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260622.mbx T R O U B L E D C O M P A N Y R E P O R T E R Monday, June 22, 2026, Vol. 30, No. 173 Headlines 1251 PACIFIC: Case Summary & 16 Unsecured Creditors 1300 DESERT: Court Extends Cash Collateral Access to Sept. 30 16 WARREN: To Sell NY Property to Aadil Bhore for $3.8MM 1701 BINGLE: Gets Final OK to Use Cash Collateral Until Aug. 31 22ND CENTURY: Three Key Proposals Passed at Annual Meeting 3 BROTHERS LAND: Cash Collateral Hearing Set for June 24 609 5TH AVE OWNER: Case Summary & 12 Unsecured Creditors 609 FIFTH PARTNERS: Voluntary Chapter 11 Case Summary ABEN GREMAL: Seeks to Hire Lindauer & Vaughn as Counsel ACPRODUCTS HOLDINGS: Moody's Withdraws Ca Rating on Unsecured Notes ADVANTECH INC: Gets Interim OK to Use Cash Collateral Until July 10 AEROHP MAINTENANCE: Gets Final OK to Use Cash Collateral ALLSTAR PROPERTIES: Amends Rome Property Sale to William D. Hucks ALTOMAR HOME: To Sell Toyota Tundra to CarMax El Paso for $48K AMERIMED EMERGENCY: Gets Interim OK to Use Cash Collateral ANDALINA PROPERTIES: Case Summary & Five Unsecured Creditors ANNIE EYELASH: To Sell Laser Equipment to Vertu Medical for $30K APPLE TREE: Court Sets July 10, 2026 General Bar Date ARROYO PICOSA: Seeks to Hire Lindauer & Vaughn as Counsel ASPIRA INC: Case Summary & 20 Largest Unsecured Creditors ASPIRA WOMENS: Jack W. Schuler Reports 8.7% Ownership Stake AVANTOR FUNDING: Moody's Alters Outlook on 'Ba3' CFR to Positive AVIAN PARTNERS: Seeks to Hire Peter N. Hadiaris as Counsel AZORA AVIATION: Moody's Affirms 'Ba3' CFR, Outlook Stable BEACON LIGHT: Hires Lugenbuhl Wheaton Peck Rankin as Counsel BEAZER HOMES: Moody's Rates New $400MM Senior Unsecured Notes 'B2' BENCHMARK PRODUCTIONS: Case Summary & 11 Unsecured Creditors BESTWALL LLC: Exploring Additional Bankruptcy Options, Exec Says BONNIE MAULDIN: Case Summary & Nine Unsecured Creditors BROADWAY LEARNING: Hires On the Mark Financial as Accountant BTB PIZZA: Seeks to Hire Raymond C. Stilwell as Counsel BURNETT ENTERTAINMENT: Gets Extension to Use Cash Collateral BY HOTEL: Court Sets June 24, 2026 General Bar Date BYRUM'S FLOOR: Gets Interim OK to Use Cash Collateral CARDIFF LEXINGTON: Registers 940,051 Shares Under 2024 Equity Plan CARDIFF LEXINGTON: Signs $25 Million Common Stock Purchase Deal CARE ONE: Court Extends Cash Collateral Access to July 15 CELINA TOTAL: Cash Collateral Hearing Set for June 23 CERES ROASTING: Gets Final OK to Use Cash Collateral CHAMPION HOME: Gets Interim OK to Use Cash Collateral CHANNEL OP: Gets Final OK to Use Cash Collateral Until Oct. 12 CHAPMAN CBC: Court Extends Cash Collateral Access to July 31 CIMINO RE: Case Summary & Two Unsecured Creditors CLEAR CHANNEL: Legion Partners Ceases 5% Beneficial Ownership CLOVERLEAF ELECTRIC: Court Narrows MCA Lender's Claims COMMODITY TRANSPORTERS: Voluntary Chapter 11 Case Summary COREWEAVE INC: Fitch Rates Proposed Sr. Unsecured Notes 'BB-' COREWEAVE INC: Moody's Rates New Senior Unsecured Notes 'B1' COSMOS HEALTH: CEO Reports 1.35M Share Grant, Spouse Gets 100K COSMOS HEALTH: CFO Georgios Terzis Reports 490,000 Share Grant COSMOS HEALTH: Director Anastasios Aslidis Reports 20K Share Grant COSMOS HEALTH: Director Bhutawala Reports 15,000 Share Grant COSMOS HEALTH: Director D. Demetriades Reports 15,000 Share Grant COSMOS HEALTH: Director Hoidas Reports 15,000 Share Grant COSMOS HEALTH: Director T. Karkantzos Reports 15,000 Share Grant CPV MARYLAND: S&P Raises Senior Secured Debt Rating to 'BB' CREATION TECHNOLOGIES: S&P Affirms 'B-' ICR, Alters Outlook to Pos. CRYSTAL CARDENAS: Hires Brian K. McMahon P.A. as Attorney D & D VENTURE: Seeks Chapter 11 Bankruptcy in California DAMIS HOLDINGS: Deadline for Panel Questionnaires Set for June 22 DAN LEPORE: Court OKs Personal Property Sale in a Private Sale DANA INC: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable DEL MONTE: Court Rejects Minority Lenders' DIP Rollup Stay Request DELUXE CORP: S&P Affirms 'B+' ICR After Acquisition Announcement DR DELICACY: Court OKs Continued Access to Cash Collateral DYNASTY FAB: Case Summary & 20 Largest Unsecured Creditors EFFICIENT IRRIGATION: Case Summary & 15 Unsecured Creditors EG GROUP: EUR350MM Term Loan Add-on No Impact on Moody's 'B2' CFR ELLIOTT & SON: Wins Approval for $1,700 Additional Cash Collateral FAIRFAX BEST: Case Summary & 20 Largest Unsecured Creditors FINCH THERAPEUTICS: Court Sets June 29, 2026 General Bar Date FIRST BRANDS: Aequum Holds Inventory Sale Funds in Escrow FIRST BRANDS: Disclosure Statement Wins Conditional Approval FLEXSYS HOLDINGS: S&P Downgrades ICR to 'CCC-', Outlook Negative FLOOR AND DECOR: Moody's Rates New $200MM Secured Term Loan 'Ba2' FORTUNA STONEWORKS: Court Extends Cash Collateral Access to July 22 FTX TRADING: Judge Approves $600MM Claim Reserve Reduction G2 TECHNOLOGIES: Court Extends Cash Collateral Access to July 8 GALINDO EMPIRE: Hires Law Office of Jeremy T. Wood as Counsel GLEN ARBOR: Gets Extension to Use Cash Collateral GOHEALTH INC: Gets Interim OK to Use Cash Collateral GVO PARTNERS: Seeks Chapter 11 Bankruptcy with Over $10MM Debt HAINES PROPERTIES: Hires Axis Capital as Financial Advisor HALLMARK FINANCIAL: Case Summary & 30 Largest Unsecured Creditors HALLMARK FINANCIAL: Fox Rothschild, Wollmuth Advise Hildene HALLMARK FINANCIAL: Targets August 2026 Hearing for Prepack Ch.11 HCW BIOLOGICS: Stockholders Approve Reverse-Split Plan HEARTLAND DENTAL: Moody's Ups CFR to B2 & Alters Outlook to Stable HERMES INVESTMENTS: Case Summary & Seven Unsecured Creditors HIGHLAND CHATEAU: Tarantino Properties Appointed as Receiver HOPS & BARLEY: Hires Sunbridge Advisory LLC as Accountant HUMBLE BARON: Seeks to Hire Tom Bible Law as Attorney HW BURBANK: To Sell Santa Monica Property to Levy Affiliated HYBAR LLC: Moody's Rates New Senior Secured Notes 'B3' HYPERMIND CORP: Court Extends Cash Collateral Access to Sept. 8 IMAGE TECHNOLOGY: Gets Final OK to Use Cash Collateral IMAGINATION ENTERPRISES: Gets Extension to Use Cash Collateral INNOVATE CORP: All Four Proposals Approved at Annual Meeting INOTIV INC: Court OKs Notification Procedures for Stock Transfers INSPIRED HEALTHCARE: No Decline in Resident Care, PCO Report Says INSPIRED HEALTHCARE: No Decline in Resident Care, PCO Report Says INSPIRED HEALTHCARE: No Decline in Resident Care, PCO Report Says INSPIRED HEALTHCARE: No Decline in Resident Care, PCO Report Says INSPIRED HEALTHCARE: No Resident Care Concern, PCO Report Says INSPIRED HEALTHCARE: No Resident Complaints, 1st PCO Report Says INSPIRED HEALTHCARE: PCO Reports No Staffing Changes INTEGRITY IRON: Case Summary & 20 Largest Unsecured Creditors JACKSON AVENUE: Case Summary & Two Unsecured Creditors JAGUAR HEALTH: Secures Up to $40M Million Equity Line Commitment JS&A FIRE: Case Summary & 20 Largest Unsecured Creditors KASTER MOVING: Case Summary & 20 Largest Unsecured Creditors KENNEDY-WILSON HOLDINGS: S&P Affirms 'B+' ICR, Outlook Stable KIITOS BREWING: Hires New Mill Disposition LLC as Auctioneer KOCAK LLC: Seek to Hires BFSNG Law Group LLC as Attorney LABL INC: Moody's Assigns Caa1 CFR Following Chapter 11 Emergence LAKE CLINCH: Case Summary & Six Unsecured Creditors LASCHAL SURGICAL: Hearing Today on Bid to Use Cash Collateral LEISURE INVESTMENTS: Ex-CEO Cites Mexico Ruling in Chapter 11 Fight LIGHT BULB: Commences Chapter 11 Bankruptcy in Nebraska LONG BEACH: Hires Tamborelli Law Group APC as Counsel LOT 1 COQUINA: Seeks Chapter 11 Bankruptcy in Florida LOT 1 COQUINA: Voluntary Chapter 11 Case Summary LOTUS TECHNOLOGY: Geely International to Buy $128.32 Million Note LSPP PROPERTIES: Case Summary & Two Unsecured Creditors LURIN REAL ESTATE: Affiliate Gets Final OK to Use Cash Collateral MAG DS: S&P Downgrades ICR to 'CCC', Outlook Developing MBA INVESTMENTS: Seeks Subchapter V Bankruptcy in Arizona MEADOW CREEK: To Sell Pleasant Valley Property to B. & S. Tormey MEDALLIA INC: Blackstone-Led Lenders Take Control of Ailing Co. METALWORKING LUBRICANTS: Gets Interim OK to Use Cash Collateral MICHAEL HERZOG: Seeks Cash Collateral Access MIRACLE TEMPLE: Case Summary & 15 Unsecured Creditors MORRIS STREET: Seeks to Use Cash Collateral MUSCULOSKELETAL ASSOCIATES: Gets Interim OK to Use Cash Collateral N-ABLE INTERNATIONAL II: Moody's Cuts CFR to B2, Outlook Stable NEW YORK BEACH: Judge Extends Receiver's Control NMR ENTERPRISES: Court OKs Continued Cash Collateral Access NORTHANN CORP: Regains NYSE American Compliance NURIEL & GRACE: Court OKs Deal to Use Lender's Cash Collateral OAK VALLEY HOSPITAL: S&P Affirms 'BB' Rating on 2020A Revenue Bond OAKLAWN HOSPITAL: Moody's Affirms 'Ba2' Issuer & Rev. Bond Ratings OCUGEN INC: 2 Directors Elected, PwC Appointment Okayed OCUGEN INC: Appoints Dr. Mohamed Genead as Chief Medical Officer OFFICE PROPERTIES: Exits Chapter 11 Reorganization OLD RICHMOND: Seeks to Hire Forman Watkins & Krutz LLP as Counsel OLENOX INDUSTRIES: Patricia Kaelin Steps Down as CFO OLENOX INDUSTRIES: Signs Employment Agreement With Erik Blum PACIFIC FREEDOM: Case Summary & 31 Largest Unsecured Creditors PARAMUS PARK: Heads to Receivership After Value Drops 70% PAXTON & ASSOCIATES: Cash Collateral Hearing Set for July 14 PHARMA-NATURAL INC: Hires Hillyer Group as Restructuring Advisor PHILIPS TOTAL: Seeks to Sell New Equity at Auction PHOENIX RISING: Wins Interim Cash Collateral Access Thru July 7 PROFESSIONAL DIVERSITY: Adopts Amended Bylaws on Quorum, Voting PWB LAND: To Sell Huntsville Property to Lauri Hamilton for $350K RAPID TEST: Court Extends Cash Collateral Access to July 7 RAY'S PIZZA: Cash Collateral Hearing Set for June 23 RED LOBSTER: Closes Times Square Location After 23 Years RED PLANET: Moody's Upgrades CFR to B2, Outlook Stable RELIZ TECHNOLOGY: Gellert Seitz Represents Creditors RESIDEO FUNDING: Moody's Alters Outlook on 'Ba2' CFR to Stable RIIMIC LLC: Case Summary & 20 Largest Unsecured Creditors RIO DEL PILAR: Seeks to Tap The Real Estate Broker as Broker RM FERRANTE: Case Summary & Three Unsecured Creditors ROSE MECHANICAL: Hires Hirsch & Hirsch Certified as Accountant ROTARY AIRLOCK: Hires Burke Warren MacKay as Attorney ROTARY AIRLOCK: Taps Development Specialists as Financial Advisor RUEZGA HAULING: Hires Farsad Law Office P.C. as Counsel RUNWAY MEDICAL: Hires Law Office of James J. Rufo as Attorney RUSSELLVILLE DENTAL: Case Summary & 20 Top Unsecured Creditors SA POOL CONSTRUCTION: Gets Final OK to Use Cash Collateral SACRAMENTO CITY USD: Moody's Downgrades Issuer Rating to Ba2 SAMPAGUITA INC: Hires Lindauer & Vaughn as Counsel SCHUMACHER AND DALTON: Gets Interim OK to Use Cash Collateral SEADRILL LIMITED: Moody's Upgrades CFR to Ba3, Outlook Stable SEARLES VALLEY MINERALS: Seeks Chapter 11 Bankruptcy in Delaware SEARLES VALLEY: Case Summary & 30 Largest Unsecured Creditors SEARLES VALLEY: Deadline for Panel Questionnaires Set for June 23 SEARLES VALLEY: Skadden Serves as Bankruptcy Counsel SENSIENCE INC: S&P Raises ICR to 'CCC+' After Debt Restructuring SENTINEL HOLDINGS: Bush & Associates Out, DLHC In as New Auditor SERRA GAUCHA: Court Extends Cash Collateral Access to Aug. 31 SHORT PAR: Hires Stichter Riedel Blain & Postler as Counsel SIFI NETWORKS: Hires Cole Schotz P.C. as Counsel SIFI NETWORKS: Hires Mr. Dinoff of KCP Advisory Group as CRO SIFI NETWORKS: Hires Sherwood Partners Inc. as Sales Agent SIFI NETWORKS: Hires Stretto Inc. as Administrative Advisor SIMAD HOLDINGS: Deadline for Panel Questionnaires Set for June 22 SIMAD HOLDINGS: Gets OK to Use Hometrust Bank's Cash Collateral SLEEP NUMBER: To Be Delisted from Nasdaq After Chapter 11 Filing SOURCEWATER INC: 5th Circuit Affirms Sanctions Order v. CEO STARFISH HOLDCO: S&P Alters Outlook to Negative, Affirms 'B-' ICR STELLA REALTY: Case Summary & Four Unsecured Creditors STEWARD HEALTH: Chapter 11 Trusts Recover $58MM SUNNY LIQUOR: Commences Chapter 11 Bankruptcy in New York SYNERGY INFRASTRUCTURE: Moody's Rates New Second Lien Notes 'B3' TAMKO BUILDING: Moody's Rates New $415MM First Lien Term Loan 'B2' TELEPHONE AND DATA: Moody's Affirms 'Ba1' CFR, Outlook Stable TOMATLAN INC: Court Extends Cash Collateral Access to June 30 TOUCHSTONE LOGISTICS: Case Summary & 20 Top Unsecured Creditors TOWER CAPITAL: Hires Hilco Real Estate LLC as Real Estate Agent TRILLION ENERGY: Extends Expiry of 2.1MM Warrants by One Year TRINSEO PLC: Court Establishes Procedures on Stock Ownership TRINSEO PLC: Court Gives Final OK to Chapter 11 DIP Financing TRINSEO PLC: Plan Confirmation Hearing Scheduled for July 27 TRIPLE STICKS: Gets Interim OK to Use Cash Collateral Until June 30 UGI ENERGY: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable ULTINON MOTION: Court Sets Sept. 22 Governmental Bar Date VALCOUR PACKAGING: Moody's Affirms 'Caa3' CFR, Outlook Stable VARSOBIA HOME: Case Summary & Six Unsecured Creditors VILLAGE HOMES: Court OKs Aledo Properties Sale to Multiple Buyers VIVAKOR INC: Lender Converts $103,100 Into Shares WABNO HOSPITALITIES: Cash Collateral Access Extended to July 15 WEST MARINE: Will Shut Down 59 Stores Nationwide WILFONG HOSPITALITY: Gets Interim OK to Use Cash Collateral WILFONG HOSPITALITY: Hires Raines Feldman Littrell LLP as Counsel WINDSOR HOSPITALITY: Hires C. Alex Naegele as Bankruptcy Counsel ZOOMINFO TECHNOLOGIES: S&P Lowers ICR to 'BB-', Outlook Negative ********* 1251 PACIFIC: Case Summary & 16 Unsecured Creditors --------------------------------------------------- Debtor: 1251 Pacific St LLC 333 Rutledge Street Suite 209 Brooklyn, NY 11211 Business Description: 1251 Pacific St LLC is a single-asset real estate company that owns a multifamily residential building at 238/240 East 52nd Street in Brooklyn, New York. Chapter 11 Petition Date: June 12, 2026 Court: United States Bankruptcy Court Eastern District of New York Case No.: 26-42901 Judge: Hon. Jil Mazer-Marino Debtor's Counsel: Joel M. Shafferman, Esq. SHAFFERMAN & FELDMAN LLP 137 Fifth Avenue 9th Floor New York, NY 10010 Tel: (212) 509-1802 E-mail: shaffermanjoel@gmail.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Mark Taub as chief restructuring officer. A full-text copy of the petition, which includes a list of the Debtor's 16 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/M75OWXI/1251_PACIFIC_ST_LLC__nyebke-26-42901__0001.0.pdf?mcid=tGE4TAMA 1300 DESERT: Court Extends Cash Collateral Access to Sept. 30 ------------------------------------------------------------- 1300 Desert Willow Road, LLC received sixth interim approval from the U.S. Bankruptcy Court for the Southern District of New York to use cash collateral. The sixth interim order authorized the Debtor to use cash collateral through Sept. 30 based on an approved budget, with a 10% variance on a cumulative basis. Romspen Investment LP, a secured lender, retains its asserted secured claim of at least $27.49 million and continues to receive adequate protection through a replacement lien on all post-petition assets of the Debtor and the proceeds thereof, with the same validity, priority and extent as its pre-petition lien. The replacement liens do not apply to any Chapter 5 causes of action and are subject to the fee carveout. As additional protection, Romspen is entitled to an allowed superpriority administrative expense claim. The Debtor's authority to use cash collateral terminates upon occurrence of certain events including dismissal or conversion of its Chapter 11 case, appointment of a trustee, or any breach or default by the Debtor of the interim order, that is not cured. A copy of the court's order is available at https://shorturl.at/8uEYp from PacerMonitor.com. The Debtor owns a 595,530-square-foot commercial property located at 1300 Desert Willow Road in Los Lunas, New Mexico, which is valued at approximately $50 million. Currently, about 50% of the space is vacant, and the Debtor is actively working to lease the unoccupied areas to double its revenue. About 1300 Desert Willow Road 1300 Desert Willow Road, LLC owns a property at 1300 Desert Willow Road in Los Lunas, New Mexico, valued at $40 million. 1300 Desert Willow Road sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-11375) on June 22, 2025. In its petition, the Debtor reported between $10 million and $50 million in assets and liabilities. Judge Philip Bentley oversees the case. The Debtor is represented by H. Bruce Bronson, Esq., at Bronson Law Offices, PC. Romspen Investment LP, as lender, is represented by: Brigid K. Ndege, Esq. Bryan Cave Leighton Paisner, LLP 161 North Clark Street, Suite 4300 Chicago, Illinois 60601 Telephone: (312) 602-5000 Facsimile: (312) 602-5050 brigid.ndege@bclplaw.com 16 WARREN: To Sell NY Property to Aadil Bhore for $3.8MM -------------------------------------------------------- 16 Warren Street PH LLC seeks permission from the U.S. Bankruptcy Court for the Southern District of New York, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property is located at 16 Warren Street, Unit PH, New York, NY 10007. The Debtor wishes to sell the Property to Aadil Bhore for the purchase price of $3,816,000. The Debtor is a "single asset real estate" debtor and the owner of the Property, which is one of six residential units of Tribeca Townhouses at 16 Warren Street Condominium. The Property includes three floors of living space and a fourth-floor roof deck with a hot tub, 3 bedrooms, 3 ½ bathrooms, a private elevator and oversized glass windows overlooking the heart of Tribeca. The Debtor possesses 34.29 percentage of the interests in the common elements. The Property is encumbered by J.P Morgan Chase Bank, N.A. and 16 Warren Street Condominium. The Debtor engaged the services of a highly credentialed and experienced real estate advisor- Douglas Elliman Real Estate to market the Property for sale. The Property was advertised for sale on numerous real estate platforms including Douglas Elliman's own website and partners venues handled by the Broker. The Debtor received a lot of interest in the Property with approximately 68 showings which culminated into the offer received from Purchase which the Debtor believes is the highest and the best offer. The Purchaser is not an insider of the Debtor, has no connection to the Debtor or its sole member Michael Marvisi, and the transaction was negotiated in good faith and only entered into after arms’ length negotiations through the party's respective counsel. The Debtor has determined that the best interests of the estate and its creditors will be served through the sale of the Property pursuant to the Contract. The interests of the estate and its creditors are best served through the private sale of the Property. The Debtor has diligently evaluated the offers it had received and is confident that the current offer from the Purchaser is the most favorable and represents the highest value it can expect. The Debtor proposes and seeks authority to pay the ordinary and customary expenses at closing including but not limited to title charges, transfer taxes, and outstanding real estate taxes. As set forth in the Declaration of Erica Aisner in support of the Motion pursuant to Bankruptcy Rule 9077, it is urgent that the Court determine the Motion as soon as possible. The terms of the Contract provide that the approval of the proposed sale must be obtained before July 2, 2026. About 16 Warren Street PH LLC 16 Warren Street PH LLC is a single asset real estate company. 16 Warren Street PH LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12953) on December 31, 2025. In its petition, the Debtor reports estimated assets ranging from $1 million to $10 million and estimated liabilities in the same range. Honorable Bankruptcy Judge David S. Jones oversees the case. The Debtor is represented by Dawn Kirby, Esq., at Kirby Aisner & Curley, LLP. 1701 BINGLE: Gets Final OK to Use Cash Collateral Until Aug. 31 --------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Texas entered an amended agreed final order authorizing 1701 Bingle, LLC to use cash collateral through Aug. 31 or until confirmation of a Chapter 11 plan, whichever occurs first. Under the court order, the Debtor is authorized to use up to $192,249.33 in cash collateral to pay its expenses based on an approved budget. The budget permits a 15% variance per line item and in the aggregate, provided total spending does not exceed 115% of the total budget. Unused amount may be carried forward and reallocated in later periods. The Debtor is required to make monthly payments to secured lenders -- Fair Road Properties, Landco Investments, Inc., Safra Properties, Inc., and Sheffield Properties -- before paying other operating expenses. Additional protection includes replacement liens on all existing and post-petition property of the Debtor and a potential Section 507(b) superpriority administrative expense claim. The order further requires the Debtor to remit payments from wrap mortgage purchasers to secured lenders within 10 days of receipt and to maintain insurance coverage and tax payments on collateral. Any uncured default such as conversion or dismissal of the Debtor's Chapter 11 case and trustee appointment terminates the Debtor's authority to use cash collateral. A copy of the court's order is available at https://shorturl.at/f8G0E from PacerMonitor.com. 1701 Bingle owns income-generating real estate assets and relies on rental proceeds and related cash flows to sustain its business. Creditors including the secured lenders are expected to assert security interests in the Debtor's cash collateral, primarily arising from liens on the properties and assignments of rents. The total amount of claimed secured debt exceeds $1.31 million. The Debtor disputes the validity, extent, and enforceability of these liens and reserves the right to challenge them but acknowledges that these creditors may have priority claims to certain cash proceeds. The Debtor commits not to sell or dispose of collateral without court approval. About 1701 Bingle LLC 1701 Bingle, LLC is a limited liability company engaged in real estate ownership and property investment activities. 1701 Bingle sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 26-32479) on April 9, 2026. In its petition, the Debtor reported assets of between $10 million and $50 million and liabilities of between $1 million and $10 million. Judge Jeffrey P. Norman handles the case. The Debtor is represented by Vicky M. Fealy, Esq. of Fealy Law Firm, PC. 22ND CENTURY: Three Key Proposals Passed at Annual Meeting ---------------------------------------------------------- 22nd Century Group, Inc. held its 2026 Annual Meeting of Stockholders. The matters submitted to stockholders for a vote and the results of those votes were as follows: Proposal One: To elect Lucille Salhany as a Class III director to serve until the 2029 annual meeting of the stockholders and until her respective successor has been elected and qualified. In accordance with the voting results, the nominees were elected to serve as director. * For: 1,163,869 * Withheld: 34,794 * Broker non-votes: 0 Proposal Two: To approve an advisory resolution approving executive compensation for fiscal year 2025. In accordance with the voting results, the Company's executive compensation for fiscal year 2025 has been approved. * For: 1,160,325 * Against: 37,053 * Abstain: 1,285 * Broker non-votes: 0 Proposal Three: To ratify the appointment of WithumSmith+Brown, PC as the Company's independent registered public accountants for 2026. In accordance with the voting results, WithumSmith+Brown, PC will serve as the independent registered certified public accountants for the year 2026. * For: 1,191,342 * Against: 7,051 * Abstain: 270 * Broker non-votes: 0 About 22nd Century Group Mocksville, N.C.-based 22nd Century Group, Inc. is a tobacco products company specializing in the sales and distribution of its proprietary reduced nicotine tobacco products, which have been authorized as Modified Risk Tobacco Products by the FDA. The company also provides contract manufacturing services for conventional combustible tobacco products for third-party brands. Buffalo, New York-based WithumSmith+Brown, PC, issued a "going concern" qualification in its report dated March 26, 2026, citing that the Company has incurred significant losses and negative cash flows from operations since inception and expects to incur additional losses until such time that it can generate significant revenue and profit in its tobacco business. This raises substantial doubt about the Company's ability to continue as a going concern. As of March 31, 2026, the Company had $30.3 million in total assets, $9.1 million in total liabilities, and $21.2 million in total stockholders' equity. 3 BROTHERS LAND: Cash Collateral Hearing Set for June 24 -------------------------------------------------------- The U.S. Bankruptcy Court for the Western District of Virginia is set to hold a hearing on June 24 to consider extending 3 Brothers Land Solutions, Inc.'s authority to use cash collateral. The Debtor is currently authorized to use cash collateral under the court's June 8 interim order, which remains in effect through the conclusion of the June 24 hearing. The interim order allowed the Debtor to utilize its cash collateral, including accounts receivable, deposit accounts, and inventory, to pay its expenses based on a budget approved by the court. The interim order granted creditors that may have interests in the cash collateral through replacement liens on the Debtor's post-petition deposit accounts, accounts receivable, inventory, and related proceeds. The creditors that claim interests in the Debtor's personal property include Samson Lending, LLC, Mobilization Funding II, LLC, Fox Funding Group, LLC, and Headway Capital, LLC. The Debtor disputes the validity, extent, and priority of many of these claimed interests. 3 Brothers continues to generate strong sales but has experienced severe cash-flow pressures due to high debt-service obligations and excessive overall indebtedness. The bankruptcy filing was intended to allow the Debtor to reorganize its financial obligations, improve liquidity, and preserve its business as a going concern rather than face liquidation. About 3 Brothers Land Solutions Inc. 3 Brothers Land Solutions, Inc. provides land-clearing and vegetation-management services for construction projects, utilities, and infrastructure throughout Virginia. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Va. Case no. 26-60743) on June 5, 2026. In the petition signed by William Hurst, treasurer, the Debtor disclosed up to $10 million in both assets and liabilities. David Cox, Esq., at Cox Law Group, represents the Debtor as legal counsel. 609 5TH AVE OWNER: Case Summary & 12 Unsecured Creditors -------------------------------------------------------- Debtor: 609 5th Ave Owner LLC P2-ELOB Office# E-27F-20 Hamriya Free Zone Sharjah, UAE Business Description: 609 5th Ave Owner LLC is a real estate company that owns the upper condominium unit at 609 Fifth Avenue in New York. Chapter 11 Petition Date: June 15, 2026 Court: United States Bankruptcy Court Southern District of New York Case No.: 26-11420 Judge: Hon. Philip Bentley Debtor's Counsel: Philippe A. Zimmerman, Esq. GREENSPOON MARDER LLP 1345 Avenue of the Americas, Suite 2200 New York, NY 10105 Tel: 212-524-5000 E-mail: philippe.zimmerman@gmlaw.com Estimated Assets: $100 million to $500 million Estimated Liabilities: $50 million to $100 million The petition was signed by Komilkhuja Makhamadkhodjaev as authorized signatory. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/OZQXKEY/609_5th_Ave_Owner_LLC__nysbke-26-11420__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 12 Unsecured Creditors: Entity Nature of Claim Claim Amount 1. 609 5th Propco LLC Litigation $1,563,648 c/o Mailstop RB 2201 Collins Avenue Miami Beach, FL 33139 Contact: 609 5th Propco LLC c/o Rosenberg & Estis PC 11 Grand Central New York, NY 10017 2. B-Spoke Lifestyle, LLC Consulting $298,659 dba AnnaZarro& Services c/o Anna Pappalardo, Service Agent 1100 Madison Ave, #6E New York, NY 10028 Contact: B-Spoke Lifestyle, LLC dba AnnaZarro& c/o Anna Zarro, Owner 1100 Madison Ave, 6E New York, NY 10028 3. Bryan O'Sullivan Studio Interior Design $26,302 180 Varick St #1010, New York, NY 10014 4. David Collins Studio Interior Design $108,765 Commercial Ltd 74 Farm Lane, London, SW6 1QA, United Kingdom 5. Greenberg, Trager, Legal Services $32,275 Herbst & Wagowski, LLP 767 Third Avenue, Suite 2101 New York, NY 10017 6. Integrated Aquatics Pool Engineer $5,520 Engineering, Inc. 700 W State Street Doylestown, PA 18901 7. Rafael Vinoly, Architects PC Architect $9,730 375 Pearl St, 31st Floor New York, NY 10038 Contact: Rafael Vinoly, Architects PC c/o Hari K. Samaroo, Esq. 350 Fifth Avenue, 41st Floor New York, NY 10118 8. Spire Scaffolding & Scaffolding $13,609 Hoisting Corp. 1000 Anderson Ave, Second Floor Fort Lee, NJ 07024 9. Vibra Analysis Inc. Photo Survey $8,700 79 Alexander Ave, 6th Floor Armonk, NY 10504 10. Metro Fire Safety Guards, Inc. Litigation Unknown c/o Romano & Associates 350 Old Country Road, Suite 205 Garden City, NY 11530 11. Con Edison Utilities Unknown Law Department 4 Irving Place, Room 1815-S New York, NY 10003-3598 12. SAM's Mechanical Plumbing Services $47,250 60-40 82nd St #1 Middle Village NY 11379 609 FIFTH PARTNERS: Voluntary Chapter 11 Case Summary ----------------------------------------------------- Debtor: 609 Fifth Partners LLC P2-ELOB Office# E-27F-20 Hamriya Free Zone Business Description: 609 Fifth Partners LLC is a real estate holding company that serves as the sole member of 609 5th Ave Owner LLC, the owner of the upper condominium unit at 609 Fifth Avenue in New York. Chapter 11 Petition Date: June 15, 2026 Court: United States Bankruptcy Court Southern District of New York Case No.: 26-11421 Judge: Hon. Philip Bentley Debtor's Counsel: Philippe A. Zimmerman, Esq. GREENSPOON MARDER LLP 1345 Avenue of the Americas, Suite 2200 New York, NY 10105 Tel: 212-524-5000 E-mail: philippe.zimmerman@gmlaw.com Estimated Assets: $100 million to $500 million Estimated Liabilities: $50 million to $100 million The petition was signed by Komilkhuja Makhamadkhodjaev as authorized signatory. The Debtor stated in its petition that its unsecured creditors are currently unknown. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/X25KETQ/609_Fifth_Partners_LLC__nysbke-26-11421__0001.0.pdf?mcid=tGE4TAMA ABEN GREMAL: Seeks to Hire Lindauer & Vaughn as Counsel ------------------------------------------------------- Aben Gremal LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Lindauer & Vaughn as counsel to handle its chapter 11 case. The firm will be paid at these rates: Joyce W. Lindauer $625 per hour Paul B. Geilich, Of Counsel $595 per hour Dian Gwinnup, Paralegal $250 per hour The firm received paid a retainer in the amount of $21,738,00 The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Ms. Lindauer 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: Joyce W. Lindauer, Esq. Lindauer & Vaughn 117 S. Dallas Street Ennis, Texas 75119 Tel: (972) 503-4033 Fax: (972) 503-4034 About Aben Gremal LLC Aben Gremal LLC filed its voluntary petition for Chapter 11 protection (Bankr. N.D. TX Case No. 26-42282) on May 27, 2026, listing $10 million to $50 million in assets and $10 million to $50 million in liabilities. Ken Goggans as manager, manager of Aben Gremal LLC, signed the petition. Judge Hon. Edward L Morris oversees the case. Joyce Lindauer, Esq. of Lindauer & Vaughn serve as the Debtor's legal counsel. ACPRODUCTS HOLDINGS: Moody's Withdraws Ca Rating on Unsecured Notes ------------------------------------------------------------------- Moody's Ratings withdrew the Ca rating assigned to ACProducts Holdings, Inc.'s (dba Cabinetworks) senior unsecured notes due May 2029. All other existing ratings, including the Caa2 corporate family rating, and the positive outlook remain unchanged. This action follows the company's recently completed distressed exchange, which took place on May 18, 2026. More than 99% of existing noteholders participated in the exchange, leaving only $4 million outstanding on the senior unsecured note due May 2029. RATINGS RATIONALE Moody's have withdrawn the ratings as a result of the recently completed distressed exchange. As part of the transaction, more than 99% of existing noteholders exchanged into the new (exchanged) first lien third-out (1L3O) senior secured notes due May 2032. COMPANY PROFILE Cabinetworks Group, headquartered in Livonia, MI, is a national manufacturer and distributor of kitchen and bathroom cabinetry. Platinum Equity Advisors, LLC is the primary sponsor of the company. As of the 12-month period ended December 2025, Cabinetworks generated about $1.6 billion in revenue. Moody's have decided to withdraw the rating(s) following a review of the issuer's request to withdraw its rating(s). ADVANTECH INC: Gets Interim OK to Use Cash Collateral Until July 10 ------------------------------------------------------------------- Advantech, Inc. received interim approval from the U.S. Bankruptcy Court for the District of Maryland to use cash collateral. Under the interim order, the Debtor is authorized to use cash collateral from May 21 through July 10 to fund business operations in accordance with a court-approved budget. The budget includes a $1,000 monthly escrow payment to the Subchapter V trustee. The Debtor has obtained multiple loans from various entities that may claim security interests in its cash collateral. Although the Debtor conducted a UCC search through counsel, most filings do not identify the associated lender. Consequently, the Debtor cannot determine the nature, extent, or priority of any liens that may attach to the cash collateral. To protect prospective secured lenders whose collateral may be diminished by the Debtor's use of cash collateral, the court granted them replacement liens on all of the Debtor's post-petition assets and proceeds, with the same priority and extent as their pre-petition interests. The court also required the Debtor to deposit $10,000 per month into an escrow account maintained by its counsel beginning this month and continuing monthly until plan confirmation or further court order. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/30Xs1 from PacerMonitor.com. A final hearing is scheduled for July 10. About Advantech Inc. Advantech, Inc. provides asset tracking, inventory management, automatic identification technology, and automated data capture systems and software. Headquartered in Annapolis, MD, the company offers RFID, Bluetooth Low Energy, Barcode/QR Code technologies, AVA software products, real-time location tracking, package tracking, and logistics operations and warehouse management professional services. AdvanTech serves government and private-sector clients and is the North American distributor for CaptureTech Key Systems, including KeyManager and CapLocker Systems. Advantech, Inc. Advantech, Inc. Advantech filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Md. Case No. 26-15431) on May 21, 2026, with $645,526 in total assets and $1,067,859 in total liabilities. Robert Bona, president of Advantech, signed the petition. Judge Nancy V. Alquist oversees the case. Geri Lyons Chase, Esq., at the Law Offices of Geri Lyons Chase, represents the Debtor as bankruptcy counsel. The U.S. Trustee for Region 4 appointed Angela Shortall of Cubed Advisory Services, LLC as Subchapter V trustee for the Debtor. AEROHP MAINTENANCE: Gets Final OK to Use Cash Collateral -------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Texas entered a final order authorizing AeroHP Maintenance, LLC to continue using cash collateral. The court approved the Debtor's use of cash collateral for necessary ordinary-course business expenses in accordance with the budget while prohibiting any payments barred by prior orders. As part of the adequate protection arrangement, the Debtor is required to continue its monthly payments of $1,000 to secured lender Terrance Paul Sonday. In addition, the lender will receive continuing liens on post-petition cash collateral and related proceeds, products, accounts, and profits to the same extent and priority as existed before the bankruptcy filing. These liens remain subject to a customary carveout for certain administrative expenses, including court filing fees, U.S. Trustee fees, trustee expenses, approved Subchapter V trustee fees, and approved fees of the Debtor's counsel. A copy of the order is available at https://shorturl.at/SDKeV from PacerMonitor.com. About AeroHP Maintenance LLC AeroHP Maintenance, LLC provides charter services, aircraft management, maintenance, avionics support, and aircraft brokerage. AeroHP Maintenance filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Texas Case No. 26-32896) on April 28, 2026, with up to $500,000 in assets and up to $10 million in liabilities. Paul White, president of AeroHP Maintenance, signed the petition. Judge Jeffrey P. Norman oversees the case. Robert C. Lane, Esq., at The Lane Law Firm, represents the Debtor as bankruptcy counsel. Tom Howley, Esq., at Howley Law, PLLC serves as Subchapter V trustee for the Debtor. ALLSTAR PROPERTIES: Amends Rome Property Sale to William D. Hucks ----------------------------------------------------------------- Allstar Properties I, LLC (ASPI) seeks permission from the U.S. Bankruptcy Court for the Northern District of Georgia, Rome Division, amends motion to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor is Georgia limited liability company. ASPI owns certain commercial properties that it rents to business tenants throughout the northwest corner of the State of Georgia, in Floyd, Haralson and/or Polk Counties (Commercial Properties). Where applicable, ASPI collects rent on the Commercial Properties. The Debtor employs CBRE, Inc. (CBRE) as its broker to sell various parcels of real property including the marketing of additional properties not already listed by CBRE at the time of the Application. The Debtor retained CBRE to market 336 Broad Street, Rome (Floyd County), GA. On or about March 20, 2026, ASPI, as the seller, CBRE, as the broker, and McHarris Properties, LLC, as the purchaser, entered into a Commercial Purchase and Sale Agreement wherein Buyer agreed to purchase the Property for $1,500,000.00. However, after due diligence ended and based on its findings during the due diligence period, the prospective purchaser asked for a significant price reduction. However, the parties could not reach a mutually agreeable revised sales price. CBRE, on behalf of ASPI, then located another prospective purchaser. On or about June 18, 2026, ASPI, as the seller, CBRE, as the broker, and William D. Hucks, or his assignee, as the purchaser, entered into a Commercial Purchase and Sale Agreement wherein Buyer agreed to purchase the Property for $1,270,000. The Debtor understands that the Buyer expects assumption/assignment of the leases currently in effect as to the Property as part of the transaction. The motion to assume and assign the leases is being amended and filed contemporaneously with the Motion. The Property secures an approximate $1,327,290.42 debt, to ServisFirst Bank. The net sale proceeds from the Properties shall be used to payoff and secure a release of the Lien, with any remaining deficiency balance to be paid pursuant to the terms of a confirmed Chapter 11 plan. ASPI believes that the Sale Proceeds constitute fair market value for the Property and will maximize value to its estate. About Allstar Properties LLC Allstar Properties LLC and affiliates are Georgia-based real estate companies that hold and manage property assets. The Allstar entities focus on property ownership, while ACH Rental Properties provides property management and rental services. Collectively, they operate within the real estate sector across residential and nonresidential properties in the state. Allstar Properties LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-41314) on August 31, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Barbara Ellis-Monro handles the case. The Debtor is represented by Anna Humnicky, Esq., at SMALL HERRIN, LLP. ALTOMAR HOME: To Sell Toyota Tundra to CarMax El Paso for $48K -------------------------------------------------------------- Altomar Home Healthcare, Inc. seeks permission from the U.S. Bankruptcy Court for the Western District of Texas, El Paso Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. Altomar is a provider of home health care services working with a network of licensed and certified home health care agencies and employing an expansive team of caregivers and providing health services for a diverse group of patients each year. Altomar's customers include managed care organizations, employers, governmental agencies, hospitals and individuals, who rely on us as their single source for a variety of home health services. Altomar's services include: skilled nursing services, physical, occupational, neurological and speech therapy, home health aides and personal care assistants, home medical equipment, respiratory therapy, pediatric care, rehabilitation, disease management, and network services for managed care organizations and self-insured employers. The Debtor's Personal Property is a 2020 Toyota Tundra 5TFAY5F16LX922438 (16,000 miles). The Debtor is not in the business of selling vehicles. The sale of the Toyota would be out of the ordinary course of its business requiring Court authorization. The Toyota is causing a financial burden on the Debtor and would be in the best interest of the estate to sell the Toyota. Altomar is prepared to sell the Toyota to CarMax El Paso West located on 6101 S. Desert Blvd. El Paso, Texas 79932 for at least $48,000. The sales proceeds would be deposited into its operating account and used for operating and administrative expenses. There are no claims secured by the Toyota. Since Altomar has no use for it in the operation of its business, it is unnecessarily spending for monthly insurance. Altomar believes it is a beneficial time to sell the Toyota as prices for used cars are at an all time high. If a higher offer materializes after the filing of this Motion for the Toyota, Altomar will supplement it. Moreover, if CarMax chooses not to consummate the sale, Altomar seeks authorization to sell the Toyota to any other purchaser for no less than $48,000. About Altomar Home Healthcare Inc. Altomar Home Healthcare, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. W.D. Texas Case No. 26-30392) on March 23, 2026. At the time of the filing, Debtor had estimated assets of between $100,001 and $500,000 and liabilities of between $1 million and $10 million. Judge Christopher G. Bradley oversees the case. Miranda & Maldonado, P.C. is Debtor's legal counsel. AMERIMED EMERGENCY: Gets Interim OK to Use Cash Collateral ---------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Georgia entered an interim order authorizing Amerimed Emergency Medical Services, LLC to use cash collateral. The interim order authorized the Debtor to use cash collateral through June 30 in accordance with an approved budget, allowing up to a 10% variance per budget line item and permitting unpaid budgeted expenses to be carried forward and paid in later periods. Multiple entities including lenders, merchant cash advance providers, and the Internal Revenue Service assert liens or security interests in the Debtor's assets, including accounts receivable, deposit accounts, revenue streams, and vehicle-related collateral. To protect these asserted interests, secured creditors will be granted replacement liens on the Debtor's post-petition assets similar to their alleged pre-petition collateral but only to the extent their interests are diminished by the Debtor's use of cash collateral. These replacement liens exclude proceeds from avoidance actions and remain subject to a carveout for U.S. Trustee fees and court-approved professional fees. The interim order also authorized the Debtor to continue making contractual payments on vehicle loans and capital leases as a form of adequate protection. Any entity owing money to the Debtor is directed to pay the Debtor directly despite competing lien claims. The order preserves the rights of all secured parties, creditors, committees, and any future trustee to challenge the validity, extent, priority, or enforceability of liens and claims, and preserves the Debtor's right to contest those claims as well. A final hearing is scheduled for June 30. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/KLjfB from PacerMonitor.com. About Amerimed Emergency Medical Services LLC Amerimed Emergency Medical Services, LLC provides emergent and non-emergent medical transportation services, including emergency, non-emergency, critical care, behavioral health, and psychiatric patient transport. It 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 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. At the time of the filing, Amerimed listed assets of between $1 million and $10 million and liabilities of between $10 million and $50 million. Charles N. Kelley, Jr., Esq., at Kelley Law, LLC serves as the Debtor's counsel. ANDALINA PROPERTIES: Case Summary & Five Unsecured Creditors ------------------------------------------------------------ Debtor: Andalina Properties LLC 743 Congress St. Portland ME 04102 Business Description: Andalina Properties LLC is a real estate entity that owns and leases one property. Chapter 11 Petition Date: June 17, 2026 Court: United States Bankruptcy Court District of Maine Case No.: 26-20171 Judge: Hon. Peter G. Cary Debtor's Counsel: Sam Anderson, Esq. BERNSTEIN SHUR SAWYER & NELSON, P.A. 100 Middle Street P.O. Box 9729 Portland ME 04101 Tel: 207-774-1200 E-mail: sanderson@bernsteinshur.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $10 million to $50 million The petition was signed by Rudolph M. Ferrante as sole member. A full-text copy of the petition, which includes a list of the Debtor's five unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/I53QU3A/Andalina_Properties_LLC__mebke-26-20171__0001.0.pdf?mcid=tGE4TAMA ANNIE EYELASH: To Sell Laser Equipment to Vertu Medical for $30K ---------------------------------------------------------------- Annie Eyelash & Permanent Make Up Salon Inc. seeks permission from the U.S. Bankruptcy Court for the Eastern District of New York, to sell laser equipment, free and clear of liens, claims, interests, and encumbrances. The Debtor wishes to sell the laser equipment commonly known as the Stella Lumenis M22 SN: SN000315. DOM: 2021-03-24, together with all attachments in a private sale to Vertu Medical, LLC for $30,000.00. The Debtor was incorporated on May 31, 2017, under the laws of the State of New York and maintains its principal place of business at 1716 Hylan Blvd., Floor 2, Staten Island, New York 10305. The Debtor’s books, records and management are located at its Business Location and with its accountant, Kaffco and Company, located at 128 Mott Street, Suite 508, New York, New York 10013. The Debtor is an eyelash and permanent make up salon. Debtor offers specialized beauty services, including eyelash extensions (classic, hybrid, volume), lash lifts, tinting, and brow laminations. It offers permanent makeup services which typically include microblading, ombre or powder brows, lip blushing, and permanent eyeliner along with brow shaping, threading, waxing, and skincare treatments. The Debtor provides services that enhance individual beauty with its professional team providing personalized service. To attract more customers and generate more sales, the Debtor spent a significant sum of monies on new equipment, including various laser machines, and advertisement. Debtor also reduced its prices and offered more client discounts. Despite these efforts, sales have remained the same. Faced with significant challenges in meeting its monthly financial obligations despite securing multiple loans, the Debtor was forced to explore alternative solutions, such as the instant bankruptcy filing to address the growing financial strain. On or about May 15, 2026, the New York State, Department of State, Division of Licensing Services conducted an inspection of the Debtor's premises and informed the Debtor that because it does not have a medical license, it cannot perform the laser services. Debtor then immediately ceased providing the laser services to its clients and advertised the sale of the Equipment on eBay and Facebook marketplace on or about May 26, 2026. Debtor received an offer of $30,000 from Purchaser which is the highest offer received by Debtor since listing the Equipment. The Equipment is to be sold free and clear of all liens, interests, encumbrances, and other interests with such liens, claims, interests and encumbrances, and other interests to attach to the Purchase Price with the same validity, priority, force and effect that they had as of the Petition Date as against the Equipment. Pursuant to the terms of the Purchase Agreement, the Purchaser shall pay all inbound shipping expenses and costs associated with picking up and transporting the Equipment to its facilities. The proposed Sale has been negotiated in good faith and at arm’s-length, with no collusion or insider self-dealing. The lienholders of the Equipment are TD Bank, N.A., U.S. Small Business Administration, Ascendus, Inc., BayFirst National Bank, and Colony Bank. Upon entry of an Order approving the Sale, Purchaser will pick up the Equipment and submit a check at the time of pick up made payable to Debtor’s counsel, which funds will be held in the escrow account of Debtor’s counsel. About Annie Eyelash & Permanent Make Up Salon, Inc. Annie Eyelash & Permanent Make Up Salon, Inc. is a beauty and cosmetic services company specializing in eyelash and permanent makeup treatments. Annie Eyelash & Permanent Make Up Salon, Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-11104) on May 13, 2026. In its petition, the Debtor reports estimated assets between $100,001 and $1,000,000 and estimated liabilities between $100,001 and $1,000,000. Honorable Bankruptcy Judge David S. Jones handles the case. The Debtor is represented by Kamini Fox, Esq. of Kamini Fox, PLLC. APPLE TREE: Court Sets July 10, 2026 General Bar Date ----------------------------------------------------- On December 9 and 15, 2025 and January 1 and 15, 2026 (the "Petition Dates"), Apple Tree Life Sciences, Inc. and its affiliated debtors (the "Debtors") each filed a voluntary petition for relief under chapter 11 of title 11 of the United States Code (the "Bankruptcy Code") with the United States Bankruptcy Court for the District of Delaware (the "Court"). On June 4, 2026, the Court entered an order (the "Bar Date Order") establishing (i) July 10, 2026 at 5:00 p.m. (prevailing Eastern Time)(the "General Bar Date") as the last date and time for each person or entity to file a Proof of Claim in these Chapter 11 Cases, including Claims arising under section 503(b)(9) of the Bankruptcy Code. The Bar Date Order also establishes July 10, 2026 at 5:00 p.m. (prevailing Eastern Time) (the "Interest Bar Date") as the last date and time for each person or entity to file a Proof of Interest in these Chapter 11 Cases. The Bar Date Order also establishes: July 10, 2026 at 5:00 p.m. (prevailing Eastern Time) (the "Non-Nereid Debtors Governmental Bar Date") as the date by which all governmental units holding Claims (whether secured, unsecured priority, or unsecured non-priority) that arose (or are deemed to have arisen) prior to the Petition Dates of Debtor Apple Tree Life Sciences, Inc., Debtor ATP Life Science Ventures, L.P., Debtor ATP III GP, Ltd., Debtor Apertor Pharmaceuticals, Inc., Debtor Initial Therapeutics, Inc., Debtor Marlinspike Therapeutics, Inc., Debtor Red Queen Therapeutics, Inc., Debtor Evercrisp Biosciences, Inc. or Debtor Nine Square Therapeutics, Inc. must file Proofs of Claim, including Claims for unpaid taxes, whether such Claims arose from prepetition tax periods or prepetition transactions to which the applicable Debtors were a party; July 14, 2026 at 5:00 p.m. (prevailing Eastern Time) (the "Nereid Governmental Bar Date," and with the Non-Nereid Debtors Governmental Bar Date, the "Governmental Bar Dates") as the date by which all governmental units holding Claims (whether secured, unsecured priority, or unsecured non-priority) that arose (or are deemed to have arisen) prior to the Petition Date of Debtor Nereid Therapeutics Incorporated must file Proofs of Claim, including Claims for unpaid taxes, whether such Claims arose from prepetition tax periods or prepetition transactions to which the Debtor was a party. All claimants and Interest holders must submit (by overnight mail, courier service, hand delivery, regular mail or in person) an original, written Proof of Claim or Proof of Interest that substantially conforms to the Official Bankruptcy Form No. B 410 or the enclosed Proof of Claim Form or Proof of Interest Form, as applicable, so as to be actually received by Verita by no later than 5:00 p.m. (prevailing Eastern Time) on or before the applicable Bar Date at the following address: Apple Tree Claims Processing Center c/o KCC dba Verita 222 N. Pacific Coast Highway, Suite 300 El Segundo, CA 90245 Alternatively, claimants and Interest holders may submit a Proof of Claim or Proof of Interest electronically through the electronic Claims filing system available at https://www.veritaglobal.net/appletree. Proofs of Claim and Proofs of Interest will be deemed timely filed only if actually received by Verita on or before the applicable Bar Date. Any claimant or Interest holder that is required to file a Proof of Claim or Proof of Interest, as applicable, in these Chapter 11 Cases pursuant to the Bankruptcy Code, the Bankruptcy Rules or the Bar Date Order with respect to a particular Claim or Interest, but that fails to do so properly by the applicable Bar Date shall not, with respect to such Claim or Interest, be treated as a Creditor or Interest holder of the Debtors with respect to such Claim or Interest for the purposes of voting upon or receiving distributions under any plan in these Chapter 11 Cases. The Proof of Claim Form, Proof of Interest Form, Bar Date Order, and all other pleadings filed in these Chapter 11 Cases are available free of charge on Verita’s website at https://www.veritaglobal.net/appletree. If you have questions concerning the filing or processing of Claims or Interests, you may contact the Debtors’ claims and noticing agent, Verita, by email at appletreeinfo@veritaglobal.com. About Apple Tree Life Sciences Apple Tree Life Sciences, Inc., legally known as Apple Tree Life Sciences, Inc., is a life sciences venture capital firm that forms and invests in healthcare and biotechnology companies from early stage concepts through public market offerings. The firm provides flexible capital and works with venture partners and entrepreneurs-in-residence to develop research-driven enterprises in the therapeutics sector. Its activities span company creation at stages ranging from pre-intellectual-property ideas to asset spinouts. Apple Tree Life Sciences, Inc. and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-12177) on Dec. 9, 2025. In its petition, the Debtor reports estimated liabilities between $1 billion and $10 billion estimated liabilities between $100,000 and $500,000. Bankruptcy Judge Laurie Selber Silverstein handles the case. The Debtors' General Bankruptcy Co-Counsel is POTTER ANDERSON & CORROON LLP. The Debtors' General Bankruptcy Co-Counsel is QUINN EMANUEL URQUHART & SULLIVAN, LLP. The Debtors' Financial & Restructuring Advisor is B. RILEY. The Debtors' Cayman Law Counsel is WALKERS. ARROYO PICOSA: Seeks to Hire Lindauer & Vaughn as Counsel --------------------------------------------------------- Arroyo Picosa Revocable Trust seeks approval from the U.S. Bankruptcy Court for the Eastern District of Texas to employ Lindauer & Vaughn as counsel. The firm will provide these services: a. provide legal representation to the Debtor in connection with its Chapter 11 case; b. assist the Debtor in proposing a Plan of Reorganization and moving forward in the bankruptcy proceedings; c. defend the Debtor in various matters arising in the bankruptcy case; and d. perform other legal services necessary in the administration of the Chapter 11 case. The firm will be paid at these rates: Joyce W. Lindauer $625 per hour Paul B. Geilich, Of Counsel $595 per hour Dian Gwinnup, Paralegal $250 per hour The firm received paid a retainer in the amount of $10,000. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Ms. Lindauer 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: Joyce W. Lindauer. Esq. Lindauer & Vaughn 117 S. Dallas Street Ennis, Texas 75119 Tel: (972) 503-4033 Fax: (972) 503-4034 About Arroyo Picosa Revocable Trust Arroyo Picosa Revocable Trust filed a Chapter 11 bankruptcy petition (Bankr. E.D. Tex. Case No. 26-60373-jps) on June 2, 2026. The Debtor hires Lindauer & Vaughn as counsel. ASPIRA INC: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------- Debtor: Aspira Inc. of Illinois, an Illinois not for profit corporation 3986 W. Barry Avenue Chicago, IL 60618 Business Description: Aspira Inc. of Illinois is a Chicago-based not-for-profit education organization that, founded in 1968, operates charter school and youth-development programs focused on Latino and other underserved students, including ASPIRA Early College High School, a comprehensive early-college high school at 3986 W. Barry Ave. in Chicago. Chapter 11 Petition Date: June 14, 2026 Court: United States Bankruptcy Court Northern District of Illinois Case No.: 26-09992 Judge: Hon. Daniel R Fine Debtor's Counsel: Paul M. Bach, Esq. BACH LAW OFFICES P.O. Box 1285 Northbrook, IL 60065 E-mail: paul@bachoffices.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $1 million to $10 million The petition was signed by Melissa Batista as interim chief executive officer. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/Z4FSGJI/Aspira_Inc_of_Illinois_an_Illinois__ilnbke-26-09992__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Blue Cross Blue Shield of IL $218,352 P.O. Box 650615 Dallas, TX 75265-0615 2. Callero & Callero $10,550 1700 West Higgins Road Des Plaines, IL 60018 3. Chicago Teachers Pension Fund $207,034 425 S. Financial Place, Suite 1400 Chicago, IL 60605 4. ComEd $54,034 P.O. Box 6111 Carol Stream, IL 60197 5. Dext Capital - Oracle Net Suite $75,928 P.O. Box 74007351 Chicago, IL 60674-7351 6. Edgar Lopez $240,000 5342 W School St Chicago IL 60641 Chicago, IL 60641 7. First Non Profit Group $38,500 P.O. Box 779183 Chicago, IL 60677-9183 8. Fuentes Consulting LLC $16,000 1045 Ashlawn Drive Lake Forest, IL 60045 9. Imagine Learning LLC $63,500 P.O. Box 122195 Dallas, TX 75312 10. Jose Reyes $16,875 1040 South Keating Chicago, IL 60632 11. Kokua Education, Inc. $26,642 P.O. Box 732697 Dallas, TX 75373-2697 12. PEAC Solutions $264,523 P.O. Box 13604 Philadelphia, PA 19101 13. Peoples Gas $25,826 P.O. Box 1110 Glenview, IL 60025 14. Power School Group $16,897 150 Parkshore Drive Folsom, CA 95630 15. ProvenIT.com $14,988 Proven Business Systems 18450 Crossing Drive, Suite D Tinley Park, IL 60487 16. Ring Central $21,689 20 Davis Drive Belmont, CA 94002 17. Salinas Education Service $15,080 441 Bloomfield Drive Bolingbrook, IL 60440 18. Stepping Stones Group LLC $33,815 P.O. Box 6280 Carol Stream, IL 60197 19. Sunbelt Staffing $12,289 P.O. Box 934411 Atlanta, GA 31193-4411 20. Vista Higher Learning $11,715 P.O. Box 847930 Boston, MA 02284 ASPIRA WOMENS: Jack W. Schuler Reports 8.7% Ownership Stake ----------------------------------------------------------- Jack W. Schuler and Jack W. Schuler Living Trust disclosed in a Schedule 13D (Amendment No. 19) filed with the U.S. Securities and Exchange Commission that as of June 5, 2026, they beneficially own the following shares of Aspira Women's Health Inc.'s Common Stock, $0.001 par value, based on 43,500,411 Shares outstanding as of May 12, 2026, as reported by the Company in its Form 10-Q filed with the SEC on May 15, 2026, plus the 3,300,000 shares of Common Stock sold pursuant to the June 2026 Purchase Agreement, for a total of 46,800,411 Shares outstanding: * Jack W. Schuler -- 4,052,587 shares with 6,536 sole voting power, 4,046,051 shared voting power, 6,536 sole dispositive power, and 4,046,051 shared dispositive power, representing 8.7% of the class. * Jack W. Schuler Living Trust -- 4,046,051 shares with 0 sole voting power, 4,046,051 shared voting power, 0 sole dispositive power, and 4,046,051 shared dispositive power, representing 8.6% of the class. On June 5, 2026, pursuant to the June 2026 Purchase Agreement, the Trust purchased from the Issuer 222,222 shares of Common Stock and a warrant to purchase 300,000 shares of Common Stock. The June 2026 Warrant is exercisable at $0.75 per share for three years from the date of issuance. Jack W. Schuler Living Trust may be reached through: Jack W. Schuler, Sole Trustee PO Box 531 Lake Bluff, IL 60044 Tel: (520) 906-2991 A full-text copy of Jack W. Schuler's SEC report is available at: https://tinyurl.com/2bjwtc4z About Aspira Women's Health Inc. Aspira Women's Health Inc. (OTC: AWHL) is a U.S.-based healthcare company focused on developing and commercializing diagnostic tools for gynecologic disease, with an emphasis on ovarian cancer risk assessment. The company leverages biomarker discovery, proprietary algorithms and machine-learning-driven analytics to provide blood-based tests intended to improve early detection and risk stratification for women's health conditions. Boston, Massachusetts-based BDO USA, P.C., the Company's auditor, issued a "going concern" qualification in its report dated April 1, 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 expects to continue to incur substantial losses in the future, which raise substantial doubt about its ability to continue as a going concern. As of December 31, 2025, the Company had $5.46 million in total assets, $12.39 million in total liabilities, and $6.93 million in total stockholders' deficit. AVANTOR FUNDING: Moody's Alters Outlook on 'Ba3' CFR to Positive ---------------------------------------------------------------- Moody's Ratings affirmed the ratings of Avantor Funding, Inc. (Avantor), including the Ba3 Corporate Family Rating, Ba3-PD Probability of Default Rating, Ba1 senior secured bank credit facility ratings, and B1 senior unsecured notes ratings. The speculative grade liquidity rating is unchanged at SGL-1. At the same time, Moody's revised the outlook to positive from stable. The outlook change to positive reflects Moody's expectations that Avantor will prioritize using its free cash flow to pay down debt such that debt/EBITDA will decline to the high 3 times range over the next 12-18 months. The positive outlook also reflects Moody's expectations that Avantor will return to organic revenue and earnings growth over the next 12-18 months, supported by a recovery in demand for laboratory products and an improving book-to-bill ratio in its bioscience and medtech products segment. RATINGS RATIONALE Avantor's Ba3 CFR reflects the company's good scale, with revenue of approximately $6.55 billion, as well as its diversified product portfolio and end-market exposure. The rating is supported by the company's notable proportion of consumable products, which underpin a strong recurring revenue profile, as well as its broad global footprint and low customer concentration. Avantor also benefits from good margins and solid free cash flow generation, which support very good liquidity. These strengths are balanced against fluctuating demand across certain end markets, particularly among academic, government, and early-stage biotechnology customers that may face some funding constraints. The company also faces elevated competitive and pricing pressures within the life sciences tools and services industry. The rating is also constrained by the company's moderately high financial leverage, which Moody's expects will decline to the high 3 times range from the low 4 times range over the next 12-18 months. The SGL-1 speculative grade liquidity rating reflects Moody's expectations that Avantor will maintain very good liquidity over the next 12 months. As of March 31, 2026, Avantor's cash balance is approximately $279 million. Moody's expects Avantor will generate approximately $500 million of free cash flow over the next 12 months. Moody's believes Avantor will use free cash flow to pay down debt above the required amortization payments over the next 12 months. Avantor's liquidity is further bolstered by access to a $1.4 billion revolving credit facility that is undrawn and expires in October 2030. The revolving credit facility and term loan A have a first lien net leverage ratio covenant of 3.5 times, as well as a minimum interest coverage ratio (EBITDA/Interest Expense) of 2.0x. Moody's expects Avantor will maintain ample cushion under these covenants over the next 12 months. Avantor's capital structure consists of a $1.4 billion (USD) senior secured revolving credit facility, 400 million Euro-denominated term loan A, 550 million Euro-denominated term loan B-6, $1.55 billion (USD) senior unsecured notes, 400 million Euro-denominated senior unsecured notes, and $800 million (USD) senior unsecured notes. Avantor's senior secured debt (revolving credit facility and Euro-denominated term loans) are pari passu with each other and are all rated Ba1, two notches above the company's CFR of Ba3. The two-notch uplift for the company's senior secured debt reflects a substantial amount of first-loss absorption cushion provided by the senior unsecured notes in the company's capital structure. Avantor's senior unsecured notes are rated B1, one notch below the company's Ba3 CFR, reflecting the effective subordination to the senior secured debt in the capital structure. The positive outlook reflects Moody's expectations that, despite ongoing pressure on EBITDA, Avantor's debt/EBITDA will decline to the high 3 times range over the next 12-18 months, supported by debt repayment. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if the company demonstrates sustained revenue growth and further expands its scale. Ratings could also be upgraded if business diversification improves across products and end markets. Maintaining balanced financial policies could result in an upgrade. Quantitatively, ratings could be upgraded if debt/EBITDA were sustained below 4.0 times. The ratings could be downgraded if the company experiences sustained deterioration in operating performance, including weaker revenue and margin trends. Ratings could also be downgraded if the company pursues large debt-funded acquisitions or shareholder returns. A weakening of liquidity or reduced free cash flow generation could also result in a ratings downgrade. Quantitatively, debt/EBITDA sustained above 5.0 times could result in a ratings downgrade. Headquartered in Pennsylvania, Avantor Funding, Inc. ("Avantor") is a global provider of products and services to the life sciences and advanced technologies & applied materials industries. Avantor supports its customers from research to clinical trial and manufacturing and serves more than 300,000 customers in approximately 180 countries. Avantor generated approximately $6.55 billion in revenue for the last twelve months ended March 31, 2026. Avantor is a public company. The principal methodology used in these ratings was Distribution and Supply Chain Services published in November 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. AVIAN PARTNERS: Seeks to Hire Peter N. Hadiaris as Counsel ---------------------------------------------------------- Avian Partners LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of California to employ Peter N. Hadiaris as counsel to handle its chapter 11 case. Mr. Hadiaris will be paid at the rate of $450 per hour, and will also be reimbursed for reasonable out-of-pocket expenses incurred. The retainer is $7,500. Mr. Hadiaris 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: Peter N. Hadiaris, Esq. 100 E. St., Ste 210 Santa Rosa CA 95404 Tel: (415) 694-0052 E-mail: peter@hadiaris.com About Avian Partners LLC Avian Partners LLC is a single-asset real estate company that owns an eight-unit multifamily apartment complex at 102-116 Avian Drive in Vallejo, California. Avian Partners LLC filed its voluntary petition for Chapter 11 protection (Bankr. N.D. Cal. Case No. 26-41098) on May 27, 2026, listing $1 million to $10 million in assets and $1 million to $10 millionin liabilities. Brian Baniqued, president of managing member, signed the petition. Judge Hon. William J Lafferty oversees the case. Peter N. Hadiaris, Esq. serve as the Debtor's legal counsel. AZORA AVIATION: Moody's Affirms 'Ba3' CFR, Outlook Stable --------------------------------------------------------- Moody's Ratings has affirmed Azorra Aviation Holdings, LLC's (Azorra) Ba3 corporate family rating as well as Azorra SOAR TLB Finance Limited's backed senior secured term loan B rating of Ba1 and Azorra Finance Limited's backed senior unsecured notes rating of B1. Azorra SOAR TLB Finance Limited and Azorra Finance Limited are Azorra's wholly-owned subsidiaries. The outlook for the three entities is stable. RATINGS RATIONALE Azorra's Ba3 CFR reflects the company's niche business model focused on investing in and leasing crossover and regional commercial aircraft, improving profitability supported in part by significant gains from the sale of several widebody aircraft, and rising leverage as it continues to expand its fleet with reliance on debt financing to acquire aircraft. The company's debt-to-equity leverage increased to 2.8x in the first quarter of 2026, remaining within Moody's expected range. Over the longer term, Azorra aims to maintain leverage broadly comparable to those of more established aircraft leasing peers, although leverage could increase further as the company continues to utilize debt to support growth while it is looking for opportunities to attract equity investors. Azorra's ratings also reflect the uncertain operating environment, particularly amid ongoing Middle East tensions and elevated fuel prices. Moody's expects that persistently higher fuel costs, together with potential moderation in air travel demand driven by rising macroeconomic uncertainty, will pressure global airline profitability in 2026. While Azorra continues to increase its scale and broaden its customer base, customer concentration remains elevated, leaving earnings more exposed to unexpected stress from any single airline customer. As of March 31, 2026, Azorra's top five airline customers accounted for approximately 36% of its customer exposure. However, continued growth in global air travel demand, together with the ongoing shortage of in-demand aircraft, remain important mitigants to the current uncertainty. The majority of the company's existing fleet consists of Embraer EJet family aircraft, including the new generation E190-E2 and E195-E2, and current generation E190, E195, E170 and E175 series. The remainder of the fleet is comprised of 26 A220 aircraft, five A330s, six ATR aircraft, and 81 engines. Azorra has been selling some of its widebody aircraft reducing its exposure over time, but will remain active in this market segment. In addition, the company has made significant progress in expanding its presence in the A220 aircraft family. Although the operator base for the aircraft remains relatively limited, larger airlines continue to increase their investment in the platform, including Air France, Delta Air Lines, Inc. (Baa2 stable) and JetBlue Airways Corp. (Caa2 negative), supporting broader market acceptance and a growing global user base. According to Airbus SE, there were 513 A220 aircraft in operation as of May 2026. Most recently, AirAsia placed an order for 150 A220-300 aircraft. Azorra has been actively reducing its reliance on secured funding, with secured debt to total assets declining to approximately 34%, enhancing the company's financial flexibility. In addition, purchase commitments have moderated to approximately $548 million in 2026 and $266 million in 2027, which Moody's expects will support improved liquidity. The stable outlook reflects Moody's expectations that Azorra will continue to place its expanding fleet at favorable lease rates, while achieving better operating leverage, such that its profitability continues to expand although may be vulnerable due to the uncertain operating environment and some challenges with less profitable airlines. The stable outlook also reflects Moody's expectations that Azorra's financing of upcoming order book will include a mix of debt and equity such that debt-to-equity leverage remains within Moody's expected range. A more protracted crisis than Moody's current baseline could result in weaker operating conditions and results for lessors, but given Moody's expectations of a gradual recovery over the course of 2026 and 2027, Moody's expects Azorra and other aircraft lessors to weather these conditions while demonstrating solid operating results. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could upgrade Azorra's ratings if the company demonstrates effective management of existing fleet risks, mostly focused on regional aircraft; profitability is sustained, as measured by net income to average managed assets above 1.0%, as the business model evolves and demonstrates consistent operating performance; and the company continues to reduce its reliance on secured debt, lowers its customer concentrations and maintains strong capitalization. Moody's could downgrade the ratings if Azorra suffers from a deterioration in profitability such that net income to average managed assets declines to less than 0.5%; the company loses a key customer relationship; or the company's overall liquidity weakens. The ratings could also be downgraded if Azorra's fleet risks rise, raising risks to financial performance and stability. Azorra Aviation Holdings, LLC is an aircraft and engine leasing company based in Florida, USA. It is majority owned by certain funds managed by Oaktree Capital Management (Oaktree). As of March 31, 2026, the company had 279 aviation assets and total assets of $4.5 billion. The principal methodology used in these ratings was Finance Companies published in July 2024. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. BEACON LIGHT: Hires Lugenbuhl Wheaton Peck Rankin as Counsel ------------------------------------------------------------ Beacon Light Baptist Church of Houma seeks approval from the U.S. Bankruptcy Court for the Eastern District of Louisiana to employ Lugenbuhl, Wheaton, Peck, Rankin & Hubbard (A Law Corporation) as counsel. The firm's services include: a. advising the Debtor with respect to its rights, powers and duties as Debtor and Debtor-in-possession in the continued operation and management of the business and property; b. preparing and pursuing confirmation of a plan of reorganization as a Debtor that is proceeding under subchapter V and pursuing approval of the disclosure statement and plan confirmation should the Debtor cease to elect to continue under Subchapter V; c. preparing, on behalf of the Debtor, all necessary applications, motions, answers, proposed orders, other pleadings, notices, schedules and other documents, and reviewing all financial and other reports to be filed; d. advising the Debtor concerning, and preparing responses to, applications, motions, pleadings, notices and other documents which may be filed by other parties herein; e. appearing in Court to protect the interests of the Debtor; f. representing the Debtor in connection with use of cash collateral and/or obtaining post-petition financing; g. advising the Debtor concerning and assisting in the negotiation and documentation of financing agreements, cash collateral orders and related transactions; h. investigating the nature and validity of liens asserted against the property of the Debtor, and advising the Debtor concerning the enforceability of said liens; i. investigating and advising the Debtor concerning and taking such action as may be necessary to collect income and assets in accordance with applicable law, and the recovery of property for the benefit of the Debtor's estate; j. advising and assisting the Debtor in connection with any potential property dispositions; k. advising the Debtor concerning executory contract and unexpired lease assumptions, assignments and rejections and lease restructuring, and recharacterizations; l. assisting the Debtor in reviewing, estimating and resolving claims asserted against the Debtor's estate; m. commencing and conducting litigation necessary and appropriate to assert rights held by the Debtor, protect assets of the Debtor's Chapter 11 estate or otherwise further the goal of completing the Debtor's successful reorganization; and n. performing all other legal services for the Debtor which may be necessary and proper in this case. The firm will be paid at these rates: Douglas S. Draper $600 per hour Greta M. Brouphy $500 per hour Michael E. Landis $475 per hour Paralegals $250 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Draper 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: Douglas S. Draper, Esq. Lugenbuhl, Wheaton, Peck, Rankin & Hubbard (A Law Corporation) 601 Poydras Street, Suite 2755 New Orleans, LA 70130 Tel: (504) 568-1990 Fax: (504) 310-9195 Email: ddraper@lawla.com About Beacon Light Baptist Church of Houma LA Beacon Light Baptist Church of Houma LA, located in Gray, Louisiana, operates as a nonprofit religious organization providing Christian worship services, educational programs, and community outreach activities. The church offers Sunday services, Bible study, and virtual worship through online platforms. It serves the Houma-Terrebonne Parish community as part of the broader Beacon Light ministry network. Beacon Light Baptist Church of Houma LA sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. La. Case No. 25-12347) on October 17, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Douglas S. Draper, Esq. of HELLER, DRAPER & HORN, LLC. BEAZER HOMES: Moody's Rates New $400MM Senior Unsecured Notes 'B2' ------------------------------------------------------------------ Moody's Ratings assigned a B2 rating to Beazer Homes USA, Inc.'s (Beazer) proposed $400 million senior unsecured notes due 2032. Beazer's other ratings, including the B2 corporate family rating, and stable outlook remain unchanged. The SGL-3 Speculative Grade Liquidity rating also remains unchanged. Moody's expects the terms and conditions of the proposed senior unsecured notes will be similar to Beazer's existing senior unsecured notes. The senior unsecured notes are pari passu with each other. Proceeds from the proposed senior unsecured notes will be used to fully redeem Beazer's existing $357 million senior unsecured notes due October 2027, with the remaining proceeds available for general corporate purposes. Upon repayment of the senior unsecured notes due 2027, the B2 rating on these notes will be withdrawn. Despite the modest increase in leverage, the proposed transaction reduces Beazer's refinancing risk and extends its maturity profile, which is credit positive. Beazer now has no significant debt maturities until its $350 million senior unsecured notes become due October 2029. However, the maturity of the company's $525 million senior unsecured revolving credit facility (RCF) will spring forward to mid-2029 if, at that time, the outstanding amount of these notes exceeds $100 million. Annual cash interest payments will approach $100 million per year going forward. RATINGS RATIONALE Beazer's B2 ratings remain constrained by the company's high leverage and weak interest coverage because of softer operating conditions and incentives eroding the company's profitability. Moody's expects leverage to remain around 48% debt/book capitalization and interest coverage improving towards 2x EBIT/interest expense by fiscal year-end 2027 (ending September 2027). However, current credit metrics are very weak as of March 31, 2026, with interest coverage below 1x and EBIT margin below 5%. Moody's anticipates a continued decline in pricing power for homebuilders in 2026 and beyond, necessitating the use of incentives to boost sales and resulting in continued pressure on operating margins. However, Moody's projects EBIT margins to improve to around 5-7% through fiscal 2027. Beazer's leveraged capital structure is mitigated by the company offering homes across various economic segments and regions, providing diversified revenue sources. As of March 31, 2026, 60% of Beazer's total lots are controlled through option contracts, enhancing both operational and financial flexibility. Furthermore, the long-term fundamentals of the US housing market remain robust despite near-term softness. Beazer's Speculative Grade Liquidity rating of SGL-3 reflects its adequate liquidity over the next 12-18 months. Moody's projects modest free cash flow in the range of $30 - $40 million over the same period. Beazer typically consumes cash in the first half of its fiscal year due to seasonality but generates most of its cash in its fourth fiscal quarter. Beazer has good availability under its $525 million RCF due March 2030. As of March 31, 2026, cash totaled $116 million and revolver availability was $285 million after considering about $195 million in borrowings and $45 million in letter of credit issuances. The stable outlook reflects Moody's expectations that leverage will remain below 60% debt/book capitalization and of modest free cash flow generation over the next 18 months. The favorable long-term fundamentals of the US homebuilding industry further support the stable outlook. The B2 rating assigned to Beazer's senior unsecured debt, which is at the same level as the B2 corporate family rating (CFR), results from Beazer's unsecured capital structure. The senior unsecured debt is comprised of the $350 million senior unsecured notes due October 2029, $250 million senior unsecured notes due March 2031 and the proposed $400 million senior unsecured notes due 2032. The senior unsecured notes and RCF (unrated) are pari passu with each other. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING The ratings could be upgraded if end markets remain supportive of long-term organic growth such that debt/book capitalization is sustained below 50% and EBIT/interest expense remains above 3.5x. Significant improvement in liquidity would also support an upgrade. A ratings downgrade could occur if debt/book capitalization remains above 60% and EBIT/interest expense stays below 2x. Negative ratings pressure may also develop if the company experiences deteriorating liquidity or adopts increasingly aggressive shareholder-return initiatives. Beazer (NYSE: BZH), headquartered in Atlanta, Georgia, is a national homebuilder, with 169 active communities in 13 states, grouped into three regions. Its revenue for the 12 months ending March 31, 2026 was $2.1 billion. The principal methodology used in this rating was Homebuilding and Property Development published in September 2025. BENCHMARK PRODUCTIONS: Case Summary & 11 Unsecured Creditors ------------------------------------------------------------ Debtor: Benchmark Productions, LLC DBA EXP Events 700 NW Gilman Blvd. Issaquah, WA 98027 Business Description: Benchmark Productions, LLC, based in Issaquah, Washington, is an event production company founded in 2001 that provides virtual, hybrid and in-person event production, including live streaming, video production, stage design, custom graphics, full-service production and project management services. Chapter 11 Petition Date: June 12, 2026 Court: United States Bankruptcy Court Western District of Washington Case No.: 26-11948 Judge: Hon. Timothy W Dore Debtor's Counsel: Faye C Rasch, Esq. WENOKUR RIORDAN PLLC 600 Stewart St Suite 1300 Seattle, WA 98101 Tel: 206-903-0401 Email: faye@wrlawgroup.com Total Assets: $171,154 Total Liabilities: $1,534,841 The petition was signed by Richard Austin Beaver as CEO. A full-text copy of the petition, which includes a list of the Debtor's 11 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/ZLHEZ5A/Benchmark_Productions_LLC__wawbke-26-11948__0001.0.pdf?mcid=tGE4TAMA BESTWALL LLC: Exploring Additional Bankruptcy Options, Exec Says ---------------------------------------------------------------- Hayley Fowler of Law360 Bankruptcy Authority reports that a top executive at Bestwall acknowledged Thursday, June 18, 2026, that the company is exploring additional bankruptcy options but denied accusations that it plans to repeatedly seek Chapter 11 protection to sidestep asbestos-related obligations. The issue arose during a hearing before a Texas bankruptcy court overseeing the company's restructuring efforts. The Georgia-Pacific affiliate said it is reviewing potential legal strategies as it continues to address a large volume of asbestos claims. Company representatives emphasized that any future bankruptcy filing would be intended to support a lawful restructuring process and not to undermine claimants' recovery rights. Asbestos claimants expressed concern that additional filings could further postpone distributions and settlements. Bestwall disputed those assertions, arguing that its objective remains the establishment of a viable resolution that balances the interests of claimants and other stakeholders, the report relays. About Bestwall LLC Bestwall LLC -- http://www.Bestwall.com/-- was created in an internal corporate restructuring and holds asbestos liabilities. Bestwall's asbestos liabilities relate primarily to joint systems products manufactured by Bestwall Gypsum Company, a company acquired by Georgia-Pacific in 1965. The former Bestwall Gypsum entity manufactured joint compounds containing small amounts of chrysotile asbestos; the manufacture of these asbestos-containing products ceased in 1977. Bestwall's non-debtor subsidiary, GP Industrial Plasters LLC ("PlasterCo"), develops, manufactures, sells and distributes gypsum plaster products, including gypsum floor underlayment, industrial plaster, metal casting plaster, industrial tooling plaster, dental plaster, medical plaster, arts and crafts plaster, pottery plaster and general purpose plaster. On Nov. 2, 2017, Bestwall sought Chapter 11 protection (Bankr. W.D.N.C. Case No. 17-31795) in an effort to equitably and permanently resolve all its current and future asbestos claims. The Debtor estimated assets and debt of $500 million to $1 billion. It has no funded indebtedness. The Hon. Laura T. Beyer is the case judge. The Debtor tapped Jones Day as bankruptcy counsel; Robinson, Bradshaw & Hinson, P.A., as local counsel; Schachter Harris, LLP as special litigation counsel for medicine science issues; King & Spalding as special counsel for asbestos matters; and Bates White, LLC, as asbestos consultants. Donlin Recano LLC is the claims and noticing agent. On Nov. 8, 2017, the U.S. bankruptcy administrator appointed an official committee of asbestos claimants in the Debtor's case. The committee retained Montgomery McCracken Walker & Rhoads, LLP as legal counsel; and Hamilton Stephens Steele + Martin, PLLC and JD Thompson Law as local counsel. On Feb. 22, 2018, the court approved the appointment of Sander L. Esserman as the future claimants' representative in the Debtor's case. Mr. Esserman tapped Young Conaway Stargatt & Taylor, LLP, as legal counsel; Hull & Chandler, P.A., as local counsel; Ankura Consulting Group, LLC, as claims evaluation consultant; and FTI Consulting, Inc., as financial advisor. BONNIE MAULDIN: Case Summary & Nine Unsecured Creditors ------------------------------------------------------- Debtor: The Bonnie Mauldin Group LLC 875 Old Roswell Road Suite F-600 Roswell, GA 30076 Business Description: The Mauldin Group is a Roswell, Georgia- based digital marketing agency. The company provides marketing services including market research, website design and development, search optimization, paid advertising, public relations, video marketing, social media marketing, and branding. It serves small and mid-sized businesses across sectors including healthcare, construction, manufacturing, professional services, technology, local and regional services, and nonprofit or faith- based organizations. Chapter 11 Petition Date: June 15, 2026 Court: United States Bankruptcy Court Northern District of Georgia Case No.: 26-57807 Judge: Hon. Lisa Ritchey Craig Debtor's Counsel: Michael Pugh, Esq. THOMPSON, O'BRIEN, KAPPLER & NASUTI, P.C. 2 Sun Court, Suite 400 Peachtree Corners, GA 30092 Tel: (770) 925-0111 Email: mpugh@tokn.com Total Assets: $403,600 Total Liabilities: $1,314,145 The petition was signed by Bonnie Mauldin as owner. A full-text copy of the petition, which includes a list of the Debtor's nine unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/2POOFGI/The_Bonnie_Mauldin_Group__ganbke-26-57807__0001.0.pdf?mcid=tGE4TAMA BROADWAY LEARNING: Hires On the Mark Financial as Accountant ------------------------------------------------------------ Broadway Learning Center LLC dba Pearland Kids Club seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ On the Mark Financial Services, Inc. as accountant. The firm will provide accounting and financial services, including bookkeeping, tax preparation, and preparing projections for the Chapter 11 plan, if and as needed. The firm will be paid at flat fee basis of $700 per month. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Ms. Johnson 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: Lisa Johnson 2917 Auburn Creek Ln, League City, TX 77573 Tel: (281) 535-1040 Email: cookie@onthemarkfinancial.com About Broadway Learning Center LLC Broadway Learning Center LLC, doing business as Pearland Kids Club, is a preschool and childcare center serving Pearland, Texas. Founded in 2016, the center provides infant care, toddler care, preschool programs, after-school programs, and summer camp programs for children from 6 weeks to 12 years old. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 26-33621) on May 22, 2026, with $50,000 to $100,000 in assets and $1 million to $10 million in liabilities. Nathan Cole, authorized agent, signed the petition. Judge Jeffrey P. Norman presides over the case. Reese Baker, Esq. at BAKER & ASSOCIATES represents the Debtor as legal counsel. BTB PIZZA: Seeks to Hire Raymond C. Stilwell as Counsel ------------------------------------------------------- BTB Pizza Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of New York to employ Raymond C. Stilwell as counsel. The firm will provide these services: a. give Debtor legal advice with regard to its powers and duties as Debtor-in-Possession in the continued operation of its business and in the management of its property; b. take necessary action to avoid liens against debtor's property, remove restraints against debtor's property and such other actions to remove any encumbrances or liens which are avoidable; c. take necessary action to enjoin and stay until final decree herein any attempts by creditors to enforce claims upon property of the debtor which may be necessary to the debtor's effective reorganization; d. represent applicant as Debtor-in-Possession in any proceeding which may be instituted in this Court by creditors or other parties during the course of this proceeding; e. prepare on behalf of your applicant, as Debtor-in-Possession, necessary petitions, answers, orders, reports and other legal papers; and f. perform all other legal services for Debtor as Debtor-in-Possession which may be necessary herein, and it is necessary for debtor, as Debtor-in-Possession, to employ attorneys for such services. Raymond C. Stilwell, the attorney handling the case will be paid at the rate of $295 per hour. The firm received a retainer in the amount of $8,262.00 In addition, the firm will seek reimbursement for its out-of-pocket expenses. Mr. Stilwell 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: Raymond C. Stilwell, Esq. Law Offices of Raymond C. Stilwell 4476 Main Street, Suite 120 Amherst, NY 14226 Tel: (716) 634-8307 Fax: (716) 839-0714 Email: rcstilwell@roadrunner.com About BTB Pizza Inc. BTB Pizza Inc. filed a Chapter 11 bankruptcy petition (Bankr. W.D.N.Y. Case No. 26-20422) on June 3, 2026. The Debtor hires Raymond C. Stilwell as counsel. BURNETT ENTERTAINMENT: Gets Extension to Use Cash Collateral ------------------------------------------------------------ Burnett Entertainment, Inc. received another extension from the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, to use cash collateral. At the recently held hearing, the court authorized the Debtor's interim use of cash collateral through July 8. The Debtor was previously allowed to access cash collateral under the court's June 9 interim order. The interim order granted Achieva Credit Union and other secured creditors adequate protection through replacement liens on the Debtor's post-petition cash collateral, with the same validity, priority, and extent as their pre-petition liens. It also authorized the Debtor to continue its monthly payments of $5,000 to Achieva Credit Union, which began in March. Achieva Credit Union claims a perfected and enforceable security interest and lien on, among other assets, the Debtor's accounts and their proceeds constituting cash collateral, pursuant to promissory notes and UCC-1 financing statements filed with the Florida Department of State's Secured Transaction Registry. A copy of the interim order is available at https://shorturl.at/0T11z from PacerMonitor.com. About Burnett Entertainment Inc. Burnett Entertainment, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-00948) on February 6, 2026, listing assets of between $500,001 and $1 million and liabilities of between $1 million and $10 million. Kathleen DiSanto, Esq., at Bush Ross, P.A., serves as Subchapter V trustee for the Debtor. Judge Caryl E. Delano presides over the case. James W. Elliott, Esq., at Mcintyre Thanasides Bringgold, Elliott Grimaldi Guito, PA represents the Debtor as legal counsel. BY HOTEL: Court Sets June 24, 2026 General Bar Date --------------------------------------------------- On March 8, 2026 (the "Petition Date"), By Hotel SPE-3 LLC and its affiliated debtors filed voluntary petitions for relief under chapter 11 of the United States Code (the "Bankruptcy Code") in the United States Bankruptcy Court for the District of Delaware (the "Court"). On May 29, 2026, the Court entered an order (the "Bar Date Order") establishing certain dates by which parties holding prepetition claims against the Debtors must file: (a) proofs of claim ("Proofs of Claim"), including claims by governmental units, claims arising under section 503(b)(9) of the Bankruptcy Code, and Rejection Damages Claims; and (b) requests for payment of certain Administrative Claims in the Debtors' chapter 11 cases. Pursuant to the Bar Date Order, all entities holding claims against the Debtors that arose or are deemed to have arisen prior to the commencement of these cases on the Petition Date, including requests for payment pursuant to section 503(b)(9) of the Bankruptcy Code, are required to file Proofs of Claim by June 24, 2026 at 11:59 p.m., prevailing Eastern Time (the "General Bar Date"). The General Bar Date applies to all types of claims against the Debtors that arose or are deemed to have arisen prior to the Petition Date, including secured claims, unsecured priority claims, and unsecured non-priority claims; provided that, unless otherwise ordered by the Court, the bar date for filing claims arising from the rejection of executory contracts and unexpired leases of the Debtors shall be the later of: (a) the General Bar Date; or (b) 11:59 p.m. prevailing Eastern Time on the date that is thirty (30) days following service of notice of an entry of an order approving the rejection of any executory contract or unexpired lease of the Debtors. Pursuant to the Bar Date Order, all governmental units holding claims against the Debtors that arose or are deemed to have arisen prior to the Petition Date are required to file proofs of claim by September 4, 2026 at 11:59 p.m. prevailing Eastern Time (the "Governmental Bar Date"). The Governmental Bar Date applies to all governmental units holding claims against the Debtors (whether secured, unsecured priority, or unsecured non‑priority) that arose or are deemed to have arisen prior to the Petition Date, including, without limitation, governmental units with claims against the Debtors for unpaid taxes, whether such claims arise from prepetition tax years or periods or prepetition transactions to which the Debtors were a party. Pursuant to the Bar Date Order, all claimants holding Administrative Claims against the Debtors' estates that arose after the Petition Date and on or prior to May 12, 2026 (the "Administrative Claims Deadline"), excluding claims for fees and expenses of professionals retained in these proceedings, are required to file a request for payment of such Administrative Claims with the Court and, if desired, a notice of hearing on such Administrative Claims, by June 24, 2026, at 11:59 p.m. prevailing Eastern Time (the "Administrative Claims Bar Date"). Pursuant to the Bar Date Order, all parties asserting claims against the Debtors' estates that are affected by a previously unfiled Schedule, or amendment or supplement to the Schedules, are required to file Proofs of Claim so that such Proofs of Claim are actually received by the Claims and Noticing Agent by the Amended Schedules Bar Date (i.e., by the later of: (a) the General Bar Date or the Governmental Bar Date, as applicable; or (b) 11:59 p.m. prevailing Eastern Time on the date that is twenty-one (21) days from the date on which the Debtors serve notice of such filing, amendment, or supplement). Pursuant to the Bar Date Order, all parties asserting claims against the Debtors' estates arising from the Debtors' rejection of an executory contract or unexpired lease are required to file Proofs of Claim with respect to such rejection so that such Proofs of Claim are actually received by the Claims and Noticing Agent by the Rejection Damages Bar Date (i.e., by the later of: (a) the General Bar Date or the Governmental Bar Date, as applicable; or (b) 11:59 p.m. prevailing Eastern Time on the date that is thirty (30) days following service of notice of entry of an order approving such rejection). Each Proof of Claim must be filed, including supporting documentation, so as to be actually received by Stretto on or before the General Bar Date or the Governmental Bar Date (or, where applicable, on or before any other bar date as set forth herein or by order of the Court), either: (1) electronically through the interface available at cases.stretto.com/wabash; or (2) by first-class or overnight U.S. mail, or by other hand delivery system, at the following addresses: If by First-Class Mail, Hand Delivery, or Overnight Mail: By Hotel SPE-3 LLC Claims Processing Center c/o Stretto, Inc. 410 Exchange, Suite 100 Irvine, CA 92602 About By Hotel SPE-3 LLC By Hotel SPE-3, LLC is a hospitality investment company specializing in the ownership and management of hotel properties. As a special purpose entity, By Hotel SPE-3 focuses on managing hotel-related assets and supporting hospitality operations. By Hotel SPE-3 and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 26-10324) on March 8, 2026. In its petition, By Hotel SPE-3 reported between $100 million and $500 million in both assets and liabilities. Judge J. Kate Stickles oversees the cases. The Debtors tapped Rafael X. Zahralddin-Aravena, Esq., and Scott D. Cousins, Esq., at Lewis Brisbois Bisgaard & Smith, LLP as bankruptcy counsel; and Getzler Henrich & Associates, LLC as financial advisor. BYRUM'S FLOOR: Gets Interim OK to Use Cash Collateral ----------------------------------------------------- Byrum's Floor Store, LLC received interim approval from the U.S. Bankruptcy Court for the Southern District of Ohio, Western Division, to use cash collateral. The Debtor operates a commercial retail location selling flooring and relies upon uninterrupted access to operating cash to fund ordinary-course expenses. Under the interim order, the Debtor is authorized to use cash and cash equivalents in accordance with its 13-week operating budget. It is required to maintain net cash flow at no less than 80% of projected amounts for the applicable budget period, with any material variance constituting a default under the order. The Debtor is also required to make deposits for anticipated professional fees, which must be held in trust pending court approval of compensation. The Debtor maintains deposit accounts at Wright-Patt Credit Union and New Carlisle Federal Savings Bank, both of which assert security interests or liens in substantially all of the Debtor's assets under their pre-petition loan agreements. As adequate protection, secured creditors will be granted replacement liens on substantially all post-petition cash collateral and related assets of the Debtor to the extent such assets were subject to valid pre-petition liens. The replacement liens exclude recoveries arising from Chapter 5 avoidance actions unless such claims were already subject to liens on the petition date. The Debtor is prohibited from granting additional liens on or security interests in the collateral without prior court authorization. The order preserves all rights of the secured creditors and other parties in interest. Secured creditors retain the ability to seek additional adequate protection, relief from the automatic stay, conversion of the case, appointment of a trustee or examiner, or other remedies available under the Bankruptcy Code. The order is available at https://is.gd/tP0hrQ The court scheduled a final hearing for July 9. Objections must be filed by July 2. About Byrum's Floor Store Byrum's Floor Store, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Ohio Case No. 26-30812) on March 14, 2026. In the petition signed by Kurt A. Byrum, president, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge Tyson A. Crist oversees the case. Russ B. Cope, Esq., at Cope Law Offices, LLC, represents the Debtor as bankruptcy counsel. CARDIFF LEXINGTON: Registers 940,051 Shares Under 2024 Equity Plan ------------------------------------------------------------------ Cardiff Lexington Corporation filed a Registration Statement on Form S-8 with the U.S. Securities and Exchange Commission to register 940,051 additional shares of common stock with respect to the Company's 2024 Equity Incentive Plan, as amended, which is in addition to the 666,667 shares of common stock previously registered on the Company's Registration Statement on Form S-8 on February 6, 2024 (File No. 333-276918). This Registration Statement relates to securities of the same class as those registered under the Prior Registration Statement and is being filed in accordance with General Instruction E to Form S-8 regarding the registration of additional securities under the Plan. Pursuant to such instruction, the contents of the Prior Registration Statement are hereby incorporated by reference in and made part of this Registration Statement, except to the extent supplemented, superseded or modified by the specific information set forth below or the specific exhibits attached hereto. Also pursuant to General Instruction E to Form S-8, the filing fee is being paid only with respect to the 940,051 shares of common stock not previously registered. A full text copy of the Registration Statement is available at https://tinyurl.com/4eshmrhd About Cardiff Lexington Headquartered in Las Vegas, Nevada, Cardiff Lexington Corporation is an acquisition holding Company focused on locating undervalued and undercapitalized companies, primarily in the healthcare industry, and providing them capitalization and leadership to maximize the value and potential of their private enterprises while also providing diversification and risk mitigation for its stockholders. Specifically, the Company has and will continue to look at a diverse variety of acquisitions in the healthcare sector in terms of growth stages and capital structures, and it intends to focus its portfolio of subsidiaries approximately as follows: 80% will be targeted to established profitable niche small to mid-sized healthcare companies and 20% will be targeted to second stage startups in healthcare and related financial services (emerging businesses with a strong organic growth plan that is materially cash generative). Hacker, Johnson & Smith PA, the Company's independent registered public accounting firm since 2024 and headquartered in Columbus, Ohio, included an explanatory paragraph in its audit report dated March 10, 2026, expressing substantial doubt about the Company's ability to continue as a going concern. The auditor cited that the Company has experienced 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 $30.29 million in total assets, $24.63 million in total liabilities, $1.78 million in total mezzanine equity, and $3.88 million in total stockholders' equity. CARDIFF LEXINGTON: Signs $25 Million Common Stock Purchase Deal --------------------------------------------------------------- Cardiff Lexington Corporation announced in a regulatory filing that it entered into a Common Stock Purchase Agreement and a Registration Rights Agreement with an institutional investor, pursuant to which the Investor has committed to purchase up to $25,000,000 of shares of the Company's common stock; provided that such amount may be increased to $75,000,000 in the Company's sole discretion. In consideration for the Investor's commitment to purchase shares of common stock under the Purchase Agreement, the Company has agreed to issue to the Investor a number of shares of common stock equal to $250,000 divided by the closing price of the Company's common stock on the effective date of the Registration Statement; provided that if the Total Purchase Commitment is increased to $75,000,000, then the Company has agreed to issue to the Investor a number of additional shares of common stock equal to $500,000 divided by the closing price of the Company's common stock on the date of such issuance. Under the terms and subject to the conditions of the Purchase Agreement, the Company has the right, but not the obligation, to sell to the Investor, and the Investor is obligated to purchase, shares of common stock in an amount of up to the Total Purchase Commitment. Sales under the Purchase Agreement will not commence until all of the conditions set forth in the Purchase Agreement have been satisfied, including that the Registration Statement is declared effective by the Securities and Exchange Commission and a final prospectus in connection therewith is filed. Thereafter, the Company may, subject to the satisfaction of certain additional conditions set forth in the Purchase Agreement, from time to time and at its sole discretion, for a period of 36 months, on any trading day that it selects, provided that the Closing Sale Price of the common stock is equal to or greater than $0.20 (unless such requirement is waived by the Investor) and that all shares of common stock subject to all prior purchases have been properly delivered to the Investor in accordance with the Purchase Agreement, direct the Investor to purchase up to a number of shares of common stock equal to the lesser of: (i) 40% of the lowest Daily Valued Traded of the common stock on the five trading days immediately preceding the purchase date, (ii) 250,000 shares of common stock, or (iii) $250,000. For purposes of the Purchase Agreement, "Closing Sale Price" means the greater of: (i) the then current book value of the common stock and (ii) the last closing trade price for the common stock on its principal trading market, as reported by Bloomberg L.P., and "Daily Value Traded" means the product obtained by multiplying the daily trading volume of the common stock during regular trading hours as reported by Bloomberg L.P. by the dollar volume-weighted average price for the common stock, as reported by Bloomberg L.P. through its "AQR" function, for such trading day. The Company will control the timing and amount of any sales of common stock to the Investor. The purchase price of the shares that may be sold to the Investor under the Purchase Agreement will be equal to the lesser of 97% of: (i) the lowest daily volume weighted average price of the common stock as reported by Bloomberg L.P. using the AQR function for the five trading days immediately preceding the applicable purchase date and (ii) the lowest trading price of a share of common stock on the third full trading day after the applicable purchase date; provided, however, that if the Investor waives the requirement that the Closing Sale Price is equal to or greater than $0.20 and purchases are made at less than $0.20, then the discount shall be adjusted to 90%, and the Company must reimburse the Investor for any incremental increase in trading commissions and clearing costs incurred in connection therewith. The purchase price per share will be equitably adjusted for any reorganization, recapitalization, non-cash dividend, stock split or other similar transaction occurring after the date of the Purchase Agreement. Notwithstanding the foregoing, the Purchase Agreement prohibits the Company from directing the Investor to purchase any shares of common stock if those shares, when aggregated with all other shares of common stock then beneficially owned by the Investor and its affiliates, would result in the Investor and its affiliates having beneficial ownership at any single point in time of more than 4.99% of the then total outstanding shares of common stock, as calculated pursuant to Section 13(d) of the Securities Exchange Act of 1934, as amended, and Rule 13d-3 thereunder. The Purchase Agreement prohibits the Company from entering into any other "equity line of credit," "at the market offering" or other similar continuous offering in which the Company offers, issues or sells common stock or other equity securities at a future determined price. It also requires that the Company repurchase all outstanding shares issued under the Purchase Agreement (excluding the Commitment Shares) that are held by the Investor at a cash purchase price per share equal to 100% of the purchase price paid by the Investor for such shares upon written request by the Investor if the Company completes an Equity Transaction prior to the termination of the Purchase Agreement, subject to certain exceptions. The Company may at any time terminate the Purchase Agreement without fee, penalty or cost upon five trading day's written notice. The Investor may also terminate the Purchase Agreement upon 10 trading day's written notice under certain circumstances set forth in the Purchase Agreement. The Investor may not assign or transfer its rights and obligations under the Purchase Agreement. Pursuant to the Registration Rights Agreement, the Company agreed to register all shares of common stock issuable to the Investor under the Purchase Agreement. The Company agreed to file an initial registration statement with the SEC as soon as practicable, but in no event later than the 45th calendar day after the date of the Registration Rights Agreement. If at any time all Registrable Securities are not covered by the Registration Statement, and if the Company desires to sell additional shares to the Investor under the Purchase Agreement, the Company shall then use its reasonable best efforts to file with the SEC one or more additional registration statements so as to cover all of the Registrable Securities not covered by the Registration Statement. Pursuant to the Registration Rights Agreement, the Company agreed to use its commercially reasonable efforts to cause the Registration Statement to become effective as soon as practicable after filing, but in no event later than the earlier of: (i) the 90th calendar day (or the 120th calendar day if subject to a full review by the SEC) after the date of the Registration Rights Agreement, and (ii) the 3rd business day following the date the Company is notified by the SEC that the Registration Statement will not be reviewed. The Purchase Agreement and the Registration Rights Agreement contain customary representations, warranties, agreements and conditions to completing future sale transactions, indemnification rights and obligations of the parties. Actual sales of shares of common stock to the Investor will depend on a variety of factors to be determined by the Company from time to time, including, among others, market conditions, the trading price of the common stock and determinations by the Company as to the appropriate sources of funding for the Company and its operations. The Investor has covenanted not to cause or engage in, in any manner whatsoever, any direct or indirect short selling or hedging of the Company's common stock. This current report shall not constitute an offer to sell or a solicitation of an offer to buy any shares of common stock, nor shall there by any sale of shares of common stock in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction. Full text copies of the Purchase Agreement and the Registration Rights Agreement are available at https://tinyurl.com/55h72wvm and https://tinyurl.com/ytrv6kff. About Cardiff Lexington Headquartered in Las Vegas, Nevada, Cardiff Lexington Corporation is an acquisition holding Company focused on locating undervalued and undercapitalized companies, primarily in the healthcare industry, and providing them capitalization and leadership to maximize the value and potential of their private enterprises while also providing diversification and risk mitigation for its stockholders. Specifically, the Company has and will continue to look at a diverse variety of acquisitions in the healthcare sector in terms of growth stages and capital structures, and it intends to focus its portfolio of subsidiaries approximately as follows: 80% will be targeted to established profitable niche small to mid-sized healthcare companies and 20% will be targeted to second stage startups in healthcare and related financial services (emerging businesses with a strong organic growth plan that is materially cash generative). Hacker, Johnson & Smith PA, the Company's independent registered public accounting firm since 2024 and headquartered in Columbus, Ohio, included an explanatory paragraph in its audit report dated March 10, 2026, expressing substantial doubt about the Company's ability to continue as a going concern. The auditor cited that the Company has experienced 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 $30.29 million in total assets, $24.63 million in total liabilities, $1.78 million in total mezzanine equity, and $3.88 million in total stockholders' equity. CARE ONE: Court Extends Cash Collateral Access to July 15 --------------------------------------------------------- Care One Home Health Services, Inc. received sixth interim approval from the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, to use cash collateral to fund operations. The court authorized the Debtor to use cash collateral through July 15 according to an approved budget covering June 11 to July 15. The Debtor is not allowed to make payments outside the listed expenses without written consent from secured lender Byzfunder or further court approval. The Debtor projects total operational expenses of $136,811.52. Byzfunder holds a blanket lien on the Debtor's assets securing at least $93,000 in debt, with Specialty Capital, LLC as a subordinate lienholder. As adequate protection, Byzfunder and Specialty Capital will be granted replacement liens on substantially all assets of the Debtor, with the same priority and extent as their pre-petition liens. These liens maintain the same priority and validity as the lenders pre-petition liens. The order also required the Debtor to maintain insurance coverage, preserve and properly manage collateral, and allow the secured lender access to books, records, and collateral. The next hearing is scheduled for July 14. The order is available at https://sl1nk.com/lybc2vj from PacerMonitor.com. About Care One Home Health Services Inc. Care One Home Health Services, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 26-01443) on January 27, 2026, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Jacqueline P. Cox presides over the case. Richard G. Larsen, Esq., at Springer Larsen, LLC represents the Debtor as legal counsel. CELINA TOTAL: Cash Collateral Hearing Set for June 23 ----------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Texas is set to hold a hearing on June 23 to consider extending Celina Total Foot Care, PLLC's authority to use cash collateral. The Debtor is currently authorized to use cash collateral under the court's June 8 interim order. The interim order authorized the Debtor to utilize cash collateral to pay its operating expenses based on a 30-day budget, which shows total operational expenses of $11,398. The interim order granted adequate protection to secured creditors that may have valid pre-petition liens on the cash collateral through replacement liens on the Debtor's post-petition property including cash collateral, with the same priority, validity and extent as their pre-petition liens. The replacement liens do not apply to Chapter 5 avoidance actions. A search of the Texas Secretary of State records indicates that Northeast Bank, Texas Bank and Trust Company, Forward Financing USA, LLC, and the U.S. Small Business Administration claim secured positions. The filed UCC financing statements assert blanket liens on the Debtor's existing and future accounts receivable, inventory, and equipment. About Celina Total Foot Care PLLC Celina Total Foot Care, PLLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Texas Case No. 26-41849) on May 29, 2026, with assets of up to $50,000 and liabilities of between $100,001 and $500,000. The Debtor is represented by: Robert C. Lane, Esq. The Lane Law Firm, PLLC 6200 Savoy Dr Ste 1150 Houston, TX 77036-3369 Tel: 713-595-8200 notifications@lanelaw.com CERES ROASTING: Gets Final OK to Use Cash Collateral ---------------------------------------------------- Ceres Roasting Company, LLC received final approval from the U.S. Bankruptcy Court for the West District of Washington, Seattle, to use cash collateral. Under the final order, the Debtor is authorized to use cash collateral to fund its operating expenses through Aug. 3 or until confirmation of a Chapter 11 plan, whichever occurs first. The Debtor's cash collateral consists of post-petition cash, accounts receivable, inventory, and their proceeds, which are subject to security interests held by the U.S. Small Business Administration as the primary secured creditor and the Washington State Department of Revenue as the junior creditor. The SBA is owed $182,666. As adequate protection, the court granted both creditors replacement liens on the Debtor's post-petition cash, accounts receivable, inventory, and related proceeds to the same extent and priority as their valid pre-petition liens. In addition, the SBA will receive a monthly payment of $1,007 from the Debtor. The final order is available at https://is.gd/2IVMpy from PacerMonitor.com. Ceres has been financially strained by a combination of pandemic-related disruptions, a fraudulent loan incident that damaged its credit and triggered legal costs, and expensive alternative financing taken on during a business expansion. Since 2023, declining revenues tied to broader economic conditions have made its existing debt load unsustainable, prompting the bankruptcy filing on April 22. Although the business remains operationally viable, it lacks sufficient liquidity and access to traditional financing, with only about $28,000 in cash collateral available at filing. About Ceres Roasting Company LLC Ceres Roasting Company, LLC is a Seattle-based café and food-and-beverage business. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 26-11316) on April 22, 2026. In the petition signed by Nathan Bainbridge, chief executive officer, the Debtor disclosed up to $50,000 in assets and up to $1 million in liabilities. Judge Timothy W. Dore oversees the case. Steven M. Palmer, Esq., at Cairncross & Hempelmann, P.S., represents the Debtor as legal counsel. CHAMPION HOME: Gets Interim OK to Use Cash Collateral ----------------------------------------------------- Champion Home Investments, LLC received interim authority from the Bankruptcy Court for the District of New Jersey to use cash collateral. The interim order authorizes use of cash collateral through July 1, subject to a 10% budget variance. The debtor may use up to $27,625 in cash collateral during the interim period to fund ordinary business operations and preserve estate assets. Authorized expenditures include payroll and payroll taxes, property management, maintenance and repairs, insurance, taxes, completion of work-in-process, purchase of supplies and materials, and payment of administrative and professional expenses in accordance with the approved budget. As adequate protection, secured creditors Shellpoint Mortgage Servicing and Wilmington Savings Fund Society (through Selene Finance) were granted replacement liens on post-petition collateral and proceeds to the same extent and priority as their prepetition interests. The debtor must also continue making monthly mortgage and escrow payments, provide monthly financial accountings and operating reports, and allow creditors reasonable inspection and audit rights. A carve-out of $2,000 per month was approved for Subchapter V trustee fees, along with a separate $7,500 post-petition retainer for the trustee. The court scheduled a final hearing for June 30. Objections to the interim order must be filed by June 23, with responses due by June 26. About Champion Home Investments LLC Champion Home Investments LLC is a real estate investment company that owns residential properties in Newark, New Jersey. The company's holdings include properties on South 12th Street, 9th Avenue West, South 11th Street, Grand Avenue and Whittier Place. Champion Home Investments LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 26-15831) on May 22, 2026. In its petition, the Debtor reports $1,000,001 to $10 million in both assets and liabilities. The Debtor is represented by Karl J. Norgaard, Esq. of Norgaard O'Boyle. CHANNEL OP: Gets Final OK to Use Cash Collateral Until Oct. 12 -------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Utah, Central Division entered a final order authorizing Channel Op, LLC to use cash collateral. Under the final order, the Debtor is authorized to use cash collateral through Oct. 12 in accordance with an approved budget. The Debtor may exceed individual budget line items by up to 10% and may carry forward savings from prior periods to support expenditures later. Additional use of cash collateral beyond the budget is permitted with the express written consent of the affected secured creditors. BayFirst Bank National Association and the U.S. Small Business Administration will be granted replacement liens on the Debtor's post-petition assets to the extent their collateral position diminishes from the use of cash collateral. The replacement liens exclude Chapter 5 avoidance actions and remain subject to any senior liens that existed as of the petition date. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/Wuh7b from PacerMonitor.com. Channel OP provides ecommerce consulting and marketplace optimization services for brands selling on Amazon and other online platforms and owns consumer brands including Nicole and Brizee and Folliboost. Founded in 2015 by William Tyler Metcalf, the Debtor grew amid rising demand for Amazon-focused expertise but later faced financial difficulties after using COVID-era Economic Injury Disaster Loan funds to fund acquisitions that underperformed, resulting in significant debt and cash flow constraints. About Channel Op LLC Channel Op, LLC operates as a digital commerce and marketplace strategy firm headquartered in Heber City, Utah. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Utah Case No. 26-22035) on April 13, 2026. In the petition signed by William Tyler Metcalf, chief executive officer, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Judge Michael F. Thomson oversees the case. George B. Hofmann, Esq., at Cohne Kinghorn, P.C., represents the Debtor as legal counsel. CHAPMAN CBC: Court Extends Cash Collateral Access to July 31 ------------------------------------------------------------ Chapman CBC, LLC received another extension from the U.S. Bankruptcy Court for the Central District of California to use cash collateral. The court entered an order granting the Debtor final approval to use cash collateral through July 31 based on the terms of its stipulations with the U.S. Small Business Administration and Strategic Funding Source, Inc., doing business as Kapitus. Under the stipulations, the secured creditors are granted adequate protection including replacement liens on the Debtor's post-petition cash collateral and monthly payments of $2,942 to the SBA and $3,500 to Kapitus. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/wqwj8 from PacerMonitor.com. Chapman CBC operates a family-owned craft brewery and taproom in Orange, California. It filed for Chapter 11 bankruptcy in May 2025 due to declining craft beer sales and burdensome merchant cash advance obligations. Since filing, the Debtor has continued operating its business and pursuing reorganization through a proposed plan, as amended in February, with a confirmation hearing scheduled for July. Prior to and during the bankruptcy case, the Debtor entered into secured financing arrangements with the SBA and Kapitus, each of which holds a security interest in the Debtor's assets. About Chapman CBC Chapman CBC, LLC, a California-based craft brewery, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-11286) on May 14, 2025, listing up to $1 million in assets and up to $10 million in liabilities. Wil Dee, president of Chapman CBC, signed the petition. Judge Mark D. Houle oversees the case. Gregory K. Jones, Esq., at Stradling Yocca Carlson & Rauth, LLP, represents the Debtor as legal counsel. Kapitus, as lender, is represented by Rebecca Wicks, Esq., at STRADLING YOCCA CARLSON & RAUTH LLP. CIMINO RE: Case Summary & Two Unsecured Creditors ------------------------------------------------- Debtor: Cimino RE Holdings, LLC 601 Lippincott Avenue Riverton, NJ 08077 Business Description: Cimino RE Holdings, LLC is a single asset real estate company that owns a 4,000-square-foot brewery and taproom property at 601 Lippincott Ave in Riverton, New Jersey, leased to and occupied by Brewery 33, LLC. Chapter 11 Petition Date: June 17, 2026 Court: United States Bankruptcy Court District of New Jersey Case No.: 26-17016 Debtor's Counsel: Daniel Reinganum, Esq. LAW OFFICES OF DANIEL REINGANUM 615 White Horse Pike Haddon Heights, NJ 08035 Tel: 856-548-5440 E-mail: daniel@reinganumlaw.com Total Assets: $990,000 Total Liabilities: $1,746,244 The petition was signed by Thomas A. Cimino as president & brew master. A full-text copy of the petition, which includes a list of the Debtor's two unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/3FEWTPA/Cimino_RE_Holdings_LLC__njbke-26-17016__0001.0.pdf?mcid=tGE4TAMA CLEAR CHANNEL: Legion Partners Ceases 5% Beneficial Ownership ------------------------------------------------------------- Legion Partners Asset Management, LLC, Legion Partners, L.P. I, Legion Partners, L.P. II, Legion Partners Special Opportunities, L.P. XVI, Legion Partners, LLC, Legion Partners Holdings, LLC, Christopher S. Kiper, and Raymond T. White disclosed in a Schedule 13D (Amendment No. 5) filed with the U.S. Securities and Exchange Commission that as of June 9, 2026, they beneficially own the following shares of Clear Channel Outdoor Holdings, Inc.'s Common Stock, $0.01 par value per share, based on 508,983,506 Shares outstanding as of May 1, 2026, as reported in the Company's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 6, 2026: * Legion Partners Asset Management, LLC -- 2,812,685 shares with 0 sole voting power, 2,812,685 shared voting power, 0 sole dispositive power, and 2,812,685 shared dispositive power, representing 0.6% of the class. * Legion Partners, L.P. I -- 2,107,996 shares with 0 sole voting power, 2,107,996 shared voting power, 0 sole dispositive power, and 2,107,996 shared dispositive power, representing 0.4% of the class. * Legion Partners, L.P. II -- 187,371 shares with 0 sole voting power, 187,371 shared voting power, 0 sole dispositive power, and 187,371 shared dispositive power, representing 0.04% of the class. * Legion Partners Special Opportunities, L.P. XVI -- 204,633 shares with 0 sole voting power, 204,633 shared voting power, 0 sole dispositive power, and 204,633 shared dispositive power, representing 0.04% of the class. * Legion Partners, LLC -- 2,500,000 shares with 0 sole voting power, 2,500,000 shared voting power, 0 sole dispositive power, and 2,500,000 shared dispositive power, representing 0.5% of the class. * Legion Partners Holdings, LLC -- 2,813,585 shares with 0 sole voting power, 2,813,585 shared voting power, 0 sole dispositive power, and 2,813,585 shared dispositive power, representing 0.6% of the class. * Christopher S. Kiper -- 2,813,585 shares with 0 sole voting power, 2,813,585 shared voting power, 0 sole dispositive power, and 2,813,585 shared dispositive power, representing 0.6% of the class. * Raymond T. White -- 2,813,585 shares with 0 sole voting power, 2,813,585 shared voting power, 0 sole dispositive power, and 2,813,585 shared dispositive power, representing 0.6% of the class. As of June 9, 2026, the Reporting Persons ceased to beneficially own more than 5% of the outstanding Shares. Legion Entities may be reached through: Christopher S. Kiper, Managing Director Legion Partners Asset Management, LLC 12121 Wilshire Blvd, Suite 1240 Los Angeles, CA 90025 Tel: 424-253-1773 A full-text copy of Legion Asset Management's SEC report is available at: https://tinyurl.com/yc7eh6p4 About Clear Channel Outdoor Holdings, Inc. Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) is at the forefront of driving innovation in the out-of-home advertising industry. Clear Channel's dynamic advertising platform is broadening the pool of advertisers using its medium through the expansion of digital billboards and displays and the integration of data analytics and programmatic capabilities that deliver measurable campaigns that are simpler to buy. By leveraging the scale, reach and flexibility of Clear Channel's diverse portfolio of assets, it connects advertisers with millions of consumers every month. As of March 31, 2026, the Company had $3.7 billion in total assets, $7.2 billion in total liabilities, and $3.4 billion in total stockholders' deficit. * * * In Feb. 2026, S&P Global Ratings placed all its ratings on Clear Channel Outdoor Holdings Inc. (CCOH), including the 'CCC+' Company credit rating, on CreditWatch with positive implications. S&P expects to resolve the CreditWatch at the close of the transaction. At that time, it will likely raise its rating by at least one notch based on its expectation of positive free operating cash flow (FOCF) going forward. CCOH's announced that it will be acquired by a group of investors through a take-private transaction. Moreover, Moody's Ratings has placed all of Clear Channel Outdoor Holdings, Inc.'s credit ratings on review for upgrade including the Caa1 corporate family rating, Caa1-PD probability of default rating, the B2 senior secured notes and senior secured bank credit facilities ratings (including the revolving credit facility (RCF) and Term Loan B (TLB)), and the Caa3 senior unsecured notes ratings. Previously, the outlook was stable. The company's SGL-2 Speculative Grade Liquidity Rating (SGL) remains unchanged. CLOVERLEAF ELECTRIC: Court Narrows MCA Lender's Claims ------------------------------------------------------ Judge Thomas J. Tucker of the U.S. Bankruptcy Court for the Eastern District of Michigan will grant in part United First, LLC's partial motion to dismiss the adversary proceeding captioned as CLOVERLEAF ELECTRIC, LLC, Plaintiff, v. UNITED STATES SMALL BUSINESS ADMINISTRATION, et al., Defendants, Adv. No. 25-4217 (Bankr. E.D. Mich.). The Court will sustain in part the objection of Cloverleaf Electric, LLC's to United First, LLC's proof of claim. This adversary proceeding presents a dispute between the Plaintiff, a Chapter 11 bankruptcy debtor, and a Defendant that provided financing to the Debtor pre-petition, under what is commonly known as a merchant cash advance agreement ("MCA Agreement"). Now before the Court is the partial motion to dismiss jointly filed by Defendants United First, LLC and RDM Capital Funding, LLC (the "Movants"). Shortly before the hearing, and also during the hearing, the parties informed the Court that the Plaintiff had reached a settlement of its claims against RDM Capital Funding, LLC ("RDM"), so the Court has deemed the Motion to be settled, as to RDM. By a stipulated order entered on May 14, 2026, RDM was dismissed from this adversary proceeding. The Motion remains pending for decision, as to United First, LLC ("UF"). Also before the Court is an objection that the Plaintiff filed to the proof of claim filed by UF in the Plaintiff's bankruptcy case. UF is now the only defendant left in this adversary proceeding. Originally, the Plaintiff's Complaint contained ten counts, and named seven defendants. Six of those defendants, including UF, are parties that provided pre-petition financing to the Plaintiff under one or more MCA agreements. In the months after filing its Complaint, the Plaintiff obtained a default judgment against one of the Defendants, and settled its claims against all of the other Defendants except UF. Six of the counts in the Complaint are directed at UF, among other defendants. Those are Counts I through IV, IX, and X. The UF Agreement UF's Motion seeks dismissal of three of the counts -- Counts II, III, and IV. All of these counts concern an agreement between the Plaintiff and UF, entitled "Purchase and Sale of Future Receipts Agreement" (the "UF Agreement"). The parties entered into the UF Agreement on April 15, 2025. According to the UF Agreement, UF purchased $576,702.00 of the Plaintiff's "Future Receipts," for a purchase price of $398,000.00. In exchange for the purchase price, the Plaintiff gave UF access to its bank account, and permitted UF to debit that bank account each business day at the rate of $13,399.00 per week, until the $576,702.00 in Future Receipts was paid to UF. The $13,399.00 weekly payment amount, defined as the "Periodic Amount," was stated to be an estimated 17% (the "Specified Percentage") of the Plaintiff's Future Receipts. The UF Agreement estimated that it would take 43 weeks of payments by the Plaintiff to pay UF the $576,702.00 in Future Receipts purchased. The UF Agreement stated that the transaction was not a loan, but rather a sale of Future Receipts. Of the six counts in the Plaintiff's Complaint that are directed at UF (Counts I through IV, IX, and X), all but one of the counts (Count X) also were directed at other Defendants. In Count I, the Plaintiff seeks a determination under 11 U.S.C. Sec. 506(a)(1) that UF's security interest in the Plaintiff's future "accounts" and "payment intangibles" is entirely unsecured, because the Small Business Administration has first-priority liens in all the Plaintiff's assets, and those prior liens secure debts that in combination are much larger than the value of the Plaintiff's assets. In Count II, the Plaintiff seeks a declaratory judgment that the UF Agreement is a loan transaction, rather than a sale, "subject to the laws applicable to and governing loans." In Count III, the Plaintiff seeks a declaratory judgment that the UF Agreement "effected no sale or transfer of property," because the purported sale of the Plaintiff's Future Receipts and receivables was impossible. In Count IV, the Plaintiff seeks a declaratory judgment that the UF Agreement "violated state usury laws and is therefore unenforceable." In Count IX, the Plaintiff seeks to avoid, under 11 U.S.C. § 547(b), and recover, alleged preferential transfers made by the Plaintiff to UF during the 90 day pre-petition period, totaling $133,990.00. In Count X, the Plaintiff seeks the disallowance of any claim by UF, on two grounds: first, because any such claim "includes unmatured interest which must be disallowed pursuant to 11 U.S.C. Sec. 502(b)(2); " and second, under 11 U.S.C. Sec. 502(d), because of the Plaintiff's avoidance claim. Counts II, III, and IV of the Complaint each seek a declaratory judgment. UF's first and primary argument concerns the nature of declaratory relief. UF argues that declaratory relief is not an independent cause of action. It argues that Counts II, III, and IV are not connected to any substantive cause of action, so they must be dismissed. The Court says UF is correct about the nature of declaratory relief. The Court agrees with UF's argument, with respect to Count IV, but the Court disagrees with UF's arguments about Counts II and III The Court finds Counts II and III are both sufficiently connected to, and support, a substantive claim in the Complaint -- namely, Count IX. Count IX seeks to avoid and recover $133,990.00 in prepetition transfers the Plaintiff made to UF, as preferences under 11 U.S.C. Sec. 547(b). As for Count IV of the Complaint, the Court agrees with UF's argument. The declaratory relief sought in Count IV does not support the Count IX preference claim. Nor is Count IV supportive of any other substantive claim against UF in the Complaint. The Court finds that the Plaintiff has not yet plausibly pled that the UF Agreement is a contract of adhesion, in either Count IV or the Claim Objection. Plaintiff's objection to UF's proof of claim UF timely filed a proof of claim (Claim 22-1) in the Plaintiff's bankruptcy case, in the amount of $281,924.00. As the basis of that claim, UF alleged "Breach of Purchase and Sale of Future Receipts Agreement." The claim also stated that UF's claim is "secured by a lien on property" with a value in the full amount of the claim, namely, "Accounts/Future Receipts," and that the lien is perfected by a "UCC Financing Statement." The Claim Objection seeks an order disallowing UF's claim entirely, or alternatively, an order allowing the claim as an unsecured claim. As the grounds for this relief, the Claim Objection relies on certain counts of the Plaintiff's Complaint in this adversary proceeding. On January 12, 2026, before UF filed its proof of claim, the Debtor filed its proposed plan of reorganization, jointly with Shawn Hosner. The Plan listed UF as an unsecured creditor, in an "unknown" amount. The Plan treated the UF claim against the Plaintiff, to the extent it ever was allowed in any amount, as included in Class XI, the class of the Plaintiff's non-priority unsecured creditors. The Plan proposed to pay the claims in that class, pro rata, a total of $113,131.00 in 60 monthly payments. UF did not vote to accept or reject the Plan. (Five creditors in Class XI did vote, and all of them accepted the Plan.) Nor did UF file any objection to the confirmation of the Plan. The Court entered an order confirming the Plan on March 5, 2026. The Court will sustain the Plaintiff's Claim Objection in part, to the extent of ruling that UF's claim in the bankruptcy case is entirely a non-priority, unsecured claim. UF's claim is to be treated as part of the class of such claims (Class XI) under the Plaintiff's confirmed Chapter 11 Plan, based on the allowed amount of UF's claim, which amount remains to be determined. A copy of the Court's Opinion and Order dated June 16, 2026, is available at https://urlcurt.com/u?l=MDhEQq from PacerMonitor.com. About Cloverleaf Electric Cloverleaf Electric, LLC provides residential, commercial, and industrial electrical contracting services across Michigan. It installs, repairs, and maintains electrical systems for homes, businesses, and manufacturing facilities, covering wiring, lighting, control systems, and breaker panels. Founded in 2011 and based in Troy, Michigan, the company serves clients across the region. Cloverleaf Electric filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Mich. Case No. 25-50310) on October 14, 2025, with $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Shawn Hosner, sole member and manager, signed the petition. Judge Mark A. Randon presides over the case. Mark H. Shapiro, Esq., at Steinberg Shapiro & Clark represents the Debtor as counsel. COMMODITY TRANSPORTERS: Voluntary Chapter 11 Case Summary --------------------------------------------------------- Debtor: Commodity Transporters, Inc. 3853 Wardrove Avenue Merced, CA 95341 Business Description: Commodity Transporters is a Merced, California-based freight transportation company. The company provides flatbed, roll-top, step-deck, and heavy haul/lowboy transport services, including transportation for oversize, overweight, and over-dimensional loads. It carries cargo such as steel, glass, tractors, pipe, and almonds, and services states including California, Arizona, Nevada, Oregon, Washington, Idaho, Montana, Wyoming, Colorado, and New Mexico. Chapter 11 Petition Date: June 15, 2026 Court: United States Bankruptcy Court Eastern District of California Case No.: 26-12787 Judge: Hon. Rene Lastreto II Debtor's Counsel: David C. Johnston, Esq. DAVID C. JOHNSTON 1600 G Street, Suite 102 Modesto, CA 95354 Tel: (209) 579-1150 E-mail: david@johnstonbusinesslaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Steven E. Wilber as president. The Debtor did not submit a list of its 20 largest unsecured creditors along with the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/ZQRJPBY/Commodity_Transporters_Inc__caebke-26-12787__0001.0.pdf?mcid=tGE4TAMA COREWEAVE INC: Fitch Rates Proposed Sr. Unsecured Notes 'BB-' ------------------------------------------------------------- Fitch Ratings has assigned CoreWeave, Inc.'s (BB-/Positive) proposed senior unsecured notes issuance, which includes euro- and U.S. dollar-denominated tranches, a long-term rating of 'BB-' with a Recovery Rating of 'RR4'. The proceeds will be used for general corporate purposes. CoreWeave's ratings reflect its strong revenue growth, improving EBITDA, and deleveraging path as capacity ramps under signed customer contracts, while strong new contract wins support growth and revenue visibility. The ratings remain constrained by the company's high leverage, customer concentration, and negative FCF during the current investment phase. The pace of deleveraging could slow if continued large contract wins extend the buildout phase and require further debt-funded capacity expansion. Key Rating Drivers Credit Metrics to Improve: Fitch expects CoreWeave's credit profile to improve over the next two years. However, Fitch expects leverage and FCF to remain weak through fiscal 2027 during the current investment phase. Gross EBITDA leverage, excluding leases, increased to 7.0x in fiscal 2025. Leverage should improve in fiscal 2026 and more substantially in fiscal 2027 but remain weak for the rating. FCF is likely to remain weak through fiscal 2027 before improving thereafter. The pace of deleveraging is linked to continued capacity investment following strong contract wins, with funding supported by debt and lease obligations. Fitch expects capital intensity to peak in 2026, with FCF and leverage improving thereafter. High Customer Concentration: Customer concentration remains high. CoreWeave generated about 65% of 1Q26 revenue from its top two customers, with no other customer representing 10% or more. Recent committed contracts with OpenAI, Meta, Anthropic and Jane Street should support improving customer diversification. Revenue will likely remain concentrated in a small number of large counterparties. This exposes CoreWeave to non-renewal risk, customer insourcing, and potential counterparty risk. Robust Revenue Visibility: As of March 31, 2026, CoreWeave's revenue backlog was $99.4 billion, up 284% from March 2025. About 36% is scheduled to be recognized within 24 months and 75% within four years. Multiyear customer contracts with take-or-pay features support strong revenue visibility and cash flow generation, although visibility beyond the contracted period is weaker. CoreWeave generally invests in GPU-related capex after signing long-term customer contracts, aligning new GPU deployment with contracted demand. Longer-Term Visibility Less Clear: Visibility is weaker beyond the current contracted period over approximately the next five years, when CoreWeave will depend more on contract renewals, replacement contracts, and continued customer demand to sustain growth. Customer concentration remains a risk, including potential insourcing by hyperscalers. The company's short operating history and the rapid pace of change in AI hardware and workloads also add uncertainty to its longer-term business profile. Potential Lease Term Mismatch Risk: CoreWeave faces a potential risk due to the mismatch between the terms of its leases with data center suppliers and its contracts with customers. While its leases typically span up to 15 years, its customer contracts generally have shorter durations of three to five years. This disparity creates challenges in aligning long-term obligations with short-and-medium-term revenue streams, exposing CoreWeave to the risk of having to meet lease commitments without guaranteed customer income. The company typically manages this risk by building enough of a buffer into its contract terms to mitigate the impact of contract length mismatches. Strategic Differentiation and Market Leadership: CoreWeave's first-mover advantage, partnership with Nvidia, and top-tier performance metrics bolster its competitive position against hyperscalers and smaller, AI-focused cloud providers. Its AI specialization also helps it compete specifically against hyperscalers. Managed software and application services integration into its technology stack further differentiate its offerings. However, the competitive landscape poses a significant risk over time as companies rapidly invest in their own infrastructure, potentially challenging CoreWeave's market position and requiring continuous innovation to maintain its leadership. AI Demand Supports Growth: CoreWeave is positioned to benefit from the broader AI buildout, which Fitch views as a multiyear investment cycle, supported by strong demand for AI services. Fitch estimates AI services revenue could reach about $800 billion to $1.4 trillion a year by 2030, with more than 95% tied to business applications. As enterprise and embedded AI adoption expands, Fitch expects demand to support continued investment in compute cloud capacity, and data centers and related infrastructure. As an independent AI compute cloud provider, CoreWeave is positioned to benefit from sustained demand for scalable, GPU-based infrastructure. Peer Analysis CoreWeave operates in digital infrastructure but differs from most rated peers in its business model and risk profile. Equinix, Inc. (BBB+/Stable) and Digital Realty Trust, Inc. (BBB/Stable) benefit from diversified customer bases, low churn, large global platforms and conservative financial policies. Their ratings are supported by real estate-based business models, long operating records and more stable cash flow. CoreWeave provides GPU-based cloud services under multiyear contracts, but its shorter track record, higher customer concentration, shorter contract tenor, and greater technology risk lead to higher earnings and cash flow volatility than those of Equinix and Digital Realty. CoreWeave also faces risk that customers develop internal capacity or shift demand to larger cloud providers. Iridium Communications Inc. (BB/Stable) and Viasat, Inc. (B/Stable) are closer rating peers because they operate in capital-intensive, technology-driven sectors with meaningful execution risk. CoreWeave's rating reflects its strong growth prospects, but also its limited diversification and greater exposure to changes in technology and customer demand. Fitch's Key Rating-Case Assumptions - Revenue to continue growing rapidly in fiscal 2026 and fiscal 2027, with growth moderating thereafter, supported by recognition of existing remaining performance obligations and additional contract wins; - EBITDA margins to face some pressure in fiscal 2026 due to costs tied to new contract wins, then improve as operating leverage increases; - Capex to remain very high in fiscal 2026, begin to decline in fiscal 2027, and normalize over the medium term, as investment is linked to customer contracts; - Incremental debt issuance to support capex tied to contract wins; - No debt repayment assumed beyond mandatory repayment schedules. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): Business and financial profile factors (assessment, relative importance): management ('bbb', Lower), sector characteristics ('b+', Moderate), market and competitive positioning ('bb+', Moderate), diversification and asset quality ('b', Higher), company operational characteristics ('bbb-', Moderate), profitability ('bbb-', Moderate), financial structure ('bb-', Higher), and financial flexibility ('bb+', Moderate). The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2026, 40% for the forecast year 2027 and 40% for the forecast year 2028. The governance assessment of 'good' has no impact. The operating environment assessment of 'aa-' has no impact. The SCP is 'bb-'. To derive the Long-Term IDR: Fitch made no adjustments to the SCP, resulting in an IDR of 'BB-'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA leverage (excluding leases) sustained above 4.0x or lease-adjusted leverage sustained above 5.0x; - Failure to achieve positive FCF over the medium to long term due to operational weakness rather than stronger new contract growth; - Continued reliance on a limited number of revenue sources or major contracts, increasing vulnerability to adverse changes in customer relationships or industry conditions; - Inability to access additional debt capital on favorable terms to support its growth strategy. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - EBITDA leverage (excluding leases) sustained below 3.0x or lease-adjusted leverage sustained below 4.0x; - Expansion into new markets or services that diversify revenue streams and reduce dependence on a few large customers, improving business resilience; - Demonstrated ability to consistently renew or replace major customer contracts, ensuring stable revenue flow and minimizing disruption from contract expirations. Liquidity and Debt Structure Fitch expects CoreWeave to have sufficient liquidity. As of March 2026, the company had $2.2 billion in cash and equivalents and marketable securities, as well as $686 million capacity available under its $2.5 billion RCF. After the first quarter ended, CoreWeave repaid the outstanding balance on its RCF. Fitch expects high capex in fiscal 2026 and fiscal 2027 will continue to pressure FCF, which will likely necessitate additional debt financing sources in 2026 and 2027 to support execution on the company's growth plans. As of March 2026, pro forma for recent transactions, CoreWeave's debt consists of a refundable deposit classified as debt with Magnetar of $281 million (NR), OEM financing arrangements of $5 billion (NR), unsecured high-yield notes of $6.5 billion (BB-/RR4), unsecured convertible notes of $6.6 billion (NR), and SPV-level DDTLs, including DDTL 4.0 ('A-sf') and DDTL 5.0 ('BB+'/RR2), along with various other DDTLs (DDTL 1.0, DDTL 2.0, DDTL 2.1, and DDTL 3.0) (NR). Issuer Profile CoreWeave provides GPU-based cloud infrastructure for AI/ML, rendering, and other compute-intensive workloads. Its cloud platform combines proprietary software with managed services. As of March 2026, CoreWeave's footprint spanned 49 active data centers, mainly accessed via long-term leases and hosting arrangements. Date of Relevant Committee May 13, 2026 MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for CoreWeave, Inc. ESG Considerations CoreWeave, Inc. has an ESG Relevance Score of '4' for Governance Structure due to concentrated shareholder voting power and an organizational structure that is somewhat more complex than average. This has a negative impact on the credit profile, and is relevant to the rating[s] in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery ----------- ------ -------- CoreWeave, Inc. senior unsecured LT BB- New Rating RR4 COREWEAVE INC: Moody's Rates New Senior Unsecured Notes 'B1' ------------------------------------------------------------ Moody's Ratings assigned B1 ratings to CoreWeave, Inc.'s (CoreWeave) proposed US dollar denominated senior unsecured notes and Euro denominated senior unsecured notes. All other ratings, including the Ba3 corporate family rating, the Ba3-PD probability of default rating and the existing B1 senior unsecured rating are unaffected. The outlook is unchanged at stable. CoreWeave intends to use net proceeds from the senior unsecured notes issuances for general corporate purposes, including capital expenditures, repayment of existing debt, and transaction-related fees and expenses. Moody's expects limited impact to Moody's projections from the transaction, as Moody's forecasts already assumed additional debt raises to fund incremental capital spend associated with bookings growth. As of LTM March 31, 2026, Moody's adjusted financial leverage was 8.4x. Pro forma for the transaction and additional debt transactions completed in the second quarter of 2026 to date, financial leverage increases to 11.4x. However, run-rate adjusted financial leverage (inclusive of projected run-rate earnings from new contracts and the associated debt required to fund them) declines to 4.1x. The assigned ratings are subject to review of final documentation and no material change to the size, terms and conditions of the transaction as advised to us. RATINGS RATIONALE CoreWeave's Ba3 CFR is supported by strong revenue and EBITDA growth, underpinned by the company's leading position as a provider of software-enabled cloud infrastructure capable of managing large-scale, complex AI workloads. Near-term earnings visibility is enhanced by a $99.4 billion contracted revenue backlog as of March 31, 2026, which increased more than 280% year over year and carries an average contract term of approximately five years. Nearly 70% of the contracted backlog is attributable to investment-grade customers, supporting revenue durability. With 98% of LTM March 31, 2026 revenues under contract, CoreWeave is relatively insulated from GPU spot pricing volatility, supported by long contract durations and an estimated six-year GAAP useful life for GPUs. Moody's also expects global AI infrastructure spending to remain strong over the next several years, driven by sustained, large-scale industry capex investment, positioning CoreWeave to continue gaining market share. The company's ability to execute at scale is supported by its global platform, including 49 data centers, 3.5 gigawatts of contracted power as of March 31, 2026, and strategic partnerships with NVIDIA and its distribution partners, which together enable the efficient deployment of high-intensity AI workloads for customers. The Ba3 CFR is constrained by high Moody's adjusted financial leverage and Moody's expectations of negative free cash flow for at least the next 18 months, driven by substantial capital spending required to support large-scale, long-dated customer contracts. As the company remains in an early growth phase, Moody's expects CoreWeave to continue relying on incremental external funding to finance growth capital spend, resulting in financial leverage remaining elevated over at least the next two years. Although Moody's anticipates capital intensity to moderate in 2027, incremental demand or additional requirements associated with future GPU releases could drive capital spending materially above current expectations. The credit profile is further constrained by CoreWeave's limited operating history, having been founded in 2017 as a cryptocurrency mining business before pivoting to AI infrastructure in the second half of 2020. Credit constraints also include high customer concentration (Moody's estimates its top customer represents at least 30% of contracted backlog) despite continued progress in diversification. Over time, risks around contract renewability and pricing persist. To date, CoreWeave has successfully renewed and expanded contracts at pricing broadly consistent with initial average selling prices. However, sustained cash flow generation is contingent on continued reductions in the cost of debt, GPUs achieving economic lives beyond their GAAP useful lives, and the company's ability to successfully re-contract deployed GPUs on favorable terms. Competitive risks are heightened by the presence of hyperscalers as both major customers and direct competitors, leveraging superior scale and lower costs of capital to build in-house AI infrastructure addressing workloads similar to CoreWeave's offerings. Execution over the next several years will be critical to demonstrating the long-term profitability of the business model, particularly as hyperscalers' next-generation AI-optimized data centers are expected to come online in 2027 and 2028. This elevates the importance of continued customer diversification, including expansion within the large enterprise segment. The stable outlook reflects Moody's expectations that CoreWeave will sustain strong revenue growth and improve margins, supported by its sizable base of contracted revenues. The outlook also incorporates Moody's views that the company will maintain at least adequate liquidity to fund free cash flow deficits driven by elevated capital spending required to service customer contracts. Moody's forecasts assumes demand for AI infrastructure services remains robust over the near to mid-term, enabling CoreWeave to expand its data center footprint, increase contracted power capacity, and continue securing large-scale customer contracts broadly in line with recent wins. Under this growth-driven scenario, Moody's expects financial leverage to remain elevated for at least the next two years. Conversely, a near-term moderation in demand would likely result in a faster decline in financial leverage, driven by reduced growth capital spending and lower incremental debt requirements. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could upgrade CoreWeave's ratings following continued strong revenue and EBITDA growth execution resulting in a clear path to financial leverage declining and approaching 3.5x within the next three years. An upgrade would also require CoreWeave to maintain good liquidity and for the company to approach breakeven free cash flow. A ratings upgrade would also be predicated on management's continued commitment to a conservative credit profile and discipline with respect to shareholder friendly activities. The ratings could be downgraded if Moody's expects financial leverage to be sustained above 4.5x, revenue growth is slower than expected, or operating margins deteriorate, which could be due to a deterioration of CoreWeave's market position, or liquidity deteriorates. Also, the ratings could be downgraded if financial policy shifts more in favor of shareholders. The principal methodology used in these ratings was Communications Infrastructure published in September 2025. CoreWeave, Inc. (NYSE: CRWV) is a leading cloud infrastructure provider specialized on AI workloads serving AI labs, hyperscalers, and enterprises. The company operates multiple data centers across the US and Europe on which CoreWeave runs a cloud platform delivering GPU infrastructure. As of LTM March 31, 2026, the company generated $6.2 billion of revenue. COSMOS HEALTH: CEO Reports 1.35M Share Grant, Spouse Gets 100K -------------------------------------------------------------- Grigorios Siokas, Director, Chief Executive Officer, and 10% Owner of the Cosmos Health Inc., filed a Form 5 with the U.S. Securities and Exchange Commission reporting two grants of the Company's common stock, par value $0.001 per share, made on December 31, 2025 under the Company's 2024 Omnibus Incentive Plan, each at a price of $0.001 per share. Mr. Siokas was granted 1,350,000 shares directly, following which he beneficially owns 8,066,771 shares of common stock, directly. In addition, 100,000 shares were granted to Mr. Siokas's spouse due to her being an employee of the Company's subsidiary, following which she beneficially owns 490,000 shares of common stock, directly. Mr. Siokas disclaims beneficial ownership of the shares owned by his spouse, and this report shall not be deemed an admission that Mr. Siokas is the beneficial owner of such securities for purposes of Section 16 or for any other purpose. A full text copy of Mr. Siokas' SEC Report is available at https://tinyurl.com/mescrezy 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. COSMOS HEALTH: CFO Georgios Terzis Reports 490,000 Share Grant -------------------------------------------------------------- Georgios Terzis, Chief Financial Officer of Cosmos Health Inc., filed a Form 5 with the U.S. Securities and Exchange Commission reporting that he was granted 490,000 shares of the Company's common stock, par value $0.001 per share, on December 31, 2025 under the Company's 2024 Omnibus Incentive Plan, at a price of $0.001 per share. Following this transaction, Mr. Terzis beneficially owns 1,217,263 shares of common stock, directly. A full text copy of Mr. Terzis' SEC Report is available at https://tinyurl.com/bdd9rwe8 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. COSMOS HEALTH: Director Anastasios Aslidis Reports 20K Share Grant ------------------------------------------------------------------ Anastasios Aslidis, a Director of Cosmos Health Inc., filed a Form 5 with the U.S. Securities and Exchange Commission reporting that he was granted 20,000 shares of the Company's common stock, par value $0.001 per share, on December 31, 2025 under the Company's 2024 Omnibus Incentive Plan, at a price of $0.001 per share. Following this transaction, Mr. Aslidis beneficially owns 60,000 shares of common stock, directly. A full text copy of Mr. Aslidis' SEC Report is available at https://tinyurl.com/5x67prvd 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. COSMOS HEALTH: Director Bhutawala Reports 15,000 Share Grant ------------------------------------------------------------ Suhel Bhutawala, a Director of Cosmos Health Inc., filed a Form 5 with the U.S. Securities and Exchange Commission reporting that he was granted 15,000 shares of the Company's common stock, par value $0.001 per share, on December 31, 2025 under the Company's 2024 Omnibus Incentive Plan, at a price of $0.001 per share. Following this transaction, Mr. Bhutawala beneficially owns 45,000 shares of common stock, directly. A full text copy of Mr. Bhutawala's SEC Report is available at https://tinyurl.com/57faa4dk 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. COSMOS HEALTH: Director D. Demetriades Reports 15,000 Share Grant ----------------------------------------------------------------- Demetrios G. Demetriades, a Director and Secretary of Cosmos Health Inc., filed a Form 5 with the U.S. Securities and Exchange Commission reporting that he was granted 15,000 shares of the Company's common stock, par value $0.001 per share, on December 31, 2025 under the Company's 2024 Omnibus Incentive Plan, at a price of $0.001 per share. Following this transaction, Mr. Demetriades beneficially owns 35,000 shares of common stock, directly. A full text copy of Mr. Demetriades' SEC Report is available at https://tinyurl.com/3r928yun 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. COSMOS HEALTH: Director Hoidas Reports 15,000 Share Grant --------------------------------------------------------- John James Hoidas, a Director of Cosmos Health, Inc. filed a Form 5 with the U.S. Securities and Exchange Commission reporting that he was granted 15,000 shares of the Company's common stock, par value $0.001 per share, on December 31, 2025 under the Company's 2024 Omnibus Incentive Plan, at a price of $0.001 per share. Following this transaction, Mr. Hoidas beneficially owns 30,000 shares of common stock, directly. A full text copy of Mr. Hoidas' SEC Report is available at https://tinyurl.com/yv39y9j8 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. COSMOS HEALTH: Director T. Karkantzos Reports 15,000 Share Grant ---------------------------------------------------------------- Theodoros Christos Karkantzos, a Director of Cosmos Health Inc., filed a Form 5 with the U.S. Securities and Exchange Commission reporting that he was granted 15,000 shares of the Company's common stock, par value $0.001 per share, on December 31, 2025 under the Company's 2024 Omnibus Incentive Plan, at a price of $0.001 per share. Following this transaction, Mr. Karkantzos beneficially owns 15,000 shares of common stock, directly. A full text copy of Mr. Karkantzos' SEC Report is available at https://tinyurl.com/4nydd6xw 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. CPV MARYLAND: S&P Raises Senior Secured Debt Rating to 'BB' ----------------------------------------------------------- S&P Global Ratings raised its rating on CPV Maryland LLC's (CPV Maryland, St. Charles or the project) senior secured term loan B (TLB) to 'BB' from 'BB-'. The upgrade reflects S&P's opinion of CPV Maryland's better-than-expected deleveraging and the power market outlook. The recovery rating is unchanged at '1+', which indicates S&P's expectation for full (100%+) recovery in a default scenario. The stable outlook reflects S&P's expectation that CPV Maryland will realize robust capacity factors and spark spreads, while maintaining sustainable operational performance with minimal forced outages. CPV Maryland LLC owns the St. Charles Energy Center (St. Charles), an operating 745 megawatt natural gas-fired power plant in Charles County, Maryland. The facility achieved commercial operations on Feb. 14, 2017, and is wholly owned by subsidiaries of CPV Group L.P. The power plant consists of two General Electric Co. (GE) 7F.05 combustion turbines with associated electric generators, two CMI duct-fired triple-pressure reheat heat recovery steam generators, and a single GE D11-A400 steam turbine with associated electric generator. The facility burns only natural gas fuel. CPV Maryland has maintained a robust operational track record since the issuance of its $350 million TLB. From the second half of 2021 through the end of 2025, the facility achieved capacity factors of 60%-70%, supported by a clean spark spread of approximately $15 per megawatt hour (/MWh)–$30/MWh. This operational performance resulted in average annual EBITDA of approximately $76 million. In 2025, performance exceeded our baseline expectations. A combination of a cold winter--which spurred elevated power prices--and improved capacity prices in the second half of the year resulted in a realized clean spark spread of approximately $27/MWh. Excess cash flows allowed for a $59 million TLB paydown in 2025, outpacing our expectations. S&P said, "We expect stronger coverage ratios, given market dynamics and debt paydown. We expect future minimum debt service coverage ratios (DSCRs) will be above 1.91x and the median DSCR will be 2.09x, exceeding the previous upgrade trigger of 1.80x. This improvement is driven by the project's 2025 deleveraging, which was higher than we expected and our upward revision to our capacity price assumptions, which outweigh the headwinds from rising RGGI costs. We view such metrics as commensurate with a 'BB' rating." Over the past four years, CPV Maryland has paid down $135 million in debt. This represents approximately 40% of the original TLB principal. Consequently, the project's leverage is low compared with that of Combined Cycle Gas Turbine peers, with a current debt-to-capacity ratio of $288 per kilowatt (/kW). CPV Maryland will continue to benefit from higher capacity prices. S&P said, "We anticipate a favorable capacity environment in the PJM market due to persistent structural supply deficits. In April 2026, the Federal Energy Regulatory Commission approved PJM's proposal to extend its capacity auction price collar through the 2029-2030 delivery year. The mechanism restricts wholesale capacity auction prices to a floor of $175 per megawatt-day (/MW-day) and a cap of approximately $325/MW-day. For the next two auctions, we expect capacity prices will clear at the cap of $325/MW-day. Although eventually, we expect PJM will revert to its traditional base residual capacity auction mechanism, our long-term modeling assumes a return to the historical average of $175/MW-day by 2032." S&P said, "We believe the project should realize robust clean spark spreads, despite rising RGGI costs. In the most recent quarterly auction run in June 2026, RGGI increased to $35 per short ton (/short ton) of carbon dioxide emitted, from $25/short ton in the previous quarterly auction run in March 2026. This spike was primarily spurred by market speculation regarding Virginia rejoining the RGGI states, driving up demand for the June auction while not providing the state supply until September. However, we believe this cost increase will be largely mitigated by rising dirty spark spreads, as higher carbon costs are typically passed through to wholesale electricity prices. Furthermore, the fundamental demand growth, driven by the rapid expansion of data centers in the region, provides a supportive floor for power prices. "With these market dynamics and the project's low leverage, we expect DSCRs during the TLB period will be above 4.0x. We also expect DSCRs during the refinancing period will be above the previous upgrade trigger, which supports the higher rating on the senior secured debt. "The stable outlook reflects our expectation that CPV Maryland will realize robust capacity factors and spark spreads, while maintaining sustainable operational performance with minimal forced outages. We expect the TLB balance outstanding at maturity will be about $140 million." S&P would consider a negative rating action if CPV Maryland is unable to sustain DSCRs above 1.8x. This could occur if: -- Economic factors lead to lower capacity prices, capacity factors, or spark spreads than S&P forecasts; -- The project experiences higher forced outages, resulting in lower generation or penalties; -- Higher RGGI does not result in corresponding higher dirty spark spreads to offset the increased RGGI costs; or -- Excess cash flows don't lead to debt repayment, resulting in a TLB balance meaningfully higher than S&P's expectation at maturity absent mitigating factors. Although unlikely, S&P could raise the rating if: -- S&P expects CPV Maryland will consistently realize a minimum DSCR above 3.0x during the life of the project; and -- S&P believes qualitative factors support a 'BB+' rating, given the operational and market risks inherent in a single-asset plant. CREATION TECHNOLOGIES: S&P Affirms 'B-' ICR, Alters Outlook to Pos. ------------------------------------------------------------------- S&P Global Ratings revised its outlook to positive from stable and affirmed its 'B-' issuer credit rating on electronics manufacturing services provider Creation Technologies Inc. S&P also affirmed its 'B-' issue-level rating on Creation's first-lien term loan; the '3' recovery rating is unchanged. The positive outlook reflects potential for an upgrade if leverage remains below the 6x area and FOCF approaches $25 million from stable top-line growth and improved EBITDA margins. The outlook revision to positive reflects expected leverage in the low-5x area in 2026. Strong demand from industrial and military customers improved Creation's results in 2025. Both segments increased more than 20% year over year, leading to mid-teens percent top-line growth. That decreased leverage more than a turn year over year to the mid-5x area. Creation has improved its credit metrics the past year on strong top-line growth and improved EBITDA margins. S&P said, "We expect Creation will continue to decrease leverage and generate positive free operating cash flow (FOCF) over the next 12 months. "While we expect revenue to slow this year from a record year last year, we still expect stable demand from large customers. Further, Creation has been capturing new customer wins and expanding wallet share with existing customers. We expect this to lead to top-line growth of 2%-4% in 2026. That, with stable EBITDA margins, should decrease leverage to the low-5x area in 2026. However, we note the EMS business is inherently volatile. Creation would need to have sufficient cushion to leverage in the higher rating to be able to absorb the potential volatility in both stable and weak markets. "We expect better operating leverage and cost savings to improve EBITDA margins. Creation has increased EBITDA margins the past few years. In 2025, Creation fully passed tariffs to its customers. It improved utilization and implemented cost-saving initiatives to expand EBITDA margins to 8%-10%. We expect operating leverage and growth of higher-margin products will lift EBITDA margins more than 100 basis points to the 10%-12% range in 2026. "We expect the company can support growth investments while still generating cash flow. Creation recorded $15 million in FOCF in 2025, despite higher working capital use because of improved EBITDA. While we expect capex to more than double to the low-$20 million area in 2026 and working capital to remain a use, FOCF should remain positive at more than $10 million because of higher EBITDA. In 2027, we expect capex to normalize and EBITDA to continue to improve, expanding FOCF to over $25 million. Creation also has more than $80 million in total liquidity, which can support its business over the next few years." The positive outlook on Creation reflects the potential for an upgrade if it keeps leverage below the 6x area and FOCF approaches $25 million from stable top-line growth and EBITDA margin improvement. S&P could revise the outlook to stable if: -- S&P believes that Creation will sustain leverage approaching the 6x area due to weaker than expected demand from customers, semiconductor supply chain constraints, tougher macroeconomic environment, or debt-funded acquisitions or shareholder returns; or -- FOCF falls below $20 million on weak EBITDA, elevated capex, or high working capital use. S&P could raise the rating if Creation: -- Maintains leverage below the 6x area with sufficient cushion for a downturn and customer volatility; -- Generates close to $25 million of FOCF without working capital monetization; and -- Maintains these metrics through sector-specific and macroeconomic volatility, acquisitions, and shareholder returns. This could occur if customer demand remains stable and the company continues to expand profitability. CRYSTAL CARDENAS: Hires Brian K. McMahon P.A. as Attorney --------------------------------------------------------- Crystal Cardenas, P.A. seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Brian K. McMahon as attorney. The firm will provide these services: a. give advice to the Debtor with respect to its powers and duties as a debtor in possession; b. advise the debtor with respect to its responsibilities in complying with the U.S. Trustee's Operating Guidelines and Reporting Requirement 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; e. represent the debtor in negotiation with its creditors in the preparation of a plan. Brian K. McMahon, Esq., the attorney handling the case will be paid at the rate of $450 per hour. The firm received a retainer in the amount of $5,000. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Mr. McMahon 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: 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 Crystal Cardenas, P.A. Crystal Cardenas, P.A. filed a Chapter 11 bankruptcy petition (Bankr. S.D.Fl. Case No. 26-17457-EPK) on June 8, 2026. The Debtor hires Brian K. McMahon, P.A. D & D VENTURE: Seeks Chapter 11 Bankruptcy in California -------------------------------------------------------- On June 4, 2026, D & D Venture Group, Inc. 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 $1 million and $10 million in debt owed to 100–199 creditors. A meeting of creditors under Section 341(a) to be held on July 6, 2026 at 03:00 PM via UST Teleconference San Francisco, Call in number: 1-888-330-1716 Passcode: 8324431. About D & D Venture Group, Inc. D & D Venture Group, Inc. is a diversified business and investment company engaged in venture development, business operations, and strategic investments across multiple sectors. The company sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-30496) on June 4, 2026. In its petition, the debtor reported estimated assets ranging from $1 million to $10 million and estimated liabilities ranging from $1 million to $10 million. Honorable Bankruptcy Judge William J. Lafferty handles the case. The debtor is represented by Edward J. Tredinnick, Esq., of Fox Rothschild LLP. DAMIS HOLDINGS: Deadline for Panel Questionnaires Set for June 22 ----------------------------------------------------------------- The United States Trustee is soliciting members for committee of unsecured creditors in the bankruptcy cases of Damis Holdings 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/3s7hk9hm and return by email it to Tina L. Oppelt -- Tina.L.Oppelt@usdoj.gov -- at the Office of the United States Trustee so that it is received no later than 5:00 p.m., on June 22, 2025. 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 Damis Holdings LLC Damis Holdings LLC is a Trumbull, Connecticut-based owner and operator of summer camp facilities and related recreational businesses operating through multiple affiliated entities. Damis Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-16439) on June 4, 2026. In its petition, the Debtors reported estimated assets of $100 million to $500 million and estimated liabilities of $500 million to $1 billion. The Honorable Bankruptcy Judge Christine M. Gravelle handles the cases. The Debtors are represented by Michael D. Sirota, Esq. of Cole Schotz P.C. The Debtors' financial advisor and investment banker is B. Riley Securities. The Debtors' claims and noticing agent is Kroll Restructuring Administration LLC. DAN LEPORE: Court OKs Personal Property Sale in a Private Sale -------------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Pennsylvania has granted Dan Lepore & Sons Company to sell Personal Property, free and clear of liens, claims, interests, and encumbrances. The Debtor is a for profit corporation that was incorporated as of January 26, 1970. The Debtor is a third-generation masonry restoration and construction company, dedicated to the execution of complex, large scale or historic projects for a national clientele. The Debtor works with industrial, commercial and institutional clients. The Debtor assesses and repairs structural failures, implements design/build projects, rigging, scaffolding, and preserves the historic fabric of some of the most iconic buildings in the nation. The Debtor's principal place of business is located at 501 Washington Street, Conshohocken, PA 19428. The Debtor has identified additional machinery, equipment, vehicles, trucks and other personal property it seeks to sell (Personal Property). Overview of the components of the Personal Property is provided at Exhibit A. https://urlcurt.com/u?l=VNOUU5 The Court has authorized the Debtor to sell the Personal Property by Private Sales. Each sale of the Personal Property shall be free and clear of all mortgages, security interests, conditional sale or other title retention agreements, claims of governmental units, claims arising under bulk sales. The sale of all Personal Property shall be on an "AS IS, WHERE IS" basis, without any warranty, either expressed or implied, with all known and unknown defects. Each Purchaser of an item of Personal Property is entitled to the rights and protections. About Dan Lepore & Sons Company Dan Lepore & Sons Company provides construction and restoration services through divisions focused on stonework, unit masonry, and restoration, offering design and build capabilities along with rigging and scaffolding. It specializes in new building construction, maintenance, dismantlement, reconstruction, and the preservation of historic structures for industrial, commercial, and institutional clients across the United States. Dan Lepore & Sons sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-14757) on November 21, 2025, listing between $1 million and $10 million in assets and liabilities. Gregory J. Lepore, president of Dan Lepore & Sons, signed the petitions. Judge Ashely M. Chan oversees the case. Aris J. Karalis, Esq., at Karalis PC, represents the Debtor as legal counsel. DANA INC: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable ---------------------------------------------------------- Fitch Ratings has affirmed Dana Incorporated's 'BB+' Long-Term Issuer Default Rating (IDR) after it announced a merger with Eaton Corporation plc's (Eaton) Mobility unit. Fitch has also affirmed Dana's secured revolver at 'BBB-' with a Recovery Rating of 'RR1' and senior unsecured notes issued by Dana and Dana Financing Luxembourg S.a.r.l. (Dana Financing) at 'BB+'/'RR4'. The Rating Outlook is Stable. Fitch expects the merger to create a larger, more diversified company with greater exposure to the commercial vehicle and aftermarket segments. Margins should remain relatively strong, while leverage remains near current levels. Post-merger, Fitch could consider upgrading Dana over the intermediate term if leverage remains low and profitability continues to grow. Key Rating Drivers Eaton Mobility Merger: The merger will be a tax-free all-stock transaction via a Reverse Morris Trust transaction. Current Eaton shareholders will own 50.1% of the business, while current Dana shareholders will own 49.9%. Current Dana officers will hold the executive chairman, CEO and CFO roles, while other roles will be held by a combination of Dana and Eaton management. Eaton will nominate three new board members, who will be added to Dana's current board. The transaction values Eaton Mobility at about $5.1 billion, equating to about 5.9x the unit's estimated 2026 pro-forma EBITDA including synergies. At closing, Eaton Mobility expects to pay a debt-funded distribution to Eaton of about $1.1 billion, with backstop financing already in place. The new debt will sit on Dana's post-merger balance sheet. Dana expects the merger to close in 1Q27. Increased Scale and Diversification: The merger will add scale and diversification to Dana's business. The company estimates revenue will rise to about $11 billion on a pro forma basis vs. Dana's current annual revenue of about $7.5 billion. The merger will add 28 manufacturing sites and about 13,000 employees to Dana, while increasing the company's footprint, particularly outside North America. The merger will also diversify Dana's product offerings, with little direct overlap in the businesses' products. Dana's CV sales will grow to about 27% of revenue from about 20% today, while aftermarket will grow to 16% from 12%. Light vehicle (LV) will decline to about 58% from 68%. The increased exposure to aftermarket will lessen volume cyclicality, but this could be offset somewhat by higher cyclicality from the greater proportion of CV sales. $250 Million Merger Synergies: Dana has identified $250 million in annualized merger synergies, which it expects to achieve within 24 months of closing. The synergies are primarily cost based and focus on reducing duplicative overhead and operational costs, as well as achieving scale economies in parts of the business. Dana expects to achieve about $75 million of synergies in the first year following closing, rising to the full $250 million within 24 months. Dana has not disclosed expected costs to achieve the synergies, but Fitch expects there could be meaningful cash usage tied to synergy realization over the next several years. Potential Integration Risks: With little product overlap, Fitch does not expect any significant regulatory hurdles, either. However, Dana has not undertaken a merger of this size in recent times, leading to the potential for executional issues that could increase costs or delay synergy benefits. With an integration of this size, there is also the potential for operational issues that can lead to unexpected costs or customer loss. Leverage Under 2.0x: Fitch expects Dana's gross EBITDA leverage to remain in the mid-1x range at closing, despite the addition of about $1.1 billion of new debt used to fund the distribution to Eaton. Over time, Fitch expects gross leverage could decline toward the low-1x range as EBITDA grows, and the addition of term loans to the capital structure could provide an opportunity for further debt reduction. Dana plans to refinance its existing $1.1 billion of bonds in conjunction with the merger. Mid-Teens EBITDA Margins Expected: Dana previously had undertaken a strategic plan to substantially cut its standalone costs and improve its margins. Fitch expected the cost savings would allow Dana to generate EBITDA margins (based on Fitch's methodology) around 10% in 2026, with further growth in the outer years. With Eaton Mobility's stronger standalone margins, Fitch expects margin growth to accelerate, rising toward the mid-teens within a couple years of closing. Strengthened FCF: Fitch anticipates Dana's post-dividend FCF margins could rise toward the mid-single-digit range within two years after closing, up from the low-single-digit range today. Cash integration costs could put some near-term pressure on FCF, and the company has not stated what its post-merger dividend policy will be over the longer term. Actual dividends were $54 million in 2025. Fitch also expects post-merger capex will be higher in absolute terms. Balanced Capital Allocation: Dana remains committed to returning $2.0 billion to shareholders through 2030. However, to maintain the tax-free benefits of the transaction, it has suspended share repurchases and does not plan to repurchase shares for two years following closing. This could lead to an interim build-up of cash, which the company has noted could be used for de-levering. The company plans to reinstate share repurchases around 2029. Peer Analysis Dana has a relatively strong competitive position, focusing primarily on driveline systems for light and commercial vehicles. It also manufactures sealing and thermal products for vehicle powertrains and drivetrains. Dana's driveline business competes directly with the driveline businesses of Dauch Corporation (BB-/Stable) and Cummins Inc.'s Meritor unit, although Dauch focuses on light vehicles while Meritor focuses on commercial and off-road vehicles. Dana is currently smaller than Dauch from a revenue perspective, but it will be closer to Dauch in size following the Eaton Mobility merger. Dauch's driveline business is larger than Dana's light-vehicle business, while Dana is considerable smaller than Cummins', which is much more diversified. However, commercial vehicle driveline systems make up a relatively small portion of Cummins' business. Dana's midcycle EBITDA leverage is expected to remain lower than most 'BB' category auto and capital goods suppliers, such as Allison Transmission Holdings, Inc. (BB+/Stable) or The Goodyear Tire & Rubber Company (BB-/Negative). Dana's EBITDA margins are on the higher end of issuers in the 'BB' category and are expected to grow following the merger and as the company progresses with its cost savings initiatives. Fitch’s Key Rating-Case Assumptions - The merger with Eaton Mobility is completed during 1Q27; - The company raises about $1.1 billion of debt to fund a distribution to Eaton; - Dana refinances its existing bonds in conjunction with the merger; - Global commercial and light vehicle production grows in the low single-digit range over the next several years; - Dana's standalone EBITDA margins rise into the 10% range in 2026, reflecting ongoing realization of cost savings initiatives; - The addition of Eaton Mobility drives EBITDA margins to the mid-teens level over the intermediate term; - Capex runs at about 4.5% of revenue following completion of the merger, which is relatively consistent with Dana's long-term historical levels, but higher in absolute terms; - Post-dividend FCF margins rise to the mid-single-digit range over the next several years; - The company suspends share repurchases until 2029; - The company maintains a strong liquidity position, with optionality to de-lever or increase investments. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): Business and financial profile factors (assessment, relative importance): management ('bbb-', Lower), sector characteristics ('bb-', Moderate), market and competitive positioning ('bbb', Moderate), diversification and asset quality ('bb+', Higher), company operational characteristics ('bb+', Higher), profitability ('bbb-', Moderate), financial structure ('bbb', Moderate), and financial flexibility ('bbb+', Moderate). The quantitative financial subfactors are based on custom CRT financial period parameters: 50% weight for the forecast year 2026 and 50% for the forecast year 2027. The governance assessment of 'good' has no impact. The operating environment assessment of 'a' has no impact. The SCP is 'bb+'. To derive the Long-Term IDR: Fitch made no adjustments to the SCP, resulting in an IDR of 'BB+'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to a Negative Rating Action/Downgrade - A shift in industry dynamics that leads to a meaningful loss of share for Dana's products; - Unexpected merger integration issues that lead to higher costs or lost customers; - Sustained EBITDA margin below 8.0% and post-dividend FCF margin below 1.5%; - Sustained gross EBITDA leverage above 2.0x. Factors that Could, Individually or Collectively, Lead to a Positive Rating Action/Upgrade - Platform and customer growth in the remaining light vehicle driveline and commercial vehicle businesses; - Sustained EBITDA margin above 11.0% and post-dividend FCF margin above 2.0%; - Sustained gross EBITDA leverage below 1.5x. Liquidity and Debt Structure As of March 31, 2026, Dana had $477 million in cash and equivalents. In addition, the company maintains further liquidity through a $1.15 billion secured revolver that matures in 2028. As of March 31, 2026, $10 million of the capacity was used to back letters of credit, leaving $1.14 billion available. Based on the seasonality of Dana's business, as of March 31, 2026, Fitch has treated $100 million of Dana's cash and cash equivalents as not readily available for calculating net metrics. This is an amount that Fitch estimates Dana would need to hold to cover seasonal changes in operating cash flow, maintenance capex and common dividends without resorting to temporary borrowing. As of March 31, 2026, Dana's debt structure consisted mainly of $1.1 billion of senior unsecured notes issued by Dana and Dana Financing. In conjunction with the merger, Dana plans to refinance its existing debt. It also expects to carry about $1.1 billion of new debt following the merger. Issuer Profile Dana is an automotive and capital goods supplier focused on the light truck, commercial truck and aftermarket end markets. The company is headquartered in the U.S. and has operations in North America, Europe, South America and the Asia-Pacific region. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for Dana Incorporated. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Dana Financing Luxembourg S.a r.l. senior unsecured LT BB+ Affirmed RR4 BB+ Dana Incorporated LT IDR BB+ Affirmed BB+ senior unsecured LT BB+ Affirmed RR4 BB+ senior secured LT BBB- Affirmed RR1 BBB- DEL MONTE: Court Rejects Minority Lenders' DIP Rollup Stay Request ------------------------------------------------------------------ Alex Wittenberg of Law360 Bankruptcy Authority reports that the minority lenders in Del Monte's Chapter 11 case were unsuccessful Thursday, June 18, 2026, in their bid to stay an adversary proceeding connected to the company's bankruptcy financing. A New Jersey bankruptcy judge declined to suspend the litigation despite arguments that ongoing disputes over the DIP facility warrant additional review. The lender group maintained that the proceeding should be paused while higher courts and related matters address issues involving the financing structure. They asserted that moving ahead could affect their ability to challenge provisions they believe unfairly benefit certain creditor groups. The judge denied the request, permitting the litigation to continue. The decision strengthens Del Monte's efforts to keep its restructuring on track while objections to the financing arrangement remain unresolved, the report states. 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. DELUXE CORP: S&P Affirms 'B+' ICR After Acquisition Announcement ---------------------------------------------------------------- S&P Global Ratings affirmed all its ratings on U.S.-based payments and data provider Deluxe Corp., including its 'B+' issuer credit rating. The stable outlook reflects S&P's expectation that Deluxe's S&P Global Ratings-adjusted gross leverage will decline to about 5x in 2027 from pro forma leverage of about 5.5x in 2026. This will occur as the company benefits from growth in its payments and data solutions businesses and cost synergies identified through the acquisition of Celero. Deluxe Corp. announced its intention to acquire Celero Commerce, a payment processing and business management solution provider, for approximately $625 million plus certain seller transaction expenses and other adjustments. It will fund the transaction through a $375 million incremental term loan and a $292 million draw on its existing revolving credit facility. S&P said, "We expect the transaction to increase its S&P Global Ratings-adjusted pro forma leverage to about 5.5x in 2026, above our 5x downside threshold. However, we expect relatively rapid deleveraging from debt paydown and earnings growth. "We view the acquisition of Celero as complementary to Deluxe's business. The acquisition will improve the company's payment offerings as Celero provides electronic payment solutions, software-as-a-service (SAAS) solutions, and business management solutions for small- and medium-sized businesses. The acquisition will also reduce the proportion of revenue it generates from segments in secular decline, although we expect it will continue generating most of its earnings from the print segment. In addition, the company has identified at least $15 million of cost synergies that it plans to realize over the two years after the acquisition closes, including headcount reductions, streamlining tech and operations systems, and rationalizing its real estate footprint. We expect the realization of these synergies, along with Celero's modestly higher margin profile, will improve Deluxe's EBITDA margin to about 19% in 2027 and 19.4% in 2028 from about 16.7% in 2026. Its divestiture of its lower-margin Safeguard business earlier this year also supports margin expansion. "These benefits are accretive to our views of Deluxe's business, although the considerations underpinning our assessment of its business risk remain. The acquisition is unlikely to significantly affect Deluxe's market position in the highly competitive and fragmented payment services industry, which includes much larger competitors with broader product capabilities and financial resources. "Deluxe will lower its leverage below the 5x downside rating threshold. We expect Deluxe's pro forma S&P Global Ratings-adjusted gross leverage will be about 5.5x in 2026, improving to 4.9x by the end of 2027 and to about 4.6x in 2028. This deleveraging will stem from the expansion of its EBITDA growth (supported by industry tailwinds, cross-selling opportunities, and cost synergies) along with mandatory debt repayment. We do not anticipate the company will undertake further leveraging transactions over the next couple of years as it focuses on integrating Celero and reducing leverage toward its 3.0x net leverage target. While our forecast reflects only mandatory amortization, it could accelerate deleveraging, leading to improved credit metrics compared with our base case. "We also recognize the potential risks associated with Deluxe's deleveraging prospects, including execution risk associated with integrating, realizing cost synergies, and potential macroeconomic headwinds that could affect its merchants and lower growth rates. "The company will maintain good free operating cash flow (FOCF) that supports the rating, despite temporarily higher leverage. Unadjusted FOCF should approach $200 million in 2026 and grow further to about $220 million in 2027. We forecast Deluxe's FOCF to debt will be about 11.5% in 2027 before improving to about 11.6% in 2028. "We believe Deluxe will maintain prudent capital allocation going forward. In the first quarter, the company reached its publicly stated net leverage target of 3x or better by the end of 2026. Our calculation of leverage is about 1.3x higher than management's net leverage ratio (3.0x as of March 31, 2026, compared with 4.2x on an S&P Global Ratings-adjusted basis), largely due to its cash balance (which we do not net against its debt), restructuring costs (which we do not add back to its EBITDA), and capitalized software development costs (which we treat as an expense). The company has a track record of using free cash flow generation to repay debt. While we do not assume optional debt repayment beyond its mandatory term loan amortization, we believe Deluxe is likely to use its FOCF to support further debt reduction. "The stable outlook reflects our expectation that Deluxe's S&P Global Ratings-adjusted gross leverage will decline to about 5x in 2027 from pro forma leverage of about 5.5x in 2026, as the company benefits from the growth in its payments and data solutions businesses and cost synergies identified through the acquisition of Celero. "We could lower our rating on Deluxe over the next 12 months if we expect the company's S&P Global Ratings-adjusted leverage to remain above 5x or FOCF to debt to decrease below 5% on a sustained basis. This could happen if operating performance deteriorates due to weaker-than-expected growth from its data and payments businesses or significant integration challenges arise and cause earnings and cash flow to contract. "We could raise our ratings if the company is able to grow EBITDA and expand FOCF generation, leading to S&P Global Ratings-adjusted leverage declining below 4x. A positive rating action would also be predicated on a commitment to a financial policy commensurate with maintaining leverage below 4x on a sustained basis. An upgrade is also predicated on the company maintaining less than 50% of its earnings in secular decline." DR DELICACY: Court OKs Continued Access to Cash Collateral ---------------------------------------------------------- DR Delicacy, LLC received another extension from the U.S. Bankruptcy Court for the Southern District of Texas to use cash collateral. Under the court order, the Debtor is authorized to use cash collateral to pay its expenses based on an approved budget, which projects total monthly operational expenses of $172,072. This authorization remains in effect until further court order. The U.S. Small Business Administration and several other secured lenders including financial institutions and alternative financing companies may hold liens on the Debtor's inventory, accounts, and other assets. As adequate protection, the Debtor will continue its monthly payments of $2,500 to the SBA until its Chapter 11 plan is confirmed. Additional safeguards include maintaining insurance coverage on all SBA collateral and keeping such collateral free from any post-petition liens, encumbrances, or security interests. A copy of the order is available at https://shorturl.at/gV797 from PacerMonitor.com. About DR Delicacy LLC DR Delicacy, LLC, a company based in Houston, operates a gourmet food retail and distribution business specializing in luxury culinary ingredients, including caviar, truffles, specialty mushrooms, foie gras, and related pantry items sourced from domestic and international suppliers. The company serves chefs, restaurants, and individual consumers through its online platform and warehouse store, offering seasonal products and curated selections for high-end dining and gifting. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-32815) on April 23, 2026. In the petition signed by Diane Roederer, sole member, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. Judge Jeffrey P. Norman oversees the case. Reese Baker, Esq., at Baker & Associates, represents the Debtor as legal counsel. DYNASTY FAB: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------- Debtor: Dynasty Fab, LLC 16660 13 Mile Road Roseville, MI 48066 Business Description: Dynasty Fab is a fabrication, machining, and specialty welding company founded in 2017. The company operates in Roseville, Fraser, and Detroit, Michigan, and Chickasaw, Alabama. It provides services including titanium welding, large machining, turnkey solutions, and 3-axis and 5-axis machine shop capabilities. Dynasty Fab serves industries and project areas including aerospace, defense, automation, infrastructure, maritime, gas and oil, R&D, agricultural, prototypes, telescope builds, and automotive. Chapter 11 Petition Date: June 17, 2026 Court: United States Bankruptcy Court Eastern District of Michigan Case No.: 26-46909 Judge: Hon. Paul R. Hage Debtor's Counsel: John J. Stockdale, Jr., Esq. SCHAFER AND WEINER, PLLC 40950 Woodward Avenue, Ste. 100 Bloomfield Hills, MI 48304 Tel: (248) 540-3340 Email: jstockdale@schaferandweiner.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Zachary M. Jeakle 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/EEED56Q/Dynasty_Fab_LLC__miebke-26-46909__0003.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/H4F5IMI/Dynasty_Fab_LLC__miebke-26-46909__0001.0.pdf?mcid=tGE4TAMA EFFICIENT IRRIGATION: Case Summary & 15 Unsecured Creditors ----------------------------------------------------------- Debtor: Efficient Irrigation Systems, LLC 1111 Jupiter Rd, Suite 200D Plano, TX 75074-7032 Business Description: Efficient Irrigation Systems is a Plano, Texas-based company that provides irrigation, drainage, and landscape lighting services. The company's services include sprinkler repair and installation, drip irrigation, French drains, and sump pumps. It serves residential and commercial clients in Grayson and Collin County, Texas. Chapter 11 Petition Date: June 16, 2026 Court: United States Bankruptcy Court Eastern District of Texas Case No.: 26-42078 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 Total Assets: $376,485 Total Debts: $1,738,134 The petition was signed by Aston Hannah as president. A full-text copy of the petition, which includes a list of the Debtor's 15 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/244WPAA/Efficient_Irrigation_Systems_LLC__txebke-26-42078__0001.0.pdf?mcid=tGE4TAMA EG GROUP: EUR350MM Term Loan Add-on No Impact on Moody's 'B2' CFR ----------------------------------------------------------------- Moody's Ratings said EG Group Limited's (EG Group; d/b/a "Cumberland Farms") ratings are not impacted by its proposed EUR350 million fungible add-on to its EUR1.5 billion backed senior secured first lien term loan due 2031 issued by its subsidiary, EG Finco Limited, a subsidiary of EG Group (collectively referred to herein as "Cumberland Farms"). The company's B2 corporate family rating, B2-PD probability of default rating and B2 ratings on the backed senior secured first lien bank credit facilities (inclusive of the upsize) and secured notes issued at its subsidiaries remain unchanged. The outlook remains unchanged at stable. Proceeds from the proposed add-on term loan will be used for certain debt repayment, fund working capital and other general corporate purposes, and pay fees and expenses. The transaction will have an immaterial impact on leverage but is expected to result in material cash interest savings. EG Group's B2 CFR reflects the company's high operating leverage due to the prevalence of the company owned, company operated (COCO) business model. Credit metrics were weak as of March 2026, with Moody's-adjusted debt-to-EBITDA around 6.5x, EBITDA-capex/interest expense around 1.0x and minimal free cash flow generation. However, Moody's expects these to improve to below 6.0x and around 1.4x, respectively, in the next 12-18 months due to improved operating performance, its commitment to using asset sales proceeds to reduce debt as well as lower interest costs. The company is focused on strategic initiatives including its store remodeling program, the rollout of a new foodservice concept, and cost efficiencies. Moody's also recognizes the longer term challenge the company faces to manage the transition to alternative fuel and the need to manage potential investment requirements. The company's credit profile also reflects its strong position as a global operator of multiple networks of petrol stations, convenience stores and foodservice outlets across the US and Europe, where it holds leading market positions. The sector benefits from broadly stable patterns over time because favorable trends in convenience shopping and foodservice largely offset gradually falling fuel demand due to increased vehicle fuel efficiency and rising electric vehicle (EV) penetration. Headquartered in Charlotte, North Carolina, EG Group, (together with subsidiaries, d/b/a "Cumberland Farms"), is a global retailer operating petrol stations, convenience stores and foodservice outlets in the US and Europe. Reported revenue for the twelve months ended March 2026 was around $22.5 billion. It is owned equally by funds managed by TDR Capital LLP and the two brothers who founded Euro Garages, Mohsin and Zuber Issa. ELLIOTT & SON: Wins Approval for $1,700 Additional Cash Collateral ------------------------------------------------------------------ Elliott & Son Excavating, LLC received approval from the U.S. Bankruptcy Court for the Eastern District of Tennessee to use an additional $1,700 in cash collateral outside of the budget previously approved by this Court. Under the order entered on June 10, 2026, the debtor is authorized to spend $1,500 for materials and $200 for truck maintenance and repairs. Except for the approved additional expenditures, all provisions of the court's prior cash collateral order remain unchanged and continue in full force and effect. About Elliott & Son Excavating, LLC Elliott & Son Excavating, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tenn. Case No. 26-31028). Judge Hon. Suzanne H Bauknight oversees the case. The Debtor is represented by: Kelli Danielle Holmes Tarpy, Cox, Fleishmann, & Leveille, PLLC Tel: 865-588-1096 Email: kholmes@tcflattorneys.com FAIRFAX BEST: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------- Debtor: Fairfax Best Living, LLC 7801 NE 10th St. Oklahoma City, OK 73110 Business Description: Fairfax Best Living, LLC owns Fairfax Apartments, a multifamily apartment and townhome community at 7801 NE 10th St. in Midwest City, Oklahoma. Chapter 11 Petition Date: June 12, 2026 Court: United States Bankruptcy Court Western District of Oklahoma Case No.: 26-11985 Debtor's Counsel: Joyce Lindauer, Esq. LINDAUER & VAUGHN 117 S. Dallas St. Ennis TX 75119 Tel: (972) 503-4033 Email: joyce@joycelindauer.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Marc Kulick as authorized signatory. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/XQE2HPQ/Fairfax_Best_Living_LLC__okwbke-26-11985__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Zumper, Inc. $332,701 Dept 0354 PO Box 120354 Dallas, TX 75312-0354 2. HD Supply $50,300 Remittance San Diego, CA 92150 3. City of Midwest City $40,247 100 N Midwest Blvd Midwest City, OK 73110 4. M&M Painting and Construction $21,270 27018 Blanco Rd San Antonio, TX 78260-5166 5. OG&E $20,565 PO Box 24990 Oklahoma City, OK 73124-0990 6. Johnson Fitness & Wellness $19,976 1600 Landmark Dr Cottage Grove, WI 53527-8967 7. Entrata Inc. $15,194 PO Box 30015 Salt Lake City, UT 84130-0015 8. Appliance Warehouse Of America $14,840 PO Box 85321 Chicago, IL 60689 9. Costar - Apartments.com $13,792 2563 Collection Center Dr Chicago, IL 60693 10. Vesta Landscaping Services, LLC $12,058 6400 W 110th St Ste 201 Leawood, KS 66211-1585 11. Refit Services, LLC $9,129 2220 N Classen Blvd Oklahoma City, OK 73106 12. Legit Carpet Cleaning $8,909 121 SW 32nd St Oklahoma City, OK 73109-6527 13. RLL, Renters Legal Liability $7,596 101 E Washington Blvd, 10th Floor Fort Wayne, IN 46804 14. Redi Carpet Sales Of Oklahoma LLC $6,937 PO Box 971442 Dallas, TX 75397-1442 15. J-Mar Flooring and Carpet Cleaning $6,796 5101 SW 36th St Oklahoma City, OK 73179-8619 16. Saldierna Remodeling $5,500 PO Box 582061 Tulsa, OK 74158-2061 17. KJ Cleaning & Remodeling, LLC $4,717 3312 Cheek Pl Del City, OK 73115-1628 18. Tre's Make Ready $4,412 11010 N May Ave Apt 239 Oklahoma City, OK 73120-6324 19. Baer & Timberlake, P.C. $4,112 PO Box 18486 Oklahoma City, OK 73154-0486 20. AZ Partsmaster $4,038 7125 W Sherman St Phoenix, AZ 85043-4773 FINCH THERAPEUTICS: Court Sets June 29, 2026 General Bar Date ------------------------------------------------------------- On March 22, 2026 (the "Petition Date"), Finch Therapeutics Group, Inc. and its affiliates, the debtors and debtors in possession (collectively, the "Debtors") filed voluntary petitions for relief under chapter 11 of the Bankruptcy Code (the "Chapter 11 Cases") with the United States Bankruptcy Court for the District of Delaware (the "Court"). On June 1, 2026, the Court entered an order (the "Bar Date Order") establishing certain dates by which parties holding prepetition claims against the Debtors must file proofs of claim. In accordance with the Bar Date Order, June 29, 2026 at 5:00 p.m. (prevailing Eastern Time) (the "General Bar Date") is the last date and time for each person or entity to file a proof of claim in the Chapter 11 Cases (the "Proof of Claim" or "Proofs of Claims" as applicable); provided that, solely with respect to a governmental unit, the last date and time for such governmental unit to file a Proof of Claim in the Chapter 11 Cases is September 18, 2026 at 5:00 p.m. (prevailing Eastern Time) (the "Governmental Bar Date" and, together with the General Bar Date, the "Bar Dates"). All Claimants must submit (by overnight mail, courier service, hand delivery, regular mail, or in person) an original, written Proof of Claim that substantially conforms to the Proof of Claim Form so as to be actually received by Omni, the Debtors' claims and noticing agent, by no later than 5:00 p.m. (prevailing Eastern Time) on or before the applicable Bar Date at the following address: Finch Therapeutics Group, Inc. Claims Processing c/o Omni Agent Solutions 5955 De Soto Ave., Suite 100 Woodland Hills, CA 91367 Alternatively, Claimants may submit a Proof of Claim electronically by completing the Proof of Claim Form that can be accessed at https://omniagentsolutions.com/FinchTherapeutics. Proofs of Claim will be deemed timely filed only if actually received by Omni on or before the applicable Bar Date. Proofs of Claim may not be delivered by facsimile, telecopy, or electronic mail transmission. Any facsimile, telecopy, or electronic mail submissions will not be accepted and will not be deemed filed until a proof of claim is submitted to Omni by overnight mail, courier service, hand delivery, regular mail, in person, or through Omni's website. Absent order of the Court to the contrary, any Claimant that is required to file a Proof of Claim in these Chapter 11 Cases pursuant to the Bankruptcy Code, the Bankruptcy Rules, or the Bar Date Order with respect to a particular claim against the Debtors, but that fails to do so properly by the applicable Bar Date, shall not be treated as a creditor in these Chapter 11 Cases with respect to such claim for purposes of voting and distribution; provided, however, that a holder of a claim shall be treated as a creditor for purposes of voting and distribution as to any undisputed, noncontingent and liquidated claims identified in the Schedules on behalf of such holder, in the amount set forth in the Schedules. Counsel to the Debtors and Debtors in Possession: Robert A. Weber, Esq. Aaron J. Bach, Esq. Alison R. Maser, Esq. CHIPMAN BROWN CICERO & COLE, LLP Hercules Plaza 1313 North Market Street, Suite 5400 Wilmington, DE 19801 Telephone: (302) 295-0191 E-mail: weber@chipmanbrown.com bach@chipmanbrown.com maser@chipmanbrown.com - and - Daniel G. Egan, Esq. CHIPMAN BROWN CICERO & COLE, LLP 420 Lexington Avenue, Suite 442 New York, NY 10170 Telephone: (646) 741-5529 E-mail: egan@chipmanbrown.com - and - Cristine Pirro Schwarzman, Esq. ROPES & GRAY LLP 1211 Avenue of the Americas New York, NY 10036 Telephone: (212) 596-9000 E-mail: cristine.schwarzman@ropesgray.com About Finch Therapeutics Group Finch Therapeutics Group Inc. is a microbiome therapeutics company founded in 2014 that focused on technologies designed to restore the human microbiome and address diseases linked to microbial imbalances. The company built an intellectual property portfolio of more than 160 U.S. and international patents and applications covering donor-derived and donor-independent therapies for conditions such as ulcerative colitis, Crohn's disease and autism spectrum disorder. After discontinuing its Phase III CP101 trial for recurrent Clostridioides difficile infection in January 2023, Finch ceased development activities and shifted its focus to monetizing its intellectual property through licensing and enforcement, and as of March 22, 2026, is non-operating with no consistent revenue or positive cash flow, with its primary assets consisting of its intellectual property and related research portfolio. Finch Therapeutics Group and its affiliates filed their voluntary petitions for Chapter 11 protection (Bankr. D. Del. Lead Case No. 26-10409) on Mar. 22, 2026. In the petitions signed by Matthew P. Blischak, chief executive officer, Finch Therapeutics Group disclosed up to $10 million in assets and up to $50,000 in liabilities. Judge Laurie Selber Silverstein oversees the cases. The Debtors tapped Chipman Brown Cicero & Cole, LLP and Ropes & Gray LLP as counsel and Rock Creek Advisors as investment banker and financial advisor. Omni Agent Solutions, Inc. is the Debtors' claims and noticing agent. FIRST BRANDS: Aequum Holds Inventory Sale Funds in Escrow --------------------------------------------------------- Vince Sullivan of Law360 Bankruptcy Authority reports that a Texas bankruptcy court has directed that roughly $18 million generated from inventory sales be held in escrow amid a lender battle in the First Brands Group bankruptcy case. The preliminary injunction, issued Wednesday, temporarily prevents the proceeds from being released while questions regarding lien superiority remain unresolved. At the heart of the dispute are competing claims from secured lenders seeking access to the sale proceeds. The creditors have been contesting which financing group possesses the senior lien position and therefore has the first right to recover from the funds. The escrow requirement preserves the contested proceeds while the court evaluates the parties' respective claims. The ruling ensures that the money remains available for distribution once the lien dispute is settled and helps avoid potential complications in the broader restructuring process, the report relays. 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 BRANDS: Disclosure Statement Wins Conditional Approval ------------------------------------------------------------ Judge Christopher Lopez of the U.S. Bankruptcy Court for the Southern District of Texas conditionally approved the Disclosure Statement for the Joint Chapter 11 Plan of First Brands Group, LLC and Certain Affiliated Debtors. The Disclosure Statement is conditionally approved as providing holders of Claims entitled to vote on the Plan with adequate information to make an informed decision as to whether to vote to accept or reject the Plan within the meaning of section 1125 of the Bankruptcy Code and complies with Bankruptcy Rule 3016(c) and is subject to final approval of the Court at the Combined Hearing. No further or additional information is necessary or required. The following dates and deadlines are established (subject to modification as necessary by the Debtors) with respect to the solicitation of the Plan, voting on the Plan, and Disclosure Statement on a final basis: Voting Record Date, and Preference Settlement Record Date - June 15, 2026 Mailing Deadline for Combined Hearing Notice, Solicitation Packages, Non-Voting Packages, Consent Program Materials, and Preference Settlement Materials - Within three (3) business days after entry of this Order, or as soon as reasonably practicable thereafter Plan Supplement Filing Deadline - June 22, 2026 Litigation Trust Distribution Record Date & DIP Collateral Trust Distribution Record Date - June 22, 2026 (which date may be extended by mutual agreement among the FBG Debtors and Ad Hoc Group) Deadline for Debtors to File Claims Objections for Voting Purposes or to Request Claim Estimation for Voting Purposes - July 3, 2026 at 5:00 p.m. (Central Time) Administrative Claims Record Date - July 10, 2026 Rule 3018(a) Motion Deadline - July 10, 2026 at 5:00 p.m. (Central Time) Litigation Trust Interest Response Deadline & DIP Collateral Trust Interest Response Deadline - July 13, 2026 (which date may be extended by mutual agreement among the FBG Debtors and Ad Hoc Group) Voting Deadline and Release Opt-In Deadline - July 20, 2026 at 5:00 p.m. (Central Time) Deadline to Object to Disclosure Statement and Plan -July 20, 2026 at 5:00 p.m. (Central Time) Ballot Certification Deadline - July 27, 2026 Deadline to File Confirmation Brief and Reply to Plan Objection(s) - July 27, 2026 Combined Hearing - July 28, 2026 at 9:00 a.m. (Central Time) Preference Settlement Opt-In Deadline - Forty-five (45) days following the Confirmation Date (except as otherwise provided herein) Consent Program Opt-In Deadline - Sixty (60) days following the Confirmation Date As shared by the Troubled Company Reporter, Premier Marketing Group LLC, a debtor affiliate of First Brands Group, LLC, submitted a Revised Disclosure Statement for Revised Chapter 11 Plan dated May 20, 2026. Following months of mediation, the Debtors, the Ad Hoc Group, and the Creditors' Committee reached a settlement in principle regarding the terms of the orderly wind down of the Debtors' estates through a chapter 11 plan and other transactions (the "Global Settlement"). Disputed assets of the SPV Debtors will not be transferred to any Trust prior to a Court determination or consensual resolution regarding the ownership of such assets, and all rights are reserved with respect to any disputes regarding ownership of assets between the FBG Debtors and the SPV Debtors, including disputes as to ownership of Inventory and certain Claims and Causes of Action. Additionally, in cases where both an FBG Debtor and one or more SPV Debtors assert claims against a common defendant, including the Patrick James Adversary Proceeding and Onset Adversary Proceeding, the Plan and Confirmation Order make no determination regarding proper allocation and all rights regarding any allocation dispute shall be preserved. The FBG Debtors (or the Litigation Trust) shall have no rights to prosecute any claims owned by the SPV Debtors absent their consent or order of the Bankruptcy Court. For the avoidance of doubt, DIP Collateral Trust Assets and ABL Collateral Trust Assets shall not include any assets that are determined by Final Order to be (a) property of the SPV Debtors or their estates, any of the Factors, or any of the SPV Lenders or (b) subject to a validly perfected first priority lien asserted by a Factor or SPV Lender. The Debtors intend to file a motion seeking approval of the Global Settlement (the "Global Settlement Motion") in connection with confirmation, including seeking approval of (i) the various settlements under Bankruptcy Rule 9019 reached by the FBG Debtors, (ii) sales and transfers of estate property pursuant to section 363 of the Bankruptcy Code, (iii) conversion of the chapter 11 cases of all the FBG Debtors other than the Plan Debtor (the "Converting Debtors") to cases under chapter 7 on or following the Effective Date, and (iv) other related relief. The Debtors anticipate filing the Global Settlement Motion prior to solicitation of the Plan, on no less than twenty-one days' notice, and will seek to have such motion heard at the Confirmation Hearing. The terms of the Global Settlement are set forth in the Plan and this Disclosure Statement in its entirety and there will be no additional terms set forth in the Global Settlement Motion. The Global Settlement Motion is the Debtors' legal support for the Global Settlement for the FBG Debtors other than the Plan Debtor. Class 6 consists of ABL Claims. On the Effective Date, the ABL Agent, by and on behalf of the ABL Claim Secured Parties, shall be deemed to have foreclosed upon the ABL Collateral Trust Assets of the FBG Debtors and transferred all such assets to the ABL Collateral Trust. Except to the extent that a holder of an Allowed ABL Claim against the Plan Debtor agrees to less favorable treatment of such Claim, in full and final satisfaction, settlement, release, and discharge of such Allowed ABL Claim against the Plan Debtor, on the Effective Date, each such holder shall receive, on account of its Allowed ABL Claim against the Plan Debtor, its Pro Rata Share of the ABL Collateral Trust Interests. For the avoidance of doubt, ABL Claims against the ABL Loan Parties, other than the Plan Debtor, in excess of the fair market value of the ABL Collateral Trust Assets of the FBG Debtors, as determined in accordance with Section â€Ž8.11(d)(ii) of the Plan (the "ABL Deficiency Claims"), shall remain outstanding and enforceable against such ABL Loan Parties; provided that such ABL Deficiency Claims shall not be secured by the ABL Collateral Trust Assets, which assets shall be held free and clear of ABL Deficiency Claims by the ABL Collateral Trust; provided further that, on the Effective Date and immediately following the foreclosure upon the ABL Collateral Trust Assets, the holders of the ABL Deficiency Claims shall be deemed to have contributed all of their rights, title, and interests in respect of any amounts or proceeds to be realized on account of the ABL Deficiency Claims to the ABL Collateral Trust to be distributed in accordance with the waterfall. Class 7 consists of General Unsecured Claims. Except to the extent that a holder of an Allowed General Unsecured Claim against the Plan Debtor agrees to less favorable treatment of such Claim, in full and final settlement, release, and discharge of such Allowed General Unsecured Claim against the Plan Debtor, each such holder shall receive its Pro Rata Share of the Class 3(b) Litigation Trust Interests. Class 7 is Impaired. Cash distributions under the Plan shall be funded with Cash proceeds available from: (i) Cash available on or after the Effective Date in accordance with the Plan; and (ii) Cash from the Professional Fees Escrow Account (provided that the Cash proceeds of the Professional Fees Escrow Account shall be exclusively used to pay Allowed Professional Fee Claims until paid in full in Cash and any amount remaining thereafter in the Professional Fees Escrow Account shall be transferred by the Wind Down Administrator to the DIP Collateral Trust). On the Effective Date, the Litigation Trust shall receive the Litigation Trust Cash Funding. No Allowed Professional Fees of Professionals may be paid from the Litigation Trust Cash Funding. A full-text copy of the Revised Disclosure Statement dated May 20, 2026 is available at is https://urlcurt.com/u?l=S5MdUw from Kroll Restructuring Administration, claims agent. A copy of the Court's Order dated June 12, 2026, is available at https://urlcurt.com/u?l=YG8hD8 from PacerMonitor.com. 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. FLEXSYS HOLDINGS: S&P Downgrades ICR to 'CCC-', Outlook Negative ---------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on tire additives producer Flexsys Holdings Inc. two notches to 'CCC-' from 'CCC+'. S&P said, "We lowered our issue-level ratings on the revolving facility and first-out term loan to 'CCC+' from 'B'. The recovery rating is '1', representing our expectation for substantial (90%-100%) recovery in the event of a payment default. "We also lowered our issue-level rating on the second-out term loan to 'C' from 'CCC'. The recovery rating is '6', reflecting negligible (0%-10%) recovery in the event of a payment default." The negative outlook reflects the possibility that Flexsys' earnings and cash flows weaken to the point that a specific default scenario becomes a virtual certainty and the company is unlikely to be able to avoid a payment default or financial restructuring. Flexsys has experienced weak volumes and challenging contract negotiations with its key Tier 1 tire producing customers. S&P's base-case forecast for 2026 is now weaker than S&P previously expected. Volumes in vulcanizing agents and antidegradants have been persistently weak. The operating conditions for Flexsys have been challenging, with volumes in their vulcanizing agents and antidegradants product lines flat to down. Recently, Flexsys faced challenges negotiating optimal terms with its Tier 1 tire producing customers in its Western region. Flexsys' revenue and adjusted EBITDA for 2025 were 3.4% and 42%, respectively, below our prior expectation. Volumes in the Eastern region have dropped significantly. S&P doesn't believe the Iran war has benefited Flexsys to the same extent as it has for other North American chemical companies. The Persian Gulf accounts for nearly half of global seaborne sulfur exports (mostly as a byproduct of oil and gas refining), and sulfur is a key component of Flexsys' vulcanizing agents. With the effective closure of the Strait of Hormuz, the shipping halt created an immediate supply shock and resulted in rising raw material costs for Flexsys. For some other North American chemical producers, supply shocks have led to pricing strength and raised guidance. In Flexsys' case, the company has been able to pass along inflating material costs to its customers in the second quarter via both contract adjustment and in the spot market; however, weak demand for tire replacement and sufficient capacity from low cost competitors could limit the magnitude of the price moves and the company's ability to keep doing so in future quarters. The accounts receivable facility adds liquidity, but fixed charge coverage is very tight. In April 2026, Flexsys entered into a $65 million accounts receivable securitization facility due Aug. 1, 2029. S&P said, "We expect the company to sell receivables under this agreement to provide additional liquidity. Our ratios and adjustments criteria mandates we view this as a debt-like adjustment and thus we adjust our debt balance higher. Although proceeds from receivables sales along with cash on hand provide the company with some liquidity, we assess the company's liquidity as less than adequate. Availability under the $100 million revolving facility is less than $10 million, and Flexsys' interest burden is still high at north of $60 million per year." S&P said, "We believe the company will make the payments due in July and August 2026, but the likelihood of the October and November 2026 payments being made as less certain depending on the level of inventory build. The company expects a substantial release of inventory between August and December while plants are shut down for maintenance to provide for meaningful cash generation, but we see this as fairly uncertain." Flexsys' credit measures are weak, its interest burden is heavy, and a payment default or financial restructuring could become a virtual certainty. S&P said, "We now expect the company's adjusted debt to EBITDA will reach 16.5x by the end of 2026, up from 7.3x previously. Flexsys underwent a financial restructuring last year and pushed out some of its debt maturities. However, the restructuring did not meaningfully reduce the company's debt, and the company's interest burden remains high relative to its earnings capability. We believe the company's cash interest expense will exceed its adjusted EBIT this year. While the company may have cash and availability on its revolving facility to make the fixed charge payments for the next couple of quarters, the company's willingness to do so after this time is less certain, particularly if operating conditions remain weak." S&P said, "The negative outlook on Flexsys reflects the potential that we will lower our rating in the next six months if it appears that the company is even likelier to default, either via inability to meet its fixed charges or through a distressed exchange." This could occur if global conditions for tire replacement remain weak, further reducing demand for Flexsys' antidegradant, vulcanizing agent, and insoluble sulfur product lines. Sufficiently weak demand and an inability to obtain optimal pricing against high raw material prices could exacerbate liquidity pressures and make the capital structure unsustainable. Despite the financial restructuring last year, Flexsys still has a high debt balance and high interest and servicing costs. S&P said, "In our base-case scenario, we expect revenue to contract 6.6% in 2026 on weak end-market demand and low volumes, albeit with still fairly decent pricing. Flexsys' profitability may improve in the outer years as the supply chain environment for sulfur normalizes and costs come down. However, we also believe leverage will remain high this year and next, with S&P Global Ratings-adjusted debt to EBITDA greater than 15x. "We could lower our ratings on Flexsys within the next six months or sooner if the company does not make interest payments in a timely manner or undergoes what we would view as a distressed exchange, in which lenders receive less than adequate compensation or less than the originally promised value for their debt securities." Flexsys could miss debt servicing payments due to: -- Constrained liquidity with increased risks of covenant breach and/or payment default within six months; -- Continued free cash flow deficits amid still-high interest rates; and -- Weaker-than-expected SG&A cost savings, resulting in lower-than-expected improvement to margins. S&P said, "We could revise our outlook on Flexsys to stable or positive within the next couple of quarters if the company improves its liquidity position via good operational execution with better profitability and cash flow. We would look for no near-term liquidity nor covenant pressures and a low risk of distressed exchange in this scenario." FLOOR AND DECOR: Moody's Rates New $200MM Secured Term Loan 'Ba2' ----------------------------------------------------------------- Moody's Ratings assigned a Ba2 rating to Floor and Decor Outlets of America, Inc.'s ("Floor & Decor") proposed $200 million senior secured term loan B due 2033. All other ratings of Floor & Decor remain unchanged including its corporate family rating at Ba3, probability of default rating at Ba3-PD and its Ba2 senior secured term loan B3 rating. Its speculative grade liquidity rating (SGL) remains unchanged at SGL-2 and the outlook remains stable. Net proceeds will be used to repay its existing senior secured term loan B3 due in February 2027. In addition, the company will also be extending its $800 million asset based revolving credit facility (ABL) maturity to 2031. RATINGS RATIONALE Floor & Decor's Ba3 corporate family rating benefits from its solid market position as a leading operator in the fragmented hard surface flooring and accessories segment, which services both do-it-yourself (DIY) and professional (Pro) customers. The company's direct sourcing model, extensive product offering and everyday low price value positioning have supported its growth historically. Floor and Decor continues to add new stores with 20 locations planned this year, as sourcing initiatives in recent years have significantly diversified its counties of origin exposure. Nonetheless, Floor & Decor continues to experience a slowdown in its business as existing home sales remain well below historical levels and interest rates remain elevated. Floor & Decor's CFR also reflects its balanced financial strategy with moderate levels of funded debt, no current dividend and an authorized $400 million share repurchase program. Despite the current slowdown in business, debt/EBITDA remains moderate at 2.7x with EBIT/interest of 3.0x for the LTM ended March 31, 2026. Floor & Decor also benefits from good liquidity with $294 million of cash and $714 of ABL availability as the company is expected to have positive free cash flow after capital spending of $250 to $300 million. Nonetheless, Floor & Decor's rating is constrained by its modest scale, narrow product focus, and cyclical nature of home remodeling. The stable outlook reflects Moody's expectations for profitability to remain even despite continuing pressure on consumer demand, while also maintaining at least good liquidity and demonstrating balanced financial policies. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING Factors that could result in an upgrade include the continued success of profitably growing its store base, a meaningful increase in Floor & Decor's scale and geographic diversification while maintaining positive operating trends. Quantitatively, ratings could be upgraded if debt to EBITDA remained around or below 3.0x and EBIT to interest coverage was above 3.5x on a sustained basis. An upgrade would also require at least good liquidity as well as a balanced and clearly articulated financial strategy. Ratings could be downgraded if new stores did not achieve targeted returns or its operating performance came under sustained pressure. Ratings could also be downgraded if financial strategy were to become more aggressive resulting in debt to EBITDA sustained above 4.0x or EBIT to interest below 3.0x. Ratings could also be downgraded if liquidity were to deteriorate. Headquartered in Atlanta, GA, Floor and Decor Outlets of America, Inc. is a leading retailer of hard surface flooring in the United States with 276 warehouse stores and 5 design centers across 36 states. Revenue was about $4.7 billion for the last twelve month period ending March 31, 2026. The principal methodology used in this rating was Retail and Apparel published in September 2025. FORTUNA STONEWORKS: Court Extends Cash Collateral Access to July 22 ------------------------------------------------------------------- Fortuna Stoneworks, LLC received another extension from the U.S. Bankruptcy Court for the District of Georgia, to use cash collateral. The court entered a third interim order authorizing the Debtor to use cash collateral from June 18 through July 22 to fund its operations based on an approved budget. The Debtor was previously authorized to access cash collateral from June 8 to 17 under the court's second interim order entered on June 8. The Debtor's cash collateral consists of revenue from its operations that may be subject to pre-petition liens held by lenders including First Bank of the Lake, Celtic Bank, BizFund, LLC, Cromwell Capital, LLC, and Stage Advance. Based on currently available information, the Debtor believes First Bank of the Lake holds the first-priority lien position due to the oldest UCC-1 financing statement. As adequate protection, lenders holding valid pre-petition liens will be granted valid and properly perfected replacement liens on all post-petition property of the Debtor similar to their pre-petition collateral. These replacement liens do not apply to proceeds from Chapter 5 avoidance actions. The order required the Debtor to make monthly deposits of $1,000 to the Subchapter V trustee. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/yIvDs from PacerMonitor.com. A final hearing is scheduled for July 22. About Fortuna Stoneworks LLC Fortuna Stoneworks, LLC is a stone fabrication and installation company serving East Tennessee, North Alabama, and North Georgia. Fortuna Stoneworks filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-40736) on May 4, 2026. In the petition signed by Partha Chakraborty, manager, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Paul W. Bonapfel oversees the case. Will Geer, Esq., at Rountree, Leitman, Klein & Geer, LLC, represents the Debtor as legal counsel. The U.S. Trustee for Region 21 appointed Todd Hennings, Esq., at Macey, Wilensky & Hennings, LLP as Subchapter V trustee for Fortuna Stoneworks, LLC. FTX TRADING: Judge Approves $600MM Claim Reserve Reduction ---------------------------------------------------------- Vince Sullivan of Law360 Bankruptcy Authority reports that the FTX Recovery Trust received court approval Thursday, June 18, 2026, to cut its disputed claims reserve by $600 million after completing a substantial portion of its claims review process. The decision came after trust administrators demonstrated that thousands of claims had been resolved or otherwise addressed. Trust representatives told the Delaware bankruptcy court that the original reserve amount was no longer necessary given the progress achieved in claims reconciliation. They said ongoing reviews have provided greater certainty regarding the value and scope of outstanding liabilities. The approved reduction could increase funds available for creditor recoveries as the Chapter 11 case moves forward. The trust indicated that efforts to resolve remaining disputes and process distributions will continue in the months ahead, the report states. 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. G2 TECHNOLOGIES: Court Extends Cash Collateral Access to July 8 --------------------------------------------------------------- G2 Technologies, Inc. received a one-month extension from the U.S. Bankruptcy Court for the Eastern District of North Carolina, Raleigh Division, to use cash collateral to fund its operations. Under the court's eighth interim order, G2 Technologies is permitted to use cash collateral for necessary operating expenses according to a court-approved budget covering June 8 through July 8, with a 10% flexibility per budget line item. The Debtor projects total operational expenses of $150,215 for the interim period. Bulldog Capital, LLC, CFG Merchant Solutions, LLC, QFS Capital, LLC, Citibank, N.A., and Jaffe Capital are the secured creditors with potential interests in the Debtor's cash collateral. The Debtor acknowledges the validity, priority or enforceability of the secured creditors' liens, however, it reserves the right to review, dispute and challenge any such liens. Creditors may seek administrative expense claims under Section 507(b) if their interests are not adequately protected by the terms of the interim order. The interim order authorized customers, including Thomas Built Buses, Inc., to remit payments directly to the Debtor. The order remains effective until modified, terminated, or superseded by a later interim or final order, or upon conversion or dismissal of the Debtor's Chapter 11 case. The interim order is available at https://shorturl.at/iCpLX from PacerMonitor.com. A final hearing is scheduled for June 25. G2's only revenue comes from cash on hand and on deposit in its bank account; proceeds from completed projects and customer shipments; and collections on outstanding accounts receivable. Before filing for bankruptcy, the Debtor incurred business-related debt, with secured creditors taking a security interest in certain property and collateral, which may constitute cash collateral. About G2 Technologies Inc. G2 Technologies, Inc. provides automation for inspection and test systems serving industrial clients in the aerospace, automotive, and manufacturing sectors. The Company develops and integrates customized systems such as aircraft smoke detector testers and precision defect detection tools for automotive components, supported by its proprietary dTRAK data analytics platform. Based in North Carolina's Research Triangle Park, G2 Technologies delivers scalable and cost-efficient automation solutions for clients worldwide. G2 Technologies sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 25-04315) on October 31, 2025, listing between $500,001 and $1 million in assets and between $1 million and $10 million in liabilities. Craig Borsack, president of G2 Technologies, signed the petition. The Debtor is represented by: Joseph Zachary Frost, Esq. Buckmiller & Frost, PLLC 4700 Six Forks Road Suite 150 Raleigh, NC 27609 Tel: 919-296-5040 Fax: 919-977-7101 jfrost@bbflawfirm.com GALINDO EMPIRE: Hires Law Office of Jeremy T. Wood as Counsel ------------------------------------------------------------- The Galindo Empire, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Law Office of Jeremy T. Wood, PLLC as counsel. The firm will provide these services: a. advise the Debtor with respect to its rights, powers, and duties as a debtor in possession; b. prepare and file all necessary pleadings, motions, applications, schedules, statements, and other legal documents; c. represent the Debtor in connection with the use of cash collateral and any debtor-in-possession financing; d. prepare, negotiate, and prosecute a plan of reorganization under Subchapter V; e. prosecute and defend adversary proceedings and contested matters as necessary; f. assist with general estate administration and compliance with orders of this Court; g. negotiate with creditors and analyze, object to, or resolve claims; h. assist the Debtor in complying with monthly operating report requirements and other reporting obligations; i. represent the Debtor at all hearings, conferences, and meetings, including the meeting of creditors and any status conference under 11 U.S.C. Sec. 1188; and j. perform all other legal services necessary for the Debtor to fulfill its duties under the Bankruptcy Code. Jeremy T. Wood, the attorney handling the case will be paid $350 per hour. The firm received a retainer in the amount of $15,000. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Mr. Wood 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: Jeremy T. Wood, Esq. Law Office of Jeremy T. Wood, PLLC 2950 North Loop West, Suite 500 Houston, Texas 77092 Tel: (281) 954-3277 Email: Jeremy@JeremyWoodLaw.com About The Galindo Empire LLC The Galindo Empire, LLC is a Texas-based limited liability company. The Galindo Empire sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-33599) on May 22, 2026. At the time of the filing, the Debtor disclosed estimated assets between $100,001 and $1 million and estimated liabilities between $100,001 and $1 million. Honorable Bankruptcy Judge Jeffrey P. Norman oversees the case. The Debtor is represented by Jeremy Thomas Wood, Esq., at the Law Office of Jeremy T. Wood, PLLC. GLEN ARBOR: Gets Extension to Use Cash Collateral ------------------------------------------------- Glen Arbor, LLC received another extension from the U.S. Bankruptcy Court for the Western District of Missouri to use cash collateral. Under the court order, the Debtor is authorized to use cash collateral and inventory to pay its expenses, except payments to insiders, based on an approved budget. This authorization remains effective further court order of the court. The Debtor is indebted to Kalamata Capital Group, LLC, which asserts a security interest in and liens on its assets including accounts, inventory, and equipment. It believes that Kalamata holds duly perfected liens on the cash collateral. As adequate protection, Kalamata will receive replacement liens on post-petition assets similar to its pre-petition collateral. The replacement liens exclude Chapter 5 causes of action and are automatically perfected without additional filings. Additional safeguards include maintaining adequate insurance coverage, timely filing post-petition tax returns, and making required tax deposits. The order preserved all parties' rights regarding the validity and priority of claims against cash collateral. The order is available at http://bankrupt.com/misc/GlenArbor_CCOrder.pdf About Glen Arbor LLC Glen Arbor, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Mo. Case No. 26-40837) on May 12, 2026, with $50,001 to $100,000 in assets and $100,001 to $500,000 in liabilities. Judge Brian T. Fenimore presides over the case. Colin N. Gotham, Esq. at Evans & Mullinix, P.A. represents the Debtor as legal counsel. GOHEALTH INC: Gets Interim OK to Use Cash Collateral ---------------------------------------------------- GoHealth, Inc. and affiliates received interim approval from the U.S. Bankruptcy Court for the District of Delaware to use cash collateral. Under the interim order, the Debtors are authorized to use cash collateral to fund their operations in accordance with a court-approved budget, subject to permitted variances The approved budget is a six-week cash flow forecast commencing with the calendar week in which the petition date occurs. It reflects, among other things, the projected cash receipts and cash disbursements of the Debtors for the six-week period. To ensure a stable transition into bankruptcy, the Debtors negotiated a consensual cash collateral and adequate protection package with their pre-petition lenders, which are divided into two distinct lending facilities managed by the same administrative and collateral agent, Blue Torch Finance, LLC. The senior facility involves the prepetition super priority agent and lenders under a Super Priority Credit Agreement, while the junior facility consists of the prepetition first lien agent and lenders under a First Lien Credit Agreement. To safeguard the secured lenders from potential collateral depreciation, the interim order establishes a tiered adequate protection package and a structural professional fee carve-out. Blue Torch Finance, LLC, on behalf of the Super Priority Lenders, is granted senior Super Priority Adequate Protection Liens on all pre- and post-petition tangible and intangible assets, alongside allowed superpriority administrative expense claims under 11 U.S.C. Section 507(b). Meanwhile, the First Lien Lenders are granted identical post-petition replacement liens and Section 507(b) administrative claims, which are contractually junior to the Super Priority protections. Both tiers of adequate protection exclude Chapter 5 avoidance actions on an interim basis but will automatically encompass the proceeds of avoidance actions upon entry of a final order. All adequate protection liens and superpriority claims are subordinate to a primary "Carve-Out" designed to fund a professional fee reserve account. This account must maintain a minimum balance of $500,000 to ensure the payment of court clerk fees, statutory U.S. Trustee fees and allowed professional fees incurred by the Debtors and any future official committee. The order imposes a schedule of operational and legal restructuring milestones that the Debtors must meet to avoid a default. The Debtors are required to file a Chapter 11 Plan and Disclosure Statement within one day of the Petition Date, and obtain entry of the Final Cash Collateral Order within 40 calendar days. The Court must enter an order confirming the Chapter 11 Plan within 50 calendar days of the Petition Date, leading to an absolute Effective Date deadline of July 31, which may be extended by 60 days solely at the option of the required lenders. A failure to meet these milestones, a breach of the budget variance or minimum liquidity covenants, the entry of a post-petition judgment exceeding $750,000, or any unauthorized attempt by the Debtors to seek alternative debtor-in-possession financing will trigger an immediate termination event. Upon the occurrence of a termination event, the Debtors must provide immediate notice to all relevant parties. Following a five-business-day written notice period, the authorization to use cash collateral will automatically cease, and the automatic stay will terminate to allow the Prepetition Secured Parties to foreclose on their collateral, though the Debtors may continue utilizing funds strictly to satisfy the professional fee carve-out reserve. The order is available at https://is.gd/NVjVOb The final hearing will be held on July 6. The Debtors' Chapter 11 filing is structured as a prepackaged bankruptcy aimed at executing a value-maximizing change-of-control transaction as detailed in their Joint Prepackaged Chapter 11 Plan. According to the preliminary voting report, the Plan already commands sufficient stakeholder support across all voting classes for swift court confirmation. However, because substantially all of the Debtors' liquid capital and operational revenues are encumbered by pre-bankruptcy lender liens, the Debtors lack unencumbered funds to maintain ordinary business operations or cover Chapter 11 administrative costs, making immediate access to cash collateral vital to prevent severe asset deterioration. About GoHealth Inc. GoHealth, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Dela. Case No. 26-10914) on June 7, 2026. In the petition signed by Vijay Kotte, authorized signatory, the Debtor disclosed up to $1 billion in assets and up to $10 billion in liabilities. Judge Thomas M. Moran oversees the case. Laura Davis Jones, Esq., at Pachulski Stang Ziehl & Jones LLP, represents the Debtor as legal counsel. GVO PARTNERS: Seeks Chapter 11 Bankruptcy with Over $10MM Debt -------------------------------------------------------------- Rick Archer of Law360 Bankruptcy Authority reports that GVO Partners LLC, an investment firm serving the medical aesthetics industry has sought Chapter 11 protection in Delaware, citing debts estimated between $10 million and $50 million. The filing marks the beginning of a restructuring effort intended to address the company's financial challenges. The firm focuses on investments in medical spas and aesthetic treatment providers, helping portfolio companies expand their operations and market presence. Its investments span a range of cosmetic and wellness services delivered through healthcare-focused businesses, the report relays. Through Chapter 11, the company aims to reorganize its balance sheet while continuing to manage its investment portfolio. The bankruptcy proceedings will provide a framework for discussions with creditors as the firm pursues a path toward financial stability, according to Law360. About GVO Partners LLC GVO Partners LLC is a healthcare-focused investment firm specializing in the medical aesthetics sector. The company partners with medical spas, cosmetic dermatology clinics, and plastic surgery practices, providing growth capital and operational support to help businesses scale and improve profitability. GVO Partners LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 26-10976) on June 16, 2026. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $10 million and $50 million. The Debtor is represented by Thomas Joseph Francella, Jr., Esq. of Raines Feldman Littrell LLP. HAINES PROPERTIES: Hires Axis Capital as Financial Advisor ---------------------------------------------------------- Haines Properties LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Louisiana to employ Axis Capital Markets Group LLC as financial advisor. The firm will provide these services: a. reviewing the Debtor's business, operations, financial condition, and prospects relevant to a Transaction; b. preparing and assembling investor/asset-sale collateral and offering materials; c. identifying, contacting, and qualifying prospective counterparties, investors, and acquirers; d. assisting in the structuring, negotiation, and execution of a Transaction; and e. providing related strategic and operational advisory support reasonably requested by the Client within the scope of this engagement. The firm will be paid at these rates: Partner $250 per hour Staff $125 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Busso-Campana 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: Fabrizio P. Busso-Campana Axis Capital Markets Group LLC 1720 Pioneer Avenue, Suite 7000 Cheyene, WY 82001 Tel: (754) 600-9794 About Haines Properties LLC Haines Properties LLC, a Morgan City, LA-based lessor of nonresidential buildings. Haines Properties LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D., LA. Case No. 26-11268) on May 26, 2026. In its petition, the Debtor reports estimated assets between $1 million to $10 million and estimated liabilities between $1 million to $10 million. Honorable Bankruptcy Judge Meredith S Grabill handles the case. The Debtor is represented by Leo D. Congeni, Esq. of BROOKS GELPI HAASE, LLC. HALLMARK FINANCIAL: Case Summary & 30 Largest Unsecured Creditors ----------------------------------------------------------------- Debtor: Hallmark Financial Services, Inc. 5400 Lyndon B. Johnson Fwy., Suite 400 Dallas, TX 75240 Business Description: Hallmark Financial Services is a Dallas, Texas-based property and casualty insurance holding company founded in 1987 as a Nevada corporation. The company underwrites, markets, and distributes property and casualty insurance products through wholly owned subsidiaries, including licensed insurance carriers and managing general agents. Hallmark serves specialty and niche markets throughout the United States, with operating subsidiaries licensed or eligible across multiple state insurance categories. Chapter 11 Petition Date: June 15, 2026 Court: United States Bankruptcy Court Northern District of Texas Case No.: 26-80007 Judge: Hon. Michelle V Larson Debtor's General Bankruptcy Counsel: Aaron M. Kaufman, Esq. GRAY REED & MCGRAW LLP 1845 Woddall Rodgers Fwy, Ste. 1300 Dallas TX 75201 Tel: (469) 320-6050 E-mail: akaufman@grayreed.com Debtor's Financial Advisor: OLIVER WYMAN, LLC Debtor's Special Corporate & Litigation Counsel: OLSHAN FROME WOLOSKY LLP Debtor's Special Regulatory Counsel: GREENBERG TRAURIG LLP Debtor's Investment Banker: RAYMOND JAMES & ASSOCIATES, INC. Debtor's Claims & Noticing Agent: STRETTO, INC. Estimated Assets: $10 million to $50 million Estimated Liabilities: $100 million to $500 million The petition was signed by Chris Kenney as CEO and CFO. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/Y7WVFAI/Hallmark_Financial_Services_Inc__txnbke-26-80007__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Hildene Re SPC, Ltd - SP1 Noteholder $35,638,986 c/o Hildene Capital Management, LLC 333 Ludlow Street South Tower, 5th Floor Stamford, CT 6902 Email: skurland@hildenecap.com; jschechter@hildenecap.com; bjefferson@hildenecap.com; mmcsherry@hildenecap.com; lharris@hildenecap.com 2. Alesco Preferred Securities Holder $28,896,757 Funding X, Ltd. c/o Hildene Collateral Management Company LLC 333 Ludlow Street South Tower, 5th Floor Stamford, CT 6902 Email: skurland@hildenecap.com; jschechter@hildenecap.com; bjefferson@hildenecap.com; mmcsherry@hildenecap.com; lharris@hildenecap.com 3. Hare & Co, LLC Securities Holder $14,448,378 Box 11203 500 Ross Street - 154-0455 Pittsburgh, PA 15262 4. Alesco Preferred Securities Holder $13,883,817 Funding XVI, Ltd. c/o Hildene Collateral Management Company LLC 333 Ludlow Street South Tower, 5th Floor Stamford, CT 6902 Email: skurland@hildenecap.com; jschechter@hildenecap.com; bjefferson@hildenecap.com; mmcsherry@hildenecap.com; lharris@hildenecap.com 5. SEI Privat Securities Holder $9,208,654 One Freedom Valley Drive Oaks, PA 19456 6. Bank of NY Securities Holder $8,500,296 252 William Penn Place Suite 153-0400 Pittsburgh, PA 15259 7. Alesco Preferred Securities Holder $3,825,133 Funding XIII, Ltd. c/o Hildene Collateral Management Company LLC 333 Ludlow Street South Tower, 5th Floor Stamford, CT 6902 Email: skurland@hildenecap.com; jschechter@hildenecap.com; bjefferson@hildenecap.com; mmcsherry@hildenecap.com; lharris@hildenecap.com 8. Hildene Opportunities Noteholder $2,289,611 Master Fund, Ltd. c/o Hildene Capital Management, LLC 333 Ludlow Street South Tower, 5th Floor Stamford, CT 6902 Email: skurland@hildenecap.com; jschechter@hildenecap.com; bjefferson@hildenecap.com; mmcsherry@hildenecap.com; lharris@hildenecap.com 9. Raymond James & Associates, Inc. Noteholder $2,283,295 Corporate Actions 880 Carillon Parkway St. Petersburg, FL 33716 10. RBC Capital Markets, LLC Noteholder $1,620,097 Associate 60 S 6th St - P09 Minneapolis, MN 55402-4400 11. Interactive Brokers Retail Noteholder $1,290,603 Equity Clearing 8 Greenwich Office Park Greenwich, CT 06831 12. Stifel, Nicolaus & Noteholder $1,288,498 Company, Incorporated 501 N Broadway St Louis, MO 63102 13. National Financial Services LLC Noteholder $1,263,233 200 Seaport Blvd, Z1B Boston, MA 02210 14. State Street Bank & Trust Co Noteholder $1,105,329 16 Wall St FL 5 New York, NY 10005-1901 15. J.P. Morgan Clearing Corp. Noteholder $1,088,486 14201 Dallas Parkway, 12th FL Dallas, TX 75254 16. Pershing LLC Noteholder $1,044,273 One Pershing Plaza Jersey City, NJ 07399 17. Morgan Stanley Smith Barney LLC Noteholder $855,840 1585 Broadway Ave New York, NY 10036 18. Charles Schwab & Co., Inc. Noteholder $728,464 2423 E Lincoln Drive Phoenix, AZ 85016-1215 19. U.S. Bank N.A. Noteholder $552,664 1555 N Rivercenter Drive Suite 302 Milwaukee, WI 53212 20. Sei Private Trust Company Noteholder $393,707 c/o GWP One Freedom Valley Drive Oaks, PA 19456 21. Wells Fargo Clearing Services LLC Noteholder $269,489 1 N Jefferson Ave St. Louis, MO 63103 22. Vanguard Marketing Corporation Noteholder $227,382 14321 N. Northsight Boulevard Scottsdale, AZ 85260 23. Sei Private Trust Company Noteholder $157,904 1 Freedom Valley Drive Oaks, PA 19456 24. Reliance Trust Company/ Noteholder $132,639 FIS Global Plus 1100 Abernathy Road 500 Northpark Building, Suite 400 Atlanta, GA 30328 25. Access Information Holdings LLC Trade Claim $118,791 P.O. Box 101048 Atlanta, GA 30392-1048 Tel: (888) 869-2727 Email: cdreyer@accesscorp.com 26. Merrill Lynch Pierce Noteholder $100,006 Fenner & Smith Earl Weeks 4804 Deerlake Dr. E. Jacksonville, FL 32246 27. Axos Clearing LLC Noteholder $78,952 9300 Underwood Avenue Suite 400 Omaha, NE 68114 28. LPL Financial Corporation Noteholder $61,056 Kristin Kennedy 9785 Towne Centre Drive San Diego, CA 92121-1968 29. Wedbush Securities Inc. Noteholder $52,634 1000 Wilshire Blvd Los Angeles, CA 90030 30. Goldman Sachs & Co. LLC Noteholder $27,370 30 Hudson Street Proxy Department Jersey City, NY 07302 HALLMARK FINANCIAL: Fox Rothschild, Wollmuth Advise Hildene ----------------------------------------------------------- In the Chapter 11 bankruptcy cases of Hallmark Financial Services, Inc. and its debtor-affiliates, Fox Rothschild LLP and Wollmuth Maher & Deutsch LLP filed with the United States Bankruptcy Court for the Northern District of Texas, Dallas Division, a Verified Statement pursuant to Bankruptcy Rule 2019 to inform the Court that both firms represent the Hildene Entities. According to the Verified Statement: 1. The creditors/parties in interest in the Chapter 11 Case, referred to collectively as the Hildene Entities, are: a. Hildene Capital Management, LLC (HCM) is a diversified institutional asset manager specializing in asset-based, structured credit and insurance solutions and serves as investment advisor to Hildene Re SPC, Ltd. – SP 1 (HRe) and Hildene Opportunities Master Fund, Ltd. (HOF); b. Hildene Collateral Management Company, LLC (HCMC), an affiliate of HCM, serves as collateral manager to Alesco Preferred Funding X, Ltd., Alesco Preferred Funding XIII, Ltd. (Alesco XIII) and Alesco Preferred Funding XVI, Ltd. (Alesco XVI). c. HRe is the beneficial owner of $33,855,000 in Principal Amount of the 6.25% Senior Unsecured Notes due 2029 issued under that certain Indenture dated as of August 19, 2019 (Senior Notes) between Hallmark Financial Services, Inc. (Hallmark) and The Bank of New York Mellon Trust Company, N.A., and the First Supplemental Indenture dated as of August 19, 2019; d. HOF the beneficial owner of $2,175,000 in Principal Amount of the 6.25% Senior Unsecured Notes due 2029 issued under that certain Indenture dated as of August 19, 2019 (Senior Notes) between Hallmark Financial Services, Inc. (Hallmark) and The Bank of New York Mellon Trust Company, N.A., and the First Supplemental Indenture dated as of August 19, 2019 e. Alesco X is the beneficial owner of 20,000,000 or 66.7% of the 2035 Junior Subordinated Debt Securities (the 2035 TruPS Holdings) issued by Hallmark Financial Services, Trust I under that certain 2035 Junior Subordinated Debt Securities Indenture between Hallmark and the 2035 Junior Subordinated Debt Securities; and f. Alesco XIII and Alesco XVI are the beneficial owners of 2,700,000 and 9,800,000, respectively, of the 2037 Junior Subordinated Debt Securities collectively, the 2037 TruPS Holdings) issued by Hallmark Financial Services, Trust II under the 2037 Junior Subordinated Debt Securities Indenture between Hallmark and the 2037 Junior Subordinated Debt Securities. 2. The addresses for the Hildene Entities are: 333 Ludlow Street South Tower, 5th Floor Stamford, CT 06902 3. This verified statement is intended only to comply with Bankruptcy Rule 2019 and is not intended for any other purpose. Nothing contained in this Statement is intended or shall be construed to constitute: (a) a waiver or release of the rights of any Hildene Entity 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 Hildene Entity 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 or release of any rights any Hildene Entity 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 the Chapter 11 cases; or (g) a waiver or release of any other rights, claims, actions, defenses, setoffs, or recoupments to which any Hildene Entity is or may be entitled, in law or in equity, under any agreement or otherwise, with all such rights, claims, actions, defenses, setoffs or recoupments being expressly reserved. 4. Counsel does not represent the Hildene Entities as a "committee" (as such term is used in the Bankruptcy Code and Bankruptcy Rules) and does not undertake to represent the interests of, and is not a fiduciary for, any other creditor, party in interest, or other entity. 5. Upon information and belief formed after due inquiry, Counsel does not hold any disclosable economic interests in relation to the Debtors, other than claims for fees and expenses incurred in representing the Hildene Entities. 6. Counsel will amend or supplement this verified statement if necessary to ensure continuing compliance with Bankruptcy Rule 2019. Counsel to the Hildene Entities: Trey A. Monsour, Esq. FOX ROTHSCHILD, LLP Saint Ann Court 2501 North Harwood Street, Suite 1800 Dallas, TX 75201 Tel: (214) 231-5796 Fax: (972) 404-0516 E-mail: tmonsour@foxrothschild.com - and - Paul R. DeFilippo, Esq. James N. Lawlor, Esq. Joseph F. Pacelli, Esq. WOLLMUTH MAHER & DEUTSCH LLP 500 Fifth Avenue New York, NY 10110 Tel: (212) 382-3300 Fax: (212) 382-0050 E-mail: pdefilippo@wmd-law.com jlawlor@wmd-law.com jpacelli@wmd-law.com About Hallmark Financial Services, Inc. Hallmark Financial Services, Inc., is headquartered in Dallas, Texas. The company is engaged primarily in the sale of property and casualty insurance products. The Company's business involves marketing, underwriting, and premium financing of non-standard personal automobile insurance primarily in Texas, Arizona, and New Mexico, marketing of commercial insurance in Texas, New Mexico, Idaho, Oregon, and Washington, and third-party claims administration, and other insurance-related services. Hallmark Financial Services, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-80007) on June 15, 2026. In its petition, the Debtor reported estimated assets of $10 million to $50 million and estimated liabilities of $100 million to $500 million. The Honorable Bankruptcy Judge Michelle V. Larson handles the case. William Snyder of Oliver Wyman, LLC, serves as the Debtor's Chief Restructuring Officer. Oliver Wyman, which acquired CR3 Partners, LLC in May 2026, serves as financial advisor. Gray Reed & McGraw LLP serves as the Debtor's general bankruptcy counsel, Olshan Frome Wolosky LLP as special corporate and litigation counsel, and Greenberg Traurig LLP as special regulatory counsel. Raymond James & Associates, Inc. serves as the Company's investment banker. Stretto, Inc., is employed as the Company's claims and noticing agent. Fox Rothschild LLP and Wollmuth Maher & Deutsch LLP serve as counsel to Hildene Capital Management, LLC and its affiliates. HALLMARK FINANCIAL: Targets August 2026 Hearing for Prepack Ch.11 ----------------------------------------------------------------- Rick Archer of Law360 Bankruptcy Authority reports that insurance underwriter Hallmark Financial Services informed a Texas bankruptcy court that it is targeting confirmation of its prepackaged Chapter 11 plan before the end of August. The company said creditor support obtained prior to the bankruptcy filing has enabled it to pursue a streamlined restructuring timeline. Hallmark, which provides specialty commercial insurance products and underwriting services, stated that major economic terms have already been negotiated with stakeholders. As a result, the company expects relatively few obstacles as it advances toward plan confirmation. According to the debtor, the focus has now shifted to completing the court approval process. Company representatives said a successful confirmation hearing would allow Hallmark to exit Chapter 11 promptly and continue operating with an improved capital structure, according to Law360. About Hallmark Financial Services Inc. Hallmark Financial Services Inc. is a U.S.-based insurance holding company engaged in providing specialty property and casualty insurance products through its operating subsidiaries. The company has historically focused on niche commercial insurance markets, including transportation, general liability, and other specialty lines. Hallmark Financial Services Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case. 26-80007) on June 15, 2026. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $100 million and $500 million. Honorable Bankruptcy Judge Michelle V. Larson handles the case. The Debtor is represented by Aaron Michael Kaufman, Esq. of Gray Reed & Mcgraw LLP. HCW BIOLOGICS: Stockholders Approve Reverse-Split Plan ------------------------------------------------------ HCW Biologics Inc. stockholders approved a reverse-stock-split proposal and other matters at the company's 2026 annual meeting, according to a Form 8-K filed with the Securities and Exchange Commission. The reverse-split proposal authorizes one or more reverse splits of outstanding common stock in an aggregate range from 1-for-5 to 1-for-20 before the one-year anniversary of the June 15 annual meeting. The company said the authority is intended to maintain a Nasdaq listing for its common stock. Stockholders also approved, for Nasdaq Listing Rule 5635(d) purposes, the issuance of shares upon exercise of up to 2,477,292 common stock purchase warrants issued in connection with a February 2026 follow-on public offering. Those warrants may be exercised at $0.6055 per share. A separate proposal approved the repricing of certain November 2025 warrants to purchase up to 3,020,410 common shares to an exercise price of $0.6055 per share and the issuance of shares upon exercise of the amended warrants. Stockholders elected Lisa M. Giles and Rick S. Greene as Class II directors to three-year terms expiring at the 2029 annual meeting. They also ratified the appointment of Crowe LLP as independent registered public accounting firm for the fiscal year ending Dec. 31, 2026. About HCW Biologics Inc. HCW Biologics Inc. is a Miramar, Florida-based clinical-stage biopharmaceutical company developing fusion immunotherapeutics to support or treat diseases promoted by chronic inflammation. The company's programs target autoimmune disorders and other proinflammatory diseases, cancer and senescence-associated dysplasia. HCW Biologics said it has developed fusion immunotherapeutics, including multi-specific cytokines, targeted second-generation immune checkpoint inhibitors and immune-cell engagers, and is developing HCW9302, HCW11-018b and HCW11-040 in company-sponsored programs. In an audit report dated March 31, 2026, Crowe LLP included a going concern qualification, stating that HCW Biologics Inc. had recurring losses from operations, negative operating cash flows, negative working capital and a need for funding to support operations. The conditions raised substantial doubt about the company's ability to continue as a going concern. As of March 31, 2026, HCW Biologics Inc. reported total assets of $27.34 million, total liabilities of $21.58 million and total stockholders' equity of $5.76 million. HEARTLAND DENTAL: Moody's Ups CFR to B2 & Alters Outlook to Stable ------------------------------------------------------------------ Moody's Ratings upgraded HEARTLAND DENTAL, LLC's ("Heartland") corporate family rating to B2 from B3, probability of default rating to B2-PD from B3-PD. Moody's also upgraded the ratings on the company's $300 million backed senior secured first lien revolving credit facility and $2.5 billion backed senior secured first lien term loan to B2 from B3. Concurrently, Moody's revised the outlook to stable from positive. The ratings upgrade reflects improved operating performance and Moody's expectations of further albeit slower deleveraging from ongoing earnings growth. RATINGS RATIONALE Heartland's B2 CFR reflects its moderately high financial leverage of approximately 6x, and consistently negative but improving free cash flow due to its aggressive growth strategy. Moody's expects that leverage will decline to below 6x by the end of 2026 on organic revenue growth, ramp up of existing new dental offices and affiliations (acquisitions), but that free cash flow will remain modestly negative. The company's position as the largest dental support organization (DSOs) in the US supports its ratings. Additionally, Heartland has discretionary levers to improve its free cash flow by reducing the pace of new clinic openings and dentist affiliation investments. Moody's expects Heartland will maintain good liquidity. Pro forma the add on term loan issuance and equity proceeds received in May 2026 the company had approximately $193 million of cash and $291 million available on its revolver as of March 31, 2026. Moody's anticipates ample cushion under the financial covenants of the revolver, which would spring if 35% is drawn. The stable outlook reflects Moody's expectations that leverage will remain in the 5.5x -6.0x range and the company will maintain good liquidity in the next 12-18 months. The senior secured facilities are rated B2, the same as the corporate family rating as these instruments represent the preponderance of debt in the capital structure. These instruments benefit from a first lien security interest in substantially all of the assets of the company. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Heartland maintains good liquidity, adopts less aggressive financial policies and sustains debt to EBITDA below 5.0 times. Additionally, a material improvement in free cash flow would support an upgrade. The ratings could be downgraded if the company's earnings weaken or financial leverage increases due to weak dental visit trends or margin erosion. Pursuit of an overly aggressive expansion strategy or deterioration in Heartland's cash flow or liquidity could also result in a downgrade. Quantitatively the ratings could be downgraded if debt to EBITDA is sustained above 6.0 times. Heartland provides support staff and comprehensive business support functions under administrative service agreements to its affiliated dental offices, organized as professional corporations. Heartland currently operates more than 1,900 offices across 39 states. Heartland is majority-owned by KKR, and Ontario Teachers' Pension Plan Board maintains partial ownership. The company generated about $3.9 billion in net patient service revenue for the last twelve months ended March 31, 2026. The principal methodology used in these ratings was Business and Consumer Services published in February 2026. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. HERMES INVESTMENTS: Case Summary & Seven Unsecured Creditors ------------------------------------------------------------ Debtor: Hermes Investments, LLC 1800 Martin Luther King Jr Ave SE Suite 328 Washington, DC 20020 Business Description: Hermes Investments, LLC is a single-asset real estate entity, as defined in 11 U.S.C. Section 101(51B), that owns property at 1800 Martin Luther King Jr. Ave. SE, Suite 328, Washington, DC 20020. Chapter 11 Petition Date: June 16, 2026 Court: United States Bankruptcy Court District of Columbia Case No.: 26-00313 Judge: Hon. Elizabeth L Gunn Debtor's Counsel: William C. Johnson, Jr., Esq. THE JOHNSON LAW GROUP, LLC 6305 Ivy Lane, Suite 630 Greenbelt, MD 20770 Tel: (301) 477-3450 E-mail: William@JohnsonLG.Law Total Assets: $0 Total Liabilities: $14,943,648 The petition was signed by Habib Shamte as CEO. A full-text copy of the petition, which includes a list of the Debtor's seven unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/KXEIRNY/Hermes_Investments_LLC__dcbke-26-00313__0001.0.pdf?mcid=tGE4TAMA HIGHLAND CHATEAU: Tarantino Properties Appointed as Receiver ------------------------------------------------------------ The Hon. Brian C. Lea of the U.S. District Court for the Western District of Tennessee, Western Division, entered an agreed order directing the appointment of Tarantino Properties, Inc., as receiver for Highland Chateau 5776, LLC and Highland Hills 5776, LLC. Wells Fargo, National Association, requested the appointment of a receiver. Wells Fargo, as trustee for Morgan Stanley Capital I Trust 2018-L1, is the lender in the underlying transaction. The Defendants are the borrowers, Highland Chateau 5776, LLC and Highland Hills 5776, LLC. The Defendants removed this action from Shelby County Chancery Court on March 6, 2026. Plaintiff and Defendants are parties to loan documents secured by: -- the Highland Chateau Apartment Property, multi-family apartment complexes located at 5246 Raleigh Lagrange Road, Memphis, TN 38134; and -- the Highland Hills Apartments Property, a second multi-family residential property located at 5959 Mount Moriah Road a/k/a 2831 Fosterwood Drive, Memphis, TN 38115. To purchase the Property, the Borrowers obtained a $20.65 million loan, secured by the Property via a Deed of Trust, Security Agreement, and Assignment of Leases and Rents Fixture Filing. Wells Fargo claims the Borrowers have defaulted by: a. failing to make monthly payments owed to Lender on the Payment Dates occurring in September, October, November, and December of 2025. (the Payment Default); b. creating, incurring, assuming, or suffering numerous liens on the Property, which constitutes an Event of Default as provided in the Loan Agreement; c. Replacing the Manager without acquiring Lender's approval, which constitutes an Event of Default as provided in the Loan Agreement; and d. Failing to operate and maintain the Property in good and safe condition and repair as provided in the Loan Agreement and the Deed of Trust. Wells Fargo claims there is a significant risk to the property. Plaintiff claims the Borrowers have allowed the property to deteriorate in condition, amounting to material physical waste. Wells Fargo notified the Borrowers (and the guarantor) that it was accelerating the Loan, demanding payment of the full balance. Wells Fargo also seeks the appointment of a receiver to manage, maintain, and operate the Property, its security. This case was initially assigned to Judge Thomas L. Parker, who recused himself from the matter, resulting in the transfer of this case to Judge Lea in March 2026. Plaintiff separately filed a Motion to Appoint Receiver on April 7, 2026. As the removing parties, Defendants in this case rest their claim to jurisdiction on diversity jurisdiction, which requires that the matter in controversy exceed the sum or value of $75,000, exclusive of interests and costs and, as relevant here, that the case is between citizens of different States. Given the size of the loan and value of the Property, there is no dispute that the amount in controversy requirement is satisfied. Congress has by statute provided that a national banking association like Wells Fargo is a citizen of the State in which it is located—meaning where it has its main office. The parties begin with a dispute over which body of law applies: Borrowers argue that federal law governs a request for a receiver in federal court; Plaintiff claims that the Court should look to Tennessee law and its progeny. Borrowers have the better argument. As Plaintiff acknowledges, many courts have held that federal law governs a request for a receiver in federal court. While the Sixth Circuit has not yet weighed in, the circuits and commentators that have agree that federal law governs. The First Circuit noted that most federal court decisions dealing with the appointment of a receiver pendente lite appear to apply federal law without discussion. That unanimity is unsurprising, for at least two reasons, according to Judge Lea. First, while certainly not dispositive, Federal Rule of Civil Procedure 66 provides that the Federal Rules govern an action in which the appointment of a receiver is sought, and the practice in administering an estate by a receiver or a similar court-appointed officer must accord with the historical practice in federal courts or with a local rule. Second, and more importantly, federal law applies because appointment of a receiver in equity is not a substantive right; rather, it is an ancillary remedy which does not affect the outcome of the action. Indeed, the Supreme Court of the United States has so held in a pre-Erie case in which the plaintiff, like Plaintiff here, invoked a state statute purportedly creating a substantive right to receiver. For these reasons, federal law governs Plaintiff's request for appointment of a receiver. Plaintiff requests a receiver under Tennessee's Uniform Commercial Real Estate Receivership Act. Plaintiff is correct that the Act has many bells and whistles, but nothing about it changes the purpose of a request for a receiver; indeed, the relevant statutory purpose allows appointment of a receiver before a judgment, to protect a party that demonstrates an apparent right, title, or interest in real property that is the subject of the action, if the property or the property's revenue-producing potential is threatened. The underlying lawsuit or claim -- seeking either money or the property -- remains the substantive focus, and the receiver remains an ancillary remedy. Indeed, Plaintiff's own complaint proves the point: While Plaintiff attempts to frame its request as a standalone claim for a receiver, that request is tied to an alleged breach of a loan secured by the Property, with Plaintiff's ultimate aim being to recover the money owed it or the Property—not to simply have a receiver put in place for its own sake. Under the Tennessee statute, then, a receivership remains an ancillary remedy, which means that federal law governs the issue in federal court. Federal Rule of Civil Procedure 66 authorizes a court to appoint a receiver. A district court enjoys broad equitable powers to appoint a receiver over assets disputed in litigation before the court. The receiver's role, and the district court's purpose in the appointment, is to safeguard the disputed assets, administer the property as suitable, and to assist the district court in achieving a final, equitable distribution of the assets if necessary. The Court considers the following non-exclusive factors when determining whether to appoint a receiver: (1) the adequacy of the security; (2) the financial position of the borrower; (3) any fraudulent conduct on the defendant's part; ( 4) imminent danger of the property being lost, concealed, injured, diminished in value, or squandered; (5) inadequacy of legal remedies; (6) the probability that harm to the plaintiff by denial of appointment would outweigh injury to parties opposing appointment; (7) the plaintiff's probable success in the action and the possibility of irreparable injury to the plaintiff's interest in the property; and (8) whether the plaintiff's interests sought to be protected will, in fact be well-served by a receivership. Judge Lea held that appointment of a receiver is warranted because the Borrowers consented to the appointment of a receiver, and the relevant factors weigh in Plaintiff's favor. In the Assignment of Leases and Rents, Plaintiff and Borrowers expressly agreed that, in the event of default, Lender may, at its option, by a receiver appointed by a court, dispossess Borrower and its agents and servants from the property. While the Parties through a contract cannot bind the Court’s exercise of its discretion to grant a receiver, this consent by Borrowers is a strong factor weighing in favor of the appointment of a receiver, and certainly can inform the Court's consideration of the other factors identified in the case law. But even without considering the Parties' agreement to the appointment of a receiver, the relevant factors weigh in favor of appointing a receiver. In this case, the remaining factors come down to an assessment of the harms—a consideration reflected in the first factor (adequacy of the security), fourth factor (imminent danger of the property being lost, concealed, injured, diminished in value, or squandered), fifth factor (inadequacy of legal remedies), sixth factor (requiring a balancing of the potential harm to the parties from appointing or refusing to appoint a receiver), and the part of the seventh factor (the possibility of irreparable injury to the plaintiff’s interest in the property). Through its verified complaint and other evidence, Plaintiff has shown that Borrowers have failed to maintain the property in good and safe condition and repair, have allowed at least eight liens to attach against the Property; and have allowed at least one judgment against the Property -- all of which threatens to diminish or eliminate the value of the Property and thus Plaintiff's security. Plaintiff has requested that Tarantino Properties, Inc., be appointed as the receiver. However, the Parties have offered no briefing or other argument about what the powers and duties of the receiver should be under federal law. About Highland Chateau 5776, LLC and Highland Hills 5776, LLC Highland Chateau 5776 LLC and Highland Hills 5776 LLC own the multi-family apartment complexes, the Highland Chateau Apartments located at 5246 Raleigh Lagrange Road, Memphis, TN 38134; and the Highland Hills Apartments located at 5959 Mount Moriah Road a/k/a 2831 Fosterwood Drive, Memphis, TN 38115. The Highland Chateau entities are facing a receivership case captioned as Wells Fargo Bank, National Association, as Trustee for Morgan Stanley Capital I Trust 2018-L1 v. Highland Chateau 5776 LLC and Highland Hills 5776 LLC, Case No. 2:26-cv-02235 (W.D. Tenn.), before the Hon. Brian C. Lea. Wells Fargo alleges the Borrowers are in default of a $20.65 million loan, secured by the Property. The case was filed on March 5, 2026. Defendants are represented by: Yosef Horowitz, Esq. Glankler Brown, PLLC Tel: 901-576-1758 E-mail: jhorowitz@glankler.com – and – S. Joshua Kahane, Esq. Glankler Brown, PLLC Tel: (901) 576-1701 E-mail: jkahane@glankler.com Wells Fargo is represented by: Nelwyn W. Inman, Esq. BAKER, DONELSON, BEARMAN CALDWELL & BERKOWITZ, PC Tel: (423) 752-4405 E-mail: ninman@bakerdonelson.com – and – William G. Stevens, Esq. BAKER, DONELSON, BEARMAN CALDWELL & BERKOWITZ, PC E-mail: wstevens@bakerdonelson.com HOPS & BARLEY: Hires Sunbridge Advisory LLC as Accountant --------------------------------------------------------- Hops & Barley, Inc seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to employ Sunbridge Advisory, LLC as accountant. The firm will assist the Debtor in the preparation of its income tax returns, monthly financial and bookkeeping service, along with bankruptcy reporting as needed, including the preparation of Monthly Operating Reports. The firm will be paid at $250 per hour. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Mr. Kedowide 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: Levi Kedowide, CPA Sunbridge Advisory, LLC 16500 San Pedro Ave., Suite 150 San Antonio, TX 78232 Tel: (210) 492-1627 About Hops & Barley Inc. Hops & Barley, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Texas Case No. 26-51252) on May 7, 2026, with up to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Aubrey L. Thomas presides over the case. William R. Davis, Jr., Esq. at Langley & Banack, Inc. represents the Debtor as legal counsel. HUMBLE BARON: Seeks to Hire Tom Bible Law as Attorney ----------------------------------------------------- Humble Baron, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Tennessee to employ Tom Bible Law as attorney. The firm will provide these services: a. advise the applicants as to their rights, duties, and powers as debtors-in-possession. b. investigate and if necessary, institute legal action on behalf of the Debtor to collect and recover assets of the estate of the Debtor. c. prepare and file the statements, schedules, plans, and other documents and pleadings necessary to be filed by the applicants in this case. d. assist and counsel the Debtor in the preparation, presentation and confirmation of their disclosure statement and plan of reorganization. e. represent the Debtor at all hearings, meetings of creditors, conferences, trials, and other proceedings in this case; and f. perform such other legal services as may be necessary in connection with this case. The firm will be paid at these rates: Attorney $475 per hour Paralegal $125 per hour The firm received a retainer in the amount of $16,738. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Mr. Bible, Jr. 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: W. Thomas Bible, Jr. 6112 Shallowford Road Chattanoga, TN 37421 Tel: (423) 424- 3116 Fax: (423) 893-1245 Email: tom@tombiblelaw.com About Humble Baron, Inc Humble Baron operates a bar, restaurant, and entertainment venue in Shelbyville, Tennessee. The venue offers food and cocktail service, hosts live music, takes reservations, and provides private event hosting. Humble Baron is located at Nearest Green Distillery. Humble Baron, Inc. filed its voluntary petition for Chapter 11 protection (Bankr. E.D. Tenn Case No. 26-11577) on June 5, 2026, listing $1 million to $10 million in assets and $1 million to $10 million in liabilities. Keith Weaver, president of Humble Baron, Inc., signed the petition. Judge Hon. Nicholas W. Whittenburg oversees the case. W. Thomas Bible, Jr., Esq. of Tom Bible Law serve as the Debtor's legal counsel. HW BURBANK: To Sell Santa Monica Property to Levy Affiliated ------------------------------------------------------------ HW Burbank LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor’s primary assets are its: 50% tenancy in common (TIC) interest in the real property located at 1441- 1445 Fourth Street, Santa Monica, California; and its 100% ownership in the real property located at 1244, 1264, and 1284 Peters Rd., Harvey, Louisiana 70058 (Louisiana Property). Scobar Adventures, LLC is the other entity that holds the other 50% TIC interest in the Property; and the Beitler Family Trust is the sole owner of both the Debtor and Scobar. The Property is located in the vibrant heart of Santa Monica, and a short distance away from the beach and the world famous Santa Monica Promenade. On the Property is a two-story, mixed-used building. The Property is not currently generating any income. The Debtor owns the Louisiana Property outright, and does not believe that property is encumbered by any lender liens. The Louisiana Property is an income-generating roperty, and a portion of that property is currently leased to a tenant named Creole Chief Inc. for $3,500 per month. Prior to the Petition Date, the Debtor worked with multiple real estate brokers including Kidder Matthews, Newmark, and Westmark to market and potentially sell the Property. Among other things, the Debtor and/or these brokers listed the Property for sale on LoopNet; reached out to potential purchasers, agents and brokers with marketing materials; conducted showings of the Property; responded to telephone and email inquiries about the Property; and submitted responses to offers for the Property. The Debtor receives an offer from Levy Affiliated Holdings, LLC to purchase the Property for the purchase price of $5,320,000. The Lender has consented to the Sale of the Property to the Purchaser, free and clear of its lien, subject to the terms of the Settlement Agreement. The Debtor has exercised its reasonable business judgment to move forward with, and seek Court approval of a private sale of the Property to the Purchaser for the Purchase Price for several reasons. About HW Burbank, LLC HW Burbank, LLC is a limited liability company based in Los Angeles, California, that operates in the real estate services industry under NAICS 5313 and holds a primary real estate asset located at 825 S. Barrington Ave., Los Angeles, California. HW Burbank, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 2:26-bk-11651) on Feb. 23, 2026. At the time of the filing, Debtor had estimated assets of between $1,000,001 and $10 million and liabilities of between $1,000,001 and $10 million. Judge Vincent P. Zurzolo oversees the case. Levene, Neale, Bender, Yoo & Golubchik L.L.P. is Debtor's legal counsel. HYBAR LLC: Moody's Rates New Senior Secured Notes 'B3' ------------------------------------------------------ Moody's Ratings assigned a B3 rating to Hybar LLC's ("Hybar") newly issued backed senior secured notes. Hybar's B3 Corporate Family Rating, B3-PD Probability of Default Rating, and the B3 rating on the Series 2023 A and B (post-exchange) and Series 2026 A and B backed senior secured revenue bonds issued by the Arkansas Development Finance Authority ("ADFA") remain unchanged. The rating outlook remains unchanged at stable. RATINGS RATIONALE Hybar intends to use the proceeds from the senior secured notes offering, along with proceeds from the previously announced revenue bond offering and sponsor equity to finance the construction of its second rebar mill (Hybar II) and refinance existing debt. Hybar's B3 CFR is supported by the management team's proven track record of developing and operating greenfield EAF steel mini-mills, the company's low-cost position, multi-modal transportation access enabling competitive reach to rebar demand centers across the country. The rating also benefits from secure scrap sourcing arrangements with one of its sponsors (Koch Minerals & Trading), prefunding of Hybar II expansion capex that mitigates near-term financing risk, and favorable US rebar market dynamics including substantial import tariffs and structural demand tailwinds from infrastructure, data center, and industrial construction activity. Hybar's rating is constrained by its very limited operating history, meaningful execution risk associated with simultaneously ramping up Hybar I while constructing a second co-located mill, and weak near-term credit metrics that are not expected to normalize until 2029. The rating also reflects the company's modest size, narrow business profile as a single-product, single-site operation, which amplifies its exposure to volatile steel and scrap prices, cyclical US construction activity, the risk that significant domestic rebar capacity additions could compress metal spreads, and the sensitivity of earnings to trade policy. Additionally, private equity ownership introduces governance risk considerations, including the potential for prioritizing equity returns over debt reduction. Moody's expects Hybar to generate Moody's adjusted EBITDA of around $75 million in 2026, stepping up to around $120 million in 2027 with a full year of operations for Hybar I. Moody's expects EBITDA to further increase in 2028 with the start up of Hybar II, with 2029 representing the first full year of operations for both Hybar I and II. Moody's expects full run-rate EBITDA of around $250 million, with both Hybar I and II running at capacity. Moody's adjusted free cash flow is expected to be negative through 2028 as a result of the capex associated with Hybar II. However, prefunding of that expected spend mitigates the risk. As a result of the gradual ramp in EBITDA and prefunding of Hybar II capex, leverage is expected to be elevated through 2028, before normalizing around 4.3x in 2029. Hybar has good liquidity to support its operations and construction of the second mill. Proforma for the contemplated debt and equity financing transactions, Moody's expects Hybar to have nearly $830 million of cash on the balance sheet. The company will also have access to a $75 million ABL revolver (unrated) due 2031. While Moody's expects free cash flow to be materially negative in the near-term as a result of construction of Hybar II, pre-funding of this capex mitigates this risk. The ABL revolver borrowings are subject to a springing fixed charge coverage ratio of 1.0x when excess availability falls below the greater of 10% of line cap and $5.5 million. Hybar's stable outlook assumes a successful ramp-up of Hybar I to full nameplate capacity in the coming months, and a successful construction of Hybar II on schedule and within budget. It also assumes a gradual improvement in credit metrics as both the ramp-up and construction progress as planned. The 2023 and 2026 series revenue bonds, as well as the senior secured notes are rated B3, in line with the CFR as they represent the preponderance of debt in the capital structure, behind the $75 million ABL credit facility (unrated). FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING Hybar's ratings are not likely to be upgraded in the near-term considering the company's modest size, single site operation and lack of end market diversity. The company would need to increase its scale and diversity and sustain leverage (Debt/EBITDA) below 4.5x, interest coverage (EBIT/Interest) above 2.5x and consistently generate positive free cash flow for an upgrade to be considered. Hybar's ratings could be downgraded if Hybar I experiences any significant production issues as the company ramps-up to full nameplate capacity, if Hybar II experiences any significant delays or cost-overruns, or metal spreads were to materially weaken, putting pressure on the company's liquidity. Additionally, the ratings could also be downgraded if the company sustains leverage above 5.5x and interest coverage below 1.5x following completion of Hybar II's construction and ramp-up. Hybar operates a scrap-metal recycling steel rebar mill in Osceola, Arkansas with a rated capacity of 630K tons per year. The company is in the process of doubling this capacity, with the planned construction of a second mill adjacent to its existing site. The company was initially capitalized in August 2023, and is owned by a consortium including TPG, Quanta Services, Inc., Consolidated Rebar Investors and Koch Minerals & Trading. The principal methodology used in this rating was Steel published in September 2025. Hybar's B3 rating is 2 notches above the Caa2 scorecard-indicated outcome based on its LTM December 31, 2025 financials. The difference reflects limited earnings contribution from Hybar I in the historical period, given the plant started operations in October 2025. HYPERMIND CORP: Court Extends Cash Collateral Access to Sept. 8 --------------------------------------------------------------- HyperMind Corp. received second interim approval from the U.S. Bankruptcy Court for the Northern District of California, San Jose Division, to use the cash collateral of secured lender First Internet Bank of Indiana. Under the second interim order, the Debtor is authorized to continue using cash collateral through Sept. 8 in accordance with the updated operating budget. The lender will be granted adequate protection through monthly payments of $3,736.01; replacement liens on post-petition collateral, with the same validity and priority as its pre-petition liens; and insurance coverage on the collateral. All terms of the initial cash collateral order and the prior stipulation between the Debtor and the lender remain in effect except as specifically modified by the second interim order. The order is available at https://shorturl.at/xfmDI from PacerMonitor.com. First Internet Bank of Indiana is represented by: Rebecca L. Matthews, Esq. FBT Gibbons, LLP 235 Pine Street, Suite 2300 San Francisco, CA 94101 Telephone: (214) 580-5852 Facsimile: (214) 545-3473 rmatthews@fbtgibbons.com About HyperMind Corp. HyperMind Corp., doing business as Paris Bakery, has operated since the mid-1980s, selling breads, pastries, and cafe items through retail locations in Monterey and Seaside while supplying restaurants, hotels, and coffee houses with wholesale baked goods. Founded by Jackie Jegat, who trained in France, the bakery was sold in 2024 to new owner Hector Capelo, who continues operations offering croissants, baguettes, specialty pastries, and espresso drinks. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 26-50528) on April 1, 2026. In the petition signed by Hector Capelo, CEO, the Debtor disclosed $193,247 in total assets and $1,680,424 in total liabilities. Judge Stephen L. Johnson oversees the case. Arasto Farsad, Esq., at Farsad Law Office, P.C., represents the Debtor as bankruptcy counsel. IMAGE TECHNOLOGY: Gets Final OK to Use Cash Collateral ------------------------------------------------------ The U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, entered a final order authorizing Image Technology Consulting II, LLC and Axiom Imaging Solutions, Inc. to continue using cash collateral. Under the final order, the Debtors are authorized to use cash collateral pursuant to an approved operating budget with a permitted variance of plus or minus 15% on a rolling four-week basis. Cash collateral includes all cash, cash equivalents, bank account funds, accounts receivable collections, and proceeds of pre-petition collateral. The court also partially lifted the automatic stay to allow Comerica Bank to offset funds in the Debtors' Comerica accounts against outstanding obligations, except for a protected reserve amount of $100,000 that remains available for the Debtors' ongoing business operations. The order further granted adequate protection to the secured creditors, including the U.S. Small Business Administration and Comerica Bank, through replacement liens on post-petition assets and superpriority administrative expense claims if collateral value declines. Comerica also received a first-priority replacement lien on post-petition accounts receivable to protect the reserve amount. In addition, the Debtors must make monthly payments to the SBA totaling no more than $2,500. The order reserves all rights of the Debtors and other parties to challenge the validity, extent, priority, or perfection of asserted liens and claims. The order is available at https://shorturl.at/t3tdj About Image Technology Consulting II LLC Image Technology Consulting II, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 26-41358) on March 29, 2026. In the petition signed by Marshall Shannon, managing member, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. Judge Mark X. Mullin oversees the case. The Debtor tapped Richard Grant, Esq., at CM Law, LLP as bankruptcy counsel; Champion, LLP as special appellate counsel; and Jason Rae, managing director of Lain, Faulkner & Co., P.C., as chief restructuring officer. IMAGINATION ENTERPRISES: Gets Extension to Use Cash Collateral -------------------------------------------------------------- Imagination Enterprises, LLC received a two-month extension from the U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division, to use cash collateral. At the recently held hearing, the court extended the Debtor's authority to use cash collateral from June 16 through Aug. 19 to fund its operations. The Debtor was initially allowed to access cash collateral under the court's May 28 interim order. The initial order granted replacement liens on post-petition cash collateral to secured creditors including Fox Funding Group, LLC, Unique Funding Solutions, LLC, United First, LLC, and CFG Merchant Solutions, LLC while preserving the Debtor's right to challenge the extent, validity, or priority of those liens. As of the petition date, the aggregate value of the Debtor's personal property is approximately $130,146.68 and its cash collateral consisted of cash in account (Paypal)) of $16,590.48; and inventory, furniture and equipment valued at $113,556.20. The Debtor's ongoing post-petition receipts from operations are likewise expected to constitute cash collateral. About Imagination Enterprises LLC Imagination Enterprises, LLC makes home-fragrance products including candles, wax melts, room sprays, fragrance oils, air fresheners, and foaming hand soaps. It conducts business under the name Magic Candle Company, and is based in Orlando, Florida. Imagination Enterprises sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-02562) on April 10, 2026, with assets of up to $50,000 and liabilities of between $1 million and $10 million. Keith Michael Mahne, president of Imagination Enterprises, signed the petition. Judge Hon. Grace E Robson oversees the case. The Debtor is represented by: Chad T. Van Horn, Esq. Van Horn Law Group PA Tel: 954-637-0000 Email: chad@cvhlawgroup.com INNOVATE CORP: All Four Proposals Approved at Annual Meeting ------------------------------------------------------------ INNOVATE Corp. held its Annual Meeting of Stockholders. The final voting results for each matter submitted to a vote of stockholders at the Annual Meeting are as follows: Proposal 1: Election of Directors The stockholders voted to elect the following four nominees as members of the Board of Directors of the Company, each to hold office until the Company's 2027 Annual Meeting of Stockholders and until his or her successor is duly elected and qualified. The results of the vote were as follows: 1. Avram A. Glazer * For: 8,983,029 * Against: 374,259 * Abstain: 7,008 * Broker Non-Votes: -- 2. Warren H. Gfeller * For: 8,951,178 * Against: 404,999 * Abstain: 8,119 * Broker Non-Votes: -- 3. Brian S. Goldstein * For: 9,036,379 * Against: 315,691 * Abstain: 12,226 * Broker Non-Votes: -- 4. Amy M. Wilkinson * For: 9,041,451 * Against: 314,727 * Abstain: 8,118 * Broker Non-Votes: -- Proposal 2: Approval, on a non-binding, advisory basis, of the compensation of the Company's named executive officers The stockholders voted to approve the non-binding, advisory proposal on the compensation of the Company's named executive officers. The results of the vote were as follows: * For: 8,989,176 * Against: 256,597 * Abstain: 118,523 * Broker Non-Votes: -- Proposal 3: Approval of Amendment to Second Amended and Restated 2014 Omnibus Equity Award Plan to increase the number of shares of Common Stock available for issuance thereunder The stockholders voted to approve an amendment to the Company's Second Amended and Restated 2014 Omnibus Equity Award Plan to increase the number of shares of Common Stock available for issuance thereunder. The results of the vote were as follows: * For: 9,060,801 * Against: 270,953 * Abstain: 32,542 * Broker Non-Votes: -- Proposal 4: Ratification of the appointment of BDO USA, P.C., as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2026 The stockholders voted to ratify the appointment of BDO USA, P.C., as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2026. The results of the vote were as follows: * For: 11,509,455 * Against: 332,271 * Abstain: 9,337 * Broker Non-Votes: 0 About Innovate INNOVATE Corp. is a diversified holding company that has a portfolio of subsidiaries in a variety of operating segments. The Company seeks to grow these businesses so that they can generate long-term sustainable free cash flow and attractive returns in order to maximize value for all stakeholders. While the Company generally intends to acquire controlling equity interests in its operating subsidiaries, the Company may invest to a limited extent in a variety of non-controlling equity interest positions or debt instruments. The Company's shares of common stock trade on the New York Stock Exchange under the symbol "VATE". Atlanta, Georgia-based BDO USA, P.C., the Company's auditor since 2011, issued a "going concern" qualification in its report dated March 26, 2026, citing that the Company has significant upcoming maturities of its debt obligations and is subject to certain cross-default provisions. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of March 31, 2026, the Company had $936.8 million in total assets, $1.169 billion in total liabilities, $10.8 million in total temporary equity, and $243 million in total stockholders' deficit. INOTIV INC: Court OKs Notification Procedures for Stock Transfers ----------------------------------------------------------------- On June 3, 2026 (the "Petition Date"), Inotiv, Inc., and its affiliated debtors (each, a "Debtor," and collectively, the "Debtors"), filed petitions with the United States Bankruptcy Court for the Southern District of Texas (the "Court") under chapter 11 of title 11 of the United States Code (the "Bankruptcy Code"). Subject to certain exceptions, section 362 of the Bankruptcy Code operates as a stay of any act to obtain possession of property of or from the Debtors' estates or to exercise control over property of or from the Debtors' estates. On the Petition Date, the Debtors filed the Debtors' Emergency Motion for Entry of an Order (I) Approving Notification and Hearing Procedures for Certain Transfers of Common Shares and (II) Granting Related Relief (the "Motion"). On June 9, 2026, the Court entered the Order (I) Approving Notification and Hearing Procedures for Certain Transfers of Common Shares and (II) Granting Related Relief (the "Order") approving procedures for certain transfers of Common Shares set forth in Exhibit 1 attached to the Order (the "Procedures"). All registered holders of Common Shares shall be required to serve the Notice of Order, as applicable, on any holder for whose benefit such registered holder holds such Common Shares. Any entity or individual, or agent acting on such entity's or individual's behalf who sells Common Shares to another entity or individual, shall be required to serve a copy of the Notice of Order, as applicable, on such purchaser of such Common Shares, or any broker or agent acting on such purchaser's behalf. Pursuant to the Order, a Substantial Shareholder may not consummate any purchase, sale, or other transfer of Common Shares, or Beneficial Ownership of Common Shares in violation of the Procedures, and any such transaction in violation of the Procedures shall be null and void ab initio. Pursuant to the Order, the Procedures shall apply to the holding and transfers of Common Shares or any Beneficial Ownership therein by a Substantial Shareholder or someone who may become a Substantial Shareholder. Pursuant to the Order, upon the request of any entity, the proposed notice, claims, and solicitation agent for the Debtors, Kroll Restructuring Administration LLC, will provide a copy of the Order and a form of each of the declarations required to be filed by the Procedures in a reasonable period of time. Such declarations are also available via PACER on the Court's website at https://ecf.txsb.uscourts.gov/ (the required PACER password can be obtained at https://www.pacer.uscourts.gov) for a fee, or free of charge by accessing the Debtors' restructuring website at https://restructuring.ra.kroll.com/Inotiv. Pursuant to the Order, failure to follow the procedures set forth in the Order shall constitute a violation of, among other things, the automatic stay provisions of section 362 of the Bankruptcy Code. Any prohibited purchase, sale, other transfer of Beneficial Ownership of Common Shares, or option with respect thereto in violation of the Order is prohibited and shall be null and void ab initio and may be subject to additional sanctions as this court may determine. Proposed Co-Counsel to the Debtors in Possession: Timothy A. ("Tad") Davidson II, Esq. Philip M. Guffy, Esq. Kaleb Bailey, Esq. HUNTON ANDREWS KURTH LLP 600 Travis Street, Suite 4200 Houston, TX 77002 Telephone: (713) 220-4200 Facsimile: (713) 220-4285 Email: taddavidson@hunton.com pguffy@hunton.com kbailey@hunton.com Cristine Pirro Schwarzman, Esq. Daniel I. Forman, Esq. ROPES & GRAY LLP 1211 Avenue of the Americas New York, NY 10036 Telephone: (212) 596-9000 Facsimile: (212) 596-9090 Email: cristine.schwarzman@ropesgray.com dan.forman@ropesgray.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. INSPIRED HEALTHCARE: No Decline in Resident Care, PCO Report Says ----------------------------------------------------------------- Susan Goodman, the patient care ombudsman, filed with the U.S. Bankruptcy Court for the Northern District of Texas her initial report regarding the quality of patient care provided at Inspired Healthcare Capital Holdings, LLC and affiliates' Round Rock, Texas senior living facility. The PCO provides this initial report regarding her efforts at Mariella at Round Rock ("Round Rock" or "Teravista") located in the I-35 Corridor North of Austin, Texas. Round Rock's one-story building, constructed in 2016, has fifty-two assisted living ("AL") units and twenty-four secure memory units ("Memory"). Prior to what was described as Leisure Care's urgent engagement in mid-2025, Round Rock was included in Debtors' Volante portfolio. Consistent with PCO's reporting at sister locations, the engagement of Leisure Care was received positively by staff and residents and has been credited for stabilizing operations. The PCO toured the building, observed resident/staff interactions, interacted with residents, and met with staff occupying various positions. Housekeeping duties were reported as being covered by two team members for the building. Round Rock had functioning laundry equipment inclusive of residential Memory and AL machines and commercial laundry equipment. Ms. Goodman found public areas of the facility to be clean, without noxious odors. Because some of the residential halls had been updated with new paint, flooring, and lighting and some halls were not yet completed, PCO could appreciate the dramatic improvement from the décor updates. Memory reported directly addressing limited floor repairs internally for areas where the laminate flooring lifted. The PCO did not observe resident care quality decline as contemplated under Section 333(b) of the Bankruptcy Code, seemingly because of the buffer provided by the third-party consulting company's engagement. PCO is concerned that a replacement pharmacy vendor need which was highlighted by clinical leadership as a resident risk has not yet been addressed. As such, PCO will remain actively engaged in monitoring this topic at this and the Grapevine location. Additionally, PCO will continue appearing as a sole professional without ombudsman counsel, reserving the right to seek counsel's employment should resident issues arise that require additional advocacy efforts requiring bankruptcy-specific expertise that is beyond PCO's health care operations/compliance expertise. The ombudsman report covers the period from April 8 to June 8. A copy of the ombudsman report is available at https://urlcurt.com/u?l=MBSimE from Epiq Corporate Restructuring, LLC, claims agent. The ombudsman may be reached at: Ms. Susan Goodman PIVOT HEALTH LAW, LLC P.O. Box 69734 Oro Valley, AZ 85737 Cell: 520.971.8072 Message: 520.744.7061 Fax: 520.575.4075 Email: sgoodman@pivothealthaz.com About Inspired Healthcare Capital Holdings Inspired Healthcare Capital Holdings, LLC, owns senior living communities across the U.S. that provide independent living, assisted living, and memory care services. It operates in the senior housing and healthcare real estate sector, with day-to-day community operations managed by third-party operators under management agreements while the Company retains control over non-community business functions. Inspired Healthcare Capital Holdings sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Lead Case No. 26-90004) on Feb. 2, 2026. In the petition signed by M. Benjamin Jones, chief restructuring officer, Inspired Healthcare Capital Holdings reported between $1 billion and $10 billion in both assets and liabilities. Judge Mark X. Mullin oversees the cases. The Debtors tapped McDermott Will & Schulte, LLP as bankruptcy counsel; Ankura Consulting Group, LLC as financial advisor; Raymond James & Associates, Inc. as investment banker; and Epiq Corporate Restructuring, LLC as claims, noticing, and solicitation agent. The Debtors hired DLA Piper LLP (US) as conflicts counsel and Reid Collins & Tsai LLP as special litigation counsel. BDO USA, P.C. serves as tax accountant. The official committee of unsecured creditors appointed hired Berkeley Research Group, LLC as financial advisor; Greenberg Traurig, LLP as attorney; and Vartabedian Katz Hester & Haynes LLP as its conflicts counsel. Ferguson Braswell Fraser Kubasta PC represents the Ad Hoc Committee of DST Investors. Jones Walker, LLP represents the Ad Hoc Group of Lenders in Inspired Healthcare Capital Income Fund 5. Holland & Knight, LLP represents the Ad Hoc Group of Unencumbered DST Investors. The U.S. Trustee for Region 6 appointed Mairead Painter as patient care ombudsman at Connecticut senior living facility; Timothy Hunter as patient care ombudsman at Minnesota senior living facility; Terri Cantrell as patient care ombudsman at Florida senior living facilities; Salli Pung as patient care ombudsman at the Michigan senior living facilities; Amanda Celentano as patient care ombudsman at Maryland senior living facility; Kelly Richards as patient care ombudsman at Illinois senior living facilities; Marie Coe as patient care ombudsman at Nevada senior living facilities; and Melanie McNeil as patient care ombudsman at Georgia senior living facilities. Susan Goodman of Pivot Health Law, LLC and Laurie Facciarossa Brewer were also named as patient care ombudsman. INSPIRED HEALTHCARE: No Decline in Resident Care, PCO Report Says ----------------------------------------------------------------- Susan Goodman, the patient care ombudsman, filed with the U.S. Bankruptcy Court for the Northern District of Texas her initial report regarding the quality of patient care provided at Inspired Healthcare Capital Holdings, LLC and affiliates' San Marcos, Texas senior living facility. The provides this initial report regarding her efforts at Mariella at Sage Spring located in the I-35 Corridor South of Austin in San Marcos, Texas. Sage has sixty-eight assisted living ("AL") units and twenty-four memory assisted living units ("Memory"). On the date of PCO's visit, including the scheduled move-in, Memory was at capacity. PCO visited just after the noon meal. Residents were gathered in the great room area watching a movie. A total of three residents were reported as having private care givers. Staff reported seven residents with hospice care support. The PCO encountered one Memory care assistant who reported that the other staff were on their lunch break when she visited Memory. The staff member was cleaning up the lunch area and interacting with and redirecting residents, who she appeared to be well acquainted with. Staff reported working extra shifts when needed to cover staffing needs. Ms. Goodman met with the maintenance director, who also reported managing the housekeeping ("EVS") staff. The maintenance director had an assistant, who PCO met on site. Maintenance denied post petition supply and service vendor concerns. Regular elopement drills were reported as occurring in addition to monthly fire drills. The annual disaster drill completion was current within the last calendar year. The PCO did not observe resident care quality decline as contemplated under Section 333(b) of the Bankruptcy Code, seemingly because of the buffer provided by the third-party consulting company's engagement. As reported relative to other locations visited, any sale transition that would potentially involve a transition in the consulting company's leadership should be carefully planned and executed to avoid resident and staff departures and/or care impacts. Additionally, PCO will continue appearing as a sole professional without ombudsman counsel, reserving the right to seek counsel's employment should resident issues arise that require additional advocacy efforts requiring bankruptcy-specific expertise that is beyond PCO's health care operations/compliance expertise. The ombudsman report covers the period from April 8 to June 8. A copy of the ombudsman report is available at https://urlcurt.com/u?l=MGI32F from Epiq Corporate Restructuring, LLC, claims agent. The ombudsman may be reached at: Ms. Susan Goodman PIVOT HEALTH LAW, LLC P.O. Box 69734 Oro Valley, AZ 85737 Cell: 520.971.8072 Message: 520.744.7061 Fax: 520.575.4075 Email: sgoodman@pivothealthaz.com About Inspired Healthcare Capital Holdings Inspired Healthcare Capital Holdings, LLC, owns senior living communities across the U.S. that provide independent living, assisted living, and memory care services. It operates in the senior housing and healthcare real estate sector, with day-to-day community operations managed by third-party operators under management agreements while the Company retains control over non-community business functions. Inspired Healthcare Capital Holdings sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Lead Case No. 26-90004) on Feb. 2, 2026. In the petition signed by M. Benjamin Jones, chief restructuring officer, Inspired Healthcare Capital Holdings reported between $1 billion and $10 billion in both assets and liabilities. Judge Mark X. Mullin oversees the cases. The Debtors tapped McDermott Will & Schulte, LLP as bankruptcy counsel; Ankura Consulting Group, LLC as financial advisor; Raymond James & Associates, Inc. as investment banker; and Epiq Corporate Restructuring, LLC as claims, noticing, and solicitation agent. The Debtors hired DLA Piper LLP (US) as conflicts counsel and Reid Collins & Tsai LLP as special litigation counsel. BDO USA, P.C. serves as tax accountant. The official committee of unsecured creditors appointed hired Berkeley Research Group, LLC as financial advisor; Greenberg Traurig, LLP as attorney; and Vartabedian Katz Hester & Haynes LLP as its conflicts counsel. Ferguson Braswell Fraser Kubasta PC represents the Ad Hoc Committee of DST Investors. Jones Walker, LLP represents the Ad Hoc Group of Lenders in Inspired Healthcare Capital Income Fund 5. Holland & Knight, LLP represents the Ad Hoc Group of Unencumbered DST Investors. The U.S. Trustee for Region 6 appointed Mairead Painter as patient care ombudsman at Connecticut senior living facility; Timothy Hunter as patient care ombudsman at Minnesota senior living facility; Terri Cantrell as patient care ombudsman at Florida senior living facilities; Salli Pung as patient care ombudsman at the Michigan senior living facilities; Amanda Celentano as patient care ombudsman at Maryland senior living facility; Kelly Richards as patient care ombudsman at Illinois senior living facilities; Marie Coe as patient care ombudsman at Nevada senior living facilities; and Melanie McNeil as patient care ombudsman at Georgia senior living facilities. Susan Goodman of Pivot Health Law, LLC and Laurie Facciarossa Brewer were also named as patient care ombudsman. INSPIRED HEALTHCARE: No Decline in Resident Care, PCO Report Says ----------------------------------------------------------------- Susan Goodman, the patient care ombudsman, filed with the U.S. Bankruptcy Court for the Northern District of Texas her initial report regarding the quality of patient care provided at Inspired Healthcare Capital Holdings, LLC and affiliates' Grapevine, Texas senior living facility. The PCO provides this initial report regarding her efforts at the Mariella Grapevine, Texas located in the Dallas, Texas Metroplex. Grapevine is a one-story building that is licensed for a total capacity of 106 assisted living ("AL") residents and nineteen memory AL ("Memory") residents. On the date of PCO's site visit, Memory had eleven residents. AL reported a total of 43 occupied apartments. The PCO toured the building, observed staff/resident interactions, interacted residents and family members, and chatted with the AL resident council president. Housekeeping staff were visible in the community. Memory was reported as having its own dedicated housekeeping staff. Care staff were reported as responsible for resident laundry. The PCO observed that the building appeared clean and odor free. Public restrooms were functional and had paper products. Food and produce vendors were reported as unaffected by the bankruptcy filing. Always available and made to order food options were confirmed. No concerns noted. Ms. Goodman did not have any further resident concerns at this property, beyond the identified concerns associated with the now resolved, Memory flooring and the ongoing need for an alternative pharmacy partner. PCO notes that the consulting company's regional leadership introduced themselves to PCO's and actively sought her feedback after the site visit. PCO is grateful for their engagement and responsiveness relative to the topics of PCO's concern. The PCO did not observe resident care quality decline as contemplated under Section 333(b) of the Bankruptcy Code, seemingly because of the buffer provided by the third-party consulting company's engagement pre-petition. However, resident care quality is at risk relative to the types and frequency of the pharmacy fulfillment errors reported to PCO. PCO has reported this concern to Debtors' counsel and shared her perspective regarding the accuracy concerns described to PCO. Additionally, the PCO will continue appearing as a sole professional without ombudsman counsel, reserving the right to seek counsel’s employment should resident issues arise that require additional advocacy efforts requiring bankruptcy-specific expertise that is beyond PCO's health care operations/compliance expertise. The ombudsman report covers the period from April 8 to June 8. A copy of the ombudsman report is available at https://urlcurt.com/u?l=O03ySt from Epiq Corporate Restructuring, LLC, claims agent. The ombudsman may be reached at: Ms. Susan Goodman PIVOT HEALTH LAW, LLC P.O. Box 69734 Oro Valley, AZ 85737 Cell: 520.971.8072 Message: 520.744.7061 Fax: 520.575.4075 Email: sgoodman@pivothealthaz.com About Inspired Healthcare Capital Holdings Inspired Healthcare Capital Holdings, LLC, owns senior living communities across the U.S. that provide independent living, assisted living, and memory care services. It operates in the senior housing and healthcare real estate sector, with day-to-day community operations managed by third-party operators under management agreements while the Company retains control over non-community business functions. Inspired Healthcare Capital Holdings sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Lead Case No. 26-90004) on Feb. 2, 2026. In the petition signed by M. Benjamin Jones, chief restructuring officer, Inspired Healthcare Capital Holdings reported between $1 billion and $10 billion in both assets and liabilities. Judge Mark X. Mullin oversees the cases. The Debtors tapped McDermott Will & Schulte, LLP as bankruptcy counsel; Ankura Consulting Group, LLC as financial advisor; Raymond James & Associates, Inc. as investment banker; and Epiq Corporate Restructuring, LLC as claims, noticing, and solicitation agent. The Debtors hired DLA Piper LLP (US) as conflicts counsel and Reid Collins & Tsai LLP as special litigation counsel. BDO USA, P.C. serves as tax accountant. The official committee of unsecured creditors appointed hired Berkeley Research Group, LLC as financial advisor; Greenberg Traurig, LLP as attorney; and Vartabedian Katz Hester & Haynes LLP as its conflicts counsel. Ferguson Braswell Fraser Kubasta PC represents the Ad Hoc Committee of DST Investors. Jones Walker, LLP represents the Ad Hoc Group of Lenders in Inspired Healthcare Capital Income Fund 5. Holland & Knight, LLP represents the Ad Hoc Group of Unencumbered DST Investors. The U.S. Trustee for Region 6 appointed Mairead Painter as patient care ombudsman at Connecticut senior living facility; Timothy Hunter as patient care ombudsman at Minnesota senior living facility; Terri Cantrell as patient care ombudsman at Florida senior living facilities; Salli Pung as patient care ombudsman at the Michigan senior living facilities; Amanda Celentano as patient care ombudsman at Maryland senior living facility; Kelly Richards as patient care ombudsman at Illinois senior living facilities; Marie Coe as patient care ombudsman at Nevada senior living facilities; and Melanie McNeil as patient care ombudsman at Georgia senior living facilities. Susan Goodman of Pivot Health Law, LLC and Laurie Facciarossa Brewer were also named as patient care ombudsman. INSPIRED HEALTHCARE: No Decline in Resident Care, PCO Report Says ----------------------------------------------------------------- Susan Goodman, the patient care ombudsman, filed with the U.S. Bankruptcy Court for the Northern District of Texas her initial report regarding the quality of patient care provided at Inspired Healthcare Capital Holdings, LLC and affiliates' Dartmouth, Massachusetts senior living facility. The Residence of Cedar Dell is managed by a third-party company called LCB. Cedar has sixty-one assisted/independent-living apartments and seventeen memory-assisted living apartments. The first floor, secure memory unit offered a double occupancy unit. Accordingly, the unit was full at the time of PCO's site visit with a total of eighteen residents. The assisted/independent apartments were also full, with only one empty unit. The PCO noted that Cedar Dell's chef denied experiencing post-petition challenges associated with dining services. This department was fully staffed. No concerns were noted in this area. Supply items for this resident-centric service department were reported as coming through the management company account and were understandably uninterrupted by the bankruptcy filing. The PCO did not observe bankruptcy-associated impacts to resident care items including, without limitation, staffing, disposable supply and paper product availability, and care related vendors. As such, PCO did not observe resident care quality decline as contemplated under Section 333(b) of the Bankruptcy Code, seemingly because of the buffer provided by the third-party management company resources. Ms. Goodman believes the resident care caution, with all the locations she has been tasked to monitor, lies not with the transition that occurred going into bankruptcy but, rather, the transition that lies ahead in the transition out of bankruptcy. The report covers the period from April 8 to June 8. A copy of the ombudsman report is available at https://urlcurt.com/u?l=oQG1d9 from Epiq Corporate Restructuring, LLC, claims agent. The ombudsman may be reached at: Ms. Susan Goodman PIVOT HEALTH LAW, LLC P.O. Box 69734 Oro Valley, AZ 85737 Cell: 520.971.8072 Message: 520.744.7061 Fax: 520.575.4075 Email: sgoodman@pivothealthaz.com About Inspired Healthcare Capital Holdings Inspired Healthcare Capital Holdings, LLC, owns senior living communities across the U.S. that provide independent living, assisted living, and memory care services. It operates in the senior housing and healthcare real estate sector, with day-to-day community operations managed by third-party operators under management agreements while the Company retains control over non-community business functions. Inspired Healthcare Capital Holdings sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Lead Case No. 26-90004) on Feb. 2, 2026. In the petition signed by M. Benjamin Jones, chief restructuring officer, Inspired Healthcare Capital Holdings reported between $1 billion and $10 billion in both assets and liabilities. Judge Mark X. Mullin oversees the cases. The Debtors tapped McDermott Will & Schulte, LLP as bankruptcy counsel; Ankura Consulting Group, LLC as financial advisor; Raymond James & Associates, Inc. as investment banker; and Epiq Corporate Restructuring, LLC as claims, noticing, and solicitation agent. The Debtors hired DLA Piper LLP (US) as conflicts counsel and Reid Collins & Tsai LLP as special litigation counsel. BDO USA, P.C. serves as tax accountant. The official committee of unsecured creditors appointed hired Berkeley Research Group, LLC as financial advisor; Greenberg Traurig, LLP as attorney; and Vartabedian Katz Hester & Haynes LLP as its conflicts counsel. Ferguson Braswell Fraser Kubasta PC represents the Ad Hoc Committee of DST Investors. Jones Walker, LLP represents the Ad Hoc Group of Lenders in Inspired Healthcare Capital Income Fund 5. Holland & Knight, LLP represents the Ad Hoc Group of Unencumbered DST Investors. The U.S. Trustee for Region 6 appointed Mairead Painter as patient care ombudsman at Connecticut senior living facility; Timothy Hunter as patient care ombudsman at Minnesota senior living facility; Terri Cantrell as patient care ombudsman at Florida senior living facilities; Salli Pung as patient care ombudsman at the Michigan senior living facilities; Amanda Celentano as patient care ombudsman at Maryland senior living facility; Kelly Richards as patient care ombudsman at Illinois senior living facilities; Marie Coe as patient care ombudsman at Nevada senior living facilities; and Melanie McNeil as patient care ombudsman at Georgia senior living facilities. Susan Goodman of Pivot Health Law, LLC and Laurie Facciarossa Brewer were also named as patient care ombudsman. INSPIRED HEALTHCARE: No Resident Care Concern, PCO Report Says -------------------------------------------------------------- Susan Goodman, the patient care ombudsman, filed with the U.S. Bankruptcy Court for the Northern District of Texas her initial report regarding the quality of patient care provided at Inspired Healthcare Capital Holdings, LLC and affiliates' New Braunfels, Texas senior living facility. The PCO provides this initial report regarding her efforts at The Blake at New Braunfels located in the I-35 Corridor South of Austin in New Braunfels, Texas. The Blake is a large, two-story building offering 71 Assisted Living ("AL") apartments3 and forty-one memory units ("Memory"). At the time of PCO's visit, both AL and Memory had high occupancy rates, 94% and 93% respectively. The building and grounds show well as a newer building (built in 2021) situated in an area of town that offers easy retail access. During the PCO's site visit, Memory initially had four PA staff on day shift, reducing to three when one team member had to leave for medical reasons. The Memory Director reported being fully staffed in the nursing and Med Aide/Tech roles. Recruitment for the PA role was reported as continual, even if just for "PRN" or as needed staffing. Ms. Goodman observed staff and resident interactions on the Memory unit, including engagement by the activity staff. The posted monthly activity calendar was noted. Memory staff denied supply and pharmacy concerns. The PCO stated that she met with the maintenance and kitchen department leadership. The Maintenance Director reported recent engagement with contracted extermination and the emergency generator preventative maintenance vendor. After the site visit, PCO followed up with the Maintenance Director on questions associated with kitchen and maintenance questions raised during the site visit. At report filing, both items were resolved. The PCO did not observe resident care delivery concerns as contemplated under Section 333(b) of the Bankruptcy Code. At this juncture, PCO is comfortable maintaining, the maximum sixty-day reporting cycle as indicated under Section 333 so long as the current leadership at the Blake remains in place. The ombudsman report covers the period from April 8 to June 8. A copy of the ombudsman report is available at https://urlcurt.com/u?l=K9u3DD from Epiq Corporate Restructuring, LLC, claims agent. The ombudsman may be reached at: Ms. Susan Goodman PIVOT HEALTH LAW, LLC P.O. Box 69734 Oro Valley, AZ 85737 Cell: 520.971.8072 Message: 520.744.7061 Fax: 520.575.4075 Email: sgoodman@pivothealthaz.com About Inspired Healthcare Capital Holdings Inspired Healthcare Capital Holdings, LLC, owns senior living communities across the U.S. that provide independent living, assisted living, and memory care services. It operates in the senior housing and healthcare real estate sector, with day-to-day community operations managed by third-party operators under management agreements while the Company retains control over non-community business functions. Inspired Healthcare Capital Holdings sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Lead Case No. 26-90004) on Feb. 2, 2026. In the petition signed by M. Benjamin Jones, chief restructuring officer, Inspired Healthcare Capital Holdings reported between $1 billion and $10 billion in both assets and liabilities. Judge Mark X. Mullin oversees the cases. The Debtors tapped McDermott Will & Schulte, LLP as bankruptcy counsel; Ankura Consulting Group, LLC as financial advisor; Raymond James & Associates, Inc. as investment banker; and Epiq Corporate Restructuring, LLC as claims, noticing, and solicitation agent. The Debtors hired DLA Piper LLP (US) as conflicts counsel and Reid Collins & Tsai LLP as special litigation counsel. BDO USA, P.C. serves as tax accountant. The official committee of unsecured creditors appointed hired Berkeley Research Group, LLC as financial advisor; Greenberg Traurig, LLP as attorney; and Vartabedian Katz Hester & Haynes LLP as its conflicts counsel. Ferguson Braswell Fraser Kubasta PC represents the Ad Hoc Committee of DST Investors. Jones Walker, LLP represents the Ad Hoc Group of Lenders in Inspired Healthcare Capital Income Fund 5. Holland & Knight, LLP represents the Ad Hoc Group of Unencumbered DST Investors. The U.S. Trustee for Region 6 appointed Mairead Painter as patient care ombudsman at Connecticut senior living facility; Timothy Hunter as patient care ombudsman at Minnesota senior living facility; Terri Cantrell as patient care ombudsman at Florida senior living facilities; Salli Pung as patient care ombudsman at the Michigan senior living facilities; Amanda Celentano as patient care ombudsman at Maryland senior living facility; Kelly Richards as patient care ombudsman at Illinois senior living facilities; Marie Coe as patient care ombudsman at Nevada senior living facilities; and Melanie McNeil as patient care ombudsman at Georgia senior living facilities. Susan Goodman of Pivot Health Law, LLC and Laurie Facciarossa Brewer were also named as patient care ombudsman. INSPIRED HEALTHCARE: No Resident Complaints, 1st PCO Report Says ---------------------------------------------------------------- Laurie Facciarossa Brewer, the duly appointed patient care ombudsman, filed with the U.S. Bankruptcy Court for the Northern District of Texas her first report regarding the quality of patient care provided at Inspired Healthcare Capital Holdings, LLC and affiliates' New Jersey senior living facility. State Long-Term Care Ombudsman ("SLTCO") representatives made two unannounced site visits to Azalea at Hamilton ("the Facility"), on May 6 and 28. During these site visits SLTCO representatives conducted interviews with the General Manager, Wellness Director, Activities Director, Memory Care Director, Food Service Director, Maintenance Director, twenty-seven residents, multiple family members, and approximately eighteen staff members. SLTCO representatives noted that no complaints were reported. Residents and family members reported that they are satisfied with facility administration, staff, care, call bell response, activities, food, cleanliness, information, and overall quality of life. Staff reported no disruption in supply chain or payment. Moreover, the Maintenance Director reported several contractors were "spooked" when they learned of the bankruptcy, but there have been no issues replacing them. Representatives spoke with the resident in charge of running town hall meetings for assisted living residents, who reported that no concerns about the bankruptcy have been raised by residents at meetings. Representatives found the facility to be clean and well maintained, with no noxious odors present. Representatives observed that memory care residents appeared well cared for. Representatives observed food service and found food to be plentiful and appetizing; snacks were appropriately available. Representatives observed appropriate activities scheduled and advertised, including outings. Transportation was available on site, with vehicles in working order. Representatives found social work and dietician services active and functional. Representatives found apartment maintenance services available, accessible, and prompt. At the conclusion of two unannounced site visits, the PCO's monitoring has not disclosed any decline in resident care or material adverse effects from the bankruptcy as contemplated under Section 333(b)(2) of the Bankruptcy Code. The ombudsman report covers the period from April 8 to June 8. A copy of the ombudsman report is available at https://urlcurt.com/u?l=39uANS from Epiq Corporate Restructuring, LLC, claims agent. The ombudsman may be reached at: Laurie Facciarossa Brewer NJ Long-Term Care Ombudsman Office of the State Long-Term Care Ombudsman PO Box 852 Trenton, NJ 08625 1-877-582-6995 Email: Laurie.Brewer@ltco.nj.gov About Inspired Healthcare Capital Holdings Inspired Healthcare Capital Holdings, LLC, owns senior living communities across the U.S. that provide independent living, assisted living, and memory care services. It operates in the senior housing and healthcare real estate sector, with day-to-day community operations managed by third-party operators under management agreements while the Company retains control over non-community business functions. Inspired Healthcare Capital Holdings sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Lead Case No. 26-90004) on Feb. 2, 2026. In the petition signed by M. Benjamin Jones, chief restructuring officer, Inspired Healthcare Capital Holdings reported between $1 billion and $10 billion in both assets and liabilities. Judge Mark X. Mullin oversees the cases. The Debtors tapped McDermott Will & Schulte, LLP as bankruptcy counsel; Ankura Consulting Group, LLC as financial advisor; Raymond James & Associates, Inc. as investment banker; and Epiq Corporate Restructuring, LLC as claims, noticing, and solicitation agent. The Debtors hired DLA Piper LLP (US) as conflicts counsel and Reid Collins & Tsai LLP as special litigation counsel. BDO USA, P.C. serves as tax accountant. The official committee of unsecured creditors appointed hired Berkeley Research Group, LLC as financial advisor; Greenberg Traurig, LLP as attorney; and Vartabedian Katz Hester & Haynes LLP as its conflicts counsel. Ferguson Braswell Fraser Kubasta PC represents the Ad Hoc Committee of DST Investors. Jones Walker, LLP represents the Ad Hoc Group of Lenders in Inspired Healthcare Capital Income Fund 5. Holland & Knight, LLP represents the Ad Hoc Group of Unencumbered DST Investors. The U.S. Trustee for Region 6 appointed Mairead Painter as patient care ombudsman at Connecticut senior living facility; Timothy Hunter as patient care ombudsman at Minnesota senior living facility; Terri Cantrell as patient care ombudsman at Florida senior living facilities; Salli Pung as patient care ombudsman at the Michigan senior living facilities; Amanda Celentano as patient care ombudsman at Maryland senior living facility; Kelly Richards as patient care ombudsman at Illinois senior living facilities; Marie Coe as patient care ombudsman at Nevada senior living facilities; and Melanie McNeil as patient care ombudsman at Georgia senior living facilities. Susan Goodman of Pivot Health Law, LLC and Laurie Facciarossa Brewer were also named as patient care ombudsman. INSPIRED HEALTHCARE: PCO Reports No Staffing Changes ---------------------------------------------------- Susan Goodman, the patient care ombudsman, filed with the U.S. Bankruptcy Court for the Northern District of Texas her initial report regarding the quality of patient care provided at Inspired Healthcare Capital Holdings, LLC and affiliates' Mequon, Wisconsin senior living facility. The Teal facility is an expansive, three-story building situated on a twenty-acre property just north of Milwaukee, Wisconsin. Leadership reported that Teal was built in 2004. It sits back from the main road in an area with mixed use commercial properties including a nearby boutique restaurant and shopping area. Two different resident service levels are provided at Teals. The first is called Residential Care Apartment Complex services, consistent with a layperson's general understanding of independent living and low-need assisted living services. The other is called Community Based Residential Facility services. The Community Based Residential Facility service level provides assisted living and memory assisted living care. The PCO did not observe reductions in staffing or other daily resources needed for resident care as being adversely impacted by the bankruptcy filing, while she was able to directly visualize areas of the Teal building that need of capital investment, most prominently carpeting and an out-of-service bathroom. On the date of PCO's site visit, the number of residents each care staff team member was responsible for was five to six, a staffing ratio far better than what PCO has typically encountered in nursing home memory facilities. In addition to the care staff team, Memory had a part-time registered nurse supported by a regional registered nurse and a full-time licensed practical nurse manager. Moreover, Memory's staffing structure was unchanged post-petition. While the MCC at Teal was newly hired, turnover in this role was reported as unrelated to the bankruptcy filing of the property owners. The PCO noted that the crux of resident concern at Teal is not so much whether the building changes ownership. The concern is whether bankruptcy will drive an unwanted change to the management and staff team that is well liked. Particularly in the realm of memory care residents, continuity and stability are an important lighthouse for this population. To that end, PCO will attempt to monitor these feared impacts as the case progresses through the auction process. Ms. Goodman explained that she was fortunate to meet the regional registered nurse in addition to the site-specific leadership team. Should the case progress quickly to confirmation, PCO may be able to limit site visit engagement. However, any substantive changes in leadership would trigger PCO revisiting the property given the potential resident impacts associated with such an event. The report covers the period from April 8 to June 8. A copy of the ombudsman report is available at https://urlcurt.com/u?l=s1RLyZ from Epiq Corporate Restructuring, LLC, claims agent. The ombudsman may be reached at: Ms. Susan Goodman PIVOT HEALTH LAW, LLC P.O. Box 69734 Oro Valley, AZ 85737 Cell: 520.971.8072 Message: 520.744.7061 Fax: 520.575.4075 Email: sgoodman@pivothealthaz.com About Inspired Healthcare Capital Holdings Inspired Healthcare Capital Holdings, LLC, owns senior living communities across the U.S. that provide independent living, assisted living, and memory care services. It operates in the senior housing and healthcare real estate sector, with day-to-day community operations managed by third-party operators under management agreements while the Company retains control over non-community business functions. Inspired Healthcare Capital Holdings sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Lead Case No. 26-90004) on Feb. 2, 2026. In the petition signed by M. Benjamin Jones, chief restructuring officer, Inspired Healthcare Capital Holdings reported between $1 billion and $10 billion in both assets and liabilities. Judge Mark X. Mullin oversees the cases. The Debtors tapped McDermott Will & Schulte, LLP as bankruptcy counsel; Ankura Consulting Group, LLC as financial advisor; Raymond James & Associates, Inc. as investment banker; and Epiq Corporate Restructuring, LLC as claims, noticing, and solicitation agent. The Debtors hired DLA Piper LLP (US) as conflicts counsel and Reid Collins & Tsai LLP as special litigation counsel. BDO USA, P.C. serves as tax accountant. The official committee of unsecured creditors appointed hired Berkeley Research Group, LLC as financial advisor; Greenberg Traurig, LLP as attorney; and Vartabedian Katz Hester & Haynes LLP as its conflicts counsel. Ferguson Braswell Fraser Kubasta PC represents the Ad Hoc Committee of DST Investors. Jones Walker, LLP represents the Ad Hoc Group of Lenders in Inspired Healthcare Capital Income Fund 5. Holland & Knight, LLP represents the Ad Hoc Group of Unencumbered DST Investors. The U.S. Trustee for Region 6 appointed Mairead Painter as patient care ombudsman at Connecticut senior living facility; Timothy Hunter as patient care ombudsman at Minnesota senior living facility; Terri Cantrell as patient care ombudsman at Florida senior living facilities; Salli Pung as patient care ombudsman at the Michigan senior living facilities; Amanda Celentano as patient care ombudsman at Maryland senior living facility; Kelly Richards as patient care ombudsman at Illinois senior living facilities; Marie Coe as patient care ombudsman at Nevada senior living facilities; and Melanie McNeil as patient care ombudsman at Georgia senior living facilities. Susan Goodman of Pivot Health Law, LLC and Laurie Facciarossa Brewer were also named as patient care ombudsman. INTEGRITY IRON: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------- Debtor: Integrity Iron LLC 11965 Tower Road Commerce City, CO 80022 Business Description: Integrity Iron LLC is a Commerce City, Colorado-based steel services company run by Bill Farmer since 2006. The company provides structural steel erection, crane services, welding, roof decking, and miscellaneous steel detail work, including railings, stair systems, canopies, access ladders, walkways, grating, and safety cabling systems. Integrity Iron serves commercial and residential projects in Colorado. Chapter 11 Petition Date: June 16, 2026 Court: United States Bankruptcy Court District of Colorado Case No.: 26-14334 Judge: Hon. Michael E Romero Debtor's Counsel: Aaron A. Garber, Esq. WADSWORTH GARBER WARNER CONRARDY, P.C. 2580 West Main Street Suite 200 Littleton, CO 80120 Tel: 303-296-1999 Fax: 303-296-7600 Email: agarber@wgwc-law.com Total Assets: $1,442,049 Total Liabilities: $4,195,576 The petition was signed by William Farmer as managing member. A copy of the Debtor's list of its 20 largest unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/7QKY2VY/Integrity_Iron_LLC__cobke-26-14334__0003.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/7KXXOSY/Integrity_Iron_LLC__cobke-26-14334__0001.0.pdf?mcid=tGE4TAMA JACKSON AVENUE: Case Summary & Two Unsecured Creditors ------------------------------------------------------ Debtor: Jackson Avenue Properties, Inc. 777 Brickell Avenue Suite 500 Miami, FL 33131 Business Description: Jackson Avenue Properties is a real estate company that owns and leases a commercial property at 3520 18th Street in Metairie, Louisiana. Chapter 11 Petition Date: June 16, 2026 Court: United States Bankruptcy Court Southern District of Florida Case No.: 26-17896 Judge: Hon. Peter D. Russin Debtor's Counsel: Adam I. Skolnik, Esq. LAW OFFICE OF ADAM I. SKOLNIK, PA 1761 West Hillsboro Boulevard, Suite 207 Deerfield Beach, FL 33442 Tel: 561-265-1120 E-mail: askolnik@skolniklawpa.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $500,000 to $1 million The petition was signed by Joshua Bruno as authorized agent. A full-text copy of the petition, which includes a list of the Debtor's two unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/E3KRDPQ/Jackson_Avenue_Properties_Inc__flsbke-26-17896__0001.0.pdf?mcid=tGE4TAMA JAGUAR HEALTH: Secures Up to $40M Million Equity Line Commitment ---------------------------------------------------------------- Jaguar Health, Inc. announced in a regulatory filing that it entered into a Common Stock Purchase Agreement with an accredited investor, which provides that, upon the terms and subject to conditions, the Institutional Investor is committed to purchase up to an aggregate of $40 million of shares of Common Stock. Under the ELOC Agreement: (i) Fixed Purchase: on the Commencement Date and from time to time thereafter, subject to the satisfaction of certain conditions and on any business day selected by the Company where the closing sale price of the Common Stock is equal to or greater than $1.10 per share, as adjusted for any reorganization, recapitalization, stock split, reverse stock split, or other similar transactions that occur on or after the date of the ELOC Agreement, the Company shall have the right, but not the obligation, to direct the Institutional Investor to purchase a Fixed Purchase Share Amount, not to exceed the applicable Fixed Purchase Maximum Amount, at the applicable Fixed Purchase Price therefor on the applicable Fixed Purchase Date in accordance with the ELOC Agreement; provided, however, that the Institutional Investor's committed obligation under any single Fixed Purchase shall not exceed $1,500,000 (provided that all shares of Common Stock in respect of all prior Fixed Purchases, VWAP Purchases and Additional VWAP Purchases shall have been delivered to the Institutional Investor via Deposit/Withdrawal at Custodian); (ii) VWAP Purchase: on the Commencement Date and from time to time thereafter, and on any business day selected by the Company where the closing sale price of the Common Stock is equal to or greater than the ELOC Floor Price, subject to the satisfaction of certain conditions, in addition to the Fixed Purchase, the Company shall also have the right, but not the obligation, to direct the Institutional Investor to purchase the applicable VWAP Purchase Share Amount, not to exceed the applicable VWAP Purchase Maximum Amount, at the applicable VWAP Purchase Price therefor on the applicable VWAP Purchase Date in accordance with the ELOC Agreement; provided, however, that the Institutional Investor's aggregate committed obligation under a VWAP Purchase and all Additional VWAP Purchases shall not exceed $4,500,000 in the aggregate for such VWAP Purchase and all such Additional VWAP Purchases on such VWAP Purchase Date, collectively; (iii) Additional VWAP Purchase: on the Commencement Date and from time to time thereafter, subject to the satisfaction of certain conditions, in addition to the Fixed Purchase and VWAP Purchase, the Company shall also have the right, but not the obligation, to direct the Institutional Investor to purchase the applicable Additional VWAP Purchase Share Amount, not to exceed the applicable Additional VWAP Purchase Maximum Amount, at the applicable Additional VWAP Purchase Price therefor on the applicable Additional VWAP Purchase Date in accordance with the ELOC Agreement; provided, however, that the Institutional Investor's aggregate committed obligation under a VWAP Purchase and all Additional VWAP Purchases on the applicable Additional VWAP Purchase Date, which Additional VWAP Purchase Date shall be the same trading day as the applicable VWAP Purchase Date for such VWAP Purchase, shall not exceed $4,500,000 in the aggregate for such VWAP Purchase and all such Additional VWAP Purchases, collectively. The foregoing purchase terms are subject to certain conditions and limitations, including daily volume and dollar amount limitations with respect to each type of purchase described above within a given day, and a 4.99% beneficial ownership limitation with respect to the Institutional Investor's ownership of the Company's Common Stock. In consideration for the Institutional Investor's execution and delivery of the ELOC Agreement, the Company agreed to issue to the Institutional Investor on the effective date of the ELOC Registration Statement $800,000 worth of the Company's Common Stock, valued at the VWAP Purchase Price as of such effective date. The Commitment Shares will be included in the ELOC Registration Statement. Pursuant to the terms of the ELOC Agreement, until either the stockholder approval is obtained or certain other conditions are met, the Company shall not sell shares of Common Stock to the Institutional Investor under the ELOC Agreement to the extent that after giving effect thereto, the aggregate number of shares of Common Stock that would be issued pursuant to the ELOC Agreement would exceed 19.99% of the number of shares of Common Stock issued and outstanding immediately prior to the execution of the ELOC Agreement. As previously reported, the Company reconvened its 2026 annual meeting of stockholders on June 8, 2026 and obtained, among others, the Stockholder Approval for the ELOC. Unless earlier terminated as provided thereunder, the ELOC Agreement shall terminate automatically on the earliest to occur of: (i) the expiration of the ELOC Registration Statement pursuant to Rule 415(a)(5) of the Securities Act, (ii) the date on which the Institutional Investor shall have purchased the maximum amount pursuant to the ELOC Agreement, (iii) the date on which the Common Stock shall have failed to be listed or quoted on the Trading Market or any Eligible Market (both terms as defined in the ELOC Agreement), (iv) the 30th trading day following the date on which, pursuant to or within the meaning of the applicable bankruptcy law, the Company commences a voluntary case or any person commences a proceeding against the Company, in each case that is not discharged or dismissed prior to such 30th trading day, and (v) the date on which, pursuant to or within the meaning of any applicable bankruptcy law, a custodian is appointed for the Company or for all or substantially all of its property, or the Company makes a general assignment for the benefit of its creditors. The ELOC Agreement may be terminated at any time by the mutual written consent of the parties, effective as of the date of such mutual written consent unless otherwise provided in such written consent. Either the Company or the Institutional Investor may also terminate the ELOC Agreement unilaterally under certain circumstances provided therein. The ELOC Agreement includes representations, warranties, and covenants customary for a transaction of this type. In addition, pursuant to the ELOC Agreement, the Company entered into a registration rights agreement with the Institutional Investor, pursuant to which the Company is required to file a registration statement on Form S-1 within 30 days after the execution date of the ELOC Agreement, to register the resale of all of: (i) the shares of Common Stock to be sold and issued by the Company to the Institutional Investor under the ELOC Agreement, (ii) the Commitment Shares, and (iii) any securities of the Company issued or issuable with respect to the forementioned shares or Commitment Shares. The Company shall use its commercially reasonable efforts to have the ELOC Registration Statement declared effective by the U.S. Securities and Exchange Commission at the earliest practicable date. The Company also agreed to other customary obligations regarding registration, including indemnification and maintenance of the effectiveness of the registration statement. Copies of the ELOC Agreement and the ELOC Registration Rights Agreement are available at https://tinyurl.com/34x3f79c and https://tinyurl.com/3jswbdf9, respectively. Preferred Stock Financing On June 9, 2026, the Company also entered into securities purchase agreements with certain investors, pursuant to which the Company agreed to issue and sell to the Investors in a private placement an aggregate of 240 shares of Series P Non-Convertible Preferred Stock, par value $0.0001 per share, of the Company, for an aggregate purchase price of $2 million. The Preferred Stock Financing closed June 9, 2026. The Company intends to use the proceeds from the Preferred Stock Financing for general corporate purposes, subject to the restrictions set forth in the Preferred Stock Purchase Agreements. In consideration for the Investors' execution and delivery of the Preferred Stock Purchase Agreements, the Company agreed to issue to the Investors within one trading day after the filing date of the Preferred Registration Statement pre-funded warrants, exercisable to purchase up to an aggregate number of shares of Common Stock equal to $72,000 divided by the greater of (i) the average VWAP of the Common Stock over the five trading day period immediately preceding the filing of the initial Registration Statement, and (ii) 20% of the Nasdaq Minimum Price (as defined in Nasdaq Rule 5635(d)(1)(A)) of Common Stock on the execution date of the Preferred Stock Purchase Agreements. The shares of Common Stock issuable upon exercise of the Commencement Pre-Funded Warrant will be included in the Preferred Registration Statement. The Preferred Stock Purchase Agreements include representations, warranties, and covenants customary for a transaction of this type. In addition, pursuant to the Preferred Stock Purchase Agreements, the Company entered into a registration rights agreement with the Investors, pursuant to which the Company is required to file a registration statement on Form S-1 within 30 days after the execution date of the Preferred Registration Rights Agreement, to register the resale of: (i) all of the Redemption Shares that may, from time to time, be issued or become issuable to the Investors under the Preferred Stock Purchase Agreements and the related Transaction Documents (without regard to any limitation or restriction on purchases), (ii) the shares of Common Stock issued or issuable upon exercise of the Pre-Funded Warrants, and (iii) any and all shares of capital stock issued or issuable with respect to the Redemption Shares or Warrant Shares as a result of any stock split, stock dividend, recapitalization, exchange or similar event or otherwise, without regard to any limitation on purchases under the Preferred Stock Purchase Agreements or the Transaction Documents. The Company shall use its commercially reasonable efforts to have the Preferred Registration Statement declared effective by the SEC at the earliest practicable date. The Company also agreed to other customary obligations regarding registration, including indemnification and maintenance of the effectiveness of the registration statement. Pursuant to the terms of the Preferred Stock Purchase Agreements and the terms of the Certificate of Designation of Preferences, Rights and Limitations of Series P Non-Convertible Preferred Stock as described in Item 3.02 below, until the stockholder approval is obtained, the Company shall not issue any shares of Common Stock upon redemption and/or exchange of the Preferred Shares, to the extent that after giving effect thereto, the aggregate number of shares of Common Stock that would be issued pursuant to the Preferred Stock Purchase Agreements and the Transaction Documents would exceed 19.99% of the number of shares of Common Stock issued and outstanding immediately prior to the execution of the Preferred Stock Purchase Agreements. As previously reported, the Company reconvened its Annual Meeting on June 8, 2026 and obtained, among others, the Stockholder Approval for the Preferred Stock Financing. The form of the Preferred Stock Purchase Agreements, the Preferred Registration Rights Agreement, and the form of the Commencement Pre-Funded Warrant are available at https://tinyurl.com/m87rm9m2, https://tinyurl.com/47bha4bv and https://tinyurl.com/mtjxbt44, respectively. Series P Certificate of Designation In connection with the Preferred Stock Financing, the Company agreed to issue shares of Series P Preferred Stock to the Investors. The preferences, rights, limitations and other matters relating to the Series P Preferred Stock are set forth in the Certificate of Designation, which the Company filed with the Secretary of State of the State of Delaware on June 8, 2026. The Certificate of Designation became effective with the Secretary of State of the State of Delaware upon filing. The Certificate of Designation authorizes the Company to issue up to 300 of its 4,475,074 authorized shares of preferred stock as Series P Preferred Stock. Dividends From and after the date of the first issuance of any shares of the Series P Preferred Stock, each outstanding share of Series P Preferred Stock shall commence accruing dividends on the Stated Value of each share of Series P Preferred Stock (which is $10,000) at the rate of 8% per year. Dividends shall be payable in arrears on the first trading day of each fiscal quarter. Dividends shall be payable on each Dividend Date, to each record holder of shares of Series P Preferred Stock on the applicable Dividend Date, in shares of Common Stock so long as the Equity Condition is satisfied on the Dividend Date, or in cash, at the election of the Company. Dividends to be paid on a Dividend Date in Dividend Shares shall be paid in a number of fully paid and nonassessable shares (rounded to the nearest whole share) of Common Stock equal to the quotient obtained by dividing (i) the amount of Dividend payable on such Dividend Date less any cash dividend by (ii) the greater of (x) the Minimum Price (as defined in the Certificate of Designation) on the Dividend Date and (y) $0.546, subject to adjustment for reverse and forward stock splits, stock dividends, stock combinations and other similar transactions of the Common Stock. Voting Rights Except as otherwise provided in the Certificate of Designation or as otherwise required by law, the Series P Preferred Stock shall have no voting rights. Liquidation Rights In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Company or Deemed Liquidation Event, each share of Series P Preferred Stock shall be entitled to be paid, out of the assets of the Company available for distribution to its stockholders, before any distribution or payment out of the assets of the Company may be made to or set aside for the holders of any Junior Stock (as defined in the Certificate of Designation) and subject to: (i) any existing or future secured or unsecured indebtedness and other liabilities (including trade payables) of the Company, and (ii) the rights of the holders of any class or series of securities ranking on parity with Series P Preferred Stock upon any such Liquidation Event and the rights of the Company's depositors and other creditors, an amount per share of Series P Preferred Stock equal to the Stated Value at such time plus any accrued but unpaid Dividend. If upon any such liquidation, dissolution or winding up of the Company (other than a Chapter 7 bankruptcy) or Deemed Liquidation Event, the assets of the Company available for distribution to its stockholders shall be insufficient to pay the Liquidation Amount, the Holders of shares of Series P Preferred Stock and the holders of all Parity Stock shall share ratably in any distribution of the assets available for distribution in proportion to the respective amounts which would otherwise be payable in respect of the shares held by them upon such distribution if all amounts payable on or with respect to such shares were paid in full. Following the payment of the Liquidation Amount, if there are any remaining assets of the Company available for distribution to its stockholders, the Series P Preferred Stock shall not participate in such distributions. Notwithstanding the foregoing, if in the event of a dissolution or winding up of the Company in connection with a Chapter 7 bankruptcy, the assets of the Company available for distribution to its stockholders shall be insufficient to pay the Liquidation Amount, the Holders with respect to their shares of Series P Preferred Stock shall be entitled to receive out of such assets the same amount that each share of the Common Stock would receive as if each outstanding share of Series P Preferred Stock were, immediately prior to the applicable record date, fully converted (disregarding solely for such purposes any redemption or exchange limitations hereunder) to shares of Common Stock by dividing (i) Liquidation Amount by (ii) the greater of (x) the Minimum Price as of the record date and (y) the Floor Price, which amounts shall be paid pari passu with all holders of Common Stock. Each of the following events shall be considered a "Deemed Liquidation Event": (a) (A) a merger or consolidation in which the Company is a constituent party and in which the stockholders of the Company immediately prior to such merger or consolidation do not continue to hold a majority of the voting power of the Company or any successor entity following such merger or consolidation; or (b) the sale, lease, transfer, exclusive license or other disposition, in a single transaction or series of related transactions, by the Company or any subsidiary of the Company of all or substantially all the assets of the Company and its subsidiaries taken as a whole, or the sale or disposition (whether by merger, consolidation or otherwise) of one or more subsidiaries of the Company if substantially all of the assets of the Company and its subsidiaries taken as a whole are held by such subsidiary or subsidiaries, except where such sale, lease, transfer, exclusive license or other disposition is to a wholly owned subsidiary of the Company; provided, however, that any of the foregoing events shall not constitute a Deemed Liquidation Event if the Company is a surviving entity that is listed or quoted for trading on a Trading Market immediately after such event. The Company shall not have the power to effect a Deemed Liquidation Event unless the agreement or plan of merger or consolidation for such transaction provides that the consideration payable to the Series P Preferred Stock shall be allocated in accordance with the Certificate of Designation. Conversion Rights Series P Preferred Stock shall not be convertible into Common Stock or any other security of the Company and does not otherwise have any conversion rights. Mandatory Redemption No later than two trading days following receipt by the Company of the net proceeds from any put request made by the Company pursuant to the ELOC Agreement, the Company shall redeem shares of Series P Preferred Stock outstanding at such time, at a per share redemption price equal to the Liquidation Amount and an aggregate redemption price equal to not less than 10% of such proceeds, to be paid, at the Company's sole discretion, in cash or in such number of shares of Common Stock equal to the quotient obtained by dividing (i) the Liquidation Amount by (ii) the greater of (x) the Minimum Price as of the date that the Mandatory Redemption Notice (as defined in the Certificate of Designation) is delivered by the Company to the Holders and (y) the Floor Price. Optional Redemption The Company, at the option of its board of directors, or any duly authorized committee thereof, may, at any time after the Original Issue Date, redeem, in whole or in part, the shares of Series P Preferred Stock at the time outstanding, at a redemption price equal to the Liquidation Amount per share, with the redemption price to be paid, at the Company's sole discretion, in cash or in such number of shares of Common Stock equal to the quotient obtained by dividing (i) the Liquidation Amount by (ii) the greater of (x) the Minimum Price as of the date that the Optional Redemption Notice (as defined in the Certificate of Designation) is delivered by the Company to the Holders and (y) the Floor Price. Restrictions on Redemption Notwithstanding anything to the contrary in the Certificate of Designation, the Company shall not issue any Redemption Shares or Dividend Shares to the extent that after such issuance, the Holder who would receive such shares together with the other Attribution Parties collectively would beneficially own in excess of 4.99% (as may be adjusted from time to time in accordance with the Certificate of Designation) of the shares of Common Stock outstanding immediately after giving effect to such issuance. With the prior written consent of the Company, any Holder may from time to time increase or decrease the Maximum Percentage of such Holder to any other percentage not in excess of 9.99% as specified in such notice; provided that: (i) any such increase in the Maximum Percentage will not be effective until the sixty-first (61st) day after such notice is delivered to the Company and (ii) any such increase or decrease will apply only to such Holder and not to any other Holder. In the event that the issuance of shares of Common Stock to a Holder upon redemption of such shares of Series P Preferred Stock or payment of the accrued and unpaid Dividend results in such Holder and the other Attribution Parties being deemed to beneficially own, in the aggregate, more than the Maximum Percentage of the number of outstanding shares of Common Stock, the Company may, in lieu of the shares that would otherwise be issued by which such Holder's and the other Attribution Parties' aggregate beneficial ownership exceeds the Maximum Percentage, elect to issue to such Holder, for the same redemption price or a price equal to the accrued and unpaid Dividend (as applicable), a pre-funded warrant to purchase up to the number of the Excess Shares. Notwithstanding the foregoing, the Company will not have the right to redeem any shares of Series P Preferred Stock and issue any Redemption Shares or pay any accrued and unpaid Dividend in Dividend Shares to any Holder if the total cumulative number of the Redemption Shares and the Dividend Shares issued to such Holder would exceed the Redemption Cap unless: (i) the Stockholder Approval for the Preferred Stock Financing is obtained to issue more than the Redemption Cap, or (ii) the Common Stock is not listed or quoted for trading on any Trading Market. Triggering Events The Triggering Events set forth in the Certificate of Designation include, among others: (i) the failure to file the applicable Registration Statement (as defined in the Preferred Registration Rights Agreement) with the SEC on or prior to the date that is five days after the applicable Filing Deadline (as defined in the Registration Rights Agreement) or the failure to cause the applicable Registration Statement to be declared effective by the Commission on or prior to the date that is five days after the Commission indicates that it has no further comments to the Registration Statement; (ii) while the applicable Registration Statement is required to be maintained effective pursuant to the terms of the Registration Rights Agreement, the effectiveness of the applicable Registration Statement lapses for any reason (including, without limitation, the issuance of a stop order) or such Registration Statement (or the prospectus contained therein) is unavailable to any holder of Registrable Securities for sale of all of such holder's Registrable Securities in accordance with the terms of the Registration Rights Agreement, and such lapse or unavailability continues for a period of ten consecutive days or for more than an aggregate of 20 days in any 365-day period (excluding days during an Allowable Grace Period); (iii) the suspension from trading or the failure of the Common Stock to be listed or quoted for trading on a Trading Market for a period of five consecutive trading days; (iv) the Company's failure to pay to any Holder any Dividend on any Dividend Date (whether or not declared by the Board of Directors) or any other amount when and as due under the Certificate of Designation, the Preferred Stock Purchase Agreement or any other Transaction Document (as defined in the Preferred Stock Purchase Agreement) or any other agreement, document, certificate or other instrument delivered in connection with the transactions contemplated hereby and thereby (in each case, whether or not permitted pursuant to the Delaware General Corporation Law), except, in the case of a failure to pay Dividends when and as due, in each such case only if such failure remains uncured for a period of at least two trading days; or (v) any shares of Series P Preferred Stock remain outstanding on or after the third anniversary of the Original Issue Date. Consequences of Triggering Events If a Triggering Event has occurred: (i) the Required Holders may, by notice to the Company, force the Company to redeem all of the issued and outstanding shares of Series P Preferred Stock then held by the Holders for a price equal to (1) the Stated Value, plus (2) any accrued and unpaid Dividend with respect to all such shares of Series P Preferred Stock, plus (3) any and all other amounts due and payable to the Holders pursuant to the Certificate of Designation of all such shares of Series P Preferred Stock, with such Total Amounts to be paid in such number of shares of Common Stock equal to the quotient obtained by dividing the Total Amounts by the greater of (x) the Minimum Price as of the date that a Notice of Forced Redemption is delivered by the Required Holders to the Company and (y) the Floor Price; (ii) the Holders shall have the right to pursue any other remedies that the Required Holders may have under applicable law and/or in equity; and (iii) the Holders shall have the right to seek and receive injunctive relief from a court prohibiting the Company from issuing any of its Common Stock or Preferred Stock to any party unless the all shares of Series P Preferred Stock owned by the Holders are redeemed in full simultaneously with such issuance. Notwithstanding the foregoing, Holder will not have the right to force the Company to redeem any shares of Series P Preferred Stock and issue any Forced Redemption Shares if the total cumulative number of the Redemption Shares and Dividend Shares issued to such Holder would exceed the Redemption Cap unless (i) the Stockholder Approval is obtained to issue more than the Redemption Cap, or (ii) the Common Stock is not listed or quoted for trading on a Trading Market. Trading Market There is no established trading market for any of the Series P Preferred Stock, and the Company does not expect a market to develop. The Company does not intend to apply for a listing for any of the Series P Preferred Stock on any securities exchange or other nationally recognized trading system. Without an active trading market, the liquidity of the Series P Preferred Stock will be limited. A full text copy of the Certificate of Designation is available at https://tinyurl.com/2542p94t 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. JS&A FIRE: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------- Debtor: JS&A Fire and Safety LLC 16531 Addison Rd. Addison, TX 75001 Business Description: JS&A Control Systems is a systems integration company based in Dallas, Texas. The company provides design, sale, installation, and service for fire alarm, fire sprinkler and suppression, life safety, security, and intrusion alarm systems. Its offerings also include access control, parking and revenue control, EV charging stations, monitoring services, video surveillance and recording, emergency/mass notification systems, security reviews and assessments, and tests and inspections. JS&A Control Systems serves sectors including industrial, retail, commercial, education, government, healthcare, and hospitality. Chapter 11 Petition Date: June 17, 2026 Court: United States Bankruptcy Court District of Northern Case No.: 26-42647 Judge: Hon. Edward L Morris Debtor's Counsel: Robert T. DeMarco, Esq. DEMARCO MITCHELL, PLLC 12770 Coit Road, Suite 850 Dallas TX 75251 Tel: (972) 991-5591 E-mail: robert@demarcomitchell.com Total Assets: $174,920 Total Liabilities: $1,593,679 The petition was signed by James R. Stofer as president. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/UPTPE3I/JSA_Fire_and_Safety_LLC__txnbke-26-42647__0001.0.pdf?mcid=tGE4TAMA KASTER MOVING: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------ Debtor: Kaster Moving Co., LLC 290 Newtown Street Middletown, CT 06457 Business Description: Kaster Moving Co LLC, operating as Kaster Moving & Storage, is a moving and storage company based in Stamford, Connecticut. Founded in 1977, the company provides residential, commercial, local, long-distance, specialized, and storage-related moving services, including trade show shipping and white-glove moving. Kaster Moving & Storage serves homeowners and businesses in the Stamford region, Fairfield County, and nearby New York communities. Chapter 11 Petition Date: June 17, 2026 Court: United States Bankruptcy Court District of Connecticut Case No.: 26-30549 Judge: Hon. Ann M Nevins Debtor's Counsel: Matthew K. Beatman, Esq. ZEISLER & ZEISLER, P.C. 10 Middle Street, 15th Floor Bridgeport, CT 06604 Tel: (203) 368-4234 E-mail: mbeatman@zeislaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Gideon Asemnor 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/VQIJ64I/Kaster_Moving_Co_LLC__ctbke-26-30549__0003.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/VJSYE5A/Kaster_Moving_Co_LLC__ctbke-26-30549__0001.0.pdf?mcid=tGE4TAMA KENNEDY-WILSON HOLDINGS: S&P Affirms 'B+' ICR, Outlook Stable ------------------------------------------------------------- S&P Global Ratings affirmed all ratings on Kennedy-Wilson Holdings Inc., including the 'B+' issuer credit rating. The stable outlook reflects S&P views that Kennedy-Wilson's key credit protection metrics will remain near current levels over the next 12 months. Furthermore, S&P expects steady property-level operating performance and the continued growth of its co-investment portfolio. Kennedy-Wilson has been acquired by a consortium led by William McMorrow (Chairman and CEO of Kennedy-Wilson) and Fairfax Financial Holdings Limited in a take-private transaction. S&P Global Ratings does not expect the transaction to impact Kennedy-Wilson's business strategy and views the company as nonstrategic to its parent, Fairfax. S&P said, "We do not expect a material change to the company's business strategy following its take-private transaction. The Kennedy-Wilson management group will continue to have effective and operational control of the company, despite Fairfax having a majority of the economic interest. As such, we do not expect a shift in Kennedy-Wilson's strategy from a business or financial perspective. Given this, together with Fairfax's track record of acquiring and disposing of non-insurance holdings, we view Kennedy-Wilson as a nonstrategic subsidiary to Fairfax per our Group Rating Methodology and there is no uplift to Kennedy-Wilson's stand-alone credit profile. "We expect Kennedy-Wilson's balance sheet and key credit metrics to remain highly leveraged. As of March 31, 2026, the company's S&P Global Ratings-adjusted debt to EBITDA and fixed-charge coverage (FCC) were 15.0x and 1.4x, respectively, slight improvements from 17.4x and 1.2x a year prior. While there is likely to be variance on a quarter-by-quarter basis due to the more volatile nature of gains from asset sales, we expect Kennedy-Wilson's S&P Global Ratings-adjusted debt to EBITDA to improve modestly over the next two years given steady EBITDA generation from the company's stabilized real estate portfolio, contributions from its development and lease-up assets, and growing investment management fees. Furthermore, a portion of the preferred shares that were outstanding (considered as debt per our adjustments) will be repaid as part of the transaction. However, we do not expect a similar improvement to FCC as these benefits will be offset by Kennedy-Wilson's refinancing of its unsecured notes with higher rate debt, resulting in our expectation for FCC to remain near current levels over the next year. "We expect the company to continue growing its co-investment portfolio, increasing revenue from investment management fees. The bulk of Kennedy-Wilson's investment activity has occurred in its co-investment portfolio over the past several years. Recent partnerships with the Canada Pension Plan Investment Board, Toll Brothers, and Dutch pension services provider APG meaningfully expanded the scale of its portfolio and provide continued expansion opportunities. As of March 31, 2026, total assets under management totaled more than $36 billion, an increase from $24.5 billion compared with two years ago, with investment management fees to Kennedy-Wilson increasing meaningfully. We expect the company to continue employing a similar growth strategy over the next few years. "We expect operating performance across the company's real estate assets to remain sound. Same-property net operating income (NOI) within the company's multifamily portfolio increased 2% year-over-year for the first quarter of 2026. Kennedy-Wilson's multifamily portfolio, which accounts for 65% of its estimated annual NOI from income-producing assets, has been a stable and steady source of earnings, a trend we expect to continue. The company's office portfolio has faced some pressure; however, the majority of the portfolio is located in Europe, which has largely fared better than U.S. office assets since the pandemic, where occupancy sits in the low- to mid-90% area. Additional NOI from the company's modest lease-up and development pipeline (largely office and multifamily assets) should also contribute to EBITDA growth over the next several years as those assets become stabilized. "The stable outlook reflects our view that Kennedy-Wilson's key credit protection metrics will remain near current levels over the next 12 months. Furthermore, we expect steady property-level operating performance and the continued growth of its co-investment portfolio." S&P could lower the rating on Kennedy-Wilson if its: -- Operating performance is well below S&P's expectations and compares unfavorably with peers; -- Key credit protection metrics deteriorate materially from current levels; or -- Liquidity is constrained, perhaps due to covenant pressure. S&P could also lower the issue-level ratings on Kennedy-Wilson Inc.'s (KW) unsecured debt if recovery prospects for bondholders decrease below 10% for the KW bonds, likely a result of an increase in the use of secured debt. S&P could raise the rating on Kennedy-Wilson if: -- It sustains S&P Global Ratings-adjusted debt to EBITDA below 13x with FCC above 1.3x, and the company increases its proportion of stable rental earnings; and -- The company materially increases the size of its consolidated real estate portfolio with its asset quality remaining comparable with peers. S&P could also raise the issue-level rating on the KW bonds if recovery prospects for bondholders increase above 30%. KIITOS BREWING: Hires New Mill Disposition LLC as Auctioneer ------------------------------------------------------------ KiiTOS Brewing, LLC seeks approval from the U.S. Bankruptcy Court for the District of Utah to employ New Mill Disposition LLC as auctioneer. The firm will auction the Debtor's various items of brewing equipment, machinery, fermentation vessels, packaging lines, fixtures, and related personal property. The firm will be paid at these fees: a. Seller's Commission (Hammer Fee). New Mill shall be entitled to a seller's commission equal to ten percent (10%) of the gross hammer price of each lot sold at auction (the "Hammer Fee"). The Hammer Fee shall be deducted from the gross proceeds of each sale prior to remittance of net proceeds to the estate. b. Buyer's Premium. In addition to the Hammer Fee, New Mill shall charge each buyer a total buyer's premium equal to twenty percent (20%) of the gross hammer price for each lot purchased (the "Buyer's Premium"). The Buyer's Premium shall be paid directly by the buyer to New Mill and shall not be deducted from the proceeds remitted to the Debtor's estate. New Mill shall retain 17% of the Buyer's Premium and the remaining 3% of the Buyer's Premium shall be paid by New Mill to the online auction platform vendor www.bidspotter.com. As is customary in the industry, the Buyer's Premium is a separate charge to the buyer and is not a cost borne by the estate. 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: New Mill Disposition LLC 575 Lexington Avenue 4th Floor New York, NY 10022 Tel: (888) 801-6032 Fax: (818) 574-6956 About Kiitos Brewing LLC Kiitos Brewing, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Utah Case No. 26-22348) on April 24, 2025. In the petition signed by Andrew Dasenbrock, managing member, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Judge Michael F. Thomson oversees the case. Andres Diaz, Esq., at Diaz & Larsen, represents the Debtor as legal counsel. KOCAK LLC: Seek to Hires BFSNG Law Group LLC as Attorney -------------------------------------------------------- Kocak LLC d/b/a Green Street Salads seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ BFSNG Law Group, LLC as attorney. The firm will provide these services: a. legal advice with respect to the powers and duties of the Debtor-in-Possession in the continued management of its business and property; b. representing the Debtor before the Bankruptcy Court at all hearings on matters pertaining to its affairs, as Debtor-in-Possession, including prosecuting and defending litigated matters as they may arise during the Chapter 11 case; c. advising and assisting the Debtor in the preparation and negotiation of a Plan of reorganization with its creditors; d. preparing all necessary or desirable applications, answers, orders, reports, documents and other legal papers; and e. performing all other legal services for the Debtor which may be desirable and necessary. The firm will be paid at these rates: Partners $600 to $725 per hour Associates $500 to 550 per hour Paralegals $210 per hour The firm will be paid a retainer in the amount of $15,000. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Heath S. Berger, Esq. 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 at: Heath S. Berger, Esq. BFSNG Law Group, LLP 6901 Jericho Turnpike, Suite 230 Syosset, NY 11791 Telephone: (516) 747-1136 About Kocak LLC Kocak LLC, doing business as Green Streets Salads, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 26-42234) on May 07, 2026, with $100,001 to $500,000 in both assets and liabilities. Judge Jil Mazer-Marino presides over the case. Heath S. Berger, Esq., at BFSNG Law Group, LLP represents the Debtor as bankruptcy counsel. LABL INC: Moody's Assigns Caa1 CFR Following Chapter 11 Emergence ----------------------------------------------------------------- Moody's Ratings assigned a Caa1 corporate family rating and a Caa1-PD probability of default rating to LABL, Inc. (LABL, doing business as Multi-Color). Moody's also assigned a Caa1 rating to Multi-Color Corporation's pari passu senior secured debt due May 2033, including $1.297 billion of 8.5% senior secured notes and $633 million and $35 million of senior secured term loans. The outlook is stable. The Caa1 CFR reflects the material reduction in the company's debt load by $3.8 billion and elimination of near-term refinancing risk following its emergence from Chapter 11. Credit metrics have been improving but will remain weak as a result of flat industry conditions. While annual cash interest expense will decline by more than $300 million to around $185 million, Moody's expects EBITDA-to-interest coverage to remain below 2x, free cash flow to remain negative, and adjusted debt-to-EBITDA to stay high at around 8x. On May 12, 2026, the company announced that it had emerged from Chapter 11 with a plan that reduced debt by $3.8 billion. The new capital structure includes $1.297 billion of senior secured notes and $633 million and $35 million of senior secured term loans, all pari passu and maturing in May 2033. The notes and term loans have both cash-pay and PIK interest components, with the cash-pay portion increasing after the first year and the PIK portion declining. LABL also has a five-year, $500 million asset-based lending facility (ABL) due May 2031 with a first-priority claim on accounts receivable, inventory, and qualified cash. In addition, the capital structure includes $600 million of perpetual preferred equity with a 12% PIK dividend, which Moody's treats as equity. Governance considerations are material to the rating. LABL's CIS-5 indicates that the rating is lower than it would be absent ESG exposure. Governance risk is the primary driver, reflecting aggressive financial policies, including high leverage and negative free cash flow, even after the company's emergence from Chapter 11. Environmental and social risks are present but are less influential than governance factors. RATINGS RATIONALE LABL's Caa1 CFR reflects lower debt, improved liquidity, and an extended maturity profile following its emergence from Chapter 11. The company has also taken steps to improve operating efficiency, reduce costs, and win new business. LABL benefits from scale in a highly fragmented industry, with revenue approaching $3 billion. The rating remains constrained by very high debt-to-EBITDA of around 8x upon emergence from Chapter 11 and weak EBITDA-to-interest coverage below 2x. Moody's expects free cash flow to remain negative despite the PIK features on the senior secured notes and term loans, which provide some near-term relief from cash interest. As total debt will rise through PIK accruals on the secured debt, the company will need to grow EBITDA to reduce leverage. Over the next 12 to 15 months, Moody's expects LABL to maintain adequate liquidity. At emergence, Moody's expects the company to have about $89 million of cash and $70 million drawn on its $500 million ABL facility due May 2031. Moody's expects free cash flow to be modestly negative at year-end 2026 and negative by about $50 million in 2027. Inclusive of Moody's adjustment for operating leases, capital spending is expected to total about $175 million over this period, modestly above pre-Chapter 11 levels, as LABL invests in operating efficiencies. The stable outlook reflects Moody's expectations that LABL will maintain adequate liquidity and credit metrics consistent with its Caa1 CFR over the next 12 to 18 months. LABL's nearly $2 billion of senior secured notes and term loans are rated in line with the Caa1 CFR because they represent the preponderance of the company's debt. These instruments are secured by substantially all assets of the issuers and guarantors, but have a second-priority lien on the assets securing the $500 million ABL facility. Moody's treats the perpetual preferred equity issued by holding company Label Buyers, LLC as equity because it is subordinated to all debt and unsecured claims, cannot trigger a default or force a restructuring, pays dividends entirely in kind, and has no maturity. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could upgrade the ratings if the company's profitability improves. Specifically, an upgrade could occur if debt-to-EBITDA is sustained below 7x, EBITDA-to-interest expense improves above 2.5x, and the company generates positive free cash flow on a consistent basis. Moody's could downgrade the ratings if liquidity deteriorates or if the company adopts a more aggressive financial policy, including debt-funded distributions or acquisitions. Specifically, a downgrade could occur if EBITDA-to-interest expense falls below 1x or if free cash flow remains consistently negative. The executed term loan credit agreement includes incremental pari passu debt capacity of up to $200 million, plus an additional $100 million for acquisition indebtedness, plus unlimited amounts subject to a 5.50x consolidated secured leverage ratio. The ABL can also be increased to up to $640 million, subject to the borrowing base. There is no inside maturity sublimit for incremental term loans. A blocker restricts transfers of material assets from loan parties to persons that are not loan parties, except for bona fide cash sales to, or joint ventures with, unaffiliated third parties, and non-exclusive leases, sublicenses, or licensing arrangements. The agreement also limits up-tiering transactions, including an express prohibition on liability management transactions, a requirement that affected lenders be offered pro rata participation in any related new-money financing, enhanced consent requirements to amend these protections, and provisions that disregard debt incurred to influence lender consents. The principal methodology used in these ratings was Packaging Manufacturers: Metal, Glass and Plastic Containers published in December 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Headquartered in Atlanta, Georgia, LABL, Inc. is a provider of pressure-sensitive labels, flexible film packaging, and other packaging solutions for the food and beverage, health and beauty, and consumer products markets. LABL is controlled by CD&R. LAKE CLINCH: Case Summary & Six Unsecured Creditors --------------------------------------------------- Debtor: Lake Clinch Resort, LLC 235 West Brandon Blvd., #128 Brandon, FL 33511 Business Description: Lake Clinch Resort, LLC, founded in 2023 and based in Brandon, Florida, operates Lake Clinch RV Resort, a lakefront RV and mobile-home resort in Frostproof, Florida, serving short- and long-term guests with RV sites, lodging, lake access, boating, fishing and related resort amenities. Chapter 11 Petition Date: June 12, 2026 Court: United States Bankruptcy Court Middle District of Florida Case No.: 26-05085 Debtor's Counsel: Leon Williamson, Esq. WILLIAMSON LAW FIRM 602 South Boulevard Tampa, FL 33606 Tel: (813) 385-7877 E-mail: Service@LwilliamsonLaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by John Kilgore as manager. A copy of the Debtor's list of its six unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/7P6NIJQ/Lake_Clinch_Resort_LLC__flmbke-26-05085__0002.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/I2EKXHI/Lake_Clinch_Resort_LLC__flmbke-26-05085__0001.0.pdf?mcid=tGE4TAMA LASCHAL SURGICAL: Hearing Today on Bid to Use Cash Collateral ------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of New York is set to hold a final hearing today on Laschal Surgical Instruments, LLC's bid to use cash collateral. The Debtor is currently authorized to use cash collateral through June 30 under the court's May 28 interim order. Under the interim order, the Debtor is allowed to pay its expenses with cash collateral based on an approved budget, subject to a 10% variance. The interim order granted adequate protection to secured creditors including Funding Circle, the U.S. Small Business Administration, JPMorgan Chase Bank, and KeyBank in the form of replacement liens on all existing and future assets of the Debtor, with the same validity, priority, and perfection status as their pre-petition liens. In addition, the interim order authorized the Debtor's continued monthly payments of approximately $1,200 to Funding Circle under a pre-petition workout arrangement. Additional safeguards include maintaining insurance coverage on the collateral, reserving funds for U.S. Trustee fees and complying with reporting obligations. Events of default that court terminate the Debtor's authority to use cash collateral include non-compliance with the order, dismissal or conversion of the Debtor's Chapter 11 case, or cessation of business operations. About Laschal Surgical Instruments LLC Laschal Surgical Instruments, LLC is a high-end surgical instrument manufacturer based in White Plains, New York. Laschal filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. N.Y. Case No. 26-22291) on March 23, 2026, with between $100,001 and $500,000 in both assets and liabilities. Daniel Lasner, chief executive officer of Laschal, signed the petition. Judge Kyu Young Paek oversees the case. Robert L. Rattet, Esq., at Davidoff Hutcher & Citron, LLP, represents the Debtor as legal counsel. Eric Huebscher of Huebscher & Co. serves as Subchapter V trustee for the Debtor. LEISURE INVESTMENTS: Ex-CEO Cites Mexico Ruling in Chapter 11 Fight ------------------------------------------------------------------- Jarek Rutz of Law360 Bankruptcy Authority reports that the ex-CEO of Dolphin Co., a marine park operator, has urged a Delaware bankruptcy judge to dismiss the Chapter 11 proceedings involving Leisure Investments Holdings LLC or impose a stay on certain parts of the case. The request is based on arguments that the current bankruptcy action lacks proper grounds. According to the motion, the former executive claims that elements of the case conflict with prior rulings and should not move forward as currently structured. The filing seeks either full dismissal or partial relief to limit ongoing litigation. The request places the restructuring case under additional scrutiny as stakeholders await the court's response. The outcome may determine whether the Chapter 11 process continues in full or is significantly curtailed, the report relays. About Leisure Investments Holdings Leisure Investments Holdings LLC and affiliates are operating under the name "The Dolphin Company," manage over 30 attractions, including dolphin habitats, marinas, water parks, and adventure parks, located in eight countries across three continents. Their primary operations are based in Mexico, the United States, and the Caribbean, with locations in Jamaica, the Cayman Islands, the Dominican Republic, and St. Kitts. These attractions are home to approximately 2,400 animals from more than 80 species of marine life, including a variety of marine mammals such as dolphins, sea lions, manatees, and seals, as well as birds and reptiles. As of 2023, the marine mammal population at the Debtors' parks includes roughly 295 dolphins, 51 sea lions, 18 manatees, and 18 seals. Leisure Investments Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case 25-10606) on March 31, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. Honorable Bankruptcy Judge Laurie Selber Silverstein handles the case. The Debtors tapped Robert S. Brady, Esq., Sean T. Greecher, Esq., Allison S. Mielke, Esq., and Jared W. Kochenash, Esq. as counsels. The Debtors' restructuring advisor is RIVERON MANAGEMENT SERVICES, LLC. The Debtors' Claims & Noticing Agent is KURTZMAN CARSON CONSULTANTS, LLC d/b/a VERITA GLOBAL. LIGHT BULB: Commences Chapter 11 Bankruptcy in Nebraska ------------------------------------------------------- On June 15, 2026, Light Bulb Realty & Investment, LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of Nebraska. According to court filings, the debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. The debtor must file its Chapter 11 plan and disclosure statement by October 13, 2026. About Light Bulb Realty & Investment, LLC Light Bulb Realty & Investment, LLC is a real estate investment company engaged in property ownership, management, and investment activities. The company sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-80702) on June 15, 2026. In its petition, the debtor reported estimated assets ranging from $1 million to $10 million and estimated liabilities ranging from $1 million to $10 million. Honorable Bankruptcy Judge Thomas L. Saladino handles the case. The debtor is represented by Patrick Raymond Turner, Esq., of Turner Legal Group, LLC. LONG BEACH: Hires Tamborelli Law Group APC as Counsel ----------------------------------------------------- Long Beach Property, LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Tamborelli Law Group, APC as counsel. The firm will provide these services: a. provide and appear on behalf of Debtor, as well as Debtor's principal, Victor Duran, who is also a party defendant, in the litigation of Schlarb v. Duran and Fortaleza v. Duran, with legal advice with respect to their rights, claims or interests versus the of other parties to the litigation; b. provide and appear on behalf of Debtor as a plaintiff in the litigation of Long Beach Property v. Schlarb, with legal advice with respect to their rights, claims or interests versus the of other parties to the litigation. The firm will be paid at these rates: John V. Tamborelli $525 per hour Senior Associate, if any $350 per hour Associate, if any $250 per hour Junior Associate, if any $175 per hour Paralegals, if any $125 per hour Case Assistant $100 per hour In addition, the firm will seek reimbursement for its out-of-pocket expenses. Mr. Tamborelli 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: John V. Tamborelli, Esq. Tamborelli Law Group, APC 4500 Park Granada, Suite 202 Calabasas, CA 91302 Tel: (818) 710-3696 Fax: (818) 710-3695 E-mail: jtamborelli@lawtlg.com About Long Beach Property, LLC Long Beach Property, LLC is a real estate holding company engaged in the ownership, management, and leasing of residential or commercial properties, primarily in the Long Beach area. Long Beach Property, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-13636) on April 15, 2026. In its petition, the debtor reports estimated assets of $1 million to $10 million and estimated liabilities of $1 million to $10 million. Honorable Bankruptcy Judge Sheri Bluebond handles the case. The debtor is represented by Louis J. Esbin, Esq. of the Law Offices of Louis J. Esbin. LOT 1 COQUINA: Seeks Chapter 11 Bankruptcy in Florida ----------------------------------------------------- On June 15, 2026, Lot 1 Coquina Place Investments, LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Northern 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 12:00 PM, CT, at/via with the U.S. Trustee by telephone at (888) 330-1716, Access Code 7738427. The deadline for filing the Chapter 11 plan and disclosure statement is October 13, 2026, while governmental units must file proofs of claim by December 14, 2026. About Lot 1 Coquina Place Investments, LLC Lot 1 Coquina Place Investments, LLC is a real estate investment and property holding company. The company sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-30630) on June 15, 2026. In its petition, the debtor reported estimated assets ranging from $1 million to $10 million and estimated liabilities ranging from $1 million to $10 million. The case is pending before the U.S. Bankruptcy Court for the Northern District of Florida. The debtor is represented by Byron Wright, III, Esq., of Bruner Wright, P.A. LOT 1 COQUINA: Voluntary Chapter 11 Case Summary ------------------------------------------------ Debtor: Lot 1 Coquina Place Investments, LLC 5753 Highway 85 N Crestview, FL 32536 Business Description: Lot 1 Coquina Place Investments, LLC owns a luxury single-family residential property in Santa Rosa Beach, Florida. Chapter 11 Petition Date: June 15, 2026 Court: United States Bankruptcy Court Northern District of Florida Case No.: 26-30630 Debtor's Counsel: Byron W. Wright III, Esq. BRUNER WRIGHT, P.A. 2868 Remington Green Circle Tallahassee, FL 32308 Tel: (850) 385-0342 Fax: (850) 270-2441 E-mail: twright@brunerwright.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Joseph Harker as manager. The Debtor has stated in the petition that it does not have any unsecured creditors. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/ZHWH54Y/Lot_1_Coquina_Place_Investments__flnbke-26-30630__0001.0.pdf?mcid=tGE4TAMA LOTUS TECHNOLOGY: Geely International to Buy $128.32 Million Note ----------------------------------------------------------------- Lotus Technology Inc. entered into an agreement with Geely International (Hong Kong) Limited to issue a $128.32 million senior convertible note, according to a Form 6-K filed with the Securities and Exchange Commission. The note purchase agreement, dated June 12, calls for Geely to buy the note through a private placement. Lotus said closing is subject to customary conditions and is expected in June 2026. The note will mature on the 364th day after issuance and will bear interest at the secured overnight financing rate on the issue date plus 3.35%, payable at maturity. The note may be converted into ordinary shares or American depositary shares at Geely's option beginning on the 30th trading day after the applicable issue date. The initial conversion price will equal the volume-weighted average of the last reported sale price of Lotus ADSs over the 10 trading days before the applicable conversion date. Unless Geely agrees otherwise, the note will rank senior to all other present and future unsecured and unsubordinated indebtedness of Lotus and its subsidiaries, except indebtedness preferred by mandatory law and a $10.00 million note issued to ATW in August 2025. About Lotus Technology Inc. Lotus Technology Inc. is a Shanghai, China-based mobility company founded through its Lotus EV business in 2018. The company designs and develops luxury lifestyle vehicles under the Lotus brand and sells Lotus-branded cars. It manufactures EV lifestyle models through a contract manufacturing partnership with Geely Holding in Wuhan, China, and operates a digital-first, omni-channel sales model across its distribution network. In an audit report dated April 28, 2026, Grant Thornton Zhitong Certified Public Accountants LLP included a going concern qualification, stating that Lotus Technology had incurred losses since inception, had an accumulated deficit of $3.16 billion as of Dec. 31, 2025, had current liabilities exceeding current assets by $1.49 billion and used $334.00 million in operating cash during 2025. The conditions raised substantial doubt about the company's ability to continue as a going concern. As of Dec. 31, 2025, Lotus Technology reported total assets of $1.95 billion, total liabilities of $3.28 billion and total shareholders' deficit of $1.33 billion. LSPP PROPERTIES: Case Summary & Two Unsecured Creditors ------------------------------------------------------- Debtor: LSPP Properties LLC 434 Cumberland St Westbrook ME 04092 Business Description: LSPP Properties LLC is a single-asset real estate company that owns one income- producing property. Chapter 11 Petition Date: June 17, 2026 Court: United States Bankruptcy Court District of Maine Case No.: 26-20174 Judge: Hon. Peter G Cary Debtor's Counsel: Sam Anderson, Esq. BERNTEIN SHUR SAWYER & NELSON, P.A. 100 Middle Street P.O. Box 9729 Portland ME 04101 Tel: 207-774-1200 E-mail: sanderson@bernsteinshur.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $10 million to $50 million The petition was signed by Rudolph M. Ferrante as sole member. A full-text copy of the petition, which includes a list of the Debtor's two unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/THXOYTA/LSPP_Properties_LLC__mebke-26-20174__0001.0.pdf?mcid=tGE4TAMA LURIN REAL ESTATE: Affiliate Gets Final OK to Use Cash Collateral ----------------------------------------------------------------- Lurin Real Estate Holdings LXV, LLC, an affiliated debtor of Lurin Real Estate Holdings XXI, LLC, received final approval from the U.S. Bankruptcy Court for the Southern District of Texas to use cash collateral to fund its operations. Under the final order, the Debtor is authorized to use cash collateral through Sept. 18 for working capital and general corporate purposes in accordance with an approved budget. The Debtor is not allowed to spend more than 110% of any budget line item using cash collateral. The Debtor's cash collateral consists of assets in which PFP VIII Sub III (CLO), LLC, the pre-bankruptcy lender, has valid, perfected security interests, liens, or mortgages as of the petition date. Lurin owes PFP under a $47.01 million loan secured by a lien on its multi-family apartment complex in Rogers, Arkansas. The Debtor believes the property value exceeds the loan balance, providing an equity cushion that protects the lender. As protection, PFP will receive replacement liens on pre-bankruptcy collateral to the extent its value declines from the Debtor's use of cash collateral. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/plhqD from PacerMonitor.com. About Lurin Real Estate Holdings XXI LLC Lurin Real Estate Holdings XXI, LLC is a real estate investment and development company focused on commercial and residential property holdings across multiple U.S. markets. Lurin Real Estate Holdings XXI sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 26-90344) on March 2, 2026, with between $50 million and $100 million in both assets and liabilities. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. Lurin Real Estate Holdings XXI is represented by Joshua W. Wolfshohl, Esq., at Porter Hedges, LLP. MAG DS: S&P Downgrades ICR to 'CCC', Outlook Developing ------------------------------------------------------- S&P Global Ratings lowered the issuer credit rating on MAG DS Corp. to 'CCC' from 'B-'. The outlook is developing. S&P said, "At the same time, we lowered our issue-level ratings on the company's term to 'CCC' from 'B-', in line with the issuer rating. The recovery ratings remain '3', indicating our expectation for meaningful (50%-70%; rounded estimate: 55%) recovery in the event of a payment default. "Our developing outlook reflects solid operating performance combined with uncertainty surrounding MAG's upcoming debt maturities and whether the company can refinance at terms acceptable to lenders before October 2026." MAG DS Corp.'s revolver and term loan B mature in April 2027. The downgrade reflects MAG's upcoming debt maturities and potential for a default or distressed exchange in the next 12 months. MAG's $60 million revolver and $260 million term loan mature in April 2027. With the debt due in less than 12 months and not enough cash to repay it, the company will need to refinance or raise additional capital. While S&P expects MAG to work toward a refinancing plan, with recent business performance likely putting it in good position, the debt status supports a lower rating. On-contract growth and operating efficiency could improve credit ratios. S&P said, "Increased content on the U.S. Army's Theater Level High-Altitude Expeditionary Next Airborne ISR Radar (ATHENA-R) program and expansion on awards such as the C5ISR Worldwide-Defense-System Integration, Prototyping, and Security (C-WIPS) task order are contributing to steady organic top-line improvement that we expect to remain 3%-5% through our forecast. With higher revenue more than offsetting overhead costs, as well as an improved program mix and efficient performance on contracts, we now expect EBITDA margins in the 19%-22% range, in line with 2025 performance." S&P said, "Given the solid earnings and modest capital expenditure, we expect free operating cash flow of $10 million-$20 million in 2026 and above $20 million annually thereafter. Should MAG refinance similar to current debt amounts, we expect debt to EBITDA in the low-5x area in 2026 and 2027." The developing outlook reflects the April 2027 maturity date of MAG's $60 million revolver and $260 million term loan B, as well as its solid operating performance and positive free cash flow. S&P said, "We could lower our rating on MAG if we believe a default or distressed exchange is likely in the next six months. This could occur if the company fails to refinance its capital structure before October 2026. "We could raise our rating on MAG multiple notches if it refinances its capital structure to alleviate liquidity concerns, while cash flow and leverage remain sustainable." MBA INVESTMENTS: Seeks Subchapter V Bankruptcy in Arizona --------------------------------------------------------- On June 16, 2026, MBA Investments, LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of Arizona. According to court filings, the debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. A meeting of creditors under Section 341(a) scheduled for July 21, 2026 at 09:45 AM as a Chapter 11 Teleconference Call in number: 1-888-330-1716, Passcode: 4038524. The deadline to file the Chapter 11 Small Business Subchapter V plan is September 14, 2026. About MBA Investments, LLC MBA Investments, LLC is an investment and asset management company engaged in business and financial investment activities. The company sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-05919) on June 16, 2026. In its petition, the debtor reported estimated assets ranging from $0 to $100,000 and estimated liabilities ranging from $100,001 to $1,000,000. Honorable Bankruptcy Judge Paul Sala handles the case. The debtor is represented by Allan D. Newdelman, Esq., of Allan D. Newdelman PC. MEADOW CREEK: To Sell Pleasant Valley Property to B. & S. Tormey ---------------------------------------------------------------- Meadow Creek Farm of NY Realty LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of New York, Poughkeepsie Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property is located at 321 Skidmore Road, Pleasant Valley, New York 12569. The Debtor wishes to sell the Property to Brian and Sarah Tormey in the purchase price of $510,000.00. The Debtor owns the Property, which is commercial real property that is currently operating as a horse farm in Pleasant Valley (Dutchess County), New York. Due to a number of unforeseen circumstances, including Covid-19, the operating entity at the Property (Meadow Creek Farm of New York, Inc.) was unable to pay rent to the Debtor and the Debtor fell behind on its debt service obligation to Wells Fargo, a secured creditor with a properly perfected mortgage lien on the Property. Since the Chapter 11 filing, the Debtor shifted its focus to a sale of the Property, seeking to achieve the highest return to Wells Fargo. On May 22, 2026, an Order was entered approving Bid Procedures for the Sale of the Debtor's Real Property. The Bid Procedures Order provided that the Debtor be authorized to enter into a Contract of Sale with Tormey, subject to higher and better offers and final approval of the Court. Following the entry of the Bid Procedures Order, the Notice of Sale, along with the Bid Procedures, was published in the Poughkeepsie Journal. The deadline by which bids were to be submitted was June 15, 2026. Debtor’s counsel did not receive any inquiries or bids regarding the purchase of the Debtor’s Property. The Purchaser shall assume none of the Debtor’s current obligations. The Debtor believes that the Contract is in the best interest of the Debtor and its creditors. Although the current sale price is less than the balance due to the Debtor's largest secured creditor, due to the current state of the Property and the real estate market, the Debtor believes the offer to be fair and reasonable. The Debtor proceeds by motion with respect to a sale of its Property due to the circumstances of the case, including the inability of the Debtor to propose a feasible traditional Chapter 11 Plan of Reorganization. About Meadow Creek Farm of NY Realty Meadow Creek Farm of NY Realty, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-35241) on Mar. 7, 2025. In its petition, the Debtor reported up to $1 million in both assets and liabilities. Honorable Bankruptcy Judge Kyu Young Paek handles the case. The Debtor is represented by Genova, Malin & Trier LLP. MEDALLIA INC: Blackstone-Led Lenders Take Control of Ailing Co. --------------------------------------------------------------- Preeti Singh of Bloomberg News reports that Medallia Inc. will be acquired by a group of creditors led by Blackstone Inc. after private-equity sponsor Thoma Bravo decided against providing additional financial support to the software company. The transaction is intended to stabilize the business and position it for future growth. The creditor-led group, which also includes Apollo Global Management and FS KKR Capital, has agreed to invest $150 million in new capital. The infusion will help reduce leverage and improve Medallia's financial flexibility as it navigates a competitive software landscape, the report relays. Founded as a provider of customer experience management technology, Medallia delivers cloud-based software that enables companies to monitor customer sentiment, employee engagement, and operational performance. Its solutions are used by enterprises worldwide to improve decision-making and strengthen customer relationships, the report states. Management said the recapitalization will enable the company to focus more aggressively on artificial intelligence initiatives. By combining the new investment with approximately $500 million already allocated for growth, Medallia expects to accelerate product development and expand its AI capabilities. About Medallia, Inc. Medallia, Inc. is a software company that provides customer and employee experience management and analytics solutions to enterprises. METALWORKING LUBRICANTS: Gets Interim OK to Use Cash Collateral --------------------------------------------------------------- Metalworking Lubricants Company received interim approval from the U.S. Bankruptcy Court for the Eastern District of Michigan to use cash collateral to fund its operations. Under the interim order, the Debtor is authorized to use up to $1,378,147 in cash collateral, plus a 10% variance, to fund operating expenses from June 5 to 26 in accordance with an approved budget. At the time of its Chapter 11 filing, the Debtor reported approximately $252,089 in cash held in accounts at JPMorgan Chase Bank, N.A., the Debtor's primary secured lender, and approximately $2.89 million in accounts receivable, resulting in total cash collateral of roughly $3.14 million. These assets constitute the primary source of the Debtor's operating liquidity. JPMorgan has maintained a revolving line of credit relationship with the Debtor since 2013. It holds a perfected blanket security interest in substantially all company assets, including cash collateral, through properly filed and continued UCC financing statements. The Debtor estimates that it owes the =bank approximately $2.847 million. Because the value of its cash and receivables exceeds the outstanding loan balance, the Debtor believes JPMorgan is oversecured and likely entitled to full payment of its claim. The loan was originally set to mature on April 29 but was extended to July 31. Prior to bankruptcy, Chase had encouraged the Debtor to obtain alternative financing but it was unable to secure a replacement lender. In addition to JPMorgan, several other creditors hold equipment-specific liens. These include Wells Fargo Vendor Financial Services, which finances laboratory equipment and skid-steer loaders; Navitas Credit Corp., which holds liens on laboratory and boiler equipment; Wells Fargo Bank, which finances a forklift; and Mitsubishi HC Capital America, which leases certain equipment. JPMorgan and any other secured creditors claiming an interest in the cash collateral will be granted adequate protection through replacement liens on post-petition assets similar to their pre-bankruptcy collateral. As additional protection, JPMorgan will continue receiving $40,000 in monthly principal payments and $18,500 in monthly interest payments, which it is authorized to automatically debit consistent with pre-petition practice. The order is available at http://bankrupt.com/misc/MetalworkingLubricants_ICCOrder.pdf A final hearing will be held on June 29. If no objections are filed, the interim order will automatically become a final order. Metalworking Lubricants Company's Chapter 11 filing was undertaken primarily to preserve the value of the Pontiac business, which management describes as profitable and viable but burdened by losses generated at the Indianapolis operation. As part of its restructuring strategy, Metalworking Lubricants Company intends to close its Indianapolis facility and sell the associated real estate. Keith Johnson, president of Metalworking Lubricants Company, said the Pontiac facility has effectively subsidized Indianapolis for years, and bankruptcy protection is intended to facilitate a restructuring that will allow the profitable core business to survive while shedding unprofitable operations. About Metalworking Lubricants Company Metalworking Lubricants Company is a manufacturer and marketer of industrial lubricants and related products, including cutting oils, hydraulic fluids, greases, cleaners, quenching fluids, rust inhibitors, and specialty compounds used in metalworking and industrial applications. The company operates from two facilities: a headquarters and primary manufacturing location in Pontiac, Michigan, and a second facility in Indianapolis, Indiana. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 26-46501-lsg) on June 5, 2026. In the petition signed by Keith Johnson, co-president, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Lisa S. Gretchko oversees the case. Mark H. Shapiro, Esq., at Steinberg Shapiro & Clark, represents the Debtor as legal counsel. MICHAEL HERZOG: Seeks Cash Collateral Access -------------------------------------------- Michael Herzog LLC and David Herzog LLC ask the U.S. Bankruptcy Court for the Southern District of New York for authority to use cash collateral and provide adequate protection. The cash collateral is generated by a mixed-use commercial property located at 57 West 86th Street in New York City. The property is jointly owned by the two entities and consists of twelve residential apartments and one commercial space. The Debtors seek court approval to use rental income that constitutes cash collateral of Wells Fargo Bank, N.A., their secured lender. In connection with that request, the Debtors also propose providing Wells Fargo with adequate protection, including replacement liens and ongoing monthly payments, and ask the court to schedule a final hearing to approve continued use of cash collateral. The Debtor explains that the property remains fully occupied and generates approximately $83,853 to $84,404 in monthly rental income, which is sufficient to cover debt service and operating expenses. The Debtors emphasize that rental income is their sole source of revenue and is essential to maintaining the property during the Chapter 11 cases. They note that while a foreclosure action filed by Wells Fargo in New York state court prompted the bankruptcy filings, they continued making debt service payments both before and after the foreclosure action commenced and have remained current on monthly payments during the bankruptcy proceedings. According to the Debtors, the underlying dispute involves whether Wells Fargo consented to a proposed commercial lease for a retailer at the property, which ultimately led the lender to declare a default. Ownership of the property is split equally between Michael Herzog and David Herzog. Prior to bankruptcy, Wells Fargo initiated foreclosure proceedings and obtained the appointment of a receiver, although the receiver never took possession of the property. Since the bankruptcy filings, the Debtors have focused on negotiating with the lender regarding the use of cash collateral and have revised their proposed operating budget to address Wells Fargo's concerns, particularly regarding management fees. The revised budget primarily covers ordinary and necessary expenses associated with operating and maintaining the building. Under the proposed budget, the Debtors anticipate monthly expenses of approximately $78,012. These expenses include monthly principal and interest payments to Wells Fargo totaling $23,614.25 as adequate protection. The Debtors state that they have already made these adequate protection payments for April, May, and June 2026. They argue that continued payment of operating expenses, coupled with the ongoing debt service payments, preserves and potentially enhances the value of Wells Fargo's collateral. As a result, they continue to seek the lender’s formal consent to the revised budget while also requesting court approval. In support of adequate protection, the Debtors emphasize that they are doing more than merely maintaining the property. In addition to using rents for operations and maintenance, they propose making monthly principal and interest payments directly to Wells Fargo. They argue that this combination of ongoing debt service and property preservation fully protects the lender's interests and satisfies the requirements of 11 U.S.C. Sections 363(c) and 363(e). The Debtors also address an upcoming real estate tax obligation due on July 1, 2026. The Debtors explain that Wells Fargo holds a reserve account that was originally funded at $25,000 per month beginning in December 2021 to address expenses that might arise if a major commercial tenant, Chase Bank, did not renew its lease. After Chase ultimately vacated the property, the reserve account accumulated substantial funds. As of April 2025, the reserve reportedly contained approximately $858,755, though some funds have since been used to pay real estate taxes. The Debtors believe the remaining balance is approximately $400,000 and seek authority to use funds from this reserve to pay upcoming property taxes. A copy of the motion is available at https://urlcurt.com/u?l=r7cEhN from PacerMonitor.com. About Michael Herzog LLC Michael Herzog LLC and David Herzog LLC jointly own a four-story mixed-use property at 57 West 86th Street in New York, New York. The property includes 12 residential apartments and one commercial tenant and is fully occupied, with a combined monthly rent roll of $83,853. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. N.Y. Case No. 26-10691) on April 27, 2026. In the petition signed by Pearl Herzog, manager, the Debtor disclosed up $0 in assets and $6,600,000 in total liabilities. Judge Philip Bentley oversees the case. Kevin Nash, Esq., at GOLDBERG WEPRIN FINKEL GOLDSTEIN LLP, represents the Debtor as legal counsel. MIRACLE TEMPLE: Case Summary & 15 Unsecured Creditors ----------------------------------------------------- Debtor: Miracle Temple Non-Denominational Church, Inc. 5219 Call Place, SE Washington, DC 20019 Business Description: Miracle Temple Non-Denominational Church is a Washington, DC-based church founded in August 1968. The church provides worship services, evangelistic outreach, sermon access, prayer request intake, and ministry programs. Its ministries include transportation support for students and senior members, wellness support for the congregation, and praise and worship activities for services, church events, retreats, and anniversaries. Chapter 11 Petition Date: June 14, 2026 Court: United States Bankruptcy Court District of District of Columbia Case No.: 26-00310 Judge: Hon. Elizabeth L. Gunn Debtor's Counsel: Joseph Selba, Esq. TYDINGS ROSENBERG LLP One East Pratt Street, #901 Baltimore, MD 21202 Tel: (410) 752-9753 E-mail: jselba@tydings.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Judie Shepherd-Gore as pastor. A full-text copy of the petition, which includes a list of the Debtor's 15 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/ZMVVDLI/Miracle_Temple_Non-Denominational__dcbke-26-00310__0001.0.pdf?mcid=tGE4TAMA MORRIS STREET: Seeks to Use Cash Collateral ------------------------------------------- 3103 Ten, LLC, an affiliate of Morris Street Development, LLC, asks the U.S. Bankruptcy Court for the District of Columbia for authority to use cash collateral and provide adequate protection. The Debtor owns property located at 3103 Tennyson Street NW in Washington, D.C., which suffered significant structural damage when a tree fell on its roof before the bankruptcy filing. The Debtor submitted an insurance claim for the damage, and after the bankruptcy case commenced, an insurance check was issued. However, the insurance proceeds are currently being held by Harvest Small Business Finance, LLC, the Debtor's secured lender and designated loss payee under the loan documents. Because both the bankruptcy estate and Harvest have interests in the insurance proceeds, the funds are considered cash collateral under bankruptcy law, requiring either creditor consent or court authorization before they can be used. The Debtor argues that authorization should be granted because Harvest, the sole secured creditor, has already agreed to the proposed use of the insurance proceeds. Specifically, Harvest consents to the funds being used exclusively to repair the damaged roof and restore the property. The Debtor contends that using the insurance funds to repair the property actually protects and enhances Harvest's collateral rather than diminishing it. By restoring the building to its pre-damage condition, the repairs preserve the value of the property securing Harvest's loan. The Debtor further emphasizes that directing insurance proceeds toward repairing the property that generated the claim is the intended purpose of those funds. Since Harvest supports the proposal and is already holding the insurance check, there is no dispute regarding the use of the proceeds. A copy of the motion is available at https://urlcurt.com/u?l=c30zRE from PacerMonitor.com. About Morris Street Development LLC Morris Street Development, LLC is a single-purpose real estate holding entity that owns real property located at 314 North Morris Street, Oxford, Maryland, encompassing the historic Robert Morris Inn, which includes a hotel and restaurant. The property's operations are managed by affiliated non-debtor entities, though as of Jan. 28, 2026, both the hotel and restaurant are not active. Morris Street Development filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D.C. Case No. 26-00039) on January 28, 2026, listing between $1 million and $10 million in assets and liabilities. Judge Elizabeth L. Gunn presides over the case. Christianna Annette Cathcart, Esq., at The Belmont Firm represents the Debtor as legal counsel. MUSCULOSKELETAL ASSOCIATES: Gets Interim OK to Use Cash Collateral ------------------------------------------------------------------ Musculoskeletal Associates, PLLC received interim approval from the U.S. Bankruptcy Court for the Western District of Kentucky, Louisville Division, to use cash collateral. Under the interim order, the Debtor may use cash collateral in the ordinary course of business through July 14. Authorized uses include payment of post-petition trade obligations, insurance premiums, taxes, utilities, administrative expenses, and other costs necessary to preserve and operate the business. As adequate protection, the cash collateral creditors received replacement liens on post-petition property similar to or traceable to their pre-petition collateral interests, including proceeds and products thereof, to secure the amount of cash collateral used during the interim period. The replacement liens are deemed valid and perfected as of the petition date without further filings, but may not prime any pre-existing liens held by other parties. The order also authorizes a carve-out for statutory court and U.S. Trustee fees and up to $15,000 in unpaid professional compensation awarded under Bankruptcy Code Section 330(a). A final hearing on continued cash collateral use is scheduled for July 14. About Musculoskeletal Associates, PLLC Musculoskeletal Associates, PLLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Ken. Case No. 26-31522). Judge Hon. Joan A Lloyd oversees the case. The Debtor is represented by: Charity S Bird Kaplan Johnson Abate & Bird LLP Tel: 502-540-8285 Email: cbird@kaplanjohnsonlaw.com N-ABLE INTERNATIONAL II: Moody's Cuts CFR to B2, Outlook Stable --------------------------------------------------------------- Moody's Ratings downgraded N-able International Holdings II, LLC's (N-able) Corporate Family Rating to B2 from B1 and Probability of Default Rating to B2-PD from B1-PD. Moody's downgraded the rating on the company's senior secured term loan due 2032 and revolving credit facility due 2030 to B2 from B1. Moody's assigned a B2 rating to the new senior secured delayed draw term loan due 2032. The Speculative Grade Liquidity (SGL) rating remains unchanged at SGL-1. The outlook is stable. "The downgrade reflects N-able's more aggressive financial policy. The proposed $75 million delayed draw term loan add-on increases financial leverage at a time when N-able is facing increasing competition in the MSP software industry," said Moody's Ratings analyst Justin Remsen. "Pro forma for the additional debt, leverage rises to 5.5x for the twelve months ended March 2026." "The MSP software market is intensely competitive, most notably from NinjaOne, which recently reported surpassing $500 million in annual recurring revenue at growth rates well in excess of N-able's mid-to-high single digit growth rate," Remsen added. Governance is a driver of the rating downgrade, given the more aggressive financial policy. RATINGS RATIONALE N-able's B2 CFR reflects the company's modest scale, majority ownership by financial sponsors with a tolerance for higher financial risk, and exposure to a highly competitive, fragmented market characterized by limited customer switching barriers and aggressive pricing and bundling from larger competitors. Moreover, competitive intensity in the MSP software market has accelerated, with NinjaOne reporting more than $500 million in ARR with rapid revenue growth, while Kaseya, ConnectWise, and price-competitive specialist vendors such as Veeam Software and Auvik pressure N-able's pricing power, limiting revenue growth. At the same time, the rating is supported by N-able's leading position in software solutions for managed service providers (MSPs), anchored by a network of over 25,000 MSP partners, as well as its nearly 100% recurring revenue base, which is increasingly weighted toward annual and multi-year contracts, strong net retention, good geographic diversification, and solid free cash flow generation. While debt to EBITDA (Moody's adjusted, which expenses capitalized software development costs and stock-based compensation) will rise to about 5.5x (pro forma for the add-on term loan) from about 4.8x for the twelve months ended March 2026, Moody's expects leverage to decline to the mid-4x range by year-end 2027, supported by mid-to-high single-digit revenue growth and modest margin expansion. The SGL-1 rating reflects Moody's expectations for very good liquidity over the next 12-18 months, supported by pro forma cash of approximately $193 million, the undrawn $60 million revolving credit facility due November 2030 (Revolver), and Moody's projections for free cash flow (FCF) of more than $70 million over the next year. Given the strong FCF, Moody's expects that the revolver will remain undrawn over the next 12 to 18 months. The revolver has a springing first lien net leverage covenant of 7.5x (springing at 35%) with no step downs. Moody's do not expect the covenant to be tested, and N-able should be able to maintain a sufficient cushion at all times. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Ratings could be upgraded over time if N-able sustains annual organic revenue growth in the high single digit range or higher and demonstrates a more conservative financial policy, sustaining debt/EBITDA (Moody's adjusted) below 4.5x and FCF to debt (Moody's adjusted) above 10%. Ratings could be downgraded if organic revenue growth decelerates, EBITDA margins (Moody's adjusted) deteriorate, or competitive pressure intensify. Quantitatively, ratings could be downgraded if debt/EBITDA (Moody's adjusted) is sustained above 6x, FCF to debt (Moody's adjusted) is sustained below 5%, or liquidity weakens. Additional debt-funded shareholder returns or aggressive M&A that delays deleveraging could also pressure the ratings. Company Profile Headquartered in Boston, MA, N-able is a leading provider of cloud-based software solutions that enable MSPs to serve their SME and mid-market end customers. The three core solution categories include remote monitoring and management (RMM); security and data protection; and business management. N-able is a publicly traded company that remains majority controlled by funds affiliated with private equity firms Silver Lake and Thoma Bravo. N-able reported revenue of approximately $527 million for the twelve months ended March 2026. The principal methodology used in these ratings was Software published in December 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. NEW YORK BEACH: Judge Extends Receiver's Control ------------------------------------------------ A U.S. bankruptcy judge overseeing the Chapter 11 cases of New York Beach Club Ltd. and Ocean Blvd., LLC extended the period during which the receiver remains in possession of the companies' property. Judge Louis Scarcella of the U.S. Bankruptcy Court for the Eastern District of New York entered a bridge order extending the period from June 9 through the hearing on the motion filed by 1751 Ocean, LLC, the companies' lender. The motion filed earlier this month seeks a court order authorizing the receiver to continue in possession of the property or, alternatively, appoint an independent trustee to take over the companies' Chapter 11 cases. 1751 Ocean, the assignee of Carver Federal Savings Bank, holds two commercial mortgages and blanket liens encumbering the property located in Atlantic Beach, New York. In its motion, 1751 Ocean alleged that Alexander Jacobson, who remains in control of the companies, obstructed efforts to resolve issues affecting the property through his past violations and interference with the receiver during the foreclosure action, jeopardizing the lender's interest in the property. 1751 Ocean also cited a reciprocity agreement that Mr. Jacobson entered into on NYBC's behalf with a Manhattan social club without notifying the receiver or the lender. The lender alleged it was unclear whether the agreement involved any monetary consideration or imposed additional liabilities on NYBC. The lender requested that the court appoint a bankruptcy trustee to investigate any transfers by Mr. Jacobson should it decide not to retain the receiver. The hearing on the motion is scheduled for July 9. Attorneys for 1751 Ocean LLC: Kriss & Feuerstein, LLP Jerold C. Feuerstein, Esq. Andrew S. Muller, Esq. Christopher Palmieri, Esq. 360 Lexington Avenue, Suite 1200 New York, NY 10017 (212) 661-2900 Email: jfeuerstein@kandfllp.com amuller@kandfllp.com cpalmieri@kandfllp.com About New York Beach Club Ltd. New York Beach Club, Ltd. operates a private seasonal beach club and oceanfront social venue at 1751 Ocean Boulevard in Atlantic Beach, New York. It manages the club's facilities, including cabanas, pools, dining, and recreational amenities, under a non-residential lease from the property owner, Ocean Blvd., LLC. It functions as a hospitality and leisure services entity within the private beach club and resort sector. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 26-70576) on February 10, 2026, with $902,221 in assets and $17,267,359 in liabilities. Judge Louis A. Scarcella presides over the case. Fred S. Kantrow, Esq., at The Kantrow Law Group, PLLC represents the Debtor as bankruptcy counsel. NMR ENTERPRISES: Court OKs Continued Cash Collateral Access ----------------------------------------------------------- The U.S. Bankruptcy Court for the District of New Jersey issued a fifth interim order allowing NMR Enterprises NJ, LLC and Online Stores PA, LLC to continue using cash collateral and obtain post-petition financing to get through bankruptcy. Under the court order, the Debtors are authorized to use cash collateral strictly according to a court-approved budget from June 8 through July 9. The court also granted adequate protection to the primary secured lender, First National Bank of Pennsylvania, which had previously extended up to $7 million in revolving credit to Online Stores PA under a 2020 credit agreement. To protect the lender's interest, the Debtors must provide replacement liens on post-petition collateral and make an interest-only payment at the default rate under the pre-petition loan documents. The lender may also receive a superpriority administrative expense claim if its collateral value declines during the bankruptcy. In addition, the Debtors are authorized to obtain debtor-in-possession (DIP) financing of up to $200,000 during the interim period. The DIP lender will receive a second-priority security interest in the Debtors' collateral and a superpriority administrative claim for obligations under the DIP loan. The financing is intended to support ongoing operations and restructuring efforts while the Debtors remain under bankruptcy protection. The court also established procedures for challenging the lender's liens and required the Debtors to provide regular financial reporting, including daily borrowing-base certificates and accounts receivable reports, as well as weekly inventory, accounts payable, and sales platform reports from Shopify and Amazon. A final hearing is scheduled for July 9. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/CWre0 from PacerMonitor.com. About NMR Enterprises NJ LLC NMR Enterprises NJ, LLC and Online Stores PA, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.J. Lead Case No. 26-11349) on February 5, 2026. At the time of the filing, NMR reported assets of between $100,001 and $500,000 and liabilities of between $1 million and $10 million while Online Stores reported assets of between $1 million and $10 million and liabilities of between $10 million and $50 million. The Debtors tapped Ilana Volkov, Esq., at McGrail & Bensinger, LLP, as legal counsel and CFGI, LLC as financial advisor. NORTHANN CORP: Regains NYSE American Compliance ----------------------------------------------- Northann Corp. regained compliance with NYSE American continued listing standards after demonstrating compliance for two consecutive quarters, according to a Form 8-K filed with the Securities and Exchange Commission. The exchange informed Northann on June 10 that the company had regained compliance under Section 1009(f) of the NYSE American Company Guide. Northann had received a noncompliance notice on Dec. 8, 2025, tied to the stockholders' equity requirement under Section 1003(a)(i). Northann submitted a compliance plan, and the exchange accepted the plan on Feb. 24. The company then provided quarterly updates under the acceptance letter. As a result of the regained compliance, the "below compliance" indicator associated with Northann's common stock will no longer be disseminated, and the company will be removed from NYSE American's list of noncompliant issuers. Northann's common stock continues to trade on NYSE American under the ticker NCL. The company will remain subject to NYSE American's normal continued listing monitoring. About Northann Corp. Northann Corp. is a Fort Lawn, South Carolina-based company that designs, manufactures, distributes, and sells flooring and related building products. The company uses additive manufacturing, including 3D printing, and volume production to produce vinyl flooring, 3D-printed flooring, decking, decorative boards, and other products under the Benchwick brand. Its products include the SuperOak flooring line, and NCP manufactures Infinite Glass, DSE, TruBevel, and MattMaster vinyl flooring solutions using 3D printing technology. Northann serves customers including retail supermarkets, local building contractors, and wholesale distributors, with products sold primarily in the United States and Canada. In an audit report dated April 14, 2026, LAO Professionals included a going concern qualification, stating that Northann Corp. had an accumulated deficit of $21.37 million and a net loss of $11.67 million. The conditions raised substantial doubt about the company's ability to continue as a going concern. As of March 31, 2026, Northann Corp. reported total assets of $30.79 million, total liabilities of $12.34 million and total stockholders' equity of $18.45 million. NURIEL & GRACE: Court OKs Deal to Use Lender's Cash Collateral -------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of California approved a stipulation extending Nuriel & Grace, Inc.'s authority to use the cash collateral of its lender Pinnacle Bank. Under the stipulation, the Debtor is authorized to use $21,500 in cash collateral to pay its expenses through Aug. 1, unless the authorization terminates earlier upon dismissal of the bankruptcy case or confirmation of the Debtor's Chapter 11 plan. As a condition for continued access to cash collateral, the Debtor is required to make monthly contractual mortgage payments to Pinnacle Bank to protect the lender's secured interest. At filing, the Debtor's assets included $3.44 in a checking account; furniture, bedding, and household appliances valued at $23,820; and real property in Napa, California valued at $850,000. The Debtor operates a care facility on the property and receives approximately $29,900 in rental income, which constitutes Pinnacle Bank's cash collateral. The stipulation is available at https://is.gd/wUc6AG from PacerMonitor.com. About Nuriel & Grace Inc. Nuriel & Grace, Inc. operates a residential care facility in Napa, California, providing assisted living and daily care services for elderly residents. Nuriel & Grace sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 26-10063) on January 31, 2026, with $912,023 in assets and $1,418,391 in liabilities. Gladys Martinez, chief executive officer, signed the petition. Judge Charles Novack oversees the case. Lars Fuller, Esq., at The Fuller Law Firm, PC represents the Debtor as counsel. OAK VALLEY HOSPITAL: S&P Affirms 'BB' Rating on 2020A Revenue Bond ------------------------------------------------------------------ S&P Global Ratings affirmed its 'BB' long-term rating on Oak Valley Hospital District (OVHD), California's series 2020A hospital revenue bonds. The outlook is stable. S&P view OVHD's social risk as elevated in its credit analysis given its operations are situated in a very limited PSA, with a high reliance on governmental payors, with Medicare and Medi-Cal typically constituting about 80% of gross revenue. There is a meaningful amount of outmigration for services to the San Francisco area and nearby Modesto, although generally for services not provided at OVHD. In addition, OVHD's revenues are reliant on governmental programs, Disproportionate Share Hospital (DSH) payments, and supplemental funds. Lastly, substantial percentage of the district's employees are covered by two collective bargaining units. Both contracts were renegotiated in January 2026. S&P said, "We view OVHD's geographic area to have elevated physical risk in our credit analysis due to susceptibility to various climate-related events such as fires and earthquakes as OVHD works to be in line with the current 2030 seismic standards. "Finally, while the board of directors is appointed by district voters and is not self-perpetuating, which we typically view as a best practice, we view OVHD's governance risk as neutral in our credit analysis. "The stable outlook reflects our expectation of continued improvements in OVHD's operating performance, driven by disciplined expense management and favorable volume trends. In addition, the outlook is supported by our expectation that unrestricted reserves will improve at year end as well as our view of OVHD's resilient market position within its limited-service area, which we expect to remain unchanged following the closure of a nearby competing surgical center. "We could consider a negative outlook or downgrade if OVHD's financial performance were to deteriorate such that maximum annual debt service (MADS) coverage dips below historical levels. In addition, we could take a negative rating action if reserves do not improve to expected levels at year end given the very little cushion in the current balance sheet. Furthermore, any additional debt could pressure the rating given OVHD's already elevated debt profile. "We could revise the outlook to positive if OVHD improves its enterprise profile, including increasing volumes and sustained growth in market share. In addition, a higher rating would be predicated on OVHD improving balance-sheet metrics to be in line with those of higher-rated peers, coupled with sustained positive operations." OAKLAWN HOSPITAL: Moody's Affirms 'Ba2' Issuer & Rev. Bond Ratings ------------------------------------------------------------------ Moody's Ratings has affirmed Oaklawn Hospital's (MI) (Oaklawn) Ba2 issuer and revenue bond ratings. At the same time, Moody's revised the outlook to negative from stable. Oaklawn had approximately $65 million of total adjusted debt outstanding at fiscal year-end 2026 (3/31 FYE; unaudited). The outlook revision to negative is driven by persistent operating challenges which will challenge maintenance of still-solid liquidity. RATINGS RATIONALE The affirmation of the Ba2 issuer rating is driven by Oaklawn's solid liquidity and its market position as a community provider, balanced against weak financial performance. Recent variability is exacerbated by the system's small size and scale. Despite negative EBIDA in fiscal 2026, Oaklawn expects to meet its financial covenants based on unaudited results. Management plans to achieve breakeven operating margins over the next two years with various cash collection, recruitment and clinical strategies, including closure of unprofitable service lines. Favorably, liquidity remained steady throughout fiscal 2026 with over 120 days cash and 100% cash to adjusted debt, benefiting from draws on a line of credit and investment gains. Still, capital spending will remain limited and focused on key routine maintenance despite a high age of plant. Longer-term challenges include sizable competition in Oaklawn's broader market and a high reliance on supplemental funds. The affirmation of the Ba2 revenue bond rating reflects Oaklawn's long-term credit quality and the general obligation characteristics of the bonds. RATING OUTLOOK The negative outlook reflects Oaklawn's weak financial performance (negative EBIDA in fiscal 2026) driven by revenue and expense challenges, elevating the risk of liquidity deterioration if not improved. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS -- EBIDA margins sustained around the high single digits -- Improvement in days cash on hand (sustained above 150) -- Strengthening of leverage metrics, including improved adjusted debt to adjusted cash flow FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS -- Inability to show material traction toward positive EBIDA margins -- Erosion of liquidity, including days cash below 90 -- Meaningful increase in debt -- Materially reduced headroom to debt service coverage covenant PROFILE Ella E.M. Brown Charitable Circle, d/b/a Oaklawn Hospital is a single-hospital system with 94 licensed beds, 15 miles southeast of Battle Creek, in Marshall, MI, the county seat of Calhoun County. Oaklawn, a Level III trauma designated hospital, is the leading healthcare provider in its primary service area covering two thirds of Calhoun County and parts of Eaton, Jackson, and Branch counties. METHODOLOGY The principal methodology used in these ratings was Not-for-profit Healthcare published in May 2026. OCUGEN INC: 2 Directors Elected, PwC Appointment Okayed ------------------------------------------------------- Ocugen, Inc. announced in a regulatory filing the results of its 2026 Annual Meeting of Stockholders. A total of 139,628,075 shares of common stock were represented at the Annual Meeting, either virtually or by proxy. The following is a brief description of the final voting results for each of the proposals submitted to a vote of the stockholders at the Annual Meeting on June 11, 2026: Proposal 1 - Election of Two Class III Directors. The stockholders elected Kirsten Castillo, MBA, and Satish Chandran, Ph.D. to the Board of Directors of the Company to serve as a director until the 2029 Annual Meeting of Stockholders and until their respective successor, if any, is elected and qualified, or until their earlier death, resignation, retirement, disqualification, or other removal, as follows: 1. Kirsten Castillo, MBA * For: 56,242,944 * Withheld: 8,476,217 * Broker Non-Votes: 74,908,914 2. Satish Chandran, Ph.D. * For: 62,604,983 * Withheld: 2,114,178 * Broker Non-Votes: 74,908,914 Proposal 2 - Ratification of Independent Registered Public Accountant. The ratification of the appointment of PricewaterhouseCoopers LLP as the Company's independent registered public accounting firm for the 2026 fiscal year, as follows: * For: 62,604,983 * Against: 2,114,178 * Abstentions: 1,841,280 * Broker Non-Votes: - Proposal 3 - Approval, on an advisory basis, of the compensation of the Company's named executive officers. The stockholders voted to approve, on an advisory basis, the compensation of the Company's named executive officers, as follows: * For: 49,968,948 * Against: 13,245,090 * Abstentions: 1,505,123 * Broker Non-Votes: 74,908,914 Proposal 4 - Approval, on an advisory basis, of the preferred frequency of future advisory votes on the compensation of the Company's named executive officers. The stockholders voted to approve, on an advisory basis, a preferred frequency of "one year" for future advisory votes on the compensation of the Company's named executive officers, as follows: * For 1 Year: 57,545,540 * For 2 Years: 1,584,772 * For 3 Years: 3,520,522 * Abstentions: 2,068,327 * Broker Non-Votes: 74,908,914 Based on the results of the vote, the Board has determined to hold an advisory vote on the compensation of the named executive officers of the Company every year until the next required advisory vote on the frequency of future advisory votes on named executive officer compensation. About Ocugen Inc. Malvern, Pa.-based Ocugen, Inc. is a biotechnology Company focused on discovering, developing, and commercializing novel gene and cell therapies, biologics, and vaccines that improve health and offer hope for patients across the globe. The Company's technology pipeline includes: Modifier Gene Therapy Platform, Novel Biologic Therapy for Retinal Diseases, Regenerative Medicine Cell Therapy Platform, and Inhaled Mucosal Vaccine Platform. PricewaterhouseCoopers LLP (the Company's independent registered public accounting firm since 2024 and headquartered in Philadelphia, Pennsylvania) included an explanatory paragraph in its audit report attached to the Annual Report on Form 10-K for the fiscal year ended December 31, 2025, expressing substantial doubt about the Company's ability to continue as a going concern. The auditor cited that the Company has incurred recurring net losses since inception that raise the doubt of its ability to continue as a going concern. As of December 31, 2025, the Company had $43.5 million in total assets, $55.7 million in total liabilities, and $12.2 million in total stockholders' deficit. OCUGEN INC: Appoints Dr. Mohamed Genead as Chief Medical Officer ---------------------------------------------------------------- Ocugen, Inc. announced that it has appointed Dr. Mohamed Genead, M.D., M.Sc. as its Chief Medical Officer, effective June 11, 2026. Dr. Genead has been serving as the Company's Acting/Interim Chief Medical Officer since May 8, 2026. About Ocugen Inc. Malvern, Pa.-based Ocugen, Inc. is a biotechnology Company focused on discovering, developing, and commercializing novel gene and cell therapies, biologics, and vaccines that improve health and offer hope for patients across the globe. The Company's technology pipeline includes: Modifier Gene Therapy Platform, Novel Biologic Therapy for Retinal Diseases, Regenerative Medicine Cell Therapy Platform, and Inhaled Mucosal Vaccine Platform. PricewaterhouseCoopers LLP (the Company's independent registered public accounting firm since 2024 and headquartered in Philadelphia, Pennsylvania) included an explanatory paragraph in its audit report attached to the Annual Report on Form 10-K for the fiscal year ended December 31, 2025, expressing substantial doubt about the Company's ability to continue as a going concern. The auditor cited that the Company has incurred recurring net losses since inception that raise the doubt of its ability to continue as a going concern. As of December 31, 2025, the Company had $43.5 million in total assets, $55.7 million in total liabilities, and $12.2 million in total stockholders' deficit. OFFICE PROPERTIES: Exits Chapter 11 Reorganization -------------------------------------------------- Mary Christine Joy of Seeking Alpha reports that Office Properties Income Trust has officially exited Chapter 11 bankruptcy, completing a restructuring designed to strengthen its financial position after months of court-supervised proceedings. The office-focused REIT sought bankruptcy protection in late 2025 as it worked to address roughly $2.4 billion of outstanding debt. The company's reorganization plan received court approval in April and included a comprehensive debt restructuring that reduced liabilities and established a new capital structure. The process was supported by key creditor groups and enabled the company to emerge with improved liquidity and a more sustainable balance sheet. Office Properties Income Trust owns and operates office properties throughout the United States, with a substantial portion of its rental income generated from investment-grade tenants, including government agencies. Like many office landlords, the company faced headwinds from changing workplace trends and declining demand for office space, the reports relays. Following its emergence, the company is expected to continue managing its nationwide portfolio while pursuing strategies aimed at enhancing occupancy and cash flow. The reorganization is intended to provide a foundation for future growth despite ongoing challenges in the office real estate sector, the report states. About Office Properties Income (OPI) Trust Office Properties Income (OPI) Trust is a national REIT focused on owning and leasing office properties to high-credit-quality tenants in markets throughout the United States. OPI's property portfolio consists of 124 wholly owned properties located in 29 states and the District of Columbia, containing approximately 17.2 million rentable square feet. As of June 30, 2025, approximately 59% of OPI's revenues were from investment-grade-rated tenants. In 2024, OPI was named an Energy Star(R) Partner of the Year for the seventh consecutive year. OPI is managed by The RMR Group (Nasdaq: RMR), a leading U.S. alternative asset management company with approximately $39 billion in assets under management as of September 30, 2025, and more than 35 years of institutional experience in buying, selling, financing, and operating commercial real estate. OPI is headquartered in Newton, Massachusetts. Office Properties Income Trust and 72 affiliates filed separate petitions for Chapter 11 bankruptcy protection (Bankr. S.D. Texas Lead Case No. 25-90530) on October 30, 2025, before the Hon. Christopher M Lopez. As of Sept. 30, 2025, Office Properties Income Trust has 3,501,385,950 in total assets and $2,501,583,119 in total liabilities. The petitions were signed by John R. Castellano, their chief restructuring officer. Lawyers at Latham & Watkins LLP and Hunton Andrews Kurth LLP serve as the Debtors' counsel. Moelis & Company serves as the Debtors' investment banker and AlixPartners LLP as their restructuring advisors. Kroll Restructuring Administration LLC serves as the Debtors' claims, noticing & solicitation agent. White & Case LLP represents an ad hoc group of noteholders holding 90% senior secured notes due in September 2029 with an aggregate outstanding principal amount of $567,429,000. Milbank LLP and Porter Hedges LLP represent an ad hoc group of secured noteholders holding 3.25% senior secured notes due in 2027. Paul, Weiss, Rifkind, Wharton & Garrison LLP and Munsch Hardt Kopf & Harr, P.C. represent an ad hoc group of secured noteholders holding (a) 90% senior secured notes due in March 2029; (b) 90% senior secured notes due 2029; (c) 3.25% senior secured notes due 2027 and (d) a short position in OPI's common equity interests. Acquiom Agency Services, LLC, is the DIP agent and is represented by White & Case LLP. OLD RICHMOND: Seeks to Hire Forman Watkins & Krutz LLP as Counsel ----------------------------------------------------------------- Old Richmond @ Fm 1464 Ltd seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Forman Watkins & Krutz LLP as counsel. The firm will prepare legal documents, comply with bankruptcy-related obligations, and appear in court, and seeks the approval of both the court and the U.S. Trustee. The firm will be paid at $475 per hour. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. K.B. Battaglini 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: K.B. Battaglini, Esq. Forman Watkins & Krutz LLP 4900 Woodway Drive, Suite 940 Houston, TX 77056 Tel: (713) 210-4371 E-mail: kb.battaglini@formanwatkins.com About Old Richmond @ FM 1464, Ltd. Old Richmond @ FM 1464 is a real estate company that owns and manages a commercial property at 18551 Old Richmond Road in Sugar Land, Texas. Old Richmond @ FM 1464, Ltd. filed its voluntary petition for Chapter 11 protection (Bankr. S.D. Tex., Case No. 26-33925) on June 1, 2026, listing $1 million to $10 million in assets and $500,000 to $1 million in liabilities. Michael Banigan as authorized signatory, signed the petition. K.B. Battaglini, Esq. of Forman Watkins & Krutz LLP serve as the Debtor's legal counsel. OLENOX INDUSTRIES: Patricia Kaelin Steps Down as CFO ---------------------------------------------------- Olenox Industries Inc. announced in a regulatory filing that it informed Patricia Kaelin of her dismissal as Chief Financial Officer. The Company received Ms. Kaelin's resignation letter on the same day. Following her departure, Olenox has initiated a search process to identify and appoint a new Chief Financial Officer. About Olenox Industries Olenox Industries Inc. formerly Safe & Green Holdings Corp. is an industrial holding company focused on acquiring, operating, and scaling businesses that provide engineered solutions across industrial, energy, and infrastructure markets. Through its subsidiaries, including Giant Containers, the Company delivers high-quality modular and containerized systems designed for rapid deployment and long-term performance. The Woodlands, Texas-based M&K CPAS, PLLC, the Company's former auditor, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has incurred net losses since its inception, negative working capital, and negative cash flows from operations, which raises substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $54.11 million in total assets, $29.17 million in total liabilities, and a total stockholders' equity of $24.94 million. OLENOX INDUSTRIES: Signs Employment Agreement With Erik Blum ------------------------------------------------------------ Olenox Industries Inc. announced in a regulatory filing that on May 28, 2026, it appointed Erik Blum as the Company's President effective June 1, and entered into an employment agreement with Mr. Blum to employ Mr. Blum commencing on June 1, in such capacity for an initial term of one year, and which Employment Agreement provides for an annual base salary of $200,000, a restricted stock grant under the Company's Stock Incentive Plan for $50,000 worth of shares of the Company's common stock, vesting quarterly on a pro-rata basis over the next 18 months of continuous service, and an annual performance bonus of up to 20% of Mr. Blum's then-base salary, payable in cash and/or equity, as determined by the Company's Board of Directors. Mr. Blum continues to serve as a member of the Company's Board of Directors. Mr. Blum resigned from the Company's Audit Committee and as Chair of the Audit Committee prior to his appointment as the Company's President. Erik. Blum, age 60, currently serves as Chief Executive Officer of Fynntechnical Innovations Inc (FYNN), where he has led the corporate operations of a publicly traded company, also led taking FYNN from a non-reporting pink sheet status to a audited, reporting entity under the Securities Exchange Act of 1934, as amended, as of November 2023. With over 30 years' experience in debt, corporate finance, and company management, Mr. Blum has long-term knowledge relating to equity and debt markets. Beginning in 2001, Mr. Blum structured CMOs with a specialization in inverse floaters for Fannie Mae and Freddie Mac. In 2005, he helped create a reverse convertible bond desk for Stern Agee. He was a registered principal compliance offer for close to 27 years on Wall Street. He left Wall Street in 2010 to found JW Price LLC, a corporate consulting firm, which focused on providing business development services to microcaps and other small public companies. During his time at JW Price, Mr. Blum helped multiple companies become successful public traded entities. He has sat as CEO, CFO, and director of multiple companies and has been instrumental in helping in enabling their turnaround. Mr. Blum is subject to a one-year post-termination non-compete and non-solicit of employees and clients. Mr. Blum is also bound by confidentiality provisions. There are no family relationships between Mr. Blum and any of the Company's directors or executive officers. In addition, as set forth above, Mr. Blum is not a party to any transaction, or series of transactions, required to be disclosed pursuant to Item 404(a) of Regulation S-K. A full text copy of the Employment Agreement is available at https://tinyurl.com/bd9ttffw About Olenox Industries Olenox Industries Inc. formerly Safe & Green Holdings Corp. is an industrial holding company focused on acquiring, operating, and scaling businesses that provide engineered solutions across industrial, energy, and infrastructure markets. Through its subsidiaries, including Giant Containers, the Company delivers high-quality modular and containerized systems designed for rapid deployment and long-term performance. The Woodlands, Texas-based M&K CPAS, PLLC, the Company's former auditor, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has incurred net losses since its inception, negative working capital, and negative cash flows from operations, which raises substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $54.11 million in total assets, $29.17 million in total liabilities, and a total stockholders' equity of $24.94 million. PACIFIC FREEDOM: Case Summary & 31 Largest Unsecured Creditors -------------------------------------------------------------- Lead Debtor: Pacific Freedom Fund LLC 1555 Grant Avenue Novato, CA 94945 Business Description: Pacific Private Money and its affiliated entities operate a Novato, California-based private real estate mortgage lending and investment platform, founded in 2008, that provides transitional bridge loans, construction financing, commercial and non-owner-occupied acquisition and rehabilitation loans, and mortgage-backed investment funds for consumers, homeowners, real estate investors and accredited investors. Chapter 11 Petition Date: June 16, 2026 Court: United States Bankruptcy Court Northern District of California Thirteen affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Pacific Freedom Fund LLC 26-30532 Pacific Private Money, Inc. 26-30533 Pacific Private Money Fund 1 LLC 26-30534 Pacific Private Money Group LLC 26-30535 Pacific Private Money Partners LLC 26-30536 Pacific Opportunity Fund LLC 26-30537 Pacific Capital Funding Group, Inc. 26-30538 Pacific Mortgage Capital LLC 26-30539 Pacific Note Fund Management Group LLC 26-30540 Pacific Southwest Note Fund LLC 26-30541 Arrival Fund I LLC 26-30542 Arrival Home Loans LLC 26-30543 Private Money Management Group LLC 26-30544 Judge: Hon. William J. Lafferty Debtors' Bankruptcy Counsel: Bennett G. Young, Esq. JEFFER MANGELS & MITCHELL LLP 333 Bush Street, 11th Floor San Francisco, CA 94104 Tel: (415) 398-8080 E-mail: byoung@jeffer.com Each Debtor's Estimated Assets: $10 million to $50 million Each Debtor's Estimated Liabilities: $10 million to $50 million Mark Hanf signed most of the petitions for the Pacific Private Money-related debtors, either as manager or as an officer or director of the entity serving as the debtor's manager. William Brinkman signed the petitions for Pacific Capital Funding Group Inc. and Pacific Mortgage Capital LLC as chief restructuring officer. Full-text copies of the petitions are available for free on PacerMonitor at: https://www.pacermonitor.com/view/C6G7EYY/Pacific_Freedom_Fund_LLC__canbke-26-30532__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/CY74PTQ/Pacific_Private_Money_Inc__canbke-26-30533__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/6LZN6XA/Pacific_Private_Money_Fund_1_LLC__canbke-26-30534__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/6XF75OI/Pacific_Private_Money_Group_LLC__canbke-26-30535__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/KYNDJGI/Pacific_Private_Money_Partners__canbke-26-30536__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/VQRE2BY/Pacific_Opportunity_Fund__canbke-26-30537__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/A2HYVUI/Pacific_Capital_Funding_Group__canbke-26-30538__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/BAGES3A/Pacific_Morthage_Capital_LLC__canbke-26-30539__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/7XBVQRA/Pacific_Note_Fund_Management_Group__canbke-26-30540__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/CYYOXXI/Pacific_Southwest_Note_Fund_LLC__canbke-26-30541__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/RA4U3KA/Arrival_Fund_I_LLC__canbke-26-30542__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/RLRFHIQ/Arrival_Home_Loans_LLC__canbke-26-30543__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/RRDPAYI/Private_Money_Management_Group__canbke-26-30544__0001.0.pdf?mcid=tGE4TAMA Consolidated List of Debtors' 31 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Saluda Grade Alternative Note Payable $6,189,000 Lending & Fintech Growth Fund I LP F5 Bryant Park, 23rd Floor New York NY 10018 Contact: Gregory V. Demo Pachulski Stang Ziehl & Jones LLP 1700 Broadway, 36th Floor New York, NY 10019 Tel: 212.561.7730 Email: gdemo@pszjlaw.com 2. WE Alliance Secured Investor $3,705,219 Income Fund, LLC 3001 Douglas Blvd Suite 142 Roseville, CA 95661 Contact: Michael W. Stoltzman, Jr. The Ryan Firm 2603 Main Street, Suite 1225 Irvine, CA 92614 Tel: (949) 263-1800 Email: mstoltzman@theryanfirm.com 3. Versailles Inc. Investor $3,628,297 367 South Morning Sun Avenue Mill Valley, CA 94941 4. Michael P Roy Investor $3,000,000 61455 Meeks Trail Bend Bend, OR 97702 5. Robert O. Pellissier Investor $2,637,203 PO Box 61 Sunol, CA 94586 Contact: Robert O. Pellissier 6. Thomas Ross Jackson Living Trust Investor $2,604,083 1 Pivato Court Novato, CA 94945 Contact: Thomas Ross Jackson 7. Robert Nobili, Trustee of the Investor $2,600,000 Robert Nobili Revocable Trust 121 Kent Ave #4 Kentfield, CA 94904 8. Forge Trust Co. Investor $2,353,782 CFBO Aftab Omer IRA PO Box 2048 San Francisco, CA 94216-2048 Contact: Aftab Omer 944 15th Street Santa Monica, CA 90403 9. Grant and Dawnell Lewis Investor $2,300,239 20092 Chateau Drive Saratoga, CA 95070 10. Forge Trust CFBO Investor $1,587,563 Carolyn Clark IRA PO Box 2048 San Francisco, CA 94216-2048 Contact: Carolyn Clark 929 N. Terrace Hills Drive Salt Lake City, UT, 84103 11. Andrew D. Chew, as Trustee Investor $1,561,694 of The Chew Family Trust 969 Hollyhock Drive San Leandro, CA 94578 12. Andre S. Borgman and Investor $1,500,000 Eve Cooper, as Co-Trustees 1030 Valley View Court Novato, CA 94945 13. Yuli Hi Living Trust Investor $1,500,000 1897 Serpentine Drive Union City, CA 94587 14. John Zimmerman Investor $1,410,618 4041 Petaluma Blvd. North Petaluma, CA 94952 15. Susan M. Cohen Trust Investor $1,400,000 227 Penngrove Avenue Penngrove, CA 94951 Contact: Susan M. Cohen Trust 16. Rick Obbema, Legal Investor $1,349,510 Owner Via Non-Trust Custodial IRA 6900 Westcliff Drive Las Vegas, NV 89145 Contact: Rick Obbema 16540 Trail Drive Morgan Hill, CA 95037 17. Mark Anderson Living Trust Investor $1,300,000 359 Waverly Street Sunnyvale, CA 94086 18. David F. Martin and Investor $1,256,876 Cecilia J. Allen Martin 2236 Denise Drive Santa Clara, CA 95050 19. Nicole Siminoff Investor $1,237,972 21 Rocklyn Court Corte Madera, CA 94925 20. Edward and Terri Lynn Cousley Investor $1,200,000 50 Kukui Road PO Box 630808 Lanai City HI 96763 21. N. Todd Smith Revocable Trust Investor $1,194,000 2052 Feliz Road Novato, CA 94945 22. McClintock Properties, L.P. Investor $1,175,780 336 Bon Air Center #393 Greenbrae, CA 94904 23. John J. Boyle and Judy S. Investor $1,140,000 Boyle 2007 Trust 220 Vista Court, Yountville, CA, 94599 24. The O'Hara Family Trust Investor $1,120,000 #3 Ridgewood Court Belmont, CA 94002 25. Richard and Rebekah Obbema Investor $1,040,000 16540 Trail Drive Morgan Hill, CA 95037 26. James Holsworth Investor $1,000,000 1013 Parkinson Avenue Palo Alto, CA, 94301 27. Kaiser R. Mulla-Feroze Investor $1,000,000 Living Trust 216 Roosevelt Way, San Francisco, CA, 94114 28. Mary Anne Rohde, Trustee of Investor $1,000,000 Mary Anne Rohde Trust 927 East Homestead Road Sunnyvale, CA 94087 Contact: Mary Anne Rohde 29. Nan Frazee Investor $1,000,000 205 East Street Hailey, ID 83333 30. Janette Brooks, Trustee of Investor $1,000,000 The Linda Smith Family Trust 952 School Street, Unit 224 Napa, CA 94559 Contact: Janette Brooks 31. Santa Cruz Imports, Inc. Investor $999,083 45075 Bohan Dillon Road Cazadero, CA 94521 Contact: Jonathan M. Bowne 111 North Main Street Sebastopol, California 95472 Tel: (949) 683-6252 Email: jonbowne@bowne-law.com PARAMUS PARK: Heads to Receivership After Value Drops 70% --------------------------------------------------------- John Gittelsohn of Bloomberg News reports that a significant drop in valuation has led to Paramus Park mall being handed back to lenders, marking another example of financial stress in the U.S. shopping center market. The New Jersey retail property is part of the portfolio Brookfield Corp. acquired through its multibillion-dollar purchase of mall owner GGP in 2018. The servicer for the property's $120 million loan disclosed that it is exercising rights and remedies available to mortgage investors. A receiver was appointed earlier this 2026 to oversee the asset as stakeholders evaluate options for the property, the report relays. Paramus Park was recently appraised at approximately $61 million, a fraction of its previous valuation and far below the amount of debt tied to the mall. The valuation decline reflects ongoing headwinds facing many traditional retail centers, according to Bloomberg. Retail real estate continues to experience a bifurcated recovery. High-performing malls in prime locations have generally maintained strong occupancy and sales levels, while secondary properties have faced tenant losses, reduced customer traffic, and declining investor demand, the report relays. About Paramus Park Paramus Park is a retail shopping destination located in Paramus, New Jersey, and is part of the Brookfield Properties portfolio of commercial real estate assets. The mall offers approximately 770,000 square feet of gross leasable area and houses a diverse mix of retail, dining, and service-oriented tenants. Paramus Park has entered receivership after its lender took steps in May to assume control of the New Jersey shopping mall securing a $120 million mortgage. A receiver was appointed to manage the property amid efforts to enforce lender rights. The move came after a steep valuation decline, with the mall recently appraised at roughly $61 million. That figure represents a drop of more than 70% compared to earlier valuations and leaves the asset significantly under water relative to its debt. PAXTON & ASSOCIATES: Cash Collateral Hearing Set for July 14 ------------------------------------------------------------ The U.S. Bankruptcy Court for the Northern District of Ohio, Eastern Division is set to hold a hearing on July 14 to consider extending Paxton & Associates Trucking, LLC's authority to use cash collateral. The Debtor is currently authorized to use cash collateral under the court's May 28 interim order. This authorization expires on July 15, unless extended by the court. Under the interim order, creditors determined to have a valid security interest in the Debtor's pre-petition assets will be granted replacement liens on assets similar to their pre-petition collateral. These replacement liens will have the same validity, priority, and extent as the creditors' pre-petition liens. A copy of the interim order and the Debtor's budget is available at https://shorturl.at/mhVp1 from PacerMonitor.com. The Debtor's financial obligations are largely tied to secured lending relationships with Commercial Credit Group, Inc. and Equify Financial, LLC, both of which hold liens on its equipment and may also claim interests in accounts receivable and other proceeds. CCG is owed approximately $1.82 million across multiple equipment loans, while Equify is owed roughly $741,000. In addition, several merchant cash advance lenders may assert claims against the Debtor's cash collateral. Because these creditors assert security interests in substantially all of the Debtor's cash and receivables, the Debtor cannot use these funds without either consent or court approval. About Paxton & Associates Trucking LLC Paxton & Associates Trucking, LLC, based in Uniontown, Ohio, operates as a trucking company providing general freight transportation services. It serves commercial customers and operates on local and intrastate routes. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ohio Case No. 26-50678) on April 23, 2026. In the petition signed by John Chafe, managing member, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Alan M. Koschik oversees the case. Steven J. Heimberger, Esq., at Roderick Linton Belfance, LLP, represents the Debtor as legal counsel. PHARMA-NATURAL INC: Hires Hillyer Group as Restructuring Advisor ---------------------------------------------------------------- Pharma-Natural Inc seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Hillyer Group LLC as restructuring advisor. The firm's services include: a. reviewing the Debtors' financial plans and projections and assist in establishing such plans and projections on an on-going basis; b. reviewing the Debtors' cost structure and profitability and making recommendations for improvement; c. communicating and negotiating with the Debtors' creditors; d. assisting in the compilation and reporting of financial and other information as needed for legal filings, including the formulation of a plan or plans of reorganization; e. managing and executing any treasury management requirements; f. assisting the Debtor in securing new equity, debt or other forms of capital; and g. as necessary, assisting the Debtors in any sale of assets. The firm will be paid at these rates: John T. Hillyer $250 per hour Professional $200 for Professional staff $75 per hour Support staff $150 per hour In addition, the firm will seek reimbursement for its out-of-pocket expenses. Mr. Hillyer 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: John T. Hillyer Hillyer Group, LLC 3002 Overlook Road, Silver Lake, OH 44224 Tel: (330) 388-1219 About Pharma-Natural Inc. Pharma Natural is a Miami Lakes, Florida- based manufacturer of nutraceutical and over-the-counter body- management products. Founded in 2002, the company produces Pharma Natural-branded products and provides private-label and white-label manufacturing programs. Its operations include product manufacturing, packaging, quality control and testing, formulation assessment, raw-material sourcing, warehousing, and shipping logistics for dietary supplement and nutrition-related products. Pharma-Natural Inc. in Southern District of Florida, filed its voluntary petition for Chapter 11 protection (Bankr. S.D. Fla. Case No. 26-16578) on May 20, 2026, listing $50,000 in assets and $1 million to $10 million in liabilities. The petition was signed by Carolina Ferreiro as president. Judge Hon. Corali Lopez-Castro oversees the case. Joel Aresty, Esq. of JOEL M. ARESTY PA serve as the Debtor's legal counsel. PHILIPS TOTAL: Seeks to Sell New Equity at Auction -------------------------------------------------- Phillips Total Care Pharmacy, Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Wisconsin, to sell of New Equity at auction, free and clear of liens, claims, interests, and encumbrances. The Debtor is a Wisconsin corporation which was registered in Wisconsin on April 13, 2010. The Debtor is a pharmacy provider servicing long-term facilities, assisted living/group home facilities, specializing in short-cycle pharmaceutical distribution and packaging, technology, intravenous and enteral therapy, durable medical equipment and supplies, pharmacist consulting, and delivery services. The Debtor is rooted in a traditional, downtown main street retail pharmacy started in 1947 by John Phillips in Mauston, Wisconsin with a pharmacy and a soda fountain, containing all the traditional components of a 20th century pharmacy. The pharmacy benefit management companies have continued to put pressure on the pharmacy industry, especially the retail segment. Even larger pharmacies such as Walgreen’s and CVS have struggled with the downward trend of reimbursement for prescription services. With low reimbursement it is difficult for pharmacies to be profitable. The Debtor started to have trouble servicing debt with the wholesaler and bank loans. To reduce bank debt, the Debtor started to sell retail locations. The Debtor never could ge enough from the sales of its businesses to satisfy both the debt to the secured lender and wholesaler. Phillips is the current pharmaceutical provider for over 40 different facilities, consisting of 4 long-term care facilities, 56 assisted living/group home facilities, 2 secure treatment facilities, and 1 intravenous only facility, servicing a total bed count of approximately 1,300. Debtor has a sound business justification for selling the New Equity. Debtor, in good faith, has determined that selling the New Equity pursuant to an auction will maximize the value of its estate. The proceeds from the New Equity sale will be used to continue Debtor's operations and fund the plan's repayment obligations. Although Debtor is not aware of any person who asserts (or could assert) that it holds liens, claims, or encumbrances against the New Equity, the Debtor requests approval to sell the New Equity free and clear of any liens, claims, interests, and/or encumbrances. Debtor believes the proposed Bidding Procedures will promote competitive bidding from interested parties and will elicit the highest or otherwise best offers available for the New Equity. The Debtor submits that the Bidding Procedures are reasonable, appropriate, and within Debtor’s sound business judgment under the circumstances of this chapter 11 Case. About Phillips Total Care Pharmacy Phillips Total Care Pharmacy Inc. is a retail pharmacy based in Mauston, Wisconsin. Phillips Total Care Pharmacy sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wis. Case No. 25-10699) on March 28, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Claire Ann Richman, Esq. and Michael P. Richman, Esq. at Richman & Richman LLC. PHOENIX RISING: Wins Interim Cash Collateral Access Thru July 7 --------------------------------------------------------------- Phoenix Rising, LLC, received interim approval from the U.S. Bankruptcy Court for the Middle District of Florida, to use cash collateral through July 7. Under the order, the debtor may use cash collateral to pay court-authorized expenses, U.S. Trustee fees, and operating expenses included in the approved budget, with flexibility of up to 10% per budget line item. Additional expenditures may be approved by the SBA within 48 hours of a request, subject to court review if disputes arise. The authorization remains effective through July 7. The Debtor projects total operational expenses of $963,874 for the period from June to September. As adequate protection, secured creditors were granted automatically perfected post-petition replacement liens on cash collateral to the same extent, validity, and priority as their prepetition liens. The debtor must also maintain insurance coverage consistent with its loan and security agreements and continue complying with all debtor-in-possession obligations under the Bankruptcy Code and court orders. The order preserves the rights of parties in interest to seek additional adequate protection or restrictions on cash collateral use and does not limit the U.S. Trustee's authority to appoint a creditors' committee. A continued preliminary hearing is scheduled for July 7. About Phoenix Rising LLC Phoenix Rising, LLC, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-03978) on May 29, 2026, with $100,001 to $500,000 in assets and $1,000,001 to $10 million in liabilities. The petition was signed by David Hugh Rogers s managing member. The Debtor is represented by: Jeffrey Ainsworth Bransonlaw PLLC Tel: 407-894-6834 Email: jeff@bransonlaw.com PROFESSIONAL DIVERSITY: Adopts Amended Bylaws on Quorum, Voting --------------------------------------------------------------- Professional Diversity Network, Inc. announced in a regulatory filing that the Board of Directors adopted amendments to the Company's Second Amended and Restated Bylaws. The amendments revise certain provisions relating to stockholder meetings and voting standards. Specifically: 1. Change of Quorum Requirement. Article II, Section 2.6 of the Bylaws was amended to reduce the quorum requirement for stockholder meetings from a majority of the aggregate voting power of the stock issued and outstanding and entitled to vote, present in person or represented by proxy, to one-third (1/3) of the aggregate voting power of the stock issued and outstanding and entitled to vote, present in person or represented by proxy. 2. Voting Standard (Other Than Election of Directors). Article II, Section 2.9 of the Bylaws was amended to change the voting standard for matters other than the election of directors from requiring the affirmative vote of a majority of the voting power of the shares present in person or represented by proxy at the meeting and entitled to vote on the subject matter to requiring the affirmative vote of a majority of the votes cast by the shares present in person or represented by proxy at the meeting and entitled to vote on the subject matter, except as otherwise required by applicable law, the Company's certificate of incorporation or the Bylaws. A full text copy of the amended Bylaws is available at https://tinyurl.com/bd24nawa About Professional Diversity Professional Diversity Network, Inc., headquartered in Chicago, Illinois, operates online and in-person professional networks with a focus on diversity, employment, and career development. The Company serves women, ethnic minorities, military professionals, persons with disabilities, LGBTQ+ individuals, and students transitioning into the workforce through its technology platform. It runs three business segments: TalentAlly Network, which provides job-seeking communities and career resources for diverse groups and employers; NAPW Network, a women-only professional networking organization; and RemoteMore, a service connecting global companies with software developers. Hong Kong-based SR CPA & Co., the Company's auditor since 2025, issued a "going concern" qualification in its report dated March 31, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company has incurred recurring operating losses, has a significant accumulated deficit, and will need to raise additional funds to meet its obligations and the costs of its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of March 31, 2026, the Company had $17.53 million in total assets, $4.18 million in total liabilities, and $13.35 million in total stockholders' equity. PWB LAND: To Sell Huntsville Property to Lauri Hamilton for $350K ----------------------------------------------------------------- PWB Land Holdings LLC seeks permission from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor employs The Broker Real Estate Firm as real estate broker. The Debtor's Property is located at 1460 River Oaks Drive, Huntsville, TX 77340. The Debtor has received an offer for the purchase of the Property in the amount of $350,000.00 from Lauri Hamilton. On June 5, 2026, the Debtor and the Buyer entered into a Commercial Contract dated June 5, 2026 for the sale of the Property in the amount of $350,000. The sales price represents the highest value of the Property in its current condition and under current real estate market conditions of similar properties located in Huntsville, Texas. The proposed sale is an "arm's length" transaction. The Debtor believes the sale of the Property is in the best interest of the estate. The Debtor requests that the Court approve the sale of the Property and that all remaining proceeds be paid to the Debtor, after payment of ad valorem liabilities and closing costs and fees. 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. RAPID TEST: Court Extends Cash Collateral Access to July 7 ---------------------------------------------------------- The U.S. Bankruptcy Court for the District of Arizona entered a fourth interim order authorizing Rapid Test Laboratories, LLC to continue using cash collateral pursuant to a stipulation with secured creditor First Fidelity Bank. Under the fourth interim order, the Debtor is authorized to use up to $70,208 in cash collateral through July 7 to pay the expenses listed on its operating budget. The budget projects total operational expenses of $69,916.71 for June. The Debtor's cash collateral consists of cash, deposit accounts, accounts receivable, and rental revenue, subject to security interest held by First Fidelity Bank. First Fidelity Bank will be granted adequate protection through a post-petition replacement lien on some of the Debtor's assets and payment of $15,497.71. Failure to make this payment constitutes an immediate default, resulting in the automatic termination of the Debtor's authority to use cash collateral without further court order. The order does not determine the validity, priority, extent, or amount of any creditor's lien or secured claim, and all parties retain their rights to challenge such issues in the future. The order is available at https://is.gd/80wgrH from PacerMonitor.com. About Rapid Test Laboratories LLC Rapid Test Laboratories, LLC is a multi-state clinical diagnostic laboratory company established in 2020 that specializes in rapid-turnaround and high-complexity laboratory testing services. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 2:26-bk-02210-PS) on March 10, 2026. In the petition signed by Wendy Bryant, manager, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. Judge Paul Sala oversees the case. Joseph Gregory Urtuzuastegui, III, Esq., at The Real Estate Investors Law Firm, represents the Debtor as legal counsel. RAY'S PIZZA: Cash Collateral Hearing Set for June 23 ---------------------------------------------------- The U.S. Bankruptcy Court for the District of Arizona is set to hold a final hearing on June 23 on Ray's Pizza 88, LLC's bid to use cash collateral. The Debtor is currently authorized to use cash collateral through June 23 under the court's June 8 interim order. Under the interim order, the Debtor is allowed to use cash collateral to fund operations in accordance with a monthly budget, which shows total operational expenses of $97,577.85 for May and June. The order granted adequate protection to secured creditor, American Momentum Bank, through replacement liens on the Debtor's post-petition assets, including cash and receivables; and a monthly payment of $2,000 to the bank and $200 to Roger's Aire Mechanical, LLC. The Debtor's authority to use cash collateral ends on June 24 or upon entry of a termination order, dismissal of the Debtor's Chapter 11 case, or conversion of the case to one under Chapter 7. Ray's Pizza's financial distress is attributed largely to loans from merchant cash advance lenders that have been aggressively withdrawing funds from its accounts. As of the filing date, the Debtor reported limited liquid assets and inventory while American Momentum Bank, holds a significantly undersecured claim of about $474,000 against collateral valued at roughly $120,000. About Ray's Pizza 88 LLC Ray's Pizza 88 LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 26-02881) on March 25, 2026. In the petition signed by Robert A. Grover, Jr., member, the Debtor disclosed up to $100,000 in assets and up to $1 million in liabilities. Judge Madeleine C. Wanslee oversees the case. Ronald J. Ellett, Esq., at Ellett Law Offices, PC, represents the Debtor as legal counsel. RED LOBSTER: Closes Times Square Location After 23 Years -------------------------------------------------------- Tara Mahadevan of Complex reports that Red Lobster has officially shuttered its longtime Times Square restaurant, ending a 23-year presence at one of New York City's busiest intersections. The location at 41st Street and Seventh Avenue served its final customers on June 14. The company disclosed last June 2026 that the closure was unrelated to profitability concerns. Instead, management cited ongoing construction around the property as the primary factor behind the decision. Red Lobster said the extensive construction project affected customer access, reduced the restaurant's visibility, and led to a decline in foot traffic. The company concluded that continuing operations under those circumstances was no longer practical. Adding to the challenges, the building housing the restaurant is expected to be converted into residential units. While announcing the closure, Red Lobster acknowledged the significance of the Times Square location and called the decision a difficult one for the company, the report relays. About Red Lobster Restaurants Red Lobster Hospitality, LLC is an American casual dining restaurant chain headquartered in Orlando, Florida. The company has operations across most of the United States (including Puerto Rico and Guam) and Canada, as well as in China, Ecuador, Hong Kong, Japan, Malaysia, Mexico, Philippines, Turkey and the United Arab Emirates; as of June 23, 2020, the company had 719 locations worldwide. RED PLANET: Moody's Upgrades CFR to B2, Outlook Stable ------------------------------------------------------ Moody's Ratings has upgraded Red Planet Borrower, LLC's (d/b/a "Liftoff" or the "company"): (i) corporate family rating to B2 from B3; (ii) probability of default rating to B2-PD from B3-PD; and (iii) senior secured first-lien bank credit facilities' ratings to B2 from B3 (comprising the $195.5 million revolving credit facility (RCF) and $1.8 billion outstanding term loan). Moody's also assigned an SGL-1 Speculative Grade Liquidity Rating. The outlook is stable. RATINGS RATIONALE The ratings upgrade reflects Moody's expectations that Liftoff will deleverage over the near-term via paydown of debt with cash equity proceeds from the company's recent IPO that closed on June 05, 2026. The IPO sold 21.85 million shares and priced at $23 per share resulting in gross proceeds of $502.6 million, including the underwriters' overallotment. Moody's expects the company to reduce the term loan by at least $413.8 million. Pro forma for the planned debt repayment, Moody's estimates Liftoff's total debt to EBITDA will decrease to the 4.8x area from 6.2x as of March 31, 2026 (Moody's adjusted). Owing to the reduced interest expense, Moody's also projects increased cash flows and improved liquidity. As a result of the planned deleveraging and public company status, the upgrade also reflects reduced governance risk. Ratings are subject to review of final payoff documentation and no material change in the size, terms and conditions of the transaction as advised to us. Going forward, Moody's expects Liftoff's financial policy will conform to that of a public company and expect it to refrain from its past history of debt-financed dividend recapitalizations. While Moody's do not forecast quarterly dividend payments, Moody's expects excess cash will be used for M&A and share repurchases to offset dilution from stock-based compensation paid to employees. The B2 CFR primarily reflects Liftoff's small scale relative to Big Media-Tech players, competitive pressures in a rapidly changing environment including new entrants using AI-based technologies, exposure to cyclical advertising revenue, and continued concentrated ownership by a financial sponsor. As a publicly traded company accountable to a large shareholder base, Moody's expects Liftoff's historically aggressive financial policies during its tenure as a private company will be less focused on deploying debt to finance growth and maximize equity returns. Nonetheless, the company remains a controlled company given that PE sponsor Blackstone retains around 49.5% of the board's voting power post-IPO. Despite its small size, Liftoff benefits from its position as a scaled independent mobile app marketing platform offering both DSP and SSP solutions, supported by Cortex, its proprietary AI prediction engine. Since Cortex's late-2023 rollout, improved performance and speed have enhanced client outcomes, driving increased ad spend and diversification beyond gaming. This has contributed to ten consecutive quarters (through March 2026) of sequential core advertising revenue growth, meaningful EBITDA expansion, and solid cash flow generation, which Moody's expects to continue. The stable outlook reflects Moody's expectations for continued growth in the mobile in-app advertising market, leading to Liftoff producing around 15%-25% organic annual revenue growth, on average, over the rating horizon with improving EBITDA margins, solid FCF and deleveraging. While Moody's anticipates that organic growth investments and potential acquisitions will be funded primarily with excess cash, to the extent incremental debt is issued to finance M&A, leverage reduction will be delayed. In such a scenario, Moody's expects credit metrics on a Moody's adjusted basis will be appropriately managed to return debt protection measures to levels suitable for the rating category within at least one year. Moody's expects Liftoff to maintain very good liquidity as indicated by the SGL-1 Speculative Grade Liquidity rating, reflecting solid cash balances, full revolver availability and strong FCF generation. At March 31, 2026, Liftoff had access to unrestricted cash balances totaling $201 million and a $195.5 million revolving credit facility (RCF) due September 2030, which Moody's expects to remain undrawn over the next 12-18 months. Moody's expects positive free cash flow (FCF), defined by us as cash flow from operations less capex less dividends, in the range of $140 - $160 million over the next twelve months. While the term loan lacks financial maintenance covenants, the RCF has a springing first-lien net leverage ratio of 8.75x at 35% utilization, which Moody's do not expect to be tested. The term loan matures in September 2032, providing the company with a long maturity window. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Ratings could be upgraded if organic revenue growth is sustained in the high single-digit to double-digit percentage range and EBITDA margins increase to the 40%-45% range, leading to total debt to EBITDA sustained below 4x. Upward ratings pressure would also occur if Moody's expects sustained positive free cash flow generation as measured by free cash flow to adjusted debt over 10% (all metrics calculated and adjusted by Moody's). In addition, for an upgrade to occur, Moody's would consider management's commitment to sustaining stronger credit metrics and a credit profile consistent with a higher rating in the presence of debt-financed M&A and/or shareholder-friendly event risk. Ratings could be downgraded if Liftoff experienced client losses, declines in organic revenue growth and/or operating margin erosion. Downward pressure on ratings could also occur if Moody's expects financial leverage will be sustained above 6x total debt to EBITDA or EBITDA growth will be insufficient to maintain free cash flow to adjusted debt of at least 3% (all metrics calculated and adjusted by Moody's). If Moody's expects the company will shift to more aggressive financial policies resulting in higher financial leverage from M&A or sizable shareholder distributions and/or a weakened liquidity profile, this could also lead to downward ratings pressure. With headquarters in Redwood City, CA, Red Planet Borrower, LLC is an independent mobile app performance-based marketing and advertising platform. The company was formed in September 2021 through the combination of Liftoff Mobile, Inc. and Vungle Inc., both portfolio holdings of Blackstone Inc., which retains majority ownership with General Atlantic as a minority investor. Revenue at LTM March 31, 2026 was around $741 million. The principal methodology used in these ratings was Business and Consumer Services published in February 2026. Liftoff's B2 corporate family rating is two notches below the scorecard-indicated outcome of Ba3. The difference is attributed to the company's small scale, high financial leverage, and event risk associated with its status as a controlled company that could result in incremental debt and delayed deleveraging. The variance also reflects Liftoff's exposure to cyclical ad spending that could experience pullback during protracted periods of macroeconomic uncertainty. RELIZ TECHNOLOGY: Gellert Seitz Represents Creditors ---------------------------------------------------- In the Chapter 11 bankruptcy cases of Reliz Technology Group Holdings, Inc. and its debtor-affiliates, Gellert Seitz Busenkell & Brown, LLC filed with the United States Bankruptcy Court for the District of Delaware a Verified Statement pursuant to Bankruptcy Rule 2019 to inform the Court that the firm represents certain creditors. According to the Verified Statement: 1. On March 17, 2026, GSBB was retained to represent 1548199 Alberta Ltd. and Robert J. Bertram in the Chapter 11 cases. 2. On June 17, 2026, GSBB was retained to represent Jeffrey Brian Brandt in the Chapter 11 cases. 3. As of the date of this Verified Statement, GSBB only represents 1548199 Alberta Ltd., Mr. Bertram and Mr. Brandt in these Chapter 11 Cases. 4. Nothing contained in this Verified Statement is intended or shall be construed to constitute (a a waiver or release of the rights of the Creditors 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 the Creditors 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 or release of any rights the Creditors 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 the Creditors; or (g) a waiver or release of any other rights, claims, actions, defenses, setoffs, or recoupments to which the Creditors may be entitled, in law or in equity, under any agreement or otherwise, with all of which rights, claims, actions, defenses, setoffs or recoupments being expressly reserved. 5. GSBB reserves the right to amend or supplement this Verified Statement in accordance with the requirements of Bankruptcy Rule 2019. In accordance with Bankruptcy Rule 2019, the name, address, and nature and amount of each disclosable economic interest held by the Creditors, are: 1. 1548199 Alberta Ltd. Nature of Claim General Unsecured Claim Amount Unliquidated 2. Robert J. Bertram Nature of Claim General Unsecured Claim Amount Unliquidated 3. Jeffrey Brian Brandt Nature of Claim General Unsecured Claim Amount $28,768,871.07 The firm may be reached at: Michael Busenkell, Esq. Ronald S. Gellert, Esq. GELLERT SEITZ BUSENKELL & BROWN, LLC 1201 North Orange Street, Suite 300 Wilmington, DE 19801 Tel: (302) 425-5812 Fax: (302) 425-5814 Email: mbusenkell@gsbblaw.com rgellert@gsbblaw.com About Reliz Technology Group Holdings Inc. Reliz Technology Group Holdings Inc., together with its affiliates Reliz Ltd., Reliz Technologies LLC, and Reliz CI Ltd., operate the BlockFills digital-asset trading and liquidity platform, offering institutional clients spot and derivatives trading, collateralized lending, and mining solutions. Founded in 2017, the group aggregates liquidity from a global network of exchanges and market makers, integrating smart order routing, trade reconciliation, and risk management through a multi-asset technology platform with FIX API connectivity and white-label software. Headquartered in Chicago, Illinois, also maintains offices in London, Dubai, Sao Paulo, and the Cayman Islands. Reliz and three affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 26-10371) on March 15, 2026. In the petition signed by Joseph Perry, interim chief executive officer, Reliz disclosed assets of between $50 million and $100 million and liabilities of between $100 million and $500 million. Judge Thomas M Horan oversees the cases. The Debtors tapped McDermott Will & Schulte, LLP as bankruptcy counsel; Katten Muchin Rosenman, LLP as bankruptcy-co-counsel; Berkeley Research Group, LLC as financial advisor; and Verita Global, LLC as claims agent. RESIDEO FUNDING: Moody's Alters Outlook on 'Ba2' CFR to Stable -------------------------------------------------------------- Moody's Ratings affirmed Resideo Funding Inc.'s (Resideo) Ba2 corporate family rating and Ba2-PD probability of default rating. Concurrently, Moody's affirmed the Ba1 ratings on Resideo's senior secured first lien term loan B, backed senior secured first lien term loans B and backed senior secured first lien revolving credit facility, and the Ba3 rating on its backed senior unsecured notes. The company's Speculative Grade Liquidity Rating (SGL) remains unchanged at SGL-1. Moody's changed Resideo's rating outlook to stable from negative. Despite smaller scale and less diversification, Resideo's credit metrics will improve following the spin-off of ADI Global Distribution Funding LLC (ADI, Ba3 stable), a leading global specialty distributor of professionally installed low-voltage products and residential audiovisual solutions. Under the transaction, Resideo will spin-off 100% of ADI and receive a $900 million dividend from ADI. Moody's expects the dividend, together with cash from the balance sheet, will be used to repay approximately $1.1 billion of existing term loan debt, fund transaction fees and expenses, and provide $50 million of cash to ADI. The debt repayment would reduce pro forma debt/EBITDA to approximately 4x at close, a substantial improvement from 4.7x as of December 31, 2025. Closing of the transaction is expected to occur in the second half of 2026. Governance considerations are material to the rating action. Management has articulated a reported gross leverage target of 3.0x debt/EBITDA (3.5x at close according to management's calculations). Moody's expects Resideo will be focused on debt reduction in the near term following the completion of the spin-off. Moody's expects modest revenue growth, margin expansion and disciplined financial policies will support free cash flow generation and continued deleveraging. The stable outlook reflects Moody's expectations that the company will prioritize debt repayment which should lead to leverage declining to below 3.5x adjusted debt/EBITDA in the next 12-18 months. RATINGS RATIONALE Resideo's Ba2 CFR is supported by its strong market position as a provider of products and solutions in residential heating, ventilation, air conditioning (HVAC) and electrical distribution markets as well as the value of the Honeywell Home and First Alert brands. The rating also incorporates the company's technological expertise, planned new product introductions of integrated home and security products, and meaningful exposure to the less cyclical retrofit market. The company's profit margins will improve materially following the spin-off from ADI, mitigating the loss in scale and diversification. The company is constrained by the cyclicality of residential end markets, intense competition within the company's product categories and the necessity of rapid technological innovation. ADI offered the combined company scale and diversified cash flow streams which are beneficial to manufacturers exposed to cyclicality. Pro forma for the spin-off, Resideo's standalone revenue is $2.9 billion from $7.5 billion reported on a combined basis in 2025. However, Resideo's standalone EBITDA margin will improve to around 20% from around 10% because ADI's standalone EBITDA margin was about 6.5% in 2025. Resideo's SGL-1 Speculative Grade Liquidity Rating reflects Moody's expectations of very good liquidity over the next 12 to 15 months, supported by its solid free cash flow generation, $438 million of cash on hand as of March 31, 2026, the $500 million revolving credit facility expiring in 2031, which Moody's expects to remain undrawn. Moody's expects annual free cash flow generation to be around $200 million. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if the company continues to demonstrate a track record of successful operations and disciplined financial policies as a standalone entity with strong credit metrics during any industry cycle including: -- Debt to EBITDA below 2.5x -- EBITA to interest in excess of 6x -- Free cash flow to debt consistently above 10% -- EBITA margin sustained around 20% -- Maintenance of very good liquidity and favorable end market trends The ratings could be downgraded if operating performance deteriorates significantly, or if the company adopts aggressive financial policies. Specifically, the ratings could be downgraded if: -- Debt to EBITDA sustained above 3.5x -- EBITA to interest coverage below 5x -- free cash flow to debt below 7% or liquidity deteriorates Resideo is a provider of residential controls and sensing solutions across comfort and air, water, safety, security, and energy applications. Standalone revenue is expected to be about $2.9 billion in 2026. The principal methodology used in these ratings was Manufacturing published in September 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. RIIMIC LLC: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------- Debtor: RIIMIC, LLC d/b/a Sunair Electronics 3131 SW 42nd St. Fort Lauderdale, FL 33312 Business Description: IIMIC LLC d/b/a Sunair Electronics is a privately held company headquartered in Fort Lauderdale, Florida. The company designs, manufactures, assembles, tests, and sells high-frequency communications systems and peripherals for long-range voice and data communications. Its offerings include HF radios, power amplifiers, antenna couplers, accessories, systems engineering, integration, documentation, logistics support, field services, and turnkey solutions. Sunair serves markets including military, government, civil aviation, and commercial applications. Chapter 11 Petition Date: June 12, 2026 Court: United States Bankruptcy Court Southern District of Florida Case No.: 26-17729 Debtor's Counsel: Jaime B. Leggett, Esq. BAST AMRON LLP One Southeast Third Avenue, Suite 2410 Miami, FL 33131 Tel: 305-379-7904 E-mail: jleggett@bastamron.com Total Assets: $3,344,157 Total Liabilities: $14,135,348 The petition was signed by Rishi Kukreja as chief executive 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/Z32TQCY/RIIMIC_LLC_dba_Sunair_Electronics__flsbke-26-17729__0001.0.pdf?mcid=tGE4TAMA RIO DEL PILAR: Seeks to Tap The Real Estate Broker as Broker ------------------------------------------------------------ Rio Del Pilar, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of California to employ The Real Estate Broker as broker. The firm's services include: a. marketing and sale of the Debtor's real property located at 720 Dinsmire Ranch Rd., Rio Dell, CA 95562 ("720 Dinsmore Ranch"), which is a plot of land with a triplex building offering up to three rental units. b. assisting the Debtor in marketing the Property and communicating with prospective purchasers. c. assisting Debtor in marketing the Property and communicating with prospective purchasers. The firm will be paid at 3 percent of the sales price. Mr. Walker 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: Thomas Walker PO Box 34 Bayside, CA 95524 Tel: (707) 616-7509 About Rio Del Pilar, LLC Rio Del Pilar, LLC operates in cattle ranching and farming. It is based in Rio Dell, California, and its activities involve livestock and agricultural land use. Rio Del Pilar sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Calif. Case No. 25-10467) on July 31, 2025, with $1 million to $10 million in assets and $500,000 to $1 million in liabilities. Christopher Cortazar, special manager, signed the petition. Andy Warshaw, Esq., at DiMarco Warshaw, APLC represents the Debtor as legal counsel. RM FERRANTE: Case Summary & Three Unsecured Creditors ----------------------------------------------------- Debtor: RM Ferrante LLC 779 Congress St. Portland ME 04102 Business Description: RM Ferrante LLC is a single-asset real estate company that owns and leases property. Chapter 11 Petition Date: June 17, 2026 Court: United States Bankruptcy Court District of Maine Case No.: 26-20170 Judge: Hon. Peter G Cary Debtor's Counsel: Sam Anderson, Esq. BERNSTEIN SHUR SAWYER & NELSON, P.A. 100 Middle Street P.O. Box 9729 Portland ME 04101 Tel: 207-774-1200 Email: sanderson@bernsteinshur.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $10 million to $50 million The petition was signed by Rudolph M. Ferrante as sole 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/HCIV53Q/RM_Ferrante_LLC__mebke-26-20170__0001.0.pdf?mcid=tGE4TAMA ROSE MECHANICAL: Hires Hirsch & Hirsch Certified as Accountant -------------------------------------------------------------- Rose Mechanical Corp seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Hirsch & Hirsch Certified Public Accountants, PLLC as accountant. The firm's services include: a. preparing federal, state and local tax returns and supporting schedules; b. performing general tax consulting services, including routine tax advice concerning federal, state and local tax matters related to the preparation of federal, state and local tax returns; c. providing routine tax advice concerning federal, state and local tax matters related to the computation of the Debtor's taxable income for the current year or future year(s); d. preparing monthly operating reports, variance reports, financial statements and other relevant financial documents; and e. furnishing such other services that the Debtor may request from time to time. The firm will be paid at these rates: Partners/Principals $400 per hour Paraprofessionals $275 per hour In addition, the firm will seek reimbursement for its out-of-pocket expenses. Mr. Hirsch 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: Warren Hirsch, CPA Hirsch & Hirsch Certified Public Accountants, PLLC 273 Merrick Road Lynbrook, NY 11563 Tel: (516) 791-5280 Fax: (516) 791-5283 About Rose Mechanical Corp. Rose Mechanical Corp. is a mechanical contracting company that provides heating, ventilation, air conditioning, plumbing, and related construction services. The company operates in the commercial and industrial building services sector, handling installation, maintenance, and repair projects. Rose Mechanical Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 26-71752) on May 4, 2026. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities within the same range. Honorable Bankruptcy Judge Sheryl P. Giugliano handles the case. The Debtor tapped Avrum J. Rosen, Esq., at Rosen, Tsionis & Pizzo, PLLC as counsel. ROTARY AIRLOCK: Hires Burke Warren MacKay as Attorney ----------------------------------------------------- Rotary Airlock, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ Burke, Warren, MacKay & Serritella, P.C. as attorney. The firm will provide these services: a. prepare necessary applications, motions, answers, orders, adversary proceedings, reports and other legal papers; b. provide the Debtor with legal advice with respect to its rights and duties involving its property as well as its reorganization efforts herein; c. appear in court and to litigate whenever necessary; d. prepare and implement an exit strategy from this Chapter 11 case; and e. perform any and all other legal services that may be required from time to time in the ordinary course of the Debtors' business during the administration of this bankruptcy case. The firm will be paid at these rates: David K. Welch $610 per hour Brian P. Welch $500 per hour Madeleine J. Coate $380 per hour The firm received a retainer in the amount of $100,000. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Mr. Welch 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: David K. Welch, Esq. Burke, Warren, MacKay & Serritella, PC 330 N. Wabash Ave., Suite 2100 Chicago, IL 60611 Telephone: (312) 840-7000 Facsimile: (312) 840-7900 Email: dwelch@burkelaw.com About Rotary Airlock LLC Rotary Airlock, LLC manufactures, rebuilds, services, and customizes rotary airlock valves for industrial material-handling systems. Founded in 1995, the company is based in Rock Falls, Illinois, and also offers related valves, seals, bearings, installation, and NFPA-69-related services. Rotary Airlock serves manufacturers and processors that use airlocks to move or control bulk materials across production systems. Rotary Airlock sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 26-80841) on May 20, 2026, with between $10 million and $50 million in both assets and liabilities. Benjamin Hilty, president of Rotary Airlock, signed the petition. David K. Welch, Esq., at Burke, Warren, MacKay & Serritella, P.C. represents the Debtor as legal counsel. ROTARY AIRLOCK: Taps Development Specialists as Financial Advisor ----------------------------------------------------------------- Rotary Airlock, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ Development Specialists, Inc. as financial advisor. The firm will provide these services: a. update posting to the Debtor's accounting system; b. prepare budgets of weekly cash flows in support of financing and the use of cash collateral; c. prepare variance reporting of actual weekly cash flows; d. prepare monthly operating reports; e. prepare financial projections in support of a plan of reorganization; and f. perform other tasks as may be agreed to by DSI and directed by the Debtors and/or the Court. The firm will be paid at these rates: Patrick J. O'Malley $795 per hour Jack Donohue $465 per hour McKenna Novack $345 per hour The firm will be paid a retainer in the amount of $25,000. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Mr. O'Malley 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: Patrick J. O'Malley Development Specialists, Inc. 10 South LaSalle Street, Suite 3300 Chicago, IL 60603 Telephone: (312) 263-4141 About Rotary Airlock LLC Rotary Airlock, LLC manufactures, rebuilds, services, and customizes rotary airlock valves for industrial material-handling systems. Founded in 1995, the company is based in Rock Falls, Illinois, and also offers related valves, seals, bearings, installation, and NFPA-69-related services. Rotary Airlock serves manufacturers and processors that use airlocks to move or control bulk materials across production systems. Rotary Airlock sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 26-80841) on May 20, 2026, with between $10 million and $50 million in both assets and liabilities. Benjamin Hilty, president of Rotary Airlock, signed the petition. David K. Welch, Esq., at Burke, Warren, MacKay & Serritella, P.C. represents the Debtor as legal counsel. RUEZGA HAULING: Hires Farsad Law Office P.C. as Counsel ------------------------------------------------------- Ruezga Hauling, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of California to employ Farsad Law Office, P.C. as counsel. The firm will provide these services: a. advise the Debtor regarding its duties and obligations as debtor-in-possession; b. prepare all required schedules, statements, and reports; c. represent the Debtor in all hearings and proceedings; d. negotiate with creditors, taxing authorities, and other parties; e. prepare and confirm a Chapter 11 plan; and f. perform all services necessary to administer this case. The firm will be paid at these rates: Arasto Farsad $400 per hour Nancy Weng $400 per hour Paralegals $150 per hour The firm will be paid a retainer in the amount of $20,000. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Mr. Farsad 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: Arasto Farsad, Esq. Nancy Weng, Esq. Farsad Law Office, P.C. 1625 The Alameda, Suite 525 San Jose, CA 95126 Tel: (408) 641-9966 Fax: (408) 866-7334 Emails: af@farsadlaw.com; nancy@farsadlaw.com About Ruezga Hauling, Inc. Ruezga Hauling, Inc. is a transportation and hauling company that provides trucking, freight, and logistics-related services to commercial and industrial customers. Ruezga Hauling, Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-50888) on June 5, 2026. In its petition, the Debtor reported estimated assets of $100,001â€"$1,000,000 and estimated liabilities of $100,001â€"$1,000,000. Honorable Bankruptcy Judge Stephen L. Johnson handles the case. The Debtor is represented by Arasto Farsad, Esq. of Farsad Law Office, P.C. RUNWAY MEDICAL: Hires Law Office of James J. Rufo as Attorney ------------------------------------------------------------- Runway Medical Transport, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Law Office of James J. Rufo as attorney. The firm's services include: a. advising the Debtor concerning the conduct of the administration of this bankruptcy case; b. preparing all necessary applications and motions as required under the Bankruptcy Code, Federal Rules of Bankruptcy Procedure, and Local Bankruptcy Rules; c. preparing a disclosure statement and plan of reorganization; and d. performing all other legal services that are necessary to the administration of the case. The firm will be paid at these rates: James J. Rufo, Esq., Attorney $500 per hour Paralegals $200 per hour The firm received a retainer in the amount of $11,738. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Mr. Rufo 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: James J. Rufo, Esq. Law Office of James J. Rufo 222 Bloomingdale Road, Suite 202 White Plains, NY 10605 Tel: (914) 600-7161 Email: jrufo@jamesrufolaw.com About Runway Medical Transport LLC Runway Medical Transport LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 26-35547) on May 19, 2026, with $50,001 to $100,000 in assets and $100,001 to $500,000 in liabilities. James J. Rufo, Esq., at The Law Office of James J. Rufo represents the Debtor as bankruptcy counsel. RUSSELLVILLE DENTAL: Case Summary & 20 Top Unsecured Creditors -------------------------------------------------------------- Debtor: Russellville Dental Lab, LLC d/b/a RDL 206 Sam Walton Drive Russellville, KY 42276 Business Description: Russellville Dental Lab, also known as RDL, is a dental laboratory based in Russellville, Kentucky. The company provides dental lab services including dentures, cast partials, crowns, bridges, and implant restorations. Founded in 1956, RDL serves dental clinicians in Kentucky, Tennessee, and the broader United States. Chapter 11 Petition Date: June 15, 2026 Court: United States Bankruptcy Court Western District of Kentucky Case No.: 26-10553 Judge: Hon. Joan A Lloyd Debtor's Counsel: Robert C. Chaudoin, Esq. HARLIN PARKER 519 E. 10th Street P.O. Box 390 Bowling Green, KY 42102-0390 Tel: 270-842-5611 Fax: 270-842-2607 E=mail: chaudoin@harlinparker.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Lee Coursey 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/EIQ5FFA/Russellville_Dental_Lab_LLC__kywbke-26-10553__0001.0.pdf?mcid=tGE4TAMA SA POOL CONSTRUCTION: Gets Final OK to Use Cash Collateral ---------------------------------------------------------- SA Pool Construction, Inc. received final approval from the U.S. Bankruptcy Court for the Western District of Texas, San Antonio Division, to use cash collateral. Under the final order, the Debtor is authorized to use cash collateral in accordance with the approved budget, with spending in each category permitted to vary by up to 10%, provided total monthly cash collateral expenditures do not exceed 10% of the total budget. This authorization remains effective until a Chapter 11 plan is confirmed. As of the petition date, the Debtor had $42,974 in cash or in banks, $451,000 in receivables, $36,420 in pool equipment, and $158,000 in machinery. The secured creditors with interest in the cash collateral include Frost Bank, John Deere Construction & Forestry Company, and RDO Equipment Company. As adequate protection, secured creditors received replacement liens on post-petition cash collateral and post-petition property of the Debtor except Chapter 5 avoidance actions, with the same priority and extent as their pre-petition liens. Frost Bank will continue to receive monthly payments of $6,040 until its claim is paid or a bankruptcy plan is confirmed; and equipment payments of $4,057. Additional safeguards include insurance coverage on the collateral. The order preserves the pre-petition priority of the Bexar County Taxing Authorities' statutory ad valorem tax liens and prohibits any granted liens from priming or subordinating them. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/f95Y9 from PacerMonitor.com. SA Pool Construction, which operates from San Antonio, Texas, has been in business for over 30 years. The Debtor employs about 20 full-time workers and generates approximately $9 million in annual revenue. It continues operating as a debtor-in-possession under Sections 1107 and 1108 of the Bankruptcy Code, with a Subchapter V trustee appointed. About SA Pool Construction Inc. SA Pool Construction, Inc. is a Texas-based company specializing in the construction of luxury swimming pools, water features, and spas. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. W.D. Texas Case No. 26-51198) on May 4, 2026, with $500,001 to $1 million in assets and $100,001 to $500,000 in liabilities. Michael Colvard serves as Subchapter V trustee. Judge Aubrey L. Thomas oversees the case. Dean Greer, Esq., at West & West Attorneys at Law, P.C., represents the Debtor as bankruptcy counsel. SACRAMENTO CITY USD: Moody's Downgrades Issuer Rating to Ba2 ------------------------------------------------------------ Moody's Ratings has downgraded Sacramento City Unified School District, CA's (SCUSD) issuer rating to Ba2 from Baa3 and its general obligation unlimited tax (GOULT) bonds to Ba1 from Baa2. Moody's have revised the outlook to negative from rating under review. This action concludes the review for possible downgrade that was initiated on May 06, 2026. The district has about $1.2 billion in debt outstanding. The rating downgrade is driven by the district's deteriorating financial reserves and liquidity, a result of multi-year structural imbalance and poor fiscal management practices. SCUSD is projected to reach insolvency in early 2027 absent a significant cash infusion. The most feasible source of liquidity relief would be an emergency apportionment loan from the state. However, SCUSD's board has expressed extreme opposition to beginning the receivership process necessary for the emergency loan. Governance is a key driver of this rating action given the board's decision to delay or altogether avoid entering receivership, greatly increasing the risk of insolvency. RATINGS RATIONALE The Ba2 issuer rating reflects the district's extremely weak financial position and nearly depleted operating liquidity. The district's third interim report projects an available general fund balance of -$62 million for the fiscal year ending June 30, 2026, although projections of negative ending balances have varied greatly in each interim report. Included in the third interim projection is roughly $96 million in cost savings the district has implemented since late 2025. However, most of the cost savings from fiscal 2026 are one-time savings and are not expected to repeat in future years. The district has identified around $63 million in budget cuts for fiscal 2027, though a deficit of over $200 million remains. Based on current projections, the district's available general fund balance is expected to decline to -$497 million by fiscal 2028 absent significant actions. The most pressing challenge for the district is to control spending and identify additional sources of liquidity to avoid insolvency within the next year. Current cash flow projections from the State's Fiscal Crisis & Management Assistance Team (FCMAT) project that the district will exhaust all sources of interfund borrowing and reach insolvency in February 2027, absent a significant infusion of cash. An emergency state loan would need to be approved before the end of the current state legislative session in August to ensure loan dispursement in advance of projected insolvency. Beginning the process in the next legislative session in December may not provide cash in time to avoid insolvency. The rating also incorporates a strong local economy, with the stabilizing presence of the state capital, and ample employment opportunities. Declining enrollment will continue to weigh on the district's financial operations. Finally, the district's long-term liabilities ratio is above average at 330% and the fixed-costs ratio is moderate at 19.5%. The Ba1 rating on the district's GO bonds reflects California school district GO bond security features that include the physical separation through a "lockbox" for pledged property tax collections and a security interest created by statute. RATING OUTLOOK The negative outlook reflects the current projections of being insolvent in early 2027, absent an infusion of additional liquidity. The SCUSD school board's deep reluctance to beginning the receivership process, which is required to receive an emergency loan from the state to bolster liquidity, greatly increases the likelihood of insolvency. Moody's are likely to take further negative rating action if the district reaches insolvency or fails to take significant action to address its deteriorated cash position. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS -- Given the negative outlook, a rating upgrade is unlikely within the next 18 months. However, Moody's could revise the outlook to stable if the district significantly bolsters its liquidity in the near term, reducing the risk of insolvency. FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS -- Depletion of cash to the point of insolvency; inability to meet payroll or other current obligations -- Failure to take material steps to improve financial situation, such as entering receivership or making sizeable and recurring expenditure reductions PROFILE Sacramento City Unified School District serves the residents of the City of Sacramento, a portion of Rancho Cordova and unincorporated Sacramento County. The district operates forty-two elementary schools (grades TK-6), seven elementary/middle schools (grades TK-8), six middle schools (grades 7-8), two middle/high schools (grades 7-12), seven high schools (grades 9-12), three alternative schools, two special education centers and two adult education centers. There are fifteen charter schools within the district, five of which are dependent. The district's enrollment for fiscal 2026 is about 35,000, of which roughly 1,500 students are enrolled in the district's dependent charter schools. There are around 4,000 district students enrolled in independent charter schools. METHODOLOGY The principal methodology used in these ratings was US K-12 Public School Districts published in June 2026. SAMPAGUITA INC: Hires Lindauer & Vaughn as Counsel -------------------------------------------------- Sampaguita Inc seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Lindauer & Vaughn as counsel. The firm will provide these services: a. provide legal representation to the Debtor in connection with its Chapter 11 case; b. assist the Debtor in proposing a Plan of Reorganization and moving forward in the bankruptcy proceedings; c. defend the Debtor in various matters arising in the bankruptcy case; and d. perform other legal services necessary in the administration of the Chapter 11 case. The firm will be paid at these rates: Joyce W. Lindauer $625 per hour Paul B. Geilich, Of Counsel $595 per hour Dian Gwinnup, Paralegal $250 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Ms. Lindauer 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: Joyce W. Lindauer Lindauer & Vaughn 117 S. Dallas Street Ennis, Texas 75119 Tel: (972) 503-4033 Fax: (972) 503-4034 About Sampaguita, Inc. Sampaguita, Inc. is a Texas corporation. While the bankruptcy petition does not specify the company's operations, its name is associated with the sampaguita flower, suggesting possible involvement in food service, retail, hospitality, or specialty consumer products. Sampaguita, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-42435) on June 1, 2026. In its petition, the Debtor reported estimated assets of $1 million-$10 million and estimated liabilities of $100,001-$1 million. Honorable Bankruptcy Judge Mark X. Mullin handles the case. The Debtor is represented by Joyce W. Lindauer, Esq. of Lindauer & Vaughn. SCHUMACHER AND DALTON: Gets Interim OK to Use Cash Collateral ------------------------------------------------------------- Schumacher and Dalton Enterprises Inc. received interim approval from the U.S. Bankruptcy Court for the Western District of Kentucky, Louisville Division, to use cash collateral. Under the interim order, the Debtor is authorized to use cash collateral through July 14 to maintain its operations and assets. The Debtor may also use cash collateral to pay the carveout for statutory court and U.S. Trustee fees and up to $15,000 in approved professional fees and expense reimbursements As of the petition date, Port 51 Lending, LLC had asserted interests in the Debtor's assets, including inventory, accounts, and equipment. Port 51 Lending and other secured creditors with interests in the cash collateral will be granted protection through replacement liens on the Debtor's post-petition property and proceeds, matching the scope, priority, and nature of their pre-petition interests. These replacement liens do not prime existing liens held by others. Additional safeguards include insurance coverage on the Debtor's assets. The order is available at http://bankrupt.com/misc/SchumacherandDalton_ICCOrder.pdf A final hearing is scheduled for July 14. Schumacher and Dalton is an Illinois-based corporation providing transportation services for clients living in rural communities needing transport to medical appointments. It operates as "Effingham Transport" in Effingham County, Illinois, and operates out of a garage owned by related debtor, Old Goat ILRE Holding, LLC. The Debtor's primary source of revenue was derived from broker driven referrals for transportation services. Its broker went bankrupt rendering it challenging for the Debtor to procure customers as it traditionally had. Schumacher and Dalton is pivoting its business model and beginning to broker for itself but the break in stream of income created a cash crunch, resulting in its Chapter 11 filing. It has been relying on related debtor, Musculoskeletal Associates, PLLC to fund its cash shortages. About Schumacher and Dalton Enterprises Inc. Schumacher and Dalton Enterprises Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Ky. Case No. 26-31523) on June 3, 2026, listing assets of between $100,001 and $500,000 and liabilities of between $1 million and $10 million. Judge Hon. Joan A Lloyd oversees the case. The Debtor is represented by: Charity S. Bird, Esq. Kaplan Johnson Abate & Bird LLP 710 West Main Street, Fourth Floor Louisville, KY 40202 Tel: 502-540-8285 cbird@kaplanjohnsonlaw.com SEADRILL LIMITED: Moody's Upgrades CFR to Ba3, Outlook Stable ------------------------------------------------------------- Moody's Ratings upgraded Seadrill Limited's (Seadrill) Corporate Family Rating to Ba3 from B1 and the Probability of Default Rating to Ba3-PD from B1-PD. The SGL-1 Speculative Grade Liquidity rating was unchanged. At the same time, Moody's assigned a B1 rating to the proposed backed senior unsecured notes due 2034 issued by Seadrill Finance Limited. Proceeds from the offering will be used to fully redeem the company's $575 million B2 senior secured second-lien notes due 2030, which remains unchanged and will be withdrawn upon redemption. The rating outlook remains stable for both issuers. "The upgrade reflects Seadrill's strong earnings growth, solid contract backlog, and continued commitment to maintain financial discipline," stated Thomas Le Guay, a Moody's Ratings Vice President. "Seadrill will benefit from gradually increasing demand for offshore drilling and continue growing its earnings into 2027, with a simplified capital structure and longer maturity profile." RATINGS RATIONALE Seadrill's Ba3 CFR is supported by its high-quality offshore rig fleet that has significant collateral value and competitive advantages; its substantial backlog of $3.1 billion as of May 11, 2026 providing good medium term cash flow visibility; its operating track record as one of the leading contract drillers serving the offshore oil and gas industry; and low financial leverage of 2.1x Moody's-adjusted debt / EBITDA for the twelve months to March 31, 2026. Moody's expects Seadrill to continue to sustain its stated conservative financial policies, including holding net leverage under 1.0x in the current market conditions, maintaining strong liquidity and managing shareholder distributions, growth spending and potential acquisitions prudently. Offshore rig demand and day rates are expected to remain resilient through 2027 amid constrained oil supply from the Middle East and heightened focus on energy security globally. Seadrill's CFR is constrained by its significant exposure to re-contracting risks and the capital-intensive nature of its operations, including a very high fixed cost base. Offshore rig utilization and dayrates are inherently cyclical and sensitive to upstream capital spending. Oil and gas prices need to stay above mid-cycle levels to attract continued upstream investment and allow Seadrill to successfully recontract its fleet over time. The new senior unsecured notes are rated B1, one notch below the Ba3 CFR, given their subordinated position within Seadrill's capital structure relative to the $225 million secured revolving credit facility (unrated). The revolver has a priority secured claim over substantially all of Seadrill's assets. The notes are fully and unconditionally guaranteed on a senior unsecured basis by all of Seadrill's subsidiaries that are also guarantors under the secured revolving credit facility. Seadrill's $50 million senior unsecured convertible notes (unrated) due 2028 issued at Seadrill Limited rank junior to the senior unsecured notes given the absence of guarantee from Seadrill Finance Limited. Seadrill's SGL-1 rating reflects very good liquidity through 2027. As of March 31, 2026, the company had $304 million of available cash and cash equivalents and $178 million of availability under its $225 million revolving credit facility which was recently upsized and extended to June 2031. Moody's expects Seadrill to generate small positive free cash flow in 2026 after funding for periodic surveys and rig mobilization costs and meaningfully higher levels of free cash flow in 2027. Moody's expects Seadrill to remain comfortably in compliance with its covenants through 2027, including Consolidated Total Net Leverage Ratio below 3.0x and Interest Coverage Ratio above 2.5x. The stable outlook reflects Seadrill's significant revenue backlog, low leverage and very good liquidity. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS An upgrade would require Seadrill to generate consistent positive free cash flow, to maintain a high fleet utilization and a robust backlog in a supportive industry environment, while sustaining Debt/EBITDA below 1.5x. The ratings could be downgraded if earnings and backlog decline materially, if Seadrill generates negative free cash flow or the debt/EBITDA ratio rises above 2.5x in a challenging industry environment. Any large leveraging acquisition or shareholder distribution could also trigger a downgrade. Seadrill Limited is a large international provider of offshore contract drilling services to the oil and gas industry. Seadrill's active rig fleet is comprised of 14 high-quality modern rigs, including 10 owned drillships, 2 managed drillships, 1 semi-submersible and 1 jack-up. The company had $2.5 billion of contracted backlog as of as of August 06, 2025. The principal methodology used in these ratings was Oilfield Services published in October 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. SEARLES VALLEY MINERALS: Seeks Chapter 11 Bankruptcy in Delaware ---------------------------------------------------------------- Dayana Mustak of Bloomberg Law reports that industrial minerals producer Searles Valley Minerals has commenced Chapter 11 proceedings in Delaware, seeking to reorganize its financial affairs under bankruptcy court protection. The company disclosed estimated assets of $100 million to $500 million and liabilities within the same range. By filing under Chapter 11, the company gains access to the protections of the Bankruptcy Code while it works with stakeholders to address its debt structure and maintain ongoing operations. Chapter 11 cases typically allow businesses to continue serving customers and preserving enterprise value during the restructuring process. The Delaware filing marks a significant step for the company as it evaluates strategic and financial alternatives. Further information regarding creditor claims, operational plans, and proposed restructuring measures is expected to be disclosed in future court filings. About Searles Valley Minerals Searles Valley Minerals operates mining and processing facilities that produce a variety of mineral products for industrial, agricultural, and commercial customers. Its portfolio includes soda ash, boron-based products, sodium sulfate, and other specialty minerals derived from California's Searles Lake. Searles Valley Minerals sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 26-10966) on June 15, 2026. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. Honorable Bankruptcy Judge Brendan Linehan Shannon handles the case. The Debtor is represented by Laura Davis Jones, Esq. of Pachulski, Stang, Ziehl & Jones LLP. SEARLES VALLEY: Case Summary & 30 Largest Unsecured Creditors ------------------------------------------------------------- Lead Debtor: Searles Valley Minerals Inc. 9401 Indian Creek Parkway, Suite 1000 Overland Park KS 66210 Business Description: Searles Valley Minerals Inc. is headquartered in Overland Park, Kansas, and operates a vertically integrated mining and processing complex at Searles Lake in Trona, California. The company produces borates, sodium sulfate, and salt, and also sources and supplies soda ash to end users. It serves customers nationwide, including customers in Southern California and Baja, Mexico, across industrial, agricultural, and specialty chemical end markets. Chapter 11 Petition Date: June 15, 2026 Court: United States Bankruptcy Court District of Delaware Three affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Searles Valley Minerals Inc. (Lead Case) 26-10966 Trona Railway Company LLC 26-10967 Searles Domestic Water Company LLC 26-10968 Judge: Hon. Linehan Shannon Debtors' Bankruptcy Co-Counsel: Laura Davis Jones, Esq. James E. O'Neill, Esq. Edward A. Corma, Esq. PACHULSKI STANG ZIEHL & JONES LLP 919 North Market Street, 17th Floor P.O. Box 8705 Wilmington, Delaware 19899-8705 Tel: 302-652-4100 Email: ljones@pszjlaw.com joneill@pszjlaw.com ecorma@pszjlaw.com AND Joseph O. Larkin, Esq. SKADEN, ARPS, SLATE, MEAGHER & FLOM LLP One Rodney Square 920 N. King Street Wilmington, Delaware 19801 Tel: (302) 651-3000 Email: Joseph.Larkin@skadden.com AND James J. Mazza, Jr., Esq. Jennifer Madden, Esq. Mike Jones, Esq. SKADDEN, ARPS, SLATE, MEAGHER & FLOM LLP 320 S. Canal Street Chicago, Illinois 60606 Tel: (312) 407-0700 Email: James.Mazza@skadden.com Jennifer.Madden@skadden.com Mike.Jones@skadden.com AND Destiny N. Almogue, Esq. 2000 Avenue of the Stars, Suite 200N Los Angeles, California 90067 Tel: (213) 687-5000 Email: Destiny.Almogue@skadden.com Debtors' Financial Advisor: ANKURA CONSULTING GROUP, LLC Debtors' Investment Banker: LAZARD FRERES & CO. LLC Debtors' Noticing, Claims Management, Balloting and Solicitation Agent: STRETTO, INC. Estimated Assets: $100 million to $500 million Estimated Liabilities: $100 million to $500 million The petitions were signed by Dennis Cruise as president. A full-text copy of the Lead Debtor's petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/I4IKRVY/Searles_Valley_Minerals_Inc__debke-26-10966__0001.0.pdf?mcid=tGE4TAMA Consolidated List of the Debtors' 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. State of California Environmental $76,318,424 Cap-And-Trade Program (CARB) Obligations PO Box 2038 Sacramento, CA 95812 Contact: Karen Lutter Tel: 800-242-4450 Email: karen.lutter@arb.ca.gov 2. Core Sales LLC Trade Payables/ $9,200,000 275 Technology Drive Breach of Contract Canonsburg, PA 15317 Contact: Rowdy Smith Tel: 724-416-8300 Email: rowdysmith@coreresources.com 3. Metropolitan Stevedore Company Trade Payables $4,020,670 806 Worsham Ave Long Beach, CA 90808 Contact: Melissa Williams Tel: 310-816-6500 Email: melissa.williams@nautilusintl.com 4. San Bernardino County Land Property Taxes $3,636,073 Use Services Dept 385 N Arrowhead Ave, 1st Floor San Bernardino, CA 92415 Contact: Tiffany Hart Tel: 909-948-6488 Email: tiffany.hart@arc.sbcounty.gov 5. Constellation NewEnergy Trade Payables $2,639,006 PO Box 5473 Carol Stream, IL 60197-5473 Contact: Hambir Chavan Tel: 844-200-3427 Email: hambir.chavin@constellation.com 6. Process Equipment Inc Trade Payables $2,541,948 PO Box 5612 San Mateo, CA 94402-5612 Contact: Bill Hunter Tel: 205-663-5330 Email: bhunter@processbarron.com 7. Sisecam Wyoming LLC Swap Agreement $1,624,582 400 Perimeter Center Terrace NE Suite 350 Atlanta, GA 30346 Contact: General Counsel Tel: 770-375-2300 Email: legal.usa@sisecam.com 8. D2 (Squared) Industrial Trade Payables $1,444,838 Services LLC PO Box 35146 Seattle, WA 98124-5146 Contact: Steve Angelo Tel: 310-339-8767 Email: sangelo@d2industrial.com 9. The Cit Group/Capital Finance Trade Payables $1,329,183 1510 Plainfield Rd Suite 3 Darien, IL 60561 Contact: Michael Elwell Tel: 312-906-5700 Email: michael.elwell@firstcitizens.com 10. Best Best and Krieger LLP Trade Payables $1,037,304 PO Box 1028 Riverside, CA 92502-1028 Contact: Eric Garner Tel: 213-787-2561 Email: eric.garner@bbklaw.com 11. Pacific Gas & Electric Trade Payables $1,014,206 Box 997300 Sacramento, CA 95899-7300 Contact: Gabriel Ortuno Tel: 559-376-3641 Email: gabriel.ortuno@pge.com 12. Applied Industrial Tech. Trade Payables $978,763 PO Box 100538 Pasadena, CA 91189-0538 Contact: Matt Showalter Tel: 209-404-1161 Email: mshowalter@applied.com 13. Port of San Diego Trade Payables $884,522 PO Box 841615 Los Angeles, CA 90084-1615 Contact: Greg Borossay Tel: 619-686-6258 Email: gborossay@portofsandiego.org 14. Infinity Asset Holdings Trade Payables $808,700 2020-1, LLC 20 Guest 9th Floor St Brighton, MA 02135-2040 Contact: Andra Matthew Tel: 678-904-6316 Email: andra.matthew@kkr.com 15. Bakersfield Machine Company Trade Payables $748,427 PO Box 122 Bakersfield, CA 93302 Contact: Rob Reed Tel: 661-393-8441 Email: rob@bmc-ind.com 16. Amergin Rail 2023-1, LLC Trade Payables $646,654 1100 Holland Dr. Boca Raton, FL 33487 Contact: Robert Luna Tel: 561-612-5813 Email: rluna@amerginam.com 17. CMP Sales Corp Trade Payables $505,137 PO Box 91357 Henderson, NV 89009 Contact: Heidi Vanderslice Tel: 909-373-0526 Email: heidiv@mertec.net 18. Union Pacific Railroad Trade Payables $472,373 PO Box 843465 Dallas, TX 75284 Contact: Maurisha Frazier Tel: 888-703-1326 Email: uprr_acct_1@up.com 19. SSA Pacific, Inc Trade Payables $456,908 15417 Collections Center Dr. Chicago, IL 60693 Contact: Renee Manning Tel: 206-654-3586 Email: renee.manning@ssamarine.com 20. Caremark LLC, a Div Trade Payables $452,315 of CVS Pharmacy One CVS Dr. Woonsocket, RI 02895 Contact: Rebecca Figueroa Tel: 401-765-1500 Email: rebecca.figueroa2@cvshealth.com 21. Walter's Wholesale Electric Co. Trade Payables $442,280 PO Box 741406 Los Angeles, CA 90074-1406 Contact: Jan Pickering Tel: 562-436-2452 Email: jan.pickering@walterswholsale.com 22. Chemtron Supply Corporation Trade Payables $395,119 3500 Harry S. Truman Blvd. St. Charles, MO 63301 Contact: Peggy Shurtz Tel: 812-459-8513 Email: peggys@crbwater.com 23. GATX Rail, a Div of Trade Payables $368,775 GATX Financial 3454 Solutions Center Chicago, IL 60677-3004 Contact: Lita Teague Tel: 312-621-6235 Email: lita.teague@gatx.com 24. HPC Industrial Services, LLC Trade Payables $321,237 PO Box 734867 Dallas, TX 75373-4867 Contact: Hana Dixon Tel: 646-245-1741 Email: hana.dixon@hpc-industrial.com 25. Progress Rail Leasing Trade Payables $298,680 25083 Network Place Chicago, IL 60673-1250 Contact: R Conley Tel: 256-505-6085 Email: rconley@progressrail.com 26. TTX Company Trade Payables $292,520 93167 Network Place Chicago, IL 60673-1229 Contact: Jonathan Perez Tel: 312-984-3776 Email: jonathon.perez@ttx.com 27. Continental Labor Resources Trade Payables $266,870 PO Box 9039 Bakersfield, CA 93389 Contact: Ilde Elisa Perez Tel: 661-635-0339 Email: jperez@clsri.com 28. Cortech Engineering Trade Payables $235,653 PO Box 840511 Dallas, TX 75284-0511 Contact: Tony Nunez Tel: 713-996-4700 Email: tony.nunez@dxpe.com 29. Blue Cross Blue Shield- Trade Payables Undetermined Admin/Claims I-20 at Alpine Rd. Columbia, SC 29219 Contact: Courtney Termorshuizen Tel: 816-360-1047 Email: courtney.termorshuizen@bluekc.com 30. US Dept of the Interior Office BLM Royalties Undetermined of Natural Resources Revenue 300 South Richmond Rd. Ridgecrest, CA 93555 Contact: Phil Desenze Tel: 916-978-4400 Email: pdesenze@blm.gov SEARLES VALLEY: Deadline for Panel Questionnaires Set for June 23 ----------------------------------------------------------------- The United States Trustee is soliciting members for committee of unsecured creditors in the bankruptcy cases of Searles Valley Minerals Inc., 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/49duke8c and return by email it to Joseph McMahon -- Joseph.McMahon@usdoj.gov -- at the Office of the United States Trustee so that it is received no later than 4:00 p.m., on Tuesday, June 23, 2025. 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 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 and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 26-10966) on June 15, 2026. The petitions were signed by Dennis Cruise as president. The Debtors estimated assets to be $100 million to $500 million and estimated liabilities to be $100 million to $500 million. The Debtors are represented by Pachulski, Stang, Ziehl & Jones LLP and Skadden Arps Slate Meagher & Flom LLP. The Debtors' financial advisor is Ankura Consulting Group LLC. The Debtors' investment banker is Lazard Freres & Co. LLC and their claims and noticing agent is Stretto Inc. SEARLES VALLEY: Skadden Serves as Bankruptcy Counsel ---------------------------------------------------- Skadden, Arps, Slate, Meagher & Flom LLP is advising Searles Valley Minerals Inc. in connection with a recent announcement that it, together with its affiliates Trona Railway Company LLC and Searles Domestic Water Company LLC (collectively, the "Debtors" or the "Company"), has filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. The Company intends to use the Chapter 11 process to conduct a competitive, court-supervised sale of substantially all its assets under Section 363 of the Bankruptcy Code. These assets include Westend, a leading boron supplier; the Trona Railway; Searles Domestic Water Company; and the critical mineral reserves at Searles Lake. "For more than 150 years, Searles Valley Minerals has produced critical minerals from one of the world's few water-soluble borate deposits," said Dennis Cruise, President of Searles Valley Minerals. "As the soda ash market changed, we repositioned the business around borates -- a mineral with no synthetic substitute and growing strategic importance. A court-supervised sale is the most orderly and transparent way to place this rare resource base, and the people who run it, with an owner who can invest in its next chapter." To fund operations during the case, a long-standing strategic supplier, Tata Chemicals North America Inc., has agreed to provide an unsecured, interest-free liquidity advance of up to $20 million while continuing to supply soda ash to the Company's customers. In addition, the Company's parent, Karnavati Holdings, Inc., is providing a $20 million junior debtor-in-possession ("DIP") financing facility. Subject to Court approval, these arrangements are expected to provide sufficient liquidity to operate the business in the ordinary course and fund the sale process through closing. The Company has filed customary first-day motions seeking authority to operate normally throughout the Chapter 11 process, including continuing paying wages and benefits to active employees in the ordinary course. Westend will continue to produce boron, sodium sulfate, salt and other products for customers. Trona Railway will continue to operate. Searles Domestic Water Company will continue to provide potable water service to its customers in Trona without interruption. The Section 363 sale process will be conducted by Lazard, the Company's investment banker. Building on a marketing process begun in 2025 in which more than 140 parties were contacted and 50 entered into confidentiality agreements, the Company remains in active discussions with a number of interested parties. The Company intends to conduct a competitive, open auction under bid procedures to be approved by the Court. These bid procedures will permit the Company to designate a stalking horse bidder to establish a floor for the auction. The Company believes that an open auction, following the extensive prepetition marketing efforts already undertaken, is the path most likely to deliver the highest and best outcome for the estate and its stakeholders. Additional information on the Company's Chapter 11 case can be found at https://cases.stretto.com/SVM. Stakeholders can also contact Stretto, Inc., the Company's noticing and claims agent, at (855) 296-3324 (toll-free) / (626) 746-1263 (international) or TeamSVM@stretto.com. Skadden, Arps, Slate, Meagher & Flom LLP is acting as general bankruptcy counsel, Pachulski Stang Ziehl & Jones, LLP is acting as bankruptcy co-counsel, Ankura Consulting Group, LLC is acting as financial advisor, and Lazard Freres & Co. LLC and Lazard & Co., Limited are serving as investment banker for the 363 process. The Skadden team includes Corporate Restructuring partner James Mazza, Jr. (Chicago), counsels Jennifer Madden (Palo Alto) and Bryan Uelk (Chicago) and associates Mike Jones (Chicago), Destiny Almogue (Los Angeles) and Alexis Banks (New York); M&A partner Dohyun Kim (New York); Finance partners Danielle Li (New York) and Michael John Goswell (New York) and associates Yan Li (New York) and Joel Francia (Chicago); Environmental partner Liz Malone (Washington, D.C.); Tax partner Paul Schockett (Washington, D.C.); and Litigation partner Joseph Larkin (Wilmington). About Searles Valley Minerals Searles Valley Minerals Inc., headquartered in Overland Park, Kansas, with operations in Trona, California, is one of the largest and lowest cost producers of borates in the United States and a producer of specialty minerals from the Searles Lake brine deposit. Its operations include the Westend plant, the Trona and Argus facilities, Trona Railway Company, and Searles Domestic Water Company. The Company has operated continuously at Searles Lake since the 19th century. The Company is an indirect subsidiary of Nirma Limited through Karnavati Holdings, Inc. SENSIENCE INC: S&P Raises ICR to 'CCC+' After Debt Restructuring ---------------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on Westerville, Ohio-based Sensience Inc. to 'CCC+' from 'SD' (selective default). S&P said, "We also assigned our 'B' issue-level and '1' recovery rating to the company's new $65 million senior secured, first-out revolving credit facility (RCF) and $52 million senior secured, first-out term loan, both due 2030, our 'CCC+' issue-level and '4' recovery rating to the new $455 million senior secured, second-out term loan due 2030, and our 'CCC' issue-level and '5' recovery rating to new $41 million senior secured, third-out term loan due 2031. "We also withdrew all of our ratings on the company's existing rated debt due to repayment. "The negative outlook reflects the probability that we could lower our ratings within the next six to 12 months if weak earnings or continued free operating cash flow (FOCF) deficits pressure liquidity or we foresee another debt restructuring over the next 12 months." Sensience Inc. completed a debt restructuring transaction involving its entire lending group and financial sponsor One Rock Capital Partners LLC (One Rock). The transaction exchanged existing debt to extend the maturities and provided additional liquidity to make interest payments originally due on April 30 and support near-term operations. In S&P Global Ratings' view, the transaction improves the company's near-term liquidity prospects but leaves the capital structure unsustainable due to weak operating performance, negative cash flows, and elevated leverage. The debt restructuring provides Sensience with additional liquidity to support near-term operations. The transaction, which was completed June 2, 2026, gave the company approximately $32 million more in liquidity (proforma as of June 1, including accrued interest through June 30) and extended the maturity of its RCF from May 2027 to November 2030. In addition, a portion of the interest on its second- and third-out term loans will be paid in kind (PIK) through the third quarter of fiscal 2027, saving about $10 million in total over the next four quarters One Rock also contributed $20 million of equity, which it used to pay off its existing, fully drawn accounts receivable securitization facility. S&P expects the company will have enough liquidity to cover its operating needs over the next 12 months, including its quarterly interest payments on the new debt. However, Sensience hasn't generated positive FOCF since One Rock purchased the business in mid-2022. While the cash shortfall has lessened since 2023, when the company faced severely depressed earnings from lower volumes and high separation costs, FOCF remained negative, slowly eroding liquidity and leading to a debt restructuring in November 2024 and subsequent cash crunch ahead of the April 30, 2026, interest payments. S&P forecasts improving, albeit still negative, FOCF in fiscals 2026 and 2027. For the last 12 months ended March 31, 2026, Sensience had an S&P Global Ratings-adjusted FOCF deficit of $36 million. The company is executing several actions to improve its cash flow, including facility cost reductions, greater manufacturing automation, and strategic price increases. S&P said, "However, we expect moderately higher capital expenditure over the next two years as it invests in automation and other operational improvements. As a result, we forecast FOCF deficits of $14 million in fiscal 2026 and $9 million in fiscal 2027. If the company cannot materially improve cash flow, its liquidity position will remain constrained and could cause another restructuring within 18-24 months." Revenues and EBITDA margins will modestly decline in fiscal 2026, before improving in fiscal 2027. In late calendar 2025 through early 2026, residential HVAC and consumer appliance markets were soft due to macroeconomic uncertainty and original equipment manufacturer (OEM) inventory rebalancing. This led to a 2.6% decline in revenues for the six months ended March 31, 2026, compared with the prior-year period. S&P expects this trend to continue through the remainer of fiscal 2026. The company faces higher costs in key raw materials like silver due to continued inflationary pressures in the U.S. Sensience has raised prices to offset the cost increases, but there is a modest lag in pass-through timing. As a result, S&P forecasts revenues will decrease 3%-5% and S&P Global-Ratings adjusted EBITDA margins will decline 30 basis points (bps) in fiscal 2026. S&P said, "We anticipate order rates will improve heading into fiscal 2027 and Sensience will benefit from commercial and operational improvement strategies, leading to revenue growth of 4%-6% and EBITDA margins of 15%-16% at the end of 2027. "However, we expect the company's S&P Global Ratings-adjusted debt will increase to nearly $600 million by fiscal 2027, from about $435 million in fiscal 2022, due to increased term debt, PIK interest, and borrowings on its RCF. Even though we expect a modest increase in EBITDA over the next two years, leverage will likely remain elevated above 10x and EBITDA interest coverage will likely remain minimal at about 1.0x on an S&P Global Ratings-adjusted basis. Therefore, we view its capital structure as unsustainable. "The negative outlook reflects our expectations that we could lower our ratings within the next six to 12 months if weak earnings or continued FOCF deficits pressure liquidity or we foresee another debt restructuring over the next 12 months. "We could lower our ratings on Sensience if its cash flow or earnings deteriorate such that we expect a liquidity shortfall or debt restructuring within the next 12 months." S&P could raise its ratings on Sensience if: -- S&P expects its operating performance and credit metrics to improve such that we view the capital structure as sustainable, which includes generating consistently positive FOCF and EBITDA interest coverage above 1.5x on a sustained basis; -- Its liquidity cushion improves such that it is able to absorb a moderate level of stress; and -- It remains in compliance with its covenants. SENTINEL HOLDINGS: Bush & Associates Out, DLHC In as New Auditor ---------------------------------------------------------------- Sentinel Holdings Ltd. announced in a regulatory filing that the Board of Directors approved the dismissal of Bush & Associates CPA LLC, as the Company's independent registered public accounting firm following the completion of its audit of the Company's consolidated financial statements as of and for the year ended December 31, 2025 and the issuance of the Accountant's reports thereon. The Accountant was dismissed on June 10, 2026. The audit reports of the Accountant on the consolidated financial statements of the Company as of and for each of the fiscal years ended December 31, 2025 and 2024, contained a 'going concern' qualification, but did not otherwise contain an adverse opinion or a disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope, or accounting principles. In connection with the audits of the Company's consolidated financial statements for each of the fiscal years ended December 31, 2025 and 2024, there were no: (1) 'disagreements' (within the meaning of Item 304(a)(1)(iv) of Regulation S-K and related instructions) with the Accountant on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedures, which disagreements, if not resolved to the Accountant's satisfaction, would have caused the Accountant to make reference to the subject matter of the disagreement in connection with the Accountant's opinion to the subject matter of the disagreement; or (2) 'reportable events' (as defined in Item 304(a)(1)(v) of Regulation S-K). Engagement of New Independent Registered Public Accounting Firm Following the dismissal of Bush & Associates, the Board appointed DiPiazza LaRocca Heeter & Co., LLC, 510 Office Park Drive, Suite 100, Birmingham, AL 35223, as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2026, effective beginning with the review of the Company's condensed consolidated financial statements for the quarter ending March 31, 2026. During the Company's fiscal years ended December 31, 2025 and 2024, and the subsequent interim period through June 9, 2026, neither the Company nor anyone acting on its behalf consulted DLHC with respect to either: (i) the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Company's financial statements, and no written report was provided to the Company or oral advice was provided that DLHC concluded was an important factor considered by the Company in reaching a decision as to an accounting, auditing or financial reporting issue; or (ii) any matter that was either the subject of a 'disagreement' (as defined in Item 304(a)(1)(iv) of Regulation S-K and related instructions) or a 'reportable event' (as described in Item 304(a)(1)(v) of Regulation S-K). 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 $2.64 million in total assets, $5.49 million in total liabilities, and $2.85 million in total stockholders' deficit. Minneapolis, Minnesota-based Bush & Associates CPA LLC, the Company's former auditor, 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. SERRA GAUCHA: Court Extends Cash Collateral Access to Aug. 31 ------------------------------------------------------------- Serra Gaucha Brazilian Steakhouse, LLC received another extension from the U.S. Bankruptcy Court for the District of Arizona to use cash collateral. Under the court order, the Debtor is authorized to use cash collateral through Aug. 31 in accordance with its latest budget, allowing it to operate during its Chapter 11 restructuring. WebBank and OnDeck are the Debtor's primary secured creditors, with claimed balances of approximately $123,232 and $174,026, respectively. Both are alleged merchant cash advance lenders that received regular pre-petition payments and hold liens on receivables while OnDeck also claims a lien on all assets. WebBank will receive adequate protection through a monthly payment of $1,500 from the Debtor. The order is available at https://is.gd/RNTpko About Serra Gaucha Brazilian Steakhouse LLC Serra Gaucha Brazilian Steakhouse, LLC operates as a restaurant business focused on delivering authentic Brazilian churrasco-style cuisine. Serra Gaucha Brazilian Steakhouse filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Ariz. Case No. 25-11201) on November 20, 2025, with between $500,001 and $1 million in both assets and liabilities. Dawn Maguire, Esq., at Guttilla Murphy Anderson serves as Subchapter V trustee for the Debtor. Honorable Bankruptcy Judge Scott H. Gan handles the case. The Debtor is represented by Chris D. Barski, Esq., at Barski Law. SHORT PAR: Hires Stichter Riedel Blain & Postler as Counsel ----------------------------------------------------------- Short Par 4, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Stichter, Riedel, Blain & Postler, P.A. as counsel. The firm's services include: a. rendering legal advice with respect to the Debtor's powers and duties as debtor in possession, the continued operation of the Debtor's business, and the management of its property; b. preparing on behalf of the Debtor necessary motions, applications, orders, reports, pleadings, and other legal papers; c. appearing before this Court and the United States Trustee to represent and protect the interests of the Debtor; d. assisting with and participating in negotiations with creditors and other parties in interest in formulating a plan of reorganization, drafting such a plan, and taking necessary legal steps to confirm such a plan; e. representing the Debtor in all adversary proceedings, contested matters, and matters involving administration of this case; f. representing the Debtor in negotiations with potential financing sources, and preparing contracts, security instruments, and other documents necessary to obtain financing; and g. performing all other legal services that may be necessary for the proper preservation and administration of this Chapter 11 case. The firm will be paid at these rates: Matthew B. Hale, Esq. $500 per hour Partner $450 to $750 per hour Associates $325 to $350 per hour Paralegal $300 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Hale 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: Matthew B. Hale, Esq. Stichter, Riedel, Blain & Postler, P.A. 110 East Madison Street, Suite 200 Tampa, FL 33602 Tel: (813) 229-0144 Email: mhale@srbp.com About Short Par 4 LLC Short Par 4, LLC is a Florida corporation founded in 2014 by Robert DiMeo and Martin Haas. Based in leased space in Bradenton, Florida, the company operates a membership-based golf subscription service that provides services including curated monthly deliveries of golf lifestyle apparel and related products to customers nationwide. Under its model, clothing and accessories from established brands are selected based on individual member preferences, and members receive mailed boxes containing the selected items. Members may also purchase additional brand-name gear through an exclusive online store. The company also develops in-house golf apparel brands. Short Par 4 sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-04747) on June 2, 2026, with $1 million to $10 million in both assets and liabilities. Judge Caryl E. Delano presides over the case. Matthew B. Hale, Esq. at Stichter, Riedel, Blain & Postler represents the Debtor as legal counsel. SIFI NETWORKS: Hires Cole Schotz P.C. as Counsel ------------------------------------------------ Sifi Networks America, LLC seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Cole Schotz P.C. as counsel. The firm will provide these services: a. provide legal advice with respect to the Debtor's powers and duties as debtor-in-possession; b. take all necessary actions to protect and preserve the Debtor's estate, including the prosecution of actions on the Debtor's behalf, the defense of any actions commenced against the Debtor, the negotiation of disputes in which the Debtor is involved and the preparation of objections to claims filed against the Debtor's estate; c. prepare, on behalf of the Debtor, as debtor-in-possession, all necessary motions, applications, answers, orders, reports and other papers in connection with the administration of the Debtor's estate; d. advise the Debtor concerning, and prepare and/or review responses to, applications, motions, other pleadings, notices and other papers that may be filed by the Debtor and other parties in this Chapter 11 Case; e. attend meetings and negotiate with representatives of creditors and other parties in interest, appear at Court hearings and advise the Debtor on the conduct of this Chapter 11 Case; f. take all necessary actions in connection with any chapter 11 plan and related disclosure statement, as each may be amended from time to time, and all related documents, and such further actions as may be required in connection with the administration of the Debtor's estate and the implementation of any such documents; and g. perform all other necessary legal services in connection with the prosecution of this Chapter 11 Case. The firm will be paid at these rates: Members $600 to $1,800 per hour Special Counsel $725 to $950 per hour Associates $400 to $765 per hour Paralegals $330 to $485 per hour Litigation Support, Specialists $175 to $270 per hour Daniel F.X. Geoghan, Member $1,050 per hour Patrick J. Reilley, Member $1,000 per hour Jacob S. Frumkin, Member $875 per hour Mark Tsukerman, Member $875 per hour Michael E. Fitzpatrick, Associate $650 per hour Natalie C. Gibson, Associate $430 per hour Tejal R. Majethia, Associate $425 per hour Larry S. Morton, Paralegal $420 per hour The firm received several retainers and payments totaling $800,000. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Mr. Reilley 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: Patrick J. Reilley, Esq. Cole Schotz P.C. 500 Delaware Avenue, Suite 600, Wilmington, DE 19801 Tel: (302) 652-3131 Fax: (302) 652-3117 Email: preilley@coleschotz.com About SiFi Networks SiFi Networks America LLC is a Wilmington, Delaware-based telecommunications infrastructure project management and deployment services provider. The company supports fiber-to-the-premises network projects through deployment planning, permitting coordination, vendor and subcontractor management, construction management, program management, delivery coordination, stakeholder reporting, and compliance support. SiFi Networks sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 26-10912) on June 5, 2026. The petition was signed by Jacen Dinoff as chief restructuring officer. In the petition, the Debtor reported estimated total assets of $1 million to $10 million and estimated liabilities of $10 million to $50 million. The Hon. Brendan Linehan Shannon presides over the Debtor's case. Cole Schotz P.C. represents the Debtor as its bankruptcy counsel. KCP Advisor Group LLC serves as the Debtor's restructuring advisor, Sherwood Partners Inc. acts as the Debtor's sales agent, and Stretto Inc. serves as the Debtor's claims and noticing agent. SIFI NETWORKS: Hires Mr. Dinoff of KCP Advisory Group as CRO ------------------------------------------------------------ SiFi Networks America, LLC seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ KCP Advisory Group LLC and designate Jacen A. Dinoff as chief restructuring officer. The firm's services include: a. ongoing operations, such as forecasting, planning, controlling, managing cash, and developing one or more business plans; b. preparing weekly reporting for the DIP Lender; c. reviewing, analyzing and negotiating settlements with the secured lender, vendors and other creditors, and other work as necessary; d. confirmation and consummation of a plan of reorganization or other exit strategy in the Chapter 11 Case; e. establishing a deadline for the filing of proofs of claims in the Chapter 11 Case and a process for evaluating and resolving claims; and f. preparing and supporting any legal actions to be undertaken by the Debtor, including but not limited to, the filing of the Chapter 11 Case and testifying on behalf of the Debtor. The firm will be paid at these rates: CEO/COO/CRO $625 per person per hour Senior Managing Directors $585 per person per hour Managing Directors $450 per person per hour Analysts and Associates $175 to $400 per person, per hour The firm received several retainers in the total amount of $305,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Jacen A. Dinoff 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: Jacen A. Dinoff KCP Advisory Group, LLC 700 Technology Park Dr, Ste 212 Billerica, MA 01821-4134 Tel: (781) 328-1641 Email: jdinoff@kcpadvisory.com About SiFi Networks SiFi Networks America LLC is a Wilmington, Delaware-based telecommunications infrastructure project management and deployment services provider. The company supports fiber-to-the-premises network projects through deployment planning, permitting coordination, vendor and subcontractor management, construction management, program management, delivery coordination, stakeholder reporting, and compliance support. SiFi Networks sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 26-10912) on June 5, 2026. The petition was signed by Jacen Dinoff as chief restructuring officer. In the petition, the Debtor reported estimated total assets of $1 million to $10 million and estimated liabilities of $10 million to $50 million. The Hon. Brendan Linehan Shannon presides over the Debtor's case. Cole Schotz P.C. represents the Debtor as its bankruptcy counsel. KCP Advisor Group LLC serves as the Debtor's restructuring advisor, Sherwood Partners Inc. acts as the Debtor's sales agent, and Stretto Inc. serves as the Debtor's claims and noticing agent. SIFI NETWORKS: Hires Sherwood Partners Inc. as Sales Agent ---------------------------------------------------------- SiFi Networks America, LLC seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Sherwood Partners, Inc. as sales agent. The firm's services include: a. working with the Debtor to identify all applicable assets to be sold; b. advising on the structure of a sale process; c. working with the Debtor to develop a target list of potential acquirers; d. working with the Debtor to prepare an offering memorandum, nondisclosure agreement and data room; e. assisting potential buyers with due diligence, management interviews, and formulation of offers; f. in conjunction with principals of the Debtor and the Debtor's professional advisors, garnering offers and conducting a competitive sale process, which may be inclusive of a stalking horse bidder, a funded offer, and alternate counter offers to achieve highest and best results; g. working with the Debtor to assist in the closing of a sale transaction; h. soliciting interest in DIP Financing for the Debtor; and i. assisting with negotiations related to DIP Financing for the Debtor. The firm will be paid at these rates: a. A consulting fee of $60,000, $30,000 of which was earned upon the execution of the Engagement Letter and the remainder earned upon approval of Sherwood's retention by the Court; b. if a Transaction (as defined in the Engagement Letter) is consummated, a fee equal to the greater of (i) $80,000 or (ii) nine percent (9%) of the Sales Gross Value (as defined in the Engagement Letter) of all consideration received in connection with any Transaction involving the Assets (the "Success Fee");5 c. for DIP Financing Advisory Services (as defined in the Engagement Letter) and any witness or declarant in-court testimony requested by the Debtor, hourly rates of $575 to $675 per hour, provided that any required travel time shall be billed at 50%; and d. reimbursement of reasonable and documented out-of-pocket expenses, including but not limited to travel, copying costs, and any other costs incurred by Sherwood in the course of activities or actions required by the Engagement Letter. No reimbursable expense will exceed $2,500 without the Debtor's prior written consent. The firm agreed to pay a retainer in the amount of $35,000. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Shareef El Attar 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: Shareef El Attar Sherwood Partners, Inc. 3945 Freedom Cir #560 Santa Clara, CA 95054 Tel: (650) 454-8001 About SiFi Networks SiFi Networks America LLC is a Wilmington, Delaware-based telecommunications infrastructure project management and deployment services provider. The company supports fiber-to-the-premises network projects through deployment planning, permitting coordination, vendor and subcontractor management, construction management, program management, delivery coordination, stakeholder reporting, and compliance support. SiFi Networks sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 26-10912) on June 5, 2026. The petition was signed by Jacen Dinoff as chief restructuring officer. In the petition, the Debtor reported estimated total assets of $1 million to $10 million and estimated liabilities of $10 million to $50 million. The Hon. Brendan Linehan Shannon presides over the Debtor's case. Cole Schotz P.C. represents the Debtor as its bankruptcy counsel. KCP Advisor Group LLC serves as the Debtor's restructuring advisor, Sherwood Partners Inc. acts as the Debtor's sales agent, and Stretto Inc. serves as the Debtor's claims and noticing agent. SIFI NETWORKS: Hires Stretto Inc. as Administrative Advisor ----------------------------------------------------------- SiFi Networks America, LLC seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Stretto, Inc. as administrative advisor. The firm will provide these services: a. assist with, among other things, solicitation, balloting, and tabulation of votes; prepare any related reports, as required in support of confirmation of a chapter 11 plan; b. prepare an official ballot certification and, if necessary, testify in support of the ballot tabulation results; c. assist with the preparation of the Debtor's schedules of assets and liabilities and statement of financial affairs and gather data in conjunction therewith; d. manage and coordinate any distributions pursuant to a chapter 11 plan if designated as distribution agent under such plan; and e. provide such other solicitation, balloting and other administrative services as may be requested from time to time by the Debtor, the Bankruptcy Court or the Office of the Clerk of the Bankruptcy Court. The firm's preferred hourly rate structures are: Analyst Waived Consultant (Associate/Senior Associate $70-$200 Director/Managing Director $210-$250 Solicitation Director $275 Executive Management Waived Prior to the petition date, the Debtor paid the firm an advance payment of $7,500. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Sheryl Betance 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: Sheryl Betance Stretto 410 Exchange, Ste. 100 Irvine, CA 92602 Tel: (714) 716-1872 Email: sheryl.betance@stretto.com About SiFi Networks SiFi Networks America LLC is a Wilmington, Delaware-based telecommunications infrastructure project management and deployment services provider. The company supports fiber-to-the-premises network projects through deployment planning, permitting coordination, vendor and subcontractor management, construction management, program management, delivery coordination, stakeholder reporting, and compliance support. SiFi Networks sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 26-10912) on June 5, 2026. The petition was signed by Jacen Dinoff as chief restructuring officer. In the petition, the Debtor reported estimated total assets of $1 million to $10 million and estimated liabilities of $10 million to $50 million. The Hon. Brendan Linehan Shannon presides over the Debtor's case. Cole Schotz P.C. represents the Debtor as its bankruptcy counsel. KCP Advisor Group LLC serves as the Debtor's restructuring advisor, Sherwood Partners Inc. acts as the Debtor's sales agent, and Stretto Inc. serves as the Debtor's claims and noticing agent. SIMAD HOLDINGS: Deadline for Panel Questionnaires Set for June 22 ----------------------------------------------------------------- The United States Trustee is soliciting members for committee of unsecured creditors in the bankruptcy cases of SIMAD Holdings, Ltd, 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/jjwp3htu and return by email it to Tina L. Oppelt -- Tina.L.Oppelt@usdoj.gov -- at the Office of the United States Trustee so that it is received no later than 5:00 p.m., on June 22, 2025. 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 SIMAD SIMAD owns and operates a portfolio of 30- day and sleepaway summer camps located primarily in the eastern United States, including New Jersey, New York, Maine, and Pennsylvania. Operating in the summer camp sector since 2006, the company's camps generally run from June through August and enroll approximately 20,500 children annually. SIMAD's camps offer programs across sports, academics, arts, technology, and religion, with each camp separately branded and independently operated through its own management, staff, accounting, and operational infrastructure. SIMAD Holdings Ltd sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-16388) on June 4, 2026. In its petition, the Debtors reported estimated assets of $100 million to $500 million and estimated liabilities of $500 million to $1 billion. The petitions were signed by Assaf Ravid as chief restructuring officer. The Debtors' Restructuring & Bankruptcy Counsel is Cole Schotz P.C. The Debtors' financial advisor and investment banker is B. Riley Securities, Inc. The Debtors' claims and noticing agent is Kroll Restructuring Administration LLC. SIMAD HOLDINGS: Gets OK to Use Hometrust Bank's Cash Collateral --------------------------------------------------------------- Simad Holdings, Ltd and affiliates received interim approval from the U.S. Bankruptcy Court for the District of New Jersey to use the cash collateral of Hometrust Bank to fund operations. Under the interim order, the Debtors are authorized to use cash that constitutes collateral of the secured lender to fund business operations and maintain their assets. Hometrust Bank claims it is owed approximately $3.13 million under pre-petition loan agreements with Simad Holdings' affiliates, Bluestar Landco, LLC and Bluestar Operatingco, LLC, and claims valid liens on their assets, including cash collateral. As adequate protection against any decline in the value of its collateral resulting from the use of its cash collateral, Hometrust Bank will receive replacement liens on the Bluestar entities' post-petition assets and proceeds, with the same validity, priority, and extent as any valid pre-petition liens it holds. These replacement liens are automatically perfected. If the replacement liens prove insufficient, Hometrust Bank will receive a contingent superpriority administrative expense claim under section 507(b), subordinate only to U.S. trustee fees and any senior adequate protection claims. The interim order provides that the adequate protection granted to Hometrust Bank will be void if its alleged lien on the cash collateral is later determined to be invalid. The order also preserves all parties' rights to contest the lender's claims and liens. The order is available at https://is.gd/w5QhlV from PacerMonitor.com. A final hearing is scheduled for June 29. The Debtors were previously allowed to use their cash, including cash collateral from June 4 to June 15 under the court's June 8 interim order. The Debtors used the funds solely to pay pre-petition salaries, payroll-related taxes and other emergent expenses necessary to open the camps to become operational. The Debtors operate approximately 30 summer camps across the United States, serving more than 20,000 children annually, with operations heavily concentrated during the summer season. Because the camps are scheduled to open later this month, uninterrupted access to cash is critical to maintaining operations. As of the petition date, the Debtors' cash pool consisted of approximately $18.8 million on hand, which the Debtors said is sufficient to cover foreseeable operating expenses. The Debtors are under the control of an appointed chief restructuring officer who now oversees centralized financial management. On June 4, the Debtors filed for Chapter 11 protection to invoke the automatic stay in response to significant financial pressure from merchant cash advance lenders and other secured creditors, including Israeli bondholders with asserted liens and defaults on substantial debt obligations tied to international debentures. These financial pressures allegedly created a risk of immediate enforcement actions that could have cut off access to cash and receivables at a critical operational period. Hometrust Bank, as secured lender, is represented by: Andrea Dobin, Esq. McManimon Scotland & Baumann, LLC 427 Riverview Plaza Trenton, NJ 08611 Office: (609) 695-6070 Phone: (973) 323-8667 Fax: (973) 622-7333 adobin@msbnj.com About SIMAD Holdings Ltd. SIMAD Holdings, Ltd. owns and operates a portfolio of 30-day and sleepaway summer camps located primarily in the eastern United States, including New Jersey, New York, Maine, and Pennsylvania. Operating in the summer camp sector since 2006, the company's camps generally run from June through August and enroll approximately 20,500 children annually. SIMAD's camps offer programs across sports, academics, arts, technology, and religion, with each camp separately branded and independently operated through its own management, staff, accounting, and operational infrastructure. SIMAD Holdings and 57 affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.J. Lead Case No. 26-16388) on June 4, 2026. On June 5, 2026, four more affiliates filed Chapter 11 petitions: One Canal Place Leasing, LLC, One Canal Place Real Estate, LLC, Quadstar Realty, LLC and Mohawk Country Day School, Inc. The cases are jointly administered under Case No. 26-16388. In the petition signed by Assaf Ravid, chief restructuring officer, SIMAD Holdings disclosed up to $500 million in assets and up to $1 billion in liabilities. Judge Christine M. Gravelle oversees the cases. The Debtors tapped Cole Schotz, PC as restructuring and bankruptcy counsel; B. Riley Securities, Inc. as financial advisor and investment banker; and Kroll Restructuring Administration, LLC as claims, notice, solicitation, balloting, and administrative agent. SLEEP NUMBER: To Be Delisted from Nasdaq After Chapter 11 Filing ---------------------------------------------------------------- Stock Titan reports that Sleep Number Corporation announced that Nasdaq plans to remove its common stock from the Nasdaq Global Select Market after the bedding company filed for Chapter 11 protection. The exchange pointed to the bankruptcy cases, questions surrounding residual equity value, public interest concerns, and the company's ability to satisfy continued listing standards. The company's shares will be suspended from trading effective June 23, 2026, after which Nasdaq is expected to submit the paperwork necessary to formally delist the stock. Sleep Number does not intend to challenge the determination and said the action should have no impact on its business activities or bankruptcy proceedings. While the stock could eventually trade on over-the-counter markets, the company cautioned that no active trading market is guaranteed, the report states. 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. Sleep Number Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 26-11399) on June 12, 2026. In its petition, the Debtor reports estimated assets between $500 million and $1 billion and estimated liabilities between $1 billion and $10 billion. Honorable Bankruptcy Judge Kyu Young Paek handles the case. The Debtor is represented by Brian Resnick, Esq. of Davis Polk & Wardwell LLP. SOURCEWATER INC: 5th Circuit Affirms Sanctions Order v. CEO ----------------------------------------------------------- In the appeal styled Joshua Adler, Appellant, versus Energy Debt Holdings L.L.C., Appellee, No. 25-20479 (5th Cir.), Judges Priscilla Richman, Leslie H. Southwick and Don R. Willett of the U.S. Court of Appeals for the Fifth Circuit affirmed a sanctions order. against Joshua Adler, the Chief Executive Officer of Sourcewater, Inc. In March 2023, Sourcewater filed a voluntary petition under Chapter 11 of the Bankruptcy Code, bringing the action in the Southern District of Texas. The bankruptcy court issued a Cash Collateral Order on May 1, 2023, resolving a collection of issues. Included among the issues resolved by the Cash Collateral Order was Sourcewater's ability to challenge the "validity, perfection, enforceability, allowability, priority or extent of the obligations" at issue between it and Energy Debt Holdings. If Sourcewater wanted to dispute any of these issues with respect to EDH's obligations and rights in the bankruptcy, it had to do so in the "Challenge Period". That period was defined as being no later than the earlier of the commencement of a hearing to consider confirmation of a Chapter 11 plan and ninety days after the Petition Date. The bankruptcy court entered a Confirmation Order stating that EDH's Class 1B Claim will have first priority to any payments provided for in the Plan for Class 1A, Class 1B, and Class 3 Claims. Under the Plan, Sourcewater's assets were subjected to an auction. Adler was the successful bidder, and EDH the backup bidder. Thereafter, Sourcewater filed a Consensual Emergency Motion for Order Approving Successful Bid, Backup Bid, and Sale. The bankruptcy court set an emergency hearing for March 28, 2024, to hear arguments on the motion. A day before the hearing, Adler initiated an adverse proceeding in the bankruptcy court, seeking a declaratory judgment subordinating the EDH Note to those held by Adler. The bankruptcy court approved the auction's results on April 1. Adler, however, failed to close on his successful bid, and EDH then closed on its backup bid. In late April 2024, EDH moved for enforcement of the Confirmation Order and Final Cash Collateral Order and for sanctions against Adler. Shortly thereafter, the bankruptcy court dismissed the adversary proceeding filed by Adler on judicial estoppel grounds. Two days later, the bankruptcy court granted EDH's motion, assessing sanctions of $25,000 against Adler to be paid to EDH. The bankruptcy court found that Adler had violated both the Confirmation Order and the Final Cash Collateral Order when he filed his adversary proceeding because the adversary proceeding challenged the priority of Adler's notes relative to EDH's outside of the circumscribed challenge period created by the bankruptcy court's orders. The district court affirmed the bankruptcy court's order imposing sanctions, holding that Adler failed to comply with the bankruptcy court's orders in filing the adversary proceeding, as the adversary proceeding constituted precisely the type of priority and subordination challenge that the Cash Collateral Order barred absent a timely filing. It upheld the grant of monetary sanctions as a proper civil contempt sanction. The panel holds, "There was substantial evidence to support the bankruptcy court's finding that Adler 'acted in bad faith in filing the adversary case one day prior' to the sale hearing. We agree with the district court's analysis that the Cash Collateral Order specified the proper procedures and timeline for challenging priority, and that the Confirmation Order modified the priority of payment to conform with the Cash Collateral Order's ordering. Adler's adversary proceeding was filed outside, and in violation, of the timeline specified in the bankruptcy court's orders. The only question before us is whether Adler violated the bankruptcy court's orders. He did. We affirm." A copy of the Court's Opinion dated June 16, 2026, is available at https://urlcurt.com/u?l=3EFYHG Joshua Adler is represented by: William Riley Nix, III, Esq. Mark Curtis Taylor, Esq. Holland & Knight LLP Tel: 512-685-6476 512-685-6400 E-mail: trip.nix@hklaw.com mark.taylor@hklaw.com About Sourcewater Inc. Sourcewater, Inc. gathers, analyzes and visualizes surface and subsurface energy and water activity. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 23-30960) on March 17, 2023. In the petition signed by Joshua A. Adler, as chief executive officer, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. Judge Jeffrey P. Norman oversees the case. Jarrod B. Martin, Esq., at Chamberlain, Hrdlicka, White, Williams, & Aughtry, P.C., is serving as the Debtor's legal counsel. STARFISH HOLDCO: S&P Alters Outlook to Negative, Affirms 'B-' ICR ----------------------------------------------------------------- S&P Global Ratings affirmed the 'B-' issuer credit rating on Starfish Holdco LLC (dba Precisely) and revised the rating outlook to negative from stable. S&P also affirmed its 'B-' issue-level rating on the company's first-lien credit facility and 'CCC' issue-level rating on its second-lien term loan. The negative outlook reflects S&P's view that Precisely's high leverage, soft revenue growth, and continued investment needs to develop AI capabilities and integrations could hinder accelerating revenue growth and expanding free cash flow generation ahead of its 2028 maturity. While Precisely continues to generate positive revenue growth and maintain retention, slowing growth and a more competitive backdrop could continue to weigh on credit metrics and increase refinancing risk ahead of its 2028 maturity, if current market conditions persist. However, S&P Global Ratings believe the company has sufficient liquidity over the next 12 months to meet its operating and debt service requirements. Recent growth deceleration continues to pressure credit metrics. The company maintains a mission-critical role in legacy and hybrid data environments--specifically within IBM mainframe data movement and regulated enterprise data quality. However, S&P believes its leverage is currently high, which is increasingly misaligned with the company's growth trajectory in the prevailing high-interest-rate environment. S&P said, "We see an increasing risk of a downward rating action if Precisely fails to accelerate top-line growth or if its transition to a unified, AI-ready platform fails to catalyze meaningful new logo acquisition or net retention rate expansion. As a result, we are closely monitoring the company's ability to navigate upcoming debt maturities and the efficacy of its recent leadership changes in driving product-led innovation." The company is currently shifting to a more integrated, AI-enabled data integrity platform from a collection of highly sticky, high-margin legacy products. This shift introduces both significant opportunities and substantial execution risk. Historically, Precisely has benefited from a stable, low-growth, high-margin model anchored by deep integration into mainframe and regulated enterprise workflows. The company has grown its annual recurring revenue (ARR) in the mid-single-digit percent area over the last couple years, with an S&P Global Ratings-adjusted EBITDA margin over 40%, while maintaining relatively stable gross retention rates annually in the high-90% area. However, ARR growth decelerated to about 4% in 2024 and 2% in 2025 from about 7% in 2023; credits metrics and cash flow generation have remained weak due to a high debt burden amid the current rate environment. Over the last three years, its S&P Global Ratings-adjusted leverage was 8x-10x, EBITDA interest coverage was slightly above 1x, and free operating cash flow (FOCF) was either modestly negative or close to break-even. While the company's unlevered FCF has historically remained in the low-to-mid 30% range—indicating healthy operating efficiency—reported FCF has consistently hovered near breakeven. S&P believes high leverage is a direct consequence of the company's historical reliance on "tuck-in" acquisitions to drive scale and previously favorable debt market conditions, which has left it with a substantial debt burden that is difficult to sustain at current low-single-digit topline growth rates. S&P said, "We project its S&P Global Ratings-adjusted leverage will reach approximately 9.6x in 2026, improving modestly to the mid-8x area in 2027. In addition, we expect its interest coverage ratio to remain thin at 1.2x in 2026 and 1.5x in 2027, leaving a very limited margin for error in a volatile macroeconomic environment. "We anticipate this will persist through 2026, with break-even FOCF as the company continues to fund product development and AI-related modernization. As a result, we believe the company's credit rating is highly sensitive to its ability to achieve higher revenue growth, which we view as a prerequisite for a successful refinancing with favorable terms ahead of its 2028 first-lien term loan maturity. "We anticipate Precisely's ongoing effort to migrate customers from on-premises environments to the cloud will remain slow. There are inherent disruption risks, potentially contributing to the recent deceleration in subscription and software-as-a-service (SaaS) growth. In addition, the competitive landscape is intensifying as cloud-native data providers, hyperscalers, and other larger platform vendors integrate their own data governance and quality tools. Therefore, we remain cautious regarding Precisely's ability to accelerate growth against cloud-native competitors without a successful, seamless platform integration. "The increasing need for investment in AI-product capabilities adds execution risks. We anticipate investments on products will remain crucial to support software development and the integration of new AI capabilities. We are closely monitoring the impact of the recent leadership changes, including the appointment of Walid Abu-Hadba as CEO and Matt Waxman as CPO in April 2026, and Vinesh Vis as CRO in June 2026, on Precisely's ability to execute its "Agent-Ready Data" strategy. While these leaders bring deep product expertise, the transition period may create headwinds in sales productivity. "We believe the company's credit trajectory is also sensitive to the successful commercialization of its recent AI investments. It has made aggressive moves to position itself as the "governed-data infrastructure layer" for the AI ecosystem, evidenced by the launch of purpose-built AI agents and the implementation of the model context protocol (MCP) to allow external large-language model applications to access Precisely-governed data. "We believe developments such as the Gio AI Assistant and the Data Integration Agent are technologically sophisticated, but their ability to drive new logo acquisition and meaningful NRR expansion remains unproven. We expect a rating upside would require accelerating revenue growth and deleveraging. In addition, the company must prove that its heavy spending on AI and platform consolidation would not lead to material margins attrition. "As a result, we will continue to monitor the company's ability to convert its technological innovation into improving cash flow generation. If it fails to demonstrate improved sales productivity or the migration to the Data Integrity Suite continues to face delays, we could lower the rating to reflect the increasing risk of a challenged refinancing or a deterioration in its ability to service its debt. "The negative outlook reflects our view that Precisely's high leverage, soft revenue growth prospects, and continued investment needs to develop AI-product capabilities and product integrations could prevent accelerating revenue growth and expanding free cash flow generation ahead of its 2028 maturity. At the same time, we believe the company has sufficient liquidity over the next 12 months to meet its operating and debt service requirements. "We could lower our rating on Precisely if we believe there is an increasing risk of refinancing prior to its debt maturity. Without more improvements in Precisely's operating performance and cash flow generation, the sustainability of its capital structure is uncertain under the current market conditions. "We could revise our outlook to stable if Precisely demonstrates accelerating organic revenue growth and EBITDA margin expansion such that it is on track to improve credit metrics to more sustainable levels, putting it in a good position to refinance its capital structure." STELLA REALTY: Case Summary & Four Unsecured Creditors ------------------------------------------------------ Debtor: Stella Realty, L.L.C 1910 S. 44th St. Omaha, NE 68105 Business Description: Stella Realty owns various real estate holdings in Omaha. Chapter 11 Petition Date: June 15, 2026 Court: United States Bankruptcy Court District of Nebraska Case No.: 26-80701 Judge: Hon. Thomas L. Saladino Debtor's Counsel: Patrick R. Turner, Esq. TURNER LEGAL GROUP, LLC 9375 Burt Street #200 Omaha, NE 68114 Tel: 402-690-3675 E-mail: pturner@turnerlegalomaha.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Andy Panebianco as managing member. A copy of the Debtor's list of its four unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/MYRP6JI/Stella_Realty_LLC__nebke-26-80701__0007.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/IJZM76Y/Stella_Realty_LLC__nebke-26-80701__0001.0.pdf?mcid=tGE4TAMA STEWARD HEALTH: Chapter 11 Trusts Recover $58MM ----------------------------------------------- Clara Geoghegan of Law360 Bankruptcy Authority reports that the lawyers representing two trusts formed through Steward Health Care's Chapter 11 reorganization reported Thursday, June that the trusts have brought in $58.4 million while substantially reducing the volume of outstanding claims. The update was presented to a Texas bankruptcy court overseeing post-confirmation matters. The trusts were established to administer assets, pursue recoveries, and address creditor claims following Steward's bankruptcy proceedings. Counsel said the entities have achieved their results through settlements, claims reviews, and other recovery initiatives over the past 10 months, the report relays. Attorneys told the court that the trusts remain focused on maximizing creditor recoveries and efficiently resolving remaining claims. They emphasized that the progress achieved thus far reflects the effectiveness of the post-bankruptcy recovery strategy. About Steward Health Care Steward Health Care System, LLC, owns and operates the largest private physician-owned for-profit healthcare network in the U.S. Headquartered in Dallas, Texas, Steward's operations include 31 hospitals in eight states, approximately 400 facility locations, 4,500 primary and specialty care physicians, 3,600 staffed beds, and nearly 30,000 employees. Steward Health Care provides care to more than two million patients annually. Steward and 166 affiliated debtors filed Chapter 11 petitions (Bankr. S.D. Texas Lead Case No. 24-90213) on May 6, 2024. Judge Christopher M. Lopez oversees the proceeding. The Debtors tapped Weil, Gotshal & Manges, LLP as bankruptcy counsel; McDermott Will & Emery as special corporate and regulatory counsel; AlixPartners, LLP as financial advisor and John Castellano of AlixPartners as chief restructuring officer. Lazard Freres & Co. LLC, Leerink Partners LLC, and Cain Brothers, a division of KeyBanc Capital Markets Inc., provide investment banking services to the Debtors. Kroll is the claims agent. Susan N. Goodman has been appointed as patient care ombudsman in the Debtors' Chapter 11 cases. SUNNY LIQUOR: Commences Chapter 11 Bankruptcy in New York --------------------------------------------------------- On June 3, 2026, Sunny Liquor, LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Western District of New York. According to court filings, the debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. Deadline for filing the Subchapter V Chapter 11 plan is set for September 1, 2026. About Sunny Liquor, LLC Sunny Liquor, LLC is a retail beverage company engaged in the sale of alcoholic beverages, spirits, wine, beer, and related products. The company sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10698) on June 3, 2026. In its petition, the debtor reported estimated assets ranging from $100,001 to $1,000,000 and estimated liabilities ranging from $100,001 to $1,000,000. Honorable Bankruptcy Judge Carl L. Bucki handles the case. The debtor is represented by Robert B. Gleichenhaus, Esq., of Gleichenhaus, Marchese & Weishaar, P.C. SYNERGY INFRASTRUCTURE: Moody's Rates New Second Lien Notes 'B3' ---------------------------------------------------------------- Moody's Ratings assigned a B3 rating to Synergy Infrastructure Holdings, LLC's (Synergy) planned issuance of senior secured second lien notes maturing in 2034. The company's ratings remain unchanged including its B2 corporate family rating, B2-PD probability of default rating, and B3 senior secured notes rating. The outlook is stable. Proceeds from the offering of the new notes will be used to repay the ABL, pay for related transaction expenses and for general corporate purposes. RATINGS RATIONALE The B2 CFR reflects Synergy's position as the seventh largest rental equipment company in the US with roughly $1 billion of original equipment cost (OEC), as well as its moderate scale and geographically concentrated operations in the south and southeastern US. The ratings also reflect Moody's expectations for ongoing negative free cash flow due to significant investment in fleet expansion as the company funds its plans for meaningful growth. Synergy has a short operating history operating at its current scale and Moody's believes there is execution risk associated with the anticipated pace of equipment expansion, particularly if rental equipment demand falls short of current expectations. At the same time, EBITDA margins are strong and Moody's forecasts rapid revenue growth as the company integrates its most recent acquisition and increases the size of its rental fleet. The $1 billion of OEC includes about 10% of specialty equipment which accounts for approximately 15% of revenue. Synergy has a diverse and growing customer base and its operations are strategically positioned in high growth regions. Moody's forecasts adjusted debt/EBITDA will be about 5.0x at the end of 2026, declining modestly by the end of 2027. Expectations for lower leverage in 2027 are attributed to significant revenue growth and EBITDA margin of roughly 39%. The 2027 margin improvement is attributed to Synergy's expanded fleet, which will reduce its need for re-rents, as well as lower selling expenses as a percentage of revenue. Moody's expects organic revenue growth to increase by more than 40% in 2026 as the larger fleet affords significant opportunities for top line expansion. Moody's do not forecast additional acquisitions over the next 12 to 18 months. Moody's expects Synergy's liquidity to be adequate and supported by the unrated $500 million ABL facility due 2030, which is expected to be repaid with proceeds from the new second lien notes. Cash will be bolstered to roughly $200 million with the proceeds of the new notes. Moody's also expects ongoing negative free cash flow driven by high capex requirements which will result in Synergy utilizing its cash position and then once again being reliant on the ABL for its funding needs. The ABL has a springing minimum fixed charge coverage ratio of 1.1x if availability falls below a specific threshold. Moody's expects the company to maintain ample headroom under this covenant. The senior secured second lien notes do not have any financial maintenance covenants. There are no maturities within the next two years. The stable outlook reflects Moody's expectations that the company will successfully execute its growth plans at an aggressive pace, while modest deleveraging in 2027 as a result of higher revenue and EBITDA margin expansion. It also reflects Moody's expectations for adequate liquidity to be maintained over the next 12 to 18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING The ratings could be upgraded if Synergy establishes a longer track record of operating performance while growing its size and scale and maintaining profitability. In addition, debt/EBITDA would need to be below 3.5x while maintaining good liquidity for the ratings to be upgraded. The ratings could be downgraded if liquidity weakens or if debt/EBITDA was approaching 5.0x. Adoption of more aggressive financial policies, including distributions to shareholders or debt financed acquisitions that increase leverage could result in a downgrade. The principal methodology used in this rating was Equipment and Transportation Rental published in October 2025. Headquartered in Tampa, Florida, Synergy Infrastructure Holdings, LLC (dba Opifex-Synergy) is an independent equipment rental company with 39 locations in the southern US. The company serves diverse end markets including infrastructure, industrial, utilities, data centers and construction segments. Its fleet of equipment includes aerial, earth moving, trench safety, material handling, compaction and specialty. The company is privately owned by private equity firm Avance Investment Management, founders and other investors. Revenue for the twelve months ended March 31, 2026 was $429 million. TAMKO BUILDING: Moody's Rates New $415MM First Lien Term Loan 'B2' ------------------------------------------------------------------ Moody's Ratings assigned a B2 rating to TAMKO Building Products LLC's (TAMKO) proposed $415 million 4-year senior secured first lien term loan B due September 2030. All other ratings of the company, including the B1 corporate family rating, and its stable outlook remain unchanged. In addition, TAMKO will be refinancing its existing $225 million asset-based liability revolver (unrated) with a new $250 million 5-year facility. Proceeds from this issuance will be used to fund a dividend distribution to shareholders and pay related fees and expenses. Moody's forecasts pro forma 2026 debt/EBITDA to increase to 5x and decline to 4.7x in 2027 supported by EBITDA growth. Moody's expects leverage to trend back to below 4.5x over the next 12-18 months, but the debt-financed distribution reduces the cushion in the B2 rating category for unexpected underperformance. RATINGS RATIONALE TAMKO's B1 CFR reflects the company's strong profitability, including an EBITDA margin that is around 18%. The company's roofing products serve the residential markets, mainly repair and remodel. Moody's views these markets as more stable given their non-discretionary nature and inelastic demand relative to other building products. TAMKO has a good liquidity position and generates free cash under normal business conditions, which provides the company financial flexibility for organic investment or the pay down of absolute debt. However, TAMKO is a small company in terms of revenue and operates in highly competitive markets. The company has a track record of utilizing excess cash flow to fund distributions to shareholders beyond tax obligations. In addition, TAMKO's financial policy includes, from time to time, the execution of debt-funded dividends. The stable outlook reflects Moody's expectations that TAMKO will continue to perform well, generating good operating margins and benefiting from inelastic demand for roofing products, which will support a reduction in leverage to below 4.5x debt/EBITDA in the next 12-18 months. Good liquidity further supports the stable outlook. The B2 rating on TAMKO's senior secured term loans, one notch below the B1 corporate family rating (CFR), results from its subordination to the company's new $250 million asset-based revolving credit facility expiring in 2031. The senior secured term loan maturing in September 2030 has a first lien on substantially all noncurrent assets and a second lien on assets securing the company's asset-based revolving credit facility (ABL priority collateral). FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING Although unlikely over the near term, the ratings could be upgraded if debt/EBITDA remains below 3.5x, good liquidity is maintained, and there is more predictability in financial policies regarding capital deployment. A downgrade may occur if debt/EBITDA is sustained above 4.5x, EBITA/interest expense trends below 2x, liquidity deteriorates, and if the company adopts more aggressive return on capital policies. The principal methodology used in this rating was Manufacturing published in September 2025. TAMKO, headquartered in Galena, Kansas, is a manufacturer and marketer of residential roofing products and accessories throughout the US. TELEPHONE AND DATA: Moody's Affirms 'Ba1' CFR, Outlook Stable ------------------------------------------------------------- Moody's Ratings affirmed Telephone and Data Systems, Inc.'s (TDS) Ba1 Corporate Family Rating, Ba1-PD Probability of Default Rating, and Ba3 Preferred Stock ratings. Concurrently, Moody's affirmed Array Digital Infrastructure, Inc.'s (Array) (82% owned and controlled by TDS) Ba2 senior unsecured ratings. TDS's SGL-1 Speculative Grade Liquidity Rating (SGL) remains unchanged reflecting very good liquidity. The outlook for both entities remains stable. "The affirmation of TDS's CFR reflects the company's high-quality asset base, conservative financial policies including moderate financial leverage, resilient business model, and a very good liquidity profile. For year-end 2026, Moody's projects total debt-to-EBITDA (inclusive of Moody's adjustments) to be around 2.0x, compared to 2.5x for the LTM period ending March 31, 2026", said Emile El Nems, a Moody's Ratings VP-Senior Credit Officer. RATINGS RATIONALE TDS's Ba1 CFR reflects the company's ownership of high-quality, infrastructure-based assets, adherence to conservative financial policies, very good liquidity, predictable revenue streams, and moderate leverage. TDS directly, and through its 82% ownership in Array, operates across three resilient business segments: (i) a telecom division with 1.9 million passings, offering broadband, video, and voice services across 30 states; (ii) a wireless tower portfolio comprising 4,450 towers, positioning it as the fifth-largest tower operator in the US; and (iii) minority interests in wireless partnerships with Verizon and AT&T, which generate approximately $150 million in annual cash distributions to Array, accounted for under the equity method. Collectively, over the next two years (2026 to 2027), Moody's expects these businesses to grow at a compound annual rate of approximately 3%. At the same time, the rating reflects certain credit constraints, including (i) TDS's smaller scale relative to national telecom, cable, and tower peers and (ii) execution risk associated with its ambitious fiber expansion strategy. Over the next few years, the company aims to increase passings to around 2.6 million, with 80% of passings served by fiber. As of the LTM period ended March 31, 2026, 58% of TDS's 1.1 million connections were served by fiber, while 79% were capable of receiving multi-gigabit speeds. For 2026, Moody's projects consolidated revenue for TDS (inclusive of Array) to grow by approximately 2% year over year, driven primarily by (i) around 2% growth in the telecom division and (ii) flat performance in the tower segment, excluding one-time payments from T-Mobile. For 2026, Moody's projects $1.25 billion in revenue. EBITDA margins are expected to remain broadly stable, as Moody's adopts a conservative stance given anticipated cost pressures associated with the company's fiber expansion initiatives. Moody's expects material negative free cash flows over the next three years, with outflows peaking in 2026 at slightly more than $500 million and moderating to above $300 million in both 2027 and 2028, reflecting elevated capital expenditures tied to network upgrades. Lastly, Moody's forecasts total debt-to-EBITDA, inclusive of Moody's standard adjustments, at approximately 2.2x at year-end 2026, consistent with the company's moderate leverage profile, improving to around 1.9x by year-end 2027. Moody's expects TDS to maintain very good liquidity over the next year. TDS's consolidated liquidity position is supported by Moody's expectations for more than $1.7 billion in cash (pro forma for the cash proceeds from the sale of spectrum to Verizon), and full availability under the company's $400 million revolving credit facility expiring in December 2030. Moody's projects TDS to be in a net cash position at year end 2026. In addition, Array also maintains its own $100 million revolving credit facility. This facility is undrawn and expires in December 2030. The TDS and Array revolving credit facilities are governed by a maximum net debt-to-EBITDA ratio of 3.5x and a minimum consolidated EBITDA-to-Interest Expense of no less than 3.0x. For the next twelve to eighteen months, Moody's projects both entities will remain in compliance with ample headroom under their covenant compliance calculation. The Ba2 rating on the senior unsecured debt at TDS's 82% owned operating subsidiary, Array, is one notch below TDS's Ba1 CFR. The Ba2 rating on the senior unsecured notes of Array reflects the subordination of these notes to the unsecured revolver and term loan at Array, which benefits from guarantees from the material operating subsidiaries of Array. The unsecured notes of Array do not benefit from any guarantees from TDS. The Ba3 rating on TDS's cumulative redeemable perpetual preferred stock reflects its junior position in the capital structure and is two notches below the CFR. The stable outlook reflects Moody's expectations that over the next 12 to 18 months, TDS will grow revenue modestly, generate strong operating margins and cash flow from operations, have very good liquidity, and maintain conservative financial policies. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if TDS achieves greater scale and sustained revenue growth, maintains very good liquidity, total debt-to-EBITDA (Moody's adjusted) is sustained below 2.5x, and free cash flow-to-debt is at least in the high single-digits. The ratings could be downgraded if the company's operating performance deteriorates, liquidity materially weakens, or total debt-to-EBITDA (Moody's adjusted) is sustained above 3.5x. Headquartered in Chicago, Illinois, Telephone and Data Systems, Inc. (TDS) is a diversified telecommunications company with approximately 1.1 million fiber and cable connections in 30 states within the US. TDS, through its 82% owned subsidiary, Array Digital Infrastructure, Inc. (Array) owns and operates 4,450 communications towers providing service to AT&T, T-Mobile and Verizon, under long term lease agreements ranging from 5 to 15 years. The principal methodology used in these ratings was Telecommunications Service Providers published in December 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. TOMATLAN INC: Court Extends Cash Collateral Access to June 30 ------------------------------------------------------------- The U.S. Bankruptcy Court for the Western District of New York extended Tomatlan, Inc.'s authority to use cash collateral from June 16 to June 30. The court authorized the Debtor to use cash collateral to fund its operations based on an approved budget under the same terms and conditions set forth in its prior cash collateral motion. The court determined that the secured creditors' interests are adequately protected, and their rights remain unaffected by this interim use. A copy of the court's order is available at https://shorturl.at/Of9z6 from PacerMonitor.com. The next hearing is scheduled for June 29. Based on its bankruptcy schedules, the Debtor holds approximately $55,000 in assets, which are encumbered by various secured claims. KeyBank, N.A. holds a first priority blanket lien based on a line of credit initiated in 2018, with approximately $75,000 currently outstanding. A second lien is held by the U.S. Small Business Administration for around $470,000, related to a COVID-19 disaster recovery loan. In addition to these, the Debtor has financing arrangements with several merchant cash advance lenders including Ready Capital, Can Capital, Rapid Finance, Network Rewards, LG Funding LLC, Highland Hill Capital LLC, and MNY Capital LLC whose collective claims total over $350,000. These lenders have perfected Uniform Commercial Code security interests on various dates between 2018 and 2024, with lien expirations ranging into 2029. About Tomatlan Inc. Tomatlan, Inc. operates Rio Tomatlan, a Mexican restaurant in Canandaigua, New York. The Company specializes in Pacific Coast Mexican cuisine made from scratch using locally sourced, seasonal ingredients. It also offers catering services and private event hosting. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. N.Y. Case No. 25-20547) on July 22, 2025. In the petition signed by Juan R. Guevara, as president and sole shareholder, the Debtor disclosed $54,732 in total assets and $1,101,411 in total liabilities. Robert B. Gleichenhaus, Esq., at Gleichenhaus, Marchese & Weishaar, P.C., represents the Debtor as legal counsel. TOUCHSTONE LOGISTICS: Case Summary & 20 Top Unsecured Creditors --------------------------------------------------------------- Debtor: Touchstone Logistics LLC 9805-B York Road Suite 293 Cockeysville, MD 21030 Business Description: Touchstone Logistics, based in Cockeysville, Maryland, is a transportation and logistics company. Chapter 11 Petition Date: June 13, 2026 Court: United States Bankruptcy Court District of Maryland Case No.: 26-16358 Judge: Hon. Nancy V. Alquist Debtor's Counsel: Geri Lyons Chase, Esq. LAW OFFICE OF GERI LYONS CHASE 2007 Tidewater Colony Drive, Suite 2B Annapolis, MD 21401 Tel: 410-573-9004 Fax: 410-630-5767 E-mail: gchase@glchaselaw.com Estimated Assets: $50,000 to $100,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Alan Fabian as chief executive 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/Y3Q7T3I/Touchstone_Logistics_LLC__mdbke-26-16358__0001.0.pdf?mcid=tGE4TAMA TOWER CAPITAL: Hires Hilco Real Estate LLC as Real Estate Agent --------------------------------------------------------------- Tower Capital Group, LP seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to employ Hilco Real Estate, LLC as real estate agent. The firm's services include: a. meeting with the Debtor to ascertain the Debtor's goals, objectives, and financial parameters in selling the Property; b. soliciting of interested parties for the sale of the Property and marketing of the Property for sale through a managed qualifying bid process; and c. conducting negotiations, at the Debtor's direction and on the Debtor's behalf, for the sale of the Property. The firm will be paid at a commission of 5 percent of the Gross Sale Proceeds. Mr. Kaup disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Eric W. Kaup Hilco Real Estate LLP 5 Revere Dr., Ste. 410 Northbrook, IL 60062 Tel: (847) 504-2462 Fax: (847) 897-0874 About Tower Capital Group, LP Tower Capital Group, LP is an investment and financial services entity that engages in capital management, lending, and structured financing transactions. Tower Capital Group, LP sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-50689) on March 18, 2026. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities within the same range. Honorable Bankruptcy Judge Craig A. Gargotta handles the case. The Debtor is represented by Dean William Greer, Esq. TRILLION ENERGY: Extends Expiry of 2.1MM Warrants by One Year ------------------------------------------------------------- Trillion Energy International Inc. announce that, further to its previously announced non-brokered private placement, as described in the Company's April 17, 2026 news release, it has closed 17,172,419 units for gross proceeds of CAD$1,501,900 and the settlement of CAD$1,073,963 in outstanding debt. Furthermore, the Company has extended the expiry of 2,124,515 outstanding warrants by one year. Private Placement Update The Company issued 10,012,668 Units for gross proceeds of CAD$1,501,900 and settled outstanding debt with arm's length and non-arm's length parties of CAD$1,073,963 through the issuance of an aggregate of 7,159,751 Units. Each Unit is comprised of one common share of the Company and one-half of one share purchase warrant, with each Warrant exercisable at a price of CAD$0.25 per share for a period of one year from the date of issuance. In connection with the Offering, Trillion paid an aggregate of CAD$53,240.05 in cash finder's fees and issued an aggregate of 286,134 non-transferable broker warrants. Each Broker Warrant entitles the holder to one Share and is exercisable at a price of CAD$0.25 per share for a period of one year from the date of issuance. The Shares, Warrants and Broker Warrants issued in connection with the Offering are subject to hold periods ranging from August 28, 2026, to October 6, 2026, in accordance with applicable securities laws and the policies of the CSE. The Offering remains subject to any applicable approval of the CSE. Proceeds from the Offering will be used to fund contractual work program obligations on the M47 Concession under the Definitive Farm-In Agreement, toward which the Company has paid a total of US$500,000 towards work commitments, audit and general corporate purposes, investor relations activities, the expenses of the Offering, and general working capital. Certain insiders of the Company settled debt concurrent with the Offering through the issuance of an aggregate of 3,294,536 Units. The Insider Participation is exempt from the valuation and minority shareholder approval requirements of Multilateral Instrument 61-101 Protection of Minority Securityholders in Special Transactions by virtue of the exemptions contained in Sections 5.5(a) and 5.7(1)(a) of MI 61-101, on the basis that the fair market value of such Insider Participation does not exceed 25% of the Company's market capitalization. The Company has also applied to the CSE to increase the size of the previously announced Offering to up to CAD$3,500,000, including the amounts closed to date, and on the same terms and conditions, which would allow for the issuance of up to 23,333,333 Units at CAD$0.15 per Unit to be issued. Use of proceeds for the increased Offering amount include to meet Trillion's earn-in obligations in Turkey related to Block M47 and additional working capital and general corporate expenses. Warrant Extension The 2,124,515 warrants comprise 1,694,515 expiring June 28, 2026, 400,000 expiring July 3, 2026 and 30,000 expiring July 5, 2026, issued in tranche closings of a 2024 non-brokered private placement. The CAD$0.90 (post-consolidation) exercise price is unchanged, and each expiry has been extended by one year to June 28, July 3 and July 5, 2027, respectively, subject to acceptance by the CSE. No action is required by holders, and the Extension does not apply to compensation or finder warrants, which are not eligible for amendment. Two directors and one officer hold 517,776 of the 2024 Warrants, so the Extension may be a "related party transaction" under MI 61-101. It is exempt from the formal valuation and minority shareholder approval requirements, as the fair market value of the insiders' 2024 Warrants does not exceed 25% of the Company's market capitalization. The 2024 Warrants remain subject to acceleration: the Company may advance the expiry to 30 days after notice to holders if its shares close at or above CAD$1.75 on the CSE for seven consecutive trading days. All other terms remain unchanged. Market Making Engagement The Company has engaged Independent Trading Group, Inc. to provide market-making services in accordance with the policies of the CSE. The agreement is for an initial term of one month and automatically renews for successive one-month terms unless terminated by either party on 30 days' notice. The Company will pay ITG a cash fee of CAD$6,000 per month. There are no performance factors in the agreement, and ITG will not receive any shares or options as compensation. The capital required for the market-making activities will be provided by ITG. ITG and the Company are at arm's length. About Trillion Energy Trillion Energy International Inc. and its consolidated subsidiaries is a Canadian based oil and gas exploration and production Company. Calgary, Canada-based MNP LLP, the Company's auditor since 2022, issued a "going concern" qualification in its report dated May 23, 2026, attached to the Company's Annual Report on Form 20-F for the year ended December 31, 2025, citing that the Company has a negative working capital position, has accumulated deficits, and negative cash flows from operations, which raise substantial doubt about its ability to continue as a going concern. As of December 31, 2025, the Company had $3.10 million in total assets, $42 million in total liabilities, and $38.90 million in stockholders' deficiency. TRINSEO PLC: Court Establishes Procedures on Stock Ownership ------------------------------------------------------------ Upon the motion (the "Motion") of Trinseo PLC and its affiliate debtors, as debtors and debtors in possession (the "Debtors") on May 27, 2026, the United States Bankruptcy Court for the Southern District of Texas (the "Bankruptcy Court"), having jurisdiction over the Chapter 11 Cases, which are being jointly-administered, solely for procedural purposes, under the case of Debtor Trinseo PLC styled In re Trinseo PLC, No. 26-90545 (CML), entered an order establishing procedures (the "Procedures") with respect to transfers of, and claims of worthlessness deductions by a Majority Shareholder (defined herein) with respect to, its beneficial ownership (including direct and indirect ownership) of ordinary shares issued by Trinseo PLC, including options to acquire beneficial ownership of such ordinary shares (collectively, the "Ordinary Shares"). In certain circumstances, the Procedures restrict (a) transactions involving, and require notices of the holdings of and proposed transactions by, any person, group of persons, or entity that is or, as a result of such a transaction, would become a Substantial Shareholder of the Ordinary Shares (including options to acquire beneficial ownership of the Ordinary Shares); and (b) claims by any Majority Shareholder of a worthlessness deduction with respect to its beneficial ownership of the Ordinary Shares. For purposes of the Procedures, a "Substantial Shareholder" is any person or entity (within the meaning of applicable regulations promulgated by the U.S. Department of the Treasury, including certain persons making a coordinated acquisition of stock) that beneficially owns, directly or indirectly (and/or, to the extent provided in applicable regulations promulgated by the U.S. Department of the Treasury, owns options to acquire) at least 1,645,000 Ordinary Shares (representing approximately 4.5% of all issued and outstanding Ordinary Shares), and a "Majority Shareholder" is any person that beneficially owns at least 18,279,000 Ordinary Shares (representing approximately 50% of all issued and outstanding Ordinary Shares) of any person that would be a "50-percent shareholder" (within the meaning of section 382(g)(4)(D) of the Internal Revenue Code of 1986, as amended) of Ordinary Shares if such person claimed a worthlessness deduction with respect to its beneficial ownership of such securities. Any prohibited acquisition, disposition, or other transfer of, or claim of a worthlessness deduction with respect to, beneficial ownership of Ordinary Shares (including indirectly or through the grant or transfer of options to acquire beneficial ownership of Ordinary Shares) will be null and void ab initio and may lead to contempt, compensatory damages, punitive damages, or sanctions being imposed by the Bankruptcy Court. The Procedures are available: (i) free of charge on the website maintained by the Debtors’ claims and noticing agent, Kroll Restructuring Administration LLC, at https://restructuring.ra.kroll.com/Trinseo,.and (ii) on the docket of the Chapter 11 Cases, No. 26-90545 (CMI), which can be accessed via PACER at https://www.pacer.gov. The requirements set forth in the Procedures are in addition to the requirements of Bankruptcy Rule 3001(e) and applicable securities, corporate, and other laws and do not excuse noncompliance therewith. A direct or indirect holder, or prospective holder, of Ordinary Shares issued by Trinseo PLC that may be or become a Substantial Shareholder or a Majority Shareholder should consult the Procedures. About Trinseo PLC Trinseo PLC, headquartered in Wayne, Pa. -- https://www.trinseo.com/ -- is an international chemical and materials manufacturer specializing in plastics, latex binders, and synthetic rubber products. Its materials are used across industries such as automotive manufacturing, building and construction, electronics, and packaging, supporting a diversified industrial customer base worldwide. Trinseo PLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-90115) on May 20, 2026. In its petition, the Debtor reports estimated assets and liabilities between $1 billion and $10 billion each. The Honorable Bankruptcy Judge Alfredo R. Perez handles the case. Latham & Watkins LLP is serving as Trinseo's legal advisor in the restructuring, supported by co-counsel Hunton Andrews Kurth LLP. The company also retained Centerview Partners LLC as investment banker and FTI Consulting as financial and communications advisor. Ernst & Young LLP as tax auditor and tax accountant and Kroll Restructuring Administration LLC as claims agent. Paul Hastings LLP and PJT Partners advised the Senior Secured Lenders. Gibson, Dunn & Crutcher LLP and Howley Law PLLC represent the OpCo 2028 Ad Hoc Group of lenders. Lazard Freres & Co. also represents the group. Gray Reed and Pallas Partners (US) LLP represent the Ad Hoc Group of Excluded OpCo Term Lenders. Paul, Weiss, Rifkind, Wharton & Garrison LLP and Porter Hedges LLP represent an ad hoc group of holders of 7.625% Second Lien Senior Secured Notes due 2029. TRINSEO PLC: Court Gives Final OK to Chapter 11 DIP Financing ------------------------------------------------------------- Clara Geoghegan of Law360 Bankruptcy Authority reports that the two trusts created under Steward Health Care's Chapter 11 plan have generated $58.4 million in recoveries and reduced claims liabilities during their first 10 months, attorneys told a Texas bankruptcy judge on Thursday. The trusts were formed as part of the healthcare provider's restructuring to manage assets and creditor distributions. Counsel explained that the trusts have been actively pursuing settlements and reviewing claims to eliminate duplicative, unsupported, or otherwise unresolved liabilities. Those efforts have resulted in both cash recoveries and a reduction in the overall claims pool, according to report. The attorneys said the trusts will continue pursuing additional sources of value for beneficiaries. They described the results as evidence that the trusts are successfully carrying out their mandate under Steward's confirmed Chapter 11 plan, the report cites. About Trinseo PLC Trinseo PLC, headquartered in Wayne, Pa. -- https://www.trinseo.com/ -- is an international chemical and materials manufacturer specializing in plastics, latex binders, and synthetic rubber products. Its materials are used across industries such as automotive manufacturing, building and construction, electronics, and packaging, supporting a diversified industrial customer base worldwide. Trinseo PLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-90115) on May 20, 2026. In its petition, the Debtor reports estimated assets and liabilities between $1 billion and $10 billion each. The Honorable Bankruptcy Judge Alfredo R. Perez handles the case. Latham & Watkins LLP is serving as Trinseo's legal advisor in the restructuring, supported by co-counsel Hunton Andrews Kurth LLP. The company also retained Centerview Partners LLC as investment banker and FTI Consulting as financial and communications advisor. Ernst & Young LLP as tax auditor and tax accountant and Kroll Restructuring Administration LLC as claims agent. Paul Hastings LLP and PJT Partners advised the Senior Secured Lenders. Gibson, Dunn & Crutcher LLP and Howley Law PLLC represent the OpCo 2028 Ad Hoc Group of lenders. Lazard Freres & Co. also represents the group. Gray Reed and Pallas Partners (US) LLP represent the Ad Hoc Group of Excluded OpCo Term Lenders. Paul, Weiss, Rifkind, Wharton & Garrison LLP and Porter Hedges LLP represent an ad hoc group of holders of 7.625% Second Lien Senior Secured Notes due 2029. TRINSEO PLC: Plan Confirmation Hearing Scheduled for July 27 ------------------------------------------------------------ Trinseo PLC and its affiliated debtors, as debtors and debtors in possession (collectively, the "Debtors"), each commenced a case under chapter 11 of title 11 of the United States Code (the "Bankruptcy Code") in the United States Bankruptcy Court for the Southern District of Texas (the "Court") on May 26, 2026 (the "Petition Date"). Before the Petition Date, the Debtors commenced solicitation of the Joint Prepackaged Plan of Reorganization of Trinseo PLC and Its Debtor Affiliates Under Chapter 11 of the Bankruptcy Code (as may be amended, modified, or supplemented from time to time, the "Plan") attached as Exhibit A to the proposed Disclosure Statement for Joint Prepackaged Plan of Reorganization of Trinseo PLC and Its Debtor Affiliates Under Chapter 11 of the Bankruptcy Code (as may be amended, modified, or supplemented from time to time, the "Disclosure Statement") pursuant to sections 1125 and 1126(b) of the Bankruptcy Code. Copies of the Plan and the Disclosure Statement may be obtained free of charge by visiting the solicitation website maintained by the Debtors' solicitation agent, Kroll Restructuring Administration LLC (the "Solicitation Agent"), at https://restructuring.ra.kroll.com/trinseo/. Copies of the Plan and Disclosure Statement may also be obtained by calling the Solicitation Agent at 888-401-9681 (Toll-Free) or, for non-U.S./Canadian residents, at +1 332-232-3252 (International) or by sending an electronic mail message to trinseoinfo@ra.kroll.com (with "Trinseo Solicitation Inquiry" in the subject line). The Debtors are proposing a restructuring that will substantially deleverage their capital structure. Specifically, upon consummation, the Plan will reduce the Debtors' total funded debt by approximately $2.72 billion. Importantly, the Plan does not seek to impair the Debtors' nonfunded debt creditors, including general unsecured claims, such as vendors, suppliers, or distributors. Such claims are contemplated to be paid or otherwise satisfied in full in the ordinary course of business. With the support of their key stakeholders and consummation of the Plan, the Debtors expect to emerge from the Chapter 11 Cases expeditiously with a healthier balance sheet and the ability to continue to serve all domestic and international customers and other parties in interest. Information Regarding Plan The Debtors commenced solicitation of votes to accept the Plan from: Holders of Class 4 RCF Claims, Holders of Class 5 Super HoldCo 1L Claims, and Holders of Class 6 OpCo Term Loan Claims, each of record as of May 21, 2026. Only Holders of Claims in Classes 4, 5, and 6 are entitled to vote to accept or reject the Plan. All other Classes of Claims and Interests are either presumed to accept or deemed to reject the Plan and, therefore, Holders of such other Claims and Interests are not entitled to vote to accept or reject the Plan. Pursuant to the Solicitation Procedures Order, the deadline for the submission of votes to accept or reject the Plan is July 17, 2026, at 4:00 p.m. (prevailing Central Time). The Court has scheduled a combined hearing to consider, among other things, (a) final approval of the Disclosure Statement and (b) confirmation of the Plan, which hearing will be held before the Court in Courtroom 402, 4th floor, 515 Rusk Street, Houston, Texas 77002, on July 27, 2026, at 1:00 p.m. (prevailing Central Time) (the "Combined Hearing"). The time and location of the Combined Hearing may also be obtained by contacting the undersigned proposed counsel to the Debtors. The Combined Hearing may be adjourned from time to time without further notice other than by filing a notice on the Court's docket indicating such adjournment and/or announcement of the adjournment date or dates at the Combined Hearing. The adjourned dates will be available on the electronic case filing docket and the Solicitation Agent's website at https://restructuring.ra.kroll.com/trinseo/. The Court has set the deadline for filing objections to the final approval of the Disclosure Statement and confirmation of the Plan as July 17, 2026, at 4:00 p.m. (prevailing Central Time) (the "Objection Deadline"). Any objections to the Disclosure Statement and/or the Plan must be: (a) in writing, (b) conform to the applicable Federal Rules of Bankruptcy Procedure (the "Bankruptcy Rules") and the Bankruptcy Local Rules for the United States Bankruptcy Court for the Southern District of Texas (the "Bankruptcy Local Rules"), (c) set forth the name of the objecting party, the basis for the objection, and the specific grounds thereof, (d) include proposed language that if included in the Plan would remedy the matters set forth in the objection, and (e) be filed with the Court, together with proof of service. Non-Voting Status of Holders of Certain Claims and Interests Certain Holders of Claims and Interests are not entitled to vote on the Plan. As a result, such parties did not receive any Ballots or other related solicitation materials to vote on the Plan. Claims in Classes 1, 2, 3, and 8 are Unimpaired under the Plan and, pursuant to section 1126(f) of the Bankruptcy Code, are conclusively presumed to accept the Plan. Claims or Interests in Classes 10 and 11 are either Unimpaired or Impaired under the Plan and are conclusively presumed to accept or deemed to reject the Plan, as applicable. Claims or Interests in Class 7, Class 9, and Class 12 (collectively with Classes 1, 2, 3, 8, 10, and 11, the "Non-Voting Classes") are Impaired and their Holders are conclusively deemed to reject the Plan pursuant to section 1126(g) of the Bankruptcy Code. In light of their presumed acceptance or rejection of the Plan, none of the Holders of Claims and Interests in the Non-Voting Classes are being solicited to vote on the Plan. Instead, the Holders of Claims and Interests in the Non-Voting Classes (other than Holders of Intercompany Claims in Class 10 and Intercompany Interests in Class 11) will receive a Notice of Non-Voting Status and (a) an Opt-Out Release Form for Holders of Claims and Interests in Class 1, Class 2, Class 3, and Class 8, or (b) an Opt-In Release Form for Holders of Claims and Interests in Class 7, Class 9, and Class 12. Because the Intercompany Claims and Intercompany Interests are all held by the Debtors or affiliates of the Debtors, the Debtors did not provide the Holders in Class 10 (Intercompany Claims) or Class 11 (Intercompany Interests) with a Notice of Non-Voting Status (or a Solicitation Package). Further, Holders of Claims or Interests in the Non-Voting Classes can access the Disclosure Statement and the Plan at no cost on the website maintained by the Solicitation Agent: https://restructuring.ra.kroll.com/trinseo/. Section 341 Meeting of Creditors A meeting of creditors pursuant to section 341(a) of the Bankruptcy Code (the "Section 341 Meeting") has been deferred pursuant to the Solicitation Procedures Order. The Section 341 Meeting will not be convened if the Plan is confirmed by July 31, 2026. If the Section 341 Meeting will be convened, the Debtors will serve on the parties receiving this notice and any other parties entitled to notice pursuant to the Bankruptcy Rules and Local Bankruptcy Rules, and post on the case website at https://restructuring.ra.kroll.com/trinseo/, not less than twenty-one (21) days before the date scheduled for such meeting, a notice of, among other things, the date, time, and place of the Section 341 Meeting. Proposed Co-Counsel for the Debtors and Debtors in Possession:: Timothy A. ("Tad") Davidson II, Esq. Philip M. Guffy, Esq. Timothy R. Powell, Esq. HUNTON ANDREWS KURTH LLP 600 Travis Street, Suite 4200 Houston, TX 77002 Telephone: (713) 220-4200 Email: taddavidson@hunton.com pguffy@hunton.com tpowell@hunton.com – and – Ray C. Schrock, Esq. Ryan Preston Dahl, Esq. George Klidonas, Esq. Jonathan J. Weichselbaum, Esq. LATHAM & WATKINS LLP 1271 Avenue of the Americas New York, NY 10020 Telephone: (212) 906-1200 Email: ray.schrock@lw.com ryan.dahl@lw.com george.klidonas@lw.com jon.weichselbaum@lw.com - and – Benjamin M. Rhode, Esq. LATHAM & WATKINS LLP 330 N. Wabash Avenue, Suite 2800 Chicago, IL 60611 Telephone: (312) 876-7700 Email: benjamin.rhode@lw.com About Trinseo PLC Trinseo PLC, headquartered in Wayne, Pa. -- https://www.trinseo.com/ -- is an international chemical and materials manufacturer specializing in plastics, latex binders, and synthetic rubber products. Its materials are used across industries such as automotive manufacturing, building and construction, electronics, and packaging, supporting a diversified industrial customer base worldwide. Trinseo PLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-90115) on May 20, 2026. In its petition, the Debtor reports estimated assets and liabilities between $1 billion and $10 billion each. The Honorable Bankruptcy Judge Alfredo R. Perez handles the case. Latham & Watkins LLP is serving as Trinseo's legal advisor in the restructuring, supported by co-counsel Hunton Andrews Kurth LLP. The company also retained Centerview Partners LLC as investment banker and FTI Consulting as financial and communications advisor. Ernst & Young LLP as tax auditor and tax accountant and Kroll Restructuring Administration LLC as claims agent. Paul Hastings LLP and PJT Partners advised the Senior Secured Lenders. Gibson, Dunn & Crutcher LLP and Howley Law PLLC represent the OpCo 2028 Ad Hoc Group of lenders. Lazard Freres & Co. also represents the group. Gray Reed and Pallas Partners (US) LLP represent the Ad Hoc Group of Excluded OpCo Term Lenders. Paul, Weiss, Rifkind, Wharton & Garrison LLP and Porter Hedges LLP represent an ad hoc group of holders of 7.625% Second Lien Senior Secured Notes due 2029. TRIPLE STICKS: Gets Interim OK to Use Cash Collateral Until June 30 ------------------------------------------------------------------- Triple Sticks Foods, LLC received another extension from the U.S. Bankruptcy Court for the Southern District of Illinois to use cash collateral to fund operations. The court entered a second interim order granting the Debtor access to cash collateral through June 30 based on an approved budget. Under the order, the Debtor may spend amounts specified in the budget, with up to a 10% variance for individual line items, provided aggregate variances do not exceed 5% of the weekly budget. Any additional expenditures require written approval from the U.S. Small Business Administration, the Debtor's senior secured creditor. The SBA is owed about $385,880 and holds liens on pre-petition receivables, inventory, and equipment. As adequate protection, the SBA will be granted post-petition replacement liens on the cash collateral with the same validity, priority, and enforceability as its pre-petition liens. These liens remain effective without the need for additional filings and survive the termination of the debtor's authority to use cash collateral. The order preserves the rights of all parties, allowing future requests for modified adequate protection or additional restrictions on cash collateral use. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/hwDW3 from PacerMonitor.com. About Triple Sticks Foods LLC Triple Sticks Foods, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ill. Case No. 26-30341-mel) on April 16, 2026. In the petition signed by Joseph Trover, principal, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Mary E. Lopinot oversees the case. Eric C. Peterson, Esq., at Spencer Fane, LLP and Dawi Consulting, LLC serve as the Debtor's legal counsel and financial advisor, respectively. UGI ENERGY: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable ----------------------------------------------------------- Fitch Ratings has affirmed UGI Energy Services, LLC's (ES) Long-Term Issuer Default Rating (IDR) at 'BB'. Fitch has also affirmed ES's existing senior secured term loan B at 'BB+' with a Recovery Rating of 'RR2'. The Rating Outlook is Stable. The ratings reflect ES's geographic concentration in the Appalachian basin, low leverage near the bottom half of management's 2.0x to 3.0x target range and an integrated model using its long-life assets to support an energy marketing business. ES also benefits from favorable long-term counterparty exposure with ES affiliate UGI Utilities, Inc. (UGIU; A-/Stable) through fee-based contracts. Volume risk remains in the company's midstream gathering and pipeline operations. Key Rating Drivers Leverage Remains Low: Fitch calculated ES's results for LTM 2Q FY 2026 EBITDA leverage around 2.1x and forecasts leverage to remain low around 2.2x to 2.5x over the medium-term forecast period. ES continues to benefit from its business segment diversity. During the 1H FY 2026, weather was 8.7% colder than the prior year with prolonged periods of colder weather. ES generated higher margin from peaking activities over this period which were substantially offset by lower capacity management activities. Contract Renewal and Volume Risk: About 81% of ES's margins are backed by fee-based agreements of which about 64% are take-or-pay-like contracts with the remaining 17% exposed to volumetric risk. ES has some minimum volume commitments (MVCs) and acreage dedications. The average remaining contract life is around six years. Cash flows are partially supported by deficiency payments from MVCs, with several oil and gas producers within the Marcellus and Utica basins. If ES were unable to recontract these MVCs as contracts expire, cash flow assurance would decline exposing volumes to greater volatility from producer activities. Disciplined Capital Growth: Fitch believes management will keep looking for incremental midstream investment opportunities but expects continued disciplined growth capex for FY 2026. ES recently announced the Prime Data Centers partnership and expansion of the Auburn pipeline. Fitch expects the Auburn pipeline project will cost around $30 million. Fitch does not expect material investments into ES's renewable natural gas operations over the forecast and a focus shift to legacy natural gas business to leverage growing demand from high energy usage industries. UGIU Provides Highly Assured Revenue: UGIU contributes a material amount to ES's gross margin. Most of ES's services to UGIU, which are subject to regulatory review and approval, have been provided for many years. Almost all the gross margin from UGIU is under fee-based contracts that expire annually. Fitch expects these take-or-pay-like contracts to be renewed on expiry, though the price may change based on past renewals. The contracts are subject to a least cost procurement review by UGIU's regulator. Marketing Segment Higher Risk: Fitch believes the energy marketing platform has a strong foundation. However, the marketing business has historically been higher risk. The segment requires tight execution and risk monitoring. If execution fails to meet past standards, the businesses may be vulnerable to a loss of market confidence, resulting in a fall in customers and collateral calls. ES has a track record of strong execution with energy purchases and sales well-matched as to payment types, variable or fixed price and contract duration. Parent-Subsidiary Linkage: There is a parent-subsidiary relationship between ES and its owner UGI Corp (UGI; not rated). Fitch believes UGI has a stronger standalone credit profile (SCP) than ES and follows the stronger parent path. Legal incentives are weak as UGI does not guarantee ES's debt. Strategic and operational incentives are also weak. ES has a history of paying variable dividends up to UGI Corp. ES issues its own debt, and there are no cash pooling arrangements. Fitch rates ES on a standalone basis due to the weak incentives. Peer Analysis ES's scale is an important indicator of its credit quality. EBITDA remains below the $500 million Fitch commonly uses as a boundary for 'BBB-' IDRs and above for midstream issuers. DT Midstream, Inc (DTM; BBB-/Stable) is larger than ES in both size and scale and has more geographic diversity. In 2025, DTM generated over $1 billion of EBITDA, more than double ES's EBITDA of less than $400 million. DTM also has a larger geographic footprint, with pipeline assets that connect key markets in the U.S. Midwest, Eastern Canada, Northeast U.S. and Gulf Coast to the Marcellus and Utica shales, as well as operations in the Haynesville Basin. In addition, DTM's contracts have very high cash flow assurance from MVCs and demand charges, which lower volume risk. ES by comparison has roughly one-third of its contracts exposed to either volumetric or commodity price risks. DTM's leverage is higher than ES's leverage. Fitch expects DTM's leverage to be around 3.5x over the forecast period, around 1.0x-1.5s higher than ES's leverage. DTM's larger size and scale, as well as cash flow assurance, account for the two-notch rating difference. Fitch’s Key Rating-Case Assumptions - A Fitch price deck of Henry Hub natural gas prices of $3.50 per thousand cubic feet (mcf) in 2026, $3.25/mcf in 2027, $3.00/mcf in 2028, and $2.75/mcf in 2029 and over mid-cycle; - Base interest rate applicable to the unhedged portion of floating rate debt reflecting the Fitch "Global Economic Outlook," 3.75% for 2026, and 3.00% in 2027 and 2028; - Contract counterparties with minimum volume commitments and take-or-pay or take-or-pay-like commitments perform under their obligations; - Contracts with UGIU re-contracted under similar terms; - Capital expenditure ranges between $100 million and $200 million through the forecast; - Dividends ranging between $150 million and $200 million through the forecast. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the SCP: - Business and financial profile factors (assessment, relative importance): management (bbb, Lower), sector characteristics (bb, Moderate), market and competitive positioning (bb, Moderate), diversification and asset quality (bb, Higher), company operational characteristics (bb, Moderate), profitability (bb, Higher), financial structure (a+, Moderate), and financial flexibility (bb+, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year FY25, 40% for the forecast year FY26 and 40% for the forecast year FY27. - The Governance assessment of 'good' has no impact. - The Operating Environment assessment of 'aa-' has no impact. - The SCP is 'bb'. To derive the Long-Term IDR: - Application of Fitch's "Parent and Subsidiary Linkage Rating Criteria" results in a standalone approach. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - A decline in the credit quality of UGIU or sector-wide weakening in the credit quality for an array of non-affiliated shippers that provide long-term minimum volume commitments (or take-or-pay commitments); - EBITDA leverage expected by Fitch to be above 4.5x for a sustained period; - ES's energy marketing segment becoming unprofitable due to a failure to adhere to risk management policies; - Higher business risk due to increased gathering and processing. For example, ES begins taking title to commodities (receiving a percentage of proceeds from natural gas processing) or if there is a significant increase in contracts without revenue assurance features, such as contracts that lack acreage dedication or minimum volume commitments. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Increase in size and scale leading toward annual EBITDA exceeding $500 million a year; - Diversification outside of the Marcellus/Utica basins; - EBITDA leverage expected by Fitch to be below 3.5x for a sustained period. Liquidity and Debt Structure Fitch believes ES has adequate liquidity, with around $459 million of available liquidity as of March 31, 2026. There were no borrowings and no letters of credit on its $300 million revolving credit facility and $21 million of unrestricted cash and cash equivalents. In addition, ES utilizes its $75 million to $150 million (amount varies seasonally) accounts receivable securitization facility for working capital needs. As of the second quarter of FY 2026, there were $138 million outstanding trade receivables, none of which were sold to the bank. Maturities are manageable as the term loan B does not mature until February 2030. Issuer Profile ES is a diversified energy services company primarily involved in midstream transmission, LNG peaking and trucking, natural gas gathering, and processing and storage. The company is wholly owned by UGI Corporation. Summary of Financial Adjustments Fitch typically adjusts midstream energy companies' EBITDA to exclude equity in earnings of unconsolidated affiliates and includes cash distributions from unconsolidated affiliates. Fitch removes distributions to non-controlling interests from ES's EBITDA. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for UGI Energy Services, LLC. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- UGI Energy Services, LLC LT IDR BB Affirmed BB senior secured LT BB+ Affirmed RR2 BB+ ULTINON MOTION: Court Sets Sept. 22 Governmental Bar Date --------------------------------------------------------- On March 26, 2026 (the "Petition Date"), Ultinon Motion Holding B.V. ("Ultinon") and certain of its affiliates, as debtors and debtors in possession (collectively, the "Debtors"), commenced filing voluntary petitions for relief under chapter 11 of title 11 of the United States Code, 11 U.S.C. Secs. 101–1532 (the "Bankruptcy Code") in the United States Bankruptcy Court for the Southern District of Texas (the "Court"). On April 29, 2026, the Court entered an order the ("Bar Date Order") establishing certain dates by which parties holding prepetition claims against the Debtors must file proofs of claim, including requests for payment pursuant to Sec. 503(b)(9) of the Bankruptcy Code ("Proofs of Claim"). Pursuant to the Bar Date Order, all entities (except governmental units) holding claims against the Debtors that arose or are deemed to have arisen prior to the commencement of these cases on the Petition Date, including requests for payment pursuant to Sec. 503(b)(9) of the Bankruptcy Code, are required to file Proofs of Claim by May 29, 2026, at 4:00 p.m., prevailing Central Time. Except as expressly set forth in this Notice and the Bar Date Order, the Claims Bar Date applies to all types of claims against the Debtors that arose prior to the Petition Date, including secured claims, unsecured priority claims, and unsecured non-priority claims. Pursuant to the Bar Date Order, all governmental units holding claims against the Debtors that arose or are deemed to have arisen prior to the commencement of these cases on the Petition Date are required to file Proofs of Claim by September 22, 2026, at 4:00 p.m., prevailing Central Time. The Governmental Bar Date applies to all governmental units holding claims against the Debtors (whether secured, unsecured priority, or unsecured nonpriority) that arose prior to the Petition Date, including governmental units with claims against the Debtors for unpaid taxes, whether such claims arise from prepetition tax years or periods or prepetition transactions to which the Debtors were a party. Pursuant to the Bar Date Order, all entities holding claims arising from the Debtors' rejection of executory contracts and unexpired leases are required to file Proofs of Claim by the Rejection Damages Bar Date, (i.e., by the date that is the later of (i) the Claims Bar Date or the Governmental Bar Date, as applicable, and (ii) 4:00 p.m., prevailing Central Time, on the date that is 30 days following entry of the order approving the rejection of the applicable executory contract or unexpired lease of the Debtors). Pursuant to the Bar Date Order, all entities holding claims affected by the amendment to the Debtors' schedules of assets and liabilities filed in these cases (the "Schedules") are required to file Proofs of Claim by the Amended Schedules Bar Date (i.e., by the date that is the later of (i) the Claims Bar Date or the Governmental Bar Date, as applicable, and (ii) 4:00 p.m., prevailing Central Time, on the date that is 30 days from the date on which the Debtors mail notice of the amendment to the Schedules). Each Proof of Claim must be filed or submitted, along with any supporting documentation, through any of the following methods: (i) electronic submission through PACER (Public Access to Court Electronic Records at https://ecf.txsb.uscourts.gov/), (ii) electronic submission using the interface available on the Claims and Noticing Agent's website at https://restructuring.ra.kroll.com/ultinon, or (iii) if submitted through nonelectronic means, by U.S. mail or other hand delivery system, so as to be actually received by the Claims and Noticing Agent on or before the Claims Bar Date, the Governmental Bar Date, or other applicable Bar Date, as applicable, at the following address: If by First-Class Mail, Overnight Mail: Ultinon Motion Holding B.V. Claims Processing Center c/o Kroll Restructuring Administration LLC Grand Central Station, PO Box 4850 New York, NY 10163-4850 If by Hand Delivery or Overnight Courier: Ultinon Motion Holding B.V. Claims Processing Center c/o Kroll Restructuring Administration LLC 850 3rd Avenue, Suite 412 Brooklyn, NY 11232 Proofs of claim submitted by facsimile or Electronic mail will not be accepted. Pursuant to the Bar Date Order and in accordance with Bankruptcy Rule 3003(c)(2), if you or any party or entity who is required, but fails, to file a Proof of Claim in accordance with the Bar Date Order on or before the applicable Bar Date, please be advised that: a. You will be forever barred, estopped, and enjoined from asserting such claim against the Debtors (or filing a Proof of Claim with respect thereto); b. The Debtors and their property shall be forever discharged from any and all indebtedness or liability with respect to or arising from such claim; c. You will not receive any distribution in these Chapter 11 cases on account of that claim; and d. You will not be permitted to vote on any plan or plans of reorganization for the debtors on account of these barred claims or receive further notices regarding such claim. About Ultinon Motion Holding B.V. Ultinon Motion Holding B.V. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-90428) on March 26, 2026. At the time of the filing, Debtor had estimated assets of between $50,000,001 and $100 million and liabilities of between $50,000,001 and $100 million. Judge Christopher M. Lopez oversees the case. Clifford Chance US LLP is the Debtor's legal counsel. VALCOUR PACKAGING: Moody's Affirms 'Caa3' CFR, Outlook Stable ------------------------------------------------------------- Moody's Ratings affirmed Valcour Packaging LLC's ("Valcour", dba MRP Solutions) Caa3 corporate family rating, Caa3-PD probability of default rating, B3 rating on its $211 million senior secured term loan A1 due October 2028, Caa3 rating on its $314 million senior secured term loan A2 due October 2028, and Ca ratings on its $51 million senior secured term loan A3 and $100 million senior secured term loan A4, which are both due October 2029. The outlook is stable. The affirmation of all ratings reflects continued negative free cash flow, very high debt/EBITDA above 15x, and EBITDA/interest expense coverage of less than 1x. Moody's believes the debt structure is unsustainable and that the likelihood of a distressed exchange or other restructuring is high. The rating action also takes account of corrected information regarding the expiration of the payment-in-kind (PIK) feature for the senior secured term loan A2 and the senior secured term loan A3. In the rating committee review conducted in May 2026, Moody's relied on audited financials which incorrectly indicated that the PIK feature for these loans had been extended to June 2028. The company has since confirmed that the PIK feature for these loans expires in June 2026. The resulting increase in cash interest expense will contribute to negative free cash flow notwithstanding some improvement in new orders and EBITDA. RATINGS RATIONALE Valcour's Caa3 corporate family rating reflects the company's very weak credit metrics and an unsustainable capital structure that includes very high leverage. While liquidity has been enhanced through proceeds from a new term loan as part of the company's June 2024 debt restructuring, Moody's forecasts Valcour's free cash flow to remain negative over the next 12-18 months. The expiration of pay-in-kind periods on two of Valcour's term loans will increase cash interest expense and the debt load is likely to increase due to the negative free cash flow and ongoing PIK on the term loan A4. The rating also considers Valcour's product innovation and specialized product mix serving stable end markets, including the high growth health and wellness markets. The overall specialization of Valcour's product mix and its variable cost structure translate into healthy EBITDA margins near 20%. New order growth will offset some volume weakness at existing customers and contribute to moderate EBITDA growth over the next year. The stable outlook reflects that adequate liquidity including roughly $70 million of cash and an undrawn $35 million revolver provide sufficient resources to fund the free cash flow deficit over the next 12-18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS A ratings upgrade would require sustained increase in operating earnings that leads to positive free cash flow generation and materially lower leverage. The company would also need to maintain adequate liquidity to be upgraded. A ratings downgrade may occur if there are prospects for a weaker recovery in the event of default or there is a deterioration in liquidity. The principal methodology used in these ratings was Packaging Manufacturers: Metal, Glass and Plastic Containers published in December 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Headquartered in Plattsburgh, NY, Valcour Packaging LLC, d/b/a "MRP Solutions", is a manufacturer of specialty caps, closures, and jars. The product portfolio includes child-resistant closures, continuous thread caps, dispensing closures, jars, and liner options. The company has been a portfolio company of Clearlake Capital since September 2021. VARSOBIA HOME: Case Summary & Six Unsecured Creditors ----------------------------------------------------- Debtor: Varsobia Home Care Services, LLC 9737 Frankirst Avenue North Hills CA 91343 Business Description: Varsobia Home Care Services is a North Hills, California-based provider of nurse staffing and home care services. The company offers RN and LVN staffing for per diem, short-term, long-term, and direct-hire assignments, as well as private duty nursing services. It serves healthcare settings including hospitals, hospice organizations, skilled nursing facilities, home health agencies, surgery centers, doctors' offices, psychiatric facilities, and related care providers. Chapter 11 Petition Date: June 15, 2026 Court: United States Bankruptcy Court District of Nevada Case No.: 26-13737 Debtor's Counsel: Chata N. Holt, Esq. HOLT LAW GROUP, LLC 100 S. Maryland Pkwy, Ste 210 Las Vegas, NV 89101 Tel: 702-674-6775 E-mail: cholt@bankruptcylawyerlv.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Angelo Varsobia as owner. A copy of the Debtor's list of its six unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/OFM4MGY/Varsobia_Home_Care_Services_LLC__nvbke-26-13737__0003.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/J4JBKBA/Varsobia_Home_Care_Services_LLC__nvbke-26-13737__0001.0.pdf?mcid=tGE4TAMA VILLAGE HOMES: Court OKs Aledo Properties Sale to Multiple Buyers ----------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, has granted Village Homes LP, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor is a Texas limited partnership formed in 1996. The Debtor's general partner is DH Management, Inc., a Texas corporation, which holds a 1% general partner interest. The Debtor has two limited partners: Michael Dike and James R. Harris. The Debtor is engaged in the construction of single-family homes, acquisition of single-family residential lots and options to acquire lots, and in the marketing and sale of the completed homes. The Debtor’s real properties are located in various subdivisions in Tarrant and Parker Counties, Texas. To finance its homebuilding operations, the Debtor maintains various credit and borrowing facilities with several financial institutions, including Valliance Bank. The Debtor entered into a Village Homes Purchase Agreement with two prospective buyers for the sale of an almost-completed townhome with an address of 14404 Walsh Ave., Aledo, Texas 76008. The Court has authorized the Debtor to sell the 14404 Walsh Ave., Aledo, Texas 76008 (Walsh Property) to Margaret Saari for $699,000. The Court has also authorized the Debtor to sell 2144 Village Walk Place, Aledo, Texas 76008 (VWP Property) to Katherine and Robert Collins for $449,000. The Walsh Property and the VWP Property shall be sold free and clear of liens of VilHom's rights, claims, and interests. Walsh and VWP Agreement were negotiated in good faith and at arms-length between the Walsh Buyers and the Debtor. Neither of the Walsh and VWP Buyers are an "insider" of the Debtor. The Walsh and VWP Agreements were negotiated in good faith and at arms-length between the Walsh and VWP Buyers and the Debtor. The Walsh and VWP Buyers are paying value in the amount of the Purchase Price for the Walsh and VWP Properties. About Village Homes for Fort Worth Village Homes for Fort Worth was established in 1996 and has grown into a trusted homebuilder in Fort Worth, Texas, known for it inspired designs and dedication to quality. With almost three decades of experience, the company has fulfilled the dreams of over 1,500 homeowners while collaborating closely with the region's top architects, craftsmen, and vendors. KC 117 LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.Tex. Case No. 25-43782-mxm) on October 1, 2025. Jeff P. Prostok at Vartabedian Hester & Haynes LLP, represents as legal counsel of the Debtor. VIVAKOR INC: Lender Converts $103,100 Into Shares ------------------------------------------------- One Vivakor, Inc. lender converted $103,100.78 owed under convertible promissory notes into 355,979 common shares, according to a Form 8-K filed with the Securities and Exchange Commission. Vivakor received the notices of conversion between June 10 and June 11. The company issued the shares without a Rule 144 restrictive legend after receiving a legal opinion. The notes were part of convertible promissory notes issued between June 6, 2025, and June 9, 2025, to seven non-affiliated accredited investors. The notes had an aggregate principal amount of $5.12 million, and Vivakor received $4.35 million before customary fees. Vivakor also furnished press releases reporting first-quarter 2026 results, a Houston remediation processing center update and its annual meeting date. For the quarter ended March 31, revenue was $19.50 million, compared with $37.30 million a year earlier, while gross profit rose 20% to $5.70 million. The company said its first-quarter net loss attributable to Vivakor improved to $4.60 million from $7.50 million a year earlier. Gross margin increased to 29.4% from 12.7%, and operating expenses fell to $8.10 million from $11.20 million. Vivakor said it entered into an agreement with Monarch R&P Management, LLC to form Monarch Remediation & Processing I, LLC, a joint venture to complete commissioning and begin operations of Vivakor's Houston-area remediation processing center and ancillary wash plant. The company said commercial operations are expected in the third quarter of 2026. Vivakor's 2026 annual meeting of stockholders will be held June 30 at 10 a.m. Central time in Dallas, with May 21 set as the record date. About Vivakor, Inc. Vivakor, Inc. is a Dallas, Texas-based company incorporated in Nevada that operates through wholly owned and majority-owned subsidiaries in crude oil transportation, terminaling, storage, marketing, and trading. The company has remediation business under development for treating and recycling oilfield waste and related materials. In an audit report dated April 15, 2026, Urish Popeck & Co., LLC included a going concern qualification, stating that Vivakor, Inc. had a significant working capital deficiency, significant recurring losses from operations and a need 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. As of March 31, 2026, Vivakor, Inc. reported total assets of $111.79 million, total liabilities of $78.15 million and total stockholders' equity of $33.64 million. WABNO HOSPITALITIES: Cash Collateral Access Extended to July 15 --------------------------------------------------------------- WABNO Hospitalities, Inc. received another extension from the U.S. Bankruptcy Court for the Southern District of New York to use cash collateral. The court entered a fourth interim order extending the Debtor's authority to use cash collateral from June 17 through July 15 based on an approved budget. Hudson Valley Credit Unio, a secured lender, will receive fully perfected replacement liens on the Debtor's assets, including real property, furniture, fixtures, equipment and rents. These replacement liens maintain the same validity, priority, and enforceability as HVCU's pre-petition liens. As additional protection, HVCU will receive a $10,000 payment from the Debtor on or before July 1. The order is available at https://is.gd/hBPJNd from PacerMonitor.com. The next hearing is scheduled for July 14. At the time of its Chapter 11 filing, the Debtor owed HVCU approximately $3.42 million under a note and security agreement. HVCU holds a first mortgage on the Debtor's hotel and a security interest in substantially all personal property, including accounts, receivables, inventory, and equipment. The Debtor asserts HVCU is oversecured based in part on a pre-petition $7 million purchase offer for the property and a resulting equity cushion. The Debtor also owes approximately $500,000 to the U.S. Small Business Administration, which it treats as wholly unsecured. About WABNO Hospitalities WABNO Hospitalities, Inc. operates a hotel and conference facility in Newburgh, New York. WABNO Hospitalities filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 26-35202) on Feb. 27, 2026, listing $7,360,708 in assets and $5,133,999 in liabilities. Asif Javaid, vice president of WABNO Hospitalities, signed the petition. Judge Kyu Young Paek presides over the case. Michelle L. Trier, at Genova, Malin & Trier, LLP, serves as the Debtor's bankruptcy counsel. WEST MARINE: Will Shut Down 59 Stores Nationwide ------------------------------------------------ Andrew Weil and Andrea Chu of 10 Tampa Bay reports that Marine supply retailer West Marine is set to shutter 59 locations across 23 states, including two Florida stores in Venice and Winter Haven, as it moves forward with a Chapter 11 bankruptcy restructuring. The closures are part of broader efforts to streamline operations and improve the company's financial position. West Marine sought bankruptcy protection in May 2026, allowing the business to continue serving customers while reorganizing under court supervision. The company said the filing was designed to support a long-term turnaround strategy rather than an immediate liquidation. According to documents filed with the bankruptcy court, dozens of underperforming locations have been selected for closure. A June 9 court order approved store-closing sales, though the company has not disclosed when each affected location will permanently cease operations. Established in 1968, West Marine grew into one of the nation's largest boating retailers, operating more than 200 stores. Company officials attributed recent difficulties to a combination of supply chain pressures, extreme weather disruptions, and evolving consumer purchasing patterns, the report states. About West Marine Inc. West Marine Inc. is a U.S.-based marine retail company specializing in boating, fishing and marine maintenance products. Established in 1968, the company operates one of the country's largest networks of boating supply stores, offering products ranging from marine electronics and navigation tools to fishing accessories, apparel and safety equipment. West Marine Inc. and certain of its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 26-10794) on May 17, 2026. In its petition, the Debtor reported estimated total assets of $500 million to $1 billion and estimated liabilities of $500 million to $1 billion. The petition was signed by Paulee Day as chief executive officer. The Debtors' restructuring counsel is Young Conaway Stargatt Taylor, LLP and their co-bankruptcy counsel is Kirkland & Ellis LLP. The Debtors tapped Triple P Securities, LLC as their investment banker. FTI Consulting Inc. is the Debtors' restructuring advisor. The Debtors' claims and noticing agent is Kurtzman Carson Consultants LLC dba Verita Global. Hilco Merchant Resource LLC and Hilco Real Estate LLC is the Debtors' real estate advisor and liquidator. WILFONG HOSPITALITY: Gets Interim OK to Use Cash Collateral ----------------------------------------------------------- Wilfong Hospitality II, LLC received interim approval from the U.S. Bankruptcy Court for the Northern District of West Virginia to use cash collateral. Under the interim order, the Debtor is authorized to use cash collateral through the final hearing to pay its expenses based on a court-approved budget. The Debtor is required to segregate and account for all cash collateral and maintain detailed records of receipts and disbursements. All operating cash of the Debtor constitutes cash collateral, subject to liens of two secured lenders: Citizens Bank and Burke & Herbert Bank & Trust Company. Citizens Bank holds a first-priority lien on substantially all of the Debtor's assets securing approximately $2.63 million in obligations under an SBA-backed loan, while Burke & Herbert, successor to Summit Community Bank, holds a second-priority lien securing approximately $145,102. The court recognized that the Debtor's cash held in accounts at Fairmont Federal Credit Union constitutes the lenders' cash collateral. Both lenders will be granted adequate protection through automatically perfected replacement liens on the Debtor's post-petition collateral, with the same priority and extent as their pre-petition liens. In addition, Citizens Bank and Burke & Herbert will receive monthly payments of $10,000 and $600, respectively. A final hearing is scheduled for July 8, with objections due by July 2. About Wilfong Hospitality II LLC Wilfong Hospitality II, LLC is a hospitality company engaged in the ownership, management, and operation of lodging and hospitality-related assets. Wilfong Hospitality II sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-00366) on May 28, 2026, with between $1 million and $10 million in both assets and liabilities. Honorable Bankruptcy Judge David L. Bissett handles the case. The Debtor is represented by Stephen L. Thompson, Esq., at Barth & Thompson. WILFONG HOSPITALITY: Hires Raines Feldman Littrell LLP as Counsel ----------------------------------------------------------------- Wilfong Hospitality II, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of West Virginia to employ Raines Feldman Littrell LLP as counsel. The firm's services include: a. advising the Debtor with respect to its powers and duties and the operation of its business and property; b. advising and consulting on the conduct of this Chapter 11 Case, including all of the legal and administrative requirements of operating in chapter 11; c. attending meetings and negotiating with representatives of creditors and other parties in interest; d. taking all necessary actions to protect and preserve the Debtor's estate, including prosecuting actions on the Debtor's behalf, defending any action commenced against the Debtor, and representing the Debtor in negotiations concerning litigation in which the Debtor is involved, including objections to claims filed against the Debtor's estate; e. preparing pleadings in connection with this Chapter 11 Case, including motions, applications, answers, orders, reports, and papers necessary or otherwise beneficial to the administration of the Debtor's estate; f. representing the Debtor in connection with obtaining authority to continue using cash collateral; g. advising the Debtor in connection with any potential sale of assets; h. appearing before the Court and any appellate courts to represent the interests of the Debtor's estate; i. taking any necessary action on behalf of the Debtor to negotiate, prepare, and obtain approval of a disclosure statement and confirmation of a chapter 11 plan and all documents related thereto; and j. performing all other necessary legal services for the Debtor in connection with the prosecution of this Chapter 11 Case, including: (i) analyzing the Debtor's leases and contracts and the assumption and assignment or rejection thereof; (ii) analyzing the validity of liens against the Debtor; and (iii) advising the Debtor on corporate and litigation matters. The firm will be paid at these rates: Partners, Counsel and Associates $425 to $875 per hour Paraprofessionals $315 to 375 per hour The firm received a retainer in the amount of $30,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Lindsay 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: Mark A. Lindsay, Esq. Raines Feldman Littrell, LLP 11 Stanwix Street, Suite 1500 Pittsburgh, PA 15222 Tel: (412) 899-6472 Email: mlindsay@raineslaw.com About Wilfong Hospitality II, LLC Wilfong Hospitality II, LLC is a hospitality company engaged in the ownership, management, and operation of lodging and hospitality-related assets. Wilfong Hospitality II, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-00366) on May 28, 2026. In its petition, the Debtor reports estimated assets of $1 million to $10 million and estimated liabilities of $1 million to $10 million. Honorable Bankruptcy Judge David L. Bissett handles the case. The Debtor is represented by Stephen L. Thompson, Esq. of Barth & Thompson. WINDSOR HOSPITALITY: Hires C. Alex Naegele as Bankruptcy Counsel ---------------------------------------------------------------- Windsor Hospitality Group, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of California to employ C. Alex Naegele, A Professional Law Corporation as general bankruptcy counsel. The firm will provide these services: a. assist, advise, and represent Debtor in interactions with creditors and interested parties and their attorneys and agents as is necessary during the pendency of this Chapter 11 Case. b. assist, advise, and represent the Debtor in reviewing claims and where necessary objecting to claims; c. assist, advise and represent the Debtor in any issues associated with the acts, conduct, assets, liabilities, and financial condition of the Debtor, and any other matters relevant to this case or to the formulation of the plan(s) or reorganization or liquidation; d. assist, advise, and represent the Debtor in the negotiation, formulation, preparation and submission of any plan(s) of reorganization and disclosure statement(s); e. assist, advise and represent the Debtor in the performance of its duties and the exercise of its powers under the Bankruptcy Code and the Bankruptcy Rules and in the performance of such other services as are in the interest of the Debtor; f. appear at all Bankruptcy Court hearings, U.S. Trustee meeting and meeting(s) of creditors on behalf of the Debtor; g. prepare monthly operating reports and other tax and accounting work; h. assist, advise, and represent the Debtor on litigation matters, as necessary to the reorganization of the Debtor; and i. provide such other necessary advice and services as the Debtor may require in connection with this case. The firm will be paid at these rates: C. Alex Naegele, Esq. $400 per hour Paralegal $150 per hour The firm received a retainer in the amount of $25,000. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Mr. Naegele 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: C. Alex Naegele, Esq. C. Alex Naegele, A Professional Law Corporation 10080 North Wolfe Rd, Suite SW3200 Cupertino, CA, 95014 Tel: (408) 883-8994 Fax: (408) 890-4645 Email: alex@canlawcorp.com About Windsor Hospitality Windsor Hospitality, LLC filed its voluntary petition for Chapter 11 protection (Bankr. D. Conn. Case No. 11-32579) on October 11, 2011, listing $0 to $50,000 in assets and $1,000,001 to $10,000,000 in liabilities. Smitcsh Patel, member signed the petition. Judge Lorraine Murphy Weil oversees the case. Peter L. Ressler, Esq. of Groob Ressler & Mulqueen serve as the Debtor's legal counsel. ZOOMINFO TECHNOLOGIES: S&P Lowers ICR to 'BB-', Outlook Negative ---------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on ZoomInfo Technologies Inc. to 'BB-' from 'BB'. S&P also lowered its issue-level ratings on ZoomInfo's secured debt to 'BB' and its senior notes to 'B'. The recovery ratings of '2' and '6', respectively, are unchanged. The negative outlook reflects the potential for a downgrade if revenue growth does not resume. ZoomInfo Technologies Inc. is adapting its revenue model, shifting its focus upmarket, and incurring additional restructuring charges. Evolving market conditions and software landscape in the face of AI advancement add uncertainty pertaining to the pace of recovery and the trajectory of customer demand. S&P Global Ratings believes ZoomInfo faces near-term execution risk and earnings pressure as it manages these changes. ZoomInfo's shift in strategy poses execution risk. Around the second quarter of 2024, ZoomInfo started shifting its customer exposure toward upmarket customers, internally defined as organizations with 100 or more employees. This decision was catalyzed by higher delinquent payments from downmarket customers (organizations with fewer than 100 employees), which resulted in greater-than-anticipated customer write-offs in 2024, and was further supported by this customer subset's weaker net revenue retention (NRR). S&P said, "We think there are positives to this strategy, given that downmarket customers exhibit more demand volatility, have less wallet share, and are less sticky than upmarket customers; we estimate downmarket NRR at around 60% versus upmarket NRR of about 100%. However, we expect achieving the shift will take time and will therefore contribute to near-term sales headwinds." In the last 18-24 months, ZoomInfo increased its upmarket customer mix nearly 10%, such that the segment now accounts for about 75% of its annual contract value (ACV). Simultaneously, total NRR ticked 5% higher to 90%. This change in customer mix remains ongoing, and ZoomInfo aims to grow its upmarket mix to 80% by the end of 2027. Additionally, ZoomInfo recently announced plans to transition part of its revenue model to allow for greater customer choice and flexibility. The transition will reduce its share of seat-based pricing, which exposes companies to the risk of seat declines in a cyclical downturn or a technological shift toward increasing workforce automation. Under the hybrid model, the company will charge customers an annual platform fee, along with data usage and AI action credit fees (expected to be mostly pre-committed and pre-paid). ZoomInfo will introduce the hybrid model in the third quarter and expects it to grow to 50% of ACV. S&P said, "We believe the adapted revenue structure will mitigate the risk of secular sales decline, particularly around seat compression, but introduce execution risk that could negatively pressure sales. At the same time, we expect the new hybrid model will increase sales volatility, particularly in the near term, as customers migrate to the new pricing model and adopt initial data and AI credit packages to fit their needs." Long-term growth under the consumption-based revenue model will be tied to customers' perceived value of ZoomInfo data, insights, and software. ZoomInfo's competitive position is evolving, and AI advancements add uncertainty. Accelerating use of AI, propelled by the rapid development of its capabilities, is pushing customers to scrutinize their operating needs and ways of doing business, while prompting providers to strengthen product offerings and demonstrate clear and sustained value-add to clients. This is having a pronounced impact on buyer and investment decision-making in the software sector. ZoomInfo reduced its sales guidance for 2026 by $60 million-$65 million in part due to weakening demand from software clients, which accounted for 32% of ACV as of 2025. The company attributes roughly half of the revision to softer demand from software clients and increased conservatism. S&P projects revenue will decline nearly 5% year over year in 2026, compared with our previous assumption of very low-single-digit percent revenue growth. ZoomInfo views its data as its primary competitive moat. While the proprietary aspects of ZoomInfo's data provide a competitive edge--supported by its synthesis of disparate data management systems and its contributory network to produce actionable sales insights—S&P believes the increasing sophistication of AI presents a medium- to longer-term disruption risk. In S&P's view, strengthened AI capabilities reduce barriers to entry for critical data counterparties with which ZoomInfo partners, including Salesforce Inc., facilitate the development of home-grown solutions, and extend data accessibility through AI overviews and search engine optimization that somewhat commoditize the data. Thus far, it appears ZoomInfo is retaining its competitive advantage, evidenced by record customer win-backs in 2025; steadily growing total NRR, supported by downmarket customer right-sizing and good upmarket customer retention; and the limited number of true go-to-market software peers that serve upmarket customers. Ongoing restructuring will weigh on earnings generation, preventing previously expected improvement. Restructuring costs hampered ZoomInfo's earnings generation over the past two years, with the company incurring $101.6 million of expenses in 2024 and $40.3 million in 2025. S&P said, "We expected that these costs would largely abate, but in May 2026, ZoomInfo launched another restructuring initiative targeting 20% of its workforce, with costs estimated at $45 million-$60 million. As a result, we expect S&P Global Ratings-adjusted EBITDA margins to decline to around 33.5% for 2026, from 38% in 2025." S&P said, "We anticipate that the modified cost structure will support sequential improvement in profitability. However, gross margins may be pressured by customers' increasing consumption of AI credits. Focus on margin expansion to its 40% target could result in further cost rationalization actions. "We expect healthy cash generation, despite likely near-term earnings compression. ZoomInfo has a track record of solid free operating cash flow (FOCF) conversion rates, supported by its historically modest capital spending program. While capital expenditure (capex) increased over the last few periods due to greater investment in new facilities and capitalization of software development expenses, we expect some moderation in 2027. We project reported FOCF of $240 million-$250 million in 2026 and $360 million-$370 million in 2027. We expect this will be sufficient to meet intrayear cash needs and maintain adequate liquidity. "We believe management will remain aggressive with share repurchases. ZoomInfo has retired more than one-fourth of its total shares outstanding since the start of 2023. Its remaining $1.14 billion share repurchase authorization as of March 31, 2026 exceeds its outstanding market capitalization ($827 million as of mid-June 2026). "Since 2023, the company has used the entirety of its annual FOCF generation to buy back stock, and in second-quarter 2025, it accessed its revolving credit facility to further support this initiative. We expect ZoomInfo will continue repurchasing its common stock using all of its FOCF and potentially with additional credit facility borrowings. "Overall, we expect ZoomInfo to prioritize shareholder returns over debt reduction. The company states that it is comfortable with its current capital structure and maturity profile, so we do not anticipate meaningful debt paydown; although it is possible management may also look to opportunistically repurchase some of its debt. Its next maturity is on its senior notes due February 2029, with $645.1 million outstanding as of March 31, 2026." The negative outlook on ZoomInfo reflects the potential for a downgrade if revenue growth does not resume because of execution risk from its organizational transformation or increased competitive pressure. S&P could lower its rating on ZoomInfo if the company's: -- Competitive advantage deteriorates, as it is unable to successfully manage strategic transformations and evolving AI risk, such that it adversely affects sales growth and earnings potential; -- Restructuring initiatives continue to weigh on earnings; -- EBITDA interest coverage weakens below 5x; or -- Reported FOCF to debt falls below 15%. S&P could also lower its rating on ZoomInfo if S&P believes the company is likely to settle its outstanding tax receivable agreement (TRA) liability with debt. S&P could stabilize its outlook on ZoomInfo if S&P believes: -- Business fundamentals have improved, specifically the company's ability to effectively compete in spite of the advancing AI threat, causing us to take a more favorable business view; -- Top-line expansion prospects have strengthened and restructuring initiatives have rolled off, such that the company is able to return to sustainable earnings growth; -- EBITDA interest coverage strengthens to above 5x; and -- Reported FOCF to debt remains greater than 15%. ********* 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. 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