plan. The Post-Effective Date Debtors shall (1) continue operations in order to fund payments into the Plan through the deadlines set forth in the Plan; (2) hold, manage, and sell the Real Property and any other Estate Assets consistent with the Plan; (3) pursue or liquidate the Causes of Action, and (4) make Distributions on account of Allowed Claims in accordance with the Plan. A full-text copy of the Disclosure Statement dated June 4, 2026 is available at https://urlcurt.com/u?l=hAiK5d from PacerMonitor.com at no charge. Counsel to the Debtors: Seamus McCulloch, Esq. CHRISTIAN, SAMSON, BASKETT PHELAN & BELL, PLLC 310 W. Spruce Street Missoula, MT 59802 Tel: (406) 721-7772 Email: seamus@law-mt.com Laurie M. Thornton, Esq. Dominique R. Scalia, Esq. DBS Law 819 Virginia Street, Suite C-2 Seattle, WA 98101 Tel: (206) 489-3802 Email: lthornton@lawdbs.com; dscalia@lawdbs.com About M.K. Weeden Construction Inc. M.K. Weeden Construction, Inc., based in Lewistown, Montana, is an earthmoving and heavy civil construction contractor operating throughout Montana, Wyoming, and the western United States. Founded in 1991 and incorporated in 1994, the Company has grown to approximately 150 employees and over 200 pieces of equipment. It provides large-scale excavation and earthmoving services, leveraging advanced construction technology to support efficiency and project quality. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mont. Case No. 25-40100) on December 11, 2025. In the petition signed by Monte K. Weeden, president and manager, the Debtor disclosed $27,956,847 in total assets and $23,678,668 in total liabilities. Judge Benjamin P. Hursh oversees the case. Laurie Thornton, Esq., at DBS LAW, represents the Debtor as legal counsel. MACON ARTS: Unsecureds to be Paid in Full from Sale Proceeds ------------------------------------------------------------ Macon Arts Center, LLC, filed with the U.S. Bankruptcy Court for the Middle District of Georgia a Disclosure Statement for Plan of Reorganization dated June 3, 2026. The Company was incorporated on April 26, 2018, in the State of Georgia as a Georgia Domestic Limited Liability Company under Control Number 18055217. The Company was formed to acquire the business and real estate assets of Whiskey River Entertainment Complex located at 4570 Pio Nono Avenue, Macon, Georgia 31206-5066. The Company purchased Whiskey River, on April 22, 2019, through a combination of acquisition financing in the amount of $1,436,800 and a capital injection/subordination financing package in the amount of $824,237. Prior to its acquisition and rebranding, Whiskey River primarily served as a comedy club and concert facility. Following its acquisition, the Company rebranded the asset as "Macon Arts Center", and expanded its scope into a flexible, multi-purpose facility capable of supporting a broader range of entertainment, production, and commercial activities. Due to the Covid-19 Pandemic and its effect on the viability of large event spaces, the Company fell behind on its obligations to Newtek and was unable to handle monthly debt service on the loan. Newtek initiated a foreclosure action against the property in January 2025. As a result, in February 2025, the Company made the decision to file for bankruptcy protection as part of a balance sheet restructuring designed to stabilize operations, preserve asset and enterprise value, and reposition the business for long-term financial sustainability. In addition, the Company is utilizing the protections afforded by the bankruptcy to facilitate the transformation of its business into a viable multi facet entertainment campus. The contemplated bond financing is intended to facilitate the Company's exit from Chapter 11 by satisfying obligations under the confirmed plan of reorganization and establishing a long-term capital structure designed to support stable operations and disciplined debt service. Class 3 consists of the Allowed Unsecured Claims. Holders of Allowed Unsecured Claims in Class 3 will be paid in full, with interest at the Federal Judgment Rate ("Post-petition Interest"), through the distribution of proceeds received from the sale of the corporate bonds issued by the Debtor. The Debtor shall pay all Allowed Class 3 Claims within ten days of closing the Bond Offering. Holders of Allowed Class 3 Claims shall be deemed unimpaired and to have accepted the Plan. Class 4 consists of the holders of Equity Interests, defined as the rights of the holders of the equity securities of the Debtor and the rights of any entity to purchase or demand the issuance of any equity security of the Debtor. Equity Interests of the Debtor in Class 4 will retain their equity interests and all associated rights. Holders of Allowed Class 4 Claims shall be deemed unimpaired and to have accepted the Plan. This is a reorganization plan and all payments to creditors shall be made from future earnings and revenues generated through the Debtor's ongoing business and the proceeds received from the sale of corporate bonds issued by the Debtor. The Debtor anticipates that closing of the Bond Offering and effectiveness of the Chapter 11 Plan will occur substantially contemporaneously with, or immediately following, satisfaction of required closing conditions and finalization of definitive transaction documentation. The benchmark delivery date for the Private Placement Memorandum is July 22, 2026, and the Debtor expects the Bond Offering to close within ninety days of delivery of the Private Placement Memorandum. A full-text copy of the Disclosure Statement dated June 3, 2026 is available at https://urlcurt.com/u?l=gp49yX from PacerMonitor.com at no charge. About Macon Arts Center Macon Arts Center LLC, also known as The Mac, is a dynamic live entertainment venue offering a wide range of experiences. Spanning 9.52 acres with over 30,000 square feet of operational space, it hosts a variety of events, including indoor and outdoor live concerts, corporate gatherings, film productions, private parties, theatrical performances, and much more. Macon Arts Center LLCsought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Ga. Case No. 25-50167) on Feb. 3, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by: Christopher W. Terry, Esq. BOYER TERRY LLC 348 Cotton Avenue, Suite 200 Macon, GA 31201 Tel: (478) 742-6481 Fax: (770) 200-9230 E-mail: Chris@boyerterry.com MEGASLAB INC: Claims to be Paid from Business Revenue ----------------------------------------------------- MEGASLAB, Inc. filed with the U.S. Bankruptcy Court for the Northern District of Georgia a Plan of Reorganization dated June 3, 2026. The Debtor sells industrial concrete slabs and is directed, managed, controlled and coordinated by management located in Georgia namely, Jason Adams who serves as the President and CEO of the Debtor. This Plan deals with all property of Debtor and provides for treatment of all Claims against Debtor and its property. Class 4 shall consist of general unsecured claims not otherwise specifically classified in the Plan, including any deficiency claims pursuant to Sections 506 and 522(f) of the Bankruptcy Code. Debtor will pay the Holders of Class 5 General Unsecured Claims a pro-rata share of the Total Unsecured Distribution based on such Holder's Allowed Class 5 Claim as compared to the total of all Allowed Unsecured Claims in Classes 5, 6, and 7. Debtor shall pay such Unsecured Total Distribution in 5 payments of varying amounts commencing on the 5th day of the 12th full month following the Effective Date (Class 5 Distribution 1) and continuing every year thereafter for a total of 5 distributions. Notwithstanding anything else in this document to the contrary, any claim listed above shall be reduced by any payment received by the creditor holding such claim from any third party or other obligor. The Class 4 Claim is impaired and is entitled to vote. The Debtor shall pay any Allowed Class 5 Claim as allowed by Final Order of the Bankruptcy Court pro-rata with all other claims in Classes 4 beginning on the beginning on the next Total Unsecured Distribution as provided for in Class 4 following the entry of such Final Order. For the avoidance of doubt, such payment shall be based on the pro-rata amount of such Allowed Class 5 Claim as compared to the Total Allowed Claims in Class 4. The Claims of the Class 4 Creditors are Impaired by the Plan. Class 8 consists of the Equity Claims. Jason Adams shall retain his interest in the shares in Debtor. Upon confirmation, Debtor will be charged with administration of the Case. Debtor will be authorized and empowered to take such actions as are required to effectuate the Plan. Debtor will file all post-confirmation reports required by the United States Trustee's office. Debtor will also file the necessary final reports and will apply for a final decree as soon as practicable after substantial consummation and the completion of the claims analysis and objection process. The source of funds for the payments pursuant to the Plan will be revenues to be generated by the Debtor's business as outlined in the Budget. A full-text copy of the Plan of Reorganization dated June 3, 2026 is available at https://urlcurt.com/u?l=Z7bnGp from PacerMonitor.com at no charge. The firm can be reached at: Henry F. Sewell, Jr., Esq. LAW OFFICES OF HENRY F. SEWELL, JR., LLC 2965 Peachtree Road, NW, Suite 555 Atlanta, GA 30305 Telephone: (404) 926-0053 E-mail: hsewell@sewellfirm.com About MEGASLAB Inc. MEGASLAB, Inc. sells industrial concrete slabs and is directed, managed, controlled and coordinated by management located in Georgia. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-52937) on March 3, 2026, with up to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Lisa Ritchey Craig presides over the case. Henry F. Sewell, Jr., at the Law Offices of Henry F. Sewell, Jr., LLC, is the Debtor's bankruptcy counsel. MISS AMERICA: Carlton Fields Seeks Role in Company Hearing ---------------------------------------------------------- Madison Arnold of Law360 Bankruptcy Authority reports that on Monday, June 15, 2026, Carlton Fields objected to efforts by the CEO of Miss America and related entities to prevent one of its lawyers from attending a status conference in the case. The firm argued that barring counsel from the hearing would lack legal justification and undermine due process. In court filings, Carlton Fields said its attorney is properly authorized to represent the firm's interests and should be permitted to participate fully in all proceedings. The firm also suggested that excluding counsel would disrupt the orderly progress of the case. The motion is part of ongoing litigation involving the Miss America organization and companies connected to the pageant. The court will determine whether any restrictions on counsel's participation are warranted, the report relays. About Miss America Competition LLC Miss America Competition LLC is an annual competition open to women from the United States between the ages of 18 and 28. The competition's inception as a "bathing beauty review" was an act of rebellion during a time when women weren't permitted to wear swimsuits in public. In 1945, the organization started awarding scholarships to the winner instead of prize money, making Miss America one of the first organizations in the United States to offer college scholarships to women. Miss America Competition LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 24-22288) on November 22, 2024. In the petition filed by Glenn Straub, as sole member and manager, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Erik P. Kimball handles the case. The Debtor is represented by Craig I. Kelley, Esq., at KELLEY KAPLAN & ELLER, PLLC, in West Palm Beach, Florida. MITT REAL ESTATE: Seeks Cash Collateral Access ---------------------------------------------- MITT Real Estate, LLC, asks the U.S. Bankruptcy Court for the Northern District of Georgia, Atlanta Division, for authority to use cash collateral -- primarily post-petition rental income generated by its residential rental properties -- and to provide adequate protection to any secured creditors claiming interests in those funds. The Debtor owns two single-family rental properties in Atlanta and one in Decatur, Georgia. The properties are valued at approximately $817,333, while secured debt totals about $887,333 and total liabilities exceed $906,000. The Debtor reported gross business revenues of approximately $312,836 in 2025 and $300,000 in 2024 but disclosed that it held no cash or cash equivalents at the time of its Chapter 11 filing. Because it lacks available cash, the Debtor seeks permission to use rental income to pay only the direct and necessary expenses required to preserve and operate the properties. Several secured creditors assert interests in the properties including Elite Commercial Servicing, which holds a purchase-money loan claim of approximately $247,333 against the Decatur property. Longhorn Investments holds purchase-loan claims totaling approximately $525,000 against the Atlanta properties. In addition, Ethan Group, LLC claims mechanic's liens and breach-of-contract damages arising from construction work allegedly performed on two of the properties, asserting $115,000 in total claims. Ethan Group has also filed state-court litigation seeking to enforce these liens. A May 13 default letter issued on behalf of U.S. Bank Trust National Association, as trustee for Chester Road Funding Trust II, states that the borrower defaulted under the loan secured by the Decatur property. The lender asserts that the loan documents include a Deed to Secure Debt, Assignment of Rents, and Security Agreement executed in January 2025. According to the lender, the Debtor's license to collect and use rents was revoked upon default, all rents became the lender's property, and the lender reserved the right to seek foreclosure or appointment of a receiver. As a result, the Debtor acknowledges that some or all post-petition rents may constitute cash collateral under the Bankruptcy Code and, therefore, cannot be used without creditor consent or court authorization. The Debtor seeks authority to spend rental receipts only on direct, property-level expenses necessary to preserve, maintain, and operate the rental properties. Permitted expenditures would include property taxes, insurance premiums, utilities, routine repairs, maintenance, lawn care, pest control, trash services, code-compliance expenses, leasing and tenant turnover costs, bank charges, and similar operating expenses. The Debtor expressly excludes owner draws, insider compensation, distributions to equity holders, payment of pre-petition unsecured debts, and general professional fees unless separately approved by the court. According to the Debtor, these restrictions ensure that rental income is used solely to preserve the value of the collateral and maintain revenue-producing assets. To satisfy adequate protection requirements, the Debtor proposes several safeguards. It will operate under strict budgets and maintain a segregated debtor-in-possession bank account with separate accounting ledgers for each property. Monthly reports will be provided to secured creditors and the U.S. Trustee, showing beginning balances, rent receipts, expenditures, ending balances, and supporting bank statements. The Debtor will maintain insurance coverage on all properties and use rents only for approved operating costs. Most significantly, any net rental income remaining after payment of authorized expenses from a property subject to a proven and perfected assignment of rents or other rent lien will either be remitted to the creditor asserting that interest or held in the debtor-in-possession account pending further court order. The Debtor contends that these protections prevent any diminution in the value of creditors' interests while allowing the properties to remain functional and income-producing. A copy of the motion is available at https://urlcurt.com/u?l=gXequi from PacerMonitor.com. About MITT Real Estate LLC MITT Real Estate, LLC owns three single-family rental properties. MITT Real Estate filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-57122) on May 31, 2026, with $500,001 to $1 million in both assets and liabilities. Michael Olofindayo, president and sole member of MITT Real Estate, signed the petition. Gregory C. Okwuosah, Esq., at the Law Offices of Gregory C. Okwuosah, LLC represents the Debtor as bankruptcy counsel. MUSCULOSKELETAL ASSOCIATES: Case Summary & 20 Unsecured Creditors ----------------------------------------------------------------- Debtor: Musculoskeletal Associates PLLC 506 Executive Park Louisville, KY 40207 Business Description: Musculoskeletal Associates PLLC is a Louisville, Kentucky-based medical practice that provides musculoskeletal, neuromusculoskeletal and related clinical services from its office at 506 Executive Park, serving patients in the Louisville area. Chapter 11 Petition Date: June 3, 2026 Court: United States Bankruptcy Court Western District of Kentucky Case No.: 26-31522 Judge: Hon. Joan A Lloyd Debtor's Counsel: Charity S. Bird, Esq. KAPLAN JOHNSON ABATE & BIRD LLP 710 West Main Street Fourth Floor Louisville, KY 40202 Tel: (502) 540-8285 Fax: (502) 540-8282 E-mail: cbird@kaplanjohnsonlaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Mark Conliffe as sole 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/FYL63SY/Musculoskeletal_Associates_PLLC__kywbke-26-31522__0001.0.pdf?mcid=tGE4TAMA NEW FORTRESS: Frederick Hundt Appointed CAO Effective July 1 ------------------------------------------------------------ New Fortress Energy Inc. disclosed in a regulatory filing that Michael Lowe announced to the Company that he will resign from his role as Chief Accounting Officer effective July 1, 2026. Mr. Lowe has been a valued employee of the Company since 2019, serving first as a Senior Vice President and then as Chief Accounting Officer. Throughout his tenure, Mr. Lowe provided exemplary leadership, particularly during the Company's complex restructuring which is nearing completion. Prior to joining NFE, Mr. Lowe was a Director in PwC's Capital Markets and Accounting Advisory Services practice, advising clients on capital markets transactions and complex accounting issues. Mr. Lowe began his career with PwC and served in various roles from 2008 to 2019. Effective July 1, 2026, Frederick Hundt will begin serving as Chief Accounting Officer of the Company. Mr. Hundt, age 48, joined the Company in June 2025 as Global Controller. He has over 25 years of accounting, financial reporting, audit, and public company experience. Prior to joining the Company, Mr. Hundt served as Corporate Controller of GXO Logistics from April 2023 to June 2025. Prior to GXO, he held various finance and accounting leadership positions at Mastercard, including Assistant Corporate Controller, from 2015 to April 2023. Earlier in his career, Mr. Hundt spent 11 years in the audit practice at PwC, including time in the firm's national office supporting SEC reporting and compliance matters for public company clients. Since joining the Company, Mr. Hundt has supported efforts to strengthen the Company's accounting organization, enhance financial reporting processes, and recruit, develop and retain key accounting and finance personnel. About New Fortress New Fortress Energy Inc. is a New York-based energy infrastructure company focused on natural gas and liquefied natural gas infrastructure and related energy logistics. The company develops, finances, constructs and operates energy infrastructure, including facilities and assets used to deliver natural gas and LNG to customers. Its operations include projects and assets in the U.S. and international markets. Ernst & Young LLP's April 13, 2026, audit report included a going concern explanatory paragraph, citing losses from operations and events of default under the company's debt agreements that raised substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2025, the company had $10.56 billion in total assets, $10.25 billion in total liabilities, and $309.63 million in total stockholders' equity. NORTHERN INYO: S&P Alters Outlook to Negative, Affirms 'B' ICR -------------------------------------------------------------- S&P Global Ratings revised the outlook to negative from stable and affirmed its 'B' long-term rating on Northern Inyo County Local Hospital District (NIHD), California's general obligation (GO) bonds and revenue bonds. The outlook revision reflects persistent and material operating losses, as well as weak cash flow and maximum annual debt service (MADS) coverage, which are expected to continue during the outlook period. S&P said, "We view NIHD's social capital risk as elevated because its operations are in a modestly sized, limited service area in eastern California that remains challenged, with stagnant population and employment growth. NIHD's concentration in governmental payers is also contributing to its elevated social capital risk. We also view NIHD's physical risk as elevated given its location in an area historically prone to earthquakes and wildfires. That said, NIHD has partially mitigated physical risks by investing in strategic capital projects to meet state-mandated seismic building codes and by ensuring that the hospital is compliant with seismic standards through 2030. "We also analyzed NIHD's governance risk and determined it is elevated in light of ongoing risks associated with the district's underfunded defined-benefit pension plan, as the plan exposes NIHD to contribution volatility and could pressure already strained operations. Furthermore, the board of directors is elected by the voters and certified by the county and is not self-perpetuating, which we consider best practice, although we note that this structure has not hampered NIHD's ability to execute on its strategies. "The negative outlook reflects our view of NIHD's sustained material operating losses, which are expected to persist during the outlook period. Precluding a lower rating at this time are the district's solid DCOH for the rating level, our expectation that NIHD will not violate debt service coverage covenants, and management's focus on operating improvements. "We could lower the rating if NIHD is unable to demonstrate a trend of improved performance or MADS coverage over 1x, as per S&P Global Ratings' calculation. We could also lower the rating if NIHD increases its already heavy debt load or violates its financial covenants such that an event of default is triggered. Finally, any deterioration in unrestricted reserves or enterprise profile characteristics could result in a lower rating. "We could revise the outlook to stable if NIHD's operating performance improves, generating operating margins approaching break-even as well as adequate MADS coverage consistently above covenant levels. We would also view positively growth in unrestricted reserves, further reduction in leverage, and steps to address the large pension liability." ONE SOURCE: Case Summary & Three Unsecured Creditors ---------------------------------------------------- Debtor: One Source Direct LLC 15111 Whittier Blvd., Suite 450 Whittier CA 90603 Business Description: One Source Direct is a single-asset real estate company (as defined in 11 U.S.C. Section 101(51B)). Chapter 11 Petition Date: June 10, 2026 Court: United States Bankruptcy Court Central District of California Case No.: 26-15826 Judge: Hon. Neil W. Bason Debtor's Counsel: Marc Aaron Goldbach, Esq. GOLDBACH LAW GROUP 111 West Ocean Blvd., Suite 400 Long Beach CA 90802 Tel: 562-696-0582 Fax: 888-771-5425 E-mail: marc.goldbach@goldbachlaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Gilbert Sanchez as managing member. 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/KSIBOSA/One_Source_Direct_LLC__cacbke-26-15826__0001.0.pdf?mcid=tGE4TAMA ONYX BUSINESS: Unsecured Creditors to Split $95K over 5 Years ------------------------------------------------------------- Onyx Business Solutions of Florida, Inc. filed with the U.S. Bankruptcy Court for the Middle District of Florida a Plan of Reorganization dated June 4, 2026. The Debtor is a corporation which leases printers to organizations in Florida. The Debtor's Plan will be funded by the current and future income of the Debtor. The Debtor proposes a reasonable Plan which is proposed in good faith and not by any means forbidden by law. This Plan provides for two classes of secured claims and one class of general unsecured claims. Unsecured creditors holding allowed claims will receive a pro rata distribution of the Debtor's projected net disposable income payable over five years. This Plan also provides for the payment of administrative and priority claims under the terms to the extent permitted by the Code or by agreement between the Debtor and the claimant. Class 3 consists of General allowable unsecured claims. This would include all allowed unsecured claims. This class will be paid pro rata through a plan pool in the amount of $95,000 over five years in monthly payments of $1,583. This Class is impaired. Class 4 consists of Equity Security Holders of the Debtor. The Debtor will retain its equity in the property of the bankruptcy estate postconfirmation. The Debtor shall fund the Plan through its continued business operations. The Debtor expects increased revenue through the implementation of new business procedures and cost-saving initiatives. A full-text copy of the Plan of Reorganization dated June 4, 2026 is available at https://urlcurt.com/u?l=mkJVDi from PacerMonitor.com at no charge. Counsel to the Debtor: Samantha L. Dammer, Esq. BLEAKLEY BAVOL DENMAN & GRACE 15316 N. Florida Avenue Tampa, FL 33613 Telephone: (813) 221-3759 Facsimile: (813) 221-3198 E-mail: sdammer@bbdglaw.com About Onyx Business Solutions of Florida Headquartered in Tampa, Onyx Business Solutions of Florida, Inc. provides printing and document management solutions across Florida, including Jacksonville, Orlando, Naples, Miami, and Fort Lauderdale. It offers high-speed inkjet and laser printers, duplicators, paper handling equipment, and document management software, supported by local sales, technical service, and supply management. Its operations focus on delivering cost-effective, high-volume printing solutions and related equipment to organizations printing between 500 and 5 million copies per month. Onyx sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-01104) on February 12, 2026, with $416,740 in assets and $1,631,766 in liabilities. Onyx President Stephen Craig signed the petition. Samantha L. Dammer, Esq., at Bleakley Bavol Denman & Grace represents the Debtor as legal counsel. Bank of Tampa, as creditor, is represented by: Steven F. Thompson, Esq. Tyler J. Caron, Esq. Thompson Commercial Law Group 615 W. De Leon Street Tampa, Florida 33606 Telephone: (813) 387-1821 Telecopier: (813) 387-1824 E-mail: sthompson@thompsonclg.com tcaron@thompsonclg.com PACIFIC PRAIRIE: Unsecured Creditors to be Paid in Full in Plan --------------------------------------------------------------- Pacific Prairie Holdings, LLC, filed with the U.S. Bankruptcy Court for the Eastern District of Wisconsin a Disclosure Statement describing Plan of Reorganization dated June 4, 2026. The Debtor is a single asset real estate company formed in 2016 to operate a restaurant, bar, and coffee shop located at S42 W31428 Hwy 83, Genesee Depot, WI 53127. The Debtor benefits from its less-than-half-mile proximity to the Ten Chimneys national historic landmark. Ten Chimneys received the designation in 2003 from the National Park Service and is a pilgrimage for those interested in acting and theater. The Debtor and its wholly-owned operating company, Vittles and Vine, LLC, cater to the tourism that frequents Ten Chimneys in addition to their regular customers in the community. The real estate is currently outfitted with restaurant and bar space on the first floor and one completed residential unit on the second floor. There are three additional units for short-term rental, two on the second floor and one on the first, which the Debtor plans to build out and rent during the Plan term. Its only income source is (a) $2,000 per month for rent of the completed residential unit to the Debtor’s owners Kristina Verzi and Steve Smith and (b) $3,000 per month for rent of the restaurant and bar space to Vittles. This case was primarily filed to restructure the Debtor's SBA 7(a) loan with Waukesha State Bank. The Plan seeks to impose commercially reasonable repayment terms on the claim of Waukesha State Bank. Class 2 consists of General Unsecured Claims. The Debtor did not schedule any nonpriority unsecured claims. However, on June 17, 2025, Creditor the Department of Treasury – Internal Revenue Service filed its Claim No. 2 as a general unsecured claim in the amount of $200.00 arising from estimated income tax liabilities for 2024 (for which year the Debtor is on an extension), and 2025. On September 16, 2025, Creditor the Wisconsin Department of Revenue filed its Claim No. 3 with a general unsecured portion of $558.24. No other non governmental creditor filed proof of a nonpriority unsecured claim before the July 14, 2025 bar date. The Debtor will pay the entire Class 2 Claim in full on or before the first day of the month following the Effective Date from cash reserves held by the Debtor and Vittles. Class 2 is impaired and the holders of Class 2 Claims are entitled to vote to accept or reject the Plan. Class 3 consists of Equity Interests. Kristina Verzi and Steve Smith shall retain their equity interests in the Debtor subject to the terms of this Plan. The Debtor will make Plan payments through a combination of: * monthly rents received from Vittles in the amount of $3,000.00 to fund payments to Class 1. Following the Effective Date, the Debtor and Vittles may amend their lease from time to time to include a rental amount sufficient to fund payments to Class 1; * monthly rents received from Kristina Verzi and Steve Smith in the amount of $2,000.00 to fund payments to Class 1; * lump sum payments from cash reserves from the Debtor and Vittles to fund payments to priority tax claims ($1,844.43) and Class 2 ($758.24). * if needed, contributions from Kristina Verzi and Steve Smith personally to fund monthly payments to Class 1. A full-text copy of the Disclosure Statement dated June 4, 2026 is available at https://urlcurt.com/u?l=sXZt1g from PacerMonitor.com at no charge. Counsel to the Debtor: Craig E. Stevenson, Esq. Michael C. Jurkash, Esq. Swanson Sweet LLP 8020 Excelsior Drive, Ste 401 Madison, WI 53717 Phone: (920) 633-3397 About Pacific Prairie Holdings Pacific Prairie Holdings, LLC is a single asset real estate company formed in 2016 to operate a restaurant, bar, and coffee shop located at S42 W31428 Hwy 83, Genesee Depot, WI 53127. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Wis. Case No. 25-22125) on April 18, 2025. In the petition signed by Kristina Verzi, authorized individual, the Debtor disclosed up to $1 million in assets and up to $500,000 in liabilities. Judge G. Michael Halfenger oversees the case. Craig Stevenson, at Swanson Sweet, LLP, is the Debtor's legal counsel. PCMZ NUTRA: Seeks to Hire Gamberg & Abrams as Bankruptcy Counsel ---------------------------------------------------------------- PCMZ Nutra, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire Gamberg & Abrams as bankruptcy counsel. The firm will render these services: (a) advise the Debtor with respect to their powers and duties as debtor and debtor-in-possession in the continued management and operation of his business and properties; (b) attend meetings and negotiate with representatives of creditors and other parties-in-interest and advise and consult on the conduct of the cases, including all of the legal and administrative requirements of operating in Chapter 11; (c) advise the Debtor on matters relating to the evaluation of the assumption, rejection or assignment of unexpired leases and executory contracts; (d) provide advice to the Debtor with respect to legal issues arising in or relating to the Debtor’s ordinary course of business; (e) take all necessary action to protect and preserve the Debtor’s estates, including the prosecution of actions on their behalf, the defense of any actions commenced against the estates, negotiations concerning all litigation in which the Debtor may be involved and objections to claims filed against the estate; (f) prepare on behalf of the Debtor all motions, applications, answers, orders, reports and papers necessary to the administration of the estates; (g) negotiate and prepare on the Debtor’s behalf a plan of reorganization, disclosure statement and all related agreements and/or documents, and take any necessary action on behalf of the Debtor to obtain confirmation of such plan; (h) attend meetings with third parties and participate in negotiations with respect to the above matters; (i) appear before this Court, any appellate courts, and the U.S. Trustee, and protect the interests of the Debtor estate before such courts and the U.S. Trustee; and (j) perform all other necessary legal services and provide all other necessary legal advice to the Debtors in connection with these Chapter 11 cases. The firm received a retainer in the amount of $20,000. Gamberg & Abrams 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: Thomas L. Abrams, Esq. GAMBERG & ABRAMS 1213 S.E. Third Avenue, Second Floor Fort Lauderdale, FL 33316 Telephone: (954) 523-0900 E-mail: tabrams@tabramslaw.com About PCMZ Nutra LLC PCMZ Nutra, LLC is a Lake Worth, Florida-based nutritional supplement company that sells finished sports supplement products, including goods held for resale, to fitness, wellness and sports-nutrition customers. PCMZ Nutra sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-17241) on June 1, 2026, with $50,001 to $100,000 in assets and $1,000,001 to $10 million in liabilities. Thomas L. Abrams, Esq. represents the Debtor as legal counsel. POWER BLOCK: Trustee Taps Hoggan Lee Hutchinson as Legal Counsel ---------------------------------------------------------------- Angela Somers, the Chapter 11 Trustee of Power Block Coin, LLC seeks approval from the U.S. Bankruptcy Court for the District of Utah to employ Hoggan Lee Hutchinson as her counsel. The firm will render these services: a. advise the Trustee with respect to her powers, duties, and responsibilities under the Bankruptcy Code and applicable law; b. investigate and analyze the Debtor's assets, liabilities, business operations, financial affairs, and prepetition transactions, including potential cryptocurrency and digital asset holdings; c. identify, preserve, and, if appropriate, pursue estate claims and causes of action, including avoidance actions, fraudulent transfer claims, and other litigation on behalf of the estate; d. represent the Trustee in proceedings before this Court and other courts as necessary; e. assist the Trustee in negotiating, drafting, and implementing a Chapter 11 plan of reorganization or liquidating plan, or overseeing an orderly liquidation of estate assets; f. assist the Trustee with respect to claims administration, including reviewing, analyzing, and, if appropriate, objecting to proofs of claim filed against the estate; g. advise the Trustee with respect to executory contracts, unexpired leases, and other contractual obligations of the estate; h. prepare, review, and file on behalf of the Trustee all pleadings, motions, applications, orders, reports, and other papers required by the Bankruptcy Code, the Federal Rules of Bankruptcy Procedure, and the Local Rules of this Court; and i. render such other legal services and advice to the Trustee as may be necessary or appropriate in connection with this Chapter 11 case. The firm will be paid at these hourly rates: Trevor J. Lee, Partner $600 Associates / Of Counsel $400 Paralegals / Legal Assistants $275 As disclosed in the court filings, Hoggan Lee Hutchinson does not hold or represent any interest adverse to the estate, and is a "disinterested person" within the meaning of 11 U.S.C. Sec. 101(14) and as required by 11 U.S.C. Sec. 327(a). The firm can be reached through: Trevor J. Lee, Esq, Hoggan Lee Hutchinson 257 E 200 S, Suite 1050 Salt Lake City, Utah 84111 Phone: (801) 363-1900 Email: trevor@hlh.law About Power Block Coin Power Block Coin, LLC, a company in Orem, Utah, conducts business as SmartFi. SmartFi is a unique monetary system, which combines monetary policy with the freedoms of cryptocurrency to create a self-sustaining open-lending platform, providing the holders of SmartFi Token the opportunity to manage the system and become the beneficiaries of the wealth creation that would otherwise accrue to traditional banks. Power Block Coin filed its voluntary petition for Chapter 11 protection (Bankr. D. Utah Case No. 24-23041) on June 20, 2024, listing $10 million to $50 million in assets and $1 million to $10 million in liabilities. Aaron Tilton, officer, signed the petition. Judge Joel T. Marker oversees the case. The Debtor tapped Parsons Behle & Latimer as legal counsel and CFO Solutions LLC as accountant and financial advisor. On October 24, 2024, the United States Trustee appointed an official committee of unsecured creditors in this Chapter 11 case. The committee tapped Greenberg Traurig LLP as counsel and Huron Consulting Services, LLC as financial advisor. POWER BLOCK: Trustee Taps J.S. Held LLC as Financial Advisor ------------------------------------------------------------ Angela Somers, the Chapter 11 Trustee of Power Block Coin, LLC seeks approval from the U.S. Bankruptcy Court for the District of Utah to employ J.S. Held, LLC as her financial advisor. The firm will render these services: a. review of the estate's financial information, including, but not limited to, analyses of cash receipts and disbursements, financial statement items, and proposed transactions for which Bankruptcy Court approval is sought; b. assist with assessing and monitoring the estate's short-term cash flow, liquidity, operating results, and business plan; c. review and analysis of the estate's associated budgets and forecasts; d. assist in reviewing reports or filings as required by the Bankruptcy Court or the Office of the United States Trustee, including, but not limited to, schedules of assets and liabilities, statements of financial affairs, and initial and monthly operating reports; e. review and analysis the Debtor's proposed business plans, assumptions related thereto, and the general business and financial condition of the Debtor; f. assist in evaluating reorganization strategy and alternatives available to creditors; g. assist in the evaluation of any proposed asset sales; h. review and analysis of the estate's capital structure; i. prepare enterprise, asset, and liquidation valuations; j. assist in the review and/or preparation of information and analysis necessary for confirmation; k. assist in the evaluation of avoidance actions, including fraudulent transfers and preferential transfers; l. attend meetings and teleconferences with and on behalf of the Trustee; m. assist with claims resolution procedures, including, but not limited to, analyses of creditors' claims by type and entity and associated recoveries; n. provide litigation consulting services and expert witness testimony regarding confirmation issues, avoidance actions, or other matters; and o. such other functions as requested by the Trustee or her counsel to assist the Trustee in this Chapter 11 case that are consistent with the role of a financial advisor and not duplicative of services provided by other professionals in this proceeding. The firm will be paid at these hourly rates: Senior Managing Director $1,050 Managing Director $900 Senior Director $775 Director $700 Senior Consultant $575 Consultant $500 J.S. Held will require a retainer of $50,000. In the event that J.S. Held identifies, introduces, arranges, or otherwise assists in securing financing, capital, or debtor-in-possession financing in connection with this Chapter 11 case, the estate will pay J.S. Held a success fee equal to three percent (3%) of the aggregate amount of such financing obtained. As disclosed in the court filings, J.S. Held does not hold or represent any interest adverse to the estate, and is a "disinterested person" within the meaning of 11 U.S.C. Sec. 101(14), as required by 11 U.S.C. Sec. 327(a). The firm can be reached through: James P. Brennan J.S. Held, LLC 48 Wall Street, Floor 17 New York, NY 10005-2904 Phone: (516) 621-2900 Email: jp.brennan@jsheld.com About Power Block Coin Power Block Coin, LLC, a company in Orem, Utah, conducts business as SmartFi. SmartFi is a unique monetary system, which combines monetary policy with the freedoms of cryptocurrency to create a self-sustaining open-lending platform, providing the holders of SmartFi Token the opportunity to manage the system and become the beneficiaries of the wealth creation that would otherwise accrue to traditional banks. Power Block Coin filed its voluntary petition for Chapter 11 protection (Bankr. D. Utah Case No. 24-23041) on June 20, 2024, listing $10 million to $50 million in assets and $1 million to $10 million in liabilities. Aaron Tilton, officer, signed the petition. Judge Joel T. Marker oversees the case. The Debtor tapped Parsons Behle & Latimer as legal counsel and CFO Solutions LLC as accountant and financial advisor. On October 24, 2024, the United States Trustee appointed an official committee of unsecured creditors in this Chapter 11 case. The committee tapped Greenberg Traurig LLP as counsel and Huron Consulting Services, LLC as financial advisor. PRESENTATION MEDIA: Amends Unsecured Claims Pay Details ------------------------------------------------------- Presentation Media, Inc., submitted a First Amended Disclosure Statement describing Chapter 11 Plan dated June 3, 2026. Nathan Nielson holds a 50% interest in the Debtor and his spouse holds the other 50% interest. Mr. Nielson operates the business. Prepetition, Nielson Properties owned the building in which the Debtor operated its business. Prepetition, Nielson Properties was merged into the Debtor. Harvest Bank has taken the position that the merger of the Properties entity violated the due on sale provision in Harvest's note. However, Harvest Bank now asserts that the due on sale provision was triggered. Harvest has changed its position. The Debtor disagrees as Harvest had an obligation to take an affirmative step to trigger the due on sale provision. It did not do so pre bankruptcy. While Harvest has argued that the provision was automatically triggered, the provision states to the contrary. To the extent the Debtor paid monies to any merchant cash advance company ("MCA"), e.g. LoanMe, Inc. For $16,514.04, the Debtor will retain the right as the Reorganized Debtor, to bring suit against any MCA for avoidances, for fraud and for other legal claims. The Debtor is not aware of any of these transactions other than with LoanMe, Inc. Prepetition the Debtor paid monies to AMEX ($184,527) and to Citibank ($74,000) for credit card charges made for the Debtor for the Debtor's business needs. The sums paid are substantial and the Debtor retains the power to sue them post-confirmation. Notwithstanding, AMEX and Citibank provided value in exchange for monies paid. The Debtor made regular payments to these companies. The payments to these two companies are included in the liquidation analysis. Class 1 consists of Harvest Small Business Finance. Claim amount $3,532,425.25. Payments amortized over 30 years with interest at 6.5%. Payments begin in month 5 @ $12,000/ mo., increase in year 3 to $15,000/mo. and to $25,000 /mo. in year 8. Balloon payment of $2,004,855.83 (estimated) after 360 months. The ballon payment will be paid through a refinance of the Property. Prior to confirmation, the Debtor will have the Property appraised which should limit the amount of claims secured by the Property. The present note matures in the early 2050s and under the Plan would mature a few years later. During the plan term the Debtor will have paid down liens against the Property and the value of the building will likely increase. Class 4 consists of General Unsecured Creditors. Based upon unsecured claims of $6,433,549.84. Estimated percentage payment at 10%. Payments made to members of this Class on a pro rata basis. Payments begin in month 10 in the amount of $2,145/month in years 1-3, $8,578/month in year 4, $10,723/month in year 5, and $14,754/month in years 6-7 with an adjustment of $257 in the final payment. The percentage stated above is estimated. The Debtor is paying a set amount of money which the Debtor believes will amount to 10%. The actual percentage may be higher or lower and this depends on any rejection claims being filed, any secured claims being reclassified or any unsecured claims being amended. A total of $643,355 is paid during the 72-month plan. The Plan will be funded by the the Debtor's business operation. The Debtor anticipates having $150,000 on hand from ongoing operations. The Debtor does not intend to sell any assets in order to fund the Plan. A full-text copy of the First Amended Disclosure Statement dated June 3, 2026 is available at https://urlcurt.com/u?l=2UIlgo from PacerMonitor.com at no charge. Counsel to the Debtor: Steven R. Fox, Esq. The Fox Law Corporation Inc. 17835 Ventura Blvd., Ste. 306 Encino, CA 91316 Telephone. (818) 774-3545 Facsimile: (818) 774-3707 Email: Srfox@Foxlaw.com About Presentation Media Inc. Presentation Media Inc. provides visual presentation solutions and manufacturing services primarily for the aerospace and defense sectors, including clients such as Hughes (now Raytheon), Boeing, Northrop Grumman, and NASA, and has since expanded to newer clients like SpaceX, Tesla, Honda, and Lyft. Operating from its Los Angeles facility, the Company produces large-format graphics, dimensional letters, signs, 3D printing, sculptural art, and trade show or museum exhibits, while offering services including 3D modeling, graphic and interior design, exhibit design, engineering, digital media, and onsite consultation. PMI also works with strategic partners that do not have sufficient production capacity, fulfilling orders on their behalf and maintains its signature "Midnight Express" overnight production service to deliver projects by the start of clients' business days. Presentation Media sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-17723) on Sept. 2, 2025. In its petition, the Debtor reported total assets of $5,990,852 and total liabilities of $12,204,312. Judge Sheri Bluebond oversees the case. The Debtor is represented by Steven R. Fox, Esq., at The Fox Law Corporation. PROGRESS TELECOMM: J.M. Cook Named Successor Subchapter V Trustee ----------------------------------------------------------------- Brian Behr, the U.S. Bankruptcy Administrator for the Eastern District of North Carolina, appointed J.M. Cook as successor Subchapter V trustee for Progress Telecomm NC, LLC. Mr. Cook is the president and sole stockholder of J.M. Cook, P.A., doing business as J.M. Cook, Attorney at Law. The Subchapter V trustee will be paid an hourly fee of $375 for his services. Mr. Cook declared that he does not have any interest materially adverse to the interest of the Debtor's estate, creditors and equity security holders. The bankruptcy administrator initially appointed Joseph Frost as Subchapter V trustee. On June 4, Mr. Frost notified the court of his resignation, citing "scheduling conflicts and existing professional obligations." About Progress Telecomm NC LLC Progress Telecomm NC, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D.N.C. Case No. 26-02162) on May 13, 2026, with $500,001 to $1 million in assets and liabilities. Judge Joseph N. Callaway presides over the case. Laurie Biggs, Esq. at Biggs Law Firm PLLC represents the Debtor as legal counsel. PSS TRUCKING: Unsecured Creditors to Get 1 Cent on Dollar in Plan ----------------------------------------------------------------- PSS Trucking, Inc. filed with the U.S. Bankruptcy Court for the Northern District of California a Plan of Reorganization for Small Business under Subchapter V dated June 4, 2026. The Debtor is a Corporation. Since April 2014, the Debtor has been in the business of providing trucking services. However, Debtor ceased operations in 2024 for two reasons: (1) Debtor's insurance was cancelled due to drivers being involved in accidents and (2) the allowance of non-domiciled drivers flooded the market driving down margins to the point that operations were no longer feasible. Yet Parmvir Singh Sidhu, Debtor's sole principal continues to hold connections with customers and subhaulers. The Debtor has tax loss carry forwards which are valuable. Hence, Debtor has elected to resume operations as soon as an acceptable insurance policy can be secured. The Debtor's financial projections show that the Debtor will have projected disposable income of $76,230 The final Plan payment is expected to be paid on July 2029, which is anticipated to be 36 months after the effective date. This Plan of Reorganization proposes to pay creditors of the Debtor from future operations. Non-priority unsecured creditors holding allowed claims will receive distributions, which the proponent of this Plan has valued at approximately 1 cents on the dollar consistent with the liquidation analysis in Exhibit A and projected disposable income in Exhibit B. This Plan also provides for the payment of administrative and priority claims. Class 2 consists of Non-priority unsecured claims. General unsecured creditors shall receive a pro-rata distribution of $24,536 over a period of 30 months payable in pro-rata distributions of $870.59/month on the 1st day of the month commencing in the 7th month after the Effective Date of the Plan. In the event the total distribution to a given unsecured creditor is less than $150.00, Debtor will pay such distribution on the Effective Date. For the remaining creditors, In the event the monthly distribution is less than $50.00, Debtor may accrue the distribution and pay it when the accrual exceeds $50.00 or pay the entire amount owed under the plan at any time. Class 4 consists of Equity security holders of the Debtor. Parmvir Sidhu, the sole shareholder of Debtor, shall retain all equity interest in the Debtor. The plan will be implemented from the operations once operations resume. Mr. Sidhu is well connected in the industry and very knowledgeable about trucking operations. He is easily able to procure business. Though Debtor does not currently own trucks, Debtor is connected with subhaulers. Hence Debtor will initially use subhaulers to execute on contracts. Once cashflow resumes, Debtor may start acquiring trucks and trailers. A full-text copy of the Plan of Reorganization dated June 4, 2026 is available at https://urlcurt.com/u?l=25VRWZ from PacerMonitor.com at no charge. Counsel to the Debtor: Lars T. Fuller, Esq. The Fuller Law Firm, PC 60 No. Keeble Ave. San Jose, CA 95126 Telephone: (408)295-5595 Facsimile: (408) 295-9852 About PSS Trucking Inc. PSS Trucking, Inc. is a transportation and trucking company. PSS Trucking, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 26-40651) on March 28, 2026. In its petition, the Debtor reports estimated assets of $0 to $100,000 and estimated liabilities of $1,000,000 to $10,000,000. Honorable Bankruptcy Judge Charles Novack handles the case. The Debtor is represented by Lars T. Fuller, Esq., at The Fuller Law Firm. PWB LAND: Seeks to Hire Tran Singh LLP as Bankruptcy Counsel ------------------------------------------------------------ PWB Land Holdings, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Tran Singh LLP as counsel. The firm will provide the following services: a. due diligence in preparation of the filing for Chapter 11 bankruptcy; b. representation of the Company in its Chapter 11 bankruptcy as general bankruptcy counsel; and c. representation in any of the lawsuits surrounding the creditors in Chapter 11 bankruptcy. The firm's current customary hourly rates generally range from $500 to $650 per hour for attorneys and $85 per hour for paraprofessionals. The professionals will be paid as follows: Susan Tran Adams, Partner $575 per hour Brendon Singh, Partner $575 per hour Marissa Ellison, Associate $325 per hour Tyla Graves, Paralegal $105 per hour The firm was provided a $57,000 retainer on May 1, 2026 for the filing of the Chapter 11 Case. The following is provided in response to the request for additional information set forth in Paragraph D.1 of the U.S. Trustee Fee Guidelines: Question: Did the Firm agree to any variations from, or alternatives to, the firm's standard billing arrangements for this engagement? Answer: No. Tran Singh and the Debtor have not agreed to any variations from, or alternatives, to Tran Singh's standard billing arrangements for this engagement. Question: Do any of the Firm professionals in this engagement vary their rate based on the geographical location of the Debtor's chapter 11 case? Answer: No. The hourly rates used by Tran Singh representing the Debtor are consistent with the rates that Tran Singh charges other comparable chapter 11 clients, regardless of the location of the chapter 11 case. Question: If the Firm has represented the Debtor in the 12 months prepetition, disclose the firm's billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If the firm's billing rates and material financial terms have changed postpetition, explain the difference and the reasons for the difference. Answer: Tran Singh has not represented the Debtor in the 12 months prior to the filing of the petitions of the Debtor. Question: Has the Debtor approved the firm's budget and staffing plan, and if so, for what budget period? Answer: Tran Singh has not prepared a budget or staffing plan. As disclosed in the court filings, Tran Singh LLP is a "disinterested person" within the meaning of section 101(14) of the Bankruptcy Code, as required by section 327(a) of the Bankruptcy Code. The firm can be reached through: Susan Tran Adams, Esq. Brendon Singh, Esq. TRAN SINGH LLP 2502 La Branch Street Houston, TX 77004 Telephone: (832) 975-7300 Facsimile: (832) 975-7301 Email: stran@ts-llp.com bsingh@ts-llp.com About PWB Land Holdings, LLC PWB Land Holdings, LLC is believed to operate as a real estate holding and land investment company focused on property ownership and asset management activities. PWB Land Holdings, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-33201) on May 4, 2026. In its petition, the debtor reported estimated assets between $1 million and $10 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Jeffrey P. Norman handles the case. The debtor is represented by Susan Tran Adams, Esq. of Tran Singh LLP. QUANTUM CORP: 2026 Annual Meeting Set for Sept. 15 -------------------------------------------------- Quantum Corporation announced in a regulatory filing that it has established September 15, 2026 as the date for its 2026 Annual Meeting Of Stockholders. A stockholder proposal not included in the proxy statement for the Annual Meeting will not be eligible for presentation at the meeting unless the stockholder gives timely notice of the proposal in writing to the Company's Secretary at its principal executive offices and otherwise complies with the provisions of the Company's Amended and Restated Bylaws. To be timely, the Bylaws provide that the Company must have received the stockholder's notice not later than the 45th day nor earlier than the 75th day before the one-year anniversary of the date on which the Company first mailed its proxy materials or a notice of availability of proxy materials (whichever is earlier) for the preceding year's annual meeting of stockholders. However, because the date of the Annual Meeting is being advanced by more than 30 days before the one-year anniversary of the 2025 annual meeting, the Company must receive the stockholder's notice not earlier than the close of business on the 120th day before the Annual Meeting and not later than the close of business on the later of: (i) the 90th day before the Annual Meeting, and (ii) the tenth day after public announcement of the Annual Meeting date. For the Annual Meeting, stockholders must submit written notice to the Secretary in accordance with the Bylaws no later than the close of business on June 17, 2026. About Quantum Corporation Quantum Corporation, together with its consolidated subsidiaries, stores and manages digital video and other forms of unstructured data, providing streaming performance for video and rich media applications, along with low-cost, long-term storage systems for data protection and archiving. The Company helps customers around the world capture, create and share digital data and preserve and protect it for decades. In its Quarterly Report for the three months ended December 31, 2025, Quantum Corporation reported that substantial doubt about its ability to continue as a going concern exists. The Company is required to repay the Term Loan on August 5, 2026. The Company does not have sufficient cash to make this repayment, nor does the Company expect to generate sufficient cash through operating activities to repay the Term Loan by August 5, 2026. The Company may be required to use proceeds from the Standby Equity Purchase Agreement or other financing sources to meet this obligation. There can be no assurance that the Company will be able to raise sufficient proceeds under the SEPA on acceptable terms, or at all. As of December 31, 2025, the Company had $149.3 million in total assets, $333.5 million in total liabilities, and $184.2 million in total stockholders' deficit. QUANTUM CORP: Cancels 10% PIK Senior Secured Convertible Notes -------------------------------------------------------------- Quantum Corporation announced in a regulatory filing that pursuant to the terms of the Conversion Agreement, dated as of June 1, 2026, with Dialectic Technology SPV LLC and, solely with respect to Sections 7.1 and 7.3 and Articles III and X thereof, U.S. Bank Trust Company, National Association, as the trustee and collateral agent under the Indenture, dated as of December 18, 2025, by and among the Company, the guarantors party thereto and U.S. Bank Trust Company, National Association, as trustee and collateral agent, on June 4, 2026, all of the Company's outstanding 10.00% PIK Senior Secured Convertible Notes due 2028 were canceled, and the Indenture was satisfied and discharged in full. As previously disclosed, John Fichthorn, a member of the Company's board of directors, is the Managing Partner of Dialectic Capital Management, an investment advisor to Dialectic. About Quantum Corporation Quantum Corporation, together with its consolidated subsidiaries, stores and manages digital video and other forms of unstructured data, providing streaming performance for video and rich media applications, along with low-cost, long-term storage systems for data protection and archiving. The Company helps customers around the world capture, create and share digital data and preserve and protect it for decades. In its Quarterly Report for the three months ended December 31, 2025, Quantum Corporation reported that substantial doubt about its ability to continue as a going concern exists. The Company is required to repay the Term Loan on August 5, 2026. The Company does not have sufficient cash to make this repayment, nor does the Company expect to generate sufficient cash through operating activities to repay the Term Loan by August 5, 2026. The Company may be required to use proceeds from the Standby Equity Purchase Agreement or other financing sources to meet this obligation. There can be no assurance that the Company will be able to raise sufficient proceeds under the SEPA on acceptable terms, or at all. As of December 31, 2025, the Company had $149.3 million in total assets, $333.5 million in total liabilities, and $184.2 million in total stockholders' deficit. QUANTUM CORP: Dialectic Technology SPV Holds 40% Equity Stake ------------------------------------------------------------- Dialectic Technology SPV LLC, Dialectic Technology Manager LLC, and John Fichthorn disclosed in a Schedule 13D (Amendment No. 3) filed with the U.S. Securities and Exchange Commission that as of June 4, 2026, they beneficially own the following shares of Quantum Corp /DE/'s Common Stock, based on: (i) 14,638,029 shares of Common Stock issued and outstanding as of February 12, 2026, as reported in the Company's Quarterly Report on Form 10-Q filed with the SEC on February 17, 2026 and (ii) 10,615,712 shares of Common Stock issued by the Issuer in connection with the private placement to certain investors, as reported in the Issuer's Current Report on Form 8-K filed with the SEC on June 2, 2026: * Dialectic Technology SPV LLC -- 16,863,839 shares, representing 40% of the shares outstanding * Dialectic Technology Manager LLC -- 16,863,839 shares, representing 40% of the shares outstanding * John Fichthorn -- 16,892,735 shares with, representing 40% of the shares outstanding The amount listed consists of 2,653,308 shares of Common Stock issuable on the exercise of the Forbearance Warrant, 11,020,645 shares of Common Stock issued on the conversion of the Convertible Notes, 3,083,975 shares of Common Stock issued in connection with the Conversion and 105,911 shares of Common Stock issuable on the exercise of the Conversion Warrant. The amount listed for John Fichthorn consists of: (i) 12,491 shares of Common Stock directly held by Mr. Fichthorn; and (ii) 16,405 restricted stock units issued to Mr. Fichthorn in his capacity as a director of the Company. Dialectic Technology SPV LLC may be reached through: John Fichthorn, Authorized Signatory / Manager Dialectic Technology SPV LLC 119 Rowayton Avenue Norwalk, CT 06853 Tel: 212-230-3220 A full-text copy of Dialectic Technology SPV LLC's SEC report is available at https://tinyurl.com/mvn8e55w About Quantum Corporation Quantum Corporation, together with its consolidated subsidiaries, stores and manages digital video and other forms of unstructured data, providing streaming performance for video and rich media applications, along with low-cost, long-term storage systems for data protection and archiving. The Company helps customers around the world capture, create and share digital data and preserve and protect it for decades. Bellevue, Wash.-based Grant Thornton LLP, the Company's auditor since 2013, issued a "going concern" qualification in its report dated August 26, 2025, attached to the Company's Annual Report on Form 10-K for the year ended March 31, 2025, citing that the Company believes it will be in violation of the net leverage coverage covenant for the quarter ended September 30, 2025. The Company's plan contemplates the Company negotiating waivers to these covenants and is evaluating strategies to restructure or refinance the existing term debt. If the Company is unable to obtain additional waivers, the term debt will become immediately due, and additional liquidity will be required to satisfy the obligations. The Company's ability to achieve the foregoing elements of its business, which may be necessary to permit the realization of assets and satisfaction of liabilities in the ordinary course of business, is uncertain and raises substantial doubt about its ability to continue as a going concern. As of December 31, 2025, the Company had $149.3 million in total assets, $333.5 million in total liabilities, and $184.2 million in total stockholders' deficit. QUANTUM CORP: Ends Standby Equity Purchase Deal With Yorkville -------------------------------------------------------------- Quantum Corporation announced in a regulatory filing that with respect to the Standby Equity Purchase Agreement, dated as of January 25, 2025, with YA II PN, Ltd., a Cayman Islands exempt limited partnership, on June 4, 2026, in accordance with the terms of the SEPA, the Company provided a notice to Yorkville regarding its termination of the SEPA, effective as of June 11, 2026. There were no amounts owed to Yorkville under the SEPA at the time the termination notice was provided. About Quantum Corporation Quantum Corporation, together with its consolidated subsidiaries, stores and manages digital video and other forms of unstructured data, providing streaming performance for video and rich media applications, along with low-cost, long-term storage systems for data protection and archiving. The Company helps customers around the world capture, create and share digital data and preserve and protect it for decades. In its Quarterly Report for the three months ended December 31, 2025, Quantum Corporation reported that substantial doubt about its ability to continue as a going concern exists. The Company is required to repay the Term Loan on August 5, 2026. The Company does not have sufficient cash to make this repayment, nor does the Company expect to generate sufficient cash through operating activities to repay the Term Loan by August 5, 2026. The Company may be required to use proceeds from the Standby Equity Purchase Agreement or other financing sources to meet this obligation. There can be no assurance that the Company will be able to raise sufficient proceeds under the SEPA on acceptable terms, or at all. As of December 31, 2025, the Company had $149.3 million in total assets, $333.5 million in total liabilities, and $184.2 million in total stockholders' deficit. QUANTUM CORP: Terminates Alter Domus Term Loan With $57.8MM Payment ------------------------------------------------------------------- Quantum Corporation announced in a regulatory filing that with respect to the Term Loan Credit and Security Agreement, dated as of August 5, 2021, with the other loan parties party thereto, the lenders party thereto and Alter Domus (US) LLC, as disbursing agent and collateral agent, on June 4, 2026, the Company paid an aggregate of $57.8 million in connection with the termination of the Credit Agreement, consisting of the entire outstanding principal amount of $56.0 million, accrued interest of $1.5 million, and fees and expenses of $0.3 million incurred in connection with such termination. About Quantum Corporation Quantum Corporation, together with its consolidated subsidiaries, stores and manages digital video and other forms of unstructured data, providing streaming performance for video and rich media applications, along with low-cost, long-term storage systems for data protection and archiving. The Company helps customers around the world capture, create and share digital data and preserve and protect it for decades. In its Quarterly Report for the three months ended December 31, 2025, Quantum Corporation reported that substantial doubt about its ability to continue as a going concern exists. The Company is required to repay the Term Loan on August 5, 2026. The Company does not have sufficient cash to make this repayment, nor does the Company expect to generate sufficient cash through operating activities to repay the Term Loan by August 5, 2026. The Company may be required to use proceeds from the Standby Equity Purchase Agreement or other financing sources to meet this obligation. There can be no assurance that the Company will be able to raise sufficient proceeds under the SEPA on acceptable terms, or at all. As of December 31, 2025, the Company had $149.3 million in total assets, $333.5 million in total liabilities, and $184.2 million in total stockholders' deficit. QUEENS MEDICAL: Claims to be Paid from Continued Operation ---------------------------------------------------------- Queens Medical Services P.C. filed with the U.S. Bankruptcy Court for the Eastern District of New York a Disclosure Statement describing Chapter 11 Plan dated June 4, 2026. Since August 18, 2000, the Debtor has been engaged in the practice of medicine. The Debtor operates a medical practice in New York and provides medical services to patients through its professional medical office. During the two years preceding the commencement of this Chapter 11 case, and during the pendency of this Chapter 11 case, Dr. David Guha, sole shareholder and president, has received compensation in the form of his regular salary in the ordinary course of the Debtor's business. Dr. Guha has not received separate officer compensation. The Debtor filed this Chapter 11 case on March 6, 2026. The Debtor's need for bankruptcy relief arose primarily from a judgment obtained by a former landlord on July 30, 2025 in the amount of $178,168.22. The Court established June 20, 2026, as the deadline for creditors to file proofs of claim. As of the date of this Disclosure Statement, proofs of claim have been filed by the Internal Revenue Service, the New York State Department of Taxation and Finance, the New York State Department of Labor, and American Express National Bank. Class 2 consists of equity interest holders. Dr. David Guha shall retain his ownership interest in the Debtor. Payments and distributions under the Plan will be funded through the continued operation of the Debtor's medical practice and future business revenue generated by the Debtor. The Plan Proponent's financial projections show that the Debtor will have an aggregate annual average cash flow, after paying operating expenses and post-confirmation taxes, of $60,000. The final Plan payment is expected to be paid on 60 months after the Effective Date of the Plan. A full-text copy of the Disclosure Statement dated June 4, 2026 is available at https://urlcurt.com/u?l=j2yWeX from PacerMonitor.com at no charge. Counsel to the Debtor: Erica T. Itzhak, Esq. The Yitzhak Law Group 185 Great Neck Road, Suite 442 Great Neck, NY 11021 Telephone: (516) 466-7144 Facsimile: (516) 466-7145 Email: info@etylaw.com About Queens Medical Services PC Queens Medical Services, PC operates a medical practice in New York and provides medical services to patients through its professional medical office. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 26-41085) on March 6, 2026, with up to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Jil Mazer-Marino presides over the case. Erica T. Itzhak, at The Yitzhak Law Group, is representing the Debtor. R V K INC: Lender Seeks to Prohibit Cash Collateral Access ---------------------------------------------------------- Poppy Bank asks the U.S. Bankruptcy Court for the Southern District of New York to prohibit R V K Inc. from using cash collateral. The Bank argues that the Debtor has repeatedly failed to comply with core debtor-in-possession obligations since filing on April 7, 2026, including failing to submit required schedules, monthly operating reports, proof of insurance, a corporate ownership statement, or confirmation of a debtor-in-possession bank account, and even failing to appear at the section 341 meeting. A separate U.S. Trustee motion to dismiss is already pending based on these deficiencies. Poppy Bank asserts it holds a first-priority perfected security interest in substantially all of the Debtor's assets, including inventory, accounts, and all proceeds—meaning that cash generated from operations constitutes the Bank’s cash collateral. Despite this, the Debtor has allegedly used cash collateral without consent, without court authorization, and in violation of both 11 U.S.C. section363(c)(2) and the Court's Case Management Order, which expressly requires a motion and hearing before any use of cash collateral. The Bank emphasizes that it has not consented and has received no budget, transparency, or adequate financial reporting, only minimal and incomplete financial information suggesting limited inventory value and no balance sheet. The Bank further contends that the Debtor's continued unauthorized use of collateral, combined with its broader noncompliance and lack of disclosure, places the Bank's secured position at risk and violates statutory requirements that cash collateral may only be used with creditor consent or court approval and only if adequately protected. Poppy Bank requests an order immediately prohibiting any further use of its cash collateral unless it provides written consent or the Court imposes strict conditions, including adequate protection, detailed budgets, full financial reporting, insurance documentation, and inspection rights. Alternatively, if use is permitted, the Bank seeks stringent safeguards and reserves the right to pursue dismissal, conversion, or appointment of a trustee. A copy of the motion is available at https://urlcurt.com/u?l=wz20Va from PacerMonitor.com. About R V K Inc. R V K Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. N.Y. Case No. 26-22347) on April 7, 2026. In the petition signed by Rengith Vijayakumar, president, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Judge Sean H. Lane oversees the case. Ronald V. De Caprio, Esq., at Law Office of Ronald V. De Caprio, represents the Debtor as legal counsel. Poppy Bank, as lender, is represented by: Christopher Fong, Esq. NIXON PEABODY LLP 55 West 46th Street New York, NY 10036 Telephone: (212) 940-3000 Email: cfong@nixonpeabody.com R.E.M. US: Unsecured Creditors to Split $7K over 36 Months ---------------------------------------------------------- R.E.M. US, LLC filed with the U.S. Bankruptcy Court for the Southern District of Texas a Plan of Reorganization dated June 4, 2026. The Debtor is a Texas LLC, owned by a family RLT. The Rang family has had this generational automotive repair, renovation, and upgrade facility catering high end and antique automobiles and trucks as well has specialized equipment for decades. The Plan Proponent has provided projected financial information that supports the Debtor's ability to make all payments required by the Plan. The Plan Proponent's financial projections show that the Debtor will have projected disposable income of $147,475.00. After payment of administrative, priority and secured claims, the Debtor projects that it will have $7,170.12 to distribute to unsecured creditors. The final Plan payment is expected to be paid on June 1, 2029. This Plan of Reorganization proposes to pay creditors from continued operation of the Debtor's business and from pursuit of causes of action held by the Debtor against its formed landlord for wrongful eviction and abusive litigation. The net proceeds of any such litigation shall be applied first to payment of the allowed claims of Class 3 general unsecured creditors, then to payment of secured claims to provide early retirement of plan payment obligations and then, following entry of Discharge, to equity holders of the Debtor. Non-priority unsecured creditors holding allowed claims will receive distributions, which the proponent of this Plan has valued at approximately .02 cents on the dollar. This Plan provides for full payment of administrative expenses and priority claims. Class 3 consists of General Unsecured Claims. Unless the holder and the Debtor agre upon a less favorable treatment, holders of Class 3 claims shall be paid pro-rata from the monthly amount of the net distributable income of the Debtor available to pay unsecured claims over the term of the Plan. The holders of Class 3 Claims are impaired. A full-text copy of the Plan of Reorganization dated June 4, 2026 is available at https://urlcurt.com/u?l=DS13jX from PacerMonitor.com at no charge. Counse to the Debtor: Donald L. Wyatt, Jr., Esq. Donald Wyatt PC 431 Nursery Road The Woodlands, TX 77380 Telephone: (281) 419-8733 Facsimile: (281) 419-8703 Email: don.wyatt@wyattpc.com About R.E.M. US, LLC R.E.M. US, LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-31561) on March 6, 2026, listing $100,001 to $500,000 in both assets and liabilities. Judge Eduardo V. Rodriguez presides over the case. Donald L. Wyatt, at Donald Wyatt PC, serves as the Debtor's counsel. RAVEN RHAPSODY: Seeks Subchapter V Bankruptcy in Virginia --------------------------------------------------------- On June 1, 2026, Raven Rhapsody LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of Virginia. 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 Trustee Paula S. Beran under Section 341(a) to be held on July 7, 2026 at 02:00 PM at Norfolk/NN divisions (11): Office of the US Trustee telephonic: 1(888)330-1716, Access Code: 5733622. The deadline to file a Complaint for Determination of Dischargeability of Debt is September 8, 2026, while governmental units must submit their Proofs of Claim by November 30, 2026. About Raven Rhapsody LLC Raven Rhapsody LLC is a limited liability company whose specific business operations were not disclosed in the bankruptcy petition. The company operates as a privately held business entity organized under Virginia law. Raven Rhapsody LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-71434) on June 1, 2026. In its petition, the Debtor reported estimated assets of $1 million to $10 million and estimated liabilities of $100,001 to $1 million. Honorable Bankruptcy Judge Stephen C. St. John handles the case. The Debtor is represented by Carolyn Anne Bedi, Esq. of Bedi Legal, P.C. Paula S. Beran serves as Subchapter V Trustee. READY ROOFING: Gets Interim OK to Use Cash Collateral ----------------------------------------------------- Ready Roofing, LLC got the green light from the U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division, to use cash collateral. At the recently held hearing, the court authorized the Debtor's interim use of cash collateral through July 16. The cash collateral consists of accounts receivable, cash, chattel paper, contracts, bank accounts, and related assets, which are subject to pre-petition security interests granted to lenders including the U.S. Small Business Administration, Kalamata Capital Group, LLC, and Finova Capital, LLC. The SBA loan, secured by equipment, inventory, chattel paper, and accounts receivable, is reported as current while the obligations to Kalamata Capital and Finova Capital, which are secured by future receivables, are delinquent. The Debtor estimates that its cash and receivables less than 90 days old are worth approximately $64,000. The Debtor offers adequate protection to secured creditors through replacement liens on post-petition cash collateral, preserving creditors' interests while allowing business operations to continue during the Chapter 11 case. Additional safeguards include insurance coverage and access to business records and premises. The next hearing is scheduled for July 16. About Ready Roofing LLC Ready Roofing, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-02480) on June 1, 2026. In the petition signed by Jim Jessup, authorized representative, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Bryan K. Mickler, Esq., at the Law Offices of Mickler & Mickler, LLP, represents the Debtor as bankruptcy counsel. Aaron Cohen, Esq., a practicing attorney in Jacksonville, Fla., serves as Subchapter V trustee for the Debtor. RED RIVER: J&J Wants Talc MDL Tossed After Plaintiffs Drop Experts ------------------------------------------------------------------ George Woolston of Law360 Bankruptcy Authority reports that Johnson & Johnson has asked a New Jersey federal court to dismiss the remaining talc-related cases in a massive multidistrict litigation, citing plaintiffs' withdrawal of key expert witnesses. The company argues the development leaves the claims without the required evidentiary support. The filing asserts that expert testimony is essential in establishing causation in the ovarian cancer allegations at the center of the MDL. J&J maintains that without such testimony, the plaintiffs cannot meet their burden of proof under federal law. The motion seeks to terminate the remaining cases after years of coordinated litigation in federal court. J&J argues that continued proceedings are unwarranted given the absence of admissible expert evidence, the report states. About J&J Talc Units LLT Management, LLC (formerly known as LTL Management LLC) was a subsidiary of Johnson & Johnson that was formed to manage and defend thousands of talc-related claims and oversee the operations of Royalty A&M. Royalty A&M owns a portfolio of royalty revenue streams, including royalty revenue streams based on third-party sales of LACTAID, MYLANTA/MYLICON and ROGAINE products. LTL Management first filed a petition for Chapter 11 protection (Bankr. W.D.N.C. Case No. 21-30589) on Oct. 14, 2021. The case was transferred to New Jersey (Bankr. D.N.J. Case No. 21-30589) on Nov. 16, 2021. The Hon. Michael B. Kaplan is the case judge. At the time of the filing, the Debtor was estimated to have $1 billion to $10 billion in both assets and liabilities. In the 2021 case, LTL Management tapped Jones Day and Rayburn Cooper & Durham, P.A., as bankruptcy counsel; King & Spalding, LLP and Shook, Hardy & Bacon LLP as special counsel; McCarter & English, LLP as litigation consultant; Bates White, LLC as financial consultant; and AlixPartners, LLP as restructuring advisor. Epiq Corporate Restructuring, LLC, served as the claims agent. On Dec. 24, 2021, the U.S. Trustee for Regions 3 and 9 reconstituted the talc claimants' committee and appointed two separate committees: (i) the official committee of talc claimants I, which represents ovarian cancer claimants, and (ii) the official committee of talc claimants II, which represents mesothelioma claimants. The official committee of talc claimants I tapped Genova Burns LLC, Brown Rudnick LLP, Otterbourg PC and Parkins Lee & Rubio LLP as its legal counsel. Meanwhile, the official committee of talc claimants II is represented by the law firms of Cooley LLP, Bailey Glasser LLP, Waldrep Wall Babcock & Bailey PLLC, Massey & Gail LLP, and Sherman Silverstein Kohl Rose & Podolsky P.A. Re-Filing of Chapter 11 Petition On Jan. 30, 2023, a panel of the Third Circuit issued an opinion directing this Court to dismiss the 2021 Chapter 11 Case on the basis that it was not filed in good faith. Although the Third Circuit panel recognized that the Debtor "inherited massive liabilities" and faced "thousands" of future claims, it concluded that the Debtor was not in financial distress before the filing. On March 22, 2023, the Third Circuit entered an order denying the Debtor's petition for rehearing. The Third Circuit entered an order denying LTL's stay motion on March 31, 2023, and, on the dame day,issued its mandate directing the Bankruptcy Court to dismiss the 2021 Chapter 11 Case. The Bankruptcy Court entered an order dismissing the 2021 Case on April 4, 2023. Johnson & Johnson on April 4, 2023, announced that its subsidiary LTL Management LLC (LTL) has re-filed for voluntary Chapter 11 bankruptcy protection (Bankr. D.N.J. Case No. 23-12825) to obtain approval of a reorganization plan that will equitably and efficiently resolve all claims arising from cosmetic talc litigation against the Company and its affiliates in North America. In the new filing, J&J said it has agreed to contribute up to a present value of $8.9 billion, payable over 25 years, to resolve all the current and future talc claims, which is an increase of $6.9 billion over the $2 billion previously committed in connection with LTL's initial bankruptcy filing in October 2021. LTL also has secured commitments from over 60,000 current claimants to support a global resolution on these terms. In August 2023, U.S. Bankruptcy Judge Michael Kaplan in Trenton, New Jersey, ruled that the second bankruptcy case should be dismissed. 3rd Try In May 2024, J&J announced its subsidiary LLT Management LLC is soliciting support for a consensual prepackaged bankruptcy plan to resolve its talc-related liabilities. Under the terms of the plan, a trust would be funded with over $5.4 billion in the first three years and more than $8 billion over the course of 25 years, which J&J calculates to have a net present value of $6.475 billion. If the Plan is accepted by at least 75% of voters, a bankruptcy was to be filed under the case name In re Red River Talc LLC. Epiq Corporate Restructuring, LLC is serving as balloting and solicitation agent for LLT. On Sept. 20, 2024, Red River Talc LLC filed a Chapter 11 bankruptcy petition (Bankr. S.D. Tex. Case No. 24-90505). Porter Hedges LLP and Jones Day serve as counsel in the new Chapter 11 case. Epiq is the claims agent. Paul Hastings LLP is counsel to the Ad Hoc Committee of Supporting Counsel. Randi S. Ellis is the proposed prepetition legal representative of future claimants. RIBBIT ROOFING: Taps Whitaker Chalk Swindle as Substitute Counsel ----------------------------------------------------------------- Ribbit Roofing LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire Whitaker Chalk Swindle & Schwartz PLLC as bankruptcy counsel and replace the Law Office of Matthew Bobo. The firm will give legal advice to the Debtor with respect to the bankruptcy case, the Debtor's powers and duties as Debtor-in-Possession and will perform all necessary legal services for the Debtor that may be necessary to assist in its reorganization. The firm will be paid at these rates: Robert A. Simon (Member) $500 per hour John Behan (Associate) $400 per hour Other Members $400 to $500 per hour Associates $250 to $325 per hour Bonnie Peck (paralegal) $150 per hour The Debtor paid the firm a retainer of $50,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Simon 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: Robert A. Simon, Esq. Whitaker Chalk Swindle & Schwartz PLLC 301 Commerce Street, Suite 3500 Fort Worth, TX 76102 Tel: (817) 878-0543 Fax: (817) 878-0501 About Ribbit Roofing LLC Ribbit Roofing LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 26-42160) on May 18, 2026, with $1,000,001 to $10 million in assets and liabilities. Matthew W. Bobo, Esq. at the Law Office Of Matthew Bobo represents the Debtor as legal counsel. RITCHEY'S TRUCK: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------------- Debtor: Ritchey's Truck Repair, Inc. 2040 Industrial Park Rd. Mulberry, FL 33860 Business Description: Ritchey's Truck Repair is a truck, trailer, and tanker repair company based in Mulberry, Florida. Founded in 1999 by Bruce and Karen Ritchey as a mobile repair business, the company provides diagnostics, engine repair, preventive maintenance, DOT inspections, mobile mechanic services, towing, welding and fabrication, and trailer repair. Its tanker services include inspections, leakage and pressure testing, thickness and hydro testing, valve rebuilding, lining inspections, and general tank trailer repairs for commercial truck, trailer, and tanker operators. Chapter 11 Petition Date: June 10, 2026 Court: United States Bankruptcy Court Middle District of Florida Case No.: 26-04988 Debtor's Counsel: Amy Denton Mayer, Esq. BERGER SINGERMAN LLP 101 E Kennedy Boulevard Suite 1165 Tampa, FL 33602 Tel: (813) 498-3400 E-mail: amayer@bergersingerman.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Bruce Ritchey as president. 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/6IT2GUY/Ritcheys_Truck_Repair_Inc__flmbke-26-04988__0002.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/Z2IEPVI/Ritcheys_Truck_Repair_Inc__flmbke-26-04988__0001.0.pdf?mcid=tGE4TAMA ROYAL HASS: Unsecured Creditors to Split $133K in Plan ------------------------------------------------------ Royal Hass, LLC filed with the U.S. Bankruptcy Court for the Northern District of Georgia an Amended and Restated Plan of Reorganization dated June 4, 2026. The Debtor has been operating since 2017 and is a Georgia limited liability company. Debtor imports and distributes fresh fruits and vegetables, including, more specifically, avocados from Mexico (the "Business"). At the start of 2025, Royal Hass became aware of internal accounting issues. It was taking too long for transactions between Royal Hass and buyers/growers to be registered in the accounting ledger. During this time, Royal Hass's accounting system was hacked by ransomware. Royal Hass could not access its accounting system for a month and had to pay $50,000.00 to regain access to the accounting system. This hack led to a backlog in the accounting systems transactions, exacerbating accounting issues. Also, a potential buyer scammed $85,000.00 worth of avocados from Royal Hass and never paid Royal Hass back. Royal Hass tried contacting the police to get the avocados back, but was unsuccessful in its recovery efforts. In August 2025, Royal Hass noticed that it was behind on payments to suppliers and other creditors and needed additional funding in order to maintain business operations. Therefore, Royal Hass took out multiple Merchant Cash Advances ("MCAs"). These MCAs required Royal Hass to make daily and weekly payments on the debt. The payments were removed by an ACH transfer initiated by the MCA lenders. Royal Hass had no control over when the payments were removed from its bank accounts. It also had no control over what funds the MCA lenders took from its bank account. The weekly payments to the MCAs crippled Royal Hass's cash flow. Royal Hass was unable to pay its other obligations, including PACA suppliers. Ultimately, the MCA lenders sent letters to Royal Hass's customers directing customers to pay the MCA lenders instead of Royal Hass. When Royal Hass discovered that the MCAs sought to take over its receivables, it filed for bankruptcy to reorganize and satisfy the PACA claims. This Plan deals with all property of Debtor and provides for treatment of all Claims against Debtor and its property. Class 10 consists of general unsecured claims and any other claims not otherwise specifically classified in the Plan, including deficiency claims pursuant to Section 506 of the Bankruptcy Code and any Allowed rejection damages (collectively, the "Class 10 General Unsecured Claims"). The allowed unsecured claims total $1,156,758.47. The Debtor will pay the Holders of Class 10 General Unsecured Claims a total of $133,000.00 (shared pro rata) in accordance with the Budget commencing on the month indicated in the Budget and counting as set forth on the Budget with payment made on or by the 28th day of the applicable month in which a payment is due to the Class 10 General Unsecured Creditors. The Class 10 General Unsecured Claims are Impaired by the Plan and the Holders of the Class 10 General Unsecured Claims are entitled to vote to accept or reject the Plan. Notwithstanding anything else in this Plan to the contrary, any Class 10 General Unsecured Claim shall be reduced by any payment received by the creditor holding such claim from any third party or other obligor and Debtor's obligations hereunder shall be reduced accordingly. Class 11 consists of the Equity Claims. Antonio Moreno owns 100% of the membership interest in the Debtor and shall retain his 100% interest in Debtor. The holders of Class 11 Claims are not Impaired by the Plan and the holders of the Class 11 Claims are conclusively deemed to have accepted the plan. Upon confirmation, Debtor will be charged with administration of the Case. Debtor will be authorized and empowered to take such actions as are required to effectuate the Plan. Debtor will file all post-confirmation reports required by the United States Trustee's office. Debtor will also file the necessary final reports and may apply for a final decree after substantial consummation at such time as Debtor deems appropriate unless otherwise required by the Bankruptcy Court. The source of funds for the payments pursuant to the Plan is the continued operations of Debtor and the PACA Reserve. A full-text copy of the Amended and Restated Plan of Reorganization dated June 4, 2026 is available at https://urlcurt.com/u?l=ftCB4G from PacerMonitor.com at no charge. Counsel to the Debtor: Mark D. Gensburg, Esq. Jones & Walden, LLC 699 Piedmont Avenue, NE Atlanta, GA 30308 Telephone: (404) 564-9300 About Royal Hass LLC Royal Hass, LLC is a Georgia limited liability company that imports and distributes fresh fruits and vegetables, including, more specifically, avocados from Mexico (the "Business"). The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-51801) on Feb. 10, 2026, with $500,001 to $1 million in assets and $1 million to $10 million in liabilities. Judge Lisa Ritchey Craig oversees the case. Leslie M. Pineyro, Esq., at Jones and Walden, LLC, is the Debtor's counsel. RTB DIGITAL: D. Bailey Leaves Board to Focus on Nakamoto CEO Role ----------------------------------------------------------------- RTB Digital, Inc. (formerly RYVYL Inc.) announced in a regulatory filing that co-founder David Bailey of the recently acquired business will depart the board of directors to focus on his role as Chief Executive Officer of Nakamoto, Inc. (NASDAQ Symbol: NAKA). Mr. Bailey helped launch RTB as a founding investor and board member, including the latest round of funding, and served for the second time on a public-company board with founder James Heckman. "David is a great friend and has been a critical partner to Roundtable," said Heckman. "We are grateful for his support and are excited to watch him grow Nakamoto. Mr. Bailey's departure is not a result of any disagreement between the parties, or on any matter relating to the Company's operations, policies or practices. About RTB Digital, Inc. Roundtable (RTB Digital, Inc.) is a Web3, digital media SaaS platform company, providing white-label, full stack distribution, community, publishing and monetization for professional media brands and journalists - fortified and powered by a digital liquidity pool integrated into the platform. Rowland Heights, CA-based Simon & Edward, LLP, RYVYL's auditor since 2022, issued a "going concern" qualification in its report dated April 15, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company has suffered recurring losses from operations and has experienced significant liquidity constraints following the discontinuation of its QuickCard operations and the sale of its European subsidiary, Ryvyl EU. These factors, alongside expectations of continued operating losses, raise substantial doubt about the Company's ability to continue as a going concern. As of March 31, 2026, the Company had $9.9 million in total assets, $10.9 million in total liabilities, and $972 thousand in total stockholders' deficit. S&G LABS: Seeks to Extend Plan Exclusivity to Sept. 7 ----------------------------------------------------- S&G Labs Hawaii, LLC, asked the U.S. Bankruptcy Court for the District of Colorado to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to Sept. 7 and Nov. 6, 2026, respectively. The Debtor filed its Plan within the 120-day period and therefore maintains the exclusive right to propose a plan and shall maintain such right until the Plan is confirmed, provided the Plan is confirmed within 180 days after the Petition Date or as extended. The Court approved Debtor's first request to extend the respective deadlines to June 8 and August 6, 2026. The Debtor now seeks to extend the Exclusive Period and the Solicitation Period an additional approximately 90 days, without prejudice to seeking further extensions if circumstances require it. The Debtor explains that several factors favor granting the requested extension. First, good faith progress has been made towards reorganization, as evidenced by the filing of the Plan within the initial 120-day exclusivity window. Second, the filed Plan is a viable reorganization plan that addresses pre-petition claims and accounts for all bankruptcy estate assets. Third, the Debtor is paying its bills as they come due and filing its monthly operating reports. Fourth, the Debtor is not seeking an extension to pressure creditors. Fifth, and most significant, unresolved contingencies exist. On May 5, creditor Darren Graves filed a motion seeking the appointment of a chapter 11 trustee. Debtor timely responded to the motion on June 2. At the initial hearing on the adequacy of the Disclosure Statement on May 28, the impact of the trustee motion on the plan confirmation process was discussed. In addition, the Court encouraged the parties to consider mediation. Debtor is in favor of mediation. The Court scheduled a continued status and scheduling conference to be held on June 23. Until these two issues are resolved, Debtor's plan will likely be held in abeyance. These are therefore "unresolved contingencies" warranting a further extension of exclusivity. Counsel to the Debtor: David J. Warner, Esq. WADSWORTH GARBER WARNER CONRARDY, P.C. 2580 West Main Street, Suite 200 Littleton, CO 80120 Telephone: (303) 296-1999 Telecopy: (303) 296-7600 E-mail: dwarner@wgwc-law.com About S&G Labs Hawaii LLC S&G Labs Hawaii LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 25-18335) on Nov. 7, 2025. In its petition, the Debtor estimated assets up to $100,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by David Wadsworth, Esq. of Wadsworth Garber Warner Conrardy, P.C. SAIG LAUNDRY: Unsecureds Will Get 10% of Claims over 60 Months -------------------------------------------------------------- Saig Laundry LLC d/b/a Red Bird Laundry Center filed with the U.S. Bankruptcy Court for the Northern District of Texas a Subchapter V Plan of Reorganization dated June 4, 2026. The Debtor operates a self-service laundromat business known as Red Bird Laundry Center located at 4333 Gannon Lane, Suite 107, Dallas, Texas 75237. The Debtor acquired and operates commercial laundry equipment and related systems financed by Clean Laundry Funding. CLF asserts a security interest in substantially all of the Debtor's assets, including equipment, accounts, inventory, deposit accounts, general intangibles, and proceeds. The Debtor's financial distress resulted primarily from the debt service obligations associated with the CLF financing, together with ordinary business pressures including rent, utilities, labor, repairs, insurance, and other operating expenses. The Debtor elected to file this Chapter 11 Subchapter V case as the best means to preserve the going-concern value of the business, restructure its obligations, and determine the secured portion of CLF's claim. The Debtor believes that the business is viable if allowed to continue operating under a sustainable debt structure. The Debtor further believes that continued operation by existing management provides creditors, including CLF, with a greater recovery than would be available through liquidation, repossession, or the exercise of contractual takeover remedies. The Debtor anticipates having sufficient cash available to fund the Plan and pay creditors pursuant to the proposed treatment. It is anticipated that after confirmation, the Debtor will continue in business. Based upon the projections, the Debtor believes it can service the payments required under this Plan while maintaining the business, preserving the collateral, and supporting ordinary-course operational needs. The Debtor will continue operating its business. The Debtor's Plan will break the existing claims into four classes of Claimants. These claimants will receive cash repayments over time, beginning on or after the Effective Date. Class 3 consists of all Allowed General Unsecured Claims, including the unsecured deficiency portion of the claim asserted by Clean Laundry Funding and the claim of the Estate of Joseph Mclin. The allowed unsecured claims total $600,000.00. The Debtor shall distribute the sum of $60,000.00 to holders of Allowed General Unsecured Claims over the sixty-month term of the Plan. Distributions shall be made pro rata among all holders of Allowed General Unsecured Claims. Based upon currently known claims, holders of Allowed General Unsecured Claims are projected to receive approximately ten percent of their Allowed Claims. Clean Laundry Funding's unsecured deficiency claim is projected to receive approximately $53,298.90. The Estate of Joseph Mclin claim is projected to receive approximately $6,701.10. Actual distributions may vary based upon the final allowance, disallowance, objection, settlement, or reconciliation of claims. In accordance with Section 1191(c)(2) of the Bankruptcy Code, in the event this Plan is confirmed pursuant to Section 1191(b) of the Bankruptcy Code, the Debtor commits that all of its projected disposable income, as that term is defined in Section 1191(d) of the Bankruptcy Code, to be received during the five-year period following the Effective Date, or such longer period as the Court may approve, shall be applied to make payments under this Plan. Class 4 consists of Equity Interest Holders. In a limited liability company, the Equity Interest holder is Straight Aim Investors. Will retain existing 100% ownership interest in the Debtor/Reorganized Debtor. No distribution shall be made to him from Plan Payments on account of such interest. The Debtor anticipates that the business will continue operating to fund the Plan. If the Plan is confirmed under section 1191(a), the Debtor shall, from the Petition Date to the Effective Date, timely file monthly operating reports with the Bankruptcy Court for each month (including any fraction thereof) in a form reasonably acceptable to the U.S. Trustee. A full-text copy of the Plan of Reorganization dated June 4, 2026 is available at https://urlcurt.com/u?l=8GjI4N from PacerMonitor.com at no charge. Counsel to the Debtor: C. Daniel Herrin, Esq. Herrin Law, PLLC 12001 N. Central Expressway, Suite 920 Dallas, TX 75243 Telephone: (469) 607-8551 Facsimile: (214) 722-0271 About Saig Laundry LLC Saig Laundry LLC operates a self-service laundromat business known as Red Bird Laundry Center located at 4333 Gannon Lane, Suite 107, Dallas, Texas 75237. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 26-30980) on March 6, 2026, listing up to $500,000 in assets and up to $1 million in liabilities. Judge Michelle V. Larson oversees the case. Manalo Santiago, Esq., at Herrin Law, PLLC represents the Debtor as counsel. SAKS GLOBAL: Court Confirms Third Amended Joint Chapter 11 Plan --------------------------------------------------------------- Judge Alfred R. Perez of the U.S. Bankruptcy Court for the Southern District of Texas approved the Disclosure Statement and The Third Amended Joint Chapter 11 Plan of Saks Global Enterprises LLC and its Global Debtor Affiliates. The Disclosure Statement is approved on a final basis as containing adequate information pursuant to section 1125 of the Bankruptcy Code and sufficient information of a kind necessary to satisfy the disclosure requirements of any applicable non-bankruptcy Laws, rules, and regulations. All unresolved objections, statements, informal objections, and reservations of rights (except with respect to any unresolved Cure Disputes and objections to the assumption or rejection of Executory Contracts and Unexpired Leases, which shall be addressed in accordance with Section 9.2 of the Plan), if any, related to final approval of the Disclosure Statement or Confirmation of the Plan are overruled on the merits with prejudice. The Plan is confirmed under section 1129 of the Bankruptcy Code. As shared by the Troubled Company Reporter, Saks Global Enterprises LLC and Its Global Debtor Affiliates filed with the U.S. Bankruptcy Court for the Southern District of Texas a Disclosure Statement for the Amended Joint Chapter 11 Plan dated May 1, 2026. In connection with the Restructuring Support Agreement, on April 1, 2026, the Global Debtors entered into the New Capital Commitment Letter with certain Consenting DIP Term Loan Lenders. Pursuant to the New Capital Commitment Letter, the New Capital Commitment Parties have severally (and not jointly) committed to provide $500,000,000 in the aggregate in new financing in the form of either (a) a first lien senior secured term loan facility or an issuance of first lien senior secured notes and/or (b) senior preferred equity issued by Saks Global Holdings LLC (collectively, the "Incremental New Money Facilities"), in each case subject to any in-kind increases and/or dollar-for-dollar reductions as more fully set forth in the New Capital Commitment Letter. Class 4-E consists of all OpCo General Unsecured Claims. In full and final satisfaction, compromise, settlement, release, and discharge of each Allowed OpCo General Unsecured Claim, except to the extent that a Holder of an Allowed OpCo General Unsecured Claim agrees to less favorable treatment with respect to such Holder's Claim, on the Effective Date, each Holder of an Allowed OpCo General Unsecured Claim shall receive, subject to the terms of the Plan, its pro rata share of the Litigation Trust Class B Interests, as set forth in Section 6.8 of the Plan and the Litigation Trust Documents. The OpCo General Unsecured Claims are Impaired Claims. Class 5-D consists of all HoldCo II General Unsecured Claims. In full and final satisfaction, compromise, settlement, release, and discharge of each HoldCo II General Unsecured Claim, except to the extent that a Holder of an Allowed HoldCo II General Unsecured Claim agrees to less favorable treatment with respect to such Holder's Claim, on the Effective Date, each Holder of an Allowed HoldCo II General Unsecured Claim shall receive, subject to the terms of the Plan, its pro rata share of the Litigation Trust Class B Interests, as set forth in Section 6.8 of the Plan and the Litigation Trust Documents. The HoldCo II General Unsecured Claims are Impaired Claims. Class 6-B consists of all TopCo General Unsecured Claims. On the Effective Date, the TopCo General Unsecured Claims will be cancelled, released, and extinguished without any distribution on account of such Claims. The TopCo General Unsecured Claims are Impaired Claims. The projected recovery for general unsecured claims are still "to be determined", according to the Disclosure Statement. As of the Effective Date, the Litigation Trustee shall be appointed as trustee of the Litigation Trust in accordance with the Plan, Confirmation Order, and the Litigation Trust Documents. The Litigation Trustee shall have all of the rights and responsibilities set forth in the Plan, the Committee Settlement, and the Litigation Trust Documents. Without limiting the generality of the foregoing, the Litigation Trustee shall administer distributions to Litigation Trust Beneficiaries to the extent provided under the Plan, the Committee Settlement, and the Litigation Trust Documents, and shall serve as the representative of the Estates under section 1123(b) of the Bankruptcy Code for the purpose of pursuing Litigation Trust Retained Causes of Action. The Litigation Trustee shall be authorized to make distributions of Litigation Trust Proceeds solely in the following waterfall, in all cases, net of the Litigation Trust Fees and Expenses and the Litigation Trust Reserve (the "Litigation Trust Allocation"): * First, the Reorganized Global Debtors shall receive 100% of any Litigation Trust Proceeds until an amount equal to the Litigation Trust MOIC (inclusive, for the avoidance of doubt, of the Litigation Trust Initial Funding Amount) has been paid in Cash to the Reorganized Global Debtors (the "Litigation Trust Repayment Distribution"); * Second, after the Litigation Trust Repayment Distribution occurs, the Litigation Trust will distribute 50% of all Litigation Trust Proceeds to holders of Litigation Trust Class A Interests and 50% of all Litigation Trust Proceeds to holders of Litigation Trust Class B Interests on a dollar-for-dollar basis until an aggregate amount of $80 million has been distributed to Litigation Trust Beneficiaries (the "Litigation Trust Initial Distribution"); and * Third, after the Litigation Trust Initial Distribution occurs, the Litigation Trust will distribute 80% of all Litigation Trust Proceeds to holders of Litigation Trust Class A Interests and 20% of all Litigation Trust Proceeds to holders of Litigation Trust Class B Interests. * With respect to any distribution of Litigation Trust Proceeds to Litigation Trust Class A Interests, such distributions shall be made: (A) first, to holders of Litigation Trust Class A-1 Interests, until the Second Out DIP Term Loan Claims and Third Out DIP Term Loan Claims have been paid in full; (B) second, to holders of Litigation Trust Class A-2 Interests, until the Prepetition OpCo Second Out Notes Claims have been paid in full; (C) third, to holders of Litigation Trust Class A-3 Interests, until the Prepetition OpCo Third Out Notes Claims have been paid in full; and (D) fourth, to holders of Litigation Trust Class A-4 Interests, until the Prepetition Initial Notes Claims have been paid in full. For purposes of calculating the outstanding amount of Second Out DIP Term Loan Claims, On the Effective Date, the Litigation Trust shall receive the Litigation Trust Initial Funding Amount, which shall automatically and irrevocably vest in the Litigation Trust free and clear of all Claims, Liens, encumbrances, or interests. The Litigation Trust Initial Funding Amount shall be used for the administration of the Litigation Trust, to pay the Litigation Trust Fees and Expenses, and to pursue the Litigation Trust Retained Causes of Action, with any excess amount being used to distribute to Litigation Trust Beneficiaries, as set forth in the Litigation Trust Documents. This Liquidation Analysis is presented on a consolidated basis with respect to the Global Debtors. This Liquidation Analysis assumes that the Global Debtors would be liquidated in their jointly administered cases and that each Global Debtor would undertake a parallel liquidation. The Plan does not provide for the substantive consolidation of any of the Global Debtors. The Liquidation Proceeds reflected in this Liquidation Analysis are derived from estimates regarding the liquidation value of the Global Debtors' assets as of the Conversion Date (or as realized during the Liquidation Period), including, as applicable, cash and cash equivalents, accounts receivable, inventory, furniture, fixtures, and equipment, lease-related deposits, prepaid amounts, intellectual property, permit and license interests (including liquor licenses, to the extent transferable and saleable), and any other assets identified in this Liquidation Analysis. For purposes of this Liquidation Analysis, no value has been assigned to the Global Debtors' goodwill. A full-text copy of the Disclosure Statement dated May 1, 2026 is available at https://urlcurt.com/u?l=gfCGlT from Stretto Inc., claims agent. A copy of the Court's Findings of Fact, Conclusions of Law, and Order dated June 5, 2026, is available at http://urlcurt.com/u?l=Rt3Xcifrom PacerMonitor.com. About Saks Global Enterprises LLC Saks Global is the largest multi-brand luxury retailer in the world, comprising Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman, Saks OFF 5TH, Last Call and Horchow. Its retail portfolio includes 70 full-line luxury locations, additional off-price locations and five distinct e-commerce experiences. With talented colleagues focused on delivering on our strategic vision, The Art of You, Saks Global is redefining luxury shopping by offering each customer a personalized experience that is unmistakably their own. By leveraging the most comprehensive luxury customer data platform in North America, cutting-edge technology, and strong partnerships with the world's most esteemed brands, Saks Global is shaping the future of luxury retail. Saks Global Properties & Investments includes Saks Fifth Avenue and Neiman Marcus flagship properties and represents nearly 13 million square feet of prime U.S. real estate holdings and investments in luxury markets. On Jan. 13, 2026, and Jan. 14, 2026, Saks Global Enterprises, LLC and 112 affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 26-90103). The jointly administered cases are pending before the Honorable Alfredo R. Perez. Willkie Farr & Gallagher LLP and Haynes and Boone, LLP are serving as legal counsel, PJT Partners LP is serving as an investment banker, Berkeley Research Group is serving as the financial advisor, and C Street Advisory Group is serving as a strategic communications advisor to the Company. Stretto is the claim agent. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel, Lazard Freres & Co, LLC is serving as investment banker, FTI Consulting, Inc. is serving as financial advisor, and Kekst and Company, Inc., is serving as a strategic communications advisor toan ad hoc group of debt holders. Hilco Global Professional Services, LLC, is the real property advisor to the Ad Hoc Group. Bank of America, N.A., is the administrative agent and collateral agent under the $1.5 billion asset-based revolving credit facility. U.S. Bank Trust Company, National Association, is the administrative agent and collateral agent under the $2.56 billion SGUS DIP Facility, a term loan facility with new money and roll-up components. U.S. Bank is also the agent under the $1.75 billion OpCo DIP Facility, a term loan facility to be used for refinancing existing debt. Barclays Bank, PLC serves as the fronting lender of the SGUS First Out DIP Loans. It is advised by Dentons US LLP. Otterbourg P.C., Morgan, Lewis & Bockius LLP, and Norton Rose Fulbright US LLP serves as counsel to the ABL DIP Agent; M3 Advisory Partners, LP, is the financial advisor to the ABL DIP Agent; and Great American serves as its inventory valuation consultant. Seward & Kissel LLP serves as counsel to the SGUS DIP Agent. On January 27, 2026, the U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. SAKS GLOBAL: Willkie Farr Served as Counsel in Plan Confirmation ---------------------------------------------------------------- Willkie Farr & Gallagher LLP represented Saks Global Enterprises LLC in the successful conﬁrmation of its chapter 11 plan -- one of the most complex retail restructurings in recent memory -- securing approval from the U.S. Bankruptcy Court for the Southern District of Texas. Saks Global's comprehensive restructuring was led by an all-women core team, a rare milestone in the history of chapter 11. On June 5, Judge Alfredo R. Perez conﬁrmed the company's chapter 11 plan of reorganization, which enables Saks Global, the world's largest multi-brand luxury retailer, to exit chapter 11 in the coming weeks with a strengthened financial foundation. The restructuring was led by Willkie partners Debra M. Sinclair, Robin Spigel, Allyson Smith and Charlotta Chung and associate Betsy Feldman -- an all-women core team that guided Saks through a process of exceptional complexity, both in the pre-ﬁling period and throughout the chapter 11 cases. The wider Willkie team included partners and associates across corporate, tax, finance and real estate. Plan Confirmation Saks Global on June 5 received approval of its Plan of Reorganization from the U.S. Bankruptcy Court for the Southern District of Texas. The Plan gained support across the capital structure from participating creditors, the overwhelming majority of which voted in favor. Confirmation of the Plan paves the way for Saks Global to exit chapter 11 in the coming weeks with a strengthened financial foundation. "Securing approval of our Plan is an incredible achievement for Saks Global, and the broad-based support we have received from our capital partners, brand partners and other key stakeholders reflects confidence in our future," said Geoffroy van Raemdonck, Chief Executive Officer, Saks Global. "With our capital partners' commitment and the dedication of our talented team, we are on track to emerge as a stronger, more focused company, poised for profitable and sustainable growth. I firmly believe in Saks Global's enduring role as a leader in the luxury retail ecosystem, delivering exceptional experiences for customers and serving as the premier gateway to the U.S. luxury consumer for our brand partners. I am confident we are well positioned to define the future of luxury retail." At emergence, the Company's debt will be reduced significantly -- by nearly 75% -- and Saks Global will have the liquidity necessary to support its operations and invest in its future. The Plan establishes the foundation for the Company to accelerate sales growth, with a focus on strong full-price selling, and to generate $9 billion in total Gross Merchandise Value and double-digit adjusted EBITDA by fiscal year 2030. Brandy Richardson, Chief Financial Officer, Saks Global, added, "With significantly reduced debt on the Company's balance sheet at emergence and having already achieved substantial cost savings through the optimization of our footprint, operations and organization, our business is well positioned for future success. We are grateful for the support of all of our stakeholders, including our capital partners and brand partners, and look forward to driving profitable growth as a stronger Saks Global, leveraging our distinct and differentiated assets." In less than five months, Saks Global has made significant progress evolving its business to support a more sustainable future, including: * Establishing a strong financial foundation, with an improved capital structure and the liquidity necessary to invest in the core areas of the business to support long-term growth. * Strengthening its valued brand partner relationships, facilitating delivery of an expertly curated product assortment and providing access to the Company's loyal customers across the U.S. * Optimizing its store footprint and supply chain network to support its integrated retail model, which is anchored by the Company's best-performing stores in markets with a high concentration of luxury customers, as well as distinct e-commerce platforms and remote selling services. * Focusing on its core luxury business, by streamlining the majority of Saks Global's off-price business to prioritize luxury and full-price selling and right sizing the Company's corporate team to align with this go-forward strategy. The Company's actions are translating into sustained momentum across numerous areas of the business. Saks Global's go-forward store sales continue to show steady improvement, reflecting stronger customer engagement as a result of increased inventory. With a strong plan for the future, Saks Global is well positioned for profitable and sustainable growth, poised to become the leading multi-brand luxury retailer in the U.S. Advisors Willkie Farr & Gallagher LLP and Haynes and Boone, LLP are serving as legal counsel, PJT Partners LP is serving as investment banker, Berkeley Research Group is serving as financial advisor, and C Street Advisory Group is serving as strategic communications advisor to the Company. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel, Lazard Frères & Co, LLC is serving as investment banker, FTI Consulting, Inc. is serving as financial advisor, and Kekst CNC is serving as strategic communications advisor to the ad hoc group of the company's senior secured bondholders.  About Saks Global Saks Global is the largest multi-brand luxury retailer in the world, comprising Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman, Saks OFF 5TH, Last Call and Horchow. Its retail portfolio includes 70 full-line luxury locations, additional off-price locations and five distinct e-commerce experiences. With talented colleagues focused on delivering on our strategic vision, The Art of You, Saks Global is redefining luxury shopping by offering each customer a personalized experience that is unmistakably their own. By leveraging the most comprehensive luxury customer data platform in North America, cutting-edge technology, and strong partnerships with the world's most esteemed brands, Saks Global is shaping the future of luxury retail. Saks Global Properties & Investments includes Saks Fifth Avenue and Neiman Marcus flagship properties and represents nearly 13 million square feet of prime U.S. real estate holdings and investments in luxury markets. On Jan. 13, 2026, and Jan. 14, 2026, Saks Global Enterprises, LLC and 112 affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 26-90103). The jointly administered cases are pending before the Honorable Alfredo R. Perez. Willkie Farr & Gallagher LLP and Haynes and Boone, LLP are serving as legal counsel, PJT Partners LP is serving as an investment banker, Berkeley Research Group is serving as the financial advisor, and C Street Advisory Group is serving as a strategic communications advisor to the Company. Stretto is the claim agent. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel, Lazard Freres & Co, LLC is serving as investment banker, FTI Consulting, Inc. is serving as financial advisor, and Kekst and Company, Inc., is serving as a strategic communications advisor toan ad hoc group of debt holders. Hilco Global Professional Services, LLC, is the real property advisor to the Ad Hoc Group. Bank of America, N.A., is the administrative agent and collateral agent under the $1.5 billion asset-based revolving credit facility. U.S. Bank Trust Company, National Association, is the administrative agent and collateral agent under the $2.56 billion SGUS DIP Facility, a term loan facility with new money and roll-up components. U.S. Bank is also the agent under the $1.75 billion OpCo DIP Facility, a term loan facility to be used for refinancing existing debt. Barclays Bank, PLC serves as the fronting lender of the SGUS First Out DIP Loans. It is advised by Dentons US LLP. Otterbourg P.C., Morgan, Lewis & Bockius LLP, and Norton Rose Fulbright US LLP serves as counsel to the ABL DIP Agent; M3 Advisory Partners, LP, is the financial advisor to the ABL DIP Agent; and Great American serves as its inventory valuation consultant. Seward & Kissel LLP serves as counsel to the SGUS DIP Agent. On January 27, 2026, the U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. SCHRAPPER'S FINE: Voluntary Chapter 11 Case Summary --------------------------------------------------- Debtor: Schrapper'S Fine Cabinetry & Design LLC 240 W. Indiantown Road, Suite 101 Jupiter, FL 33458 Business Description: Schrapper's Fine Cabinetry & Design LLC is a Jupiter, Florida-based cabinetry design and installation company that provides custom kitchen cabinets, bathroom vanities, closet systems, outdoor kitchen cabinetry, home office built-ins and other storage solutions for residential customers in Palm Beach and Martin counties. Chapter 11 Petition Date: June 11, 2026 Court: United States Bankruptcy Court Southern District of Florida Case No.: 26-17649 Debtor's Counsel: Thomas Zeichman, Esq. ZEICHMAN LAW 2385 Executive Center Drive, Suite 300 Boca Raton, FL 33431 Tel: (561) 467-6291 E-mail: tom@zeichmanlaw.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by James Smith as manager. 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/BDDPBYY/SCHRAPPERS_FINE_CABINETRY__DESIGN__flsbke-26-17649__0001.0.pdf?mcid=tGE4TAMA SDRES PARTNERS: Case Summary & 19 Unsecured Creditors ----------------------------------------------------- Debtor: SDRES Partners LLC 520 Newport Center Drive, Suite 480 Newport Beach, CA 92660 Business Description: SDRES Partners is a single-asset real estate company that owns and leases mixed-use properties at 210, 244 and 248 S. Orange Grove Blvd. in Pasadena, California. Chapter 11 Petition Date: June 3, 2026 Court: United States Bankruptcy Court Central District of California Case No.: 26-11744 Judge: Hon. Mark D. Houle Debtor's Counsel: Kyra E. Andrassy, Esq. RAINES FELDMAN LITTRELL LLP 4675 MacArthur Court, Suite 1550 Newport Beach, CA 92660 Tel: (310) 440-4100 E-mail: kandrassy@raineslaw.com Estimated Assets: $10,000,001 to $50 million Estimated Liabilities: $1,000,001 to $10 million The petition was signed by Jason Miller as authorized agent. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/QDXWWRY/SDRES_Partners_LLC__cacbke-26-11744__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 19 Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Ambassador West $57,194 Master Association c/o Action Property Management P.O. Box 25013 Santa Ana, CA 92799 Email: communitycare@actionlife.com Phone: (949) 450-0202 2. High Speed Rooter $30,000 & Plumbing, Inc 10709 Vernon Ave Ontario, CA 91762 3. Vierergruppe $26,609 Management Inc. 1932 East Deere Avenue Suite 150 Santa Ana, CA 92705 Email: jennifer@vgruppemanagement.com Phone: (714) 442-0625 4. Camacho, Moises $7,770 5590 W. Mission Blvd Ontario, CA 91762 Email: camachocontracting08@gmail.com 5. Vaughan Pools 127, Inc. $5,325 dba Steve Vaughan Pool and Spa 514 W Maple Ave Monrovia, CA 91016 6. Maranatha High School $4,358 169 S. St. John Ave Pasadena, CA 91105 Email: l_ruiz@mhs-hs.org Phone: (626) 817-4052 7. City of Pasadena $3,100 100 N. Garfield Ave, N106 P.O. Box 7115 Pasadena, CA 91109 Email: businesslicense@cityofpasadena.net Phone: (626) 744-4166 8. Stanley Pest Control (290) $2,705 2555 Loma Avenue South El Monte, CA 91733 Email: Ddean@stanleypest.com Phone: (714) 952-2031 9. Compass $2,152 341 Bayside Drive Newport Beach, CA 92660 10. Hampton Realty & $2,152 Investment, Inc 706 W. Duarte Rd Unit D Monrovia, CA 91016 11. Pasadena Water and Power $2,122 P.O. Box 7120 Pasadena, CA 91109 12. SoCalGas $2,104 P.O. Box C Monterey Park, CA 91756 Tel: (800) 427-2200 13. Cabrera, Joel $2,000 631 North Bedford Street, Apt#1 La Habra, CA 90631 Email: cabrera197141@gmail.com Phone: (562) 464-8338 14. Alvarez, Mayra $500 8118 Jackson Street Paramount, CA 90723 Phone: (562) 676-2382 15. Cypress Heating & Air $305 Conditioning, Inc. 547 South Loraine Ave Glendora, CA 91741 16. Dominion Disposal $88 c/o Fire Recovery USA, LLC P.O. Box 548 Roseville, CA 95678 Email: dominiondisposal@mail.com Phone: (714) 402-0274 17. Coldwell Banker Residential $0 Brokerage Company c/o Jose A. Mendoza 300 Commerce, Suite 250 Irvine, CA 92602 18. Judith Moore and Walter $0 Whitman Moore c/o Licensed to Sue 248 S Orange Grove Blvd, #102 Pasadena, CA 91123 19. Preferred Bank $0 c/o John A. Moe, II Dentons US LLP 601 S Figueroa St, Fl 25 Los Angeles, CA 90017 SEARLES VALLEY: Seeks to Sell Mining Assets at Auction ------------------------------------------------------ Searles Valley Minerals Inc. (SVM) and its affiliates, seek approval from the U.S. Bankruptcy Court for the District of Delaware, to sell substantially all Assets at auction, free and clear of liens, claims, interests, and encumbrances. To date, the Office of the United States Trustee for the District of Delaware has not appointed a creditors’ committee in the Chapter 11 Cases, nor has any trustee or examiner been appointed. SVM (together with its Debtor and non-Debtor subsidiaries) operates a vertically integrated mining and processing complex at Searles Lake in Trona, California, where it produces critical industrial minerals, including borates, sodium sulfate, and salt, sourced from one of the largest known deposits of water-soluble borates in North America. The Company is among the largest and lowest cost producers of borates, serving a diversified global customer base across industrial, agricultural, and specialty chemical end markets. The Company historically mined and processed Sodium Carbonate (soda ash) until February 2026, and continues to source and supply soda ash to its customers in North America. In addition, the Debtors source and provide potable water for approximately 760 residential and commercial customers in certain areas on the west shoreline of Searles Lake, California, including the town of Trona, California. The Debtor SVM and SVM's immediate parent, non-Debtor Karnavati Holdings, Inc., engaged Lazard & Co, Limited as their investment banker to assist in the evaluation and marketing of the Debtors’ assets for a potential sale transaction. As of the Petition Date, a number of potential buyers have engaged with the Company in advanced discussions regarding the in-court sale process. Given that no actionable bids were received for the Debtors' business on an out-ofcourt basis, the Debtors began evaluating strategic alternatives to maximize value. The Debtors have developed the terms of the Bidding Procedures and the Sale timeline. The Bidding Procedures describe, among other things, the procedures for interested parties to access due diligence, the manner in which bids become Qualified Bids, the receipt and negotiation of bids received, the conduct of any Auction, the selection and designation of a Stalking Horse Bidder, the selection and approval of any ultimate Successful Bidder, and the deadlines with respect to the foregoing. The terms of the bidding procedures and they key dates and deadlines of the sale are also provided at https://urlcurt.com/u?l=Q7Opu3 The Debtors submit that in order to entice potential bidders to serve as a Stalking Horse Bidder, which would help facilitate a competitive Auction by setting a minimum price for the applicable Assets covered by any such Stalking Horse Bid at the Auction, they will need to offer such Stalking Horse Bidder the Bid Protections. The Debtors submit that the Bid Protections are fair and reasonable in light of the circumstances because, in the event the Bid Protections are triggered, any Stalking Horse Bidder's efforts will have promoted more competitive bidding, and thereby increased the chances that the Debtors will receive the highest or otherwise best offer for the Sale Transaction contemplated by such Stalking Horse Bid, to the benefit of the Debtors' creditors. The Debtors submit that the Sale Notice is reasonably calculated to provide all interested parties with timely and proper notice of the proposed Sale. The Bidding Procedures are designed to ensure that the bidding process is fair and, by facilitating a competitive bidding process in which all potential bidders are encouraged to participate and submit competing bids (while giving Potential Bidders flexibility in structuring their Bids), designed to yield the maximum value for the Debtors’ estates and stakeholders. The Debtors also submit that it is appropriate to sell the Assets free and clear of successor liability relating to the Debtors' businesses. About Searles Valley Minerals Inc. Searles Valley Minerals Inc. operates a vertically integrated mining and processing complex at Searles Lake in Trona, California. Searles Valley Minerals sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Dela. Case No. 26-10966) on June 2026. Laura Davis Jones at Pachulski, Stang, Ziehl & Jones LLP, represents the Debtors as legal counsel. SECURITY CHECK: Hires Blanchard Law P.A. as Bankruptcy Counsel -------------------------------------------------------------- Security Check Me, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to hire Blanchard Law, P.A. to serve as legal counsel. The firm will provide these services: (a) give the Debtor legal advice with respect to its powers and duties as Debtor and as Debtor-in-Possession in the continued operation of its business and management of its property; (b) prepare, on the behalf of your applicant, necessary applications, answers, orders, reports, complaints, and other legal papers and appear at hearings thereon; and (c) perform all other legal services for Debtor as Debtor-in-Possession which may be necessary. The firm will receive an hourly rate of $400 for Attorney Jake Blanchard's time, $300 per hour for Associate Attorney's time and $100 per hour for paralegal time. The Debtor has paid a retainer in the amount of $16,738. The firm represents no interest adverse to Debtor as Debtor-in-Possession or the estate in the matters upon which it is to be engaged, according to court filings. The firm can be reached at: Jake C. Blanchard, Esq. BLANCHARD LAW, P.A. 8221 49th Street North Pinellas Park, FL 33781 Telephone: (727) 531-7068 Facsimile: (727) 535-2086 E-mail: jake@jakeblanchardlaw.com About Security Check Me, LLC Security Check Me, LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-04706) on May 31, 2026, listing up to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Catherine Peek Mcewen presides over the case. Jake C Blanchard, Esq. at Blanchard Law, P.A. serves as the Debtor's counsel. SENTINEL HOLDINGS: Bush & Associates Raises Going Concern Doubt --------------------------------------------------------------- Sentinel Holdings Ltd., formerly known as James Maritime Holdings Inc., has filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2025 with the U.S. Securities and Exchange Commission. The audited report contains a blunt warning: conditions exist that raise substantial doubt about its ability to continue as a going concern. Minneapolis, Minnesota-based Bush & Associates CPA LLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated June 5, 2026, attached to the Company's Annual Report for the fiscal year ended December 31, 2025, citing that the Company has incurred continuing losses and has obligations for significant cash payments in the next year that raise substantial doubt about its ability to continue as a going concern. Based on the audited financial statements, the Company reported a net loss of $1,664,817 for the year ended December 31, 2025 and utilized net cash in operating activities of $1,320,176 during that same period. Such net loss included a non-cash benefit $2,205,292 and, in the absence of that benefit, the Company would have reported a net loss of $3,870,109. Additionally, the Company reported an accumulated deficit of $23,956,377, a stockholders' deficit of $2,847,685, and a working capital deficit of $4,192,539 as of December 31, 2025. The Company has historically incurred significant losses since inception and has not demonstrated an ability to generate sufficient revenues to achieve profitable operations. The Company anticipates that it will need to raise additional capital in order to continue to fund its operations. The Company's operating needs include the planned costs to operate its business, including amounts required to fund working capital and capital expenditures. The Company's future capital requirements and the adequacy of available funds will depend on many factors, including the Company's ability to successfully expand to new markets and to acquire other companies to enhance and/or complement its existing service offerings. There is no assurance that the amount of funds the Company might raise will enable the Company to complete its initiatives or attain profitable operations. There is no assurance that financing will be available on terms which are commercially acceptable, or available at all. If the Company is unable to raise additional funding to meet its working capital needs in the future, it will be forced to delay, reduce, or cease operations. In summary, the Company has historically incurred significant losses since inception, has not yet attained profitable operations, and remains dependent upon obtaining financing to support operations and pursue its business plans. A full text copy of the Company's Annual Report is available at https://tinyurl.com/yc47pue5 About Sentinel Holdings Sentinel Holdings Ltd. conducts its business through its wholly owned subsidiaries, Sentry Protective Services, Inc., United Security Specialists Inc., and its majority-owned subsidiary, Gladiator Solutions Inc. Through its subsidiaries, Sentry and USS, the Company provided professional security personnel and services during the years ended December 31, 2025 and 2024 while Gladiator's operations, which previously focused on personal protective products, were limited due to ongoing litigation. All three subsidiaries are based in California. As of December 31, 2025, the Company had $2,641,112 in total assets, $5,488,797 in total liabilities, and $2,847,685 in total stockholders' deficit. SHIV POOJA: Seeks Subchapter V Bankruptcy in Michigan ----------------------------------------------------- On June 8, 2026, Shiv Pooja, Inc. filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of Michigan. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to 1-49 creditors. A meeting of creditors under Section 341(a) to be held on July 9, 2026 at 09:00 AM via By Telephone. The deadline for governmental units to file Proofs of Claim is January 5, 2027, while the Chapter 11 Small Business Subchapter V Plan must be filed by September 8, 2026. About Shiv Pooja, Inc. Shiv Pooja, Inc. is a privately held corporation. While specific details regarding its operations were not disclosed in the bankruptcy petition, the company conducts business through a corporate structure in Michigan. Shiv Pooja, Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-46566) on June 8, 2026. In its petition, the Debtor reported estimated assets of $1 million to $10 million and estimated liabilities of $1 million to $10 million. Honorable Bankruptcy Judge Maria L. Oxholm handles the case. The Debtor is represented by Robert N. Bassel, Esq. of Robert Bassel, Attorney At Law. Kimberly Ross Clayson serves as Subchapter V Trustee. SILVER STAR: Seeks to Hire DeMarco Mitchell as General Counsel -------------------------------------------------------------- Silver Star Virginia Parkway LLC and Silver Star Properties REIT, Inc. seek approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire DeMarco Mitchell, PLLC as general counsel. The firm will provide these services: (a) take all necessary action to protect and preserve the Estate, including the prosecution of actions on its behalf, the defense of any actions commenced against it, negotiations concerning all litigation in which it is involved, and objecting to claims; (b) prepare on behalf of the Debtor all necessary motions, applications, answers, orders, reports, and papers in connection with the administration of the estate; (c) formulate, negotiate, and propose a plan of reorganization; and (d) perform all other necessary legal services in connection with these proceedings. The firm will receive these hourly compensation: Robert T. DeMarco $500 Michael S. Mitchell $300 paralegal Barbara Drake $125 The firm received from the Debtor a retainer of $4,000. In addition, the firm will seek reimbursement for its out-of-pocket expenses. The firm is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Robert T. DeMarco, Esq. Michael S. Mitchell, Esq. DeMarco Mitchell, PLLC 12770 Coit Road, Suite 850 Dallas, TX 75251 Telephone: (972) 991-5591 Facsimile: (972) 346-6791 E-mail: robert@demarcomitchell.com mike@demarcomitchell.com About Silver Star Virginia Parkway LLC Silver Star Virginia Parkway LLC, doing business as Silver Star Storage, is a real estate company that owns and operates a self-storage facility in McKinney, Texas, as its sole asset. Silver Star Virginia Parkway LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 26-42315) on May 28, 2026, listing $7,650,856 in assets and $5,982,406 in liabilities. The petition was signed by David T. Wheeler as president of Silver Star Property Management, Manager of the Debtor. Judge Mark X Mullin presides over the case. Robert T DeMarco, Esq. at DEMARCO MITCHELL, PLLC serves as the Debtor's counsel. SIREN SISTERS: Seeks Chapter 11 Bankruptcy in Florida ----------------------------------------------------- On June 11, 2026, Siren Sisters Land Trust filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Florida. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. A meeting of creditors under Section 341(a) to be Held on July 13, 2026 at 10:00 AM by TELEPHONE. About Siren Sisters Land Trust Siren Sisters Land Trust is a privately held land trust entity. The filing provides limited detail regarding its underlying business operations or asset portfolio. Siren Sisters Land Trust sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-17662) on June 11, 2026. In its petition, the Debtor reports estimated assets and liabilities each in the range of $1 million to $10 million. Honorable Bankruptcy Judge Mindy A. Mora handles the case. The Debtor is represented by Susan D. Lasky, Esq. SKMGT PROPERTIES: Hires Gunster Yoakley as Litigation Counsel ------------------------------------------------------------- Skmgt Properties, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to hire Gunster Yoakley & Stewart, P.A., as its special litigation counsel. The firm will represent the Debtor in the litigation related to contract dispute with Perpetual Love Equities, LLC, SKMGT Properties, LLC and International Constructions Solutions, LLC. The standard rates for attorneys range from $350 to $1,400 an hour with paralegals, law clerks, planners or information specialists ranging from $425 to $680 an hour. John Travis Godwin will be the attorney handling this matter and his standard rate is $675 per hour. Costs will be in addition to the hourly rates and also billed on a monthly basis. As disclosed in the court filings, Gunster Yoakley & Stewart, P.A. is a "disinterested person" as defined within Sec. 101(14) of the Bankruptcy Code. The firm can be reached through: John Travis Godwin, Esq. Gunster Yoakley & Stewart, P.A. 401 E. Jackson Street, Suite 1500 Tampa, FL 33602-5204 Phone: (813) 228-9080 Fax: (813) 228-6739 Email: tgodwin@gunster.com About Skmgt Properties, LLC Skmgt Properties, LLC is a real estate company engaged in property ownership and management activities. Skmgt Properties, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-02714) on April 2, 2026. In its petition, the debtor reports estimated assets between $1MM and $10MM and estimated liabilities between $1MM and $10MM. Honorable Bankruptcy Judge Luis Ernesto Rivera II handles the case. The debtor is represented by Justin M. Luna, Esq. of Latham, Luna, Eden & Beaudine, LLP. SKYBOUND PROPERTIES: Seeks to Sell Wilmington Property at Auction ----------------------------------------------------------------- Skybound Properties, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina, Fayetteville Division, to sell Property at auction, free and clear of liens, claims, interests, and encumbrances. The Debtor seeks approval to sell the real property located at 407 Maides Avenue, Wilmington, North Carolina 28405, New Hanover County, via public sale to be conducted by Country Boys Auction & Realty, Co., Inc. on August 19, 2026. The Property consists of one parcel of land containing ten structures, consisting of a mix of single family units, duplex units, and a quadplex unit. Approximately half of the units are presently rented. Any and all property taxes due and owing to any City, County, or municipal corporation, including the New Hanover County Tax Collector or the City of Wilmington. The lienholders of the Property are BD Capital SE, LLC and the City of Wilmington. The sale of the Property, which consists of a portion of the Debtor's assets and property, is being proposed in good faith, is in the best interest of the estate, and is made for a sound business purpose. The distribution of the proceeds of sale of any unencumbered or underencumbered real property shall be subject to payment of all reasonable administrative costs of the proceeding as provided. About Skybound Properties, LLC Skybound Properties, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 26-01678) on April 14, 2026, with between $10 million and $50 million in both assets and liabilities. Judge David M. Warren oversees the case. Laurie B. Biggs, Esq., at Biggs Law Firm, PLLC, represents the Debtor as bankruptcy counsel. SLEEP NUMBER: Seeks Chapter 11 Bankruptcy w/ $415MM Sale Offer -------------------------------------------------------------- Clara Geoghegan of Law360 Bankruptcy Authority reports that Sleep Number Corporation has sought Chapter 11 bankruptcy protection in New York, citing challenging economic conditions and an unpredictable tariff environment that undermined its efforts to stabilize operations. The company said reduced consumer spending and increased costs weighed heavily on profitability over the past several years. The retailer entered bankruptcy with support for a proposed asset sale valued at approximately $415 million, which is expected to function as the stalking-horse bid in a competitive auction process. Management said the transaction provides a framework for preserving enterprise value while restructuring the company's obligations, the report relays. Sleep Number intends to continue operating during the Chapter 11 proceedings and expects the court-supervised sale process to attract additional interest from potential buyers. The company said the restructuring offers the best opportunity to maximize value and address its financial challenges, according to report. About Sleep Number Corp. Sleep Number Corp., based in Minneapolis, Minnesota, is a leader in personalized sleep wellness. Its mattresses are designed to evolve with each sleeper to help them feel and perform their best. With adjustable firmness, pressure-relieving support, and temperature-balancing comfort built into every mattress, Sleep Number beds adapt to customers' changing needs, night after night, year after year. SMART COMMUNICATIONS: Hires Akerman LLP as Litigation Counsel ------------------------------------------------------------- Smart Communications Holding, Inc. and Smart Communications Collier, Inc. received approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Akerman LLP as special litigation counsel. On May 11, 2026, Janice Logan, as Trustee of the Trust, filed the Complaint for Substantive Consolidation, commencing the adversary proceeding styled Janice Logan v. Loco Florida, LLC, et al., Case No. 8:26-ap-00148-RCT. The Adversary Proceeding seeks to consolidate the Debtors' bankruptcy cases with three non-debtor affiliates, nunc pro tunc to December 16, 2025, namely: Loco Florida, LLC, Smart Communications Yacht Holding, LLC, and HLFIP Holding, LLC. The firm's services include: a. defending the pending adversary proceeding; and b. prosecuting and defending any appeals which arise from the adversary proceeding. The firm will be paid at these rates: Eyal Berger, Esq. $895/hour discounted to $775/hour Dustin Hillsley, Esq. $1,095/hour discounted to $900/hour Paraprofessionals $495/hour discounted to $350/hour The hourly rates for the attorneys at Akerman range from $455 to $2,600 per hour. For other attorneys at Akerman, their rates include or will include a 10% discount to the standard hourly rates charged by Akerman (which will be applied to any other Akerman professionals on these cases). As disclosed in the court filings, Akerman LLP is a "disinterested person," as that term is defined in Section 101(14) of the Bankruptcy Code, and does not hold or represent any interest adverse to the Debtors' estates. The firm can be reached through: Eyal Berger, Esq. Dustin Hillsley, Esq. Akerman LLP 401 E. Jackson Street, Suite 1700 Tampa, FL 33602 Tel: (954) 712-6071 About Smart Communications Holding Inc. Smart Communications Holding, LLC, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-09473) on December 16, 2025, with $0 to $50,000 in assets and $1,000,001 to $10 million in liabilities. Judge Roberta A. Colton presides over the case. The Debtor tapped Eric D. Jacobs, Esq., at Venable LLP as bankruptcy counsel, Saul Ewing LLP and Vogt Law as special litigation counsel, and Akerman LLP as special litigation counsel. SMITH MICRO: William Smith, Jr. Holds 40.2% Equity Stake -------------------------------------------------------- William W. Smith, Jr. disclosed in a Schedule 13D (Amendment No. 4) filed with the U.S. Securities and Exchange Commission that as of June 4, 2026, he beneficially owns 2,635,201 shares with 58,704 sole voting power, 2,576,497 shared voting power, 58,704 sole dispositive power, and 2,576,497 shared dispositive power of Smith Micro Software, Inc.'s Common Stock, par value $0.001 per share, representing 40.2% of the 5,086,650 shares of common stock outstanding following the Reverse Stock Split (which is based on 25,433,247 shares of common stock outstanding prior to the Reverse Stock Split, as reflected in the records of the Company's transfer agent) and 1,472,962 shares of common stock not outstanding which the Smith Living Trust has the right to acquire within sixty days upon the exercise of warrants, in accordance with Rule 13d-3(d)(1)(i). The shared voting power and aggregate amount beneficially owned by the Reporting Person includes 2,576,497 shares held in the name of the Smith Living Trust, for which Mr. Smith and his spouse are co-trustees, including 1,472,962 shares of common stock not outstanding which the Smith Living Trust has the right to acquire within sixty days upon the exercise of warrants. The Issuer completed a 1 for 5 reverse stock split with a market effective date of June 5, 2026. All share numbers contained in this Form 13D/A reflect the effectiveness of the Reverse Stock Split. William W. Smith, Jr. may be reached through: William W. Smith, Jr., Executive Chairman Smith Micro Software, Inc. 120 Vantis Drive, Suite 350 Aliso Viejo, CA 92656 Tel: (949) 362-5800 A full-text copy of William W. Smith, Jr.'s SEC report is available at: https://tinyurl.com/4ru8b9s6 About Smith Micro Smith Micro Software, Inc., headquartered in Pittsburgh, Pennsylvania, provides software solutions designed to enhance the mobile experience for wireless service providers globally. The Company's offerings include family safety software and visual voice messaging, targeting digital lifestyle services, online safety, automotive telematics, and consumer Internet of Things (IoT) applications. It focuses on leveraging technology and data analytics to meet customer needs and support connected lifestyles. SingerLewak LLP (the Company's independent registered public accounting firm since 2005 and headquartered in Los Angeles, Calif.) included an explanatory paragraph in its audit report dated March 5, 2026, expressing substantial doubt about the Company's ability to continue as a going concern. The auditor cited that the Company has suffered recurring losses from operations and has projected cash flow requirements to meet continuing operations in excess of current available cash. This raises substantial doubt about the Company's ability to continue as a going concern. As of March 31, 2026, the Company had $75.8 million in total assets, $3.1 million in total liabilities, and $18.3 million in total stockholders' equity. SPARHAWK LLC: Seeks to Sell Trucks to Highest Offer --------------------------------------------------- Matthew Brash, Chapter 11 Trustee of Sparhawk LLC and its affiliates, Sparhawk Properties LLC, Sparhawk Trucking, Inc., and Sparhawk Truck and Trailer, Inc., seek permission from the U.S. Bankruptcy Court for the Western District of Wisconsin, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtors own various trucks located at Street Address: 421 25th Ave N. Wisconsin Rapids, WI 54495. https://urlcurt.com/u?l=0QjaA7 The VIN serial number and other identifying information on some Trucks is inaccessible due to the storage location at the yard and thickets of mud and trees. The Trustee will work to obtain the applicable information and VIN serial numbers in cooperation with Manders once Manders picks up the inaccessible Trucks. On May 28, 2026, the Trustee, through Steffes Group, Inc. received from Manders a letter of intent to purchase the Trucks for a gross total of $270,000. The letter of intent makes clear Manders will be responsible for all costs associated with pickup of the trucks. The Trustee, as successor to the debtor in possession, has an interest in the Trucks. Some of the Trucks are subject to the security interest of WoodTrust Bank. The Trustee employs Steffes as Broker on a 5% commission basis. As part of the Motion, the Trustee seeks permission to pay Steffes’ $13,500.00, consisting of a commission of 5% of the gross proceeds of the sale. The Trustee submits that the sale of the Trucks to Manders constitutes good business sense. The Trucks were previously marketed for sale for many months and no buyer came forward with a better offer than Manders. From the gross proceeds of the sale, the Trustee will disburse a 5% commission to Steffes. The Trustee proposes that the Trucks be sold free and clear of liens, claims, interests, and encumbrances. About Sparhawk LLC Sparhawk LLC and affiliated entities -- Sparhawk Trucking, Inc., Sparhawk Properties, LLC; and Sparhaw Truck and Trailer, Inc. -- support trucking operations, equipment management and property holdings related to the group's transportation activities. Founded in 1981, the Sparhawk group operates within the general freight trucking industry in the United States. Sparhawk and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wis. Lead Case No.26-10527) on March 13, 2026. In the petition signed by Mark A. Sparhawk, sole member, Sparhawk disclosed up to $10 million in both assets and liabilities. Judge Catherine J Furay oversees the cases. Jerome R. Kerkman, Esq., and Nicholas W. Kerkman, Esq., at Kerkman & Dunn, represent the Debtors as legal counsel. Matthew Brash is appointed as trustee appointed in these Chapter 11 cases. The trustee tapped Swanson Sweet LLP as counsel and Newpoint Advisors Corporation as financial advisor. SPHERE 3D: CEO Joel Block Gets 500K RSU Inducement Grant -------------------------------------------------------- Sphere 3D Corp. filed a Registration Statement on Form S-8 to register for issuance 500,000 Common Shares reserved for issuance pursuant to a restricted stock unit award granted to Joel Block on June 7, 2026, effective upon the filing of this Registration Statement, to induce him to accept employment as the Chief Executive Officer of the Company. The Inducement Grant is generally subject to the terms and conditions of the Company's 2025 Performance Incentive Plan, as amended, but is not charged to the 2025 Plan's share reserve. As such, the Inducement Grant is part of a separate plan that has not been approved by shareholders. The Inducement Grant was granted as an inducement material to Mr. Block entering into employment with the Company in accordance with the "inducement" grant exception under Nasdaq Listing Rule 5635(c)(4). The Inducement Grant is unvested and unsettled as of the date of this Registration Statement. A full text copy of the registration statement is available at https://tinyurl.com/43rnmz6s About Sphere 3D Sphere 3D Corp. is a Stamford, Connecticut-based Company incorporated in Ontario, Canada, that operates a Bitcoin mining business. The Company began Bitcoin mining operations in January 2022 and seeks to grow an enterprise-scale mining operation through mining equipment procurement and service-provider partnerships. In an audit report dated March 27, 2026, MaloneBailey LLP included a going concern qualification, stating that Sphere 3D had suffered recurring losses from operations and did not expect to have sufficient cash on hand to fund operations. The conditions raised substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2025, the Company reported total assets of $25.12 million, total current liabilities of $1.80 million and total shareholders' equity of $23.30 million. STEVE CLARK: Seeks to Extend Plan Exclusivity to July 8 ------------------------------------------------------- Steve Clark Drywall, Inc., asked the U.S. Bankruptcy Court for the District of Maryland to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to July 8 and Sept. 7, 2026, respectively. The Debtor continues in possession of its property and manages its affairs as debtor in possession pursuant to Sections 1107-1108 of the Bankruptcy Code. The Debtor is a drywall contractor engaged in the commercial and residential sales and installation of large drywall projects. The Debtor explains that the company, and its principal Mr. Steven Riley Clark, have judgments and contract liabilities which are subject to guarantees and have numerous cross liabilities the advancement of which caused this Chapter 11 case, and a case filing in this district by Mr. Clark as an affiliate of this Debtor on April 1, 2026. In addition, there will be a forthcoming Motion for Joint Administration or a Complaint for Substantive Consolidation in the very near term as to these two cases. A reassignment motion of this affiliate case for Mr. Clark is forthcoming to this division and before the bankruptcy judge who is administering the present Chapter 11 case. The Debtor asserts that substantial reworking of various liabilities for treatment in a forthcoming Chapter 11 Plan will be ongoing with the creditor constituency. The Debtor has been the source of Mr. Clark's revenues and a sizeable majority portion of the Debtor's claims are reflected against Mr. Clark as well. The Debtor further asserts that it needs time to source its additional income options and to reduce uncertainties as to sources of new work for the forthcoming Plan of Reorganization. Claims objections will likely be forthcoming to bring to a certainty the Plan base for treatment. Mr. Clark's case has very similar work and required steps. Steve Clark Drywall Inc. is represented by: John D. Burns, Esq. THE BURNS LAW FIRM, LLC 6303 Ivy Lane, Suite 102 Greenbelt, MD 20770 Tel: (301) 441-8780 Email: info@burnsbankruptcyfirm.com About Steve Clark Drywall Inc. Steve Clark Drywall, Inc., provides drywall, ceiling, and plaster contracting services, including installation and repair, for commercial and residential construction projects. Steve Clark Drywall filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Md. Case No. 25-21471) on December 8, 2025, listing up to $50,000 in assets and $1 million to $10 million in liabilities. Steven Riley Clark, president of Steve Clark Drywall, signed the petition. Judge Lori S Simpson presides over the case. John D. Burns, Esq., at The Burns Law Firm, LLC, serves as the Debtor's bankruptcy counsel. STRIDE ACADEMY: S&P Assigns 'BB-' Rating on 2026 Revenue Bonds -------------------------------------------------------------- S&P Global Ratings assigned its 'BB-' long-term rating to the city of St. Cloud, Minnesota's $22.455 million series 2026 charter school revenue bonds, to be issued for STRIDE Academy (STRIDE). The outlook is stable. S&P said, "We view STRIDE's environmental, social, and governance factors as neutral in our analysis. "The stable outlook reflects our expectation that STRIDE will hit enrollment targets over the outlook period such that it generates at least breakeven operations and improves lease-adjusted MADS coverage. The stable outlook also reflects our expectation that STRIDE will achieve its liquidity projections and will not issue any additional debt in the near term. "We could consider a negative rating action should management fail to execute its enrollment growth plans, such that STRIDE does not reach its enrollment target, or if there is a significant deterioration in operations, financial performance, and lease-adjusted MADS coverage, or deviations from projected operations. We could also consider a negative rating action if cash declines more than anticipated or if covenant violations occur. "We could consider a positive rating action over time if STRIDE is able to consistently meet its growth targets and strengthen financial metrics to levels commensurate with those of higher-rated peers." SUNATION ENERGY: Signs Agreement and Plan of Merger With Suniva --------------------------------------------------------------- SUNation Energy, Inc. announced in a regulatory filing that the Company, SUNation Merger Sub, Inc., a Delaware corporation and a wholly owned subsidiary of SUNation, and Suniva, Inc., a Delaware corporation, entered into an Agreement and Plan of Merger, pursuant to which, among other matters, and subject to the satisfaction or waiver of the conditions set forth in the Merger Agreement, Merger Sub will merge with and into Suniva, with Suniva continuing as a wholly owned subsidiary of SUNation and the surviving corporation of the merger. The Merger is intended to qualify for federal income tax purposes as a tax-free reorganization under the provisions of Section 368(a) of the Internal Revenue Code of 1986, as amended. Subject to the terms and conditions of the Merger Agreement, at the effective time of the Merger: (a) each then-outstanding share of Suniva capital stock (including shares of Suniva common stock and shares of Suniva preferred stock) will be converted into the right to receive a number of shares of SUNation common stock calculated in accordance with the Merger Agreement; (b) each then-outstanding Suniva warrant will be cancelled at the Effective Time, with each warrantholder entitled to receive for each warrant share a number of shares of SUNation common stock equal to the Exchange Ratio, taking into account the per share exercise price of the warrant; and (c) each then-outstanding Suniva restricted stock unit will be fully vested and converted into shares of SUNation common stock at the Exchange Ratio. Under the Exchange Ratio in the Merger Agreement, upon the closing of the Merger, on a pro forma basis and based upon the number of shares of SUNation common stock expected to be issued in the Merger, pre-Merger Suniva stockholders are expected to own approximately 98.2% of the combined company and pre-Merger SUNation stockholders are expected to own approximately 1.8% of the combined company. The percentage of the combined company that each party's stockholders will own following the closing is subject to adjustments as described in the Merger Agreement for the amount of SUNation's net cash at closing relative to a specified target. For purposes of calculating the Merger Consideration: (a) shares of SUNation common stock underlying SUNation stock options, warrants and other rights to receive shares outstanding as of immediately prior to the closing of the Merger will be deemed to be outstanding, (b) shares of SUNation common stock issuable upon the settlement of SUNation restricted stock units (excluding performance-based restricted stock units for which the performance condition has not been met) will be deemed to be outstanding, and (c) all shares of Suniva common stock underlying outstanding Suniva stock options, Suniva restricted stock units and Suniva warrants will be deemed to be outstanding. In connection with the Merger, SUNation will seek the approval of its stockholders of, among other things: (a) the issuance of shares of SUNation common stock in connection with the Merger on the terms and conditions set forth in the Merger Agreement, (b) if Suniva deems it advisable, an amendment and restatement of SUNation's amended certificate of incorporation, (c) if deemed necessary by SUNation and Suniva, an amendment to SUNation's amended certificate of incorporation to effect a reverse stock split of all outstanding shares of SUNation's common stock, (d) the conversion of certain secured insider debt to SUNation common stock, and (e) an increase in the number of shares of SUNation common stock reserved for issuance under the existing SUNation equity incentive plan of no less than 5% of the projected total post-Merger number of outstanding shares of SUNation common stock. To the extent necessary or deemed appropriate, additional proposals may be added by the SUNation board of directors, which will be included in any prospectus/proxy statement relating to the special meeting of stockholders. Each of SUNation and Suniva has agreed to customary representations, warranties and covenants in the Merger Agreement, including, among others, covenants relating to: (a) using commercially reasonable efforts to obtain the requisite approval of its stockholders, (b) non-solicitation of alternative acquisition proposals, (c) the conduct of their respective businesses during the period between the date of signing the Merger Agreement and the closing of the Merger, (d) SUNation using commercially reasonable efforts to maintain the existing listing of SUNation common stock on The Nasdaq Capital Market and cause the shares of SUNation common stock to be issued in connection with the Merger to be approved for listing on The Nasdaq Capital Market prior to the closing of the Merger and (e) SUNation filing with the U.S. Securities and Exchange Commission and causing to become effective a registration statement to register the shares of SUNation common stock to be issued in connection with the Merger. Consummation of the Merger, targeted for the second half of 2026, is subject to certain closing conditions, including, among other things: (a) approval by SUNation stockholders of the matters being put to their vote, (b) approval by the requisite Suniva stockholders of the adoption and approval of the Merger Agreement and the transactions contemplated thereby, (c) Nasdaq's approval of the listing of the shares of SUNation common stock to be issued in connection with the Merger, (d) the effectiveness of the Registration Statement, and (e) SUNation's net cash not being less than negative $1,500,000. Each party's obligation to consummate the Merger is also subject to other specified customary conditions, including regarding the accuracy of the representations and warranties of the other party, subject to the applicable materiality standard, and the performance in all material respects by the other party of its obligations under the Merger Agreement required to be performed on or prior to the date of the closing of the Merger. The Merger Agreement contains customary termination rights of each of SUNation and Suniva. Upon termination of the Merger Agreement under specified circumstances, SUNation may be required to pay Suniva a termination fee of $1,000,000, and Suniva may be required to pay SUNation a termination fee of $1,000,000. The Merger Agreement may be terminated if the Merger has not been consummated on or before January 30, 2027, subject to a potential sixty (60)-day extension in certain circumstances as set forth in the Merger Agreement. At the Effective Time, the Board of Directors of SUNation is expected to consist of five members, all of whom will be designated by Suniva. Voting Agreements Concurrently with the execution of the Merger Agreement, certain key stockholders of SUNation (solely in their respective capacities as SUNation stockholders) holding approximately 10.4% of the outstanding shares of SUNation capital stock have entered into voting agreements with SUNation and Suniva to vote all of their shares of SUNation capital stock in favor of the adoption and approval of the Merger Agreement and the transactions contemplated thereby. Full text copies of the Merger Agreement and the form of Voting Agreement are available at https://tinyurl.com/y7dkd2yz and https://tinyurl.com/mrk3rvy5, respectively. About Suniva Headquartered in metro Atlanta, Georgia, Suniva -- https://www.suniva.com/ is the leading American manufacturer of high-efficiency crystalline silicon photovoltaic (PV) solar cells. As the only U.S.-owned and operated solar cell manufacturer in the country, the company is known for its high-quality products, industry-leading technology, reliability, and high-power density. In April 2026, Suniva announced plans to invest approximately $350 million in a 4.5 gigawatt solar cell manufacturing facility in Laurens County, South Carolina, which, together with the company's existing approximately 1 gigawatt nameplate operation in metro Atlanta, is expected to bring total annual nameplate cell capacity to more than 5.5 gigawatts once fully online in 2027. About SUNation Energy SUNation Energy Inc., formerly known as Pineapple Energy Inc., is focused on growing leading local and regional solar, storage, and energy services companies nationwide. Melville, N.Y.-based CBIZ CPAs P.C., the Company's auditor since 2025, issued a "going concern" qualification in its report dated March 20, 2026, citing that the Company has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of December 31, 2025, the Company had $48.2 million in total assets, $15.4 million in total current liabilities, $8.5 million in total long-term liabilities, and $24.3 million in total shareholders' deficit. SUPERNOVA MANAGEMENT: Seeks to Tap Richie Brothers as Auctioneer ---------------------------------------------------------------- SuperNova Management, Inc. and affiliates filed an amended application seeking approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire hire Richie Brothers as auctioneers. The firm will sell the Debtors' equipment at auction sale. The equipment includes: a) 2013 Mack truck - VIN #1M1AW07Y8DM030960 (no liens on title); b) Delivery truck 1 - 2012 International, VIN #1HTMMAAL8CH547112 (no liens on title); c) Delivery truck 2 - 2013 HINO, VIN #5PVNV8JV2D4S52718 (no liens on title); d) Delivery truck 3 - 2014 FRHT, VIN #3ALACWDTXEDFR0443 (no liens on title); e) Kabota mini excavator, SN: JKUK0404P01H31827; f) Low-boy trailer; g) Forklift (36 Volt), Crown RC 5530-30; SN: 1A403237; h) Forklift (36 Volt), Crown RC 5530-30; SN: 1A403241; i) Forklift (36 Volt), Crown RC 5530-30; SN: 1A403854; j) Forklift LP, Toyota 8FGCU25; SN: 24793; k) Manlift (12 Volt), JLG 125P; SN: 900020533; l) Charger (36 Volt), Quarterhorse QHC018M0750; SN: 12H76790; m) Charger (36 Volt), Quarterhorse QHC018M0750; SN: 13L83940; n) Charger (24 Volt), Ferrocharger GTCF512-600TI; SN: 92L6793; and o) Hand-crank forklift, Genie SLC-12; SLC07-41762 Richie Brothers charges a 10% commission on the gross sales proceeds. As disclosed in the court filing, Richie Brothers is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Ritchie Bros. Auctioneers, Inc. 15500 Eastex Frwy Humble, TX 77396 Telephone: (713) 455-5200 About SuperNova Management Inc. SuperNova Management, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 26-32616) on April 14, 2026. In the petition signed by Martin Abrahams, manager, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Judge Eduardo V. Rodriguez oversees the case. Reese Baker, Esq., at Baker & Associates, represents the Debtor as legal counsel. SURVWEST LLC: Unsecureds Will Get 37% to 74% in Trustee's Plan -------------------------------------------------------------- Matthew Brash, the Chapter 11 Trustee for SurvWest LLC, submitted an Amended Disclosure Statement describing Plan of Reorganization for the Debtor dated June 3, 2026. The Plan provides for the continued operation of the Debtor, payments as required under the Bankruptcy Code to the Holders of Allowed Administrative Claims, Priority Claims, Priority Tax Claims, and Secured Claims, and payments of 75% of the Debtor's Net Profits over a five-year period to the Holders of Allowed Unsecured Claims. As set forth in the projections, the Trustee projects that the Reorganized Debtor will distribute approximately $4.25 million to the Holders of Allowed Unsecured Claims over the life of the Plan. Subject to the discussion set forth below, the Trustee anticipates that Allowed Unsecured Claims will be paid 37% to 74% of their Claims depending on whether certain Unsecured Claims are disallowed; provided, however, if the Reorganized Debtor is able to materially increase its revenues, the percentage being distributed to the holders of Allowed Unsecured Claims may be much higher. After in depth review and analysis of the Debtor's operations, cash flow, and structure, the Predecessor Trustee and the Trustee determined that two potential paths are available that could potentially result in a return to the Debtor's creditors. The Trustee could either pursue a (1) path of liquidation and litigation or (2) a path of reorganization. Critically, the Trustee and the Predecessor Trustee concluded in their business judgment that the Debtor had a viable business model and, notwithstanding the allegations of past financial malfeasance, Mr. Barr is crucial to the Debtor's continued and successful operations because (i) a substantial portion of the Debtor's business derived from the Debtor's Minority Business Enterprise Certification, which derives from Mr. Barr's ownership of the Debtor; and (ii) Mr. Barr's personal contacts with the industry and his sustained efforts for business development provided an avenue to maintain and grow revenue. Simply stated, if the Trustee were to pursue the estate's claims against Mr. Barr, Mr. Barr is very unlikely to continue to expend any effort in operating the business in order to make material and substantial returns to the creditors. Therefore, the Trustee has concluded that reorganization under Mr. Barr's operational control based upon the continued operation of the Debtor's business represents the best path for unsecured creditors to receive a material return upon their claims. Class 6 consists of General Unsecured Creditors. The Holders of Allowed Class 6 Claims shall be paid their Pro Rata share of the Reorganized Debtor's Unsecured Creditors Fund, after payment in full of Allowed Claims of a higher priority (including Allowed Administrative Claims, Allowed Priority Claims, and Allowed Priority Tax Claims), on a monthly basis for 60 quarters beginning after the first full calendar quarter after the Effective Date. Distributions to Class 6 claimants shall not exceed the amount of the Allowed Unsecured Claims. The Trustee anticipates that unsecured creditors shall receive 37% to 74% on account of their Allowed Unsecured Claims, depending upon the amount of revenues derived from the Reorganized Debtor's operations and the Reorganized Debtor's disallowance of certain of the filed Claims. The claims of Equity Interest Holders are treated under Class 8 of the Plan. If Classes 6 and 7 vote in favor of the Plan, the holders of Equity Interests shall retain their interests. If Class 6 votes against the Plan, on the Effective Date, existing shares of the Debtor shall be cancelled. On the Effective Date, 100% of the common stock of the Reorganized Debtor shall be issued to Mathew Barr in satisfaction of $50,000 of the amount lent to the Debtor pursuant to the approved Debtor-in-Possession Loan Agreement. Payments due under the Plan will be made from cash generated from the Reorganized Debtor's post-Confirmation operations. Administrative Claims and Priority Tax Claims shall be paid on the Effective Date of the Plan or as otherwise agreed by the Holder of the Claim. Secured Claims will be paid. Payments to the Holders of Unsecured Creditors will be funded with 10% of of the Reorganized Debtor's Gross Revenues for a period of five years. The Trustee anticipates that the first payment to Holders of Unsecured Claims will occur in January 2027 and payments will continue monthly thereafter for 59 months. A full-text copy of the Amended Disclosure Statement dated June 3, 2026 is available at https://urlcurt.com/u?l=EdrSBb from PacerMonitor.com at no charge. Counsel to the Chapter 11 Trustee: Jennifer Salisbury Markus Williams Young and Hunsicker LLC 1775 Sherman Street, Suite 1950 Denver, CO 80203 Tel: (303) 830-0800 Fax: (303) 830-0809 E-mail: jsalisbury@markuswilliams.com About SurvWest, LLC SurvWest LLC, formerly known as SurvTech Solutions LLC, is a diversified engineering firm specializing in surveying and mapping; subsurface utility engineering (SUE); and utility coordination for clients across the United States. SurvWest filed Chapter 11 petition (Bankr. D. Colo. Case No. 24-15214) on Sept. 6, 2024, with total assets of $7,301,456 and total liabilities of $9,447,402. Mathew Barr, president, signed the petition. Judge Thomas B. Mcnamara handles the case. David Wadsworth, Esq., at Wadsworth Garber Warner Conrardy, P.C., is the Debtor's legal counsel. TBK Bank is represented by: Duncan E. Barber, Esq. Otteson Shapiro, LLP 7979 E. Tufts Avenue, Suite 1600 Denver, CO 80237 Tel: (720) 488-0220 Fax: (720) 488-7711 E-mail: dbarber@os.law SYNERGY INFRASTRUCTURE: S&P Rates New $400MM Sr. Secured Notes 'B' ------------------------------------------------------------------ S&P Global Ratings assigned its 'B' issue-level rating and '4' recovery rating to Synergy Infrastructure Holdings LLC's (dba Opifex-Synergy) proposed $400 million senior secured second-lien notes due 2034. The '4' recovery rating indicates its expectation for average (30%-50%; rounded estimate: 30%) recovery in the event of a payment default. The company intends to use the proceeds from the proposed notes to repay existing borrowings on its asset-based lending (ABL) facility ($194 million drawn at 4/30/2026), as well as to fund its capital expenditure as it expands its rental fleet to meet rising demand. S&P said, "All our existing ratings on Opifex-Synergy, including the 'B' issuer credit rating, are unchanged. The stable outlook reflects our expectation that the company's operating trends will remain favorable over the next 12 months, enabling it to reduce its S&P Global Ratings-adjusted debt to EBITDA to the mid-4x range from 4.9x as of the end of 2025." Opifex-Synergy is capitalizing on robust demand in the infrastructure, industrial nearshoring, and non-residential construction sectors. The company is capturing market share by prioritizing market density over greenfield expansions, supported by its Texas expansion, recent bolt-on acquisitions, and growth in its specialty pump business. Despite its fleet expansion, Opifex-Synergy's first-quarter 2026 dollar utilization remained healthy at 42.5%, while its rental rate increases have been sufficient to offset its rising transportation and input costs. S&P said, "We expect the company will continue to strongly expand its top-line revenue by the 40% area while improving its EBITDA margin to the low- to mid-40% range, supported by its increased fleet scale and reduced re-rent activity. While we expect Opifex-Synergy will generate negative free operating cash flow in 2026 due to its ongoing fleet investment, we anticipate it will maintain the flexibility to moderate its spending during downturns, which is bolstered by the younger age of its fleet relative to those of its peers." Issue Ratings--Recovery Analysis Key analytical factors -- Under the proposed transaction, Opifex-Synergy's capital structure will comprise a $500 million ABL facility (undrawn at close), $550 million of second-lien secured notes due 2030, and $400 million of second-lien secured notes due 2034. -- The company operates in the competitive and cyclical U.S. equipment rental market. S&P's simulated default scenario contemplates an unexpected and drastic downturn in the construction and industrial markets that severely strains its equipment usage, rental rates, revenue, and cash flow. -- S&P said, "Our recovery analysis assumes a recovery value in a hypothetical bankruptcy based on a discrete-asset valuation approach to reflect the value of the equipment rental business derived from the company's owned rental fleet and other balance sheet accounts. We consider partial dilution of appraised values through additional depreciation or expected contraction in working capital assets in the period leading up to the hypothetical default. We then apply realization rates to the assets, reflecting the friction of selling or the discounts potential buyers or restructurers would apply in distressed circumstances." -- S&P applies realization rates of 80% for rental equipment, 50% for other property and nonrental equipment, 65% for inventory, and 80% for accounts receivable. Simulated default assumptions -- Simulated year of default: 2029 -- Jurisdiction: U.S. -- Valuation split (obligors/nonobligors): 100%/0% ABL facility: 60% drawn at default. S&P assumes Opifex-Synergy uses a significant portion of the incremental draw to purchase rental equipment. Simplified waterfall -- Gross enterprise value: $650 million -- Net enterprise value (after 5% administrative expenses): $617 million -- Priority claims (ABL): $307 million -- Collateral value available to second-lien debt (secured notes): $310 million -- Second-lien debt claims: $986 million --Recovery expectations: 30%-50% (rounded estimate: 30%) Note: All debt amounts include six months of prepetition interest. T7 ENTERPRISES: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------- Debtor: T7 Enterprises LLC d/b/a Reliable Tire Disposal 132 County Road 305 Burnet, TX 78611-4742 Business Description: T7 Enterprises LLC, doing business as Reliable Tire Disposal, provides tire recycling and recovery services from locations in Burnet and Victoria, Texas. The company picks up scrap tires from businesses, accepts drop-offs, and processes scrap tires into tire-derived fuel and crumb rubber products. It also sells wholesale used tires to commercial, retail, and agricultural customers. Chapter 11 Petition Date: June 9, 2026 Court: United States Bankruptcy Court Western District of Texas Case No.: 26-11103 Judge: Hon. Shad M Robinson Debtor's Counsel: Robert C Lane, Esq. THE LANE LAW FIRM 6200 Savoy Dr Ste 1150 Houston TX 77036-3369 Tel: (713) 595-8200 E-mail: notifications@lanelaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Gary Thomas as chairman and CEO. 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/3DD7YXA/T7_Enterprises_LLC_dba_Reliable__txwbke-26-11103__0001.0.pdf?mcid=tGE4TAMA TALLMADGE II: Fannie Mae Wants M. Shapiro Real Estate as Receiver ----------------------------------------------------------------- Federal National Mortgage Association, aka Fannie Mae, filed a motion with the U.S. District Court for the Western District of Michigan, Southern Division, seeking for the immediate appointment of M. Shapiro Real Estate Group as receiver for Tallmadge II, LLC. Fannie Mae also seeks entry of a temporary restraining order and preliminary injunction appointing a receiver to enforce the covenants under a mortgage and to manage and control the manufactured home community owned by Tallmadge II, LLC, located at 11630 14th Ave NW, Grand Rapids, Michigan 49534. Fannie Mae holds a mortgage on the subject property, as well as a security interest in the Personalty. Tallmadge II, LLC is the mortgagor for the Property. Borrower and/or its agent are currently in complete control of the Property. Fannie Mae seeks to have this Court appoint a neutral third-party professional who is experienced in operating properties in these circumstances, to operate the Property and protect it, claiming Borrower is "currently not able to do so." Fannie Mae says Borrower has defaulted under the Loan Documents by failing to pay the required Monthly Debt Services Payment on June 1, 2025, and for all subsequent months. Borrower also failed to maintain the Property in good repair and marketable condition, as required in accordance with the Loan Documents, and to commence and diligently pursue to completion certain Required Repairs (as defined in the Loan Agreement), as required in accordance with the Loan Documents. In addition, Fannie Mae has recently learned of a serious issue at the Property. Approximately half of the homes are without potable water and Ottawa County has instituted a lawsuit against Borrower. Borrower has also received a number of notices from the State of Michigan and Ottawa County regarding this issue. Borrower also has failed to maintain adequate insurance on the Property, causing Fannie Mae to force place insurance on April 10, 2026, retroactive to July 23, 2025. Borrower is still in control of the Property. If a receiver is not appointed to manage the Property, according to Fannie Mae, Borrower will continue to dissipate the rents and income from the Property. If this happens, Fannie Mae says it will forever lose its ability to exercise its rights to those revenues from the Property. Fannie Mae adds the value of its collateral will continue to be negatively impacted as well. Fannie Mae contends the Loan Documents provide it with a broad right to the assignment of rents and profits from the Property upon default. Fannie Mae also has the right to a receiver in connection with Borrower's breaches of contract, including breaches of the covenants in the mortgage, to preserve and protect the Property. The relief requested is necessary and appropriate in this matter and is authorized under federal and Michigan law. Fannie Mae says M. Shapiro has acted as receiver for numerous distressed properties throughout the nation and in Michigan. On June 30, 2022, ORIX Real Estate Capital, LLC d/b/a Lument Capital made a $3,995,000 loan to Borrower, which is evidenced by a note and secured by a mortgage. The subject real estate securing the Loan is a 108-site manufactured home community in Grand Rapids, Michigan. Borrower consented in the mortgage to the ex parte appointment of a receiver by the court in the event of default. To secure repayment of the indebtedness evidenced in the Note and performance of all covenants and conditions contained therein, Borrower also executed the Mortgage dated June 30, 2022, of $7,871,000 in favor of Original Lender, which was duly recorded in the Ottawa County Register of Deeds on July 8, 2022, which granted Plaintiff a security interest in the Property, including the Mortgaged Property. Borrower also assigned to Original Lender all of Borrower's right, title, and interest in and to all rents, issues, and profits that may arise or be had from the Property, and other property rights, interests, and estates as more particularly set out in the Mortgage. On August 26, 2025, counsel for Fannie Mae sent a Notice of Default and Demand to Borrower, informing that an Event of Default had occurred due to, among other defaults, that Borrower is failing to make the Required Repairs; and failing to make the required Monthly Debt Services Payment on June 1, 2025, and for all subsequent months. On April 17, 2026, Borrower and the County entered into a Stipulation and Order summarizing certain remedial actions to be undertaken by Borrower with the remediation project to commence no later than May 15, 2026. To date, the remediation project has not commenced and approximately 50% of the mobile homes at the Property remain without potable water. On March 25, 2026, counsel for Fannie Mae sent a Notice of Intent to Force Place Insurance (FPI Notice) to Borrower informing Borrower of its failure to maintain adequate insurance on the Property and that Lender, pursuant to the Loan Agreement, would force-place insurance at Borrower's cost unless Borrower provided documentation showing compliant coverage within five business days. The unpaid principal balance as of January 30, 2026, is approximately $3,860,478.30, and note rate interest has accrued on said unpaid principal of $178,707.98 through January 30, 2026, and default rate interest has accrued on said unpaid principal of $68,220.15 through January 30, 2026. The total amount due as principal and interest, along with reserves, late fees, and other charges, as of January 30, 2026, is $4,532,636.71, subject to any setoffs for reserve funds. In addition, Borrower is liable for attorneys' fees and costs. Fannie Mae asserts that Borrower expressly consented in the Mortgage to the appointment of a receiver upon an Event of Default, which is defined in the Loan Agreement to include any failure by Borrower to pay or deposit when due any amount required by the Note, Loan Agreement or any other Loan Document, and the existence of such condition or event, or such failure to perform or default in performance for a period of 30 business days after written notice by Lender to Borrower of the existence of such condition or event. Fannie Mae contends Michigan's Uniform Assignment of Rents Act expressly authorizes the appointment of a receiver in such cases where there exists an assignment of rents and profits in mortgaged properties. MUARA expressly provides that an assignment of rents creates a presently effective security interest in all accrued and unaccrued rents arising from the real property and the security interest in rents is separate and distinct from any security interest held by the assignee in the real property. Fannie Mae also contends the Michigan Receivership Act expressly grants Michigan courts the authority to appoint a receiver when necessary to protect the property from waste and loss and when the mortgagor has agreed in a signed record to the appointment of a receiver. About Tallmadge II, LLC Tallmadge II, LLC owns a manufactured home community located at 11630 14th Ave NW, Grand Rapids, Michigan 49534. Tallmadge II is facing a receivership case captioned as Federal National Mortgage Association v. Tallmadge II, LLC, Case No. 1:26-cv-01788 (W.D. Mich.), before the Hon. Paul L. Maloney. The case was filed on June 5, 2026. Fannie Mae alleges that Tallmadge II has defaulted on its obligations under the note, mortgage and other loan documents evidencing and/or securing a $3,995,000 loan, originally provided on June 30, 2025, by ORIX Real Estate Capital, LLC d/b/a Lument Capital. Attorneys for Fannie Mae are: Ann Marie Uetz, Esq. Tamar N. Dolcourt, Esq. FOLEY & LARDNER LLP 500 Woodward Avenue, Suite 2700 Detroit, MI 48226 Tel: (313) 234-7100 E-mail: auetz@foley.com tdolcourt@foley.com – and – Jill Nicholson, Esq. Shannon Shin, Esq. DENTONS US LLP 233 S. Wacker Dr., #5900 Chicago, IL 60606 Tel: (312) 876-8000 E-mail: jill.nicholson@dentons.com shannon.shin@dentons.com TEADS HOLDING: Regains Nasdaq Minimum Bid Price Compliance ---------------------------------------------------------- Teads Holding Co. announced in a regulatory filing that the Company received a written notice from The Nasdaq Stock Market LLC stating that the Company has regained compliance with the minimum bid price requirement of $1.00 per share under Nasdaq Listing Rule 5450(a)(1), and that the matter is now closed. Nasdaq determined that, for each consecutive business day from May 18, 2026 to June 4, 2026, the closing bid price of the Company's common stock had been at $1.00 per share or greater. The Company's common stock continues to be listed and traded on The Nasdaq Global Select Market under the trading symbol "TEAD." As previously disclosed, on December 22, 2025, the Company received a written notice from the Listing Qualifications Department of Nasdaq notifying the Company that it was not in compliance with the Minimum Bid Price Requirement, as the closing bid price of the Company's common stock had been below $1.00 per share for 30 consecutive business days. In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company was granted an initial compliance period of 180 calendar days, or until June 22, 2026, to regain compliance with the Minimum Bid Price Requirement. About Teads Teads Holding Co. (f/k/a. Outbrain Inc.) and TEADS combined on February 3, 2025. The combined company has been operating under the new Teads brand and the corporate name was changed from Outbrain Inc. to Teads Holding Co. (Nasdaq: TEAD) on June 6, 2025. Teads is the omnichannel outcomes platform for the Open Internet, driving full-funnel results for marketers across premium media. With a focus on meaningful business outcomes for branding and performance objectives, Teads drives value with every media dollar by leveraging predictive AI technology to connect quality media, beautiful brand creative, and context-driven addressability and measurement. One of the most scaled advertising platforms on the open internet, Teads is directly partnered with more than 10,000 publishers and 20,000 advertisers globally. The company is headquartered in New York, New York, with a global team of nearly 1,800 people in 30+ countries. As of March 31, 2026, the Company had $1.20 billion in total assets, $1.15 billion in total liabilities, and $50.26 million in total stockholders' equity. * * * In November 2025, Fitch Ratings has downgraded Teads Holding Co. and OT Midco. Inc.'s (collectively, Teads) Company Default Rating (IDR) to 'CCC+' from 'BB-'. Fitch has also downgraded the senior secured instruments to 'CCC+' with a Recovery Rating of 'RR4'. The downgrade reflects delays in successful merger integration, which prevented Teads from achieving its projected EBITDA of $180 million for 2025. Consequently, the company's financial risk profile has materially deteriorated. The downgrade also reflects the possibility that the company may not be able to realize substantial revenue growth and cost optimization in 2026, which could delay deleveraging prospects and result in further negative rating actions. TERRAFORM LABS: Says Jane Street Used Tips to Avoid Losses ---------------------------------------------------------- Sydney Price of Law360 Bankruptcy Authority reports that the administrator overseeing the bankruptcy of Terraform Labs has asked a New York federal court to deny Jane Street's motion to dismiss a lawsuit accusing the trading firm of using confidential information inappropriately. The administrator maintains that the claims are legally sufficient and should proceed. The complaint alleges that Jane Street exploited non-public insights related to Terraform-linked digital assets, enabling the firm to position trades in a way that avoided losses and potentially profited from market movements. The administrator argues that these actions warrant further factual development through discovery, the report relays. The litigation stems from Terraform Labs' collapse, which led to widespread losses and numerous creditor claims. The administrator continues to pursue recovery actions against third parties as part of efforts to maximize the bankruptcy estate for the benefit of creditors, according to report. About Terraform Labs Terraform Labs Pte. Ltd. -- https://www.terra.money -- is a startup that created Terra, a blockchain protocol and payment platform used for algorithmic stablecoins. It was co-founded by Do Kwon and Daniel Shin in 2018 in Seoul, South Korea. Terraform Labs introduced its first cryptocurrency token, TerraUSD, in 2019. Investment firms like Arrington Capital, Coinbase Ventures, Galaxy Digital, and Lightspeed Venture Partners helped Terraform Labs raise more than $200 million. The collapse of the stablecoins TerraUSD (UST) and Luna in May 2022 caused the temporary suspension of the Terra network, wiping out over $45 billion in market capitalization in a single week. Both of Terra Form Labs' founders have encountered legal problems as a result of the devaluation of the company's currency. In September 2022, South Korean prosecutors filed a warrant for Do Kwon's arrest. He was also added to Interpol's Red Notice list, which urges other law enforcement to find and detain him. Terraform Labs Pte. Ltd. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 24-10070) on Jan. 22, 2024. In the petition filed by Chris Amani, as chief executive officer, the Debtor estimated assets and liabilities between $100 million and $500 million each. The Debtor is represented by Zachary I Shapiro, Esq., at Richards, Layton & Finger, P.A. THERAPEUTIC EXERCISE: Trustee Taps Mr. Gabrielson as Accountant --------------------------------------------------------------- Nikki Farris, Chapter 11 Trustee of Therapeutic Exercise Design & Development, Inc., seeks approval from the U.S. Bankruptcy Court for the Eastern District of California to employ Michael Gabrielson, CPA as accountant. The firm will render these services: (a) prepare all necessary estate income tax returns for the estate and represent the trustee and the estate with the federal, state and local tax authorities; and (b) prepare all required reports to the court, including monthly operating reports. will charge $485 per hour for his services. Mr. Gabrielson disclosed in the court filings that he does not hold or represent any interest adverse to the estate and accountant is a disinterested person within the meaning of 11 U.S.C. Section 101(14). Mr. Gabrielson can be reached at: Michael Gabrielson, CPA 1605 School St Moraga, CA 94556 Tel: (925) 899-5798 About Therapeutic Exercise Design & Development Therapeutic Exercise Design & Development, Inc. is a specialized healthcare company dedicated to developing therapeutic exercise systems that assist in rehabilitation, physical therapy, and wellness initiatives. The company focuses on delivering structured, research-informed exercise designs that support recovery and functional improvement. Therapeutic Exercise Design & Development, Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 25-26936) on December 9, 2025. In its petition, the Debtor reports estimated assets between $100,001 and $1,000,000 and estimated liabilities in the same range. The case is handled by Honorable Bankruptcy Judge Fredrick E. Clement. The Debtor is represented by David Medby, Esq. of Garcia & Coman. TRANS EXPRESS: Seeks to Hire Gutnicki LLP as Co-Bankruptcy Counsel ------------------------------------------------------------------ Trans Express Lines, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to hire the Miriam Stein Granek, Of Counsel to Gutnicki LLP as co-bankruptcy counsel. The Debtor requires the assistance of counsel to represent it in matters concerning negotiation with creditors, preparation of a plan, corporate restructuring, analysis of claims and potential causes of action and other assets, and to otherwise represent the Debtor in matters before the Court. The firm's services include: (a) negotiation with creditors; (b) preparation of a plan; (c) examining and resolving claims filed against the estate; (d) preparation and prosecution of adversary proceedings, if any; (e) preparation of pleadings filed in the case; (f) attendance at court hearings; and (g) otherwise to represent the Debtor in matters before the Court. Ms. Granek has agreed to voluntarily reduce her normal hourly rate to $450 per hour for this case. The attorney rates at Gutnicki LLP range from $345 per hour to $850 per hour. As disclosed in the court filings, Gutnicki LLP is a disinterested person within the meaning of Sec. 327(a). The firm can be reached through: Miriam Stein Granek, Esq. Gutnicki LLP 4711 Golf Road, Suite 200 Skokie, IL 60076 Phone: (847) 745-6592 Email: mgranek@gutnicki.com About Trans Express Lines, Inc. Trans Express Lines, Inc. provides freight transportation and logistics services to commercial customers. Trans Express Lines, Inc. filed for bankruptcy relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-08483) on May 15, 2026. The filing shows estimated assets between $10 million and $50 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge handles the case. The Debtor is represented by David Freydin, Esq. of Law Offices of David Freydin Ltd. TRAYJOCKEY ENTERPRISES: Case Summary & 20 Unsecured Creditors ------------------------------------------------------------- Debtor: TrayJockey Enterprises Inc. Maine Diner Remember the Maine 2265 Post Road Wells, ME 04090 Business Description: TrayJockey does business as The Maine Diner and Remember the Maine in Wells, Maine. The company operates a diner that originated in the early 1960s and a gift shop, Remember the Maine, which opened in 1997 and sells items online. The business also maintains a garden used for restaurant produce and offers a food truck for event hire. Chapter 11 Petition Date: June 3, 2026 Court: United States Bankruptcy Court District of Maine Case No.: 26-20150 Judge: Hon. Michael A Fagone Debtor's Counsel: Tanya Sambatakos, Esq. MOLLEUR LAW OFFICE 190 Main St., 3rd Fl Saco, ME 04072 E-mail: tanya@molleurlaw.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by James C. MacNeill as 100% shareholder. 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/KI6BFYI/TrayJockey_Enterprises_Inc__mebke-26-20150__0001.0.pdf?mcid=tGE4TAMA TRAYJOCKEY ENTERPRISES: Gets Interim OK to Use Cash Collateral -------------------------------------------------------------- TrayJockey Enterprises, Inc. received interim approval from the U.S. Bankruptcy Court for the District of Maine to use cash collateral. Under the interim order, the Debtor is authorized to use cash collateral through June 25 based on an approved 13-week budget, which projects total operational expenses of $1,010,078. The cash collateral consists primarily of cash on hand, restaurant equipment, and gift shop inventory. Kennebunk Savings Bank holds a validly perfected, first-priority pre-petition business loan with a current balance of $431,522, which is fully secured by all of the Debtor's business assets and cash proceeds. Although subordinate UCC-1 financing statements have been filed by other creditors including the U.S. Small Business Administration, Financial Agent Services, and US Foods, Inc., the claims are completely unsupported by actual asset value, rendering their interests valueless and disqualifying them from adequate protection payments. As adequate protection, the court granted Kennebunk replacement liens on substantially all post-petition assets of the Debtor excluding avoidance actions and required the Debtor to pay $5,293 per month, starting om June 24. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/my8RR from PacerMonitor.com. The court scheduled a final hearing for June 25 and set a June 22 deadline for filing objections. The local diner and its accompanying standalone gift shop are highly seasonal and have historically relied on temporary workers under the H-2B Visa program. To address severe local housing shortages for these employees, TrayJockey's sole shareholder, Jim MacNeill, purchased a local motel. However, the motel proved far more expensive to maintain than anticipated, forcing TrayJockey to subsidize its operations and absorb heavy debt. Ultimately, the motel property was lost to a foreclosure sale, and the diner’s own business and real estate were scheduled for foreclosure, prompting the bankruptcy filing to restructure debt and preserve the company's going-concern value. About TrayJockey Enterprises Inc. TrayJockey Enterprises Inc. operates a diner, gift shop, and motel. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Me. Case No. 26-20150) on June 3, 2026. In the petition signed by James C. MacNeill, shareholder, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Judge Michael A. Fagone oversees the case. Tanya Sambatakos, Esq., at Molleur Law Office, represents the Debtor as bankruptcy counsel. TRAYJOCKEY ENTERPRISES: James LaMontagne Named Subchapter V Trustee ------------------------------------------------------------------- The U.S. Trustee for Region 1 appointed James LaMontagne of Sheehan Phinney Bass & Green as Subchapter V trustee for TrayJockey Enterprises Inc. Mr. LaMontagne will be paid an hourly fee of $475 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. LaMontagne declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: James S. LaMontagne, Esq. Sheehan Phinney Bass & Green 75 Portsmouth Boulevard, Suite 110 Portsmouth, NH 03801 Phone: (603) 627-8102 jlamontagne@sheehan.com About TrayJockey Enterprises Inc. TrayJockey Enterprises Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Me. Case No. 26-20150) on June 3, 2026, with $100,001 to $500,000 in assets and $1,000,001 to $10 million in liabilities. Judge Michael A. Fagone presides over the case. Tanya Sambatakos, Esq. at Molleur Law Office represents the Debtor as legal counsel. TREE AND GARDEN: Carlos Garcia Miranda Named Subchapter V Trustee ----------------------------------------------------------------- The U.S. Trustee for Region 21 appointed Carlos Garcia Miranda as Subchapter V trustee for Tree and Garden Contactor Corp. Mr. Garcia Miranda will be paid an hourly fee of $175 for his services as Subchapter V trustee and will be reimbursed for work related expenses incurred. Mr. Garcia Miranda declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. About Tree and Garden Contactor Corp. Tree and Garden Contactor Corp. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D.P.R. Case No. 26-02552) on June 3, 2026, with assets of up to $50,000 and liabilities of between $500,001 and $1 million. Judge Enrique S. Lamoutte Inclan presides over the case. Javier Vilarino, Esq., at Vilarino & Associates, LLC represents the Debtor as legal counsel. TRICOLOR AUTO: Judge Issues Contempt Ruling Against "Pseudo-Atty" ----------------------------------------------------------------- Emlyn Cameron of Law360 Bankruptcy Authority reports that a Texas bankruptcy judge has issued a contempt finding against a man and his company for allegedly serving as a "pseudo-attorney" for Tricolor Holdings, a lender specializing in subprime auto financing. The court concluded that the individual engaged in legal representation without the credentials required to practice law. The dispute arose after the individual purportedly handled matters for Tricolor and interacted with the court on the creditor's behalf. The judge found that the conduct amounted to the unauthorized practice of law and disregarded established requirements governing court appearances and legal advocacy, the report states. The contempt ruling reinforces long-standing rules that corporations and business entities generally must appear through licensed attorneys. The court's order is intended to deter similar conduct and maintain the integrity of the bankruptcy process, according to Law360. About Tricolor Auto Acceptance Tricolor Auto Acceptance is an Irving, Texas-based subprime auto lender. Tricolor Auto Acceptance, together with its parent Tricolor Auto Group and other affilites sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-33497) on September 10, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 billion and $10 billion each. The Debtor is represented by Thomas Robert Califano, Esq. at Sidley Austin LLP. TRINSEO PLC: Lenders Seek to Dismiss Competing Chapter 11 Suit -------------------------------------------------------------- Emlyn Cameron of Law360 Bankruptcy Authority reports that lenders to Trinseo PLC, a bankrupt plastics manufacturer, have asked a Texas bankruptcy court to throw out a related lawsuit filed by other creditor groups in the company's Chapter 11 case. The lenders argue the action is improper and creates unnecessary fragmentation of the restructuring process. In their motion, the lenders assert that the competing claims duplicate issues already being addressed in the main bankruptcy proceeding and risk delaying resolution of the case. They are asking the court to streamline litigation by eliminating overlapping disputes. The dispute highlights ongoing tensions among creditor factions in Trinseo's restructuring, where different lender groups are competing over recovery outcomes. The court's ruling will determine whether the lawsuit survives or is absorbed into the broader Chapter 11 process, the report states. About Trinseo PLC Trinseo PLC, headquartered in Wayne, Pa. -- https://www.trinseo.com/ -- is an international chemical and materials manufacturer specializing in plastics, latex binders, and synthetic rubber products. Its materials are used across industries such as automotive manufacturing, building and construction, electronics, and packaging, supporting a diversified industrial customer base worldwide. Trinseo PLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-90115) on May 20, 2026. In its petition, the Debtor reports estimated assets and liabilities between $1 billion and $10 billion each. The Honorable Bankruptcy Judge Alfredo R. Perez handles the case. Latham & Watkins LLP is serving as Trinseo's legal advisor in the restructuring, supported by co-counsel Hunton Andrews Kurth LLP. The company also retained Centerview Partners LLC as investment banker and FTI Consulting as financial and communications advisor. Ernst & Young LLP as tax auditor and tax accountant and Kroll Restructuring Administration LLC as claims agent. Paul Hastings LLP and PJT Partners advised the Senior Secured Lenders. Gibson, Dunn & Crutcher LLP and Howley Law PLLC represent the OpCo 2028 Ad Hoc Group of lenders. Lazard Freres & Co. also represents the group. Gray Reed and Pallas Partners (US) LLP represent the Ad Hoc Group of Excluded OpCo Term Lenders. Paul, Weiss, Rifkind, Wharton & Garrison LLP and Porter Hedges LLP represent an ad hoc group of holders of 7.625% Second Lien Senior Secured Notes due 2029. TTNG HOLDINGS: Hires Scott B. Riddle LLC as Bankruptcy Counsel -------------------------------------------------------------- TTNG Holdings Corp. seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to hire the Law Office of Scott B. Riddle, LLC as counsel. The firm will render these services: (a) advise the Debtor with respect to its rights, powers, duties, and obligations as a Debtor-In-Possession in the administration of this case and the management of its property; (b) prepare pleadings, applications, and conduct examinations incidental to administration; (c) advise and represent Debtor in connection with all applications, motions, or complaints for reclamation, adequate protection, sequestration, relief from stay, appointment of a trustee or examiner, and all other similar matters; (d) develop the relationship of the status of Debtor-in- Possession to the claims of creditors in these proceedings; (e) advise and assist the Debtor-in-Possession in the formulation and presentation of a Plan of Reorganization pursuant to Chapter 11 of the Bankruptcy Code and concerning any and all matters relating thereto; and (f) perform any and all other legal services incident and necessary. The Debtor has agreed to compensate the firm at its standard hourly billing rate of $475 per hour. Riddle received a retainer in the amount of $15,000 and the Chapter 11 filing fee of $1,738. Scott Riddle, Esq., managing member of the Law Office of Scott B. Riddle, 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: Scott B. Riddle, Esq. Law Office of Scott B. Riddle, LLC 309 E. Paces Ferry Rd NE, Suite 400 Atlanta, GA 30305 Phone: (404) 815-0164 Email: scott@scottriddlelaw.com About TTNG Holdings Corp. TTNG Holdings Corp. is a single-asset real estate company classified under SIC 6519 for lessors of real property not elsewhere classified. TTNG Holdings Corp. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-55841) on May 4, 2026, listing $1 million to $10 million in both assets and liabilities. The petition was signed by Timika Gaten as president. Judge Lisa Ritchey Craig presides over the case. Scott Riddle, Esq. at LAW OFFICE OF SCOTT B. RIDDLE, LLC serves as the Debtor's counsel. TURNER SERVICE'S: Hires Barry A. Friedman & Associates as Counsel ----------------------------------------------------------------- Turner Service's, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Alabama to hire Barry A. Friedman & Associates, PC to serve as legal counsel in its Chapter 11 case. The firm will provide these services: (a) take appropriate action with respect to secured and priority creditors; (b) take appropriate action with respect to possible voidable preferences and transfers; (c) prepare on behalf of the Debtor-in-Possession necessary petitions, answers, orders, reports, and other papers, and try before the court whatever issues are deemed necessary; (d) investigate the accounts of the Debtor and the financial transactions related thereto; and (e) perform all other legal services for the Debtor-in-Possession which may be deemed necessary. Mr. Friedman will receive an hourly rate of $350 plus expenses. According to court filings, Barry A. Friedman & Associates, PC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code and represents no interest adverse to the Debtor or the estate. The firm can be reached at: Barry A Friedman, Esq. BARRY A FRIEDMAN & ASSOCIATES, PC Post Office Box 2394 Mobile, AL 36652-6652 Tel: (251) 439-7400 Fax: (251) 432-2665 E-mail: bky@bafmobile.com About Turner Service's, LLC Turner Service's, LLC provides excavation, hauling and heavy-equipment services, including trucking operations for logs, poles, beams and lumber. The company, which was formed in 2011, is based in Chatom, Alabama, and serves customers requiring site work, material hauling and related contractor services. Turner Service's, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Ala. Case No. 26-11261) on May 1, 2026, listing $1 million to $10 million in both assets and liabilities. The petition was signed by Marion Turner as president. Barry A Friedman, Esq. at BARRY A FRIEDMAN & ASSOCIATES, PC serves as the Debtor's counsel. UGA STREET: Hillsborough Property Sale to Astacia Senate OK'd ------------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, has granted UGA Street Properties LLC to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor holds the Property located in Hillsborough County, Florida, at 3607 N 52nd Street, Tampa, FL 33619 The Debtor wishes to sell the Property to Astacia Senate, pursuant to the Residential Contract For Sale And Purchase, in the purchase price of $475,000. The Court has authorized the Debtor to sell the Property to Astacia Senate. The Court will conduct an expedited, preliminary hearing on Debtor's Sale Motion (Doc. 25) on June 22, 2026, at 1:30 p.m. in Courtroom 8A, U.S. Bankruptcy Court, Sam M. Gibbons United States Courthouse, 801 North Florida Avenue, Tampa, Florida 33602. All parties may attend the hearing in person. Parties are directed to consult the Remote Access Procedures regarding the Court's policies and procedures for attendance at hearings by Zoom, available at https://www.flmb.uscourts.gov/judges/colton/. About UGA Street Properties LLC UGA Street Properties sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No.: 26-04111) on May 14, 2026. In the petition signed by Christian Nwoye as managing member, the Debtor disclosed an estimated asset of $0 to $50,000 and estimated liabilities of $1 million to $10 million. Judge Roberta A. Colton presides over the case. Chad Van Horn, Esq., at VAN HORN LAW GROUP, P.A., represents the Debtor as legal counsel. VI BRANDON: Seeks Chapter 11 Bankruptcy in Florida -------------------------------------------------- On June 10, 2026, VI Brandon, 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) to be held on July 17, 2026 at 10:00 AM. U.S. Trustee (Ft. Myers) will hold the meeting telephonically. Call in Number: 888-330-1716. Passcode: 7420722#. The Chapter 11 Plan and Disclosure Statement must both be filed by October 8, 2026. About VI Brandon, LLC VI Brandon, LLC is a limited liability company that operates as a privately held business entity. The bankruptcy filing did not disclose detailed information regarding the company's specific operations or industry focus. VI Brandon, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-04987) on June 10, 2026. In its petition, the Debtor reported estimated assets of $100,001 to $1 million and estimated liabilities of $100,001 to $1 million. Honorable Bankruptcy Judge handles the case. The Debtor is represented by David W. Steen, Esq. of David W. Steen, P.A. VIAVI SOLUTIONS: S&P Upgrades ICR to 'BB', Outlook Stable --------------------------------------------------------- S&P Global Ratings raised its issuer credit rating to 'BB' from 'B+' on Viavi Solutions Inc. S&P also raised its issue-level rating on the senior unsecured debt to 'BB', based on significantly reduced priority debt. The recovery rating is '3'. S&P said, "The outlook is stable and reflects our expectation that leverage will further improve to low-2x over the next 12 months as Viavi benefits from ramping hyperscaler demand, full-year integration of Spirent assets, and roll-off of restructuring expenses. At the same time, we expect Viavi's liquidity position to remain strong, supported by its healthy free operating cash flow (FOCF), large cash balance, and full availability under its revolving credit facility." Viavi repaid all outstanding borrowings under its term loan B using net proceeds from a $575 million common stock issuance, leading to rapid deleveraging. S&P Global Ratings expects Viavi's S&P Global Ratings-adjusted debt to EBITDA to improve to 2.8x at the close of the fiscal year ending June 27, 2026 (fiscal 2026), compared with S&P's previous expectation of 5.5x. Debt repayment materially improves credit metrics and strengthens the balance sheet. Viavi reduced leverage much faster than we had anticipated in S&P's base case following its $575 million equity raise in May 2026. It paid down all debt raised to finance the acquisition of Spirent Communications PLC assets less than a year after its issuance. S&P said, "We now project S&P Global Ratings-adjusted debt to EBITDA of 2.8x at the end of fiscal 2026, compared with our forecast of 6.1x at the time of acquisition close. We anticipate further earnings-driven leverage improvement to 2.2x in fiscal 2027. At the lower leverage level, we expect Viavi has a greater cushion to pursue other capital allocation priorities. "The combination yields more favorable business prospects. We expect the Spirent assets to add approximately $200 million in annual run-rate revenue, improving Viavi's earnings potential. Furthermore, we anticipate slight margin expansion, supported by the integration of higher-margin Spirent assets, with approximately 70% gross margins versus Viavi's reported margins of 57.3% in fiscal 2025. Greater parts procurement scale and utilization of engineering and sales resources will likely drive operating leverage gains. We expect the roll-off of associated restructuring costs ($32 million slated for fiscal 2026) and enhanced go-forward operating profile will also contribute to incremental margin growth. "We view Viavi's strong liquidity position as a credit positive. It has historically maintained a large cash balance of greater than $400 million that may exceed minimum operating liquidity requirements. We anticipate Viavi will expand FOCF in the next 12 months and project reported FOCF of $60 million-$70 million in fiscal 2026 and $160 million-$170 million in fiscal 2027, supported by a strengthened earnings profile and moderate working capital outflows and capital expenditure (capex). "We believe this level of FOCF provides Viavi with flexibility to pursue capital allocation priorities while maintaining full borrowing capacity under its $200 million revolving credit facility. It also builds upon an already high cash balance; barring major opportunistic spending, we project Viavi's cash base could exceed total S&P Global Ratings-adjusted debt by the end of fiscal 2027. "We expect accelerating hyperscaler demand to drive organic sales growth in the next 12 months. Ramping hyperscaler demand has been a primary driver of organic growth over the last 12 - 18 months. Coupled with the Spirent asset integration, this demand has prompted a meaningful change in Viavi's customer mix." The data center ecosystem customers, including hyperscalers, optical module and system makers, and silicon vendors, account for almost 50% of sales in its Network and Service Enablement (NSE) segment, up from approximately 30% exiting June 2025. This increasing exposure has led data centers to take share from service provider revenue, historically Viavi's largest end market, in the company's revenue mix. Service providers now account for about 40% of NSE revenue, compared with 50% in fiscal 2025. S&P said, "We generally view this customer mix shift positively because it reduces Viavi's exposure to telecommunications and cable operator customers, which typically exhibit more varied ordering patterns, as their demand is closely tied to technology maintenance and upgrade cycles. This segment has also recently grown more moderately compared with other industries due to persistent softness in wireless. At the same time, increased exposure to data center ecosystem customers introduces new risks, facing the technology hardware sector broadly, pertaining to sustained levels of investment in data centers. "Under our base case, we project organic top-line growth of approximately 19% in fiscal 2026 and 14% in fiscal 2027, led by strong demand from data center ecosystem customers across lab and field deployments." This assumption is supported by our view that the market is in relatively early stages of AI and data center buildout, and thus there will be robust demand for advanced network infrastructure testing equipment over the next 1-2 years. However, current capex investment growth may not sustain, which could temper AI and data center buildouts. This would likely weigh on demand for Viavi's network infrastructure testing equipment across field applications. Viavi's business has exhibited significant volatility historically, and cash flows may continue to be highly variable given concentrated data center capital spending. This is mitigated by improving visibility into customer ordering. Hyperscaler customers are opting for longer-term contract engagements or partnerships with suppliers, and as a result, Viavi states its visibility now extends into the next three quarters, compared with one- to one-and-a-half quarters previously. S&P said, "The stable outlook on Viavi reflects our expectation that demand tailwinds from data center ecosystem customers, full integration of complementary and higher-margin Spirent assets, realization of related cost synergies, and roll-off of restructuring expenses will support year-over-year earnings growth and deleveraging to about 2.2x by the end of fiscal 2027. It also reflects our expectation for continued healthy FOCF generation, such that FOCF to debt rises to nearly 25% by the end of fiscal 2027, and maintenance of a strong liquidity position. "We could lower our rating on Viavi if we expect S&P Global Ratings-adjusted debt to EBITDA to increase to 4x at the bottom of the cycle while also incorporating capital allocation priorities. This could occur if earnings materially weaken from our base case because the macroeconomic environment deteriorates, shifting market conditions soften hyperscaler demand, and/or restructuring expenses persist. Leverage could also be elevated if Viavi were to pursue another large debt-funded acquisition. "We could raise our rating on Viavi if we expect earnings improvement will allow for deleveraging to 3x at the bottom of the cycle, with a cushion for the company to absorb market volatility and execute its capital allocation priorities." VICTORIA'S SECRET: S&P Alters Outlook to Pos., Outlook Positive --------------------------------------------------------------- S&P Global Ratings revised its outlook on U.S.-based intimates retailer Victoria Secret & Co. (VS) to positive from stable and affirmed all its ratings, including the 'BB-' issuer credit rating. The positive outlook reflects our expectation for sustained improvements in the company's operating performance and profitability metrics. Supporting this trajectory is a meaningful recovery in market share as the company continues to execute its strategy, positioning it for growth over the next 12 months. VS reported better-than-expected operating performance as it gained double-digit market share growth during the first quarter of 2026. S&P said, "We expect VS' targeted marketing initiatives and new product launches across segments will sustain demand trends across its core consumer base. "We forecast reduced reliance on promotional activity along with ongoing cost optimization measures will support S&P Global Ratings-adjusted operating margins in the mid- to high-17% range for fiscal 2026." The positive outlook reflects VS' strong performance trends and growing market share. A 13% rise in comparable sales growth drove a 15% increase in consolidated revenue in the first quarter of 2026 (ended May 2, 2026). Digital traffic outpaced brick-and-mortar expansion, with a 50% increase in app downloads. Concurrently, physical stores reported mid-single-digit traffic gains. By leveraging enhanced customer analytics and targeted marketing, the company drove customer acquisition across all channels. The brand saw double-digit gains within new customers, primarily within the 18 to 24 age group (Gen-Z), alongside stronger customer acquisition among households earning under $50,000 and over $200,000 annually despite fewer sales promotions. As such, S&P expects sustained growth throughout the remainder of the year and forecast total consolidated revenue growth of roughly 8%, underpinned by new store openings, ongoing brand campaigns across Victoria's Secret, PINK, and Beauty segments, increased marketing across key product launches, influencer collaborations, and upcoming fashion shows. S&P said, "We believe VS stabilized major branding and cultural issues that previously eroded market share. Under CEO Hillary Super's strategy, the company pivoted away from its highly sexualized marketing framework to a consumer-centric model that emphasis body diversity and broader sizing. It is also partnering with influencers and creators who resonate with its core demographic. We believe this repositioning has led to higher customer engagement and alleviated our concerns around the management and governance of the business. However, we believe the company still faces some governance risks due to its major activist investor, BBRC International. Led by billionaire Brett Blundy, BBRC holds an 11.6% stake in the business and has aggressively pushed for board changes. While shareholders voted to re-elect their current board members during its annual shareholder meeting held on June 2026, BBRC's persistent pressure could lead to further proxy battles and potential leadership changes down the road if performance were to weaken meaningfully. "We expect VS will maintain momentum and customer traffic over the next 12 months, even as macroeconomic uncertainty persists. Our base-case forecast assumes the company's recent market share gains and improved pricing power will remain resilient against shifts in consumer spending due to its focus on product innovation within its core categories that are driving new customer acquisitions and engagement. During the quarter, a meaningful driver behind traffic was its omnichannel growth, supported by a 50% increase in app downloads. We anticipate steady store traffic and stable online conversion rates will signal lasting structural improvements in the business model. However, if customer engagement or sales momentum decline, the company may need to revert to heavy discounting to protect sales volume, leading to compressed profit margins. "S&P Global Ratings-adjusted leverage will improve to roughly 2.4x in 2026 from 2.6x in 2025. Supporting this is our forecast for the company's S&P Global Ratings-adjusted EBITDA margins to improve to 17.6% in fiscal 2026 from 16.6% in fiscal 2025, as it continues to implement disciplined promotional offerings through its “promo detox” initiative while benefiting from disciplined inventory management such up-to-date tracking of stock levels across all locations to prevent excess inventory or unexpected stockouts. Additionally, VS continues to shift parts of its supply chain to more ocean freight transportation (rather than air freight) to reduce transportation expenses. This will lead to enhanced cost savings and offset tariff-related headwinds. Therefore, we believe the net tariff impact will be more than offset due to anticipated tariff-related refunds, which we expect will flow to the company's P&L in the second half of the year, cost optimizations such as transportation and disciplined inventory spending, reduced discounting as part of its ongoing promo detox initiative, and higher sales momentum through its collaborations, new product launches and core product marketing. "We expect VS to maintain adequate liquidity over the next 12 months, supported by availability under its $750 million asset-based lending (ABL) facility, balance sheet cash, and solid free operating cash flow (FOCF) generation. As of the end of the first quarter of 2026, the company had approximately $207 million cash on hand and roughly $685 available under its ABL facility net of reserved letters of credit, providing meaningful remaining availability. We project reported FOCF to increase to about $356 million in fiscal 2026, compared with approximately $312 million in fiscal 2025, with the year-over-year growth attributed to higher sales growth and improving profitability. This level of cash flow generation incorporates capital expenditures of roughly $230 million, primarily for new store openings, store refreshes, and technology enhancements. While management guidance does not anticipate additional share repurchases this year, we forecast the company could opportunistically repurchase $200 million of shares in fiscal 2026, with $100 million of shares already repurchased within the first quarter of 2026. Furthermore, we do not anticipate any dividend distributions over the foreseeable future. "VS does not face any immediate maturities, with its $750 million ABL facility maturing in May 2030, its $600 million senior notes maturing in July 2029, and its $382 million term loan facility maturing in August 2028. Given its ample liquidity and lack of near-term refinancing needs, we do not anticipate the company will require incremental debt issuance over the next 12 months. Additionally, we believe management is unlikely to pursue acquisitions over the near term, as it continues to focus on organic growth. "The positive outlook reflects our expectation for sustained improvements in the company's operating performance and profitability metrics. We believe a meaningful recovery in market share supports this trajectory as the company continues to execute its strategy, positioning it for long-term growth through sustained comparable same-store sales growth and S&P Global Ratings-adjusted leverage below 3x." S&P could revise its outlook back to stable if S&P Global Ratings adjusted leverage approaches 3x. This could occur if: -- Sales decline as demand for its products decreases beyond our expectations due to operational missteps or a persistently challenging operating environment; or -- S&P believes the company's competitive standing has weakened due to accelerated competition, merchandising missteps, or a lack of success in repositioning the Victoria's Secret brand that leads to sustained declines in overall sales; or -- It adopts a less-conservative financial policy, such as pursuing debt funded share repurchases or large acquisitions. S&P could raise its rating on Victoria's Secret if the company Improves operating performance and leverage is sustained well below 3x. This could occur if: -- S&P continues to view the company's competitive standing more favorably, with a track record of sales growth and improved margins it can sustain; -- S&P believes management has successfully positioned the company for long-term growth while having remedied former operational brand challenges; and -- It adheres to a financial policy that keeps leverage well below 3x. VICTORIA'S SECRET: S&P Alters Outlook to Pos., Outlook Positive --------------------------------------------------------------- S&P Global Ratings revised its outlook on U.S.-based intimates retailer Victoria Secret & Co. (VS) to positive from stable and affirmed all its ratings, including the 'BB-' issuer credit rating. The positive outlook reflects our expectation for sustained improvements in the company's operating performance and profitability metrics. Supporting this trajectory is a meaningful recovery in market share as the company continues to execute its strategy, positioning it for growth over the next 12 months. VS reported better-than-expected operating performance as it gained double-digit market share growth during the first quarter of 2026. S&P said, "We expect VS' targeted marketing initiatives and new product launches across segments will sustain demand trends across its core consumer base. "We forecast reduced reliance on promotional activity along with ongoing cost optimization measures will support S&P Global Ratings-adjusted operating margins in the mid- to high-17% range for fiscal 2026." The positive outlook reflects VS' strong performance trends and growing market share. A 13% rise in comparable sales growth drove a 15% increase in consolidated revenue in the first quarter of 2026 (ended May 2, 2026). Digital traffic outpaced brick-and-mortar expansion, with a 50% increase in app downloads. Concurrently, physical stores reported mid-single-digit traffic gains. By leveraging enhanced customer analytics and targeted marketing, the company drove customer acquisition across all channels. The brand saw double-digit gains within new customers, primarily within the 18 to 24 age group (Gen-Z), alongside stronger customer acquisition among households earning under $50,000 and over $200,000 annually despite fewer sales promotions. As such, S&P expects sustained growth throughout the remainder of the year and forecast total consolidated revenue growth of roughly 8%, underpinned by new store openings, ongoing brand campaigns across Victoria's Secret, PINK, and Beauty segments, increased marketing across key product launches, influencer collaborations, and upcoming fashion shows. S&P said, "We believe VS stabilized major branding and cultural issues that previously eroded market share. Under CEO Hillary Super's strategy, the company pivoted away from its highly sexualized marketing framework to a consumer-centric model that emphasis body diversity and broader sizing. It is also partnering with influencers and creators who resonate with its core demographic. We believe this repositioning has led to higher customer engagement and alleviated our concerns around the management and governance of the business. However, we believe the company still faces some governance risks due to its major activist investor, BBRC International. Led by billionaire Brett Blundy, BBRC holds an 11.6% stake in the business and has aggressively pushed for board changes. While shareholders voted to re-elect their current board members during its annual shareholder meeting held on June 2026, BBRC's persistent pressure could lead to further proxy battles and potential leadership changes down the road if performance were to weaken meaningfully. "We expect VS will maintain momentum and customer traffic over the next 12 months, even as macroeconomic uncertainty persists. Our base-case forecast assumes the company's recent market share gains and improved pricing power will remain resilient against shifts in consumer spending due to its focus on product innovation within its core categories that are driving new customer acquisitions and engagement. During the quarter, a meaningful driver behind traffic was its omnichannel growth, supported by a 50% increase in app downloads. We anticipate steady store traffic and stable online conversion rates will signal lasting structural improvements in the business model. However, if customer engagement or sales momentum decline, the company may need to revert to heavy discounting to protect sales volume, leading to compressed profit margins. "S&P Global Ratings-adjusted leverage will improve to roughly 2.4x in 2026 from 2.6x in 2025. Supporting this is our forecast for the company's S&P Global Ratings-adjusted EBITDA margins to improve to 17.6% in fiscal 2026 from 16.6% in fiscal 2025, as it continues to implement disciplined promotional offerings through its “promo detox” initiative while benefiting from disciplined inventory management such up-to-date tracking of stock levels across all locations to prevent excess inventory or unexpected stockouts. Additionally, VS continues to shift parts of its supply chain to more ocean freight transportation (rather than air freight) to reduce transportation expenses. This will lead to enhanced cost savings and offset tariff-related headwinds. Therefore, we believe the net tariff impact will be more than offset due to anticipated tariff-related refunds, which we expect will flow to the company's P&L in the second half of the year, cost optimizations such as transportation and disciplined inventory spending, reduced discounting as part of its ongoing promo detox initiative, and higher sales momentum through its collaborations, new product launches and core product marketing. "We expect VS to maintain adequate liquidity over the next 12 months, supported by availability under its $750 million asset-based lending (ABL) facility, balance sheet cash, and solid free operating cash flow (FOCF) generation. As of the end of the first quarter of 2026, the company had approximately $207 million cash on hand and roughly $685 available under its ABL facility net of reserved letters of credit, providing meaningful remaining availability. We project reported FOCF to increase to about $356 million in fiscal 2026, compared with approximately $312 million in fiscal 2025, with the year-over-year growth attributed to higher sales growth and improving profitability. This level of cash flow generation incorporates capital expenditures of roughly $230 million, primarily for new store openings, store refreshes, and technology enhancements. While management guidance does not anticipate additional share repurchases this year, we forecast the company could opportunistically repurchase $200 million of shares in fiscal 2026, with $100 million of shares already repurchased within the first quarter of 2026. Furthermore, we do not anticipate any dividend distributions over the foreseeable future. "VS does not face any immediate maturities, with its $750 million ABL facility maturing in May 2030, its $600 million senior notes maturing in July 2029, and its $382 million term loan facility maturing in August 2028. Given its ample liquidity and lack of near-term refinancing needs, we do not anticipate the company will require incremental debt issuance over the next 12 months. Additionally, we believe management is unlikely to pursue acquisitions over the near term, as it continues to focus on organic growth. "The positive outlook reflects our expectation for sustained improvements in the company's operating performance and profitability metrics. We believe a meaningful recovery in market share supports this trajectory as the company continues to execute its strategy, positioning it for long-term growth through sustained comparable same-store sales growth and S&P Global Ratings-adjusted leverage below 3x." S&P could revise its outlook back to stable if S&P Global Ratings adjusted leverage approaches 3x. This could occur if: -- Sales decline as demand for its products decreases beyond our expectations due to operational missteps or a persistently challenging operating environment; or -- S&P believes the company's competitive standing has weakened due to accelerated competition, merchandising missteps, or a lack of success in repositioning the Victoria's Secret brand that leads to sustained declines in overall sales; or -- It adopts a less-conservative financial policy, such as pursuing debt funded share repurchases or large acquisitions. S&P could raise its rating on Victoria's Secret if the company Improves operating performance and leverage is sustained well below 3x. This could occur if: -- S&P continues to view the company's competitive standing more favorably, with a track record of sales growth and improved margins it can sustain; -- S&P believes management has successfully positioned the company for long-term growth while having remedied former operational brand challenges; and -- It adheres to a financial policy that keeps leverage well below 3x. VIRIDIS CHEMICAL: Unsecureds to Get Nothing in Liquidating Plan --------------------------------------------------------------- Viridis Chemical, LLC and its affiliates filed with the U.S. Bankruptcy Court for the Southern District of Texas a Combined Disclosure Statement and Plan of Liquidation dated June 4, 2026. As of the Petition Date and prior to the closing of the 363 Asset Sale, the Debtors were a privately held company and a developer of bio-based, low-carbon chemical technology for the production of ethyl acetate. As one of only three ethyl acetate plants in the United States, Viridis Chemical developed a proprietary "Prairie Green(TM) catalytic process" to produce ethyl acetate using only 100% corn based ethanol. Due to various operational and cost challenges, the Debtors made the strategic decision to relocate their ethyl acetate plant from Columbus, Nebraska (the "Nebraska Plant") to Peoria, Illinois, announcing the move in November 2024. The relocation of the plant to Peoria, Illinois was originally expected to be completed by December 2025. However, the Debtors experienced significant cost overruns and construction delays that ultimately rendered completion of the Peoria plant project unfeasible absent additional capital. Accordingly, the Debtors paused all construction work and vendor payments to preserve as much liquidity as possible while exploring strategic alternatives. The Debtors, with the assistance of their advisors, ultimately commenced a process to seek additional capital investment or, alternatively, a sale of substantially all of their assets, as described in greater detail below. This process began prior to the commencement of these Chapter 11 Cases, and the Debtors continued to run their Sale Process postpetition. Prior to the Petition Date, the Debtors, with the assistance of their investment banker, CMA, spent significant time preparing marketing materials and began soliciting interest from a significant number of financial and strategic parties that were identified as the most likely to be interested in a potential transaction with the Debtors. CMA assisted the Debtors in preparing (1) marketing materials, (2) a virtual data room to facilitate diligence with potential purchasers, and (3) fulsome lists of potential investors and/or purchasers to solicit proposals, along with other materials designed to facilitate an orderly and efficient process. On April 29, 2026, the Debtors designated BioUrja Capital, LLC as the Stalking Horse Bidder and entered into a Stalking Horse Agreement for the sale of substantially all of the Debtors' Assets. The Stalking Horse Agreement provided for (a) a cash payment of $750,000, (b) $1.5 million to be placed in escrow, to be paid to the Debtors if the Lien Release Condition is satisfied, and (c) assumption of certain liabilities, including payment of cure amounts associated with the assumption and assignment of certain executory contracts and unexpired leases. On May 8, 2026, the Bankruptcy Court entered the Sale Order approving and authorizing the Debtors to consummate the 363 Asset Sale to the Purchaser. The 363 Asset Sale closed on May 26, 2026. Class 4 consists of all General Unsecured Claims. Holders of General Unsecured Claims will not receive any distribution on account of such Claims, and such Claims shall be canceled, released, discharged, and extinguished as of the Effective Date, and shall be of no further force or effect. Class 4 is conclusively deemed to have rejected the Combined Disclosure Statement and Plan pursuant to section 1126(g) of the Bankruptcy Code. Class 4 is not entitled to vote to accept or reject the Combined Disclosure Statement and Plan. The allowed unsecured claims total $5,500,000. Class 8 consists of Viridis Chemical Interests. Holders of Viridis Chemical Interests will not receive any distribution on account of such Interests, which will be canceled, released, discharged, and extinguished as of the Effective Date, and will be of no further force or effect. Unless otherwise specified in this Combined Disclosure Statement and Plan, all Assets (other than the Non-Vesting Assets) not sold pursuant to the 363 Asset Sale or otherwise prior to the Effective Date will vest in the Wind Down Estates for the purpose of winding down the Estates pursuant to this Combined Disclosure Statement and Plan. Except as otherwise set forth herein, the Wind Down Estates Assets shall be transferred to the Wind Down Estates free and clear of all Claims, Liens, and encumbrances to the fullest extent provided by sections 363 or 1123 of the Bankruptcy Code. The vesting of the Wind Down Estates Assets shall not be construed to destroy or limit any such Assets or rights or be construed as a waiver of any right, and such rights may be asserted by the Wind Down Estates as if such Asset or right was still held by the Debtors. The Wind Down Administrator shall be selected by the Debtors, and shall be reasonably acceptable to the Secured Noteholders. The Wind Down Administrator shall be the successor to and representative of the Estate of each of the Debtors appointed pursuant to section 1123(b)(3)(B) of the Bankruptcy Code. The powers, rights, and responsibilities of the Wind Down Administrator shall include the authority and responsibility to fulfill the obligations of the Combined Disclosure Statement and Plan consistent with the Confirmation Order and to implement the Wind Down Transactions. A full-text copy of the Combined Disclosure Statement and Plan dated June 4, 2026 is available at https://urlcurt.com/u?l=TrfWWX from Epiq Corporate Restructuring, LLC, claims agent. Counsel to the Debtors: Paul E. Heath, Esq. Abigail R. Emery, Esq. VINSON & ELKINS LLP 845 Texas Avenue, Suite 4700 Houston TX 77002 Tel: 713-758-2222 Fax: 713-758-2346 Email: pheath@velaw.com aemery@velaw.com AND Matthew D. Struble, Esq. 2001 Ross Avenue, Suite 3900 Dallas, Texas 75201 Tel: 214.220.7700 Fax: 214.220.7716 Email: mstruble@velaw.com AND George R. Howard, Esq. Emily C. Jungwirth, Esq. 1114 Avenue of the Americas, 32nd Floor New York, NY 10036 Tel: 212.237.0000 Fax: 212.237.0100 Email: ghoward@velaw.com ejungwirth@velaw.com About Viridis Chemical Viridis Chemical, LLC, is a bio-based chemical technology company in Kingwood, Texas. Viridis Chemical and four affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 26-90393) on March 8, 2026. In its petition, Viridis Chemical reported $10 million to $50 million in both assets and liabilities. Bankruptcy Judge Christopher M. Lopez handles the cases. Paul E. Heath, Esq., and Matthew David Struble, Esq., at Vinson & Elkins, LLP, is the Debtors' counsel; and Carl Marks Advisory Group, LLC is the investment banker and financial advisor. Epiq Corporate Restructuring, LLC, is the notice, claims, and solicitation agent. VIVAKOR INC: Agrees to Contribute $2.25MM to New MRP Entity ----------------------------------------------------------- Vivakor, Inc. announced in a regulatory filing that the Company and its wholly-owned subsidiary, VivaVentures Remediation Processing I, LLC, entered into a series of agreements, including: (i) documents for the formation of Monarch Remediation Processing I, LLC, including a Company Agreement (ii) a Site Operations Agreement by and between MRP and CA-2 Materials, Inc. (iii) a Management Services Agreement by and between MRP and Monarch R&P Management, LLC (iv) a Guaranty Agreement by the Company and (v) an Indemnity Agreement, attached hereto as Exhibit 10.5, under which VivaVentures agrees to indemnify Monarch R&P and CA-2 Materials for any obligations related to VivaVentures and Vivakor previously leasing the premises where the Wash Plant is located, under which VivaVentures, the entity controlling the development of the Company's planned remediation center and wash plant located in Harris County, Texas, is forming MRP with Monarch R&P to govern the Wash Plant operations and hire CA-2 Materials under the Site Ops Agreement to manage the day-to-day operations of the Wash Plant. Under the terms of the Monarch Transaction Documents: (i) CA-2 Materials is the leasee of the leased property where the Wash Plant is located, (ii) certain executive officers of the Company are Managers of MRP, (iii) 60 days after the effective date the two individuals that manage CA-2 Materials Note are to be issued shares of the Company's restricted common stock worth $2,000,000 and valued at the VWAP of the 10 trading days prior to the effective date of the Management Agreement, (iv) the Company and VivaVentures will contribute a total of $2,250,000 as its contribution to the formation of MRP, while Monarch R&P will enter into the Site Ops Agreement and Management Agreement for its contribution, (v) Monarch R&P will be paid a monthly management fee of $110,000 for managing the operations of the Wash Plant. The full text copies of the Monarch Transaction Documents are available at: * MRP Company Agreement: https://tinyurl.com/mpbwj8mw * Site Operations Agreement: https://tinyurl.com/yrfs664x * Management Agreement: https://tinyurl.com/3d92j3be * Guaranty Agreement: https://tinyurl.com/bdw8w6b3 * Indemnity Agreement: https://tinyurl.com/bsdekysz The CA-2 Materials Shares will contain a standard Rule 144 restrictive legend, and the issuance of such securities will be exempt from registration pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended, as the holders are sophisticated investors and familiar with the Company's operations. About Vivakor Inc. Vivakor Inc., headquartered in Dallas, Texas, operates an integrated midstream platform providing crude oil transportation, terminaling, storage, marketing and trading services across major U.S. producing basins. The company's transportation operations include trucking and pipeline infrastructure serving Colorado's DJ Basin, Central Oklahoma's STACK play and the Permian and Eagle Ford basins of Texas. Its assets include the Omega Gathering Pipeline, a 45-mile crude oil gathering and shuttle system in Blaine County, Oklahoma, and terminaling facilities in Colorado City, Texas; Delhi, Louisiana; and CP Omega. The company also has a remediation processing segment under development at the San Jacinto River & Rail Park in Harris County, Texas, designed to process oilfield waste, tank bottoms, vessel residues and contaminated soils. As of March 31, 2026, the Company had $111.8 million in total assets, $78.1 million in total liabilities, and $33.6 million in total stockholders' equity. In an audit report dated April 15, 2026, Urish Popeck & Co., LLC included a going concern qualification, stating that Vivakor had a significant working capital deficiency, suffered significant recurring losses from operations and needed to raise additional funds to meet obligations and sustain operations. The conditions raised substantial doubt about the company's ability to continue as a going concern. VIVAKOR INC: Converts $1.037M Debt Into 2.09M Common Shares ----------------------------------------------------------- Vivakor Inc. disclosed in a regulatory filing that between June 4 and June 5, 2026, the Company received Notices of Conversion from several lenders converting a total of $1,037,025 of the amounts due under convertible promissory notes into 2,090,001 shares of the Company's common stock. The Lender Shares were issued without a Rule 144 restrictive legend pursuant to a legal opinion received by the Company and its transfer agent. The issuances of the foregoing securities were exempt from registration pursuant to Section 4(a)(2) of the Securities Act as the holder is an accredited investor and familiar with the Company's operations. As previously reported, between June 6 and June 9, 2025, the Company issued the Lender Notes to seven non-affiliated accredited investors in the aggregate principal amount of $5,117,647.06 in connection with a Securities Purchase Agreement entered into by and between the Company and the Lenders. Under the terms of the Lender SPA and the Lender Notes, the Company received $4,350,000 prior to deducting customary fees. About Vivakor Inc. Vivakor Inc., headquartered in Dallas, Texas, operates an integrated midstream platform providing crude oil transportation, terminaling, storage, marketing and trading services across major U.S. producing basins. The company's transportation operations include trucking and pipeline infrastructure serving Colorado's DJ Basin, Central Oklahoma's STACK play and the Permian and Eagle Ford basins of Texas. Its assets include the Omega Gathering Pipeline, a 45-mile crude oil gathering and shuttle system in Blaine County, Oklahoma, and terminaling facilities in Colorado City, Texas; Delhi, Louisiana; and CP Omega. The company also has a remediation processing segment under development at the San Jacinto River & Rail Park in Harris County, Texas, designed to process oilfield waste, tank bottoms, vessel residues and contaminated soils. As of March 31, 2026, the Company had $111.8 million in total assets, $78.1 million in total liabilities, and $33.6 million in total stockholders' equity. In an audit report dated April 15, 2026, Urish Popeck & Co., LLC included a going concern qualification, stating that Vivakor had a significant working capital deficiency, suffered significant recurring losses from operations and needed to raise additional funds to meet obligations and sustain operations. The conditions raised substantial doubt about the company's ability to continue as a going concern. VIVAKOR INC: Secures $108MM Annualized Crude Oil Transaction ------------------------------------------------------------ Vivakor, Inc. announced that its commodities trading platform, Vivakor Supply & Trading, LLC, has entered into a recurring one-year crude oil transaction. The transaction covers approximately 100,000 barrels of crude oil per month through the Cushing Terminal under a one-year arrangement running from June 1, 2026 through May 31, 2027, representing an estimated $9 million per month, or approximately $108 million annualized, based on current market pricing. The arrangement reflects Vivakor's continued execution of its integrated infrastructure and supply & trading strategy, supporting the movement and marketing of crude oil volumes across its logistics, storage, terminaling, transportation, and pipeline-connected operating network. Through its supply and trading platform, the Company continues expanding its ability to source, market, transport, and coordinate crude oil volumes in a manner that enhances asset utilization, strengthens system connectivity, and supports value capture across key U.S. producing regions. Vivakor Chairman and Chief Executive Officer James Ballengee commented, "This transaction further supports the continued expansion of Vivakor Supply & Trading's recurring commercial activity and reflects our strategy of integrating crude oil marketing with our midstream infrastructure platform. Cushing remains one of the most important crude oil trading hubs in North America, and this agreement enhances our ability to participate in multiple segments of the crude oil value chain while increasing utilization across our integrated operating network." About Vivakor Inc. Vivakor Inc., headquartered in Dallas, Texas, operates an integrated midstream platform providing crude oil transportation, terminaling, storage, marketing and trading services across major U.S. producing basins. The company's transportation operations include trucking and pipeline infrastructure serving Colorado's DJ Basin, Central Oklahoma's STACK play and the Permian and Eagle Ford basins of Texas. Its assets include the Omega Gathering Pipeline, a 45-mile crude oil gathering and shuttle system in Blaine County, Oklahoma, and terminaling facilities in Colorado City, Texas; Delhi, Louisiana; and CP Omega. The company also has a remediation processing segment under development at the San Jacinto River & Rail Park in Harris County, Texas, designed to process oilfield waste, tank bottoms, vessel residues and contaminated soils. As of March 31, 2026, the Company had $111.8 million in total assets, $78.1 million in total liabilities, and $33.6 million in total stockholders' equity. In an audit report dated April 15, 2026, Urish Popeck & Co., LLC included a going concern qualification, stating that Vivakor had a significant working capital deficiency, suffered significant recurring losses from operations and needed to raise additional funds to meet obligations and sustain operations. The conditions raised substantial doubt about the company's ability to continue as a going concern. VIVION INVESTMENTS: S&P Alters Outlook to Stable, Affirms 'BB' ICR ------------------------------------------------------------------ S&P Global Ratings revised the outlook on commercial real estate company Vivion Investments S.a r.l. to stable from negative. S&P also affirmed its 'BB' long-term issuer credit rating on Vivion, its 'BB+' issue rating on its senior secured notes, and its 'B' rating on its subordinated perpetual notes. S&P said, "The stable outlook reflects its expectation that cash flow from Vivion's income-generating property portfolio will improve slightly over the next 12 months as we expect occupancy to improve, despite current market uncertainty. In our base-case scenario, we assume that the company will improve its occupancy rate to about 94%-95% from 93% as of March 31, 2026, and expect overall credit metrics to be aligned with the current 'BB' rating." Vivion's recent credit enhancement measures will improve its credit metrics by year-end 2026. S&P said, "We understand that the company has implemented the following strategic actions and intends to execute further credit measures that we believe would strengthen its credit metrics over the next 6 to 12 months, driven by expected deleveraging and a reduction in absolute interest expenses." Recently completed strategic actions: -- Debt refinancing: In December 2025, Vivion successfully executed the refinancing of existing debt by issuing EUR505 million in new 2030 secured notes and EUR252.5 million in subordinated perpetual notes. These proceeds, alongside institutional investor class C equity issued in August 2025, were used to redeem the EUR768 million of existing 2028 secured notes out of about EUR900 million outstanding as of June 30, 2025. This transition significantly reduced interest costs, as the new 2030 notes carry a 5.625% coupon--substantially lower than the 8.250% (6.50% cash and 1.75% payment in kind (PIK)) in the 2023 issuances. -- Equity injections: In March 2026, Vivion's main shareholder injected EUR60 million of common equity, which will be used to reduce leverage. -- Liability management: In May 2026, a EUR140 million tap of existing 5.625% secured notes was completed to repay the remaining balance of the 2028 notes, further lowering absolute interest expenses. In June 2026, Vivion has issued GBP150 million in U.K. secured debt to repay existing secured debt of about GBP123 million, reducing the margin to 2.8% plus SONIA from approximately 4.75% plus SONIA. Vivion has signed leases on Essen office assets, which we understand improved the occupancy in the office portfolio to 82% as of March 31, 2026. The company expects this to improve to 88%-90% in the next six months, based on current lease negotiations. Events and measures that should further improve credit metrics: -- Early refinancing of the other existing higher-cost debt at more favorable rates over the next three months. -- Projected recovery in EBITDA from the delivery of a hotel asset and an expected improvement in German office occupancy in the next six months. S&P said, "Based on the above, we anticipate the average cost of debt will decrease to approximately 6.0%-6.3% over the next six months from 7.5%-8.0% as of Dec 31, 2025, contributing to lower absolute interest expenses. Together with higher EBITDA generation, we expect Vivion's EBITDA interest coverage ratio will improve to 1.6x-1.7x in 2026 and 1.7x-1.8 x in 2027 from 1.2x as of December 2025. "We expect Vivion's leverage to remain relatively low. As of Dec. 31, 2025, adjusted debt to EBITDA was 9.5x and debt to debt plus equity was 44.4%. We anticipate that the company's debt-to-EBITDA ratio could improve to about 9.0x over the next 12 months, driven by an expected full contribution to rental income from the acquired hotel asset, an improvement in the German office occupancy level, and lower leverage. We anticipate that debt to debt plus equity could improve to 42%-43%, incorporating our assumption of a flat portfolio valuation in 2026 and onward. Despite potential pressure from rising interest rates due to geopolitical uncertainties, we believe the risk of negative portfolio valuation will be mitigated by increased inflation and occupancy rates, benefiting the company's rental income. Our projections also assume slightly lower net debt levels, reflecting the anticipated use of cash proceeds from credit enhancement measures. "We expect Vivion's operating performance will improve over the next 12 months, primarily due to an expected rise in German office occupancy. As of Dec. 31, 2025, occupancy in Vivion's German office portfolio increased to 82% from 75% in June 2025. This improvement was largely attributable to an increase in occupancy in the Essen assets, with overall occupancy rising to 93% in December 2025, from 91% in June 2025. We understand Vivion is in advanced negotiations with potential tenants to sign new leases and extend existing leases. We therefore anticipate German office occupancy levels could improve gradually to approximately 88%-90% over the next six months, reaching about 91%-92% by 2027. This projected improvement could be supported by the trend of more staff returning to the office, less supply of new office space in key German cities, and moderate upcoming lease maturities of about 10%-11% in 2026 and 2027. Furthermore, we understand that the hotel in Berlin, acquired in 2024, should begin contributing to rental income in the next three months. "We forecast Vivion's like-for-like rental income will increase by approximately 3.0%-4.0% in 2026, primarily reflecting the impact of improving occupancy in the German office portfolio and our expectation of positive indexations (all Vivion's U.K. leases and more than 90% of its German leases are indexed to inflation or include step-up rent components). We project like-for-like growth of 1.5%-2.0% and overall revenue growth of about 4.0%-4.5% in 2027, assuming a slight improvement in German office occupancy rates, positive indexation, and the incremental contribution from the acquired hotel asset." Vivion's liquidity remains adequate, supported by a strong cash position and limited short-term debt maturities for the next 12 months. As of March 31, 2026, Vivion's cash and liquid assets stood at about EUR332 million (including about EUR3.0 million in marketable securities), which is ample to cover its next 12 months of debt maturity of about EUR141 million. The company recently issued a tap on its existing 2030 secured notes of about EUR140 million to repay the balance outstanding on the 2028 secured notes and also refinanced the U.K. secured debt of about GBP123 million at a margin of 2.8% plus SONIA from approximately 4.75% plus SONIA previously. Of its debt, 95% is fixed or hedged, which limits volatility risk arising from interest rate movements. The company had sufficient headroom under its covenants as of Dec. 31, 2025. A high proportion of its cash is held at Vivion's subsidiary, Golden Capital Partners, but we understand there are no restrictions limiting Vivion from accessing this cash, if needed, via intracompany loans or dividend payments (though the latter would result in some cash leakage). As of Dec. 31, 2025, Vivion's weighted-average debt maturity (WAM) stood at 3.4 years, very close to our rating requirement of a minimum of three years. That said, we understand that Vivion is planning to refinance other existing debt to ensure a WAM of comfortably above three years. S&P said, "The stable outlook indicates that we expect operating performance from Vivion's income-generating property portfolio to remain relatively stable over the next 12 months, despite current market uncertainty. In our base-case scenario, we assume that the company will improve its occupancy rate to about 94%-95% from 93% as of March 31, 2026, and expect overall credit metrics to be aligned with the current 'BB' rating." S&P could lower its rating on Vivion if: -- If Vivion fails to improve EBITDA interest coverage to close to 1.8x in the next 12 months; or -- Debt to EBITDA increases above 9.5x; or -- Debt to debt plus equity increases toward 60%. S&P could also lower the rating if Vivion's operating performance deteriorates such that occupancy rates decline or rental growth is lower than anticipated, or if the company experiences further asset devaluation. S&P could raise the rating if: -- EBITDA interest coverage improves to above 2.4x; and -- Debt to EBITDA improves toward 7.5x; and -- Debt to debt plus equity remains below 50%; and -- Liquidity remains adequate and Vivion's operating performance--including occupancy rates, rental growth, and asset values--remains stable. WELLPATH HOLDINGS: Wins Bid to Dismiss Whiters Civil Rights Lawsuit ------------------------------------------------------------------- Judge Gershwin A. Drain of the U.S. District Court for the Eastern District of Michigan granted the motion to dismiss filed by Defendants Wellpath, LLC ("Wellpath"), Brianna Behnke, Kari Mcavoy, Ashley Beraty, Dr. Jo Ann Mitchell, and Shane Gibson's (the "Wellpath Defendants") in the case captioned as DERRICK WHITERS, Plaintiff, v. COLT BLAKER, et al., Defendants, Case No. 23-12161 (E.D. Mich.). Defendants' motion for summary judgment is granted in part and denied in part. This is a prisoner civil rights case arising from medical care Plaintiff received while confined at Oakland County Jail ("OCJ"). At all times relevant to this case, medical services at OCJ were provided by Wellpath pursuant to a health services agreement between Defendants Wellpath and Oakland County. Plaintiff initiated the present lawsuit on August 23, 2023. Pursuant to 28 U.S.C. Sec. 1983, Plaintiff's Third Amended Complaint alleges deliberate indifference claims under the Eighth and Fourteenth Amendments against Deputy Colt Blaker, Deputy Vinnie Khammo, Brianna Behnke, Kari Mcavoy, Richardson, Deputy Adam Wilson Wilson, Deputy Jonathan Bagwell, Sergeant Dale Brown, Ashley Beraty, Ann Mitchell, Shane Gibson, Wellpath, and Oakland County for their alleged "failure to provide prompt medical treatment for his serious medical condition, a broken finger, while he was detained in the Oakland County jail." The individual Defendants are sued in their individual capacities. Behnke is an emergency medical technician employed by Wellpath. Mcavoy is a nurse practitioner employed by Wellpath. Mitchell is a doctor at the OCJ medical clinic who was employed by Wellpath. Gibson is a nurse employed by Wellpath. Beraty is an administrative assistant employed by Wellpath. Wellpath filed a voluntary petition for Chapter 11 bankruptcy in the United States Bankruptcy Court for the Southern District of Texas ("the Bankruptcy Court") on November 11, 2024. On May 1, 2025, the Bankruptcy Court issued its Confirmation Order which, among other things, discharged all claims, interests, and causes of action against Wellpath that arose before November 11, 2024, and permanently enjoined parties from commencing or continuing any action with respect to those claims or interests. It also established an opt-out "Third-Party Release" system that discharged claims and interests against certain "Released Parties," including Wellpath's current and former employees, unless the plaintiff timely opted out to preserve those claims. The Wellpath Defendants' Motion to Dismis The Wellpath Defendants move to dismiss Plaintiff's claims and causes of action against them, arguing that they are barred by the Confirmation Order. Moreover, all Defendants have moved for summary judgment. Plaintiff does not dispute that his claims and causes of action against Wellpath must be dismissed under the Confirmation Order. Instead, he opposes dismissal of his claims against Wellpath's current and former employees -- Defendants Behnke, Mcavoy, Beraty, Dr. Mitchell, and Gibson -- on two grounds. First, Plaintiff contends that he never received an opt-out form. Second, Plaintiff argues that his Sec. 1983 claims against the Wellpath employees "vindicate constitutional rights and cannot be bargained away in a corporate bankruptcy plan." In this case, the Confirmation Order is a final judgment. Plaintiff's contention that the Third-Party Release cannot be enforced against him because he never received an opt out form calls into question the Bankruptcy Court's determination, set forth in its Confirmation Order, that affected claimants, including Plaintiff, received adequate notice of the Third-Party Release and the consequences of failing to opt out. Thus, Plaintiff's challenge is, in essence, a collateral attack on the Confirmation Order, which the District Court cannot entertain. The same is true of Plaintiff's contention that the Third-Party Release cannot encompass his claims against the Wellpath employees because those claims "vindicate constitutional rights and cannot be bargained away in a corporate bankruptcy plan." That assertion challenges the Bankruptcy Court's approval of the Third-Party Release and its determination that the release extends to all claims and causes of action, including those asserted by Plaintiff against the Wellpath employees in the present action. Whether the Bankruptcy Court correctly approved a plan containing such a release is not an issue the District Court may revisit. For these reasons, the Court finds that the Confirmation Order bars Plaintiff from pursuing his claims and causes of action against the Wellpath Defendants. Accordingly, the Wellpath Defendants' motion to dismiss is granted. The Court will dismiss Plaintiff's claims against the Wellpath Defendants without prejudice to give him the option to attempt to pursue these arguments in the Bankruptcy Court or through the appellate process. Defendants' Motion for Summary Judgment All Defendants move for summary judgment on Plaintiff's deliberate indifference claims. Given that the Court has found that dismissal of Plaintiff's claims as to the Wellpath Defendants is appropriate, the motion for summary judgment will be denied as moot as it relates to them. The motion will be adjudicated only as it relates to the remaining Defendants: Blaker, Khammo, Richardson, Brown, Wilson, Bagwell, and Oakland County. A copy of the Court's Opinion and Order dated June 10, 2026, is available at https://urlcurt.com/u?l=RdyYQa from PacerMonitor.com. About Wellpath Holdings Wellpath Holdings, Inc., formerly known as CCS-CMGC Holdings, Inc., is a provider of medical and mental healthcare in jails, prisons, and inpatient and residential treatment facilities. Wellpath Holdings and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 24-90533) on Nov. 11, 2024. Timothy Dragelin, chief restructuring officer and chief financial officer, signed the petitions. At the time of the filing, the Debtors reported $1 billion to $10 billion in assets and liabilities. Judge Alfredo R. Perez oversees the cases. The Debtors tapped Marcus A. Helt, Esq., at McDermott Will & Emery, LLP, as bankruptcy counsel; FTI Consulting, Inc., as financial advisor; and Lazard Freres & Co., LLC and MTS Partners, LP as investment banker. The Bankruptcy Court confirmed the chapter 11 plan on May 1, 2025. WENTHOLD EXCAVATING: Seeks to Extend Plan Exclusivity to Aug. 24 ---------------------------------------------------------------- Wenthold Excavating, LLC asked the U.S. Bankruptcy Court for the Southern District of Iowa to extend its exclusivity periods to file a plan of reorganization to Aug. 24, 2026. The Debtor filed a Motion to Sell on April 10, 2026, which was denied by Court order dated May 1, 2026. The Debtor explains that it is continuing to work through case considerations and negotiations with creditors, which includes selecting an Auctioneer, filing an Application to Employ & a revised Motion to Sell machinery and equipment. The outcome of said Motion and potential sale of assets will impact Debtor's Plan of Liquidation. The Debtor claims that the request to extend the exclusivity period has been provided to multiple secured creditor parties, none have voiced objection. As part of this negotiation, a creditor constituent has requested an extension of time to object to discharge. The Debtor asserts that no parties in interest would be prejudiced in granting the extension or providing for a more meaningful and concise plan given the potential sales of Debtor's primary assets, to include machinery and equipment. The Debtor further asserts that it continues to file its Monthly Operating Reports and is in contact with creditors and parties in interest on its reorganization. Wenthold Excavating LLC is represented by: Robert C. Gainer, Esq. Cutler Law Firm, PC 1307 50th Street West Des Moines, IA 50266 Telephone: (515) 223-6600 Facsimile: (515) 223-6787 Email: rgainer@cutlerfirm.com About Wenthold Excavating LLC Wenthold Excavating, LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Iowa Case No. 26-00188) on Feb. 9, 2026, listing up to $50 million in assets and up to $10 million in liabilities. Judge Lee M. Jackwig oversees the case. Robert C. Gainer, Esq., at Cutler Law Firm, PC serves as the Debtor's counsel. WESTPORT FUEL: Shareholders to Vote on Name-Change Authority ------------------------------------------------------------ Westport Fuel Systems Inc. shareholders are scheduled to vote June 30 on a special resolution that would let the board amend the company's articles to change its name, according to a securities filing. The annual general and special meeting will be held virtually at 10 a.m. Pacific time. Shareholders also are being asked to elect six directors, appoint Deloitte LLP as independent registered public accounting firm for 2026 and cast an advisory vote on executive compensation. The company said holders of common shares at the close of business on May 12 are entitled to receive notice of the meeting. Westport had 17,395,734 common shares outstanding as of that record date, with each share carrying one vote. Westport said its 2025 consolidated financial statements are included in its annual report on Form 20-F and will be forwarded to registered shareholders. No formal action will be taken at the meeting to approve the financial statements. About Westport Westport Fuel Systems Inc. is a Vancouver, Canada-based supplier of alternative-fuel and low-emissions transportation technologies. The company designs, manufactures and supplies components and systems that support natural gas, renewable natural gas and hydrogen applications for original equipment manufacturers and commercial transportation markets. Its product offerings are sold under the AFS and GFI brands and through Cespira, a joint venture with Volvo in which Westport owns a 55% equity interest. Westport's High-Pressure Controls segment makes components including pressure regulators, valves, filters, electronic control units and high-pressure hydrogen components, while Cespira designs, assembles and supplies LNG HPDI 2.0 fuel systems, related components and engineering services to engine manufacturers and commercial vehicle OEMs. In an audit report dated April 23, 2026, KPMG LLP included a going concern qualification, stating that Westport Fuel Systems had suffered recurring losses from operations and projected insufficient cash flows based on projected capital expenditures, debt servicing obligations and operating requirements under the current business plan. The conditions raised substantial doubt about the company's ability to continue as a going concern. As of Dec. 31, 2025, Westport Fuel Systems reported total assets of $94.01 million, total liabilities of $25.20 million and total shareholders' equity of $68.81 million. WESTVIEW BAPTIST: Aleida Martinez Molina Named Subchapter V Trustee ------------------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Aleida Martinez Molina, Esq., as Subchapter V trustee for Westview Baptist Church, Inc. Ms. Molina will be paid an hourly fee of $450 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Molina declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Aleida Martinez Molina, Esq. 2121 NW 2nd Avenue, Suite 201 Miami, FL 33127 Telephone: (305) 297-1878 Email: Martinez@subv-trustee.com About Westview Baptist Church Inc. Westview Baptist Church, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-17359) on June 4, 2026, with $1 million to $10 million in assets and $500,001 to $1 million in liabilities. Judge Corali Lopez-Castro presides over the case. Jamila Z. Canty, Esq., represents the Debtor as legal counsel. WHATABRANDS LLC: S&P Affirms 'B' ICR on Declining Leverage ---------------------------------------------------------- S&P Global Ratings affirmed its ratings on Whatabrands LLC (dba Whataburger), including its 'B' issuer credit rating and its issue-level ratings. S&P said, "We also revised the leverage threshold for a higher rating to 5x from 7x and the trigger for a lower rating to 7x from 9x to better align with similar companies. "The '3' recovery rating on its secured debt is unchanged and indicates our expectation for meaningful recovery (50%-70%; rounded estimate: 55%) in the event of a payment default. "The stable outlook reflects our view that Whataburger remains well-established in its core markets, with same-store sales expected to stabilize in 2027." New unit expansion funded with operating cash flow will drive modest deleveraging toward the mid-5x area in 2026 and 2027. Whataburger has demonstrated steady deleveraging despite pressured same store sales. Both transaction volumes and average order size declined over the last two years, driven by macroeconomic pressures on its core customer base. Following 3.2% growth in 2024 from higher pricing, comparable sales turned negative in 2025, declining 1.3% as the company adopted a more conservative pricing approach. Comparable sales growth in 2025 slightly underperformed the broader quick-service restaurant (QSR) industry, which S&P projects will grow 0%-1% in 2026. However, cost management and price increases supported stable S&P Global Ratings-adjusted EBITDA margins in the low-18% area over the last two years. Meanwhile, internally funded unit expansion supported EBITDA growth and modest deleveraging. S&P said, "While we expect pressures to persist in the near term, we project comparable sales will eventually stabilize, supported by Whataburger's deep-rooted presence and strong brand loyalty within the Texas market and the recent introduction of a value menu. Comparable sales modestly recovered by 30 basis points in the first quarter following four consecutive quarters of decline. "We expect leverage will reach 5.6x in 2026 and 5.5x in 2027, supported by internally funded expansion and largely stable S&P Global Ratings-adjusted EBITDA margins. We project internally generated cash flow will remain sufficient to fund annual capital expenditures of approximately $340 million in 2026 and $290 million in 2027, with more than half of spending directed toward unit growth. "We anticipate capital expenditure (capex) will decrease in 2027 as the company moderates new unit openings to approximately 45 units annually, allowing Whataburger to fine-tune its model for new market entry. In our view, although limited brand awareness outside its core regions may present expansion headwinds, the company's differentiated menu and strong regional identity in the South and Southwest serve as catalysts for growth. "We project S&P Global Ratings-adjusted EBITDA margins will remain in the low-18% area, supported by continued cost controls to offset elevated beef costs." S&P Global Ratings-adjusted EBITDA margin was 18.3% for the last 12 months through the first quarter, representing a 10-basis-point sequential increase and remaining in line with the three-year average. This was primarily driven by optimized scheduling and labor deployment. While elevated beef prices remain a persistent margin headwind, beef is only a portion of overall cost of goods sold, and Whataburger has a track record of maintaining margin stability. S&P's base case assumes the company will continue mitigating this risk through vendor contract renegotiations, cost management, and price increases. S&P said, "We revised the leverage threshold for a higher rating to 5.0x. We believe maintaining S&P Global Ratings-adjusted leverage below this level would provide Whataburger with greater cash flow flexibility to support rapid expansion and potential capital returns to equity shareholders." This threshold is also aligned with peers, including Flynn Restaurant Group. Similar to Flynn, Whataburger is primarily a restaurant operator, leaving it exposed to commodity and labor cost volatility. Furthermore, high capital expenditures for aggressive expansion, maintenance, and remodels constrain FOCF amid pressured comparable sales growth. S&P said, "Given Whataburger's financial-sponsor ownership, we believe there is a greater risk of a leveraging transaction (for example, a debt-funded dividend) and would require a track record of more conservative credit metrics before considering a higher rating. The company previously returned capital to equity owners through a series of debt-funded transactions in 2021 and 2024 to repurchase $1.45 billion of preferred equity. The 5.0x threshold is also generally consistent with other sponsor-owned corporate issuers, for which we have a comparable opinion of the business. "The stable outlook reflects our expectation that leverage will decline to 5.6x in 2026 and 5.5x in 2027 due to higher S&P Global Ratings-adjusted EBITDA from internally funded unit expansion and largely stable margins. This will be partially offset by continued near-term pressures in same store sales. It also reflects our expectation that reported FOCF will remain positive. "We could lower our rating on Whatabrands if the company adopts a more aggressive financial policy or operational performance declines such that it sustains leverage above 7.0x and reported FOCF is minimal or negative." This could occur if: -- Operating performance deteriorates due to declining visitations; and -- New units underperform while significant capital outlays lead to minimal or negative FOCF. S&P could raise its rating on Whatabrands if it sustains leverage below 5.0x and meaningful reported FOCF. This could occur if: -- S&P Global Ratings-adjusted EBITDA margins are stable and same-store sales growth is sustained at or above inflation; and -- The company is committed to sustaining leverage below 5.0x. WINDMILL LAKES: Soneet Kapila Named Subchapter V Trustee -------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Soneet Kapila of Kapila Mukamal as Subchapter V trustee for Windmill Lakes V Condominium Association, Inc. Mr. Kapila will be paid an hourly fee of $450 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Kapila declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Soneet R. Kapila Kapila Mukamal 1000 South Federal Highway, Suite 200 Fort Lauderdale, FL 33316 Tel: (954) 761-1011 Email: skapila@kapilamukamal.com About Windmill Lakes V Condominium Association Windmill Lakes V Condominium Association, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-17338) on June 4, 2026, with up to $50,000 in assets and $500,001 to $1 million in liabilities. Robert F. Reynolds, Esq. represents the Debtor as legal counsel. WINDSOR HOSPITALITY GROUP: Seeks Ch. 11 Bankruptcy in California ---------------------------------------------------------------- On June 3, 2026, Windsor Hospitality Group, LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of California. According to court filings, the Debtor reports between $10 million and $50 million in debt owed to 1-49 creditors. About Windsor Hospitality Group, LLC Windsor Hospitality Group, LLC is a hospitality management and hotel operations company. The firm is involved in the ownership, management, and operation of lodging properties and hospitality-related assets. Windsor Hospitality Group, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10425) on June 3, 2026. In its petition, the Debtor reported estimated assets of $10 million to $50 million and estimated liabilities of $10 million to $50 million. Honorable Bankruptcy Judge Dennis Montali handles the case. The Debtor is represented by Charles Alex Naegele, Esq. of C. Alex Naegele, A Professional Law Corporation. WOODLAND OAKS: Starts Chapter 11 Bankruptcy in Oklahoma ------------------------------------------------------- On June 12, 2026, Woodland Oaks Investors, LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Western District of Oklahoma. According to court filings, the Debtor reports between $10 million and $50 million in debt owed to 1-49 creditors. The court has set October 13, 2026, as the deadline for the filing of the Chapter 11 Plan and Disclosure Statement. About Woodland Oaks Investors, LLC Woodland Oaks Investors, LLC is a limited liability company that appears to engage in real estate investment and asset management activities. The company’s operations are primarily focused on owning and managing investment properties and related assets. Woodland Oaks Investors, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-11987) on June 12, 2026. In its petition, the Debtor reported estimated assets of $10 million to $50 million and estimated liabilities of $10 million to $50 million. Chief Judge Sarah A. Hall handles the case. The Debtor is represented by Joyce W. Lindauer, Esq. of Lindauer & Vaughn. WRENCHERS LLC: Richardo Kilpatrick Named Subchapter V Trustee ------------------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed Richardo Kilpatrick, Esq., at Kilpatrick & Associates, P.C. as Subchapter V trustee for Wrenchers LLC. Mr. Kilpatrick 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. Kilpatrick declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Richardo I. Kilpatrick, Esq. Kilpatrick & Associates, P.C. 903 N. Opdyke Rd., Ste. C. Auburn Hills, MI 48326 Phone: (248) 377-0700 Fax: (248) 377-0800 Email: rkilpatrick@kaalaw.com About Wrenchers LLC Wrenchers, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 26-46367) on June 2, 2026, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Lisa S. Gretchko presides over the case. Robert N. Bassel, Esq., at Robert Bassel, Attorney At Law represents the Debtor as bankruptcy counsel. WRIGHT SCAPES: Amends Several Secured Claims Pay Details -------------------------------------------------------- Wright Scapes, Inc. submitted an Amended Plan of Reorganization for Small Business dated June 4, 2026. The Plan payments will be made from net revenues (disposable income) over the life of the Plan. The Debtor has an indebtedness to the Internal Revenue Service in the approximate amount of $30,800, which will be definitively determined upon the Debtor's filing of its tax returns and discussions with the IRS. For Plan purposes, the IRS will be paid $30,800 over 56 months at 5% interest in the amount of $550 per month. General Unsecured creditors with allowed claims will be paid pro rata of $59,000 over the life of the Plan, approximately 7% which will be disbursed pro rata commencing in month 20, as set forth in the Distribution Schedule attached to the Plan. Because of the substantial amount of Secured, Priority and Administrative claim indebtedness, the payments to unsecured creditors cannot be made until year month 20. The Plan Proponent's financial projections show that the Debtor will have projected disposable income sufficient to make plan payments. The final Plan payment is expected to be paid in July 2032. The value of the Debtor's assets at the time of the bankruptcy petition was approximately $130,000. In order to maximize the distribution to unsecured creditors, any indebtedness owed to insiders is subordinated until after completion of all Plan payments. This Plan of Reorganization proposes to pay creditors of the Debtor from cash flow from operations. Class 2 Secured Claim of the Small Business Administration shall be paid a secured claim of $28,084.15 over 5 years at 3.75% interest as set forth in the Distribution Schedule (Because of the value of the Debtor's assets the SBA class 2 claim is underscored in the amount of $105,000. The claims of all other creditors asserting a secured claim shall be treated as fully under secured claims and shall receive pro rata distributions as class 3 unsecured claims.) Class 3 Priority Claim of the Internal Revenue Service (IRS) shall be paid $30,800.00 over 56 months at 5% interest. Like in the prior iteration of the Plan, payments to allowed unsecured creditors will commence month 20 with a pro rata payment of $6,000, and $6,000 payments in months 28,32,36, month 40 of $5,000, month 44 of $4,000, month 48 of $5,000, month 52 of $4,000, month 56 of $5,000 and month 60 of $6,000. Equity Interest Holders as scheduled shall maintain their equity ownership of the Debtor which they held pre-petition and shall receive no distribution under the Plan. Mr. Erik Wright is the 100% shareholder of the Debtor. The Debtor shall fund the plan from its revenues received from the revenues derived from its operations which pursuant to its projections is sufficient to pay the plan payments on a timely basis. A full-text copy of the Amended Plan dated June 4, 2026 is available at https://urlcurt.com/u?l=rCaZYo from PacerMonitor.com at no charge. Counsel to the Debtor: Thomas L. Abrams, Esq. Law Firm of Gamberg & Abrams 1213 S.E. Third Avenue, Second Floor Fort Lauderdale, FL 33316 Telephone: (954) 523-0900 Facsimile: (954) 915-9016 Email: tabrams@tabramslaw.com About Wright Scapes, Inc. Wright Scapes, Inc., operates in the landscaping and grounds services sector, offering exterior property enhancement and maintenance services. The company serves customers in Florida and surrounding areas, based on publicly available business filings. Wright Scapes, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-11393) on February 3, 2026. In its petition, the Debtor estimated assets ranging from $100,001 to $1 million and estimated liabilities of $1 million to $10 million. Judge Peter D. Russin handles the case. The Debtor is represented by Thomas L. Abrams, Esq. WSN CONSTRUCTION: Unsecured Creditors to Split $50K in Plan ----------------------------------------------------------- WSN Construction LLC filed with the U.S. Bankruptcy Court for the Northern District of Florida an Amended Plan of Reorganization dated June 4, 2026. The Debtor is a construction company that primarily repairs and performs maintenance on water and sewer systems. In addition, the Debtor performs land clearing work on construction projects and related work. The Debtor is a historically profitable and successful construction company. However, in the past year or so prior to filing, the Debtor's operations have been significantly disrupted primarily due to disputes that arose in connection with multiple jobs in the northeast Tallahassee area with the same contractor. The Debtor is now expecting to return to profitability by working on jobs for entities that will pay in a timely fashion and allow the Debtor to efficiently and effectively complete work. The Debtor filed this case to allow its cash flow to stabilize so it can reorganize and continue operations. This Plan of Reorganization proposes to pay creditors of the Debtor from the Debtor's continued operations. The owners of the Debtor, Kimberly Nelson and William Scott Nelson, will remain in their roles post-confirmation. This Plan provides for the payment of seven classes of secured claims, one class of general unsecured claims, and one class of equity security holders. This Plan provides for the payment of administrative and priority claims in full. Class 7 consists of General Unsecured Claims. The class of general unsecured claims shall receive a total dividend of $50,000.00. Installment payments (to be distributed pro rata) in the amount of $2,500.00 shall commence on the fifteenth day of the month, on the first month that begins more than ninety days after the Effective Date and shall continue every ninety days thereafter for nineteen additional payments. This Class is impaired. Class 8 consists of Equity Security Holders: William Scott Nelson and Kimberly Nelson. Post confirmation, the equity security holders will continue to receive the salaries that were approved by the Court during this case. The Debtor shall fund its Plan from its continued operations. Unless otherwise ordered by the Court, the Debtor will act as the disbursing agent under this plan (not the Subchapter V Trustee). A full-text copy of the Amended Plan dated June 4, 2026 is available at https://urlcurt.com/u?l=dAMxnr from PacerMonitor.com at no charge. Counsel to the Debtor: Byron Wright III, Esq. Samantha A. Kelley, Esq. Bruner Wright, PA 2868 Remington Green Circle Tallahassee, FL 32308 Telephone: (850) 385-0342 Facsimile: (850) 270-2441 About WSN Construction LLC WSN Construction, LLC, a company in Havana, Florida, provides commercial construction services including land clearing, preliminary site work, underground utilities installation, metal fabrication, and asphalt and concrete work, serving Northwest Florida and Southwest Georgia. WSN Construction filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Fla. Case No. 26-40059) on February 3, 2026, listing assets of between $500,001 and $1 million and liabilities of between $1 million and $10 million. Byron Wright, III, Esq., at Bruner Wright, P.A. represents the Debtor as legal counsel. Y.N.L.C. CAFE: Nathaniel Wasserstein Named Subchapter V Trustee --------------------------------------------------------------- The U.S. Trustee for Region 2 appointed Nathaniel Wasserstein, Esq., at Lindenwood Associates, LLC as Subchapter V trustee for Y.N.L.C. Cafe Corp. d/b/a Avenue Cafe. Mr. Wasserstein will be paid an hourly fee of $530 for his services as Subchapter V trustee and will be reimbursed for work related expenses incurred. Mr. Wasserstein declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Nat Wasserstein, Esq. Lindenwood Associates, LLC 328 North Broadway, 2nd Floor Upper Nyack, New York 10960 Telephone: (845) 398-9825 Facsimile: (212) 208-4436 Email: nat@lindenwoodassociates.com About Y.N.L.C. Cafe Corp. Y.N.L.C. Cafe Corp. doing business as Avenue Cafe sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 26-42734) on June 3, 2026, with $50,001 to $100,000 in assets and $500,001 to $1 million in liabilities. Judge Elizabeth S. Stong presides over the case. Gary C. Fischoff, Esq. at Bfsng Law Group, LLP represents the Debtor as legal counsel. YELLOW CORP: Chapter 11 Pension Claim Review Scheduled for Sept. ---------------------------------------------------------------- Vince Sullivan of Law360 Bankruptcy Authority reports that Yellow Corp. received approval Monday, June 15, 2026, for a discovery and briefing timetable that will lead to an estimation proceeding over withdrawal liability claims asserted by three pension funds. The bankruptcy court authorized a three-month schedule designed to prepare the parties for litigation over the disputed claims. The claims represent a significant issue in Yellow's bankruptcy, as the former trucking company and the pension funds continue to disagree over the amount owed following the company's withdrawal from the retirement plans. Although some pension-related disputes have been settled, several major claims remain unresolved, the report cites. The court's order establishes deadlines for evidence gathering and briefing ahead of a September estimation hearing. The ruling is expected to help advance the bankruptcy case by providing a framework for determining the value of the contested pension liabilities, according to Law360. About Yellow Corporation Yellow Corporation -- http://www.myyellow.com/-- operates logistics and less-than-truckload (LTL) networks in North America, providing customers with regional, national, and international shipping services throughout. Yellow's principal office is in Nashville, Tenn., and is the holding company for a portfolio of LTL brands including Holland, New Penn, Reddaway, and YRC Freight, as well as the logistics company Yellow Logistics. Yellow Corporation and 23 affiliates concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-11069) on August 6, 2023, before the Hon. Craig T. Goldblatt. As of March 31, 2023, Yellow Corporation had $2,152,200,000 in total assets against $2,588,800,000 in total liabilities. The petitions were signed by Matthew A. Doheny as chief restructuring officer. The Debtors tapped Kirkland & Ellis, LLP as restructuring counsel; Pachulski Stang Ziehl & Jones, LLP as Delaware local counsel; Kasowitz, Benson and Torres, LLP as special litigation counsel; Goodmans, LLP as special Canadian counsel; Ducera Partners, LLC, as investment banker; and Alvarez and Marsal as financial advisor. Epiq Bankruptcy Solutions is the claims and noticing agent. Milbank LLP serves as counsel to certain investment funds and accounts managed by affiliates of Apollo Capital Management, L.P. while White & Case, LLP and Arnold & Porter Kaye Scholer, LLP serve as counsels to Beal Bank USA and the U.S. Department of the Treasury, respectively. On Aug. 16, 2023, the U.S. Trustee for Region 3 appointed an official committee of unsecured creditors in the Chapter 11 cases. The committee tapped Akin Gump Strauss Hauer & Feld, LLP and Benesch, Friedlander, Coplan & Aronoff, LLP as counsels; Miller Buckfire as investment banker; and Huron Consulting Services, LLC, as financial advisor. [] Montana Farm Bankruptcies Rose in 2026 Amid Economic Pressure ---------------------------------------------------------------- Victoria Traxler of Montana Public Radio reports that economic headwinds, including tariffs and shifting agricultural markets, contributed to a sharp increase in Montana farm bankruptcies last year. Agricultural economists reported six Chapter 12 filings in 2025, compared with just two cases the year before. Montana Farm Bureau President Cyndi Johnson said bankruptcy filings among farmers in the state are typically uncommon. The jump in cases during 2025 underscores the financial challenges confronting producers as operating costs remain high and profitability remains under pressure. Walter Schweitzer, president of the Montana Farmers Union, believes the recent filings may signal deeper problems ahead. He cautioned that many farmers were able to remain afloat in 2025 only because they expected economic conditions to improve, a turnaround that has yet to materialize, according to report. Chapter 12 bankruptcy offers farmers an opportunity to restructure their obligations, though doing so may involve selling farmland, equipment, or other assets. Schweitzer emphasized the personal and emotional impact these decisions can have on farm families. At the national level, USDA forecasts indicate farm debt will climb to a record $620 billion in 2026, exceeding previous highs reached during the 1980s agricultural downturn, the report relays. ********* 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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