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260714.mbx T R O U B L E D C O M P A N Y R E P O R T E R Tuesday, July 14, 2026, Vol. 30, No. 195 Headlines 1184 HOLDINGS: Seeks Chapter 11 Bankruptcy in New York 15 CODMAN: Hires Bretta Law Advisors as Bankruptcy Counsel 30 EAST 40TH: Hires Jones Lang LaSalle as Real Estate Broker 40 FULLER AVE: Updates UMB Bank Secured Claim Pay ADVANCE AUTO: S&P Alters Outlook to Stable, Affirms 'BB' ICR ADVANCED AEROSPACE: Ordered to Enter Mediation with Lender AMBASSADOR VETERANS: Plan Exclusivity Period Extended to Sept. 6 ANSLEY PARK JV: Secured Party Sets August 31, 2026 Public Auction APOLLO COMMERCIAL: S&P Alters Outlook to Stable, Withdraws 'B+' ICR ARCHDIOCESE OF NEW ORLEANS:Judge Cuts Ch. 11 Legal Fees by $2.6MM ARTELLA SOLUTIONS: Unsecureds Will Get 17% to 48% in Plan ASHFORD HOSPITALITY: Sells Hyatt Regency Savannah for $158-Mil. ASN INVESTMENT: Voluntary Chapter 11 Case Summary BACHTEL ELECTRIC: Seeks Cash Collateral Access BARTRAM LOGISTICS: Gets Extension to Access Cash Collateral BEASLEY BROADCAST: Bruce Beasley Holds 8.1% Equity Stake BEASLEY BROADCAST: Caroline Beasley Holds 9.3% Equity Stake BED BATH: Appeals Court Dismisses Lawsuit Against Hudson Bay BIG DIGITAL: Raises $15MM in Series D Convertible Preferred Stock BIG DIGITAL: Signs 50/50 JV With 10NetZero for AI Datacenter BIOXCEL THERAPEUTICS: Oaktree Defers Principal Payment to July 31 BRANDHOOT LLC: Seeks Continued Cash Collateral Access BURKE VENTURES: Gets Interim OK to Use Cash Collateral BURWOOD LLC: Gets Interim OK to Use Cash Collateral CAMPUS WALK DST: Case Summary & 20 Largest Unsecured Creditors CAMPUS WALK: Seeks Chapter 11 Bankruptcy in California CARR'S PLUMBING: Seeks to Extend Plan Exclusivity to Aug. 5 CATHOLIC DIOCESE: Seeks to Continue Cash Access Until Oct. 31 CCH JOHN EAGAN I: Court Extends Cash Collateral Access to Sept. 29 CENTRAL FALLS: Case Summary & 19 Unsecured Creditors CHRISTMAS TREE: Court Narrows Claims in Corbin, et al. v. Hil COLD SPRING: Buyer Wants Chapter 7 Conversion Delayed CONCRETE PUMPING: Moody's Affirms 'B1' CFR, Outlook Remains Stable COSMETIC MEDICINE: Available Cash & Business Operation to Fund Plan COSMOS HEALTH: Board OKs $5MM Share Repurchase Program CTN HOLDINGS: Automatic Stay Inapplicable to Karr Action CUMULUS MEDIA: Seeks to Extend Plan Exclusivity to Oct. 30 CYTOSORBENTS CORP: Nasdaq Flags Market Value Below $35MM Minimum DAIRY BUILDING: Seeks Continued Cash Collateral Access DAMIS HOLDINGS: Judge Approves Cash Use for Over 50 Properties DEDICATION & EVERLASTING: Gets Court OK to Use Cash Collateral ENGINEERED MACHINERY: Moody's Affirms 'B2' CFR, Outlook Stable EXECUTIVE DEVELOPMENT: Gets Final OK to Use Cash Collateral FADE BY: Gets Interim OK to Use Cash Collateral FINCH THERAPEUTICS: Seeks Court OK for Chapter 11 Plan FLAWLESS CONSTRUCTION: Seeks Chapter 11 Bankruptcy in Louisiana FREEDOM FOREVER: States Object to Chapter 11 Financing Deal FRESHREALM INC: Seeks to Hire New Mill Capital as Auctioneer FUEL GROUP: Seeks Subchapter V Bankruptcy in Texas GENERIC MANUFACTURING: Gets Final OK to Use Cash Collateral GLASS MANAGEMENT: Unsecureds Will Get 5% of Claims over 5 Years GMACM HOME: Aug. 5 Hearing to Consider Treatment of Indenture Set GREER EXCAVATING: Gets Interim OK to Use Cash Collateral HAYDEE'S CAFE: Gets Final OK to Use Cash Collateral HEALTHY EXTRACTS: President Kevin Pitts Resigns HIGHLAND CAPITAL: Court Shields Unit Over Ex-CEO's 'Privity' Claim HIGHLAND SPRINGS: Taps Pay It Forward Realty as Broker HRONIS INC: Seeks to Extend Plan Exclusivity to Sept. 30 IN DUE SEASON: Gets Extension to Access Cash Collateral INSPIRED HEALTHCARE: Creditors Dispute Lender's Collateral Liens INTEGRATED ENDOSCOPY: Plan Exclusivity Period Extended to Sept. 30 INTERAQT CORP: Seeks to Hire Prager Metis CPAs as Accountant JUS BROADCASTING: Seeks Cash Collateral Access KAIZEN CLEANING: Hires Sternberg Naccari & White LLC as Attorney LADDER CAPITAL: S&P Alters Outlook to Positive, Affirms 'BB+' ICR LIGHTEN UP: Gets Final OK to Use Cash Collateral LINQTO INC: Court OKs Chapter 11 Loan Repayment with Securities LURIN REAL: Seeks to Extend Plan Exclusivity to Oct. 1 LURIN REAL: Seeks to Use Cash Collateral MED-RIDE INC: Gets Final OK to Use Cash Collateral MEDLINE INC: S&P Alters Outlook to Positive, Affirms 'BB+' ICR MELBEN INC: Seeks to Hire The Belmont Firm as Bankruptcy Counsel MILWAUKEE ACADEMY: S&P Lowers 2023 Revenue Bonds Rating to 'BB+' MITT REAL ESTATE: Hires Gregory C. Okwuosah as Bankruptcy Counsel MMA LAW: Fine-Tunes Plan Documents MSLH LLC: Voluntary Chapter 11 Case Summary NASH ENGINEERING: Stay in Ch. 7 Asset Freeze Does Not Apply to 8 NATIONAL CONTRACTORS: Unsecureds to Get 7 Cents on Dollar in Plan NORTH ATLANTA: Hearing Today on Bid to Use Cash Collateral NORTH STAR: Plan Exclusivity Period Extended to Oct. 8 NORTH TEXAS: Seeks to Hire The Mitchell Law Firm as Legal Counsel OLAPLEX INC: S&P Withdraws 'B-' ICR Following Debt Repayment OLIVE BRANCH: Hearing Today on Bid to Use Cash Collateral OPTIMAL BEGINNINGS: Gets Interim OK to Use Cash Collateral ORYX MIDSTREAM: Moody's Withdraws 'Ba3' CFR on Loan Repayment OUACHITA COUNTY: Gets Interim OK to Use Cash Collateral P3 HEALTH: Extends Repurchase Note Maturity to September 2028 PACIFIC CAPITAL: Hires Jeffer Mangels & Mitchell as Counsel PACIFIC CAPITAL: Taps William Brinkman of Jigsaw Advisors as CRO PADAGIS HOLDING: Fitch Lowers LongTerm IDR to 'B', Outlook Stable PLUTUS PROPERTIES: Seeks to Hire Frank B. Lyon as General Counsel POLAR POWER: Nasdaq Grants Equity Compliance Extension to Oct. 28 PROFRAC HOLDING: Refinances Asset-Based Lending Facility PSP TS: Gets Interim OK to Use Cash Collateral REMEDIUM PHARMACY: Case Summary & 20 Largest Unsecured Creditors ROCK GATE: Secured Party Sets July 14, 2026 Public Auction ROCKY MOUNTAIN: AHR Chairman Allen Harper Steps In as Interim CEO SCILEX HOLDING: Signs Term Sheet for $100M Investment From iHolding SEA PALMS: Taps Omni Agent Solutions as Claims and Noticing Agent SEMPER UTILITIES: Secured Parties Set July 28, 2026 Public Auction SERTA SIMMONS: Certain Lenders Breached Credit Agreement SERTA SIMMONS: Uptier Ruling Changes LME Legal Landscape SHAW WELLNESS: Unsecureds Will Get 70% of Claims over 5 Years SIFI NETWORKS: Secures Final OK for $3.4MM Bankruptcy Loan SILVERMAN CHIROPRACTIC: Commences Chapter 11 Bankruptcy in Florida SIMAD HOLDINGS: Seeks to Hire Cole Schotz as Bankruptcy Counsel SIMAD HOLDINGS: Seeks to Hire FTI Consulting as Financial Advisor SIMAD HOLDINGS: Seeks to Hire SSG Advisors as Investment Banker SISTERS OF SAINT ANN: Gets OK to Use Cash Collateral Until July 23 SLEEP NUMBER: Ex-CEO Gets OK to Join Chapter 11 Bidding Process SLEEP NUMBER: Sale Hearing Scheduled for July 15, 2026 SMOK CIGAR: Seeks Subchapter V Bankruptcy in Nevada SMOKIN OAKS: Court Extends Cash Collateral Access to July 24 SUPERIOR STAR: Case Summary & 20 Largest Unsecured Creditors SYNAPTICS INC: S&P Places 'BB-' ICR on CreditWatch Positive T.H. TOWING: Seeks Subchapter V Bankruptcy in Illinois T.K. TIMBER: Gets Interim OK to Use Cash Collateral Until July 27 TALON LOGISTICS: Gets Extension to Access Cash Collateral TAWR PROPERTY: Plan Confirmation Hearing Scheduled for August 11 TEAM SYSTEMS: Chapter 7 Trustee Outlines Fraud Claims TEGETHOFF DEVELOPMENT: Creditors Urge Court to Appoint Trustee TOMS METAL: Commences Chapter 11 Bankruptcy in California TOUCHSTONE LOGISTICS: Seeks to Hire Geri Lyons Chase as Counsel TPX COMMUNICATIONS: Davis Polk Advises Ad Hoc Lender Group TRIMONT ENERGY GIB: Gets Extension to Access Cash Collateral TRIMONT ENERGY LIMITED: Gets Extension to Access Cash Collateral TRIMONT ENERGY NOW: Gets Extension to Access Cash Collateral TRM NRE: Court Sets July 29, 2026 General Bar Date ULTINON MOTION: Plan Confirmation Hearing Scheduled for July 24 VANKIRK ELECTRIC: Plan Exclusivity Period Extended to Sept. 15 WAIN ENTERPRISES: Section 341(a) Meeting of Creditors on August 7 WELTY SERVICES: Gets Final OK to Use Cash Collateral WEST MARINE: Committee Hires Ice Miller LLP as Delaware Counsel WEST MARINE: Committee Hires Kelley Drye & Warren as Counsel WEST MARINE: Committee Hires Province as Financial Advisor WHITEHALL PHARMACY: Gets Extension to Access Cash Collateral WHITNEY OIL & GAS: Gets Extension to Access Cash Collateral YESCARE CORP: Insider Faces Final Contempt Warning in Ch. 11 Case ZONED PROPERTIES: Receives $1M From Green Valley & Kingman Sale ********* 1184 HOLDINGS: Seeks Chapter 11 Bankruptcy in New York ------------------------------------------------------ On July 9, 2026, 1184 Holdings LLC filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Eastern District of New York. According to the court filing, the debtor reports estimated liabilities of $1 million to $10 million and between 1 and 49 creditors. The Chapter 11 plan and disclosure statement must be filed by November About 1184 Holdings LLC 1184 Holdings LLC is a Brooklyn, New York-based single-asset real estate company that owns and leases residential property. Its principal asset is a two-unit residential building located at 1184 Jefferson Avenue, Brooklyn, New York. 1184 Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-43328) on July 9, 2026. In its petition, the debtor reported estimated assets of $1 million to $10 million and estimated liabilities of $1 million to $10 million. Honorable Bankruptcy Judge Elizabeth S. Stong handles the case. 15 CODMAN: Hires Bretta Law Advisors as Bankruptcy Counsel ---------------------------------------------------------- 15 Codman Park LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Massachusetts to hire Bretta Law Advisors, P.C., as counsel. The firm will render these services: a. provide general advice and legal services in connection with the continued operation of the Debtor; b. evaluate and prosecute of defense or potential and asserted claims of and against the Debtor; c. negotiate and file a Disclosure Statement and Plan of Reorganization; d. prepare and file motions, notices, applications, complaints, reports and other documents necessary or appropriate in the course of the bankruptcy case; e. represent the Debtor in all hearings, conferences, trials, examinations, meetings and other proceedings, whether judicial, administrative or informal; and f. provide all other services that customarily and appropriately handled by the Bretta Law Advisors upon mutual agreement. Bretta Law Advisors holds a retainer in the amount of $4,000. Bretta Law Advisors will also be reimbursed for reasonable out-of-pocket expenses incurred. Laurel Bretta, Esq., a partner at Bretta Law Advisors, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. Bretta Law Advisors can be reached at: Laurel E. Bretta, Esq. BRETTA LAW ADVISORS, P.C. 77 Mystic Avenue Medford, MA 02155 Telephone: (781) 395-1545 Facsimile: (781) 395-0012 E-mail: bglaw@lbretta.com About 15 Codman Park LLC 15 Codman Park LLC is a single-asset real estate entity (as defined in 11 U.S.C. Section 101(51B)). 15 Codman Park sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 26-11458) on June 19, 2026. In the petition signed by Jessica Acevedo as authorized representative, the Debtor disclosed an estimated assets of $1 million to $10 million and estimated liabilities of $1 million to $10 million. Judge Janet E. Bostwick presides over the case. Laurel E. Bretta at Bretta Law Advisors, P.C., represents the Debtor as legal counsel. 30 EAST 40TH: Hires Jones Lang LaSalle as Real Estate Broker ------------------------------------------------------------ 30 East 40th, L.L.C. seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Jones Lang LaSalle Americas, Inc. as its real estate broker. JLL shall be the Debtor's exclusive agent to market and sell the property located at 30 East 40th Street, New York, New York. JLL will be entitled to payment of a commission equal to 1.75% of the gross sale price of the property. JLL is a "disinterested person" within the meaning of 11 U.S.C. Sec. 101(14), according to court filings. The firm can be reached through: Jonathan Hageman Jones Lang LaSalle Americas, Inc. 225 Broadhollow Road Melville, NY 11747 Phone: (212) 812-5995 Email: jonathan.hageman@jll.com About 30 East 40th, L.L.C. 30 East 40th L.L.C. is a single asset real estate company. 30 East 40th L.L.C. filed for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12696) on Dec. 2, 2025. In its petition, the Debtor listed assets between $10 million and $50 million and liabilities in the same range. Bankruptcy Judge Michael E. Wiles handles the case. The Debtor is represented by Mark A. Frankel, Esq. of Backenroth Frankel & Krinsky, LLP. 40 FULLER AVE: Updates UMB Bank Secured Claim Pay ------------------------------------------------- 40 Fuller Ave LLC submitted a First Amended Disclosure Statement describing Plan of Reorganization dated July 1, 2026. This is a reorganizing plan. In other words, the Proponent seeks to accomplish payments under the Plan by refinancing the property. Class 1 consists of the secured claim of UMB Bank, National Association, not in its individual capacity but solely as owner trustee for Verus Securitization Trust 2023-3. The Debtor will either refinance the property or sell the property within six months. The amount of claim in this Class total $529,000. Class 3 consists of General Unsecured Claims. This Class shall be paid 100% of any unsecured claims. Class 4 consists of Equity Interest Holders. Tahira Rafaqat shall retain her interest in the company. The Debtor intends to fund the Plan as follows: * Cash on Hand * The Debtor will receive contributions from the spouse of the principal of the Debtor to make the necessary contributions to pay all costs in connection with the property. * The Debtor will either refinance the property or sell the property in six months. A full-text copy of the First Amended Disclosure Statement dated July 1, 2026 is available at https://urlcurt.com/u?l=GpnQg4 from PacerMonitor.com at no charge. Counsel to the Debtor: Robert C. Nisenson, Esq. ROBERT C. NISENSON, LLC 10 Auer Court East Brunswick, NJ 08816 Tel: (732) 238-8777 About 40 Fuller Ave LLC 40 Fuller Ave LLC is a real estate holding company that owns and manages property at 40 Fuller Avenue in New Jersey, focusing on commercial and residential real estate operations. 40 Fuller Ave LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 26-10112) on Jan. 6, 2026. In its petition, the Debtor listed assets and liabilities of $100,001 to $1,000,000. Bankruptcy Judge Michael B. Kaplan handles the case. The Debtor is represented by Robert C. Nisenson, of Robert C. Nisenson, LLC. ADVANCE AUTO: S&P Alters Outlook to Stable, Affirms 'BB' ICR ------------------------------------------------------------ S&P Global Ratings revised its outlook on aftermarket auto parts retailer Advance Auto Parts Inc. to stable from negative and affirmed all its ratings, including the 'BB' issuer-credit rating. The stable outlook reflects S&P's expectation for steadying operating performance, improving S&P Global Ratings-adjusted leverage to 4.5x and free operating cash flow (FOCF) of nearly $100 million in 2026. The outlook revision to stable reflects expected operating performance improvement. Advance has reported four consecutive quarters of comparable-store sales growth, including 3.5% in the first quarter of 2026 from improved merchandising and distribution capabilities that have helped it capture market share. The company improved transaction volumes, primarily within its professional segment. While exposure to retail do-it-yourself consumers may cause near-term performance uncertainty, an aging vehicle population and vehicle complexity provide sales tailwinds for 2026 and beyond. Additionally, the company's expanding market hub network and investment in its store base will help incrementally increase sales. That said, S&P projects a 1% decline in sales in 2026 because of the 53rd week in 2025 (when sales fell 5.4%), followed by an increase of more than 2% next year. Auto Parts Inc.'s performance is stabilizing as management's strategic initiatives in supply chain, merchandising, and operations support modest comparable-store sales growth and an adjusted EBITDA rebound. S&P said, "We forecast sales and profitability will continue to gradually improve because of merchandising, distribution, and other operating efforts, resulting in S&P Global Ratings adjusted leverage being maintained below 5x in the next 12 months. "We forecast S&P Global Ratings-adjusted EBITDA margins will expand through 2027. Supply chain, product optimizations, and other initiatives will be determining factors. For the trailing 12 months ended April 25, 2026, adjusted EBITDA margin expanded to 11.8%, significantly better than 1.1% in the year-ago period, which was pressured due Advance's elevated restructuring costs. The improvement was underpinned by operating, cost, supply chain, and merchandise initiatives including launch of its owned-brand oil, ARGOS, and improved vendor savings. We also expect Advance's transition from distribution center consolidation to a productivity-focused phase will help support margin expansion. We project S&P Global Ratings-adjusted EBITDA margin will reach approximately 13.1% in 2026 and 14% in 2027." Margin realization remains sensitive to management's continued ability to execute on its strategies as well as geopolitical volatility. The company will strengthen credit ratios over the next 12 months. S&P Global Ratings-adjusted leverage remains elevated, 5.1x for the trailing 12 months at first quarter-end of 2026. Still, the trajectory of improved earnings and cash generation supports a meaningful deleveraging path. S&P said, "We project adjusted leverage of 4.5x in fiscal 2026 before declining to 4.1x in 2027 behind EBITDA growth, stable projected debt balances in 2026, and repayment of the $350 million notes in October 2027. In addition, we anticipate cash balances will remain about $3 billion annually over the next two years. Our projected leverage also includes about $2.3 billion in payables in the supply chain financing program that we consider a debt-like obligation." Advance will return to positive FOCF this year. S&P said, "We believe the company has reached an inflection point in cash generation following recent working capital and restructuring investments. We project FOCF of approximately $100 million in 2026 and $180 million in 2027, behind improved profitability, stabilized working capital needs, and reduced restructuring outflow. This compares to an FOCF deficit of $345 million last year due to weak profitability and a working capital outflow. At the same time, a relatively consistent reliance on supply chain financing in the $2.5 billion area this year will support FOCF recovery. Our projections also assume an increase in capital expenditure (capex) as Advance invests in new stores, supply chain, and operating capabilities. We forecast capex to increase to about $310 million this year and $350 million next year from $252 million in 2025." Advance's competitive position is stabilizing. However, it has narrowed its market position and ceded share over the last few years to stronger competitors, including AutoZone and O'Reilly. Advance operates in a relatively resilient, needs-based automotive aftermarket that provides a stable foundation, mitigating broader business cycle volatility. S&P said, "Additionally, Advance has continued to make strategic investments in merchandising, store network and operations, and supply chain capabilities, which we believe helps stabilize operations. These investments and business dynamics will also help deleverage the balance sheet toward 4x over the next 18-24 months, and accordingly our comparable rating analysis modifier remains positive. Our assessment balances favorable industry dynamics and expected continued growth against the execution risks inherent in a large-scale operational transformation." Advance has strengthened internal controls and governance, remediating accounting weaknesses. The company also completed the reorganization of its processes and increased investment in technological infrastructure. Management's operational transformation plan is beginning to yield benefits through asset optimization, supply chain reconfiguration, and other initiatives. S&P has accordingly revised its assessment of management and governance to neutral from moderately negative. The stable outlook on Advance reflects S&P's expectation that operating initiatives will improve sales and EBITDA, supporting positive FOCF and S&P Global Ratings-adjusted leverage of 4.5x in 2026. S&P could lower its rating on Advance if it projects credit metrics deteriorating, including S&P Global Ratings-adjusted leverage sustained above 5x or S&P expects FOCF to weaken materially, which could result from: -- Execution challenges, increased competition, or weakening macroeconomic conditions that erode sales and margins; -- Required use of cash to support its supply chain financing program and working capital; or -- The company pursues a more aggressive financial policy. S&P could raise its rating if Advance sustains performance improvement and S&P projects it will maintain S&P Global Ratings-adjusted leverage below 4x. This could occur if: -- Operating performance strengthens, including consistent growth in comparable-store sales and sustained improvement in S&P Global Ratings-adjusted EBITDA margins; -- Capital allocation and financial policy prioritizes investing in the business and reducing debt; and -- Advance increases its market share and accelerates traction in operating initiatives strengthening long-term competitive position and S&P's view of its business risk. ADVANCED AEROSPACE: Ordered to Enter Mediation with Lender ---------------------------------------------------------- Ben Zigterman of Law360 Bankruptcy Authority reports that a bankruptcy judge was informed Thursday, July 9, 2026, that Balcon Salon, a New York City nightclub operating under Chapter 11 protection, and its lender have agreed to participate in mediation to settle disputes arising in the restructuring case. The debtor's attorney said the parties hope the process will produce a mutually acceptable resolution without prolonged litigation. The nightclub entered Chapter 11 to reorganize its financial obligations while preserving its operations. Mediation is expected to focus on lender-related issues that have become central to the progress of the bankruptcy proceedings, the report relays. The bankruptcy court supported the parties' decision to pursue mediation and will monitor developments as negotiations continue. Any agreement reached through mediation would likely require court approval before becoming effective, according to report About Advanced Aerospace LLC Advanced Aerospace LLC, doing business as Balcon Salon, is a limited liability company. Advanced Aerospace LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12433) on October 31, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. The Debtor is represented by Ilana Volkov, Esq., of McGrail & Bensinger LLP. AMBASSADOR VETERANS: Plan Exclusivity Period Extended to Sept. 6 ---------------------------------------------------------------- Judge Maria De Los Angeles Gonzalez of the U.S. Bankruptcy Court for the District of Puerto Rico extended Ambassador Veterans Services of Puerto Rico LLC's exclusive periods to file a plan of reorganization and obtain acceptance thereof to Sept. 6 and Oct. 5, 2026, respectively. In a court filing, the Debtor explains that applying the First Circuit factors to the present case demonstrates cause for the requested extension. The case continues to involve the operation of a specialized veteran care facility under a government contract, requiring coordination with multiple governmental stakeholders, including the Department of Justice and the OPV, while ensuring uninterrupted care for vulnerable veteran residents. The Debtor asserts that it is not seeking this extension to pressure creditors or to hold the case hostage. The Debtor has continued to operate the veteran care facility, remains current on its post-petition obligations, and continues to comply with all duties of a debtor-in-possession. The Debtor further asserts that the requested 60-day extension will not prejudice creditors but will instead enhance value preservation by allowing the mediation process to reach a conclusion and enabling the Debtor to incorporate the results into a comprehensive plan of reorganization. Ambassador Veterans Services of Puerto Rico LLC is represented by: Javier Villarino, Esq. Villarino & Associates LLC P.O. Box 9022515 San Juan, PR 00902 Tel: (787) 565-9894 Email: jvillarino@vilarinolaw.com About Ambassador Veterans Services of Puerto Rico LLC Ambassador Veterans Services of Puerto Rico LLC operates a nursing and intermediate care facility for veterans in Juana Diaz, Puerto Rico. The Company provides residential healthcare services to eligible veterans at its location in Barrio Amuelas. Ambassador Veterans Services of Puerto Rico LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 25-02690) on June 13, 2025. In its petition, the Debtor reports total assets of $2,567,403 and total liabilities of $4,068,135. The Debtors are represented by Javier Vilarino, at VILARINO AND ASSOCIATES LLC. ANSLEY PARK JV: Secured Party Sets August 31, 2026 Public Auction ----------------------------------------------------------------- Hilco Global, on behalf of I&G Ansley Park Preferred Member I, LLC, a Delaware limited liability company (the "Secured Party"), offers for sale at public auction on August 31, 2026, at 10:00 a.m. (ET) in the offices of Jones Day, 250 Vesey Street, 34th Floor, New York, NY 10281 (remote access to the public sale will be made available to prospective purchasers on request), in connection with a Uniform Commercial Code sale, all of the limited liability company membership interests in (x) Arris Wilmington, LLC, a Delaware limited liability company and (y) Arris Wilmington II, LLC, a Delaware limited liability company (collectively, the "Ownership Interests"), which are the owners of the apartment complexes and related facilities commonly known as Ansley Park and located a 3612 Beverly Cove Way Wilmington, NC, 28412. The Ownership Interests are owned by Ansley Park JV, LLC, a Delaware limited liability company (the "Company" or the "Pledgor"). The Secured Party previously made an investment in the Company in the original principal amount of $20,631,000 USD (the "Preferred Investment"). In connection with the Preferred Investment, the Pledgor granted to the Secured Party a first priority security interest in the Ownership Interests pursuant to that certain Limited Liability Company Agreement of Ansley Park JV, LLC, a Delaware limited liability company, dated as of July 13, 2022, by and between Arris Wilmington Holdings, LLC, a Delaware limited liability company, the Secured Party, and I&G Ansley Park Preferred Member II, LLC, a Delaware limited liability company (the "JV Agreement"). The Secured Party is offering the Ownership Interests for sale in connection with the foreclosure on the pledge of such Ownership Interests. The sale of the Ownership Interests will be subject to all applicable third-party consents (if any), including, without limitation, any applicable consents needed in respect of the Senior Loan Documents (as defined in the JV Agreement) (if any). Without limitation to the foregoing, please take notice that there are specific requirements for any potential successful bidder in connection with obtaining information and bidding on the Ownership Interests, including but not limited to, (1) that each bidder must comply with the restrictions applicable to the sale and transfer of the Ownership Interests under the Governing Agreements (as defined in the JV Agreement), and (2) that each bidder must deliver such documents and pay such amounts as required by the Governing Agreements and any other applicable governing documents relating to the Ownership Interests. The Ownership Interests are being offered as a single lot, "as-is, where-is", with no express or implied warranties, representations, statements or conditions of any kind made by the Secured Party or any person acting for or on behalf of the Secured Party, without any recourse whatsoever to the Secured Party or any other person acting for or on behalf of the Secured Party and each bidder must make its own inquiry regarding the Ownership Interests. The winning bidder shall be responsible for the payment of all transfer taxes, stamp duties and similar taxes incurred in connection with the purchase of the Ownership Interests. The Secured Party reserves the right to credit bid, set a minimum reserve price, reject all bids (including without limitation any bid that it deems to have been made by a bidder that is unable to satisfy the requirements imposed by the Secured Party upon prospective bidders in connection with the sale or to whom in the Secured Party's sole judgment a sale may not lawfully be made) and terminate or adjourn the sale to another time, without further notice. The Secured Party further reserves the right to restrict prospective bidders to those who will represent that they are purchasing the Ownership Interests for their own account for investment not with a view to the distribution or resale of such Ownership Interests, to verify that each certificate for the Ownership Interests to be sold bears a legend substantially to the effect that such interests have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), and may not be disposed of in violation of the provisions of the Securities Act and to impose such other limitations or conditions in connection with the sale of the Ownership Interests as the Secured Party deems necessary or advisable in order to comply with the Securities Act or any other applicable law. All bids (other than credit bids of the Secured Party) must be for immediately available good funds, and the successful bidder must be prepared to deliver immediately available good funds within 24 hours after the sale and otherwise comply with the bidding requirements. Further information concerning the Ownership Interests, the requirements for obtaining information and bidding on the Ownership Interests and the Terms of Sale can be found at https://hilcorealestatesales.com/listings/?propertyId=ucc-auction-wilmington-nc. For further information you may contact Jonathan Cuticelli, Hilco Global; Tel.: (203) 561-8737; jcuticelli@hilcoglobal.com. APOLLO COMMERCIAL: S&P Alters Outlook to Stable, Withdraws 'B+' ICR ------------------------------------------------------------------- S&P Global Ratings revised its outlook on Apollo Commercial Real Estate Finance Inc. (ARI) to stable from positive because S&P now views it unlikely that the company will use its excess liquidity to originate new investments. S&P then withdrew its 'B+' rating at the issuer's request. On July 10, 2026, S&P Global Ratings revised its outlook on ARI to stable from positive and withdrew all its ratings on the company, including the 'B+' issuer credit and issue-level ratings. ARI's dissolution is likely following the board's recommendation. Following the sale of its entire loan portfolio in April, ARI repaid all of its outstanding debt and held approximately $1.4 billion in net cash that it redeployed into short-duration REIT-eligible assets. Although the company evaluated a broad range of strategies and potential transactions, its board ultimately concluded that the dissolution of the company is in the best interest of ARI and its shareholders. S&P is withdrawing its ratings on ARI at the issuer's request. ARCHDIOCESE OF NEW ORLEANS:Judge Cuts Ch. 11 Legal Fees by $2.6MM ----------------------------------------------------------------- Stephanie Riegel of nola reports that a federal bankruptcy judge has trimmed approximately $2.6 million from the legal fees requested in the Archdiocese of New Orleans Chapter 11 case, resolving one of the last unresolved matters following the church's settlement with hundreds of clergy abuse survivors. The decision comes more than six months after the bankruptcy plan became effective. After conducting a full-day trial, Judge Meredith Grabill directed Jones Walker, which represented the archdiocese, along with Pachulski Stang Ziehl & Jones LLP and Troutman Pepper Locke LLP, counsel to the official committee of abuse survivors, to reduce their final fee applications by 6% each. The court determined that a uniform reduction fairly balanced the extensive work performed with the need to ensure that professional fees remained reasonable, the report states. The ruling brings the nearly six-year Chapter 11 case another step toward completion. The bankruptcy enabled the Archdiocese to resolve hundreds of abuse claims through a court-approved settlement while restructuring its financial obligations and establishing a compensation process for survivors, according to report. About Roman Catholic Church of The Archdiocese Of New Orleans The Roman Catholic Church of the Archdiocese of New Orleans -- https://www.nolacatholic.org/ -- is a non-profit religious corporation incorporated under the laws of the State of Louisiana. Created as a diocese in 1793, and established as an archdiocese in 1850, the Archdiocese of New Orleans has educated hundreds of thousands in its schools, provided religious services to its churches and provided charitable assistance to individuals in need, including those affected by hurricanes, floods, natural disasters, war, civil unrest, plagues, epidemics, and illness. Currently, the archdiocese's geographic footprint occupies over 4,200 square miles in southeast Louisiana and includes eight civil parishes: Jefferson, Orleans, Plaquemines, St. Bernard, St. Charles, St. John the Baptist, St. Tammany, and Washington. The Roman Catholic Church for the Archdiocese of New Orleans sought Chapter 11 protection (Bankr. E.D. La. Case No. 20-10846) on May 1, 2020. The archdiocese was estimated to have $100 million to $500 million in assets and liabilities as of the bankruptcy filing. Judge Meredith S. Grabill oversees the case. Jones Walker, LLP and Blank Rome, LLP, serve as the archdiocese's bankruptcy counsel and special counsel, respectively. Donlin, Recano & Company, Inc., is the claims agent. The U.S. Trustee for Region 5 appointed an official committee of unsecured creditors on May 20, 2020. The committee is represented by the law firms of Pachulski Stang Ziehl & Jones, LLP and Locke Lord, LLP. Berkeley Research Group, LLC is the committee's financial advisor. ARTELLA SOLUTIONS: Unsecureds Will Get 17% to 48% in Plan --------------------------------------------------------- Artella Solutions, Inc., filed with the U.S. Bankruptcy Court for the Southern District of Texas a Disclosure Statement describing Plan of Liquidation under Subchapter V dated July 1, 2026. The Debtor is a technology-enabled healthcare services company providing advanced remote cardiac monitoring ("RCM") solutions to healthcare providers, hospitals, and physician practices throughout the United States. The Debtor was formed on July 11, 2018 as Ramsey Medical Technologies, Inc., a Texas corporation, and subsequently changed its name to CorVitals of Texas, Inc. and then to Artella Solutions, Inc. on April 7, 2020. On September 30, 2021, the Debtor filed a Certificate of Merger combining Artella Solutions, Inc. and ArSol Acquisition Sub, Inc. The Debtor's parent, CorMedica, was formed in 2021 as an acquisition vehicle and is the 100% equity holder of Artella. Since the Petition Date, the Debtor has continued to operate its remote cardiac monitoring business as a debtor-in-possession, serving patients and generating revenue under Court-approved cash collateral and debtor-in-possession financing orders. Post-petition operations have been funded by patient-monitoring revenue (averaging approximately $450,000 to $590,000 per month in disbursements per the Debtor's monthly operating reports) and the DIP Facility provided by Pulselayer. On May 27, 2026, the parties participated in a mediation conducted by the Honorable Marvin Isgur, which resulted in a settlement (the "Mediated Settlement Agreement") executed by the Debtor, the Moshiri Parties, CorMedica, Flipside, Vendera, Pulselayer, and Abel HR, Inc. The principal terms of the Mediated Settlement Agreement, which the Plan incorporates and implements. The Plan is implemented through the 363 Sale of substantially all of the Debtor's assets, free and clear of liens, claims, interests, and encumbrances under Section 363(f) of the Bankruptcy Code, to the Winning Bidder. Pulselayer has agreed to serve as the stalking horse bidder under an Asset Purchase Agreement (the "Stalking Horse Bid"). The Stalking Horse Bid consists of: (a) $500,000 in cash (inclusive of a $50,000 good faith deposit credited at closing); (b) a credit bid of the DIP obligations under Section 363(k) of the Bankruptcy Code (estimated at approximately $315,000); (c) the irrevocable waiver of $862,362.66 of the prepetition unsecured claims of Flipside and Vendera (which is 50% of the prepetition claims held by these entities); and (d) the waiver of the deferred post-petition administrative amounts owed to Flipside and Vendera (estimated at no more than $450,000 in the aggregate). The total estimated economic value of the Stalking Horse Bid is approximately $1,721,181.33, consisting of the $500,000 cash component, the approximately $315,000 DIP credit bid, the economic value of the affiliate claim waiver (valued at fifty cents on the dollar of the $862,362.66 of prepetition claims waived, or approximately $431,181.33), and the approximately $450,000 of waived Flipside and Vendera deferred administrative amounts. In addition, the Stalking Horse Bid includes $25,000 in cash applied directly to fund the Moshiri Settlement Payment, bringing the total economic value to the amount stated; because that $25,000 passes through to Mr. Moshiri, it does not increase the proceeds available for distribution to Class 4 and does not affect the recoveries shown in the Liquidation Analysis or the Anticipated Waterfall and Projected Distributions Analysis. Class 4 consists of General Unsecured Claims. Class 4 consists of all Allowed General Unsecured Claims against the Debtor not otherwise classified, including, but not limited to, the claim of Lila Moshiri in the amount of $80,0001 ; claims of Flipside Media, Inc. and Vendera, Inc. d/b/a Vendera Mobile, which are included in Class 4 as general unsecured trade vendor claims; provided, however, that if Pulselayer is the Winning Bidder, 50% of each of the Flipside and Vendera prepetition claims are waived and released as part of the Stalking Horse Bid. Additionally, if Pulselayer is the Winning Bidder, Flipside and Vendera shall only receive a distribution from Class 4 based upon allowance of 50% of each respective Claim, and the Class 4 distribution pool shall be calculated accordingly (the "Flipside/Vendera Partial Waiver"). If a third-party wins the Auction and assumes the Flipside and/or Vendera executory contracts, the Cure Amount for such contracts shall be paid at closing from sale proceeds as part of the assumption, and no further Class 4 distribution shall be made to Flipside or Vendera on account of their prepetition claims, as such claims shall be satisfied in full by the cure payment. Holders of Allowed Class 4 Claims (together with Allowed Class 3 Claims, if any) shall receive, in full satisfaction of such Claims, a Pro Rata share of Remaining Cash. Allowed Class 4 Claims shall also receive a Pro Rata share of Net Litigation Proceeds available for Class 4 distribution, as calculated by the WindDown Agent pursuant to Article 9 of this Plan. Class 4 shall receive Pro Rata share of Net Sale Proceeds and Net Litigation Proceeds. This Class will receive a distribution of 17% to 48%. The Plan is funded by the proceeds of the 363 Sale, the Debtor's retained accounts receivable, and recoveries on retained causes of action. On the Effective Date, the Debtor will consummate the 363 Sale, pay the senior claims and the cash portion of the Mediated Settlement, and transfer the retained assets (including accounts receivable, avoidance actions, and other estate causes of action) to a Litigation Trust administered by J. Patrick Magill as Wind Down Agent. During a wind-down period of approximately nine to eighteen months, the Wind-Down Agent will collect the accounts receivable, prosecute the retained causes of action (including the MCA challenges and claims against Joseph Hashim), resolve disputed claims, and make distributions to creditors. The compensation and expense reimbursement of the Wind-Down Agent will be set forth in the Litigation Trust Agreement, which will be filed as part of the Plan Supplement prior to the confirmation hearing. A full-text copy of the Disclosure Statement dated July 1, 2026 is available at https://urlcurt.com/u?l=fSwrYY from PacerMonitor.com at no charge. Counsel to the Debtor: MELISSA A. HASELDEN, Esq. ELYSE M. FARROW, Esq. HASELDEN FARROW PLLC 708 Main St., 10th Floor Houston, TX 77002 Tel: (832) 819-1149 Fax: (866) 405-6038 Email: mhaselden@haseldenfarrow.com efarrow@haseldenfarrow.com About Artella Solutions Inc. Artella Solutions, Inc., provides remote patient monitoring solutions focused on cardiac rhythm management. It is a Texas corporation and a wholly owned subsidiary of CorMedica Group, Inc. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-31092) on Feb. 19, 2026. In the petition signed by Patrick Magill, president, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Jeffrey P. Norman oversees the case. Melissa A. Haselden, at Haselden Farrow, PLLC, is the Debtor's legal counsel. ASHFORD HOSPITALITY: Sells Hyatt Regency Savannah for $158-Mil. --------------------------------------------------------------- Ashford Hospitality Trust, Inc. disclosed in a regulatory filing that on June 30, 2026, HH Savannah LLC and HHC TRS Savannah LLC, indirect wholly owned subsidiaries of the Company, completed the sale of the Hyatt Regency Savannah located in Savannah, Georgia pursuant to an Agreement of Purchase and Sale, dated as of May 15, 2026, by and between HH Savannah LLC and HHC TRS Savannah LLC, as seller, and C&C Bay Hotel Owner, LLC, as purchaser, for $158 million in cash, subject to customary pro-rations and adjustments. About Ashford Hospitality Ashford Hospitality Trust is a real estate investment trust (REIT) focused on investing predominantly in upper upscale, full-service hotels. Dallas, Texas-based BDO USA, P.C., the Company's auditor since 2015, issued a "going concern" qualification in its report dated March 20, 2026, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, citing that the Company has final debt maturities within one year from the date the financial statements are issued, which raise substantial doubt about its ability to continue as a going concern. As of March 31, 2026, Ashford had $2.6 billion in total assets, $3 billion in total liabilities, and a total stockholders' deficit of $695.2 million. As of March 31, 2026, the Company had total indebtedness of $2.4 billion included $2.2 billion of variable-rate debt. ASN INVESTMENT: Voluntary Chapter 11 Case Summary ------------------------------------------------- Debtor: ASN Investment Group, LLC 2352 North 29th Street Philadelphia PA 19132 Business Description: ASN Investment Group, LLC is engaged in activities related to real estate. Chapter 11 Petition Date: July 6, 2026 Court: United States Bankruptcy Court Eastern District of Pennsylvania Case No.: 26-12857 Judge: Hon. Derek J Baker Debtor's Counsel: Ronald G. McNeil, Esq. McNEIL LEGAL SERVICES 1313 Race Street Philadelphia PA 19107-1585 Tel: (215) 564-3999 E-mail: r.mcneil@verizon.net Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Altrena S. Nixon as member. The Debtor failed to attach a list of its 20 largest unsecured creditors to the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/MJYSHOA/ASN_Investment_Group_LLC__paebke-26-12857__0001.0.pdf?mcid=tGE4TAMA BACHTEL ELECTRIC: Seeks Cash Collateral Access ---------------------------------------------- Bachtel Electric, LLC asks the U.S. Bankruptcy Court for the Western District of Washington for authority to use cash collateral and provide adequate protection. Kapitus Servicing, Inc. is the only creditor with an interest in the Debtor's cash collateral. The parties previously agreed to an interim cash collateral arrangement, and the Debtor now seeks a final order extending authorization to use cash collateral through September 30, or until the effective date of a confirmed Chapter 11 plan, whichever occurs first. The Debtor identifies Kapitus as the successor to NXGEN Capital, which filed a UCC-1 financing statement on June 11, 2020, covering the Debtor's accounts, receivables, proceeds, business assets, and related collateral. Kapitus holds a first-priority security interest in cash collateral valued at approximately $121,879 as of the petition date, consisting of approximately $75,674 in deposit accounts, including funds subject to a garnishment order, and approximately $46,205 in accounts receivable. The outstanding balance owed to Kapitus is approximately $228,701, meaning the creditor is significantly undersecured. To continue operating, Bachtel Electric seeks authority to use cash collateral to pay normal business expenses, including payroll, owner draws, and other costs reflected in its monthly operating budget covering June through September. The Debtor requests flexibility to exceed individual budgeted expenditures by up to 10% if necessary, with larger deviations requiring either Kapitus' written consent or further court approval. As adequate protection for Kapitus, the Debtor proposes granting replacement liens on all post-petition cash, accounts, accounts receivable, and proceeds generated from those assets, with the replacement liens maintaining the same validity, extent, and priority as Kapitus' prepetition perfected liens. In addition, beginning this month, the Debtor will make monthly adequate protection payments of $1,200 through automatic ACH withdrawals, which will be applied to its obligations under the existing loan agreement. The Debtor also agrees to name Kapitus as a loss payee and additional insured on its business property insurance policy, provide proof of insurance coverage, and promptly notify Kapitus of any changes. Monthly financial reports comparing actual income and expenses against operations will also be provided to Kapitus no later than the twenty-first day following each month. A copy of the motion is available at https://urlcurt.com/u?l=MAWYaa from PacerMonitor.com. About Bachtel Electric, LLC Bachtel Electric, LLC in Washington sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Western District of Washington Case No. 26-11621) on May 14, 2026. At the time of filing, Debtor had estimated assets of between $0 and $50,000 and liabilities of between $100,001 and $500,000. Judge Christopher M Alston oversees the case. Neeleman Law Group, P.C. is Debtor's legal counsel. BARTRAM LOGISTICS: Gets Extension to Access Cash Collateral ----------------------------------------------------------- Bartram Logistics, LLC received another extension from the U.S. Bankruptcy Court for the Middle District of Tennessee to use cash collateral to fund operations. The court issued its 11th interim order authorizing the Debtor to use cash collateral until the next hearing scheduled for Aug. 4. Use of such collateral must be in accordance with previous interim cash collateral orders and the latest budget, subject to a 10% variance. To protect the interests of pre-bankruptcy secured creditors, the court granted them replacement liens on post-petition cash collateral, which are automatically perfected without additional filings. The order also required all parties holding funds owed to the Debtor to immediately transfer them to the Debtor. The order is available at https://short.do/HbVC0q from PacerMonitor.com. Bartram Logistics' assets include cash accounts, accounts receivable, and inventory, which may constitute cash collateral. Studio Bank asserts a secured claim of approximately $530,000, claiming an interest in the Debtor's accounts receivable and other assets via a UCC-1 filed in 2024. First Chatham Bank (also known as Cadence Bank) asserts a secured claim of approximately $2.3 million, claiming similar interests via a UCC-1 filed on April 28. All other creditors with UCC-1 filings, per the Tennessee Secretary of State, are merchant cash advance lenders. Studio Bank, as secured creditor, is represented by: David M. Anthony, Esq. Exo Legal PLLC P.O. Box 121616 Nashville, TN 37212 Telephone: (615) 869-0634 Facsimile: (615) 307-6076 david@exolegal.com First Chatham Bank, as secured creditor, is represented by: Bryan J. Sisto, Esq. Frost Brown Todd LLP 400 W. Market Street, Suite 3200 Louisville, KY 40202 Telephone: (502) 589-5400 Facsimile: (502) 581-1087 bsisto@fbtlaw.com About Bartram Logistics LLC Bartram Logistics, LLC, doing business as Bartram Electric, operates as an electrical subcontractor providing installation and related services for construction projects in the Southeastern United States. The company focuses on multifamily, hotel, and restaurant developments and undertakes electrical scopes of work under general contractors. It has completed more than 70 projects in the region and continues to work on dozens of active and contracted assignments. Bartram Logistics sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Tenn. Case No. 25-03788) on September 9, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Honorable Bankruptcy Judge Randal S. Mashburn handles the case. The Debtor is represented by Erin Malone-Smolla, Esq., at Bradley Arant Boult Cummings, LLP. BEASLEY BROADCAST: Bruce Beasley Holds 8.1% Equity Stake -------------------------------------------------------- Bruce G. Beasley, disclosed in a Schedule 13D (Amendment No. 3) filed with the U.S. Securities and Exchange Commission that as of June 30, 2026, he beneficially owns 84,516 shares of Beasley Broadcast Group, Inc.'s Class A Common Stock, par value $0.001 per share (with sole voting power and sole dispositive power over all 84,516 shares, and no shared voting or dispositive power), representing 8.1% of the Class A Common Stock. This ownership includes: * 24,788 shares of Class B Common Stock (convertible 1:1 into Class A) held by the George G. Beasley Trust f/b/o Bruce G. Beasley u/a/d 12/9/08 (Reporting Person is trustee); * 27,664 shares of Class B Common Stock held by the Bruce G. Beasley Revocable Trust, dated June 19, 2006, as amended (Reporting Person is trustee); * 6,134 shares of Class B Common Stock held by the George G. Beasley Trust f/b/o Bruce G. Beasley u/a/d 6/2/21; * 25,834 shares of Class A Common Stock held directly; * 96 shares of Class A Common Stock held by the George G. Beasley Trust f/b/o Bruce G. Beasley u/a/d 6/2/21. The percentage is based on 1,042,600 shares (984,014 Class A shares outstanding plus 58,586 shares from assumed conversion of Class B shares held by Mr. Beasley), adjusted for the 1-for-20 reverse stock split on September 23, 2024. On June 30, 2026, Mr. Beasley acquired 1,875 shares of Common Stock upon vesting of restricted stock units, of which 518 shares were withheld for taxes. Bruce G. Beasley may be reached through: Bruce G. Beasley Beasley Broadcast Group, Inc. 3033 Riviera Drive, Suite 200 Naples, FL 34103 Tel: (239) 263-5000 A full-text copy of Bruce G. Beasley's SEC report is available at https://tinyurl.com/yc3un78t About Beasley Beasley Broadcast Group -- http://www.bbgi.com-- is a multi-platform media company whose primary business is operating radio stations throughout the United States. The Company offers local and national advertisers integrated marketing solutions across audio, digital and event platforms. The Company owns and operates 49 AM and FM stations in the following large- and mid-size markets in the United States: Augusta, GA, Boston, MA, Charlotte, NC, Detroit, MI, Fayetteville, NC, Las Vegas, NV, Middlesex, NJ, Monmouth, NJ, Morristown, NJ, Philadelphia, PA, and Tampa-Saint Petersburg, FL. Los Angeles, California-based Crowe LLP, the Company's auditor since 2006, issued a "going concern" qualification in its report dated April 8, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company has a history of net losses and negative operating cash flows, expects to continue to incur additional losses in the near future and is currently in default on a portion of its debt that raise substantial doubt about its ability to continue as a going concern. As of December 31, 2025, the Company had $549.2 million in total assets, $402 million in total liabilities, and $147.2 million in total stockholders' equity. BEASLEY BROADCAST: Caroline Beasley Holds 9.3% Equity Stake ----------------------------------------------------------- Caroline Beasley, disclosed in a Schedule 13D (Amendment No. 3) filed with the U.S. Securities and Exchange Commission that as of June 30, 2026, she beneficially owns 97,037 shares of Beasley Broadcast Group, Inc.'s Class A Common Stock, par value $0.001 per share (with sole voting power and sole dispositive power over all 97,037 shares, and no shared voting or dispositive power), representing 9.3% of the Class A Common Stock. This ownership includes: * 24,788 shares of Class B Common Stock (convertible 1:1 into Class A) held by the George G. Beasley Trust f/b/o Barbara Caroline Beasley u/a/d 12/9/08 (Reporting Person is trustee); * 27,664 shares of Class B Common Stock held by the Barbara Caroline Beasley Revocable Trust, dated April 14, 1998, as amended (Reporting Person is trustee); * 6,134 shares of Class B Common Stock held by the George G. Beasley Trust f/b/o Barbara Caroline Beasley u/a/d 6/2/21; * 38,355 shares of Class A Common Stock held directly; * 96 shares of Class A Common Stock held by the George G. Beasley Trust f/b/o Barbara Caroline Beasley u/a/d 6/2/21. The percentage is based on 1,042,600 shares (984,014 Class A shares outstanding plus 58,586 shares from assumed conversion of Class B shares held by Mrs. Beasley), adjusted for the 1-for-20 reverse stock split on September 23, 2024. On June 30, 2026, Mrs. Beasley acquired 5,000 shares of Common Stock upon vesting of restricted stock units, of which 1,217 shares were withheld for taxes. Caroline Beasley may be reached through: Caroline Beasley Beasley Broadcast Group, Inc. 3033 Riviera Drive, Suite 200 Naples, FL 34103 Tel: (239) 263-5000 A full-text copy of Caroline Beasley's SEC report is available at https://tinyurl.com/4jc2mcwk About Beasley Beasley Broadcast Group -- http://www.bbgi.com-- is a multi-platform media company whose primary business is operating radio stations throughout the United States. The Company offers local and national advertisers integrated marketing solutions across audio, digital and event platforms. The Company owns and operates 49 AM and FM stations in the following large- and mid-size markets in the United States: Augusta, GA, Boston, MA, Charlotte, NC, Detroit, MI, Fayetteville, NC, Las Vegas, NV, Middlesex, NJ, Monmouth, NJ, Morristown, NJ, Philadelphia, PA, and Tampa-Saint Petersburg, FL. Los Angeles, California-based Crowe LLP, the Company's auditor since 2006, issued a "going concern" qualification in its report dated April 8, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company has a history of net losses and negative operating cash flows, expects to continue to incur additional losses in the near future and is currently in default on a portion of its debt that raise substantial doubt about its ability to continue as a going concern. As of December 31, 2025, the Company had $549.2 million in total assets, $402 million in total liabilities, and $147.2 million in total stockholders' equity. BED BATH: Appeals Court Dismisses Lawsuit Against Hudson Bay ------------------------------------------------------------ Alexander Gladstone of WSJ Pro reports that An appellate court rejected an effort to force Hudson Bay Capital Management to return more than $300 million in trading profits allegedly earned from Bed Bath & Beyond stock before the retailer's 2023 bankruptcy. The court upheld the dismissal of a securities lawsuit claiming the investment firm violated federal short-swing profit rules. The action was filed by DK-Butterfly-1 Inc., the successor entity established after Bed Bath & Beyond emerged from bankruptcy to administer litigation and pursue recoveries on behalf of unsecured creditors. The complaint alleged that Hudson Bay's ownership position exceeded the 10% threshold that triggers insider liability under federal securities laws, the report relays. According to the lawsuit, investors holding more than 10% of a company's shares must return profits generated from matching purchases and sales completed within a six-month period. The successor entity contended that Hudson Bay's trades fell within that rule and sought recovery of hundreds of millions of dollars for the bankruptcy estate. The appeals court disagreed, finding that the complaint did not adequately demonstrate that Hudson Bay qualified as a beneficial owner exceeding the statutory threshold at the relevant times. As a result, the hedge fund will not be required to disgorge the alleged trading profits, according to report. About Bed Bath & Beyond Bed Bath & Beyond Inc., together with its subsidiaries, is an omnichannel retailer selling a wide assortment of merchandise in the Home, Baby, Beauty & Wellness markets and operates under the names Bed Bath & Beyond, buybuy BABY, and Harmon, Harmon Face Values. The Company also operates Decorist, an online interior design platform that provides personalized home design services. At its peak, Bed Bath & Beyond operated the largest home furnishing retailer in the United States with over 970 stores across all 50 states, consistently at the forefront of major home and bath trends. Operating stores spanning the United States, Canada, Mexico, and Puerto Rico, Bed Bath & Beyond offers everything from bed linens to cookware to electric appliances, home organization, baby care, and more. Bed Bath & Beyond closed over 430 locations across the United States and Canada before filing Chapter 11 cases, implementing full-scale wind-downs of their Canadian business and the Harmon branded stores. Left with 360 Bed Bath & Beyond, and 120 buybuy BABY stores, Bed Bath & Beyond Inc. and 73 affiliated debtors on April 23, 2023, each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code to pursue a wind-down of operations. The cases are pending before the Honorable Vincent F. Papalia and requested joint administration of the cases under Bankr. D.N.J. Lead Case No. 23-13359. Kirkland & Ellis LLP and Cole Schotz P.C. are serving as legal counsel, Lazard Frares & Co. LLC is serving as investment banker, and AlixPartners LLP is serving as financial advisor. Bed Bath & Beyond Inc. has retained Hilco Merchant Resources LLC to assist with inventory sales. Kroll LLC is the claims agent. BIG DIGITAL: Raises $15MM in Series D Convertible Preferred Stock ----------------------------------------------------------------- Big Digital Energy, Inc. announced in a regulatory filing that it entered into a securities purchase agreement with Six Thirty AI, LLC, pursuant to which the Company issued and sold to the Purchaser an aggregate of 16,700 shares of newly designated Series D Convertible Preferred Stock, par value $0.001 per share, with a stated value of $1,000 per share, at a purchase price of $900.00 per share, for gross proceeds to the Company of $15.03 million, before deducting placement agent fees and other offering expenses. The Series D Preferred Stock is convertible into shares of common stock of the Company, par value $0.001 per share, as described below under "Series D Preferred Stock." Under the Purchase Agreement, the Company also issued to the Purchaser a warrant exercisable for five years to purchase 926,748 shares of Common Stock at an exercise price of $10.81, which is 120% of the closing price of the Common Stock immediately before closing, subject to adjustment upon the occurrence of any stock split, stock dividend, stock combination or similar transaction. The offer and sale of the foregoing securities was made to the Purchaser in reliance on the exemption from registration under Section 4(a)(2) of the Securities Act of 1933, as amended. The Company relied on representations from the Purchaser that it is an "accredited investor" (defined in Rule 501(a) of Regulation D promulgated under the Securities Act), acquiring securities for investment only without a view to distribution. The offering was conducted without general solicitation or advertising, with restrictions on resale absent registration or an exemption. The Purchaser is controlled by Josh Kilgore, Phil Stanley, and Cody Smith, who are, respectively, the Executive Chairman, Chief Executive Officer, and Chief Operating Officer of the Company. A Special Transactions Committee of the board of directors comprised solely of disinterested directors, together with the Audit Committee of the Board, reviewed and approved the Purchase Agreement and related agreements. The transaction documents prohibit the Company from issuing any Conversion Shares or Warrant Shares to the extent such issuances would violate applicable rules and regulations of The Nasdaq Stock Market LLC. The Company has agreed to include in the proxy statement for its next annual meeting of stockholders, which the Company has agreed to hold no later than November 14, 2026, a proposal to obtain requisite approvals of its stockholders to permit issuances of Conversion Shares and Warrant Shares in excess of any restrictions currently imposed by applicable rules and regulations of Nasdaq. The Purchase Agreement contains customary representations, warranties and covenants for similar transactions. The representations and warranties were made only for purposes of the Purchase Agreement and as of specific dates; were solely for the benefit of the parties thereto; and may be subject to limitations agreed by the parties, including being qualified by confidential disclosure schedules. Investors should not rely on the representations and warranties as characterizations of the actual state of facts or circumstances of the Company or any other person. The Company retained Northland Securities, Inc. as exclusive placement agent for the transaction and paid the Placement Agent a cash fee of 6.0% of the gross proceeds from the sale of the shares of Series D Preferred Stock, together with customary expense reimbursements. Letter Agreement The Purchaser acquired the Series D Preferred Stock using borrowed funds. Concurrently with the execution of the Purchase Agreement, the Company entered into a letter agreement with the Purchaser and the administrative and collateral agent for the lenders, pursuant to which the Company consented to: (i) the Purchaser's pledge of the shares of Series D Preferred Stock to the Agent for the ratable benefit of the lenders; (ii) the Purchaser's assignment of the Warrant to the lenders as a commitment fee under the loan facility; and (iii) the lenders' right to exchange all or any portion of the outstanding obligations under the loan and guaranty agreement for shares of the Series D Preferred Stock and settlement using the Series D Preferred Stock or Conversion Shares. Registration Rights Agreement Concurrently with the execution of the Purchase Agreement, the Company entered into a registration rights agreement, pursuant to which the Company is obligated to file and maintain the effectiveness of one or more resale registration statements with the Securities and Exchange Commission registering the resale of the Conversion Shares and Warrant Shares on a continuous basis under Rule 415 of the Securities Act. The Company is required to file the initial registration statement for such purposes no later than July 20, 2026, and to have such registration statement declared effective by the SEC no later than August 29, 2026 (or in the event of a "full review" by the SEC, no later than September 28, 2026). Series D Preferred Stock On June 30, 2026, the Company filed a Certificate of Designations with the Secretary of State of the State of Delaware, establishing the voting and other relative rights, powers and preferences of the Series D Preferred Stock. The Certificate of Designations became effective upon filing and authorizes the issuance of up to 100,000 shares of Series D Preferred Stock. General. Each share of Series D Preferred Stock has an initial stated value of $1,000 per share, which is subject to proportional adjustment upon the occurrence of any stock split, stock dividend, stock combination or similar transaction, and is fully paid and non-assessable. Ranking. The Series D Preferred Stock, with respect to the payment of dividends, distributions and payments upon the liquidation, dissolution and winding up of the Company, ranks senior to all other classes or series of the Company's capital stock, unless specified required holders consent to the creation of other capital stock that is senior or equal in rank to the Series D Preferred Stock. Dividends. Dividends accrue on the Series D Preferred Stock from the date of issuance at a rate of 5% per annum, which increases to 18% per annum during the pendency of a Triggering Event (as defined in the Certificate of Designations), and are payable quarterly in arrears through the issuance of additional shares of Series D Preferred Stock (i.e., PIK shares) or, at the Company's election, in cash. Conversion at the Option of the Holders. Each holder of Series D Preferred Stock may convert all, or any part, of its shares of Series D Preferred Stock, at any time on or after August 30, 2026, into Conversion Shares at a conversion price equal to 95% of the lowest daily volume-weighted average price of the Common Stock over the five consecutive trading days immediately preceding the conversion date, subject to a floor price of $1.80 and certain limitations on conversion as described below. Adjustments to the Conversion Price. The Conversion Price is subject to proportional adjustment upon the occurrence of any stock split, stock dividend, stock combination or similar transactions. Beneficial Ownership Limitation. The Company may not effect the conversion of any shares of Series D Preferred Stock to the extent that, after giving effect to such conversion, the applicable holder, together with any person whose beneficial ownership of Common Stock would or could be aggregated with such holder's for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, collectively would beneficially own in excess of 4.99% of the shares of Common Stock outstanding immediately after giving effect to such conversion (provided that such limitation shall not apply to any holder whose beneficial ownership exceeds the Maximum Percentage on the date such holder acquires Series D Preferred Stock). Monthly Conversion Limitation. In addition, the Company may not effect the conversion of any shares of Series D Preferred Stock to the extent that, after giving effect to such conversion, the aggregate stated value of shares of Series D Preferred Stock that has been converted into shares of Common Stock during the calendar month in which such conversion occurred exceeds the greater of (a) 10% of aggregate dollar trading volume during the month or (b) $2,000,000 (provided that such limitation shall not apply during the pendency of a Triggering Event). Limitation on Conversions for Purposes of Listing Rules. The Company may not effect the conversion of any shares of Series D Preferred Stock to the extent the issuance of such Conversion Shares would violate applicable rules and regulations of Nasdaq, as described above under "Securities Purchase Agreement." Voting Rights. The Series D Preferred Stock is non-voting, except as required by applicable law or as expressly set forth in the Certificate of Designations. Transfer Restrictions. Consent of the Board is required to transfer shares of Series D Preferred Stock, except in certain limited situations, including as described below under "Letter Agreement." Company Optional Redemption. The Company may redeem the Series D Preferred Stock at any time, in whole or in part, at a cash price equal to 105% of the aggregate Conversion Price for the Series D Preferred Stock being redeemed, subject to customary conditions as set forth in the Certificate of Designations, including a 12–60 trading day notice window and the absence of any Equity Condition (as defined in the Certificate of Designations). Fundamental Transactions. The Certificate of Designations prohibits the Company from entering into specified "Fundamental Transactions," which include, without limitation, mergers, business combinations and similar transactions, unless the Company (or the successor entity) assumes in writing all of the Company's obligations under the Certificate of Designations and the other transaction documents, provided that any such successor entity shall be a publicly traded corporation listed on an eligible trading market. The Company may alternatively exercise its optional redemption right in full in connection with a Fundamental Transaction. Covenants. Among other negative covenants, and subject to customary exceptions, so long as the Series D Preferred Stock is outstanding, the Company will not, and will cause its subsidiaries not to: (i) redeem, repurchase or declare or pay any cash dividend or distribution on any of its capital stock; (ii) incur indebtedness or create liens, except for customary permitted indebtedness and permitted liens; or (iii) enter into any variable rate transaction. The Holder may be reached through: Troy Rillo YA II PN, LTD. 1012 Springfield Avenue Mountainside, NJ 07092 Attention: Telephone: (201) 985-8300 Email: trillo@yorkvilleglobal.com -- or -- Greg Kramer Haynes and Boone, LLP 30 Rockefeller Plaza 22nd Floor New York, NY 10112 Telephone: (212) 835-4819 Email: greg.kramer@haynesboone.com Full text copies of the Certificate of Designations, the Warrant, the Purchase Agreement, the Letter Agreement, and the Registration Rights Agreement are available at https://tinyurl.com/3mwxye7v, https://tinyurl.com/5en72ed3, https://tinyurl.com/39d66x65, https://tinyurl.com/439cd8b3, https://tinyurl.com/3xj8ewew, respectively. About Big Digital Energy Inc. Big Digital Energy, Inc. formerly known as Mawson Infrastructure Group Inc., is a U.S.-based technology company that designs, builds, and operates next-generation digital infrastructure platforms. The Company provides services spanning artificial intelligence, high-performance computing, digital assets (including Bitcoin mining), and other intensive compute applications. The Company delivers both self-mining operations and colocation/hosting for enterprise customers, with a vertically integrated infrastructure model built for scalability and efficiency. Boston, Massachusetts-based Wolf & Company, P.C., the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 31, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company has incurred net losses since its inception, and had negative working capital and will need additional funding to continue operations. This raises substantial doubt about the Company's ability to continue as a going concern. As of March 31, 2026, the Company had $48.4 million in total assets, $44 million in total liabilities, and $4.3 million in total stockholders' equity. BIG DIGITAL: Signs 50/50 JV With 10NetZero for AI Datacenter ------------------------------------------------------------ Big Digital Energy, Inc. announced that it had entered into a 50/50 joint venture with energy-infrastructure company 10NetZero, with a signed a letter of intent to acquire a live powered industrial site in Hood County, Texas, and to develop it into a large-scale datacenter campus serving artificial intelligence tenants. The Company also engaged Northland Capital Markets to act as a financial advisor in relation to the Company's evaluation of AI/high-performance computing uses for the Company's power assets, including site level financing and partnership opportunities. Josh Kilgore, Chairman of Big Digital commented "Our planned acquisition of the 50% interest in the Hood County site and partnership with 10NetZero is a prime example of our efforts to leverage our powered land expertise and pipeline to identify and acquire attractive AI ready sites. The planned transactions illustrate management's commitment to accelerating the Company's transition into an AI datacenter developer and operator in order to maximize value to all Big Digital stakeholders." Cody Smith, COO of Big Digital commented "The Hood County site would give us live power and a path to up to hundreds of megawatts, which would let us deliver capacity to AI customers years ahead of a comparable greenfield project. Partnering with 10NetZero would pair that site with deep energy-infrastructure capability, and we intend to move quickly." The approximately 50-acre Hood County site contains over 30,000 square feet of existing structures the partnership intends to repurpose for datacenter use as well as an administrative office which will be utilized as the Command Center. The Hood County site already carries 17 MW of operational power and will be expandable up to 111 MW of grid power, subject to validation by the Electric Reliability Council of Texas. On-site are two 12-inch and one 20-inch natural-gas pipelines providing the option to add behind-the-meter generation, supporting a buildout to as much as 311 MW of operating capacity. The acquisition would bring the Company's total operational MWs to 146 MW, and the Company is actively evaluating expansion opportunities within its current powered land portfolio as well as potential acquisitions from the private powered land portfolio of an affiliate of its executive management team. About Big Digital Energy Inc. Big Digital Energy, Inc. formerly known as Mawson Infrastructure Group Inc., is a U.S.-based technology company that designs, builds, and operates next-generation digital infrastructure platforms. The Company provides services spanning artificial intelligence, high-performance computing, digital assets (including Bitcoin mining), and other intensive compute applications. The Company delivers both self-mining operations and colocation/hosting for enterprise customers, with a vertically integrated infrastructure model built for scalability and efficiency. Boston, Massachusetts-based Wolf & Company, P.C., the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 31, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company has incurred net losses since its inception, and had negative working capital and will need additional funding to continue operations. This raises substantial doubt about the Company's ability to continue as a going concern. As of March 31, 2026, the Company had $48.4 million in total assets, $44 million in total liabilities, and $4.3 million in total stockholders' equity. BIOXCEL THERAPEUTICS: Oaktree Defers Principal Payment to July 31 ----------------------------------------------------------------- BioXcel Therapeutics, Inc. has entered into the Tenth Amendment to Credit Agreement and Guaranty, which amended the Credit Agreement and Guaranty, dated April 19, 2022, as amended, by and among the Company, as the borrower, certain subsidiaries of the Company from time to time party thereto as subsidiary guarantors, the lenders party thereto, and Oaktree Fund Administration LLC, as administrative agent. Pursuant to the Tenth Amendment, the Lenders agreed to: (i) payment in kind of accrued and unpaid interest through and including June 30, 2026, by capitalizing and adding such interest to the outstanding principal amount of the Loans as of such date, (ii) defer the payment of principal that was originally due on June 30, 2026 until July 31, 2026, at which point the Company is obligated to make a payment of $9,016,914.47 (constituting the principal and interest that were due and payable on June 30, 2026) plus all accrued interest and fees on such amount through and including July 31, 2026) and (iii) reduce the Credit Agreement's minimum liquidity covenant to require minimum cash liquidity of $7.5 million (instead of $12.5 million). In addition, pursuant to the Tenth Amendment, among other things: * The Company is required to, on or prior to July 31, 2026, enter into definitive agreements with respect to one or more transactions acceptable to Lenders that: (A) would result in the repayment of all loan and other obligations under the Credit Agreement or (B) is an alternative capital solutions transaction on terms and conditions acceptable to the Lenders. * The Company agreed to permit any and all transfers or assignments of all or any portion of the loans, commitments, claims or other rights, interests or obligations of any Lender under or in respect of the Credit Agreement to any third party. In addition, the Company agreed to waive or otherwise release any and all restrictions contained in any contract between the Company and a third party on such third party's ability to receive such assignments or transfers. * The Company agreed to establish and maintain a strategic process committee of its board of directors, which committee shall be comprised solely of David Mack (and/or such other independent director acceptable to the Lenders and that is not a member of the Board as of the Tenth Amendment Effective Date), that will have the full and exclusive authority to evaluate, negotiate, oversee, coordinate and implement any sale, restructuring or other material transaction, including any equity raise, sale or business combination transaction, out-of-court restructuring, in-court restructuring, bankruptcy or insolvency filing or similar transaction and any other matters or actions as may be necessary or advisable to effectuate any of the foregoing. * The Company agreed to certain additional reporting and information covenants, including a requirement to hold a weekly meeting with the Lenders and the Company's financial advisors, and a requirement to deliver to the Lenders a 13-week cash flow budget and financial report on a bi-weekly basis. The Company will not be permitted to make disbursements for any two-week period in excess of 115% of the aggregate budgeted amount of disbursements for the applicable period. * The Company agreed to certain additional negative covenants applicable following the Tenth Amendment Effective Date, which, among other things, prohibit the Company from, subject to limited exceptions: (i) making any dividend, distribution or repurchase with respect to its equity interests, (ii) making any investments, (iii) disposing of or granting any license in the Company's assets, (iv) incurring or suffering to exist any indebtedness or liens, and (v) becoming party to or bound by, or canceling, terminating, modifying or amending in any material respect, or waiving any material rights under any material contract. * Through July 31, 2026, the Company is prohibited from entering into, terminating, or otherwise modifying any compensation arrangement with its directors, officers or employees, or making any non-ordinary course payments to, or materially increasing the compensation or benefits of, such persons. In connection with the Tenth Amendment, the Company paid to the Lenders a fee equal to 100 basis points (or 1.00%) of the principal amount of the Loans outstanding as of the effective date of the Tenth Amendment, which was paid in kind by adding such amount to the outstanding principal amount of the Loans on the effective date of the Tenth Amendment. The complete text copy of the Tenth Amendment to Credit Agreement and Guaranty is available at https://tinyurl.com/yc9kamcx About BioXcel Therapeutics Headquartered in New Haven, Conn., BioXcel Therapeutics, Inc., is a biopharmaceutical Company utilizing artificial intelligence to develop transformative medicines in neuroscience and, through the Company's wholly owned subsidiary, OnkosXcel Therapeutics LLC, immuno-oncology. The Company is focused on utilizing cutting-edge technology and innovative research to develop high-value therapeutics aimed at transforming patients' lives. The Company employs various AI platforms to reduce therapeutic development costs and potentially accelerate development timelines. Stamford, Conn.-based Ernst & Young LLP, the Company's auditor since 2021, issued a "going concern" qualification in its report dated March 27, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has suffered recurring losses from operations, has used significant cash in operations and has stated that substantial doubt exists about the Company's ability to continue as a going concern. As of March 31, 2026, the Company had $34.03 million in total assets, $139.57 million in total liabilities, and $105.54 million in total stockholders' deficit. BRANDHOOT LLC: Seeks Continued Cash Collateral Access ----------------------------------------------------- BrandHoot, LLC asks the U.S. Bankruptcy Court for the District of Minnesota for authority to continue using cash collateral in its business operations, while also requesting retroactive approval for its use of cash collateral beginning July 1 through the date the court rules on the motion. The Debtor further asks for prospective authorization to continue using cash collateral until confirmation of its Chapter 11 plan or until the court orders otherwise. BrandHoot explains that the court previously entered an interim cash collateral order on April 14, authorizing the use of cash collateral through June 30. According to the Debtor, its operations since the entry of that order have remained materially consistent with the restructuring strategy previously disclosed to the court. The Debtor emphasizes that its use of cash collateral has adhered to the approved operating budget and that cash balances naturally fluctuate as business revenues are collected and operating expenses are paid. It argues that these fluctuations should not be interpreted as a decline in collateral value because the business continues to generate new revenue that replenishes operating funds and preserves the value of the secured creditor’s collateral. The Debtor provides updated estimates of the collateral position, stating that the estimated value of the collateral increased from $66,512 on the petition date to approximately $76,836 as of the filing of the motion. BrandHoot attributes this improvement to its ongoing operations despite an initial period of reduced liquidity and operating losses. The Debtor explains that these early losses were anticipated because it deliberately transitioned away from an inventory-based business model and shifted its focus toward a software-driven business. While acknowledging current financial challenges, BrandHoot asserts that its long-term financial projections demonstrate a viable reorganization. Specifically, it projects generating approximately $65,000 in aggregate positive net cash flow over the 36-month plan period following confirmation. According to the Debtor, these future earnings will provide the principal source of funding for creditor distributions under its proposed plan of reorganization. The Debtor maintains that liquidation would significantly reduce recoveries for creditors, including the Small Business Administration, because it would eliminate the Debtor's ability to generate future income. Conversely, permitting continued operations allows the business to stabilize, produce positive cash flow, and maximize value through reorganization rather than liquidation. The U.S. Small Business Administration is the only entity asserting a security interest in its cash collateral. Although the SBA has not consented to continued use of the cash collateral, BrandHoot contends that the SBA's interests remain adequately protected under the Bankruptcy Code. The Debtor proposes to continue the same adequate protection measures previously approved by the court, including granting the SBA replacement liens on postpetition assets with the same validity, extent, and priority as its prepetition liens, providing periodic financial reporting concerning the use of cash collateral, maintaining insurance on the collateral, and making ongoing adequate protection payments of $858 per month. A court hearing is scheduled for July 22. A copy of the motion is available at https://urlcurt.com/u?l=aPxbe5 from PacerMonitor.com. About Brandhoot LLC BrandHoot, LLC is a Rochester, Minnesota-based web design and mobile app development firm that provides digital strategy, UI/UX design, and custom software solutions. It develops and operates technology products, including Easy Board, a board management software platform. BrandHoot also maintains affiliated retail operations through New Spin Bicycle Shop, which sells bicycles and related goods under a separate trade name. Brandhoot, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Minn. Case No. 25-33565) on November 7, 2025, listing between $500,001 and $1 million in assets and between $500,001 and $1 million in liabilities. Judge Mychal A. Bruggeman presides over the case. Jeffrey H. Butwinick, Esq., represents the Debtor as legal counsel. BURKE VENTURES: Gets Interim OK to Use Cash Collateral ------------------------------------------------------ Burke Ventures, LLC received interim approval from the U.S. Bankruptcy Court for the Western District of Wisconsin to use cash collateral. Under the interim order, the Debtor is authorized to use cash collateral in accordance with the court-approved operating budget pending a final hearing. The three-month budget projects rental income from approximately 51 to 62 rented storage containers, generating roughly $19,400 in monthly revenue during July through September. Although the budget reflects modest operating income, it anticipates maintaining positive cash balances throughout the forecast period. The Debtor needs immediate access to cash to continue operating its portable moving and storage container business while reorganizing. As of the petition date, the Debtor had approximately $14,232 in cash and $7,597 in accounts receivable, along with ongoing customer rental contracts expected to generate additional income. The Debtor's cash collateral is subject to a security interest held by its secured lender, Live Oak Banking Company. Live Oak holds a security interest in substantially all of the Debtor's assets under a 2021 loan agreement, with an original principal balance of $625,000. The Debtor executed a security agreement granting Live Oak a blanket lien on its business assets and the lender perfected its interest by filing a financing statement with the Wisconsin Department of Financial Institutions. The collateral includes accounts receivable, contract rights, proceeds, and virtually all business assets, making the Debtor's existing cash and incoming revenues cash collateral under the Bankruptcy Code. As adequate protection, Live Oak is entitled to monthly payments of $2,664.80, due on or before the 15th day of each month. Live Oak will also receive a post-petition replacement lien on the Debtor's assets, with the same priority and extent as its pre-petition lien. Additional safeguards include monthly reporting of receipts and disbursements and maintaining property and liability insurance covering the Debtor's assets throughout the interim period. A copy of the court's order and the Debtor's budget is available at https://short.do/dq6M7K from PacerMonitor.com. The final hearing is scheduled for July 22, with objections due by July 17. Burke Ventures' bankruptcy follows unsuccessful negotiations with Live Oak to restructure debt arising from a Small Business Administration Section 7(a) loan. Live Oak filed a collection lawsuit against the Debtor and its owners in September 2025, and the parties entered into a stipulation allowing judgment if bankruptcy protection was not sought by June 22. The Debtor filed Chapter 11 before judgment was entered, and the individual owners filed their own Chapter 11 case two days later. About Burke Ventures LLC Burke Ventures LLC is a Madison, Wisconsin-based portable storage container rental and self-storage services provider. The company offers portable storage and moving solutions throughout Madison, Milwaukee, Appleton, and Oshkosh. Burke Ventures sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wis. Case No. not disclosed) on June 24, 2026. In its petition, the Debtor reports estimated assets of $100,000 to $500,000 and estimated liabilities of $500,000 to $1 million. The Debtor is represented by John W. Menn, Esq. of Swanson Sweet LLP. BURWOOD LLC: Gets Interim OK to Use Cash Collateral --------------------------------------------------- Burwood, LLC received interim approval from the U.S. Bankruptcy Court for the District of Arizona to use cash collateral. Under the interim order, the Debtor is authorized to use cash collateral to pay operating expenses reflected in the court-approved budget, subject to a 12.5% monthly variance. The Debtor's cash collateral consists of cash generated from remodeling projects, which may be subject to security interests held by creditors. The U.S. Small Business Administration is the senior secured creditor based on an Economic Injury Disaster Loan originated in 2020. The SBA holds a perfected lien on substantially all of the Debtor's assets, with an estimated outstanding balance of approximately $1.91 million and a contractual monthly payment of $9,702. BlueTape Inc., another creditor, also holds a perfected security interest under a revolving line of credit with an estimated balance of approximately $400,000. Other secured creditors include Essentia Funding, LG Funding, Kapfi, DLP Funding, Libertas Funding, OnDeck, and Stripe Capital, which filed UCC financing statements in connection with merchant cash advances. Secured creditors will be granted adequate protection through replacement liens on the Debtor's receivables and other post-petition personal property, and additional security interests in post-petition deposit accounts, with the same priority as their pre-bankruptcy liens and security interests. As further protection, the SBA will receive monthly payments of $9,702 in continuation of the Debtor's EIDL payment obligation. The monthly payments, combined with the Debtor's revenue projections and cash position, adequately protect the SBA's interest, according to the court. The order is available at http://bankrupt.com/misc/BURWOODLLC_ICCOrder45.pdf The court scheduled a final hearing for July 27 and set a July 17 deadline for filing objections. Burwood is a remodeling company founded in 2017 that specializes in countertop overlays, cabinet refacing, and concrete coating services designed to complete projects quickly with minimal disruption for homeowners. Although the business continues to generate strong revenue, projecting approximately $192,000 in weekly receipts and roughly $2.5 million over the 13-week budget period, it attributes its financial distress primarily to multiple merchant cash advance agreements. The cumulative repayment obligations under these financing arrangements created an unsustainable cash flow deficit that prevented the Debtor from meeting ordinary operating expenses despite healthy revenue generation, making Chapter 11 reorganization necessary to restructure debt while preserving jobs and ongoing operations. About Burwood LLC Burwood, LLC is a family-owned and operated remodeling company with offices in Phoenix, Albuquerque, and Escondido. The company provides cabinet refacing, kitchen remodeling, countertop resurfacing, Rubber Stone installation, and concrete coating systems. StressLess Remodeling serves homeowners across Arizona, New Mexico, and California, including the Phoenix, Albuquerque, Escondido, and San Diego markets. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 26-06345) on June 26, 2026. In the petition signed by Derek Wood, managing member, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Daniel P. Collins oversees the case. Anthony Cali, Esq., at Allen, Jones & Giles, PLC, represents the Debtor as legal counsel. CAMPUS WALK DST: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------------- Debtor: Campus Walk, DST 26421 Crown Valley Parkway Mission Viejo, CA 92691 Business Description: Campus Walk, DST is a real estate investment entity that leases student-housing apartments in Chico, California. The company is associated with Campus Walk, an off-campus apartment complex serving students near California State University, Chico. Campus Walk, DST is managed by Versity Investments, an affiliated real estate investment sponsor. Chapter 11 Petition Date: July 8, 2026 Court: United States Bankruptcy Court Eastern District of California Case No.: 26-23891 Judge: Hon. Christopher D Jaime Debtor's Counsel: Jamie L. Edmonson, Esq. ROBINSON & COLE LLP Media Center, 4th Floor 1600 Rosecrans Avenue Manhattan Beach, CA 90266 Tel: 310-321-7650 E-mail: jedmonson@rc.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Brian Nelson as trustee. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/RR2DW3Q/Campus_Walk_DST__caebke-26-23891__0001.0.pdf?mcid=tGE4TAMA Entity Nature of Claim Claim Amount 1. DM Construction Services Trade debt $5,750 219 Tonea Way Chico, CA 95928 Tel: 530-354-7744 2. Entrata Trade debt $7,212 4205 N. Chapel Ridge Road Lehi, UT 84043 Tel: 800-700-2097 Email: sales@entrata.com 3. Franchise Tax Board Taxes $21,470 PO Box 942857 Sacramento, CA 94257-0531 4. Perfection Pools & Spas, Inc. Trade debt $7,182 172 E 20th Street Chico, CA 95928 Tel: 530-895-0437 5. PG&E Trade debt $8,186 P.O. Box 997300 Sacramento, CA 95899-7300 6. Pioneer Engineering & Trade debt $2,370 Construction 179 East Avenue Chico, CA 95926 Tel: 530-591-1215 7. Ray's Carpet Cleaning Trade debt $2,530 2684 Silver Oak Drive Chico, CA 95973 Tel: 530-966-3246 8. Redstone Residential, Inc. Trade debt $6,414 2483 N. Canyon Road Provo, UT 84604 Tel: 801-948-8000 Email: info@redstoneresidential.com 9. Rent College Pads Inc. Trade debt $4,861 6100 Greenwood Plaza Blvd. Englewood, CO 80111 Tel: 866-330-5669 10. Rent Dynamics Trade debt $5,099 91 E. 700 S. Logan, UT 84321 Tel: 877-206-0179 Email: support@rentdynamics.com 11. Repli, Inc. Trade debt $6,580 345 Peachtree Industrial Boulevard SW Suite 1206 Suwanee, GA 30024 12. Ryan, LLC Trade debt $3,907 300 Spectrum Center Drive Suite 1060 Irvine, CA 92618 13. Sure Blue Pool Service Trade debt $4,889 Ceanothus Avenue Chico, CA 95973 Tel: 530-588-0553 Email: paul@surebluepool.com 14. Towne Flooring Center Trade debt $9,303 1080 E. 20th Street Chico, CA 95928 Tel: 530-433-9808 15. Trimont Real Estate Advisors Trade debt $148,612 550 S Tryon Street Suite 2400 Charlotte, NC 28202-3684 Tel: 404-420-5600 Email: info@trimont.com 16. Versity Investments Trade debt $5,985 27525 Puerta Real Suite 300-255 Mission Viejo, CA 92691 Tel: 949-317-1882 Email: investors@versity-investments.com 17. WhiteSky Communications Trade debt $5,508 6451 McFarland Blvd. Northport, AL 35476 Tel: 866-755-8593 Email: support@whitesky.us 18. Wilmington Trust, Student Housing $226,031 National Association Duane Morris LLP One Market Plaza Spear Tower, Suite 2200 San Francisco, CA 94105-1127 19. Woodward, Julie Trade debt $15,981 3475 Erwin Road Durham, NC 27705 20. WorldVue Connect, Inc. Trade debt $5,440 9801 Westheimer Road 4th Floor Houston, TX 77042 Tel: 877-302-3030 Email: service@worldvue.com CAMPUS WALK: Seeks Chapter 11 Bankruptcy in California ------------------------------------------------------ On July 8, 2026, Campus Walk, DST filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Eastern District of California. According to the court filing, the debtor reports estimated liabilities of $10 million to $50 million and between 100 and 199 creditors. About Campus Walk, DST Campus Walk, DST is a Mission Viejo, California-based student housing real estate investment entity that owns and manages student housing properties. Its principal asset is a student housing complex located at 330 Nord Avenue in Chico, California, serving the California State University, Chico market. Campus Walk, DST sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-23891) on July 8, 2026. In its petition, the debtor reported estimated assets of $10 million to $50 million and estimated liabilities of $10 million to $50 million. Honorable Bankruptcy Judge Christopher D. Jaime handles the case. The debtor is represented by Jamie L. Edmonson, Esq., of Robinson & Cole LLP. CARR'S PLUMBING: Seeks to Extend Plan Exclusivity to Aug. 5 ----------------------------------------------------------- Carr's Plumbing and Maintenance, LLC, asked the U.S. Bankruptcy Court for the District of Kansas to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to Aug. 5 and Oct. 2, 2026, respectively. This is Debtor's second request to extend the exclusive periods; the first request was granted by Order entered June 24. The Debtor explains that this case is factually and legally complex and has involved substantial contested litigation. Debtor's use of cash collateral was contested and was not resolved on a final basis until April 9, 2026. Creditor Intrust Bank, N.A.'s motion for relief from the automatic stay has been continued to July 14, 2026 to monitor for entry of an agreed order that tracking with the settlement. The Debtor claims that the company and Intrust, Debtor's primary secured lender, are negotiating the treatment of Intrust's claims and the agreed terms of Debtor's Chapter 11 Plan. Those negotiations remain ongoing. The outcome of the negotiations will materially determine the structure of the plan, the treatment of secured claims, and plan feasibility, and agreed plan treatment with Intrust is expected to simplify confirmation and reduce the cost of litigating the Plan. The Debtor asserts that it has actively and in good faith administered this estate. Debtor has, inter alia, obtained final authority to use cash collateral and pay pre-petition wages, prosecuted and settled adversary proceedings, employed accounting professionals, filed its monthly operating reports and amendments thereto, and filed its counsel's first interim fee application, all while continuing to operate its business. The Debtor further asserts that the requested extensions are modest, fall well within the statutory caps of Section 1121(d)(2) of the Bankruptcy Code, and will not prejudice any creditor or any party in interest. Permitting Debtor to continue to lead the reorganization process while the foregoing matters are resolved will promote the orderly and efficient administration of its estate. Carr's Plumbing and Maintenance is represented by: Justin T. Balbierz, Esq. Mark J. Lazzo, P.A. 3500 N. Rock Road Bldg. 300, Suite B Wichita, KS 67226 Telephone: (316) 263-6895 E-mail: justin@lazzolaw.com About Carr's Plumbing and Maintenance Carr's Plumbing and Maintenance, LLC, runs a plumbing business in Wichita, Kansas. Carr's sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Kan. Case No. 26-10101) on Feb. 4, 2026. In the petition signed by Christopher Carr, managing member, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Mitchell L. Herren oversees the case. Mark J. Lazzo, at Mark J Lazzo PA, is the Debtor's legal counsel. CATHOLIC DIOCESE: Seeks to Continue Cash Access Until Oct. 31 ------------------------------------------------------------- The Catholic Diocese of El Paso asks the U.S. Bankruptcy Court for the Western District of Texas, El Paso Division, for authority to continue using cash collateral and provide adequate protection, through October 31. The Diocese seeks to continue operating under the same terms and conditions established in the Court's Final Agreed Order Authorizing Postpetition Use of Cash Collateral and Granting Adequate Protection to WestStar Bank, entered on April 14. The requested extension would apply retroactively beginning June 1 and would be governed by a new operating budget covering the extension period. The Diocese relies on prior declarations describing its history, charitable mission, and reasons for seeking Chapter 11 protection, and contends that continued access to cash collateral is essential to maintaining its operations while pursuing reorganization. WestStar Bank, the secured lender with an interest in the cash collateral, consented to the original motion, resulting in the entry of the final Cash Collateral Order. Since that order was entered, the Diocese asserts that it has fully complied with all of its obligations, including the adequate protection provisions designed to preserve WestStar’s collateral position. The Debtor emphasizes that WestStar Bank has again consented to the continued use of cash collateral throughout the requested extension period. According to the Diocese, the bank's interests remain adequately protected because interest income generated from the pledged account is applied directly toward WestStar's monthly interest-only payments, thereby preserving the value of its collateral. In addition, WestStar retains all post-petition liens and rights previously granted under the existing Cash Collateral Order, ensuring that its secured position remains protected while the Diocese continues to operate. The Diocese argues that continued use of cash collateral is critical to its ongoing operations and reorganization efforts. Access to these funds allows it to pay employees, support its ministries and charitable programs, maintain daily operations, and preserve its ability to successfully reorganize under Chapter 11. A copy of the motion is available at https://urlcurt.com/u?l=F5Cuyx from PacerMonitor.com. About Roman Catholic Diocese of El Paso Roman Catholic Diocese of El Paso, Texas, oversees parishes and Catholic institutions in the El Paso region. Roman Catholic Diocese of El Paso, Texas, sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 26-30311) on March 6, 2026. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. Judge Christopher G. Bradley oversees the case. Husch Blackwell LLP serves as the Debtor's counsel. CCH JOHN EAGAN I: Court Extends Cash Collateral Access to Sept. 29 ------------------------------------------------------------------ CCH John Eagan I Homes, L.P. and CCH John Eagan II Homes, L.P. received another extension from the U.S. Bankruptcy Court for the Southern District of Florida, West Palm Beach Division, to use cash collateral. The court issued a sixth interim order extending the Debtors' authority to use cash collateral through Sept. 29 to pay operating expenses in accordance with their budget. With the receiver's consent, the Debtors may exceed individual budget line items by up to 10% or exceed individual items by more than 10% so long as total overages do not exceed 10% in the aggregate. The Debtor projects total monthly operational expenses of $35,970. As adequate protection, Lending Group US, LLC, Bridgeview Funding, LLC and the Housing Authority of the City of Atlanta, Georgia, will be granted post-petition replacement liens on some of the Debtors' assets, to the same extent and priority as their pre-bankruptcy liens. These replacement liens do not apply to avoidance actions or assets not subject to pre-bankruptcy liens. The next hearing is scheduled for Sept. 29. The sixth interim order is available at https://shorturl.at/mqhME from PacerMonitor.com. CCH John Eagan I Homes and CCH John Eagan II Homes own and operate the Magnolia Park Apartments in Atlanta, Georgia, a large, integrated residential complex consisting of two phases that share common amenities and infrastructure. Phase I, owned by CCH I, contains 220 units, while Phase II, owned by CCH II, contains 180 units, with the combined property valued at more than $49 million. The Debtors identify Lending Group US and Bridgeview Funding as first-priority mortgage lenders on Phases I and II, respectively, and the Housing Authority of the City of Atlanta as a second-priority mortgage holder on both phases. The Debtors commenced their Chapter 11 cases to regain control of the property, restructure their finances, complete deferred repairs and maintenance, and pursue long-term redevelopment of the apartment complex. The bankruptcy filings were triggered by a dispute with the Housing Authority over an alleged breach of a settlement agreement, which led to the appointment of a state-court receives a move opposed by the senior lenders. About CCH John Eagan I Homes L.P. CCH John Eagan I Homes, L.P. is a limited partnership specializing in real estate holdings, focused on property ownership and development activities. CCH John Eagan I Homes sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-24569) on December 10, 2025. with between $10 million to $50 million in both assets and liabilities. Honorable Bankruptcy Judge Mindy A. Mora oversees the case. The Debtor is represented by Philip J. Landau, Esq. of Landau Law, PLLC. The U.S. Trustee for Region 21 appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. CENTRAL FALLS: Case Summary & 19 Unsecured Creditors ---------------------------------------------------- Debtor: Central Falls Detention Facility Corporation Donald W. Wyatt Detention Facility 950 High Street Central Falls RI 02863 Business Description: Central Falls Detention Facility Corporation owns and operates the Donald W. Wyatt Detention Facility, a maximum-security adult detention facility in Central Falls, Rhode Island. Established in 1993, the facility has a current capacity of 782 detainees, including a 40-bed unit for female detainees, following a 2006 expansion and later modifications. The facility houses detainees held in the custody of federal agencies and the Mashantucket Pequot Tribe, and provides educational and behavioral programs, visitation services, commissary purchases, and detainee account funding. Chapter 11 Petition Date: July 10, 2026 Court: United States Bankruptcy Court District of Rhode Island Case No.: 26-10628 Judge: Hon. John A Dorsey Jr Debtor's Counsel: Daniel. E. Burgoyne, Esq. Matthew A. Lopes, Jr., Esq. PARTRIDGE SNOW & HAHN LLP 40 Westminster Street, Suite 1100 Providence RI 02903 Tel: (401) 861-8254 Fax: (401) 861-8210 E-mail: dburgoyne@psh.com E-mail: mlopes@psh.com Debtor's Lead Bankruptcy Counsel: Jonathan W. Young, Esq. Hanna J. Redd, Esq. TROUTMAN PEPPER LOCKE LLP 111 Huntington Ave., 9th Floor Boston, MA 02199 Tel: (617) 239-0100 Fax: (617) 227-4420 E-mail: jonathan.young@troutman.com E-mail: hanna.redd@troutman.com - and - Aaron C. Smith, Esq. 111 South Wacker Drive, Suite 4100 Chicago, IL 60606 Tel: (312) 443-700 Fax: (312) 443-0336 E-mail: aaron.smith@troutman.com Debtor's Local Bankruptcy Counsel: PANNONE LOPES DEVEREAUX & O'GARA LLC Debtor's Financial Advisor: GETZLER HENRICH & ASSOCIATES LLC Debtor's Claims & Noticing Agent: EPIQ CORPORATE RESTRUCTURING, LLC Estimated Assets: $100 million to $500 million Estimated Liabilities: $100 million to $500 million The petition was signed by Daniel S. Polsky as authorized signatory. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/HJQIUAI/Central_Falls_Detention_Facility__ribke-26-10628__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 19 Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Accelerate Tax, LLC Litigation Undetermined c/o Elihu E. Allinson, III Sullivan Nimeroff Brown Hill LLC 919 North Market Street, Suite 420 Atlanta, DE 19801 Contact: Elihu E. Allinson, III Tel: 302-428-8191 Email: zallinson@snbhlaw.com 2. Alfredo Aldeco, pro se Litigation Undetermined Address on file 3. Debora Alves Borgas Litigation Undetermined c/o Richard A. Sinapi, Chloe A. Davis, and Danilo A. Borgas Sinapi Law Associates, Ltd. 2374 Post Road, Suite 201 Warwick, RI 02886 Contact: Richard Sinapi, et al. Tel: 401-739-9690 Email: ras@sinapilaw.com Email: cad@sinapilaw.com Email: dab@sinapilaw.com 4. City of Central Falls Litigation Undetermined c/o Matthew Jerzyk, City Solicitor 580 Broad St. Central Falls, RI 02863 Contact: Matthew Jerzyk Tel: 401-727-7400, Ext. 2435 5. Jodie Clougherty Litigation Undetermined c/o Bruce P. Gladstein Bruce Gladstein Law Offices 2377 Pawtucket Avenue East Providence, RI 02914 Contact: Bruce P. Gladstein Tel: 401-272-9020 Email: bgladsteinlaw.com 6. Terrence Fracassa Litigation Undetermined c/o Vincent Indeglia Indeglia & Associates 300 Centerville Road The Summit East, Suite 320 Warwick, RI 02886 Contact: Vincent Indeglia Tel: 401-886-9240 Email: vincent@indeglialaw.com and Thomas A. Tarro, III Tarro & Marotti Law Firm, LLC Summit East, Suite 330 300 Centerville Road Warwick, RI 02886 Contact: Thomas A. Tarro, III Tel: 401-737-7200 Email: ttarro3rd@tarromarotti.com 7. Bennie Gene Gray, Jr. Litigation Undetermined c/o Joshua P. Dunn Brown Rudnick LLP One Financial Center Boston, MA 02111 Contact: Joshua P. Dunn Tel: 617-856-8375 Email: jdunn@brownrudnick.com 8. Jacob Hellested, et al. Litigation Undetermined c/o Peter N. Wasylyk Law Offices of Peter N. Wasylyk 1307 Chalkstone Avenue Providence, RI 02908 Contact: Peter N. Wasylyk Tel: 401-831-7730 Email: pnwlaw@aol.com 9. Leslie Jacobo Litigation Undetermined c/o Mark P. Gagliardi Law Office of Mark P. Gagliardi 56 Pine Street, Suite 200 Providence, RI 02903 Contact: Mark P. Gagliardi Tel: 401-277-2030 Email: mark@markgagliardilaw.net 10. Maeva Payroll Consulting, LLC Litigation Undetermined Christopher Clark, Registered Agent 2122 S. Terripin Cir. Mesa, AZ 85209 Contact: Christopher Clark, Registered Agent 2122 S. Terripin Cir. Mesa, AZ 85209 11. Edgar Medina Litigation Undetermined c/o Amato A. DeLuca DeLuca, Weizenbaum, Barry & Revens, Ltd. 199 North Main Street Providence, RI 02903 Contact: Amato A. DeLuca Tel: 401-453-1500 Email: bud@dwbrlaw.com 12. Shane W. Rylah Litigation Undetermined c/o Matthew H. Parker Whelan Corrente & Flanders LLP 100 Westminster Street Suite 710 Providence, RI 02903 Contact: Matthew H. Parker Contact: Jessica A. Sclafani Tel: 401-270-4500 Email: mparker@whelancorrente.com Email: jsclafani@whelancorrente.com 13. Franklin Soto, pro se Litigation Undetermined Address on file 14. United States Marshals Service Government $1,552,360 Prisoner Operations Contracts Division/Intergovernmental Agreements Branch CG-3, Suite 300 Washington, DC 20530-0001 Contact: Arness Harris Tel: 202-308-6262 Email: arness.harris@usdoj.gov 15. David Vasbinder Litigation Undetermined c/o Jane R. Duket Douglas E. Chabot Marasco & Nesselbush 685 Westminster Street Providence, RI 02903 Contact: Jane R. Duket Contact: Douglas E. Chabot Tel: 401-274-7400 Email: jduket@m-n-law.com Email: dchabot@m-n-law.com 16. David Daoud Wright Litigation Undetermined c/o Amato A. DeLuca DeLuca, Wizenbaum, Barry & Revens, Ltd. 199 North Main Street Providence, RI 02903 Contact: Amato A. DeLuca Tel: 401-453-1500 Email: bud@dwbrlaw.com 17. Reassurance Solutions LLC Medical Devices $20,000 PO Box 766 Benton, KY 42025 Tel: 416-432-2541 Email: info@reassurancesolutions.com 18. Marquis Software Development Medical Software $3,961 1625 Summit Lake Drive Suite 305 Tallahassee, FL 32317-7940 Contact: Ben Harrell Tel: 850-766-8761 Email: accounting@marquisware.com 19. R.I. Department of State Notary Application $80 Division of Business Services/Notary 148 W. River Street Providence, RI 02904-2615 Contact: DLT/elevator Unit Tel: 401-462-8570 Email: www.dlt.ri.gov/occusafe CHRISTMAS TREE: Court Narrows Claims in Corbin, et al. v. Hil ------------------------------------------------------------- Judge Thomas M. Horan of the U.S. Bankruptcy Court for the District of Delaware granted, in part, and denied in part Hilco Merchant Resources, LLC's motion to dismiss the first amended complaint in the adversary proceeding captioned as CHRISTOPHER CORBIN and RICH SERONICK Individually, and on behalf of all others similarly situated, Plaintiffs, v. HILCO MERCHANT RESOURCES, LLC, Defendant, Adv. Pro. No. 25-50003 (TMH) (Bankr. D. Del.). Christmas Tree Shops ("CTS"), a New England retail chain, entered chapter 11 in May 2023 and within months collapsed into liquidation. The workers who stayed to sell off its inventory were not paid their final wages and vacation pay when Massachusetts law required, and they never received the retention bonuses they alleged had been promised for remaining until their stores closed. This adversary proceeding asks whether Hilco Merchant Resources, LLC ("Hilco"), the firm CTS hired to run the going-out-of-business sales, must answer for those amounts, or whether language in this Court’s Store Closing Order immunizes it. The Plaintiffs, Christopher Corbin and Rich Seronick, sue individually and behalf of putative classes of Massachusetts and nationwide workers. They allege that Hilco did far more than consult. They allege that Hilco helped decide which employees CTS retained and which it fired, installed supervisors to run the stores, directed the timing of the closings, and on August 12, 2023, ordered every remaining CTS employee terminated effective immediately. Ian Fredericks, who led both Hilco and its affiliated lender ReStore Capital, promised CTS that Hilco would fund retention bonuses for workers who stayed through the final day of sales, a promise CTS relayed to its employees. The workers stayed. Hilco took 92.5 percent of the proceeds from the merchandise they sold, then refused to fund the bonuses. On these allegations the Plaintiffs bring claims under the Massachusetts Wage Act and for intentional misrepresentation, negligent misrepresentation, and unjust enrichment. Hilco has filed its Motion to Dismiss the First Amended Class Action Complaint under Federal Rule of Civil Procedure 12(b)(6), made applicable to this adversary proceeding by Federal Rule of Bankruptcy Procedure 7012. On September 25, 2023, the Plaintiffs filed a complaint in the Superior Court of Plymouth County in the Commonwealth of Massachusetts, naming Hilco as a defendant along with Marc and Pam Salkovitz. On May 1, 2025, the Plaintiffs filed the Complaint in this adversary proceeding. On June 13, 2025, Hilco filed the Motion to Dismiss under Rule 12(b)(6). The Plaintiffs, individually and as class representatives, assert claims on behalf of two subclasses. First, they define the Massachusetts Subclass as "all Massachusetts-based CTS employees who were either employed, as of August 12, 2023, in CTS's Massachusetts corporate office, or in any Additional Store located in Massachusetts." Second, they define the Nationwide Subclass as "all CTS storelevel employees who were employed in any non-Massachusetts Additional Stores through the final date of the liquidation sale at their respective store." For Count 1, violation of the Massachusetts Wage Act on behalf of the Massachusetts Subclass, the Plaintiffs allege that Hilco was a joint employer and that as a joint employer, Hilco violated Massachusetts General Laws ch. 149, Sec. 148 by failing to timely pay (i) wages earned during the final pay period; (ii) accrued and unused vacation time due on the final day of employment; and (iii) retention bonuses for employees who worked through the end of their respective store's liquidation sale. They seek treble damages, attorneys' fees, and prejudgment interest. The Plaintiffs further allege that the Store Closing Agreement purported to limit Hilco's liability to CTS employees by including provisions pursuant to which Hilco could not be deemed an employer of CTS employees or liable to CTS employees for wages and/or remuneration without regard to Hilco's actual conduct and that such employer-disclaimer provisions constitute void "special contracts" under section 148. These provisions were incorporated into the Store Closing Order by the language at paragraph 48. For Count 2, Intentional Misrepresentation on behalf of the Massachusetts Subclass store-level employees and the Nationwide Subclass, the Plaintiffs allege that Mr. Fredericks, on behalf of Hilco, represented to CTS that Hilco/ReStore intended to fund retention bonuses to Additional Store store-level employees who remained employed through the end of their store's liquidation sale. The Plaintiffs allege the representation was false because (i) Hilco never intended to fund the bonuses, (ii) Hilco made the representation knowing CTS would transmit it to employees, and (iii) employees relied on the promise and remained in their employment to their detriment. Specifically, the Plaintiffs assert the element of scienter by alleging that at the time Mr. Fredericks agreed that Hilco/ReStore would provide funding for the retention bonuses, he either knew or should have known that Hilco/ReStore never intended to actually fund the retention bonus payments given CTS's default on the Loan Agreement and how poorly the liquidation sales were going. For Count 3, Negligent Misrepresentation on behalf of the Massachusetts Subclass store-level employees and Nationwide Subclass, the Plaintiffs plead in the alternative to Count 2, on the same factual predicate, substituting a negligence standard, alleging that Hilco failed to exercise reasonable care or competence in making the foregoing representations. Count 4 is for Unjust Enrichment on behalf of the Massachusetts Subclass store-level employees and Nationwide Subclass. The Plaintiffs allege that storelevel employees who worked through their stores' final liquidation sales conferred a measurable benefit on Hilco, that Hilco accepted the benefit, and that Hilco's retention of the benefit without payment would be inequitable. This claim is independently grounded in the Store Closing Order's authorization for Hilco to sell the Additional Consultant Goods in the CTS stores. Hilco argues that the Final Store Closing Order and Store Closing Agreement bar the Amended Complaint because those documents provide that Hilco acted solely as an independent consultant and shall not be deemed to be an employer, a joint or successor employer, or a related or common employer or payor, and because the Store Closing Agreement further provides that Hilco has no liability to CTS employees for wages, benefits, severance, termination pay, vacation pay, or other liabilities arising from CTS's employment relationship. Hilco also argues that the intentional and negligent misrepresentation claims fail because the Plaintiffs do not allege any statement by Hilco to them, do not plead the alleged misrepresentation with Rule 9(b) particularity, do not identify any statement supporting reasonable reliance, and fail, in Hilco's view, to plead facts supporting fraudulent intent. As to negligent misrepresentation specifically, Hilco argues the alleged statement that "Hilco/ReStore intended to pay retention bonuses" is, at most, a non-actionable promise of future conduct. Finally, Hilco argues that the unjust enrichment claim must be dismissed because the Complaint does not plausibly allege that the Plaintiffs conferred a measurable benefit on Hilco, does not allege that the Plaintiffs reasonably expected compensation from Hilco, and is barred by adequate legal remedies, including claims against CTS in the bankruptcy process. In the Complaint, Plaintiffs adequately allege that they were employees under the Wage Act, that the Wage Act was violated, and that Hilco qualifies for pleading purposes as a joint employer subject to the Wage Act. Wages earned during the final pay period and accrued and unused vacation pay are "wages" under section 148. The Court finds on this issue, the Plaintiffs have satisfied the standard for surviving dismissal under Rule 12(b)(6). According to the Court, the Complaint does not allege a negligent misrepresentation, because it pleads only a promise of future conduct rather than a false statement of present fact. To the extent Count 4 rests on the Plaintiffs' final-period wages and accrued vacation, it adds nothing. Those amounts were paid, as alleged, and the Complaint does not allege that Hilco retained any corresponding benefit from them. The Court says viability of the unjust enrichment theory is limited to the retention bonuses and to the sale proceeds Hilco retained. The Court grants in part and denies in part Hilco's motion to dismiss the First Amended Class Action Complaint. As to Count 1, the motion is granted insofar as the claim seeks recovery of retention bonuses, which fall outside the Wage Act under Nunez, and that portion of Count 1 is dismissed with prejudice; the motion is denied in all other respects as to Count 1, which survives as to unpaid final wages and accrued vacation pay. As to Counts 2 and 4, the motion is granted with respect to Mr. Corbin, who, as a corporate-office employee, is not a member of the store-level subclasses on whose behalf those counts are brought, and his claims under Counts 2 and 4 are dismissed. The motion is denied as to Mr. Seronick and the store-level subclasses he represents, and Counts 2 and 4 survive as asserted on their behalf. As to Count 3, the motion is granted, and Count 3 is dismissed with prejudice as to both Plaintiffs. A copy of the Court's Memorandum Opinion dated July 1, 2026, is available at http://urlcurt.com/u?l=vxJKw6from Pacermonitor.com About Christmas Tree Shops Christmas Tree Shops is a home-decor retailer that was spun off from Bed Bath & Beyond in 2020. Christmas Tree Shops Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 23-10576) on May 5, 2023. In its petition, the Debtor reports between $50 million and $100 million in assets and between $100 million and $500 million in debt. The Debtor's counsel: Evelyn J. Meltzer Troutman Pepper Hamilton Sanders, LLP 302-777-6500 evelyn.meltzer@troutman.com The case was converted to Chapter 7 on August 16, 2023. COLD SPRING: Buyer Wants Chapter 7 Conversion Delayed ----------------------------------------------------- Yun Park of Law360 Bankruptcy Authority reports that a potential buyer asked a bankruptcy judge to postpone the conversion of a bankruptcy case to Chapter 7, asserting that a delay would provide an opportunity to complete an asset sale. The buyer argued that the proposed transaction could generate greater value than an immediate liquidation. The motion was presented as the bankruptcy case approached a pivotal stage, with the parties disagreeing over whether liquidation or a continued sale process would produce the best outcome for creditors. The buyer emphasized that negotiations remained active and warranted additional time, the report states. The court heard arguments from the interested parties and indicated that it would consider the request before determining whether the case should proceed with conversion to Chapter 7, according to report. About Cold Spring Acquisition Cold Spring Acquisition LLC operates a 588-bed skilled nursing and rehabilitation facility in Woodbury, N.Y. In particular, the senior care facility provides hospice, dementia care, medical needs, as well as short-term and long-term rehabilitation care. The senior care facility also runs a senior day program. Cold Spring Acquisition sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-22002) on January 2, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and between $50 million and $100 million in liabilities. Judge Sean H. Lane handles the case. Russell E. Potter, Esq., and Schuyler Carroll, Esq., at Manatt, Phelps & Phillips represent the Debtor as legal counsels. CONCRETE PUMPING: Moody's Affirms 'B1' CFR, Outlook Remains Stable ------------------------------------------------------------------ Moody's Ratings affirmed Concrete Pumping Holdings, Inc.'s (CPH) B1 corporate family rating and B1-PD probability of default rating. At the same time, Moody's affirmed Brundage-Bone Concrete Pumping Holdings Inc.'s B2 rating on the backed senior secured 2nd lien global notes. The SGL-2 Speculative Grade Liquidity Rating remains unchanged. The rating outlook for both Concrete Pumping Holdings, Inc. and Brundage-Bone Concrete Pumping Holdings Inc. remains stable. The affirmation and stable outlook reflects CPH's steady operating performance despite headwinds in residential construction and certain commercial end markets such as office and light construction. Data center and infrastructure work will help offset these weaknesses, and Moody's expects the company's adjusted debt/EBITDA to remain around 4x over the next 12 to 18 months. RATINGS RATIONALE CPH's B1 CFR reflects the company's superior service capabilities and stronger industry position than its peers in the fragmented concrete pumping industry and benefits from customer diversification. Additionally, the company has relatively high profit margins, providing stability and predictability of operating results and flexibility for its strong free cash flow generation. The rating is constrained by CPH's small scale relative to industry peers, with an annual revenue base of less than $500 million. CPH serves cyclical end markets in the residential, nonresidential and infrastructure construction space. Moody's expects residential and certain nonresidential end markets to remain soft through 2026, but Moody's expects that CPH will remain free cash flow positive thanks to its variable cost structure. The company is also susceptible to weather impacting the utilization of its equipment. The stable outlook reflects Moody's expectations that CPH will maintain solid credit metrics consistent with its historical track record and good liquidity. CPH's SGL-2 rating reflects Moody's expectations that the company will maintain good liquidity, supported by positive free cash flow and significant availability under its $350 million asset-based revolver, which expires on September 06, 2029. The company maintains limited cash on hand. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could upgrade the ratings if CPH continues to improve its credit metrics while the company expands its scale. Specifically, the ratings could be upgraded if: -- Debt/EBITDA approaches 2.5x -- Retained cash flow/net debt increases above 25% -- Good liquidity is maintained The ratings could be downgraded if the company's credit metrics deteriorate with significant capital spending or acquisitions. Specifically, the ratings could be downgraded if: -- Debt/EBITDA rises above 4.0x -- Retained cash flow/net debt falls below 15% -- Liquidity deteriorates The principal methodology used in these ratings was Business and Consumer Services published in February 2026. Headquartered in Thornton, Colorado, Concrete Pumping Holdings, Inc. (CPH) is a leading provider of concrete pumping services and concrete environmental waste management solutions in the US and the UK. For the 12 months that ended in April 2026, the company generated about $410 million in revenue. COSMETIC MEDICINE: Available Cash & Business Operation to Fund Plan ------------------------------------------------------------------- Cosmetic Medicine Enterprises, Inc., and affiliates filed with the U.S. Bankruptcy Court for the Middle District of Florida a Disclosure Statement describing Joint Plan of Reorganization dated July 1, 2026. Dr. C. Randall Harrell and Marissa Morris Harrell founded, and for 32 years have run, the five Debtor entities individually and together, along with additional companies. Collectively, the Debtor entities comprise drug development, manufacturing, and distribution companies. In 1994, Dr. Harrell founded West Florida Medical Investment Company, L.C., which holds real estate located at 34156 US Hwy 19 N. Palm Harbor FL 34684 (the "Property"). The Property houses offices for all the other Debtor entities. Combined sales for the Debtors have steadily declined from the beginning of 2023 to present day. Facing negative cash flow month after month, the Debtors took out Merchant Cash Advance loans / receivables purchases to cover the deficit and maintain operations across the entities. The Debtors filed bankruptcy to protect the estates and manage loan payment schedules. Once the high-interest loan payments are addressed, the Debtors' projected revenue will be sufficient to cover operational costs and fund payroll for their 30 employees working for the Debtors. While going through the Chapter 11 restructuring and plan confirmation process, the Debtors expect to increase sales through the development, manufacture and distribution of existing and new products, including drug development, through non-debtor entities, for which manufacturing and distribution will be handled by the Debtors. The Debtors will reduce costs that will enable the businesses to survive, thrive and continue providing medical products on which customers rely. The Plan generally provides for the substantive consolidation of the Debtors' Estates but only for purposes of Plan confirmation and distribution on claims. The Plan contemplates the payment of five classes of creditors: Administrative, Priority, Secured Claims (Secured by Mortgage), Secured Claims (Secured by Personal Property), Unsecured or Undersecured Claims as well as the issuance of equity security interests in the reorganized Debtors. The Plan is funded by operations and other cash liquidity events assisted by adjusting interest rates to market so that operations can meet cash operational needs without unreasonable costs of funds which existed prepetition. The primary objective of the Plan is to maximize the value of the recoveries to all creditor and equity security groups on a fair and equitable basis. Class 5 consists of Unsecured or Undersecured Claims. To the extent the holder of an Allowed Claim is either partially undersecured or wholly unsecured, as either the result of never having a properly created or perfected security interest or by virtue of being unsecured or undersecured given their relative security position in relation to other holders of Allowed Secured Claims on the same collateral, such holders of Allowed Claims shall receive a Quarterly Distribution of fifty percent of Available Free Cash Flow, beginning at the end of the first full calendar quarter following the Effective Date. The ratable distribution to holders of Allowed Unsecured or Undersecured Claims shall be determined by calculating the product of the amount of fifty percent of the Available Free Cash Flow multiplied by the percentage of the holder's Allowed Amount of the Class 5 Claim as compared with the sum of the Allowed Amounts of all Class 5 Claims. Class 6 consists of Equity Security Interests. The holders of Equity Security Interests will receive reorganized Equity Security Interests in each of the Debtors to the same extent and priority as such holders held in each of the Debtors as of the Petition Date. The Debtors, Reorganized Debtors, or Plan Administrator will implement this Plan in a manner consistent with the terms and conditions set forth in the Plan and the Confirmation Order. On and after the Effective Date, except as otherwise provided in the Plan, the Plan Administrator or the Reorganized Debtors, as applicable, may use, acquire, or dispose of property and compromise or settle any Claims, Interests, or Causes of Action without supervision or approval. The Plan shall be funded from any Assets available to fund the Plan, including, without limitation, the Debtors' cash on hand, the Debtors' prepetition and post-petition business operations, and the Reorganized Debtors' post-Confirmation business operations. A full-text copy of the Disclosure Statement dated July 1, 2026 is available at https://urlcurt.com/u?l=XtLhHz from PacerMonitor.com at no charge. About Cosmetic Medicine Enterprises Cosmetic Medicine Enterprises Inc. distributes cosmetic products. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-02756) on April 3, 2026. In the petition signed by Marissa Morris Harrell, manager, the Debtor disclosed up to $10 million in both assets and liabilities. Steve M. Berman, at Shumaker LLP, is the Debtor's legal counsel. Counsel to the Debtor can be reached at: Steven M. Berman, Esq. Seth P. Traub, Esq. Shumaker, Loop & Kendrick, LLP 101 E. Kennedy Blvd., Suite 2800 Tampa, FL 33602 Phone (813) 229-7600 E-mail: sberman@slk-law.com COSMOS HEALTH: Board OKs $5MM Share Repurchase Program ------------------------------------------------------ Cosmos Health Inc. announced in a regulatory filing that the Board of Directors authorized and approved a share repurchase program for up to $5 million of the currently outstanding shares of the Company's common stock over a period of 6 months, ending on December 31, 2026, unless extended by the Company. Under the stock repurchase program, the Company intends to repurchase shares through open market purchases, privately-negotiated transactions, block purchases or otherwise in accordance with applicable federal securities laws, including Rule 10b-18 of the Securities Exchange Act of 1934. The Board also authorized the Company to enter into written trading plans under Rule 10b5-1 of the Exchange Act. Adopting a trading plan that satisfies the conditions of Rule 10b5-1 allows a company to repurchase its shares at times when it might otherwise be prevented from doing so due to self-imposed trading blackout periods or pursuant to insider trading laws. Under any Rule 10b5-1 trading plan, the Company's third-party broker, subject to Securities and Exchange Commission regulations regarding certain price, market, volume and timing constraints, would have authority to purchase the Company's common stock in accordance with the terms of the plan. The Company may from time to time enter into Rule 10b5-1 trading plans to facilitate the repurchase of its common stock pursuant to its share repurchase program. The Company cannot predict when or if it will repurchase any shares of common stock as such stock repurchase program will depend on a number of factors, including constraints specified in any Rule 10b5-1 trading plans, price, general business and market conditions, and alternative investment opportunities. Information regarding share repurchases will be available in the Company's periodic reports on Form 10-Q and 10-K filed with the Securities and Exchange Commission as required by the applicable rules of the Exchange Act. Management Commentary Greg Siokas, CEO of Cosmos Health, stated: This share repurchase program reflects our confidence in the Company's operating fundamentals and growth prospects. With record revenue, improving margins, and accelerating global momentum -- including our expansion into the United States and into new categories such as animal healthcare -- we believe our shares are trading at levels that do not reflect the strength of our operating momentum, asset base, and future growth trajectory. To put things into perspective, a program of this size represents almost half of our market capitalization as of June 29, 2026. We believe that repurchasing shares at current levels represents an attractive opportunity to enhance shareholder value as we continue to execute on our multi-layered growth strategy." 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. CTN HOLDINGS: Automatic Stay Inapplicable to Karr Action -------------------------------------------------------- Judge Thomas M. Horan of the U.S. Bankruptcy Court for the District of Delaware held that automatic stay is inapplicable to the case captioned as JAMI B. NIMEROFF, as chapter 7 trustee for CTN Holdings, Inc., et al., Plaintiff, v. DONALD R. KARR; MILLER FAMILY LEGACY LLC; LOUIS R. MILLER; ALS REVOCABLE TRUST; EMERGING IMPACT FUND II, LP; PRAESUMO HOLDINGS, LLC; RAVI SARIN; PAUL SOROS 2010 FAMILY TRUST A; CHICAGO ATLANTIC FINANCE LLC; CHICAGO ATLANTIC CREDIT COMPANY, LLC; and CHICAGO ATLANTIC OPPORTUNITY FINANCE LLC, Defendants, Adv. Pro. No. 26-50233 (TMH) (Bankr. D. Del.). On March 30, 2025, CTN Holdings, Inc. ("Catona") filed a petition under chapter 11. The Court converted the cases to chapter 7 on August 7, 2025, and the United States Trustee appointed Jami B. Nimeroff as the chapter 7 trustee (the "Trustee"). On July 9, 2025, Donald R. Karr; Miller Family Legacy LLC; Louis R. Miller; ALS Revocable Trust; Emerging Impact Fund II, LP; Praesumo Holdings, LLC; Ravi Sarin; Paul Soros 2010 Family Trust A; Chicago Atlantic Finance LLC; Chicago Atlantic Credit Company, LLC; and Chicago Atlantic Opportunity Finance LLC (collectively, the "Karr Action Plaintiffs") commenced an action in the Superior Court of the State of California, County of Los Angeles, Central District (the "Karr Action") against Sanberg; AGO Special Situations, LP; Steven Ballmer; Ballmer Giving LLC; Ibrahim Alhusseini; Nate Redmond; Alpha Edison Management Company, LLC; David Aronoff; Baker Hostetler LLP; KPMG LLP; Alvarez & Associates, Inc.; BDO USA, P.C.; Michael Ellis; Inherent Group, LP; and Does 1 through 30 (collectively, the "Karr Action Defendants"). The Karr Action Plaintiffs subsequently filed an amended complaint in the action on November 3, 2025. The general thrust of the allegations in the Karr Action is that the Karr Action Defendants either fraudulently induced the Karr Action Plaintiffs to buy shares in Catona, hold shares in Catona, or, in the case of Chicago Atlantic Finance LLC, Chicago Atlantic Credit Company, LLC, and Chicago Atlantic Opportunity Finance LLC (collectively, "Chicago Atlantic"), make a loan secured by shares in Catona or aided and abetted other Karr Action Defendants in doing so. The complaint includes allegations that at least one Karr Action Defendant made direct contact with each Karr Action Plaintiff, inducing their investment. In Count 1 of the complaint in the Karr Action, the Karr Action Plaintiffs allege that Sanberg engaged in a fraudulent scheme to induce them to buy shares of Catona and to continue to hold those shares rather than to take action to minimize their investment losses. In Count 2, Chicago Atlantic and Praesumo allege that Sanberg, Redmond, and Alhusseini made false and misleading statements and omissions to induce Chicago Atlantic to make a loan to Sanberg and Praesumo to invest in Catona. Count 3 alleges that the Karr Action Defendants other than Sanberg, aided and abetted in the fraudulent scheme alleged in Counts 1 and 2. Count 4 alleges a violation of California Penal Code section 496 against the Karr Action Defendants for obtaining funds through fraud and deceit and further concealing or withholding those funds. Count 5 alleges a violation of California Corporate Securities Law by the Defendants for selling or assisting the sale of shares by misleading statements and omissions of material fact. The Trustee filed her complaint seeking to enjoin the Karr Action on April 10, 2026. Along with the complaint, the Trustee filed a motion seeking a temporary restraining order and preliminary injunction. The parties agreed to a temporary restraining order and the Court entered an order setting a schedule for a hearing on a preliminary injunction and restraining the Karr Action Plaintiffs from the prosecution of the Karr Action until the determination of the motion. Although the relief requested is a preliminary injunction, the Trustee’s principal position at oral argument was that the property-of-the-estate question is dispositive and the injunction question secondary. Counts I and II of the complaint each raise that question. The two regimes are distinct. If any claim asserted in the Karr Action is property of the estate, section 362(a)(3) stays its prosecution automatically as an exercise of control over estate property, and no injunction is required. If a claim is not estate property, its prosecution may be enjoined under section 105(a). That relief requires the Trustee to satisfy the preliminary-injunction standard, including a showing of irreparable harm. The Court finds the Trustee fails on both tracks. According to Judge Horan, "Every claim in the Karr Action is personal to the Karr Action Plaintiffs and is therefore not property of the estate that is subject to the automatic stay. That conclusion defeats the Trustee’s principal theory. Even if a claim was estate property, the Trustee would still fail on the section 105 track because she put on a limited evidentiary presentation that does not establish irreparable harm." The Trustee identifies two bases for irreparable harm. First, she argues that any recovery by the Karr Action Plaintiffs from the same pool of defendants will deplete assets otherwise available for all creditors, primarily in the form of insurance policies (the "D&O Policies"). Second, she argues that adverse factual findings or legal rulings in the California proceeding could have a preclusive effect on the Trustee’s own future litigation. The Trustee also contends that the D&O Policies have been substantially depleted, with approximately $800,000 remaining. However, the Trustee did not introduce any policies into evidence and likewise furnished no evidence to support her contention that the policies are substantially depleted. The Court notes the Trustee bears the burden of proof for irreparable harm and cannot satisfy that burden on the theory of depletion of estate assets without first establishing that these policies or their proceeds are property of the estate. The Court finds the Trustee has failed to prove that the claims in the Karr Action are estate property. For that reason, the automatic stay is inapplicable to the Karr Action. In addition, because the Trustee has failed to meet its burden of demonstrating a probability of success on the merits and irreparable harm, the Trustee cannot demonstrate that the Karr Action should be enjoined under section 105. A copy of the Court's Memorandum Opinion dated June 30, 2026, is available at http://urlcurt.com/u?l=WbTBJKfrom Pacermonitor.com. About CTN Holdings CTN Holdings Inc., formerly known as Aspiration Partners Inc., is a climate finance company specializing in providing high-quality carbon solutions to businesses worldwide. They connect companies with effective decarbonization strategies and a wide range of carbon removal projects, selling carbon credits sourced from a diverse network of project developers. The company is famous for providing carbon creditors of Microsoft Corp., Meta Platforms Inc., and other big companies. CTN Holdings Inc. and six of its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10613) on March 30, 2025. In the petition, the Debtors reported estimated assets of $50 million to $100 million and up to $50,000 and estimated liabilities of $100 million to $500 million. The petitions were signed by Miles Staglik as chief restructuring officer. The Debtors tapped Whiteford, Taylor & Preston LLC as counsel and BDO USA PC as tax consultants. Kurtzman Carson Consultants, LLC dba Verita Global, is the Debtors' claims and noticing agent. The case was converted to Chapter 7 on August 7, 2025. CUMULUS MEDIA: Seeks to Extend Plan Exclusivity to Oct. 30 ---------------------------------------------------------- Cumulus Media Inc. and its Debtor Affiliates asked the U.S. Bankruptcy Court for the Southern District of Texas to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to Oct. 30 and Dec. 29, 2026, respectively. The Debtors explain that the scale and complexity of their businesses and corporate structure require the Debtors to navigate complex issues in their reorganization efforts. The Debtors dedicated substantial time and resources, both before and after the Petition Date, to negotiating and implementing a fully consensual restructuring, including entering into the Restructuring Support Agreement, confirming the Plan, and satisfying the conditions precedent to the Effective Date. Since the Petition Date, the Debtors have worked constructively with all parties in interest by, among other things, providing due diligence to ensure that all their creditor constituencies were fully informed for purposes of engaging in plan discussions, and have consistently attempted in good faith to build consensus among all parties in interest. The Debtors state that they have paid their post-petition debts in the ordinary course of business or as otherwise provided by Court order, continue to monitor their liquidity closely, and are confident that sufficient funding will be available through the Effective Date. The Debtors cite that given the size and complexity of these chapter 11 cases, a relatively short amount of time has elapsed since the Petition Date. The Debtors are requesting the Exclusive Periods extension, which is the first such extension requested in these cases, out of an abundance of caution to facilitate consummation of the Plan free of the distraction and delay a competing plan may cause, to the detriment of all stakeholders. The Debtors assert that they seek to maintain exclusivity so parties with competing interests do not impede the Debtors' efforts to effectuate a value-maximizing restructuring. Extending exclusivity benefits all parties in interest by preventing the drain on time and the resources of the Debtors' estates that will occur when multiple parties, with potentially diverging interests, pursue the consideration of their own respective plans. The Debtors further assert that all stakeholders in these chapter 11 cases benefit from continued stability and predictability that a centralized process provides, which can only occur while the Debtors remain the sole plan proponents. Additionally, even if the Court approves an extension of the Exclusive Periods, nothing prevents parties in interest from later arguing to the Court that cause supports termination of the Debtors' exclusivity, should such cause arise. Co-Counsel to the Debtors: John F. Higgins, Esq. M. Shane Johnson, Esq. Megan Young-John, Esq. James A. Keefe, Esq. Jack M. Eiband, Esq. PORTER HEDGES LLP 1000 Main St., 36th Floor Houston, Texas 77002 Tel: (713) 226-6000 Fax: (713) 226-6248 Email: jhiggins@porterhedges.com sjohnson@porterhedges.com myoung-john@porterhedges.com jkeefe@porterhedges.com jeiband@porterhedges.com - and - Paul M. Basta, Esq. Jacob A. Adlerstein, Esq. Kyle J. Kimpler, Esq. Sarah Harnett, Esq. Stephanie P. Lascano, Esq. PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP 1285 Avenue of the Americas New York, New York 10019 Tel: (212) 373-3000 Fax: (212) 757-3990 Email: pbasta@paulweiss.com jadlerstein@paulweiss.com kkimpler@paulweiss.com sharnett@paulweiss.com slascano@paulweiss.com About Cumulus Media Inc. Cumulus Media Inc., a Delaware-based corporation organized in 2018, operates as an audio-first media company providing content to approximately 250 million monthly listeners, primarily through 394 owned-and operated radio stations across 84 U.S. markets and national platforms including Westwood One and the Cumulus Podcast Network. The company generates revenue mainly from broadcast radio advertising, supplemented by digital advertising and ancillary services, and offers local digital marketing solutions alongside one of the largest U.S. streaming audio advertising networks. Its operations include nationally syndicated sports, news, talk, and entertainment programming, original podcast production, and integrated advertising services across broadcast, digital, mobile, social, and voice-activated platforms. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 26-90346) on March 5, 2026, with $1,078,217,000 in assets as of Sept. 30, 2025, and $1,135,135,000 in debts as of Sept. 30, 2025. Richard Denning, executive vice president, secretary & general counsel, signed the petition. Judge Alfredo R. Perez presides over the case. The Debtors tapped Porter Hedges LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP as bankruptcy counsel; and Alvarez & Marsal North America, LLC, as restructuring advisor. Kurtzman Carson Consultants, LLC, d/b/a Verita Global, is the claims agent. CYTOSORBENTS CORP: Nasdaq Flags Market Value Below $35MM Minimum ---------------------------------------------------------------- CytoSorbents Corporation announced in a regulatory filing that it received a written notice from the Listing Qualifications Department of the Nasdaq Stock Market LLC that it was not in compliance with Nasdaq Listing Rule 5550(b)(2) because the Company's minimum Market Value of Listed Securities was below the minimum of $35 million required for continued listing on the Nasdaq Capital Market. In accordance with Nasdaq Listing Rule 5810(c)(3)(C), Nasdaq has provided the Company with 180 calendar days, or until December 28, 2026, to regain compliance with the MVLS Requirement. If the Company regains compliance with the MVLS Requirement, Nasdaq will provide written confirmation to the Company and close the matter. The Notice does not result in the delisting of the Company's common stock from the Nasdaq Capital Market. To regain compliance with the MVLS Requirement, the market value of the Company's common stock must meet or exceed $35 million for a minimum of 10 consecutive business days during the 180-day grace period ending on the Compliance Date, unless the Staff exercises its discretion to extend this ten consecutive business day period pursuant to Nasdaq Listing Rule 5810(c)(3)(H). The Company is evaluating potential actions to regain compliance with the MVLS Requirement and intends to actively monitor the market value of its listed securities. The Company may also, if appropriate, consider other options to regain compliance with Nasdaq's continued listing standard such as by increasing its stockholders equity to at least $2.5 million. In the event the Company does not regain compliance prior to the Compliance Date, the Company will receive written notification that its securities are subject to delisting, at which point the Company may appeal the delisting determination. There can be no assurance that the Company will be successful in maintaining its listing of its common stock on the Nasdaq Capital Market. About CytoSorbents Based in Princeton, New Jersey, CytoSorbents Corp. develops and markets blood purification technologies for intensive care and cardiac surgery. Its proprietary adsorbent, porous polymer platform is deployed through U.S. and international subsidiaries, including operations in New Jersey, Berlin, India, and Dubai, supporting research, development, and commercialization of its medical devices. East Brunswick, New Jersey-based WithumSmith+Brown, PC, the Company's auditor since 2004, issued a "going concern" qualification in its report dated March 29, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company has suffered recurring losses from operations, has experienced negative cash flows from operations, and has an accumulated deficit, which raise substantial doubt about its ability to continue as a going concern. As of March 31, 2026, the Company had $40.7 million in total assets, $38.4 million in total liabilities, and $2.2 million in total stockholders' equity. DAIRY BUILDING: Seeks Continued Cash Collateral Access ------------------------------------------------------ Dairy Building LLC asks the U.S. Bankruptcy Court for the District of Oregon for authority to use cas collateral and provide adequate protection. Specifically, the Debtor requests entry of a stipulated order modifying the court’s previously entered Final Order Authorizing Use of Cash Collateral and a subsequent Stipulated Order Modifying the Cash Collateral Order, thereby extending the authorization to use cash collateral beyond its current expiration date. The Debtor identifies the debtor as a Single Asset Real Estate debtor within the meaning of 11 U.S.C. Section 101(51B). The principal relief requested is limited in scope. Rather than seeking to alter the substantive provisions of the existing cash collateral arrangement, the Debtor asks the court to modify only the “Outside Date” contained in the prior cash collateral orders. Dairy Building requests that the date be extended to September 28 thereby providing an additional 91 days during which it may continue using cash collateral. The Debtor expressly states that all other provisions, conditions, protections, and requirements contained in the existing Cash Collateral Order will remain unchanged and in full force and effect. In support of the requested modification, Dairy Building states that it has reached an agreement with its secured lender, Northwest Bank, identified as the lien creditor. Both parties have consented to the continued use of cash collateral on the same terms and conditions previously approved by the court. Because the secured creditor has agreed to the extension, the Debtor contends that modifying the existing order is the most efficient and appropriate means of implementing the parties' agreement. A copy of the motion is available at https://urlcurt.com/u?l=BCvBgH from PacerMonitor.com. About Dairy Building, LLC Dairy Building, LLC owns a commercial building in Portland, Oregon, and holds a leasehold interest in the property under a ground lease. The property has been valued at approximately $2 million based on a June 11, 2025 proposal letter of intent reflecting the applicable interest rate. Dairy Building, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-34175) on December 15, 2025. In its petition, the Debtor reports estimated assets and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge David W. Hercher handles the case. The Debtor is represented by Douglas R. Ricks, Esq. of Sussman Shank LLP. DAMIS HOLDINGS: Judge Approves Cash Use for Over 50 Properties -------------------------------------------------------------- Hilary Russ of Law360 Bankruptcy Authority reports that a New Jersey bankruptcy judge authorized DAMIS Holdings to keep using cash collateral for two more weeks, extending the company's ability to fund operations during its Chapter 11 case. The ruling followed the debtor's efforts to restore order after a chaotic opening phase of the bankruptcy proceedings. DAMIS, which owns a portfolio of more than 50 real estate properties, told the court the additional funding period is necessary to cover payroll, property maintenance, taxes, insurance, and other operating expenses while restructuring discussions continue. The company maintained that uninterrupted access to cash is critical to preserving the value of its assets, the report states. With the extension in place, the debtor and its lenders will continue negotiating the terms of a more permanent cash collateral agreement. The court is expected to revisit the issue at a subsequent hearing if the parties fail to reach a consensual resolution, according to report. 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. DEDICATION & EVERLASTING: Gets Court OK to Use Cash Collateral -------------------------------------------------------------- The U.S. Bankruptcy Court for the Central District of California granted the motion filed by Todd A. Frealy, the Chapter 11 trustee for Dedication & Everlasting Love To Animals to use cash collateral. Under the order, the trustee is authorized to use cash collateral to pay operating expenses in accordance with the budget and deviate from the expense figures by up to 15% on an aggregate basis. To protect creditors with an interest in cash collateral, the court granted them adequate protection in the form of replacement liens on the Debtor's assets. A copy of the court order is available at https://shorturl.at/nkyK7 from PacerMonitor.com. The Debtor, a large "no-kill, care-for-life" animal sanctuary based in Acton, California, filed for Chapter 11 protection on May 9 following a nearly $2.9 million judgment obtained by a former employee, Adriana Duarte Valentines. The judgment creditor holds liens on the Debtor's cash and investments but remains adequately protected given the estate's significant equity cushion exceeding $12 million. The Debtor's assets include approximately $547,000 in cash, over $14 million in Merrill Lynch investment accounts, and multiple unencumbered real properties. During the interim period, the trustee aims to pursue mediation with the judgment creditor, the Debtor's insurance carrier, and the City of El Monte to address pending disputes and the potential abandonment of certain property. The trustee expects these efforts to advance case resolution in 2026. About Dedication & Everlasting Love To Animals Dedication & Everlasting Love To Animals (D.E.L.T.A. Rescue) operates a no-kill, care-for-life animal sanctuary in Acton, Calif. Founded in 1979, the organization rescues abandoned dogs and cats, providing lifelong shelter and medical care across a 115-acre facility. It is privately funded and not open to the public. Dedication & Everlasting Love To Animals sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-13881) on May 9, 2025. In its petition, the Debtor reported estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. Judge Neil W. Bason handles the case. The Debtor is represented by William R. Hess, Esq., at the Law Offices of William R. Hess. Todd A. Frealy is the Chapter 11 trustee appointed in the Debtor's case. ENGINEERED MACHINERY: Moody's Affirms 'B2' CFR, Outlook Stable -------------------------------------------------------------- Moody's Ratings affirmed its ratings for Engineered Machinery Holdings, Inc. ("Duravant"), including the B2 corporate family rating, B2-PD probability of default rating and Caa1 senior secured second lien term loan rating. Moody's also downgraded the senior secured first lien bank credit facility ratings to B2 from B1 following announcement that Duravant will upsize its senior secured first lien term loan by $450 million. The outlook remains stable. Duravant will use the proceeds of the add-on term loan to retire its $375 million senior secured second lien term loan and drawings on its revolving credit facility. Moody's will withdraw the Caa1 senior secured second lien rating following the pay-off of the second lien debt. The affirmation of the ratings reflects Duravant's solid EBITDA margin, sizable aftermarket business, good liquidity, and its track record of maintaining profit margins after completing acquisitions. The downgrade of the senior secured first lien rating reflects the debt capital becoming all first lien after the retirement of the second lien debt. Following the removal of second lien debt, there will no longer be junior ranking debt holding the first loss position in the capital structure. In these capital structures, Moody's Loss Given Default Rating Methodology for Speculative Grade Issuers levels ratings of senior secured instruments with the CFR. RATINGS RATIONALE The B2 CFR reflects Duravant's defensible niche position in the specialized machinery sector with long-established customer relationships, which promotes steady demand and free cash flow generation. The rating is balanced by the company's high leverage and its history of debt-funded acquisitions. Adjusted debt/EBITDA was 7.1x at the end of March 2026. The rating also reflects the cyclicality of demand, particularly for Duravant's industrial automation services. A portion of this segment's business is for projects, the volume of which fluctuates quarter-to-quarter and year-to-year. However, the company benefits from favorable exposure to the food and beverage and e-commerce sectors. It also has a substantial aftermarket business. Duravant has a history of acquiring and successfully integrating companies, sustaining profit margins and growing free cash flow. Nonetheless, it will continue to face execution and integration risk as Moody's believes it will look to complete additional acquisitions. Moody's expects that Duravant will maintain good liquidity. The cash balance was more than $150 million at March 31, 2026. Moody's also expects that the revolver will be mostly, if not fully unutilized, after Duravant repays the amount currently drawn with a portion of the proceeds of the new add-on senior secured 1st lien term loan. Free cash flow generation will be positive on a recurring annual basis. The stable outlook reflects Moody's expectations that Duravant will continue to generate strong positive free cash flow and maintain its also strong EBITA margin. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be downgraded if liquidity weakens or the company faces increased competition that pressures earnings and free cash flow. Integration challenges or a weak operating environment could also pressure ratings as could debt/EBITDA sustained above 7.0x or EBITA/Interest sustained below 1.5x. The ratings could be upgraded with strong operating performance supported by debt/EBITDA sustained below 5.0x or EBITA/Interest sustained above 2.0x. The principal methodology used in these ratings was Manufacturing published in September 2025. Engineered Machinery Holdings, Inc. is the indirect parent of Duravant LLC. Headquartered in Downers Grove, Illinois, Duravant designs and assembles packaging, material handling and food processing equipment for a number of industries, including food and beverage, consumer products, e-commerce and distribution, retail, and agriculture and produce. Duravant is owned by affiliates of Warburg Pincus, LLC and Carlyle Investment Management LLC. Duravant generated more than $1.8 billion of pro forma revenue during the twelve months ended in March 2026. EXECUTIVE DEVELOPMENT: Gets Final OK to Use Cash Collateral ----------------------------------------------------------- Executive Development Associates, Inc. received final approval from the U.S. Bankruptcy Court for the Western District of Missouri to use cash collateral to fund operations. Under the final order, the Debtor is authorized to use cash collateral solely in accordance with the updated budget, with funds limited to ordinary operating expenses required to preserve and maintain the bankruptcy estate. The Debtor's cash collateral includes post-petition income, proceeds, and deposit accounts that may be subject to liens and security interests of creditors. Although the Debtor has not yet completed a comprehensive analysis of all liens, it believes that the U.S. Small Business Administration holds a first-position lien on the cash collateral. As adequate protection, the SBA will be granted replacement liens on post-petition rents, income, and proceeds of the Debtor's property to the extent of any diminution in the value of its collateral. The Debtor must also maintain insurance coverage and take reasonable steps to preserve the property. In addition, the Debtor must continue making monthly payments of $4,111.50, which began in April and will remain in effect until a confirmed Chapter 11 plan supersedes the order. The order preserves the rights of all parties by making no determination regarding the validity, extent, priority, or enforceability of any liens or claims. It also expressly preserves the Debtor's and the estate's rights to assert defenses, offsets, avoidance actions, and surcharge rights under the Bankruptcy Code. The order is available at https://shorturl.at/SIRzZ from PacerMonitor.com. About Executive Development Associates Inc. Executive Development Associates, Inc. provides leadership advisory and executive coaching services to senior executives, boards, and leadership teams in the United States, offering CEO and executive coaching, board and governance advisory, enterprise strategy alignment, and executive team development. The firm operates in the management consulting and executive coaching industry, serving organizational leaders seeking to improve decision-making, alignment, and sustained leadership effectiveness. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Mo. Case No. 26-40233) on February 11, 2026, with $276,922 in assets and $2,664,232 in liabilities. Bonnie Timms, owner, signed the petition. Judge Cynthia A. Norton presides over the case. Ryan A. Blay, Esq. at WM Law, PC represents the Debtor as bankruptcy counsel. FADE BY: Gets Interim OK to Use Cash Collateral ----------------------------------------------- Fade By R10, LLC received interim approval from the U.S. Bankruptcy Court for the Southern District of Ohio to use cash collateral to fund operations. Under the interim order, Fade By R10 and Berrupp Management, LLC, which manages the Lane Ave. location, are authorized to use cash collateral to pay operating expenses. The Debtor's authority to use cash collateral will automatically terminate upon an event of default, including dismissal of the Debtor's Chapter 11 case, conversion of the case to one under Chapter 7, and the appointment of a bankruptcy trustee. First Commonwealth Bank and other lienholders will be granted adequate protection through replacement liens, with the same priority, amount and extent as their pre-petition liens. The order preserves the Debtor's right to challenge the validity, amount, extent, or priority of those liens, if appropriate. The court scheduled a final hearing for Aug. 3 and set a July 27 deadline for filing objections. If no timely objections are filed, the interim order will automatically become the final order. The order is available at http://bankrupt.com/misc/FadeByR10_ICCOrder31.0.pdf About Fade By R10 LLC Fade By R10, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ohio Case No. 25-53836) on June 17, 2026, with between $100,001 and $500,000 in both assets and liabilities. David M. Whittaker, Esq., at Allen Stovall Neuman & Ashton, LLP, represents the Debtors as legal counsel. FINCH THERAPEUTICS: Seeks Court OK for Chapter 11 Plan ------------------------------------------------------ Yun Park of Law360 Bankruptcy Authority reports that Bankrupt biotechnology company Finch Therapeutics has asked a Delaware bankruptcy court to approve a Chapter 11 plan that would facilitate the sale of virtually all of its assets to another company operating in the microbiome therapeutics sector. The proposed restructuring is intended to maximize recoveries while providing an orderly resolution of the company's remaining operations. According to the plan, the purchaser would acquire Finch's intellectual property, research assets, and other business interests, while the bankruptcy estate would use the sale proceeds to satisfy creditor claims in accordance with the Chapter 11 process. The company believes the proposed transaction offers the most efficient path to concluding its restructuring. The confirmation hearing will determine whether the plan complies with bankruptcy requirements and whether the sale serves the best interests of creditors. Approval would enable Finch to complete the transaction and formally exit Chapter 11, the report states. About Finch Therapeutics Inc. Finch Therapeutics Inc. is a company developing microbiome-based health treatments. Finch Therapeutics sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr D. Del. 26-10410) on March 22, 2026. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Laurie Selber Silverstein handles the case. The Debtor is represented by Aaron Bach, Esq. and Robert Alan Weber, Esq., of Chipman Brown Cicero & Cole, LLP. FLAWLESS CONSTRUCTION: Seeks Chapter 11 Bankruptcy in Louisiana --------------------------------------------------------------- On July 8, 2026, Flawless Construction LLC filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Eastern District of Louisiana. According to the court filing, the debtor reports estimated liabilities of $1 million to $10 million and between 1 and 49 creditors. The Office of the U.S. Trustee will conduct the 341(a) Meeting of Creditors on August 10, 2026, at 1:00 p.m. via telephone conference. Interested parties may participate by dialing 888-330-1716 and entering passcode 8461305. The Statement of Financial Affairs and Summary of Assets and Liabilities must be filed by July 22, 2026. About Flawless Construction LLC Flawless Construction LLC is a New Orleans, Louisiana-based real estate company engaged in the ownership and leasing of residential buildings. The company owns residential rental properties in New Orleans, including property located at 1425 North Prieur Street, and has been involved in residential real estate development and management. Flawless Construction LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-11658) on July 8, 2026. In its petition, the debtor reported estimated assets of $1 million to $10 million and estimated liabilities of $1 million to $10 million. Honorable Bankruptcy Judge Meredith S. Grabill handles the case. The debtor is represented by Edwin M. Shorty Jr., Esq. FREEDOM FOREVER: States Object to Chapter 11 Financing Deal ----------------------------------------------------------- Clara Geoghegan of Law360 Bankruptcy Authority reports that a group of 12 states has objected to Freedom Forever LLC's proposed agreement with one of its leading financing partners, telling the Delaware bankruptcy court that the settlement could impact homeowners' rights under existing solar installation contracts. The states said the proposed resolution should not diminish consumer protections during the Chapter 11 process. Freedom Forever filed for Chapter 11 protection in April 2026, citing significant debt and financial strain. As part of its restructuring efforts, the company has sought approval of settlements with financing partners and has moved forward with plans to market and sell substantially all of its assets, the report states. The states asked the court to require additional protections or revisions to the settlement before approving it, maintaining that customer contracts should not be adversely affected by the bankruptcy proceedings. The objections underscore the growing regulatory scrutiny surrounding the company's restructuring efforts, according to report. About Freedom Forever Freedom Forever is a California-based home solar panel installer. Freedom Forever sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 26-10522) on April 15, 2026. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by Curtis S. Miller, Esq. of Morris Nichols Arsht & Tunnell. FRESHREALM INC: Seeks to Hire New Mill Capital as Auctioneer ------------------------------------------------------------ Freshrealm Inc and its affiliates seek approval from the U.S. Bankruptcy Court for the District of New Jersey to employ New Mill Capital Disposition, LLC, in partnership with Gordon Brothers Commercial & Industrial, LLC as auctioneers. The firm will render these services: (i) determine the best method for selling the equipment, whether by online auction, or negotiated sales; (ii) establish prices for the equipment to be sold through negotiated sales; (iii) disposition of the sold equipment; (iv) for online auctions, the use of an online bidding service; (v) marketing of the equipment for purposes of conducting sales; (vi) provide paid auction invoices for title to transfer from Debtor to buyers; and (vii) collection of sale proceeds on behalf of the Debtors. The auctioneer shall charge a 20% buyer's premium with respect to the auction hammer price or the private sale purchase price for all equipment sold (the buyer's premium). The buyer's premium shall be distributed as follows: 12% to the auctioneer, 3% to online auction platform provider, and 5% to the Debtors. The auctioneer's portion of the buyer's premium shall be its sole source of compensation. New Mill Capital Disposition, LLC and Gordon Brothers Commercial & Industrial, LLC are disinterested persons under 11 U.S.C. Sec. 101(14), according to court filings. The auctioneers can be reached through: Eric Weiler New Mill Capital Disposition, LLC 575 Lexington Avenue, 4th Floor New York, NY 10022 Tel: (888) 801-6032 Fax: (818) 574-6956 - and - Michael Guelfo Gordon Brothers Commercial & Industrial, LLC 3105 Creekside Village Drive, Suite 705 Kennesaw, GA 30144 About FreshRealm Inc. FreshRealm, Inc. operate a food development, manufacturing and fulfillment business founded in 2013 and spun off as independent companies in 2021. The company's principal assets and place of business are located in Linden, New Jersey, with additional operating facilities primarily in Lancaster, Texas, and Tracy, California. FreshRealm provides meal kit and prepared meal manufacturing, fulfillment, packing, and shipping services for direct-to-consumer, grocery, performance, lifestyle, and medically focused channels. Its customers include Blue Apron, LLC and MMM Consumer Brands, Inc., known as Marley Spoon. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Lead Case No. 26-14656) on April 27, 2026. In the petition signed by Bryan Fleming, chief financial officer, the Debtor disclosed up to $500 million in both assets and liabilities. Judge Mark Edward Hall oversees the case. The Debtors tapped COLE SCHOTZ P.C. As restructuring and bankruptcy counsel, Alvarez and Marsal North America, LLC as financial restructuring adviser, Rothschild and Co., as investment banker, and Kroll Restructuring Administration LLC as notice, claims, solicitation, balloting and administrative agent. FUEL GROUP: Seeks Subchapter V Bankruptcy in Texas -------------------------------------------------- On July 8, 2026, Fuel Group Trading LLC commenced a Chapter 11 bankruptcy case in the U.S. Bankruptcy Court for the Western District of Texas. Court records indicate the company has estimated liabilities ranging from $100,000 to $500,000 and between 1 and 49 creditors. A meeting of creditors under Section 341(a) set for August 5, 2026 at 02:00 PM via Via Phone: (888)330-1716; Code: 7659325. The debtor's Chapter 11 Small Business Subchapter V reorganization plan is due by October 6, 2026. About Fuel Group Trading LLC Fuel Group Trading LLC is a petroleum and petroleum products merchant wholesaler headquartered in Round Rock, Texas. The company supplies motor gasoline, diesel fuel, and related petroleum products, with operations in Plano, Texas, and San Juan, Puerto Rico. The company sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-11308) on July 8, 2026. Its bankruptcy petition lists estimated assets of $500,000 to $1 million and estimated liabilities of $100,000 to $500,000. The debtor is represented by Robert T. DeMarco III, Esq., of DeMarco Mitchell PLLC. GENERIC MANUFACTURING: Gets Final OK to Use Cash Collateral ----------------------------------------------------------- Generic Manufacturing Corporation, Inc. received final approval from the U.S. Bankruptcy Court for the Central District of California, Riverside Division, to continue using cash collateral through confirmation of its Chapter 11 Subchapter V plan. The court authorized the Debtor to use cash collateral in accordance with the approved budget to fund its ongoing business operations. It required the Debtor to provide the Subchapter V trustee, Robert Goe, with a $1,500 monthly retainer to be held in trust and paid only after court approval of fees and expenses. The retainer requirement is retroactive to the April 8 petition date. The Debtor is prohibited from using cash collateral to make payments to insiders unless it first complies with all applicable requirements of the Bankruptcy Code and Local Bankruptcy Rule 2014-1 governing insider compensation. The court granted adequate protection to the U.S. Small Business Administration, requiring the Debtor to make monthly payments of $731. In addition, the SBA was granted a replacement lien on the Debtor's post-petition assets, maintaining the same priority and extent as its pre-petition lien, but only to the extent the value of its cash collateral is diminished by the Debtor's post-petition use. The SBA is the Debtor's primary secured creditor, holding a valid, perfected blanket UCC-1 lien securing an estimated balance of $64,814. The Debtor believes the SBA is the only party possessing a colorable lien on actual cash collateral. The remaining secured claims consist of a $2,509 tax lien held by the Riverside County Treasurer, an $11,866 judgment lien held by Consolidated Electrical Distributor recorded within the 90-day pre-petition preference period, and MyCone's massive $478,057 judgment lien. A copy of the court's order and the Debtor's budget is available at https://short.do/G5PYO6 from PacerMonitor.com. About Generic Manufacturing Corporation Inc. Generic Manufacturing Corporation, Inc. manufactures packaging and bottling machinery serving multiple industries globally. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 26-12720) on April 8, 2026. In the petition signed by Lonnie Belts, president, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge Scott H. Yun oversees the case. Michael Jay Berger, Esq., at Law Offices of Michael Jay Berger, represents the Debtor as bankruptcy counsel. GLASS MANAGEMENT: Unsecureds Will Get 5% of Claims over 5 Years --------------------------------------------------------------- Glass Management Services, Inc., filed with the U.S. Bankruptcy Court for the Northern District of Illinois a Disclosure Statement describing Plan of Reorganization dated July 1, 2026. The Debtor is a leading and highly respected commercial glazing contractor in the Midwest. Minority-owned, it was established in 2000 and was headquartered in Lisle, Illinois until its recent relocation to South Holland, Illinois. Glass Management, also operating as USA Architectural Glass and Glass & Mirror America, has successfully completed high-quality glazing projects at major architectural sites not only in Chicago but also in other key metropolitan areas. These include work at O'Hare International Airport, numerous Chicago Transit Authority transit stations, schools, and public libraries. Glass Management's former bank, First Midwest, a Chicago-area bank with which Glass Management had a long relationship, was acquired by Old National Bank, headquartered in Evansville, Indiana. Following the difficulties Glass Management encountered on the Obama Presidential Library project, Old National transferred Glass Management's account to its troubled assets portfolio. The stringent conditions Glass Management faced while Old National's workout department was servicing its loans led it to file for Chapter 11. The Debtor's Plan provides for payment of the secured claim of Old National Bank in two elements. The liquidated element of the claim is $1.1 million, payable on the Effective Date in a lump sum equal to $1.1 million less the total of adequate protection payments made by the Debtor during the course of the Debtor's Chapter 11 case. The contingent element of the claim is a maximum of $600,000 from Net Litigation Proceeds as defined in the Plan, payable if, when and as such Net Litigation Proceeds are realized by the Debtor. Unsecured creditors will be paid 5% of their unsecured claims payable from the Debtor's Net Profits over a period not to exceed 5 years. All insider claims will be subordinated and they will receive nothing under the Plan. Ernest Edwards will retain his equity in the company by reason of a contribution of $100,000 of new value. Old National shall receive a secured claim in the amount of $1.1 million less adequate protection payments made during the course of this case plus "Net Litigation Proceeds" as defined in the Plan not to exceed $600,000. Unsecured creditors shall receive a dividend of 5% to be paid from the Debtor's Net Profits over a period not to exceed 5 years. Priority tax claims are unimpaired. Priority wage claims will be paid in full during the 5-year plan period. Subordinated claims will receive nothing under the Plan. Ernest Edwards shall contribute $100,000 to the Plan as a "new value contribution". These funds will be derived from either funds of his family members or exempt funds not implicated in connection with his own Chapter 11 case. As the leading figure, president and driving force of the Debtor, it is necessary for Mr. Edwards to maintain ownership and his stake in the Reorganized Debtor for it to have any chance of succeeding post petition. A full-text copy of the Disclosure Statement dated July 1, 2026 is available at https://urlcurt.com/u?l=LEsl4Z from PacerMonitor.com at no charge. Glass Management Services is represented by: David P Leibowitz, Esq. Leibowitz Hiltz & Zanzig, LLC 53 West Jackson Blvd., Suite 1301 Chicago, IL 60604 Telephone: (312) 566-9008 E-mail: dleibowitz@lodpl.com About Glass Management Glass Management Services, Inc., is a construction contractor based in Illinois, specializing in glazing services. Established with a focus on high-profile projects, the company has been involved in significant developments, including the Obama Presidential Library, Terminal 5 at O'Hare Airport, and multiple Chicago Public Schools and CTA transit stations. Glass Management Services sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-14036) with $3,029,997 in assets and $11,989,444 in liabilities. Ernest B. Edwards, president of Glass Management Services, signed the petition. Hon. Janet S. Baer presides the case. David P. Leibowitz, at Leibowitz, Hiltz & Zanzig, LLC, is the Debtor's legal counsel. GMACM HOME: Aug. 5 Hearing to Consider Treatment of Indenture Set ----------------------------------------------------------------- NOTICE OF A JUDICIAL INSTRUCTION PROCEEDING CONCERNING THE TREATMENT OF UNDERCOLLATERALIZED NOTES AND EXCESS CASHFLOWS TO DEPOSITORIES, NOMINEES, CUSTODIANS, OTHER INTERMEDIARIES: THIS TRANSMITTAL CONTAINS IMPORTANT INFORMATION THAT IS OF INTEREST TO THE BENEFICAL OWNERS OF THE SUBJECT SECURITIES. ALL DEPOSITORIES, NOMINEES, CUSTODIANS, AND OTHER INTERMEDIARIES RECEIVING THIS NOTICE ARE REQUESTED TO EXPEDITE RETRANSMITTAL TO THE BENEFICIAL OWNERS OF SUCH SECURITIES OR OTHER SUCH REPRESENTATIVES WHO ARE AUTHORIZED TO TAKE ACTION IMMEDIATELY. YOUR FAILURE TO ACT PROMPTLY IN COMPLIANCE WITH THIS PARAGRAPH MAY IMPAIR THE ABILITY OF THE BENEFIGAL OWNERS ON WHOSE BEHALF YOU ACT TO TAKE APPROPRIATE ACTIONS CONCERNING THE MATTERS DESCRIBED IN THIS NOTICE. TO HOLDERS IN THE GMACM HOME EQUITY LOAN TRUST 2006-HE2 (THE "COVERED TRUST"): YOU SHOULD READ THIS NOTICE THOROUGHLY AND CAREFULLY. YOUR RIGHTS MAY BE AFFECTED, ANY INSTRUCTIONS GIVEN BY THE COURT AS PART OF THE RELATED ARTICLE 77 PROCEEDING COULD MATERIALLY AFFFECT YOUR INTERESTS, FURTHERMORE, ANY ORDERS OR JUDGMENTS THAT MAY BE ENTERED BY THE COURT IN THE LEGAL CHALLENGE DESCRIBED IN THIS NOTICE COULD MATERIALLY AFFECT YOUR INTERESTS. YOU SHOULD DISCUSS THE INFORMATION HEREIN WITH YOUR ATTORNEY AND/OR OTHER ADVISORS, IF YOU DO NOT HAVE AN ATTORNEY OR ADVISOR, YOU MAY WISH TO ENGAGE ONE. YOU SHOULD NOT RELY ON THIS NOTICE AS YOUR SOLE SOURCE OF INFORMATION. To: The Certificateholders and Noteholders of the Covered Trust: Background The Covered Trust is governed by a Trust Agreement, a Servicing Agreement and an Indenture. The Petition concerns provisions of the Indenture. On May 14, 2026, PHH Mortgage Corporation filed the Petition (the "Petition") and commenced a judicial instruction proceeding pursuant to CPLR Sec. 7701, in the matter of the application of PHH Mortgage Corporation in its Capacity as Servicer for One Residential Mortgage-Backed Securitization Trust, (Index No. 652846/2026) (the "Article 77 Proceeding"), in the Supreme Court of the State of New York, County of New York (the "New York Court"). In the Article 77 Proceeding, PHH is seeking instruction regarding (i) whether the Excess Spread should be paid as either (a) principal as overcollateralization Increase Amounts and thereby be treated as a payment of principal that reduces the Note Balance of the Notes without such Excess Spread being a reimbursement for previously allocated losses and reductions in the Note Balance; or (b) a reimbursement of previously allocated losses as Liquidation Loss Distribution Amounts, and thereby not reduce the Note Balance of the Notes thereof, and (ii) if, and to the extent the Court determines that the Note Balance of the Notes should be reduced, whether PHH should write the Note Balance of the Notes "back up" in an amount equal to any Excess Spread that is paid by the Covered Trust in order to reverse the prior servicer's previous allocation of losses and reduction of the Note Balance. In an Order to Show Cause, dated June 17, 2026 ("Order"), the Court has ordered, among other things, that: * Any Potentially Interested Person who wishes to be heard in support of or in opposition to the Petition may appear by counsel or (subject to the limitation imposed by CPLR 321(a)) in person at the Final Hearing at IAS Part in Room 208 of New York County Courthouse, 60 Centre Street, New York, New York on August 5, 2026 at 2:30 p.m., and at any prior appearance and, subject to further order of the Court, may present such evidence or argument as may be proper and relevant; provided, however, that except for good cause shown, no Potentially interested Person shall be heard and nothing submitted by any Potentially Interested Person shall be considered by the Court unless such Potentially Interested Person files and serves an answer to the Petition, setting forth the Potentially Interested Person's notice of Intention to appear, along with a statement of such Potentially Interest Person's objection or other position as to any matters before the Court, and the grounds therefor, as well as any supporting documents (the "Submission"), on or before July 17, 2026; * A preliminary status conference will be held in the Supreme Court of the State of New York, County of New York, 60 Centre Street, New York, New York 10007 on July 28, 2026, at 11:00 a.m. to discuss the schedule of future proceedings herein, including but not limited to responses by Petitioner or Interested Persons to Submissions filed pursuant to the above; and * Any Potentially Interested Person who fails to appear in the manner required by the New York Court shall be deemed to have waived the right to support or oppose the Petition (including any right of appeal) and shall be forever barred from raising such objection before the New York Court or in any other action or proceeding, unless the New York Court orders otherwise. Following the Final Hearing, the New York Court will determine, among other things, whether and how to instruct PHH. If the Instruction is issued and becomes final and non-appealable (including the expiration of any time to apply for discretionary review), the instruction will become effective and will affect the rights and interests of all Potentially Interested Persons and their successors-in-interests and assigns. All Potentially Interested Persons will be bound by the instruction whether or not they appeared in the matter or submitted any objection to the Petition. The Petition, any papers filed in support or in opposition of the Petition, any orders entered by the New York Court in the Article 77 Proceeding and any other documents filed with the Court will be available at the Court's website: https://lapps.courts.state.ny.us/nyscef/HomePage YOU ARE URGED TO REVIEW THE PETITION CAREFULLY AND TO CONSULT WITH YOUR ADVISORS. GREER EXCAVATING: Gets Interim OK to Use Cash Collateral -------------------------------------------------------- Greer Excavating, LLC received interim approval from the U.S. Bankruptcy Court for the Middle District of Tennessee, Cookeville Division, to use cash collateral. Under the interim order, the Debtor is authorized to use its accounts receivable and other cash collateral from the petition date through July 17. The Debtor's principal source of cash collateral consists of unpaid accounts receivable generated from completed excavation projects, which totaled approximately $391,000 as of the petition date. Although it acknowledges that certain creditors may claim an interest in its accounts receivable, the Debtor disputes that any creditor actually holds a valid, perfected, or enforceable lien on its cash collateral. Two creditors that may assert such claims are Direct Merchants Funding and NFS Leasing. Direct Merchants Funding filed a UCC-1 financing statement in January 2023 relating to a purported purchase of a percentage of future receivables with a stated maximum indebtedness of $92,000. However, the Debtor said that any obligation associated with that merchant cash advance has already been fully satisfied and that the transaction does not create a continuing lien on existing accounts receivable years later. Meanwhile, NFS filed a UCC-1 financing statement in October 2024, claiming a security interest in all of the Debtor's assets, but after reviewing the underlying financing documents, the Debtor believes that the agreement does not actually grant NFS a security interest in accounts receivable or other cash collateral as required under Tennessee law. As adequate protection, any creditor holding a valid security interest in the cash collateral will be granted replacement liens on post-petition accounts receivable and their proceeds, with the same validity, priority, and extent as the creditor's pre-petition liens. In addition, the Debtor is required to maintain a positive balance in its debtor-in-possession bank account. The interim order does not determine the validity, priority, or enforceability of any creditor's asserted lien or whether particular funds actually constitute cash collateral. All parties' rights to challenge lien validity, priority, adequate protection, or other cash collateral issues were expressly preserved pending further proceedings. A copy of the court's order and the Debtor's budget is available at https://short.do/6U3o_V from PacerMonitor.com. About Greer Excavating LLC Greer Excavating LLC is a Crossville, Tennessee-based site preparation and excavation contractor providing excavation, grading, utility installation, and related construction services throughout Middle Tennessee. As of mid-2026, the company remained active on infrastructure projects, including bidding on a $2 million municipal water line project, while maintaining a fleet of heavy equipment and recruiting personnel to support ongoing operations. Greer Excavating LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-02384) on June 29, 2026. In its petition, the Debtor reports estimated assets of $500,000 to $1 million and estimated liabilities of $1 million to $10 million. Honorable Randal S. Mashburn is overseeing the case. The Debtor is represented by Henry E. Hildebrand, Esq. of Dunham Hildebrand Payne Waldron, PLLC. HAYDEE'S CAFE: Gets Final OK to Use Cash Collateral --------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Georgia, Gainesville Division, granted Haydee's Cafe LLC final approval to use cash collateral. Under the final order, the debtor is authorized to use cash collateral immediately in accordance with the budget. As adequate protection, the court granted the lenders and any other secured creditors holding valid prepetition liens or rights of setoff replacement liens on post-petition property of the same nature as their prepetition collateral, but only to the extent of any diminution in the value of their cash collateral. The replacement liens are automatically perfected upon entry of the order and expressly exclude proceeds of avoidance actions under Chapter 5 of the Bankruptcy Code. The order preserves all parties' rights regarding the validity, priority, and extent of any asserted liens or claims, making no determination on those issues. It also allows either the debtor or the lenders to seek modification of the order after notice and a hearing, while preserving the debtor's right to object to claims. Debtor's counsel must serve the final order on all parties in interest within three business days and file a certificate of service with the court. About Haydee's Cafe LLC Haydee's Cafe, LLC is a Gainesville, Georgia restaurant operating since 2016. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-20624) on April 24, 2026. In the petition signed by Luis Sepulveda, president, the Debtor disclosed up to $50,000 in assets and up to $1 million in liabilities. William Rountree, Esq., at Rountree, Leitman, Klein & Geer, LLC, represents the Debtor as legal counsel. HEALTHY EXTRACTS: President Kevin Pitts Resigns ----------------------------------------------- Healthy Extracts. Inc. announced in a regulatory filing that Kevin "Duke" Pitts resigned as president, chief operating officer, and a member of its board of directors, effective July 1, 2026. The company has not named a successor, and the positions of president and chief operating officer will remain vacant until further notice. About Healthy Extracts Headquartered in Henderson, Nev., Healthy Extracts Inc. -- www.healthyextractsinc.com -- is a platform for acquiring, developing, patenting, marketing, and distributing plant-based nutraceuticals. The Company's proprietary and patented products target select high-growth categories within the multibillion-dollar nutraceuticals market, such as heart, brain, and immune health. As of March 31, 2026, the Company had $27.32 million in total assets, $3.34 million in total current and total liabilities, and $23.98 million in total stockholders' equity. Las Vegas, Nevada-based Bush & Associates CPA LLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated April 8, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company has suffered recurring losses from operations and has a accumulated deficit that raise substantial doubt about its ability to continue as a going concern. HIGHLAND CAPITAL: Court Shields Unit Over Ex-CEO's 'Privity' Claim ------------------------------------------------------------------ Spencer Brewer of Law360 Bankruptcy Authority reports that a Fifth Circuit appellate panel challenged arguments from a company tied to Highland Capital Management LP, asking why a fraudulent transfer lawsuit against the investment firm's former chief executive should survive after another case ended with a consent judgment. The court's questions centered on whether the parties were in privity, a key requirement for determining the preclusive effect of the earlier judgment. The dispute arises from Highland's long-running bankruptcy proceedings, which have spawned numerous appeals involving former executives, affiliated entities, and the litigation trust established under the Chapter 11 plan. The latest appeal concerns whether previous settlements bar subsequent fraudulent transfer claims involving related parties, the report relays. After hearing arguments from both sides, the panel reserved judgment. The forthcoming ruling could clarify how courts apply privity and claim-preclusion principles in complex bankruptcy litigation involving affiliated entities, according to report. About Highland Capital Management Highland Capital Management, LP was founded by James Dondero and Mark Okada in Dallas in 1993. Highland Capital is the world's largest non-bank buyer of leveraged loans in 2007. It also manages collateralized loan obligations. In March 2007, it raised $1 billion to buy distressed loans. Collateralized loan obligations are created by bundling together loans and repackaging them into new securities. Highland Capital Management sought Chapter 11 protection (Bank. D. Del. Case No. 19-12239) on Oct. 16, 2019. On Dec. 4, 2019, the case was transferred to the U.S. Bankruptcy Court for the Northern District of Texas and was assigned a new case number (Bank. N.D. Tex. Case No. 19-34054). Judge Stacey G. Jernigan is the case judge. At the time of the filing, Highland had between $100 million and $500 million in both assets and liabilities. The Debtor tapped Pachulski Stang Ziehl & Jones LLP as bankruptcy counsel, Foley & Lardner LLP as special Texas counsel, and Teneo Capital, LLC as litigation advisor. Kurtzman Carson Consultants, LLC, is the claims and noticing agent. The U.S. Trustee for Region 6 appointed a committee of unsecured creditors on Oct. 29, 2019. The committee tapped Sidley Austin LLP and Young Conaway Stargatt & Taylor LLP as bankruptcy counsel, and FTI Consulting, Inc. as financial advisor. HIGHLAND SPRINGS: Taps Pay It Forward Realty as Broker ------------------------------------------------------ Highland Springs #2, LLC filed seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Bradley K Petersen of Pay It Forward Realty as real estate broker. The broker will sell the Debtor's property located at 264 Highland Springs Ave., Bld. 4, Banning, California 92220. The broker has accepted a reduction of his commission to 3% of the purchase price. Mr. Petersen disclosed in court filings that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Bradley K Petersen Pay It Forward Realty 18721 Chapel Lane Huntington Beach, CA, 92646 Phone: (714) 855-8184 About Highland Springs #2, LLC Highland Springs #2, LLC is a real estate holding and property management entity involved in the ownership and operation of commercial or residential assets. Highland Springs #2, LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 26-13050) on April 20, 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 Scott H. Yun handles the case. The Debtor is represented by Tamar Terzian, Esq. of Terzian Law Group, APC. HRONIS INC: Seeks to Extend Plan Exclusivity to Sept. 30 -------------------------------------------------------- Hronis, Inc., and its affiliates asked the U.S. Bankruptcy Court for the Eastern District of California to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to Sept. 30 and Oct. 30, 2026, respectively. The Debtors explain that the Bankruptcy Court has jurisdiction over this matter pursuant to Sections 157 and 1334 of the Bankruptcy Code and General Orders 182 and 223 of the United States District Court for the Eastern District of California. This is a core proceeding within the meaning of Section 157(b)(2) of the Bankruptcy Code. Venue is proper in this District pursuant to 28 Sections 1408 and 1409 of the Bankruptcy Code. The Debtors claim that statutory basis for relief requested herein are sections 105(a) and 1121(d) of the Bankruptcy Code. Counsel to the Debtors: Zev Shechtman, Esq. Steven F. Werth, Esq. Maxwell M. Hanamirian, Esq. Saul Ewing LLP 1888 Century Park East, Suite 1500 Los Angeles, CA 90067 Telephone: (310) 255-6100 Facsimile: (310) 255-6200 E-mail: zev.shechtman@saul.com About Hronis Inc. Hronis, Inc. is an agricultural company based in Delano, Calif., that grows, harvests and markets table grapes in California's San Joaquin Valley, with operations dating to 1945. The business cultivates grapes on about 6,000 acres of owned and leased land in Kern and Tulare counties and produces more than 80 million pounds of table grapes annually, supplying major retailers, supermarket chains and other commercial customers through a vertically integrated operation that includes hand harvesting, packing, cold storage and distribution. The company also grows citrus and has begun planting pistachios, which are in early-stage development. Hronis and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Lead Case 26-10978) on March 6, 2026, with between $50 million and $100 million in both assets and liabilities. Judge Rene Lastreto II oversees the cases. The Debtors tapped Zev M. Schectman, Esq., and Steven F. Werth, Esq., Mariam Khoudari, Esq., at Saul Ewing, LLP as bankruptcy counsel and Donlin, Recano and Co. as claims and noticing agent. Conterra Agricultural Capital, LLC, as DIP lender, is represented by: Bernie Kornberg, Esq. Andrew Morton. Esq, Brianna Morrison, Esq. MILLER NASH LLP 340 Golden Shore, Suite 450 Long Beach, CA 90802 Telephone: (562) 435-8002 andy.morton@millernash.com brianna.morrison@millernash.com - and - Marc Hirschfield, Esq. Marc F. Skapof, Esq. ROYER COOPER COHEN BRAUNFELD LLC 1120 Avenue of the Americas, 4th Floor New York, NY 10036 Telephone: (212) 994-0451 mhirschfield@rccblaw.com mskapof@rccblaw.com IN DUE SEASON: Gets Extension to Access Cash Collateral ------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, entered a second interim order authorizing In Due Season, LLC to continue using cash collateral on an interim basis. Under the second interim order, the Debtor is authorized to use cash collateral to pay court-approved expenses, ordinary and necessary operating expenses under the approved budget (with up to a 10% variance per line item), and any additional expenditures approved in writing by secured creditors. The Debtor is also authorized to pay $1,000 per month to the Subchapter V trustee. However, payments to insiders or professionals listed in the budget require separate court approval. The Debtor is prohibited from using cash collateral for unauthorized purposes, although certain unbudgeted expenses may still qualify as administrative expenses under the Bankruptcy Code. The secured creditors that may assert liens on the Debtor's assets include the U.S. Small Business Administration, with a $30,000 claim; Celtic Bank Corporation, with a $350,000 claim and a mortgage lien on real property; and additional creditors such as JRG Funding LLC and LG Funding LLC, bringing the total asserted secured debt exposure to $432,957. As adequate protection, the Debtor offers granting post-petition replacement liens on the same assets and to the same extent and priority as existed pre-petition, along with inspection rights and periodic financial reporting. The order preserves the rights of all parties to seek additional adequate protection or challenge the validity, priority, or extent of asserted liens, while retaining the court's jurisdiction to enforce its terms. A continued hearing is scheduled for July 22. About In Due Season LLC In Due Season LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-03193) on April 16, 2026. In the petition signed by Lucie Bryant, manager, the Debtor disclosed up to $1 million in assets and up to $500,000 in liabilities. Buddy D. Ford, Esq, at Ford & Semach, P.A., represents the Debtor as legal counsel. Amy Denton Mayer of Stichter Riedel Blain & Postler, P.A. serves as Subchapter V trustee for the Debtor. INSPIRED HEALTHCARE: Creditors Dispute Lender's Collateral Liens ---------------------------------------------------------------- Alex Wolf of Bloomberg Law reports that unsecured creditors of Inspired Healthcare Capital Holdings have launched a legal challenge against Provident Bank and the company's other senior lenders, arguing that they failed to perfect liens securing more than $220 million in financing. The creditors' committee filed five adversary complaints in the U.S. Bankruptcy Court for the Northern District of Texas. The lawsuits contend that the lenders neglected to properly perfect security interests covering commercial tort claims, resident lease payments, deposit accounts, and other collateral before Inspired Healthcare entered Chapter 11. As a result, the committee argues that the lenders' claimed liens should be declared invalid or avoided under bankruptcy law, according to report. The committee is asking the court to determine that the disputed assets are not subject to enforceable liens, a ruling that could increase the pool of assets available to unsecured creditors. The cases will now proceed through the bankruptcy court as the parties litigate the validity and priority of the challenged security interests, the report states. About Inspired Health Capital Fund Services, LLC Inspired Healthcare Capital operates as a private equity firm specializing in senior housing. Its portfolio includes 35 operating senior living communities in 14 states, providing housing and care services to roughly 2,620 residents across independent living, assisted living, and memory care settings. Inspired Health Capital Fund Services, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 26-90004) on February 2, 2026. In its petition, the Debtor reports $1 billion to $10 billion in both assets and liabilities. Honorable Bankruptcy Judge Mark X. Mullin handles the case. The Debtor is represented by Marcus Alan Helt, Esq. of Mcdermott Will & Schulte LLP. M. Benjamin Jones of Ankura Consulting Group, LLC serves as Financial Advisor/CRO. Raymond James & Associates, Inc. serves as Investment Banker.Epiq Corporate Restructuring, LLC serves as Claims Agent. Realty Cap Advisors, LLC serves as Equity Security Holders with 100% equity interest. INTEGRATED ENDOSCOPY: Plan Exclusivity Period Extended to Sept. 30 ------------------------------------------------------------------ Judge Scott C. Clarkson of the U.S. Bankruptcy Court for the Central District of California extended Integrated Endoscopy, Inc.'s exclusive period to file a plan of reorganization to Sept. 30, 2026. As shared by Troubled Company Reporter, the Debtor explains that factors demonstrate that "cause" for an extension of the exclusivity period exists. * Factor 1: The size and complexity of the case. Regarding the first factor, Debtor's bankruptcy case presents complex issues of corporate law that must be considered when resolving the RCT Claim as well as claims of Debtor's former officers and/or employees, including Brad Sharp and Andrew Sharp. Given the nature of the business, paired with the fact that Debtor just obtained FDA approval of its product and has not yet obtained a valuation of its intellectual property, this case is fairly complex. Thus, the first factor shows cause exists to extend exclusivity period. * Factor 2: The necessity of sufficient time to permit the debtor to negotiate a plan of reorganization and prepare adequate information. Regarding the second factor, Debtor's largest creditor is the RCT. While RCT timely filed a proof of claim, Debtor is still investigating the RCT Claim and actions of RCT, which may lead to claims Debtor may have against RCT and/or Brad Sharp. Further, since the Bar Date has passed and Debtor is working to request a new Bar Date to serve on creditors with unknown addresses, Debtor also needs time to review the other proofs of claim filed in this case and if needed, negotiate with other creditors, although they are less critical due to the size of RCT's claim. * Factor 3: The existence of good faith progress toward reorganization. Regarding the third factor, Debtor is making good faith progress toward reorganization. The Debtor has obtained the Bar Date, which has passed, and is evaluating the claims filed against it. Debtor is also taking steps to obtain a new Bar Date with authority to serve the new Bar Date on all unknown creditors via publication. In addition, Debtor has been working with the Examiner, RCT, and Mr. Sharp to obtain information and documents to assess the claims of the parties. * Factor 4: The fact that the debtor is paying its bills as they become due. The fourth factor also shows cause exists because Debtor is paying its bills as they become due. This is reflected in Debtor's Monthly Operating Reports. * Factor 5: Whether the debtor has demonstrated reasonable prospects for filing a viable plan. Regarding the fifth factor, the Debtor is a start-up company that seeks to continue its operations, preserve the jobs of its employees, and generate revenue for the benefit of all creditors based on its products that just recently obtained FDA approval. However, Debtor cannot make conclusions about the feasibility of any proposed plan until it has time to determine its business plan now that FDA approval has been obtained. The Debtor needs time to implement a business plan and begin making sales in the United States before it can prepare projections of income and expenses and prove the feasibility of any proposed plan of reorganization. Integrated Endoscopy Inc. is represented by: David R. Haberbush, Esq. Vanessa M. Haberbush, Esq. Lane K. Bogard, Esq. Haberbush LLP 444 West Ocean Boulevard, Suite 1400 Long Beach, CA 90802 Telephone: (562) 435-3456 Facsimile: (562) 435-6335 E-mail: dhaberbush@lbinsolvency.com About Integrated Endoscopy Integrated Endoscopy Inc. develops wireless arthroscopic and single-use rigid endoscope technology for surgical applications. Headquartered in Irvine, California, the privately held Company was founded in 1996 following its acquisition of Micro Optics Development Engineering Labs' optical design assets and markets its Nuvis Single-Use Arthroscope with plans to extend into additional procedure-specific endoscopes. Its intellectual property portfolio includes 19 issued patents across the U.S., Europe, Japan, Australia, and Canada covering lens systems, LED lighting, and molded glass optics. Integrated Endoscopy sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-12121 on July 31, 2025. In its petition, the Debtor reported between $10 million and $50 million in assets and liabilities. Bankruptcy Judge Scott C. Clarkson handles the case. The Debtor is represented by Vanessa H. Haberbush, at Haberbush, LLP. INTERAQT CORP: Seeks to Hire Prager Metis CPAs as Accountant ------------------------------------------------------------ Interaqt Corporation seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to employ Prager Metis CPAs as accountant. The accountant will review the Debtor's books and records and assist in preparation of tax returns for the end of fiscal year. The firm's current hourly billing rates are: Michael Moskowitz, CPA $685 Gabriella Kalil, CPA $315 Prager Metis is a "disinterested person" as that term is defined in Bankruptcy Code Sec. 101(14) in that Prager Metis, according to court filings. The firm can be reached through: Michael Moskowitz, CPA Prager Metis 401 Hackensack Avenue, 4th Floor Hackensack, NJ 07601 Phone: (201) 342-7753 Email: mmoskowitz@pragermetis.com About Interaqt Corporation Interaqt Corporation, doing business as COLOTRAQ, provides data center infrastructure sourcing services from Randolph, New Jersey. Founded in 1999, the company supports procurement of colocation, managed hosting, cloud, connectivity, cybersecurity, AI readiness, data center migration, and blockchain-related services. COLOTRAQ's sourcing process includes strategy and planning, benchmarking, RFP management, negotiation strategy, and contract due diligence. The company serves clients including small businesses, Fortune 500 companies, and government agencies. Interaqt sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.J. Case No. 26-14973) on May 1, 2026, with $500,000 to $1 million in assets and $1 million to $10 million in liabilities. Nicole Nigrelli, Esq., at Ciardi, Ciardi & Astin serves as Subchapter V trustee for the Debtor. Anthony J. Davis, Esq., at OGC Solutions, LLP represents the Debtor as legal counsel. JUS BROADCASTING: Seeks Cash Collateral Access ----------------------------------------------- Jus Broadcasting Corporation and its affiliates ask the U.S. Bankruptcy Court for the Eastern District of New York for authority to use cash collateral and provide adequate protection. The proposed order follows a series of hearings and interim cash collateral orders entered throughout the bankruptcy case. The court previously considered emergency requests for the use of cash collateral during hearings held on December 20, 2024; January 8, 2025; February 5, 2025; May 28, 2025; July 23, 2025; December 10, 2025; and March 25. Based on those proceedings, the court entered successive orders on January 2, 2025; January 17, 2025; February 19, 2025; June 9, 2025; July 31, 2025; December 16, 2025; and May 5, each authorizing the Debtors' interim use of cash collateral and providing adequate protection to the secured creditors, JP Morgan Chase Bank and CESC-COVID EIDL. The Debtors seek to continue these arrangements pursuant to a stipulation reached with the secured creditors. The Debtors explain that they require continued access to cash collateral to finance their ongoing business operations during the period July 1 through October 31. The proposed order authorizes the Debtors to use cash collateral in accordance with the operating budget, which outlines the anticipated expenditures necessary to maintain business operations during the four-month period. The order also schedules a further hearing to consider the continued use of cash collateral under the same terms and conditions established by the prior orders, ensuring that the Debtors can continue operating while the Chapter 11 case progresses. As part of the adequate protection provided to secured creditors, the proposed order requires the Debtors to make monthly adequate protection payments of $4,000 to JP Morgan Chase Bank and $3,500 per month to CESC-COVID EIDL during the authorized cash collateral period. In addition, the Debtors must cure a prior shortfall in payments owed to CESC-COVID EIDL by paying an additional $10,000 over an eight-month period in equal monthly installments of $1,250, beginning December 1, 2025. The operating budget must also include a category for the payment of United States Trustee quarterly fees, ensuring compliance with statutory administrative obligations throughout the bankruptcy case. A copy of the motion is available at https://urlcurt.com/u?l=o5LFee from PacerMonitor.com. About Jus Broadcasting Corp Jus Broadcasting Corp sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.Y. Case No. 1-24-45180-jmm) on December 11, 2024. In the petition signed by Penny K, Sandthu, president and sole principal, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Leo Fox, Esq., at Law Office of Leo Fox, Esq., is the Debtor's bankruptcy counsel. JPMorgan Chase Bank N.A., as secured creditor, is represented by A. Albert Buonamici, Esq. at Buonamici & LaRaus, LLP. KAIZEN CLEANING: Hires Sternberg Naccari & White LLC as Attorney ---------------------------------------------------------------- Kaizen Cleaning Solutions, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Louisiana to hire Sternberg, Naccari & White, LLC as attorneys. The firm will give the Debtor legal advice with respect to the Debtor's powers and duties as a debtor-in-possession and to perform all legal services for the Debtor which may be necessary. The firm received in trust a retainer in the aggregate amount of $9,238. The firm has agreed to an hourly rate of $400 for Ryan J. Richmond, Esq. Mr. Richmond disclosed in court filings that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Ryan J. Richmond, Esq. STERNBERG, NACCARI & WHITE, LLC 450 Laurel Street, Suite 1450 Baton Rouge, LA 70801 Tel: (225) 412-3667 Fax: (225) 286-3046 Email: ryan@snw.law About Kaizen Cleaning Solutions, LLC Kaizen Cleaning Solutions, LLC is an Addis, Louisiana-based provider of janitorial and commercial cleaning services. The company specializes in cleaning healthcare, dental, and industrial facilities across more than 16 municipalities and operates three service locations. Kaizen Cleaning Solutions, LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. La. Case No. 26-bk-10573) on June 25, 2026. In its petition, the Debtor reports estimated assets between $50,000 and $100,000 and estimated liabilities between $100,000 and $500,000. Honorable Bankruptcy Judge Michael A. Crawford handles the case. The Debtor is represented by Ryan James Richmond, Esq. of Sternberg, Naccari & White, LLC. LADDER CAPITAL: S&P Alters Outlook to Positive, Affirms 'BB+' ICR ----------------------------------------------------------------- S&P Global Ratings revised its outlook on Ladder Capital Corp. to positive from stable. S&P also affirmed all of its ratings on Ladder and its subsidiaries, including the 'BB+' issuer credit rating. S&P said, "The positive outlook reflects our expectation that Ladder will operate with debt to adjusted total equity (ATE) in the high-2x area over the next 12 months. We also expect continued growth in its loan portfolio amid modestly improving commercial real estate (CRE) conditions that are supportive of solid operating performance and limited loan losses. Furthermore, we expect it to maintain ample liquidity and a largely unencumbered asset base." Ladder continues to have a track record of solid performance and limited losses following the full repayment of a large office loan. The company has ample liquidity following the upsize of its unsecured revolver, and it has displayed superior access to capital compared with its peers. On July 10, 2026, S&P Global Ratings revised its outlook on Ladder Capital Corp and its subsidiaries to positive from stable. S&P also affirmed all ratings, including its 'BB+' issuer credit and senior unsecured issue-level ratings on Ladder. S&P said, "We expect Ladder's solid operating performance to continue, though older vintage office loans present risk. The company posted strong results in the first quarter, with its current expected credit losses (CECL) reserve remaining steady at $47 million and no new nonaccrual loans. It also resolved three nonaccrual loans through foreclosure, and we expect it to work toward stabilizing the assets before pursuing sales. This reduced the company's nonaccrual loan balance, to $50.7 million (all related to one loan) as of March 31, 2026, from $129.7 million at the start of the year. "Subsequent to quarter-end, Ladder received a full payoff of more than $200 million from its largest office loan, located in Miami. This is a positive resolution to what, in our view, was an investment with the potential for an adverse outcome. Following the loan repayment, the company closed on a new, roughly $275 million first mortgage on an office and retail complex on Fifth Avenue in Manhattan. Ladder appears open to growing its office exposure, though we continue to view that asset class as being riskier, on average, than industrial or multifamily assets (where the company makes the bulk of its investments). However, we acknowledge that the risk of any given loan will be based on the specific property and loan characteristics." Including the aforementioned office loan in Miami (which was repaid subsequent to quarter end), Ladder ended the first quarter with $520.9 million of office loans that were originated in 2022 or earlier (when interest rates were lower). Those loans account for the majority of its total remaining loans it originated during that period. There remain several relatively large office loans within this bucket, and we believe they present repayment risk as the maturity dates approach. S&P will continue to closely monitor the resolution for these loans. S&P said, "We view Ladder's operational flexibility positively. Over the past several years, the company's business strategy has proven effective at navigating tough economic conditions. Ladder maintains a diversified investment strategy, with commercial real estate (CRE) securities and equity portfolios in addition to its core CRE loan portfolio. Amid rising rates in recent years, the company shifted exposure from its loan portfolio to more stable and defensive CRE securities. We view the CRE securities and CRE equity segments as providing a more stable source of income than CRE loans, and a relative strength for Ladder compared to peers." Now, amid stabilizing interest rates, Ladder has picked up its loan investment activity. It originated $612 million of new loans in the first quarter--the most in one quarter since the first quarter of 2022. S&P said, "We view the company's operational flexibility positively and is a unique strategy within its mortgage REIT peer group. We expect a continuation of this gradual shift from CRE securities to CRE loans over the near term, while maintaining the diversification benefits from its CRE securities and CRE equity segments." Additionally, Ladder's average investment size is less than $15 million across its portfolio, which S&P believes reduces risk and has helped to limit losses in recent years. S&P views Ladder's access to capital and liquidity as a material strength relative to peers. As of March 31, 2026, the company's ratio of unsecured debt to total debt was 67%, by far the highest of its peer group. Ladder has become a relatively routine issuer of senior unsecured notes, having last gone to market in June 2025. It also maintains a large unsecured revolving credit facility, a unique facility within its peer group, which it recently upsized to $1.25 billion in February, providing it with additional liquidity. Ladder's track record in the unsecured markets gives it a less risky and more flexible funding source than repurchase facilities, which most of its peers rely on. Furthermore, 73% of total assets were unencumbered as of March 31, 2026, providing further financial flexibility in times of stress. S&P said, "We expect Ladder will operate with leverage within its financial policy and near current levels over the next two years. The company's leverage, as measured by debt to ATE, was 2.79x as of March 31, 2026--up from 1.79x a year prior because of higher debt levels to fund investment activity. While leverage has increased, it remains within the company's financial policy of 2x-3x. We expect the company to operate with leverage in the high-2x area over the next 12-24 months. "The positive outlook reflects our expectation that Ladder will operate with debt to ATE in the high-2x area over the next 12 months. We also expect the company to keep growing its loan portfolio amid modestly improving CRE conditions that are supportive of solid operating performance and limited loan losses. Furthermore, we expect Ladder to maintain ample liquidity and a largely unencumbered asset base." S&P could revise the outlook on Ladder to stable if: -- Leverage, as measured by debt to ATE, increases and remains above 3x for a sustained period; -- Operating performance weakens, perhaps reflected in a rise in the percentage of nonaccrual loans, foreclosed real estate, margin calls, or allowance for credit losses; -- Its unsecured debt to total debt ratio or percentage of unencumbered assets declines to well below two-thirds; or -- The company's CRE securities segment shrinks to well below a quarter of its portfolio. S&P could raise the rating on Ladder in the next 12 months if: -- Debt to ATE remains below 3x; -- Operating performance remains sound while Ladder maintains solid diversification across key investments and segments, with its CRE securities segment remaining roughly a quarter of its portfolio; -- It continues to work through its older vintage office loans with minimal losses, and it limits new loans to lower-quality office real estate; -- Roughly two-thirds of its debt remains unsecured with approximately two-thirds of its assets remaining unencumbered; and -- It maintains unfettered access to unsecured debt markets with ample liquidity. LIGHTEN UP: Gets Final OK to Use Cash Collateral ------------------------------------------------ The U.S. Bankruptcy Court for the District of New Jersey entered a final order authorizing Lighten Up Hair Salon and Spa, LLC to use cash collateral. The order authorized the Debtor to use cash collateral solely in accordance with an approved operating budget to cover ordinary and necessary business expenses. Any material changes to the budget require the consent of Kearny Bank unless otherwise ordered by the court, while non-material changes are permitted. Budget variances of up to 15% for individual line items or on a cumulative basis will not constitute a default, providing the Debtor with limited operational flexibility during the Chapter 11 process. The Debtor projects total operational expenses of $112,175. To protect the interests of Kearny Bank, the court granted extensive adequate protection, including automatically perfected replacement liens on the Debtor's post-petition assets to the extent the bank's collateral declines in value. The bank is also entitled to a superpriority administrative expense claim under Section 507(b) if its collateral suffers a diminution in value. Additionally, the Debtor must provide monthly financial reports, comply with reporting obligations under the prepetition loan documents, allow collateral inspections upon notice, and make monthly adequate protection payments of $3,500 to Kearny Bank. The order also establishes termination events that could end the Debtor's authority to use cash collateral, including failure to comply with the budget or other provisions of the order, dismissal or conversion of the Chapter 11 case, or modification of the order without Kearny Bank's consent. Following a termination event and a seven-day notice period, Kearny Bank may enforce its rights, including terminating the Debtor's use of cash collateral and exercising remedies against its collateral. The court further modified the automatic stay as necessary to implement the order while preserving Kearny Bank's right to seek additional relief if circumstances warrant. About Lighten Up Hair Salon and Spa Lighten Up Hair Salon and Spa, LLC operates a full-service salon and spa in Budd Lake, New Jersey. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.J. Case No. 26-15441) on May 13, 2026. In the petition signed by Ronald E. Oringer, managing member, the Debtor disclosed up to $50,000 in assets and up to $1 million in liabilities. Melinda Middlebrooks, Esq., at Middlebrooks Shapiro, P.C., represents the Debtor as legal counsel. LINQTO INC: Court OKs Chapter 11 Loan Repayment with Securities --------------------------------------------------------------- Rick Archer of Law360 Bankruptcy Authority reports that bankrupt investment platform Linqto received court approval Friday to transfer its Chapter 11 loan to a customer recovery fund and retire the outstanding balance using securities. The ruling from a Texas bankruptcy judge clears the way for an alternative repayment structure designed to support the company's reorganization. The debtor told the court that transferring the financing obligations to the recovery fund would simplify the bankruptcy process and better position the estate to maximize distributions for stakeholders. Rather than repaying the loan in cash, Linqto will use securities held by the estate to satisfy the remaining indebtedness. The court determined that the proposed transaction serves the best interests of the bankruptcy estate and creditors. With the financing issue resolved, Linqto can continue pursuing additional restructuring measures aimed at concluding its Chapter 11 proceedings, the report relays. About Linqto Inc. Linqto Inc. is a San Jose-based financial technology company operating in the alternative investment space. Linqto Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 25-90187) on July 7, 2025. The case is jointly administered with the Chapter 11 cases of Linqto Texas, LLC, Linqto Liquidshares, LLC and Linqto Liquidshares Manager, LLC under case number 25-90186. In its petition, Linqto Inc. reported estimated assets and liabilities between $500 million and $1 billion. Judge Alfredo R. Perez oversees the cases. The Debtors tapped Gabrielle A. Hamm, Esq. at Schwartz, PLLC as legal counsel; Breakpoint Partners, LLC as restructuring advisor; ThroughCo Communications, LLC as public relations agent; and Epiq Corporate Restructuring, LLC as claims agent. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee is represented by Orrick, Herrington & Sutcliffe, LLP. Sandton Capital Solutions Master Fund VI, LP, as DIP Lender, is represented by Kristen L. Perry, Esq., at Faegre Drinker Biddle & Reath, LLP, in Dallas, Texas; Richard J. Bernard, Esq., at Faegre Drinker Biddle & Reath, LLP, in New York; and Michael R. Stewart, Esq., and Adam C. Ballinger, Esq., at Faegre Drinker Biddle & Reath, LLP, in Minneapolis, Minnessota. Sandton may also be reached through Robert Rice, Esq. LURIN REAL: Seeks to Extend Plan Exclusivity to Oct. 1 ------------------------------------------------------ Lurin Real Estate Holdings XXI, LLC and affiliates asked the U.S. Bankruptcy Court for the Southern District of Texas to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to Oct. 1 and Nov. 30, 2026, respectively. The Debtors explain that the decision to extend the Exclusive Periods is left to the sound discretion of the Court and should be based upon the facts and circumstances of these chapter 11 cases. In making the determination to affirm or deny a request to extend the Exclusive Periods for "cause," courts have considered a variety of factors. The Debtors claim that the application of these factors to the facts and circumstances of these chapter 11 cases demonstrates that the requested extension of the Exclusive Periods is both appropriate and necessary. First, the size and complexity of the issues attendant to these cases warrants approval of the requested relief. The Initial Debtors comprise numerous affiliated entities operating in multiple jurisdictions, with significant funded indebtedness with varying lenders. The cases have involved numerous first day motions, employment of a broad slate of professionals, and the administration of assets and claims across a substantial number of entities. Second, termination of the Exclusive Periods at this juncture would adversely impact the Initial Debtors' efforts to preserve and maximize the value of their estates and advance these chapter 11 cases. The Rounds 1 and 2 Debtors are presently engaged in robust sale processes and have received approval for bidding procedures for the sale of substantially all assets. If exclusivity were terminated, the Initial Debtors could face the prospect of competing plans, which would introduce uncertainty and potentially delay or derail the progress made toward a value-maximizing resolution. Third, the Initial Debtors have obtained critical first day relief, secured use of cash collateral, retained necessary professionals, completed their schedules and statements, and implemented procedures for professional compensation. The Initial Debtors have also advanced their sale efforts, demonstrating meaningful progress toward a viable plan. Fourth, the Initial Debtors do not seek the extension of the Exclusive Periods as a means to exert pressure on the relevant parties in interest. Instead, the extension will allow the Initial Debtors to continue making progress with key stakeholders and their respective sale processes. The Initial Debtors seek the requested extension of the Exclusive Periods out of an abundance of caution simply to ensure the progress made to date is not upended by a potential loss of their Exclusive Periods. Counsel for the Debtors: PORTER HEDGES LLP Joshua W. Wolfshohl, Esq. Aaron J. Power, Esq. M. Shane Johnson, Esq. Megan Young-John, Esq. James A. Keefe, Esq. 1000 Main Street, 36th Floor Houston, Texas 77002 Telephone: (713) 226-6000 Fax: (713) 226-6248 E-mail: jwolfshohl@porterhedges.com apower@porterhedges.com sjohnson@porterhedges.com myoung-john@porterhedges.com jkeefe@porterhedges.com About Lurin Real Estate Holdings XXI 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 LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-90344) on March 2, 2026. In its petition, the Debtor estimated assets and liabilities each in the range of $50 million to $100 million. Bankruptcy Judge Alfredo R. Perez handles the case. Porter Hedges LLP, led by Joshua W. Wolfshohl, is the Debtor's counsel. On May 5, 2026, the Office of the United States Trustee for the Southern District of Texas appointed an official committee of unsecured creditors in these Chapter 11 cases. The committee tapped Pachulski Stang Ziehl & Jones LLP as counsel and Province LLC as financial advisor. LURIN REAL: Seeks to Use Cash Collateral ----------------------------------------- Lurin Real Estate Holdings VI, LLC asks the U.S. Bankruptcy Court for the Southern District of Texas for authority to use cash collateral and provide adequate protection. The Debtor’s primary asset consists of a leasehold estate in a multi-family apartment complex located at 302 Blessinger Drive, Fort Walton Beach, Florida, which it leases from the U.S. Government under an amended federal land lease. The property is encumbered by first-priority prepetition liens held by U.S. Bank Trust Company, National Association (as Trustee for BBCMS Mortgage Trust 2024-5C29), securing an outstanding prepetition debt of no less than $61 million plus applicable default interest and legal fees. To ensure continuity of operations, the Debtor has structured a strict interim budget running through July 22, 2026, which has received the prepetition lender's conditional consent. This budget exclusively covers essential ordinary-course operating costs—such as utilities, insurance, landscaping, pest control, and apartment "make-ready" turns for transitioning tenants—while explicitly prohibiting capital improvements or extraordinary maintenance expenses. To maintain oversight, the Debtor must submit four-week variance reports comparing actual spending against the budget every Friday starting July 10, 2026. To protect U.S. Bank against any postpetition diminution in the value of its collateral resulting from the use of cash collateral and the automatic stay, the Debtor has proposed a comprehensive package of adequate protection safeguards. Subject to a final court order and carved out for administrative fees, the lender will receive first-priority postpetition replacement liens on all newly acquired assets of the estate, which will eventually attach to the proceeds of Chapter 5 avoidance actions. Furthermore, U.S. Bank is granted an allowed superpriority administrative expense claim that takes priority over all other standard administrative expenses. This claim covers any funds advanced by the lender to force-place insurance policies that the debtor permits to lapse, as well as any cash collateral usage that exceeds the protection provided by the replacement liens. The automatic stay will also be narrowly modified to permit the execution of these specific financial transactions without allowing the lender to immediately enforce broader remedies. The Debtor outlines operational milestones and default provisions designed to drive the case toward a swift resolution. By July 10, 2026, the EPB Debtor must file an emergency motion to employ an independent, third-party property manager approved by the lender; failing to do so constitutes an immediate event of default. Additionally, the Debtor must begin making monthly non-default rate interest payments within 90 days of the petition date and secure final, non-appealable court orders approving the sale of the property and the assumption of its ground lease by November 27, 2026. Any milestone failure empowers the lender to seek immediate relief from the automatic stay to pursue foreclosure or receiver appointment. All granted liens and claims remain subordinate to a standard professional "carve-out" for court and U.S. Trustee fees, as well as budgeted restructuring professional fees. However, the unsecured creditors' committee is strictly capped at a $5,000 limit for using any cash collateral to investigate or challenge the validity or perfection of U.S. Bank's prepetition liens. A hearing on the matter is scheduled for July 1, 2026, at 10:30 a.m. Central Time via a joint audio and electronic GoTo meeting connection. A copy of the motion is available at https://urlcurt.com/u?l=R35FnB 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 LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-90344) on March 02, 2026. In its petition, the Debtor reports estimated assets and estimated liabilities each in the range of $50 million to $100 million. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. The Debtor is represented by Joshua W. Wolfshohl, Esq. of Porter Hedges LLP. On May 5, 2026, the Office of the United States Trustee for the Southern District of Texas appointed an official committee of unsecured creditors in these Chapter 11 cases. The committee tapped Pachulski Stang Ziehl & Jones LLP as counsel and Province LLC as financial advisor. MED-RIDE INC: Gets Final OK to Use Cash Collateral -------------------------------------------------- Med-Ride Inc. received final approval from the U.S. Bankruptcy Court for the Middle District of Tennessee to continue using cash collateral through the effective date of its Chapter 11 plan of reorganization. Under the final order, the Debtor is authorized to continue using cash collateral, including accounts receivable and funds held by third-party payors, without interference from creditors asserting interests in those funds. As adequate protection, the Debtor is required to maintain a positive balance in its debtor-in-possession bank account and grant secured creditors replacement liens on post-petition accounts receivable and their proceeds. These replacement liens carry the same validity, priority, and extent as the secured creditors' pre-petition security interests without requiring additional filings under non-bankruptcy law. The court also found that the Debtor's supplemental operating budget provides adequate protection to the secured creditors during the final cash use period. The final order does not determine the validity, priority, or enforceability of any liens or affect issues related to confirmation of the Debtor's reorganization plan, and all parties' rights remain reserved pending further court proceedings. Based on a preliminary review of UCC-1 filings, City National Bank and entities acting as representatives for lenders such as First American Equipment Finance and Idea Financial are the creditors that may claim liens on the Debtor's cash collateral. These filings include both blanket liens on assets and more limited liens such as those potentially tied to leased vehicles. The order is available at http://bankrupt.com/misc/Med-RideInc_FCCOrder75.pdf About Med-Ride Inc. Med-Ride, Inc. is a Tennessee-based non-emergency medical transportation provider. Med-Ride filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Tenn. Case No. 26-01653) on April 8, 2026, with assets of between $500,001 and $1 million and liabilities of between $1 million and $10 million. Joseph Musoke, president of Med-Ride, signed the petition. Judge Nancy B. King oversees the case. Henry E. Hildebrand, Esq., at Dunham Hildebrand Payne Waldron, PLLC, represents the Debtor as legal counsel. Timothy Stone of Newpoint Advisors Corporation serves as Subchapter V trustee for the Debtor. MEDLINE INC: S&P Alters Outlook to Positive, Affirms 'BB+' ICR -------------------------------------------------------------- S&P Global Ratings revised its outlook on Medline Inc. to positive from stable and affirmed the 'BB+' issuer credit rating. The positive outlook reflects our expectation that Medline's financial-sponsor owners will continue to reduce their ownership over the next 12-24 months, which could trigger the loss of a board seat. If any of the sponsors lose a board seat, we would no longer consider the company to be a controlled entity and would likely raise our rating to reflect its continued solid operating performance and our belief its leverage will remain largely at current levels. Medline Inc.'s three main financial sponsors have reduced their ownership stakes in the company faster than S&P Global Ratings previously expected, though they still control 50% of its board seats. S&P said, "We believe that the sponsors intend to exit the business; therefore, we are now focused on the main sponsors' board seats as the threshold for assessing Medline to be a controlled entity. "Medline's financial-sponsor owners are reducing their ownership faster than expected. Following the IPO, we viewed the original private-equity investors (Blackstone, Carlyle, H&F, ADIA, and GIC) as a consortium holding over 60% voting control. Since then, two follow-on offerings have significantly reduced the ownership stakes of the three largest sponsors and ADIA. Because GIC (9% ownership) has not sold shares and lacks board appointment rights, we believe they are acting as a long-term equity holder and no longer consider them part of the consortium. Even if we still include ADIA, Medline's sponsor equity ownership now stands at roughly the 40% threshold we associate with controlled entities. "Blackstone, Carlyle, and H&F each have the right to appoint two board members to the company's 12-seat board. While six seats do not constitute an outright majority, we believe it is still sufficient for the sponsors to exercise control if they act together. As part of the most recent offering, Blackstone and H&F each sold nearly 3%, reducing their stakes to 11.7% each. If they sell an additional 3%-4%, they will lose a board seat. If the private-equity investors maintain this selling pace, we believe a sponsor could potentially lose a board seat in the next 12-24 months, at which point we would no longer view Medline as a controlled company. "We view Medline's leverage as consistent with that of an investment-grade company. The company's S&P Global Ratings-adjusted leverage is elevated at about 4x as of the 12 months ended March 31, 2026. Medline's profitability has been somewhat below our expectations due to tariff headwinds and expenses related to onboarding new prime vendor customers. We expect the company's profitability will remain pressured through the middle of 2026 due to oil price shocks, though we anticipate it will improve towards the end of the year on favorable tariff tailwinds. "We expect Medline will end 2026 and 2027 with leverage of about 3.7x and 3.3x, respectively, as it continues to improve its profitability. Notably, we do not currently net the company's cash against its debt when calculating its adjusted leverage due to its financial-sponsor ownership. If the sponsors continue to reduce their ownership such that we no longer view Medline as controlled, we would begin to net its cash, which would reduce our measure of its leverage to about 3x or below. We believe this level of leverage is consistent with an investment-grade profile, though an upgrade remains more dependent on its sponsor's exit rather than an improvement in its leverage." Recent operational setbacks are not indicative of underlying execution issues. Medline received a warning letter from the FDA at the end of May related to the manufacturing of antiseptic wipes. This came after the company received a similar warning letter in April related to its manufacturing of syringes used in heart procedures. S&P said, "We believe it is relatively common for a manufacturer of this size to occasionally experience manufacturing challenges or product recalls and do not expect these events will materially affect its operating performance. Medline has a long-established track record of successfully manufacturing medical surgical products, thus we expect it will successfully remediate its manufacturing and quality control processes at these facilities." In June, the company experienced a fire at its one million square foot Tracy, Calif. distribution facility that largely services parts of northern California. Medline has since been leveraging other distribution centers to meet its customer demand and recently announced that it has leased an additional 1.6 million square feet of distribution capacity to replace the lost facility. It is unclear what financial impact the fire will have on the company and how much will be covered by insurance. S&P said, "We believe it is more likely that this event will entail some financial impact, including possible litigation, given its scale and effect on the surrounding area. However, we don't expect the impact will be material enough to affect our view of Medline's leverage or credit profile." Despite an unfortunate series of negative headlines, the company has demonstrated that its logistical infrastructure allows it to re-route its distribution or sourcing to other facilities. S&P believes this reinforces its view that Medline's scale and highly efficient distribution network provide it with a considerable competitive advantage over its peers in the medical surgical distribution space. S&P said, "We continue to expect Medline's revenue growth will remain strong over the next few years. We expect the company will increase its revenue by roughly 9% in 2026, mainly due to new prime vendor wins and high volumes across its end markets. We also expect that Medline will expand its revenue by the high-single-digit percent area in 2027 and beyond as its new prime vendor wins more than offset any fluctuations in its patient volumes. The company has demonstrated that it can take share from its competitors by offering its branded products at a lower price point, thus we expect this trend will continue over the next few years. In addition, we expect Medline will supplement its organic growth with tuck-in acquisitions, mainly funded with free cash flow. "The positive outlook reflects our expectation that Medline's financial-sponsor owners may continue to reduce their ownership over the next 12-24 months, which could trigger the loss of a board seat. If any of the sponsors lose a board seat, we would no longer assess Medline as a controlled entity and would likely raise the rating, given its continued solid operating performance and current adjusted leverage, which we view as consistent with an investment-grade rating." S&P could revise its outlook on Medline to stable if: -- S&P expects its financial sponsors will stop reducing their ownership stakes such that they maintain their board seats and effective control the company; or -- The company's profitability erodes or its financial policy becomes more aggressive such that S&P expects its leverage will remain significantly above 3x, even when netting its cash. S&P could raise its rating on Medline if: -- Its financial-sponsor owners continue to monetize their ownership stakes such that S&P expects that they will relinquish control in the near to medium term. This would most likely occur when it expects one of the sponsors to lose a board seat; -- S&P expects it will maintain its leverage at current levels or below, such that it forecasts sustained leverage in the mid-3x area once the sponsors relinquish control and S&P begins to net its cash under its leverage calculation; and -- S&P expects the company will continue operating with a conservative financial policy that is consistent with an investment-grade profile. MELBEN INC: Seeks to Hire The Belmont Firm as Bankruptcy Counsel ---------------------------------------------------------------- Melben, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Columbia to employ The VerStandig Law Firm, LLC, doing business as The Belmont Firm, as counsel. The firm will render these services: (a) prepare and file all necessary pleadings, motions, and other court papers, on behalf of the Debtor; (b) negotiate with creditors, equity holders, and other interested parties; (c) represent the Debtor in any adversary proceedings, contested matters, and other proceedings before this Honorable Court; (d) prepare a Chapter 11 plan on behalf of the Debtor; and (e) tend to such other and further matters as are necessary and appropriate in the prism of this case. The firm will be paid at these hourly rates: Partner $600 Associate $300 Paralegal $100 The firm will request a post-petition retainer in the sum of $2,000 from the Debtor. Maurice VerStandig, Esq., an attorney at The Belmont Firm, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Maurice B. VerStandig, Esq. The Belmont Firm 1050 Connecticut Avenue, NW, Suite 500 Washington, DC 20036 Telephone: (202) 991-1101 Email: mac@dcbankruptcy.com About Melben Inc. Melben, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.D.C. Case No. 24-00232) on July 2, 2024, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Elizabeth L. Gunn oversees the case. The VerStandig Law Firm, LLC, doing business as The Belmont Firm, represents the Debtor as counsel. MILWAUKEE ACADEMY: S&P Lowers 2023 Revenue Bonds Rating to 'BB+' ---------------------------------------------------------------- S&P Global Ratings lowered its long-term rating on the Milwaukee Redevelopment Authority, Wisconsin's $12 million series 2023 redevelopment education refunding revenue bonds issued for the Milwaukee Science Education Corp. Inc. (d/b/a Milwaukee Academy of Science [MAS]) to 'BB+' from 'BBB-'. The outlook is negative. The downgrade reflects S&P's view of the school's reliance on grants and donations to stay above 1.0x coverage in fiscal 2026, and potential reliance again in fiscal 2027 should enrollment growth fall short. In addition, the school's liquidity position is no longer supportive of these operational challenges and is not in line with those of 'BBB-' rated peers. S&P said, "The negative outlook reflects our view that during the one-year outlook period, there is a one-in-three chance that we could lower the rating should the academy not meet enrollment targets or experience heavier intrayear student attrition such that it fails to make sufficient coverage without substantial reliance on fundraising and liquidity further weakens. "We could lower the rating if enrollment growth does not materialize and operating pressures further worsens performance. We could also lower the rating should liquidity decline further to levels that are no longer consistent with the rating or that violate the liquidity covenant, or if the school does not meet conditions set forth in the conditional waiver from the fiscal 2025 DSC covenant breach such that bondholders pursue remedies. "We could revise the outlook to stable if the school achieves MADS coverage without relying on significant one-time measures, meets its maximum enrollment target in fall 2026 while generating MADS coverage in line with the current rating and peers, and maintains liquidity at or above fiscal year-end 2025 levels." MITT REAL ESTATE: Hires Gregory C. Okwuosah as Bankruptcy Counsel ----------------------------------------------------------------- MITT Real Estate, LLC received approval from the U.S. Bankruptcy Court for the Northern District of Georgia to hire Law Offices Of Gregory C. Okwuosah, LLC to handle the bankruptcy proceedings. The firm received a retainer in the amount of $4,500. Gregory Okwuosah, Esq., owner of the firm, disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Gregory C. Okwuosah, Esq. Law Offices Of Gregory C. Okwuosah, LLC 755 Longleaf Blvd Ste b Lawrenceville, GA 30046 Phone: (770) 962-7201 About MITT Real Estate LLC MITT Real Estate, LLC owns three single-family rental properties. MITT Real Estate filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-57122) on May 31, 2026, with $500,001 to $1 million in both assets and liabilities. Michael Olofindayo, president and sole member of MITT Real Estate, signed the petition. Gregory C. Okwuosah, Esq., at the Law Offices of Gregory C. Okwuosah, LLC represents the Debtor as bankruptcy counsel. MMA LAW: Fine-Tunes Plan Documents ---------------------------------- MMA Law Firm, PLLC, submitted a Third Amended Disclosure Statement in support of Second Amended Joint Plan of Liquidation dated July 1, 2026. This is a Plan of Liquidation. Upon the Effective Date, MMA Law Firm, PLLC shall cease operations as an active law firm and a Plan Administrator shall be appointed to liquidate the Estate, prosecute and resolve all Causes of Action, make periodic distributions to Holders of Allowed Claims in accordance with the priority scheme set forth in the Plan, and take all steps necessary to wind down and dissolve the Debtor. The following is a nonexclusive list of certain key terms in the Plan: * This is a Plan of Liquidation. Upon the Effective Date, MMA Law Firm, PLLC shall cease operations as an active law firm. The Plan does not contemplate, and does not provide for, the Debtor continuing as a going concern. The Debtor will not receive a discharge. * Payment in full of all Allowed Administrative Claims, Priority Tax Claims, Other Priority Claims, and Other Secured Claims; * Appointment of Allison Byman as Plan Administrator with sole authority to liquidate all assets of the Estate, prosecute and resolve all Causes of Action, make distributions to Holders of Allowed Claims, and wind down and dissolve the Debtor; * Dissolution of the Unsecured Creditors Committee on the Effective Date and replacement by an Oversight Committee comprising one representative of EAJF and two members designated by the Unsecured Creditors Committee; * Retention of John Zachary Moseley, Katy Ohlsson, and Morgan Weaver-Gallacher as Consultants to the Plan Administrator (capped at fifteen hours per week absent further approval) to preserve institutional knowledge necessary to maximize recoveries on prepetition assets and Causes of Action; * An eighteen-month stay of actions against the Consultants (the "Stay Parties") in their individual or personal capacities; * Implementation of the EAJF Settlement approved by the 9019 Order, including the agreed Allowed Secured Claim of EAJF in the aggregate amount of $25,000,000.00 (capped) and the agreed Allowed General Unsecured Claim of EAJF in the amount of $17,000,000.00; * Extinguishment of all Equity Interests in the Debtor as of the Effective Date, with any residual distribution to Equity only if all Allowed Claims in Classes 1 through 4 are paid in full. Class 4 consists of any General Unsecured Claims against the Debtor, including, for the avoidance of doubt, an Allowed General Unsecured Claim of EAJF in the amount of $17,000,000.00 pursuant to the terms of the EAJF Settlement. Except to the extent agreed otherwise in writing by such Holder, each Holder of an Allowed General Unsecured Claim shall receive, in full and final satisfaction of such Claim, such Holder's Pro Rata Share of the GUC Funds. "GUC Funds" means all proceeds of Estate assets held or received at any time by the Plan Administrator, including those proceeds that are not EAJF Funds, after (i) satisfaction of all Allowed Administrative Claims, Allowed Priority Tax Claims, Allowed Other Priority Claims, and Allowed Other Secured Claims, and (ii) payment of Permitted Expenses (including any appropriate Reserves for anticipated Permitted Expenses). The Plan Administrator shall continue to prosecute Causes of Action until all claims are either determined to be not cost effective or have been resolved. Distributions shall be made on no less than a bi-annual basis. Class 4 is Impaired. The allowed unsecured claims total $27,000,000.00 (including EAJF's $17,000,000.00 Allowed GUC). This Class will receive a distribution of $0.00 to $5,000,000.00. The Debtor holds contingent positions in a portfolio of mass tort cases historically referred to as the "Mass Tort Docket." The cases are administered by partnered handling firms, and the Debtor's interest is a contractual right to a share of attorneys' fees and expenses upon the settlement or other resolution of the underlying claims. As of the date of this Disclosure Statement, the Debtor's Mass Tort Docket consists of three remaining dockets: Roundup (approximately 720 cases), Tylenol/APAP (approximately 2,100 cases), and NEC (approximately 135 cases). A fourth docket, Zantac (approximately 3,150 cases), was sold during this case; the net proceeds of that sale (approximately $1,250,000) are included in the Debtor's cash on hand and were allocated 25% to the Estate and 75% to EAJF under the EAJF Settlement. The Debtor has actively marketed the three remaining dockets through David Middleman, the valuation and marketing consultant whose employment was approved by the Court and whose credentials were provided to all parties entitled to notice. That marketing process has produced no meaningful offers to purchase the dockets. Accordingly, the Debtor's estimate of the dockets' value on a forced, expedited sale in a Chapter 7 liquidation ($100,000 to $300,000) is based on the offers (and absence of offers) actually received through that marketing effort. By contrast, the Debtor estimates that holding the docket positions to resolution under the Plan would realize $850,000 to $5,000,000. Under the EAJF Settlement (which binds any Chapter 7 trustee), proceeds of the Mass Tort Docket are allocated 75% to EAJF and 25% to the Estate in either chapter. The Estate's 25% share constitutes Available Funds for distribution to Class 4. Because the Mass Tort Docket recovery is contingent and may range from a forced-sale figure (as low as $100,000) to a hold-to-resolution figure (as high as $5,000,000), the amount ultimately reaching Class 4 from this asset is correspondingly uncertain; at the low end it is nominal, and even at the high end the Estate's share is limited to 25% of proceeds. The payment of Class 4 Claims is not dependent on the Mass Tort Docket alone, the Debtor's fee recovery Causes of Action are the larger value driver, but a failure to monetize or resolve the dockets would reduce the funds available to creditors by the Estate's 25% share of the foregoing range. The Plan is a Plan of Liquidation. Upon the Effective Date, MMA Law Firm, PLLC shall cease active law firm operations. The Debtor shall not undertake any new client engagements, enter into any new fee agreements, or otherwise operate as an active law firm from and after the Effective Date. Any actions taken after the Effective Date shall be limited to those reasonably necessary to preserve, liquidate, and monetize existing Estate assets and to wind down the Debtor's affairs. A full-text copy of the Third Amended Disclosure Statement dated July 1, 2026 is available at https://urlcurt.com/u?l=RVw0Nd from PacerMonitor.com at no charge. MMA Law Firm PLLC is represented by: Johnie Patterson, Esq. Walker & Patterson, P.C. P.O. Box 61301 Houston, TX 77208-1301 Tel: (713) 956-5577 Fax: (713) 956-5570 E-mail: jjp@walkerandpatterson.com About MMA Law Firm, PLLC MMA Law Firm, PLLC, is a Houston-based law firm specializing in insurance claim management, negotiation and litigation. MMA Law Firm filed Chapter 11 petition (Bankr. S.D. Tex. Case No. 24-31596) on April 9, 2024, with $100 million to $500 million in assets and $10 million to $50 million in liabilities. Zach Moseley, a managing member, signed the petition. Judge Eduardo V. Rodriguez oversees the case. The Debtor tapped Johnie Patterson, at Walker & Patterson, PC, as bankruptcy counsel; Andrew Gould, at Hicks Johnson, PLLC, as special counsel; and Kristin Lausten, at The Lausten Group, PLLC, as special Louisiana counsel. MSLH LLC: Voluntary Chapter 11 Case Summary ------------------------------------------- Debtor: MSLH LLC 791 Elvira Ave Far Rockaway, NY 11691 Business Description: MSLH LLC owns and operates the Scotland Campus, an approximately 185-acre recreational and institutional property in Chambersburg, Pennsylvania, which comprises buildings and facilities intended for summer camps, recreational training, transitional housing and related programs. Chapter 11 Petition Date: July 10, 2026 Court: United States Bankruptcy Court Eastern District of New York Case No.: 26-43347 Judge: Hon. Elizabeth S Stong Debtor's Counsel: Joshua R. Bronstein, Esq. JOSHUA R. BRONSTEIN & ASSOCIATES, PLLC 114 Soundview Drive Port Washington, NY 11050 Tel: 516-698-0202 E-mail: jbrons5@yahoo.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Abraham Bajnon as member. The Debtor failed to attach a list of its 20 largest unsecured creditors to the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/2HC57CI/MSLH_LLC__nyebke-26-43347__0001.0.pdf?mcid=tGE4TAMA NASH ENGINEERING: Stay in Ch. 7 Asset Freeze Does Not Apply to 8 ---------------------------------------------------------------- Clara Geoghegan of Law360 Bankruptcy Authority reports that a Connecticut federal judge has issued a clarification concerning her recent order staying $57.4 million in Chapter 7 clawback litigation involving The Nash Engineering Co., confirming that the stay does not extend to eight defendants named in the trustee's lawsuits. The clarification narrows the impact of the earlier decision. The Chapter 7 trustee filed the adversary proceedings to recover transfers allegedly made before the company's bankruptcy, contending that the payments should be returned to the bankruptcy estate. According to the court, however, the earlier stay was intended only for certain defendants and claims, leaving the remaining eight defendants free to continue litigating the trustee's allegations, the report states. As a result, portions of the trustee's efforts to recover assets for creditors will continue despite the broader pause affecting other defendants. The clarification helps define the procedural path for the multiple adversary proceedings arising from the bankruptcy case, according to report. About Nash Engineering Co. Nash Engineering Co. is a Connecticut pump manufacturer. Nash Engineering Co. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. D. Conn. Case No. 21-50644) on Oct. 19, 2021. Bankruptcy Judge Julie A. Manning handles the case. NATIONAL CONTRACTORS: Unsecureds to Get 7 Cents on Dollar in Plan ----------------------------------------------------------------- National Contractors LLC filed with the U.S. Bankruptcy Court for the Northern District of New York a Plan of Reorganization for Small Business dated July 1, 2026. The Debtor is a New York limited liability company. The Debtor was traditionally in the general construction contracting business, executing major construction projects for its clients. The Debtor's financial difficulties arose from a dispute over payment and performance issues with sub-contractors on two projects being performed for the Debtor's then primary customer. As a result of the disputes, the Debtor incurred significant, unsustainable legal costs, a loss of the ability to obtain payment and performance bonds required by its clients, and an interruption in payment from its clients. Litigation with the sub-contractors is pending in Pennsylvania and West Virginia courts, but is stayed as a result of the filing of the within bankruptcy case. After a period of inactivity, the Debtor is now providing construction consulting and project management services to clients. This bankruptcy case was filed in order to address the claims of the Debtor's creditors while preserving the on-going business and business opportunities of the Debtor. The Plan Proponent's financial projections show that the Debtor will have projected disposable income of approximately $225,000. The Debtor will commit to a distribution to unsecured creditors of $225,000, payable in six, equal, semi annual payments. The first Plan payment is expected to be paid on or December 2026. Subsequent semi-annual payments will be made on or about June 30 and December 31 of 2027 and 2028 with a final payment on or about June 30, 2029. The period from July2026 through June 30, 2029 is referred to as the Commitment Period. The Commitment Period will be extended by the Debtor for up to six months (for a total of 42 months) if necessary to make total distributions under the Plan equal to $225,000. This Plan of Reorganization proposes to pay creditors of the Debtor from revenue generated from the operation of its business. Non-priority unsecured creditors holding allowed claims will receive distributions, which, if none of the filed claims are reduced or expunged, the proponent of this Plan has valued at approximately 7 cents on the dollar. This Plan also provides for the payment of administrative and priority claims. Class 4 consists of General unsecured claims. Allowed general unsecured claims, including the unsecured portions of the Solvay Bank and SBA claims, will receive a pro rata amount of the Debtor's projected disposable income for the Commitment Period. The distributions will be made in semi-annual payments in June and December of each year during the Commitment Period. The Debtor reserves the right to make a lump sum payment at any time equal to the unpaid balance of its projected disposable income for the Commitment Period. This Class is impaired. The Debtor's equity holders will retain their ownership interests but will receive no distribution under the plan. Funding for the plan will equal the Debtor's projected disposable income for the Commitment Period. Additionally, the Debtor reserves the right to make a lump sum payment equal to the unpaid balance of its projected disposable income for the Commitment Period, at any time, from any source, in full satisfaction of its obligations under the Plan. A full-text copy of the Plan of Reorganization dated July 1, 2026 is available at https://urlcurt.com/u?l=GYiNEA from PacerMonitor.com at no charge. Counsel to the Debtor: Jeffrey A. Dove, Esq. Scott L. Fleischer, Esq. BARCLAY DAMON LLP Barclay Damon Tower 125 East Jefferson Street Syracuse, NY 13202 Telephone: (315) 425-2700 Email: jdove@barclaydamon.com About National Contractors LLC National Contractors, LLC provides project management and construction consulting services. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. N.Y. Case No. 26-30260) on April 3, 2026, with $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Peter Teller, president and secretary, signed the petition. Judge Wendy A. Kinsella presides over the case. Jeffrey A. Dove, Esq., at Barclay Damon, LLP represents the Debtor as legal counsel. NORTH ATLANTA: Hearing Today on Bid to Use Cash Collateral ---------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Georgia, Gainesville Division, is set to hold a hearing today to consider extending North Atlanta Home Services Inc.'s authority to use cash collateral. The Debtor is currently authorized to use cash collateral to fund its operations under the court's July 1 interim order. To protect any secured creditors whose collateral may be affected, the Debtor offers replacement liens on post-petition collateral that mirror the nature, extent, and priority of any valid prepetition liens, except that the replacement liens would not extend to proceeds recovered through Chapter 5 avoidance actions. The Debtor operates a business that designs and installs custom outdoor lighting systems as a franchise of Outdoor Lighting Perspectives. It was established in November 2016 by its sole shareholder, Jason Butler, who, together with his wife, has managed its day-to-day operations since inception. The business enjoyed its strongest financial performance in 2023, leading management to expand by opening a second franchise in Charlotte, North Carolina through its wholly owned subsidiary, NYTLYTS of Charlotte, LLC, in 2024. However, shortly after the expansion, Google implemented changes to its search algorithm that significantly reduced the Debtor's online visibility and sharply decreased the number of new customer leads. This unexpected decline in revenue occurred while the business was carrying higher operating costs associated with the expansion. To address the resulting cash flow shortages, the Debtor obtained several merchant cash advance financings. Rather than solving the problem, the repayment obligations associated with these loans placed additional strain on the Debtor's finances, making it increasingly difficult to cover ordinary operating expenses. In response, management decided to discontinue operations at the Charlotte location and concentrate its efforts on the Georgia business. Nevertheless, the combined effects of declining revenues, expansion costs, and burdensome MCA obligations ultimately forced the Debtor to seek Chapter 11 protection in order to stabilize operations and pursue a reorganization. The Debtor's outdoor lighting business is seasonal, with January, July, and August historically producing the lowest revenues. Because the budget covers two of these slower months, management expects revenues to improve beginning in September based on historical business patterns. The Debtor identified several creditors that may claim security interests in its cash collateral. First Citizens Bank and Trust Company is believed to hold the senior secured position based on a UCC-1 financing statement filed in January 2023. Several merchant cash advance lenders including Fox Funding Group, Sampson MCA LLC, and Vox Funding, LLC also claim liens on the Debtor's cash collateral through UCC financing statements filed by their servicing agent, CT Corporation. Because these filings were made through the servicer, the Debtor stated that it cannot presently determine the relative priority among the MCA lenders, although it believes their liens were recorded after First Citizens' filing. The Debtor acknowledges that certain business revenues may constitute cash collateral under section 363 of the Bankruptcy Code and believes these lenders may assert interests in those funds, although it is unaware of any additional creditors claiming such interests. About North Atlanta Home Services Inc. North Atlanta Home Services Inc. is a Winder, Georgia-based provider of outdoor lighting installation and maintenance services. North Atlanta Home Services Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. not provided) on June 25, 2026. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by William A. Rountree, Esq. of Rountree Leitman Klein & Geer, LLC. NORTH STAR: Plan Exclusivity Period Extended to Oct. 8 ------------------------------------------------------ Judge Wendy A. Kinsella of the U.S. Bankruptcy Court for the Northern District of New York extended North Star Health Alliance, Inc. and affiliates' exclusive periods to file a plan of reorganization and obtain acceptance thereof to Oct. 8 and Dec. 7, 2026, respectively. As shared by Troubled Company Reporter, the Debtors are working diligently with the New York State Department of Health (the "DOH") and their other stakeholders to securing DIP financing and identifying a partner with whom to implement their restructuring strategy, along with a Safety Net Transformation grant, culminating in a confirmed plan going effective before year end. The Debtors explain that an analysis of the various factors noted demonstrates that sufficient cause exists for extending the Exclusivity Period and Solicitation Period to Oct. 8, and Dec. 7, 2026, respectively. First, the size and complexity of these cases warrant an extension of the Exclusivity Period and Solicitation Period. The Debtors operate multiple medical facilities in two counties in Upstate New York, maintain a substantial workforce, and have approximately 4,000 creditors. Second, the Debtors' significant progress to date in these Chapter 11 Cases justifies the requested extension of the Debtors' exclusive periods. The Debtors have also made substantial good faith progress in meetings with four prospective partners, for which they intend to select a partner by June 20, which is, of necessity, a prerequisite toward formulation of a chapter 11 plan. The Debtors require additional time to: (i) negotiate the terms of an affiliation with their selected partner and begin the process of implementation; (ii) negotiate with creditors concerning the terms of, and formulate a plan of reorganization providing for distributions to creditors; and (iii) prepare a disclosure statement. The Debtors assert that there can be no inference in these cases that they are seeking extensions of their Exclusivity Period and Solicitation Period as a negotiating tactic or as a means of maintaining leverage over any group of creditors whose interests may be harmed by such an extension. The requested extension is sought solely to provide adequate time to develop and implement necessary steps required for plan formulation with support from the DOH, the Committee and certain of their secured creditors. Counsel for the Debtors: Janice B. Grubin, Esq. Ilan Markus, Esq. Barclay Damon LLP Barclay Damon Tower 1270 Avenue of the Americas, Suite 2310 New York, NY 10020 Telephone: (315) 413-7112 Email: jgrubin@barclaydamon.com About North Star Health Alliance The North Star Health Alliance is a collaborative system of healthcare provider organizations in Northern New York, committed to elevating community health and well-being. Members of the NSHA include Carthage Area Hospital, Claxton-Hepburn Medical Center, Claxton-Hepburn Medical Campus (Claxton Campus), North Country Orthopaedic Group, and Meadowbrook Terrace assisted Living Facility. By working together, it aims to enhance accessibility and affordability of care close to home, deliver exceptional medical services, and strengthen the local health infrastructure. The North Star Health Alliance sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.N.Y. Case No. 26-60099) on Feb. 10, 2026. In its petition, the Debtor reported between $500,000 and $1 million in both assets and liabilities. Bankruptcy Judge Wendy A. Kinsella handles the case. Janice Grubin, and Jeffrey A. Dove, at Barclay Damon, LLP, serve as the Debtor's counsel. NORTH TEXAS: Seeks to Hire The Mitchell Law Firm as Legal Counsel ----------------------------------------------------------------- North Texas Behavioral Clinic, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ The Mitchell Law Firm, LP to handle its Chapter 11 case. The firm will be paid at these hourly rates: Gregory Mitchell, Attorney $635 Associates $365 Paralegal $250 Paraprofessionals $165 Legal Assistants $150 In addition, the firm will seek reimbursement for expenses incurred. Mr. Mitchell disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Gregory W. Mitchell, Esq. The Mitchell Law Firm, LP 1100 W. Campbell Road, Suite 200 Richardson, TX 75080 Telephone: (972) 463-8417 Facsimile: (972) 432-7540 Email: greg@mitchellps.com About North Texas Behavioral Clinic LLC North Texas Behavioral Clinic, LLC is an Arlington, founded in 2014 and based in Arlington, Texas, operates a psychiatric and mental health clinic that provides psychiatry, psychotherapy, counseling and treatment services for conditions including depression, anxiety, ADHD, mood disorders and other behavioral health needs, serving children, adolescents, adults and geriatric patients across North Texas. North Texas Behavioral Clinic filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 26-42727) on June 23, 2026. In its petition, the Debtor reports estimated assets of $100,000 to $500,000 and estimated liabilities of $1 million to $10 million. The Debtor is represented by Gregory Wayne Mitchell, Esq., at The Mitchell Law Firm, LP. OLAPLEX INC: S&P Withdraws 'B-' ICR Following Debt Repayment ------------------------------------------------------------ S&P Global Ratings withdrew all its ratings on Olaplex Inc., including the 'B-' issuer credit rating and 'B-' issue-level rating on its senior secured debt, following repayment of its outstanding debt upon its acquisition by Henkel AG & Co. KGaA (A/Stable/A-1). At the time of the withdrawal, S&P's outlook on Olaplex was stable. OLIVE BRANCH: Hearing Today on Bid to Use Cash Collateral --------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Georgia, Gainesville Division, is set to hold a hearing today to consider extending Olive Branch Hospice, LLC's authority to use cash collateral. The Debtor's authority to use cash collateral under the court's second interim order expires today. The second interim order entered on July 2 authorized the Debtor to use cash collateral to pay its operating expenses in accordance with its budget. The second interim order granted adequate protection to any lender or secured creditor holding valid pre-bankruptcy liens or rights of setoff through replacement liens on post-petition property (excluding proceeds of Chapter 5 avoidance actions) similar to its pre-bankruptcy collateral. The Debtor has loan relationships with Kapitus, Peapack-Gladstone Bank, Lendistry, Newtek Bank, Rapid Finance, Fintegra, and possibly other lenders. These lenders may claim security interests in the Debtor's personal property and revenue generated from the business. About Olive Branch Hospice, LLC Olive Branch Hospice, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Geo. Case No. 26-20503) on April 14, 2026, with $100,001 to $500,000 in assets and $1 million to $10 million in liabilities. The petition was signed by Kimberly Griffith as chief executive officer. Judge Hon. James R. Sacca oversees the case. The Debtor is represented by: Jonathan D. Clements, Esq. Rountree Leitman Klein & Geer, LLC Tel: 404-584-1238 Email: jclements@rlkglaw.com OPTIMAL BEGINNINGS: Gets Interim OK to Use Cash Collateral ---------------------------------------------------------- Optimal Beginnings, LLC received interim approval from the U.S. Bankruptcy Court for the District of Maryland, Greenbelt Division, to use cash collateral to fund operations while its Chapter 11 case proceeds. Under the interim order, the Debtor may use cash collateral for court-approved payments, operating expenses listed on its budget (with up to a 10% variance for each line item), and payment to the U.S. Small Business Administration. This authorization remains in effect until further court order. The Debtor's cash collateral consists primarily of income generated from its operation and pre-petition funds held in its bank accounts. As of the petition date, the Debtor maintained four business checking accounts. One Atlantic Union Bank account contained $7,905, while three PNC Bank accounts held balances of $5,263 negative $403, and zero dollars, respectively. Since the Debtor's bankruptcy filing, all post-petition operations have been financed using these pre-petition funds. Moreover, the Debtor has accumulated post-petition revenue from clients that remains in its business accounts and has not yet been used for operating expenses because of uncertainty regarding the cash collateral restrictions. The Debtor identified the SBA as the creditor with a first priority security interest based on a Uniform Commercial Code filing. As adequate protection, the SBA will be granted a perfected post-petition replacement lien on cash collateral, with the same validity, priority, and extent as its pre-petition lien. The interim order preserves the rights of all parties by allowing future requests for modified adequate protection or additional restrictions on the use of cash collateral. The order is available at X A final hearing will be held on July 20, at 9:00 a.m. About Optimal Beginnings LLC Optimal Beginnings, LLC is a Rockville, Maryland-based provider of applied behavior analysis (ABA) therapy services. It operates clinical offices in Rockville, Maryland, and Vienna, Virginia, offering ABA therapy, speech-language pathology, and social skills training through a multidisciplinary team led by Chief Executive Officer Dana Visalli-Gold. Optimal Beginnings sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Md. Case No. 26-16529) on June 28, 2026. At the time of the filing, the Debtor reported assets of up to $50,000 and liabilities of between $1 million and $10 million. The Debtor is represented by Daniel Alan Staeven, Esq., at Frost & Associates, LLC. ORYX MIDSTREAM: Moody's Withdraws 'Ba3' CFR on Loan Repayment ------------------------------------------------------------- Moody's Ratings has withdrawn all of its ratings on Oryx Midstream Services Permian Basin LLC ("Oryx Midstream"), including its Ba3 Corporate Family Rating, Ba3-PD Probability of Default Rating, Ba1 senior secured revolving credit facility rating, Ba3 senior secured term loan rating, and the stable outlook. RATINGS RATIONALE The company fully repaid its term loan due 2028 and its revolving credit facility due 2026, with approximately $1.9 billion of principal and accrued interest repaid on June 29, 2026. Oryx Midstream raised approximately $3 billion through an ABS transaction and used a portion of the proceeds to fund the repayment. Moody's have withdrawn all ratings for Oryx Midstream because its rated debt is no longer outstanding. Oryx Midstream Services Permian Basin LLC, headquartered in Midland, Texas, owns a 35% ownership stake in a joint venture (Plains Oryx Permian Basin LLC) with a large crude oil gathering and transportation system in the Permian basin. The JV between Plains and Oryx was formed in the fourth quarter of 2021. The company is majority-owned by affiliates of Stonepeak Partners LP and ownership stakes are also held by an affiliate of the Qatar Investment Authority and management. OUACHITA COUNTY: Gets Interim OK to Use Cash Collateral ------------------------------------------------------- Ouachita County Medical Center, Inc. received interim approval from the U.S. Bankruptcy Court for the District of Maryland, Greenbelt Division, to use cash collateral. Under the interim order, the Debtor is authorized to use cash collateral to pay its expenses in accordance with a court-approved monthly budget. Any permitted variance is capped at 10% per line item. The Debtor's cash collateral consists of funds in which Generations Bank, the principal secured lender, claims a security interest. Generations Bank holds a security interest in substantially all of the Debtor's accounts, proceeds, general intangibles, and other assets identified in the loan documents filed with its proof of claim. The Debtor believes this interest can be adequately protected while permitting continued operation of its acute care medical facility, its primary revenue source. Generations Bank will be granted adequate protection through automatically perfected post-petition replacement liens that are co-extensive with its pre-petition liens, covering substantially all existing and future assets. These replacement liens do not apply to Chapter 5 avoidance actions. Generations Bank is also protected through periodic payments provided under the Debtor's budget. A copy of the court's order and the Debtor's budget is available at https://short.do/63eFqC from PacerMonitor.com. A final hearing is scheduled for Aug. 27, with objections due by July 24. The authority to use cash collateral will terminate upon conversion of the case to Chapter 7, confirmation of a final, non-appealable Chapter 11 plan (unless continued use is authorized), or a subsequent court order. About Ouachita County Medical Center Ouachita County Medical Center is a rural acute care hospital based in Camden, Arkansas. The medical center provides emergency care, general patient services, and select specialty programs, serving as a primary health care resource for Ouachita County residents and underserved communities nearby. Ouachita County Medical Center filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Ark. Case No. 26-70418) on March 9, 2026, listing $1 million to $10 million in both assets and liabilities. Judge Richard D. Taylor presides over the case. The Debtor tapped Kevin P. Keech, Esq., at Keech Law Firm, P.A. as bankruptcy counsel and Forvis Mazars, LLP as accountant. The U.S. Trustee for Region 13 appointed William Marshall of William T. Marshall, PLC as patient care ombudsman for the Debtor. The bankruptcy watchdog also appointed an official committee of unsecured creditors. The committee is represented by Wm. Marshall Hubbard, Esq., at Hall, Estill, Hardwick, Gable, Golden & Nelson, P.C. P3 HEALTH: Extends Repurchase Note Maturity to September 2028 ------------------------------------------------------------- P3 Health Partners Inc. disclosed in a regulatory filing that its wholly owned subsidiary P3 Health Group, LLC, entered into the Second Amendment to Repurchase Promissory Note with IHC Health Services, Inc., amending the Repurchase Promissory Note originally dated June 28, 2019. The Second Note Amendment: (i) extends the maturity date of the Note to September 30, 2028, and (ii) provides that, from and after June 30, 2026, the Note will accrue PIK interest at a rate of 14% per annum, commencing upon the date of the Second Note Amendment. Except as modified by the Second Note Amendment, all other terms and provisions of the Note remain in full force and effect. A full text coy of the Second Note Amendment is available at https://tinyurl.com/3e3ycnca About P3 Health Partners Henderson, Nev.-based P3 Health Partners Inc is a patient-centered and physician-led population health management company and, for accounting purposes, the successor to P3 Health Group Holdings, LLC and its subsidiaries after the consummation of a series of business combinations in December 2021 with Foresight Acquisition Corp. As the sole manager of P3 LLC, P3 operates and controls all of the business and affairs of P3 LLC and P3's only assets are equity interests in P3 LLC. Las Vegas, Nev.-based BDO USA, P.C., the Company's auditor since 2021, issued a "going concern" qualification in its report dated March 26, 2026, citing that the Company has suffered recurring losses from operations and has working capital deficiencies that raise substantial doubt about its ability to continue as a going concern. As of March 31, 2026, the Company had $674.2 million in total assets, $807.3 million in total liabilities, $10.4 million in mezzanine equity, and $143.5 million in total stockholders' equity. PACIFIC CAPITAL: Hires Jeffer Mangels & Mitchell as Counsel ----------------------------------------------------------- Pacific Capital Funding Group and its affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of California to hire Jeffer Mangels & Mitchell LLP as general bankruptcy counsel. The firm will render these services: a. advise the Debtors regarding their rights and responsibilities as a chapter 11 debtor and debtor in possession, specifically including the requirements of the Bankruptcy Code, the Federal Rules of Bankruptcy Procedure, the Local Bankruptcy Rules, the Region 17 United States Trustee Guidelines, and how the application of such provisions relate to the administration of the Debtors' estate; b. advise and to assist the Debtors in connection with the preparation of certain documents to be filed with the Bankruptcy Court and the Office of the United States Trustee ("UST"), including, without limitation, Schedules of Assets and Liabilities, Statement of Financial Affairs, Statement of Equity Security Holders, Monthly Operating Reports, and other such documents; c. represent the Debtors with respect to bankruptcy issues in the context of this pending chapter 11 case, and any adversary proceeding, the outcome of which would affect the administration of the chapter 11 case; and d. advise, to assist and to represent the Debtors in the negotiation, formulation and confirmation of a plan of reorganization or other proceedings necessary and appropriate to the Debtors' chapter 11 estate and the satisfaction of the rights, claims and demands of creditors and other parties in interest. The firm will be paid at these rates: Bennet G. Young $1,075/hour Christopher K. Whang $650/hour Melody Mohammadi $625/hour Jeffer Mangels was paid an initial retainer of $100,000. Bennett Young, Esq., a partner at Jeffer Mangels Butler & Mitchell, disclosed in a court filing that the firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Bennett G. Young, Esq. Jeffer Mangels Butler & Mitchell LLP 333 Bush Street, 11th Floor San Francisco, CA 94104-2872 Telephone: (415) 984-9626 Facsimile: (415) 398-5584 Email: BYoung@jeffer.com About Pacific Capital Funding Group Pacific Capital Funding Group and its affiliates filed their voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Cal. Case No. 26-30538) on June 16, 2026, listing $10,000,001 to $50 million in both assets and liabilities. Bennett G. Young, Esq. and Jeffer Mangels & Mitchell LLP serves as the Debtor's counsel. PACIFIC CAPITAL: Taps William Brinkman of Jigsaw Advisors as CRO ---------------------------------------------------------------- Pacific Capital Funding Group and its affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of California to hire Jigsaw Advisors, LLC and designate William R. Brinkman as chief restructuring officer. The firm will provide these services: a. assist and advise the Debtors with regard to managing, marketing for sale, and monetizing the Debtors' assets; b. manage the preparation and completion of required Chapter 11 reports and filings; c. advise and assist the Debtors in the preparation of monthly financial reports -- including monthly operating reports; d. analyze and assist in the preparation of cash flow projections, cash flow results, and cash flow management; e. assist regulatory agencies and other parties with regard to document requests, operations and cash analysis, and providing information as required; f. manage the process and any professionals required to analyze and trace cash disbursements, evaluate potential claims that the Debtor may possess, prepare valuation or appraisal reports as required; g. manage and oversee compliance and reporting of the debtor-in-possession financing agreement with the debtor-in-possession loan; h. assist in the preparation and confirmation of Plans of Liquidation for the Debtors; i. render such other services that are customary for a responsible individual and CRO in similar situations or as the Debtors' may request. The firm's standard hourly rates are: Partners/Managing Directors $550 to $625 Directors $295 to $475 Associates $150 to $225 Standard rates for professionals expected to provide services to PPM: William R. Brinkman, Partner $625 Yan Tomimoto, Sr. Director $425 Michael Stutes, Director $310 Jigsaw was paid an initial retainer of $50,000 on or about Dec. 18, 2025. Jigsaw was paid additional retainers of $25,000 on or about Jan. 20, 2026; $25,000 on or about Feb 6, 2026; $27,011.71 on or about March 20, 2026; and, $85,000 on or about May 26, 2026. William R. Brinkman, principal of Jigsaw Advisors, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. Jigsaw Advisors can be reached at: William R. Brinkman JIGSAW ADVISORS, LLC 3575 Mt. Diablo Blvd. Suite 215 Lafayette, CA 94549 Tel: (925) 465-1228 E-mail: bill.brinkman@jigsawadvisors.com About Pacific Capital Funding Group Pacific Capital Funding Group and its affiliates filed their voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Cal. Case No. 26-30538) on June 16, 2026, listing $10,000,001 to $50 million in both assets and liabilities. Bennett G. Young, Esq. and Jeffer Mangels & Mitchell LLP serves as the Debtor's counsel. PADAGIS HOLDING: Fitch Lowers LongTerm IDR to 'B', Outlook Stable ----------------------------------------------------------------- Fitch Ratings has downgraded the Long-Term Issuer Default Ratings (IDRs) of Padagis Holding Company LLC and Padagis, LLC to 'B' from 'B+'. Fitch has also downgraded the secured credit facility ratings of Padagis, LLC to 'BB-' with a Recovery Rating of 'RR2' from 'BB'/'RR2'. The Rating Outlook is Stable. The downgrades reflect a weaker EBITDA outlook than Fitch's prior forecast and leverage that could remain or rise slightly as the July 2028 debt maturity approaches, rather than decline to the mid-4x range. Fitch may consider revising the Outlook to Negative if operating performance fails to stabilize as expected or based on Fitch's assessment of management's remediation plan and other factors, such as progress on the refinancing. Key Rating Drivers Competitive Pressures Constrain Revenue Growth: Revenue has remained largely flat in 2022-2025 as growth from new products and contract wins has been offset by persistent price erosion in the base portfolio. Fitch assumes base portfolio erosion will continue at 4%-5% annually, limiting the company's ability to grow the top line organically. New product launches and manufacturing efficiency improvements partly offset this pressure. However, execution risk remains high given the competitive dynamics of the generic pharmaceutical market. Longer-term revenue growth will depend on the issuer's ability to broaden its product portfolio and expand market channels. Both remain uncertain. Limited Headroom to Reduce Leverage: Fitch expects Padagis' EBITDA leverage to remain close to 5.0x over the next 12-24 months, reflecting modest revenue and EBITDA growth prospects as contributions from new product launches and Naloxone are insufficient to offset the ongoing contraction of the legacy base. The shrinking revenue base and persistent price erosion in existing products limit deleveraging ahead of the 2028 debt maturity and increase refinancing risk. A narrowing portfolio also increases product concentration and earnings volatility, amplifying the company's exposure to new market entrants, supply chain disruptions, and other operational risks. Modestly Positive FCF: Fitch expects Padagis to generate an FCF margin of 3%-5% over the forecast period, assuming stable working capital management and lower capex as the company completes the onshoring of nasal spray manufacturing to its Minnesota facility. Future capital investment will focus on expanding capacity and enhancing automation, which should require less capital than prior investments. FCF generation could support further debt reduction, but Fitch does not assume material voluntary debt repayment except for excess cash flow sweeps. Market Position and Niche Focus: Padagis is primarily focused on smaller niche products in the extended topical space. This reduces its exposure to earnings volatility in the competitive generic pharmaceutical market but also produces slow EBITDA growth. The company expanded its manufacturing capabilities in 2023 by acquiring a facility in Israel and is leveraging its position as one of the largest U.S. manufacturers of extended topicals. This aligns with its focus on complex, higher-margin formulations to mitigate pricing pressure. Favorable Demographics: Fitch expects aging populations in developed markets and increasing access to healthcare in emerging markets will support volume growth for Padagis and its generic pharmaceutical peers. Generic alternatives to branded drugs offer less-costly options to patients and payers. In addition, continued patent expirations on branded drugs will provide greenfield opportunities for the industry. However, Fitch expects price erosion to moderately offset this growth over the near term. Peer Analysis Padagis' closest rated peers are Teva Pharmaceutical Industries Limited (Teva; BBB-/Stable) and Viatris Inc. (Viatris; BBB/Stable) given their generic prescription pharmaceutical manufacturing and similar U.S. customer bases. However, Teva and Viatris are significantly larger in scale, breadth and depth of products. Both peers have successfully executed strategies to shift their portfolios toward more innovative products, supporting sustained revenue growth and meaningful deleveraging. By contrast, Padagis has faced challenges in converting its pipeline assets into new revenue drivers. Its smaller scale and comparatively weaker business and financial profile support a rating in the 'B' category. Fitch’s Key Rating-Case Assumptions - Revenue to grow at a low-single-digit rate, driven primarily by volume growth and partially offset by continued price erosion. - EBITDA margins remain between19%-20%, reflecting gross margin compression due to cost inflation and increased investments to support channel expansion and new product launches. - Capex assumed at $27 million-$28 million per year, or approximately 3.4% of revenue. - Annual FCF (cash flow from operations minus capital expenditures minus dividends) of approximately $25 million-$45 million over the forecast period. - No cash dividends during the forecast period. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): Business and financial profile factors (assessment, relative importance): management ('bb-', Lower), sector characteristics ('bb+', Lower), market and competitive positioning ('b', Higher), diversification and asset quality ('a-', Lower), company operational characteristics ('bb', Moderate), profitability ('bb-', Moderate), financial structure ('b+', Higher), and financial flexibility ('bb-', Moderate). The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. B+ to CC considerations apply in its analysis and results in an adjustment of -1 notch(es). The governance assessment of 'some deficiencies' has no impact. The operating environment assessment of 'aa-' has no impact. The SCP is 'b'. To derive the Long-Term IDR: Fitch made no adjustments to the SCP, resulting in an IDR of 'B'. Recovery Analysis The recovery analysis assumes that Padagis would be considered a going concern in bankruptcy and that the company would be reorganized rather than liquidated. Fitch estimates a going concern enterprise value (EV) available for distribution of $754 million after an allocation of $26 million related to an assumed level of accounts receivable factoring. Fitch deducted 10% for administrative claims, resulting in total EV available for distribution of $678 million. The going concern EV is based uon estimates of post-reorganization EBITDA and the assignment of an EBITDA multiple (see below). Fitch estimates Padagis's going concern EBITDA at $130 million, which is roughly 26% lower than the 2025 EBITDA. The assumed going concern EBITDA reflects a scenario in which Padagis's cash flow and revenue decline due to the loss of key customers, severe supply chain disruption and competitive pricing pressure, which it is unable to offset with new product launches. Internal liquidity is inadequate to fund operations, and the company is forced to fully draw on its revolving credit facility, which leads to higher interest costs and negative FCF. Fitch applies a waterfall analysis to the going concern EV based on the relative claims of the debt in the capital structure and assumes that the company would fully draw the revolver in a bankruptcy scenario and approximately 80% of the accounts receivable factoring program. The senior secured credit facility, including the term loans and revolver (aggregating $891 million) have superior recovery prospects in a reorganization scenario and are rated 'BB-'/'RR2', two notches above the IDR. Fitch assumes a recovery EV/EBITDA multiple of 6.0x for Padagis which is slightly below the median observed in healthcare bankruptcies and reflects Padagis's relative business profile. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Material and sustained deterioration in operating performance, driven by insufficient new product launches and increased pricing pressure, resulting in a (CFO-capex)/debt ratio durably below 2.5%; - EBITDA leverage sustained above 5.5x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Improved operating performance, including successful new product development, leading to sustained EBITDA growth; - A demonstrated commitment and ability to execute a cash deployment strategy that maintains EBITDA leverage durably below 4.5x. Liquidity and Debt Structure Padagis has adequate liquidity, supported by $41 million in cash and full availability under its $100 million revolving credit facility as of March 31, 2026. Liquidity is further supported by cash flow from operations and an accounts receivable factoring program, though the latter is excluded from Fitch's liquidity calculations. Fitch expects liquidity to remain adequate throughout the forecast horizon as cash accumulates and the company's reliance on external facilities declines. The revolving credit facility and the $791 million term loan mature in July 2028. Issuer Profile Padagis develops, manufactures and markets a portfolio of generic prescription drugs, along with over-the-counter (OTC) drugs, among other activities. Summary of Financial Adjustments Fitch has adjusted historical EBITDA to add back certain non-recurring or unusual charges related to impairments and restructuring activities. 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 Padagis LLC. ESG Considerations Padagis LLC has an ESG Relevance Score of '4' for Exposure to Social Impacts due to pressure to contain healthcare spending growth, a highly sensitive political environment, exposure to price-fixing, and social pressure to contain costs or restrict pricing, which has a negative impact on the credit profile, and is relevant to the rating[s] in conjunction with other factors. Padagis LLC has an ESG Relevance Score of '4' for Governance Structure because it is private-equity owned, which 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 Prior ----------- ------ -------- ----- Padagis LLC LT IDR B Downgrade B+ senior secured LT BB- Downgrade RR2 BB Padagis Holding Company LLC LT IDR B Downgrade B+ PLUTUS PROPERTIES: Seeks to Hire Frank B. Lyon as General Counsel ----------------------------------------------------------------- Plutus Properties, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to employ the Law Offices of Frank B. Lyon as counsel. The firm will render these services: (a) advise the Debtor with respect to its powers and duties in the continued operation of its business and management of its property; (b) advise the Debtor of its responsibilities under the Bankruptcy Code and assist with such; (c) amend the voluntary petition and other paperwork necessary to complete this proceeding; (d) assist the Debtor in preparing and filing the required Schedules, Statement of Affairs, Monthly Financial Reports, the Initial Debtor Report and other documents required by the Bankruptcy Code, the Federal Rules of Bankruptcy Procedure, the Local Rules of this Court and the administrative procedures of the Office of the United States Trustee; (e) represent the Debtor in connection with adversary procedings and other contested and uncontested matters, both in this Court and in other courts of competent jurisdiction, concerning any and all matters related to these bankruptcy proceedings and its financial affairs; (f) represent the Debtor in the negotiation and documentation of any sales or refinancing of property of the estate, and in obtaining the necessary approvals of such sales or refinancing by this Court; (g) assist the Debtor in the formulation of a plan of reorganization, and in taking the necessary steps in this Court to obtain confirmation of such plan of reorganization; and (h) work with the Subchapter V Trustee to try and achieve a consensual plan of reorganization. The firm will be paid at these hourly rates: Frank Lyon, Attorney $545 Legal Assistants $135 - $225 In addition, the firm will seek reimbursement for expenses incurred. Pre-petition, the Debtor paid the firm the sum of $10,000. Mr. Lyon disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Frank B. Lyon, Esq. Law Offices of Frank B. Lyon 3800 North Lamar Boulevard, Suite 200 Austin, TX 78763 Telephone: (512) 345-8964 Facsimile: (512) 697-0047 Email: frank@franklyon.com About Plutus Properties LLC Plutus Properties LLC is an Austin, Texas-based real estate company that owns and manages residential rental properties. Plutus Properties filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Tex. Case No. 26-11052) on June 1, 2026. In the petition signed by Matthew Perez, managing member, the Debtor disclosed estimated assets of $10 million to $50 million and estimated liabilities of $1 million to $10 million. Judge Christopher G. Bradley presides over the case. The Law Offices of Frank B. Lyon represents the Debtor as counsel. POLAR POWER: Nasdaq Grants Equity Compliance Extension to Oct. 28 ----------------------------------------------------------------- Polar Power, Inc. in a regulatory filing that it received a letter from the staff of the Nasdaq Stock Market granting the Company an extension of time to regain compliance with Nasdaq Listing Rule 5550(b) regarding minimum stockholders' equity requirements. Under the terms of the extension, on or before October 28, 2026, the Company must opt for one of two alternatives to evidence compliance with the Rule: (A) the Company must furnish to the SEC and Nasdaq a publicly available report (e.g., a Form 8-K or Form 6-K) including: (1) a disclosure of Staff's deficiency letter and the specific deficiency(ies) cited; (2) a description of the completed transaction or event that enabled the Company to satisfy the stockholders' equity requirement for continued listing; (3) an affirmative statement that, as of the date of the report, the Company believes it has regained compliance with the stockholders' equity requirement based upon the specific transaction or event referenced in Step 2; and (4) a disclosure stating that Nasdaq will continue to monitor the Company's ongoing compliance with the stockholders' equity requirement and, if at the time of its next periodic report the Company does not evidence compliance, that it may be subject to delisting. (B) the Company must furnish to the SEC and Nasdaq a publicly available report including: (1) steps 1 & 2 set forth above; (2) a balance sheet no older than 60 days with pro forma adjustments for any significant transactions or event occurring on or before the report date. The pro forma balance sheet must evidence compliance with the stockholders' equity requirement; and (3) a disclosure that the Company believes it also satisfies the stockholders' equity requirement as of the report date and that Nasdaq will continue to monitor the Company's ongoing compliance with the stockholders' equity requirement and, if at the time of its next periodic report the Company does not evidence compliance, that it may be subject to delisting. Regardless of which alternative the Company chooses, if the Company fails to evidence compliance upon filing its periodic report for the year ending December 31, 2026 with the SEC and Nasdaq, the Company may be subject to delisting. In the event the Company does not satisfy these terms, Nasdaq will provide written notification that its securities will be delisted, at which time the Company may appeal Nasdaq's determination to a Hearings Panel. Background As previously disclosed, on May 1, 2026, the Company received a deficiency letter from the Staff notifying the Company that it was not in compliance with the Rule because it reported only $144,000 in stockholders' equity as of December 31, 2025 in its Annual Report on Form 10-K for the year then ended. On June 15, 2026, the Company submitted a compliance plan to Nasdaq outlining specific measures the Company intends to take to regain and maintain compliance with the Rule, including, among other things, planned upcoming financing activities and an internal restructuring, and provided financial information demonstrating its ability to regain compliance. About Polar Power Polar Power, Inc. designs, manufactures and sells direct-current power systems that supply energy for off-grid, bad-grid, backup-power, electric-vehicle charging and nano-grid applications. Its products integrate DC generators, proprietary electronic controls, lithium batteries and solar photovoltaic technologies. The company sells primarily into telecommunications markets and also serves defense, automotive, marine and industrial markets. In an audit report dated April 15, 2026, Weinberg & Company, P.A., included a going concern qualification, stating that the company incurred a net loss and negative operating cash flows during the year ended Dec. 31, 2025. The conditions raised substantial doubt about the company's ability to continue as a going concern. As of March 31, 2026, the Company had $11.44 million in total assets, $9.06 million in total liabilities, and $2.39 million in total stockholders' equity. PROFRAC HOLDING: Refinances Asset-Based Lending Facility -------------------------------------------------------- ProFrac Holding Corp. announced that ProFrac Holdings II, LLC, as borrower, the guarantors party thereto and the lenders party thereto entered into a new credit agreement with Eclipse Business Capital LLC, as agent, collateral agent, swingline lender, lead arranger and bookrunner, providing for a $300 million senior secured asset-based revolving credit facility, which refinanced and replaced the Company's preexisting $275 million asset-based revolving credit facility under that certain Credit Agreement dated as of March 4, 2022 with JPMorgan Chase Bank, N.A., as agent and collateral agent. On July 1, 2026, the ABL Borrower repaid in full all outstanding obligations under, and terminated, the Preexisting JPM ABL Facility, at which time all commitments thereunder were terminated and all liens securing the obligations thereunder were released. Transaction Highlights * Refinances the Preexisting JPM ABL Facility, which would have matured in September 2027, with the Eclipse ABL Credit Facility, which matures in July 2030 * Improves maximum facility size from $275 million to $300 million * Provides improved borrowing base terms to position the Company with increased liquidity * Extends the Company's ABL maturity profile and provides additional runway Transaction Overview Proceeds of loans under the Eclipse ABL Credit Facility were used to repay amounts outstanding under the Preexisting JPM ABL Facility and to pay certain fees and expenses. The Eclipse Credit Agreement provides for revolving commitments of up to $300 million on the closing date and includes an uncommitted accordion feature that permits the ABL Borrower to request increases in the facility of up to $25 million in the aggregate, for a maximum facility size of up to $325 million. Availability under the Eclipse ABL Credit Facility is subject to a borrowing base based on accounts receivable and inventory. Borrowings under the Eclipse Credit Agreement bear interest at Adjusted Term SOFR plus 4.25% until January 1, 2027, and thereafter at a per annum rate equal to either: (i) the Base Rate plus an applicable margin ranging from 3.00% to 3.50% or (ii) Adjusted Term SOFR (subject to a 2.00% floor) plus an applicable margin ranging from 4.00% to 4.50%, in each case based on availability and a fixed charge coverage ratio pricing grid. The Eclipse Credit Agreement also provides for an unused line fee of 0.500% per annum and a springing minimum fixed charge coverage ratio of 1.00 to 1.00, tested only during a covenant testing period when availability is less than 10% of gross availability. The Eclipse ABL Credit Facility is secured by liens on substantially all of the assets of the ABL Borrower and the guarantors, subject to permitted liens, certain exceptions and the applicable intercreditor agreement, with first-priority liens on current asset collateral and, to the extent applicable, second-priority liens on fixed asset collateral. The Eclipse Credit Agreement matures on July 1, 2030, and contains various representations, warranties, and affirmative and negative covenants, as well as customary events of default, including nonpayment of principal, interest, fees or other amounts, material inaccuracy of representations and warranties, covenant defaults, cross-defaults to certain material indebtedness, insolvency proceedings, judgments, ERISA events, change of control and certain invalidity or unenforceability events. During the continuance of an event of default, the applicable interest rate may increase by 2.00%, subject to certain exceptions and cure rights. Seventh Supplemental Indenture Also on July 1, 2026, the ABL Borrower, the guarantors party thereto and U.S. Bank Trust Company, National Association, as trustee, calculation agent and collateral agent, entered into a Seventh Supplemental Indenture to the Indenture dated as of December 27, 2023, governing the ABL Borrower's Senior Secured Floating Rate Notes due 2029, with the consent of the holders of a majority in aggregate principal amount of the outstanding Notes. The Seventh Supplemental Indenture amended the Indenture to increase, from $275.0 million to $325.0 million, the amount of indebtedness under credit facilities that the ABL Borrower and its restricted subsidiaries are permitted to incur under the applicable debt covenant in the Indenture. Advisors Moelis & Company LLC acted as exclusive placement agent, and Gibson, Dunn & Crutcher LLP acted as legal counsel to ProFrac in connection with the refinancing. Full text copies of the Eclipse Credit Agreement and the Seventh Supplemental Indenture are available at https://tinyurl.com/2vjzjrwz and https://tinyurl.com/2p5rfs3a, respectively. About ProFrac Holding ProFrac Holding Corp. is a technology-focused, vertically integrated, innovation-driven energy services holding company providing hydraulic fracturing, proppant production, other completion services and other complementary products and services including distributed power generation to leading upstream oil and natural gas companies engaged in the exploration and production of North American unconventional oil and natural gas resources throughout the United States. Founded in 2016, ProFrac was built to be the go-to service provider for E&P companies' most demanding hydraulic fracturing needs. ProFrac Corp. operates in three business segments: Stimulation Services, Proppant Production and Manufacturing. As of March 31, 2026, the Company had $2,550.6 million in total assets, $1,765.8 million in total liabilities, $714.6 million in total stockholders' equity. * * * In December 2025, S&P Global Ratings lowered its Company credit rating on hydraulic fracturing equipment and services provider ProFrac Holding Corp. to 'CCC' from 'CCC+'. S&P also lowered its issue-level rating on the company's senior secured notes to 'B-' from 'B', reflecting the lower Company credit rating. The '1' recovery rating (rounded estimate: 95%) was unchanged." S&P subsequently withdrew these ratings. At the time of the withdrawal, the outlook was negative. PSP TS: Gets Interim OK to Use Cash Collateral ---------------------------------------------- PSP TS, LLC received interim approval from the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, to use cash collateral. Under the interim order, the Debtor is authorized to use cash collateral through Aug. 20 for court-authorized expenses, including interim compensation for the Subchapter V trustee, operating expenses set forth in the approved budget, and additional expenditures approved in writing by Banesco. The budget projects total operational expenses of $676,842. The Debtor said it needs continued access to cash collateral to maintain business operations while pursuing restructuring through a Chapter 11 plan of reorganization. Banesco, a secured creditor, will be granted adequate protection through a monthly payment of $3,000, beginning on July 25, and a first-priority perfected post-petition lien on the cash collateral. Other secured creditors will be granted replacement liens, with the same validity and priority as their pre-petition liens. Additional safeguards include insurance coverage and access to business records and premises for inspection. The order remains effective through Aug. 26 unless the Debtor's Chapter 11 case is converted or dismissed, a bankruptcy trustee is appointed, a plan is confirmed, or the order is modified after notice. A copy of the court's order and the Debtor's budget is available at https://short.do/ezgMFh from PacerMonitor.com. The court scheduled a hearing for Aug. 20. Before filing for bankruptcy, the Debtor obtained secured financing from Banesco, which holds a first-priority security interest in substantially all of its business assets. The collateral includes accounts, accounts receivable, proceeds, inventory, equipment, furnishings, trademark rights, intangible assets, and other pledged property. Because the Debtor's operating cash constitutes cash collateral under the Bankruptcy Code, the Debtor cannot use those funds without either the lender's consent or court approval. Uninterrupted access to this cash collateral is necessary to preserve the value of the business, maintain customer service, and improve the company's prospects of emerging from bankruptcy as a financially stronger and more profitable enterprise. About PSP TS LLC PSP TS, LLC is a Florida-based limited liability company engaged in commercial and business-related operations. It operates with a modest asset base and limited creditor exposure. PSP TS sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-04016) on May 12, 2026. In its petition, the Debtor reported estimated assets of between $100,001 and $1 million and estimated liabilities of between $1 million and $10 million. Honorable Bankruptcy Judge Catherine Peek McEwen handles the case. The Debtor is represented by Samantha L. Dammer, Esq., at Bleakley Bavol Denman & Grace. REMEDIUM PHARMACY: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------------- Debtor: Remedium Pharmacy, LLC 2 Vinal Square, North Chelmsford, MA 01863 Business Description: Remedium Pharmacy is a pharmacy based in North Chelmsford, Massachusetts. It provides prescription refill, transfer and home-delivery services, medication management and multi-dose packaging, customized medication compounding, vaccinations, and retail health products for patients in Chelmsford and surrounding communities. Chapter 11 Petition Date: July 6, 2026 Court: United States Bankruptcy Court District of Massachusetts Case No.: 26-40803 Debtor's Counsel: David P. Primack, Esq. MANNING GROSS + MASSENBURG LLP 125 High Street, Oliver Tower 6th Floor Boston, MA 02110 Tel: (302) 300-5277 E-mail: DPrimack@mgmlaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Flaviu Iepure 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/NEV7VNI/Remedium_Pharmacy_LLC__mabke-26-40803__0001.0.pdf?mcid=tGE4TAMA ROCK GATE: Secured Party Sets July 14, 2026 Public Auction ---------------------------------------------------------- Pursuant to Section 9-610 of the New York Uniform Commercial Code, (i) that certain Term Loan and Security Agreement, dated as of May 31, 2024 (as amended, restated, amended and restated supplemented or otherwise modified from time to time, the ("Loan Agreement"), by and among ROCK GATE CAPITAL, LLC an Illinois limited liability company, d/b/a 160 DRIVING ACADEMY ("160 Academy"; and its permitted successors and assigns, the "Borrower"), GREAT LAKES TESTING SERVICES LLC, a Delaware limited liability company ("Great Lakes"), 160 CALIFORNIA LLC, a Delaware limited liability company ("160 California"), 160 TEXAS LLC, Delaware limited liability company ("160 Texas"), ROCK GATE CAPITAL HOLDINGS, LLC, an Illinois limited liability company ("Holdings," together with Great Lakes, 160 California, 160 Texas and each other Person from time to time joined as a guarantor to the Loan Agreement or who may hereafter guarantee payment or performance of the whole or any part of the Obligations and all of their respective permitted successors and assigns, collectively, "Guarantors" and each individually, a "Guarantor"), the financial institutions which are now or which hereafter become a party thereto (collectively, the "Lenders" and each individually a "lender"), and LAFAYETTE SQUARE LOAN SERVICING, LLC (Lafayette Square"), as agent for Lenders (Lafayette Square, in such capacity, the "Agent") (collectively, the "Secured Party"), and (ii) the Other Documents, the Secured Party will sell all of its rights, title, and interest on and to all of the Collateral (as defined in Section 1.2 of the Loan Agreement). Without limiting the foregoing, the Collateral consists of and includes all right, title and interest of each Credit Party in all of the following property and assets of such Credit Party, on each case, whether now existing or hereafter arising or created and whether now owned or hereafter acquired and wherever located: (a) all Receivables; (b) all cash and currency; (c) all Certificates of Title; (d) all Chattel Paper; (e) all Commercial Tort Claims; (f) all Intellectual Property (other than any United States intent to use applications prior to the filing of a "Statement of Use" or "Amendment to Allege Use"): (g) all Deposit Accounts; (h) all Documents; (i) all Equipment, including without limitation all Rolling Stock; (j) all Fixtures; (k) all General Intangibles; (l) all Goods; (m) all instruments (n) all Inventory; (o) all Investment Property; (p) all Letter-of-Credit Rights: (q) all Payment Intangibles (r) all Subsidiary Stock; (s) all Software; (t) all Supporting Obligations; (u) all books and records pertaining to any of the foregoing; and (v) all Accessions and Proceeds of any and all of the foregoing. The Secured Party is not purporting to sell any interest in any asset that (i) is not owned by any Credit Party, (ii) is Excluded Property, or (iii) is not subject to a lien in favor of the Secured Party. The Collateral secures the prompt and complete payment and performance of the Obligations of the Credit Parties to the Party pursuant to the Credit Agreement. Subject to the terms of this Notice, the Collateral will be sold to the highest bidder at a public auction. The public auction (the "Auction") will take place virtually on July 14, 2026 at 10:00 a.m. (prevailing Eastern Time), unless otherwise adjourned by the Secured Party. Please contact Carey Schreiber at the address below if you would like additional information concerning the Collateral or the public sale herein described. The Auction will be conducted on such terms and conditions as determined by the Secured Party and announced to bidders in advance of or at the Auction. The Secured Party reserves the right to adjourn the Auction to such time and place as the Secured Party, in its sole discretion, may deem fit, or to cancel the Auction in its entirety, without notice to the Borrower or any other party. The terms of sale set forth in this Notice may be subject to additional or amended terms to be announced at the time thereof. To submit a qualified bid (a "Qualified Bid"), a bid must conform to the following: (i) such bid must be received no later than 5:00 p.m. (prevailing Eastern Time), on July 10, 2026; (ii) the purchase price must be payable in full, in cash, at the closing and not subject to any financing contingency; (iii) the bid may not be subject to any diligence contingency; and (iv) all bidders must submit the bid in the form of an executed asset purchase agreement reasonably acceptable to the Lender, and (v) such bid must (include a cash deposit in immediately available funds of not less than 10% of the proposed cash consideration. The Secured Party reserves the right to modify or waive the foregoing Qualified Bid requirements in its sole discretion. As of June 19, 2026, the outstanding principal amount of the Term Loans was $137,330,844, plus accrued and unpaid interest, fees and other costs and expenses payable under the Loan Agreement and the Other Documents with respect thereto. The Secured Party reserves the right to credit bid at the Auction on behalf of itself any of the amounts owing under the Loan Agreement and the Other Documents. In the event the Secured Party is the successful bidder at the Auction, the Secured Party shall apply the amount of its bid as a credit to the indebtedness and other outstanding obligations of the Borrower under the Loan Agreement and the Other Documents. The Collateral will be transferred to the successful bidder by way of a bill (or bills) of sale satisfactory to the Secured Party in its sole discretion. THE COLLATERAL WILL BE SOLD BY THE SECURED PARTY ON AN AS-IS, WHERE-IS BASIS, WITHOUT RECOURSE, REPRESENTATION OR WARRANTY OF ANY KIND, WHETHER EXPRESSED OR IMPLIED, AND WITHOUT ANY WARRANTY RELATING TO TITLE, POSSESSION, QUIET ENJOYMENT, OR THE LIKE (IN THE SALE EXCEPT AS OTHERWISE EXPRESSLY SET FORTH INT HE ASSET PURCHASE AGREEMENT. Persons wishing to inspect the Loan Agreement and the Other Documents and desiring other information, may contact counsel for the Agent, Attention: Carey D. Schreiber, Winston Taylor LLP, 200 Park Avenue, New York, NY 10166, Telephone No.: (212) 294-3547, Email: cschreiber@winston.com. ROCKY MOUNTAIN: AHR Chairman Allen Harper Steps In as Interim CEO ----------------------------------------------------------------- Rocky Mountain Chocolate Factory, Inc. announced in a regulatory filing that the Board of Directors appointed Allen C. Harper as Interim Chief Executive Officer and Principal Executive Officer of the Company, effective immediately. Mr. Harper, age 81 served as Chief Executive Officer of American Heritage Railways, Inc. until his resignation from that position in connection with his appointment, and continues to serve as Chairman of AHR's board of directors. AHR operates tourist railroad and related hospitality and entertainment businesses through subsidiaries including the Durango & Silverton Narrow Gauge Railroad and the Great Smoky Mountains Railroad. AHR is not a parent or subsidiary of the Company but, by virtue of its beneficial ownership of the Company's common stock, may be deemed an affiliate of the Company. During the past five years, Mr. Harper's principal occupations have included his service as Chief Executive Officer and Chairman of AHR and Chief Executive Officer of Rail Events, Inc., where he managed licensing agreements, including The Polar Express, and oversaw American Heritage Railways Hotels and True West Rodeos. Mr. Harper previously served as a member of the Board from November 2024 to September 2025. His prior business experience includes service as Board Chair and Chief Executive Officer of Esslinger Wooten Maxwell, Inc. Realtors and as Board Chair and President of First Reserve Realty, Inc; Board Chair of Recchi American, Inc.; and a Board Member of the Florida East Coast Railroad. Earlier in his career, he served as Board Chair of First American Railways, Inc. and as President of Cheezem Development Corporation. Mr. Harper is a licensed real estate broker in Florida. He holds a Bachelor of Arts degree in Business and Sociology from Principia College and completed postgraduate studies in Finance at the University of Missouri, St. Louis. Mr. Harper is also the controlling shareholder of AHR. AHR reported beneficial ownership of 810,459 shares of the Company's common stock in a Schedule 13D/A filed with the Securities and Exchange Commission on June 10, 2026, and Mr. Harper directly owns 1,911 shares of the Company's common stock, resulting in reported beneficial ownership of 812,370 shares. Except as described in this Current Report on Form 8-K, there are no transactions or relationships between Mr. Harper (or his immediate family members) and the Company that would be required to be disclosed pursuant to Item 404(a) of Regulation S-K. There are no arrangements or understandings between Mr. Harper and any other person pursuant to which he was appointed as interim Chief Executive Officer and Principal Executive Officer of the Company. There are no family relationships between Mr. Harper and any director or executive officer of the Company that would require disclosure pursuant to Item 401(d) of Regulation S-K. In connection with Mr. Harper's appointment, the Board approved aggregate compensation of $200,000 for the interim service period, to be paid in a combination of cash and restricted stock units. The Company has not yet finalized the allocation between cash and restricted stock units or certain other material terms of Mr. Harper's compensation arrangements. Any such arrangements will be disclosed in a subsequent filing, as required. About Rocky Mountain Chocolate Factory Durango, Colo.-based Rocky Mountain Chocolate Factory, Inc. is an international franchisor, confectionery producer, and retail operator. Founded in 1981, the Company produces an extensive line of premium chocolate candies and other confectionery products. As of February 28, 2026, the Company had $20.2 million in total assets, $15 million in total liabilities, and $5.2 million in total stockholders' equity. Los Angeles, California-based CohnReznick LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated May 29, 2026, attached to the Company's Annual Report on Form 10-K for the year ended February 28, 2026, citing that the Company has incurred recurring losses and negative cash flows from operations in recent years and is dependent on debt and equity financing to fund its operations, all of which raise substantial doubt about the Company's ability to continue as a going concern. SCILEX HOLDING: Signs Term Sheet for $100M Investment From iHolding ------------------------------------------------------------------- Scilex Holding Company announced in a regulatory filing that the Company and iHolding Group LLP, a private investment group headquartered in Almaty, Republic of Kazakhstan, entered into a binding term sheet. The Term Sheet contemplates that iHolding will purchase $100,000,000 of newly issued shares of Company common stock, par value $0.0001 per share. The purchase price for such shares is expected to be $15.00 per share, which would represent approximately 6,666,667 shares. The Proposed Investment remains subject to completion of customary due diligence, the parties' negotiation and execution of definitive agreements, board approvals, and other customary closing conditions, including receipt of the approval of the Company's stockholders and any required regulatory approvals. There can be no assurance that the Definitive Agreements and any other transaction documents necessary to consummate the Proposed Investment will be entered into, or that the Proposed Investment will be consummated on the terms described herein or at all. The consummation of the Proposed Investment is subject to numerous factors, many of which are outside the control of the Company, including market conditions, regulatory approvals, the actions of third parties, and the ability of the parties to negotiate and execute the Definitive Agreements. The Term Sheet reflects terms that remain subject to further negotiation, modification and/or approval by the applicable boards of directors and may be terminated by the parties. Any such termination, or a failure by the parties to agree on the Definitive Agreements, could result in disputes or litigation relating to the interpretation, enforceability and/or performance of the provisions of the Term Sheet, which could be costly and/or time-consuming, divert management attention and/or otherwise adversely affect the financial condition or liquidity of the Company, including its ability to pursue or defend such claims. Accordingly, investors should not place undue reliance on the consummation of the Proposed Investment or the ability of the Company and iHolding to consummate the Proposed Investment. A full text copy of the Term Sheet will be filed as an exhibit to the Company's Quarterly Report on Form 10-Q for the quarter ending June 30, 2026 or by an amendment to this Current Report on Form 8-K. About Scilex Holding Company Palo Alto, Calif.-based Scilex Holding Company -- www.scilexholding.com -- is an innovative revenue-generating company focused on acquiring, developing and commercializing non-opioid pain management products for the treatment of acute and chronic pain and, following the formation of its proposed joint venture with IPMC Company, neurodegenerative and cardiometabolic disease. Scilex targets indications with high unmet needs and large market opportunities with non-opioid therapies for the treatment of patients with acute and chronic pain, and is dedicated to advancing and improving patient outcomes. Scilex's commercial products include: (i) ZTlido (lidocaine topical system) 1.8%, a prescription lidocaine topical product approved by the U.S. Food and Drug Administration for the relief of neuropathic pain associated with postherpetic neuralgia, which is a form of post-shingles nerve pain; (ii) ELYXYB, a potential first-line treatment and the only FDA-approved, ready-to-use oral solution for the acute treatment of migraine, with or without aura, in adults; and (iii) Gloperba, the first and only liquid oral version of the anti-gout medicine colchicine indicated for the prophylaxis of painful gout flares in adults. Walnut Creek, California-based BPM LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated April 10, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company has suffered recurring losses from operations and has a net capital deficiency that raise substantial doubt about its ability to continue as a going concern. As of March 31, 2026, the Company had $293.6 million in total assets, $547.7 million in total liabilities, and $254.1 million in total stockholders' deficit. SEA PALMS: Taps Omni Agent Solutions as Claims and Noticing Agent ----------------------------------------------------------------- Sea Palms Council of Co-Owners seeks approval from the U.S. Bankruptcy Court for the District of South Carolina to hire Omni Agent Solutions, Inc. as claims and noticing agent. Omni will oversee the distribution of notices and will assist in the maintenance, processing, and docketing of proofs of claim filed in the Chapter 11 cases of the Debtors. The Debtor provided Omni with a retainer in the amount of $10,000, and a replenishment payment in the amount of $7,500. Paul Deutch, an executive vice president at Omni, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Paul H. Deutch Omni Agents Solutions, Inc. 1120 Avenue of Americas, 4th Floor New York, NY 10036 About Sea Palms Council of Co-Owners The Sea Palms Condominium Council of Co-Owners is an unincorporated association of owners organized under the laws of South Carolina. The Association governs Sea Palms Condominium, a timeshare community located at 371-395 Sea Cloud Circle in Edisto Beach, South Carolina, with a principal place of business at #1 King Cotton Road. Created under a declaration dated September 24, 1984, the property consists of six buildings with 25 fully furnished units, each containing a full kitchen, along with common elements. Sea Palms Council of Co-Owners sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.S.C. Case No. 26-02880) on June 26, 2026, with $10,000,001 to $50 million in assets and $500,000,001 to $1 billion in liabilities. Judge L. Jefferson Davis IV presides over the case. Michael Conrady, Esq. at Campbell Law Firm, PA represents the Debtor as legal counsel. SEMPER UTILITIES: Secured Parties Set July 28, 2026 Public Auction ------------------------------------------------------------------ NOTICE OF UCC ARTICLE 9 FORECLOSURE AND DISPOSITION OF COLLATERAL IN THE MATTER OF: Debtor: Semper Utilities, LLC, a New Jersey limited liability company Senior Secured Parties: SZY Holdings, LLC and Chym IV Ventures, LLC (collectively, the "Secured Parties") To: All subordinate secured creditors, judgment creditors, and other parties known or believed to hold a lien, security interest, or claim against the assets of Semper Utilities, LLC which is required to noticed under applicable law. I. NOTICE TO JUNIOR SECURED CREDITORS AND JUDGMENT CREDITORS Pursuant to Section 9-611 of the Uniform Commercial Code as enacted in the State of New Jersey (N.J.S.A. 12A:9-611), the Secured Parties notify all subordinate secured creditors, judgment creditors, and other parties holding or claiming a security interest, lien, or encumbrance against the assets of Semper Utilities, LLC (the "Debtor") of the Secured Parties' intent to foreclose upon and dispose of the collateral described herein. II. IDENTIFICATION OF PARTIES Senior Secured Parties: SZY Holdings, LLC and Chym IV Ventures, LLC c/o Trif & Modugno LLC Attn: Louis Modugno, Esq. Telephone: (201) 874-4596 Email: lmodugno@tm-firm.com Servicer and Attorney-in-Fact for Secured Parties: Chym IV Ventures, LLC Debtor: Semper Utilities, LLC A New Jersey limited liability company Subordinate Parties: All subordinate secured creditors of record, judgment creditors, and any other persons or entities known or believed to hold a subordinate lien, security interest, or claim against the Collateral (as defined below) III. NATURE OF SECURITY INTEREST AND DESCRIPTION OF COLLATERAL The Secured Parties hold a senior perfected security interest in all assets of the Debtor pursuant to certain loan documents (the "Loan Agreements") executed by and between the Secured Parties and the Debtor. The Secured Parties' security interest encumbers the following collateral (the "Collateral"): SEE EXHIBIT A HERETO FOR FULL DESCRIPTION OF COLLATERAL IV. BASIS FOR FORECLOSURE — DEFAULT AND RIGHT TO FORECLOSE The Debtor is in default of its obligations under the Loan Agreements. By reason of said default, the Secured Parties are entitled to exercise all rights and remedies available to them under the Loan Agreements, under Article 9 of the Uniform Commercial Code as enacted in the State of New Jersey (N.J.S.A. 12A:9-601 et seq.), and as further authorized by Order of the United States Bankruptcy Court for the District of New Jersey. The Debtor has consented to this disposition. V. NOTICE OF FORECLOSURE AND PUBLIC SALE The Secured Parties give notice of their intent to foreclose upon the Collateral by means of a public disposition pursuant to Section 9-610 of the Uniform Commercial Code (N.J.S.A. 12A:9- 610). Date of Public Sale: July 28, 2026, at 9:30 a.m. Eastern Standard Time Method of Sale: Public auction conducted telephonically via Zoom videoconference. Attendance information shall be circulated to Qualified Bidders as defined herein no later than one (1) day prior to the Public Sale. Terms of Sale: The Collateral shall be sold to the highest Qualified Bidder for cash or, at the Secured Parties' sole discretion, credit against the outstanding indebtedness held by the Secured Parties. The Secured Parties reserve their right to credit bid at the Public Sale up to the full value of the debt owed to Secured Parties under the Loan Agreements. Condition of Collateral: The Collateral shall be sold "AS IS, WHERE IS," without any warranties of title, possession, quiet enjoyment, quality, fitness, merchantability, or any other warranties, express or implied, arising by statute, common law, or otherwise. VI. RIGHTS OF SUBORDINATE SECURED CREDITORS AND JUDGMENT CREDITORS Pursuant to N.J.S.A. 12A:9-611 and 12A:9-617, subordinate secured creditors and judgment creditors are hereby advised of the following rights: (a) Right of Redemption. Pursuant to N.J.S.A. 12A:9-623, the Debtor or any subordinate secured creditor or lienholder may redeem the Collateral at any time before the Secured Parties have collected on the Collateral, completed a disposition thereof, or entered into a contract for its disposition, by tendering fulfillment of all obligations secured by the Collateral, together with the reasonable expenses and attorney's fees incurred by the Secured Parties. (b) Surplus Proceeds. Pursuant to N.J.S.A. 12A:9-615, following the disposition of the Collateral and satisfaction of the senior secured indebtedness, including all principal, interest, fees, costs, and expenses of sale, any surplus proceeds shall be distributed to subordinate secured creditors and lienholders in the order of their priority, to the extent required by applicable law. (c) Right to Object. Any party claiming an interest in the Collateral may, subject to applicable law, seek appropriate relief from a court of competent jurisdiction to challenge the commercial reasonableness of the sale or any other aspect of the disposition. (d) Accounting. The Debtor is entitled to an accounting for the unpaid obligations due and owing to the Secured Parties. VII. RESPONSE DEADLINE Any subordinate secured creditor, judgment creditor, or other party wishing to (i) object to the foreclosure and public sale, (ii) exercise a right of redemption, or (iii) assert any other right or claim with respect to the Collateral must provide written notice to the Secured Parties' counsel at the address set forth above no later than 12:00 p.m. Eastern Standard Time on July 21, 2026. Failure to respond by the deadline set forth above shall not constitute a waiver of any rights under applicable law, but may limit a party's ability to participate as a Qualified Bidder at the Public Sale. VIII. GOVERNING LAW AND JURISDICTION This notice and the foreclosure and disposition of the Collateral shall be governed by Article 9 of the Uniform Commercial Code as enacted in the State of New Jersey (N.J.S.A. 12A:9-101 et seq.) and by all other applicable laws of the State of New Jersey. Any dispute arising out of or in connection with this foreclosure shall be subject to the jurisdiction of the United States Bankruptcy Court for the District of New Jersey, or, if such court lacks jurisdiction, the courts of the State of New Jersey. IX. ADDITIONAL INFORMATION Parties interested in participating at the Public Sale as a bidder for the Collateral or desiring any additional information should contact: Louis Modugno, Esq. Trif & Modugno LLC Email: lmodugno@tm-firm.com Telephone: (201) 874-4596 To qualify as a Qualified Bidder, a prospective bidder must, no later than 12:00 p.m. Eastern Standard Time on July 21, 2026, contact counsel for Secured Parties at the information above and provide (i) a non-contingent bid to purchase the Collateral detailing the price the bidder is willing to bid, (ii) accurate contact information, and (iii) adequate assurances of the bidder's ability to perform as the Secured Parties may reasonably request, including a required deposit and the ability to meet any reserve bid. The Secured Parties reserve the right to cancel, adjourn, or continue the Public Sale from time to time, without further notice other than as given at or before the Public Sale date and place, in their sole and absolute discretion. SZY Holdings, LLC and Chym IV Ventures, LLC By: /s/ Chad Friedman Dated: July 3, 2026 EXHIBIT A All assets of the Debtor, whether now owned or hereafter acquired, and all proceeds and products thereof, including, without limitation, all accounts and accounts receivable, chattel paper, deposit accounts, documents, equipment, machinery, fixtures, general intangibles (including payment intangibles and software), instruments, inventory, investment property, letter‑of‑credit rights, rights to payments, insurance claims, refunds, commercial tort claims, and supporting obligations, together with all accessions, substitutions, replacements, additions and all cash and non‑cash proceeds of any of the foregoing. About Semper Utilities Semper Utilities, LLC, a provider of powerline services in Voorhees, N.J., filed a petition for Chapter 11 protection (Bankr. D.N.J. Case No. 22-11128) on Feb. 11, 2022, listing up to $100 million in assets and up to $50 million in liabilities. Sotero Diaz, manager, signed the petition. Judge Andrew B. Altenburg, Jr., oversees the case. Kurtzman Steady, LLC, serves as the Debtor's legal counsel. SERTA SIMMONS: Certain Lenders Breached Credit Agreement -------------------------------------------------------- Judge Christopher Lopez of the U.S. Bankruptcy Court for the Southern District of Texas entered a judgment in favor of Serta Simmons Bedding LLC, et al. in the adversary proceeding captioned as SERTA SIMMONS BEDDING LLC et al., Plaintiffs, v. AG CENTRE STREET PARTNERSHIP, et al., Defendants, ADVERSARY NO. 23-09001 (Bankr. S.D. Tex.). In November 2016, Serta borrowed $1.95 billion under a First Lien Term Loan Agreement (the "Credit Agreement"). The Credit Agreement carved out some express exceptions to pro rata sharing, including an "open market purchase." By 2019,Serta carried over $2 billion in secured debt. Its largest retail partner restructured, direct-to-consumer bedding companies were gaining market share, and COVID-19 forced more than half of Serta's manufacturing facilities to close. Serta needed to reduce its debt and raise new capital. Serta hired Evercore Partners, Inc. to evaluate liquidity and liability management solutions. Serta's parent also established an independent finance committee to oversee discussions with stakeholders about a potential restructuring transaction. The committee's objective was to raise new capital, reduce net debt, and capture the discount at which Serta's loans were trading in the secondary market. The committee had full authority to authorize Serta to enter into a refinancing transaction. The First Proposal (Excluded Lenders) The first proposal came from a group that would later become part of the Excluded Lenders. In early January 2020, Angelo Gordon internally designed a drop-down transaction to de-lever Serta.8 Under the drop-down structure, Serta would transfer intellectual property to a new unrestricted subsidiary. Angelo Gordon or an ad hoc group would then advance new money secured by those assets in exchange for a discount on existing debt. The new-money debt would rank structurally senior to all other Serta obligations.9 Angelo Gordon sent the initial drop-down proposal to Serta around March 3, 2020. Apollo Global Management and Gamut Capital Management pursued similar strategies. Apollo was an original lender who exited its position in 2018. It viewed Serta's first-lien debt as a "distressed-for-control" opportunity. Apollo started repurchasing Serta debt in March 2020. Gamut had been accumulating Serta debt since December 2018, acquiring $163 million at an average cost of about 58 cents on the dollar. Angelo Gordon eventually joined with Apollo and Gamut and negotiated proposals with Serta professionals. The group's final proposal to Serta was around May 30, 2020. The proposal consisted of a drop down transaction, along with $200 million in new money, an exchange of $483 million of first-lien debt at 77.5% of par and $41 million of second-lien debt at 30% of par—generating $387 million of a new structurally senior debt. The Participating Lenders' Counter Proposals The second group -- which would become the "Participating Lenders" -- initially consisted of Eaton Vance, Invesco Senior Secured Management, Inc., Credit Suisse Asset Management, and Barings LLC. These lenders were broadly syndicated loan funds that purchased the loans at or near par at origination in 2016. On April 7, 2020, the Participating Lenders contacted Serta to discuss liquidity needs and followed up on April 24 with the outline of an "uptier" transaction open to all first and second-lien lenders. The structure involved Participating Lenders (i) providing Serta $200 million in new financing in exchange for $200 million in first-out super-priority debt, and (ii) exchanging $1.2 billion in existing first and second-lien loans for about $875 million in second-out superpriority debt. In early May 2020, as the Participating Lenders started negotiating with Serta under a nondisclosure agreement ("NDA"), Serta looked to "monetize a discount on the loans, to take advantage of where the debt was trading." The Participating Lenders also learned that other lenders had proposed a non-pro rata transaction involving Serta's intellectual property. Serta's process resulted in the lender groups competing against each other to extract the maximum discount. In late May 2020, while both groups were under NDAs with Serta, Eaton Vance contacted Apollo to try to stop what was described as a "race to the bottom" on discount and to explore working together as a unified creditor group. Apollo did not engage substantively because it understood the NDAs to preclude any meaningful discussion about the parties' competing negotiations with the company. In late May/early June, 2020, the Participating Lenders submitted a revised proposal combining $200 million in new-money priority financing with a discounted debt repurchase. On June 5, 2020, Serta's finance committee accepted this deal. The 2020 Transaction Between Serta and the Participating Lenders On June 8, 2020, Serta issued a press release announcing that it entered an agreement with the Participating Lenders for a "deleveraging and liquidity enhancing transaction." The press release described the primary terms of the uptier liability management transaction that will be referred to here as the "2020 Transaction." Upon the announcement of the 2020 Transaction, the indicated pricing of the First Lien Term Loan dropped by about 25%. Moody's downgraded Serta's first-lien and second-lien term loans, observing that "term loan lenders who do not consent to the transaction will potentially be left with little or no remaining collateral coverage." Certain Excluded Lenders offered the Participating Lenders $30 million to stop the 2020 Transaction, but it was rejected. The 2020 Transaction Closes The 2020 Transaction closed on June 22, 2020. To effect the 2020 Transaction, Serta and Participating Lenders holding more than 50% of the outstanding loans amended the Credit Agreement to allow Serta to, among other things: * Incur incremental debt senior in right of payment to the First Lien Term Loans, and * Authorize the Administrative Agent to enter into a separate intercreditor agreement to establish senior payment priority for these new loans. With these changes in place, Serta and the Participating Lenders also entered into the following agreements: * Super-Priority Term Loan Agreement ("PTL Credit Agreement"); * Open Market Purchase and Cashless Exchange Agreement ("Exchange Agreement"); and * First Lien Intercreditor Agreement. Under the PTL Credit Agreement, Serta incurred $1.075 billion of new debt in two tranches: a $200 million new-money tranche of "first-lien first-out" loans and an $875 million exchange tranche of "first-lien second-out" loans. The PTL Credit Agreement also carried a provision from the Credit Agreement requiring Serta to indemnify the Participating Lenders for losses, claims, and damages arising from the 2020 Transaction. And to avoid triggering the sacred right of ratable treatment and payment under Sec. 2.18(c) of the Credit Agreement, the 2020 Transaction was structured as an "open market purchase" under Sec. 9.05(g). In the end, the Participating Lenders sold, assigned and transferred to Serta over $990 million in First Lien Term Loan in exchange for about $734 million in principal amount of First Lien Second Out Debt. A disqualified institutions list -- or "DQ list" -- prevents identified investors from purchasing a company's debt from existing holders. The Credit Agreement contained a DQ list. , Contrarian Capital Management, which had been added to the expanded DQ list, was allowed Contrarian to purchase about $40 million of First Lien Term Loans between September 2021 and late 2023. Chapter 11 Filing and This Adversary Proceeding On January 23, 2023, Serta filed these chapter 11 cases.72 It entered bankruptcy with a restructuring support agreement to reduce debt from $1.9 billion to $315 million through the equitization of the Participating Lenders' new first lien debt. That same day, Serta and Participating Lenders started this adversary proceeding against the Excluded Lenders and the LCM Lenders, seeking a declaration that the 2020 Transaction was a permissible open market purchase under Sec. 9.05(g) and did not violate the implied covenant of good faith and fair dealing. The Excluded Lenders answered and filed counterclaims and third-party claims, seeking contract damages and rescission of the 2020 Transaction. Their counterclaims asserted four theories: (i) a declaratory judgment that the 2020 Transaction and all implementing agreements were invalid; (ii) breach of Sec. 2.18 of the Credit Agreement because the 2020 Transaction effected a non-pro rata payment that was not permitted by Sec. 9.05(g); (iii) breach of Sec. 9.02, on the ground that the amendment of the pro rata sharing provisions required unanimous lender consent that was never obtained; and (iv) breach of the implied covenant of good faith and fair dealing. LCM Lenders asserted two breach of contract theories. First, that the 2020 Transaction altered the pro rata distribution provisions of Secs. 2.18(b) and 2.18(c) without the unanimous consent required by Sec. 9.02.78 Second, they alleged the 2020 Transaction was not an "open market purchase" under Sec. 9.05(g). The LCM Lenders also brought claims for breach of the implied covenant of good faith and fair dealing on the same grounds as the Excluded Lenders. Between May 15 and May 25, 2023, the bankruptcy judge also held a combined trial on confirmation of Serta's plan of reorganization and the remaining claims in the adversary proceeding. In June 2023, the judge issued a memorandum opinion. The judge found there was no breach of the Credit Agreement because of the open market purchase exception and concluded that the 2020 Transaction was not prohibited by its terms. The judge also denied the implied covenant of good faith and fair dealing claim against the Participating Lenders, finding that the Participating Lenders acted defensively and in good faith. The judge also noted that the Excluded Lenders tried to stop the 2020 Transaction by offering $30 million to persuade Participating Lenders and found that certain other acts to enact a different liability management transaction revealed the "true motives" of the Excluded Lenders, including an "objective lack of good faith." And that on the scale of equity, it is the conduct of the Excluded Lenders that raises an eyebrow. Final Judgment and Appeals On June 14, 2023, the bankruptcy judge entered a final judgment in the adversary proceeding. The judge granted Serta and the Participating Lenders' claims for declaratory judgment, denied all counterclaims for breach of contract and breach of the implied covenant, and confirmed the chapter 11 plan. Appeals to the Fifth Circuit The parties filed four consolidated appeals before the Fifth Circuit. On December 31, 2024, the Fifth Circuit issued its opinion, as revised on January 21 and February 14, 2025. The Fifth Circuit reversed and held that the 2020 Transaction was not a permissible "open market purchase" under the Credit Agreement. The Fifth Circuit also vacated the post-trial judgment and remanded for reconsideration, stating that if the 2020 Transaction was not permitted under Sec. 9.05(g), then the Excluded Lenders had a strong case that Serta and the Participating Lenders breached the Credit Agreement. The Fifth Circuit also dismissed the LCM Lenders from the final judgment appeal on the ground that they had abandoned their appeal during oral argument. The LCM Lenders petitioned for rehearing or clarification. The Circuit denied rehearing but granted the clarification motion, adding a footnote that its dismissal "does not prevent the LCM Lenders from recovering any damages to which they might be entitled based on the open market purchase issue." Serta appealed the Fifth Circuit decision to the U.S. Supreme Court. The Supreme Court denied certiorari. Proceedings on Remand The Fifth Circuit issued its mandate on February 26, 2025.94 Following reassignment of the case, the remanded proceedings came to this Court. Serta's Motion for Summary Judgment In August 2025, Serta moved for summary judgment on all remaining counterclaims against it. Serta claimed the chapter 11 plan discharge, release, and extinguishment provisions cancelled all claims and causes of action against the reorganized debtor arising from the Credit Agreement and the 2020 Transaction. After the Supreme Court denied certiorari to Serta's appeal of the Fifth Circuit decision, no party objected. In November 2025, the Court granted Serta's motion for summary judgment. The Participating Lenders argue that Contrarian failed to establish standing to assert claims. The Bankruptcy Court finds evidence shows that Contrarian acquired the rights to seek recovery on the breach of contract claim. And that its assignments are valid and enforceable against the Participating Lenders. There is no meaningful evidence to the contrary. The Participating Lenders allege that the LCM Lenders abandoned their breach of contract claim under § 2.18(c). The Bankruptcy Court disagrees. According to the Bankruptcy Court, the LCM Lenders properly plead a breach a contract claim against the Participating Lenders. In their Amended Counterclaim, the LCM Lenders allege that "Section 2.18(c) of the Credit Agreement requires any First Lien Lender that receives payment on account of its loans --including a distribution of collateral proceeds -- that is greater than its pro rata share to pay the excess ratably to the other First Lien Lenders." And that Sec. 9.05(g)'s open-market purchase exception— the purported justification for the Exchange Transaction—did not apply. And, because of the Participating Lenders' material breach, the LCM Lenders were deprived of their contractual rights to receive a pro rata share of collateral proceeds on a first-lien basis "(including any and all consideration the PTL Lenders received for their participation" in the 2020 Transaction)." They also alleged damages in an amount to be proven at trial. Thus, the LCM Lenders established that Sec. 2.18(c) required pro rata treatment between lenders, that the 2020 Transaction and the Participating Lenders' breach deprived them of a pro rata share of proceeds under the Credit Agreement, and that the LCM Lenders are entitled to damages. The breach is based on the Participating Lenders exchanging debt in violation of the pro rata sharing requirement under Sec. 2.18(c) and the damages sought comes from Sec. 2.18(c) too. The LCM Lenders did not waive the breach of contract claim. The Participating Lenders argue the debt exchanged under the 2020 Transaction was not a "payment" that triggered pro rata treatment under Sec. 2.18(c). Plaintiffs disagree. Plaintiffs are right. The Bankruptcy Court finds the text of the Credit Agreement shows that the Participating Lenders received a payment within the meaning of § 2.18(c). Section 2.18(c) is designed to capture pro rata treatment for all consideration in respect of principal or interest on a loan. The Participating Lenders structured the 2020 Transaction as an attempted open-market transaction falling within an express carve-out under Sec. 2.18(c). It didn't work, so Sec. 2.18(c) applies. The Court concludes under the plain language of Sec. 2.18(c), the Participating Lender received a payment and no other carve-out applies. The Participating Lenders also claim that any payment was not in respect of their First Lien Term Loan, instead it was on account of a new loans issued as consideration for the purchase of the first and second-lien loans. The Bankruptcy Court finds the signature pages to the Exchange Agreement show the principal amount of purchased First Lien Term Loan each Participating Lender sold, assigned, and transferred to Serta and the corresponding new First Lien Second Out debt each Participating Lender received for First Lien Term Loan debt.132 And after new debt was issued to the Participating Lenders, Serta had to retire and cancel the First Lien Term Loan debt it purchased, and without any duty to pay it. This contemporaneous evidence leaves no doubt the new First Lien Second Out debt was a payment in respect of the First Lien Term Loans, and that the First Lien Term Loan, the Participating Lenders, and Plaintiffs were all in the same Class of Loans under the Credit Agreement. The Bankruptcy Court finds the Participating Lenders received a payment in respect of their First Lien Term Loan without purchasing participations in Plaintiffs' First Lien Term Loans. According to the Court, the payment the Participating Lenders received was on account of and in satisfaction of their First Lien Term Loan debt. The fact that the Participating Lenders exchanged their First Lien Term Loan at a discount is irrelevant. Section 2.18(c) focuses on whether the Participating Lenders recovered a greater proportion of their Loans than the proportion received by other Lenders. And they did. The Participating Lenders received a payment on their First Lien Term Loan. Plaintiffs received nothing. Judgment Under the Credit Agreement, the obligations of lenders are several and not joint. That means each Defendant is liable for its own proportionate several share of the total damages award, and not for a portion attributable to a Defendant who has settled, been dismissed, or is otherwise no longer a party to this litigation. Liability does not increase for a Defendant because other Defendants are no longer in this case. The Bankruptcy Court finds the total damages award is $261.13 million, subject to the following adjustments on the Plaintiffs' side. First, the portion of $261.13 million attributable to any Excluded Lender or LCM Lender that is no longer a Plaintiff is excluded from the recoverable amount. Second, Apollo's recovery as a Plaintiff is limited to damages calculated based on 50% of its holdings, consistent with the Court's ruling on a motion in limine. The Court says Each Defendant's remaining portion of the adjusted damages total is calculated by that Defendant's individual First Lien Term Loan holdings as of June 22, 2020, expressed as a fraction of the total First Lien Term Loan holdings of all Participating Lenders at that time, applied to the adjusted damages figure. Prejudgment interest at 9.00% per annum accrues on each remaining Defendant's individual several damages from June 22, 2020 through July 7, 2026. A copy of the Court's Memorandum Opinion dated July 7, 2026, is available at http://urlcurt.com/u?l=bdgNAzfrom Pacermonitor.com About Serta Simmons Bedding Serta Simmons Bedding, together with its non-debtor affiliates, are manufacturers and marketers of bedding products in North America, operating various bedding manufacturing facilities across the United States and Canada. Serta Simmons Bedding, LLC, filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 23-90020) on Jan. 23, 2023. The petitions were signed by John Linker, chief financial officer, treasurer and assistant secretary. At the time of filing, the Debtors estimated $1 billion to $10 billion in both assets and liabilities. During the Chapter 11 process, Weil, Gotshal & Manges LLP served as SSB's legal counsel, Evercore Group L.L.C. served as SSB's investment banker and FTI Consulting, Inc., served as SSB's financial and restructuring advisor. Epiq Corporate Restructuring, LLC, is the claims and noticing agent. Gibson, Dunn & Crutcher LLP served as legal counsel, and Centerview Partners served as financial advisor and investment banker, to an ad hoc group of SSB's priority lenders. SERTA SIMMONS: Uptier Ruling Changes LME Legal Landscape -------------------------------------------------------- Alex Wittenberg of Law360 Bankruptcy Authority reports that a landmark decision from a Texas bankruptcy court awarding roughly $400 million to lenders left out of Serta Simmons Bedding's controversial uptier financing transaction is expected to alter the dynamics of future liability management exercises. The ruling provides one of the clearest judicial examinations to date of creditor-on-creditor disputes involving syndicated loan agreements. According to restructuring experts, the decision sends a strong message that transactions benefiting a select group of lenders at the expense of others may face substantial legal scrutiny. The court found that the excluded lenders were entitled to significant compensation, potentially changing how debtors negotiate refinancing transactions with existing creditor groups. The ruling is likely to influence both documentation and negotiation strategies in distressed financings, with borrowers and lenders expected to pay closer attention to consent provisions and equal treatment obligations. While appeals remain possible, the opinion could become an important reference point for future Chapter 11 cases involving liability management transactions, the report relays. About Serta Simmons Bedding Serta Simmons Bedding, together with its non-debtor affiliates, are manufacturers and marketers of bedding products in North America, operating various bedding manufacturing facilities across the United States and Canada. Serta Simmons Bedding, LLC, filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 23-90020) on Jan. 23, 2023. The petitions were signed by John Linker, chief financial officer, treasurer and assistant secretary. At the time of filing, the Debtors estimated $1 billion to $10 billion in both assets and liabilities. During the Chapter 11 process, Weil, Gotshal & Manges LLP served as SSB's legal counsel, Evercore Group L.L.C. served as SSB's investment banker and FTI Consulting, Inc., served as SSB's financial and restructuring advisor. Epiq Corporate Restructuring, LLC, is the claims and noticing agent. Gibson, Dunn & Crutcher LLP served as legal counsel, and Centerview Partners served as financial advisor and investment banker, to an ad hoc group of SSB's priority lenders. SHAW WELLNESS: Unsecureds Will Get 70% of Claims over 5 Years ------------------------------------------------------------- Shaw Wellness Clinics, P.C. filed with the U.S. Bankruptcy Court for the Western District of Pennsylvania a Disclosure Statement to accompany Chapter 11 Plan dated July 1, 2026. Shaw Wellness Clinics, P.C. (operated by Dr. Anthony Shaw), d/b/a Edgebrook Veterinary Clinic and f/d/b/a Pittsburgh Animal Hospital is a veterinary and medical practice located at 1405 Saw Mill Run Blvd, Pittsburgh, PA 15210. The Debtor initiated the instant filing as a result of several factors: A downturn in the economy due to the Covid-19 crisis, loss of a veterinary associate, and consolidating the veterinary practice into one location, Edgebrook Veterinary Clinic at 1405 Saw Mill Run Blvd, Pittsburgh, PA 15210. The Debtor closed its practice, under the name of Pittsburgh Animal Hospital (pre-bankruptcy) and has continued its operations under Edgebrook Veterinary Clinic. The Clinic strives to provide pets and their owners with the best veterinary care in the area. The Debtor provides the highest quality veterinary care and superior customer service. The Class VI unsecured claims shall be impaired. Timely filed, allowed, unsecured creditors will be paid a total of approximately 70% percent of their allowed claims. The total amount of Unsecured Claims is $390,313.00. Timely filed, allowed, unsecured creditors will be paid a total of approximately 70% percent of their allowed claims. The following creditors have filed timely claims: (a) Department of the Treasury, Internal Revenue Service, Centralized Insolvency Operation, P.O. Box 7346, Philadelphia, PA 19101-7346 (POC 2) in the amount of $2,640.00; (b) JPMorgan Chase Bank, N.A., s/b/m/t Chase Bank USA, N.A., Robertson, Anschutz, Schneid, Crane & Partners, PLLC 6409 Congress Avenue, Suite 100, Boca Raton, FL 33487 (POC 4) in the amount of $19,493.46; ( c) American Express National Bank, c/o Becket and Lee LLP, PO Box 3001, Malvern PA 19355-0701 (POC 6) in the amount of $70,381.78; (d) United States of America, Small Business Administration, c/o Anthony Arroyo, 660 American Avenue, Suite 301, King of Prussia, PA 19406 (POC 7 - Unsecured portion pursuant to the POC filed) in the amount of $135,469.55; (e) PNC Bank, National Association, PO BOX 94982, Cleveland, OH 44101 (POC 8) in the in the amount of $24,815.02; (f) Duquesne Light Company, c/o WH Burkley, LLP, 601 Grant Street, 9th Floor, Pittsburgh, PA 15219 (POC 11) in the amount of $442.94; (g) ODK Capital LLC, 4700 W Daybreak Pkwy., Ste 200, South Jordan, UT 84009 (POC 12) in the amount of $137,070.25. The Debtor has obtained Court approval to market its building located at 1117 Washington Blvd, Pittsburgh, PA 15206. The Debtor anticipates netting approximately $220,000.00 from the sale of this asset. The Net proceeds shall be dedicated toward funding of the pool of allowed, unsecured creditor claims. Additionally, the Debtor has $40,000.00 in net equity between his 2022 Ram TRX 1500 pickup truck and 2021 Lincoln Nautilus SUV vehicles. Accordingly, the Debtor shall pay that equivalent amount, to satisfy the Alternative Liquidation Test (ALT) analysis requirement under the Code. As such, the Debtor projects that between Net Sale Proceeds and ALT infusion, the sum of $260,00.00 will be available toward distribution to timely filed, allowed unsecured claims. The Debtor will pay these claims, pro-rata, over a period of five years. Distributions will be made in yearly payments on/before December 15 of each year. Distributions shall commence within the calendar year following confirmation of the plan. The closing of its former practice, Pittsburgh Animal Hospital, 1117 Washington Blvd, Pittsburgh, PA 15210, and continued operations as Edgebrook Veterinary Clinic, has allowed the Debtor to reduce overhead. The Debtor is actively marketing its prior location for sale, with the proceeds used to fund payment toward the pool of timely-filed, allowed unsecured claims. A full-text copy of the Disclosure Statement dated July 1, 2026 is available at https://urlcurt.com/u?l=X7b7ta from PacerMonitor.com at no charge. Counsel to the Debtor: Edgardo D. Santillan, Esq. SANTILLAN LAW, PC 775 Fourth Street Beaver, PA 15009 Tel: (724) 770-1040 Fax: (412) 774-2266 E-mail: ed@santillanlaw.com About Shaw Wellness Clinics Shaw Wellness Clinics, P.C., is a veterinary and medical practice located at 1405 Saw Mill Run Blvd, Pittsburgh, PA 15210. The Debtor filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Pa. Case No. 26-20193) on Jan. 22, 2026, listing $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Carlota M. Bohm oversees the case. Edgardo D Santillan, at Santillan Law, P.C., serves as the Debtor's counsel. SIFI NETWORKS: Secures Final OK for $3.4MM Bankruptcy Loan ---------------------------------------------------------- Ben Zigterman of Law360 Bankruptcy Authority reports that SiFi Networks America LLC has secured final court approval to draw $3.4 million in Chapter 11 financing from its existing lender, which is also acting as the stalking horse bidder in the company's bankruptcy sale process. The ruling was issued by a judge in the U.S. Bankruptcy Court for the District of Delaware. The debtor told the court that the financing is essential to fund day-to-day operations, meet payroll and vendor obligations, and cover administrative costs while it conducts the Chapter 11 asset sale. The stalking horse agreement establishes a baseline bid intended to encourage higher offers through the court-approved auction process, the report staates. By approving the financing on a final basis, the court provided SiFi Networks with the liquidity necessary to continue operations and complete its restructuring efforts. The company will now move forward with the sale process under the supervision of the bankruptcy court, according to report. 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. SILVERMAN CHIROPRACTIC: Commences Chapter 11 Bankruptcy in Florida ------------------------------------------------------------------ On July 8, 2026, Silverman Chiropractic & Rehabilitation filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of Florida. According to the court filing, the debtor reports estimated liabilities of $1 million to $10 million and between 1 and 49 creditors. Section 341 Meeting of Creditors has been scheduled for August 10, 2026, at 1:00 p.m., with the proceeding to be held via telephone. About Silverman Chiropractic & Rehabilitation Silverman Chiropractic & Rehabilitation is a Miami, Florida-based healthcare provider specializing in chiropractic care, auto accident treatment, and post-accident rehabilitation services. The practice operates multiple clinics across South Florida, including locations in Plantation, Hialeah, Miami, and Doral. Silverman Chiropractic & Rehabilitation sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-18936) on July 8, 2026. In its petition, the debtor reported estimated assets of $500,000 to $1 million and estimated liabilities of $1 million to $10 million. The debtor is represented by Thomas L. Abrams, Esq. SIMAD HOLDINGS: Seeks to Hire Cole Schotz as Bankruptcy Counsel --------------------------------------------------------------- SIMAD Holdings Ltd. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of New Jersey to employ Cole Schotz PC as counsel. The firm will render these services: (a) advise the Debtors with respect to their powers and duties in the continued management and operation of their businesses and properties; (b) advise and consult on the conduct of these Chapter 11 cases; (c) attend meetings and negotiate with representatives of creditors and other parties in interest; (d) take all necessary actions to protect and preserve the Debtors' estates; (e) prepare pleadings in connection with these Chapter 11 cases; (f) represent the Debtors in connection with obtaining authority to continue using cash collateral and postpetition financing; (g) advise the Debtors in connection with any potential sale of assets; (h) appear before the Court and any appellate courts to represent the interests of the Debtors' estates; (i) advise the Debtors regarding tax matters; (j) take any necessary action on behalf of the Debtors to negotiate, prepare, and obtain approval of a disclosure statement and confirmation of a Chapter 11 plan and all documents related thereto; and (k) perform all other necessary legal services for the Debtors in connection with the prosecution of these Chapter 11 cases; (l) provide the Debtors with advice, based on their extensive experience practicing in the District of New Jersey, regarding their rights, powers, and duties in continuing to operate and manage their assets and business; (m) provide legal advice and services regarding local rules, practices, and procedures; (n) provide certain services in connection with the administration of the Chapter 11 cases; (o) advise the Debtors with respect to their reporting obligations and duties; (p) appear at any meeting with the United States Trustee and any meeting of creditors; (q) respond to government investigation; and (r) perform all other legal services for the Debtors that may be necessary and proper in these Chapter 11 cases. The firm's counsel and staff will be billed at these hourly rates: Michael Sirota, Member $1,800 Warren Usatine, Member $1,375 David Bass, Member $1,250 Felice Yudkin, Member $1,150 Daniel Harris, Member $950 Andreas Milliaressis, Special Counsel $735 Amanda Tersigni, Associate $710 Carol Thompson, Associate $505 Julie Aberasturi, Associate $485 Melissa Hartlipp, Associate $485 Danielle Delehanty, Paralegal $420 Frances Pisano, Paralegal $420 In addition, the firm will seek reimbursement for expenses incurred. 90 days prior to the Petition Date, the firm received $894,824.76 retainer from the Debtors. Mr. Sirota disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Michael D. Sirota, Esq. Cole Schotz, PC Plaza North, 25 Main Street Hackensack, NJ 07601 About SIMAD Holdings Ltd. 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 and its debtor-affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 26-16388) on June 4, 2026. In their petitions, 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. Their financial advisor and investment banker is B. Riley Securities, Inc. The Debtors' claims and noticing agent is Kroll Restructuring Administration LLC. Co-Counsel for The Connecticut Light & Power Company d/b/a Eversource, Jersey Central Power & Light Company, Pennsylvania Electric Company, New York State Electric & Gas Corporation and Orange & Rockland Utilities, Inc.: Kyriaki Christodoulou, Esq. CULLEN AND DYKMAN LLP One Battery Park Plaza, 34111 Floor New York, NY 10004 Tel: (212) 701-4170 Fax: (212) 742-1219 E-mail:kchristodoulou@cullenlIp.com - and - Russell R. Johnson III, Esq. John M. Craig, Esq. Law Firm of Russell R. Johnson III, PLC 2258 Wheatlands Drive Manakin-Sabot, VA 23103 Tel: (804) 749-8861 E-mail: russell@russelliohnsonlawfirm.com john@russelljohnsonlawfirm.com SIMAD HOLDINGS: Seeks to Hire FTI Consulting as Financial Advisor ----------------------------------------------------------------- SIMAD Holdings Ltd. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of New Jersey to employ the FTI Consulting, Inc. as financial advisor. The firm will render these services: (a) refine the Debtors's existing 13-week cash flow forecast to incorporate enhanced receipts and disbursements forecasting, validate underlying assumptions, identify liquidity risks and timing gaps, and develop a reliable short-term liquidity management tool to support operational decision-making, stakeholder communications, and contingency planning; (b) assist the Debtors in reviewing their current business outlook and near-term business plan; (c) assist the Debtors in producing financial analyses for and reporting to existing or perspective lenders and other constituents, as requested; (d) advise the Debtors on strategies for developing and negotiating potential restructuring proposals with senior creditors, bondholders, and other key stakeholders, as applicable; (e) perform such other services and analyses relating to the Debtors that are or become required on their behalf and at the behest of them, and which are mutually agreed to in writing; (f) trace the flow of funds through accounts owned by the Debtors to DAMIS Holdings LTD, or affiliates; (g) record the date, amount, originating account, receiving party, and any available description or reference information; (h) prepare schedules and flow charts that illustrate the movement of bond proceeds from issuance through downstream transfers during selected periods; (i) establish an accurate and complete picture of cash activity and balances across the Debtors accounts for selected periods; and (j) obtain and reconcile bank statements against the Debtors' internal books and records, identifying and documenting reconciling items, and flagging any unreconciled variances for further review. Requirements of Filing for Bankruptcy Court Protection: (a) develop a detailed approach to preparing the Debtors for one or more bankruptcy proceedings, some of which have already commenced; (b) assist the Debtors in implementing such plan as requested by them; (c) prepare the necessary financial and operating information for: (i) petitions and related documents; (ii) accounting and operating procedures to segregate prepetition and post-petition business transactions; (iii) a creditor matrix; (iv) training materials with respect to Chapter 11 procedures; (v) identication of executory contracts and unexpired leases; (vi) statements of financial affairs, schedules, monthly operating reports, and other regular reports required in such proceedings; (vii) A Key Employee Incentive Plan and a Key Employee Retention Plan, if needed; (viii) "First Day" and "Second Day" motions and orders; and (ix) necessary procedures and processes to allow for the timely satisfaction of court mandated reporting requirements. Requirements of Operating Under Bankruptcy Court Protection: (a) develop framework necessary to administer a comprehensive Chapter 11 claims process; (b) assist the Debtors to prepare for the most efficient and effective resolution of any potential court-based restructuring, whether implemented through a Chapter 11 plan, a section 363 sale, or any other structure; (c) attend meetings and assist in discussions with potential lenders, investors, creditors, committee(s), other parties in interest and/or professionals hired by the same, as requested by the Debtors; (d) assist the Debtors in negotiations with creditors, suppliers, lessors and other interested parties as appropriate; (e) assist the Debtors with the preparation and confirmation of a value optimizing Chapter 11 plan, and/or a sale of certain or substantially all the Debtors' assets pursuant to section 363 of the Bankruptcy Code; (f) upon written request and with agreement by FTI, advise on communications plans, externally and internally; (g) render such other general business consulting or such other assistance as the Debtors' management or counsel may deem necessary that are consistent with the role of a financial advisor, not duplicative of services provided by other professionals in this proceeding and are mutually agreed to; and, (h) assist the Debtors with any other customary services typical for an engagement of this type as may be mutually agreed to. The firm will be paid at these hourly rates: Senior Managing Directors $1,270 - $1,580 Directors/Senior Directors/Managing Directors $940 - $1,195 Consultants/Senior Consultants $535 - $850 Administrative/Paraprofessionals $195 - $395 In addition, the firm will seek reimbursement for expenses incurred. Cynthia Romano, a senior managing director at FTI Consulting, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Cynthia Romano FTI Consulting, Inc. 555 12th Street NW, Suite 700 Washington, DC 20004 About SIMAD Holdings Ltd. 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 and its debtor-affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 26-16388) on June 4, 2026. In their petitions, 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. Their financial advisor and investment banker is B. Riley Securities, Inc. The Debtors' claims and noticing agent is Kroll Restructuring Administration LLC. Co-Counsel for The Connecticut Light & Power Company d/b/a Eversource, Jersey Central Power & Light Company, Pennsylvania Electric Company, New York State Electric & Gas Corporation and Orange & Rockland Utilities, Inc.: Kyriaki Christodoulou, Esq. CULLEN AND DYKMAN LLP One Battery Park Plaza, 34111 Floor New York, NY 10004 Tel: (212) 701-4170 Fax: (212) 742-1219 E-mail:kchristodoulou@cullenlIp.com - and - Russell R. Johnson III, Esq. John M. Craig, Esq. Law Firm of Russell R. Johnson III, PLC 2258 Wheatlands Drive Manakin-Sabot, VA 23103 Tel: (804) 749-8861 E-mail: russell@russelliohnsonlawfirm.com john@russelljohnsonlawfirm.com SIMAD HOLDINGS: Seeks to Hire SSG Advisors as Investment Banker --------------------------------------------------------------- SIMAD Holdings Ltd. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of New Jersey to employ SSG Advisors, LLC as investment banker. The firm's services include: (a) advise on and assist the Debtors with preparing an information memorandum which describes their business, their subsidiaries and their operations, management, and cash flows and other relevant financial information requested by prospective purchasers and assist in the due diligence process for a potential sale; (b) create and manage an electronic data room with diligence materials about the Debtors; (c) assist the Debtors in developing a list of suitable potential buyers who will be contacted on a discreet and confidential basis after approval by them; (d) coordinate the execution of confidentiality agreements for potential buyers that wish to review the information memorandum and gain access to the data room; (e) assist the Debtors with coordinating management calls and site visits for interested buyers and work with the management team to develop presentations for such calls and visits; (f) solicit competitive offers from potential buyers; (g) advise and assist the Debtors with evaluating proposals from potential buyers and investors, structure the sale transaction, and negotiate the sale agreement; (h) assist the Debtors and their professionals with structuring the sale procedures and conducting any auction that may take place during the Chapter 11 proceeding; and (i) be available for meetings and court appearances in the Chapter 11 cases; (j) otherwise assist the Debtors and their professionals, as necessary, through closing on a best efforts basis. The firm will be paid at these following fees: (a) Initial Fee of $60,000; (b) Monthly Fee of $40,000; (c) Transaction Fee of up to $300,000,000, SSG's Transaction Fee shall be calculated at 75 basis points or 0.75 percent of Total Consideration with a minimum fee of $1,500,000. In the event that Total Consideration exceeds $300,000,000, SSG's Transaction Fee shall be calculated at 75 basis points or 0.75 percent of Total Consideration up to $300,000,000, plus 250 basis points or 2.50 percent of Total Consideration in excess of $300,000,000. Notwithstanding the foregoing, in the event of a successful credit bid by the existing senior secured bondholders, without a qualified third party overbid, SSG's Transaction Fee shall be $1,000,000. In addition, the firm will seek reimbursement for expenses incurred. J. Scott Victor, a managing director at SSG Advisors, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: J. Victor Scott SSG Advisors, LLC 300 Barr Harbor Drive, Suite 420 West Conshohocken, PA 19428 Telephone: (610) 940-1094 About SIMAD Holdings Ltd. 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 and its debtor-affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 26-16388) on June 4, 2026. In their petitions, 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. Their financial advisor and investment banker is B. Riley Securities, Inc. The Debtors' claims and noticing agent is Kroll Restructuring Administration LLC. Co-Counsel for The Connecticut Light & Power Company d/b/a Eversource, Jersey Central Power & Light Company, Pennsylvania Electric Company, New York State Electric & Gas Corporation and Orange & Rockland Utilities, Inc.: Kyriaki Christodoulou, Esq. CULLEN AND DYKMAN LLP One Battery Park Plaza, 34111 Floor New York, NY 10004 Tel: (212) 701-4170 Fax: (212) 742-1219 E-mail:kchristodoulou@cullenlIp.com - and - Russell R. Johnson III, Esq. John M. Craig, Esq. Law Firm of Russell R. Johnson III, PLC 2258 Wheatlands Drive Manakin-Sabot, VA 23103 Tel: (804) 749-8861 E-mail: russell@russelliohnsonlawfirm.com john@russelljohnsonlawfirm.com SISTERS OF SAINT ANN: Gets OK to Use Cash Collateral Until July 23 ------------------------------------------------------------------ The Sisters of Saint Ann Inc. got the green light from the U.S. Bankruptcy Court for the District of Massachusetts, Central Division, to use cash collateral. The court entered a proceeding memorandum and order authorizing the Debtor to use cash collateral through July 23 to fund its operations. The Debtor is required to file by July 21 a reconciled budget showing actual to projected income and expenses for the period ending June 30, as well as beginning and ending bank balances, monthly and projected budgets for July, August and September. The next hearing is scheduled for July 23. The order is available at http://bankrupt.com/misc/SistersofSaintAnn_CCOrder42.pdf About Sisters of Saint Ann Inc. Sisters of Saint Ann Inc., doing business as Anna Maria College, is a private Catholic liberal arts college located in Paxton, Massachusetts. Sisters of Saint Ann sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 26-40758) on June 26, 2026. In its petition, the Debtor reports both assets and liabilities at $10 million to $50 million. The Debtor is represented by John J. Monaghan, Esq., at Holland & Knight. SLEEP NUMBER: Ex-CEO Gets OK to Join Chapter 11 Bidding Process --------------------------------------------------------------- Vince Sullivan of Law360 Bankruptcy Authority reports that a bankruptcy judge authorized former Sleep Number Corp. CEO Shelly Ibach to submit a bid for the bankrupt mattress maker's assets after she entered the Chapter 11 sale process at the last minute. The court found that permitting her participation could increase competition and potentially improve recoveries for creditors. The Minneapolis-based mattress retailer entered Chapter 11 in the Southern District of New York in June with a restructuring plan centered on a sale to stalking horse bidder Sleep Country Canada for approximately $415 million. The company also secured debtor-in-possession financing to continue operating while the sale process moved forward, the report relays. Although the debtors raised concerns regarding the timing of the bid, the court allowed the former executive to remain in the auction process, leaving the final outcome to the competitive bidding procedures and ultimate court approval of the successful transaction, according to Law360. 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. SLEEP NUMBER: Sale Hearing Scheduled for July 15, 2026 ------------------------------------------------------ Sleep Number Corporation and its affiliated debtors (collectively, the "Debtors") each filed a voluntary petition for relief under chapter 11 of title 11 of the United States Code in the United States Bankruptcy Court for the Southern District of New York (the "Court") on June 12, 2026. On June 12, 2026, in connection with the proposed sale (the "Sale Transaction") of substantially all of the assets of the Debtors (the "Assets") to SNBR Inc. (the "Stalking Horse Bidder") or any other successful bidder (a "Successful Bidder") subject to an auction process (the "Auction"), if any, for the Assets, the Debtors filed a motion (the "Motion") with the Court seeking entry of an order, among other things, approving (a) procedures for (i) the solicitation of bids in connection with the Sale Transaction and the Auction, free and clear of any and all liens, claims, interests, and encumbrances, and (ii) holding the Auction if applicable in connection therewith (the "Bidding Procedures"), (b) payment of the Bid Protections to the Stalking Horse Bidder in accordance with the terms and conditions set forth in the Stalking Horse Agreement, (c) the form and manner of notice related to the Sale Transaction, and (d) procedures for the assumption and assignment of contracts and leases in connection with the Sale Transaction. On July 2, 2026, the Court entered an order (the "Bidding Procedures Order") approving, among other things, the Bidding Procedures, which establish the key dates and times related to the Sale Transaction and the Auction, the Debtors' entry into the Stalking Horse Agreement, and the Assumption and Assignment Procedures. All parties interested in bidding should carefully read the Bidding Procedures Order and the Bidding Procedures in their entirety. Contact Persons for Parties Interested in Submitting a Bid The Bidding Procedures set forth the requirements for submitting a Qualified Bid, and any person interested in making an offer to purchase the Assets must comply strictly with the Bidding Procedures. Only Qualified Bids will be considered by the Debtors, in accordance with the Bidding Procedures. Any interested bidder should contact, as soon as practicable: Guggenheim Securities, LLC 330 Madison Avenue New York, NY 10017 Attn: Michael Gottlieb (Michael.Gottlieb@guggenheimpartners.com) and Stuart Erickson (stuart.erickson@guggenheimpartners.com) Obtaining Additional Information Copies of the Motion and the Bidding Procedures Order, as well as all related exhibits (including the Stalking Horse Agreement and the Bidding Procedures) and all other documents filed with the Court, are available free of charge on the Debtors' case information website located at https://restructuring.ra.kroll.com/Sleepnumber or can be requested by email at SleepNumberInfo@ra.kroll.com. Important Dates and Deadlines 1. Bid Deadline. The deadline to submit a Qualified Bid and Required Bid Documents is July 8, 2026 at 4:00 p.m. 2. Sale Objection Deadline. The deadline to file an objection with the Court to the Sale Order or the Sale Transaction (including objections relating to the Stalking Horse Bidder) (the "Sale Objection") is July 10, 2026 at 4:00 p.m. (the "Sale Objection Deadline"). 3. Auction. In the event that the Debtors timely receive more than one Qualified Bid for the Assets in addition to the Stalking Horse Bid, and subject to the satisfaction of any further conditions set forth in the Bidding Procedures, the Debtors intend to conduct an Auction therefor. The Auction, if one is held, will commence on July 13, 2026 at 10:00 a.m. at the offices of Davis Polk & Wardwell LLP, 450 Lexington Avenue, New York, NY 10017. If the Debtors hold the Auction, the Debtors will, as soon as reasonably practicable after selecting the Successful Bid and Back-Up Bid (if any), file (but not serve) and publish on the Case Website a notice of the results of the Auction (such notice, the "Notice of Auction Results"). Objections related solely to (i) the conduct of the Auction must be filed with the Court no later than July 14, 2026 at 4:00 p.m. (the "Post-Auction Objection Deadline") and (ii) the identity of the Successful Bidder on the basis of adequate assurance of future performance by such Successful Bidder (other than the Stalking Horse Bidder) must be filed with the Court no later than fourteen (14) days after the filing of the Notice of Auction Results (collectively, the "Post-Auction Objections"); provided that, in the event the Stalking Horse Bidder is not the Successful Bidder, any non-residential real property lease on the Potential Assumption and Assignment Notice shall be deemed a Designated Contract and shall be subject to the Assumption and Assignment Procedures provided for during the Designation Rights Period (including, for the avoidance of doubt, any objection to the identity of the Successful bidder). The Notice of Auction Results will set forth the specific deadline and procedures for filing any objections in response to the Notice of Auction Results. 4. Sale Hearing. A hearing to consider the proposed Sale Transaction will be held before the Court on July 15, 2026 at 10:00 a.m., or such other date as determined by the Court. Filing Objections A Sale Objection or Post-Auction Objection, if any, must (a) be in writing, (b) state, with specificity, the legal and factual bases thereof, (c) comply with the Bankruptcy Code, the Bankruptcy Rules, and the Local Rules, (d) be filed with the Court no later than the applicable deadline, and (e) be served on the following parties so that it is received no later than the applicable deadline: (i) proposed counsel to the Debtors, Davis Polk & Wardwell LLP, 450 Lexington Avenue, New York, NY 10017, Attn: Brian M. Resnick, Angela M. Libby, Richard J. Steinberg, and Mordechai Rivkin; (ii) counsel to the DIP Agent, Faegre Drinker Biddle & Reath LLP, 2200 Wells Fargo Center, 90 S. 7th Street, Minneapolis, MN 55402, Attn: Michael R. Stewart and Adam C. Ballinger; (iii) counsel to the Stalking Horse Bidder, Goodwin Procter LLP, The New York Times Building, 620 Eighth Avenue, New York, NY 10018, Attn: Kizzy Jarashow, Joshua Zachariah, Harrison Freeman, and Benjamin Loveland; (iv) counsel to any statutory committee appointed in the Chapter 11 Cases; and (v) the U.S. Trustee (the "Objection Notice Parties"). About Sleep Number Corp. Sleep Number Corporation, formerly Select Comfort Corporation, is a Minneapolis, Minnesota-based company founded in 1987. The company offers mattresses and bases, including smart mattresses with adjustable firmness, digital sensing, automatic comfort adjustments, and temperature-control features. Sleep Number uses a direct-to-consumer distribution model through Sleep Number stores and online retail touchpoints, and provides home delivery and professional set-up services. The company operates 572 stores in 50 U.S. states and employs approximately 2,920 employees. Sleep Number Corporation 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 total assets of approximately $642.32 million and total debts of approximately $1.28 billion as of April 30, 2026. The Honorable Bankruptcy Judge Kyu Young Paek handles the case. Davis Polk & Wardwell LLP is serving as Sleep Number's legal advisor in the restructuring. The company also retained Guggenheim Securities, LLC as investment banker, A&G Real Estate Partners as real estate advisors, and Kroll Restructuring Administration LLC as claims, noticing, solicitation, and administrative agent. SMOK CIGAR: Seeks Subchapter V Bankruptcy in Nevada --------------------------------------------------- On July 7, 2026, Smok Cigar Lounge, LLC filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the District of Nevada. According to the court filing, the debtor reports estimated liabilities of $100,001 to $500,000 and between 1 and 49 creditors. About Smok Cigar Lounge, LLC Smok Cigar Lounge, LLC is a Nevada-based cigar lounge and retail business that offers premium cigars, tobacco products, and a social lounge experience for cigar enthusiasts. Smok Cigar Lounge, LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-14267) on July 7, 2026. In its petition, the debtor reported estimated assets of $0 to $50,000 and estimated liabilities of $100,001 to $500,000. Honorable Bankruptcy Judge Mike K. Nakagawa handles the case. The debtor is represented by Matthew C. Zirzow, Esq., of Larson and Zirzow, LLC. SMOKIN OAKS: Court Extends Cash Collateral Access to July 24 ------------------------------------------------------------ The U.S. Bankruptcy Court for the Middle District of Tennessee, Nashville Division, issued an agreed order authorizing Smokin Oaks Organic Farms, LLC to use cash collateral. The order follows an agreement reached between the Debtor and secured creditors, Mad Capital Perennial Fund II, LLC and Mad Capital Yellow Pea, LLC, after the creditors objected to the court's earlier order. Under the agreed order, the Debtor is authorized to use cash collateral consisting of cash on hand and proceeds from inventory and operations through July 24 to pay its operating expenses. As adequate protection, Smokin Oaks agreed to maintain a positive balance in its debtor-in-possession account, grant lienholders automatically perfected replacement liens on post-petition property and proceeds, and preserve $23,575 in cash identified as Mad Capital's inventory proceeds. The order preserves all parties' rights regarding lien validity, priority, enforceability, and the adequacy of the protections provided. A copy of the court's order is available at https://shorturl.at/4Aftk from PacerMonitor.com. The court scheduled a hearing for July 21 to determine whether the Debtor should be permitted to continue using cash collateral beyond July 24. About Smokin Oaks Organic Farms LLC Smokin Oaks Organic Farms, LLC operates an organic market, deli, grocery store, and butcher shop in Nashville, Tennessee. Smokin Oaks Organic Farms filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Tenn. Case No. 26-02488) on May 26, 2026, with up to $500,000 in assets and up to $10 million in liabilities. Justin Head, managing member, signed the petition. Judge Nancy B. King oversees the case. Henry E. Hildebrand, IV, Esq., at Dunham Hildebrand Payne Waldron, PLLC, represents the Debtor as legal counsel. SUPERIOR STAR: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------ Debtor: Superior Star, LLC 702 E. Osborn Road, Suite 100 Phoenix, AZ 85014 Business Description: SuperiorStar operates franchised Hardee's quick-service restaurants serving charbroiled burgers, chicken sandwiches and tenders, breakfast biscuits, sides, desserts and beverages. Chapter 11 Petition Date: July 9, 2026 Court: United States Bankruptcy Court Western District of Kentucky Case No.: 26-31809 Judge: Hon. Charles R. Merrill Debtor's Counsel: Tyler R. Yeager, Esq. KAPLAN JOHNSON ABATE & BIRD LLP 471 W. Main St., Suite 203 Louisville, KY 40202 Tel: (502) 416-1630 Fax: (502) 540-8282 E-mail: tyeager@kaplanjohnsonlaw.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Brian Bonfiglio as CEO. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/UXJTEWI/Superior_Star_LLC__kywbke-26-31809__0001.0.pdf?mcid=tGE4TAMA Entity Nature of Claim Claim Amount 1. American Express Business Platinum $72,395 200 Vesey Street Card New York, NY 10285 2. Bullock-Golden Settlement Agreement $70,636 PO Box 3953 Visalia, CA 93278 3. Vijay K. Dua Settlement Agreement $119,212 2008 West Alluvial Avenue Fresno, CA 93711 4. James H. Evans Settlement Agreement $130,668 324 La Cresta Heights Road El Cajon, CA 92021 5. FCPT Holdings Rent $63,000 591 Redwood Highway, Suite 3215 Mill Valley, CA 94941 6. John Figlewicz Settlement Agreement $235,789 2938 Crownview Dr., Rancho Palos Verdes, CA 90275 7. First Insurance Funding $48,582 450 Skokie Blvd, Suite 1000 Northbrook, IL 60062-7917 8. First Insurance Funding $47,290 450 Skokie Blvd, Suite 1000 Northbrook, IL 60062-7917 9. FJ Enterprises LLC Settlement Agreement $144,900 143 Laurel Drive Bardstown, KY 40004 10. HCKE - Royalty Royalties/Advertising $46,534 420 Montgomery Street San Francisco, CA 94104 11. Kosmides Family Trust Settlement $147,615 919 Foothill Blvd, La Verne, CA 91750 12. Lionsgate Investment Terminated Leases $184,933 333 W. Garvey Avenue, Suite 885 Monterey Park, CA 91755 13. MB2K LLC Rent $123,643 2731 Amigo Drive Lake Havasu City, AZ 86404 14. McLane Company, Inc Food $138,234 dba McLane Foodservice 4747 McLane Parkway Temple, TX 76504 15. Minnesota DOR Sales Tax $47,441 600 North Robert Street St. Paul, MN 55101 16. Pon Farr Settlement Agreement $54,736 122 Rosecrans Street, Suite 32 San Diego, CA 92106 17. Richmond Properties Rent $81,023 7318 Post Road, STE 22 Las Vegas, NV 89113 18. Starcorp LLC Seller Note $7,040,809 Attn: Eric Lester 500 W. Goldfield Ave, Spc 54 Yerington, NV 89447 19. Stella Solutions, LLC Payroll $87,490 702 E Osborn Rd Phoenix, AZ 85014 20. Kameel & Kar Totah Settlement Agreement $120,359 4523 Cedros Ave. Sherman Oaks, CA 91403 SYNAPTICS INC: S&P Places 'BB-' ICR on CreditWatch Positive ----------------------------------------------------------- S&P Global Ratings placed all its ratings on Synpatics Inc., including its 'BB-' issuer credit rating, on CreditWatch with positive implications. The positive CreditWatch placement reflects S&P's view that the transaction will enhance Synaptics' credit profile, as it is being acquired by a higher-rated company. S&P expects to resolve the CreditWatch placement or withdraw its ratings on Synaptics after the proposed acquisition closes, depending on whether its rated obligations remain outstanding. Onsemi's acquisition of Synaptics enhances the company's credit profile. On June 25, 2026, Onsemi and Synaptics announced their entrance into a definitive agreement under which Onsemi will acquire Synaptics in a $7 billion all-stock transaction. The deal is intended to expand Onsemi's footprint in physical AI and edge computing, while increasing its total addressable market. The transaction is expected to close in mid-2027, subject to regulatory and stockholder approvals, as well as other customary conditions. S&P said, "Our positive CreditWatch placement reflects the high likelihood that we will either raise or discontinue our ratings on Synaptics following the transaction, depending on the final capital structure and whether Synaptics' rated obligations remain outstanding. We expect the rated $400 million senior unsecured notes due 2029 (rated 'BB-' with a '4' recovery rating) will be repaid at transaction close, based on the change of control provision in the notes indenture." T.H. TOWING: Seeks Subchapter V Bankruptcy in Illinois ------------------------------------------------------ On July 8, 2026, T.H. Towing & Recovery Inc. filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Northern District of Illinois. According to the court filing, the debtor reports estimated liabilities of $100,000 to $500,000 and between 1 and 49 creditors. A meeting of creditors under Section 341(a) to be held on August 5, 2026 at 01:30 PM at Appear by Teams. About T.H. Towing & Recovery Inc. T.H. Towing & Recovery Inc. is a Chicago, Illinois-based provider of motor vehicle towing and recovery services. The company operates in the city's Austin neighborhood, offering towing, roadside assistance, vehicle recovery, and related transportation services. T.H. Towing & Recovery Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-11309) on July 8, 2026. In its petition, the debtor reported estimated assets of $100,000 to $500,000 and estimated liabilities of $100,000 to $500,000. Honorable Bankruptcy Judge Timothy A. Barnes handles the case. The debtor is represented by Gregory K. Stern, Esq., of Gregory K. Stern, P.C. T.K. TIMBER: Gets Interim OK to Use Cash Collateral Until July 27 ----------------------------------------------------------------- T.K. Timber Services, LLC received interim approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina, Wilmington Division, to use cash collateral. Under the interim order, the Debtor is authorized to use cash collateral to fund operations based on a court-approved budget from June 26 through July 27. The Debtor's primary assets include cash in bank accounts, timber inventory, logging equipment, parts inventory, contracts for timber removal and sales, accounts receivable, and proceeds generated from harvesting, transporting, and selling timber. Its only meaningful source of revenue is its continued operation as an active logging business. Creditors that may hold security interests in property constituting cash collateral include Corbett Farming Company, Highland Hill Capital, LLC and Mint Funding, Inc. Corbett, doing business as Corbett Timber Company, made two secured loans to the debtor. The first, executed in March 2025, was a $150,000 promissory note bearing 12 percent annual interest and payable in weekly installments of $1,500. The loan is secured by a 2018 Tigercat skidder, grapple, 2018 Tigercat feller buncher, and saw head, with the security interest perfected through a UCC financing statement. The second Corbett loan, executed in July 2025, totaled $35,000, also at 12 percent interest with weekly payments of $700, and is secured by a 2017 Tigercat loader and attached delimber, likewise perfected through a UCC filing. The Debtor also describes a March 2026 merchant cash advance agreement with Highland Hill Capital under which it received $85,000 in exchange for the purported sale of $127,415 in future receivables, requiring weekly remittances of $5,096. The agreement granted Highland Hill a security interest in the debtor's accounts, payment intangibles, and related proceeds, supported by a previously filed UCC financing statement. In addition, the Debtor references a financing statement filed by CT Corporation System on behalf of an unidentified party, which it believes relates to Mint Funding. Although the financing statement purports to encumber substantially all of the Debtor's assets, the Debtor believes that no amounts remained due to Mint Funding as of the petition date. As adequate protection, secured creditors will be granted continuing post-petition lien and security interest in all property of the Debtor, with the same priority as their pre-petition liens. The order is available at http://bankrupt.com/misc/TKTimber_ICCOrder15.pdf T.K. Timber's financial distress resulted from significant downturns in the timber industry, including declining demand, shrinking profit margins, oversupply of timber, and the closure of numerous sawmills at the local, national, and international levels. These industry conditions substantially reduced the Debtor's revenues and cash flow, making it increasingly difficult to satisfy ordinary business obligations. In an effort to overcome these financial pressures, the Debtor entered into multiple merchant cash advance transactions, but these financing arrangements further strained its liquidity by requiring substantial weekly payments, ultimately worsening its cash-flow problems and contributing to the bankruptcy filing. About T.K. Timber Services LLC T.K. Timber Services, LLC provides timber and logging services throughout southeastern North Carolina. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 26-02862-5-JNC) on June 26, 2026. In the petition signed by Timothy Kyle Ellis, manager, the Debtor disclosed up to $50,000 in assets and up to $500,000 in liabilities. Judge Joseph N. Callaway oversees the case. Joseph Z. Frost, Esq., at BUCKMILLER & FROST, PLLC, represents the Debtor as legal counsel. TALON LOGISTICS: Gets Extension to Access Cash Collateral --------------------------------------------------------- Talon Logistics, Inc. received second interim approval from the U.S. Bankruptcy Court for the Central District of California, San Fernando Valley Division, to use cash collateral. Under the second interim order, the Debtor is authorized to use cash collateral and to continue selling accounts receivable to FFB Bank pursuant to their existing factoring agreements under the same terms as the initial order entered by the court on July 2. The second interim order denied the Debtor's request to use its cash collateral to pay pre-petition invoices of critical vendors. Except as modified by the second interim order, the initial order remains in full force and effect. Under the initial order, the U.S. Small Business Administration and other secured creditors were granted adequate protection through replacement liens on post-petition assets (excluding Chapter 5 avoidance actions), super-priority administrative expense claims for any post-petition diminution in collateral value, and payments to the SBA provided for in the approved budget. FFB's replacement liens were granted priority over those of the Internal Revenue Service. The Debtor disputes the IRS claim, estimating its true liability at $172,000, and is actively seeking a subordination agreement from the IRS to restore its FFB funding. As of the petition date, the Debtor's primary assets consist of $8,352 in cash, $225,862 in unsold accounts receivable, and approximately $134,000 in unencumbered equipment. Talon Logistics' financial distress stems from a post-COVID-19 drop in container volumes, high operating overhead, and operational challenges resulting from a rapid expansion under CEO and CFO Emmanuel Carrillo. To sustain operations, the Debtor incurred several high-interest loans carrying effective rates between 28% and 120%, which required aggressive daily and weekly account withdrawals from lenders like National Funding and OnDeck. Though the Debtor executed a debt-restructuring and accounts receivable factoring package with FFB on May 1, 2026, funding was abruptly cut off when FFB discovered that the IRS had recorded an $852,929 Federal Tax Lien for unpaid 2024 payroll taxes just days prior. The court scheduled a final hearing for July 29 and set a July 24 deadline for filing objections. About Talon Logistics Inc. Talon Logistics, Inc. is a Woodland Hills, California-based general freight trucking company specializing in drayage and intermodal transportation throughout the Los Angeles region. The company operates a fleet of approximately 40 to 50 power units and has invested in transitioning to zero-emission vehicles, including electric and hydrogen-powered trucks. Talon Logistics, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-11399) on June 29, 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 Victoria S. Kaufman is overseeing the case. The Debtor is represented by Ron Bender, Esq. of Levene, Neale, Bender, Yoo & Golubchik L.L.P. TAWR PROPERTY: Plan Confirmation Hearing Scheduled for August 11 ---------------------------------------------------------------- Judge Edward L. Morris of the U.S. Bankruptcy Court for the Northern District of Texas conditionally approved the Disclosure Statement in Support of the Joint Plan of Reorganization of the TASH Debtors: (i) TASH Property Owner, LLC., (ii) TASH Partnership, Ltd., (iii) Tacara at Steubing Heights Holdings, LLC, and (iv) Tacara at Steubing Heights GP, LLC. The Disclosure Statement is conditionally approved as containing adequate information in accordance with section 1125 of the Bankruptcy Code and is subject to final approval of the Court at the Combined Hearing. The TASH Debtors' request for a Combined Hearing on the final approval of the Disclosure Statement and confirmation of the Plan, and the following Confirmation Schedule, are approved: Voting Record Date - July 6, 2026 Deadline for Plan Solicitation and Mailing of Confirmation Hearing Notice - Two (2) Business Days after entry of the Order Deadline for Objecting to Disclosure Statement and Confirmation of the Plan - August 3, 2026, at 5:00 p.m. (CT) Voting Deadline - August 3, 2026, at 5:00 p.m. (CT) Deadline for Filing Voting Report - Two (2) Business Days prior to the Confirmation Hearing Combined Hearing on Final Approval of the Disclosure Statement and Plan Confirmation - August 11, 2026, at 9:30 a.m. (prevailing Central Time) As shared by the Troubled Company Reporter, Tawr Property Owner, Ltd. and affiliates filed with the U.S. Bankruptcy Court for the Northern District of Texas a Disclosure Statement in support of the Joint Plan of Reorganization dated June 12, 2026. The Debtors are affiliated in various ways through Darren B. Casey and entities that he owns or controls. Mr. Casey is a longtime and well-established real estate developer in the San Antonio, Texas, region, having been developing residential and commercial real estate for decades. Debtor TAWR Property Owner, Ltd. is a company duly organized and validly existing under the laws of the State of Texas that operates a 285,000 sq. ft. luxury multifamily apartment community at 4401 E. Pflugerville Parkway, Pflugerville, Texas 78660 known as "Tacara at Weiss Ranch." The project was completed in May 2025 and stabilized in August 2025 with 92%-95% occupancy since that time. The Weiss Ranch Debtors filed the Bankruptcy Case in order to preserve and maximize the value of their assets, including the Property, provide a centralized forum for resolving claims and disputes, including disputes relating to the asserted M&M lien claims, and implement the restructuring transactions contemplated by the Plan. The Weiss Ranch Debtors believe that the chapter 11 process and the Plan provide the best available mechanism to address their liabilities, maximize stakeholder recoveries, and facilitate an orderly resolution of claims. After the Petition Date and during the Bankruptcy Case, the Weiss Ranch Debtors obtained a professional valuation of the Property from Stout (also the Weiss Ranch Debtors' court-approved financial advisor and Chief Restructuring Officer). Further, the Weiss Ranch Debtors engaged Berkadia Real Estate Advisors, LLC, to conduct a marketing and sale campaign for the Property. Based on consultations with Stout, Berkadia, and the Debtors' professionals, at present, the fair market value of the Property is approximately $58,500,000.00. The Weiss Ranch Debtors believe that this value will only increase going forward, as the Property maintains stabilization (90% occupancy), as commercial retail construction and development is completed, and as the Austin market continues to improve. The Plan proposes that the Weiss Ranch Debtors' main asset, Tacara at Weiss Ranch located at 4401 E. Pflugerville Pkwy., Pflugerville, Texas 78660, be sold through a marketing and sale process conducted by Berkadia, the proposed broker. The Plan proposes that Berkadia would market and seek solicitations for the purchase of the Property to be consummated by no later than November 1, 2026, subject to extension by agreement with Fifth Third Bank. Class 5 consists of the Unsecured Claims. Unless expressly Allowed elsewhere in this Plan, each Unsecured Claim shall remain subject to Allowance as is otherwise appropriate under the Bankruptcy Code, this Plan, and governing law. The Weiss Ranch Debtors reserve the right to object to any Unsecured Claim, which right is vested in the Reorganized Debtors. Class 5 is impaired under the Plan. Except to the extent that a holder of an Allowed Unsecured Claim agrees to less favorable treatment, in full and final satisfaction, release, and discharge of each Allowed Unsecured Claim, the Reorganized Debtors shall pay each Allowed Unsecured Claim, without interest and without attorney's fees or expenses, solely from (i) unencumbered assets that do not constitute collateral of Fifth Third, and (ii) Sale Proceeds remaining after indefeasible payment in full in cash of the Allowed Fifth Third Secured Claim and satisfaction in full of all senior claims and liens, either at the closing of the Sale or from the Disputed Claims Reserve, if applicable, as provided for in section 5.5(i) and 5.5(ii) of the Plan, up to the Allowed amount thereof or so much of it as remains available from the Sale Proceeds or from other available cash. Class 6 consists of all Equity Interests in the Weiss Ranch Debtors. All Equity Interests are preserved and shall be reinstated by the respective holder(s) thereof under the Plan. The Plan contemplates a sale of the Property as the primary means of implementation. All real property, improvements, fixtures, personal property, and tenant leases will be sold, excluding causes of action and cash. The Sale must close by November 1, 2026, subject to extension for up to an additional 30 days if certain conditions are satisfied or waived by Fifth Third, including the existence of an executed purchase contract acceptable to Fifth Third. The real estate broker is Berkadia. A Plan Agent, to be identified in a Plan Supplement and consented to by Fifth Third, will have sole authority over the Sale process, including negotiating and entering into purchase agreements, determining the final sales price, executing closing documents, and distributing Sale Proceeds. The Reorganized Debtors and the Preferred Equity each have a right of first refusal, subordinate and subject to Fifth Third's rights as a secured lender. Fifth Third retains all credit bid rights under section 363(k) of the Bankruptcy Code. The Plan also permits a refinancing of the Property in lieu of the Sale, provided it is consummated by the Outside Closing Date and indefeasibly satisfies the Allowed Fifth Third Secured Claim in full in cash. A full-text copy of the Disclosure Statement dated June 12, 2026 is available at https://urlcurt.com/u?l=jvIjnk from PacerMonitor.com at no charge. Counsel to the Debtors: Davor Rukavina, Esq. Garrick C. Smith, Esq. Jonathan S. Petree, Esq. MUNSCH HARDT KOPF & HARR, P.C. 500 N. Akard Street, Suite 4000 Dallas, TX 75201-6659 Telephone: (214) 855-7500 E-mail: drukavina@munsch.com gsmith@munsch.com jpetree@munsch.com A copy of the Court's Order dated July 2, 2026, is available at http://urlcurt.com/u?l=zEdBMmfrom Pacermonitor.com. About TAWR Property Owner TAWR Property Owner, Ltd., and affiliates are real estate entities involved in the ownership, investment, and management of multifamily residential developments in Texas, including Tacara-branded apartment projects in the San Antonio and Pflugerville areas. The entities operate as property owners, general partners, holding companies, and investment partnerships structured to develop, own, and manage residential real estate assets. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 26-90162) on Feb. 3, 2026. In the petition signed by Darren B. Casey, as authorized representative, TAWR Property Owner reported assets of between $50 million and $100 million and liabilities of between $10 million and $50 million. Judge Edward L. Morris oversees the cases. The Debtors tapped Munsch Hardt Kopf & Harr, P.C., as general bankruptcy counsel. TEAM SYSTEMS: Chapter 7 Trustee Outlines Fraud Claims ----------------------------------------------------- Vince Sullivan of Law360 Bankruptcy Authority reports that the Chapter 7 trustee for bankrupt defense contractor Team Systems International delivered closing arguments Friday in a $14 million fraudulent transfer case, asserting that the company's former management orchestrated transactions that improperly stripped value from the business before its bankruptcy filing. The trustee asked the court to order recovery of the disputed funds for the benefit of creditors. The trustee argued that trial evidence established multiple fraudulent transfers and breaches of fiduciary obligations by former company leaders. According to the trustee, those actions diminished the bankruptcy estate and unfairly benefited insiders while leaving creditors with substantial unpaid claims, the report states. Former executives have denied wrongdoing, arguing that the challenged payments and transactions were legitimate business decisions supported by the company's financial circumstances at the time. The court will issue its ruling after reviewing the evidence and post-trial submissions, according to report. About Team Systems International Formed in 2001, Team Systems International LLC is a small business serving the United States government as a contractor with offices in Lewes, Del. and Ponte Vedra Beach, Fla. TSI has performed government projects as a prime contractor and subcontractor in the areas of program management, financial and contracts management, tactical and specialized military training development, naval ordinance engineering, information systems design and integration, military firearms training, Department of State overseas foreign officer training, vehicle or weapons platform simulation, training center or classroom A/V system integration, force protection services, maritime security, and administrative staffing for government projects. Team Systems International sought Chapter 11 bankruptcy protection (Bankr. D. Del. Case No. 22-10066) on Jan. 18, 2022, listing up to $50 million in assets and up to $10 million in liabilities. Deborah Devans Mott, member, signed the petition. Jamie L. Edmonson, Esq., at Robinson & Cole LLP, was the Debtor's legal counsel. The case was converted to Chapter 7 on March 31, 2022. George L. Miller is the Chapter 7 trustee. TEGETHOFF DEVELOPMENT: Creditors Urge Court to Appoint Trustee -------------------------------------------------------------- Natalie Weger of Bloomberg Law reports that creditors have asked a federal bankruptcy court to appoint an independent Chapter 11 trustee for Tegethoff Development LLC and its affiliated debtors, alleging that owner Jeffrey Tegethoff engaged in misconduct that makes current management unfit to oversee the restructuring. The motion was filed Wednesday in the Eastern District of Missouri. Among the allegations are insider transactions, inaccurate financial disclosures, disregard of corporate formalities, and the commingling of assets across affiliated entities. Creditors argue that these actions have compromised the integrity of the bankruptcy estates and require the appointment of a neutral fiduciary to take control of the cases, the report relays. The filing maintains that the debtors have effectively acknowledged weaknesses in their corporate governance and that evidence of fraudulent conduct justifies the extraordinary step of appointing a Chapter 11 trustee. Creditors also contend that an independent investigation could identify additional assets or claims that would enhance recoveries for the estate, according to report. Tegethoff Development, a Missouri-based real estate developer, had been involved in residential and commercial development projects before filing for Chapter 11 protection. The bankruptcy court is expected to consider the creditors' motion at a future hearing, where it will decide whether the appointment of a trustee is warranted, the report states. About Tegethoff Development LLC Tegethoff Development, LLC is a Midwest-based real estate development company specializing in luxury multifamily, mixed-use, hospitality, and destination developments. Founded and led by Jeff Tegethoff, the company focuses on creating large-scale lifestyle communities and long-term investment properties across Missouri and other Midwestern markets. Tegethoff Development and its affiliates, Tegethoff Development Co., LLC and Pearl Capital Management, LLC, sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mo. Lead Case No. 26-42401) on June 1, 2026. At the time of the filing, Tegethoff Development reported assets of between $50 million and $100 million and liabilities of between $500 million and $1 billion. Robert E. Eggman, Esq., and Samuel S. Brand, Esq., at Carmody MacDonald P.C. serve as the Debtors' legal counsel. TOMS METAL: Commences Chapter 11 Bankruptcy in California --------------------------------------------------------- On July 7, 2026, Toms Metal Specialists Inc. filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Northern District of California. According to the court filing, the debtor reports estimated liabilities of $1,000,001 to $10 million and between 1 and 49 creditors. First meeting of creditors under Section 341(a) to be held on August 3, 2026 at 09:00 AM via UST Teleconference San Francisco, Call in number: 1-888-330-1716 Passcode: 8324431. About Toms Metal Specialists Inc. Toms Metal Specialists Inc. is a metal fabrication and manufacturing company that provides custom metalworking, fabrication, welding, and related industrial services for commercial and industrial customers. Toms Metal Specialists Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-30601) on July 7, 2026. In its petition, the debtor reported estimated assets of $0 to $50,000 and estimated liabilities of $1,000,001 to $10 million. The debtor is represented by Eric J. Gravel, Esq., of the Law Offices of Eric Gravel. TOUCHSTONE LOGISTICS: Seeks to Hire Geri Lyons Chase as Counsel --------------------------------------------------------------- Touchstone Logistics, LLC seeks approval from the U.S. Bankruptcy Court for the District of Maryland to employ the Law Office of Geri Lyons Chase as counsel. The firm will render these services: (a) advise the Debtor with respect to its powers and duties in the continued management of its property and operation of its affairs; (b) prepare on behalf of the Debtor necessary legal papers; (c) take the necessary steps to stay any action by creditors seeking liens, attachments, or other advantages by legal process or nonjudicial process. (d) negotiate and prepare a Plan of Reorganization; and (e) perform all other legal services for the Debtor as may be necessary herein. The firm's standard hourly rate is $400. The firm received a payment of $5,000, plus the filing fee of $1,738 from the Debtor. Geri Lyons Chase, Esq. disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Geri Lyons Chase, Esq. Law Office of Geri Lyons Chase 2007 Tidewater Colony Drive, Suite 2B Annapolis, MD 21401 Telephone: (410) 573-9004 Email: gchase@glchaselaw.com About Touchstone Logistics LLC Touchstone Logistics, LLC is a transportation and logistics company based in Cockeysville, Maryland. Touchstone Logistics filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Md. Case No. 26-16358) on June 13, 2026. In the petition signed by Alan Fabian, chief executive officer, the Debtor disclosed up to $100,000 in assets and up to $10 million in liabilities. Judge Nancy V. Alquist oversees the case. Geri Lyons Chase, Esq., at Law Office of Geri Lyons Chase, represents the Debtor as legal counsel. The Acting U.S. Trustee for Region 4 appointed Stephen Metz of Offit Kurman, PA as Subchapter V trustee for the Debtor. TPX COMMUNICATIONS: Davis Polk Advises Ad Hoc Lender Group ---------------------------------------------------------- Davis Polk is advising an ad hoc group of lenders in connection with TPx's chapter 11 filing in the U.S. Bankruptcy Court for the Southern District of Texas. On June 28, 2026, holders of approximately 98% of TPx's funded debt claims entered into a restructuring support agreement (RSA) in connection with the chapter 11 filing. TPx filed a prearranged plan of reorganization that will reduce TPx's funded indebtedness by approximately $1 billion. The members of the ad hoc group have committed to provide TPx with a debtor-in-possession financing facility in an aggregate amount of $73.5 million, consisting of $20 million in new money senior secured superpriority term loans, and approximately $53.5 million roll-up of outstanding term loans under TPx's prepetition bridge facility and prepetition first-lien term loan facility. At the first-day hearing, Judge Alfredo Perez approved the interim debtor-in-possession order and other first-day relief. TPx's proposed plan of reorganization provides for a dual-tracked process, including a court-supervised marketing process to consummate a section 363 sale and a toggle to a lender-supported recapitalization transaction if the sale process does not produce any qualifying bids. The recapitalization transaction, as set out in the RSA, contemplates a new first-lien exit facility in an aggregate amount of approximately $54.1 million, payment in full in cash of certain elected claims rolled under the debtor-in-possession facility and new preferred equity interests, consisting of up to $64.7 million in tranche A preferred equity interests and $9.8 million in tranche B preferred equity interests. TPx is a leading nationwide managed service provider for cybersecurity, networks and cloud communications that reduce risk and maximize the value of IT investments, serving approximately 11,000 customers across all 50 states. The Davis Polk restructuring team includes partners Damian S. Schaible and Natasha Tsiouris, counsel Michael Pera and David Kratzer and associates Kyle Kreider, Naomi R. Philhower, Daniel Tublin and Olive Monye. The finance team includes partner Jon Finelli and associates Christopher Martin and Benjamin J. Carlin. Partner Corey M. Goodman is providing tax advice. All members of the Davis Polk team are based in the New York office. Davis Polk refers to Davis Polk & Wardwell LLP, a New York limited liability partnership, and its associated entities. About TPx TPx -- www.tpx.com -- delivers managed services for cybersecurity, networks, and cloud communications that reduce risk and maximize the value of IT investments. TRIMONT ENERGY GIB: Gets Extension to Access Cash Collateral ------------------------------------------------------------ Trimont Energy (GIB), LLC received 27th interim approval from the U.S. Bankruptcy Court for the Eastern District of Louisiana to continue to use cash collateral. The court's 27th interim order approved the use of cash collateral for the period from Oct. 25, 2023, through the date which is five business days following a declaration to terminate, reduce or restrict the ability to use cash collateral by the Debtor. Certain entities may possess oil and gas liens under the Louisiana Oil Well Lien Act (LOWLA) on oil and gas assets owned by the Debtor. As protection against any diminution in value of their interests in the pre-bankruptcy collateral, the LOWLA lienholders will be granted valid and perfected security interests in, and liens on, the Debtor's assets. These liens do not apply to any Chapter 5 causes of action and the proceeds, thereof. To the extent the liens granted prove to be inadequate, the LOWLA lienholders will receive superpriority administrative expense claims, subject to a fee carveout. The termination events under the 27th interim order include the filing by the Debtor of documents pertaining to a debtor-in-possession financing that adversely effects the LOWLA lienholders' liens; a default by the Debtor in reporting financial information; dismissal or conversion of the Debtor's Chapter 11 case; the appointment of a Chapter 11 trustee or examiner with enlarged powers; or other responsible person; and the failure by the Debtor to perform its obligations under the 21st interim order. The next hearing is set for September 2. The 27th interim order is available at https://short.do/ifY4d- from PacerMonitor.com. About Trimont Energy (GIB) Trimont Energy (GIB), LLC is a Houston-based company, which operates in the oil and gas extraction industry. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. La. Case No. 23-11869) on Oct. 25, 2023, with $1 million to $10 million in both assets and liabilities. Christopher O. Ryals, chief restructuring officer, signed the petition. Judge Meredith S. Grabill oversees the case. Douglas S. Draper, Esq., at Heller, Draper & Horn, LLC represents the Debtor as legal counsel. TRIMONT ENERGY LIMITED: Gets Extension to Access Cash Collateral ---------------------------------------------------------------- Trimont Energy Limited, Inc. received 27th interim approval from the U.S. Bankruptcy Court for the Eastern District of Louisiana to use cash collateral. The court's 27th interim order approved the use of cash collateral for the period from Oct. 25, 2023, through the date which is five business days following a declaration to terminate, reduce or restrict the ability to use cash collateral by the Debtor. Certain entities may possess oil and gas liens under the Louisiana Oil Well Lien Act (LOWLA) on oil and gas assets owned by the Debtor. As adequate protection against any diminution in value of their interests in the pre-bankruptcy collateral, the LOWLA lienholders will be granted valid and perfected security interests in, and liens on, the Debtor's assets. These liens do not apply to any Chapter 5 causes of action and the proceeds, thereof. To the extent the liens granted prove to be inadequate, the LOWLA lienholders will receive superpriority administrative expense claims, subject to a carveout. The termination events under the 27th interim order include the filing by the Debtor of documents pertaining to a debtor-in-possession financing that adversely effects the LOWLA lienholders' liens; a default by the Debtor in reporting financial information; dismissal or conversion of the Debtor's Chapter 11 case; the appointment of a Chapter 11 trustee or examiner with enlarged powers; or other responsible person; and the failure by the Debtor to perform its obligations under the 21th interim order. The next hearing is set for September 2. The 27th interim order is available at https://short.do/DilFgz from PacerMonitor.com. About Trimont Energy Limited Inc. Trimont Energy Limited, Inc., a company in Houston, Texas, filed its voluntary petition for Chapter 11 protection (Bankr. E.D. La. Case No. 23-11872) on October 25, 2023, listing between $1 million and $50 million in both assets and liabilities. Christopher O. Ryals, chief restructuring officer, signed the petition. Judge Meredith S. Grabill oversees the case. The Debtor is represented by: Douglas S. Draper, Esq. Heller, Draper & Horn L.L.C. Tel: 504-299-3300 Email: ddraper@hellerdraper.com TRIMONT ENERGY NOW: Gets Extension to Access Cash Collateral ------------------------------------------------------------ Trimont Energy (NOW), LLC received another extension from the U.S. Bankruptcy Court for the Eastern District of Louisiana to use cash collateral. The court's 27th interim order approved the use of cash collateral for the period from Oct. 25, 2023, through the date which is five business days following a declaration to terminate, reduce or restrict the ability to use cash collateral by the Debtor. Certain entities may possess oil and gas liens under the Louisiana Oil Well Lien Act (LOWLA) on oil and gas assets owned by the Debtor. As protection against any diminution in value of their interests in the pre-bankruptcy collateral, the LOWLA lienholders will be granted valid and perfected security interests in, and liens on, the Debtor's assets. These liens do not apply to any Chapter 5 causes of action and the proceeds, thereof. To the extent the liens granted prove to be inadequate, the LOWLA lienholders will receive allowed superpriority administrative expense claims, subject to a fee carveout. The termination events under the 27th interim order include the filing by the Debtor of documents pertaining to a debtor-in-possession financing that adversely effects the LOWLA lienholders' liens; a default by the Debtor in reporting financial information; dismissal or conversion of the Debtor's Chapter 11 case; the appointment of a Chapter 11 trustee or examiner with enlarged powers; or other responsible person; and the failure by the Debtor to perform its obligations under the 21th interim order. The next hearing is set for September 2. The 27th interim order is available at https://short.do/Ninm55 from PacerMonitor.com. About Trimont Energy (Now) Trimont Energy (NOW) LLC, a company in Houston, Texas, filed its voluntary petition for Chapter 11 protection (Bankr. E.D. La. Case No. 23-11868) on October 25, 2023, listing $1 million to $10 million in both assets and liabilities. Christopher O. Ryals, chief restructuring officer, signed the petition. Judge Meredith S. Grabill oversees the case. The Debtor tapped Heller, Draper, & Horn, LLC as legal counsel; Chaffe & Associates, Inc. as financial advisor; and Christopher O. Ryals of RCO Capital, LLC as chief operating officer. TRM NRE: Court Sets July 29, 2026 General Bar Date -------------------------------------------------- On April 21, 2026, TRM NRE Holding LLC and TRM NRE Acquisition LLC (collectively, the "Debtors") filed voluntary petitions for relief under chapter 11 of 11 U.S.C. 101 et seq. (the "Bankruptcy Code"). On June 3, 2026, the United States Bankruptcy Court for the District of Delaware (the "Court") entered an order (the "Bar Date Order") establishing: (a) General Bar Date: the date that is thirty (30) days from the date on which the Debtors file the schedules of assets and liabilities (the "Schedules") and serve the Bar Date Notice, which shall be July 29, 2026 at 4:00 p.m. (ET),as the deadline for all persons or entities, other than governmental units (as defined in section 101(27) of the Bankruptcy Code, "Governmental Units"), to file proofs of claim (each, a "Proof of Claim") based on claims against any Debtor that arose prior to the Petition Date, including claims for the value of goods sold to any Debtor in the ordinary course of business and received by such Debtor within twenty (20) days before the Petition Date (each, a "503(b)(9) Claim") that remain unpaid (the "General Bar Date"); (b) Governmental Bar Date: October 19, 2026, at 4:00 p.m. (ET) as the deadline for all Governmental Units to file Proofs of Claim against any Debt or based on claims against such Debtor that arose prior to the Petition Date that remain unpaid (the "Governmental Bar Date"); (c) Amended Schedules Bar Date: As applicable, (a) the later of (i) the General Bar Date and (ii) 4:00 p.m. (ET) on the date that is thirty (30) days from the date on which such Debtor provides notice of an amendment or supplement to the Schedules as the deadline by which claimants holding claims affected by such amendment or supplement must file Proofs of Claim with respect to such claim; and (b)as to Governmental Units, the later of (i) the Governmental Bar Date, and(ii) 4:00 p.m.(ET),on the date which is thirty (30) days from the date on which such Debtor provides notice of the amendment or supplement to the Schedules as the deadline by which claimants holding claims affected by such amendment or supplement must file Proofs of Claim with respect to such claim; and (d) Rejection Damages Claims Bar Date: As applicable, (a) the later of(i) the General Bar Date and (ii) 4:00 p.m. (ET) on the date which is thirty (30) days following the entry of an order approving the rejection of an executory contract or unexpired lease (a "Rejection Order"); (b) as to Governmental Units, the later of (i) the Governmental Bar Date and (ii) 4:00 p.m. (ET) on the date which is thirty 30) days following the entry of a Rejection Order; or (c) any other date the Court may fix in the applicable Rejection Order. You should consult an attorney if you have any questions, including whether to file a Proof of Claim. If you have any questions with respect to this notice, you may contact the Debtors' claims and noticing agent, Stretto, Inc., by e-mail at TeamTRMNRE@stretto.com, or by calling the toll-free information line at (855) 650-4742 or ((562) 614-6292 if calling from outside the United States or Canada). Please note that Stretto is not permitted to provide legal advice. About TRM NRE TRM NRE is a Mt. Vernon, Illinois-based debtor that supplies new, used, and remanufactured locomotives and provides locomotive, diesel engine, rail, marine, and power-related services. The company offers leasing, field services, parts, salvage operations, overhauls, wreck repairs, and locomotive design, manufacturing, and re-engineering. It also provides marine and industrial diesel engine sales and service, automation and control services, and engine generator set and equipment sales. TRM NRE serves Class 1, regional, short line, government, and industrial railroads, along with OEMs, leasing companies, marine and industrial power customers, gas and oil platforms, and stationary power users. TRM NRE Holding LLC and TRM NRE Acquisition LLC filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No 26-10568) on April 21, 2026. The petitions were signed by Shaun Karn as authorized signatory. Each Debtor reported estimated assets of $10 million to $50 million and estimated liabilities of $10 million to $50 million. The Hon. Karen B. Owens presides over the cases. DLA Piper LLP is the Debtors' counsel, and Bayard, P.A., is the bankruptcy co-counsel. Stretto, Inc., is the Debtors' claims and noticing agent. ULTINON MOTION: Plan Confirmation Hearing Scheduled for July 24 --------------------------------------------------------------- On June 16, 2026, the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division entered an order (the "Disclosure Statement Order"): (i) authorizing Ultinon Motion Holding B.V. and its affiliated debtors and debtors in possession (collectively, the "Debtors") to solicit acceptances for the Combined Disclosure Statement and Chapter 11 Plan of Liquidation of Ultinon Motion Holding B.V. and Its Affiliated Debtors under Chapter 11 of the Bankruptcy Code (as modified, amended, or supplemented from time to time and including all exhibits and supplements thereto, the "Plan" or "Disclosure Statement" or "Plan and Disclosure Statement", as applicable); (ii) conditionally approving the Disclosure Statement as containing "adequate information" pursuant to section 1125 of the Bankruptcy Code; (iii) approving the solicitation materials and documents to be included in the solicitation package (the "Solicitation Package"); (iv) approving procedures for soliciting, noticing, receiving, and tabulating votes on the Plan; and (v) scheduling certain dates with respect thereto. The hearing to consider final approval of the Disclosure Statement and Confirmation of the Plan (the "Combined Hearing") will commence on July 24, 2026 at 10:00 a.m. (prevailing Central Time) before the Honorable Christopher M. Lopez in the United States Bankruptcy Court for the Southern District of Texas, located at 515 Rusk Street, Courtroom 402, Houston, Texas, 77002. Please be advised that the Combined Hearing may be continued from time to time by the Court or the Debtors without further notice other than by such adjournment being announced in open court or by a notice of adjournment filed with the Court and served on other parties entitled to notice. The Plan may be modified, if necessary, prior to, during, or as a result of the Combined Hearing. Parties may participate in the hearing either in person or by an audio and video connection. Audio communication will be by use of the Court's dial-in facility. You may access the facility at (832) 917-1510. Once connected, you will be asked to enter the conference room number. Judge Lopez's conference room number is 590153. Video communication will be by use of the GoToMeeting platform. Connect via the free GoToMeeting application or click the link on Judge Lopez's home page. The meeting code is "JudgeLopez". Click the settings icon in the upper right corner and enter your name under the personal information setting. Hearing appearances must be made electronically in advance of both electronic and in-person hearings. To make your appearance, click the "Electronic Appearance" link on Judge Lopez's home page. Select the case name, complete the required fields and click "Submit" to complete your appearance. CRITICAL INFORMATION REGARDING VOTING ON THE PLAN Voting Record Date. The voting record date is June 15, 2026 (the "Voting Record Date"), which is the date for determining which Holders of Claims in Classes 2, 3, and 4 are entitled to vote on the Plan and which Holders of Claims and Interests in the Non-Voting Classes are eligible to elect to opt-in to the grant of the third-party release provisions set forth in Section XV.C of the Plan. Voting and Opt-In Deadline. The deadline to vote on the Plan and/or elect to opt-in to the grant of the third-party release provisions set forth in Section XV.C of the Plan is July 17, 2026 at 4:00 p.m. (prevailing Central Time) (the "Voting and Opt-In Deadline"). If you received the Solicitation Package, including a Ballot and intend to vote on the Plan you must: (i) follow the instructions contained on your Ballot carefully; (ii) complete all of the required information on the Ballot; and (iii) execute and return your completed Ballot according to voting instructions set forth in detail therein so that it is actually received by the Debtors' claims, noticing, and voting agent ("Kroll", the "Voting Agent", or the "Claims and Noticing Agent"), on or before the Voting Deadline. If you have not received a Solicitation Package and you believe you are entitled to vote on the Plan, email the Claims Agent at UltinonInfo@ra.kroll.com with ("Ultinon Solicitation Inquiry" in the subject line) requesting a Solicitation Package, including a Ballot, and submit your Ballot prior to the Voting and Opt-In Deadline. Failure to follow such instructions may disqualify your vote. Confirmation Objection Deadline. The deadline for filing objections to confirmation of the Plan and the adequacy of the Disclosure Statement is July 17, 2026 at 4:00 p.m. (prevailing Central Time) (the "Objection Deadline"). Any objection to the relief sought at the Combined Hearing: must: (i) be in writing; (ii) comply with the Bankruptcy Rules and the Bankruptcy Local Rules; (iii) state, with particularity, the legal and factual bases for the objection and, if practicable, a proposed modification to the Plan (or related materials) that would resolve such objection; and (iv) on or before the Objection Deadline, be filed with the Court and served on Debtors' counsel via e-mail at: CLIFFORD CHANCE US LLP Texas Tower 845 Texas Avenue, Suite 2700 Houston, Texas 77002 Attention: David Smith (david.smith@cliffordchance.com) CLIFFORD CHANCE US LLP Two Manhattan West 375 9th Avenue New York, New York 10001 Attention: David M. Feldman (david.feldman@cliffordchance.com) Brian J. Lohan (brian.lohan@cliffordchance.com) Matthew L. Hinker (matthew.hinker@cliffordchance.com) Madelyn Nicolini (madelyn.nicolini@cliffordchance.com) ADDITIONAL INFORMATION REGARDING THE PLAN AND DISCLOSURE STATEMENT Obtaining Solicitation Materials. If you wish to receive paper copies of the Plan and Disclosure Statement, they will be provided, as quickly as practicable, free of charge, upon request to the Voting Agent by writing to UltinonInfo@ra.kroll.com (with "Ultinon Solicitation Inquiry" in the subject line) or calling the Voting Agent's bankruptcy inquiries hotline at (888) 537-2118 (U.S./Canada, Toll-Free) or +1 (332) 232-6184 (International, Toll). Copies of the Plan and Disclosure Statement are also available for free on the Voting Agent's website at https://restructuring.ra.kroll.com/ultinon and are on file with the Clerk of the Bankruptcy Court for the Southern District of Texas, and may be reviewed during the regular hours of the Court or online through the Bankruptcy Court's website, for a fee, at https://www.txs.uscourts.gov/page/bankruptcy-court. IF YOU HAVE ANY QUESTIONS REGARDING YOUR CLAIM OR THE VOTING PROCEDURES, OR IF YOU NEED A BALLOT OR ADDITIONAL COPIES OF THE PLAN AND DISCLOSURE STATEMENT OR OTHER ENCLOSED MATERIALS, PLEASE CONTACT THE VOTING AGENT AS SET FORTH ABOVE. BINDING NATURE OF THE PLAN IF CONFIRMED, THE PLAN SHALL BIND ALL HOLDERS OF CLAIMS AND INTERESTS TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, WHETHER OR NOT SUCH HOLDER WILL RECEIVE OR RETAIN ANY PROPERTY OR INTEREST IN PROPERTY UNDER THE PLAN, HAS FILED A PROOF OF CLAIM IN THESE CHAPTER 11 CASES, OR FAILED TO VOTE TO ACCEPT OR REJECT THE PLAN OR VOTED TO REJECT THE PLAN. 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, the Debtor 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 serving as the Debtor's legal counsel. VANKIRK ELECTRIC: Plan Exclusivity Period Extended to Sept. 15 -------------------------------------------------------------- Judge Austin E. Carter of the U.S. Bankruptcy Court for the Middle District of Georgia extended Vankirk Electric Inc. and Mon Arc Group, Inc.'s exclusive periods to file a plan of reorganization and obtain acceptance thereof to Sept. 15 and Nov. 12, 2026, respectively. As shared by Troubled Company Reporter, the Debtors claim that although they have made significant progress these cases, they are still continuing to work to stabilize and improve the business. Additionally, Debtors and Fifth Third are continuing discussions on the formulation of a plan. Accordingly, more time is needed for Debtors to finalize and file a plan of reorganization. The Debtors also point to the following specific factors as supporting another 120-day extension in addition to the more general factors that supported the former motion: * the Debtors remain current in their post-petition obligations; * the Debtors continue to operate in good faith and are actively working to improve the business for the benefit of creditors, which business operations have seen continued improvement during the past 120 days; * the Debtors are not attempting to "pressure creditors" and are instead seeking to work with creditors, to improve the business and formulate a plan which maximizes recovery to all creditors; * the Debtors are in active conversations with Fifth Third Bank (the largest creditor) to negotiate and formulate a plan; and * this is just the Debtors' second request and, if granted, would place the Debtors well within the 18-month outside extension limit in Section 1121. Counsel for the Debtors: David L. Bury, Jr., Esq. Stone & Baxter, LLP 577 Third Street Macon, Georgia 31201 Tel: (478) 750-9898; Fax: (478) 750-9899 E-mail: dbury@stoneandbaxter.com About Vankirk Electric Inc. Vankirk Electric, Inc., sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Ga. Case No. 25-30511) on Sept. 19, 2025, listing up to $100 million in assets and liabilities. Loren Wesley Vankirk, chief executive officer, signed the petition. Judge Austin E. Carter oversees the case. David L. Bury, Jr., at Stone & Baxter, LLP, is the Debtor's legal counsel. Fifth Third Bank, N.A., as secured creditor, is represented by John A. Thomson, Jr., at Adams & Reese, LLP, in Atlanta, Georgia. WAIN ENTERPRISES: Section 341(a) Meeting of Creditors on August 7 ----------------------------------------------------------------- On July 8, 2026, Wain Enterprises, LLC filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Northern District of Georgia. According to the court filing, the debtor reports estimated liabilities of $10 million to $50 million and between 50 and 99 creditors. The Section 341(a) Meeting of Creditors will take place on August 7, 2026, at 2:00 p.m. by telephone conference. Interested parties may attend by dialing 888-330-1716 and entering access code 5032079. About Wain Enterprises, LLC Wain Enterprises, LLC, doing business as Wheelers, is a Rome, Georgia-based manufacturer of wood trusses and wall panels for the construction industry. The company produces structural building components and operates a fleet of tractors and trailers to support the distribution of its products throughout the Greater Atlanta region. Wain Enterprises, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-41157) on July 8, 2026. In its petition, the debtor reported estimated assets of $10 million to $50 million and estimated liabilities of $10 million to $50 million. The debtor is represented by G. Frank Nason IV, Esq., of Lamberth Cifelli Ellis & Nason, P.A. WELTY SERVICES: Gets Final OK to Use Cash Collateral ---------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Texas, Galveston Division, entered a final order authorizing Welty Services, LLC, to use cash collateral in its Chapter 11 case. Under the final order, the Debtor is authorized to use cash collateral from June 28 through Nov. 28 in accordance with the approved operating budget. The Debtor may vary from the budget without prior notice by up to 15% for weekly expense items forecast at $2,000 or less and by up to 10% for items exceeding $2,000. Any unused budgeted funds may be carried forward to future weeks, and if actual gross revenue exceeds projections, the Debtor may allocate up to 75% of the excess to cost of goods sold and up to 25% to overhead expenses. Any additional variances require either the SBA's consent or court approval. The U.S. Small Business Administration and Third Coast Bank, the Debtor's secured creditors, will receive payments as provided in the approved projections as adequate protection. The order specifically requires monthly payments of $3,472.80 to Third Coast Bank for its two loans secured by the Debtor's real property in Angleton, Texas, while also granting the bank replacement liens on personal property, with the same priority, extent, and validity as its pre-petition liens. Moreover, Third Coast Bank is granted access to inspect the Debtor's financial records and property while preserving both the bank's right to seek additional adequate protection and the Debtor's right to oppose any such request. The final order does not finally determine the validity, extent, or priority of any creditor's collateral interests and preserves the rights of all parties regarding future disputes. Before the current cash collateral authority expires, the Debtor must file updated revenue and expense projections covering the period after Nov. 28. A copy of the court's order and the Debtor's budget is available at https://short.do/06uiH0 from PacerMonitor.com. Third Coast Bank is represented by: Jason T. Rodriguez, Esq. Higier Allen & Lautin, P.C. The Tower at Cityplace 2711 N. Haskell Ave., Suite 2400 Dallas, TX 75204 Telephone: (972) 716-1888 Facsimile: (972) 716-1899 jrodriguez@higierallen.com About Welty Services LLC Welty Services, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 25-80315) on July 10, 2025, listing between $1 million and $10 million in assets and liabilities. The petition was signed by Donnie Welty Jr. as managing member. Judge Alfredo R. Perez oversees the case. The Debtor tapped Genevieve Marie Graham, Esq., at Genevieve Graham Law, PLLC and Steven Robert Fox, Esq., as legal counsel; and Lucove, Say & Co. as accountant. WEST MARINE: Committee Hires Ice Miller LLP as Delaware Counsel --------------------------------------------------------------- The official committee of unsecured creditors of West Marine, Inc. and affiliates seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Ice Miller LLP as Delaware counsel, as disclosed in a sealed application. The firm's services include: a. providing legal advice regarding local rules, practices, and procedures and providing substantive and strategic advice on how to accomplish Committee goals, bearing in mind that the Delaware Bankruptcy Court relies on Delaware counsel such as Ice Miller to be involved in all aspects of each bankruptcy proceeding; b. drafting, reviewing and commenting on drafts of documents to ensure compliance with the Local Rules, practices, and procedures; c. drafting, filing and service of documents as requested by Kelley Drye; d. preparing certificates of no objection, certifications of counsel, and notices of fee applications; e. printing of documents and pleadings for hearings, preparing binders of documents and pleadings for hearings; f. appearing in Court and at any meetings of creditors on behalf of the Committee in its capacity as Delaware counsel with Kelley Drye; g. monitoring the docket for filings and coordinating with Kelley Drye on pending matters that may need responses; h. participating in calls with the Committee; i. providing additional administrative support to Kelley Drye, as requested; and j. taking on any additional tasks or projects the Committee may assign. The firm will be paid at these rates: Partners $940 to $1,035 per hour Associates $525 to $585 per hour Paraprofessionals $445 per hour In addition, the firm will seek reimbursement for its out-of-pocket expenses. The following is provided in response to the request for additional information set forth in Paragraph D.1. of the Revised UST Guidelines: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Response: No. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Response: No. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If your billing rates and material financial terms have changed postpetition, explain the difference and the reasons for the difference. Response: Ice Miller did not represent the Committee in the 12 months prepetition. Ice Miller may represent in the future certain Committee members and/or their affiliates in their capacities as members of official committees in other chapter 11 cases or individually in matters wholly unrelated to these Chapter 11 Cases. Question: Has your client approved your prospective budget and staffing plan, and, if so, for what budget period? Response: Ice Miller expects to develop a budget and staffing plan to reasonably comply with the U.S. Trustee's request for information and additional disclosures, as to which Ice Miller reserves all rights. Mr. Samis 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: Christopher M. Samis, Esq. R. Stephen McNeill, Esq. Sarah R. Gladieux, Esq. ICE MILLER LLP 500 Delaware Avenue, Suite 220 Wilmington, DE 19801 Telephone: (302) 313-0600 Email: christopher.samis@icemiller.com stephen.mcneill@icemiller.com sarah.gladieux@icemiller.com About West Marine, Inc. West Marine Inc. is a U.S.-based marine retail company specializing in boating, fishing and marine maintenance products. Established in 1968, the company operates one of the country's largest networks of boating supply stores, offering products ranging from marine electronics and navigation tools to fishing accessories, apparel and safety equipment. West Marine Inc. and certain of its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 26-10794) on May 17, 2026. The Debtors listed $500 million to $1 billion in estimated assets and liabilities. The petition was signed by Paulee Day as chief executive officer. The Debtors hired Kirkland & Ellis LLP and Young Conaway Stargatt Taylor, LLP, as restructuring counsel. The Debtors tapped Triple P Securities, LLC as their investment banker. FTI Consulting Inc. is the Debtors' restructuring advisor. The Debtors' claims and the noticing agent is Kurtzman Carson Consultants LLC dba Verita Global. Hilco Merchant Resource LLC and Hilco Real Estate LLC are the Debtors' real estate advisor and liquidator. The Official Committee of Unsecured Creditors retained Province, LLC as financial advisor; Kelley Drye & Warren LLP as Lead and Ice Miller LLP as Delaware Counsel. Milbank LLP and Richards, Layton & Finger, P.A. represent an Ad Hoc Group of Consenting Stakeholders of loans to and equity interests in Rising Tide Holdings Inc. WEST MARINE: Committee Hires Kelley Drye & Warren as Counsel ------------------------------------------------------------ The official committee of unsecured creditors of West Marine, Inc. and affiliates seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Kelley Drye & Warren LLP as lead counsel, as disclosed in a redacted application. The firm will provide these services: (a) advise the Committee with respect to its rights, duties and powers in these chapter 11 cases; (b) assist and advise the Committee in its consultations with the Debtors and in connection with the administration of these chapter 11 cases, the use of cash collateral, the sale process, the plan process, and the ultimate disposition of the Debtors' estates; (c) assist the Committee in the investigations into (i) historic conduct and transactions that may provide value for creditors, and (ii) the assets, liabilities, and financial condition of the Debtors; (d) appear before this Court, and any other federal or state courts; (e) prepare, on behalf of the Committee, any pleadings, including motions, memoranda, complaints, objections, and responses to matters arising in these cases; and (f) perform such other legal services as may be required or are otherwise deemed to be in the interests of the Committee in accordance with the Committee's powers and duties as set forth in the Bankruptcy Code, Bankruptcy Rules, or other applicable law. The firm will be paid at these rates: Partners $975 to $1,575 per hour Special Counsel $600 to $1,135 per hour Associates $605 to $1,015 per hour Paraprofessionals $310 to $540 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. The following is provided in response to the request for additional information set forth in D.1 of the Appendix B Guidelines: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Answer: No. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Answer: No. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments the 12 months prepetition. If your billing rates and material financial terms have changed postpetition, explain the difference and the reasons for the difference. Answer: Kelley Drye did not represent the Committee in the 12 months prepetition. Kelley Drye has represented other committees in the 12 months prepetition in other bankruptcy cases. Question: Has your client approved your prospective budget and staffing plan and, if so, for what budget period. Answer: Yes. For the period from June 1, 2026, through August 31, 2026. Mr. Adams 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 R. Wilson, Esq. Jason R. Adams, Esq. Maeghan J. McLoughlin, Esq. KELLEY DRYE & WARREN LLP 3 World Trade Center 175 Greenwich Street New York, NYork 10007 Telephone: (212) 808-7800 Facsimile: (212) 808-7897 Email: ewilson@kelleydrye.com jadams@kelleydrye.com mmcloughlin@kelleydrye.com About West Marine, Inc. West Marine Inc. is a U.S.-based marine retail company specializing in boating, fishing and marine maintenance products. Established in 1968, the company operates one of the country's largest networks of boating supply stores, offering products ranging from marine electronics and navigation tools to fishing accessories, apparel and safety equipment. West Marine Inc. and certain of its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 26-10794) on May 17, 2026. The Debtors listed $500 million to $1 billion in estimated assets and liabilities. The petition was signed by Paulee Day as chief executive officer. The Debtors hired Kirkland & Ellis LLP and Young Conaway Stargatt Taylor, LLP, as restructuring counsel. The Debtors tapped Triple P Securities, LLC as their investment banker. FTI Consulting Inc. is the Debtors' restructuring advisor. The Debtors' claims and the noticing agent is Kurtzman Carson Consultants LLC dba Verita Global. Hilco Merchant Resource LLC and Hilco Real Estate LLC are the Debtors' real estate advisor and liquidator. The Official Committee of Unsecured Creditors retained Province, LLC as financial advisor; Kelley Drye & Warren LLP as Lead and Ice Miller LLP as Delaware Counsel. Milbank LLP and Richards, Layton & Finger, P.A. represent an Ad Hoc Group of Consenting Stakeholders of loans to and equity interests in Rising Tide Holdings Inc. WEST MARINE: Committee Hires Province as Financial Advisor ---------------------------------------------------------- The official committee of unsecured creditors of West Marine, Inc. and affiliates seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Province, LLC as financial advisor, as disclosed in a redacted application. The firm's services include: a. becoming familiar with and analyzing the Debtors' Cash Collateral budget, assets and liabilities, and overall financial condition; b. reviewing financial and operational information furnished by the Debtors; c. monitoring the sale process, interfacing with the Debtors' professionals, and advising the Committee regarding the process; d. scrutinizing the economic terms of various agreements, including, but not limited to, various professional retentions; e. analyzing the Debtors' proposed business plans and developing alternative scenarios, if necessary; f. assessing the Debtors' various pleadings and proposed treatment of unsecured creditor claims therefrom; g. preparing, or reviewing as applicable, avoidance action and claim analyses; h. assisting the Committee in reviewing the Debtors' financial reports, including, but not limited to, statements of financial affairs, schedules of assets and liabilities, DIP/Cash Collateral budgets, and monthly operating reports; i. advising the Committee on the current state of these chapter 11 cases; j. advising the Committee in negotiations with the Debtors and third parties as necessary; k. if necessary, participating as a witness in hearings before the Court with respect to matters upon which Province has provided advice; and l. other activities as are approved by the Committee, the Committee's counsel, and as agreed to by Province. The firm will be paid at these hourly rates: Managing Directors and Partners $900-$1,600 Vice Presidents/Directors/Senior Directors $700-$1,050 Analysts/Associates/Senior Associates $370-$750 Paraprofessional/Admin/Interns $270-$380 The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Kietlinski 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: Sanjuro Kietlinski Province, LLC 2360 Corporate Circle, Suite 340 Henderson, NV 89074 Tel: (702) 685-5555 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. The Debtors listed $500 million to $1 billion in estimated assets and liabilities. The petition was signed by Paulee Day as chief executive officer. The Debtors hired Kirkland & Ellis LLP and Young Conaway Stargatt Taylor, LLP, as restructuring counsel. The Debtors tapped Triple P Securities, LLC as their investment banker. FTI Consulting Inc. is the Debtors' restructuring advisor. The Debtors' claims and the noticing agent is Kurtzman Carson Consultants LLC dba Verita Global. Hilco Merchant Resource LLC and Hilco Real Estate LLC are the Debtors' real estate advisor and liquidator. The Official Committee of Unsecured Creditors retained Province, LLC as financial advisor; Kelley Drye & Warren LLP as Lead and Ice Miller LLP as Delaware Counsel. Milbank LLP and Richards, Layton & Finger, P.A. represent an Ad Hoc Group of Consenting Stakeholders of loans to and equity interests in Rising Tide Holdings Inc. WHITEHALL PHARMACY: Gets Extension to Access Cash Collateral ------------------------------------------------------------ Whitehall Pharmacy, LLC received another extension from the U.S. Bankruptcy Court for the Eastern District of Arkansas, Central Division, to use cash collateral. The court extended the Debtor's authority to use cash collateral through July 31 under the same terms and conditions previously approved, ensuring uninterrupted business operations while its Chapter 11 case proceeds. The Debtor currently provides prescription services to approximately 80,000 to 90,000 patients across Pulaski, Lincoln, and Jefferson Counties in Arkansas, making uninterrupted access to cash collateral critical to maintain its pharmacy operations. The Debtor's cash collateral consists of cash on hand and on deposit, accounts receivable, collections, and proceeds from inventory and other encumbered assets, all of which are subject to security interests asserted primarily by Stone Bank and Cardinal Health. Stone Bank claims a blanket lien on substantially all of the Debtor's assets, including accounts receivable, inventory, and their proceeds, and also holds a first mortgage on certain real property owned by a related non-debtor entity, DOP Properties, LLC. Meanwhile, Cardinal Health asserts a security interest in inventory, accounts receivable, and related proceeds, although the Debtor disputes portions of its asserted secured and administrative expense claims. According to the Debtor, these are the only creditors currently claiming interests in its cash collateral. The order is available at http://bankrupt.com/misc/WhitehallPharmacy_ICCOrder219.pdf About Whitehall Pharmacy Whitehall Pharmacy, LLC, operates pharmacies in multiple locations in Arkansas. Whitehall Pharmacy sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Ark. Case No. 25-12406) on July 21, 2025, listing between $1 million and $10 million in assets andliabilities. Floyd Lelan Stice, company owner, signed the petition. Judge Phyllis M. Jones oversees the case. The Debtor tapped Charles Darwin Davidson, Sr., at Davidson Law Firm, as bankruptcy counsel and Sykes & Company, P.A,. as accountant. WHITNEY OIL & GAS: Gets Extension to Access Cash Collateral ----------------------------------------------------------- Whitney Oil & Gas, LLC received another extension from the U.S. Bankruptcy Court for the Eastern District of Louisiana to use cash collateral. The court's 27th interim order authorized the use of cash collateral for the period from Oct. 26, 2023, through the date which is five business days following a declaration to terminate, reduce or restrict the ability to use cash collateral by the Debtor. Certain entities may possess oil and gas liens under the Louisiana Oil Well Lien Act (LOWLA) on oil and gas assets owned by the Debtor. As protection for any diminution in value of their interests in the pre-bankruptcy collateral, the LOWLA lienholders will be granted valid and perfected security interests in, and liens on, the Debtor's assets, subject to a fee carveout. These liens do not apply to any Chapter 5 causes of action and the proceeds, thereof. To the extent the liens granted prove to be inadequate, the LOWLA lienholders will receive a superpriority administrative expense claims, junior to the fee carveout. The termination events under the 27th interim order include the filing by the Debtor of documents pertaining to a debtor-in-possession financing that adversely effects the LOWLA lienholders' liens; a default by the Debtor in reporting financial information; dismissal or conversion of the Debtor's Chapter 11 case; the appointment of a Chapter 11 trustee or examiner with enlarged powers; or other responsible person; and the failure by the Debtor to perform its obligations under the 21th interim order. The next hearing is set for September 2. The 27th interim order is available at https://short.do/zm5pA8 from PacerMonitor.com. About Whitney Oil & Gas Whitney Oil & Gas, LLC operates in the oil and gas extraction industry. The company is based in Houston, Texas. Whitney Oil & Gas filed Chapter 11 petition (Bankr. E.D. La. Case No. 23-11873) on Oct. 26, 2023, with $1 million to $10 million in both assets and liabilities. Judge Meredith S. Grabill oversees the case. Douglas S. Draper, Esq., at Heller, Draper & Horn, LLC is the Debtor's legal counsel. YESCARE CORP: Insider Faces Final Contempt Warning in Ch. 11 Case ----------------------------------------------------------------- Angelica Serrano-Roman of Bloomberg Law reports that a bankruptcy court has given Isaac Lefkowitz, an executive of YesCare Corp., one final opportunity to comply with discovery requests before deciding whether contempt sanctions are warranted. Rather than issuing an immediate contempt ruling, the court directed Lefkowitz and a related business to identify all responsive records and explain the absence of any requested documents concerning the company's financial operations and corporate organization. In a Wednesday, July 8, 2026, order, Judge Luis E. Rivera II required Lefkowitz to make himself available for a deposition by the unsecured creditors' committee within five business days. Creditors have been investigating the flow of funds among YesCare and affiliated entities as part of their efforts to determine whether additional assets or claims may be available for the benefit of the estate. The ruling builds on earlier court orders addressing alleged failures to comply with discovery obligations involving affiliate CHS. The judge indicated that continued noncompliance could lead to contempt findings and additional sanctions if the parties fail to meet the court's latest deadlines, the report relays. About YesCare Corp. YesCare Corp. is a correctional healthcare company. YesCare Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-01089) on May 8, 2026. In its petition, the Debtor reports estimated assets between $50 million and $100 million and estimated liabilities between $100 million and $500 million. Honorable Bankruptcy Judge Luis Ernesto Rivera II handles the case. The Debtor is represented by Michael R. Dal Lago, Esq. of Dal Lago Law. Polsinelli PC serves as general bankruptcy counsel. The Debtor tapped David Goldwasser of FIA Capital Partners, LLC as financial advisor and Omni Agent Solutions, Inc. as claims agent. ZONED PROPERTIES: Receives $1M From Green Valley & Kingman Sale --------------------------------------------------------------- Zoned Properties, Inc. announced in a regulatory filing that the closing with respect to the Green Valley Property and the Kingman Property was effectuated, and the Purchaser timely exercised its right under the Purchase Agreement to extend the closing date with respect to the Chino Property to August 31, 2026, subject to the Purchaser's right to extend such closing date to September 30, 2026, on the terms and conditions set forth in the Purchase Agreement. Accordingly, on June 30, 2026, the Purchaser delivered a cash payment of $1.0 million, representing the portion of the aggregate purchase price for the Properties allocated to these two properties under the Purchase Agreement ($0.5 million for the Green Valley Property and $0.5 million for the Kingman Property). As previously reported in a Current Report on Form 8-K filed with the Securities and Exchange Commission on April 20, 2026, the Company through its wholly owned subsidiaries, Green Valley Group, LLC, an Arizona limited liability company, Kingman Property Group, LLC, an Arizona limited liability company, and Chino Valley Properties, LLC, an Arizona limited liability company, entered into a Real Estate Purchase and Sale Agreement with Broken Arrow Herbal Center, Inc., an Arizona corporation, pursuant to which the Seller agreed to sell to the Purchaser three properties consisting of: (i) property commonly known as 1732 W. Commerce Point Place, Green Valley, Arizona 85614, (ii) property commonly known as 2095 E. Northern Avenue, Kingman, Arizona 86409, and (iii) property commonly known as 2144-2148 N. Road 1 East, Chino Valley, Arizona 86323. The full text copy of the Purchase Agreement is available at https://tinyurl.com/5cmwjekr About Zoned Properties, Inc Zoned Properties is a technology-driven property investment Company focused on acquiring value-added real estate within the regulated cannabis industry in the United States. Headquartered in Scottsdale, Arizona, Zoned Properties is redefining the approach to commercial real estate investment through its standardized investment model backed by its proprietary property technology. Zoned Properties has developed a national ecosystem of real estate services to support its real estate development model, including a commercial real estate brokerage and a real estate advisory practice. As of December 31, 2025, the Company had $13.93 million in total assets, $10.86 million in total liabilities, and $3.07 million in total stockholders' equity. Boca Raton, Florida-based Salberg & Company, P.A., the Company's auditor since 2024, issued a "going concern" qualification in its report dated April 1, 2026, attached to the Company's Annual Report for the fiscal year ended December 31, 2025, citing that the Company had a net loss of $2.85 million. Furthermore, in December 2025 and January 2026 the Company entered into an agreement with a third party and with a related party management group, respectively, to sell all its assets. The closings are contingent on certain events occurring. If the Company sells some or all of its properties, it will have minimal or no operations. These matters raise substantial doubt about the Company's ability to continue as a going concern. ********* On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. 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