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260720.mbx T R O U B L E D C O M P A N Y R E P O R T E R Monday, July 20, 2026, Vol. 30, No. 201 Headlines 15 CODMAN: Hires Marcus & Millichap as Real Estate Broker 292 7TH STREET: Commences Subchapter V Bankruptcy in New Jersey 3 BROTHERS LAND: Gets Extension to Access Cash Collateral 325 GREENWICH: To Sell NY Property for $8.6MM 600 SPRING: Seeks Chapter 11 Bankruptcy in California 7 AT BLUE: Seeks to Sell Miami Property at Auction ACMV FACTOR: Variant Alternative Marks $6.2M Loan at 89% Off AION ACQUISITION: VA Income Fund Marks $467,000 Loan at 60% Off ALAMO BIOLOGICS: Seeks to Hire Villa & White as Bankruptcy Counsel ALL-CITY TOWING: Seeks Cash Collateral Access ALLIANCE MINERALS: Fitch Assigns 'BB' LongTerm IDR, Outlook Stable ALLIED ELECTRICAL: Seeks Subchapter V Bankruptcy in Texas AMBER ACQUISITIONCO: Fitch Assigns B+ LongTerm IDR, Outlook Stable AMBIPAR PARTICIPACOES: Seeks Switch to Chapter 15 in Texas AMERICAN SIGNATURE: Seeks Court OK for Google Antitrust Claims Sale AMERICAN SIGNATURE: To Sell Google Claims for $5.7MM AMERICAN TOOL: Tries to Rewrite Chapter 11 Settlement, Says EverBan ANGIE'S MOBILE: Cash Collateral Hearing Set for July 22 APP ACADEMY: Variant Alternative Marks $9.5M Loan at 41% Off APP ACADEMY: Variant Impact Marks $4.4M Loan at 57% Off APPLE TREE: Addresses Cayman Court Order Amid Chapter 11 ARCHDIOCESE OF NEW ORLEANS: Administrative Expense Claim Denied ART MONEY: Variant Alternative Marks $2.7M Loan at 82% Off ASCEND ELEMENTS: Gets Green Light for Chapter 11 Plan Votes ASSETTA ENTERPRISES: Seeks to Tap Barry Realty Group as Broker ATHENA MEDICAL: Dorsey Entitled to Fees Under Sec. 503(b)(1)(A) ATLANTIC RECOVERY: Carol Fox Named Subchapter V Trustee BANDON VAIF: Variant Alternative Marks $2.9M Loan at 81% Off BCPE LIGHTNING: S&P Assigns 'B' ICR, Outlook Stable BEAR COUNTRY: Kevin Neiman Named Subchapter V Trustee BEST BUY BAGELS: Ronald Friedman Named Subchapter V Trustee BHUJS INC: Mark Dennis of SL Biggs Named Subchapter V Trustee BLACKBEARD'S TRIPLE: LCF Must Pay $68K in Sanctions BLACKROCK TCP: Fitch Affirms 'BB' LongTerm IDR, Outlook Negative BLEUWAVE HOLDING: Seeks Subchapter V Bankruptcy in Arizona BRIGHT SIDE: Seeks to Hire Brian Million CPA as Accountant BRIGHTLINE TRAINS: Fitch Lowers Rating on $2BB Secured Bonds to CC BULA DEVELOPMENTS: Mora Loses Bid to Withdraw Reference CAPITAL MANAGEMENT: To Sell Settlement Contract to Pinnacle Capital CHARIOT PARENT: Fitch Affirms 'B-' LongTerm IDR, Outlook Stable CHINA EVERGRANDE: Saba Capital II Marks $57.6M Bond at 98% Off CLARIOS INTERNATIONAL: Fitch Alters Outlook on 'B' IDR to Positive CLEARSIDE BIOMEDICAL: Exits Ch. 11 with Steel Partners as Sponsor CLEARSIDE BIOMEDICAL: Exits Chapter 11, Gets $3MM Revolving Credit CREDIT SUITE: Court Extends Cash Collateral Access to Sept. 23 CUGINO'S PENNINGTON: Nancy Isaacson Named Subchapter V Trustee CUMULUS MEDIA: Court Affirms Preliminary Injunction in Nielsen Case D WOOD: To Sell Hotel Property to Utah Department of Transportation DEL MONTE: Minority Lenders Lose Bid for Direct Chapter 11 Appeal DELTA BIOFUEL: Hilco Global Launches UCC Foreclosure Sale of Assets DERIVATION FUNDING: Variant Impact Marks $2.2M Loan at 74% Off DIOCESE OF BURLINGTON: Accused of Hiding Funds from Abuse Survivors DIVERSIFIED WIRE: Seeks to Sell Vehicle & Wire Equipment at Auction DRUMMOND ROSS: Variant Alternative Marks $6.9M Loan at 27% Off DURANTE EQUIPMENT: Gets Interim OK to Use Cash Collateral DVM PROPERTIES: Court OKs Continued Use of Cash Collateral DYNAMIC TRANSPORT: Court Extends Cash Collateral Access to Aug. 26 EDLY WH: Variant Alternative Income Marks $22M Loan at 49% Off ELECTRONIC LAB: Court OKs $1MM DIP Loan, Cash Collateral Access ENDO INTERNATIONAL: Claimant Can't Modify 4th Amended Plan ENGLEWOOD CAR: Affiliate Gets Interim OK to Use Cash Collateral ESTHER SCHOOL: Hires Pellegrino McFarland as Accountant EXCELL COMMUNICATIONS: Gets Court OK for Chapter 11 Plan EXIGO LLC: Saratoga Investment Marks $23.7M 1L Loan at 27% Off FAT BRANDS: Execs Prevail in $47MM Loan Scheme Investor Case FIGURE TECHNOLOGY: Fitch Assigns 'B+' LongTerm IDR, Outlook Stable FIRST BRANDS: Asks Court to End Retirement Benefits in Chapter 11 FIRST BRANDS: Hilco, SB360, Maynards Auction Manufacturing Assets FIRST STONE: Lincoln Park Apartments Enter Receivership FORGENT POWER: S&P Raises ICR to 'B+' on Strong Performance FTX TRADING: To Distribute About $600MM to Creditors on July 31 GANDY'S TRANSPORT: Hires Offit Kurman P.C. as Counsel GENISIS SPORTS: Seeks Chapter 11 Bankruptcy in Georgia GEORGIA FURNITURE: 40-Year Old Furniture Chain Closes Permanently GLASS TUNNEL: Commences Chapter 11 Bankruptcy in California GOLDENPEAKS POLAND: Creditors' Disclosure Plan Review Time Extended GREENMILEEV LLC: Neema Varghese Named Subchapter V Trustee HARDCORE CONCRETE: Gets Extension to Access Cash Collateral HAWTHORNE RACE: At Risk of Closure After Bankruptcy Sale HIGH STREET HOTEL: Initiates Chapter 11 Bankruptcy in Mississippi HILLMAN GROUP: Fitch Assigns 'BB+' Rating on Senior Secured Debt HOLLY INVESTMENT: Hires Robert S. Altagen Inc. as Counsel HOLZHAUER FORD: Chapter 7 Trustee Loses Bid for Summary Judgment HOMETOWN LENDERS: Hires A&N Business Solutions LLC as Accountant IBODY INC: Seeks Cash Collateral Access Until Jan. 2 INCLUSION SOUTH: Variant Alternative Marks $10M Loan at 29% Off INCLUSION SOUTH: Variant Impact Marks $534,270 Loan at 29% Off INOTIV INC: Wins Court Confirmation of Plan of Reorganization INSTALLED BUILDING: Moody's Affirms 'Ba1' CFR, Outlook Stable J-CM SERVICES: Seeks Subchapter V Bankruptcy in Texas JANUS HENDERSON: Fitch Assigns 'BB+' LongTerm IDR, Outlook Stable JBT MAREL: Moody's Hikes CFR to Ba2, Outlook Stable JENNIFER EMERSON: To Sell Lancaster Property to Angie Lee for $262K KIRKBRIDE LAND: To Sell Ohio Property to Texas Eastern Transmission KNOWBE4 INC: Fitch Affirms 'B' LongTerm IDR, Outlook Stable KOINONIA CONSTRUCTION: Elko Property Sale to Tricia Cooper OK'd KPOWER GLOBAL: Trustee Hires LMU Consulting as Tax Consultant LEGAL CAPITAL: Variant Alternative Fund Marks $31M Loan at 21% Off LHLV LLC: Gets Interim OK to Use Cash Collateral Until Aug. 1 LIMETREE BAY: Affiliates Settle Toxic Leak Lawsuit for $35MM LITHOTYPE COMPANY: Court Extends Cash Collateral Access to Aug. 7 M&L EXPRESS: To Sell Vehicles to Pablo Guereca Jr. for $120K MANN & WIFE: Seeks Chapter 11 Bankruptcy in California MANN & WIFE: To Sell Restaurant to Purushottam Patelia for $155K MAR ENTERPRISES: Gets Final OK to Use Cash Collateral MARINA KALER: Deadline for Panel Questionnaires Set for July 22 MARINE WHOLESALE: Seeks Cash Collateral Access Until January 2027 MARTIN SELIG: Fourth & Blanchard Building Put Up for Sale MEADOW CREEK: Court OKs Pleasant Valley Property to B. & S. Tormey MEDICAL SYSTEMS: Gets OK to Use Cash Collateral Until Aug. 30 MERCY HOSPITAL: PeriGen Wins Bid to Dismiss Adversary Proceeding METHANEX CORP: S&P Alters Outlook to Positive, Affirms 'BB' ICR MIDDLE GEORGIA: Gets Interim OK to Use Cash Collateral MKZ DISTRIBUTION: Seeks Subchapter V Bankruptcy in Florida MMA LAW: US Trustee Objects to Insider Releases in Chapter 11 Plan MOUNTAIN REGIONAL: Gets Final OK to Use Cash Collateral MTF HOLDINGS: Court OKs Bid to Appoint Chapter 11 Trustee MUDARRI MOTORSPORTS: Hires Rekdal Hopkins Howard as Accountant MULTI-COLOR CORP: Saba Capital II Marks $1.5M Loan at 53% Off MULTI-RACE HOUSING: Seek to Tap MAC Appraisals as Appraiser MVMT LABS: Seeks Subchapter V Bankruptcy in Delaware NATHAN SPENCER: Court OKs Deal on Cash Collateral Access NATIXIS US: Two Roads Marks $500,000 Bond at 22% Off NEGRONI BRICKELL: Hires & Agentis as General Bankruptcy Counsel NEW HOPE: To Sell Bedford Property to Dennis & Patricia Mahafkey NEW HOPE: To Sell Brosar Property to Tara Branch for $384K NICKLAUS COMPANIES: Cleared to Send Ch. 11 Plan for Creditors Votes NIMBUS ASSET: Variant Alternative Marks $9M Loan at 39% Off NORTH STAR: Seeks to Expand Work Scope of Verrill Dana as Counsel OPAL HOLDINGS: Canal Center Office Sold in Receivership Auction OROVILLE HOSPITAL: Healthcare Services Not Affected by Ch.11 Filing ORTHO MATTRESS: Hires Hill Farrer & Burrill as Special Counsel ORYX MIDSTREAM: Fitch Affirms & Withdraws 'BB-' LongTerm IDR OSMOSIS HOLDINGS: S&P Affirms 'B' ICR, Outlook Stable PALM VALLEY: Hires Mr. Wood of Marshack Hays as CRO PALM VALLEY: Hires Shaw & Hanover PC as General Counsel PALM VALLEY: Hires Soltman & Wattles LLP as Special Counsel PALM VALLEY: Seeks to Hire Stretto Inc. as Noticing Agent PANCAKES R US: Gets Interim OK to Use Cash Collateral PATTERN ENERGY: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable PERFORMANCE SERVICE: Seeks Subchapter V Bankruptcy in Indiana PHOENIX PRESS: Seeks Chapter 11 Bankruptcy in Michigan PLATINUM EXPRESS: Seeks Continued Cash Collateral Access PREMIER HEALTH: Closes CCAA Restructuring Sale to Polar Valley PROPEL TRUCKING: Hires Block Realty & Auction as Appraiser PT AWAN: Variant Alternative Marks $17.5M Loan at 39% Off QVC GROUP: Secures Court Approval for $5B Chapter 11 Plan QVC GROUP: Wins Court Approval of Prepackaged Restructuring Plan RAND PARENT: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable REDEFINED TRANSPORTATION: Seeks Subchapter V Bankruptcy RENDITIONS LLC: Seeks to Hire NAI Elrod Group as Listing Broker RESIDENCIES AT FRISCO: Hires Tittle Santiago PLLC as Counsel ROMANO ESPOSITO: July 22 Deadline for Panel Questionnaires ROSSLYN2016 LLC: Trustee Wins Bid to Enforce Turnover Order ROYAL PRODUCT: Hires Juan C Bigas Law Office as Counsel SAIG LAUNDRY: Hires Elisabeth L. Gray Bookkeeping as Bookkeeper SAILORMEN INC: To Sell Orlando Stores to SBH Foods for $2.6MM SALARYO CAPITAL: Variant Alternative Marks $8.5M Loan at 34% Off SALON VOSS: Hires Graham T. Jennings Jr. P.C. as Counsel SALT LAKE: Seeks Cash Collateral Access Until Dec. 31 SANDY LANE: Seeks Approval to Hire ShemanoLaw as General Counsel SD FOOD MART: Seeks to Tap Straffi & Straffi as Bankruptcy Counsel SEABREEZE ROOFING: Seeks Approval to Tap Shraiberg Page as Counsel SEARLES VALLEY: Creditors Oppose Chapter 11 DIP Financing SERTA SIMMONS: Landmark Liability Mgt. Deal Hurts Lenders SHERMAN/GRAYSON HOSPITAL: Delaware Judge Tosses Chapter 11 Case SIFI NETWORKS: Committee Seeks to Tap Lowenstein Sandler as Counsel SILICON VALLEY: FDIC Argues Excessive Risk Bars $1.7B Claim SIMAD HOLDINGS: Summer Camp Sale Gets Floor Bid Backed by Zaslav SIMAD HOLDINGS: To Sell Summer Camp Asset to Grandview Ventures SIREN SISTERS: Hires International Realty as Real Estate Broker SLEEP NUMBER: US Trustee Objects to Employee Retention Plan SMALL BUSINESS: Enters Receivership SMOK CIGAR: Edward Burr Named Subchapter V Trustee SMOK CIGAR: Seeks to Hire Larson & Zirzow LLC as Counsel SOARING EAGLES: Commences Subchapter V Bankruptcy in Colorado SOMNIGROUP INT'L: Fitch Alters Outlook on 'BB+' IDR to Stable SPARHAWK LLC: Truck Sale to Manders Diesel Repair for $270K OK'd SPARHAWK LLC: Trustee Seeks to Hire CBRE as Broker STONEBRIDGE GOLF: Deadline for Panel Questionnaires for July 22 STORNOWAY DIAMONDS: Li-FT Secures Option on Renard Mine in CCAA STRYKER DEALERSHIP: Seeks to Hire Spain & Gillon as Counsel T7 ENTERPRISES: Hires Lane Law Firm PLLC as Bankruptcy Counsel TALEN ENERGY: Fitch Affirms 'BB-' LongTerm IDR, Outlook Negative TALON LOGISTICS: Hires Levene Neale Bender as Counsel TEAMSEVEN LOGISTICS: Seeks Subchapter V Bankruptcy in Wisconsin TEXAS CORE: To Sell Energy Manufacturing Business to Pioneer Bank TRADAVO INC: Seeks Subchapter V Bankruptcy in Colorado TRICOLOR AUTO: Rakoff Says Major Banks Were Victims of Fraud TRINSEO PLC: US Trustee Warns Ch.11 Bank Extension Risks $55MM TRM NRE: To Sell Locomotives to LHAGS for $2.1MM TROVE BREWING: Hires Venn Tax & Bookkeeping Inc as Bookkeeper TULIP HOLDCO: Fitch Assigns 'B+(EXP)' LongTerm IDR, Outlook Stable TUNGSTEN CAYCO: Fitch Lowers LongTerm IDR to CCC, Outlook Negative ULTINON MOTION: Hire Clifford Chance US LLP as Attorney UMBRELLA PROJECT: Gets Extension to Use Cash Collateral UMZU LLC: Hires Kaufman & Kabani as Accountant UMZU LLC: Seeks Cash Collateral Access Until Nov. 30 UNCLE NEAREST: Receiver Removes Fawn Weaver as CEO UNCLE NEAREST: SEC, Fed. Prosecutors Probe Financial Misconduct VALIDUS ENERGY II: Fitch Assigns 'B' IDR, Outlook Stable VELOCITY ESPORTS: To Sell Membership Interest to Beth Powers VILLAGE ON THE ISLE: Fitch Affirms 'BB+' IDR, Outlook Stable W&T OFFSHORE: Fitch Affirms 'B-' LongTerm IDR, Outlook Stable W. JACKSON TRUCKING: Seeks to Hire Halsey Real Estate as Realtor WAR HORSE: Seven Equity Buys WeWork Ofc. Bldg. Out of Receivership WASH BIDCO: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable WHITE ROCK: Court Grants Interim OK for Ch. 11 Plan Disclosure WHOLESALE PROPERTY: Gets Interim OK to Use Cash Collateral WILFONG HOSPITALITY: Gets Final OK to Use Cash Collateral WISCONSIN AGING: Enters Receivership, Seeks Buyer for Company ZMETRA LAND: Withdraws Bid to Sell Webster Property ZOHAR FUNDS: Trust Secures $2.4MM in Tilton Dispute [] Judge Cautions Against Forum Shopping in Chapter 15 Proceedings [] LegalShield Shows Foreclosure Index at Six-Year High in Q2 2026 [] U.S. Business Bankruptcies Continue to Hover Near 16-Year High ********* 15 CODMAN: Hires Marcus & Millichap as Real Estate Broker --------------------------------------------------------- 15 Codman Park, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Massachusetts to employ Marcus & Millichap Real Estate Investment Services as real estate broker. The firm will provide these services: a. continuing to market the Property of the Debtor located at 15 Codman Park, Roxbury, Massachusetts 02119; b. identifying and communicating with prospective purchasers; c. coordinating showings and property access in a manner that does not unreasonably inconvenience tenants; d. disseminating information concerning the property to prospective tenants; e. assisting with letters of intent, offers, purchase agreements, and related transaction communications; f. coordinating with the Debtor, Debtor's counsel, prospective buyers, and closing professionals concerning the proposed sale; and g. providing such other brokerages services as are reasonably necessary to assist the Debtor in selling the Property, subject at all times to the Debtor's approval and Court approval of any sale transaction. The firm will be paid a commission of 4 percent of the purchase price of the property. Mr. Pepdjonovic 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: Tony Pepdjonovic Marcus & Millichap Real Estate Investment Services 100 High Street, Suite 1025 Boston, MA 02110 Tel: (617) 896-7277 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 essica 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. 292 7TH STREET: Commences Subchapter V Bankruptcy in New Jersey --------------------------------------------------------------- On July 15, 2026, 292 7th Street, LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of New Jersey. According to court filings, the debtor reports between $500,000 and $1 million in liabilities owed to between one and 49 creditors. Deadline to File Chapter 11 Subchapter V Plan is October 13, 2026. About 292 7th Street, LLC 292 7th Street, LLC is a Jersey City, New Jersey-based residential real estate company that owns and manages residential rental property. The company's operations are currently limited to a single residential unit located at 292 7th Street in Jersey City. The Chapter 11 filing follows a foreclosure action brought by Wilmington Savings Fund Society, FSB, which had scheduled a sheriff's sale of the property for July 16, 2026. 292 7th Street, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-18080) on July 15, 2026. In its petition, the debtor reported estimated assets of $500,000 to $1 million and estimated liabilities of $500,000 to $1 million. Honorable Bankruptcy Judge Kate Stickles handles the case. The debtor is represented by Steven D. Pertuz, Esq. of Law Offices of Steven D. Pertuz, LLC. 3 BROTHERS LAND: Gets Extension to Access Cash Collateral --------------------------------------------------------- The U.S. Bankruptcy Court for the Western District of Virginia entered a second interim order authorizing 3 Brothers Land Solutions, Inc. to continue using cash collateral. The court authorized the Debtor to use accounts receivable, deposit accounts, inventory, and other cash collateral in accordance with its operating budget through the final hearing. As adequate protection, the court granted Commercial Credit Group, Samson Lending, Mobilization Funding II, Fox Funding Group, Headway Capital, and any other parties with valid interests replacement liens on the Debtor's post-petition deposit accounts, accounts receivable, inventory, and related proceeds. These replacement liens mirror the nature, validity, extent, and priority of each creditor's pre-petition interests and secure only the amount of cash collateral actually used during the interim period. The order also preserves the rights of creditors under any separate adequate protection agreements that may later be approved. The court addressed competing claims to the Debtor's receivables by establishing procedures to determine ownership. Based on representations made at the hearing, Mobilization Funding II, LLC was recognized as asserting only a lien interest—not ownership—in the Debtor's accounts receivable and, therefore, the Debtor was not required to segregate proceeds from the Loudoun County High School project. Additionally, contract obligors are authorized to remit payments directly to the Debtor, and such payments fully satisfy their obligations without exposing them to competing collection claims. The order expressly reserves all issues concerning the validity, extent, priority, and enforceability of any asserted liens or ownership interests. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/dz3yT from PacerMonitor.com. A final hearing on the Motion is scheduled for August 26. Objections must be filed by August 19. About 3 Brothers Land Solutions Inc. 3 Brothers Land Solutions, Inc. provides land-clearing and vegetation-management services for construction projects, utilities, and infrastructure throughout Virginia. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Va. Case no. 26-60743) on June 5, 2026. In the petition signed by William Hurst, treasurer, the Debtor disclosed up to $10 million in both assets and liabilities. David Cox, Esq., at Cox Law Group represents the Debtor as counsel. 325 GREENWICH: To Sell NY Property for $8.6MM --------------------------------------------- 325 Greenwich Street LLC seeks permission from the U.S. Bankruptcy Court for the Southern District of New York, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property is located at 325 Greenwich Street, New York, NY. The Debtor is a New York limited liability company which owns a five story mixed-use building in Tribeca located at 325 Greenwich Street, New York, NY. The Building contains 11,729 square feet of leasable space, occupied or previously occupied by four loft residential tenants and four commercial units. The lienholder of the Property is Valley National Bank. As of the Petition Date, the Debtor was close to executing a formal contract with the Buyer, 325 Greenwich Lofts LLC, a New York limited liability company, having an address c/o IB Global LLC, 1345 6th Avenue, FL 2, New York, New York 10105. The Contract provides for a sliding-scale purchase price depending on residential vacancies that occur in the Building. More specifically, the Debtors will receive the minimum purchase price, $8,600,000, if the Debtor delivers the Building with Unit 2 and Unit 4 vacant. If the Debtor delivers the Building with Unit 2, Unit 4, and Unit 5 vacant, the Debtor will receive $10,000,000. Finally, if the Debtor delivers the Building with all four residential units vacant, the Debtor will receive $11,000,000. The Debtor is very confident that it will be able to deliver at least two residential units vacant for the minimum purchase price of $8,600,000, with a realistic chance of obtaining the vacancy of a third residential unit. It is unlikely that the Debtor will be able to deliver the Building with all residential four units vacant. Nevertheless, a sale with even two vacancies is sufficient to pay all allowed claims, so the Contract is favorable under any circumstance. The Debtor is proceeding with the private sale of the Building in recognition of both the requirements of the prospective buyer and the fact that a comprehensive marketing process has already been undertaken, both pre- and post-petition. The Debtor believes that the propose minimum purchase price of $8.6 million is believed sufficient to pay all allowed claims and otherwise constitutes fair market value for the Building. About 325 Greenwich Street LLC 325 Greenwich Street LLC, a New York limited liability company based in New York City, owns a five-story mixed-use building in Tribeca at 325 Greenwich Street. 325 Greenwich Street sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 26-10839-DSJ) on April 13, 2026. In the petition signed by David Goldwasser as chief restructuring officer, the Debtor disclosed an estimated assets of $1 million to $10 million and estimated liabilities of $1 million to $10 million. Jude David S. Jones presides over the case. Kevin Nash, Esq., at Goldeberg Weprin Finkel Goldstein LLP, represents the Debtor as legal counsel. 600 SPRING: Seeks Chapter 11 Bankruptcy in California ----------------------------------------------------- On July 16, 2026, 600 Spring, LLC, filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Central District of California, Santa Barbara Division. According to court filings, the debtor reports between $100 million and $500 million in liabilities owed to 1 to 49 creditors. A meeting of creditors under Section 341(a) to be held on August 17, 2026, at 10:00 AM at UST-SVND2, TELEPHONIC MEETING. CONFERENCE LINE:1-888-330-1716, PARTICIPANT CODE:3898083. About 600 Spring, LLC 600 Spring, LLC is a Malibu, California-based residential real estate development company engaged in the development of luxury residential properties. The company has been associated with Scott Gillen and the high-end "The Case" residential development in Malibu. In 2025, it entered into a $150,000 settlement with the City of Malibu related to property development obligations and public facility funding, and it previously resolved class action and Private Attorneys General Act (PAGA) litigation. 600 Spring, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-11018) on July 16, 2026. In its petition, the debtor reported estimated assets of $100 million to $500 million and estimated liabilities of $100 million to $500 million. Honorable Ronald A. Clifford III is overseeing the case. The debtor is represented by David B. Golubchik, Esq., of Levene, Neale, Bender, Yoo & Golubchik L.L.P. 7 AT BLUE: Seeks to Sell Miami Property at Auction -------------------------------------------------- 7 At Blue Lagoon (1) LLC and 7 At Blue Lagoon (2) LLC seek permission from the U.S. Bankruptcy Court for the Southern District of Florida, Miami, to sell Property at auction, free and clear of liens, claims, interests, and encumbrances. The Debtors, seek to sell their 6.90-acre (300,517 SF sq. ft.) waterfront tract of vacant land (multi-family) located in Miami’s Blue Lagoon area, near Miami International Airport at 4865 NW 7th Street in Miami, Florida, for the maximum price the market will bear, so that they can pay every allowed creditor claim in full, escrow the full amount for disputed claims, preserve their substantial equity, and move forward. The Debtor employs Jason Welt of Trustee Realty Inc. as broker. The material terms of the proposed sale and bidding procedures are provided. https://urlcurt.com/u?l=AZvdMz The highest and best offer so far is a fully-executed AS IS Residential Contract for Sale and Purchase with and/or assigns to purchase the Property for $40,000,000, all cash, acknowledging that its bid is subject to higher and better offers at a Court-supervised auction. To maximize value, the Debtor proposes the bidding procedures be approved, which are designed to confirm that the $40,000,000 Stalking-Horse Contract is the highest and best offer or to elicit a higher one. All Qualified Bids must be received no later than 5:00 p.m. (Eastern) on the date that is two business days before the Auction, August 12, 2026. The first competing bid at the Auction must be at least $41,000,000. If one or more Qualified Bids are timely received, the Debtor will conduct an auction by Zoom video conference, attended by a court reporter, on August 14, 2026, two business days before the Sale Date August 17, 2026. Only the Stalking-Horse Purchaser and other Qualified Bidders may bid. In exchange for committing to a $40,000,000 floor that establishes a minimum value for the estate and induces competitive bidding, the Stalking-Horse Purchaser has requested break-up fee of $1 million, a fixed sum equal to 2 ½ % of the $40,000,000 stalking-horse price. Net proceeds remaining after payment of the mortgage, real estate taxes, ordinary closing costs, the approved broker’s commission, and any allowed Break-Up Fee will be held in the trust account of closing agent pending resolution of the other claims, fully protecting any party ultimately determined to hold an allowed claim. About 7 at Blue Lagoon (1), LLC 7 at Blue Lagoon (1) LLC is a limited liability company. 7 at Blue Lagoon (1) LLC and affiliate sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-21286) on September 26, 2025. In its petition, the Debtor reports estimated estimated assets between $50 million and $100 million and estimated liabilities between $10 million and $50 million. The Debtors are represented by Joel M. Aresty, Esq. of Joel M. Aresty, P.A. ACMV FACTOR: Variant Alternative Marks $6.2M Loan at 89% Off ------------------------------------------------------------ Variant Alternative Income Fund has marked its $6,289,445 loan extended to Acmv Factor Finance SPV, LLC to market at $677,428 or 11% of the outstanding amount, according to Variant Alternative's N-CSR for the fiscal year ended April 30, 2026, filed with the U.S. Securities and Exchange Commission. Variant Alternative Income Fund is a participant in a loan extended to Acmv Factor Finance SPV, LLC. The Loan accrues interest at a rate of 12.00% per annum. The Loan matures on . Variant Alternative Income Fund is a corporate issuer in the leveraged finance market. The Fund is led by Robert W. Elsasser as President, and Curt Fintel as Treasurer. The Fund can be reached at: Robert W. Elsasser Variant Alternative Income Fund c/o UMB Fund Services, Inc. 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2271 About ACMV Factor Finance SPV, LLC ACMV Factor Finance SPV, LLC is a special purpose vehicle and wholly-owned subsidiary fund managed by Charleston, South Carolina-based Altriarch Asset Management. AION ACQUISITION: VA Income Fund Marks $467,000 Loan at 60% Off --------------------------------------------------------------- Variant Alternative Income Fund has marked its $467,683 loan extended to Aion Acquisition, LLC to market at $184,960 or 40% of the outstanding amount, according to Variant Alternative's N-CSR for the fiscal year ended April 30, 2026, filed with the U.S. Securities and Exchange Commission. Variant Alternative Income Fund is a participant in a loan extended to Aion Acquisition, LLC. The Loan is on non-accrual status. Variant Alternative Income Fund is a corporate issuer in the leveraged finance market. The Fund is led by Robert W. Elsasser as President, and Curt Fintel as Treasurer. The Fund can be reached at: Robert W. Elsasser Variant Alternative Income Fund c/o UMB Fund Services, Inc. 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2271 About Aion Acquisition, LLC Aion Acquisition, LLC is an investment vehicle and corporate plaintiff most prominently featured in financial and legal filings. ALAMO BIOLOGICS: Seeks to Hire Villa & White as Bankruptcy Counsel ------------------------------------------------------------------ Alamo Biologics LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to employ Villa & White LLP as counsel. The firm will render these services: (a) assist and advise the Debtor relative to its operations, and relative to the overall administration of this Chapter 11 case; (b) represent the Debtor at hearings to be held before this Court and communicate with its creditors regarding the matters heard and the issues raised, as well as the decisions and considerations of this Court; (c) prepare, review, and analyze pleadings, orders, operating reports, schedules, statements of affairs, and other documents filed and to be filed with this Court by the Debtor or other interested parties in this Chapter 11 case; advise it as to the necessity, propriety and impact of the foregoing upon this Chapter 11 case; and consent or object to pleadings or orders on its behalf; (d) assist the Debtor in preparing such applications, motions, memoranda, adversary proceedings, proposed orders and other pleadings as may be required in support of positions taken by it, as well as preparing witnesses and reviewing documents relevant thereto; (e) coordinate the receipt and dissemination of in formation prepared by and received from the Debtor and its accountants, and other retained professionals, as well as such information as may be received from accountants or other professionals engaged by any official committee; (f) confer with the professionals as may be selected and employed by any official committee; (g) assist and counsel the Debtor in its negotiations with creditors, or Court-appointed representatives or interested third parties concerning the terms, conditions, and import of a plan of reorganization and disclosure statement it proposed and filed; (h) assist the Debtor with such services as may contribute or are related to the confirmation of a plan of reorganization in this Chapter 11 case; (i) assist and advise the Debtor in its discussions and negotiations with others regarding the terms, conditions, and security for credit, if any, during this Chapter 11 case; (j) conduct such examination of witnesses as may be necessary in order to analyze and determine, among other things, the Debtor's assets and financial condition, whether it has made any avoidable transfers of its property, and whether causes of action exist on behalf of its estate; and (k) assist the Debtor generally in performing such other services as may be desirable or required pursuant to section 1107 of the Bankruptcy Code. Morris White III, Esq., the primary attorney in this representation, will be paid at his hourly rate of $450, plus reimbursement. Mr. White 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: Morris E. "Trey" White III, Esq. Villa & White LLP 100 NE Loop 410, #615 San Antonio, TX 78216 Telephone: (210) 225-4500 Facsimile: (210) 212-4649 Email: treywhite@villawhite.com About Alamo Biologics LLC Alamo Biologics LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 26-51549) on June 3, 2026. In the petition signed by Pamela Sloan, chief financial officer, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Aubrey L. Thomas oversees the case. Morris E. "Trey" White, III, Esq., at Villa & White LLP represents the Debtor as legal counsel. ALL-CITY TOWING: Seeks Cash Collateral Access --------------------------------------------- All-City Towing LLC and affiliates ask the U.S. Bankruptcy Court for the Eastern District of Wisconsin for authority to use cash collateral and provide adequate protection, in accordance with its agreement with Newtek Business Services Holdco 6, Inc. Before filing bankruptcy, the Debtors borrowed $5.1 million from Newtek under a loan agreement dated September 30, 2025. As part of that financing, the parties executed an Assignment of Deposit Account granting Newtek a security interest in a checking account containing approximately $357,000, referred to as the "Reserve." The Reserve serves as collateral securing the loan and is intended to be released only upon satisfaction of specified conditions under the assignment agreement. Earlier in the bankruptcy proceedings, on March 10, the court entered a final cash collateral order authorizing the Debtors' use of cash collateral while requiring adequate protection payments to Newtek of $59,172 each month. An unexpected financial obligation arose on June 12 when the Debtors learned they would be required to make a $150,000 down payment to renew their insurance policies. This payment was significantly higher than insurance down payments required in previous years, making it impossible for the Debtors to both satisfy the insurance obligation and continue making the scheduled adequate protection payment from available operating funds. To address this liquidity problem, the Debtors requested that Newtek release a portion of the Reserve directly to the insurance provider to cover the required down payment. Newtek agreed to this arrangement subject to the terms of a stipulation, which the Debtors now ask the court to approve. Because the Reserve constitutes Newtek's cash collateral, court approval is required before the funds can be used. The proposed stipulation contains several key provisions. First, Newtek will release the necessary Reserve funds directly to the insurance company or its agent for payment of the insurance down payment rather than transferring the money to the Debtors. Second, if any portion of the down payment is later refunded, those funds must be returned directly to Newtek and redeposited into the Reserve account. Third, despite the release of Reserve funds, the Debtors remain obligated to continue making the monthly adequate protection payments required under the court's existing cash collateral order. A copy of the motion is available at https://urlcurt.com/u?l=wUg8Sx from PacerMonitor.com. About All-City Towing LLC All-City Towing LLC operate auto repair, towing, and transportation businesses in Milwaukee and Sheboygan, Wisconsin. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Wisc. Case No. 26-20523) on Feb. 1, 2026. In the petition signed by Jeff Piller, member/manager, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Rachel M. Blise oversees the case. Evan P. Schmit, at Kerkman & Dunn, is the Debtor's legal counsel. ALLIANCE MINERALS: Fitch Assigns 'BB' LongTerm IDR, Outlook Stable ------------------------------------------------------------------ Fitch Ratings has assigned Alliance Minerals, LLC (Alliance Minerals) a Long-Term Issuer Default Rating (IDR) of 'BB' with a Stable Rating Outlook. Fitch has also assigned a 'BB+' rating with a Recovery Rating of 'RR2' to Alliance Minerals' $150 million secured term loan due Jan. 1, 2028. Fitch has affirmed Alliance Resource Partners, L.P. (ARLP), Alliance Resource Operating Partners, L.P. and Alliance Coal, LLC's IDR at 'BB' with Stable Outlooks. Fitch also affirmed Alliance Resource Operating Partners, L.P.'s senior unsecured notes at 'BB'/'RR4' and Alliance Coal, LLC's senior secured revolver and term loan at 'BB+'/'RR2'. ARLP's ratings and Stable Outlook reflect Fitch's expectation that shipments and pricing will continue to support capex and modest investments in non-coal businesses and that the company will maintain its EBITDA leverage below 1.0x. Fitch expects cash flow from operations after capital expenditure to remain sufficient to allow deleveraging if capital market access is limited. Key Rating Drivers Diversifying into Oil: Proceeds of Alliance Minerals' term loan together with cash on hand and revolver borrowings were used to acquire general and limited partnership interests in AllDale Minerals III, LP and AllDale Minerals IV, LP for $206.2 million. These interests will contribute to the oil and gas royalties segment. Fitch views ARLP's increasing exposure to oil and gas mineral royalties as positive for cash flow. Production from mineral interests aggregated 3.6 million barrels of oil equivalent in 2025. The company has no capital commitments associated with these interests. Segment adjusted EBITDA from oil and gas royalties was $118 million, or about 23% of total segment adjusted EBITDA less capex in 2025. Favorable Operating Profile: Fitch believes ARLP is a well-run, mid-sized coal company. It is the second-largest coal producer in the eastern U.S. The company's earnings benefit from the high heat quality of its coal, a union-free history (with no other post-employment benefit liabilities), and the proximity of operations to customers and transport hubs. Coal operations are concentrated in underground mining. ARLP's two largest operations are the River View Complex and the Tunnel Ridge Complex, which accounted for 29% and 16% of 2025 production, respectively. Operations benefit from stable geology, management's strong and lengthy operating record, and flexibility through the use of continuous miners at most mines, including the River View Complex. Operating and Financial Flexibility: Fitch expects ARLP's cash flow to be more than sufficient to support operations and maintain a conservative financial profile. The company has been able and willing to reduce production and cut distributions and capex during periods of weak energy prices, allowing it to repay debt. It has also been able to expand when markets are strong without damaging its capital structure. In 1Q26, the company ceased longwall production at the Mettiki complex because of planned and unplanned outages at a key customer's plant. ARLP recorded a $37.8 million impairment charge due to uncertainty regarding the resumption of longwall production at the complex. Modest Financial Leverage: Fitch expects EBITDA leverage to be sustained below 1.0x. EBITDA leverage was about 0.7x as of March 31, 2026, and has not exceeded 1.5x over the past decade. Fitch expects debt to decline to $600 million or below in 2027 and annual EBITDA to range between $650 million and $750 million. Vulnerability to Secular Demand Decline: Fitch believes that steam coal volume is vulnerable to closures of coal-fired generation capacity, although ARLP's coal is likely to remain competitive because of its high heat content and reliability of supply. While Fitch does not expect volume to be constrained over the medium term, the longer-term risk of coal power generation capacity closures is factored into the ratings. Peer Analysis ARLP is larger and more profitable than its Indonesian coal peers, PT Indika Energy Tbk (PT Indika Energy; B+/Stable) and PT Golden Energy Mines Tbk (PT Golden Energy; BB-/Stable). Fitch expects ARLP's EBITDA net leverage to be at or below 1.0x, compared to PT Indika Energy's EBITDA net leverage of above 3.0x and PT Golden Energy's net cash position. Fitch’s Key Rating-Case Assumptions - Acquired interests in AllDale Minerals III, LP and AllDale Minerals IV, LP generate roughly $40 million in annual EBITDA; - Coal Shipments average about 26 million tons per year; - EBITDA margins average about 30%; - Annual capex averages about $350 million; - The average distribution coverage ratio is 1.2x; - Alliance Minerals term loan amortizes according to its terms; - No sustained borrowing is expected under the Alliance Coal, LLC revolving credit facility (RCF). Corporate Rating Tool Inputs and Scores Fitch scored Alliance Resource Partners, L.P. as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): Business and financial profile factors (assessment, relative importance): management ('bbb', Lower), sector characteristics ('bb+', Moderate), market and competitive positioning ('bb+', Moderate), diversification and asset quality ('bb+', Higher), company operational characteristics ('bb+', Moderate), profitability ('bbb+', Lower), financial structure ('a+', Lower), and financial flexibility ('bb-', Higher). The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2025, 20% for the forecast year 2026, 20% for the forecast year 2027, 20% for the forecast year 2028 and 30% for the forecast year 2029. The governance assessment of 'good' has no impact. The operating environment assessment of 'aa-' has no impact. The SCP is 'bb'. To derive the Long-Term IDR: Fitch made no adjustments to the SCP, resulting in an IDR of 'BB'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA net leverage sustained above 1.5x; - Material deterioration in liquidity evidenced by weakened external funding access, liquidity below $200 million, and/or failure to refinance upcoming maturities in a timely manner. Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - An upgrade is unlikely in the near-term as the company's concentration and scale are commensurate with the rating. Liquidity and Debt Structure Cash on hand was $28.9 million at March 31, 2026. Fitch expects ARLP to generate scant FCF on average, and expects the $75 million accounts receivable (A/R) securitization facility (which matures in January 2027) and the Alliance Coal, LLC $425 million secured RCF, which matures on March 9, 2028, to be used for near-term needs and letters of credit (LOCs). At March 31, 2026, aggregate availability under the RCF and A/R securitization was $402 million (with LOCs of $53 million and $45 million outstanding). The Alliance Coal, LLC RCF financial covenants include a maximum consolidated debt-to-consolidated cash flow ratio (substantially equivalent to debt-to-EBITDA) of 2.5x; a minimum interest coverage ratio of 3.0x; and a maximum CoalCo debt-to-consolidated cash flow ratio of 1.5x. CoalCo debt excludes the Alliance Resource Partners, L.P. notes and any financing. Fitch expects Alliance Coal, LLC to comply with these covenants. The A/R securitization facility has been renewed annually. The $150 million Alliance Minerals term loan amortizes at $18.75 million per quarter beginning Sept. 30, 2026. Issuer Profile ARLP is a major steam coal producer primarily operating in the Illinois Basin. The company operates seven underground mining complexes. The company also owns mineral royalty interests in roughly 70,000 net royalty acres in oil and gas-producing regions. 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 Climate.VS for 2035 for ARLP is 76, indicating high exposure to climate-related risks in that year and reflecting the company's current concentration in thermal coal mining and sales. The elevated score reflects the risk that increased power generation from renewable sources will be able to replace material coal-fired generation sources over time. Any potential future impact on the rating may differ from the illustrative rating impact in the Climate.VS framework, reflecting the evolution of Fitch's assessment of the global risks, action the entity might take to adapt to or mitigate the exposure, and any other relevant factors. ESG Considerations Alliance Resource Partners, L.P. has an ESG Relevance Score of '4' for GHG Emissions & Air Quality due to thermal coal's exposure to electric power emissions regulatory risk, which has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Alliance Resource Operating Partners, L.P. LT IDR BB Affirmed BB senior unsecured LT BB Affirmed RR4 BB Alliance Coal, LLC LT IDR BB Affirmed BB senior secured LT BB+ Affirmed RR2 BB+ Alliance Resource Partners, L.P. LT IDR BB Affirmed BB Alliance Minerals, LLC LT IDR BB New Rating senior secured LT BB+ New Rating RR2 ALLIED ELECTRICAL: Seeks Subchapter V Bankruptcy in Texas --------------------------------------------------------- On July 14, 2026, Allied Electrical Group of Texas, Inc. commenced a Chapter 11 case in the U.S. Bankruptcy Court for the Northern District of Texas. Court records show the company has estimated liabilities ranging from $1 million to $10 million and between one and 49 creditors. Small Business Chapter 11 Plan, Disclosure Statement must be filed by January 10, 2027. About Allied Electrical Group of Texas, Inc. Allied Electrical Group of Texas, Inc. is a Dallas-based electrical contractor providing commercial construction, industrial electrical installation and related contracting services across North Texas. The company continues to serve projects throughout the Dallas-Fort Worth area under the leadership of Christine Delgado and remains licensed by the Texas Department of Licensing and Regulation. Allied Electrical Group of Texas, Inc. filed under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. Case No. 26-33156) on July 14, 2026. The petition lists assets between $100,000 and $500,000 and liabilities between $1 million and $10 million. The debtor is represented by Laurance C. Boyd, Esq. of The Law Office of Laurance C. Boyd, PLLC. AMBER ACQUISITIONCO: Fitch Assigns B+ LongTerm IDR, Outlook Stable ------------------------------------------------------------------ Fitch Ratings has assigned a first-time Long-Term Issuer Default Rating (IDR) of 'B+' to Amber AcquisitionCo, LLC and Dwyer Instruments, LLC (dba DwyerOmega). The Rating Outlook is Stable. Fitch has also assigned 'BB-' ratings with Recovery Ratings of 'RR3' to DwyerOmega's first lien secured term loans, delayed draw term loan (DDTL) and revolver. The 'B+' IDR reflects DwyerOmega's diversified portfolio of proprietary, spec'd in, low-cost component products across a range of customers and diverse end markets. Its performance-dependent, measurement products require original equipment manufacturer (OEM) validation, limiting competitive displacement once embedded in applications, supporting steady maintenance, repair and operations (MRO) replacement demand yielding operating and cash flow profiles more consistent with a higher rating category. DwyerOmega's rating also considers its projected financial profile and potential debt-funded M&A. Fitch forecasts EBITDA leverage could remain in the 5.0x-6.0x range, with EBITDA interest coverage in the 2.0x-3.0x range consistent with 'B+' rating tolerances. Key Rating Drivers Entrenched, MRO Products Provide Visibility: The spec'd-in nature and customizability of the company's proprietary products (300,000+ SKUs), as well as their technological capability and reliability entrenches them in high-value applications, providing a strong, defensible market position evidenced by long customer relationships. These components, while essential, are low-cost relative to the overall platform (about $2,390 average order size), delivering an attractive value-to-cost ratio that enhances defensibility and creates customer stickiness. The products' brand recognition and embedded and validated position in measurement applications support like-for-like (LFL) replacement at regular intervals. This results in replacement demand driving around 70% of sales, while necessitating modest R&D spending. LFL replacement also helps moderate installation-related costs. This positioning, combined with a strategy of adding new platform wins and gradually expanding recurring revenue from preventive and monitoring services, supports a relatively stable revenue profile. Mid-30s EBITDA Margin, Positive FCF: Fitch projects DwyerOmega's EBITDA margins will be in the mid-30% range, supported by the strong market position and attractive value-to-cost of its products that enhance revenue opportunities. Fitch also expects the company will generate annual FCF of $100 million-$150 million, with FCF margins in the low-teens, supported by its limited working capital needs as well as low capex intensity. DwyerOmega's EBITDA and FCF margins are strong for the industry and its 'B+' rating. Leverage to Improve Gradually: Fitch estimates DwyerOmega's EBITDA leverage will range from 5.0x-6.0x. This is down from management's estimate of pro forma LTM EBITDA leverage, including synergies, of over 6.0x at the time of the refinancing. The lower Fitch-estimated range is still consistent with 'B+' rating tolerances. Fitch expects organic revenue growth and cost synergies to drive margin expansion and improve EBITDA leverage. Fitch also expects EBITDA coverage to improve to about 3.0x. Acquisition-Driven Strategy: Fitch expects that DwyerOmega will remain acquisitive, prioritizing bolt-on acquisition opportunities over material debt reduction. These acquisitions are likely to be financed by a mix of cash flow and the company's DDTL, which would keep leverage in-line with 'B+' tolerances. Fitch forecasted (CFO-capex)/debt of around 5%-7% helps moderate M&A-linked leverage and provides meaningful deleveraging capacity, while Arcline's M&A, capital allocation, and financial policy track record also support the rating. Industry Tailwinds, Technology Aid Growth: DwyerOmega's exposure to vital end markets supported by important megatrends drives the expansion of its installed base and support continued LFL replacement, resulting in projected low-single digit new sales growth. The products' technological content, reliability and customizability have positioned the company's brands as a leading provider of pressure, temperature, flow, and humidity measurement products. These products serve applications in high value environments including pharmaceuticals production, semiconductor fabrication, and energy transition. Peer Analysis DwyerOmega and its peers provide proprietary products embedded in their customers' applications, with a high degree of recurring revenue linked to replacement demand. Signia Aerospace (B+/Stable) and Arxis (BB/Stable) benefit from their high exposure to sophisticated aerospace and defense platforms with long product development cycles that drives a greater degree of revenue visibility. Signia has the strongest FCF margins (mid-teens), but it primarily serves the niche markets of business jets, civil helicopters and general aviation aircraft. Although Arxis has a larger post-acquisition profile by revenue than DwyerOmega or Signia, its margins are lower (low-30% vs mid-30%), which justifies its rating at the same level. Both Signia and Arxis are also sponsored by DwyerOmega's parent, Arcline, and Fitch expects that they will remain acquisitive, prioritizing bolt-on acquisition opportunities over material debt reduction, which will keep their EBITDA leverage in the 5.0x-6.0x range, inline with DwyerOmega's. Cleanova (B/Stable) has a similar operating profile to DwyerOmega and is more diversified across end-markets and geographies than Signia and Arxis. However, it is much smaller and has lower cash flow margins than any of these companies, which drives its 1-notch rating differential. Pinnacle Parent, LLC (dba Summit Companies) (B+/Stable) benefits from essential, regulatory and insurance requirements-driven sales in the fire & life safety industry. Although it is less diversified than DwyerOmega and Cleanova, and its EBITDA margins (high-teens) are weaker than its peers, its rating level is supported by its larger size while maintaining identical EBITDA leverage levels (5.0x-6.0x). Fitch’s Key Rating-Case Assumptions - Revenue grows in the mid-to-low double digits per annum driven by organic growth consisting of expansion of installed base, replacement activity and price actions, as well as acquisitions; - EBITDA margins remain stable around mid-30% range; - CapEx runs at around 2% of revenue; - Management executes bolt-on M&A, financed with a mix of cash on hand and incremental debt; - Fitch SOFR interest rate assumptions: 3.75% in 2026, 3.75% in 2027 and 4.0% in 2028. 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 ('bbb', Moderate), market and competitive positioning ('bbb-', Higher), diversification and asset quality ('bbb', Moderate), company operational characteristics ('bbb-', Moderate), profitability ('a', Lower), financial structure ('b-', Higher), and financial flexibility ('b-', Moderate). The quantitative financial subfactors are based on custom CRT financial period parameters: 40% weight for the forecast year 2025, 40% for the forecast year 2026 and 20% for the forecast year 2027. B+ to CC considerations apply in its analysis and has no impact. The governance assessment of 'good' has no impact. The operating environment assessment of 'a+' has no impact. The SCP is 'b+'. To derive the Long-Term IDR: Application of Fitch's Parent Subsidiary Linkage Rating Criteria results in a consolidated approach. Recovery Analysis The Recovery Rating assumes that DwyerOmega would be reorganized as a going concern (GC) in a bankruptcy scenario rather than liquidated, with a 10% administrative claim on the enterprise value (EV) assumed. Fitch estimates a GC EBITDA of $290 million, reflecting pro forma adjustments for acquisitions. The GC EBITDA estimate reflects Fitch's view of a sustainable, post-reorganization EBITDA level, upon which the agency bases the enterprise valuation. The estimate reflects a hypothetical scenario where DwyerOmega faces customer churn due to persistent product quality, operational, and supply chain issues that significantly impair revenues and margins. An EV multiple of 6.0x is applied to the GC EBITDA to calculate the post-reorganization enterprise value, which is in the middle-to-higher end of the range of Fitch recovery multiples assigned to companies in the industrial sector. This multiple reflects DwyerOmega's proprietary, performance-linked product offerings and MRO-oriented revenue profile. It also considers historical acquisition multiples and comparable valuations among peers in diversified industrials. According to Fitch's "U.S. Industrial, Manufacturing, Aerospace and Defense Bankruptcy Enterprise Values and Creditor Recoveries" report published in December 2025, the median enterprise value-to-forward EBITDA for 29 I&M sector cases that Fitch had sufficient information for was 6.7x. This is higher than the 6.0x cross-sector median in Fitch's U.S. corporate bankruptcy database. Fitch's recovery scenario assumes that the RCF and DDTL are fully drawn. The Recovery Rating results in a 'BB-'/'RR3' rating for the first lien RCF, Term Loan, and DDTL. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA leverage sustained above 6.0x; - EBITDA interest coverage sustained below 2.5x; - Reduction in financial flexibility, including (CFO-Capex)/Debt approaching 2.5%. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Demonstrated commitment to financial and capital allocation policy that supports EBITDA leverage sustained below 5.0x; - EBITDA interest coverage sustained over 3.0x. Liquidity and Debt Structure Following the refinancing transaction, DwyerOmega's capital structure will consist of $2.2 billion in first lien secured term loans and an undrawn $150 million first lien secured delayed draw term loan that will mature in seven years. The company's liquidity profile is supported by its $43 million cash balance, pro forma of the transaction as of March 31, 2026, its forecasted positive FCF profile and an undrawn $250 million revolver that will mature in five years. Issuer Profile DwyerOmega manufactures and resells a wide range of precision industrial and scientific instrumentation products that measure pressure, temperature, flow, and humidity. Date of Relevant Committee July 7, 2026 MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for Amber AcquisitionCo, LLC. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery ----------- ------ -------- Dwyer Instruments, LLC LT IDR B+ New Rating senior secured LT BB- New Rating RR3 Amber AcquisitionCo, LLC LT IDR B+ New Rating senior secured LT BB- New Rating RR3 AMBIPAR PARTICIPACOES: Seeks Switch to Chapter 15 in Texas ---------------------------------------------------------- Marco Schaden of Latin Lawyer reports that Ambipar, a Brazilian provider of environmental and waste management services, has asked a Texas bankruptcy court to halt its Chapter 11 proceedings and instead recognize its ongoing Brazilian insolvency case through Chapter 15. The company said the Brazilian recuperação judicial should become the primary restructuring forum, replacing the parallel U.S. bankruptcy process. The company launched simultaneous restructuring cases in Brazil and the United States as part of an effort to address its global debt obligations. According to court filings, the Chapter 11 filing was intended to complement the Brazilian proceedings while preserving restructuring options for stakeholders with U.S. interests, the report relays. By seeking Chapter 15 recognition, Ambipar aims to have the U.S. court recognize and enforce the Brazilian court-supervised restructuring rather than continue administering a standalone Chapter 11 case. Such recognition is designed to improve coordination between jurisdictions and reduce conflicts between parallel insolvency proceedings, according to Latin Lawyer. The proposed transition may simplify the restructuring process, although creditors have raised concerns over whether suspending Chapter 11 serves their best interests. The court will ultimately determine whether the company's request advances an efficient and equitable resolution for all parties involved, the report states. About Ambipar Participacoes e Empreendimentos S.A. Business Description: Ambipar provides environment management and integrated environmental solutions. The company's services include waste management, water and effluent management, waste-to-energy, decarbonization, emergency response, industrial services, environmental consulting, remediation, and port and offshore support. Ambipar serves sectors including agribusiness, food and beverage, mining, chemicals and petrochemicals, oil and gas, construction, pharmaceuticals, railways, telecommunications, and steel and metallurgy, and operates across more than 40 countries on six continents. Ambipar Participacoes e Empreendimentos S.A. and affiliates sought relief under Chapter 15 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-90710) on July 9, 2026. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. The Debtors are represented by Jason S Brookner, Esq. of Gray Reed. The Debtors foreign representative is Thiago da Costa Silva. AMERICAN SIGNATURE: Seeks Court OK for Google Antitrust Claims Sale ------------------------------------------------------------------- Jarek Rutz of Law360 Bankruptcy Authority reports that American Signature Inc. has petitioned a Delaware bankruptcy court for approval to sell its potential antitrust claims against Google in a deal valued at roughly $5.76 million. The bankrupt furniture chain argued that the proposed sale would provide a certain financial recovery instead of leaving the estate exposed to the risks and delays of complex antitrust litigation. The claims relate to allegations involving Google's dominance in online advertising markets, an area that has generated significant litigation in recent years. The debtor said pursuing the claims independently would require considerable time and expense, with no assurance of a favorable outcome, making an immediate cash sale a more practical solution, the report relays. American Signature told the court that the proposed transaction is in the best interests of creditors because it converts a speculative legal asset into readily available funds. The company is seeking judicial approval to complete the sale as part of its broader Chapter 11 restructuring efforts, according to Law360. About American Signature Inc. American Signature Inc., together with its subsidiaries, is a residential furniture company operating across its Value City Furniture and American Signature Furniture brands and serving as a furniture destination consumers can rely on for style, quality, and value. Headquartered in Columbus, Ohio, the Company operates more than 120 stores across 17 states, with the largest concentrations in Ohio (20), Michigan (16), and Illinois (11). The Company employs approximately 3,000 team members. American Signature and eight of its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-12105) on Nov. 22, 2025. In their petition, the Debtors estimated assets of $100 million to $500 million and estimated liabilities of $500 million to $1 billion. The petitions were signed by Rudy Morando as chief restructuring officer. Judge J. Kate Stickles presides over the cases. David M. Bertenthal, Maxim B. Litvak, and Laura Davis Jones at Pachulski Stang Ziehl & Jones LLP, represent the Debtors as legal counsel. Berkeley Research Group, LLC, serves as restructuringadvisor to the Debtors, SSG Capital Advisors LLC serves as investment banker, and Kurtzman Carson Consultants LLC, d/b/a Verbita Global is claims and noticing agent to the Debtors. AMERICAN SIGNATURE: To Sell Google Claims for $5.7MM ---------------------------------------------------- American Signature Inc. and its affiliates seek permission from the U.S. Bankruptcy Court for the District of Delaware, to sell certain Google claims and participation interests in a private sale, free and clear of liens, claims, interests, and encumbrances. Debtor, American Signature, Inc. has certain claims and causes of action against Google LLC and/or Google LLC's affiliates, including, without limitation: any claims and causes of action arising out of, or in connection with, or relating to, Google's violation of the Sherman Act §§ 1, 2. The Google Claims, Participation and Participated Rights include all of Seller's claims, interests and causes of action directly arising from or relating to payments made by Seller to Google with respect to the purchase by Seller from Google of certain advertising services, and any other claims and causes of action of Seller (and, if and to the extent applicable, of SSC) relating to the Google Spend Amount that were paid to Google and all related rights, distributions, amounts, payments and other proceeds. The Debtors have negotiated a private sale of the Google Claims, Participation and Participated Rights to undisclosed Buyer, under which Buyer will acquire, for cash consideration of $5,757,165.65, all rights, title, and interest of the Seller in and to the Google Claims, Participation and Participated Rights, together with all related rights, interest, and proceeds. The Debtors solicited bids from interested parties and received three bids. The Debtors have determined Buyer's offer to be the highest and best offer for the Google Claims. In addition to offering the highest amount, Buyer is a sophisticated party who has the resources to close quickly. The Buyer is an independent third-party buyer and is not an "insider" or "affiliate." The Agreement was negotiated and entered into in good faith, and from arm's length bargaining with each party represented by its own legal counsel and other advisors. In connection with entering into the sale of all of the Debtors' Google Claims, the Debtors are also entering into a separate bill of sale with Schottenstein Stores Corp. (SSC), in which SSC shall transfer and assign any interests SSC may have in certain of the Debtor's Google Claims. The Debtors submit that the provision relating to the grant of the Buyer Security Interest are fair, reasonable and appropriate to protect Buyer from the risk that the sale is deemed by a court of competent jurisdiction not to be a sale and instead to be a loan or other financing arrangement, or if the Transactions are otherwise determined to be void or invalid. The Debtors also agree to provide Buyer with the Power of Attorney to enable Buyer to take such actions as may be reasonable or necessary in order to ensure the recovery of the Google Claims. The sale is intended to be a private sale, subject to Court approval. The Debtors have determined in their business judgment that the proposed sale of the Google Claims, Participation and Participated Rights, to Buyer constitutes a transaction that will maximize value for these assets. About American Signature Inc. American Signature Inc., together with its subsidiaries, is a residential furniture company operating across its Value City Furniture and American Signature Furniture brands and serving as a furniture destination consumers can rely on for style, quality, and value. Headquartered in Columbus, Ohio, the Company operates more than 120 stores across 17 states, with the largest concentrations in Ohio (20), Michigan (16), and Illinois (11). The Company employs approximately 3,000 team members. American Signature and eight of its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-12105) on Nov. 22, 2025. In their petition, the Debtors estimated assets of $100 million to $500 million and estimated liabilities of $500 million to $1 billion. The petitions were signed by Rudy Morando as chief restructuring officer. Judge J. Kate Stickles presides over the cases. David M. Bertenthal, Maxim B. Litvak, and Laura Davis Jones at Pachulski Stang Ziehl & Jones LLP, represent the Debtors as legal counsel. Berkeley Research Group, LLC, serves as restructuring advisor to the Debtors, SSG Capital Advisors LLC serves as investment banker, and Kurtzman Carson Consultants LLC d/b/a Verbita Global is claims and noticing agent to the Debtors. AMERICAN TOOL: Tries to Rewrite Chapter 11 Settlement, Says EverBan ------------------------------------------------------------------- Don Loepp of Plastic News reports that a bankruptcy dispute has emerged between EverBank and American Tool Group LLC, with the lender accusing the company of trying to rewrite a settlement reached during its Chapter 11 case. EverBank claims American Tool is seeking to change agreed-upon terms in a way that would alter creditor rights and obligations. American Tool filed for bankruptcy protection as it worked to restructure its financial obligations and continue operations. The company previously reached a settlement framework with creditors, but EverBank argues that subsequent actions attempt to expand or modify the agreement beyond what was negotiated, the report states. According to report, EverBank maintains that the settlement represented a final resolution of outstanding disputes and should not be reopened. The lender has urged the bankruptcy court to prevent American Tool from obtaining additional concessions that were not included in the original agreement. The dispute underscores the challenges companies and lenders face when negotiating bankruptcy settlements. As the Chapter 11 case continues, the court will decide whether American Tool's proposed changes are allowed under the existing restructuring framework, Plastic News reports. About American Tool & Mold Inc. American Tool & Mold Inc. is a manufacturing company specializing in precision tooling, mold design, and custom machining solutions for industrial and commercial clients. The company provides services related to tool-and-die production, injection molds, metal fabrication, and engineered manufacturing components. American Tool & Mold Inc. supports a range of industries, including automotive, aerospace, consumer products, and industrial equipment manufacturing. American Tool & Mold Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-04159) on May 15, 2026. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Luis Ernesto Rivera II, Esq. handles the case. The Debtor is represented by Daniel A. DeMarco, Esq. of Hahn Loeser & Parks, LLP. ANGIE'S MOBILE: Cash Collateral Hearing Set for July 22 ------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division is set to hold a hearing on July 22 to consider extending Angie's Mobile Pet Styling, LLC's authority to use cash collateral. The Debtor is currently authorized to use cash collateral under the court's July 6 second interim order. Under the second interim order, the Debtor is allowed to use cash collateral to pay court-authorized expenses and operating costs listed on the approved budget, plus an amount not to exceed 10% for each line item. The budget projects total operational expenses of $97,327 for July; $96,977 for August; $97,327 for September; $96,977 for October; and $96,977 for November. The second interim order granted adequate protection to the U.S. Small Business Administration, Headway Capital, Secured Lending Solutions, LLC, First Data Merchant Services, and The Fundworks, LLC through replacement liens on post-petition cash collateral. These replacement liens carry the same validity, priority, and extent as the secured creditors' pre-petition liens without requiring additional filings. Additional safeguards include insurance coverage, regular financial reporting, and access to business records and premises upon request. The order is available at https://short.do/BXb3sq About Angie's Mobile Pet Styling LLC Angie's Mobile Pet Styling, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-04130) on May 14, 2026. At the time of the filing, the Debtor had estimated assets of between $100,001 and $500,000 and liabilities of between $1 million and $10 million. Judge Caryl E. Delano oversees the case. Ford & Semach, P.A. is the Debtor's legal counsel. APP ACADEMY: Variant Alternative Marks $9.5M Loan at 41% Off ------------------------------------------------------------ Variant Alternative Income Fund has marked its $9,516,833 loan extended to App Academy Financial, LLC to market at $5,579,498 or 59% of the outstanding amount, according to Variant Alternative's N-CSR for the fiscal year ended April 30, 2026, filed with the U.S. Securities and Exchange Commission. Variant Alternative Income Fund is a participant in a loan extended to App Academy Financial, LLC. The Loan accrues interest at a rate of 17.00% per annum. Variant Alternative Income Fund is a corporate issuer in the leveraged finance market. The Fund is led by Robert W. Elsasser as President, and Curt Fintel as Treasurer. The Fund can be reached at: Robert W. Elsasser Variant Alternative Income Fund c/o UMB Fund Services, Inc. 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2271 About App Academy Financial, LLC App Academy Financial, LLC is an investment and asset-holding entity frequently listed in alternative income and closed-end fund portfolios. APP ACADEMY: Variant Impact Marks $4.4M Loan at 57% Off ------------------------------------------------------- Variant Impact Fund has marked its $4,390,785 loan extended to App Academy Financial II, LLC to market at $1,896,741 or 43% of the outstanding amount, according to Variant Impact's N-CSR for the fiscal year ended July 9, 2026, filed with the U.S. Securities and Exchange Commission. Variant Impact Fund is a participant in a loan extended to App Academy Financial II, LLC. The Loan accrues interest at a rate of 17.00% per annum. Variant Impact Fund is a registered investment fund that files periodic reports with the SEC and provides shareholders with information on its operations and financial results. The Fund is led by Robert W. Elsasser as President (Principal Executive Officer) and Curt Fintel as Treasurer (Principal Financial Officer). The Fund can be reached at: Robert W. Elsasser Variant Impact Fund c/o UMB Fund Services, Inc. 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2271 About App Academy Financial II, LLC App Academy Financial II, LLC is a borrowing entity; the fund did not provide an industry or business description in the filing. APPLE TREE: Addresses Cayman Court Order Amid Chapter 11 -------------------------------------------------------- Following the Cayman Court order issued July 10 and publicly posted on July 13, 2026, and in the context of the active and ongoing Chapter 11 restructurings of certain Apple Tree Partners (ATP) affiliates and portfolio companies, Apple Tree Partners issues the following statement to correct misinformation and provide a factual update: Notwithstanding the Cayman Court order, nothing has been decided that affects any ATP entity under US law, and ATP and its portfolio companies continue to operate as usual. Any claims or reports of a change of control at ATP having taken effect under US law are false. The US court has not recognized the officeholders named in the Cayman Court order, and the managing director of ATP GP III Ltd. remains Seth Harrison, M.D. Questions related to the management and operations of ATP, its affiliates, and its portfolio will be decided by the US Bankruptcy Court in due course. The outcome in Cayman Court does not alter any of the findings of the US Bankruptcy Court, nor does it impact in any way the authority that the Delaware court has clearly and repeatedly reserved for itself solely to decide the go-forward plan for the Fund and the ATP portfolio companies. Two Delaware courts have ruled that preservation of the portfolio companies and continuation of their research and development activities are in the public interest, and in the best interest of the bankruptcy estate. Moreover, in its findings the Delaware Bankruptcy Court has respected the ability of the portfolio companies to function as independent entities that are encouraged to conduct business as usual, including partnerships and other transactions. ATP III GP Ltd, controlled by Seth Harrison, remains in Chapter 11, and the US Bankruptcy Court recently ordered that any changes to ATP portfolio company boards or senior management must be approved by ATP III GP Ltd. ATP has made a funding motion to Justice Silverstein as part of the restructuring proceedings that it believes will adequately fund the portfolio companies through 2026, with the goal of ensuring that the portfolio companies will be able to exit Chapter 11 and thrive in a robust funding environment free from Rigmora's liquidity issues, funding defaults and other contractual breaches that are the root causes of the litigation. About Apple Tree Life Sciences Apple Tree Life Sciences, Inc., legally known as Apple Tree Life Sciences, Inc., is a life sciences venture capital firm that forms and invests in healthcare and biotechnology companies from early stage concepts through public market offerings. The firm provides flexible capital and works with venture partners and entrepreneurs-in-residence to develop research-driven enterprises in the therapeutics sector. Its activities span company creation at stages ranging from pre-intellectual-property ideas to asset spinouts. Apple Tree Life Sciences, Inc. and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-12177) on Dec. 9, 2025. In its petition, the Debtor reports estimated liabilities between $1 billion and $10 billion estimated liabilities between $100,000 and $500,000. Bankruptcy Judge Laurie Selber Silverstein handles the case. The Debtors' General Bankruptcy Co-Counsel is POTTER ANDERSON & CORROON LLP. The Debtors' General Bankruptcy Co-Counsel is QUINN EMANUEL URQUHART & SULLIVAN, LLP. The Debtors' Financial & Restructuring Advisor is B. RILEY. The Debtors' Cayman Law Counsel is WALKERS. ARCHDIOCESE OF NEW ORLEANS: Administrative Expense Claim Denied --------------------------------------------------------------- Judge Meredith S. Grabill of the U.S. Bankruptcy Court for the Eastern District of Louisiana denied the Application of Certain Abuse Survivors for Allowance and Payment of Administrative Expense Claim for Substantial Contribution and Reimbursement of Costs Pursuant to 11 U.S.C. Sec. 503(b) in the bankruptcy case of The Roman Catholic Church of the Archdiocese of New Orleans. Through the Application, Certain Abuse Survivors seek allowed administrative expense claims under Secs. 503(b)(3)(D) and 503(b)(4) of the Bankruptcy Code for $75,762.19 in actual, necessary expenses they incurred and reimbursement for actual, necessary expenses incurred by their counsel in making a substantial contribution in these bankruptcy proceedings. This Court confirmed the Joint Plan of Reorganization proposed by the Debtor, the Official Committee of Unsecured Creditors (the "Committee"), and the Additional Debtors on December 8, 2025. The Plan contemplated that the Court would resolve requests for administrative expense claims post-Effective Date. Counsel for Certain Abuse Survivors objected to the representation of the Reorganized Debtor by Lugenbuhl, Wheaton, Peck, Rankin & Hubbard, asserting that the law firm is required to file a formal notice of appearance on behalf of the Reorganized Debtor into the record and had failed to do so. The objection to the Application filed on March 31, 2026 (over three months before the scheduled evidentiary hearing) by the Lugenbuhl firm on behalf of the Reorganized Debtor included a signature block containing the names of three attorneys at the firm, as well as the firm's address and telephone number. The Court finds that the pleading is sufficient to satisfy Rule 9010(b) and finds that it provided adequate notice to the Court and parties in interest that the Reorganized Debtor had retained Lugenbuhl to appear on its behalf. No separate notice of appearance is required. A copy of the Court's Memorandum Opinion and Order dated July 15, 2026, is available at https://urlcurt.com/u?l=Y5sY1V from Pacermonitor.com 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. ART MONEY: Variant Alternative Marks $2.7M Loan at 82% Off ---------------------------------------------------------- Variant Alternative Income Fund has marked its $2,782,504 loan extended to Art Money International, Co. to market at $487,249 or 18% of the outstanding amount, according to Variant Alternative's N-CSR for the fiscal year ended April 30, 2026, filed with the U.S. Securities and Exchange Commission. Variant Alternative Income Fund is a participant in a loan extended to Art Money International, Co. The Loan accrues interest at a rate of 15.65% (30-Day Avg. SOFR + 12.00%) per annum. Variant Alternative Income Fund is a corporate issuer in the leveraged finance market. The Fund is led by Robert W. Elsasser as President, and Curt Fintel as Treasurer. The Fund can be reached at: Robert W. Elsasser Variant Alternative Income Fund c/o UMB Fund Services, Inc. 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2271 About Art Money International, Co. Art Money International, Co. is a global fintech company that empowers art collectors to purchase artworks over time. ASCEND ELEMENTS: Gets Green Light for Chapter 11 Plan Votes ----------------------------------------------------------- Emlyn Cameron of Law360 Bankruptcy Authority reports that on Wednesday, July 15, 2026, battery recycling company Ascend Elements Inc. received approval from a Texas bankruptcy judge to move ahead with voting on its Chapter 11 liquidation plan. The ruling allows the debtor to send the proposed plan to creditors after the court determined the disclosure process could proceed. The company filed for Chapter 11 as it faced financial difficulties and sought a court-supervised solution for its outstanding obligations. Rather than pursuing a traditional reorganization, Ascend Elements proposed liquidating its assets and using available proceeds to satisfy creditor claims, the report states. The upcoming creditor vote represents a critical milestone in the bankruptcy case. Approval of the plan would allow Ascend Elements to complete its wind-down process, while rejection could force the company and stakeholders to consider alternative restructuring options, according to report. About Ascend Elements, Inc. Ascend Elements is an advanced manufacturing and recycling company dedicated to producing sustainable lithium-ion battery materials. Founded in 2015, the company operates from its headquarters in Westborough, Massachusetts, and serves the growing electric vehicle supply chain. Ascend Elements sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-90440) on April 9, 2026. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $500,000 and $1 million. Honorable Bankruptcy Judge Christopher M. Lopez handles the case. The Debtor is represented by Ryan E. Manns, Esq., of Norton Rose Fulbright US LLP. ASSETTA ENTERPRISES: Seeks to Tap Barry Realty Group as Broker -------------------------------------------------------------- Assetta Enterprises, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Massachusetts to employ Barry Realty Group & Financial Business Brokers as broker. The firm's services include: a. reviewing information concerning the Debtor's business and business assets; b. advising the Debtor regarding marketing Strategy and potential purchaser outreach; c. preparing or assisting with marketing materials, subject to confidentiality and counsel review as appropriate; d. identifying, contacting, and communicating with prospective purchasers; e. coordinating showings, diligence requests, and purchaser communications; f. assisting the Debtor and counsel in evaluating offers and negotiating proposed terms; and g. performing other customary business brokerage services reasonably necessary to market and sell the Debtor's business and/or business assets. The Debtor proposed to compensate the Broker on a success-fee basis in the amount of 10% of the sales price. Barry Realty Group 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: Peter Castrichini Barry Realty Group & Financial Business Brokers 119R Foster Street, Bldg #3, 2nf Floor Peabody, MA 01960 Phone: (781) 246-7535 Email: pcastrichini@barryrealtygroup.com About Assetta Enterprises Assetta Enterprises, Inc., operated a take-out and delivery pizza business. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Mass. Case No. 24-11594) on Aug. 7, 2024, with up to $50,000 in assets and up to $1 million in liabilities. Laurel E. Bretta, Esq. at Bretta Law Advisors, P.C., is the Debtor's bankruptcy counsel. ATHENA MEDICAL: Dorsey Entitled to Fees Under Sec. 503(b)(1)(A) --------------------------------------------------------------- In the appeal styled Athena Medical Group LLC, et al., Appellants, v. Wound Care Specialists LLC, et al., Appellees, Judge Susan M. Brnovich of the U.S. District Court for the District of Arizona reversed the Bankruptcy Court's July 29, 2025 under advisement decision regarding Dorsey & Whitney LLP's fee application. This matter is remanded to the Bankruptcy Court for further proceedings. On March 15, 2023, the Debtor filed for bankruptcy under Chapter 11, Subchapter V of the Bankruptcy Code, 11 U.S.C. Secs. 1181–1195. Initially, the Debtor was the "debtor in possession," meaning it remained in possession of its assets and in charge of its operations. As such, the Debtor appointed Dorsey as counsel of record. However, on June 28, 2023 (the "Disposition Date"), the Debtor was removed as a debtor-in-possession. Nonetheless, the Debtor was still responsible for filing the bankruptcy plan. Dorsey continued to represent the Debtor and assisted in filing the plan which was eventually confirmed. Thereafter, Dorsey filed the application in which it requested over $1.3 million in fees and expenses for work performed after the Disposition Date. WCS objected, arguing that the attorney for a dispossessed debtor is not entitled to an award of attorney fees from the estate as a matter of law. The Bankruptcy Court agreed and thus denied the application. The issue on appeal is whether an attorney appointed by a debtor in possession under Sec. 327(a) is entitled to payment under Sec. 330(a) for services rendered after the debtor is dispossessed under Sec. 1185. Appellants say yes, primarily relying on a Subchapter V dispossessed debtor's lingering Sec. 1189 obligation. They alternatively contend that Dorsey is entitled to payment under Sec. 503(b)(1)(A). Appellants offer three theories in support of their position: (1) fees and costs are appropriate under Sec. 330(a) because a subchapter V debtor retains the exclusive right to file a plan under Sec. 1189(a) and therefore remains entitled to retain counsel under Sec. 327(a); (2) prior counsel to the debtor in possession is still a professional person under Sec. 327(a) and is thus entitled to Sec. 330 fees; and (3) a professional is entitled to Sec. 330 fees and costs if they were actual and necessary costs and expenses of preserving the bankruptcy estate under Sec. 503(b)(1)(A). The District Court finds that it is inapplicable in Subchapter V cases when a professional is hired to assist a debtor in filing a plan under Sec. 1189. Such a professional seeking payment under Sec.503(b)(1)(A) would not be circumventing Secs. 327, 330 and Sec. 503(b)(2) because those statutes are inapplicable in the first instance. According to the Court, Secs. 327, 330, and 503(b)(2) simply do not govern Dorsey's employment or potential compensation. The Debtor had no ability to hire Dorsey under Sec. 327(a), and Dorsey was not otherwise assisting in carrying out a trustee duty. Dorsey stands to make a decent argument that its claim meets the Sec. 503(b)(1)(A) standard because it assisted the Debtor in fulfilling its obligation to file a bankruptcy plan -- a critical facet of a bankruptcy proceeding. The Court finds that Dorsey is not legally barred from receiving compensation pursuant to Sec. 503(b)(1)(A). A copy of the Court's Order dated July 13, 2026, is available at https://urlcurt.com/u?l=26JYxj from Pacermonitor.com. About Athena Medical Group, LLC Athena Medical Group, LLC -- https://athenamedgroup.com/ -- provides primary care, transitional care, chronic care management, remote patient monitoring, and telehealth services. The company is based in Phoenix, Ariz. Athena Medical Group filed a petition for relief under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case No. 23-01635) on March 16, 2023, with total assets of $3,843,022 and total liabilities of $12,707,798. James E. Cross has been appointed as Subchapter V trustee. Judge Brenda K. Martin oversees the case. The Debtor tapped the Law Office of Mark J. Giunta as bankruptcy counsel; and Ball, Santin & McLeran and Simmons & Gottfried, PLLC, as special counsels. ATLANTIC RECOVERY: Carol Fox Named Subchapter V Trustee ------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Carol Fox of GlassRatner as Subchapter V trustee for Atlantic Recovery Center, LLC. Ms. Fox will be paid an hourly fee of $450 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Fox declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Carol Fox GlassRatner 200 East Broward Blvd., Suite 1010 Fort Lauderdale, FL 33301 Tel: 954.859.5075 About Atlantic Recovery Center LLC Atlantic Recovery Center, LLC, doing business as Reign Residential Treatment Center, operates a mental health treatment center in Southwest Ranches, Florida. It provides mental health treatment programs including residential inpatient care, multiple levels of care, cognitive behavioral therapy, dialectical behavioral therapy, family therapy, group therapy, trauma therapy, and 12-step therapy/program introduction. Atlantic Recovery Center filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-18871) on July 7, 2026, with up to $50,000 in assets and $1 million to $10 million in liabilities. Zach B. Shelomith, Esq., at Shelomith Law represents the Debtor as bankruptcy counsel. BANDON VAIF: Variant Alternative Marks $2.9M Loan at 81% Off ------------------------------------------------------------ Variant Alternative Income Fund has marked its $2,968,663 loan extended to Bandon VAIF, LLC to market at $566,216 or 19% of the outstanding amount, according to Variant Alternative's N-CSR for the fiscal year ended April 30, 2026, filed with the U.S. Securities and Exchange Commission. Variant Alternative Income Fund is a participant in a loan extended to Bandon VAIF, LLC. The Loan accrues interest at a rate of 12.00% per annum. Variant Alternative Income Fund is a corporate issuer in the leveraged finance market. The Fund is led by Robert W. Elsasser as President, and Curt Fintel as Treasurer. The Fund can be reached at: Robert W. Elsasser Variant Alternative Income Fund c/o UMB Fund Services, Inc. 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2271 About Bandon VAIF, LLC Bandon VAIF, LLC is a private business entity primarily recognized in SEC filings as a specialty finance debt investment. BCPE LIGHTNING: S&P Assigns 'B' ICR, Outlook Stable --------------------------------------------------- S&P Global Ratings assigned its 'B' issuer credit rating to BCPE Lightning Buyer Inc. (dba FDH Aero). S&P said, "At the same time, we assigned a 'B' issue-level rating to the company's term loan B and delayed draw term loan. The recovery rating is '4', indicating lenders can expect a meaningful recovery in the event of a default (30%-50%; rounded estimate: 40%). "The stable outlook reflects our expectation that improved build-rates across commercial and military aircraft platforms will drive strong demand for critical parts, improving volume for key distributors. We expect FDH Aero's credit metrics to improve but remain appropriate for the rating over the next 12-18 months." Bain Capital L.P. has entered into an agreement to acquire FDH Aero, an independent distributor of specialized aerospace parts and components. The company will raise about $1.2 billion in debt, consisting of a new $875 million term loan B, $200 million for a new asset backed revolving credit facility, and a $200 million delayed drawn term loan. It will use the proceeds, along with about $1.8 billion in equity provided by Bain, for the purchase price, refinancing FDH Aero's legacy debt and related fees. S&P said, "We expect meaningful top-line growth due to strengthening aircraft production across commercial and defense platforms. Improving production rates across commercial and military aircraft platforms will support strong demand for aircraft parts, directly benefiting distributors such as FDH Aero. We expect FDH Aero's top line to grow 15%-20% in 2026, and continuing 10%-15% in 2027." FDH Aero serves a diversified mix of commercial aerospace and defense platforms, with no single customer accounting for more than 7% of its revenue base. As an independent distributor, the company is well positioned to benefit from inventory demand across all platforms. Parts demand for commercial platforms continues to benefit from strong demand for new aircraft while defense production is supported by higher global military spending and replenishment of critical weapons and aircraft inventories. As aircraft manufacturers and maintenance providers increase output, S&P anticipates demand for the company's broad portfolio of specialized parts, electrical components, and consumables will strengthen, driving higher service volumes and improved inventory turnover. The supply chain remains vulnerable, especially when S&P considers further hikes in build rates across many commercial platforms in the next 12-18 months. FDH Aero benefits from such vulnerability, as it provides an opportunity for its expertise in inventory management for its broad customer base. S&P expects credit metrics to strengthen but remain appropriate for the rating. FDH Aero is well positioned to benefit from market tailwinds as supply chain fundamentals continue to improve across the aerospace market. Continued recovery in commercial aircraft production and sustained strength in military procurement will drive demand for specialized parts. Supply chain health, though it remains vulnerable, has shown signs of improvement, with shortening lead times, better material availability, and easing logistical constraints. This reduces stockout risk and enables distributors to more efficiently meet customer demand. Further, FDH Aero has focused on its inventory readiness for customers by building up stocks of hard-to-source critical parts. S&P said, "We expect such actions to support FDH Aero's operating leverage, improving its margin profile. This will lead to stronger free operating cash flow (FOCF) generation. We expect funds from operations (FFO) to debt to measure 10%-12% in 2026, improving to 12%-14% in 2027. Though working capital will remain a cash burn due to investments in inventory, we expect the company to generate positive free cash flow such that FOCF to debt is 1%-3% in 2026 and 3%-5% in 2027. "We expect the company to maintain adequate liquidity, while undertaking acquisitions of moderate scale. Given the fragmented market environment, we view FDH Aero as well positioned to grow through an active pipeline of acquisition targets. Improving volumes and a gradual expansion of S&P Global Ratings-adjusted margins will support FOCF growth. "Further, we expect the company's proposed $200 million asset-based revolving credit facility to remain undrawn following the close of the transaction, contributing to an adequate liquidity profile that will support inorganic growth. Additionally, we do not anticipate sponsor distributions; instead, we expect it to allocate cash toward working capital investments and inorganic growth. We do not anticipate significant debt-funded acquisitions in the near term, though the delayed-draw term loan is available for such transactions. "The stable outlook reflects our expectations that FDH Aero will benefit from improving build rates across commercial and military aerospace platforms. As such, strong demand for aerospace parts is benefiting distribution companies that supply original equipment manufacturers. We expect credit metrics will improve over the next 12-18 months but stay appropriate for the rating. "We could lower our rating on FDH Aero if debt to EBITDA approaches 7.0x or FOCF generation is persistently negative such that liquidity becomes pressured." This could occur if: -- Airframe build rates slow; -- The supply chain becomes much more pressured; or -- Management's financial policy is more aggressive than anticipated and it pursues large, debt-funded acquisitions or sponsor distributions. S&P could raise its rating on FDH Aero over the next 12 months if leverage measures below 5.0x while FOCF to debt approaches 5% on a sustained basis. This could occur if: -- Build rates improve faster than anticipated, driving higher distribution volumes than forecasted; -- S&P Global Ratings-adjusted margins expand beyond S&P's forecasted levels; or -- The sponsor commits to a less aggressive financial policy. BEAR COUNTRY: Kevin Neiman Named Subchapter V Trustee ----------------------------------------------------- The Acting U.S. Trustee for Region 19 appointed Kevin Neiman as Subchapter V trustee for Bear Country Colorado, LLC. Mr. Neiman will be paid an hourly fee of $375 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Neiman declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Kevin S. Neiman PO Box 100455 Denver, CO 80250 Tel: (303) 996-8637 Fax: (877) 611-6839 Email: trustee@ksnpc.com About Bear Country Colorado LLC Bear Country Colorado, LLC is an Englewood, Colorado-based repair and service business for trailers, RVs, and trucks. The company provides repair and service for vehicles and equipment including business fleets, boat trailers, farm and horse trailers, and farm equipment. It also operates as a Boss Snowplow dealer, providing snowplow sales, repair, and service, and serves Denver and surrounding areas. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case No. 26-14900) on July 7, 2026, with $2,578,193 in assets and $1,982,748 in liabilities. Michael Wooten, managing member, signed the petition. Judge Kimberley H. Tyson presides over the case. Aaron A. Garber, Esq., at Wadsworth Garber Warner Conrardy, P.C. represents the Debtor as legal counsel. BEST BUY BAGELS: Ronald Friedman Named Subchapter V Trustee ----------------------------------------------------------- The U.S. Trustee for Region 2 appointed Ronald Friedman, Esq., at Rimon, PC as Subchapter V trustee for Best Buy Bagels, Inc. Mr. Friedman will be paid an hourly fee of $850 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Friedman declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Ronald J. Friedman, Esq. Rimon PC 100 Jericho Quadrangle, Ste. 300 Jericho, NY 11753 Email: ronald.friedman@rimonlaw.com About Best Buy Bagels Inc. Best Buy Bagels Inc. (doing business as Best Buy Bagels 24 Hr) is a Brooklyn, New York-based retail bakery and limited-service restaurant. Bankruptcy filing information indicates the business operates under a 24-hour service model. Court records do not specify the reasons for the Chapter 11 filing. Best Buy Bagels sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.Y. Case No. 26-43248) on July 2, 2026. In its petition, the Debtor reports estimated assets of up to $50,000 and estimated liabilities of $50,000 to $100,000. Honorable Elizabeth S. Stong handles the case. BHUJS INC: Mark Dennis of SL Biggs Named Subchapter V Trustee ------------------------------------------------------------- The Acting U.S. Trustee for Region 19 appointed Mark Dennis, a certified public accountant at SL Biggs, as Subchapter V trustee for BHUJS Inc. Mr. Dennis will be paid an hourly fee of $500 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Dennis declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Mark D. Dennis, CPA SL Biggs, A Division of SingerLewak, LLP 2000 S. Colorado Blvd., Tower 2, Ste. 200 Denver, CO 80222 Phone: 303-226-5471 Email: mdennis@slbiggs.com About BHUJS Inc. BHUJS Inc. is a Castle Pines, Colorado-based quick-service restaurant operator that owns and operates Subway franchise locations. According to court filings, the company continues operating its restaurants while pursuing a financial restructuring under Chapter 11, Subchapter V, with a reorganization plan due by October 5, 2026. BHUJS sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case No. 26-14865) on July 6, 2026. In its petition, the Debtor reported estimated assets of between $100,000 and $500,000 and estimated liabilities of between $1 million and $10 million. Honorable Bankruptcy Judge Joseph G. Rosania, Jr. handles the case. The Debtor is represented by Keri L. Riley, Esq., at Kutner Brinen Dickey Riley, P.C. BLACKBEARD'S TRIPLE: LCF Must Pay $68K in Sanctions --------------------------------------------------- Judge David M. Warren of the U.S. Bankruptcy Court for the Eastern District of California granted the Emergency Motion for Sanctions for Violation of the Automatic Stay filed by Blackbeard's Triple Play, LLC, against The LCF Group, Inc. The Debtor and LFC are parties to a purported agreement whereby LCF advanced funds to the Debtor in exchange for repayment from the Debtor's ongoing receivables. The Debtor included LCF on its list of creditors filed with the petition, and LCF received notice of the Debtor's case at the address of 3000 Marcus Ave., Suite 2W15 in New Hyde Park, New York. The Debtor's counsel also communicated by email with Michael Silva, a supervisor within the "lien department" at LCF, as well as counsel for LCF on December 12, 2025. On December 15, 2025, the Debtor filed a motion stating that various creditors, including LCF, had enforced purported liens through holds on the Debtor's accounts receivable. These holds prevented the Debtor from receiving funds from various entities that processed credit card payments in favor of the Debtor. On December 17, 2025, the court entered an Order directing LCF and other creditors to release any liens asserted against the Debtor's cash collateral assets. On December 23, 2025, the Debtor became aware that "Last Chance Funding" had asserted a UCC lien on the Debtor's account with Square Up, an entity that facilitates the Debtor's point-of-sale system. After the Debtor learned of the hold on its account with Square Up, the Debtor stopped accepting payments by credit card. Although the payments may have continued to process successfully, the Debtor would be unable to receive the funds, as Square Up would hold them pursuant to the asserted UCC lien. The Debtor determined it could not afford to provide food and beverages to its customers without receiving prompt payment from its credit card processor. The Debtor filed the Emergency Motion on December 29, 2025, requesting an expedited, preliminary hearing for the court to consider granting interim relief in favor of the Debtor. The court conducted a hearing on December 30, 2025 and entered the Interim Order that same day. The Interim Order found that LCF appeared to have violated the automatic stay imposed by 11 U.S.C. Sec. 362 by asserting a UCC lien post-petition that resulted in a hold being placed on the Debtor's point-of-sale system and related account. In the Interim Order, the court directed LCF immediately to cease and desist all collections and lien assertion efforts against the Debtor and release its UCC lien against the Debtor's Square account. The Debtor ultimately received the funds that were withheld by the payment processer; however, the Debtor seeks damages beyond release of the funds, as mere remuneration is insufficient to compensate the Debtor LCF had notice of the Debtor's bankruptcy petition as early as December 12, 2025, and LCF willfully violated the stay by asserting and maintaining its UCC lien against the Debtor's account receivable post-petition. As a result of LCF's stay violation, the Debtor suffered damages including loss of its fresh start, loss of income, reputational harm and attorney's fees and expenses. Thus, the Court concludes monetary sanctions against LCF pursuant to 11 U.S.C. Sec. 362(k) are appropriate. The court ordered LCF to pay to the Debtor sanctions in the amount of $68,230.53, comprising $14,030.00 Profit Damages trebled to the amount of $42,090.00, $23,140.53 in fees and expenses incurred by the Debtor's counsel and $3,000.00 in fees incurred by the Trustee. A copy of the Court's Memorandum Opinion dated July 15, 2026, is available at https://urlcurt.com/u?l=FX5mHt from Pacermonitor.com. About Blackbeard's Triple Play Inc. Blackbeard's Triple Play, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 25-04908-5-DMW) on December 10, 2025. In the petition signed by Billy Dale Overbee, president, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Judge David M. Warren oversees the case. David J. Haidt, Esq., at Ayers & Haidt, PA, represents the Debtor as legal counsel. BLACKROCK TCP: Fitch Affirms 'BB' LongTerm IDR, Outlook Negative ---------------------------------------------------------------- Fitch Ratings has affirmed BlackRock TCP Capital Corp.'s (TCPC) Long-Term Issuer Default Rating (IDR), senior secured debt and senior unsecured debt at 'BB'. Fitch has removed the Rating Watch Negative (RWN). The Rating Outlook is Negative. Today's rating actions have been taken as part of a broader review of business development companies (BDCs) that included 13 publicly rated firms. For more information on the peer review, please refer to "Fitch Ratings Completes Peer Review of 13 US BDCs". Key Rating Drivers Negative Rating Outlook: The removal of the RWN reflects Fitch's belief that TCPC's credit metrics have stabilized, though they remain elevated. Leverage has trended toward target levels and is expected to continue to do so; however, it currently remains elevated compared to peers and relative to TCPC's risk profile. Non-accruals also moved down from peak levels, while remaining high. The Negative Rating Outlook reflects still-elevated non-accruals and paid-in-kind (PIK) income, which could translate into additional realized losses, and a weaker asset coverage cushion than peers, which is not yet commensurate with the risk profile of the portfolio. An inability to enhance the asset coverage cushion and/or the recognition of material portfolio losses could result in a ratings downgrade. Platform Affiliation Benefits: The rating affirmation reflects TCPC's affiliation with BlackRock, Inc. (BlackRock) and its senior secured investment focus. Fitch believes BlackRock's acquisition of HPS Investment Partners in July 2025 could improve deal flow over time and enhance investment resources across the platform. Sector Constraints: Rating constraints for BDCs include the market impact on leverage, dependence on access to the capital markets to fund growth and limited ability to retain capital. Fitch believes BDCs will continue to face a competitive environment, pressure on earnings and dividend coverage metrics, and deterioration in asset quality metrics in 2026. Additionally, artificial intelligence (AI) presents disruption risk for software companies, which represented 27% of TCPC's portfolio at fair value at 1Q26. Elevated Leverage: TCPC's leverage (par debt to equity) was 1.65x at 1Q26 and net regulatory leverage was 1.29x, down from 1.74x and 1.41x, respectively, at YE 2025. However, leverage remains elevated in light of the portfolio risk profile and the expectation of additional realized losses as underperforming investments are restructured. At 1Q26, the asset coverage cushion was 10.9%, which falls within Fitch's 'bb' category benchmark range of 11%-33%. Volatility in valuation inputs could lead to further investment markdowns. TCPC's reported net regulatory leverage remains outside its 0.9x-1.20x internal target and Fitch expects that it will take multiple quarters to return to that range. Asset Quality Remains Pressured: TCPC's net realized losses (adjusted for merger accounting impacts) were 17.9% of the average portfolio at fair value in 2025 and 2.3% in 1Q26. Net realized losses averaged 6.7% from 2022-2025, within Fitch's 'b' category benchmark range. Non-accrual investments as of 1Q26 remain above average at 3% and 8.4% of the debt portfolio at fair value and cost, respectively. Non-accruals remain elevated, and Fitch expects further realized losses as additional investments are restructured. Dividend Cut Relieves Coverage Pressure: TCPC faces additional earnings headwinds over the Rating Outlook horizon because of declining investment portfolio balances and increasing borrowing costs as low-coupon notes mature. In 1Q26, TCPC cut its base dividend to $0.17/share from $0.25/share. As a result, NII coverage of the dividend improved to 124% in 1Q26 from 109% in 4Q25. Cash-based NII coverage similarly improved, to 84.7% in 1Q26 from 53% in 4Q25, but remains pressured by the elevated level of PIK in the portfolio. PIK accounted for 8.6% of interest and dividend income in 1Q26, which is above the peer average. Weaker Financial Flexibility: In 1Q26, TCPC refinanced $325 million of maturing senior unsecured notes with the secured revolving credit facility. This drove a decline in TCPC's unsecured debt to 34.8% of total debt at 1Q26 from a four-year average of 61.7%. The 1Q26 level falls within Fitch's 'bb' category benchmark range for funding, liquidity and coverage of 10%-35%. In Fitch's view, the inability to economically access the unsecured market has reduced financial flexibility for TCPC. Reduced Liquidity Cushion: TCPC had $44 million of cash and equivalents, as well as remaining borrowing capacity under its credit facilities of $264 million at 1Q26, compared with $121 million of unfunded commitments and $18.2 million of SBA debentures maturing over the next year. TCPC's next meaningful maturity occurs when its last senior unsecured note matures in 2029. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Further increases in non-accrual levels or additional realized losses, particularly those resulting from investments not currently on non-accrual; - Failure to return leverage toward the targeted range or an inability to build an asset coverage cushion sufficient for the risk profile of the portfolio; - Failure to maintain a sufficient liquidity cushion for unfunded commitments, near-term maturities and operating needs; - Deterioration in cash-based NII coverage of the dividend from current levels or an increase in the PIK component of NII; - A sustained decline in the unsecured funding mix below 15% of total debt; - An elevation in the portfolio risk profile, including a material decline in first-lien loans as a percentage of the portfolio. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade A revision of the Outlook back to Stable could result from: - A material and sustained increase in the available liquidity cushion; - A decrease in reported net regulatory leverage to within TCPC's target range of 0.9x-1.2x; - A significant decline in non-accrual levels without recognizing meaningful realized losses; - Maintenance of ample liquidity and solid cash-based NII coverage of the dividend; - A reduction in PIK as a percentage of interest and dividend income; - Enhanced consistency of core earnings performance; - Demonstrated economic access to unsecured funding that results in the maintenance of unsecured debt to total debt of at least 25%. Beyond that, positive rating momentum could be driven by: - A more material reduction in non-accrual levels without recognizing meaningful losses; - A sustained increase in the asset coverage cushion to over 20% and maintenance of leverage levels commensurate with the risk profile of the portfolio; - Improvement in cash NII coverage of the dividend, even in the absence of management fee waivers; - Demonstrated economic access to unsecured funding that results in the maintenance of unsecured debt to total debt of at least 35%; - Demonstrated ability to leverage its relationship with the broader BlackRock platform (including HPS) to benefit from its competitive positioning in the market. DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS TCPC's secured and unsecured debt ratings are aligned with its Long-Term IDR. This reflects Fitch's expectations for solid collateral coverage for all classes of debt because TCPC is subject to a 150% asset coverage requirement. DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES The secured and unsecured debt ratings are primarily linked to the Long-Term IDR and are expected to move in tandem with it. However, the notching could change if there is a shift in the funding mix or available asset coverage, which Fitch believes would impact the recovery prospects of the instruments in a stress scenario. ADJUSTMENTS The Standalone Credit Profile (SCP) has been assigned in line with the implied SCP. The Business Profile score has been assigned below the implied score due to the following adjustment reason: Historical and future developments (negative). The Asset Quality score has been assigned above the implied score due to the following adjustment reason: Historical and future metrics (positive). The Earnings & Profitability score has been assigned below the implied score due to the following adjustment reason: Historical and future metrics (negative). The Funding, Liquidity & Coverage score has been assigned below the implied score due to the following adjustment reasons: Funding flexibility (negative), Liquidity coverage (negative). ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- BlackRock TCP Capital Corp. LT IDR BB Affirmed BB senior secured LT BB Affirmed BB senior unsecured LT BB Affirmed BB BLEUWAVE HOLDING: Seeks Subchapter V Bankruptcy in Arizona ---------------------------------------------------------- On July 14, 2026, Bleuwave Holding Company LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of Arizona. According to court filings, the debtor reports between $1 million and $10 million in liabilities owed to between 50 and 99 creditors. A meeting of creditors under Section 341(a) scheduled for August 18, 2026 at 10:30 AM as a Chapter 11 Teleconference Call in number: 1-888-330-1716, Passcode: 4038524. Small Business Chapter 11 Reorganization Plan Must Be Filed by October 13, 2026 About Bleuwave Holding Company LLC Bleuwave Holding Company LLC is a Scottsdale, Arizona-based provider of integrated facilities support services and trade contracting management. The company serves as a management platform for trade contractors, coordinating construction-related support services and project management. Court filings note that the company's dual building contractor license was suspended by the Arizona Registrar of Contractors in April 2026, and it also faced a labor-related lawsuit before seeking bankruptcy protection. Bleuwave Holding Company LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-06851) on July 14, 2026. In its petition, the debtor reported estimated assets of $0 to $50,000 and estimated liabilities of $1 million to $10 million. Honorable Bankruptcy Judge Brenda K. Martin handles the case. The debtor is represented by Alan A. Meda, Esq. of Burch & Cracchiolo, P.A. Michael Carmel is appointed Subchapter V Trustee. BRIGHT SIDE: Seeks to Hire Brian Million CPA as Accountant ---------------------------------------------------------- Bright Side Plumbing LLC seeks approval from the U.S. Bankruptcy Court for the District of Kansas to employ Brian Million CPA as accountant. The firm will assist the Debtor in the preparation of monthly operating report and tax matters. The firm will be paid at $150 per hour. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Mr. Million, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Brian Million Brian Million, CPA 9001 W 110th Street, Suite 260 Overland Park, KS 66210 Telephone: (913) 904-0800 About Bright Side Plumbing LLC Bright Side Plumbing, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Kan. Case No. 26-20849) on June 5, 2026. In the petition signed by Stephanie Velasquez, chief executive officer and owner, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge Dale L. Somers oversees the case. George J. Thomas, Esq., at Phillips & Thomas LLC, represents the Debtor as legal counsel. BRIGHTLINE TRAINS: Fitch Lowers Rating on $2BB Secured Bonds to CC ------------------------------------------------------------------ Fitch Ratings has downgraded Brightline Trains Florida LLC's (Brightline/OpCo) $2.219 billion senior secured private activity bonds (PABs) to 'CC' from 'CCC'. Fitch has also affirmed Brightline East LLC's (BLE) $1.119 billion senior secured taxable notes rated 'CC'. Fitch has removed both the OpCo and BLE from Rating Watch Negative. KEY RATING DRIVERS The rating reflects a very high probability that both issuers will be unable to fully fund the next debt service payments due on or before Jan. 1, 2027. The OpCo and BLE reserve accounts were both substantially depleted to meet the July 1, 2026, interest payments. Despite the upward ridership and revenue trends that continue through the first half of 2026, the ramp-up profile remains slow, and cashflows on a net income basis are at or near breakeven. Therefore, Fitch expects the OpCo to have insufficient funds to fully service its debt obligations. The BLE-related debt is effectively a subordinated level of debt to the OpCo's obligations. Funding to service its debt comes from OpCo distributions that are subject to satisfaction of certain coverage or liquidity tests. Management is pursuing several action plans to enhance reserves available for funding operations and adding debt repayment protection, including additional debt borrowings and/or third-party equity funding. Fitch will monitor such developments to assess the changes to the default risk profile. A further downgrade to the 'C' category would be triggered if a default or default-like process has begun, payment capacity has been irrevocably impaired or if there is a formal announcement by the issuer or their agent of a distressed debt exchange. Beyond the long-term debt obligations, Brightline has $45 million outstanding in an unrated revolver instrument with a bank that has monthly payments due through May 2027. The revolver is a pari-passu senior obligation ranked equally to the OpCo's long-term debt but does not present cross-default risk to any other company related debt. The first four months of payments, which began in May 2026, had been prefunded from revolver proceeds. However, the ability to service revolver repayments in later months is highly speculative. Management is discussing options to raise funds via equity infusions or other strategies, but no final action has taken place yet. Revenue Risk - Volume - Weaker Favorable Market, Limited History (Revenue Risk - Volume: Weaker): Brightline rail service offers an alternative intercity transportation mode in the increasingly congested but economically diverse and expanding south/central Florida markets. While Brightline compares favorably in terms of travel speed, comfort, and reliability, competition from driving and existing low-cost rail alternatives for the short-distance segment will likely limit its market capture. The ramp-up has been difficult and is comparatively longer for Brightline than for other new transportation development projects. Ridership data to Orlando is limited, complicating the validation of consultants' long-term forecasts, and initial fares are high relative to competing alternatives, particularly to Orlando. Brightline benefits from some market diversity, drawing from southern and mid-Florida markets and targeting a mix of business and leisure travelers. Ancillary services such as parking, concessions, and corporate sponsorships provide diversification of revenue sources. Revenue Risk - Volume - Weaker Revenue Risk - Price - Stronger Independent Pricing Control (Revenue Risk - Price: Stronger): Brightline has an unencumbered ability to set and adjust rates, independent of legislative or political interference. Current rail fares are dynamic with the goal of achieving high ridership levels, varying depending on travel date, time, distance and utilization. Brightline's proposed fares are high compared with other transportation modes, including the publicly funded Tri-Rail service. Revenue Risk - Price - Stronger Infrastructure Dev. & Renewal - Midrange New Facilities, Expansion Likely (Infrastructure Development and Renewal: Midrange): Infrastructure renewal risk is low for facilities currently in service, reflecting Brightline's recent completion. Long-term maintenance agreements with Florida East Coast Rail for rail infrastructure as well as a 30-year fixed price agreement for rolling stock with Siemens Mobility support upkeep and reinvestment. Brightline plans to budget annually from cashflow to cover added rolling stock and other capex requirements. Brightline is evaluating expansion of service in the Orlando and Tampa regions. This will require additional capital to fund construction and operational costs but will be fully separate from a security and pledge standpoint under a separate affiliate of parent company AAF Operations Holdings LLC. Infrastructure Dev. & Renewal - Midrange Debt Structure - 1 - Stronger; Debt Structure - 2 - Weaker Conservative Structural Terms; Amortizing Debt: The OpCo revenue bonds are secured by a senior lien standing on Brightline's net revenues with the debt to be fixed rate and fully amortizing through the 2053 final maturity. Following a flat, interest-only payment period through 2032, annual debt service has an escalating payment profile for the remaining tenor, requiring revenue growth over the long term. The original structure included an equity distribution test of 1.30x DSCR (on both trailing 12-month and projected bases) and a 12-month debt service reserve fund. It also included dedicated ramp-up and operating reserves sized at $175 million and $100 million, respectively, to provide additional protection during the buildout and early operations phases. While these features supported credit quality initially, the ramp-up and operating reserves have been effectively depleted, leaving only limited remaining protection beyond the 12-month debt service reserve. As a result, the safety buffer has narrowed materially, increasing reliance on ongoing operating performance and cash generation to meet escalating debt service. Issuance of additional debt remains subject to rating affirmation by the agencies that rated the original transaction. This offers some bondholder protection should the project pursue regearing for potential expansion in the future. Structurally Subordinate; Refinance Risk: The BLE debt is interest-only with a bullet maturity in 2030, exposing lenders to refinance risk. The debt is structurally subordinate to Brightline debt, since repayment of the parent debt is dependent on ongoing cash flow distributions from Brightline to BLE subject to a 1.3x senior and 1.1x total debt service coverage ratio (DSCR) distribution test at Brightline. Brightline retains the ability to issue future OpCo debt obligations, which can further subordinate BLE's position for funds to service its debt. BLE level required reserves include a debt service reserve funded equal to three months of interest and a ramp-up reserve account equal to over two years of interest. Additional Brightline debt is subject to a rating affirmation by the agencies rating the original transaction at the BLE level if BLE debt is outstanding. OpCo does not guarantee BLE's debt, and a BLE debt default does not cross default to OpCo's debt. Debt Structure - 1 - Stronger; Debt Structure - 2 - Weaker RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - A default or default-like process has begun; - The issuer has entered into a grace or cure period following non-payment of a material financial obligation; - Payment capacity is irrevocably impaired such that the company is not expected to pay interest and/or principal in full during the life of the transaction, but where no payment default is imminent. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - An upgrade of the OpCo and BLE's ratings is unlikely until the company addresses short-term refinancing needs and liquidity concerns. Financial Profile Preliminary fiscal 2025 financial performance is below Fitch's prior rating case assumptions, with revenue approximately 3% below and expenses largely in line with Fitch's assumptions, when excluding grant funds that offset certain expenses. This performance resulted in an estimated operating loss, excluding grant funds, slightly more than Fitch's prior rating case expectations. Including R&E grant funds, the operating loss is below Fitch's prior expectations. Given the heightened default risk at both OpCo and BLE, Fitch's financial analysis focuses on Fitch's near-term estimates and liquidity. Under Fitch's rating case assumptions, OpCo's ramp-up reserve is fully drawn down by the end of 2026 and results in the need for DSRA draws to meet debt service. OpCo does not meet its restricted payment test, resulting in a lock-up of distributions to BLE. Following the drawdowns of the prefunded BLE reserves for debt servicing by the end of 2026, BLE is unable to meet its debt service payment in January 2027, resulting in default. Similarly, absent improvements in a ridership ramp-up and/or external support, OpCo will have limited remaining resources to meet its YTD 2026 and 2027 debt service obligations, with default highly likely by mid-2027. SECURITY Senior Debt: Security for the PABs consists of all funds deposited from time to time in project accounts and a first lien on all collateral, which will include substantially all assets of the borrower including (a) the borrower's mortgaged real property interests, (b) substantially all personal property of the borrower, including rolling stock, project revenues and project accounts and (c) a pledge of the membership interests in the borrower by its direct parent. BLE Debt: Security for the notes consists of a pledge of the membership interests in BLTF Holdings LLC, the direct owner of the project owner and all other assets of BLE, including substantially all personal property of BLE and reserve accounts once funded from distributions received from the project owner. ESG Considerations Brightline Trains Florida LLC has an ESG Relevance Score of '4' for Financial Transparency due to a history of delayed or incomplete financial information, which has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Brightline Trains Florida LLC Brightline Trains Florida LLC/Senior Secured Notes/1 LT LT CC Downgrade CCC Brightline East LLC Brightline East LLC/Senior Secured Notes/1 LT LT CC Affirmed CC BULA DEVELOPMENTS: Mora Loses Bid to Withdraw Reference ------------------------------------------------------- Judge Dale A. Drozd of the U.S. District Court for the Eastern District of California Natasha Mora's motion to withdraw the reference of the entire Chapter 11 case In re Bula Developments, Inc., Case No. 23-24619, including Adversary Proceedings 25-02008, 25-02028, 25-02052 to the U. S. Bankruptcy Court for the Eastern District of California pursuant to 28 U.S.C. Sec. 157. On December 26, 2023, Bula Developments, Inc. ("debtor") filed a petition for bankruptcy relief under Title 11 of the United States Code. On June 27, 2024, Walter R. Dahl was appointed to serve as Chapter 11 Trustee ("trustee"). Following the appointment of the trustee, plaintiffs Natasha Mora, Cesar Mora, Faizal Awadan, and Shainaz Awadan ("plaintiffs"), proceeding pro se, filed multiple adversary proceedings alleging various causes of actions relating to In re Bula Developments, Inc. The same property, referred to as 6389 Castejon Drive, La Jolla, California 92307 ("subject property"), is at issue in In re Bula Developments, Inc. and the three relevant adversary proceedings. A. Mora v. SBS Trust Deed Network, No. 25-ap-02008 ("Mora I") On January 17, 2025, plaintiffs, proceeding pro se, filed a complaint in adversary proceeding case number 25-ap-02008 seeking to reverse the transfer of the subject property. On May 1, 2025, this proceeding was dismissed by the assigned bankruptcy judge. Plaintiffs filed a motion to reconsider and objections to the dismissal order, which was denied by the bankruptcy judge on June 30, 2025. The bankruptcy judge also denied plaintiffs' motion to file a first amended complaint on July 7, 2025. B. Mora v. Marquee Funding Group Inc., No. 25-ap-02028 ("Mora II") On March 4, 2025, plaintiffs filed a complaint in adversary proceeding case number 25-ap-02028 seeking once again to challenge the foreclosure of the subject property, among other things. On July 2, 2025, the assigned bankruptcy judge dismissed this proceeding. Plaintiffs did not appeal from this order, nor did they file a motion seeking reconsideration. C. Mora v. Evo Enterprises, Inc., No. 25-ap-02052 ("Mora III") On April 23, 2025, plaintiffs filed a complaint in adversary proceeding case number 25-ap-02052 to set aside the trustee's sale of construction defect claims. On July 2, 2025, the assigned bankruptcy judge dismissed this proceeding. Again, plaintiffs did not appeal from this order, nor did they file a motion for reconsideration. Motion to Withdraw Reference The pending motion to withdraw reference was filed on September 3, 2025 by movant, proceeding pro se. On September 17, 2025, defendants Evo Enterprises, Inc., Evo Turf and Pavers, and Michael Mulder ("Mora III defendants") filed an opposition to movant's motion to withdraw reference. Movant argues that the district court should grant the pending motion to withdraw the reference because non-core claims predominate the proceedings, plaintiffs maintain a jury trial right for certain claims, and withdrawal is in the interest of judicial economy. In addition, she argues that the bankruptcy judge is biased against plaintiffs. Movant also requests that this court grant her derivative standing over the estate claims. The district court finds that movant's pending motion to withdraw the reference is untimely. Movant delayed in filing this motion to withdraw the reference until after the plaintiffs had received multiple adverse rulings, including the dismissal of these adversary proceedings, which strongly suggests forum shopping on the part of movant. According to the court, judicial economy would not be served by withdrawing the reference at this juncture given the assigned bankruptcy judge's extensive involvement in the various related proceedings. For the first time in these adversary proceedings, movant appears to raise an objection to the bankruptcy judge's jurisdiction based upon a contention that these proceedings involve noncore claims and a right to jury trial. Movant has almost certainly waived this objection by failing to raise it before the bankruptcy judge in a timely manner. In any event, the court finds movant's arguments are unpersuasive because, to the extent she has a jury trial right with respect to her claims, she impliedly consented to the bankruptcy judge's jurisdiction. Judge Drozd explains, "Movant initiated adversary proceedings in the bankruptcy court, alleged that the bankruptcy court had jurisdiction, sustained multiple adverse rulings in the bankruptcy court, and only now is arguing that the bankruptcy court did not have jurisdiction. This is a sufficient basis upon which for this court to find that movant impliedly consented to the bankruptcy judge's jurisdiction and the court does so find." The court says withdrawal of the reference is also not mandatory based upon movant's belated suggestion that she did not consent to the bankruptcy judge's jurisdiction over any non-core claims. A copy of the Court's Order dated July 10, 2026, is available at https://urlcurt.com/u?l=Z4yXWD from Pacermonitor.com. About Bula Developments Bula Developments, Inc. sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Calif. Case No. 23-24619) on Dec. 26, 2023, listing $10 million to $50 million in assets and $1 million to $10 million in liabilities. Gabriel E. Liberman, Esq. at the Law Offices of Gabriel Liberman, APC represents the Debtor as counsel. CAPITAL MANAGEMENT: To Sell Settlement Contract to Pinnacle Capital ------------------------------------------------------------------- Marcin Czarnocki and Elizabeth Cava, as Joint Permanent Liquidators (JPL) and authorized foreign representatives for Capital Management of Bermuda Ltd., seek permission from the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor is in the last stages of its liquidation of its assets in Florida. Other than causes of action, it owns the following proceeds from certain structured settlement contracts consisting of investments made in structured settlements serviced, managed or otherwise under the control of BTCO Trust, Inc. or SunState Capital Management, Inc. and the proceeds. The settlements are consists of: structured settlement annuity issued by The Prudential Insurance Company of America with policy number A9990011; and a structured settlement annuity issued by Genworth Life and Annuity Insurance Company with policy number 0000351943. After many negotiations, the JPLs have entered into an Asset Purchase Agreement of the Structured Settlement Contracts dated July 12, 2026, with Pinnacle Capital, LLC (Buyer). The Asset Purchase Agreement is for $871,396.79 contingent to approval of the Motion. The JPLs have negotiated for a period of time to obtain the arms-length Asset Purchase Agreement with the Buyer. The JPLs believe the sale price and the terms of the Asset Purchase Agreement are both fair and reasonable per their business judgment rule. About Capital Management of Bermuda Ltd. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.Fla. Case No. 20-bk-08066-CED) on October 29, 2020. Judge Caryl E. Delano presides over the case. Michael C. Markham at Johnson Pope Bokor, represents the Debtor as legal counsel. Rachelle Frisby and John Johnston as Joint Provisional Liquidators for Captial Management of Bermuda, Ltd, Joint Provisional Liquidators of Capital Managment of Bermuda, Ltd. CHARIOT PARENT: Fitch Affirms 'B-' LongTerm IDR, Outlook Stable --------------------------------------------------------------- Fitch Ratings has affirmed the ratings of Chariot Parent LLC and Chariot Buyer LLC (d/b/a Chamberlain Group), including the Long-Term Issuer Default Ratings (IDRs), at 'B-'. Fitch has also affirmed the company's first lien secured revolver and term loan at 'B-' with a Recovery Rating of 'RR4'. The Rating Outlook is Stable. Chamberlain Group's 'B-' IDR and Stable Outlook reflect its high leverage, which is counterbalanced by its solid competitive position, diversified end-market exposure, and strong profitability and pre-dividend FCF margins. The rating also considers the company's financial policy, including occasional large debt-funded shareholder distributions that have kept leverage elevated, along with its extended maturity schedule and tariff exposure stemming from concentrated manufacturing. Key Rating Drivers High Leverage Levels: Fitch projects EBITDA leverage will be around 6.5x at the end of 2026, lower than the 7.2x at year-end 2025, reflecting the full-year contribution of the Arrow Tru-Line acquisition and higher debt levels from the recent partially debt-funded cash distribution to its shareholder. Fitch expects leverage will remain between 6x and 6.5x in the next few years. (CFO-capex)/debt was 4.2% in 2025 and Fitch expects this ratio will be between 5.5% and 6.5% in 2026 and 2027. Fitch's rating case does not assume debt repayment beyond required term loan amortization. Volatile Post-Dividend FCF: Chamberlain's FCF is volatile, driven primarily by the timing and size of shareholder distributions. Fitch expects Chamberlain will generate negative $150 million to $200 million of FCF in 2026 following the $400 million cash distribution in 1Q26. Fitch's rating case forecast assumes $100 million to $150 million of cash distribution in 2027, resulting in FCF of about $50 million to $100 million next year. Fitch expects FCF before dividends will settle around 9% to 10% of revenue annually, but FCF after dividends will tend to vary depending on annual cash distributions. Fitch's rating case forecast assumes capex of about 2% of revenues and $100 million to $150 million of annual cash distributions, with occasional larger debt-funded acquisitions when leverage levels decrease below 6.0x, keeping leverage between 6x and 6.5x during the forecast period. Projected Margin Improvement: Fitch projects EBITDA margins to expand 100-150 bps in 2026, supported by continued price realization, integration of the Arrow Tru-Line acquisition and SG&A efficiency initiatives. Chamberlain has implemented several price increases to reflect its value proposition and to mitigate tariff impacts, which Fitch expects will improve margins during 2H26. Fitch expects EBITDA margins will settle between 23.5% and 24.5% in 2026 and 2027, higher than the 22.6% margin reported in 2025. Solid Overall Competitive Position: Chamberlain holds a strong competitive position, supported by well-recognized brands and leadership in both residential and commercial smart access markets. Its diversified distribution network includes dealers, installers, OEMs, and major retailers like Home Depot and Lowe's. This reinforces its value chain presence and supports stable to growing margins. The acquisition of Arrow further enhances Chamberlain's suite of product offerings, which could provide revenue synergies longer term. Market Diversity Tempers Cyclicality: Fitch views Chamberlain's well-diversified end-market exposure positively as the residential and commercial construction markets typically have differing cycles and the repair and replacement market is less cyclical than new construction. About 50% of revenue is tied to the residential market, 40% to the commercial markets, and 10% to automotive and international markets. Approximately 76% of residential revenue comes from the less cyclical retrofit market, primarily non-discretionary break-fix replacements. The company's diversified end-market exposure supports stable revenues and cash flow through economic cycles. Manufacturing and Distribution Footprint: The majority of Chamberlain's products are manufactured at its Nogales, Mexico, facility. Recent U.S.-based acquisitions, including Arrow, have increased domestic production capacity and reduced reliance on Nogales. This strategic footprint enables competitive costs but also exposes the company to significant risks from facility disruptions or adverse tariff changes. Fitch expects management to further evaluate alternatives to hedge manufacturing concentration risk. Blackstone Ownership Tolerates Higher Leverage: Fitch expects Blackstone's private equity ownership to tolerate higher leverage levels, with capital allocation likely to prioritize equity returns over debt repayment. As a result, Fitch expects excess cash flow and occasional debt increases to fund shareholder distributions and/or growth initiatives (including acquisitions), limiting deleveraging beyond required amortization and keeping leverage elevated. At the same time, Fitch expects Chamberlain to benefit from Blackstone's sponsorship through enhanced resources and execution support to accelerate growth in commercial garage door openers and access solutions. Peer Analysis Chamberlain has similar profitability and FCF metrics but meaningfully higher leverage than Fitch's publicly rated universe of building products manufacturers, which are concentrated in the low investment-grade rating categories. These peers typically have EBITDA leverage of less than or equal to 3.0x and global operating profiles. Chamberlain's leverage is lower than 'B-' rated building products distributors like Park River Holdings, Inc. (B-/Stable) and LBM Acquisition, LLC (B-/Negative). While smaller in scale, Chamberlain is better positioned in the value chain, with significantly higher profitability and stronger FCF metrics compared to these building products distributors. Fitch’s Key Rating-Case Assumptions - Revenues increase 12.5%-13.5% in 2026 and 3.5%-4.5% in 2027; - EBITDA margin of 23.5%-24.5% in 2026 and 2027; - Capex as a percentage of sales of about 2% annually in 2026 and 2027; - Cash distributions of $400 million in 2026 and $100 million to $150 million in 2027; - SOFR rates averaging 3.75%. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): management (bb-, Moderate), sector characteristics (bbb, Lower), market and competitive positioning (bbb+, Higher), diversification and asset quality (bb, Moderate), company operational characteristics (bb+, Moderate), profitability (bb+, Moderate), financial structure (ccc+, Higher), and financial flexibility (b-, 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 result in an adjustment of -1 notch. - The Governance assessment of 'some deficiencies' has no impact. - The Operating Environment assessment of 'a' 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 Chamberlain would be considered a going concern (GC) in bankruptcy and that the company would be reorganized rather than liquidated. Fitch has assumed a 10% administrative claim. Chamberlain's GC EBITDA estimate of $300 million projects a post-restructuring sustainable cash flow, which is about 45% below the projected 2026 EBITDA. Fitch assumes that a default would occur from a meaningful and continued decline in residential and commercial construction activity, combined with the loss of one of its top customers. Fitch estimates revenue that is 30% lower than the projected 2026 revenue and EBITDA margin of about 19% (more than 400 bps below the projected 2026 EBITDA margin) would result in about $300 million GC EBITDA. This would capture the lower revenue base of the company after emerging from a downturn plus a sustainable margin profile after right sizing. An enterprise value (EV) multiple of 6.5x EBITDA is applied to the GC EBITDA to calculate a post-reorganization enterprise value. The 6.5x multiple is below the 14.7x purchase multiple for the Chamberlain Group. The EV multiple is higher than the 6.0x multiple Fitch uses for LBM Acquisition, LLC and Park River Holdings, respectively. Fitch believes Chariot has a stronger competitive position in the value chain as a manufacturer compared with LBM and Park River, both of which are distributors. The company also benefits from a dominant market share, which is reflected in the EBITDA margins in the 20% range. The revolver is assumed to be fully drawn at default. The analysis results in a recovery corresponding to an 'RR4' for the $250 million first lien revolver and the existing first lien secured term loan. The distributable value was reduced by the company's $125 million accounts receivables securitization facility. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA interest coverage sustained below 1.5x; - FCF generation sustained at neutral or negative levels, leading to liquidity issues or concerns; - (CFO-capex)/debt sustained in negative territory (below 0%) on a consistent basis. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - EBITDA leverage sustained below 6.5x; - EBITDA interest coverage sustained above 2.5x. Liquidity and Debt Structure Fitch expects Chamberlain's liquidity position to remain adequate to fund operations and service its debt. The company had $284 million of cash as of March 31, 2026, and no borrowings under its $250 million revolver maturing in 2029 and its $125 million accounts receivable securitization facility expiring in January 2029. The company has no debt maturities until 2032, when its first lien term loan B matures. Annual term loan amortization is manageable at around $36 million. Issuer Profile Chariot Parent, LLC (d/b/a The Chamberlain Group) is a leading North American provider of access control solutions. It holds the No. 1 positions in residential garage door openers, commercial garage door openers, commercial gate controls, and automotive garage access remotes. Summary of Financial Adjustments Historical and projected EBITDA is adjusted by adding back stock-based compensation expense, impairment charges and restructuring costs. 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 Chariot Parent LLC. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Chariot Buyer LLC LT IDR B- Affirmed B- senior secured LT B- Affirmed RR4 B- Chariot Parent LLC LT IDR B- Affirmed B- CHINA EVERGRANDE: Saba Capital II Marks $57.6M Bond at 98% Off -------------------------------------------------------------- Saba Capital Income & Opportunities Fund II has marked its $57,621,000 bond issued by China Evergrande Group to market at $1,083,435 or 2% of the outstanding amount, according to Saba Capital's N-CSRS for the fiscal year ended July 8, filed with the U.S. Securities and Exchange Commission. Saba Capital Income & Opportunities Fund II owns a corporate bond issued by China Evergrande Group. The bond accrues interest at a rate of 8.750% per annum. The bond matures on June 28, 2025. Saba Capital Income & Opportunities Fund II is a closed-end investment fund in the leveraged finance market. The Fund is led by Paul Kazarian as Principal Executive Officer and Chief Executive Officer, and Troy Statczar as Principal Financial Officer and Treasurer and Chief Financial Officer. The Fund can be reached at: Paul Kazarian Saba Capital Income & Opportunities Fund II 405 Lexington Avenue, 58th Floor New York, NY 10174 Telephone: (212) 542-4644 About China Evergrande Group China Evergrande Group is a Chinese property developer and conglomerate that has been at the center of a prolonged debt restructuring. CLARIOS INTERNATIONAL: Fitch Alters Outlook on 'B' IDR to Positive ------------------------------------------------------------------ Fitch Ratings has affirmed the Long-Term Issuer Default Ratings (IDRs) of Clarios International Inc. (Clarios) and its Clarios Global LP (Clarios Global) subsidiary at 'B'. In addition, Fitch has affirmed Clarios Global's secured asset-based lending (ABL) revolver at 'BB' with a Recovery Rating of 'RR1', first lien secured revolver, term loans and notes at 'B+'/'RR3', and senior unsecured notes at 'CCC+'/'RR6'. The Rating Outlooks for Clarios and Clarios Global have been revised to Positive from Stable. Clarios' ratings also reflect its strong competitive position in the low-voltage automotive battery market. The revision of its Outlook to Positive reflects Fitch's expectation that the company's EBITDA leverage (according to Fitch's calculations) will decline below 5.5x over the next 18 months, as the company continues to prioritize debt reduction. Fitch expects EBITDA interest coverage and FCF margins will remain stronger than Fitch's positive rating sensitivities over the same time frame. Key Rating Drivers Section 45X Tax Credits: Clarios has applied for credits under the U.S. Internal Revenue Code's advanced manufacturing production tax credit (45X credits), which the company can claim for battery cells and certain components that are assembled in the U.S. Section 45X credits are available through 2032 but are subject to a 25% annual phase-out beginning in 2030. In fiscal 2Q26, Clarios received a 45X cash refund of $1.0 billion, which covered the company's request for fiscal 2025. Clarios is still awaiting payment of a similar amount for fiscal 2024. Going forward, Fitch expects the company will receive about $1.0 billion in 45X refund payments per year. Fitch has not included the refunds in its EBITDA calculations. However, 45X credits could provide the company with significant financial flexibility over the next six years, providing the company with options to make further investments while also reducing debt. American Energy Manufacturing Strategy: In March 2025, Clarios announced plans to invest $6.0 billion through 2035 to expand its U.S. manufacturing capacity and accelerate innovation in the U.S. The company plans to invest $2.5 billion in advanced battery production, $1.9 billion in processing and recovery of critical minerals, $1.0 billion in next-generation technologies like energy storage and supercapacitors, and $600 million in advanced production capabilities. Fitch expects the 45X credits to provide a portion of the funding to enable much of this investment, which will further solidify Clarios' market position in advanced low-voltage batteries. Advanced Batteries Driving Growth: Sales of higher-margin advanced batteries continue to accelerate. Although many of these batteries are currently going into the original equipment (OE) channel, they are also increasing as a proportion of Clarios' aftermarket sales as newer vehicles' batteries are replaced. Sales of advanced batteries in the aftermarket channel constituted 27% of Clarios' aftermarket sales in fiscal 2Q26, up from 23% in fiscal 2Q25. Fitch expects this mix shift to continue, which will be a notable driver of ongoing profitability growth over time. Tariff Effects Manageable: Fitch expects Clarios to continue managing tariff impacts without any significant negative effects on its credit profile. The company's large U.S. manufacturing footprint and the highly recyclable nature of its batteries mitigate the direct effect of tariffs, and replacement battery unit volumes tend to be relatively resilient to macroeconomic changes. Fitch expects Clarios will also be able to continue adjusting battery pricing, if necessary, to offset tariff-related cost increases. Declining Near-Term Leverage: In January 2025, Clarios issued $4.5 billion of debt to fund a distribution to its shareholders. The company has reduced debt by over $750 million since then, including a $500 million loan prepayment in April 2026. With the combination of lower debt and increased EBITDA, Fitch expects EBITDA leverage to decline below 6.0x by YE fiscal 2026 from 6.3x at YE fiscal 2025. Fitch expects EBITDA leverage to decline below 5.5x by YE fiscal 2027. Fitch's EBITDA calculations exclude the 45X credits, although cash from the credits could help Clarios accelerate its de-levering. Solid FCF Expected: Fitch expects Clarios to generate strong FCF over the next several years. Excluding the 45X credits, Fitch expects Clarios' FCF margins to be in the 4%-6% range over the next couple years, while including the credits, FCF margins are likely to be in the mid-teens. Fitch expects capex to be at about 5% of revenue over the next several years. Over the long term, Fitch expects the shift toward advanced batteries and continued cost savings will allow Clarios to grow FCF margins into the high single-digit range, excluding the 45X credits. Higher EBITDA Interest Coverage Expected: Clarios' EBITDA interest coverage (excluding 45X credits) declined below 3.0x in fiscal 2025 due primarily to the increase in debt to fund the shareholder distribution. However, Fitch expects the combination of lower debt and benefits from repricing actions to increase EBITDA interest coverage to the low 3x range by fiscal YE 2026 and to the mid-3x range by fiscal YE 2027. Peer Analysis Clarios has a strong competitive position as the largest low-voltage vehicle battery manufacturer in the world, responsible for about one-third of the industry's total global production. Although Clarios counts many global OE manufacturers as customers, roughly 80% of its sales are derived from the global aftermarket. Clarios' strong aftermarket presence provides a more stable revenue stream through the cycle than Tier 1 suppliers such as BorgWarner Inc. (BBB+/Stable) or Aptiv PLC (BBB/Stable). Clarios' heavy aftermarket weighting makes it more comparable with global tire manufacturers like Compagnie Generale des Etablissements Michelin (A/Stable) and The Goodyear Tire & Rubber Company (BB-/Negative), or other suppliers with a significant aftermarket concentration like Dorman Products, Inc. (BB/Stable) or Tenneco LLC (B/Positive). Clarios' margins are strong, with forecast EBITDA margins (according to Fitch's methodology) in the low 20% range over the next several years (excluding 45X credits), which is stronger than most investment-grade auto suppliers. Its forecast FCF margins in the low to mid-single-digit range are also consistent with investment-grade auto suppliers. However, Clarios' leverage is relatively high and consistent with auto suppliers in the 'B' rating category. Over the long term, Fitch expects Clarios' leverage to continue to decline as EBITDA rises on sales growth tied to the rising global vehicle population and a richer mix of advanced batteries. Fitch also expects the company to continue actively seeking opportunities to reduce debt, which would further accelerate leverage reduction. Fitch’s Key Rating-Case Assumptions - Global automotive battery demand rises in the low single-digit range over the next several years due to higher replacement battery demand and modest increases in vehicle production; - In addition to volume growth, revenue is supported over the next several years by product mix shifting to higher-priced advanced batteries, as well as modest price increases on traditional batteries; - Margins are roughly flat in fiscal 2026 (excluding 45X credits) and then generally grow over the next several years due to operating leverage on higher production levels, positive pricing and mix, and savings associated with cost-reduction initiatives; - The company receives two 45X credit refunds totaling about $2.1 billion in fiscal 2026 and about $1.1 billion in 45X credit refunds annually over the subsequent years; - Capex as a percentage of revenue near 5.0% over the next few years; - Most debt maturities, other than term loan amortization payments, are refinanced at prevailing interest rates prior to maturity. 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 (bbb, Moderate), market and competitive positioning (bbb, Higher), diversification and asset quality (bbb+, Moderate), company operational characteristics (bb+, Moderate), profitability (a-, Moderate), financial structure (ccc, Higher), and financial flexibility (bb, Higher). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the historical year FY25, 20% for the forecast year FY26, 20% for the forecast year FY27, 20% for the forecast year FY28 and 20% for the forecast year FY29. - 'B+' to 'CC' considerations apply in its analysis and have no impact. - The Governance assessment of 'good' has no impact. - The Operating Environment assessment of 'a' 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 Fitch's recovery analysis assumes Clarios would be considered a going concern (GC) in bankruptcy and would be reorganized rather than liquidated. Fitch has assumed a 10% administrative claim in the recovery analysis. Clarios' recovery analysis reflects a potential severe downturn in battery demand and estimates the GC EBITDA at $1.6 billion, which reflects Fitch's view of a sustainable, post-reorganization EBITDA level upon which the valuation of the company would be based following a hypothetical default. The GC EBITDA considers Clarios' stable operations, high operating margins, significant percentage of aftermarket revenue and the nondiscretionary nature of its products. The $1.6 billion ongoing EBITDA assumption is 33% lower than Fitch's calculated actual EBITDA of $2.4 billion for the LTM ended March 31, 2026. Fitch uses a 6.0x enterprise value (EV) multiple based on Clarios' strong global market position and the nondiscretionary nature of the company's batteries. In addition, Brookfield Asset Management Inc.'s acquisition of Clarios in 2019 valued the company at an EV over 8.0x (excluding expected post-acquisition cost savings). According to Fitch's "Automotive Bankruptcy Enterprise Values and Creditor Recoveries" report published in April 2026, 52% of auto-related defaulters had exit multiples above 5.0x, with 28% in the 5.0x to 7.0x range. However, the median multiple observed across 25 bankruptcies was only 5.1x. Within the report, Fitch observed that 86% of the bankruptcy cases analyzed were resolved as a GC. The recovery analysis assumes that off-balance-sheet factoring is replaced with a super-senior facility that has the highest priority in the distribution of value. Fitch also assumes a full draw on the $800 million ABL revolver. The ABL receives second priority in the distribution of value after the factoring and receives a Recovery Rating of 'RR1'. The analysis also assumes a full draw on the $800 million cash flow revolver. Including this, the first lien secured debt totals $11.3 billion outstanding (pro forma for the $500 million April 2026 repayment) and receives a lower priority than the ABL in the distribution of value hierarchy, in part due to its second lien claim on the ABL's collateral. This results in a Recovery Rating of 'RR3'. The senior unsecured notes have the lowest priority in the distribution of value. This results in a Recovery Rating of 'RR6', owing to the significant amount of secured debt positioned above it in the distribution waterfall. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Gross EBITDA leverage excluding 45X credits above 7.0x without a clear path to de-levering on a sustained basis; - EBITDA interest coverage excluding 45X credits approaching 1.5x on a sustained basis; - A decline in the Fitch-calculated EBITDA margin excluding 45X credits below 10% and FCF margin excluding 45X credits near 1.0%, both on a sustained basis. Factors that Could, Individually or Collectively, Lead to a Revision of the Outlook to Stable - A revised expectation that gross EBITDA leverage excluding 45X credits will remain between 5.5x and 7.0x for an extended period; - A revised expectation that EBITDA interest coverage excluding 45X credits will decline below 2.5x for an extended period. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Financial policy-driven debt reduction that leads to gross EBITDA leverage excluding 45X credits of 5.5x on a sustained basis; - EBITDA interest coverage excluding 45X credits of 2.5x on a sustained basis; - Fitch-calculated EBITDA margins excluding 45X credits in the low teens in percentage terms and FCF margin excluding 45X credits of 2.5%, both on a sustained basis. Liquidity and Debt Structure Liquidity as of March 31, 2026, included $1.2 billion of cash and equivalents, augmented by significant revolver capacity. Revolver capacity includes an $800 million ABL facility and an $800 million first lien secured cash flow revolver. As of March 31, 2026, a total of about $1.6 billion was available on the two revolvers, with full availability on the cash flow revolver and $754 million available on the ABL, after accounting for $46 million of letters of credit backed by the facility. The ABL and revolver mature in 2030, but a springing maturity provision could accelerate the maturities to as early as May 2028 if the company's senior secured notes due 2028 are not refinanced or redeemed prior to that time. As of March 31, 2026, Clarios had about $14.2 billion of debt outstanding, including off-balance-sheet factoring. This consisted of $11.0 billion of first lien secured debt, comprised of U.S. dollar and euro term loans and secured notes, as well as about $1.2 billion of senior unsecured notes. The remaining debt consisted primarily of off-balance-sheet factoring. Fitch excludes finance leases from its debt calculations. The company made a discretionary $500 million prepayment on its 2030 USD term loan in April 2026. Issuer Profile Clarios is the world's largest manufacturer and distributor of low-voltage, advanced automotive batteries. It provides one in every three automotive lead-acid batteries globally, servicing cars, heavy duty trucks, motorcycles, marine and power sports vehicles in the OE and aftermarket channels. 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 Clarios International Inc. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Clarios International Inc. LT IDR B Affirmed B Clarios Global LP LT IDR B Affirmed B senior unsecured LT CCC+ Affirmed RR6 CCC+ senior secured LT BB Affirmed RR1 BB senior secured LT B+ Affirmed RR3 B+ CLEARSIDE BIOMEDICAL: Exits Ch. 11 with Steel Partners as Sponsor ----------------------------------------------------------------- Clearside Biomedical, Inc. announced on July 14, 2026, that it has completed its financial restructuring and emerged from Chapter 11. All conditions to the effectiveness of the Company's plan of reorganization, as confirmed by the United States Bankruptcy Court for the District of Delaware, have been satisfied or waived, and the Plan became effective on the closing date. The Plan was sponsored by Steel Partners, Ltd., which provided new equity capital and credit support to the reorganized Company. Clearside commenced its Chapter 11 case on November 23, 2025. Under the Plan, an affiliate of Steel Partners purchased newly issued common shares of the reorganized Company representing approximately 30% of the Company's aggregate economic interest and 80% of its total voting power, on an as-converted, fully diluted basis. Holders of the Company's existing common stock retained approximately 70% of the economic interest in the reorganized Company, subject to dilution and customary reorganization adjustments. The proceeds were reserved to satisfy allowed claims. In addition, Steel Partners provided the Company with a $3 million senior secured revolving credit facility for working capital and general corporate purposes. The reorganized Company emerges free of legacy liabilities and retains certain intellectual property including patents, trademarks and domain names. A central objective of the transaction is the rehabilitation or other use of that retained intellectual property, which the Company, with Steel Partners' capital and operational support, intends to develop or otherwise utilize and monetize over time. Additional information is available on Clearside's website at clearsidebio.com. About Clearside Biomedical Inc. Clearside Biomedical, Inc., is a bio-pharmaceutical firm specializing in the development and commercialization of treatments for eye diseases. Clearside Biomedical Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-12109) on Nov. 23, 2025. In its petition, the Debtor estimated assets of up to $10 million and estimated liabilities of up to $100 million. The Debtor tapped Cooley LLP and Richards, Layton & Finger, PA as counsel; Epiq Corporate Restructuring, LLC, as administrative advisor; and Berkeley Research Group, LLC, as financial advisor. CLEARSIDE BIOMEDICAL: Exits Chapter 11, Gets $3MM Revolving Credit ------------------------------------------------------------------ abf journal reports that Clearside Biomedical has successfully completed its Chapter 11 restructuring and officially exited bankruptcy after its court-approved reorganization plan became effective. The Delaware bankruptcy court confirmed the plan, which was backed by Steel Partners Ltd. through new equity funding and credit support. The company originally sought bankruptcy protection on Nov. 23, 2025, to restructure its financial obligations. Under the restructuring, an affiliate of Steel Partners purchased newly issued shares equal to roughly 30% of Clearside's economic ownership and 80% of its voting rights on a fully diluted basis. Existing common shareholders retained approximately 70% of the company's economic interest, subject to dilution, while the capital raised was designated to satisfy approved claims. Steel Partners also extended a $3 million senior secured revolving credit facility for ongoing operations, the report states. The reorganized company said it emerges with a cleaner balance sheet and ownership of valuable intellectual property, including patents, trademarks and domain names. Management intends to leverage those assets with Steel Partners' support to pursue future commercialization opportunities and generate long-term value. About Clearside Biomedical Inc. Clearside Biomedical, Inc., is a biopharmaceutical firm specializing in the development and commercialization of treatments for eye diseases. Clearside Biomedical Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-12109) on Nov. 23, 2025. In its petition, the Debtor estimated assets of up to $10 million and estimated liabilities of up to $100 million. The Debtor tapped Cooley LLP and Richards, Layton & Finger, PA as counsel; Epiq Corporate Restructuring, LLC as administrative advisor; and Berkeley Research Group, LLC as financial advisor. CREDIT SUITE: Court Extends Cash Collateral Access to Sept. 23 -------------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, entered a fourth interim order extending Credit Suite, Inc.'s authority to use cash collateral. Under the fourth interim order, the Debtor is authorized to use cash collateral from the petition date through Sept. 23, strictly in accordance with a court-approved budget. Individual budget line items may exceed projections by up to 15%, provided that total spending does not exceed the overall budget by more than 10%. Any spending beyond the permitted variances constitutes a default and may allow creditors to seek emergency relief. Payments to insiders or affiliate officers are prohibited absent court approval. The Debtor projects total operational expenses of $1,111,982.21 for the period from April to December. To protect the interests of secured creditors, the court granted these creditors replacement liens on post-petition cash collateral, effective as of the petition date, with the same validity and priority as their pre-bankruptcy liens. The court preserves all parties' rights and makes no determination regarding the validity, extent, or priority of any creditor's liens. Credit Suite must comply with all debtor-in-possession duties, maintain required insurance, and provide monthly operating reports, along with weekly budget variance and accounts receivable reports to creditors, the U.S. trustee, and the Subchapter V trustee. A continued hearing is scheduled for Sept. 23. A copy of the court's order and the Debtor's budget is available at https://short.do/twNG1P from PacerMonitor.com. Regions Bank is represented by: Dana L. Robbins-Boehner, Esq. Burr & Forman, LLP 201 North Franklin Street, Suite 3200 Tampa, FL 33602 Phone: 813.221.2626 Fax: 813.221.7335 Primary Email: drobbins-boehner@burr.com Secondary Email: mguerra@burr.com / kkearney@burr.com About Credit Suite Inc. Credit Suite Inc., a company in Tampa, Fla., provides business credit building services and small business financing support, helping entrepreneurs establish and use business credit, understand factors affecting fundability, and access loans and credit lines through lenders and brokers. Founded in 2014, the company focuses on advising business owners on separating personal and business credit and preparing for financing before applying for capital. Credit Suite filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-00085) on January 7, 2026, listing between $100,001 and $500,000 in assets and between $1 million and $10 million in liabilities. Ruediger Mueller of TCMI, Inc. serves as Subchapter V trustee. Ruediger Mueller of TCMI, Inc. serves as Subchapter V trustee. Judge Caryl E. Delano oversees the case. Kathleen DiSanto, Esq., at Bush Ross, P.A. represents the Debtor as legal counsel. CUGINO'S PENNINGTON: Nancy Isaacson Named Subchapter V Trustee -------------------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed Nancy Isaacson, Esq., at Greenbaum, Rowe, Smith & Davis, LP, as Subchapter V trustee for Cugino's Pennington, LLC. Ms. Isaacson will be paid an hourly fee of $500 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Isaacson declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Nancy Isaacson, Esq. Greenbaum, Rowe, Smith & Davis, LP 75 Livingston Avenue Roseland, NJ 08068 Phone: (973) 535-1600 Email: nisaacson@greenbaumlaw.com About Cugino's Pennington LLC Cugino's Pennington, LLC is a Pennington, New Jersey-based full-service restaurant and bar. According to its bankruptcy filing, Cugino's Pennington operates a full-service dining establishment, with its primary business location identified in Woodland Park, New Jersey. Court records do not specify the reasons for the Chapter 11 filing. Cugino's Pennington sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 26-17656) on July 1, 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 Joe Carusone, Esq., and Nicole Arianna Benis, Esq., at Ansell Grimm & Aaron, P.C. CUMULUS MEDIA: Court Affirms Preliminary Injunction in Nielsen Case ------------------------------------------------------------------- In the appeal styled CUMULUS MEDIA NEW HOLDINGS INC., Plaintiff-Appellee, v. THE NIELSEN COMPANY (US), LLC, Defendant-Appellant, No. 26-88 (2nd Cir.), Judges Myrna Perez, Alison J. Nathan and Gary S. Katzmann of the United States Court of Appeals for the Second Circuit affirmed the decision of the United States District Court for the Southern District of New York to grant preliminary injunction. The case is remanded for further proceedings. This antitrust appeal concerns radio broadcasting data vital for radio networks hoping to sell advertisements on their stations nationwide. Nielsen, a market research firm, collects and sells radio audience data in hundreds of local geographic areas and collates that information into a national radio broadcasting report -- the only product of its kind. Cumulus, a major audio media company that operates both a national audio network and local radio stations, seeks to buy Nielsen's one-of-one national radio report, as well as some of its local data in certain local markets. In other local markets, it hoped to purchase data from a competitor. But a new Nielsen policy prohibits audio networks like Cumulus from purchasing Nielsen's national data report unless they also agree to purchase Nielsen's local data products in all markets in which they operate. As the parties began to discuss a new contract, that policy soon impeded their negotiations. Nielsen's new policy -- and subsequent offers that were impacted by that policy -- put Cumulus to a choice: purchase Nielsen's local data in all relevant geographic markets, or purchase its preferred local data from a competitor and lose the ability to buy Nielsen's crucial national data product. Cumulus sued, arguing that Nielsen's new policy is an anticompetitive tying arrangement in violation of the Sherman Act. The district court agreed. It concluded that Nielsen unlawfully tied its local data products to its national data product, used its monopoly power in the national data market to force Cumulus into purchasing unwanted local data products, and distorted competition in local data markets by fencing out competitors. It thus granted Cumulus a preliminary injunction prohibiting Nielsen from expressly or constructively enforcing its new tying policy. Nielsen appealed. Nielsen's principal argument on appeal is that Cumulus did not satisfy the requirements for obtaining preliminary relief. Nielsen claims that it cannot have "conditioned" the sale of Nationwide on its local data because "constructive" tying is not a viable theory of Sherman Act liability, and even if it were, it did not "coerce" Cumulus into purchasing its local data. According to the panel, the district court's decision to grant a preliminary injunction was not an abuse of its discretion, nor does its injunction violate the specificity requirement of Rule 65(d). The panel holds the district court properly: (1) found that Cumulus was coerced based on Nielsen's constructive tie, (2) found anticompetitive effects of Nielsen's conduct, (3) discounted Nielsen's procompetitive justification, (4) concluded that Cumulus made a strong showing of irreparable harm absent interim relief, (5) weighed the relative hardships and public interest in Cumulus's favor, and (6) issued an appropriately specific and tailored preliminary injunction. The panel agrees with both parties that it may resolve this appeal despite Cumulus's interceding bankruptcy petition. A copy of the Court's Opinion dated July 13, 2026, is available at https://urlcurt.com/u?l=3TtiwX from Pacermonitor.com D WOOD: To Sell Hotel Property to Utah Department of Transportation ------------------------------------------------------------------- D Wood Hotel, LLC seeks permission from the U.S. Bankruptcy Court for the Eastern District of Texas, Sherman Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's primary bankruptcy estate asset is real property that it operates as a hotel named "Super 8 by Wyndham Woods Cross/Salt Lake City North" located at 2433 South 800 West Woods Cross, UT 84087 as well as various room supplies, bed sheets, towels, linens, office equipment, yard machinery, and other Hotel furnishings that is required for the hotel's continued operations. The lienholders of the Property are: a. Utah State Tax Commission and Matt Brady, Davis County Treasurer b. Northwest Bank c. GreenLake Real Estate Finance LLC d. RMRS Capital Lender, LLC e. Stabilis Lending, LLC f. Chipman Glasser, LLC g. ACHAL, LLC h. DM Funding LLC On June 25, 2026, the Debtor filed motion by which the Debtor seeks authority to sell the Hotel to Max Patel or to Prakash Patel as the back-up purchaser and to assign to the purchaser any and all of the Debtor's rights, if any, in the offer made by UDOT. Specifically, the State of Utah Department of Transportation (UDOT) has approached the Debtor with an offer to purchase a portion of the Hotel Real Property, specifically 9,223 square feet or approximately 0.212 acre of the Hotel, in order to widen highway I15/Veterans Memorial Highway with certain expenses and obligations to be borne by the owner of the Hotel in consideration of $825,000. The Real Estate Contract also includes both a Warranty Deed referencing the purchase of the 0.212 acre of the Hotel property and a Temporary Easement that requests a temporary easement on a portion of the Hotel Real Property, specifically 5,208 square feet or approximately .120 acre of the Hotel, in order to facilitate the construction of the Project. Although the Debtor initially contemplated that the Buyer or a Back-up Buyer would negotiate and execute the Real Estate Contract with UDOT in connection with the sale of the Hotel, UDOT wishes to consummate the Real Estate Contract prior to the closing on the sale of the Hotel. If the Debtor is required to provide parties in interest with 21 days' negative notice, UDOT has indicated that the Real Estate Contract and the offered purchase price of $825,000.00 may be terminated, potentially subjecting the affected portion of the Hotel Real Property to eminent domain or condemnation proceedings that would likely result in a lower recovery to the estate and its creditors. If the relief requested is granted, the $825,000.00 in consideration of the sale will sit in escrow with the title company subject to the Motion to Sell Hotel. The sale to UDOT is a fair and equitable exercise of the Debtor’s sound business. About D Wood Hotel, LLC D Wood Hotel, LLC owns and operates the Super 8 by Wyndham Woods Cross/Salt Lake City North at 2433 South 800 West, Woods Cross, Utah, providing economy-style lodging services in the hospitality industry. The property functions as a motel offering accommodations, basic amenities, and guest services to travelers in the Salt Lake City metropolitan area. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 25-43559) on November 24, 2025. In the petition signed Larry Williams, corporate representative, the Debtor disclosed up to $10 million in assets and up to $100 million in liabilities. Judge Brenda T. Rhoades oversees the case. John Paul Stanford, Esq., at Quilling, Selander, Lownds, Winslett & Moser, P.C., represents the Debtor as legal counsel. DEL MONTE: Minority Lenders Lose Bid for Direct Chapter 11 Appeal ----------------------------------------------------------------- Vince Sullivan of Law360 Bankruptcy Authority reports that a New Jersey bankruptcy court has rejected minority secured lenders' effort to obtain a direct appeal of Del Monte's Chapter 11 plan confirmation, finding that the request did not satisfy the legal standard for immediate review by a federal appellate court. The lenders must instead pursue the traditional appeals process if they wish to challenge the confirmation order. The lenders maintained that the bankruptcy court's confirmation decision involved important legal issues concerning creditor rights and plan treatment that merited expedited review. However, the court concluded that the case did not present the type of novel or conflicting legal questions required for certification of a direct appeal, the report relays. According to Law360, the ruling allows Del Monte to continue implementing its confirmed Chapter 11 plan without interruption from an immediate appellate review. Although the lenders retain the right to appeal, they must do so through the ordinary judicial process established under the Bankruptcy Code. About Del Monte Foods Corporation II Inc. Founded in 1886 and headquartered in Walnut Creek, California, the Del Monte business has been a cornerstone of American grocery stores for more than 130 years. Del Monte Foods has been driven by its mission to nourish families with earth's goodness. As the original plant-based food company, Del Monte is always innovating to make nutritious and delicious foods more accessible to consumers across its portfolio of beloved brands, including Del Monte, Contadina, College Inn, Kitchen Basics, JOYBA, Take Root Organics and S&W. On the Web: http://www.delmontefoods.com/or http://www.joyba.com/ On July 1, 2025, Del Monte Foods Corporation II, Inc. and 17 affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. D.N.J. Lead Case No. 25-16984) to address $1.235 billion in funded debt obligations. At the time of the filing, the Debtors listed $1 billion to $10 billion in both assets and liabilities. Judge Michael B. Kaplan presides over the case. The Debtors tapped Herbert Smith Freehills Kramer (US), LLP and Cole Schotz P.C. as legal counsel; Jonathan Goulding, managing director at Alvarez & Marsal North America, LLC, as chief restructuring officer; and Stretto, Inc. as claims and noticing agent. The U.S. Trustee for Regions 3 and 9 appointed an official committee to represent unsecured creditors. The committee hired Morrison & Foerster LLP as counsel; Province, LLC as financial advisor; Kelley Drye & Warren LLP as co-counsel; and Stifel, Nicolaus & Co., Inc. as investment banker. DELTA BIOFUEL: Hilco Global Launches UCC Foreclosure Sale of Assets ------------------------------------------------------------------- Hilco Global announced on July 14, 2026, that it has commenced marketing of certain assets of Delta Biofuel, LLC, a Louisiana-based renewable fuels platform developed to convert sugarcane bagasse into industrial-grade biomass pellets. The assets will be sold through a secured party public auction sale pursuant to Article 9 of the Uniform Commercial Code, as enacted in Louisiana. The sale is being conducted by CSC Delaware Trust Company, formerly known as Delaware Trust Company, in its capacity as administrative agent and collateral agent, on behalf of the senior secured lender, Bulldog Bioenergy LLC. Hilco is serving as broker for the sale process. Bids are due by Tuesday, August 4, 2026, at 5:00 p.m. prevailing Eastern Time. The public auction is scheduled for Thursday, August 6, 2026, at 12:00 p.m. prevailing Eastern Time at the law offices of Seward & Kissel LLP, One Battery Park Plaza, New York, NY 10004, with online bidding available to qualified bidders via Zoom. Interested parties should contact Hilco Global at Project+Magnolia@HilcoGlobal.com to learn more about the assets, the diligence process, and the requirements to become a qualified bidder. Delta Biofuel's assets include a purpose-built biomass pellet facility located in Jeanerette, Louisiana, designed to convert sugarcane bagasse--the fibrous residue remaining after sugarcane milling--into renewable biomass pellets for use by power generators and other large-scale renewable fuel customers. The facility is located on a leased site adjacent to the M.A. Patout sugar mill and incorporates integrated receiving, washing, dewatering, drying, milling, pelletizing, storage, and loadout systems. The facility has been described as permitted for up to 340,000 short tons per year of pellet production. The underlying real property is not included in the asset package. The collateral package includes all of Delta Biofuel's right, title, and interest in its personal property, equipment, fixtures, intellectual property, accounts receivable, inventory, permits, books and records, and other tangible and intangible collateral described in the applicable loan and security documents. A virtual data room containing additional diligence materials is available to qualified parties under NDA. Jordon Parker, director at Hilco Global, commented, "Delta Biofuel represents a rare opportunity to acquire an integrated, purpose-built biomass processing platform positioned at the intersection of agricultural residue management and renewable energy demand. The asset package includes substantial process infrastructure designed to receive, prepare, dry, and pelletize sugarcane bagasse at industrial scale. Given the investment and infrastructure development to date, a strategic operator would be well positioned to capitalize on a nearly turnkey advanced facility opportunity." The assets are being offered at a secured party public auction sale pursuant to Article 9 of the Uniform Commercial Code. The assets will be sold free and clear of the secured party's lien and any subordinate security interests in the assets. The assets will be sold "AS IS, WHERE IS," with all faults and without recourse to the agent, the senior secured lender, the broker, or any of their respective affiliates, representatives, agents, officers, directors, employees, successors, or assigns. No representation or warranty, express or implied, is made with respect to the assets, including as to accuracy, completeness, sufficiency, condition, merchantability, fitness for a particular purpose, title, value, enforceability, collectability, quantity, quality, or freedom from claims or encumbrances. The senior secured lender reserves the right to credit bid all or a portion of the secured indebtedness at the public auction. The sale is subject to the public foreclosure sale terms, which are available from the broker upon request, and the agent reserves all rights to cancel, adjourn, or amend the sale process in accordance with those terms. Hilco Global Deal Team * David Peress, Executive Director, dperess@hilcoglobal.com * Jordon Parker, Director, jparker@hilcoglobal.com * Paul Gleason, Analyst, pgleason@hilcoglobal.com For Additional Information: Project+Magnolia@hilcoglobal.com About Hilco Global: Hilco Global, a subsidiary of ORIX Corporation USA, is a diversified financial services company that delivers integrated professional services and capital solutions that help clients maximize value and drive performance across the retail, commercial and industrial, real estate, manufacturing, and intellectual property sectors. Hilco Global provides a range of customized solutions to healthy, stressed, and distressed companies to resolve complex situations and enhance long-term enterprise value. Hilco Global works to deliver the best possible result by aligning interests with clients and providing strategic advice and, in many instances, the capital required to transact. Hilco Global is based in Northbrook, Illinois and has more than 810 professionals operating on four continents. Visit www.hilcoglobal.com. DERIVATION FUNDING: Variant Impact Marks $2.2M Loan at 74% Off -------------------------------------------------------------- Variant Impact Fund has marked its $2,268,741 loan extended to Derivation Funding, LLC to market at $601,036 or 26% of the outstanding amount, according to Variant Impact's N-CSR for the fiscal year ended July 9, 2026, filed with the U.S. Securities and Exchange Commission. Variant Impact Fund is a participant in a loan extended to Derivation Funding, LLC. The Loan accrues interest at a rate of 17.00% per annum. Variant Impact Fund is a registered investment fund that files periodic reports with the SEC and provides shareholders with information on its operations and financial results. The Fund is led by Robert W. Elsasser as President (Principal Executive Officer) and Curt Fintel as Treasurer (Principal Financial Officer). The Fund can be reached at: Robert W. Elsasser Variant Impact Fund c/o UMB Fund Services, Inc. 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2271 About Derivation Funding, LLC Derivation Funding, LLC operates as a specialty finance entity, primarily functioning as a portfolio asset and debt facility. DIOCESE OF BURLINGTON: Accused of Hiding Funds from Abuse Survivors ------------------------------------------------------------------- Kevin O'Connor of vtdigger reports that new court filings in the Vermont Roman Catholic Diocese's Chapter 11 case accuse church leaders of attempting to shield assets from clergy abuse survivors before seeking bankruptcy protection. Celeste Heinonen, who interviewed for the diocese's chief financial officer position in 2020, said then-Bishop Christopher Coyne asked whether she would help prepare documents to transfer assets beyond the reach of potential abuse judgments. Heinonen alleged that Coyne wanted the transfers completed quickly before a bankruptcy filing, while current Bishop John McDermott told her it was necessary to protect present-day parishioners from the "sins of its fathers." She said the conversations left her deeply disturbed, and she later shared the information with an attorney representing abuse claimants. Church officials have not commented on the allegations. The declaration has surfaced as creditors seek access to nearly $500 million in parish assets that the diocese transferred into trusts nearly two decades ago. The creditors' committee contends the trusts improperly shield church property from abuse victims, while the diocese argues the assets belong to local parishes and were established for legitimate religious and charitable purposes, the report states. The Vermont Diocese entered Chapter 11 in 2024 after paying tens of millions of dollars to settle clergy abuse claims while continuing to face more than 100 additional lawsuits. Bankruptcy Judge Heather Cooper has scheduled hearings on the trust dispute and warned that failure to make progress on a reorganization plan could jeopardize the bankruptcy proceedings, according to vtdigger. About Roman Catholic Diocese of Burlington Vermont The Roman Catholic Diocese of Burlington sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Vt. Case No. 24-10205) on Sept. 30, 2024. In the petition signed by Reverend John Joseph McDermott, bishop, the Debtor disclosed up to $50 million in assets and up to $10 million in liabilities. Judge Heather Z. Cooper oversees the case. The Debtor tapped James Baillie, Esq., at Fredrikson & Byron, PA as bankruptcy counsel and Obuchowski Law Office as local counsel. DIVERSIFIED WIRE: Seeks to Sell Vehicle & Wire Equipment at Auction ------------------------------------------------------------------- Diversified Wire & Cable Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Michigan, Southern Division, to sell Property at auction, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property are comprised of vehicles and equipment that are located in the facility at 1837 Enterprise, Rochester Hills, Michigan. Deborah L. Fish has been appointed as the Sub V Trustee in the case. Dean J. Stanton is the responsible person for the Debtor. The Debtor was engaged in the business of distribution of wire and cable and the assembly of related housing units to a large number of customers in a broad range of industries and maintains a respected reputation as a manufacturer of custom fiber optic and copper cable assemblies. In connection with the business, the Debtor owns or has rights in the Assets. The Assets are subject to liens and security interests in favor of Bridge Business Credit LLC and Susan Stanton. On July 1, 2026, the Debtor ceased active operations as a result of insufficient sales to generate availability under the Debtor in Possession Loan's borrowing base formula to advance funds to make operational expenses. The Debtor selects Levy Recover Group LLC to conduct a public auction sale of the Assets. The Debtor proposes that the Auctioneer conduct the online Auction on or about August 13, 2026 through the Auctioneer's electronic bidding platform, in accordance with the auction procedures detailed in the Auctioneer Agreement. At the conclusion of the Auction, the Auctioneer will identify the highest or otherwise best bid for each lot or group of Assets and, if appropriate, one or more backup bids. The Debtor seeks authority to sell the Assets free and clear of all liens, claims, encumbrances, and other interests of any kind or nature. The Debtor anticipates that the Auction and resulting sale will be conducted at arm's length, in good faith, and without collusion. About Diversified Wire & Cable Inc. Diversified Wire & Cable, Inc. supplies wire and cable products and supports telecommunications and technology infrastructure projects with related engineering and integration services. The company provides cable assembly, cabinet build solutions, and systems design assistance while operating a service center that fulfills both custom and large-volume orders. It works with contractors and corporate clients to source and deliver the cabling components needed for network and technology installations. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 26-42632) on March 12, 2026, with $0 to $50,000 in assets and $1 million to $10 million in liabilities. Dean Stanton, CEO, signed the petition. Judge Maria L. Oxholm presides over the case. Lynn M. Brimer, Esq. at STROBL PLLC represents the Debtor as legal counsel. DRUMMOND ROSS: Variant Alternative Marks $6.9M Loan at 27% Off -------------------------------------------------------------- Variant Alternative Income Fund has marked its $6,927,735 loan extended to Drummond Ross Limited to market at $5,050,898 or 73% of the outstanding amount, according to Variant's N-CSR for the fiscal year ended July 9, 2026, filed with the U.S. Securities and Exchange Commission. Variant Alternative Income Fund is a participant in a loan extended to Drummond Ross Limited. The loan accrues interest at a rate of 10.00% PIK per annum. The Loan matures on . Variant Alternative Income Fund is a corporate issuer in the leveraged finance market. The Fund is led by Robert W. Elsasser as President, and Curt Fintel as Treasurer. The Fund can be reached at: Robert W. Elsasser Variant Alternative Income Fund c/o UMB Fund Services, Inc. 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2271 About Drummond Ross Limited Drummond Ross Limited is a financial consulting and construction firm. DURANTE EQUIPMENT: Gets Interim OK to Use Cash Collateral --------------------------------------------------------- The United States Bankruptcy Court for the Southern District of Florida, Fort Lauderdale Division entered a second interim order authorizing Durante Equipment, LLC to continue using cash collateral through the final hearing scheduled for July 2. The court authorized the debtor to use cash collateral in the ordinary course of business under the approved budget. The Debtor may exceed individual budget line items by up to 5% and the total budget by up to 10%. As adequate protection, the court granted the secured lenders post-petition replacement liens on the Debtor's property to the same extent, validity, and priority as their prepetition liens, but only to the extent of any diminution in value caused by the use of cash collateral. If the replacement liens prove insufficient, the lenders will receive superpriority administrative expense claims under Section 507(b), both of which are subject to a carve-out for unpaid United States Trustee statutory fees. The replacement liens and superpriority claims do not extend to proceeds of Chapter 5 avoidance actions. The order also requires the Debtor to maintain insurance in accordance with its loan agreements, name the secured lenders as loss payees or additional insureds where required, and provide proof of coverage upon request. An event of default includes material violations of the order, unauthorized budget variances, appointment of a Chapter 11 trustee or examiner, conversion to Chapter 7, or dismissal of the case. Upon default, the Debtor's authority to use cash collateral terminates after three business days' written notice, unless emergency relief is obtained from the Court. A copy of the court's order is available at https://shorturl.at/NVzhP from PacerMonitor.com. A final hearing on the cash collateral motion is scheduled for July 27, with objections due by July 22. About Durante Equipment LLC Durante Equipment LLC is a construction and landscaping equipment supplier. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-17303-SMG) on June 3, 2026. In the petition signed by John E. Durante, chief executive officer, the Debtor disclosed up to $10 million in assets and up to $1 million in liabilities. Judge Scott M. Grossman oversees the case. Bart Houston, Esq., at Houston Roderman PLLC, represents the Debtor as legal counsel. DVM PROPERTIES: Court OKs Continued Use of Cash Collateral ---------------------------------------------------------- DVM Properties, LLC received another extension from the U.S. Bankruptcy Court for the Western District of Oklahoma to use cash collateral. Under the court order, the Debtor is authorized to use cash collateral only in accordance with the approved 13-week operating budget, which projects total operational expenses of $374,706.64. The Debtor's authority to use cash collateral will terminate upon the earliest of Oct. 15, an uncured default lasting more than 10 days after written notice, or a subsequent court order terminating such authority. Live Oak Banking Company, the primary secured creditor, asserts a claim of roughly $5.3 million secured by the Debtor's assets. Live Oak will be granted adequate protection through automatically perfected post-petition replacement liens on the Debtor's cash, accounts receivable, and deposit accounts. These replacement liens do not apply to Chapter 5 avoidance actions). In case of any diminution in the value of its collateral, Live Oak will receive a superpriority administrative claim, subordinate to the carveout for the Debtor's professionals' fees and U.S. Trustee quarterly fees. Additional safeguards include regular financial reporting such as monthly operating reports and budget-to-actual reconciliations. A copy of the court's order is available at https://short.do/x_un_3 from PacerMonitor.com. Live Oak, as secured creditor, is represented by: Blake C. Parrott Barrett Daffin Frappier Turner & Engel, LLP 4004 Belt Line Road, Suite 100 Addison, TX 75001 Telephone: (972) 386-5040 blakep@bdfgroup.com About DVM Properties LLC DVM Properties, LLC, doing business as Pampered Pets Veterinary Clinic, operates a veterinary clinic and pet resort in Edmonton, Oklahoma. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Okla. Case No. 26-11154) on April 10, 2026, with between $1 million and $10 million in both assets and liabilities. J. Brian Ledger, member and owner, signed the petition. Judge Sarah A. Hall oversees the case. The Debtor tapped Stephen J. Moriarty, Esq., at Fellers Snider Blankenship Bailey & Tippens, P.C. as legal counsel, and Yifan Lu of T. Philip Kierl, Jr. & Associates, CPA as accountant and restructuring advisor. DYNAMIC TRANSPORT: Court Extends Cash Collateral Access to Aug. 26 ------------------------------------------------------------------ Dynamic Transport Service, Inc. received fifth interim approval from the Middle District of Florida, Tampa Division, authorizing the continued use of cash collateral Under the fifth interim order, the Debtor is authorized to use cash collateral to pay court-approved expenses, ordinary operating costs included in its budget with up to a 10% variance per line item, and additional expenditures approved in writing by the secured creditors. The order prohibits payments related to the "contributions" budget line item and bars compensation to insiders or professionals without prior court approval. The Debtor's budget shows total operational expenses of $74,931 for July and $77,931 for August. As adequate protection for the use of cash collateral, secured creditors SunTrust Bank, Corporation Service Company, Headway Capital, and Brian Kotilis will be granted replacement liens on post-petition cash collateral that carry the same validity and priority as their pre-petition liens. Additional safeguards include insurance coverage on the secured creditors' collateral and access to business records and premises. The Debtor is also authorized to make monthly payments of $1,000 to the Subchapter V Trustee during the case. The order preserves the rights of secured creditors and any future creditors' committee to seek modified adequate protection or challenge the validity, priority, or extent of asserted liens. The court scheduled a further hearing for Aug. 26. About Dynamic Transport Service Inc. Dynamic Transport Service, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-01977) on March 13, 2026, with $50,001 to $100,000 in assets and $100,001 to $500,000 in liabilities. Kathleen DiSanto, Esq., at Bush Ross, P.A., serves as Subchapter V trustee for the Debtor. Judge Caryl E. Delano presides over the case. By Buddy D. Ford, Esq., at Ford & Semach, P.A. represents the Debtor as legal counsel. EDLY WH: Variant Alternative Income Marks $22M Loan at 49% Off -------------------------------------------------------------- Variant Alternative Income Fund has marked its $22,465,970 loan extended to edly WH Investors 2019-1, LLC to market at $11,358,212 or 50.6% of the outstanding amount, according to Variant Alternative's N-CSR for the fiscal year ended July 9, 2026, filed with the U.S. Securities and Exchange Commission. Variant Alternative Income Fund is a participant in a loan extended to edly WH Investors 2019-1, LLC. The Loan accrues interest at a rate of 12.13% per annum. The Loan matures on March 31, 2027. Variant Alternative Income Fund is a corporate issuer in the leveraged finance market. The Fund is led by Robert W. Elsasser as President, and Curt Fintel as Treasurer. The Fund can be reached at: Robert W. Elsasser Variant Alternative Income Fund c/o UMB Fund Services, Inc. 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2271 About edly WH Investors 2019-1, LLC edly WH Investors 2019-1, LLC is a fintech investment platform lets social impact investors earn returns by funding tuition for underserved college students. ELECTRONIC LAB: Court OKs $1MM DIP Loan, Cash Collateral Access --------------------------------------------------------------- Electronic Lab Logs, Inc. received interim approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina, Raleigh Division, to use cash collateral and obtain up to $1 million in debtor-in-possession financing. The Debtor argued that these measures are essential to preserve operations, maintain its software platform, fund ongoing business expenses, and pursue a successful reorganization while avoiding disruption to its customers and business value. Prior to bankruptcy, Electronic Lab Logs relied on four bridge loans from Rockmont Growthtech Fund I, LP and Rockmont Growthtech Fund I QP, LP. The lenders advanced approximately $1.6 million through loans made in March last year and in May, with about $1.736 million outstanding as of June 30. These obligations are secured by blanket liens covering substantially all of the Debtor's assets, including accounts receivable, software, licenses, intellectual property, and related proceeds. These lenders also hold preferred stock in the Debtor and that no other creditors have liens against its assets. The Debtor has exhausted alternative financing options. Management attempted to raise additional capital from existing shareholders but failed to obtain sufficient investor support. Because the Debtor lacks meaningful unencumbered assets or equity to pledge as collateral, no third-party lender is willing to extend financing. Consequently, the existing secured lenders agreed to provide post-petition financing that the Debtor describes as the only available source of working capital. The DIP financing would allow borrowings of up to $1 million at a 15% annual interest rate, matching the rate charged under the existing bridge loans. No origination fees would be charged, although the Debtor would bear recording and related closing costs. The loan would mature on the earliest of Dec. 31, the effective date of a confirmed Chapter 11 plan, conversion of the Debtor's Chapter 11 case to Chapter 7, or dismissal of the bankruptcy case. The financing would be evidenced by a secured promissory note and security agreement substantially identical to those governing the prepetition bridge loans. Under the new DIP facility, the lenders agreed to subordinate their existing liens in favor of the facility. The Debtor also agreed to grant superpriority administrative expense status and first-priority liens on substantially all estate assets, excluding avoidance actions and their proceeds under Chapter 5 of the Bankruptcy Code. In addition to the DIP financing, the Debtor received interim approval to use the lenders' cash collateral to fund ordinary operating expenses in accordance with a negotiated DIP budget. As adequate protection, the Debtor offers granting the lenders replacement liens on post-petition accounts receivable and their proceeds to the extent the value of their pre-petition collateral diminishes through use of the cash collateral. These replacement liens would remain subordinate to the priming liens securing the new DIP loan. The interim order remains effective until it is modified through a further order; the Debtor's right to borrow or use cash collateral is terminated; the effective date of any confirmed plan occurs; the Debtor's Chapter 11 case is dismissed; or the case is converted to one under Chapter 7. The order is available at http://bankrupt.com/misc/ElectronicLabLogs_ICCOrder31.pdf The next hearing is scheduled for July 28. Objections must be filed at least three days prior to the hearing. About Electronic Lab Logs Inc. Electronic Lab Logs, Inc. operates LabLogs, a provider of laboratory operations software used to track maintenance tasks, quality control, lots, reagents, service reports, and related documentation across lab networks. It is based in Wilmington, North Carolina, and its platform supports real-time tracking, automated alerts, centralized records, remote access, and performance dashboards. LabLogs serves laboratories worldwide by helping teams manage compliance records, reduce documentation errors, streamline workflows, and maintain inspection readiness. Electronic Lab Logs filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D.N.C. Case No. 26-02957) on July 1, 2026, with $1,648,215 in assets and $2,498,674 in liabilities. Brian Fox, chief executive officer, signed the petition. Judge David M. Warren presides over the case. The Debtor tapped John A. Northen, Esq., at Northern Blue, LLP as bankruptcy counsel and Justyn J. Kasierski, Esq., at Hutchison, PLLC as special counsel. John Rhyne serves as Subchapter V trustee for the Debtor. ENDO INTERNATIONAL: Claimant Can't Modify 4th Amended Plan ---------------------------------------------------------- In the appeal styled CHARLES ELLIOTT ANDERSON, Appellant, -against- PATRICK J. BARTELS, Plan Administrator, and EDGAR C. GENTLE, III, Trustee, Endo PI Trust, Appellees, Case No. 25-cv-05045-JGLC (S.D.N.Y.), Judge Jessica G.L. Clarke of the U.S. District Court for the Southern District of New York affirmed three of the Bankruptcy Court's decisions: (1) an order denying Appellant Anderson's motion to modify the Debtors' Fourth Amended Plan of Reorganization, (2) an order denying Appellant Anderson's motion for reconsideration of the Bankruptcy Court's initial order, and (3) a subsequent order that denied Appellant Anderson's renewed attempt to alter the terms of the Fourth Amended Plan. On April 23, 2024, the Fourth Amended Plan became effective. Appellant Anderson did not object to the Plan or timely appeal the Confirmation Order. The Plan called for the creation of a Personal Injury ("PI") Trust, set up to expressly assume all liabilities and responsibility for all PI Opioid Claims, and the appointment of a PI Trustee. Appellant Anderson voted to reject the Plan. At the same time, he elected to "opt in" to granting certain releases such that he could receive an additional payment. By granting these releases, he became entitled to an additional distribution payment four times that of the regular pro rata share of the PI Trust's proceeds. After the Plan became effective, on May 6, 2024, the PI Trust received Anderson's PI Opioid Claim submission. The PI Trust reviewed his submission and determined that it complied with all of the PI TDP requirements; Anderson's claim, the PI Trust concluded, was therefore compensable under the PI TDP framework. On December 13, 2024, the PI Trust confirmed by email that Anderson had "an Allowed PI Opioid Claim." And by letter dated May 30, 2025, the PI Trustee informed Anderson that he was entitled to a pro rata share of $324 ($390 minus "administrative fees"), plus an additional award of $1,296 (four times the pro rata share) because he had opted into the Releases. In total, the PI Trustee's letter explained, Anderson's award would be $1,950 gross and $1,620 net in satisfaction of his claim. On February 18, 2025, before Anderson had received the PI Trustee's letter, he filed a motion seeking to modify the Fourth Amended Plan and requesting various forms of equitable relief. In particular, Anderson sought to modify the Plan to accept his personal injury claim in the asserted amount of $5 million, direct full payment of that claim, and establish a new "Surviving Victims" trust that would monetize and distribute some of the Debtors' assets to pay his claim and the claims of similarly situated claimants. On March 30, 2025, the Bankruptcy Court denied Anderson's motion. Anderson then moved for reconsideration of the Bankruptcy Court's First Order. At the same time, Anderson continued to litigate his claims in Bankruptcy Court. While the initial appeal remained pending, and after he had received the PI Trustees' letter informing him of his estimated award, Anderson filed another motion. Anderson again sought an order compelling the PI Trustee to pay his $5 million claim in full. He also argued that the Releases were unconstitutional and unenforceable as applied to him, asked the Bankruptcy Court to stay his appeal before this Court, and requested an evidentiary hearing about the PI Trustee. On January 5, 2026, the Bankruptcy Court denied the motion as well. The Court finds, among other things, that Appellant Anderson is bound by the confirmed Fourth Amended Plan, lacks standing and is not eligible to modify the Plan, and improperly attempts to fashion equitable relief out of the Bankruptcy Code. The Court also finds that the Bankruptcy Court correctly exercised its discretion to deny reconsideration. Specifically, Anderson failed to identify any controlling law, newly discovered evidence, or clear error to warrant reconsideration. Third, the Court concludes that the Bankruptcy Court's January 5 Order was properly decided. A copy of the Court's Opinion and Order dated July 14, 2026, is available at https://urlcurt.com/u?l=dWAq5S from Pacermonitor.com. About Endo International Endo International plc is a generics and branded pharmaceutical company. It develops, manufactures, and sells branded and generic products to customers in a wide range of medical fields, including endocrinology, orthopedics, urology, oncology, neurology, and other specialty areas. On the Web: http://www.endo.com/ On August 16, 2022, Endo International and certain of its subsidiaries initiated voluntary prearranged Chapter 11 proceedings (Bankr. S.D.N.Y. Lead Case No. 22-22549). The Company's cases are pending before the Honorable James L. Garrity, Jr. The Company has put up a Web site dedicated to its restructuring: http://www.endotomorrow.com/ The Debtors tapped Skadden, Arps, Slate, Meagher & Flom LLP as legal counsel; PJT Partners LP as investment banker; and Alvarez & Marsal as financial advisor. Kroll is the claims agent. Roger Frankel, the legal representative for future claimants in these Chapter 11 cases, tapped Frankel Wyron LLP and Young Conaway Stargatt & Taylor, LLP as counsel and Ducera Partners LLC as investment banker. ENGLEWOOD CAR: Affiliate Gets Interim OK to Use Cash Collateral --------------------------------------------------------------- Venice Car Wash, Limited Liability Company, an affiliate of Englewood Car Wash Inc., got the green light from the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, to use cash collateral. At the recently held hearing, the court authorized the Debtor's interim use of cash collateral through Aug. 6. Venice Car Wash needs continued access to cash collateral to pay ordinary operating expenses and other day-to-day business obligations. Its six-month operating budget projects approximately $125,800 in gross revenue and about $45,460 in net operating income during the budget period. It intends to spend cash collateral in accordance with that budget, subject to customary budget variances. Venice Car Wash filed for bankruptcy protection on June 2 and continues to operate as a debtor-in-possession. It owns and operates a car wash located at 700 Tamiami Trail South in Venice, Florida, generating revenue through car wash, detailing, and related services. Green Prairies LLC, a secured creditor and assignee of Synovus Bank, asserts a first-priority security interest in substantially all of the Debtor's assets, including its real property, business revenues, accounts, rents, and other proceeds. Green Prairies obtained a stipulated final judgment of foreclosure in Florida state court on April 16, 2026, establishing a secured claim totaling $739,962, which is collateralized by the assets of both jointly administered debtors. Because its operating revenues constitute cash collateral under the Bankruptcy Code, the Debtor requires court authorization to use those funds to maintain business operations and pursue a successful reorganization. To protect the interests of its secured lender, the Debtor offers a replacement lien on its post-petition cash collateral and its proceeds, with the same validity, priority, and extent as its pre-petition lien. It also commits to maintaining insurance coverage and preserving the collateral while continuing to operate the business. The Debtor believes that Green Prairies is adequately protected because its claim is oversecured by the combined value of the collateral owned by both jointly administered debtors, providing a substantial equity cushion. About Englewood Car Wash Inc. Englewood Car Wash, Inc. and affiliate, Venice Car Wash, Limited Liability Company, filed petitions under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Lead Case No. 26-04741) on June 2, 2026. At the time of the filing, the Debtors reported up to $50,000 in both assets and liabilities. Judge Roberta A. Colton oversees the cases. Richard John Cole, III, Esq., at Cole & Cole Law, P.A. represents the Debtors as legal counsel. Michael Markham, Esq., serves as Subchapter V trustee for the Debtors. ESTHER SCHOOL: Hires Pellegrino McFarland as Accountant ------------------------------------------------------- Esther School, Inc. seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Pellegrino, McFarland & Tortora, P.A. as audit accountant. The firm will provide audit accounting services to the Debtor, specifically the agreed upon procedures, audit filing, and necessary audit assistance in the bankruptcy case. The firm will be paid a flat fee of $7,000, with which the amount of $3,500 being due up front. Mr. Pellegrino disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Thomas Pellegrino Pellegrino, McFarland & Tortora, P.A. 2805 Fruitville Rd Ste 215 Sarasota, FL 34237 Tel: (941) 365-1172 About Esther School Inc. Esther School, Inc. operates a faith-based primary school in New Port Richey, Pasco County, Florida. Esther School sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-02746) on April 3, 2026, listing up to $10 million in both assets and liabilities. Natasha Griffin, president, signed the petition. Judge Roberta A. Colton oversees the case. John A. Anthony, Esq., at Anthony and Partners, LLC, represent the Debtor as legal counsel. EXCELL COMMUNICATIONS: Gets Court OK for Chapter 11 Plan -------------------------------------------------------- Ben Zigterman of Law360 Bankruptcy Authority reports that the Chapter 11 reorganization plan of Excell Communications Inc. received approval from a New York bankruptcy judge after the company's owner committed $1.3 million to improve distributions to unsecured creditors. The added contribution helped overcome outstanding objections and secured confirmation of the restructuring plan. Excell Communications told the court that the revised plan provides greater value to unsecured creditors while preserving the company's ability to continue operating. The owner-funded contribution was presented as a key element in achieving a consensual resolution among stakeholders, the report cites. The confirmation order enables Excell Communications to proceed with implementing its Chapter 11 plan and emerge from bankruptcy with a reorganized capital structure. The decision marks a significant milestone in the company's efforts to stabilize its finances and move forward after restructuring, according to report. About Excell Communications Excell Communications, Inc. is a privately held telecommunications company that provides wireless communications products, services and distribution solutions. The company has historically operated as a distributor of mobile devices and related telecommunications equipment, serving wireless carriers, dealers and commercial customers. Excell Communications, Inc., filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-71444) on April 14, 2025. Judge Louis A Scarcella presides over the case. Michael S Amato, at Ruskin Moscou Faltisckek PC, is the Debtor's counsel. EXIGO LLC: Saratoga Investment Marks $23.7M 1L Loan at 27% Off -------------------------------------------------------------- Saratoga Investment Corp. has marked its $23,710,937 loan extended to Exigo, LLC to market at $17,298,974 or 73% of the outstanding amount, according to Saratoga's 10-Q for the fiscal year ended July 7, 2026, filed with the U.S. Securities and Exchange Commission. Saratoga Investment Corp. is a participant in a first term loan extended to Exigo, LLC. The 1L Loan accrues interest at a rate of 1M USD TERM SOFR+ 6.25%, 9.97% per annum. The 1L Loan matures on March 16, 2027. Saratoga Investment Corp. is a corporate issuer in the leveraged finance market. The Fund is led by Christian L. Oberbeck as Chief Executive Officer and Henri J. Steenkamp as Chief Financial Officer and Chief Compliance Officer. The Fund can be reached at: Christian L. Oberbeck Saratoga Investment Corp. 535 Madison Avenue New York, NY 10022 Telephone: (212) 906-7800 About Exigo, LLC Exigo, LLC provides software used by direct-selling companies to manage operations and sales networks. FAT BRANDS: Execs Prevail in $47MM Loan Scheme Investor Case ------------------------------------------------------------ Katryna Perera of Law360 Bankruptcy Authority reports that a federal judge in California has dismissed securities fraud claims against several current and former FAT Brands executives, ruling that investors failed to sufficiently allege the individuals misled shareholders regarding the company's cooperation with a federal government investigation. The decision removes the executives from a proposed class action tied to alleged misrepresentations made during the investigation. Shareholders accused the company and its leadership of portraying the federal inquiry as routine and cooperative while allegedly withholding information about the seriousness of the government's allegations and their potential impact on the business. The court determined that the complaint lacked specific factual allegations demonstrating that the executives intentionally or recklessly misled investors, the report states. The ruling narrows the scope of the litigation but does not necessarily resolve all claims pending against the company. Plaintiffs may seek to amend portions of their complaint as the securities case continues in federal court, according to Law360. About FAT (Fresh. Authentic. Tasty.) Brands FAT Brands (NASDAQ: FAT) -- http://www.fatbrands.com/-- is a global franchising company that strategically acquires, markets, and develops fast casual, quick-service, casual dining, and polished casual dining concepts around the world. The Company currently owns 18 restaurant brands: Round Table Pizza, Fatburger, Marble Slab Creamery, Johnny Rockets, Fazoli's, Twin Peaks, Great American Cookies, Smokey Bones, Hot Dog on a Stick, Buffalo's Cafe & Express, Hurricane Grill & Wings, Pretzelmaker, Elevation Burger, Native Grill & Wings, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses. FAT Brands franchises and owns over 2,200 units worldwide. Fat Brands Inc. and 181 subsidiaries sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-90126) on Jan. 26, 2026. In its petition, Fat Brands listed estimated assets and liabilities more than $1 billion. The Honorable Bankruptcy Judge Alfredo R. Perez handles the case. Latham & Watkins LLP is serving as legal counsel to the Company. GLC Advisors & Co., LLC is serving as investment banker, and Huron Consulting Services LLC is serving as financial advisor. Omni Agent Solutions, Inc., is serving as claims, noticing and solicitation agent. White & Case LLP is representing the Ad Hoc Group of Securitization Noteholders. Greenberg Traurig, LLP represents UMB Bank, National Association, solely in its capacity as Trustee to certain series of notes. FIGURE TECHNOLOGY: Fitch Assigns 'B+' LongTerm IDR, Outlook Stable ------------------------------------------------------------------ Fitch Ratings has assigned Figure Technology Solutions, Inc. (Figure) a final Long-Term Issuer Default Rating (IDR) of 'B+'. The Rating Outlook is Stable. Fitch has also assigned a final rating of 'B+' with a Recovery Rating of 'RR4' to Figure's $600 million 8.5% senior unsecured notes maturing in July 2031. Proceeds from the issuance will be used for general corporate purposes, including funding the acquisition of Kiavi, announced in June 2026. The assignment of the final ratings follows the receipt of documents conforming to information already received. The final ratings are the same as the expected ratings assigned on July 6, 2026. Key Rating Drivers Solid Franchise and Profitability: Figure's rating is supported by its solid franchise and partner network, differentiated technology offering, capital light business model, strong profitability, appropriate leverage, and adequate liquidity and funding diversity. Limited Track Record: The ratings are constrained by Figure's limited track record through economic cycles, modest but growing scale and the evolving regulatory landscape for decentralized finance. Solid Franchise and Partner Network: Fitch views Figure's franchise as solid, facilitating the origination and distribution of consumer loans through its blockchain-enabled technology platform and capital markets infrastructure. Volume to date has been predominantly home equity lines of credit, although its ecosystem is expanding to other asset classes as evidenced by the announced acquisition of Kiavi, a leading residential transition loan originator, and partnerships with Agora Data (auto loans) and Credibly (small and medium-sized business loans). Total consumer loan volume on Figure's marketplace was $9.9 billion in the trailing 12 months (TTM) ended 1Q26, 77% of which was partner-branded, utilizing its origination technology and capital markets distribution program. However, Fitch views the business model as relatively untested through economic cycles as it has only operated since 2018, during which time unemployment has remained relatively low. Expanding Digital Asset Marketplace: The company launched Democratized Prime in June 2025, a blockchain-based marketplace allowing users to lend cash and digital assets, and OPEN in February 2026, an exchange for tokenized equities. Fitch believes these offerings incrementally diversify the business model away from loan origination and servicing, but present execution risks given the rapidly expanding product suite. Strong Profitability: Fitch views Figure's profitability as strong and believes it will continue to improve with growing scale. The EBITDA margin, adjusted for fair value changes of mortgage servicing rights (MSRs), securities and digital assets, was 56% in TTM 1Q26, up from 53% in 2025 and 38% in 2024. The company's technology affords it low operating costs on its originations via Figure Connect, driving high contribution margins on both partner-branded and Figure-branded loan volume. Still, Fitch believes profitability remains sensitive to the mortgage origination environment and investor demand for consumer loans, as both drive the volume of the ecosystem. Appropriate Leverage for the Rating Level: Leverage, calculated as gross debt-to-TTM-EBITDA, was 3.9x at 1Q26, pro forma for the planned unsecured issuance, which corresponds to Fitch's 'b' category quantitative benchmark range of 3.5x-5.0x for low balance sheet usage finance companies. While the company uses its balance sheet to originate a portion of its mortgages, retain MSRs, and lend against digital assets, capital intensity is low relative to fee revenue and origination volume. Corporate leverage, which excludes funding debt, was 3.1x at 1Q26 on a pro forma basis. Fitch expects leverage to decline over time as earnings continue to grow and the share of the partner-branded channel of Figure Connect continues to expand. Target Leverage Appropriate: Management's longer-term leverage target is below 2.0x, excluding non-recourse debt, which should translate to approximately 3.0x or below as calculated by Fitch. Adequate Liquidity and Coverage: Fitch views Figure's liquidity as adequate to support its operations and near-term funding obligations. Pro forma for the issuance and Kiavi acquisition, liquidity resources at 1Q26 consisted of $1.5 billion of cash, excluding stablecoin held for customers, warehouse facilities to fund its mortgage and digital asset loan originations, and repurchase agreements to fund its risk retention investments. Near-term maturities at 1Q26, excluding the $40 million MSR note that was repaid in June 2026, were limited to $15 million of funding debt maturing in 2026-2027. Pro forma interest coverage, calculated as EBITDA to interest expense, was 3.1x in TTM 1Q26, at the bottom of Fitch's 'bb' category quantitative benchmark range of 3.0x-6.0x. Unsecured Issuance to Improve Funding Flexibility: Unsecured debt represented 47% of total debt at 1Q26, pro forma for the contemplated issuance, improved from Figure's fully secured funding profile prior to the issuance. Fitch believes this increases funding flexibility by reducing overall asset encumbrance and demonstrating access to capital markets. The unsecured mix will decline modestly over the Outlook horizon as funding debt increases but is expected to remain within rating sensitivities. Stable Outlook: The Stable Outlook reflects Fitch's expectation that leverage and coverage will continue to improve with EBITDA generation over the Outlook horizon as the company gains scale, and that liquidity and access to funding will remain adequate. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Materially reduced growth in ecosystem volume due to deterioration in consumer credit performance or capital markets conditions that weaken investor demand, or due to attrition of lender partners; - Debt/EBITDA sustained above 4x; - Deterioration in profitability with the EBITDA margin sustained below 20%; - Material reduction in liquidity resources; - Sustained decrease in adjusted EBITDA/interest expense below 1.5x; - Sustained reduction in unsecured debt below 15% of total debt. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Continued growth in ecosystem volume and further diversification of lending partners and the investor base; - Demonstrated durability of the business model through credit and market cycles; - Sustained improvement in debt/EBITDA below 3x; - EBITDA to interest expense sustained above 3x; - Maintenance of the EBITDA margin above 50%. DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS The senior unsecured debt rating is equalized with the Long-Term IDR with a Recovery Rating of 'RR4', reflecting the improved unsecured funding mix on a pro forma basis and Fitch's expectation of average recovery prospects in a stress scenario. DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES The senior unsecured debt rating is primarily sensitive to changes in the Long-Term IDR, the funding mix, and recovery prospects in a stressed scenario. ADJUSTMENTS - The Standalone Credit Profile (SCP) has been assigned in line with the implied SCP. - The Business Profile score has been assigned below the implied score due to the following adjustment reason: Business model (negative). - The Earnings & Profitability score has been assigned below the implied score due to the following adjustment reason: Historical and future metrics (negative). - The Capitalization & Leverage score has been assigned below the implied score due to the following adjustment reason: Historical and future metrics (negative). Date of Relevant Committee 30-Jun-2026 ESG Considerations Figure has an ESG Relevance Score of '4' for Customer Welfare - Fair Messaging, Privacy & Data Security due to the importance of fair collection practices and consumer interactions and the regulatory focus on them, which has a negative impact on the credit profile and is relevant to the ratings in conjunction with other factors. Figure has an ESG Relevance Score of '4' for Governance Structure related to its founder Michael Cagney, who is its largest shareholder and controls a majority of the voting power. This has a negative impact on the credit profile and is relevant to the rating in conjunction with other factors. Except for the matters discussed above, the highest level of ESG credit relevance, if present, is a score of '3'. This means ESG issues are credit-neutral or have only a minimal credit impact on the entity, due to either their nature or the way in which they are being managed by the entity. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Figure Technology Solutions, Inc. LT IDR B+ New Rating B+(EXP) senior unsecured LT B+ New Rating RR4 B+(EXP) FIRST BRANDS: Asks Court to End Retirement Benefits in Chapter 11 ----------------------------------------------------------------- Clara Geoghegan of Law360 Bankruptcy Authority reports that Bankrupt auto parts supplier First Brands Group LLC has requested court approval to discontinue retiree benefits after July, telling a Texas bankruptcy judge that the payments are no longer sustainable under its Chapter 11 financing budget. The company argued that preserving cash is essential to maintaining operations and completing its restructuring. First Brands filed for Chapter 11 protection to reorganize its debt while continuing to manufacture and distribute automotive components for the global vehicle market. The company said ongoing retiree benefit payments would create an unsustainable financial burden and reduce funds available for other restructuring priorities, the report relays. The bankruptcy court will decide whether the company can terminate the benefits in accordance with bankruptcy law. The outcome could affect former employees while also influencing the company's ability to stabilize its finances and move forward with a reorganization plan, Law360 reports. About First Brands Group First Brands Group, LLC, is a global supplier of aftermarket automotive parts, based in Rochester Hills, Michigan. On September 24, 2025, the Company's non-operational special purpose entities, Global Assets LLC, Global Lease Assets Holdings, LLC, Carnaby Capital Holdings, LLC, Broad Street Financial Holdings, LLC, Broad Street Financial, LLC, Carnaby Inventory II, LLC, Carnaby Inventory Holdings II, LLC, Carnaby Inventory III, LLC, Carnaby Inventory Holdings III, LLC, Patterson Inventory, LLC, Patterson Inventory Holdings, LLC, Starlight Inventory I, LLC and Starlight Inventory Holdings I, LLC each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. Commencing on Sept. 28, 2025, First Brands Group, LLC and 98 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. In its petition, First Brands Group listed $1 billion to $10 billion in estimated assets and $10 billion to $50 billion in estimated liabilities. The cases are pending before the Hon. Christopher M. Lopez, and are jointly administered under Case No. 25-90399, and consolidated for procedural purposes only. The Debtors tapped Weil, Gotshal and Manges, LLP as legal counsel; Lazard Freres & Co. as investment banker; Alvarez & Marsal North America, LLC as financial advisor; and C Street Advisory Group as strategic communications advisor. Kroll Restructuring Administration, LLC is the Debtors' claims, noticing and solicitation agent. Gibson, Dunn & Crutcher, LLP and Evercore serve as the Ad Hoc Group of Lenders' legal counsel and investment banker, respectively. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The Committee has hired M3 Advisory Partners, LP, as Financial Advisor; Cole Schotz P.C. as Efficiency and Local Counsel; and Brown Rudnick LLP as Co-Counsel. The U.S. Trustee has proposed Martin De Luca, Esq., at Boies Schiller Flexner LLP as Chapter 11 examiner. FIRST BRANDS: Hilco, SB360, Maynards Auction Manufacturing Assets ----------------------------------------------------------------- Hilco Global, in a joint venture with SB360 Capital Partners and Maynards Group of Companies, have been engaged by First Brands Group by order of the United States Bankruptcy Court for the Southern District of Texas [Case No. 4:25-bk-90399] to conduct the auction of industrial assets at three First Brands Group manufacturing locations: 1. Trico - Brownsville, Texas 2. Eagle Machining - Fayette, Ohio 3. Hopkins - Miami, Oklahoma The court-ordered sale represents a significant opportunity for automotive parts manufacturers, contract machining operations, metal fabricators, equipment dealers, and industrial investors to acquire well-maintained production machinery and support equipment from established, high-volume manufacturing operations. Assets available across the three facilities include CNC machining centers and turning equipment, metal stamping and forming presses, injection molding machines, assembly and packaging lines, quality control and inspection, material handling equipment including forklifts and cranes, plant support and facility equipment, and general maintenance, repair, and operations (MRO) inventory. Complete asset catalogs for each location will be published in advance of the sale events. "These three facilities represent a great opportunity to acquire equipment from a wide range of asset categories. Everything from CNC machining centers to metal stamping presses to injection molding machines and National Machinery cold headers," said a representative from Hilco Global. "For companies looking to expand capacity, replace aging equipment, or enter new production segments, court-ordered liquidations of this scale offer exceptional value and a rare concentration of quality industrial assets in a single sale program. Our combined teams bring deep experience in automotive and industrial asset disposition. We are committed to running a transparent, well-managed process that maximizes recovery for the estate while giving buyers around the world efficient access to these assets." Sale Details Interested parties are encouraged to register early to receive catalogs, preview information, and sale updates. Sale Dates & Registration: * Trico - August 18, 19 and 20th * Eagle Machining - August 27th * Hopkins - September 1st Click to visit: https://hilcoglobal.com/capital-solutions/commercial-industrial/first-brands-group-homepage/ Contact: 248-569-9781 or customerservice@maynards.com The sales are conducted by Order of the United States Bankruptcy Court for the Southern District of Texas, Case No. 4:25-bk-90399. About Hilco Global Hilco Global, a subsidiary of ORIX Corporation USA, is a diversified financial services company that delivers integrated professional services and capital solutions helping clients maximize value and drive performance across the retail, commercial and industrial, real estate, manufacturing, and intellectual property sectors. Hilco Global provides a range of customized solutions to healthy, stressed, and distressed companies to resolve complex situations and enhance long-term enterprise value. Hilco Global works to deliver the best possible result by aligning interests with clients and providing strategic advice and, in many instances, the capital required to transact. Hilco Global is based in Northbrook, Illinois and has more than 810 professionals operating on four continents. Visit www.hilcoglobal.com. About SB360 Capital Partners SB360 Capital Partners (sb360.com) is one of North America's leading firms providing advisory, asset realization, and restructuring services across retail and consumer industries. SB360 invests equity capital to support growth opportunities, fund business turnarounds, and provide liquidity to businesses navigating change. The firm encompasses business groups involved in advisory services, asset disposition, luxury diamond and jewelry assets, new store sets, and commercial real estate advisory and investment. SB360's lending arm, Second Avenue Capital Partners, provides asset-based loans for middle-market companies. SB360's principals hold extensive financial interests in internationally recognized retail and wholesale companies, consumer brands, financial service operations, and commercial, residential and industrial real estate properties. About Maynards Group of Companies Maynards Industries is a globally recognized leader in industrial asset management, appraisals, and auction services, with more than a century of experience serving clients across manufacturing, processing, and heavy industry sectors. Founded in 1902, Maynards has built a strong reputation for delivering comprehensive, end-to-end solutions that maximize asset value through strategic marketing, private treaty sales, and live and online auction platforms. The firm's auction services are tailored to each client's objectives, leveraging a global buyer network, data-driven pricing strategies, and deep industry expertise to ensure competitive outcomes and efficient project execution. With operations spanning North America, Europe, and Asia, Maynards combines local market knowledge with international reach to consistently deliver superior results on projects of all sizes and complexities. Learn more at www.maynards.com. About First Brands Group First Brands Group, LLC, is a global supplier of aftermarket automotive parts, based in Rochester Hills, Michigan. On September 24, 2025, the Company's non-operational special purpose entities, Global Assets LLC, Global Lease Assets Holdings, LLC, Carnaby Capital Holdings, LLC, Broad Street Financial Holdings, LLC, Broad Street Financial, LLC, Carnaby Inventory II, LLC, Carnaby Inventory Holdings II, LLC, Carnaby Inventory III, LLC, Carnaby Inventory Holdings III, LLC, Patterson Inventory, LLC, Patterson Inventory Holdings, LLC, Starlight Inventory I, LLC and Starlight Inventory Holdings I, LLC each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. Commencing on Sept. 28, 2025, First Brands Group, LLC and 98 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. In its petition, First Brands Group listed $1 billion to $10 billion in estimated assets and $10 billion to $50 billion in estimated liabilities. The cases are pending before the Hon. Christopher M. Lopez, and are jointly administered under Case No. 25-90399, and consolidated for procedural purposes only. The Debtors tapped Weil, Gotshal and Manges, LLP as legal counsel; Lazard Freres & Co. as investment banker; Alvarez & Marsal North America, LLC as financial advisor; and C Street Advisory Group as strategic communications advisor. Kroll Restructuring Administration, LLC is the Debtors' claims, noticing and solicitation agent. Gibson, Dunn & Crutcher, LLP and Evercore serve as the Ad Hoc Group of Lenders' legal counsel and investment banker, respectively. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The Committee has hired M3 Advisory Partners, LP, as Financial Advisor; Cole Schotz P.C. as Efficiency and Local Counsel; and Brown Rudnick LLP as Co-Counsel. The U.S. Trustee has proposed Martin De Luca, Esq., at Boies Schiller Flexner LLP as Chapter 11 examiner. FIRST STONE: Lincoln Park Apartments Enter Receivership ------------------------------------------------------- Thomas Gounley of BusinessDen reports that the Pop Denver apartment complex in Denver's Lincoln Park area has been placed under court supervision after developer First Stone Development defaulted on a $35 million construction loan. The five-story property at 655 N. Santa Fe Drive includes 123 residential units and was completed in 2023. According to a lawsuit filed by the lender, First Stone failed to repay the loan by its maturity date and also allegedly missed interest payments, failed to pay certain property expenses and did not adequately maintain the asset. The lender, Saluda Grade Alternative Mortgage Trust 2021-WL1, requested the appointment of a receiver to protect the property. The court approved the request and named Cordes & Co. as receiver for the building. The receiver will oversee property operations and work with stakeholders while the loan dispute moves forward, the report cites. Pop Denver's financial troubles come during a difficult period for Denver's apartment sector. Developers and landlords have faced pressure from elevated financing costs and a surge of new rental inventory. The property was initially designed as condominiums before First Stone shifted plans to apartments in 2022 amid rising interest rates, according to BusinessDen. About First Stone Development First Stone Development is a Colorado real estate firm specializing in residential development, property investment and community-focused projects. Headquartered in Denver, the company is led by Lenny Taub and has pursued projects designed to meet demand for housing in growing urban areas. The developer's portfolio includes Pop Denver, a Lincoln Park residential property that transitioned from a planned condominium project into a rental apartment building amid rising interest rates and changing buyer demand. The company has focused on navigating evolving conditions within the Denver housing market. Pop Denver has been placed under court-appointed receivership following a default on $35 million construction loan. The receivership action was initiated after the property's borrower allegedly failed to pay off its loan at maturity. The lender, Saluda Grade Alternative Mortgage Trust 2021-WL1, claimed the borrower also fell behind on interest obligations, property taxes and other requirements under the loan agreement. Denver District Judge Kandace Gerdes approved the appointment of Cordes & Co. as receiver, transferring short-term control of the property away from the developer. The receiver is responsible for protecting the asset, managing operations and reporting to the court during the dispute. FORGENT POWER: S&P Raises ICR to 'B+' on Strong Performance ----------------------------------------------------------- S&P Global Ratings raised all its ratings on Forgent Power Solutions Inc., including its issuer credit rating, to 'B+' from 'B'. S&P said, "We raised our issue-level rating on the company's senior secured term loan due 2032 to 'B+' from 'B'. The recovery rating remains unchanged at '3', which indicates our expectation for meaningful (50%-70%; rounded estimate: 55%) recovery in the event of a default. "The stable outlook reflects our view that favorable end-market demand will drive S&P Global Ratings-adjusted leverage to low- to mid-2x by the end of fiscal 2027 and that higher volumes and reduced investments in production capacity will generate good cash flow." On July 6, 2026, Forgent completed its third follow-on public offering, after which financial sponsor Neos Partners' ownership stake declined to 37.2%. Neos retains majority control of the board of directors. S&P said, "We have a more favorable view of the company's financial policy due to our belief that the proportion of public ownership compels the company to act in a manner more aligned to creditors' interests, compared to majority ownership by a financial sponsor. "We expect revenue to grow about 75% and S&P Global Ratings-adjusted EBITDA about 90% in fiscal 2026 (ended June 30, 2026), driving leverage to low-3x (inclusive of a tax receivable agreement liability we treat as debt-like). We expect leverage to decline further to low- to mid-2x in 2027 due to the company's $2 billion backlog. "We have a more favorable view of Forgent's financial policy. Through the IPO and three follow-on equity offerings between January and July 2026, Neos cut its ownership stake to 37.2% from 100%, though it continues to exert significant influence over Forgent's strategy and operations through its majority control of the board of directors. However, we expect Forgent--now with 62.8% ownership/voting rights held broadly by institutions and the general public--will be managed in a manner more aligned to the interests of creditors than if under full private ownership. Publicly owned companies generally employ financial policies that serve long-term valuation creation, while financial-sponsor-owned companies may use more aggressive financial strategies that can deteriorate credit quality in pursuit of short-term investment returns. "We forecast continued solid operating performance and credit metrics. Bookings grew 308% year over year as of March 31, with a book-to-bill ratio of 2.3x. This recent order growth supported strong performance the past few quarters and underpins confidence in our base case. "We expect fiscal 2026 revenue will grow about 75% year over year and S&P Global Ratings-adjusted EBITDA about 90% year over year, driving leverage to low-3x. We forecast leverage to decline further to low- to mid-2x in 2027 as the company fulfills its backlog, which stood at $2 billion as of March 31. We also assume Forgent's S&P Global Ratings-adjusted free operating cash flow (FOCF) turns positive in 2027 as recent manufacturing capacity investments roll off and do not recur. "Our measure of adjusted leverage incorporates our treatment of the company's $207 million tax receivable agreement (TRA) liability as debt-like for credit measure purposes because payments to continuing equity owners could accelerate under certain circumstances. "Forgent's small scale, narrow product focus, short operating track record, and end-market concentration present risks despite our expectation for credit measures to improve over the next 12 months. "The stable outlook reflects our view that favorable end-market demand will drive revenue and EBITDA growth over the next 12 months. As such, we expect S&P Global Ratings-adjusted leverage of low- to mid-2x by the end of fiscal 2027, providing good cushion to our 5x downside threshold. Our outlook also reflects our expectation that higher volumes and reduced investments in production capacity will generate good cash flow in fiscal 2027." S&P could lower its rating on Forgent if S&P believes it will sustain S&P Global Ratings-adjusted leverage above 5x with no clear prospects for recovery. This could occur if: -- Business conditions weaken such that S&P Global Ratings-adjusted earnings are 50% lower than S&P's expectations or free cash flow fails to improve following the company's capacity expansion projects. This could follow a severe downturn that drastically reduces demand for the company's products or higher-than-expected inflation that compresses margins more than 10%; or -- The company undertakes a more aggressive-than-expected financial policy, such as using debt to fund distributions or acquisitions. S&P could raise its rating on Forgent if: -- Its financial sponsor continues to reduce its ownership position such that S&P expects it to relinquish control, which would most likely coincide with the sponsor no longer having the right to nominate a majority of board seats; and -- S&P expects the company will maintain S&P Global Ratings-adjusted leverage well below 4x and generate positive FOCF on a sustained basis. FTX TRADING: To Distribute About $600MM to Creditors on July 31 --------------------------------------------------------------- Bitcoin World reports that the creditors of bankrupt cryptocurrency exchange FTX are set to receive approximately $600 million on July 31, according to creditor representative Sunil Kavuri. Posting on X, Kavuri said the distribution will be made to eligible creditors whose claims were recorded as of June 16, the official record date for the latest payout. The distribution is part of FTX's continuing Chapter 11 proceedings after the exchange collapsed in late 2022. The company has been recovering assets to fund repayments, with the July payment representing another installment under its court-approved creditor recovery plan, the report relays. Despite the sizable payout, creditors in 45 jurisdictions will remain ineligible to receive funds at this stage. The excluded countries include China, Egypt and Russia, where legal, regulatory and compliance issues continue to prevent distributions, Bitcoin World cites. Market participants are expected to monitor the payout closely because recipients could choose to sell recovered cryptocurrency holdings, potentially affecting digital asset prices. Even so, the latest distribution reflects steady progress in resolving claims stemming from FTX's high-profile bankruptcy, according to report. About FTX Trading Ltd. FTX is the world's second-largest cryptocurrency firm. FTX is a cryptocurrency exchange built by traders, for traders. FTX offers innovative products including industry-first derivatives, options, volatility products and leveraged tokens. Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that FTX paused customer withdrawals after it was hit with roughly $5 billion worth of withdrawal requests. Faced with liquidity issues, FTX on Nov. 9 struck a deal to sell itself to its giant rival Binance, but Binance walked away from the deal amid reports on FTX regarding mishandled customer funds and alleged US agency investigations. At 4:30 a.m. on Nov. 11, Bankman-Fried ultimately agreed to step aside, and restructuring vet John J. Ray III was quickly named new CEO. FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc. (d/b/a FTX US), Alameda Research Ltd. and certain affiliated companies then commenced Chapter 11 proceedings (Bankr. D. Del. Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022. Additional entities sought Chapter 11 protection on Nov. 14, 2022. FTX Trading and its affiliates each listed $10 billion to $50 million in assets and liabilities, making FTX the biggest bankruptcy filer in the US this year. According to Reuters, SBF shared a document with investors on Nov. 10 showing FTX had $13.86 billion in liabilities and $14.6 billion in assets. However, only $900 million of those assets were liquid, leading to the cash crunch that ended with the company filing for bankruptcy. The Hon. John T. Dorsey is the case judge. The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel; Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal North America, LLC as financial advisor. Kroll is the claims agent, maintaining the page https://cases.ra.kroll.com/FTX/Home-Index The official committee of unsecured creditors tapped Paul Hastings as bankruptcy counsel; Young Conaway Stargatt & Taylor, LLP as Delaware and conflicts counsel; FTI Consulting, Inc. as financial advisor; and Jefferies, LLC as investment banker. Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory T. Donilon, Edward L. Schnitzer, and David M. Banker, is representing Sam Bankman-Fried in the Chapter 11 cases. White collar crime specialist Mark S. Cohen has reportedly been hired to represent SBF in litigation. Lawyers at Paul Weiss previously represented SBF but later renounced representing the entrepreneur due to a conflict of interest. GANDY'S TRANSPORT: Hires Offit Kurman P.C. as Counsel ----------------------------------------------------- Gandy's Transport, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Offit Kurman, P.C. as counsel. The firm will provide these services: a. take all necessary action to protect and preserve the Debtor's estate, including the prosecution of actions on behalf of the Debtor, the defense of any bankruptcy court action commenced against the Debtor, the negotiation of disputes in which the Debtor is involved, and the preparation of objections to claims filed against the Debtor's estate; b. prepare motions, applications, answers, orders, reports, and papers in connection with the administration and prosecution of the Debtor's Chapter 11 case; and c. perform all other legal services in connection with the Chapter 11 case that are reasonable or necessary to satisfy the obligations and duties required of a Chapter 11 Debtor. M. Jermaine Watson, the attorney of the firm handling the case will be paid at the rate of $695 per hour. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. M. Jermaine Watson a partner of Offit Kurman, P.C. 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: M. Jermaine Watson Offit Kurman, P.C. Plaza of the Americas 700 N. Pearl Street, Suite 1610 Dallas, TX 75201 Telephone: (214) 377-7879 Facsimile: (214) 420-9891 Email: jermaine.watson@offitkurman.com About Gandy's Transport, LLC Gandy's Transport, LLC is a transportation company that specializes in freight and logistics services. Based in Fort Worth, Texas, the company operates within the trucking industry, providing reliable transport solutions for various goods and cargo. Gandy's Transport sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 24-43354) on September 19, 2024, listing under $1 million in both assets and liabilities. Judge Edward L. Morris oversees the case. M. Jermaine Watson, Esq. -- jwatson@canteyhanger.com -- at Cantey Hanger LLP, serves as the Debtor's legal counsel. GENISIS SPORTS: Seeks Chapter 11 Bankruptcy in Georgia ------------------------------------------------------ On July 14, 2026, Genisis Sports Medicine & Rehabilitation LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Georgia. According to court filings, the debtor reports between $50,000 and $100,000 in liabilities owed to between one and 49 creditors. About Genisis Sports Medicine & Rehabilitation LLC Genisis Sports Medicine & Rehabilitation LLC is an Atlanta, Georgia-based healthcare provider specializing in physical therapy, sports rehabilitation and outpatient wellness services. Led by Dr. Kurt McDonald, the practice offers insurance-based physical therapy, injury rehabilitation and wellness programs, and operates a clinical facility serving patients throughout the Atlanta metropolitan area. Genisis Sports Medicine & Rehabilitation LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-59163) on July 14, 2026. In its petition, the debtor reported estimated assets of $0 to $50,000 and estimated liabilities of $50,000 to $100,000. Hon. Jeffery W. Cavender handles the case. The debtor is represented by Kenneth Mitchell, Esq. of Giddens, Mitchell & Associates, P.C. GEORGIA FURNITURE: 40-Year Old Furniture Chain Closes Permanently ----------------------------------------------------------------- Daniel Kline of The Street reports that Georgia Furniture Mart has announced plans to cease operations, bringing an end to nearly 40 years in business. The retailer will close its locations in Norcross and Kennesaw, as well as its distribution warehouse, with liquidation sales beginning July 16. Reports of the closures surfaced through WSB-TV, while the company's digital platforms have yet to reflect the announcement. Originally launched in 1986 as Underpriced Furniture, the company built a loyal customer base by offering competitively priced furniture and home furnishings. Georgia Furniture Mart also emphasized delivering professional service and creating a family-like atmosphere for shoppers, the report states. Founder Michael Hall thanked customers and employees for their loyalty and support throughout the company's history. He said the business was proud of the memories and relationships formed over the years, even as it prepares to close this chapter, according to The Street. Customers will have the opportunity to purchase remaining merchandise at discounted prices during the going-out-of-business sale. The liquidation event will include a wide selection of furniture and household items until inventory is depleted, the report relays. About Georgia Furniture Mart Founded in 1986, Georgia Furniture Mart is a Georgia-based home furnishings retailer that offers furniture for living rooms, bedrooms, dining rooms, home offices and outdoor spaces, along with mattresses and home décor. Originally operating as Underpriced Furniture, the company grew into one of metro Atlanta's well-known independent furniture retailers, emphasizing value pricing and customer service. GLASS TUNNEL: Commences Chapter 11 Bankruptcy in California ----------------------------------------------------------- On July 16, 2026, Glass Tunnel LLC commenced a Chapter 11 bankruptcy case in the U.S. Bankruptcy Court for the Central District of California, Santa Barbara Division. Court records indicate the company has between $50 million and $100 million in debt owed to 1 to 49 creditors. A meeting of creditors under Section 341(a) to be held on August 17, 2026 at 11:00 AM at UST-SVND2, TELEPHONIC MEETING. CONFERENCE LINE:1-888-330-1716, PARTICIPANT CODE:3898083. About Glass Tunnel LLC Glass Tunnel LLC is a commercial real estate investment and development firm headquartered in Malibu, California. The company oversees the development of luxury residential properties, including The Glass Tunnel, a high-end Malibu estate managed by Scott Gillen through his development company, Unvarnished. The property has been marketed as one of Malibu's premier luxury homes and traces its origins to The Case development initiated in 2017. The company filed for relief under Chapter 11 of the Bankruptcy Code (Case No. 26-11019) on July 16, 2026. Bankruptcy schedules list assets ranging from $50 million to $100 million and liabilities ranging from $50 million to $100 million. The case has been assigned to Honorable Ronald A. Clifford III. Glass Tunnel LLC is represented by David B. Golubchik, Esq., of Levene, Neale, Bender, Yoo & Golubchik L.L.P. GOLDENPEAKS POLAND: Creditors' Disclosure Plan Review Time Extended ------------------------------------------------------------------- Ben Zigterman of Law360 Bankruptcy Authority reports that a Texas bankruptcy court has delayed the disclosure statement hearing for GoldenPeaks Capital's Polish affiliate after creditors sought more time to examine revised restructuring documents. The judge granted a brief extension, finding that the additional time would allow stakeholders to properly assess the proposed Chapter 11 plan. According to court proceedings, creditors objected to moving forward under the existing schedule because recent changes to the disclosure statement required further review. The judge determined that postponing the hearing by several days struck an appropriate balance between maintaining the pace of the bankruptcy case and protecting creditor rights. The revised schedule keeps the Chapter 11 case on track while giving creditors an opportunity to evaluate the debtor's latest disclosures. Following the hearing, the court will decide whether the disclosure statement provides sufficient information to solicit votes on the reorganization plan, the report states. About GoldenPeaks Poland LLC GoldenPeaks Poland LLC is a European renewable energy developer. GoldenPeaks Poland LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-90558) on May 29, 2026. In its petition, the Debtor reports assets between $1 billion and $10 billion and liabilities between $500 million and $1 billion. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. The Debtor is represented by Benjamin Lawrence Wallen, Esq. of Pachulski Stang Ziehl & Jones LLP. GREENMILEEV LLC: Neema Varghese Named Subchapter V Trustee ---------------------------------------------------------- The U.S. Trustee for Region 11 appointed Neema Varghese of NV Consulting Services as Subchapter V trustee for GreenMileEV, LLC. Ms. Varghese will be paid an hourly fee of $400 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Varghese declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Neema T. Varghese NV Consulting Services 701 Potomac, Ste. 100 Naperville, IL 60565 Tel: (630) 697-4402 Email: nvarghese@nvconsultingservices.com About GreenMileEV LLC GreenMileEV, LLC is a Franklin Park, Illinois-based electrical contractor specializing in electric vehicle (EV) charging infrastructure. Operating under the trade name Omar Electric Powered by GreenMileEV, the company provides EV charging station installation services for commercial, industrial, and residential customers. As of mid-2026, the company maintains its primary facility in Franklin Park and holds active certifications for EV charging infrastructure installation. The Omar Electric brand has served the Chicago area since 1949, with GreenMileEV representing its expansion into renewable energy services. GreenMileEV sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 26-11191) on July 6, 2026. In its petition, the Debtor reported estimated assets of between $500,000 and $1 million and estimated liabilities of between $500,000 and $1 million. Honorable Bankruptcy Judge Timothy A. Barnes handles the case. The Debtor is represented by Gregory K. Stern, Esq., at Gregory K. Stern, P.C. HARDCORE CONCRETE: Gets Extension to Access Cash Collateral ----------------------------------------------------------- Hardcore Concrete, Inc. received second interim approval from the U.S. Bankruptcy Court for the Middle District of Florida, Fort Myers Division, to use the cash collateral of its secured creditors. Under the second interim order, the Debtor is authorized to use cash collateral, including funds held at Lake Michigan Credit Union, to pay court-approved expenses, budgeted operating costs with up to a 10% variance per line item, and additional expenditures approved in writing by the secured creditors. Payments to insiders or professionals remain subject to prior court approval. The court granted adequate protection to the U.S. Small Business Administration, First Citizens Bank, and Kapitus, LLC through replacement liens on post-petition cash collateral that retain the same validity and priority as their pre-petition liens. In addition, the SBA will receive a monthly payment of $488. Additional safeguards include insurance coverage on the secured creditors' collateral and access to business records and premises. The order also requires Kapitus to immediately release its garnishment on the Debtor's account at Lake Michigan Credit Union. The Debtor's authority to use cash collateral will immediately terminate upon the appointment of a trustee, conversion of the Debtor's Chapter 11 case to Chapter 7, or dismissal of the case unless waived in writing by Kapitus. The next hearing is scheduled for Aug. 26. About Hardcore Concrete Inc. Hardcore Concrete Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-01392) on June 5, 2026, with $500,001 to $1 million in both assets and liabilities. Judge Luis Ernesto Rivera II presides over the case. Buddy D. Ford, Esq., at Ford & Semach, P.A. represents the Debtor as legal counsel. Amy Denton Mayer of Stichter Riedel Blain & Postler, P.A. serves as Subchapter V trustee for the Debtor. HAWTHORNE RACE: At Risk of Closure After Bankruptcy Sale -------------------------------------------------------- Robert McCoppin of Chicago Tribune reports that Hawthorne Race Course could be headed for closure after a bankruptcy sale of the property was awarded to a real estate bidder, creating uncertainty over whether racing operations will continue. The buyer's proposal reportedly focused on the value of the land rather than maintaining the track as a long-term racing venue. The historic Stickney racetrack filed for bankruptcy protection as it struggled with financial challenges and the broader difficulties facing the horse racing industry. The court-approved sale process was designed to maximize recovery for creditors while allowing interested buyers to compete for the property, the report relays. The outcome disappointed racing advocates who had hoped the facility would remain open. Hawthorne has been a central part of Illinois horse racing for more than a century, supporting thousands of jobs and contributing to the state’s racing economy, according to Chicago Tribune. While no final redevelopment plans have been announced, the sale places the future of Hawthorne Race Course at a crossroads. The property's transition to new ownership could determine whether live racing survives at the site or whether the historic venue becomes another redevelopment project, the report states. About Hawthorne Race Course, Inc. Hawthorne Race Course Inc. operates a historic racetrack that provides Thoroughbred and Standardbred racing events along with off-track betting throughout Chicago. Hawthorne Race Course Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 26-03505) on February 27, 2026. In its petition, the Debtor reports assets ranging from $50 million to $100 million and liabilities between $100 million and $500 million. Honorable Bankruptcy Judge Timothy A. Barnes handles the case. The Debtor is represented by Barry A. Chatz, Esq. of Saul Ewing Arnstein & Lehr LLP. Getzler Henrich & Associates serves as Financial Advisor, Omni Agent Solutions as Claims Agent. HIGH STREET HOTEL: Initiates Chapter 11 Bankruptcy in Mississippi ----------------------------------------------------------------- On July 15, 2026, High Street Hotel Group, LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Mississippi. According to court filings, the debtor reports between $1 million and $10 million in liabilities owed to 1 to 49 creditors. The deadlines for filing the Chapter 11 plan and disclosure statement are November 12, 2026. About High Street Hotel Group, LLC High Street Hotel Group, LLC is a Jackson, Mississippi-based hotel operator that owns and operates the Holiday Inn Express & Suites Jackson Downtown – Coliseum. The company also maintains a significant student housing agreement with Jackson State University for the 2025–2026 academic year, providing 106 hotel rooms under a contract valued at approximately $2 million. The Chapter 11 filing follows ongoing financial challenges and comes after a March 2026 court ruling partially denied a motion to dismiss litigation involving historical allegations related to the property. High Street Hotel Group, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-01916) on July 15, 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 Jamie A. Wilson handles the case. The debtor is represented by Thomas Carl Rollins Jr., Esq., of The Rollins Law Firm, PLLC. HILLMAN GROUP: Fitch Assigns 'BB+' Rating on Senior Secured Debt ---------------------------------------------------------------- Fitch Ratings has assigned The Hillman Group's senior secured term loan a rating of 'BB+' with a Recovery Rating of 'RR2'. Hillman Solutions Corp. (HLMN) and The Hillman Group's current Long-Term Issuer Default Ratings (IDR) are 'BB'. The Rating Outlook is Stable. The proceeds will be used to refinance the company's outstanding senior secured term loan and the outstanding balance on its ABL revolver. HLMN's rating reflects Fitch's expectation that HLMN will maintain EBITDA leverage between 2.5x and 3.0x while executing its growth strategy. The rating also considers the company's market position in fastener and protective solutions, free cash flow (FCF) generation, financial flexibility, and customer relationships. Fitch expects HLMN to focus mergers and acquisitions (M&A) on smaller bolt-on acquisitions with cash flow from operations (CFO) minus capital expenditures (capex) to total debt ratio in the low-to-mid teens range, which will support financial flexibility. Key Rating Drivers Market Leader in Niche Markets: HLMN has a strong market position in its core products of fasteners, hardware and personal protection solutions, which account for 77% of its revenue. Fitch views the barriers to entry in HLMN's business include its long-standing customers relationships and comprehensive service model. HLMN manages and distributes the majority of its 111,000 SKUs directly to stores through its distribution network and has 1,200 sales and service personnel on-site to help customers. HLMN also has a strong market position in its key duplication, Auto and RFID fob duplication and engraving offerings. HLMN has 31,500 kiosks deployed at retail partners, including about 3,500 MinuteKey 3.5 kiosks. The segment accounts for just 14% of 2025 sales but about 24% of the overall EBITDA, given the segment's high margins and technology content. HLMN's high exposure to the repair and remodel (R&R) market relative to Fitch-rated building product peers is a credit positive. Fitch views the residential R&R is a more stable end-market through economic cycles than new construction activity. EBITDA Leverage Under 3.0x: EBITDA leverage declined to 2.5x at YE 2025 from 2.9x at YE 2024, through EBITDA expansion. Fitch believes the company could continue to pursue M&A in a balanced manner, mainly targeting smaller, bolt-on acquisitions as part of its growth strategy, and remain within the company's long-term company-calculated net leverage target of 2.5x or below. Fitch expects HLMN to focus on tuck-in acquisitions like Koch Industries, Inc., a provider of ropes and chains, and Intex DIY, Inc., a supplier of cleaning textiles, to deepen and broaden the company's product portfolio and complement its organic growth strategy. HLMN can leverage its distribution network and long-standing relationships to sell its new product category to new customers. Healthy FCF Generation: HLMN has had positive FCF over the last four years and FCF margins are expected to be sustained in the mid-single-digit range, supported by healthy operating margins. Fitch forecasts FCF to be $100 million and higher per annum over the forecast period. Fitch anticipates HLMN's FCF generation will provide financial flexibility or deleveraging capacity in the event of larger acquisition, as evidenced by its projected (CFO-capex) to debt ratio metrics in the low-to-mid teens range. U.S.-Focused Geographic Footprint: The company operates throughout North America, with the U.S. accounting for 90% of 2025 sales. HLMN has 24 distribution centers across the continent, helping it to serve 29,000 retail locations. Fitch views the company's geographic exposure as concentrated relative to similarly rated and higher-rated peers, which tend to have more international sales exposure. However, the company's strong national presence provides it with better diversity than lower-rated peers, which tend to be more highly concentrated within certain U.S. states/regions. Customer Concentration: The company has a concentrated retail customer base, and there is a risk that the loss of all or part of a large customer could substantially reduce its scale, with limited opportunity to recoup lost volumes elsewhere. The risk is mitigated by the company's track record of maintaining long-standing relationships with core hardware retailers. Home Depot and Lowes are the largest customers, accounting for 23% and 21% of 2025 revenue, respectively. These customers periodically undertake product line reviews of their vendors every few years to determine whether and to what extent they will continue to purchase certain products from a particular vendor. Peer Analysis HLMN's rating reflects its strong market position in the fastener and protective solutions markets, long-standing relationships with key customers, profitability and leverage metrics. HLMN is strongly positioned relative to Fitch- rated building products and distributor peers in the 'B' category including New AMI I, LLC (Associated Materials; B/Stable) and Park River Holdings, Inc (Park River; B-/Stable). HLMN's EBITDA leverage of 2.5x in 2025 compares favorably to Park River's leverage at around 7.0x over the same period. HLMN's credit profile is comparable with MIWD Holdco II LLC and MIWD Holding Company LLC (dba MITER Brands; MITER, BB-/Negative) with similar EBITDA margins, concentrated product portfolio and end-market exposure but lower leverage metrics. Fitch’s Key Rating-Case Assumptions - Total revenue grows organically in the low-single digits through the forecast period; - EBITDA margins sustained around 17% over the forecast period; - Capital intensity of around 5% over the forecast period; - HLMN manages capital deployment in line with stated financial policies; - Effective interest rate of around 5%-6%. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb-, Lower), Sector Characteristics (bb, Moderate), Market and Competitive Positioning (bb, Higher), Diversification and Asset Quality (b+, Higher), Company Operational Characteristics (bb-, Moderate), Profitability (a-, Lower), Financial Structure (bbb, Higher), and Financial Flexibility (bbb+, Lower). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'a+' results in no adjustment. - The SCP is 'bb'. To derive the IDR: - Fitch has made no adjustments to the SCP, resulting in an IDR of 'BB'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - A less conservative financial policy leading to EBITDA leverage sustained above 3.0x; - FCF margin in the low single digits or lower; - The company experiences the loss of a large customer. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Public commitment to a more conservative financial policy that leads to EBITDA leverage sustained below 2.5x; - The company achieves a more diversified portfolio of business lines and reduced customer concentration. Liquidity and Debt Structure As of March 31, 2026, HLMN had total liquidity of $282 million, including $28 million in cash and $255 million of availability on its ABL facility, net of outstanding borrowings and letters of credit. The company's expected FCF generation also supports its liquidity. Fitch considers the capital structure and maturity schedule to be relatively favorable with its nearest maturity being in 2031 following the transaction. Issuer Profile Hillman distributes hardware-related products and provides merchandising services to retail outlets, including hardware stores, home centers, and mass merchants. Its product offering includes fasteners, hardware, personal protective products key engraving and various self-service kiosks. Date of Relevant Committee Feb 24, 2026 MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for Hillman Solutions Corp.. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery ----------- ------ -------- The Hillman Group, Inc. senior secured LT BB+ New Rating RR2 HOLLY INVESTMENT: Hires Robert S. Altagen Inc. as Counsel --------------------------------------------------------- Holly Investment Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Robert S. Altagen, Inc. as counsel. The firm will provide these services: a. give the Debtor legal advice with respect to its powers and duties as Debtor-in-Possession in the continued operation of Applicant's business and management of Applicant's property; b. consult with the Debtor, the United States Trustee and other parties-in-interest in the administration of the case; c. investigate the acts, conduct, liabilities, assets and financial condition of the Debtor, the operation of Debtor's business and any other matter relevant to the case; d. prepare on behalf of Debtor as Debtor-in-Possession all necessary applications, answers, motion, orders, reports and other legal papers; e. participate in the Debtor's formulation of a Plan of Reorganization and any amendments thereto, if so required, and to collect and file with the Court acceptances and/or rejections of said Plan(s) f. provide general legal representation of the Debtor in all aspects relating to the Debtor's bankruptcy proceeding; and g. perform such other services as are appropriate regarding Attorney's capacity as counsel in this case. The firm will be paid at these rates: Robert S. Altagen $600 per hour Associate Attorney $375 per hour Paralegal $175 per hour. The firm was paid a retainer in the amount of $8,000. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Mr. Altagen disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Robert S. Altagen, Esq. Law Office of Robert S. Altagen 1111 Corporate Center Dr., Suite 201 Monterey Park, CA 91754 Tel: (323) 260-9588 Fax: (323) 268-8742 About Holly Investment Inc. Holly Investment Inc. is an Arcadia, California-based lessor of nonresidential buildings. As stated in the bankruptcy filing, the company operates as a single asset real estate business, with current operations focused on managing its nonresidential real estate holdings in Monterey Park, California while pursuing financial restructuring. Holly Investment Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-16142) on June 19, 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 Barry Russell handles the case. The Debtor is represented by Robert Altagen, Esq., of Robert S. Altagen. HOLZHAUER FORD: Chapter 7 Trustee Loses Bid for Summary Judgment ---------------------------------------------------------------- Chief Judge Thad J. Collins of the U.S. Bankruptcy Court for the Northern District of Iowa denied the motion for summary judgment filed by Nicole Hughes, Holzhauer Ford Cherokee, Inc.'s Chapter 7 Trustee, in the adversary proceeding captioned as Nicole Hughes, Chapter 7 Trustee, Plaintiff vs. The Farmers State Bank, Defendant, Adversary No. 25-09132 (Bankr. N.D. Iowa). Debtor was an Iowa corporation with Dan Winchell as its Chief Executive Officer. On March 11, 2009, Daniel and Barbara Winchell acquired 1200 S. 2nd Street, Cherokee, IA, 51012 (the "Property"). Defendant is a state bank located in Marcus, Iowa. It is incorporated in Iowa, with its principal place of business and headquarters in Marcus, Iowa. On August 2, 2018, Defendant loaned $750,000 (the "Loan") to Daniel and Barbara Winchell. Holzhauer Motors, LTD guaranteed the Loan, which was secured by a mortgage on the Property. On March 3, 2021, Dan and Barbara Winchell deeded the Property to Schumann Equipment. Cook Law Firm issued a $507,983.99 check to the Defendant that same day. On March 8, 2021, Defendant released their mortgage on the Property. Debtor transferred $210,389.22 to the Defendant on March 25, 2021, to payoff the remaining Loan balance of $209,645.25. The Debtor was not obligated on the Loan. Trustee filed this adversary proceeding against Defendant on October 13, 2025, seeking to avoid and recover the fraudulent transfer under Iowa Code Secs. 684.4, 685.5 and 11 U.S.C. Sec. 542, 544, 550, and 551. Ms. Hughes later filed a Motion for Summary Judgment on April 1, 2026, asserting that no genuine dispute of material fact exists and that she is entitled to judgment as a matter of law. Defendant resists the motion and argues, among other things, that genuine issues of material fact remain regarding Debtor's insolvency. The Court concludes that a genuine issue of material fact remains regarding insolvency. The record does not contain any evidence demonstrating that Debtor's liabilities exceeded its assets at the time of the transfer or as a result of the transfer. The Court finds because insolvency is an essential element of a claim under Iowa Code section 684.5, Trustee cannot establish entitlement to judgment as a matter of law. In addition, Defendant expressly disputes Trustee's assertion of insolvency. Accordingly, the Motion for Summary Judgment is denied. A copy of the Court's Opinion and Order dated July 13, 2026, is available at https://urlcurt.com/u?l=KDKjL9 from Pacermonitor.com. Holzhauer Ford Cherokee, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Iowa Case No. 24-00814) on Aug. 23, 2024. The filing reflects estimated assets between $1 million and $10 million and estimated liabilities between $1 million and $10 million. The Debtor is represented by Jeffrey D. Goetz, Esq., of DICKINSON, BRADSHAW, FOWLER & HAGEN, PC. The case was converted to Chapter 7 on September 25, 2024. Nicole Hughes is the Chapter 7 Trustee. HOMETOWN LENDERS: Hires A&N Business Solutions LLC as Accountant ---------------------------------------------------------------- Hometown Lenders, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Alabama to employ Nam Nguyen of A&N Business Solutions LLC as accountant. The firm will assist in the preparation of the Debtor's corporate state tax returns for the years of 2022 through 2024, as well as to provide tax and accounting advice to the Debtor post-confirmation. Nam Nguyen the partner handling the engagement will be paid at the rate of $140 per hour. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Mr. Nguyen 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: Nam Nguyen, CPA A&N Business Solutions LLC 15306 Craft Lane Athens, AL 35613 About Hometown Lenders, Inc. Hometown Lenders, Inc. is a corporation organized and existing under the laws of the State of Alabama. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ala. Case No. 24-81038) on June 3, 2024, listing up to $50 million in both assets and liabilities. Kevin D. Heard, Esq., at Heard, Ary & Dauro, LLC, is the Debtor's legal counsel. IBODY INC: Seeks Cash Collateral Access Until Jan. 2 ---------------------------------------------------- iBody, Inc. asks the U.S. Bankruptcy Court for the Central District of California, for continued authority to use cash collateral from Aug. 2 through Jan. 2, 2027. The Debtor initially sought cash collateral authority when it filed for bankruptcy on April 10 and has since obtained two court orders authorizing such use. The Debtor proposes to continue operating under substantially the same terms approved in the prior cash collateral orders while extending the authorization period and preserving flexibility through budget variances, rollover provisions, and the use of excess revenues to fund inventory and operating costs. The Debtor reports that its post-petition operations have performed better than expected despite revenues falling short of projections. According to the budget-to-actual comparison, gross receipts have been lower than forecast, but management significantly reduced operating expenses, resulting in stronger-than-expected profitability. While the budget projected a net ordinary loss of approximately $11,305 as of June 27, the business instead generated actual net ordinary income of approximately $20,041, representing an improvement of more than $31,000 over projections. The Debtor argues that this favorable variance demonstrates prudent financial management and supports continued use of cash collateral. Management attributes the temporary decline in revenue primarily to disruptions in insurance billing rather than a decline in patient demand. Shortly after the bankruptcy filing, the Debtor lost its insurance billing specialist, creating approximately six weeks during which little or no insurance billing occurred. Although a replacement biller was eventually hired, the interruption delayed reimbursement from insurance carriers and reduced cash collections during the early stages of the bankruptcy case. The declaration submitted by principal Roberto Tostado further explains that management also devoted substantial time to preparing the bankruptcy filing and assisting legal counsel, which contributed to the temporary operational disruptions. Looking ahead, iBody outlines several initiatives intended to increase revenue. The Debtor plans to introduce a new outpatient intravenous therapy program that will be reimbursable by insurance, which management believes will generate several thousand dollars of additional monthly revenue. The Debtor has also restarted its marketing and advertising efforts after having suspended them before bankruptcy because merchant cash advance lenders had been aggressively withdrawing funds from its bank accounts, severely limiting cash flow. Management believes renewed marketing will gradually increase patient volume, noting that advertising historically played an essential role in attracting new patients. The Debtor filed updated financial projections covering August 2 through January 2, 2027. During this period, it projects gross receipts of approximately $460,950, cost of goods sold of $91,200, total operating expenses of $358,134, and net income of approximately $11,616. The value of its assets and cash collateral is not expected to decline during this period, supporting its argument that secured creditors' interests will remain adequately protected while operations continue. Strategic Funding Source, Inc., doing business as Kapitus, and the U.S. Small Business Administration, the senior lender, have participated in prior cash collateral proceedings. Kapitus claims a security interest in the Debtor's cash collateral although the Debtor maintains that Kapitus is fully unsecured. Rather than proposing new terms, the Debtor requests continuation of the same protections previously approved by the court, including granting replacement liens to parties asserting valid pre-petition security interests but only to the extent their original liens attached to pre-petition property and with the same validity, priority, and scope. A hearing on the matter is set for July 22, at 10 a.m. A copy of the motion is available at https://urlcurt.com/u?l=ZpM4AQ from PacerMonitor.com. About iBody Inc. iBody, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 26-13464) on April 15, 2026, with $100,001 to $500,000 in assets and $1 million to $10 million in liabilities. Judge Honorable Sheri Bluebond oversees the case. The Debtor is represented by Steven R. Fox, Esq. INCLUSION SOUTH: Variant Alternative Marks $10M Loan at 29% Off --------------------------------------------------------------- Variant Alternative Income Fund has marked its $10,024,427 loan extended to Inclusion South Africa Proprietary Limited to market at $7,157,514 or 71% of the outstanding amount, according to Variant Alternative's N-CSR for the fiscal year ended July 9, 2026, filed with the U.S. Securities and Exchange Commission. Variant Alternative Income Fund is a participant in a loan extended to Inclusion South Africa Proprietary Limited. The Loan accrues interest at a rate of 16.16% (1-Month CME Term SOFR + 12.50%) per annum. Variant Alternative Income Fund is a corporate issuer in the leveraged finance market. The Fund is led by Robert W. Elsasser as President, and Curt Fintel as Treasurer. The Fund can be reached at: Robert W. Elsasser Variant Alternative Income Fund c/o UMB Fund Services, Inc. 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2271 About Inclusion South Africa Pty Ltd. Inclusion South Africa Pty Ltd. designs and develops application software solutions. INCLUSION SOUTH: Variant Impact Marks $534,270 Loan at 29% Off -------------------------------------------------------------- Variant Impact Fund has marked its $534,270 loan extended to Inclusion South Africa Proprietary Limited to market at $381,473 or 71% of the outstanding amount, according to Variant's N-CSR for the fiscal year ended July 9, 2026, filed with the U.S. Securities and Exchange Commission. Variant Impact Fund is a participant in a loan extended to Inclusion South Africa Proprietary Limited. The Loan accrues interest at a rate of 1-Month CME Term SOFR + 12.50%, 16.16% per annum. Variant Impact Fund is a registered investment fund that files periodic reports with the SEC and provides shareholders with information on its operations and financial results. The Fund is led by Robert W. Elsasser as President (Principal Executive Officer) and Curt Fintel as Treasurer (Principal Financial Officer). The Fund can be reached at: Robert W. Elsasser Variant Impact Fund c/o UMB Fund Services, Inc. 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2271 About Inclusion South Africa Proprietary Limited Inclusion South Africa Proprietary Limited is the registered corporate entity behind Planet42, an inclusive, rent-to-buy car subscription company. INOTIV INC: Wins Court Confirmation of Plan of Reorganization ------------------------------------------------------------- Inotiv, Inc. announced on July 14, 2026, that the U.S. Bankruptcy Court for the Southern District of Texas has confirmed the Company's Plan of Reorganization. With this approval in place, the Company expects to emerge from Chapter 11 protection shortly, with a significantly strengthened balance sheet, supported by Inotiv's existing stakeholders, who collectively manage more than $60 billion in assets, and who provided additional capital to support the Company and the execution of its long-term objectives. "We initiated this process with a clear objective: strengthen our financial foundation and position Inotiv to execute on our long-term strategy," said Bob Leasure, President and Chief Executive Officer of Inotiv. "With Plan confirmation, we are nearing the finish line and are poised to emerge well-capitalized. I am proud of our team's focus and execution throughout the process, which has allowed Inotiv to maintain continuity of service and delivery and remain focused on consistent quality, scientific rigor, and timelines for its clients. I am grateful to our clients and suppliers for their continued partnership." Inotiv continues to conduct normal business operations as it takes these final steps towards emergence, with a focus on providing clients with critical research models and services. Additional information on the Company's chapter 11 case can be found at https://restructuring.ra.kroll.com/Inotiv. Stakeholders can also contact Kroll, Inotiv's noticing and claims agent, at (844) 408-3698 (for toll-free U.S. and Canada calls) or (646) 825-3849 (for tolled international calls). Advisors Inotiv is advised in this matter by Ropes & Gray LLP as legal counsel, Perella Weinberg Partners as investment banker, and FTI Consulting as financial and communications advisor. The Prepetition First Lien Lenders are advised by Davis Polk & Wardwell LLP as legal counsel and BRG as financial advisors. The Noteholder Ad Hoc Group is advised by Paul, Weiss, Rifkind, Wharton & Garrison LLP as legal counsel. About Inotiv, Inc Inotiv, Inc. is a contract research organization dedicated to providing nonclinical and analytical drug discovery and development services primarily to the pharmaceutical and medical device industries and selling a range of research-quality animals and diets to the same industries as well as academia and government clients. The Company's products and services focus on bringing new drugs and medical devices through the discovery and preclinical phases of development and, in certain cases, the clinical phases of development, all while focusing on increasing efficiency, improving data, and reducing the cost of discovering and taking new drugs and medical devices to market. Indianapolis, Ind.-based Ernst & Young LLP, the Company's auditor since 2021, expressed substantial doubt regarding the Company's ability to continue as a going concern. In its "going concern" qualification dated December 5, 2025, included in the Company's Annual Report on Form 10-K for the year ended September 30, 2025, Ernst & Young reported that the Company has negative operating cash flows, operating losses and net losses, is forecasting non-compliance with certain covenants under its loan agreements, and has significant debt obligations due within the next 12 months. West Lafayette, Ind.-based Inotiv, Inc. and several affiliates filed for Chapter 11 bankruptcy (Bankr. S.D. Texas Lead Case No. 26-bk-90601) on June 3, 2026. The Hon. Christopher M Lopez presides over the case. In their petitions, the Debtors listed estimated assets and liabilities of $500 million to $1 billion. As of Dec.31, 2025, Inotiv reported $734.3 million in total assets, $625.3 million in total liabilities, and $109 million in total equity. The Debtors hired Ropes & Gray LLP as general bankruptcy counsel; Hunton Andrews Kurth LLP, as co-bankruptcy counsel; Perella Weinberg Partners, as investment banker; FTI Consulting, Inc., as financial advisor; and Kroll Restructuring Administration LLC, as notice, claims, solicitation and balloting agent. Acquiom Agency Services LLC, serves as the administrative agent and collateral agent for a syndicate of lenders providing DIP financing. Davis Polk & Wardwell LLP and Haynes and Boone, LLP represent the First Lien Ad Hoc Group. Paul, Weiss, Rifkind, Wharton & Garrison LLP and Cole Schotz, P.C. represent the Ad Hoc Noteholder Group of the Prepetition PIK Notes and Prepetition Convertible Notes. INSTALLED BUILDING: Moody's Affirms 'Ba1' CFR, Outlook Stable ------------------------------------------------------------- Moody's Ratings affirmed Installed Building Products Inc.'s (IBP) Ba1 corporate family rating, Ba1-PD probability of default rating, Ba1 senior secured first lien term loan B3 rating and Ba2 senior unsecured notes rating. The SGL-1 Speculative Grade Liquidity Rating remains unchanged. The rating outlook remains stable. The affirmation and stable outlook reflects the company's strong credit metrics and very good liquidity. Moody's expects debt/EBITDA to remain below 3x and continued strong free cash flow despite new construction headwinds impacting residential construction. RATINGS RATIONALE IBP's Ba1 CFR is supported by strong operating performance, strong cash generation and very good liquidity. As of the LTM period ended March 31, 2026, debt/EBITDA was 2.2x and net debt/EBITDA was 1.3x. Moody's expects IBP to maintain conservative financial policies and solid credit metrics, in accordance with its net debt/EBITDA target of 2x. Furthermore, the long-term fundamentals of the US housing market remain supportive despite near-term softness. These strengths are offset by the cyclicality of US new home construction, the main driver of IBP's revenue, and intense competition. Moody's expects revenue to decline by 1-2% in 2026 as headwinds in residential new construction persist. In addition, Moody's expects EBITA margin to compress to about to 13.5% from 14.7% in 2025. Capital deployment for large acquisitions is another credit risk. IBP is also modestly sized in terms of revenue, limiting its absolute levels of earnings. The stable outlook reflects Moody's expectations that IBP will continue to perform well and leverage will remain below 3x debt/EBITDA over the next 12-18 months. IBP's Speculative Grade Liquidity (SGL) rating of SGL-1 reflects its very good liquidity supported by its ability to generate FCF. Moody's forecasts over $200 million in FCF in both 2026 and 2027. IBP generates positive FCF in each quarter despite seasonality. IBP has access to a $375 million asset-based lending revolving credit facility (ABL) due January 2031, which is governed by a borrowing base calculation that fluctuates with business seasonality. As of March 31, 2026, revolver availability totaled $371.1 million. Moody's do not expect any revolver borrowings because of the company's solid cash position. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could upgrade IBP's rating if end markets continue to support long-term organic growth, resulting in: -- debt/EBITDA of less than 2x -- increased revenue while maintaining conservative financial policies -- maintenance of very good liquidity -- an unsecured capital structure Moody's could downgrade IBP's rating if: -- Debt/EBITDA stays above 3x -- Erosion of operating performance -- Deterioration in the company's liquidity -- Aggressive acquisitions or shareholder return initiatives The principal methodology used in these ratings was Business and Consumer Services published in February 2026. Installed Building Products (NYSE: IBP), headquartered in Columbus, Ohio, installs insulation and other products for residential and commercial builders throughout the US. J-CM SERVICES: Seeks Subchapter V Bankruptcy in Texas ----------------------------------------------------- On July 16, 2026, J-CM Services, Inc. filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of Texas. According to court filings, the debtor reports between $1 million and $10 million in liabilities owed to 50 to 99 creditors. Chapter 11 plan filing deadline set for October 14, 2026. About J-CM Services, Inc. J-CM Services, Inc. is an Argyle, Texas-based commercial construction and facility services company specializing in pre-engineered metal building (PEMB) and conventional construction projects. The company has served commercial and industrial clients throughout Texas and California, providing design, construction and facility-related services. Court filings do not specify the reasons for the Chapter 11 filing, and the company continues operating as a debtor-in-possession. J-CM Services, Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-42427) on July 16, 2026. In its petition, the debtor reported estimated assets of $100,000 to $500,000 and estimated liabilities of $1 million to $10 million. Honorable Bankruptcy Judge handles the case. The debtor is represented by Robert C. Lane, Esq., of The Lane Law Firm PLLC. JANUS HENDERSON: Fitch Assigns 'BB+' LongTerm IDR, Outlook Stable ----------------------------------------------------------------- Fitch Ratings has assigned a Long-Term Issuer Default Rating (IDR) of 'BB+' to Janus Henderson US (Holdings) Inc., a designated debt-issuing entity and wholly owned subsidiary of Janus Henderson Group Limited (JHG; BB+/Stable). The Rating Outlook is Stable. Fitch has also assigned a final debt rating of 'BB+' to Janus Henderson US (Holdings) Inc's $2.9 billion senior secured-term loan, which was originally issued by Jupiter Borrower, Inc. (Jupiter). The assignment of the final debt rating follows the receipt of documents conforming to information already received. The final rating is the same as the expected rating assigned on March 17, 2026. Concurrently, Fitch has withdrawn the ratings assigned to Jupiter given the entity has merged into Janus Henderson US (Holdings) Inc. following the completion of the JHG's take-private transaction. Fitch will no longer have sufficient information to provide ratings or analytical coverage for Jupiter as it no longer exists. Key Rating Drivers Ratings Equalized with JHG: Janus Henderson US (Holdings) Inc.'s IDR is equalized with JHG's given the company provides a full guarantee. The rating actions relate to JHG's take-private transaction by an investor group led by Trian Fund Management, L.P. (Trian) and General Catalyst Group Management, LLC's (General Catalyst). Jupiter was created for the transaction, servicing as a merger vehicle and initial borrower. Debt proceeds funded the acquisition and refinanced JHG's existing debt. At closing, Jupiter merged into Janus Henderson US (Holdings) Inc., which remains the surviving entity and became the borrower of the outstanding debt. Private Company: Following the close of the transaction, Janus Henderson Group plc was renamed Janus Henderson Group Limited, reflecting the company's privately owned corporate structure. The company remains incorporated in Jersey, Channel Islands, and operates in accordance with Jersey law. Its business model and strategy have not changed. Diversified Platform; Strong Investment Performance: JHG's ratings reflect its long-tenured franchise as a traditional investment manager (IM), substantial geographic and product diversification, solid long-term investment performance across multiple asset classes, experienced management, and cash-generative business model. Leverage to Increase: Rating constraints include JHG's increased cash flow leverage (measured as gross debt to adjusted fee-related EBITDA [FEBITDA]) following the take-private transaction, weaker pro forma interest coverage, and fully secured funding profile. Constraints also include net asset value (NAV)-based fees, which increase FEBITDA volatility, and the company's private equity ownership, which introduces some uncertainty around financial policies and strategic objectives. Stable Outlook: The Stable Outlook reflects Fitch's expectation that JHG's strategic initiatives will support continued solid operating performance, which should lead to gradual deleveraging and interest coverage improvement. Fitch also expects JHG to continue to execute its business and investment strategies such that it leads to further product diversification and supports greater consistency of customer net flows. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade The rating assigned to Janus Henderson US (Holdings) Inc is linked to JHG's IDR and is, therefore, expected to move in tandem. Negative rating sensitivities for JHG include: - A sustained increase in cash flow leverage above 4.5x; - Failure to sustain interest coverage above 4.0x or a notable decline in available liquidity; - Pursuit of aggressive financial policies, including substantial shareholder distributions or dividend recapitalizations, that prioritize shareholder returns over debt reduction; - Sustained material investment underperformance, leading to meaningful long-term AUM outflows or weakening of franchise strength; and/or - A material deviation in the investment or operational strategy that increases balance sheet exposure or funding risks. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Positive rating sensitivites for JHG include: - A sustained improvement in reported cash flow leverage below 3.0x; - Sustained interest coverage above 6.0x; - Favorable investment performance and sustained improvements of net flows, in particular, long-term net client flows; and/or - Sound execution against management's business plan and financial targets, in particular pertaining to FEBITDA generation and AUM growth. DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS The secured debt rating is equalized with JHG's Long-Term IDR, reflecting the current funding mix and Fitch's expectations for average recovery prospects under a stressed scenario. DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES The secured debt rating is primarily sensitive to changes in JHG's Long-Term IDR and, secondarily, to material changes in JHG's funding mix or changes in Fitch's assessment of the recovery prospects for the debt instrument. SUBSIDIARY AND AFFILIATE RATINGS: RATING SENSITIVITIES The ratings assigned to Janus Henderson US (Holdings) Inc. are equalized with JHG's Long-Term IDR, given it is a wholly owned subsidiary and benefits from a full guarantee from JHG. ADJUSTMENTS The Standalone Credit Profile (SCP) has been assigned below the implied SCP due to the following adjustment reason: Weakest Link - Capitalization & Leverage (negative). The Earnings & Profitability score has been assigned below the implied score due to the following adjustment reason: Historical and future metrics (negative). The Capitalization & Leverage score has been assigned below the implied score due to the following adjustment reason: Historical and future metrics (negative). The Funding, Liquidity & Coverage score has been assigned below the implied score due to the following adjustment reasons: Historical and future metrics (negative), funding flexibility (negative). Public Ratings with Credit Linkage to other ratings The rating assigned to Janus Henderson US (Holdings) Inc is equalized with JHG's IDR and is expected to move in tandem. ESG Considerations JHG has an ESG Relevance Score of '4' for Governance Structure due to private equity ownership, which may result in more opportunistic growth strategies or shareholder-friendly financial policies, which has a negative impact on the credit profile, and is highly relevant to the ratings resulting in a lower Long-Term IDR. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Janus Henderson US (Holdings) Inc. LT IDR BB+ New Rating Jupiter Borrower, Inc. LT IDR WD Withdrawn BB+ senior secured LT BB+ New Rating BB+(EXP) JBT MAREL: Moody's Hikes CFR to Ba2, Outlook Stable --------------------------------------------------- Moody's Ratings upgraded the ratings of JBT Marel Corporation (JBT Marel) including its corporate family rating to Ba2 from Ba3, probability of default rating to Ba2-PD from Ba3-PD and its senior secured bank credit facility rating to Ba1 from Ba2. The company's speculative grade liquidity rating was also changed to SGL-1 from SGL-2. The outlook is stable. The upgrade reflects JBT Marel's successful integration of Marel and its improved financial leverage with debt repayment and earnings improvement reducing Moody's adjusted gross debt/EBITDA to 3.4x at March 31, 2026 from 5.5x at the end of 2024. The upgrade also reflects Moody's forecasts that strong tailwinds in the food processing industry will support mid-single digit revenue growth over the next two years which will enable the company to maintain debt/EBITDA below 3.5x and EBITA/interest expense at around 9.0x. Moody's notes that the company's interest expense benefits from its $575 million of convertible notes due 2030 that have an effective interest rate below 1.0%. JBT Marel's good free cash flow, which Moody's forecasts will be between $250 million to $300 million in each of the next two years will support additional debt repayment, modest shareholder returns and potential tuck-in acquisitions. Once Marel is fully integrated, Moody's expects the company will again pursue acquisitions, but will use its free cash flow to return to its target net leverage range of 2.0x to 2.5x in a reasonable time frame. RATINGS RATIONALE The Ba2 corporate family rating reflects the strong market position of JBT Marel. The company has a leading market share in a fragmented industry and good diversification by geography, protein and customer. Secular trends around automation, the push to reduce food waste, and consumer preferences for increasing protein consumption support Moody's expectations of mid-single digit revenue growth through at least 2027. Moody's forecasts debt/EBITDA will be below 3.0x by the end of 2027 and EBITA margin will improve to around 13%. The ratings also reflect the inherent cyclicality for food processing equipment as well as the risk of a sizeable, debt-financed acquisition once Marel is fully integrated. The SGL-1 reflects Moody's expectations that JBT Marel will maintain very good liquidity. As of March 31, 2026, cash was $211 million and the company had full availability under its $1.8 billion revolving credit facility. The revolver expires in 2030. Moody's forecasts free cash flow will exceed $250 million in each of the next two years. The company has no material debt maturities until 2030. Moody's expects free cash flow will be used to fund modest share repurchases and repay debt until the company achieves its net debt/EBITDA target of 2.0x to 2.5x. The company is subject to two financial maintenance covenants: maximum secured net leverage and minimum interest coverage of 2.5x. Moody's expects the company will maintain adequate cushion under these covenants. The stable outlook reflects the company's good liquidity and Moody's expectations that debt/EBITDA will remain below 3.5x over the next 12 to 18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Ratings could be upgraded if debt/EBITDA is sustained below 3.0x and EBITA/interest expense remains above 5.0x throughout the cycles. Positive rating actions would also require that the company maintains good liquidity. Ratings could be downgraded if debt/EBITDA is sustained above 4.0x with EBITA/interest coverage below 3.0x. Any deterioration in liquidity could also cause downward ratings pressure. JBT Marel Corporation is a global technology solutions provider to high-value segments of the food and beverage industry. JBT Marel designs, produces and services sophisticated products and systems for a broad range of end markets. It generates roughly one-half of its annual revenue from recurring parts, service, equipment rebuilds and leasing operations. Revenue was approximately $3.9 billion for the 12 months ended March 31, 2026. The principal methodology used in these ratings was Manufacturing published in September 2025. JENNIFER EMERSON: To Sell Lancaster Property to Angie Lee for $262K ------------------------------------------------------------------- Jennifer Emerson, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Texas, Sherman Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor is a Texas Limited Liability Company which owns real property in Lancaster, Texas. The managing member of the LLC is Jennifer Emerson. The Debtor's Property is located at 518 W 8th Street, Lancaster, TX 75146. The Debtor receives an offer from Angie Lee to purchase the Property for the sum of $262,000. The Debtor requests authority to enter into the Contract and sell the Debtor's interest in the Property pursuant to its terms to Purchaser. The Debtor believes the Purchase Price represents the fair market value of the interest in the Property and that the proposed sale is in the best interest of the estate. The Debtor requests that the sale be made "as is, where is" without any representations or warranties concerning the condition, suitability or habitability of the Property. The Debtor requests authority to sell the interest in the Property free and clear of all liens, claims and encumbrances. The Debtor requests authorization to pay in full at closing the mortgage lien serviced by Wildcat Lending Fund One, LP of approximately $220,000.00, to be adjusted upon the presentation of a payoff detail to be provided by Wildcat. The Debtor requests authorization to execute all documents necessary to consummate the closing of an approved sale. About Jennifer Emerson, LLC Jennifer Emerson, LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Tex. Case No. 26-40385) on February 2, 2026, listing $100,001 to $500,000 in both assets and liabilities. Judge Brenda T Rhoades presides over the case. Gary G. Lyon, Esq. serves as the Debtor's counsel. KIRKBRIDE LAND: To Sell Ohio Property to Texas Eastern Transmission ------------------------------------------------------------------- Kirkbride Land and Snow Management LLC and affiliate, and PAI Properties LLC, seeks permission from the U.S. Bankruptcy Court for the Southern District of Ohio, Eastern Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor seeks authority to settle, compromise, and pay the claims of Kemba Financial Credit Union, enter into a post-petition financing transaction as borrower, with, Texas Eastern Transmission LP (TET) as lender, and to sell certain real property. The Debtor's Property is located at in Greenfield Township, Fairfield County, Ohio, and consisting of approximately 17 acres subdivided (PAI Real Property). The purchase contract involves the settlement of all claims held by KEMBA against the Debtors and affiliated non-debtors and TET (KEMBA Settlement). TET will purchase the PAI Real Property for the sum of $2,100,000. The Purchase Price shall serve as a credit against the rights and interests assigned by Kemba to TET and a credit against the TET Loan. Following application of the credit to the TET Loan for the Purchase Price, the remaining balance of the TET Loan will be $520,0005. TET and Kirkbride will enter into the Loan Modification reflecting the Remaining TET Loan Balance, which will be treated as an allowed secured claim holding a first and best lien position solely on Kirkbride's personal property assets, and will be satisfied through plan payments pursuant to Kirkbride's chapter 11 plan. About Kirkbride Land and Snow Management Kirkbride Land and Snow Management, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ohio Case No. 25-53599) on August 18, 2025, listing up to $10 million in both assets and liabilities. Angelia Kirkbride, managing member, signed the petition. Judge Mina Nami Khorrami oversees the case. David Whittaker, Esq., at Allen Stovall Neuman & Ashton, LLP, represents the Debtor as legal counsel. KNOWBE4 INC: Fitch Affirms 'B' LongTerm IDR, Outlook Stable ----------------------------------------------------------- Fitch Ratings has affirmed KnowBe4, Inc. (KnowBe4) and Oranje Midco, LLC's Long-Term Issuer Default Ratings (IDRs) at 'B'. The Rating Outlook is Stable. Fitch has affirmed KnowBe4's $1.46 billion first-lien term loan and $200 million first-lien revolver ratings at 'B+' with a Recovery Rating of 'RR3'. The 'B' IDR reflects KnowBe4's highly recurring revenue profile and dominant market position in the Security Awareness Training (SAT) space. While KnowBe4 has an elevated leverage profile, Fitch projects improving credit metrics, driven by continued revenue growth and EBITDA margin expansion. Although KnowBe4's exposure to small and midsize business (SMB) markets creates some macroeconomic sensitivity, the company's stable retention metrics and mission-critical cybersecurity solutions support a strong value proposition. Key Rating Drivers Elevated Leverage, with Deleveraging Capacity: KnowBe4's EBITDA leverage (Fitch-adjusted) has been high since its take-private transaction in 2023 by Vista Equity Partners. Fitch forecasts EBITDA leverage will decline to under 6.5x in 2026 and remain below that level until 2029. The deleveraging will mainly come from revenue growth and operating leverage, which contributes to higher EBITDA generation. However, Fitch expects limited deleveraging, as KnowBe4's private equity ownership would likely prioritize return on equity maximization over debt prepayment. These actions could include acquisitions to broaden the company's market position. Recurring Revenue Provides Visibility: Fitch views KnowBe4's higher proportion of recurring revenue as credit positive. Over 99% of KnowBe4's revenue is recurring, which provides a highly predictable revenue stream. The company has a high net retention rate. KnowBe4's revenue growth trajectory is strong, and it implemented a strategic pricing and packaging realignment in 2024. Revenue growth has gradually moderated as the company scales. Improving Credit Metrics: Fitch projects KnowBe4's financial profile will strengthen. Fitch expects EBITDA margins to expand over the forecast period. This should reflect operating leverage as revenue continues to grow on a scale. Fitch also expect EBITDA interest coverage to improve to above 2x starting 2026, benefiting from lower interest expense following refinancing and higher EBITDA generation. Cash flow metrics should improve as non-recurring cash outflows dissipate. Fitch projects (CFO-Capex)/Debt to remain in the mid-to high-single digits over the forecast horizon. SMB Customers Exposure: KnowBe4's customer base is exposed to SMB customers, which make up about a third of annual recurring revenue (ARR). While the SMB clientele could be more sensitive to economic cycles that may lead to higher churn, this is mitigated by the mission-critical nature of cybersecurity solutions. The company's diversified customer base across multiple industries and geographies provides additional insulation from sector-specific downturns. Its ability to maintain stable retention metrics also indicates a strong value proposition. Product Concentration in Security Training: While KnowBe4 has evolved from a single-product SAT provider to a comprehensive Human and AI Risk Management platform, more than half of the company's ARR remains concentrated in its SAT offerings. The 2024 acquisition of Egress has diversified the company into Cloud Email Security, which should gradually reduce product concentration. The product concentration risk is mitigated by the company's dominant position in the niche segment of Human and AI Risk Management. Diverse Customer Base: KnowBe4 serves over 70,000 customers globally across industries, organization sizes and geographies. The customer base has grown steadily, with subscription terms remaining strong. KnowBe4 generates the majority of its ARR in North America and has no customer concentration, underscoring the stability and breadth of its customer base. AI Disruption Risk: AI presents a dual dynamic for KnowBe4, as it amplifies the human-centric attack problem the platform is built to solve while simultaneously lowering barriers to entry in content generation and phishing simulation, historically core KnowBe4 differentiators. Fitch views the Company's 15+ years of proprietary threat and behavioral data as a structural training advantage that AI-native entrants are unlikely to replicate at comparable scale. With its agentic AI products already on the market, KnowBe4 is well-positioned to widen its competitive lead alongside the AI adoption curve. Peer Analysis Fitch compares KnowBe4 with other similarly rated SaaS companies. Peers include Proofpoint Inc. (B/Stable), Imprivata, Inc (B/Positive), Calabrio Inc. (B/Stable) and Starlight Parent LLC (B/Stable). KnowBe4's performance aligns with 'B' rated industry peers. Email security competitor Proofpoint has larger revenue, similar EBITDA margins and lower leverage. Healthcare-focused Imprivata offers comparable size and leverage with better margins. Starlight Parent, LLC which sells IT management products, has a similar scale but higher margins. In the SAT market, KnowBe4 has a dominant market position, and it competes mostly with DIY/regional players. Fitch’s Key Rating-Case Assumptions - Revenue growth in the mid-teen percent range; - EBITDA margins, excluding capitalized software development costs, expanding to mid-30s by 2029; - Capex intensity of about 1% of revenue per year; - Projections incorporate debt-funded acquisitions through 2029; - No debt prepayment throughout the forecast period (besides the mandatory loan amortization); - Annual SOFR rate ranging between 3.70%-3.90% for FY26-FY29, 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): 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 the issuer would be reorganized as a going concern in bankruptcy rather than liquidated; - A 10% administrative claim is assumed; - The revolver is assumed to be fully drawn. Going-Concern (GC) Approach Going Concern EBITDA: Fitch assumes a bankruptcy scenario in which the company experiences higher customer churn and decreasing revenue. KnowBe4 could lose its top customers and downsell to other existing customers, leading to a 15% decrease from the projected FY26 revenue. There could be more cost reductions in the reorganization process, leading to a going-concern (GC) EBITDA margin around 28%. Fitch uses $170 million as the GC EBITDA. EV Multiple: The EV/EBITDA multiple used in this recovery analysis for KnowBe4, Inc. is 7.0x. Fitch believes the multiple is supported by the following. - Comparable Reorganizations: In its "Telecom, Media and Technology Bankruptcy Enterprise Values and Creditor Recoveries" case study, Fitch notes the median TMT reorganization EV/EBITDA multiple of about 5.9x. Among these companies, five were in the Software subsector: SunGard Availability Services Capital, Inc., Aspect Software, Inc., Allen Systems Group, Inc., Avaya, Inc. and Riverbed Technology Software. Their recovery multiples were 4.6x, 5.5x, 8.4x, 7.5x and 8.3x, respectively. - Comparable Recovery Assumptions: The multiple has been between 5.5x and 7.0x for 'B'/'CCC' rated software-as-a-service peers with similar products, services and operating profiles as specialty software providers to client bases where market shares are defensible. - Business Profile: The issuer has a market leader position with high retention rates. The company also has a highly recurring revenue model providing significant revenue visibility. These business profile factors support a high EV multiple. The $170 million GC EBITDA and recovery multiple of 7.0x result in a post-reorganization enterprise value of $1.071 billion after the deduction of administrative claims. This results in an 'RR3' Recovery Rating for the 1L senior secured revolver and TL, one notch above the issuer's IDR. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Weakening market position as demonstrated by sustained negative revenue growth and EBITDA margin erosion; - EBITDA leverage sustained above 7.5x; - (CFO-capex)/debt sustained below 3%; - EBITDA interest coverage below 1.5x on a sustained basis. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - EBITDA leverage sustained below 5.5x; - (CFO-capex)/debt sustained above 7%. Liquidity and Debt Structure At Dec. 31, 2025, KnowBe4 had $90 million in cash on its balance sheet. The company has access to a $200 million revolver. Fitch expects the company to generate positive FCF in FY26, further supporting its liquidity. The company's debt structure comprises a $1.46 billion first-lien term loan maturing in 2032 and a $200 million revolver, which is currently undrawn, maturing in 2030. Issuer Profile KnowBe4, Inc., offers a comprehensive human and AI risk management platform. The company helps teams secure both AI agents and humans. The KnowBe4 Platform provides attack simulation and training, collaboration security, and agent security powered by AIDA (Artificial Intelligence Defense Agents) and a proprietary Risk Score. 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 the company. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- KnowBe4, Inc. LT IDR B Affirmed B senior secured LT B+ Affirmed RR3 B+ Oranje Midco, LLC LT IDR B Affirmed B KOINONIA CONSTRUCTION: Elko Property Sale to Tricia Cooper OK'd --------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Nevada has granted Koinonia Construction Inc. dba Impact Roofing, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor is the owner of certain commercial real property located at 453 Idaho Street, Elko, Nevada 89801. The Debtor has agreed to sell the Property to Tricia Cooper for the sum of $550,000. The Debtor is authorized to pay directly from escrow the secured encumbrances recorded against the Property, specifically, Duane Horace Jones and Susan Delynn Jones, Trustees of the Jones Family Trust dated February 26, 2018, as assignees of the Deed of Trust recorded against the Property on April 5, 2022. The Debtor is authorized to pay sales commissions directly from escrow upon closing, specifically, 3% of the gross sales price to Debtor’s agent Jennifer Welch of LPT Realty and 3% to the Buyer's agent LeeAnn Benavides of LPT Realty. Buyer Tricia Cooper, or her assignee, is a purchaser in good faith and shall be entitled to the safe harbor provisions. About Koinonia Construction Inc. Koinonia Construction Inc., doing business as Impact Roofing, is an Elko, Nevada-based construction and development company that builds homes, manages housing projects, and provides roofing services under its Impact Roofing brand. Since its founding, the firm has overseen multi-phase residential developments such as Mountain View and Copper Trails, while maintaining a fleet of trucks, telehandlers, backhoes, and other heavy equipment to support its on-site construction work. Beyond construction, Koinonia manages a portfolio of townhouses and land parcels on North 5th Street and Platinum Drive, reflecting its integrated approach to development, building, and property management. Koinonia Construction sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No.: 26-50335) on April 3, 2026. In the petition that was signed by Luke Fitzgerald as president, the Debtor disclosed total assets of $5,475,376 and total liabilities of $6,771,688. Debtor's Counsel: Stephen R. Harris, Esq., at HARRIS LAW PRACTICE LLC, in Reno, Nevada. KPOWER GLOBAL: Trustee Hires LMU Consulting as Tax Consultant ------------------------------------------------------------- C. Jerome Teel, Jr., the Chapter 11 Trustee of KPower Global Logistics, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Tennessee to employ LMU Consulting, LLC as tax penalty abatement consultant. The firm will negotiate and acquire reductions or abatements of the Debtor's tax liabilities. The firm will be paid a fee of $1,500 upfront, as well as a percentage of the amount by which the Liabilities are reduced as a result of the Services provided hereunder (the "Fee"). The Fee shall be equal to 5 percent of the amount of the reduction in the liabilities accepted by the taxing authorities following the Services provided hereunder. In the event an appeal process is required in order to achieve a reduction in the amount of the liabilities is required, the fee shall increase to 15 percent of the amount of the reduction in the liabilities accepted by the taxing authorities following such appeal. Payment of the Fee shall be made promptly by the Debtor following notification from the taxing authorities of a reduction in the liabilities. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Mr. Lorenz 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: Matt Lorenz LMU Consulting, LLC 357 S. McCaslin Blvd., Suite 200 Louisville, CO 80027 Tel: (303) 339-1799 About KPower Global Logistics, LLC KPower Global Logistics LLC provides third-party logistics services specializing in customized supply chain solutions across the United States. The Company offers staffing, warehousing, bulk storage, consulting, packaging, and special project services for distribution centers and manufacturing operations. KPower Global Logistics sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tenn. Case No. 25-22294) on May 8, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million. The Hon. Judge Jennie D. Latta handles the case. The Debtor is represented by the Law Offices of Craig M. Geno, PLLC. Craig M. Geno, PLLC/Law Offices of Geno and Steiskal, PLLC and Payne Law Firm were later relieved as counsel in light of the appointment of C. Jerome Teel, Jr. as Chapter 11 Trustee. LEGAL CAPITAL: Variant Alternative Fund Marks $31M Loan at 21% Off ------------------------------------------------------------------ Variant Alternative Income Fund has marked its $31,866,349 loan extended to Legal Capital Products, LLC to market at $25,307,556 or 79.4% of the outstanding amount, according to Variant Fund's N-CSR for the fiscal year ended July 9, 2026, filed with the U.S. Securities and Exchange Commission. Variant Alternative Income Fund is a participant in a loan extended to Legal Capital Products, LLC. The Loan accrues interest at a rate of 13.00% (30-Day Avg. SOFR + 9.00%) per annum. The Loan matures on Oct. 7, 2026. Variant Alternative Income Fund is a corporate issuer in the leveraged finance market. The Fund is led by Robert W. Elsasser as President, and Curt Fintel as Treasurer. The Fund can be reached at: Robert W. Elsasser Variant Alternative Income Fund c/o UMB Fund Services, Inc. 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2271 About Legal Capital Products, LLC Legal Capital Products, LLC provides litigation finance, offering capital to fund legal claims in exchange for a return tied to case outcomes. LHLV LLC: Gets Interim OK to Use Cash Collateral Until Aug. 1 ------------------------------------------------------------- LHLV, LLC received interim approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina, Wilmington Division, to use cash collateral to fund its operations. Under the interim order, the Debtor is authorized to use cash collateral based on the court-approved budget covering June 30 through July 30, with a 10% variance per line item. The 30-day budget projects total operational expenses of $39,882.42. The Debtor's authority to use cash collateral remains effective until Aug. 1 or until the court extends or terminates it for cause. The Debtor's only source of income is revenue generated from restaurant operations, making continued access to cash collateral essential to maintain normal business operations while pursuing a reorganization. Certain funds in the Debtor's bank accounts and accounts receivable may constitute cash collateral because they are subject to security interests claimed by creditors. Specifically, the Debtor identified two Uniform Commercial Code financing statements filed with the North Carolina Secretary of State by Corporation Service Company, acting as representative for unidentified secured parties. One financing statement was filed on Oct. 15, 2025, and another on June 26, 2026. The Debtor has been unable to determine the identity of the secured creditors represented by CSC but recognizes that these creditors may claim liens on the restaurant's cash, operating receipts, and accounts receivable. As adequate protection, any secured creditor with valid interests in the cash collateral will be granted replacement liens on the Debtor's post-petition assets. The replacement liens remain effective even if the order is later modified and the Debtor's Chapter 11 case is dismissed or converted to Chapter 7. Moreover, the Debtor is required to remain current on all post-petition tax obligations and is prohibited from disposing of assets outside the ordinary course of business without the prior written consent of the affected secured creditors and, where required, court approval. The order is available at http://bankrupt.com/misc/LHLVLLC_ICCOrder16.pdf The court scheduled a final hearing for July 28. About LHLV LLC LHLV, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 26-02933) on June 30, 2026, with assets of up to $50,000 and liabilities of between $100,001 and $500,000. Judge Pamela W. Mcafee presides over the case. George M. Oliver, Esq., at The Law Offices of George Oliver, PLLC represents the Debtor as bankruptcy counsel. LIMETREE BAY: Affiliates Settle Toxic Leak Lawsuit for $35MM ------------------------------------------------------------ Rick Archer of Law360 Bankruptcy Authority reports that the affiliates tied to the former operator of an oil refinery in the U.S. Virgin Islands have agreed to a $35 million class action settlement over allegations that refinery operations polluted local water resources. The lawsuit was filed by nearby residents who claimed oil contamination caused property damage and posed environmental and health risks. The parties told the court they reached the agreement after lengthy negotiations and believe the settlement represents a fair compromise. The companies continue to deny the allegations but agreed to resolve the claims without admitting fault or liability, the report states. The settlement must receive final judicial approval before payments can be distributed. If approved, the agreement would resolve the proposed class action and conclude litigation over the alleged contamination involving the refinery affiliates, according to Law360. About Limetree Bay Limetree Bay Energy is a large-scale energy complex strategically located in St. Croix, U.S. Virgin Islands. The complex consists of Limetree Bay Refining, a refinery with peak processing capacity of 650 thousand barrels of petroleum feedstock per day, and Limetree Bay Terminal, a 34-million-barrel crude and petroleum products storage and marine terminal facility serving the refinery and third-party customers. Limetree Bay Refining, LLC, restarted operations in February 2021, and is capable of processing around 200,000 barrels per day. Key restart work at the site began in 2018, including the 62,000 barrels per day modern, delayed Coker unit, extensive desulfurization capacity, and a reformer unit to produce clean, low-sulfur transportation fuels. The restart project provided much needed economic development in the U.S.V.I. and created more than 4,000 construction jobs at its peak. Limetree Bay Refining, LLC and its affiliates sought Chapter 11 protection on July 12, 2021. The lead case is In re Limetree Bay Services, LLC (Bankr. S.D. Texas Case No. 21-32351). Limetree Bay Terminals, LLC did not file for bankruptcy. In the petitions signed by Mark Shapiro, chief restructuring officer, Limetree Bay Services disclosed up to $10 million in assets and up to $50,000 in liabilities. Limetree Bay Refining estimated up to $10 billion in assets and up to $1 billion in liabilities. The Debtors tapped Baker & Hostetler LLP as bankruptcy counsel, Beckstedt & Kuczynski LLP as special counsel, and GlassRatner Advisory & Capital LLC, doing business as B. Riley Advisory Services, as restructuring advisor. Mark Shapiro of GlassRatner is the Debtors' chief restructuring officer. The U.S. Trustee for Region 7 appointed an official committee of unsecured creditors in the Debtors' cases on July 26, 2021. Pachulski Stang Ziehl & Jones, LLP and Conway MacKenzie, LLC serve as the committee's legal counsel and financial advisor, respectively. 405 Sentinel, LLC, serves as administrative and collateral agent for the DIP lenders. LITHOTYPE COMPANY: Court Extends Cash Collateral Access to Aug. 7 ----------------------------------------------------------------- Lithotype Company, Inc. received a one-month extension from the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, to use the cash collateral of Old National Bank. The court entered a sixth interim order authorizing the Debtor to use the lender's cash collateral from July 7 through Aug. 7 based on an approved budget. The Debtor must not exceed any budget line item or total disbursements by more than 10%, reallocate budget items, or use cash collateral to pay professional fees without Old National Bank's written consent or further court approval. All post-petition receipts must be deposited into the debtor-in-possession account maintained at the bank. As adequate protection, the Debtor must make an additional $25,000 payment to the bank, supplementing the $75,000 previously paid. As additional protection, Old National Bank will be granted replacement liens on post-petition assets such as cash, receivables, and inventory, maintaining the same priority as its pre-petition liens. The Debtor must also maintain insurance and name the bank as loss payee. The order requires weekly reporting, including cash flow statements, receivables data, and bank statements, giving Old National Bank full visibility into operations. Any default such as unauthorized spending, reporting failures, or insurance lapses triggers a seven-day cure period, after which the bank can seek to terminate cash collateral use or lift the automatic stay. A final hearing is scheduled for Aug. 4. A copy of the court's order and the Debtor's budget is available at https://short.do/yJAs6r from PacerMonitor.com. Old National Bank, as lender, is represented by: Adam B. Rome, Esq. Greiman, Rome, & Griesmeyer, LLC 205 W. Randolph St., Ste. 2300 Chicago, IL 60606 Phone: 312-428-2750 arome@grglegal.com About Lithotype Company Inc. Lithotype Company, Inc. is an employee-owned flexible packaging printing and converting company in Bolingbrook, Ill., which supplies high-barrier pouches, sachets, seal bags, and printed roll stock to U.S. brands. Founded in 1963, Lithotype provides web offset and flexography printing, laminating, slitting, and pouch conversion services. Lithotype operates under an Employee Stock Ownership Plan and maintains integrated pre-press, manufacturing, quality assurance, customer service, and warehousing capabilities. Lithotype sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 26-02207) on Feb. 6, 2026, with $1 million to $10 million in assets and $10 million to $50 million in liabilities. The petition was signed by John E. Gerba as director of finance. Judge Daniel R. Fine oversees the case. The Debtor tapped Scott R. Clar, Esq., at Crane, Simon, Clar & Goodman as legal counsel, and Robert W. Zimmer & Associates, LLC as financial advisor. M&L EXPRESS: To Sell Vehicles to Pablo Guereca Jr. for $120K ------------------------------------------------------------ M&L Express LLC seeks permission from the U.S. Bankruptcy Court for the District of Maryland, Greenbelt Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Assets include a a 2007 XL 160 HDG Tri/A Gooneck Trailer, 2007 60 MB Tri/A Booster Axle, and 2009 100 JPS Jeep, which are valued at $120,000.00. The Debtor has obtained a fully executed contract for the private sale of the Property for the amount of $120,000.00; Trailer: $80,000.00, Axle: $20,000.00, and Jeep $20,000.00. Channel Partners Capital is owed $66,678.85 and has a lien on the Property. The prospective purchaser of the Property is Pablo Guereca, Jr., an arms length purchaser. The Debtor intends to use the funds by paying Channel Partners the remaining balance $66,678.85 so that the Property may be sold unencumbered and use the remaining funds for operating the business. About M&L Express, LLC M&L Express, LLC is a transportation and logistics company that provides trucking and freight delivery services. The company operates in the commercial transportation sector, serving customers with cargo movement and logistics solutions. M&L Express, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-15686) on May 29, 2026. In its petition, the Debtor reports estimated assets of $100,001-$1,000,000 and estimated liabilities of $100,001-$1,000,000. Honorable Bankruptcy Judge (not specified in available court records) handles the case. The Debtor is represented by David Erwin Cahn, Esq. of Law Office of David Cahn, LLC. MANN & WIFE: Seeks Chapter 11 Bankruptcy in California ------------------------------------------------------ On July 16, 2026, Mann & Wife Inc. filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Central District of California. According to court filings, the debtor reports between $1 million and $10 million in liabilities owed to 1 to 49 creditors. About Mann & Wife Inc. Mann & Wife Inc. is a Chino, California-based full-service restaurant operator that operates under the Papachino brand. The company owns and operates Papachino's Grill & Greens restaurants in Southern California, including locations in Irvine and Chino Hills. The restaurants have remained active in serving customers and have participated in community fundraising initiatives through 2025. Mann & Wife Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-15702) on July 16, 2026. In its petition, the debtor reported estimated assets of $100,000 to $500,000 and estimated liabilities of $1 million to $10 million. Honorable Scott H. Yun handles the case. The debtor is represented by James C. Bastian Jr., Esq., of Shulman Bastian Friedman Bui & O'Dea LLP. MANN & WIFE: To Sell Restaurant to Purushottam Patelia for $155K ---------------------------------------------------------------- Mann & Wife Inc., a California corporation, seeks permission from the U.S. Bankruptcy Court for the Central District of California, Riverside Division, to sell Property in auction, free and clear of liens, claims, interests, and encumbrances. The Debtor is the operator of Papachinos Grill and Greens, a fast-casual restaurant in Chino, California. Since acquiring the Restaurant in 2019, the Debtor has faced significant financial challenges including the COVID-19 pandemic and its related shutdowns, inflationary pressures, and increased business expenses. The Debtor's sole source of revenue is the revenue produced from the operation of the Restaurant. The Restaurant is a fast casual restaurant which serves health-focused options like salads, seafood, and tacos, offers beer and wine, and provides catering services. The Debtor operates he Restaurant at 14501 Ramona Avenue, Chino, CA under a lease agreement dated March 30, 2019 with Grass Valley Hwy, LLC, as successor to Rancho Del Chino North LLC. As a result, the Debtor decided to explore a sale of the Assets. After months of marketing, very little buyer traffic, and multiple price reductions, the Debtor became engaged with Purushottam Patelia (Buyer), an experienced and well-qualified cash buyer. While the Debtor and the Buyer entered into an asset purchase agreement months ago, the parties were unable to close the transaction outside of bankruptcy due to certain creditors' unwillingness or failure to release their liens in furtherance of a sale. Consequently, the Debtor files this Motion to, among other things, effectuate a sale of the Assets to the Buyer. The lienholders of the Property are the U.S. Small Business Administration, WebBank, and the California Department of Tax and Fee Administration. The Debtor retains Keith Simpson of Restaurant Realty Company to act as its business broker. The Restaurant was originally listed for sale at an asking price of $595,000 based upon its annual sales revenue and was marketed on major third-party business websites including, but not limited to, BizBuySell, BizBen, BizQuest, BusinessesForSale, and Restaurant Realty Company's own website which consists of over 50,000 registered potential buyers in California. Notwithstanding such efforts, the Debtor's listing did not generate significant buyer interest. As a result, the Broker and the Debtor made several price reductions to generate additional interest. The Debtor and the Buyer entered into an asset purchase agreement for the sale of the Assets with Purushottam Patelia in the purchase price of $155,000. While the Debtor believes that the Buyer is the only interested purchaser of the Assets based upon its prepetition marketing process, the Debtor has determined that it would benefit to the estate to provide interested parties to receive information and bid on the Assets instead of selling the Assets to the Buyer on an exclusive basis. The Sale Heaering will be on August 20, 2026 at 1:30 p.m. The Buyer shall be deemed the "Initial Bidder" and his prepetition offer of $155,000 shall be deemed the "Initial Bid." Interested bidders must submit bids to the Debtor by no later than three days before the Sale Hearing. If no Overbids are received, the Initial Bidder shall be deemed the Successful Bidder. If one or more Overbids are received by the Bid Deadline, an auction will be conducted during the Sale Hearing with minimum bid increments of $5,000. In the event that the Successful Bidder fails to close on the sale of the Assets within the time parameters approved by the Court, the Debtor shall retain the Successful Bidder's good faith deposit and any obligation to sell the Assets to the Successful Bidder shall be terminated. The Debtor structured the Bid Procedures to promote active bidding by interested parties and to confirm the highest or otherwise best offer reasonably available for the Assets through an orderly, uniform, and appropriately competitive process. The Debtor submits that the Successful Bidder will be a good faith purchaser. About Mann & Wife Inc. Mann & Wife Inc. is the operator of Papachinos Grill and Greens, a fast-casual restaurant at 14501 Ramona Avenue Chino, California. Mann & Wife sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D.Cali. Case No.: 6:26-bk-15702-SY) on July 16, 2026. Judge Scott H. Yun presides over the case. James C Bastian, Jr at Shulman Bastian Friedman Bui & O'Dea LLP, represents the Debtor as legal counsel. MAR ENTERPRISES: Gets Final OK to Use Cash Collateral ----------------------------------------------------- MAR Enterprises, LLC received final approval from the U.S. Bankruptcy Court for the Southern District of Texas, McAllen Division, to use the cash collateral of the U.S. Small Business Administration. Under the final order, the Debtor is authorized to use cash collateral held in its debtor-in-possession account at JPMorgan Chase Bank and operating revenues in accordance with a recurring monthly budget of $248,808.30, which will remain in effect throughout the bankruptcy case unless modified by further court order. As adequate protection, the SBA and other secured lenders holding perfected security interests will be granted replacement liens on the Debtor's post-petition assets including cash collateral, accounts receivable, contract rights and deposit accounts, maintaining the same validity, extent, and priority as their pre-petition liens. The replacement liens do not apply to Chapter 5 avoidance actions. The order preserves creditors' rights to seek additional protections, object to improper uses of cash collateral, or pursue other remedies available under bankruptcy or non-bankruptcy law. The court provides for a carveout for bankruptcy court fees, U.S. trustee fees, Subchapter V trustee fees and expenses, including $1,000 monthly interim payments, and court-approved fees of the Debtor's counsel. The Debtor is authorized to continue using its existing cash management system with JPMorgan, including the transition from its pre-petition account to a new debtor-in-possession account. It is required to maintain all required insurance coverage, including $1 million commercial general liability, $1 million automobile liability, $100,000 motor truck cargo, and physical damage coverage, and is authorized to pay insurance premiums through the approved operating budget. The Debtor's authority to use cash collateral will automatically terminate upon dismissal or conversion of its bankruptcy case, appointment of a Chapter 11 trustee, failure to maintain required insurance, or a material breach of the order, including unauthorized spending exceeding a 20% aggregate category variance. A copy of the court's order and the Debtor's budget is available at https://short.do/u0cLpy from PacerMonitor.com. About MAR Enterprises LLC MAR Enterprises, LLC operates a logistics and trucking business. MAR Enterprises filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Texas Case No. 26-70123) on May 4, 2026, with up to $500,000 in assets and up to $1 million in liabilities. Melissa Haselden, Esq., at Haselden Farrow, PLLC serves as Subchapter V trustee. Judge Eduardo V. Rodriguez oversees the case. Marcos Demetrio Oliva, Esq., at Marcos D. Oliva, PC, represents the Debtor as legal counsel. MARINA KALER: Deadline for Panel Questionnaires Set for July 22 --------------------------------------------------------------- The United States Trustee is soliciting members for committee of unsecured creditors in the bankruptcy case of Marina Kaler. If a party wishes to be considered for membership on any official committee that is appointed, it must complete a questionnaire available at https://tinyurl.com/2esp2e26 and return by email it to Angeliza Ortiz-Ng -- Angeliza.Ortiz-Ng@usdoj.gov -- at the Office of the United States Trustee so that it is received no later than 1:00 p.m., on July 22, 2026. If the U.S. Trustee receives sufficient creditor interest in the solicitation, it may schedule a meeting or telephone conference for the purpose of forming a committee. Marina Kaler sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.J. Case No. 26-17517) on June 30, 2026. The Debtors are represented by Alla Kachan, Esq. MARINE WHOLESALE: Seeks Cash Collateral Access Until January 2027 ----------------------------------------------------------------- Marine Wholesale and Warehouse, Co. asks the U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, for authority to use cash collateral through Jan. 31, 2027. The Debtor requires access to cash and accounts receivable to maintain operations while its long-running bankruptcy case and major tax dispute remain unresolved. The Debtor has operated under prior cash collateral orders since filing for Chapter 11 on July 12, 2022, and its latest request largely mirrors 10 previous motions that were approved by the court. The Debtor has operated since 1961 as a customs bonded warehouse in Southern California and later became both a Tobacco Tax and Trade Bureau-bonded tobacco export warehouse and a U.S. Customs and Border Protection-bonded warehouse. It owns two warehouse properties located in San Pedro and Wilmington, California, which it values at approximately $5.825 million and $2.165 million, respectively. In addition to the real estate, the Debtor owns warehouse equipment, office equipment, vehicles, inventory, accounts receivable, and approximately $2.05 million in current assets as of May 31, including roughly $142,743 in cash. The filing attributes the bankruptcy primarily to a dispute with the Alcohol and Tobacco Tax and Trade Bureau. In December 2020, the TTB assessed more than $24.5 million in excise taxes, penalties, and interest, alleging that the Debtor operated without a valid export warehouse permit after an unreported ownership change in December 2012. The Debtor vigorously disputes the assessment, arguing that throughout the relevant period the TTB continued to recognize its bonded warehouse status, accepted required filings and payments, conducted inspections, and allowed tobacco withdrawals under CBP supervision. After settlement negotiations failed, the TTB recorded a federal tax lien exceeding $24.5 million, levied the Debtor's Wells Fargo account in June 2022, and seized over $213,000, prompting the Chapter 11 filing to preserve the business and challenge the government's claims. The Debtor outlines its secured debt structure, identifying the Small Business Administration as the holder of a first-priority perfected security interest securing an Economic Injury Disaster Loan with an outstanding balance of approximately $146,456 as of the petition date. The TTB asserts a second-priority secured claim exceeding $25.2 million based on its tax assessments and liens. The Debtor also notes that two prior debtor-in-possession financing arrangements, including loans totaling approximately $305,000 and $375,000 used to fulfill National Science Foundation contracts, have since been repaid in full, eliminating those lenders' secured claims. The Debtor explains that its only cash collateral consists of cash, accounts receivable, and proceeds generated from ongoing business operations because its real estate does not generate rental income. The motion requests authority to use these funds in accordance with an updated operating budget through Jan. 31, 2027, with spending limited to budgeted amounts and a maximum variance of 10% both by individual line item and in the aggregate. The Debtor states that the funds will be used solely to pay ordinary operating expenses necessary to continue serving customers, preserving jobs, and maintaining the business while the litigation over the TTB's claim proceeds. As adequate protection, the Debtor proposes to continue making monthly cash payments of $731 to the SBA, representing the scheduled principal and interest due under its loan documents, while also granting the SBA a replacement lien on all post-petition personal property, excluding avoidance action recoveries. The TTB would receive a replacement lien on post-petition personal property with the same validity, priority, and extent as its existing lien. The Debtor argues that the TTB is already adequately protected because it continues to retain funds seized under the prepetition bank levy, holds liens on valuable real estate, and, according to the Debtor, the value of its collateral has actually increased due to profitable operations during the bankruptcy. The debtor reserves the right to later seek return of the levied funds. The Debtor has consistently complied with prior cash collateral budgets, remained profitable during the bankruptcy, and continued generating value for creditors while pursuing appeals challenging the bankruptcy court's allowance of the TTB's proof of claim. The Debtor argues that continued use of cash collateral is necessary to preserve the business as a going concern until the Ninth Circuit resolves the tax dispute and the Debtor can formulate a feasible Chapter 11 plan. A hearing on the matter is set for July 22. About Marine Wholesale and Warehouse Co. Marine Wholesale and Warehouse Co. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 22-13785) on July 12, 2022. In the petition signed by Jennifer Hartry, vice president and secretary, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Sheri Bluebond oversees the case. David R. Haberbush, Esq., at Haberbush, LLP is the Debtor's counsel. MARTIN SELIG: Fourth & Blanchard Building Put Up for Sale --------------------------------------------------------- Akielly Hu of Puget Sound Business Journal reports that Colliers has listed Seattle's Fourth & Blanchard office tower for sale, marking the first disposition of seven former Martin Selig Real Estate properties acquired through foreclosure last year. Brokers expect the 25-story building to sell for approximately $29 million, or around $70 per square foot, and said multiple prospective buyers have already expressed interest, with negotiations continuing with two parties. The building's projected sale price underscores the decline in office property values in Seattle. Its assessed value now stands at about $70 million, down by more than half from nearly $148 million recorded in 2020. The 410,000-square-foot property, completed in 1980, remains 51% leased to approximately 50 tenants, most of whom occupy space under leases ranging from three to five years, the report relays. CW Capital acquired Fourth & Blanchard along with six additional Seattle office buildings for $120 million in an August 2025 courthouse auction after the properties entered receivership amid unresolved loan defaults. The portfolio previously secured $239 million in commercial mortgage-backed securities, and industry practices suggest the special servicer will eventually sell the remaining buildings as well, according to Puget Sound Business Journal. The listing is another milestone in the prolonged restructuring of Martin Selig Real Estate. Once among Seattle's largest office landlords, the company has transferred numerous assets to lenders, reduced staffing, and relinquished development properties and office towers as it sought to resolve financial challenges tied to declining office market conditions, the report cites. About Martin Selig Real Estate Martin Selig provides real estate services. The Company builds, plans, and develops commercial, retail, and residential properties. Martin Selig serves clients in the United States. Martin Selig Real Estate has seen seven of its older office buildings placed in receivership as the firm contends with staff layoffs and hundreds of millions in outstanding debt. The properties include 635 Elliott and 645 Elliott, both on the waterfront, in Elliott Park. They also include Fifth & Jackson, across the street from King Street Station; Fourth & Blanchard in the Denny Regrade; and three in Lower Queen Anne, including 200 West Thomas and both towers of the West Harrison campus. * * * * The Fourth & Blanchard office tower was placed under court-appointed receivership in March 2025 as part of a distressed seven-building Seattle office portfolio owned by Martin Selig Real Estate. The receivership came after more than a year of unsuccessful negotiations to refinance or modify $239 million in commercial mortgage-backed debt. With the loans remaining in default, the properties were auctioned in August 2025, and CW Capital, serving as the CMBS special servicer, acquired the portfolio for $120 million. The tower has since become the first of the seven assets to be marketed for sale. MEADOW CREEK: Court OKs Pleasant Valley Property to B. & S. Tormey ------------------------------------------------------------------ The U.S. Bankruptcy Court for the Southern District of New York, Poughkeepsie Division, has granted Meadow Creek Farm of NY Realty LLC, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property is located at 321 Skidmore Road, Pleasant Valley, New York 12569. The Debtor wishes to sell the Property to Brian and Sarah Tormey in the purchase price of $510,000.00. The Court has authorized the Debtor to sell the Property to Brian and Sarah Tormey. The Contract, including any amendments and all other ancillary documents thereto, and all of the terms and conditions, are approved, subject to the terms of the Order, including that the Sale shall be on an "AS IS, WHERE IS" basis, without representations or warranties of any kind whatsoever, and without being subject to any conditions or contingencies to closing, including any further due diligence. The transfer of the Property to the Buyer will be, as of the Closing Date, a legal, valid, binding, and effective transfer of the Property, and shall vest the Buyer with all right, title, and interest of the Debtor in and to the Property and all rights appurtenant free and clear of all Interests accruing, arising, or relating any time prior to and through the Closing Date. All persons and entities are forever prohibited and enjoined from taking any action that would adversely affect or interfere with the ability of the Debtor to sell and transfer the Property to the Buyer in accordance with the terms of the Contract and the Order. About Meadow Creek Farm of NY Realty Meadow Creek Farm of NY Realty, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-35241) on Mar. 7, 2025. In its petition, the Debtor reported up to $1 million in both assets and liabilities. Honorable Bankruptcy Judge Kyu Young Paek handles the case. The Debtor is represented by Genova, Malin & Trier LLP. MEDICAL SYSTEMS: Gets OK to Use Cash Collateral Until Aug. 30 ------------------------------------------------------------- Medical Systems of Denver, Inc. received interim approval from the U.S. Bankruptcy Court for the District of Colorado to use cash collateral held by its secured lender, UMB Bank. Under the interim order, the Debtor is authorized to use cash collateral from June 21 to Aug. 30 to fund its operations based on a court-approved budget. As of the bankruptcy filing, the Debtor held approximately $1.13 million in its bank account, funds that constitute cash collateral because UMB Bank claims a security interest in those deposits and other assets. UMB Bank will be granted adequate protection through a monthly payment of $11,134.61 and a replacement lien on all post-petition collateral, with the same validity, priority and extent as its pre-petition liens. A final hearing is scheduled for Aug. 25. The order is available at http://bankrupt.com/misc/MedicalSystemofDenver_ICCO57.pdf Medical Systems of Denver operates a fleet of specially equipped trucks with sealed floors and transports medical waste in specially manufactured sealed containers. Its drivers receive extensive safety training and regular updates on proper handling procedures, enabling the company to maintain an accident-free record with no medical waste spills during transportation. Waste collected from customers is transported to the company's licensed and fully regulated treatment facility, where it is disinfected before being safely disposed of in a sanitary landfill. The Debtor's financial difficulties stem largely from a dispute with Daniels Sharpsmart, Inc., a company from which the Debtor had historically leased medical waste containers. As part of a strategic business shift, the Debtor decided to discontinue leasing and instead purchase and own its own containers. The Debtor alleges that Daniels opposed this transition and undertook actions designed to interfere with its efforts to implement its new business model. These actions significantly disrupted operations and ultimately forced the debtor to seek Chapter 11 protection in order to reorganize and preserve value for all stakeholders. About Medical System of Denver Inc. Medical System of Denver Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case No. 26-14467) on June 21, 2026, listing $1,000,001 to $10 million in both assets and liabilities. Judge Thomas B Mcnamara presides over the case. John Leininger, Esq. at Otteson Shapiro LLP serves as the Debtor's counsel. MERCY HOSPITAL: PeriGen Wins Bid to Dismiss Adversary Proceeding ---------------------------------------------------------------- Chief Judge Thad J. Collins of the U.S. Bankruptcy Court for the Northern District of Iowa granted PeriGen, Inc.'s motion to dismiss the case captioned as Dan R. Childers, in his sole capacity as Liquidation Trustee, Plaintiff vs. PeriGen, Inc., Defendant, Adversary No. 25-09086 (N.D. Iowa). In August 2023, Mercy Hospital, Iowa City, Iowa ("Debtor") filed Chapter 11 bankruptcy. Before filing, Debtor and Defendant were parties to a Software License and Support Agreement, later amended by the First Amendment to Software License and Support Agreement (together, the "Licensing Agreement"). Under the Licensing Agreement, Debtor made recurring payments to Defendant in exchange for software and support services. Shortly after filing, Debtor assumed the Licensing Agreement under 11 U.S.C. Sec. 365 and assigned it to the University of Iowa (the eventual purchaser of the hospital). Trustee filed this adversary proceeding to avoid and recover payments totaling $28,347.75 made to Defendant between May 2023 and August 2023 as preferences under 11 U.S.C. Sec. 547. Defendant asks this Court to dismiss the Complaint, asserting that Trustee's requested relief cannot be granted as a matter of law because payments made under a contract later assumed and assigned cannot be preferential. The issue in this case concerns the interplay between 11 U.S.C. Sec. 547, authorizing a trustee to recover certain pre-petition preferential transfers made by the debtor, and 11 U.S.C. Sec. 365, authorizing a trustee, after curing any defaults, to assume and assign executory contracts of the debtor. Defendant argues that assumption of the Licensing Agreement effectively bars the Trustee from bringing this preference action to recover pre-petition payments made under the Agreement. Trustee asserts that a plain reading of the Bankruptcy Code permits him to avoid pre-petition payments made under a contract that was assumed post-petition, reasoning that the Court cannot consider post-petition events when conducting the hypothetical chapter 7 analysis. The Court agrees with Defendant and grants the Motion to Dismiss. Because the Court finds that this claim is barred as a matter of law, any attempt to amend the Complaint would be futile. For this reason, dismissal will be without leave to file an amended complaint. A copy of the Court's Order dated July 13, 2026, is available at https://urlcurt.com/u?l=h9Tm6h from Pacermonitor.com. About Mercy Hospital, Iowa City Mercy Hospital, Iowa City, Iowa is a Catholic-based Iowa nonprofit corporation that operates an acute care community hospital and clinics in Iowa City, Iowa, and surrounding communities. Mercy Hospital and affiliates, Mercy Iowa City ACO, LLC and Mercy Services Iowa City, Inc., filed Chapter 11 petitions (Bankr. N.D. Iowa Lead Case No. 23-00623) on Aug. 7, 2023. In the petition signed by its chief restructuring officer Mark E. Toney, Mercy Hospital disclosed $100 million to $500 million in both assets and liabilities. Judge Thad J. Collins oversees the cases. The Debtors tapped Nyemaster Goode, P.C and McDermott Will & Emery LLP as bankruptcy counsels; H2C Securities Inc. as investment banker; and Epiq Corporate Restructuring, LLC as notice and claims agent. Toneykorf Partners, LLC provides interim management services to the Debtors. Mary Jensen, Acting U.S. Trustee for Region 12, appointed an official committee of unsecured creditors on Aug. 15, 2023. The committee tapped Sills Cummis & Gross P.C. and Cutler Law Firm, P.C. as legal counsels; and FTI Consulting, Inc. as financial advisor. Susan N. Goodman was the patient care ombudsman appointed in the Debtors' cases. The Debtors' bankruptcy-exit plan was confirmed on June 7, 2024. Under the Plan, Dan R. Childers was appointed as Trustee of the Mercy Hospital Liquidation Trust. METHANEX CORP: S&P Alters Outlook to Positive, Affirms 'BB' ICR --------------------------------------------------------------- S&P Global Ratings affirmed its issuer credit rating on Methanex Corp. at 'BB' and revised the outlook to positive from stable. S&P's 'BB' issue-level rating on the company's unsecured notes and recovery rating of '3' remain unchanged. The '3' recovery rating indicates its expectation for meaningful (50%-70%; rounded estimate: 55%) recovery in the event of a payment default. The positive outlook reflects the potential of an upgrade over the next 12 months if credit measures continue to improve, either through sustained strong methanol prices or progress in repaying its $700 million 2027 notes. S&P said, "Methanex will likely improve its 2026 EBITDA and credit measures more than we expected due to higher average realized methanol prices and deleveraging efforts. Furthermore, we expect full repayment of its term loan A (TLA) in 2026." Methanex can sustain its improved operating performance through 2027 due to its diversified geographic footprint, expanded production platform, prudent financial policy (including reduced balance sheet debt), and strong liquidity position. S&P said, "We believe Methanex is on a clear trajectory to reach its initial deleveraging targets of 2.5x-3.0x within 18 months of closing the OCI transaction, which will strengthen its credit metrics and support the current rating. We also expect it to maintain a strong commitment to deleveraging, as it updated its target to 2.0x-2.5x. Furthermore, we expect strong weighted average adjusted FFO to debt at the high end of 20%-30%. These improvements stem from elevated methanol prices, which have accelerated debt reduction." Methanol pricing has increased due to disruptions to Middle East supply chains, boosting cash flows in the near term. The company is capitalizing on these structurally tight market conditions, as limited planned capacity additions are unlikely to meet growing global demand in the mid-term. S&P said, "In our base case, we anticipate that Methanex's financial performance in 2026 will benefit from higher realized prices and disciplined capital allocation. We expect full repayment of the remaining $290 million TLA balance in 2026. Going forward, the company intends to use excess cash to address the October 2027 bond maturity, though we do not currently include deleveraging from this in our base case. "We continue to incorporate the inherent volatility of methanol prices in our rating. For example, Methanex's North America nondiscounted reference price rose to $1,480 per metric ton as of June 2026 from $778 per metric ton in June 2025, while the average realized price for the first quarter of 2026 was $331 per metric ton and we expect second-quarter 2026 to be much higher. We expect the company's EBITDA--on both quarterly and annual bases--will remain highly volatile given its reliance on methanol prices, which are influenced by evolving industry supply-demand dynamics. There are also uncertainties surrounding when the war in the Middle East may end and when the Strait of Hormuz may fully reopen, which could reduce methanol pricing." The company's operational reliability and geographic diversification serve as fundamental pillars of its credit strength. Methanex has maintained high operating rates, with year-to-date high reliability and on-stream time. The integration of the Beaumont, and Natgasoline plants is progressing on track, with synergies expected by the end of 2026. The successful integration of OCI Global's methanol assets has expanded the company's production platform, providing incremental volume and operational efficiencies that support a more resilient EBITDA profile. S&P said, "We continue to monitor regional challenges, such as gas supply constraints in New Zealand and the evolving situation in Trinidad (announced the indefinite idling of the Titan methanol plant in June 2026). However, these assets represent a small fraction of the company's total run-rate earnings. In addition, the shift toward advantaged geographies, such as North America, also supports a more stable EBITDA profile, albeit still subject to volatility. "As a result, we believe Methanex' can maintain high production volumes of approximately 9.0 million tonnes of methanol. This will allow it to effectively navigate market cycles and sustain its prudent financial policies. "The positive outlook reflects our expectation that over the next 12 months, Methanex will continue to improve its credit metrics through deleveraging. The company has disciplined capital allocation policies that prioritize debt repayment, and we expect the full repayment of the remaining $290 million TLA in the second quarter of 2026. We anticipate that accelerated deleveraging; enhanced production capacity; and potential synergies from the OCI acquisition will strengthen the company's financial flexibility. "Furthermore, the current methanol pricing environment, driven by supply disruptions in the Middle East, presents an opportunity for Methanex to realize stronger earnings and cash flow, which could further improve credit metrics. At the current elevated pricing, we expect S&P global adjusted FFO/Debt to rise above 30% in 2026, although remain at the upper end of the 20%-30% ranged on a weighted average basis." S&P could take a negative rating action on Methanex over the next 12-months if: -- Methanol prices fall relative to our current expectations, which could stem from global supply chains normalizing from easing tensions in the Middle East and the Strait of Hormuz, prolonged industrial weakness, or poor operating rates, such that FFO to debt approaches 20% for consecutive quarters with no prospects for improvement; -- It pursues additional debt-funded acquisitions or shareholder rewards; or -- The company encounters substantial operational issues, unplanned downtime, or issues with integrating the OCI assets. S&P could upgrade Methanex over the 12-months if it expects Methanex to sustain S&P Global Ratings-adjusted FFO to debt of 30%-45%, when factoring in volatility. This could occur from: -- Structurally higher methanol prices, possibly from the Iran war escalating or being prolonged; -- Further synergies from the successful integration of the OCI assets; or -- Using excess free cash flow to pay down the October 2027 bond maturity. S&P could also upgrade Methanex if an increase in demand from methanol-to-olefins (MTO) facilities or a quicker recovery in global GDP and industrial production support a higher rating. MIDDLE GEORGIA: Gets Interim OK to Use Cash Collateral ------------------------------------------------------ Middle Georgia Vascular Surgery Center, LLC received interim approval from the U.S. Bankruptcy Court for the Middle District of Georgia, Macon Division, to use cash collateral. The court authorized the Debtor to use cash collateral on an interim basis to pay its operating expenses until further order. The Debtor's cash collateral primarily consists of accounts receivable generated from vascular medical services. Truist Bank asserts, or may assert, a security interest in the Debtor's accounts and other business assets that constitute cash collateral under the Bankruptcy Code. As adequate protection for Truist Bank and other secured creditors, the court ordered that all valid pre-petition security interests remain in effect through the final hearing, subject to the Bankruptcy Code. Additional safeguards include insurance coverage on assets securing Truist's claims and timely payment of all post-petition property taxes. A copy of the court's order and the Debtor's budget is available at https://tinyurl.com/4ku2cd35 from PacerMonitor.com. The court scheduled a final hearing for Aug. 12. About Middle Georgia Vascular Surgery Center Middle Georgia Vascular Surgery Center L.L.C., based in Warner Robins, Georgia, operates Middle Georgia Vascular Surgery Center & Vein Solutions, a specialty medical practice providing vascular surgery, vein treatment, dialysis access procedures, wound care, and related vascular healthcare services. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Ga. Case No. 26-51113) on July 1, 2026. In the petition signed by Allison B. Burkett, manager, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Judge Robert M Matson oversees the case. David L. Bury, Jr., Esq., at Stone & Baxter, LLP, represents the Debtor as legal counsel. MKZ DISTRIBUTION: Seeks Subchapter V Bankruptcy in Florida ---------------------------------------------------------- On July 15, 2026, MKZ Distribution LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Florida. According to court filings, the debtor reports between $1 million and $10 million in liabilities, including approximately $2.5 million in unsecured debt, owed to between one and 49 creditors. Deadline to File Proofs of Claim Is September 23, 2026. About MKZ Distribution LLC MKZ Distribution LLC is a Plantation, Florida-based women's clothing retailer that operates stores under the registered trade names Glamour Boutique and The Glamour Boutiques. The company specializes in women's apparel and fashion accessories, serving customers throughout South Florida. Formed in 2022, the retailer expanded its operations while maintaining an active presence in the region. MKZ Distribution LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-19255) on July 15, 2026. In its petition, the debtor reported estimated assets of $100,000 to $500,000 and estimated liabilities of $1 million to $10 million. Hon. Laurel M. Isicoff handles the case. The debtor is represented by Thomas L. Abrams, Esq. MMA LAW: US Trustee Objects to Insider Releases in Chapter 11 Plan ------------------------------------------------------------------ Yun Park of Law360 Bankruptcy Authority reports that the U.S. Trustee has objected to MMA Law Firm's proposed Chapter 11 liquidation plan, urging a Texas bankruptcy court to deny confirmation because it allegedly provides impermissible legal protections to nondebtor parties. The bankruptcy watchdog maintains that the plan's release provisions extend beyond what is authorized under federal bankruptcy law. In its filing, the trustee argued that the plan would improperly insulate company insiders and other third parties from potential claims, even though they have not themselves sought bankruptcy protection. The office asserted that such provisions are inconsistent with the Bankruptcy Code and unfairly restrict creditors' ability to pursue valid claims. The trustee asked the court to require revisions before any confirmation can proceed. Unless the challenged provisions are modified, the proposed liquidation plan is expected to face continued opposition as the Chapter 11 proceedings move forward, the report states. 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, Esq., at Walker & Patterson, PC as bankruptcy counsel; Andrew Gould, Esq., at Hicks Johnson, PLLC as special counsel; and Kristin Lausten, Esq., at The Lausten Group, PLLC as special Louisiana counsel. MOUNTAIN REGIONAL: Gets Final OK to Use Cash Collateral ------------------------------------------------------- The U.S. Bankruptcy Court for the District of Utah granted Mountain Regional Equipment Solutions, LLC final approval to use cash collateral. Under the court order, the Debtor is authorized to use cash collateral through Aug. 23 to fund payroll, operating expenses, and other ordinary business costs in accordance with its approved budget. The Debtor is permitted to modify total budgeted expenses by up to 10% and carry forward any unused budgeted amounts, while also paying actual utility, tax, and insurance obligations as they become due. Convergent Capital Partners IV, L.P., successor in interest to secured creditor Hillcrest Bank, and Rand Capital Corporation are the primary secured creditors asserting liens on the Debtor's cash collateral, with combined secured claims of more than $14 million. Secured creditors will be granted adequate protection through replacement liens on the Debtor's post-petition assets, with the same validity and priority as their pre-petition liens. These replacement liens do not apply to Chapter 5 avoidance actions and related causes of action. Additional safeguards include regular financial reporting. The order preserves the rights of secured creditors to seek relief from the automatic stay and to contest any other proposed treatment of their asserted claims; and the right of the Debtor to challenge the nature, validity, or extent of the liens or debts asserted by creditors. A copy of the court's order and the Debtor's budget is available at https://short.do/mDBKhQ from PacerMonitor.com. About Mountain Regional Equipment Solutions Mountain Regional Equipment Solutions, LLC supplies and services automated lubrication systems, safety systems, and maintenance products used in heavy mobile equipment and industrial machinery. It serves customers across construction, mining, transportation, agriculture, and industrial markets, with operations based in Salt Lake City, Utah. Mountain Regional Equipment Solutions sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Utah Case No. 25-27678) on Dec. 19, 2025, listing between $1 million and $10 million in assets and between $10 million and $50 million in liabilities. Todd Miceli, manager, signed the petition. The Debtor tapped Jeffrey L. Trousdale, at Cohne Kinghorn, P.C., as general bankruptcy counsel and Cohne Kinghorn, P.C. as local counsel. MTF HOLDINGS: Court OKs Bid to Appoint Chapter 11 Trustee --------------------------------------------------------- Judge Patricia Mayer of the U.S. Bankruptcy Court for the Eastern District of Pennsylvania granted the motion by Subway Real Estate, LLC, Subway Realty, LLC and Doctor's Associates LLC to appoint a Chapter 11 trustee for MTF Holdings, LLC and affiliates. Judge Mayer ordered the U.S. Trustee for Region 3 to appoint a Chapter 11 trustee, with all of the rights, powers and duties authorized under Section 1104 of the Bankruptcy Code. In their motion filed June 23, the Subway creditors raised the following arguments: * Matthew Wilson, Esq., attorney for the Subway creditors, argued that the factors under Section 1104(a)(2) strongly support appointing a Chapter 11 trustee in the Debtors' Chapter 11 cases. He claimed that creditors have lost confidence in Mr. Fay because of his post-petition conduct, including his alleged misappropriation and retention of $500,175.39 in merchant settlements. * Those funds belong to another franchisee and were mistakenly routed by the payment processor for the Subway(R) restaurants to the bank account of MTF Network, LLC, a non-debtor affiliate wholly owned by Mr. Fay. Mr. Fray has allegedly refused to return those funds despite the efforts of the Subway creditors and the payment processor over the last four months, according to the attorney. * Mr. Wilson also argued that the Debtors cannot realistically reorganize as Subway franchisees because they cannot assume the franchise agreements without Doctor's Associates' consent and that the benefits of appointing an independent Chapter 11 trustee to oversee the sale of the restaurants outweigh the costs of such an appointment. A copy of the order is available for free at https://urlcurt.com/u?l=paAlGn from PacerMonitor.com. About MTF Holdings MTF Holdings, LLC is a privately held investment holding company that manages strategic investments across real estate, corporate equity, and alternative asset classes. The company is based in Lancaster, Pa., and engages in allocating capital and providing oversight to its portfolio businesses. MTF Holdings and five affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Lead Case No. 26-10236) on January 21, 2026. At the time of the filing, MTF Holdings listed between $500,001 and $1 million in assets and between $1 million and $10 million in liabilities. Judge Patricia M. Mayer oversees the cases. The Debtors are represented by: Albert Anthony Ciardi, III, Esq. Ciardi Ciardi & Astin 1905 Spruce Street Philadelphia, PA 19103 Tel: 215-557-3550 MUDARRI MOTORSPORTS: Hires Rekdal Hopkins Howard as Accountant -------------------------------------------------------------- Mudarri Motorsports Co. seeks approval from the U.S. Bankruptcy Court for the Western District of Washington to employ Rekdal Hopkins Howard, PS as accountant. The firm will assist the Debtor with the filing of its taxes and providing accounting and bookkeeping services and advice to Debtor. The firm will be paid a fee of $5,500. Mr. Hopkins 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: Mike Hopkins Rekdal Hopkins Howard, PS 2275 116th Ave NE, Suite 100 Bellevue, WA 98004 Tel: (425) 658-1400 Fax: (425) 658-1401 About Mudarri Motorsports Co. Mudarri Motorsports Co sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Was. Case No. 26-11413) with $0 to $50,000 in assets and $1 million to $10 million in liabilities. The petition was signed by Maximillian Mudarri as president. Judge Hon. Christopher M Alston oversees the case. The Debtor is represented by Steven M. Palmer, Esq. of Cairncross & Hempelmann, P.S. MULTI-COLOR CORP: Saba Capital II Marks $1.5M Loan at 53% Off ------------------------------------------------------------- Saba Capital Income & Opportunities Fund II has marked its $1,458,491 loan extended to Multi-Color Corp. to market at $690,961 or 47% of the outstanding amount, according to Saba Fund's N-CSRS for the fiscal year ended April 30, 2026, filed with the U.S. Securities and Exchange Commission on July 8, 2026. Saba Capital Income & Opportunities Fund II is a participant in a senior term loan extended to Multi-Color Corp. The Loan accrues interest at a rate of TSFR1M + 5.000% per annum. The Loan matures on Oct. 29, 2028. Saba Capital Income & Opportunities Fund II is a closed-end investment fund in the leveraged finance market. The Fund is led by Paul Kazarian as Principal Executive Officer and Chief Executive Officer, and Troy Statczar as Principal Financial Officer and Treasurer and Chief Financial Officer. The Fund can be reached at: Paul Kazarian Saba Capital Income & Opportunities Fund II 405 Lexington Avenue, 58th Floor New York, NY 10174 Telephone: (212) 542-4644 About Multi-Color Corp. Multi-Color Corp. is a corporate borrower backed by a term loan facility. MULTI-RACE HOUSING: Seek to Tap MAC Appraisals as Appraiser ----------------------------------------------------------- Multi-Race Housing LLC seeks approval from the U.S. Bankruptcy Court for the eastern District of Louisiana to employ Angie Bickford of MAC Appraisals, LLC as appraiser. The firm will appraise the Debtor's residential rental properties located in Franklinton, Amite and Folsom, Louisiana. The firm will be paid a total of $3,000 for the 10 appraisals. In case of court testimony, she will be paid $100 per hour. Ms. Bickford 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: Angie Bickford MAC Appraisals, LLC 42274 Pleasant Ridge Rd Ext. Ponchatoula, LA 70454 About Multi-Race Housing LLC Based in Franklinton, Louisiana, Multi-Race Housing LLC operates as a real estate holding company that owns 10 residential rental properties across various addresses. Its activities center on acquiring and managing single-family housing assets in the local market, with occasional property sales reflecting ongoing portfolio adjustments. Multi-Race Housing LLC in Franklinton, LA, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. E.D. La. Case No. 26-10583) on March 16, 2026, listing as much as $1 million to $10 million in both assets and liabilities. Donald Gaudet as managing member and sole owner, signed the petition. Judge Meredith S Grabill oversees the case. THE DE LEO FIRM, LLC serve as the Debtor's legal counsel. MVMT LABS: Seeks Subchapter V Bankruptcy in Delaware ---------------------------------------------------- On July 15, 2026, MVMT Labs Inc. filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of Delaware. According to court filings, the debtor reports between $1 million and $10 million in liabilities, including approximately $1.67 million in unsecured claims, owed to between 200 and 999 creditors. Deadline to File Chapter 11 Small Business Subchapter V Plan Set for Oct. 13, 2026. About MVMT Labs Inc. MVMT Labs Inc. is a San Francisco, California-based blockchain financial technology (FinTech) company focused on developing Web3 infrastructure and blockchain solutions. The company previously developed the Movement Layer 2 blockchain and was once valued at a reported $3 billion before halting development amid regulatory scrutiny, litigation and internal leadership disputes. The company is currently focused on restructuring while addressing a federal investigation and related legal matters. MVMT Labs Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-11113) on July 15, 2026. In its petition, the debtor reported estimated assets of $100,000 to $500,000 and estimated liabilities of $1 million to $10 million. Hon. Thomas M. Horan is overseeing the case. The debtor is represented by Sameen Rizvi, Gregory Joseph Flasser and Jeremy W. Ryan of Potter Anderson & Corroon LLP. NATHAN SPENCER: Court OKs Deal on Cash Collateral Access -------------------------------------------------------- The U.S. Bankruptcy Court for the Central District of California, San Fernando Valley Division, approved a stipulation between Nathan Spencer Home, LLC and Maria Bartolet, secured creditor and successor-in-interest to The Agoura Antique Mart, Inc., to extend the use of cash collateral through Aug. 31. The parties' relationship stems from the Debtor's 2022 purchase of The Agoura Antique Mart business under a Business Purchase Agreement, financed through a $149,500 secured promissory note and related loan documents executed in January 2023. As part of the transaction, the Debtor granted a security interest in substantially all of its assets to secure repayment of the purchase price. After The Agoura Antique Mart dissolved in July 2025, it assigned all of its assets and rights under the loan documents to Ms. Bartolet. Although the parties later entered into a settlement agreement in December 2025 to resolve disputes regarding their contractual rights and operation of the business, the Debtor remains obligated under the original loan documents. Ms. Bartolet asserts a valid first-priority secured claim of at least $226,295, plus accrued interest, secured by the Debtor's pre-petition collateral. Under the stipulation, the Debtor is authorized to use cash collateral through Aug. 31. This authorization may terminate earlier upon occurrence of so-called events of default, including failure to comply with the stipulation, unauthorized expenditures beyond the approved budget, the granting of senior or equal-priority liens to other creditors, dismissal or conversion of the bankruptcy case, or removal of Nathan as debtor-in-possession. In exchange for Ms. Bartolet's consent, the Debtor agrees to strict conditions governing the use of the cash collateral and acknowledges the creditor's entitlement to adequate protection. Cash collateral may be used only for ordinary business expenses specifically identified in the operating budget, with expenditures generally limited to no more than 10% above the approved amount for any budget category. Any unused budgeted funds may be carried forward to future periods, while revisions to the budget require either Ms. Bartolet's written consent or further court approval. As adequate protection, Ms. Bartolet will receive post-petition replacement liens on substantially all of the Debtor's assets, including tangible and intangible property and any proceeds generated after the bankruptcy filing, but excluding Chapter 5 avoidance actions and similar bankruptcy estate claims. These replacement liens are intended to compensate Bartolet for any decline in the value of her prepetition collateral resulting from the debtor’s use of cash collateral or other circumstances. The replacement liens will retain the same validity and priority as Bartolet's prepetition liens and will be deemed fully perfected upon entry of the court order without requiring additional filings or other perfection steps under applicable law. In addition to the replacement liens, the Debtor agrees to make monthly adequate protection payments of $400 to Ms. Bartolet by the 20th day of each month. A copy of the motion is available at https://urlcurt.com/u?l=7oqk9K from PacerMonitor.com. About Nathan Spencer Home LLC Nathan Spencer Home, LLC, owns the antique retail business, The Agoura Antique Mart, located in Agoura Hills, California. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 26-10422) on Feb. 27, 2026. In the petition signed by Spencer L. Howard, managing member, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge Victoria S. Kaufman oversees the case. Michael J. Berger, at the Law Offices of Michael Jay Berger, is the Debtor's bankruptcy counsel. Maria Bartolet, as successor-in-interest of The Agoura Antique Mart, Inc, is represented by M. Douglas Flahaut, Esq. and Dylan J. Yamamoto, Esq. at Echo Park Legal, APC. NATIXIS US: Two Roads Marks $500,000 Bond at 22% Off ---------------------------------------------------- Two Roads Shared Trust has marked its $500,000 bond issued by Natixis US Medium-Term Note Program, LLC to market at $391,250 or 78% of the outstanding amount, according to Two Roads' N-CSR for the fiscal year ended April 30, 2026, filed with the U.S. Securities and Exchange Commission. Two Roads Shared Trust owns a bond issued by Natixis US Medium-Term Note Program, LLC. The loan accrues interest at a rate of 8*(USISDA30-USISDA02) per annum. The loan matures on March 31, 2036. Two Roads Shared Trust is a registered investment company that operates as a shared trust offering investment funds to investors. The Fund is led by James Colantino as Principal Executive Officer and Laura Szalyga as Principal Financial Officer. The Fund can be reached at: James Colantino Two Roads Shared Trust 225 Pictoria Drive, Suite 450 Cincinnati, OH 45246 Telephone: (631) 490-4300 About Natixis US Medium-Term Note Program, LLC Natixis US Medium-Term Note Program, LLC is a financing vehicle used to issue medium-term notes for Natixis’ U.S. funding activities. NEGRONI BRICKELL: Hires & Agentis as General Bankruptcy Counsel --------------------------------------------------------------- Negroni Brickell, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Agentis as general bankruptcy counsel. The firm will provide these services: a. advise the Debtor with respect to its powers and duties as Debtor-in possession and the continued management of his affairs; b. advise the Debtor with respect to its responsibilities in complying with the U.S. Trustee's Operating Guidelines and Reporting Requirements and with the rules of the Court; c. prepare motions, pleadings, orders, applications, adversary proceedings, and other legal documents necessary in the administration of the case; d. protect the interests of the Debtor and the estate in all matters pending before the Court; and e. represent the Debtor in negotiations with creditors in the preparation of a plan. The firm will be paid at these rates: Attorneys $350 to $735 per hour Paralegal $155 to 260 per hour In addition, the firm will seek reimbursement for its out-of-pocket expenses. Ms. Calderin 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: Jacqueline Calderin, Esq. 45 Almeria Avenue Coral Gables, FL 33134 Tel: (305) 722-2002 Email: jc@agentislaw.com About Negroni Brickell LLC Negroni Brickell LLC is a Miami, Florida-based full-service restaurant operating Negroni Bistro & Sushi Bar in the city's Brickell neighborhood. The restaurant specializes in Nikkei sushi and international comfort cuisine and continues to operate following the bankruptcy filing, with scheduled promotional events and holiday celebrations throughout July 2026. The Negroni brand originated in Buenos Aires' Palermo Hollywood district before expanding into South Florida. Negroni Brickell LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-18741) on July 1, 2026. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. The Debtor is represented by Jacqueline Calderin, Esq., and Jesse R. Cloyd, Esq. NEW HOPE: To Sell Bedford Property to Dennis & Patricia Mahafkey ---------------------------------------------------------------- New Hope Housing, Inc. seeks permission from the U.S. Bankruptcy Court for the Eastern District of Virginia, Alexandria Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. Angela Shortall was appointed subchapter V trustee in the Case. The Debtor is a Virginia nonprofit corporation whose mission has been to support the homeless and disabled populations in and around Northern Virginia for nearly five decades. The Debtor is now in the process of winding down its operations and liquidating its assets, but continues to operate two programs in support of its mission through those Programs' transition to new service providers. The Debtor owned nine parcels of real property, including a single-family condominium located at 5386 Bedford Terrace, Unit B, Alexandria, Virginia 22309 and more. The Bedford Property is the currently unoccupied. The Bedford Property is one of multiple parcels of real property owned by the Debtor that are subject to one or more deeds of trust in favor of the Fairfax County Redevelopment and Housing Authority, which financed the acquisition and/or improvement of each of the properties. The FCRHA has a deed of trust dated May 29, 2009 securing their interest in the Bedford Property. The Debtor retains RealMarkets, Century 21 Commercial New Millenium, and Century 21 New Millenium as brokers. With the assistance of the Brokers, and after arms-length negotiation, the Debtor received a written offer from Dennis and Patricia Mahafkey (Buyer) to purchase the Bedford Property for a purchase price of $231,500. Based on the Purchase Price and the relevant terms of the DOT, the payoff due to the FCRHA is approximately $98,180.10. Debtor anticipates Closing on the Contract of Sale will benefit the estate by approximately $119,587.40. The Debtor proposes to sell the Bedford Property free and clear of all liens, claims, rights, and interests on or in the Bedford Property. No party will be negatively impacted by the sale of the Bedford Property free and clear of Liens & Claims. The Contract of Sale is subject to higher and better offers and consequently, under the circumstances, the process undertaken for the sale of the properties includes the benefits of public auction and is designed to maximize the benefit to the Debtor. Pursuant to the terms of their engagement, the Debtor requests that the Court approve the compensation of the Brokers in the amount of $12,732.50 ($6,945.00 to the Brokers and $5,787.50 to the Buyer's agent), which is 5.5% of the Purchase Price plus reimbursement of the actual expenses advanced by the Brokers as of Closing, without further application to or order of the Court, and grant the Debtor the authority to pay the compensation approved by the Court out of the Purchase Price at closing. About New Hope Housing Inc. New Hope Housing, Inc., is a non-profit agency based in Alexandria, Virginia. Founded in 1977, the organization has provided services to homeless families and single adults since 1978. It offers housing programs and support services in Northern Virginia, including group homes, Housing First apartments, homeless prevention and rapid re-housing, education and employment support, and mobile medical outreach. The Debtor sought protection under Chapter 11 of the U.S Bankruptcy Code (Bankr. E.D. Va. Case No. 26-11054) on May 1, 2026, with $1 million to $10 million in assets and liabilities. Ann Barrett, executive director, signed the petition. Judge Brian F Kenney oversees the case. Brittany B. Falabella, at HIRSCHLER FLEISCHER, P.C., is the Debtor's legal counsel. NEW HOPE: To Sell Brosar Property to Tara Branch for $384K ---------------------------------------------------------- New Hope Housing, Inc. seeks permission from the U.S. Bankruptcy Court for the Eastern District of Virginia, Alexandria Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. Angela Shortall was appointed subchapter V trustee in the Case. The Debtor is a Virginia nonprofit corporation whose mission has been to support the homeless and disabled populations in and around Northern Virginia for nearly five decades. The Debtor is now in the process of winding down its operations and liquidating its assets, but continues to operate two programs in support of its mission through those Programs' transition to new service providers. The Debtor owned nine parcels of real property, including a single-family home located at 8113 Brosar Court, Alexandria, Virginia 22309 and more. The Brosar Property is the currently unoccupied. The Brosar Property is one of multiple parcels of real property owned by the Debtor that are subject to one or more deeds of trust in favor of the Fairfax County Redevelopment and Housing Authority (FCRHA), which financed the acquisition and/or improvement of each of the properties. The FCRHA has a deed of trust dated June 30, 2010 securing their interest in the Brosar Property. The Debtor retains RealMarkets, Century 21 Commercial New Millenium, and Century 21 New Millenium as brokers. With the assistance of the Brokers, and after arms-length negotiation, the Debtor received a written offer from Tara Branch (Buyer) to purchase the Brosar Property for a purchase price of $384,900.00. Based on the Purchase Price and the relevant terms of the DOT, the payoff due to the FCRHA is approximately $189,321.71. Debtor anticipates Closing on the Contract of Sale will benefit the estate by approximately $173,408.80. The Debtor proposes to sell the Brosar Property free and clear of all liens, claims, rights, and interests on or in the Brosar Property. The Contract of Sale is subject to higher and better offers and consequently, under the circumstances, the process undertaken for the sale of the properties includes the benefits of public auction and is designed to maximize the benefit to the Debtor. Pursuant to the approved terms of their employment, and subject to Court approval, the Brokers charged a listing brokerage fee of three percent (3.0%) of the purchase price of a Property. If the buyer is unrepresented, then the Brokers shall earn an additional 1.0% of the purchase price. And, the Debtor shall offer a buyer's broker commission of 2.5% of the purchase price that shall be paid to the buyer’s broker if the buyer is represented by a broker. Pursuant to the approved terms of their engagement, the Brokers could also incur expenses and seek reimbursement of said expenses in furtherance of their efforts. As of the date of filing, the Brokers have paid $65.00 for a title search and $115.00 for the applicable HOA Resale Package necessary for closing on the Brosar Property. About New Hope Housing Inc. New Hope Housing, Inc., is a non-profit agency based in Alexandria, Virginia. Founded in 1977, the organization has provided services to homeless families and single adults since 1978. It offers housing programs and support services in Northern Virginia, including group homes, Housing First apartments, homeless prevention and rapid re-housing, education and employment support, and mobile medical outreach. The Debtor sought protection under Chapter 11 of the U.S Bankruptcy Code (Bankr. E.D. Va. Case No. 26-11054) on May 1, 2026, with $1 million to $10 million in assets and liabilities. Ann Barrett, executive director, signed the petition. Judge Brian F Kenney oversees the case. Brittany B. Falabella, at HIRSCHLER FLEISCHER, P.C., is the Debtor's legal counsel. NICKLAUS COMPANIES: Cleared to Send Ch. 11 Plan for Creditors Votes ------------------------------------------------------------------- Clara Geoghegan of Law360 Bankruptcy Authority reports that a Delaware bankruptcy judge has approved the disclosure statement for the Nicklaus Cos. wind-down entity, allowing the debtor to distribute its Chapter 11 reorganization plan to creditors for voting. The court determined that the disclosure materials provide adequate information for creditors to make an informed decision regarding the proposed restructuring. The debtor's plan establishes the framework for winding down operations, administering remaining assets and distributing recoveries to creditors. Company representatives argued that commencing the solicitation process will keep the Chapter 11 case on schedule and move the restructuring closer to completion, the report relays. Following the court's ruling, creditors may now vote on whether to accept the proposed plan. The results will be considered at a future confirmation hearing, where the bankruptcy judge will determine whether the restructuring should receive final approval, according to Law360. About Nicklaus Companies LLC Nicklaus Companies LLC, also known as Golden Bear Financial Services, is a worldwide golf enterprise established to uphold and expand the legacy of golf icon Jack Nicklaus. It operates across several areas of the industry, including golf course design, branded products, licensing, and overall brand management. Its goal is to provide high-quality golf experiences and products that reflect the Nicklaus name's global reputation for excellence, innovation, and integrity. Nicklaus Companies LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-12088) on November 21, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $500 million and $1 billion. Honorable Bankruptcy Judge Craig T. Goldblatt handles the case. The Debtor is represented by Zachary I. Shapiro, Esq. of Richards, Layton & Finger, P.A. NIMBUS ASSET: Variant Alternative Marks $9M Loan at 39% Off ----------------------------------------------------------- Variant Alternative Income Fund has marked its $9,000,000 loan extended to Nimbus Asset Finance, A Sub-Fund of Latinum Assets 1 VCC to market at $5,500,991 or 61% of the outstanding amount, according to Variant Alternative's N-CSR for the fiscal year ended July 9, 2026, filed with the U.S. Securities and Exchange Commission. Variant Alternative Income Fund is a participant in a loan extended to Nimbus Asset Finance, A Sub-Fund of Latinum Assets 1 VCC. The Loan accrues interest at a rate of 10.50% per annum. Variant Alternative Income Fund is a corporate issuer in the leveraged finance market. The Fund is led by Robert W. Elsasser as President, and Curt Fintel as Treasurer. The Fund can be reached at: Robert W. Elsasser Variant Alternative Income Fund c/o UMB Fund Services, Inc. 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2271 About Nimbus Asset Finance, Nimbus Asset Finance, a sub-fund of Latinum Assets 1 VCC, is an asset finance platform. NORTH STAR: Seeks to Expand Work Scope of Verrill Dana as Counsel ----------------------------------------------------------------- North Star Health Alliance, Inc. and affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of New York to expand the employment and retention of Verrill Dana LLP from conflict counsel to bankruptcy co-counsel. The firm's services include: a. providing analysis of the Debtors' financial situation, and rendering advice to the Debtors regarding their obligations and responsibilities in bankruptcy; b. representing the Debtors at bankruptcy court hearings; c. giving the Debtors legal advice with respect to their powers and duties as debtors-in-possession in the continued operation of their businesses and management of their properties; d. advising the Debtors on the conduct of these Chapter 11 Cases, including all of the legal and administrative requirements of operating in chapter 11; e. conferring and negotiating with the United States Trustee, representatives of the Debtors' creditor, vendors, secured lenders, and other parties in interest on various issues as they arise; f. preparing, on behalf of the Debtors, pleadings in connection with these Chapter 11 Cases, including motions, applications, answers, orders, reports, and papers necessary or otherwise beneficial to the administration of the Debtors' estates; g. advising the Debtors in connection with sales or other disposition of its assets; h. advising the Debtors in connection with any cash collateral or debtor-in-possession financing matters; i. representation of the Debtors in adversary proceedings and other contested bankruptcy matters; j. appearing before the Court and any appellate court to represent the interests of the Debtors' estates; k. taking any necessary action on behalf of the Debtors to negotiate, prepare, and obtain confirmation of a chapter 11 plan and all documents related thereto; l. analyzing the Debtors' executory contracts and the assumption, assumption and assignment, or rejection thereof; m. advising the Debtors on litigation, antitrust, and other matters as they may relate to the Chapter 11 Cases; and n. performing all other legal services for the Debtors, as debtors-in-possession, which may be necessary or appropriate herein. The firm will be paid at these rates: Attorney Standard Hourly Rate Discounted Hourly Rate Roger Clement $760 $684 Nate Hull $700 $630 Lindsay Milne $800 $720 Robert Keach $1,100 $990 Shawn Doil $515 $463.50 Letson Boots $550 $495 Michael Fee $1,140 $1,026 Jay McCormack $700 $630 John VanLonkhuyzen $780 $702 Jennifer Novo $425 $382.50 Nimra Tariq $340 $306 Nima Ghaedi $340 $306 Paralegals Carissa Rubin $275 $247.50 Angela Stewart $375 $337.50 Lisa Waddell $225 $202.50 The firm holds a retainer of $75,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Clement, Jr. disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Roger A. Clement, Jr. Verrill Dana LLP One Portland Square Portland, ME 04101-4054 Tel: (207) 774-4000 Email: rclement@verrill-law.com About North Star Health Alliance, Inc. 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. The Debtor is represented by Janice Grubin, Esq., and Jeffrey A. Dove, Esq., at Barclay Damon, LLP. Suzanne Koenig is the patient care ombudsman appointed in the case. OPAL HOLDINGS: Canal Center Office Sold in Receivership Auction --------------------------------------------------------------- Michael Neibauer of Washington Business Journal reports that a 78,381-square-foot office building at 11 Canal Center Plaza along Alexandria's riverfront has been sold for $9.05 million in a court-supervised receivership auction, marking the first sale of two distressed office properties within the Canal Center complex. The building, previously owned by Opal Holdings, was auctioned after the owner defaulted on debt tied to the property amid continuing weakness in the office market. The sale price represented a sharp decline from valuations seen during the office market's peak, reflecting the ongoing impact of elevated interest rates, reduced demand for office space and persistent hybrid work trends. A second Canal Center property is also expected to be auctioned as lenders seek to recover outstanding loan balances tied to the office campus, the report states. Located along Alexandria's waterfront near Washington, D.C., the Canal Center complex has historically attracted government contractors, law firms and professional services tenants. However, refinancing challenges and higher vacancy rates have placed increasing financial pressure on many office owners throughout the region, Washington Business Journal reports. The receivership sale provides another benchmark for distressed office valuations in the Washington metropolitan area. Investors and lenders continue to monitor similar transactions as commercial real estate pricing adjusts to changing market conditions, the report relays. About Opal Holdings Opal Holdings is a privately held real estate investment firm based in New York that focuses on acquiring and managing commercial real estate properties nationwide. The company owns a diversified portfolio of office buildings, multifamily communities, hotels and mixed-use developments, employing value-add investment strategies designed to improve operational performance and maximize asset appreciation. In 2021, Opal Holdings acquired the Canal Center office campus, a four-building commercial property located in Alexandria. The acquisition included 11 Canal Center Plaza, a 78,381-square-foot office building. Two properties at the Canal Center office complex in Alexandria were placed into receivership after the company encountered financial difficulties related to its office portfolio. The receivership included 11 Canal Center Plaza, one of four buildings that make up the waterfront office campus. OROVILLE HOSPITAL: Healthcare Services Not Affected by Ch.11 Filing ------------------------------------------------------------------- Kyra Gottesman of Enterprise-Record reports that an independent patient care ombudsman has found that Oroville Hospital's Chapter 11 bankruptcy has not disrupted healthcare services, although several aspects of patient care should continue to be monitored throughout the restructuring. The report concluded that patients continue to receive appropriate care and cautioned that closing the hospital would significantly reduce access to medical services for residents in the area. Federal bankruptcy law requires the appointment of a patient care ombudsman in healthcare bankruptcies to evaluate whether patient services are being affected. The report identified several operational matters that warrant continued oversight but found no evidence that the hospital's bankruptcy has compromised patient safety or clinical outcomes, the report cites. Oroville Hospital remains open while reorganizing under Chapter 11, continuing to provide inpatient, outpatient and skilled nursing services. Hospital leadership is working to stabilize finances while maintaining normal operations and addressing recommendations outlined by the independent monitor, according to report. The ombudsman stressed that the hospital plays a critical role in the community and that uninterrupted operations are essential. Continued monitoring, the report said, will help ensure patient care remains stable as the bankruptcy proceedings move forward, the report relays. About Oroville Hospital Oroville Hospital is a full-service community healthcare provider located in Oroville, California. The hospital offers a broad range of medical services, including emergency care, inpatient and outpatient treatment, surgical procedures, diagnostic imaging, and specialty care programs. Committed to patient-centered care, Oroville Hospital focuses on quality outcomes, compassionate service, and maintaining strong community health partnerships. Oroville Hospital sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 25-26876) on December 8, 2025. In its petition, the Debtor reports estimated assets between $500 million and $1 billion and estimated liabilities between $100 million and $500 million. Honorable Bankruptcy Judge Christopher M. Klein oversees the case. The Debtor is represented by Nicholas A. Koffroth, Esq. ORTHO MATTRESS: Hires Hill Farrer & Burrill as Special Counsel -------------------------------------------------------------- Ortho Mattress Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of Central to employ California as Hill, Farrer & Burrill LLP as special counsel. The firm will provide these services: a. provide legal advice to the Debtor for general day to day labor and employment law advice; b. represent the Debtor in the case entitled Efrain Sanchez v. Ortho Mattress, Inc., Los Angeles Superior Court Case No. 25STCV3622 (wage and hour putative class action alleging various wage and hour law violations). The firm will be paid at these rates: James A. Bowles $475 per hour Richard Zuniga $405 per hour Casey Morris $345 per hour Elissa Gysi $275 per hour During the one year period prior to the Petition Date, the Debtor paid a total of $19,688.50 in attorneys' fees and $1,571.99 in costs to the firm for services rendered to the Debtor. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Mr. Bowles disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: James A. Bowles, Esq. Hill, Farrer & Burrill LLP 515 South Flower Street, 7th Floor, Los Angeles, CA 90071 Tel: (213) 620-0460 Fax: (213) 624-4840 Email: jbowles@hillfarrer.com About Ortho Mattress Inc. Ortho Mattress manufactures and sells mattresses through retail stores in Southern California. Founded in 1957 in Gardena, California, the company also sells sleep-related products including furniture, adjustable bases, pillows, protectors, bed frames, foundations, and accessories. Ortho Mattress handcrafts mattresses, makes its own innersprings, and provides delivery, setup, and removal services. The company is headquartered in Cerritos, California, and serves retail customers as well as hospitality clients, including luxury, independent, and boutique hotels. Ortho Mattress Inc. filed its voluntary petition for Chapter 11 protection (Bankr. C.D. Cal. Case No. 26-11189) on June 1, 2026, listing $1 million to $10 million in assets and $10 million to $50 million in liabilities. David Fleischman as co-chief executive officer and director, signed the petition. Hon. Judge Victoria S Kaufman will handle the case. Ron Bender, Esq. of Levene, Neale, Bender, Yoo & Golubchick L.L.P. serve as the Debtor's legal counsel. ORYX MIDSTREAM: Fitch Affirms & Withdraws 'BB-' LongTerm IDR ------------------------------------------------------------ Fitch Ratings has affirmed Oryx Midstream Services Permian Basin LLC's (Oryx) Long-Term Issuer Default Rating (IDR) at 'BB-' with a Stable Outlook. Fitch has subsequently withdrawn the IDR. The affirmation reflects the company's steady operating performance and stable proportionately consolidated EBITDA leverage, tempered by weak Holdco-only leverage. Oryx's fixed-fee but volume exposed business model, together with the moderately growing asset base in the Permian Basin, positions it for increasing FCF generation. Fitch has withdrawn Oryx's IDR because it is no longer considered relevant to the agency's coverage. Oryx has repaid all debt and is no longer expected to issue debt. Key Rating Drivers High Leverage: Fitch analyzes the Holdco-only and proportionately consolidated metrics in its analysis because the operating company has periodically issued debt. Holdco-only EBITDA leverage has been consistently higher than Fitch's downgrade threshold of 6.5x and was at 6.9x at YE 2025. This weakness is partially offset by stable proportionately consolidated EBITDA leverage, which was 4.2x at YE 2025 and is within Fitch's sensitivities for the current rating level. The ratings affirmation is based on Fitch's expectation that leverage will decline marginally going forward, based on moderating capex needs. Limited Control and Structural Subordination: Oryx receives subordinated cash flows through distributions from the operating company, joint venture (JV) between Oryx and Plains All American Pipeline, L.P. (Plains, BBB/Stable). Oryx's only asset is its 35% stake in the JV. All key decisions, including the budget, must be approved by a unanimous vote of the five-member board, three of whom are nominated by Plains and the other two by Oryx's owners. Like many other JVs, this structure constrains Oryx's ability to exercise unilateral control over financial policy, including selling the underlying assets in times of distress. Fitch views this structure as a credit weakness for Oryx. Increasing Volumes and Favorable Footprint: Oryx's rating reflects its operational exposure to volumetric risks associated with the production and demand for crude oil. The JV benefits from acreage dedication with minimal minimum volume commitments (MVCs) accounting for only about 7% of total volumes. From 1Q22 to YE 2025, gross gathering volumes grew by 33%. The JV has one of the largest transportation networks in the Permian, spanning the Delaware and Midlands basins, and offers greater connectivity to the major intra-basin hubs, including Wink, Midland and Crane. Single-Basin Focus: Given the JV's single basin focus, volatility can arise from multiple sources, including weather events, distress at the E&P producers or a decline in commodity prices. Fitch expects capex to be about $250 million to $300 million annually. Higher capex at the JV level could lower distribution to Oryx over the near term. Plains manage all operations, leveraging their experience and footprint for growth and profitability, which is a key strength. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): Business and financial profile factors (assessment, relative importance): management ('bb-', Moderate), sector characteristics ('bbb-', Moderate), market and competitive positioning ('bb', Higher), diversification and asset quality ('bb', Moderate), company operational characteristics ('bb+', Moderate), profitability ('bb', Moderate), financial structure ('b+', Higher), and financial flexibility ('bb', Lower). The quantitative financial subfactors are based on custom CRT financial period parameters: 40% weight for the historical year 2025, 30% for the forecast year 2026 and 30% for the forecast year 2027. The governance assessment of 'good' has no impact. The operating environment assessment of 'aa-' has no impact. The SCP is 'bb-'. To derive the Long-Term IDR: Fitch made no adjustments to the SCP, resulting in an IDR of 'BB-'. RATING SENSITIVITIES Rating sensitivities do not apply as the ratings have been withdrawn. Issuer Profile Oryx is a Permian Basin based midstream energy company. It was formed by the merger of the legacy Oryx entity with most Plains' assets in the Permian Basin. Oryx's only asset is a 35% equity interest in the JV. Summary of Financial Adjustments Fitch utilizes financial statements from both the HoldCo and the JV in its analysis. HoldCo-only EBITDA leverage is calculated as the ratio of Holdco-only debt to HoldCo-only EBITDA. HoldCo-only EBITDA is calculated as actual net distributions received by Oryx minus any operating expenses at the company. Fitch also calculates Holdco-only EBITDA interest coverage as the ratio of HoldCo-only EBITDA to HoldCo-only interest. For additional perspective, Fitch also evaluates Oryx based on its Proportionately Consolidated EBITDA Leverage, which is the ratio of the sum of Holdco-only debt plus Oryx's pro-rata share of debt at the JV to Oryx's pro rata share of EBITDA at the JV. 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 Oryx. ESG Considerations Following the withdrawal of the ratings for Oryx, Fitch will no longer provide the associated ESG scores. Oryx has an ESG Relevance Score of '4' for Group Structure due to because, like many other private equity-backed midstream companies, it has less structural and financial disclosure transparency than publicly traded issuers. This has a negative impact on the credit profile, and is relevant to the rating in conjunction with other factors. Oryx has an ESG Relevance Score of '4' for Financial Transparency due to the complex group structure between Oryx and the JV, which has a negative impact on the credit profile and is relevant to the rating 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 Prior ----------- ------ ----- Oryx Midstream Services Permian Basin LLC LT IDR BB- Affirmed BB- LT IDR WD Withdrawn OSMOSIS HOLDINGS: S&P Affirms 'B' ICR, Outlook Stable ----------------------------------------------------- S&P Global Ratings affirmed our ratings on Osmosis Holdings L.P. (dba Culligan), including the 'B' issuer credit and issue-level ratings. The stable outlook on Culligan reflects S&P's expectation steady organic growth will continue and the company will successfully integrate ongoing tuck-in acquisitions, resulting in debt to EBITDA approaching 6.5x over the next year. The review of Osmosis Holdings L.P.'s (dba Culligan) preferred equity agreement held by financial sponsors BDT & MSD Partners is finalized. S&P no longer treats the preferred equity as debt, as S&P doesn't believe those securities require cash payment, have significant creditor protections, or have features that incentivize redemption. While the updated treatment results in lower S&P Global Ratings-adjusted debt, trailing-12-month (TTM) S&P Global Ratings-adjusted debt to EBITDA remains high at 7x, albeit declining. Culligan's performance strengthened in the first quarter of 2026 despite ongoing global macroeconomic pressures. Revenue grew 9.6% year over year for the 12 months ended March 31, 2026, with 6% organic growth driven by sustained demand for drinking water services across all end markets. The company also completed the divestiture of its noncore China household business during the quarter and now reports under two segments: Americas and Rest of World (ROW). Broadly, the business continues to benefit from robust commercial drinking‑water demand, while household water‑treatment products remain comparatively softer. S&P said, "We view Culligan's growth prospects favorably as it expands its global footprint and deepens its presence in the commercial drinking water category. We expect consolidated revenues to increase 6%-8% in fiscal 2026, supported by a full-year contribution from prior-year acquisitions and ongoing tuck-in merger and acquisition (M&A) activity." The absence of large integration costs and more moderate M&A activity should support modest deleveraging over the next year. S&P said, "We expect a significant decline in below-the-line costs in 2026, contributing to a decline in S&P Global Ratings-adjusted leverage to the mid-6x area by year end. The company completed more than $250 million of acquisitions last year and closed 17 strategic tuck ins in the first quarter of 2026. Our base case forecasts assume $75 million-$100 million of annual acquisitions. Notably, we view M&A risk as less pronounced than in prior years because the company has already achieved substantial scale, reducing the need for additional large, transformative transactions." FOCF should further increase after turning positive for the first time in several years. The company generated positive FOCF in fiscal 2025, reflecting the benefits of strategic initiatives implemented over the past two years. These initiatives include network optimization, procurement improvements, and disciplined cost management, which are now translating into more stable cash conversion. Culligan is also realizing incremental synergies from recent acquisitions, particularly in route density, logistics, and cross-selling, supporting margin durability and reducing working-capital volatility. S&P expects FOCF to remain positive in 2026 and potentially reach $65 million to $80 million, driven by continued operational efficiencies, synergy capture, and steady demand across key regions. S&P said, "We no longer treat Culligan's $1.1 billion preferred equity as debt in our financial analysis. This conclusion follows a detailed review of the instrument's terms, which indicate no mandatory cash interest requirements, no contractual redemption obligations, whether through issuer call or investor put, and no events of default or creditor-like rights that could precipitate a payment default, bankruptcy, or liquidation. The preferred equity also carries no stated maturity, eliminating the risk of a structural subordination issue relative to the term loan. As a result, our forecasted S&P Global Ratings-adjusted leverage improves to 6.8x in 2026, compared with 8.3x had we continued to classify the preferred as debt. This treatment aligns with our methodology for instruments exhibiting equity-like characteristics and supports a more accurate view of Culligan's capital structure and financial risk profile. "The stable outlook on Culligan reflects our expectation that the company will continue generating steady organic revenue growth and the positive FOCF it achieved in 2025 should continue to grow as integration and restructuring costs decrease. We expect credit measures to improve in 2026 as the company reduces its ongoing tuck-in M&A. This includes our expectation that the company will generate FOCF of more than $65 million and lower leverage to the mid-6x area." S&P could lower its ratings on Culligan if leverage approaches 8.0x. This could occur if: -- EBITDA remains depressed by ongoing, high transaction and restructuring costs because of more aggressive M&A activity than expected; or -- Operating performance deteriorates due to weakening consumer demand, intensifying competition, or poor execution. S&P said, "Although an upgrade may be unlikely over the next 12 months based on our forecast for leverage to approach 6.5x midway through next year, we could nonetheless take a favorable rating action if we believe forecasted leverage will decline and remain below 5.5x." This could occur if: -- The company continues to generate solid organic revenue growth and its profit margins expand as it realizes cost synergies; -- It prioritizes ongoing business investment over other shareholder-friendly activities. S&P believes its financial-sponsor owner will remain committed to further deleveraging by only pursuing accretive bolt-on acquisitions, expanding EBITDA, and using excess cash balances to repay debt. PALM VALLEY: Hires Mr. Wood of Marshack Hays as CRO --------------------------------------------------- Palm Valley School, Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ David A. Wood of Marshack Hays Wood LLC as chief restructuring officer. The firm will provide these services: a. make all decisions relating to the Debtor with the Board's oversight, and to execute any and all documents needed to effectuate those decisions with the understanding that effectuating decisions may require prior Board and court approval; b. continue the employment of Shaw & Hanover, PC as general counsel for the Debtor and to direct and manage them as part of the CRO's duties in managing the Debtor; and c. provide the Debtor with tax or legal advice;. The firm will be paid at these rates: CRO $690 per hour Support Staff $380 per hour Field agent $125 per hour The firm received a retainer in the amount of $25,000. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Mr. Wood disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: David A. Wood, Esq. Marshack Hays Wood LLP, 870 Roosevelt, Irvine, CA 92620 Tel: (949) 333-7777 Email: dwood@marshackhays.com About The Palm Valley School, Inc. Palm Valley School is an independent, non-religious, college-preparatory school located in Rancho Mirage, California. Founded in 1952, the school provides preschool through high school education to students and families in the region. Its 34-acre campus includes dedicated preschool, elementary, middle school, and high school divisions, as well as athletic, performing arts, and learning facilities. The Palm Valley School, Inc. in Rancho Mirage, CA, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. C.D. Cal. Case No. 26-14634) on June 8, 2026, listing $10 million to $50 million in assets and $1 million to $10 million in liabilities. Sarah L. Dunn, Ph.D. as chairperson of the Board, signed the petition. Judge Scott H Yun oversees the case. SHAW & HANOVER, PC serve as the Debtor's legal counsel. PALM VALLEY: Hires Shaw & Hanover PC as General Counsel ------------------------------------------------------- Palm Valley School, Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Shaw & Hanover, PC as general counsel. The firm will provide these services: a. advise and assist the Debtor with respect to compliance with the requirements of the Office of the United States Trustee; b. conduct examinations of the witnesses, claimants, or adverse parties and to prepare and assist in the preparation of reports, accounts, applications, motions, complaints, and orders; c. advise the Debtor regarding matters of bankruptcy laws, including the rights and remedies of the Debtor regarding its assets and to the claims of its creditors; d. represent the Debtor in any proceedings or hearings in this Court where the Debtor's rights under the Bankruptcy Code may be litigated or affected; e. advise the Debtor concerning the requirements of the Bankruptcy Court, the Federal Rules of Bankruptcy Procedure, and the Local Bankruptcy Rules; f. file any motions, applications, or other pleadings appropriate to effectuate the reorganization of the Debtor; g. review claims filed in the Debtor's case, and, if appropriate, to prepare and file objections to disputed claims; h. represent the Debtor in litigation in the Bankruptcy Court affecting the Estate, as may be requested by the Debtor; i. assist the Debtor in the negotiation, formulation, confirmation, and implementation of a Chapter 11 plan; and j. take such other action and perform such other services as the Debtor may require of the Firm in connection with its Chapter 11 case. The firm will be paid at these rates: Summer Shaw, Attorney $625 per hour Alina Mamlyuk, Associate Attorney $525 per hour Teresa Stone, Paralegal $225 per hour Cash Rist, Administrative Assistant $125 per hour The firm will be paid a retainer in the amount of $10,000 and then an additional $41,738 to be paid prior to the filing of this case, to be held in the firm's trust account and billed against, pre-filing, and post-filing. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Shaw 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: Summer Shaw Shaw & Hanover, PC 44-901 Village Court, Suite B Palm Desert, CA, 92260 Tel: (760) 610-0000 About The Palm Valley School, Inc. Palm Valley School is an independent, non-religious, college-preparatory school located in Rancho Mirage, California. Founded in 1952, the school provides preschool through high school education to students and families in the region. Its 34-acre campus includes dedicated preschool, elementary, middle school, and high school divisions, as well as athletic, performing arts, and learning facilities. The Palm Valley School, Inc. in Rancho Mirage, CA, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. C.D. Cal. Case No. 26-14634) on June 8, 2026, listing $10 million to $50 million in assets and $1 million to $10 million in liabilities. Sarah L. Dunn, Ph.D. as chairperson of the Board, signed the petition. Judge Scott H Yun oversees the case. SHAW & HANOVER, PC serve as the Debtor's legal counsel. PALM VALLEY: Hires Soltman & Wattles LLP as Special Counsel ----------------------------------------------------------- The Palm Valley School, Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Soltman & Wattles LLP as special counsel. The firm will provide these services: a. advise and assist the Debtor with respect to the specified special purpose of litigating the four causes of action of Sherman against the Debtor and Dunn in the Sherman State Court Action; b. conduct examinations of the witnesses, claimants, or adverse parties and to prepare and assist in the preparation of reports, accounts, applications, motions, complaints, and orders only as it pertains to conducting the Sherman State Court Action litigation against Sherman in the State Court or any related arbitration; c. advise the Debtor in any proceedings or hearings in this Court where the Debtor's rights related to the Sherman State Court Action litigation against the Debtor or Dunn may be litigated or affected; and d. take such other action and perform such other services as the Debtor may require of the Firm in connection with the Sherman State Court Action. Pre-petition, the Debtor paid the firm the amount of $13,000. The firm will be paid based upon its normal and usual hourly billing rates. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Nimoy 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: Kevin S. Wattles, Esq. Steven S. Nimov, Esq. Soltman & Wattles LLP 90 E. Thousand Oaks Blvd., Suite 300 Thousand Oaks, CA 90360 Tel: (805) 497-7706 Fax: (805) 497-1147 About The Palm Valley School, Inc. Palm Valley School is an independent, non-religious, college-preparatory school located in Rancho Mirage, California. Founded in 1952, the school provides preschool through high school education to students and families in the region. Its 34-acre campus includes dedicated preschool, elementary, middle school, and high school divisions, as well as athletic, performing arts, and learning facilities. The Palm Valley School, Inc. in Rancho Mirage, CA, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. C.D. Cal. Case No. 26-14634) on June 8, 2026, listing $10 million to $50 million in assets and $1 million to $10 million in liabilities. Sarah L. Dunn, Ph.D. as chairperson of the Board, signed the petition. Judge Scott H Yun oversees the case. SHAW & HANOVER, PC serve as the Debtor's legal counsel. PALM VALLEY: Seeks to Hire Stretto Inc. as Noticing Agent --------------------------------------------------------- The Palm Valley School, Inc. seek approval from the U.S. Bankruptcy Court for the Central District of California to employ Stretto, Inc. as noticing agent. The firm will provide these services: a. assist the Debtor with the preparation and distribution of all required notices and documents in accordance with the Bankruptcy Code and the Bankruptcy Rules in the form and manner directed by the Debtor and/or the Court, potentially including: (i) notice of the commencement of this chapter 11 case and the initial meeting of creditors under Bankruptcy Code section 341(a); (ii) notice of any claims bar date; (iii) notice of any proposed sale of the Debtor's assets; (iv) notices of objections to claims and objections to transfers of claims; (v) notices of any hearings on a disclosure statement and confirmation of any plan or plans of reorganization, including under Bankruptcy Rule 3017(d); (vi) notice of the effective date of any plan; and (vii) all other notices, orders, pleadings, publications and other documents as the Debtor, Court, or Clerk may deem necessary or appropriate for an orderly administration of this chapter 11 case; b. for all notices, motions, orders or other pleadings or documents served, to prepare and file or cause to be filed with the Clerk an affidavit or certificate of service no more frequently than every 7 days that includes: (i) either a copy of the notice served or the docket number(s) and title(s) of the pleading(s) served; (ii) a list of persons to whom it was mailed (in alphabetical order) with their addresses; (iii) the manner of service; and (iv) the date served; and c. assist the Debtor and the Firm with any other preparation and servicing of notices on "as-required" basis. The firm will be paid an advance retainer of $2,500. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Brian Karpuk, managing director at Stretto, Inc., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Brian Karpuk Stretto, Inc. 410 Exchange, Ste. 100 Irvine, CA 92602 Telephone: (714) 716-1872 Email: brian.karpuk@stretto.com About The Palm Valley School, Inc. Palm Valley School is an independent, non-religious, college-preparatory school located in Rancho Mirage, California. Founded in 1952, the school provides preschool through high school education to students and families in the region. Its 34-acre campus includes dedicated preschool, elementary, middle school, and high school divisions, as well as athletic, performing arts, and learning facilities. The Palm Valley School, Inc. in Rancho Mirage, CA, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. C.D. Cal. Case No. 26-14634) on June 8, 2026, listing $10 million to $50 million in assets and $1 million to $10 million in liabilities. Sarah L. Dunn, Ph.D. as chairperson of the Board, signed the petition. Judge Scott H Yun oversees the case. SHAW & HANOVER, PC serve as the Debtor's legal counsel. PANCAKES R US: Gets Interim OK to Use Cash Collateral ----------------------------------------------------- Pancakes R Us received interim approval from the U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, to use cash collateral to fund operations. The Debtor's existing cash and the revenue generated from ongoing restaurant operations constitute cash collateral. It intends to use these funds exclusively for ordinary operating expenses detailed in its budget. The Debtor does not own any real estate; instead, its assets consist primarily of cash, food inventory, kitchen supplies, restaurant furniture, office equipment, computers, and a beer and wine permit, with an estimated total value of approximately $16,755. The U.S. Small Business Administration is the Debtor's primary secured creditor, holding a claim of approximately $162,000 secured by a blanket lien on substantially all of the Debtor's assets under a Uniform Commercial Code financing statement originally filed in February 2021 and renewed in November 2025. To protect the SBA's interests, the Debtor offers adequate protection through a replacement lien on post-petition assets, with the same priority as its the SBA's pre-petition lien. In addition, the Debtor offers monthly payments of $731. The Debtor reported no known priority unsecured creditors but estimates approximately $31,810 in general unsecured claims, consisting mainly of trade vendors, business credit card debt, and disputed employee wage claims. The financial distress leading to the bankruptcy resulted from increasing labor costs, rising prices for food and materials, and significant legal expenses associated with defending employee wage complaints. These mounting costs substantially increased operating expenses and impaired the restaurant's ability to manage its obligations outside bankruptcy. Nevertheless, the Debtor believes it has a realistic opportunity to reorganize successfully through Chapter 11 if allowed to continue normal business operations. The next hearing is scheduled for July 28. The order is available at http://bankrupt.com/misc/PancakesRUs_ICCOrder22.pdf About Pancakes R Us Pancakes R Us is a full-service breakfast restaurant chain specializing in pancakes, waffles, crepes, omelets, and other breakfast favorites. The company also offers gluten-free, vegan, and multigrain menu options and operates restaurants in Pomona, Montclair, Costa Mesa, and Rancho Palos Verdes. Pancakes R Us sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 26-16493) on June 29, 2026. In its petition, the Debtor reports estimated assets of $50,001 to $100,000, estimated liabilities of $100,001 to $500,000. Honorable Bankruptcy Judge Neil W. Bason handles the case. The Debtor is represented by Michael Jay Berger, Esq. PATTERN ENERGY: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable ---------------------------------------------------------------- Fitch Ratings has affirmed Pattern Energy Operations LP's (PEO) Long-Term Issuer Default Rating (IDR) at 'BB-'. The Rating Outlook is Stable. Fitch has also affirmed PEO's senior unsecured notes due 2028 at 'BB-' with a Recovery Rating of 'RR4'. PEO's ratings reflect Fitch's view that completion of the SunZia project removes a significant execution overhang and is expected to double PEO-level FFO by 2027. Holdco-only FFO Leverage, which is currently elevated, is expected to average 4.0x over 2027-2028, consistent with current ratings as SunZia operations stabilize and new projects continue to be dropped into PEO. Conversely, ratings factor in increased cash flow concentration in wind generation, especially post-SunZia, which by itself is expected to form one-third of PEO's project distributions by 2028. Fitch will continue to track SunZia's operations and permanent financing, along with PEO's growth strategies. The rating affirmation anticipates the company's ultimate adherence to its stated financial policies. Key Rating Drivers SunZia Complete; Permanent Financing Underway: Fitch views as credit-positive the completion of SunZia within budget in May 2026, because it removes a major overhang of funding support from PEO's credit profile. SunZia nearly doubles PEO's 2025 project distributions by 2027. The project is expected to be 80% contracted by mid-2027, and Fitch believes PEO also will favorably contract the remainder. Fitch will continue to monitor this, along with challenges to the recently commenced operations. Because of SunZia's size and expected contribution, operational issues could materially affect PEO's deleveraging plans, while contracting difficulties could weaken cash flow quality. As PEO finalizes SunZia's permanent capital structure, Fitch assumes debt financing for SunZia will remain mostly at the project level. SunZia should generate significant Investment Tax Credits (ITCs), used to partially repay the construction debt; however, this carries the risk of monetizing a large quantum of ITCs. Fitch expects any PEO-level financing or support for SunZia to adhere to management's target of corporate debt to EBITDA of 3x-4x, closely tracking Fitch's HoldCo-only FFO leverage metric. A track record of adherence is key for any positive rating action. Limited Portfolio Diversification: PEO's fleet is currently nearly 100% wind, exposing it to higher resource variability than solar. Despite solar development at the group, Fitch expects wind to remain dominant medium-term, at about 90% of the fleet by 2028. SunZia would form about 40% of 2026 distributions, easing to a third by 2028, while Western Spirit, the second-largest project, contributes 20% through 2028. This concentration heightens resource volatility risk, especially since both projects' New Mexico location. Further, the California Independent System Operator is expected to account for about 50% of PEO's sales. PEO now owns 585 miles of high-voltage transmission, adding some cash-flow diversity with transmission distributions estimated to form about 10% of the total by 2028. In April 2026, PEGLP acquired certain Cordelio Power assets, also Canada Pension Plan Investment Board (CPPIB) owned, in an all-stock deal, dropped into PEO in June 2026. The 1.6 GW acquired comprises 542 MW solar, 20 MW BESS, and the remainder wind. Almost fully contracted with high-A average off-taker ratings, Cordelio offers a modest benefit of scale, forming under 10% of distributions, but little diversification. Expected Improvement in Leverage: Fitch expects PEO's HoldCo-only leverage to remain above its 4.5x rating threshold over 2025-2026, then improve to average 4.0x over 2027-2028. Deleveraging is slower than Fitch's previous estimates because higher transmission costs and lower wind resources reduced 2025 project distributions. Fitch assumes permanent financing for SunZia in 2026, in line with management estimates. Leverage should improve over 2027-2028 as SunZia operations stabilize and projects under development drop into PEO. Fitch calculates PEO's leverage on a deconsolidated basis due to non-recourse project financing. Growth Opportunities: Fitch's forecasts include a 2.3 GW development pipeline, in line with PEO's estimates. However, Fitch believes PEO could pursue further growth to exploit increasing U.S. power demand. While PEO does not assume direct construction risk, it has historically lent liquidity for the group's development activities. Credit-supportive funding, with adherence to the 3x-4x leverage targets, would remain key to maintaining PEO's ratings. Fitch will also monitor the size, technology and execution of these projects, as well as the quality of distributions, including contract terms and counterparty risk. High-Quality Contracted Power Portfolio: Approximately 88% of PEO's total power generation is contracted.The contracts have a 12-year weighted-average remaining life, and the average off-taker rating is in the 'A' category, which structures most projects as investment-grade. Including the Cordelio portfolio, all projects except Western Interconnect have a required debt service coverage ratio (DSCR) of 1.2x. Private Ownership Remains Beneficial: Fitch views PEO's private ownership positively, with CPPIB as majority owner, alongside a consortium headed by APG Asset Management N.V., on behalf of the largest Dutch pension fund, Algemeen Burgerlijk Pensioenfonds (ABP); and the Australian Retirement Trust. Fitch expects the private owners to be supportive, long-term investors, based on the lack of any distribution targets and historical equity support. Parent-Subsidiary Linkages (PSL): Fitch rates PEO on a standalone basis and does not apply PSL between PEO and PEGLP, due to a lack of transparency at the PEGLP level. PEO and its financing companies have their own credit facilities. PEO holds only operational assets, but it can lend its liquidity to the development affiliates. However, PEO's financial policies provide credit protection for PEO. Fitch does not apply PSL between PEO and CPPIB, as the latter acts as a financial investor. Peer Analysis PEO is comparable to other private yieldcos such as Leeward Renewables Energy Operations (LREO; BB-/Stable) and Terraform Power Operating LLC. (TERPO; BB-/Stable), which both own and operate portfolios of nonrecourse projects. PEO's nearly 100% wind generation assets exhibit more resource variability, which Fitch sees as a credit negative. Solar projects form 36% of TERP's and 37% of LREO's total portfolio capacities. PEO's operating scale post SunZia operations (8.6 GW proportionate capacity) is significantly larger than both peers. PEO's long-term contracted fleet has a remaining contracted life of 12 years, compared with TERPO's 10 years and LREO's 12 years. Nearly 88% of PEO's generation is contracted, compared with LREO's 91% and TERPO's 97%. Fitch forecasts PEO's holdco-only FFO leverage to average 4.0x over 2027-2028. LREO's holdco-only FFO leverage is expected to be below 3.5x from 2027-2030. Fitch forecasts TERPO's holdco-only FFO leverage in the mid-5.0x range from 2026 to 2029. Fitch’s Key Rating-Case Assumptions - Fitch has used P50 to determine its rating case production assumption; - Exclusion of non-recourse project debt; - No shareholder distributions till 2028; - Development projects of 2.3 GW achieve COD during 2026-2028; - SunZia's permanent capital structure in line with current management estimates; - Monetization of ITCs at SunZia in line with management estimates and used primarily to repay debt - Refinancing of 2028 unsecured notes Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): Business and financial profile factors (assessment, relative importance): management ('bbb', Lower), sector characteristics ('bbb-', Lower), market and competitive positioning ('bbb-', Lower), diversification and asset quality ('b+', Higher), company operational characteristics ('bbb-', Moderate), profitability ('bbb-', 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 Assessments of the quantitative financial subfactors also include bespoke calculations. The governance assessment of 'good' has no impact. The operating environment assessment of 'aa-' has no impact. The SCP is 'bb-'. To derive the Long-Term IDR: Fitch made no adjustments to the SCP, resulting in an IDR of 'BB-'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Holdco-only FFO leverage sustained at or above 4.5x; - Inability to mitigate execution risk in the group's development business, resulting in a negative deviation from financial policy; - Underperformance in the underlying assets that lends material variability or sustained shortfalls to expected project distributions; - Lack of access to capital that leads PEO to deviate from its target capital structure; - Pursuit of aggressive growth opportunities that increase business risk or pressure Holdco-only FFO leverage above 4.5x on a sustained basis Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Holdco-only FFO leverage sustained below 3.5x; - A track record of adhering to management's stated financial policy, with corporate debt/EBITDA of 3.0x-4.0x; - Greater diversification by generation sources and project distributions. Liquidity and Debt Structure PEO had total corporate liquidity of USD829 million as of March 31, 2026, including USD177 million of unrestricted cash balance and USD310 million availability under corporate revolvers and letter of credit (LC) facilities. In June 2024, certain subsidiaries of PEO, including Pattern US Finance Company LLC (PUSFC) and Pattern Canada Finance Company ULC (PCFC), amended their existing secured corporate revolving credit facility to increase total commitments to USD1 billion from USD600 million in June 2025 and then further USD1.5 billion in June 2026 with maturity extended to 2030. In June 2025, PUSFC, PCFC, along with certain other subsidiaries, entered into Corporate LC Facilities, for a maximum capacity of USD625 million and with maturity dates in June 2027 which was upsized to USD1.25 billion in June 2026. As of March 31, 2026, USD511 million was issued under the Corporate LC Facilities Fitch believes PEO will have access to capital markets to refinance the USD639 million unsecured notes maturing 2028. Financial covenants of corporate revolver and LC facilities include first-lien leverage ratio below 5.0x in 2026 and 4.0x in 2027 and interest coverage ratio exceeding 1.75x. As of March 31, 2026, borrowers are compliant with the covenants. Issuer Profile Pattern Energy Operations LP (PEO) is a renewable energy provider that currently owns 43 renewable energy projects located in the U.S. and Canada, with an operating capacity of approximately 8.6 GW as of March 31, 2026. Summary of Financial Adjustments Fitch assigns 50% equity credit to PEO's preferred debt. 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 Pattern Energy Operations LP. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Pattern Energy Operations LP LT IDR BB- Affirmed BB- senior unsecured LT BB- Affirmed RR4 BB- PERFORMANCE SERVICE: Seeks Subchapter V Bankruptcy in Indiana ------------------------------------------------------------- On July 14, 2026, Performance Service and Repair, LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Indiana. According to court filings, the debtor reports between $100,000 and $500,000 in liabilities owed to between one and 49 creditors. Deadline for Government Proofs of Claim Is Jan. 11, 2027. About Performance Service and Repair, LLC Performance Service and Repair, LLC is an Orleans, Indiana-based automotive repair and maintenance company providing vehicle diagnostics, mechanical repairs, routine maintenance and related automotive services. According to the bankruptcy filing, the company continues to operate within the automotive service sector. Court documents do not specify the reasons for the Chapter 11 filing. Performance Service and Repair, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-90782) on July 14, 2026. In its petition, the debtor reported estimated assets of $50,000 to $100,000 and estimated liabilities of $100,000 to $500,000. Honorable Bankruptcy Judge Andrea K. McCord handles the case. The debtor is represented by K.C. Cohen, Esq. of K.C. Cohen, Lawyer, P.C. PHOENIX PRESS: Seeks Chapter 11 Bankruptcy in Michigan ------------------------------------------------------ On July 14, 2026, Phoenix Press, LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of Michigan. According to court filings, the debtor reports between $10 million and $50 million in liabilities. The petition states that funds will be available for distribution to unsecured creditors. About Phoenix Press, LLC Phoenix Press, LLC, doing business as Phoenix Innovate, is a Troy, Michigan-based provider of data-driven marketing, direct mail and commercial printing services. The company offers integrated marketing solutions, digital and offset printing, direct mail campaigns and related fulfillment services to commercial clients across a range of industries. Phoenix Press, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-47856) on July 14, 2026. In its petition, the debtor reported estimated assets of $1 million to $10 million and estimated liabilities of $10 million to $50 million. The debtor is represented by Ryan Heilman, Esq. of Heilman Law PLLC. PLATINUM EXPRESS: Seeks Continued Cash Collateral Access -------------------------------------------------------- Platinum Express, Inc. asks the U.S. Bankruptcy Court for the Southern District of Ohio, Dayton Division, to extend its authority to use cash collateral through Oct. 31 and provide adequate protection to its secured lenders. The request seeks to build upon previous court authorizations, including a final cash collateral order entered on July 6, which is currently set to expire on Aug. 1. Under the new proposal, the Debtor intends to operate according to a revised 13-week budget that outlines necessary expenditures and adequate protection measures. The primary secured creditors affected by the request are Apex Capital Corp., Daimler Truck Financial Services USA LLC, and Daimler Lease and Daimler Trust. To protect their interests, the Debtor proposes to continue its existing factoring agreement with Apex, whereby Apex purchases its receivables at inception and retains its contractual percentages. Additionally, the Debtor will continue making regular adequate protection payments to Daimler FS and Daimler Lease to ensure the estate can retain and operate the leased and secured semi-trucks that form the core of its shipping business. A copy of the motion is available at https://urlcurt.com/u?l=Zp3BFt from PacerMonitor.com. About Platinum Express Inc. Platinum Express, Inc. is a Dayton, Ohio-based truckload carrier founded in 1999. The company provides freight transportation services, including reefer freight delivery and transportation of groceries, plumbing supplies, and home construction and improvement materials. Platinum Express, Inc. is family owned and operated and operates a fleet of more than 80 trucks with owner/operator and company-employed drivers. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ohio Case No. 26-31005) on May 7, 2026. In the petition signed by Myna Burba, president, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Tyson A. Crist oversees the case. The Debtor tapped Darlene E. Fierle, Esq., at Thomsen Law Group, LLC, as bankruptcy counsel, and S&S Tax and Accounting Services, LLC as accountant. PREMIER HEALTH: Closes CCAA Restructuring Sale to Polar Valley -------------------------------------------------------------- Premier Health Of America Inc. announced on July 14, 2026, that, in connection with the restructuring proceedings initiated on June 23, 2026 by the Royal Bank of Canada in its capacity as a secured creditor and the Court-approved restructuring transaction announced on July 3, 2026, Polar Valley Investments Limited has successfully closed the acquisition of all of the equity interests in three affiliates of the Company, namely Solutions Staffing Inc., Canadian Health Care Agency Ltd. and Premier Soin Nordik Inc. / Premier Health Nordik Inc.. As a result of the Transaction, Polar became the sole holder of the securities of SSI, CHCA and Nordik Quebec. Each of SSI, CHCA and Nordik Quebec retained the assets and liabilities necessary to continue the going concern operations of their respective businesses and ceased to be debtors in the CCAA Proceedings. In connection with the closing of the Transaction, Guy D'Aoust has ceased to act as Interim Chief Executive Officer of the Company. Clients of SSI, CHCA and Nordik Quebec should expect no changes to day-to-day operations and service levels. SSI, CHCA and Nordik Quebec remain focused on delivering reliable, high-quality healthcare solutions and ensuring continuity of service for the organizations and communities served. The CCAA Proceedings remain ongoing, as FTI Consulting Canada Inc., in its capacity as Court-appointed monitor, addresses the Company's remaining assets, liabilities, and obligations, and works toward winding down the Company's corporate structure in anticipation of terminating the CCAA Proceedings. Documents relating to the restructuring process, such as Court orders and Monitor's reports, are available on the Monitor's website at https://cfcanada.fticonsulting.com/PHA. For more comprehensive information regarding the CCAA Proceedings and the Transaction, readers are invited to consult the full text of all of these documents. Trading in the Company's common shares on the TSX Venture Exchange has been halted. The common shares will remain halted until such date that the TSXV determines. Premier Health of America is a specialized healthcare services leader that provides an effective and comprehensive range of staffing and outsourced services solutions for healthcare needs to governments, corporations, and individuals. PROPEL TRUCKING: Hires Block Realty & Auction as Appraiser ---------------------------------------------------------- Propel Trucking, Inc. received final approval from the U.S. Bankruptcy Court for the Eastern District of Arkansas to employ Paul Colvin, Jr. dba Block Realty & Auction as its appraiser. Block Realty will charge $75 per hour for its services. Block Realty & Auction 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: Paul Colvin, Jr. Block Realty & Auction 633 S Barrington Rd. Springdale, AR 72762 Mobile: (479) 790-5513 E-Mail: paul@blockauction.com About Propel Trucking Inc. Propel Trucking, Inc. filed its voluntary petition for Chapter 11 protection (Bankr. E.D. Ark. Case No. 25-13396) on October 2, 2025, listing up to $50,000 in assets and between $1 million and $10 million in liabilities. Judge Bianca M. Rucker oversees the case. Stanley V. Bond, Esq., is the Debtor's legal counsel. PT AWAN: Variant Alternative Marks $17.5M Loan at 39% Off --------------------------------------------------------- Variant Alternative Income Fund has marked its $17,500,200 loan extended to PT Awan Tunai Indonesia to market at $10,696,495 or 61% of the outstanding amount, according to Variant Alternative's N-CSR for the fiscal year ended July 9, 2026, filed with the U.S. Securities and Exchange Commission. Variant Alternative Income Fund is a participant in a loan extended to PT Awan Tunai Indonesia. The Loan accrues interest at a rate of 10.50% per annum. Variant Alternative Income Fund is a corporate issuer in the leveraged finance market. The Fund is led by Robert W. Elsasser as President, and Curt Fintel as Treasurer. The Fund can be reached at: Robert W. Elsasser Variant Alternative Income Fund c/o UMB Fund Services, Inc. 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2271 About PT Awan Tunai Indonesia PT Awan Tunai Indonesia is an Indonesia-based consumer finance company. QVC GROUP: Secures Court Approval for $5B Chapter 11 Plan --------------------------------------------------------- Clara Geoghegan of Law360 Bankruptcy Authority reports that a Texas bankruptcy court has approved QVC Group's $6.5 billion Chapter 11 restructuring plan, clearing the way for the home shopping company to eliminate the vast majority of its outstanding debt. The judge rejected objections raised during the confirmation hearing, concluding that the proposed plan is fair, feasible and complies with bankruptcy law. The restructuring is expected to substantially strengthen QVC's financial position by reducing debt obligations and providing additional operational flexibility. The company maintained that the reorganization will better equip it to navigate evolving retail trends while continuing to invest in its television, digital and e-commerce platforms, according to Law360. Following confirmation, QVC Group is expected to implement the plan and complete its emergence from Chapter 11 in the coming weeks. The company believes the restructuring will establish a more sustainable capital structure and support its long-term business strategy, the report relays. About QVC Group Inc. QVC Group, Inc., formerly known as Qurate Retail, Inc. -- https://www.qvcgrp.com/ -- owns interests in subsidiaries and other companies that are primarily engaged in the video and online commerce industries. Through its subsidiaries and affiliates, the company operates in North America, Europe and Asia. Its principal businesses and assets include its consolidated subsidiaries QVC, Inc., Cornerstone Brands, Inc., and other cost method investments. QVC Group and several affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-90447) on April 16, 2026. In its petition, the Debtor reports more than $1 billion in assets and estimated liabilities of $6.6 billion. The Hon. Bankruptcy Judge Alfredo R. Perez handles the jointly administered cases. The Debtors employed Kirkland & Ellis LLP and Kirkland & Ellis International LLP as co-counsel; Gray Reed, as co-counsel; AlixPartners, LLP, as financial advisor; Evercore Group L.L.C., as investment banker; Kroll Restructuring Administration LLC, as claims and noticing agent; and PricewaterhouseCoopers LLP, as tax advisor. Joele Frank, Wilkinson Brimmer Katcher is serving as strategic communications advisor to QVC Group and QVC, Inc. Kobre & Kim LLP, serves as legal counsel to QVC Group, Inc. under the direction of the Special Committee; Seward & Kissel LLP, as legal counsel to QRI Cornerstone, Inc. under the direction of the Special Committee; Milbank LLP, as legal counsel to Liberty Interactive LLC, under the direction of the disinterested directors, and as legal counsel to Qurate Retail Group, Inc., under the direction of the Special Committee; and Katten Muchin Rosenman LLP, as legal counsel to QVC, Inc., under the direction of the disinterested directors. The Bank of New York Mellon Trust Company, N.A., as trustee under the LINTA Notes Indenture, is represented by Reed Smith LLP, as counsel. The LINTA Noteholder Group is represented by Akin Gump Strauss Hauer & Feld LLP. The QVC Noteholder Group is represented by Davis Polk & Wardwell LLP. The RCF Lender Group, led by JPMorgan Chase Bank, N.A., as administrative agent, is represented by Simpson Thacher & Bartlett LLP. An ad hoc group of beneficial holders to QVC Group, Inc. is represented by Brown Rudnick LLP as counsel. Glenn Agre Bergman & Fuentes LLP, Cleary Gottlieb Steen & Hamilton LLP, and Kane Russell Coleman Logan PC represent certain beneficial holders of the 8.0% Series A Cumulative Redeemable Preferred Stock issued by QVC Group, Inc. QVC GROUP: Wins Court Approval of Prepackaged Restructuring Plan ---------------------------------------------------------------- QVC Group, Inc. announced on July 15, 2026, that it has achieved a significant milestone as it continues to advance its transformational WIN Growth Strategy and drive the future of live social shopping. As expected, the U.S. Bankruptcy Court for the Southern District of Texas issued a ruling confirming QVC Group's comprehensive, prepackaged financial restructuring plan, which was developed with and supported by a significant majority of the Company's lenders and noteholders. The reorganized company will emerge from the court-supervised process once the remaining customary conditions to closing are satisfied. Upon emergence, the Company's total debt will be reduced from approximately $6.6 billion to $1.325 billion, and all vendors will have their claims paid in full or reinstated. With a more manageable amount of debt, the reorganized company is expected to have greater financial flexibility to pursue long-term growth and profitability as a leader in live social shopping across social platforms, streaming apps, ecommerce sites, stores, and TV channels. "Today marks a significant turning point for our Company and positions us to emerge from Chapter 11 ready to win in live social shopping," said David Rawlinson, President and Chief Executive Officer, QVC Group, Inc. "With significantly less debt, we can focus on what matters most – creating uniquely inspiring live social shopping experiences for our customers. We will continue to build on the success we've already achieved under our WIN Growth Strategy and capture future opportunities for long-term growth." Mr. Rawlinson continued, "We are grateful for the support that our valued business partners and loyal customers have expressed throughout this process. I also want to thank our team members for their steadfast commitment to QVC Group and for delivering the high-quality shopping experiences that our customers expect every day. As we work to formally conclude this process, I look forward to working with our current and future board and shareholders to continue driving value for our incredible customers, team members and stakeholders." Issuance, Listing, and Trading of New Common Stock QVC Group has continued operating as a publicly traded company throughout the reorganization process. Upon emergence, all of QVC Group's existing shares of preferred and common stock will be cancelled pursuant to the Plan. We expect, subject to applicable approvals, that the reorganized company's newly-issued shares of common stock will be listed on a national securities exchange under the symbol "QVCG" and that the reorganized company will operate as a publicly traded company. New Financing In connection with emergence, the reorganized company expects to have access to a new $600 million line of credit to support its working capital needs and general corporate purposes after emergence, subject to the terms of applicable documentation. Additional Information Additional information regarding the court-supervised financial restructuring process is available at forward.qvcgrp.com. Court filings and other information related to the proceedings are available on a separate website administered by the Company's claims and noticing agent, Kroll, at https://restructuring.ra.kroll.com/QVC; by calling Kroll representatives toll-free at (888) 575-5337, or +1 (347) 292-4386 for calls originating outside of the U.S. or Canada; or by emailing QVCinfo@ra.kroll.com. Advisors Kirkland & Ellis LLP and Gray Reed are serving as legal counsel, Evercore Group L.L.C. is serving as financial advisor, AlixPartners, LLP is serving as restructuring advisor, and Joele Frank, Wilkinson Brimmer Katcher is serving as strategic communications advisor to QVC Group and QVC, Inc. About QVC Group Inc. QVC Group, Inc., formerly known as Qurate Retail, Inc. -- https://www.qvcgrp.com/ -- owns interests in subsidiaries and other companies that are primarily engaged in the video and online commerce industries. Through its subsidiaries and affiliates, the company operates in North America, Europe and Asia. Its principal businesses and assets include its consolidated subsidiaries QVC, Inc., Cornerstone Brands, Inc., and other cost method investments. QVC Group and several affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-90447) on April 16, 2026. In its petition, the Debtor reports more than $1 billion in assets and estimated liabilities of $6.6 billion. The Hon. Bankruptcy Judge Alfredo R. Perez handles the jointly administered cases. The Debtors employed Kirkland & Ellis LLP and Kirkland & Ellis International LLP as co-counsel; Gray Reed, as co-counsel; AlixPartners, LLP, as financial advisor; Evercore Group L.L.C., as investment banker; Kroll Restructuring Administration LLC, as claims and noticing agent; and PricewaterhouseCoopers LLP, as tax advisor. Joele Frank, Wilkinson Brimmer Katcher is serving as strategic communications advisor to QVC Group and QVC, Inc. Kobre & Kim LLP, serves as legal counsel to QVC Group, Inc. under the direction of the Special Committee; Seward & Kissel LLP, as legal counsel to QRI Cornerstone, Inc. under the direction of the Special Committee; Milbank LLP, as legal counsel to Liberty Interactive LLC, under the direction of the disinterested directors, and as legal counsel to Qurate Retail Group, Inc., under the direction of the Special Committee; and Katten Muchin Rosenman LLP, as legal counsel to QVC, Inc., under the direction of the disinterested directors. The Bank of New York Mellon Trust Company, N.A., as trustee under the LINTA Notes Indenture, is represented by Reed Smith LLP, as counsel. The LINTA Noteholder Group is represented by Akin Gump Strauss Hauer & Feld LLP. The QVC Noteholder Group is represented by Davis Polk & Wardwell LLP. The RCF Lender Group, led by JPMorgan Chase Bank, N.A., as administrative agent, is represented by Simpson Thacher & Bartlett LLP. An ad hoc group of beneficial holders to QVC Group, Inc. is represented by Brown Rudnick LLP as counsel. Glenn Agre Bergman & Fuentes LLP, Cleary Gottlieb Steen & Hamilton LLP, and Kane Russell Coleman Logan PC represent certain beneficial holders of the 8.0% Series A Cumulative Redeemable Preferred Stock issued by QVC Group, Inc. RAND PARENT: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable ------------------------------------------------------------ Fitch Ratings has affirmed Rand Parent, LLC's (dba Atlas Air) Long-Term Issuer Default Rating (DR) at 'BB' and its senior secured credit facilities and bonds at 'BB+' with a Recovery Rating of 'RR3'. The Rating Outlook is Stable. Atlas's ratings reflect its heavily contracted customer model, which provides revenue visibility and mitigates exposure to cyclical air cargo rates. The ratings also reflect flexible service networks and competitive air cargo markets, which can weigh on rates and profitability over time. Atlas's fleet is fully encumbered but maintains good liquidity. Fitch forecasts EBITDAR leverage in the 3.3-3.5x, supported by credit-conscious capital deployment priorities that balance growth investments and shareholder distributions. Key Rating Drivers Low-to-Mid 3.0x EBITDAR Leverage: Fitch expects consolidated leverage to be in the 3.3x-3.5x range, consistent with 'BB' rating tolerances. Fitch forecasts EBITDAR leverage of 3.4x in 2026, pro forma for the Atlanta Air acquisition (before synergies) and scheduled debt amortization. Atlas has identified commercial and cost synergies with opportunities to execute in the near term. Continued debt-funded fleet growth is likely and could cause leverage to fluctuate, but Atlas's practice of having demand in place before purchases helps reduce execution risk. Fitch will continue to evaluate Atlas's planned purchase of 20 Airbus A350 freighters during 2029-2034, considering the multi-year cash flow generation and the variety of financing options. Growth, Shareholder Capital Allocation: Fitch expects Atlas will maintain its capital allocation strategy, which prioritizes credit-conscious aircraft purchases before shareholder returns, while maintaining its capital structure. Fitch expects Atlas to maintain through-the-cycle financial flexibility and collateral coverage, supported by its ability to reduce common dividends, about $490 million in 2025, and revert to pay-in-kind (PIK) preferred dividends, about $128 million per year. Dividend distributions are expected to balance cash flows, leverage management and the preservation of the collateral base. Greater reliance on subordinated cash flows may lead to negative rating action. Initiatives Supporting FCF, Profitability: Fitch forecasts FCF before shareholder distributions and any aircraft purchases to be nearly $500 million in 2026, up from $426 million in 2025. Fitch forecasts PF EBITDA of about $1.4 billion in 2026, up from $1.2 billion in 2025. This reflects cost-saving initiatives, new aircraft entering service and exits from businesses whose returns did not meet hurdle rates. Near-term fuel price risk is expected to be limited by Atlas's pass-through arrangements. Contracted Flights Moderate Rate Exposure: Fitch views Atlas's heavily contracted customer model as a key strength. It provides predictable revenue through multiyear pricing and minimum volume arrangements and gives Atlas time to adjust to changes in the air cargo environment. Atlas's book of business is typically structured so that about 10% of block hours come up for contract renewals each year, while another 10% is ad hoc, market-based flying, often special-event-related or non-freight cargo. Fitch does not believe contract cancellations pose a meaningful risk during a rate cycle because of high penalties for breaking contracts. Airfreight Operating Environment: International trade and economic uncertainty pose lingering risks to Atlas's rates and flying activity. Fitch expects the company's contracted service offerings and operational and financial flexibility to moderate this sensitivity. A small but meaningful portion of Atlas's business serves routes between China and the U.S., which have faced the most pressure from changing trade policies. However, Atlas has the flexibility to change trade lanes, which reduces this risk. Growth in tech, electronic components and e-commerce supports long-term demand. Industry widebody capacity growth also appears constrained, limiting supply-driven pressures on rates. Corporate Secured Debt 'RR3': The 'RR3' rating on the senior secured corporate debt reflects the collateral base. Appraisal-based LTVs are expected to remain in the mid- to high-70% range pro forma for the Air Atlanta acquisition and scheduled aircraft debt payment in 2026. Fitch will continue to monitor Atlas's maintenance of the collateral asset pool and the mix of earnings and cash flow between restricted and unrestricted assets. Peer Analysis Fitch compares Atlas with Stonepeak Nile Parent LLC (ATSG; 'BB+'/Stable), a provider of aircraft leasing and air cargo transport. ATSG has a higher proportion of earnings from dry leasing which further limits exposure to price and volume risk. It controls a large share of B767 aircraft fleet and is highly integrated with customers' regional networks. Fitch expects ATSG to sustain leverage in the low-3.0x. When comparing Atlas with passenger airlines such as Air Canada (BB/Stable), Fitch considers the different business profile and industry structure of freight airlines. Atlas benefits from a high degree of contracted revenue, including multiyear rate agreements, fuel surcharges that substantially limit fuel price risk and activity minimums. These features support fundamental cash flow visibility. Competitive advantages include fleet composition, scale and service quality. Passenger airlines typically have more entrenched route structures, which support their competitive positioning. Air Canada's EBITDAR leverage is expected to trend to the mid- 3.0x range in 2026. Fitch’s Key Rating-Case Assumptions - Total revenue, before Air Atlanta, nearing $5.7 billion in 2026, considering new aircraft contributions and yield growth. Organic growth is in the low single digits and likely to supplemented by future fleet investment or M&A; - Fitch defined EBITDA of approximately $1.3 billion in 2026 followed by modest growth supporting EBITDA in the $1.3 billion to $1.4 billion range over the medium term, supplemented by Air Atlanta contributions; - Expenditure for aircraft and related equipment additions of about $175 million in 2026, before any further aircraft purchases; - Capital deployment balances growth investment before shareholder returns while maintaining its leverage profile; - SOFR rates remain around 4% through 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', Moderate), sector characteristics ('bbb-', Moderate), market and competitive positioning ('bb+', Moderate), diversification and asset quality ('bbb-', Moderate), company operational characteristics ('bbb-', Higher), profitability ('bb', Lower), financial structure ('bb-', Higher), and financial flexibility ('bb', Moderate). The quantitative financial subfactors are based on custom CRT financial period parameters: 34% weight for the forecast year 2026, 33% for the forecast year 2027 and 33% for the forecast year 2028. Assessments of the quantitative financial subfactors also include bespoke calculations. The governance assessment of 'good' has no impact. The operating environment assessment of 'aa-' has no impact. The SCP is 'bb'. To derive the Long-Term IDR: Fitch made no adjustments to the SCP, resulting in an IDR of 'BB'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to a Negative Rating Action/Downgrade - Mid-cycle EBITDAR leverage sustained above 3.5x; - Mid-cycle EBITDAR fixed charge coverage sustained below 3.5x; - Increased proportion of EBITDA from unrestricted assets that changes the cash flow risk profile; - Capital deployment actions that reduce collateral asset quality (e.g., increased average age) and financial flexibility; - A shift in operating profile that heightens through-the-cycle FCF variability, including weaker contract structures and durations, or constrains FCF (excluding growth capex) to consistently below $200 million. Factors that Could, Individually or Collectively, Lead to a Positive Rating Action/Upgrade - Establishment of a clear, credit-conscious capital allocation and fleet planning policy that enhances collateral asset quality and financial flexibility; - A less-encumbered capital structure with mid-cycle EBITDAR leverage sustained below 3.0x; - Effective implementation of strategic growth plans, coupled with maintainence of healthy contract structures and durations, that strengthen FCF stability through business cycles; - Maintaining a balance of contributions from the restricted assets on consolidated EBITDA. Liquidity and Debt Structure As of March 31, 2026, Atlas had a comfortable liquidity position comprised of $227 million of cash, full availability under the $350 million RCF, plus availability under the $150 million AR securitization facility. Mandatory debt amortization is scheduled to be $250 million to $290 million per year over the next four years, primarily from aircraft financing and to a lesser extent, annual term loan amortization. The senior secured credit facilities and notes at the parent are structurally subordinated to the aircraft-secured debts, which are borrowed under various subsidiaries and do not carry cross or downstream guarantees. Fitch does not treat the $900 million of preferred stock as debt since it was issued outside of the rated entity/restricted group, is unable to trigger a default under Atlas' debt terms, and does not have event of default provisions or debt-like remedies under the terms. Issuer Profile Atlas Air is a global cargo airline that operates over 100 aircraft including a mix of Boeing 747, 777, 767 and 767 aircraft. It serves a variety of customers in freight forwarding, express shipping, retail and e-commerce, and military markets. 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 Climate.VS for 2035 for Rand Parent, LLC is 50. The score reflects the broader airline category's transition risk and rising compliance cost for emissions compliance. The consideration does not influence Atlas's ratings due to its focus on air freight rather than passenger transport and contract structures that pass through fuel costs to customers. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Rand Parent, LLC LT IDR BB Affirmed BB senior secured LT BB+ Affirmed RR3 BB+ REDEFINED TRANSPORTATION: Seeks Subchapter V Bankruptcy ------------------------------------------------------- On July 14, 2026, Redefined Transportation Inc. filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Central District of California. According to court filings, the debtor reports between $1 million and $10 million in liabilities owed to between one and 49 creditors. Deadline to File Chapter 11 Subchapter V Plan: Oct. 13, 2026 About Redefined Transportation Inc. Redefined Transportation Inc. is a Long Beach, California-based intermodal drayage and local freight trucking company serving ports and distribution centers throughout California. As of July 2026, the company operated a fleet of 17 truck tractors and 28 intermodal chassis, supported by 17 drivers. Court records indicate the carrier experienced operational challenges, including a 45% roadside inspection out-of-service rate as of March 2026. Redefined Transportation Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-16977) on July 14, 2026. In its petition, the debtor reported estimated assets of $100,000 to $500,000 and estimated liabilities of $1 million to $10 million. Hon. Deborah J. Saltzman handles the case. The debtor is represented by Yeznik O. Kazandjian, Esq. of the Law Offices of Yeznik O. Kazandjian. RENDITIONS LLC: Seeks to Hire NAI Elrod Group as Listing Broker --------------------------------------------------------------- Renditions, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Georgia to employ NAI Elrod Group as exclusive listing broker. The Debtor needs a broker to market and sell its property located at 4860 Atlanta Highway, Athens, Georgia. The firm will receive a commission of 7 percent of the property's sales price. If there is a buyer's broker, then 3.5 percent of the sales price shall be paid as compensation to the buyer's broker out of the compensation paid to the listing broker. Brian Elrod, a principal broker at NAI Elrod Group, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Brian Elrod NAI Elrod Group 3651 Mars Hill Road, Suite 2200 Watkinsville, GA 30677 Telephone: (678) 859-6110 Email: brian@naielrod.com About Renditions LLC Renditions, LLC owns Mary's Tack, Feed & Pet, in Athens, Georgia. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Ga. Case No. 26-30114) on March 2, 2026. In the petition signed by Amy Christina Wrenn, manager, the Debtor disclosed up to $10 million in both assets and liabilities. Paul Reece Marr, Esq., at Paul Reece Marr, PC is the Debtor's legal counsel. RESIDENCIES AT FRISCO: Hires Tittle Santiago PLLC as Counsel ------------------------------------------------------------ Residencies at Frisco LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Texas to employ Tittle Santiago, PLLC as counsel. The firm will provide these services: a. provide legal advice with respect to the Debtor's powers and duties as debtor-in-possession in the continued operation of its business and the management of its property; b. take all necessary action to protect and preserve the Debtor's estate, including the prosecution of actions on behalf of the Debtor, the defense of any actions commenced against the Debtor, negotiations concerning litigation in which the Debtor is involved, and objections to claims filed against the Debtor's estate; c. prepare on behalf of the Debtor necessary motions, answers, orders, reports, and other legal papers in connection with the administration of its estate; d. assist the Debtor in preparing for and filing a plan of reorganization at the earliest possible date; e. perform any and all other legal services for the Debtor in connection with the Debtor's Chapter 11 Case; and f. perform such legal services as the Debtor may request with respect to any matter, including, but not limited to, corporate finance and governance, contracts, antitrust, labor, and tax. The firm will be paid at these rates: Manolo R. Santiago $550 per hour Brandon J. Title $795 per hour The firm received a retainer from the Debtor in the amount of $11,838.00 In addition, the firm will seek reimbursement for its out-of-pocket expenses. Mr. Santiago disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Manolo Santiago Tittle Santiago, PLLC 1125 Legacy Dr., Ste. 230 Frisco, TX 75034 Tel: (972) 213-2316 (863) 303-7140 About Residencies at Frisco LLC Residencies at Frisco LLC holds a deed of trust on improved land at 12353 Main Street in Frisco, Texas, with an appraised value of $6 million. Residencies at Frisco LLC in Frisco TX, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. E.D. Tex. Case No. 26-41930) on June 1, 2026, listing $6,001,345 in assets and $5,809,778 in liabilities. Govardhan Paka as owner, signed the petition. TITTLE SANTIAGO, PLLC serve as the Debtor's legal counsel. ROMANO ESPOSITO: July 22 Deadline for Panel Questionnaires ---------------------------------------------------------- The United States Trustee is soliciting members for committee of unsecured creditors in the bankruptcy case of Romano Esposito. If a party wishes to be considered for membership on any official committee that is appointed, it must complete a questionnaire available at https://tinyurl.com/2ntftyer and return by email it to Angeliza Ortiz-Ng -- Angeliza.Ortiz-Ng@usdoj.gov -- at the Office of the United States Trustee so that it is received no later than 1:00 p.m., on July 22, 2026. If the U.S. Trustee receives sufficient creditor interest in the solicitation, it may schedule a meeting or telephone conference for the purpose of forming a committee. Romano Esposito sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.J. Case No. 26-17222) on June 23, 2026. The Debtor is represented by Ellen McDowell, Esq. of McDowell Law. ROSSLYN2016 LLC: Trustee Wins Bid to Enforce Turnover Order ----------------------------------------------------------- Chief Judge Eduardo V. Rodriguez of the U.S. Bankruptcy Court for the Southern District of Texas granted the motion of Allison D. Byman, the Chapter 7 Trustee of ROSSLYN2016 LLC, to enforce the turnover order with respect to certain documents relating to the proofs of claim of Kitchen Central, LLC, CirCir, LLC, and Adil Property, Inc. in the bankruptcy case. Three entities, Kitchen Central, LLC, CirCir, LLC, and Adil Property, Inc. (collectively, the "Petitioning Creditors"), filed involuntary petitions against the three debtors in this case (the "Debtors"), represented by attorney Gregory W. Mitchell ("Mitchell"). The Petitioning Creditors filed proofs of claim totaling approximately $2.5 million. The claims underlying these involuntary petitions were riddled with inconsistencies that alerted the trustee to potential fraud on the court. In response, the Trustee served Bankruptcy Rule 2004 document requests to determine whether the Petitioning Creditors' claims had any evidentiary support. The Bankruptcy Rule 2004 requests sought documents including bank statements, wire confirmations, check copies, and transfer confirmations evidencing the transfer of funds alleged in the promissory notes referenced in the proofs of claim; documents showing the source of funds transferred to the Debtors; payment history, account statements, or records of payments for the alleged loans; documents and communications concerning the drafting or execution of the notes; demand letters, notices of default, notices of acceleration, reservations of rights, collection letters, demand emails, or similar communications related to the notes; and any other documents supporting, relating to, or evidencing any claim against the Debtors. The Petitioning Creditors, through Mitchell, responded with motions to quash containing fabricated quotations, non-existent citations, and invented legal authority apparently generated by artificial intelligence and submitted them to the Court without verification. This Court denied the frivolous motions to quash on April 30, 2026, and ordered production of documents within seven days. The Petitioning Creditors and Mitchell failed to comply. No documents were produced by the May 7, 2026, deadline. When the Trustee filed a motion for contempt on May 12, 2026, Mitchell belatedly produced documents that failed to support the Petitioning Creditors' claims. Shortly thereafter, on May 17, 2026, the Petitioning Creditors withdrew all of their proofs of claim. The Court finds that Mitchell violated Federal Rule of Civil Procedure 11(b), as made applicable by Bankruptcy Rule 9011, by submitting the Motions to Quash. As a sanction for his Federal Rule of Civil Procedure 11(b) violation, Mitchell shall register and obtain six hours of continuing legal education from the State Bar of Texas on the use of generative AI in the courts and file a certificate of compliance with the Clerk of Court no later than Monday, August 31, 2026. The Court finds that: (i) the Petitioning Creditors and Mitchell violated the Court's April 30, 2026, Order denying the Motions to Quash by failing to produce documents responsive to the Trustee's Bankruptcy Rule 2004 requests by the May 7, 2026, deadline; (ii) the Petitioning Creditors and Mitchell are in civil contempt of the April 30, 2026, Order; (iii) Mitchell and the Petitioning Creditors engaged in bad faith conduct that abused the judicial process and the bankruptcy system, warranting sanctions under the Court's inherent power and Section 105 of the Bankruptcy Code, and; (iv) the Petitioning Creditors and Mitchell are jointly and severally liable to the Trustee for the payment of attorneys' fees and costs in the amount of $29,877.00, representing reasonable compensation for the Trustee's counsel's time and expenses incurred in: (1) reviewing the Petitioning Creditors' Proofs of Claim ($2,593.00); (2) filing objections to the Motion for Continuance of a Bankruptcy Rule 9019 hearing filed by Mitchell and the Petitioning Creditors ($2,100.50); (3) preparing Bankruptcy Rule 2004 discovery requests ($4,721.50); (4) reviewing, analyzing, and responding to the Motions to Quash ($13,466.00); (5) preparing the Motion to Enforce ($2,385.00); and (6) preparing the Trustee's Omnibus Reply in support of sanctions ($4,611.00). The Petitioning Creditors and Mitchell shall pay the sum of $29,877.00 to the Trustee no later than Monday, August 31, 2026. Payment shall be made by certified check or money order payable to "Allison D. Byman, Chapter 7 Trustee" and delivered to counsel for the Trustee at Porter Hedges LLP, 1000 Main Street, 36th Floor, Houston, Texas 77002. A copy of the Court's Memorandum Opinion dated July 14, 2026, is available at https://urlcurt.com/u?l=vwuoSP from Pacermonitor.com. About Rosslyn2016 LLC ROSSLYN2016 LLC is the owner and operator of The Retreat on Rosslyn Apartments, a residential apartment complex located at 5801 North Houston Rosslyn Rd. in Houston, Texas. ROSSLYN2016 LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. S.D. Tex. Case No. 25-31817) on March 31, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Jeffrey P. Norman handled the case. The Debtor was represented by James Q. Pope, Esq. at The Pope Law Firm. The case was converted to Chapter 7 on January 8, 2026. Allison D. Byman is the Chapter 7 trustee. ROYAL PRODUCT: Hires Juan C Bigas Law Office as Counsel ------------------------------------------------------- Royal Product Group LLC seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to employ Juan C Bigas Law Office as counsel. The firm will represent or perform services for the estate. The firm will be paid at these rates: Juan C. Bigas Valdedon $350 per hour The firm received an advance retainer in the amount of $10,000. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Mr. Valedon 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: Juan C Bigas Valedon, Esq. Juan C Bigas Law Office 569 Cesar Gonzalez Juan C. Bigas Valdedon Law Office P.O. Box 7011 Ponce, PR 00732-7011 Tel: (787) 259-1000 Fax: (787) 842-4090 About Royal Product Group LLC Royal Product Group LLC is a Ponce, Puerto Rico-based manufacturer of sanitary paper products serving the personal hygiene market. The company manufactures products primarily under the Gala Diapers and Gala Adult Care brands from its production facility in Ponce. Its product portfolio includes adult diapers, wet wipes, bed pads, pet pads, and sanitary towels. The manufacturer has also been a member of the Asociacion Hecho en Puerto Rico and has employed an estimated 50 to 100 workers. Royal Product Group, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. P.R. Case No. 26-02805) on June 19, 2026, with $100,001 to $500,000 in both assets and liabilities. Juan Carlos Bigas Valedon, Esq., at Juan C Bigas Law Office represents the Debtor as bankruptcy counsel. SAIG LAUNDRY: Hires Elisabeth L. Gray Bookkeeping as Bookkeeper --------------------------------------------------------------- Saig Laundry LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Elisabeth L. Gray Bookkeeping & Taxes LLC as bookkeeper. The firm will assist the Debtor in reconciliation of bank accounts, preparation of income and expense statements and balance sheets, posting transactions, bank reconciliations, journal entries, monthly financial statements, and related tax and sales tax reporting services, as needed. The firm will be paid as follows: a. Catch-up bookkeeping for July 2025 through February 2026 at a total fee of $2,000. b. Ongoing monthly bookkeeping effective March 2026 at $250.00 per month for up to 75 transactions, with rates subject to increase if transaction volume exceeds that threshold; c. Corporate tax return services at $1,200 per return; d. Quarterly sales tax reports at $150 per quarter; and e. Sales tax application services at $200, if applicable. Ms. Gray 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: Elisabeth L. Gray Elisabeth L. Gray Bookkeeping & Taxes LLC 3636 Worthington Way Plano, TX 75023 Tel: (972) 762-2207 About Saig Laundry LLC Saig Laundry LLC operates a self-service laundromat business known as Red Bird Laundry Center located at 4333 Gannon Lane, Suite 107, Dallas, Texas 75237. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 26-30980) on March 6, 2026, listing up to $500,000 in assets and up to $1 million in liabilities. Judge Michelle V. Larson oversees the case. Manalo Santiago, Esq., at Herrin Law, PLLC represents the Debtor as counsel. SAILORMEN INC: To Sell Orlando Stores to SBH Foods for $2.6MM ------------------------------------------------------------- Sailormen, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida, Miami Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. From July 15-17, 2026, the Debtor conducted an auction for substantially all of its assets, which are comprised of 23 Orlando stores. At the Auction, the Debtor selected RFI Ventures, LLC as the Successful Bidder for the Debtor's Orlando Region. There was no Backup Bidder. The Auction was the result of a monthslong marketing process lead by the Debtor's investment banker Peak Franchise Capital LLC. That process resulted in RFI’s bid, and RFI failed to close on the transaction, leaving the Debtor with few choices. Upon the agreement of Popeyes Louisiana Kitchen, Inc. and the Prepetition Agent, the Debtor secured authorization to use cash collateral to operate the Orlando stores through July 24, 2026, in an attempt to secure an alternative buyer. Those efforts have been successful and resulted in the SBH Foods PLK, LLC's offer to purchase the 23 Orlando stores for $2,672,500.00. The Debtor seeks to sell the Assets to the Buyer. The Debtor believes that the Prepetition Agent is the only party that holds a lien on the Assets, although local taxing authorities may assert liens for tangible personal property taxes. The Debtor anticipates that the Prepetition Agent will consent to the sale. The Buyer is not an insider of, or otherwise affiliated with, the Debtor, and the offer was negotiated at arm's length. About Sailormen Inc. Sailormen Inc. is a leading franchisee of Popeyes Louisiana Kitchen restaurants. Sailormen Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-10451) on January 15, 2026. In its petition, the Debtor reports estimated assets between $100 million and $500 million and $342 million in liabilities. Honorable Bankruptcy Judge Robert A. Mark handles the case. The Debtor tapped Shraiberg Page, P.A. and Cole Schotz, P.C. as bankruptcy counsel; Peak Franchise Capital, LLC as investment banker; and David M. Baker of Aurora Management Partners Inc. as chief restructuring officer. Stretto Inc. is the claims, noticing, and balloting agent. The U.S. Trustee for Region 21 appointed an official committee to represent unsecured creditors in the Debtor's case. The committee tapped Lowenstein Sandler LLP as lead bankruptcy counsel; Stearns Weaver Miller Weissler Alhadeff & Sitterson, P.A. as local counsel; and FTI Consulting, Inc. as financial advisor. SALARYO CAPITAL: Variant Alternative Marks $8.5M Loan at 34% Off ---------------------------------------------------------------- Variant Alternative Income Fund has marked its $8,500,000 loan extended to Salaryo Capital II, LLC to market at $5,572,968 or 66% of the outstanding amount, according to Variant Alternative's N-CSR for the fiscal year ended July 9, 2026, filed with the U.S. Securities and Exchange Commission. Variant Alternative Income Fund is a participant in a loan extended to Salaryo Capital II, LLC. The Loan accrues interest at a rate of 12.00% per annum. The Loan matures on Dec. 31, 2026. Variant Alternative Income Fund is a corporate issuer in the leveraged finance market. The Fund is led by Robert W. Elsasser as President, and Curt Fintel as Treasurer. The Fund can be reached at: Robert W. Elsasser Variant Alternative Income Fund c/o UMB Fund Services, Inc. 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2271 About SALARYO CAPITAL II, LLC Salaryo Capital II, LLC is an affiliated entity or funding vehicle associated with Salaryo, a US-based financial technology lender that provides flexible and affordable financing solutions, such as business lines of credit and startup loans, primarily to small and medium-sized businesses. SALON VOSS: Hires Graham T. Jennings Jr. P.C. as Counsel -------------------------------------------------------- Salon Voss, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Virginia to employ Graham T. Jennings, Jr., P.C. as counsel. The firm will provide these services: a. advise and represent the Debtor with respect to all matters and proceedings in this Chapter 11 case and to prepare on the behalf of the Debtor necessary applications, motions, answers, orders, reports, and other legal papers; b. assist the Debtor in all bankruptcy issues which may arise in the administration of Salon Voss affairs, negotiation with creditors and any Official Committee of Unsecured Creditors, verification of claims, and asset disposition; c. assist the Debtor with preparation of and confirmation of a plan of reorganization; d. provide the Debtor with legal services regarding general corporate and other general non-bankruptcy matters to the extent not duplicative of work to be provided by other professionals; e. provide legal advice with respect to the Debtor's powers and duties as debtor in possession; and f. perform all other necessary legal services and provide all other necessary legal advice to the Debtor in connection with this Chapter 11 case and its business operations. The firm will be paid at these rates: Graham T. Jennings, Esq. $450 per hour Paralegals $225 per hour In addition, the firm will seek reimbursement for its out-of-pocket expenses. Mr. Jennings 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: Graham T. Jennings, Jr., Esq. Graham T. Jennings, Jr., P.C. P.O. Box 426 Powhatan, VA 23139 Tel: (804) 598-7912 Email: powlaw@gienningspc.com About Salon Voss Inc. Salon Voss, Inc. is a Fredericksburg, Virginia-based beauty salon and spa services provider offering hair care, skincare, and other personal wellness treatments. Salon Voss sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Case No. 26-32622) on June 25, 2026. In its petition, the Debtor reports estimated assets of up to $50,000 and estimated liabilities of $500,000 to $1 million. The Debtor is represented by Graham Thornton Jennings, Jr., Esq., at Graham T. Jennings, Jr., P.C. SALT LAKE: Seeks Cash Collateral Access Until Dec. 31 ----------------------------------------------------- Salt Lake Distillery, LLC asks the U.S. Bankruptcy Court for the District of Utah for authority to use cash collateral through Dec. 31. Having previously received authorization to use cash collateral, the Debtor now asks the court to extend that authority for another six months so it can continue normal business operations while working toward confirmation of its Chapter 11 plan. The request is supported by a six-month operating budget and cash receipts forecast detailing projected income and expenditures. The proposed operating budget anticipates approximately $989,580 in total operating expenses, averaging about $164,930 per month from July through December 2026. These expenditures include payroll, payroll taxes and benefits, inventory purchases, production materials, insurance, utilities, taxes, maintenance, marketing, and other ordinary business expenses necessary to operate the distillery. To demonstrate the feasibility of its operations, the Debtor also provides a cash receipts forecast projecting approximately $1.56 million in revenue during the same period, or roughly $260,000 per month. Expected revenue sources include sales through Utah's Department of Alcoholic Beverage Services, retail operations, online sales, events, tours, tastings, and other ordinary-course customer transactions. The Debtor argues that continued access to cash collateral is essential to maintaining the business as a going concern. Without authority to use these funds, it would be unable to meet payroll, purchase raw materials and inventory, maintain production, pay utilities and insurance, satisfy tax obligations, or cover other essential operating expenses. Such interruptions would significantly impair the business, reduce the value of its assets, and ultimately diminish recoveries available to both secured and unsecured creditors. The Debtor identifies several creditors that may claim security interests in the cash collateral, including Cache Valley Bank, Rotterdam Partners–Dented Brick Mezzanine, Doyle Buchanan, Headway Capital, LLC, and Sterling Commercial Credit, LLC. However, the Debtor expressly reserves all rights to challenge the validity, priority, perfection, enforceability, collateral value, and secured status of these asserted liens. As adequate protection for any creditors with valid interests in the cash collateral, the Debtor proposes granting replacement liens on its post-petition assets. These replacement liens would apply only to the extent that a creditor's collateral position is actually diminished by the Debtor's authorized use of cash collateral. Any replacement lien would retain the same priority as the creditor's prepetition lien while remaining subordinate to any valid senior liens. The Debtor contends that such protection is sufficient because continued business operations will generate new inventory, receivables, and cash flow, thereby preserving or even enhancing the value of the collateral securing creditors' claims. The Debtor also requests operational flexibility in administering the approved budget. Specifically, it seeks authority to exceed individual budget line items by up to 10%, provided that overall expenditures remain materially consistent with the total budget. It further requests permission to carry forward savings from one budget period to later periods and, if necessary, to use additional cash collateral beyond the approved budget for ordinary-course expenses with the express written consent of any affected creditor whose collateral would be used. The requested authority is limited strictly to ordinary operating expenses and does not extend to extraordinary transactions, insider distributions, or non-ordinary-course transfers without further court approval. A court hearing is scheduled for Aug. 25. A copy of the motion is available at https://urlcurt.com/u?l=Kh65gg from PacerMonitor.com. About Salt Lake City Distillery Salt Lake City Distillery, LLC, operating as Dented Brick Distillery, is a Utah-based craft spirits producer located in Salt Lake City. It specializes in manufacturing alcoholic beverages, primarily focused on distilled spirits production. Salt Lake City Distillery sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Utah Case No. 25-23944) on July 10, 2025. In its petition, the Debtor reported up to $50,000 in assets and between $1 million and $10 million in liabilities. Judge Peggy Hunt handles the case. The Debtor is represented by Steven M. Rogers, Esq. at Rogers & Russell. Cache Valley Bank, as secured creditor, is represented by Reid W. Lambert, Esq. at Strong & Hanni, PC. Rotterdam Partners, as secured creditor, is represented by Brian M. Rothschild, Esq. and Darren Neilson, Esq.at Parsons Behle & Latimer. SANDY LANE: Seeks Approval to Hire ShemanoLaw as General Counsel ---------------------------------------------------------------- Sandy Lane Holdings LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ ShemanoLaw as counsel. The firm will render these services: (a) prepare the petition, schedules of assets and liabilities, statement of financial affairs, schedule of income and expenditures, lists of creditors and equity security holders, statement of executory contracts and unexpired leases, and master mailing list; (b) the sale of assets and the assumption, assignment, or rejection of executory contracts; (c) the use of cash collateral, if any; (d) obtain credit on a secured or unsecured basis; (e) review, analyze and, where appropriate object to claims in the Bankruptcy Court; (f) negotiate, prepare, confirm and implement plan of reorganization; (g) assist in the preparation of a disclosure statement; (h) appearances at the section 341(a) meeting of creditors; (i) represent the Debtor at hearings in the Bankruptcy Court concerning it or the Chapter 11 case; (j) represent the Debtor in litigation in the Bankruptcy Court, limited to bankruptcy issues and as set forth below; and (k) otherwise advise the Debtor regarding its rights, duties and responsibilities under the Bankruptcy Code and applicable rules. David Shemano, Esq., the primary attorney in this representation, will be paid at his hourly rate of $725, plus reimbursement. On June 8, 2026, the firm received a $25,000 payment from Ross Kemper as a post-petition retainer. Mr. Shemano 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: David B. Shemano, Esq. ShemanoLaw 1801 Century Park East, Suite 2500 Los Angeles, CA 90067 Telephone: (310) 492-5033 Email: dshemano@shemanolaw.com About Sandy Lane Holdings LLC Sandy Lane Holdings LLC is a special-purpose holding company formed at the request of a creditor to serve as the borrower on a loan secured by real property owned by the guarantor of the loan. Sandy Lane Holdings LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 26-15176) on May 26, 2026. In petition signed by Ross Kemper, manager, the Debtor disclosed up to $50,000 in assets and up to $50 million in liabilities. Judge Barry Russell oversees the case. David B. Shemano, Esq., at ShemanoLaw represents the Debtor as counsel. SD FOOD MART: Seeks to Tap Straffi & Straffi as Bankruptcy Counsel ------------------------------------------------------------------ SD Food Mart, LLC seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to employ Straffi & Straffi, LLC as counsel. The firm will assist the Debtor with the administration of its Chapter 11 case and draft of a confirmable Chapter 11 plan and solicit acceptances of plan, among other things. The firm requests a total flat fee retainer of $26,738 for this Chapter 11 case, with $10,000 received and $16,738 pending. Daniel Straffi, Esq., an attorney at Straffi & Straffi, 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: Daniel E. Straffi, Esq. Straffi & Straffi, LLC 670 Commons Way Toms River, NJ 08755 Telephone: (732) 341-3800 Facsimile: (732) 341-3548 Email: bkclient@straffilaw.com About SD Food Mart LLC SD Food Mart, LLC is a Randolph, New Jersey-based convenience store operator. SD Food Mart filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D.N.J. Case No. 26-16606) on June 8, 2026. In the petition signed by Saima Darr, president, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. The Debtor tapped Daniel E. Straffi, Esq., at Straffi & Straffi, LLC as counsel. SEABREEZE ROOFING: Seeks Approval to Tap Shraiberg Page as Counsel ------------------------------------------------------------------ SeaBreeze Roofing & Sheet Metal, Incorporated seek approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Shraiberg Page P.A. as counsel. The firm's services include: (a) advise the Debtor generally regarding matters of bankruptcy law in connection with this case; (b) advise the Debtor of the requirements of the Bankruptcy Code, the Federal Rules of Bankruptcy Procedure, applicable bankruptcy rules; (c) represent the Debtor in all proceedings before this Court; (d) prepare and review motions, pleadings, orders, applications, adversary proceedings, and other legal documents arising in this case; (e) negotiate with creditors, prepare and seek confirmation of a plan of reorganization and related documents, and assist the Debtor with implementation of any plan; and (f) perform all other legal services for the Debtor, which may be necessary herein. The firm's counsel will be paid at these hourly rates: John Page, Attorney $700 Other Attorneys $425 - $700 Legal Assistants $350 In addition, the firm will seek reimbursement for expenses incurred. Prior to the Petition Date, the firm received total retainer of $75,000 on May 18, 2026, as security for the Firm representing the Debtor in the above-captioned Chapter 11 case. Mr. Page 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: John E. Page, Esq. Shraiberg Page P.A. 2385 NW Executive Center Drive, #300 Boca Raton, Florida 33431 Telephone: (561) 443-0800 Facsimile: (561) 998-0047 Email: jpage@slp.law About Seabreeze Roofing & Sheet Metal Inc. Seabreeze Roofing & Sheet Metal, Inc. is a Lantana, Florida-based roofing and sheet metal contractor serving residential and commercial customers throughout Palm Beach and North Broward counties. The company maintains active professional licenses for roofing, general contracting, and solar services. Seabreeze Roofing & Sheet Metal sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-18450) on June 26, 2026. In its petition, the Debtor reports estimated assets of $100,000 to $500,000 and estimated liabilities of $1 million to $10 million. Honorable Bankruptcy Judge Erik P. Kimball handles the case. The Debtor is represented by John E. Page, Esq., at Shraiberg Page, PA. Linda Marie Leali appointed as Subchapter V Trustee. SEARLES VALLEY: Creditors Oppose Chapter 11 DIP Financing --------------------------------------------------------- Emily Lever of Law360 Bankruptcy Authority reports that the official committee of unsecured creditors has asked a Delaware bankruptcy judge to reject Searles Valley Minerals' proposed Chapter 11 financing, arguing that the debtor-in-possession loan agreement gives existing lenders excessive legal protections and unfairly limits creditor rights. According to the committee, the DIP financing includes provisions that would release or insulate secured lenders from potential claims before an adequate investigation can be completed. The creditors also objected to milestones and other requirements they say place undue pressure on the Chapter 11 process while favoring the company's senior lenders. The committee urged the bankruptcy court to require modifications to the financing package or deny the motion altogether. The objection reflects continuing disagreements over the balance between providing liquidity to the debtor and protecting the interests of unsecured creditors, the report relays. About Searles Valley Minerals Searles Valley Minerals operates mining and processing facilities that produce a variety of mineral products for industrial, agricultural, and commercial customers. Its portfolio includes soda ash, boron-based products, sodium sulfate, and other specialty minerals derived from California's Searles Lake. Searles Valley Minerals sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 26-10966) on June 15, 2026. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. Honorable Bankruptcy Judge Brendan Linehan Shannon handles the case. The Debtor is represented by Laura Davis Jones, Esq. of Pachulski, Stang, Ziehl & Jones LLP. SERTA SIMMONS: Landmark Liability Mgt. Deal Hurts Lenders --------------------------------------------------------- Akiko Matsuda of WSJ Pro reports that participating lenders in Serta Simmons Bedding's widely watched 2020 liability management exercise have suffered a significant legal setback after a bankruptcy judge ordered them to compensate excluded creditors. The Houston court ruled that participating investors owe approximately $400 million in damages and interest, finding they improperly retained the value of a transaction that should have benefited all lenders equally. The restructuring, which later became a template for similar debt deals, allowed majority lenders such as Barings, Invesco and Eaton Vance to exchange their debt for $734 million in new senior secured loans. Minority lenders, including Apollo Global Management, Angelo Gordon and Gamut Capital, were excluded from the exchange and later saw their claims wiped out after Serta filed for Chapter 11 protection, the report cites. Although a bankruptcy court originally approved the transaction, the Fifth Circuit determined in 2024 that the restructuring likely violated the company's loan agreement by favoring select lenders. On remand, Judge Christopher Lopez ruled that the new debt effectively functioned as a payment that should have been shared on a pro rata basis among all lenders in the same class, according to WSJ Pro. The decision is viewed as a landmark ruling for liability management exercises and could alter lender behavior in future restructurings. Legal experts said investors may now weigh litigation risks more carefully, while excluded lenders in future bankruptcies may increasingly pursue claims against participating creditors to recover losses, 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. SHERMAN/GRAYSON HOSPITAL: Delaware Judge Tosses Chapter 11 Case --------------------------------------------------------------- Clara Geoghega of Law360 Bankruptcy Authority reports that a Delaware bankruptcy judge has dismissed Sherman/Grayson Hospital LLC's Chapter 11 bankruptcy, citing unresolved questions over how the company would pay roughly $17 million in administrative claims. The ruling followed disputes over whether the debtor had enough resources to fund the case and satisfy priority obligations necessary for a successful restructuring. The court determined that keeping the case active would not provide a realistic path toward confirmation of a reorganization plan. While creditors sought clarity on the company's ability to meet administrative expenses, the judge concluded that dismissal was more appropriate than allowing the case to continue or converting it to Chapter 7, the report states. The decision terminates Sherman/Grayson Hospital's bankruptcy proceedings and removes the protections provided under Chapter 11. Creditors may now seek recovery through other available legal avenues as the company faces the consequences of unresolved financial obligations, according to report. About Sherman/Grayson Hospital Sherman/Grayson Hospital, LLC is the operator of Wilson N. Jones Regional Medical Center, a 207-bed acute care hospital in Sherman, Texas. Sherman/Grayson Hospital sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 23-10810) on June 23, 2023, with $1 million to $10 million in assets and $50 million to $100 million in liabilities. Judge J. Kate Stickles oversees the case. Leonard M. Shulman, Esq., at Shulman Bastian Friedman & Bui, LLP and Rosner Law Group, LLC serve as the Debtor's bankruptcy counsel and Delaware counsel, respectively. The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. The committee tapped Potter Anderson & Corroon, LLP and RK Consultants, LLC as legal counsel and financial advisor. Daniel T. McMurray is the patient care ombudsman appointed in the Debtor's Chapter 11 case. SIFI NETWORKS: Committee Seeks to Tap Lowenstein Sandler as Counsel ------------------------------------------------------------------- The official committee of unsecured creditors appointed in the Chapter 11 case of SiFi Networks America, LLC seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Lowenstein Sandler LLP as counsel. The firm's services include: (a) advise the committee with respect to its rights, duties, and powers in the Chapter 11 case; (b) assist and advise the committee in its consultations with the Debtor relative to the administration of the Chapter 11 case; (c) assist the committee and provide advice concerning the proposed sale of substantially all of the Debtor's assets; (d) assist the committee in analyzing the claims of the Debtor's creditors and its capital structure and in negotiating with holders of claims and equity interests; (e) assist the committee in its investigation of the acts, conduct, assets, liabilities, and financial condition of the Debtor and of the operation of its business; (f) assist the committee in analyzing (i) the Debtor's pre-petition financing, (ii) proposed use of cash collateral, and (iii) its proposed debtor-in-possession financing ("DIP Financing"), the terms and conditions of the proposed DIP Financing and the adequacy of the proposed DIP Financing budget; (g) assist the committee in its investigation of the liens and claims of the holders of the Debtor's pre-petition debt and the prosecution of any claims or causes of action revealed by such investigation; (h) assist the committee in its analysis of, and negotiations with, the Debtor or any third party concerning matters related to, among other things, the assumption or rejection of certain leases of nonresidential real property and executory contracts, asset dispositions, sale of assets, financing of other transactions and the terms of one or more plans of reorganization for the Debtor and accompanying disclosure statements and related plan documents; (i) assist and advise the committee as to its communications to unsecured creditors regarding significant matters in the Chapter 11 case; (j) represent the committee at hearings and other proceedings; (k) review and analyze applications, orders, statements of operations, and schedules filed with the Court and advise the committee as to their propriety; (l) assist the committee in preparing pleadings and applications as may be necessary in furtherance of its interests and objectives in the Chapter 11 case; (m) prepare, on behalf of the committee, any pleadings; and (n) perform such other legal services as may be required or are otherwise deemed to be in the interests of the committee in accordance with its powers and duties as set forth in the Bankruptcy Code, Bankruptcy Rules, or other applicable law. The firm's professionals will be billed at these hourly rates: Partners $800 - $2,300 Of Counsel $955 - $1,685 Senior Counsel $710 - $1,695 Counsel $670 - $1,600 Associates $590 - $1,450 Staff Attorneys $500 - $965 Paralegals, Practice Support and Assistants $255 - $540 In addition, the firm will seek reimbursement for expenses incurred. Jeffrey Cohen, Esq., a partner at Lowenstein Sandler, 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: Jeffrey Cohen, Esq. Lowenstein Sandler LLP 1251 Avenue of the Americas, 17th Floor New York, NY 10020 Telephone: (212) 262-6700 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. In the petition signed by Jacen Dinoff, chief restructuring officer, 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 PC 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. SILICON VALLEY: FDIC Argues Excessive Risk Bars $1.7B Claim ----------------------------------------------------------- Bonnie Eslinger of Law360 Bankruptcy Authority reports that during closing arguments in California federal court, the FDIC contended that Silicon Valley Bank's 2023 failure stemmed from excessive financial risk and managerial missteps, not from actions taken by federal banking regulators. The agency asked the court to reject a lawsuit seeking nearly $1.7 billion, arguing that the bank's own decisions caused the losses. The FDIC said Silicon Valley Bank maintained an overly concentrated investment portfolio and failed to adequately prepare for rising interest rates and liquidity challenges. Those weaknesses, the agency argued, left the institution unable to withstand a wave of customer withdrawals that ultimately forced regulators to seize the bank. The plaintiffs argued that government actions contributed to the damages they suffered and that compensation is warranted. With closing arguments complete, the case is now before the court for a decision on liability and the multibillion-dollar claims, the report states. About Silicon Valley Bank Silicon Valley Bank was the nation's 16th largest bank and the biggest to fail since the 2008 financial meltdown. During the week of March 6, 2023, Silicon Valley Bank, Santa Clara, CA, experienced a severe "run-on-the-bank." On the morning of March 10, 2023, the California Department of Financial Protection and Innovation seized SVB and placed it under the receivership of the Federal Deposit Insurance Corporation (FDIC). The FDIC on March 13, 2023, disclosed that it transferred all deposits -- both insured and uninsured -- and substantially all assets of the former Silicon Valley Bank of Santa Clara, California, to a newly created, full-service FDIC-operated "bridge bank" in an action designed to protect all depositors of Silicon Valley Bank. SVB Financial Group is a financial services company focusing on the innovation economy, offering financial products and services to clients across the United States and in key international markets. Prior to March 10, 2023, SVB Financial Group owned and operated Silicon Valley Bank, a state-chartered bank. On March 17, 2023, SVB Financial Group sought Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Case No. 23-10367). The Hon. Martin Glenn is the bankruptcy judge. The Debtor had assets of $19,679,000,000 and liabilities of $3,675,000,000 as of Dec. 31, 2022. Centerview Partners LLC is proposed financial advisor, Sullivan & Cromwell LLP proposed legal counsel and Alvarez & Marsal proposed restructuring advisor to SVB Financial Group as debtor-in-possession. Kroll is the claims agent. On June 13, 2023, a collective of depositors of the Silicon Valley Bank (Cayman Islands Branch) filed a petition with the Court seeking an order that SVB Cayman be wound up and liquidators be appointed under the provisions of the Companies Act (2023 Revision) on the grounds that the Company is insolvent. On June 29, 2023, the Grand Court of the Cayman Islands appointed Andrew Childe and Michael Pearson of FFP limited in the Cayman Islands and Niall Ledwidge from Stout in New York, United States as Joint Official Liquidators of SVB Cayman. Liquidators of Silicon Valley Bank (Cayman Islands) filed a Chapter 15 bankruptcy petition (Bankr. S.D.N.Y. Case No. 24-10076) on Jan. 18, 2024. The Liquidators' counsel in the U.S. case is Warren E. Gluck, Esq. at Holland & Knight LLP. SIMAD HOLDINGS: Summer Camp Sale Gets Floor Bid Backed by Zaslav ---------------------------------------------------------------- Ben Zigterman of Law360 Bankruptcy Authority reports that a buyer group backed by Warner Bros. Discovery CEO David Zaslav has offered $68 million to purchase Mohawk Day Camp, becoming the stalking horse bidder in the Chapter 11 bankruptcy of SIMAD, which operates multiple summer camps. The proposed bid establishes the minimum price for a planned auction of the camp property. The debtor told the bankruptcy court that the stalking horse agreement is expected to encourage competitive bidding while protecting the value of the estate. Like most stalking horse arrangements, the proposed deal includes certain bid protections designed to compensate the initial bidder if another purchaser ultimately prevails. The sale remains subject to court approval and competing offers through the bankruptcy auction process. If no higher bids are submitted, the Zaslav-backed consortium will acquire Mohawk Day Camp for $68 million, helping advance SIMAD's broader restructuring and asset sale efforts under Chapter 11, the report states. About SIMAD Holdings LLC SIMAD Holdings LLC company operates a portfolio of camp and recreational facilities that provide seasonal educational and outdoor experiences for children and young adults. SIMAD Holdings sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 26-16515) on June 4, 2026. In its petition, the Debtor reports estimated assets between $100 million and $500 million and estimated liabilities between $500 million and $1 billion. Honorable Bankruptcy Judge Christine M. Gravelle handles the case. The Debtor is represented by Michael D. Sirota, Esq. of Cole Schotz P.C. SIMAD HOLDINGS: To Sell Summer Camp Asset to Grandview Ventures --------------------------------------------------------------- Simad Holdings Ltd. and its affiliates seek permission from the U.S. Bankruptcy Court for the District of New Jersey, to sell Summer Camp Assets to the Successful Bidder, free and clear of liens, claims, interests, and encumbrances. The Debtors own and operate summer camps that generally operate from June through August. With the summer season in full swing—and many campers showing up this week—the unique circumstances of the chapter 11 cases justify the expedited timeline contemplated by the Motion and the Bidding Procedures. The Debtors were determined to move forward with Grandview Ventures Group, LLC as a Stalking Horse Bidder and subject for Court approval. The Stalking Horse Agreement provides for the aggregate Purchase Price in an amount equal to $68 million in cash, plus Cure Amounts, plus the assumption of Assumed Liabilities, with a good faith cash deposit in an amount of $6.8 million. The Stalking Horse Agreement contemplates certain bid protections, including, inter alia, a break-up fee in the amount equal to 3.0% of the Cash Payment, and an expense reimbursement up to an amount equal to 1.0% of the Cash Payment. 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 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. Assaf Ravid, chief restructuring officer, signed the petitions. 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. Counsel to the Operators Bid Group are Bennett S. Silverberg, Esq., at Brown Rudnick, LLP, in New York; Tristan Axelrod, Esq., at Brown Rudnick, LLP, in Boston, Massachusetts; Robert M. Hirsh, Esq., and James A. Copeland, Esq., at Norton Rose Fulbright US LLP, in New York; and Timothy W. Walsh, Esq., at Steptoe LLP, in New York. SIREN SISTERS: Hires International Realty as Real Estate Broker --------------------------------------------------------------- Siren Sisters Land Trust seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ International Realty of Florida LLC as real estate broker. The firm will market and sell the Debtor's real property a residential property located at 501 Sandpiper Way, Boca Raton, FL 33431. The firm will be paid a commission of 5 percent of the gross selling price, and with a provision to pay a cooperating broker of 2.5 percent of the gross selling price. Mr. Seaman 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: Richard Seaman International Realty of Florida, LLC 7579 Solimar Circle Boca Raton, FL 33431 About Siren Sisters Land Trust Siren Sisters Land Trust is a single-asset real estate entity that owns property at 501 Sandpiper Way in Boca Raton, Florida. Siren Sisters Land Trust filed its voluntary petition for Chapter 11 protection (Bankr. S.D.F.L. Case No. 26-17662) on June 11, 2026, listing $3,500,000 in assets and $2,171,475 in liabilities. Maxime Kaan-Lilly, as trustee of Siren Sisters Land Trust, signed the petition. Judge Mindy A Mora oversees the case. Susan D Lasky, Esq. at SUAN D. LASKY, PA serve as the Debtor's legal counsel. SLEEP NUMBER: US Trustee Objects to Employee Retention Plan ----------------------------------------------------------- Emlyn Cameron of Law360 Bankruptcy Authority reports that the U.S. Trustee has objected to Sleep Number's proposed employee retention program, telling a New York bankruptcy court that the incentive payments are unwarranted because the company's expected purchaser will likely continue employing the affected workers. The trustee argued that the proposal amounts to a prohibited retention plan disguised as an incentive program. Sleep Number entered Chapter 11 to reorganize its operations and conduct a court-supervised sale process. The trustee maintained that the company failed to establish that the employees are at risk of departing before the transaction closes or that the proposed payments are necessary to maximize value for creditors, the report relays. The filing asks the court to deny approval of the retention plan unless the debtor can demonstrate that the payments are tied to measurable performance goals rather than simply rewarding employees for remaining with the company through the sale process, 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. SMALL BUSINESS: Enters Receivership ----------------------------------- FDIC.gov reports that on Friday, July 17, 2026, the Kansas Office of the State Bank Commissioner closed Small Business Bank of Lenexa and appointed the FDIC as receiver. The federal agency entered into a purchase and assumption agreement with The Farmers State Bank of Oakley, Kansas, which agreed to assume substantially all deposits and purchase certain assets. The failed bank reported approximately $73 million in total assets and $69 million in deposits as of March 31, 2026. As part of the transaction, the bank's sole location will reopen as a branch of Farmers State Bank on July 20, 2026. Existing depositors will automatically become customers of the acquiring bank, and their deposits will continue to be fully protected under FDIC insurance, the report states. The FDIC emphasized that customers will have immediate access to their funds and can continue using checks, ATM cards and debit cards without interruption. Loan customers should continue making scheduled payments while the receivership remains in effect, and the agency has established customer support channels for additional assistance. The agency estimates that the bank failure will cost the Deposit Insurance Fund approximately $5.7 million. That figure is subject to change as the FDIC completes the sale of retained assets and finalizes the receivership process, the report states. About Small Business Bank Small Business Bank is a community-focused lender specializing in financing solutions for small and midsize businesses. The bank offers commercial lending products, including Small Business Administration (SBA) loans, business acquisition financing and other credit solutions tailored to entrepreneurs. Its operations are centered on providing capital access to businesses seeking expansion, refinancing or working capital support. Small Business Bank entered receivership after state and federal regulators concluded that the Lenexa, Kansas-based institution was no longer adequately capitalized. The Kansas Office of the State Bank Commissioner closed the bank on July 17, 2026, and appointed the FDIC as receiver following unsuccessful efforts to restore the bank's capital. Regulators had expressed growing concern over the bank's weakening financial position, including rising delinquent loans, limited reserves and continued operating losses. Earlier in June 2026, the Federal Reserve classified the bank as significantly undercapitalized and ordered corrective measures, including raising capital or finding an acquirer within 30 days. SMOK CIGAR: Edward Burr Named Subchapter V Trustee -------------------------------------------------- The U.S. Trustee for Region 17 appointed Edward Burr of Mac Restructuring Advisors, LLC as Subchapter V trustee for Smok Cigar Lounge, LLC. Mr. Burr will be paid an hourly fee of $475 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Burr declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Edward Burr Mac Restructuring Advisors, LLC 10191 E. Shangri La Road Scottsdale, AZ 85260 Phone: (602) 418-2906 Email: Ted@macrestructuring.com About Smok Cigar Lounge LLC Smok Cigar Lounge, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Nevada Case No. 26-14267) on July 7, 2026, with up to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Mike K. Nakagawa presides over the case. Matthew C. Zirzow, Esq., at Larson And Zirzow, LLC represents the Debtor as legal counsel. SMOK CIGAR: Seeks to Hire Larson & Zirzow LLC as Counsel -------------------------------------------------------- Smok Cigar Lounge, LLC seeks approval from the U.S. Bankruptcy Court for the District of Nevada to employ Larson & Zirzow, LLC as counsel. The firm will provide these services: a. prepare on behalf of the Debtor, as debtor in possession, all necessary or appropriate motions, applications, answers, orders, reports, and other papers in connection with the administration of the Debtor's bankruptcy estate; b. take all necessary or appropriate actions in connection with a plan of reorganization and all related documents, and such further actions as may be required in connection with the administration of the Debtor's estate; c. take all necessary actions to protect and preserve the Debtor's estate including the prosecution of actions on the Debtor's behalf, the defense of any actions commenced against the Debtor, the negotiation of disputes in which the Debtor are involved, and the preparation of objections to claims filed against the Debtor's estate; and d. perform all other necessary legal services in connection with the prosecution of the Chapter 11 Case. The firm will be paid at these rates: Zachariah Larson, Esq., Principals $650 per hour Benjamin Chambliss, Esq., Associate Attorney $500 per hour Patricia Huelsman, Paralegal $295 per hour The firm received a total pre-petition retainer of $30,000 In addition, the firm will seek reimbursement for its out-of-pocket expenses. Mr. Zirzow 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: Zachariah Larson, Esq. Matthew C. Zirzow, Esq. Larson & Zirzow, LLC 850 E. Bonneville Ave. Las Vegas, NV 89101 Tel: (702) 382-1170 Fax: (702) 382-1169 E-mail: zlarson@lzlawnv.com mzirzow@lzlawnv.com About Smok Cigar Lounge 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. SOARING EAGLES: Commences Subchapter V Bankruptcy in Colorado ------------------------------------------------------------- On July 16, 2026, Soaring Eagles Townhomes Association, Inc. filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of Colorado. According to court filings, the debtor reports between $500,000 and $1 million in liabilities owed to 1 to 49 creditors. Chapter 11 Small Business Subchapter V plan due October 14, 2026; government proofs of claim must be submitted by January 12, 2027. About Soaring Eagles Townhomes Association, Inc. Soaring Eagles Townhomes Association, Inc. is a Colorado Springs, Colorado-based homeowners association responsible for managing a 150-unit residential townhome community. The association oversees common-area maintenance, property management and enforcement of community standards. Prior to filing for bankruptcy, it faced mounting financial pressure related to more than $3 million in estimated repair costs, resulting in a 2025 special assessment of approximately $21,000 per unit. Court records also indicate that mechanic's liens were filed against community properties in 2026. Soaring Eagles Townhomes Association, Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-15148) on July 16, 2026. In its petition, the debtor reported estimated assets of $100,000 to $500,000 and estimated liabilities of $500,000 to $1 million. Honorable Bankruptcy Judge handles the case. The debtor is represented by Katharine S. Sender, Esq., of The Sender Law Firm. SOMNIGROUP INT'L: Fitch Alters Outlook on 'BB+' IDR to Stable ------------------------------------------------------------- Fitch Ratings has affirmed Somnigroup International Inc. and its subsidiary, Tempur-Pedic Management, LLC's Long-Term Issuer Default Ratings (IDRs) at 'BB+'. Fitch has assigned a 'BB+' IDR to Somnigroup Management LLC and a 'BBB-' rating with a Recovery Rating of 'RR1' to its secured revolving credit facility. The Rating Outlook has been revised to Stable from Negative. The Stable Outlook reflects material deleveraging since the Mattress Firm acquisition. Somnigroup reduced debt by about $500 million and lowered EBITDAR leverage to 3.4x as of 1Q'26. Fitch expects further deleveraging of about 0.5x within the next 18 months, barring any material debt-financed acquisitions. Somnigroup's 'BB+' rating reflects its strong North American position, increased scale following the Mattress Firm acquisition, established brands, broad distribution and capital allocation policies that support strong FCF. The rating also reflects the company's concentration in mattresses and exposure to discretionary consumer spending in a competitive, fragmented market. Fitch has withdrawn the rating for Tempur-Pedic Management, LLC's term loan B. Following a data cleanup, Fitch no longer considers the rating relevant. Key Rating Drivers Transformative Acquisition Progressing: Somnigroup's acquisition of Mattress Firm has materially increased its scale, improved vertical integration and accelerated its omnichannel strategy. Direct retail, through stores and ecommerce, now accounts for about 65% of sales, up from about 25% before the acquisition. This also increases exposure to mattress retail volatility, including weak demand periods. Fitch expects Somnigroup to generate about $7.7 billion of sales and $1.3 billion of EBITDA in 2026, compared with $4.9 billion of sales and $880 million of Fitch-adjusted EBITDA in 2024, before the acquisition. Mattress Firm is a leading U.S. mattress specialty retailer with more than 2,100 stores and a nationwide footprint, with a high single-digit share of the North American bedding market. Synergy capture is running ahead of plan. Somnigroup realized $80 million of net synergies in 2025 and estimates a $235 million net run rate by 2027, including about $100 million of sales synergies and better supplier terms, with the balance from sourcing, manufacturing and logistics savings. Market Pullback Stabilizing: Fitch forecasts a low-to-mid single-digit U.S. industry decline in 2026. U.S. mattress industry volumes fell by the mid-single digits in 2025, after steeper declines in the double-digits for 2024, 2023 and 2022. Fitch anticipates U.S. mattress industry volumes are nearing a bottom with the pace of decline easing after a few years of significant contraction. Fitch believes Somnigroup is well positioned to benefit from a recovery in mattress industry volumes as replacement demand gradually improves, which should help support EBITDA growth. However, volumes could remain at similar levels beyond 2026 if weaker consumer sentiment and subdued spending continue to pressure discretionary, higher-ticket mattress purchases. Prolonged geopolitical risks could also weigh on consumer confidence, sustain inflationary pressure and weaken discretionary spending, delaying a recovery in industry volumes. Leverage Improving; Material FCF: EBITDAR leverage improved to 3.4x at 1Q26 from about 3.8x at the February 2025 Mattress Firm close, reflecting about $500 million of debt repayment. It remains only modestly above the 3.25x negative sensitivity threshold. However, Fitch expects leverage to decline to the low-3x range in 2026, supported by FCF after dividends of about $500 million that enables further debt repayment. Once leverage reaches the top end of its 3.0x target, Somnigroup plans to allocate 50% of FCF to share repurchases and dividends with the remaining to debt reduction. Somnigroup's 2.0x to 3.0x net debt/EBITDA target equates to about 2.3x to 3.3x on Fitch's EBITDAR basis. L&P Acquisition Leverage Neutral: Somnigroup's agreement to acquire Leggett & Platt Incorporated (BBB-/RWN) in an all-stock transaction is gross EBITDAR leverage neutral, including the assumption of $1.5 billion of L&P's debt that is expected to close by year-end. The acquisition would expand Somnigroup's vertical integration across inner springs, adjustable beds and specialty foam that derisks the supply chain while modestly increasing geographic diversification. The pro forma company would generate more than $11.2 billion in sales and $1.7 billion of EBITDA. Sales outside of North America would increase to 22% from 17% and would add 28 bedding product manufacturing facilities globally. Strong Competitive Position: Fitch believes Somnigroup's effective operating strategy has led to a sustainable competitive advantage, with share gains primarily at the expense of key competitor Serta Simmons Bedding, LLC (Serta; not rated). Growth is supported by expanded distribution with new and existing retailers, company-owned store build-out, M&A, higher-margin Tempur-Pedic brand gains and entry into new markets. Operating initiatives have strengthened Somnigroup's omni-channel presence, brand portfolio and manufacturing capabilities. Share Gains Continue: Somnigroup continues to outperform the North American mattress market. In 1Q26, Tempur Sealy North America sales grew in the mid-single digits and Mattress Firm sales were effectively flat, while industry demand declined in the mid-single digits, continuing the multi-year share gains. International sales rose 7% in constant currency in 1Q26, after high-single-digit growth in 2025. Growth suggests share gains and reflects refreshed Tempur products, expanded distribution and marketing investment. Competitive Industry Environment: The mattress industry is susceptible to irrational pricing, pullbacks in consumer spending, secular shifts in consumer preferences and bankruptcies. Somnigroup faces intense competition from the e-commerce and bed-in-a box space, such as Casper, Amazon and other mattress e-tailers. Attractively priced e-commerce mattresses fuel price competition in addition to convenience. Peer Analysis Somnigroup has a significantly stronger financial profile than its main competitor, Serta. Somnigroup's rated peers include Levi Strauss & Co. (Levi; BBB-/Stable), Signet Jewelers Ltd. (BBB-/Stable) and Samsonite Group S.A. (Samsonite; BB+/Stable). Somnigroup and Levi share similar distribution strategies across specialty retailers and department stores, and self-distribution through company-operated stores and e-commerce. Levi's ratings reflect its position as one of the world's largest branded apparel manufacturers, with broad channel and geographic exposure and good execution in both top-line and margins. This supports Fitch's medium-term expectations of low-single-digit revenue and modest EBITDA growth. The rating considers Levi's low leverage, expected to remain in the mid-1x range, balanced by its narrow focus on the Levi brand and in bottoms, and its low EBITDAR fixed-charge coverage in the mid-2x range. Samsonite's 'BB+' rating reflects its position as the world's largest travel luggage company, with strong brands and historically good organic growth. The rating also considers good liquidity, supported by FCF averaging at least $100 million. Ratings assume annual EBITDA in the $600 million range and EBITDAR leverage in the high-2x range. Signet's rating reflects its leading market position as a U.S. specialty jeweler with approximately 9% share in a highly fragmented industry. The rating also considers Signet's good execution from a topline and margin standpoint, which supports Fitch's longer-term expectations of low-single digit revenue and EBITDA growth. Fitch expects Signet to maintain EBITDAR leverage in the mid-1x range from 2026, assuming EBITDA trends towards the low-$700 million range. Fitch’s Key Rating-Case Assumptions - Fitch's forecast for 2026 assumes sales around $7.7 billion supported by North America Tempur Sealy share gains, higher Tempur/private-label mix at Mattress Firm, international growth, and back-half pricing actions offset by low-to-mid single digit declines in industry volumes and past asset divestitures. For 2027, the forecast assumes sales growth in the low-single digits to $7.8 billion on flat industry volumes; - EBITDA around $1.3 billion in 2026, supported by modest margin expansion due to productivity improvements, some synergy realization and pricing actions. EBITDA in the mid-$1.3 billion in 2027, supported by similar factors; - FCF around $500 million range in 2026, reflecting capital investment of about $230 million, dividends in the mid-$100 million range and neutral working capital. The forecast projects FCF around $500 million in 2027, assuming higher EBITDA, lower interest costs, an increase in capital investment and slight working capital usage; - EBITDAR leverage decreasing to about 3.2x in 2026 and around 3x in 2027 due primarily to debt paydown and some EBITDA growth; - The company's RCF and term loans are floating-rate debt. Fitch assumes annualized SOFR rates over the forecast period between 375 basis points (bp) to 400 bp. Somnigroup has a leverage pricing grid for its term loan A and B with step downs of 12.5 bps and 25 bps respectively on consolidated total leverage less than 3x. The below assumptions reflect Somnigroup's acquisition of Leggett & Platt closing at YE 2026. - Revenue of around $11.8 billion in 2027; - EBITDA around the mid-$1.7 billion in 2027; - FCF (after dividends) in the mid-$500 million in 2027; - EBITDAR leverage around 3.0x in 2027. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): Business and financial profile factors (assessment, relative importance): management ('bbb', Lower), sector characteristics ('bbb-', Moderate), market and competitive positioning ('bbb+', Moderate), diversification and asset quality ('bb-', Higher), company operational characteristics ('bbb-', Moderate), profitability ('a', Moderate), financial structure ('bbb-', 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. The governance assessment of 'good' has no impact. The operating environment assessment of 'aa-' has no impact. The SCP is 'bb+'. To derive the Long-Term IDR: Fitch made no adjustments to the SCP, resulting in an IDR of 'BB+'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade: - EBITDA trending toward the low-$1 billion range as a result of sales and/or margin declines, debt-funded shareholder-friendly policies and/or debt-financed acquisitions, leading to EBITDAR leverage sustained above 3.3x and EBITDAR fixed charge coverage sustained below the low-2x; Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: - EBITDA trending toward the upper $1 billion due to a market recovery that supports mid-single digit revenue growth with sustained market share gains and demonstrated operating resiliency through shifts in the competitive environment and economic cycles leading to EBITDAR leverage sustained below 2.8x and EBITDAR fixed charge coverage sustained above 3x. Liquidity and Debt Structure Somnigroup's liquidity is at nearly $900 million as of March 31, 2026, consisting of $111 million in cash and $763 million of availability on a $1.2 billion revolving credit facility (RCF) maturing in 2028. The company maintains an accounts receivable securitization program with a $150 million limit. As of March 31, 2026, the company had fully drawn down the accounts receivable securitization with borrowings of $89.5 million. Somnigroup has substantial headroom within its covenant requirements, including consolidated total net leverage of less than 5.0x (5.5x for 12 months after a qualifying material acquisition) in the credit agreement. Long-term debt maturities are modest and include annual term loan amortization payments. Somnigroup does not have a significant note maturity until 2029. Somnigroup's $1.030 billion in outstanding term loan A facilities mature in 2028. Issuer Profile Somnigroup is the world's largest bedding manufacturer. It develops, manufactures, markets and distributes bedding products, which are sold globally in approximately 100 countries. Summary of Financial Adjustments - EBITDA adjusted to exclude stock-based compensation and one time/non-ordinary charges; - Balance sheet lease liabilities are used as lease-equivalent debt starting in fiscal 2023, in accordance with Fitch's Corporate Rating Criteria dated Dec. 6, 2024. Prior years used an 8x multiple applied to lease expense for lease-equivalent debt. 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 Somnigroup International Inc. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Tempur-Pedic Management, LLC LT IDR BB+ Affirmed BB+ senior secured LT BBB- Affirmed RR1 BBB- senior secured LT WD Withdrawn BBB- Somnigroup Management LLC LT IDR BB+ New Rating senior secured LT BBB- New Rating RR1 Somnigroup International Inc. LT IDR BB+ Affirmed BB+ senior unsecured LT BB+ Affirmed RR4 BB+ senior secured LT BBB- Affirmed RR1 BBB- SPARHAWK LLC: Truck Sale to Manders Diesel Repair for $270K OK'd ---------------------------------------------------------------- The U.S. Bankruptcy Court for the Western District of Wisconsin, has granted Matthew Brash, Chapter 11 Trustee of Sparhawk, LLC and its affiliates, Sparhawk Properties LLC, Sparhawk Trucking, Inc. and Sparhawk Truck and Trailer, Inc., to sell Trucks, free and clear of liens, claims, interests, and encumbrances. The Debtors own various trucks located at Street Address: 421 25th Ave N. Wisconsin Rapids, WI 54495. The VIN serial number and other identifying information on some Trucks is inaccessible due to the storage location a the yard and thickets of mud and trees. The Trustee will work to obtain the applicable information and VIN serial numbers in cooperation with Manders once Manders picks up the inaccessible Trucks. The Court has authorized the Debtors to sell the truck to Manders Diesel Repair Inc. for a gross total of $270,000. The Trustee may sell the trucks free and clear of liens, claims, interests, and encumbrances. The Trustee is authorized to distribute the proceeds of the auction as follows: (a) to Steffes: $13,500.00, consisting of a commission of 5% of the gross proceeds of the sale. (b) to WoodTrust: a percentage of the net proceeds as agreed between WoodTrust and the Trustee, or as otherwise ordered by the Court. About Sparhawk LLC Sparhawk LLC and affiliated entities -- Sparhawk Trucking, Inc., Sparhawk Properties, LLC; and Sparhaw Truck and Trailer, Inc. -- support trucking operations, equipment management and property holdings related to the group's transportation activities. Founded in 1981, the Sparhawk group operates within the general freight trucking industry in the United States. Sparhawk and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wis. Lead Case No.26-10527) on March 13, 2026. In the petition signed by Mark A. Sparhawk, sole member, Sparhawk disclosed up to $10 million in both assets and liabilities. Judge Catherine J Furay oversees the cases. Jerome R. Kerkman, Esq., and Nicholas W. Kerkman, Esq., at Kerkman & Dunn, represent the Debtors as legal counsel. Matthew Brash was appointed as trustee appointed in these Chapter 11 cases. He tapped Swanson Sweet LLP as counsel and Newpoint Advisors Corporation as financial advisor. SPARHAWK LLC: Trustee Seeks to Hire CBRE as Broker -------------------------------------------------- Matthew Brash, the Trustee for Sparhawk LLC and its affiliates, seeks approval from the U.S. Bankruptcy Court for the Western District of Wisconsin to employ CBRE as broker. The firm will provide listing and marketing the property of the Debtors for sale. The total fees for the professional services shall be based on a commission of 5 percent to the broker. If the firm cooperates with other real estate brokers, including Non-Listing Team Agents who represent prospective purchasers for the property ("cooperating brokers"), the commission shall be 6 percent of the gross selling price, which shall be split 50/50 with the cooperating broker and the firm. Brian Wolff disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Brian Wolff CBRE 10 E. Doty St, Suite 410 Madison, WI 53703 Tel: (608) 663 5445 About Sparhawk LLC Sparhawk LLC and affiliated entities -- Sparhawk Trucking, Inc., Sparhawk Properties, LLC; and Sparhaw Truck and Trailer, Inc. -- support trucking operations, equipment management and property holdings related to the group's transportation activities. Founded in 1981, the Sparhawk group operates within the general freight trucking industry in the United States. Sparhawk and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wis. Lead Case No.26-10527) on March 13, 2026. In the petition signed by Mark A. Sparhawk, sole member, Sparhawk disclosed up to $10 million in both assets and liabilities. Judge Catherine J Furay oversees the cases. Jerome R. Kerkman, Esq., and Nicholas W. Kerkman, Esq., at Kerkman & Dunn, represent the Debtors as legal counsel. Matthew Brash was appointed as trustee appointed in these Chapter 11 cases. He tapped Swanson Sweet LLP as counsel and Newpoint Advisors Corporation as financial advisor. STONEBRIDGE GOLF: Deadline for Panel Questionnaires for July 22 --------------------------------------------------------------- The United States Trustee is soliciting members for committee of unsecured creditors in the bankruptcy cases of Stonebridge Golf Holdings LLC, et al. If a party wishes to be considered for membership on any official committee that is appointed, it must complete a questionnaire available at https://tinyurl.com/385u7jew and return by email it to Angeliza Ortiz-Ng -- Angeliza.Ortiz-Ng@usdoj.gov -- at the Office of the United States Trustee so that it is received no later than 1:00 p.m., on July 22, 2026. If the U.S. Trustee receives sufficient creditor interest in the solicitation, it may schedule a meeting or telephone conference for the purpose of forming a committee. About Stonebridge Golf Stonebridge Golf Holdings LLC operates Stonebridge Golf & Country Club, a 902-acre golf and residential community in Albany, Georgia, featuring an 18-hole golf course, clubhouse, banquet and dining facilities, tennis courts, pool, fitness center and event venues, while affiliated Stonebridge Land Development LLC owns and markets residential lots within the surrounding master-planned golf community. Stonebridge Golf concurrently filed for relief under Chapter 11 of the Bankruptcy Code (Case No. D. N.J. 26-17727). In its petition, the Debtor reported total assets of $4,000,000 and total liabilities of $1,025,824. The petition was signed by Brijendera Singh as member. The Hon. Michael B. Kaplan presides over the cases. The Debtors' counsel is Trenk Isabel Siddiqi & Shahdanian P.C. STORNOWAY DIAMONDS: Li-FT Secures Option on Renard Mine in CCAA --------------------------------------------------------------- Li-FT Power Ltd. announced on July 14, 2026, further to the Company's news release dated June 24, that the Superior Court of Quebec has approved the binding call option agreement dated June 23, 2026 with Stornoway Diamonds (Canada) Inc., 11272420 Canada Inc. and Deloitte Restructuring Inc., in its capacity as monitor in the CCAA Proceedings. Pursuant to the Option Agreement, LIFT has acquired the sole and exclusive call option to acquire, at its election, the assets comprising the Renard diamond mine, processing facility and associated infrastructure or all of the issued shares in the capital in Stornoway (the 100% owner of Renard) or 1127 Canada (the 100% owner of Stornoway). TRANSACTION TERMS * LIFT may exercise the Option for C$1.00 at any time during a two-year period ending June 23, 2028, unless extended by the parties. * The Option Period will be used to confirm the technical, economic, environmental, and social feasibility of repurposing Renard for lithium processing, to determine the optimal Transaction structure, and to negotiate definitive acquisition agreements. * As consideration for the Option, LIFT paid a C$12 million fee in cash, which is being held in trust by the Monitor pending receipt of the authorization of Ministère des Ressources naturelles et des Forêts for the postponement of rehabilitation and restoration work at Renard during the Option Period. * If the Release Condition is not met by October 3, 2026, or such other date agreed upon with the Monitor and the secured creditors, the Option Fee will be returned to LIFT, and the Option will be terminated. * Upon satisfaction of the Release Condition, the Option Fee will be distributed by the Monitor to the secured creditors pursuant to the CCAA Proceedings. * During the Option Period, LIFT is solely responsible for care and maintenance costs to maintain the Renard mine site in good order (estimated at C$18 million annually), and should LIFT decide to exercise the Option, LIFT will assume full responsibility for closure and remediation of the Renard mine site. The Transaction remains subject to several conditions, including satisfaction of the Release Condition, negotiation and execution of an acquisition agreement upon exercise of the Option, Court approval of the Acquisition Agreement and receipt by LIFT of all required regulatory approvals associated with the Transaction, including the approval of the TSX Venture Exchange. About Renard Renard is a mining and processing site located in the Eeyou Istchee James Bay region of Quebec, approximately 60 kilometres south of the Adina Lithium Project and approximately 400 kilometres north of a national railway connection at Chibougamau. Chibougamau is connected by road and rail to the critical mineral and EV battery supply chain hub in Becancour. Renard first produced diamonds in 2016 and its infrastructure includes a fully covered 2.2 Mtpa processing facility, the on-site Clarence and Abel Swallow Airport, a 16 MW LNG-fired power station, tailings and water management infrastructure, a maintenance shop, a 330-bed camp, and permanent all-season road access to Chibougamau and onward connections to the St. Lawrence Seaway and major ports. This release is authorised by the Board of Directors of Li-FT Power Ltd. For further information, please contact: Francis MacDonald Chief Executive Officer Tel: (604) 609-6185 Email: investors@li-ft.com Website: www.li-ft.com - and - Daniel Gordon Investor Relations Manager Tel: (604) 609-6185 Email: investors@li-ft.com About LIFT LIFT is focused on developing a portfolio of hard rock lithium assets in Canada, with core development assets in both Quebec and the Northwest Territories. The Company owns the Adina Lithium Project in the Eeyou Istchee James Bay region of Quebec and the Yellowknife Lithium Project in the Northwest Territories. LIFT also holds early-stage exploration properties in both jurisdictions. About Stornoway Stornoway is a Canadian diamond production, exploration and development company whose principal mineral property is its 100% owned Renard diamond mine and processing facility. On October 27, 2023, Stornoway announced that Renard was being placed into care and maintenance pending a recovery in diamond prices, and that restructuring proceedings under the CCAA before the Court had commenced. The stay of proceedings has been extended from time to time and the CCAA Proceedings remain ongoing. STRYKER DEALERSHIP: Seeks to Hire Spain & Gillon as Counsel ----------------------------------------------------------- Stryker Dealership Group, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Alabama to employ Spain & Gillon as counsel. The firm will provide these services: a. provide Debtor legal advice with respect to its powers and duties as Debtor-in-Possession in the continued management of Debtor's financial affairs; b. prepare on behalf of Debtor necessary schedules, lists, applications, motions, answers, orders and reorganization papers as is or may become necessary; c. review all leases and other corporate papers and prepare any necessary motions to assume unexpired leases or executory contracts and assist in preparation of corporate authorizations and resolutions regarding Chapter 11 case; and d. perform any and all other legal services for Debtor as Debtor-in-Possession as may be necessary to achieve confirmation of a Chapter 11 Plan of Reorganization. The firm will be paid at these rates: Frederick M. Garfield $450 per hour Steve Leara $450 per hour Associate Attorneys $250 per hour Paralegals $120 per hour The firm received a retainer in the amount of $60,000. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Mr. Garfield 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: Frederick M. Garfield, Esq. Spain & Gillon, LLC 505 20th Street North, Suite 1200, Birmingham, AL 35203 About Stryker Dealership Group, LLC Stryker Dealership Group, LLC is a Piedmont, Alabama-based multi-state trailer dealership specializing in the sale of utility, dump, and equipment trailers. The company serves customers across multiple states with a range of trailers for commercial and personal use. Stryker Dealership Group, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-40779) on July 6, 2026. In its petition, the debtor reported estimated assets of $100,000 to $500,000 and estimated liabilities of $10 million to $50 million. Honorable James J. Robinson handles the case. The debtor is represented by Frederick Mott Garfield, Esq., of Spain & Gillon, LLC. T7 ENTERPRISES: Hires Lane Law Firm PLLC as Bankruptcy Counsel -------------------------------------------------------------- T7 Enterprises LLC d/b/a Reliable Tire Disposal seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to employ Lane Law Firm, PLLC as general bankruptcy counsel. The firm will provide these services: a. advise and represent the Debtor as debtor in possession in the administration of this bankruptcy case; b. analyze the Debtor's assets and liabilities, investigate the extent and validity of liens and claims, and review or participate in any proposed asset sales or dispositions; c. communicate and negotiate with creditors and other parties in interest; d. prepare pleadings, including motions and applications, and to represent the Debtor in all meetings, hearings, and conferences, including the section 341 meeting of creditors; e. assist in the preparation, analysis, and negotiation of a plan of reorganization and any accompanying disclosure statement, and to facilitate confirmation of such plan; f. take all actions necessary to protect and preserve the Debtor and its assets, including maintaining going-concern value for the benefit of creditors; g. appear before this Court and any other court or tribunal, as appropriate, and to represent the Debtor before the United States Trustee; and h. perform such other legal services as may be necessary in connection with this case. The firm will be paid at these rates: Robert C. Lane, (lead) Partner $650 per hour Joshua D. Gordon, Partner $625 per hour Matthew W. Bourda, Senior Counsel $625 per hour A. Zachary Casas, Attorney $575 per hour Kyle Garza, Attorney $450 per hour Paraprofessional staff, Paralegal $250 per hour The firm received a retainer in the amount of $35,000. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Mr. Lane disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Robert C. Lane, Esq. The Lane Law Firm, PLLC 6200 Savoy, Suite 1150 Houston, Texas 77036 Tel: (713) 595-8200 Fax: (713) 595-8201 Email: notifications@lanelaw.com About T7 Enterprises LLC T7 Enterprises, LLC, doing business as Reliable Tire Disposal, provides tire recycling and recovery services from locations in Burnet and Victoria, Texas. The company picks up scrap tires from businesses, accepts drop-offs, and processes scrap tires into tire-derived fuel and crumb rubber products. It also sells wholesale used tires to commercial, retail, and agricultural customers. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 26-11103) on June 9, 2026. In the petition signed by Gary Thomas, chairman and CEO, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Shad M. Robinson oversees the case. Robert C. Lane, Esq., at The Lane Law Firm, represents the Debtor as bankruptcy counsel. TALEN ENERGY: Fitch Affirms 'BB-' LongTerm IDR, Outlook Negative ---------------------------------------------------------------- Fitch Ratings has affirmed Talen Energy Supply, LLC's (Talen) Long-Term Issuer Default Rating (IDR) at 'BB-'. Fitch has also affirmed the 'BB+' rating and 'RR1' Recovery Rating of the term loan B (TL B) and senior secured notes and the 'BB-'/'RR4' rating on the senior unsecured notes. The Rating Outlook remains Negative. The Negative Outlook reflects Talen's aggressive capital allocation policy which includes inorganic growth strategy of acquiring generation assets largely funded with debt and ongoing share repurchases, resulting in gross EBITDA leverage above 3.5x in 2026 under Fitch's assumptions. Talen recently announced the $3.45 billion acquisition of Cornerstone Generation Holdings, LP's (Cornerstone) three plants: Lawrenceburg, IN; Waterford, OH; and Darby, OH. Together the plants bring Talen's total generation portfolio to roughly 15.6 GW. Fitch could lower Talen's rating if the company pursues incremental debt funded acquisitions or the pro forma leverage remains above 3.5x by the end of 2026. Key Rating Drivers Elevated Leverage: Fitch expects the acquisition of Cornerstone's assets to materially increase EBITDA leverage, with consolidated pro forma leverage rising to approximately 3.9x in 2026 (26% equity funding). Fitch anticipates leverage will gradually improve below the negative rating sensitivity threshold in 2027 and beyond, supported by deleveraging and robust cash flows. Fitch assumes a normalized forward market curve for capacity and energy prices. Aggressive Capital Allocation Strategy: Talen's $3.45 billion Cornerstone acquisition follows immediately after completing a $3.5 billion debt-funded acquisition, reflecting aggressive capital deployment within a compressed time frame. Although Talen has announced a commitment to reduce leverage through a significant paydown of acquisition debt, with a target of net EBITDA leverage below 3.5x, this is contingent on robust FCF under peak capacity and energy price assumptions. This reliance increases the risk of financial underperformance if realized prices are weaker than expected. In addition, Talen's intention to continue share repurchases despite higher leverage will further constrain deleveraging capacity. Improved Scale but Limited Diversity: Fitch expects Talen's generation capacity to increase to approximately 15.6 GW from 13.1 GW following the acquisition. Cornerstone's efficient, gas-fired thermal plants provide stable baseload capacity within PJM Interconnection, offering operational flexibility to support Talen's contracted nuclear generation and potential incremental data center power purchase agreements driven by AI-related investment. However, the transaction does not materially enhance geographic or asset diversity, as the acquired assets are in PJM, where Talen already generates over 90% of EBITDA. Commodity Price Sensitivity: The announced acquisition will further increase Talen's exposure to energy and capacity price volatility through its merchant generation profile, resulting in potential EBITDA and FCF fluctuations. Talen's capacity margins currently contribute about 30% of total gross margins based on PJM capacity prices, but Fitch expects this to decline to 17%-18% as prices normalize, providing modest cash flow stability. Talen's hedging strategy reduces cash flow volatility, with 60%-80% and 40%-60% of generation hedged in the first and second years, respectively. PJM Remains Primary Market: PJM will continue to account for over 90% of Talen's gross margin. Fitch views PJM favorably, as capacity auctions provide additional revenues for generators. However, volatility has increased, with auction prices rising from $28.92/MW-day for 2024/2025 to $329.17/MW-day for 2026/2027, and $333.44/MW-day for 2027/28. Fitch expects prices to again clear at cap for the 2028/2029 auction, before normalizing at approximately $270/MW-day for 2029/2030. Sustained high exposure to a single market increases Talen's vulnerability to regulatory, policy or structural changes within PJM, limiting benefits from geographic diversification. Strong Demand Fundamentals: Talen is positioned to benefit from robust market fundamentals including above-average demand growth in the PJM region, driven by economic activity, electrification and expanding data center requirements. Fitch expects these factors to support elevated power prices and spark spreads in the near term, benefiting both existing and acquired generation assets. However, the benefits are partially offset by high market concentration and increasing leverage. Stable Nuclear Generation: Talen's Susquehanna nuclear generation benefits from a long-term, fixed-price power purchase agreement (PPA) with Amazon Web Services, Inc. (AWS, a subsidiary of Amazon.com, Inc.: AA-/Stable) beginning in 2025 and ramping from 120 MW to 1,200 MW by 2029, providing stability to cash flows. The nuclear generation benefits from the federal production tax credit, providing a $43.75/MWh inflation-indexed price floor through at least 2032 for non-PPA capacity, offering material downside cash flow protection. However, operational risks could materially affect financial performance and credit quality. Peer Analysis With respect to size, asset composition and geographic exposure, Talen is unfavorably positioned when compared with Vistra Corp. (Vistra; BBB-/Stable) and Calpine Corporation (Calpine; BBB/Stable). Calpine's ratings reflect the strong linkage to its parent CEG, which exhibits credit quality commensurate with the 'BBB' rating category. Vistra is the largest independent power producer in the country, with approximately 41 GW of generation capacity compared to Calpine's 28 GW and Talen's 15.6 GW, following the sale of the ERCOT portfolio. With the sale of its ERCOT portfolio, Talen is largely concentrated in the PJM, contributing over 90% of consolidated EBITDA. Vistra's portfolio derives more than 60% of its consolidated EBITDA from operations in Texas, while Calpine's fleet is more geographically diversified across PJM, Texas and California. Talen and Vistra also benefit from nuclear production tax credits (PTC) provided under the Inflation Reduction Act (IRA). However, Calpine and Vistra have much larger generation portfolios and more diversified fleets. Fitch forecasts Talen's debt-to-EBITDA leverage ratio averaging 3.7x over the next four years, which is similar to Vistra's expected leverage of 3.0x to 3.5x and stronger than Calpine's pre-acquisition leverage of around 5.0x. The difference in scale, geographic diversity and the overall competitive advantage of the generation fleet drives the difference between the credit profiles of Vistra and Talen. Fitch’s Key Rating-Case Assumptions - PJM capacity auction prices: $333/MW-day for 2027/28, $325/MW-day for 2028/29 and $270/MW-day for 2029/2030; - Power prices in PJM normalizing to around $40/MWH over the forecast period of the next four years; - Total capex including nuclear fuel of about $770 million over 2026-2029; - Nuclear PTC contemplated in the IRA remains in place; - Susquehanna realizes revenue in line with nuclear PTC in addition to the currently contracted AWS PPA; - Nuclear fuel expenses are excluded from operating expenses and treated as capex instead; - Share repurchases of about $500 million in 2026, $1.1 billion in 2027, and $1 billion in 2028; - Interest rate assumptions are in line with Fitch's "Global Economic Outlook." Corporate Rating Tool Inputs and Scores Fitch scored Talen as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors: Management (bb, Moderate), Sector Characteristics (bb-, Moderate), Market & Competitive Positioning (b+, Moderate), Diversification and Asset Quality (bb, Moderate), Company Operational Characteristics (bb-, Higher), Profitability (bb, Moderate), Financial Structure (bb, Higher), Financial Flexibility (bb, Moderate). - The quantitative financial subfactors are assessed based on standard financial period parameters of 20% weight for the historical fiscal year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bb-'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Pro forma EBITDA leverage exceeding 3.5x by year-end 2026; - Aggressive capital allocation policy that includes any further potential debt funded acquisitions or share repurchases; - Weaker-than-expected power prices or capacity auctions in core regions; - Unfavorable changes in regulatory constructs or rules in Talen's markets; - Constrained liquidity position or out-of-the-money hedges. Factors that Could, Individually or Collectively, Lead to Stable Outlook - EBITDA leverage is lower than 3.5x on a sustained basis; - Balanced allocation of FCF that maintains balance sheet flexibility and leverage within the stated goal; - Demonstrated ability to hedge effectively and manage liquidity through commodity cycles. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Given the aggregate debt levels, an upgrade is unlikely. However, Fitch could consider it if: - EBITDA leverage is lower than 2.5x on a sustained basis; - Balanced allocation of FCF that maintains balance sheet flexibility and leverage within the stated goal; - Demonstrated ability to hedge effectively and manage liquidity through commodity cycles. Liquidity and Debt Structure Talen has about $1.025 billion of unrestricted cash as of March 31, 2026. In addition, Talen has $1.35 billion of undrawn revolver liquidity, which is fully available. The revolver matures in December 2029. The liquidity is sufficient to cover collateral posting requirements, working capital requirements and interest rate expenses under Fitch's rating case assumptions. Talen increased the size of its standalone letter of credit (LC) facility to $1.5 billion and terminated its Term Loan C. As of Dec. 31, 2025, Talen had $448 million in LCs outstanding under the LC facility. Talen's LC usage will increase over the next three years per the terms of the AWS PPA. There are no significant near-term maturities; however, the $131 million PEDFA bonds are subject to mandatory remarketing in 2027. Issuer Profile Talen Energy Supply, a subsidiary of Talen Energy Corporation, is an independent power producer that owns approximately 15.6 GW of generation capacity, including 2.2 GW of nuclear power, largely in PJM. 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 indicate some potential exposure to physical climate risk for Talen Energy Supply, LLC. However, this does not influence the current rating. Talen's Climate.VS reflects growing opposition to electricity generation from fossil fuels, including both coal and natural gas. Talen's generation currently contains sizable exposure to fossil fuels, including about 20% of capacity coming from coal or oil (including Brunner Island). At the moment, these risks do not have a material influence on the rating given the very long-term time scale over which the transition may take place, the uncertainty regarding the extent and nature of changes, and the markets' and companies' reactions to them. Talen has taken steps to reduce its exposure to methane and other greenhouse gas emissions in recent years, and the company is developing renewable generation through investments in solar and battery storage. Amid a backdrop of rapid greening of power generation fleets across the country and investor emphasis on sustainable investments, Fitch views management's long-term strategic initiative to reduce carbon emissions as positive. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Talen Energy Supply, LLC LT IDR BB- Affirmed BB- senior unsecured LT BB- Affirmed RR4 BB- senior secured LT BB+ Affirmed RR1 BB+ TALON LOGISTICS: Hires Levene Neale Bender as Counsel ----------------------------------------------------- Talon Logistics, Inc seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Levene, Neale, Bender, Yoo & Golubchik L.L.P. as bankruptcy counsel. The firm's services include: a. advising the Debtor with regard to the requirements of the Bankruptcy Court, Bankruptcy Code, Bankruptcy Rules and the Office of the United States Trustee as they pertain to the Debtor and interacting with and cooperating with any committee appointed in the Debtor's bankruptcy case; b. advising the Debtor with regard to certain rights and remedies of its bankruptcy estate and the rights, claims and interests of creditors; c. representing the Debtor in any proceeding or hearing in the Bankruptcy Court involving its estate unless the Debtor is represented in such proceeding or hearing by other special counsel; d. conducting examinations of witnesses, claimants or adverse parties and representing the Debtor in any adversary proceeding except to the extent that any such adversary proceeding is in an area outside of LNBYG's expertise or which is beyond LNBYG's staffing capabilities; e. preparing and assisting the Debtor in the preparation of reports, applications, pleadings and orders including, but not limited to, applications to employ professionals, interim statements and operating reports, initial filing requirements, schedules and statement of financial affairs, lease pleadings, cash collateral pleadings, financing pleadings, and pleadings with respect to the Debtor's use, sale or lease of property outside the ordinary course of business; f. representing the Debtor with regard to obtaining use of debtor in possession financing and/or cash collateral including, but not limited to, negotiating and seeking Bankruptcy Court approval of any debtor in possession financing and/or cash collateral pleading or stipulation and preparing any pleadings relating to obtaining use of debtor in possession financing and/or cash collateral; g. assisting the Debtor in any asset sale process; h. assisting the Debtor in the negotiation, formulation, preparation and confirmation of a plan of reorganization and the preparation and approval of a disclosure statement in respect of the plan; and i. performing any other services which may be appropriate in LNBYG's representation of the Debtor during its bankruptcy case. The firm will be paid at these hourly rates: David L. Neale $795 Ron Bender $795 Timothy J. Yoo $795 David B. Golubchik $795 Eve H. Karasik $795 Gary E. Klausner $795 Eric P. Israel $795 Brad D. Krasnoff $795 Edward M. Wolkowitz $795 Beth Ann R. Young $795 Monica Y. Kim $775 Philip A. Gasteier $775 John N. Tedford, IV $775 Daniel H. Reiss $775 Todd A. Frealy $775 Krikor J. Meshefejian $775 John-Patrick M. Fritz $775 Richard P. Steelman, Jr. $750 Juliet Y. Oh $750 Todd M. Arnold $750 Joseph M. Rothberg $750 Jeffrey Kwong $750 Michael D'alba $750 Carmela T. Pagay $725 Anthony A. Friedman $725 Robert Carrasco $595 Paraprofessionals $300 The firm received a retainer in the amount of $45,000. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Mr. Bender 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: Ron Bender Levene, Neale, Bender, Yoo & Golubchik L.L.P. 2818 La Cienega Avenue Los Angeles, CA 90067 Tel No: (310) 229-1234 Tel No: (310) 229-1244 Email: rb@lnbyg.com 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. TEAMSEVEN LOGISTICS: Seeks Subchapter V Bankruptcy in Wisconsin --------------------------------------------------------------- On July 14, 2026, TeamSeven Logistics LLC, operating as Chosen Spirit, filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Eastern District of Wisconsin. Court records show the company has estimated assets and liabilities ranging from $100,000 to $500,000 and between one and 49 creditors. About TeamSeven Logistics LLC TeamSeven Logistics LLC is a Green Bay, Wisconsin-based freight transportation company specializing in long-distance truckload shipping. The business currently operates a small trucking fleet and recently restored its federal common carrier authority after it had been revoked. The bankruptcy filing comes after the company faced the threat of vehicle repossession. TeamSeven Logistics LLC filed under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. Case No. 26-24003) on July 14, 2026. The petition lists assets of $100,000 to $500,000 and liabilities of $100,000 to $500,000. The case has been assigned to Hon. Katherine M. Perhach. TEXAS CORE: To Sell Energy Manufacturing Business to Pioneer Bank ----------------------------------------------------------------- Texas Core Energy LLC seeks permission from the U.S. Bankruptcy Court for the Northern District of Texas, Lubbock Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Small Business Subchapter V Plan of Reorganization was confirmed on July 7, 2023 and pursuant to the terms of the Plan, the Debtor has continued operating as a d/b/a under TOCE International. TOCE International had two divisions: The Tank & Vessel Division and the Manufacturing Supply Division. Pursuant to the terms of the Plan and Confirmation Order, it was agreed that the Debtor's accounts receivable associated with the Manufacturing Supply Division in the amount of $90,275.29 along with the $849,205.96 in inventory associated with the Manufacturing Supply Division would be restructured into one note in the total principal amount of $939,481.25 in favor of Pioneer Bank, FSB. The Restructured Inventory Note is amortized over seven years at 9.25% interest per annum and is secured by Debtor's inventory and accounts receivable generated by its continued operation of the Manufacturing Supply Division. Since confirmation of Debtor's Plan, Debtor has attempted to maintain and continue the operations of the Manufacturing Supply Division pursuant to the terms of the confirmed Plan in order to make payments called for in the Plan. However, due to a very minimal market for the Supply Inventory because its use is only for specialty purposes, the Supply Inventory being disfavored because it is out of date and imported, and difficulty determining the value of the Supply Inventory, it has been extremely challenging for the Debtor to get any interest in the Supply Inventory and sales are basically nonexistent. As a result, Debtor continues to sustain ongoing operating losses, and business has slowed to a point that the Debtor can no longer sustain operations. As a result, the Debtor intends to transfer all of its remaining assets, consisting solely of the remaining supply inventory of the Manufacturing Supply Division, to Pioneer Bank, the secured creditor of the Supply Inventory, through a private sale, and close the company. Despite the private transfer of the Supply Inventory to Pioneer, Debtor will retain possession of the Supply Inventory and continue efforts to sell the Supply Inventory. Upon any sale of the Supply Inventory, Debtor will turn over all proceeds from such sale(s) to Pioneer, which will be applied as payment towards the balance of the Pioneer Secured Claim under the Plan. The Debtor requests authority to execute all documents necessary, including the Bill of Sale, necessary to effectuate the transfer of the Supply Inventory. About Texas Core Energy Texas Core Energy, LLC is engaged in the design and fabrication of API Tanks and ASME Vessels. The company is based in Lubbock, Texas. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 23-50021) on Feb. 14, 2023, with up to $10 million in assets and up to $50 million in liabilities. Taha Habib, manager, signed the petition. Judge Robert L. Jones oversees the case. Brad W. Odell, Esq., at Mullin Hoard & Brown, LLP, represents the Debtor as legal counsel. Katharine Battaia Clark of Thompson Coburn, LLP has been appointed as Subchapter V Trustee. * * * The Debtor's Small Business Subchapter V Plan of Reorganization was confirmed on July 6, 2023, and the Debtor has been operating under the provisions of the confirmed Plan. TRADAVO INC: Seeks Subchapter V Bankruptcy in Colorado ------------------------------------------------------ On July 16, 2026, Tradavo, Inc. commenced a Chapter 11 case in the U.S. Bankruptcy Court for the District of Colorado. Court records show the company has between $1 million and $10 million in debt owed to 50 to 99 creditors. Chapter 11 Small Business Subchapter V plan filing deadline set for October 14, 2026; government proofs of claim are due by January 12, 2027. About Tradavo, Inc. Tradavo, Inc. is a Lakewood, Colorado-based wholesale distributor that provides food, beverages and related products to the hospitality sector, with a particular focus on campground retail operations. In addition to food and beverage products, the company distributes electronics and other merchandise. Prior to its bankruptcy filing, Tradavo discontinued its employee health and benefit plans in late 2025 as part of its operational restructuring. The company filed for protection under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. Case No. 26-15129) on July 16, 2026. Bankruptcy schedules list estimated assets ranging from $100,000 to $500,000 and estimated liabilities ranging from $1 million to $10 million. The case has been assigned to Honorable Joseph G. Rosania Jr. Tradavo, Inc. is represented by Keri L. Riley, Esq., of Kutner Brinen Dickey Riley, P.C. TRICOLOR AUTO: Rakoff Says Major Banks Were Victims of Fraud ------------------------------------------------------------ Sydney Price of Law360 Bankruptcy Authority reports that U.S. District Judge Jed S. Rakoff has explained why he dismissed an investor lawsuit accusing JPMorgan Chase, Barclays and Fifth Third Bank of facilitating a corporate fraud, concluding that the allegations showed the banks were themselves victims of the scheme rather than willing participants. In his opinion, Rakoff found that the investors failed to plead facts demonstrating the banks knowingly aided the alleged misconduct. He said the complaint did not establish that the institutions had actual awareness of the fraud or that their banking services went beyond ordinary commercial activities. The opinion underscores the demanding legal standards governing claims against financial institutions accused of aiding customer fraud. Without specific allegations showing intentional participation or substantial assistance, the investors' claims could not survive dismissal, the court held, Law360 reports. About Tricolor Auto Acceptance Tricolor Auto Acceptance is an Irving, Texas-based subprime auto lender. Tricolor Auto Acceptance, together with its parent Tricolor Auto Group and other affilites sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-33497) on September 10, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 billion and $10 billion each. The Debtor is represented by Thomas Robert Califano, Esq. at Sidley Austin LLP. TRINSEO PLC: US Trustee Warns Ch.11 Bank Extension Risks $55MM -------------------------------------------------------------- Vince Sullivan of Law360 Bankruptcy Authority reports that the U.S. Trustee is urging a Delaware bankruptcy judge to reject Trinseo PLC's request for more time to satisfy Chapter 11 banking requirements, contending that the debtor has delayed compliance despite having multiple opportunities to do so. The watchdog cautioned that approximately $55 million in bankruptcy estate funds remain exposed because they are not being held in approved depository institutions. In court filings, the Trustee emphasized that the bank deposit rules are intended to protect estate assets and creditors by requiring debtors to use authorized financial institutions during bankruptcy proceedings. The office argued that Trinseo has not presented extraordinary circumstances warranting another extension of the compliance deadline. If the court agrees with the Trustee, Trinseo may be required to immediately transfer its funds into approved accounts or face additional scrutiny during its Chapter 11 case. The company continues to restructure its financial obligations under bankruptcy protection, Law360 reports. About Trinseo PLC Trinseo PLC, headquartered in Wayne, Pa. -- https://www.trinseo.com/ -- is an international chemical and materials manufacturer specializing in plastics, latex binders, and synthetic rubber products. Its materials are used across industries such as automotive manufacturing, building and construction, electronics, and packaging, supporting a diversified industrial customer base worldwide. Trinseo PLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-90115) on May 20, 2026. In its petition, the Debtor reports estimated assets and liabilities between $1 billion and $10 billion each. The Honorable Bankruptcy Judge Alfredo R. Perez handles the case. Latham & Watkins LLP is serving as Trinseo's legal advisor in the restructuring, supported by co-counsel Hunton Andrews Kurth LLP. The company also retained Centerview Partners LLC as investment banker and FTI Consulting as financial and communications advisor. Ernst & Young LLP as tax auditor and tax accountant and Kroll Restructuring Administration LLC as claims agent. Paul Hastings LLP and PJT Partners advised the Senior Secured Lenders. Gibson, Dunn & Crutcher LLP and Howley Law PLLC represent the OpCo 2028 Ad Hoc Group of lenders. Lazard Freres & Co. also represents the group. Gray Reed and Pallas Partners (US) LLP represent the Ad Hoc Group of Excluded OpCo Term Lenders. Paul, Weiss, Rifkind, Wharton & Garrison LLP and Porter Hedges LLP represent an ad hoc group of holders of 7.625% Second Lien Senior Secured Notes due 2029. TRM NRE: To Sell Locomotives to LHAGS for $2.1MM ------------------------------------------------ TRM NRE Holding LLC and TRM NRE Acquisition LLC seek approval from the U.S. Bankruptcy Court for the District of Delaware, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property is comprised of locomotives and related assets located at the Paducah operating facility. The Debtors are one of the world's leading independent providers of locomotive and rail equipment services. The Debtors intend to exit their manufacturing and operating site located in Paducah, Kentucky. The Debtors believe that the intended exit from the Paducah Facility will generate substantial positive EBITDA for the Debtors' business. Following arm's-length, hard fought, and good-faith negotiations with multiple bidders, the Debtors determined that the Buyer LHAGS Inc.'s offer to acquire the Purchased Locomotive Assets constituted the highest or otherwise best offer received by the Debtors, and the Debtors agreed to sell the Locomotives to the Buyer for a cash purchase price of $2.1 million. The Purchase Agreement also provides for the Buyer to fund $1 million of the Purchase Price as a deposit upon signing—which the Debtors have received. The Debtors believe that granting the relief requested herein is appropriate and in the best interests of the Debtors' estates and all parties in interest. The Debtors have no further use for the Purchased Locomotive Assets. They are actively trying to exit the Paducah Facility as expeditiously as possible. The Debtors respectfully submit that the proposed private sale will maximize value for its estate and reflects the sound exercise of the Debtors' business judgment. 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. TROVE BREWING: Hires Venn Tax & Bookkeeping Inc as Bookkeeper ------------------------------------------------------------- Trove Brewing, LLC seeks approval from the U.S. Bankruptcy Court for the District of Minnesota to employ Venn Tax & Bookkeeping, Inc as bookkeeper. The firm's services include: a. tracking income and expenses; b. maintaining ordinary books and records; and c. preparing financial documents, and helping complete monthly operating reports. The firm will be paid at a flat monthly fee not to exceed $150. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Mr. Gustafson 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: Jonathan Gustafson Venn Tax & Booking, Inc. 9121 Baltimore St NE Blaine, MN 55449 Tel: (763) 785-9407 About Trove Brewing LLC Trove Brewing LLC is a craft brewery and taproom operator based in Burnsville, Minnesota. Trove Brewing, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Minn. Case No. 26-31864) on June 3, 2026, with up to $100,000 in assets and up to $1 million in liabilities. Angela Crane, company owner, signed the petition. Judge Katherine A. Constantine oversees the case. Mary Sieling, Esq., at Sieling Law, PLLC, represents the Debtor as legal counsel. The U.S. Trustee for Region 12 appointed Steven Nosek, Esq., as Subchapter V trustee for the Debtor. TULIP HOLDCO: Fitch Assigns 'B+(EXP)' LongTerm IDR, Outlook Stable ------------------------------------------------------------------ Fitch Ratings has assigned Tulip Holdco (DE) LLC's (opco: ABB Robotics) expected Long-Term Issuer Default Rating (IDR) of 'B+(EXP)' with a Stable Outlook. Fitch has also assigned its new USD1.75 billion-equivalent, senior secured seven-year term loan B (TLB) an expected rating of 'BB-(EXP)' with a Recovery Rating of 'RR3'. The ratings reflect ABB Robotics' high gross leverage of 6.8x post-transaction close, balanced by the company's strong global market position, diversified product and end-market mix, broad geographic footprint and high share of recurring with higher-margin service EBITDA. The Stable Outlook reflects Fitch's view that ABB Robotics can achieve and sustain leverage within the rating sensitivities, supported by Fitch-adjusted EBITDA margins averaging about 14% in 2026-2030 alongside positive free cash flow (FCF) margins, despite a temporary capex spike in 2026-2027. The assignment of the final ratings is contingent upon completion of the transaction in line with the terms already received. Key Rating Drivers Strong Market Position; Product Diversification: ABB Robotics benefits from a strong market position as the leading industrial robotics player across Europe and North America and is ranked second globally, with revenue of about USD2.4 billion. The company serves more than 25,000 customers across four segments: services (25% of revenue), industries (39%), automotive (33%) and next markets (3%). No single customer accounts for more than a low-single-digit share of revenue, and the top 10 customers represent about 25% of revenue. The product offering spans industrial robots, autonomous mobile robots, cobots, controllers, software and aftermarket services. This breadth reduces exposure to any single end market or technology cycle. Fitch expects revenue to grow by about 4.4% annually to about USD2.9 billion by 2030, underpinned by diversified end-market exposure and a growing product pipeline in autonomous mobile robots and cobots. Broad Geographic Footprint: ABB Robotics operates in 44 countries and has a regional-for-regional manufacturing strategy, which mitigates tariff and trade risks. Revenue is spread across Europe (40%), China (25%), the US (14%) and other countries (21%). Local manufacturing hubs in Sweden, China and the US reduce exposure to geopolitical risk and logistics disruption. High Recurring Revenue Mix: ABB Robotics has meaningful recurring revenue, anchored by an installed base of more than 430,000 robots. Services represent about 25% of revenue and are about 80% recurring, supporting visibility and margin resilience. Services contribute about 60% of total EBITDA, reflecting high-margin aftermarket activities such as spare parts, maintenance and lifecycle support. Fitch views this recurring revenue base as a key credit strength, as it provides cash flow visibility through economic cycles. High Initial Leverage: Fitch expects gross leverage to be high initially, at 6.8x at transaction close, but to decline to below the negative rating sensitivity during 2028. Deleveraging is supported by Fitch-adjusted EBITDA margin expansion to about 15.5% by 2030 from 12% in 2024, driven by cost-out programmes, greater project selectivity and a growing share of high-margin service revenue. Average annual revenue growth of 4.4% underpins the deleveraging trajectory. Temporary Capex Spike: ABB Robotics faces high capex in 2026-2027, driven by the expansion of its Swedish manufacturing facility, which targets more than 40% capacity growth and a 40% productivity improvement. Fitch expects FCF margins to turn positive by end-2028, supported by improving EBITDA margins and a more capital-light profile after the project is completed. Fitch expects capex to be about 1.8% of revenue thereafter, in line with historical requirements, considering that the company's three core productions sites should have sufficient capacity and efficiency. Independent from Parent: Fitch rates ABB Robotics at its Standalone Credit Profile (SCP; b+), as Fitch assesses the parent and subsidiary linkage (PSL) with Softbank Group Corp (SBG) as that of an investment holdco and investee. Fitch does not generally expect PSL in such situations to affect the ratings. This view reflects limited legal ties, ABB Robotics' low financial contribution to SBG and limited operational links. The entities' operations and financing are separate. However, ABB Robotics may benefit over time from being part of SBG. Peer Analysis ABB Robotics has a stronger business profile than most 'B' category EMEA high-yield diversified industrial peers. Its leading market position, global footprint and large installed base support the rating. ABB Robotics' business profile is broadly in line with that of TK Elevator Holdco GmbH (B/Rating Watch Positive), which also benefits from a strong business profile, a leading global market position and good diversification. ABB Robotics' rating is constrained by high opening leverage (6.8x at end-2026), slightly higher than that of TK Elevator (6.0x). Recurring revenue, the contribution from aftermarket services and improving margins should support a deleveraging trajectory and generate average positive FCF through the investment cycle. However, leverage is likely to remain high relative to that of higher-rated peers. ABB Robotics' revenue visibility is supported by the services segment, which accounts for about 25% of revenue, compared with about 40% for TK Elevator. Fitch’s Key Rating-Case Assumptions - Revenue to increase by an average of 4.4% annually over 2026-2030 - Fitch-calculated EBITDA margin to increase to about 16% by 2030 from 13% in 2025, reflecting efficiency measures and revenue growth - Capex in line with management forecasts through 2030 - No dividends distributions or M&A - Equity contribution of USD3.8 billion Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the SCP: Business and financial profile factors (assessment, relative importance): management ('bb+', Moderate), sector characteristics ('bbb+', Lower), market and competitive positioning ('bbb', Moderate), diversification and asset quality ('bb+', Higher), company operational characteristics ('bbb+', Moderate), profitability ('bb', Moderate), financial structure ('b-', Higher), and financial flexibility ('bb', Moderate). The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2026, 40% for the forecast year 2027 and 40% for the forecast year 2028. B+ to CC considerations apply in its analysis and has no impact. The governance assessment of 'some deficiencies' has no impact. The operating environment assessment of 'a' has no impact. The SCP is 'b+'. To derive the Long-Term IDR: Application of Fitch's PSL Rating Criteria results in a(n) standalone approach with the IDR at the same level as SCP. Recovery Analysis The recovery analysis assumes that ABB Robotics would be considered as a going concern in bankruptcy and that it reorganised rather than liquidated. Fitch used an administrative claim of 10%, in line with the industry median and the peer group. Fitch assumes a Fitch-calculated going-concern EBITDA of USD225 million, reflecting ABB Robotics' loss of revenue from new equipment and break-even FCF with new capital structure. Fitch applied a 6.0x multiple to EBITDA to calculate a post-reorganisation enterprise valuation. This is slightly above some of the multiples used for other Fitch-rated diversified industries peers, such as ams-OSRAM AG and Project Aurora Holdco 1 Limited, which also have high technology content, and in line with those of INNIO N.V. and TK Elevator, which have leading global market positions. The 6.0x EBITDA multiple reflects ABB Robotics' strong global market position, good geographic and end-market diversification and long-term relationships with customers and suppliers. The waterfall analysis is based on the pro forma capital structure, which consists of an equally ranked revolving credit facility of about USD330 million equivalent and a USD1.75 billion-equivalent TLB. This results in a Recovery Rating of 'RR3', allowing the secured TLB to be notched one level above the IDR. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA margin below 10% on a sustained basis, driven by an inability to deliver cost efficiencies and/or by a lower contribution from services - FCF margin below 1% beyond 2027 - EBITDA leverage above 5.5x on a sustained basis - A more aggressive financial policy, including shareholder dividends upstreaming or debt-funded M&A Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - EBITDA margin above 14% on a sustained basis, driven by a higher contribution from services - EBITDA Leverage below 4.5x on a sustained basis - FCF margin above 3.0% on sustained basis Liquidity and Debt Structure Fitch views ABB Robotics' liquidity and financial flexibility as adequate, supported by committed bank facilities and cash prefunding at closing. Available liquidity includes a 6.5-year USD330 million-equivalent revolving credit facility and cash prefunding of an estimated USD115 million to meet initial cash needs. The acquisition financing package also includes a new seven-year USD1.75 billion-equivalent TLB and an equity contribution of USD3.8 billion. Issuer Profile ABB Robotics is the world's second-largest robotics provider and the leading industrial robotics player across Europe and North America. Date of Relevant Committee 02-Jul-2026 MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for ABB Robotics. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery ----------- ------ -------- Tulip Holdco (DE) LLC LT IDR B+(EXP) Expected Rating senior secured LT BB-(EXP) Expected Rating RR3 TUNGSTEN CAYCO: Fitch Lowers LongTerm IDR to CCC, Outlook Negative ------------------------------------------------------------------ Fitch Ratings has downgraded the Long-Term Issuer Default Ratings (IDRs) for Tungsten CayCo, Ltd. and its subsidiary, Project Leopard Holdings, Inc. (collectively, Tungsten), to 'CCC' from 'B-'. Fitch has also downgraded the first lien term loan and RCF to 'B-' with a Recovery Rating of 'RR2' from 'B+'/'RR2' and the second lien term loan to 'CC'/'RR6' from 'CCC'/'RR6'. The ABL facility issued by Tungsten Automation AR SPV, LLC and Tungsten Automation Receivables European Purchaser SPV has been downgraded to 'B'/'RR1' from 'BB-'/'RR1'. Fitch has placed all the ratings on Rating Watch Negative. The ratings reflect Tungsten's weaker near-term liquidity and rising refinancing risk. It is increasingly reliant on its revolver, which matures in July 2027 and, in Fitch's view, does not provide an adequate liquidity buffer ahead of maturity. Fitch expects FCF to remain negative in 2026, with cost reductions and annual recurring revenue (ARR) growth supporting a gradual recovery. Key Rating Drivers Heightened Refinancing Risk: Tungsten's revolving credit facility (RCF) matures in July 2027, falling within a 12-month horizon and representing a material near-term refinancing risk. Fitch projects RCF utilization to increase further in 2026, leaving minimal undrawn headroom. Failure to reach an extension or otherwise address the facility in a timely manner would heighten the risk of a distressed debt exchange (DDE) and could further pressure the rating. Fitch will monitor progress and the company's ability to maintain adequate liquidity over the coming months. Weakening Liquidity Profile: Fitch views Tungsten's liquidity profile as increasingly being constrained, driven by continued revolver draws and persistent cash consumption. Fitch projects FCF generation to remain negative in 2026, necessitating further reliance on RCF. The limited liquidity cushion provides insufficient buffer against operational underperformance or adverse market conditions over the near-term horizon. Fitch expects cash flow deficits to narrow over the forecast horizon, supported by continued ARR growth and ongoing cost reduction initiatives. Elevated Financial Leverage: Fitch forecasts Tungsten's EBITDA leverage (Fitch-adjusted) will remain above 9.0x in the near term and increase in 2026 from the prior year's levels due to lower EBITDA generation. EBITDA margins are expected to remain under pressure in the first half of 2026, reflecting the company's continued investment in the Pay+ platform, before a gradual recovery is anticipated in the second half of the year as investment intensity moderates. Given the scale and the private equity ownership of the company, Fitch believes Tungsten is likely to optimize return on equity (ROE) while maintaining some financial leverage. Recurring Revenue Provides Visibility: Fitch views Tungsten's higher proportion of recurring revenue as credit positive. Recurring revenues account for over 90% of total revenue, as its perpetual license revenues continue to decline. This is a result of the 2021 pivot away from perpetual licenses. In LTM 1Q26, annual recurring revenue grew by 7% and Fitch forecasts ARR will continue to grow. These factors, along with the company's strong retention rate and the sticky nature of its products, support its credit profile. Diverse Customers and Markets: The company offers its products to many customers globally, and its markets are diverse. Tungsten has secured several global banks as clients, as well as Fortune 100 and some Forbes Global 2000 companies. It has a leading intelligent automation (IA) platform that allows its customers to automate high volume manual processes, allowing companies to greatly improve efficiencies. IA accounts for majority of revenues, with the remaining coming from document automation and security. Its largest markets include financial institutions, manufacturing, retail, healthcare and government organizations. AI Disruption Risk: Advances in AI present a structural risk to Tungsten's competitive positioning within the IA industry. The emergence of AI tools capable of replicating core document processing and automation functions could pressure the differentiation of Tungsten's existing product suite. Tungsten's active integration of AI-driven capabilities into its product portfolio and its exposure to regulated industries provide a degree of resilience against near-term AI-driven competitive pressures. Peer Analysis Fitch assesses Tungsten's rating relative to other sponsor-owned U.S. software companies that provide a range of similar software offerings, characterized by high recurring revenue, strong margins and elevated leverage. Software issuers in the 'CCC' category tend to exhibit especially high leverage and weaker liquidity metrics compared to higher-rated peers. Compared to Open Text Corporation (BB+/Stable), Tungsten operates at a smaller scale and a higher leverage profile. Motus Group LLC (B-/Positive), which is a SaaS solutions provider for vehicle reimbursement, has a smaller scale compared to Tungsten but operates at a higher margin profile and better FCF generation metrics. Redstone Parent LP (d/b/a RSA security; B-/Stable) has a similar scale and leverage profile as Tungsten. Fitch's Key Rating-Case Assumptions - Revenue is projected to grow in the low single-digit range throughout the forecast horizon; - Fitch adjusted EBITDA margins are projected to remain around the low to mid-30s. As of LTM 1Q26, the company reported an ARR-based EBITDA margin of 38.5%; - Capex spending is projected to be minimal percentage of revenue each forecast year; - Fitch assumes the revolver maturity and ABL facility maturity get extended; - No dividend payments are projected through 2029; - To calculate interest expense, Fitch assumes that the average floating rate in 2025-2029 is between 3.74% and 3.90%. 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): - The SCP is 'ccc'. To derive the Long-Term IDR: - Fitch made no adjustments to the SCP, resulting in an IDR of 'CCC'. Recovery Analysis The recovery analysis assumes that Tungsten would be reorganized as a going concern (GC) in bankruptcy rather than liquidated. Fitch assumes a 10% administrative claim. GC Approach Fitch assumes Tungsten enters a distressed scenario as a result of the company's loss of market share due to intensified competition. In this case, Fitch assumes revenues will drop by 5% from LTM March 2026 and EBITDA margin post-emergence in the mid-30s. This would lead to a GC EBITDA of $196 million. Fitch also assumes that the company's GC EBITDA is unchanged from its last Rating Recovery analysis. An enterprise valuation multiple of 7x EBITDA is applied to the GC EBITDA to calculate a post-reorganization enterprise value (EV). The choice of this multiple considered the following factors: - In its "Telecom, Media and Technology Bankruptcy Enterprise Values and Creditor Recoveries" case study, Fitch notes the median Telecom, Media, and Technology multiple of reorganization EV to EBITDA is around 5.9x. Among the companies covered in this study, five were in the software subsector: SunGard Availability Services Capital, Inc. (4.6x), Aspect Software, Inc. (5.5x), Allen Systems Group, Inc. (8.4x), Avaya, Inc. (8.1x in 2017, 7.5x in 2023) and Riverbed Technology Software (8.3x); - Tungsten's recurring sales, mission critical nature of the product and brand recognition support the 7.0x recovery multiple; - Fitch assumes the ABL facility will be 80% drawn at the time of recovery and assumes a full draw on the $150 million revolver. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Constrained liquidity due to an inability to refinance RCF beyond July 2027; - Accelerating negative FCF generation resulting in continuing liquidity pressure; - A material reduction in debt terms that is considered a DDE under Fitch's "Corporate Rating Criteria." Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Successful extension of RCF beyond July 2027 providing sufficient operational and financial flexibility; - Revenue and EBITDA growth or corporate actions that alleviate liquidity pressure and improve credit metrics. The Rating Watch Negative could be resolved upon successful extension of the RCF. Liquidity and Debt Structure As of March 31, 2026, Tungsten had cash on the balance sheet of $26.4 million. The company had drawn $82 million on the $150 million revolver as of March 31, 2026. In 2024 and 2025, FCF was negative and is expected to be negative in 2026. Tungsten's capital structure comprises a $1.35 billion first lien term loan due 2029, a $60 million ABL facility and $150 million RCF. In addition, the company has a $348 million secured second lien loan due 2030. The $150 million first lien revolver is due July 2027. Issuer Profile Tungsten is an AI-powered automation company offering Document and Workflow Automation, Accounts Payable and Accounts Receivable Automation, Print and Workflow Automation and PDF and eSignature solutions. Tungsten's products are offered to more than 25,000 customers worldwide. 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 high risk for Tungsten. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Tungsten Automation Receivables European Purchaser SPV senior secured LT B Downgrade RR1 BB- Tungsten Automation AR SPV, LLC senior secured LT B Downgrade RR1 BB- Tungsten CayCo, Ltd. LT IDR CCC Downgrade B- Project Leopard Holdings, Inc. LT IDR CCC Downgrade B- senior secured LT B- Downgrade RR2 B+ sr Secured 2nd Lien LT CC Downgrade RR6 CCC ULTINON MOTION: Hire Clifford Chance US LLP as Attorney ------------------------------------------------------- Ultinon Motion Holding B.V. and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Clifford Chance US LLP as attorney. The firm will provide these services: a. take all necessary actions to protect and preserve the value of the Debtors' estates, including the prosecution of actions on the Debtors' behalf, the defense of any actions commenced against the Debtors, the negotiation of disputes in which the Debtors are involved, and the preparation of objections to claims filed against the Debtors' estates; b. prepare on behalf of the Debtors, as debtors in possession, all necessary motions, applications, answers, orders, reports, and other papers in connection with the administration of the Debtors' estates; c. take all necessary actions in connection with the investigation, review, analysis, and prosecution of potential claims and causes of action that may be held by the Debtors; d. take all necessary actions in connection with any value-maximizing transaction the Debtors may pursue, any chapter 11 plan and related disclosure statement and all related documents, and such further actions as may be required in connection with the administration of the Debtors' estates; and e. perform all other necessary legal services in connection with the prosecution of these chapter 11 cases. The firm will be paid at these rates: Partners $1,875 to $2,095 per hour Counsel $1,645 to $1,685 per hour Associates $695 to $1,435 per hour The firm received payments and advances in the amount of $1,388,668.77. 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 Appendix B, Paragraph D.1 of the Fee 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 post petition, explain the difference and the reasons for the difference. Response: Clifford Chance has represented the Debtors since December 5, 2025. From December 5 to December 31, 2025, Clifford Chance's current customary hourly rates were $1,875 to $2,095 for partners, $1,645 to $1,685 for counsel, and $695.00 to $1,435.00 for associates. Paragraph 27 herein discloses the billing rates used by Clifford Chance from January 1, 2026 through the Petition Date, which are subject to annual adjustment. Question: Has your client approved your prospective budget and staffing plan, and, if so, for what budget period? Response: Clifford Chance is developing a prospective budget and staffing plan for these chapter 11 cases. Clifford Chance and the Debtors will review such budget following the close of the budget period to determine a budget for the following period. Mr. Feldman disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: David M. Feldman, Esq. Clifford Chance US LLP Two Manhattan West 375 9th Avenue New York, New York 10001 Telephone: (212) 878-8000 Facsimile: (212) 878-8375 Email: david.feldman@cliffordchance.com 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. UMBRELLA PROJECT: Gets Extension to Use Cash Collateral ------------------------------------------------------- The Umbrella Project, LLC received another extension from the U.S. Bankruptcy Court for the Northern District of Texas, Dallas Division, to use cash collateral. The court entered a second interim order authorizing the Debtor to use cash collateral through July 27 to fund its operations based on an approved budget. The Debtor may spend up to 110% of each individual budgeted expense without seeking additional court approval. As of the petition date, the Debtor reported $10,659 in cash and $5,916 in collectible accounts receivable, resulting in total cash collateral of approximately $16,575. A review of the Texas Secretary of State's Uniform Commercial Code records identified four active financing statements filed against the Debtor. The primary secured creditor is the U.S. Small Business Administration, which holds a blanket security interest in substantially all of the Debtor's assets, including cash collateral, securing a COVID-19 Economic Injury Disaster Loan made in June 2020. The SBA asserts a claim of approximately $847,705, making it significantly undersecured because the value of the available cash collateral is only a small fraction of the outstanding debt. Two financing statements filed by CIT Bank relate only to specific equipment. One covers a printer that has already been paid in full and should have been terminated while the second covers another piece of equipment. The Debtor said that neither CIT Bank filing extends to cash collateral. A fourth financing statement was filed by an unidentified creditor through a filing agent. Although the Debtor believes this creditor may be Kapitus LLC, it cannot confirm the identity. This unknown creditor claims a blanket security interest in all assets, including cash collateral but the Debtor argued that any such claim is effectively undersecured and subordinate to the SBA's first-priority blanket lien. As adequate protection, all secured creditors holding valid pre-petition security interests in cash collateral will be granted replacement liens on cash collateral and other post-petition property of the Debtor to the extent of any diminution in the value of their collateral. These replacement liens retain the same validity and priority as existed on the petition date and do not apply to Chapter 5 avoidance actions and their proceeds. All secured creditors' liens remain subject to the fee carveout. The order is available at http://bankrupt.com/misc/UmbrellaProject_ICCOrder26.pdf A final hearing is scheduled for July 27. Founded in 2009 by managing members Michael Reilly and Shane Selman, with Mr. Selman serving as vice president and bankruptcy representative, Umbrella Project operates a custom laser-cutting, design, and fabrication business serving the wedding and events industry. The Debtor employs two additional workers and specializes in creating highly customized products that include laser-cut wood, metal, leather, and fabric, as well as event signage, installation pieces, stage sets, and other specialty fabricated products. Its reputation has been built on producing complex and unique fabrication projects for major event planners and prestigious domestic and international events, with most of its business generated through referrals rather than traditional marketing. The Debtor remained financially stable for many years, consistently generating annual revenues between $700,000 and $750,000. However, its financial condition deteriorated in 2023 after relocating to a larger and more expensive facility intended to support future growth. Shortly after the move, the business lost its key design employee, creating significant operational challenges at the same time it faced substantially higher occupancy costs. The relocation itself also resulted in approximately three months of lost production, forcing the company to rely heavily on borrowed funds to sustain operations. Although management states that it has taken corrective actions to stabilize the business, the accumulated debt and increased operating costs ultimately led to the Chapter 11 filing. About The Umbrella Project LLC The Umbrella Project, LLC is a Dallas, Texas-based provider of specialized design and custom fabrication services. Operating under the registered trade names Artifacture and Artifacture Studios, the company is based in Houston and offers custom fabrication, laser cutting, die-cutting, and related design solutions for commercial clients. The Umbrella Project sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 26-32881) on June 30, 2026. In its petition, the Debtor reports estimated assets of between $100,000 and $500,000 and estimated liabilities of between $1 million and $10 million. Honorable Bankruptcy Judge Scott W. Everett handles the case. The Debtor is represented by Robert Lane, Esq., at The Lane Law Firm, PLLC. UMZU LLC: Hires Kaufman & Kabani as Accountant ---------------------------------------------- Umzu, LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Kaufman & Kabani as accountant. The firm will prepare the Debtor's amended Federal and State income tax returns for 2022-2024, and prepare Federal and State 2025 income tax returns. The firm will be paid a flat fee of $1,800 for the preparation of the amended Federal and State income tax returns for 2022-2024; a flat fee of $7,500 for the preparation of the Federal tax return for 2025; and a flat fee of $1,200 for the preparation of each 2025 State income tax return. On the petition day, the Debtor owed the firm the amount of $5,200; however, the Debtor's principal, Michael Dobson, is personally responsible for that debt and the firm waives any claim against the Debtor for this amount, i.e., the firm will not file a proof of claim in this case. Mr. Kabani 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: Zulfiqar Kabani Kaufman & Kabani 777 Wilshire Blvd., Suite 650 Los Angeles, CA 90017 Tel: (213) 488-6180 Fax: (213) 488-6188 About Umzu, LLC UMZU, LLC operates an e-commerce supplement business that sells products primarily through its website and Amazon. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 2:26-bk-14886) on May 18, 2026. In the petition signed by Michael Dobson, chief executive officer, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Sheri Bluebond oversees the case. Matthew D. Resnik, Esq., at RHM Law, LLP, represents the Debtor as legal counsel. UMZU LLC: Seeks Cash Collateral Access Until Nov. 30 ---------------------------------------------------- UMZU, LLC asks the U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, for authority to use cash collateral from Aug. 1 through Nov. 30. In its motion, the Debtor requests approval to spend up to $4,115,258 in cash collateral during the interim period to cover cost of goods sold and ordinary operating expenses necessary to maintain its business. The Debtor needs continued access to cash collateral to preserve business operations, protect jobs, and maximize the value of the bankruptcy estate while its Chapter 11 case proceeds. The Debtor manufactures and sells proprietary natural dietary supplements through its own website and Amazon marketplace. Approximately 75% of its sales are generated through its website, while the remaining 25% come through Amazon. However, Amazon retains between 25% and 30% of each sale as marketplace fees, making direct website sales significantly more profitable. The Debtor generally maintains an inventory of 20 to 25 supplement products available to customers and depends on continuous inventory replenishment and marketing expenditures to sustain sales. Shortly after filing for Chapter 11 protection on May 18, the Debtor obtained several interim orders authorizing the use of cash collateral through successive periods beginning in late May and extending through July 31. During the case, the Debtor also sought approval to pay certain pre-petition "critical vendors," including WB Blends, DriDe Fulfillment, LLC, and Meta Platforms. The court authorized payments to Drive Fulfillment and later approved payments to WB Blends after the Debtor withdrew its request concerning Meta. The Debtor has already begun making payments to WB Blends under an agreed repayment plan. The Debtor reports that its financial performance during the existing cash collateral period has been favorable and largely consistent with court-approved budgets. From May 18 through June 27, the Debtor generated gross website sales of approximately $1.18 million and net website sales of about $1.14 million. It also generated approximately $381,519 in net sales through Amazon during the same period. Despite these sales, Amazon has allegedly failed to remit post-petition sales proceeds, which the Debtor contends violates the automatic stay imposed by the Bankruptcy Code. As a result, the Debtor intends to file a turnover motion seeking recovery of those estate funds. The Debtor has complied with its budget and has made all required adequate protection payments to secured creditors NewCo Capital Group and American Funding Services through June. For the upcoming interim period, the Debtor seeks authority to continue using cash collateral pursuant to a projected operating budget that covers manufacturing costs, payroll, taxes, software, advertising and marketing, insurance, merchant fees, fulfillment expenses, and other ordinary business costs. It requests flexibility to exceed projected operating expenses by up to 15% overall and within approved expense categories without obtaining additional court approval, recognizing that inventory purchases, payroll obligations, and other operating costs may fluctuate unexpectedly. Secured creditors Uncapped Technologies Inc., NewCo Capital Group, and American Funding Services assert perfected security interests in substantially all of the Debtor's tangible and intangible personal property. However, the Debtor disputes that several other entities -- Clear Finance Technology Corp., SQ Advance, Parafin Inc., and Square Funding Cali -- old enforceable interests in the cash collateral despite their recorded UCC financing statements. The Debtor proposes to continue operating under the existing lien structure without modifying the creditors' underlying contractual rights except as authorized by the court. To adequately protect secured creditors while cash collateral is used, the Debtor proposes several protective measures. The Debtor will continue making monthly payments of $30,000 to NewCo Capital Group and $15,000 to American Funding Services, with payments due on the 15th of each month from August through November 2026. In addition, creditors holding valid, perfected liens will receive replacement liens on the Debtor's post-petition assets, excluding avoidance actions and related recoveries, with the same priority, validity, and extent as their prepetition liens to compensate for any diminution in collateral value. The Debtor also commits to segregating excess revenue in its debtor-in-possession cash collateral account after paying budgeted operating expenses. The Debtor's inventory consists of nutritional supplements with expiration dates, meaning inventory depreciates rapidly if products remain unsold. Maintaining adequate cash flow allows the Debtor to manufacture, replenish, and sell inventory quickly, preserving asset value and generating revenue. A hearing on the matter is set for July 22. A copy of the motion is available at https://urlcurt.com/u?l=rge6dy from PacerMonitor.com. About UMZU LLC UMZU, LLC operates an e-commerce supplement business that sells products primarily through its website and Amazon. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 2:26-bk-14886) on May 18, 2026. In the petition signed by Michael Dobson, chief executive officer, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Sheri Bluebond oversees the case. Matthew D. Resnik, Esq., at RHM Law, LLP, represents the Debtor as legal counsel. UNCLE NEAREST: Receiver Removes Fawn Weaver as CEO -------------------------------------------------- Kirsten Fiscus and Evan Mealins of Nashville Tennessean report that the receiver overseeing Uncle Nearest Premium Whiskey has terminated CEO Fawn Weaver and co-founder Keith Weaver, marking a significant leadership change as the company seeks a buyer and works through mounting financial and legal challenges. According to federal court filings dated July 10, the terminations were made effective June 1, with the receiver reporting that the decision has improved operational efficiency and reduced uncertainty within the organization. The company has remained in court-appointed receivership since August 2025 after litigation brought by Farm Credit Mid-America, and its outstanding debt exceeds $200 million. To facilitate a restructuring, the receiver signed a non-binding letter of intent to sell substantially all of Uncle Nearest's operating business, real estate assets and Nearest Green Distillery to an African American-owned investment firm. Any transaction will require approval from the federal court, the report relays. According to the receiver's quarterly report, restructuring efforts have been hindered by extensive litigation, regulatory investigations and major changes within the company's distribution network amid a weak global spirits market. Nevertheless, the receivership has achieved several milestones, including the sale of a Martha's Vineyard property, progress toward selling vineyard assets in France and ongoing negotiations to transfer the core business to a new owner. The filing also disclosed active investigations by the Securities and Exchange Commission and the U.S. Attorney's Office for the Southern District of New York, alongside the receiver's internal forensic review. Outstanding issues include removing two restaurants affiliated with Keith Weaver from the distillery property over unpaid rent. Even so, the receiver stated that the Uncle Nearest brand remains well positioned for a successful turnaround under new ownership with adequate capital and stronger operational oversight, according to report. About Uncle Nearest Uncle Nearest Real Estate Holdings, LLC, based in Shelbyville, Tennessee, owns the Nearest Green Distillery, including the building, furniture, equipment, and fixtures used in its operations. Uncle Nearest sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tenn. Case No. 26-30472) on March 17, 2026. In its petition, the Debtor reports estimated assets between $50 million and $100 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Suzanne H. Bauknight handles the case. The Debtor is represented by Lynn Tarpy, Esq., of Tarpy,Cox, Fleishmann, & Leveille, PLLC. UNCLE NEAREST: SEC, Fed. Prosecutors Probe Financial Misconduct --------------------------------------------------------------- Clay Risen of The New York Times reports that the court-appointed receiver Phillip Young has disclosed that the SEC and the U.S. Attorney's Office for the Southern District of New York are investigating potential financial misconduct involving Uncle Nearest Premium Whiskey, marking a major development in the company's ongoing receivership proceedings. According to Young's latest quarterly report, documents gathered during the receivership have been turned over to both federal agencies. While the report does not identify specific allegations, the involvement of securities regulators and federal prosecutors suggests that authorities are reviewing aspects of the company's past financial practices and transactions. The receivership was established to oversee the company's finances after disputes involving its operations and financial management. Since taking control, the receiver has been tasked with preserving assets, reviewing company records and determining the best path for protecting creditor interests, the report states. The federal investigations remain in their early stages, and no public allegations or criminal charges have been announced. Court proceedings are expected to continue while the receiver cooperates with government investigators and manages the estate, according to The New York Times. About Uncle Nearest Uncle Nearest Real Estate Holdings, LLC, based in Shelbyville, Tennessee, owns the Nearest Green Distillery, including the building, furniture, equipment, and fixtures used in its operations. Uncle Nearest sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tenn. Case No. 26-30472) on March 17, 2026. In its petition, the Debtor reports estimated assets between $50 million and $100 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Suzanne H. Bauknight handles the case. The Debtor is represented by Lynn Tarpy, Esq., of Tarpy,Cox, Fleishmann, & Leveille, PLLC. VALIDUS ENERGY II: Fitch Assigns 'B' IDR, Outlook Stable -------------------------------------------------------- Fitch Ratings has assigned an Issuer Default Rating (IDR) of 'B' to Validus Energy II Midcon LLC (Validus). Fitch rates the first lien senior secured reserve-based lending (RBL) facility 'BB' with a Recovery Rating of 'RR1'. Fitch has also assigned a 'B'/'RR4' to Validus' proposed senior unsecured notes. The proceeds will be used to repay borrowings under the company's credit facility. The Rating Outlook is Stable. Validus' rating reflects its position as a significant producer in the Anadarko Basin, with growing production driven by organic drilling and recent acquisitions, supported by a strong hedging position. The Stable Outlook reflects Fitch's expectation that substantial FCF will be generated in the next few years. Fitch believes a longer successful track record of operations could result in positive rating momentum. The recent Iran conflict could provide the company with positive short-term impacts due to elevated energy prices. Key Rating Drivers Extended Maturity Profile: Fitch views Validus' proposed unsecured note issuance and partial RBL facility repayment as a positive. It extends a significant piece of the maturity profile to at least five years, providing additional runway and freeing up the RBL availability. Increasing Scale; FCF Visibility: Following the Switchgrass acquisition, Validus operates a predominantly gas-focused five-rig program and expects to sustain a four- to five-rig cadence. The company anticipates average capital expenditure of approximately $400 million annually, which Fitch projects (under its gradually declining base case pricing assumptions ranging from $80 /$3.5 down to $57 WTI / $3 HH) could generate FCF margins in the high teens to low 20% range in the first three years. This program assumes low single-digit production growth from a current base of 127 mboe/d, pro forma for Switchgrass, though execution risk remains. Under strip gas pricing of approximately $3.50/mcf, Fitch expects Validus to drill comfortably within FCF. Under Fitch's lower price assumptions, Fitch anticipates the company could pull back capex to preserve the balance sheet. A reported proved developed producing (PDP) decline rate of approximately 25% as of March 31, 2026, provides additional downside protection, supporting cash flow durability if the company moderates its drilling pace. Anadarko Operator: The Anadarko Basin has experienced comparatively subdued activity in recent years, as several producers have generated mixed results relative to other plays, prompting some public companies to divest assets and redeploy capital elsewhere. The cost curve is reportedly steep. Reduced activity has contributed to greater takeaway infrastructure availability, limiting the basis differentials that have pressured realizations in other basins. Historically, operators over-drilled the basin by stacking wells beyond the rock's productive capacity, yielding disappointing per-well outcomes. Validus believes disciplined well spacing/offset is central to mitigating this issue. Protective Hedging: Validus is contractually required to hedge 50% of oil and natural gas PDP production on a rolling two-year basis, stepping down to 33% if RBL utilization falls below 50%. Current hedge coverage is substantial: approximately 70% for 2026, 50% for 2027, and 30% for 2028 of total forecast production. These contracts are structured at prices above Fitch's base case assumptions, meaningfully reducing near-term commodity price exposure and supporting cash flow visibility. Fitch believes management would opportunistically add more hedges beyond the RBL minimum in a constructive pricing environment to further protect margins. Liquids Uplift: Validus is primarily an amalgamation of Citizen Energy, 89 Energy, and legacy Continental assets, encompassing an estimated 542,000 net acres across key Anadarko sub-plays (SCOOP, STACK, and Merge). This broad acreage position yields a diversified production mix with a meaningful liquids component and affords operational flexibility to shift drilling toward higher gas or higher oil targets depending on the prevailing commodity environment. Relative to Fitch's high-yield coverage universe, Validus carries a higher liquids weighting, which supports stronger realized pricing and margin profiles. Leverage Policy: Validus targets long-term net leverage at or below 1.5x, a level Fitch expects the company to maintain under its base case scenario. The company is majority-owned by Elliott Management, which has contributed over $1.5 billion in common equity. Fitch views the leverage target as credible. While Elliott's ownership does not, in Fitch's assessment, actively constrain the current rating, it represents a potential longer-term credit consideration. Fitch doesn't model in upstream dividends throughout its case but note these could occur particularly if the leverage target is reached. Peer Analysis Validus is similar in production size to BKV Corporation (B/Stable; 155 mboe/d in 1Q26) but has higher oil mix, resulting in higher mid-cycle EBITDA generation. Validus also has lower costs and has substantially better unit economics than BKV, but this is somewhat offset by BKV's very low PDP decline rate due to more mature wells (leading to much higher PDP/debt coverage than peers). The low decline allows BKV to sustain production with lower capex compared to Validus. Relative to Caturus Energy, LLC (B/Stable; expected pro forma approximately 140 mboe/d production), Validus has smaller scale but is expected to have lower capex requirements and lower leverage. Gulfport Energy Corporation (B+/Stable) is a close peer that benefits from both lower absolute gross debt and a lower leverage profile than Validus. Gulfport is larger but has a smaller liquids mix. This partly leads to comparable midcycle EBITDA despite the scale difference. Fitch expects Validus to have comparable leverage versus peers, except for Gulfport which Fitch expects to be lower. Fitch’s Key Rating-Case Assumptions - WTI oil prices of $80/bbl in 2026, $60/bbl in 2027, and $57/bbl thereafter; - Henry Hub natural gas prices of $3.50/mcf in 2026, $3.25/mcf in 2027, $3.00/mcf in 2028 and $2.75/mcf thereafter; - Senior unsecured $500 million issuance to refinance part of the RBL; - No cash taxes due to LLC status; - 2026 forecast production of approximately 129 mboe/d and growing each year to approximately 144 mboe/d; - Excess FCF used to pay down debt until leverage targets are reached; - Capex assumed relatively flat long term at $400 million. 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 (bbb, Lower), market and competitive positioning (bb-, Moderate), diversification and asset quality (b, Higher), company operational characteristics (bb-, Moderate), profitability (b, Higher), financial structure (a+, Lower), and financial flexibility (bb, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2025, 10% for the forecast year 2026, 10% for the forecast year 2027, 10% for the forecast year 2028, 15% for the forecast year 2029 and 45% for the forecast year 2030. - 'B+' to 'CC' considerations apply in its analysis and have no impact. - The governance assessment of 'good' 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 Validus would be reorganized as a going concern (GC) in bankruptcy rather than liquidated. Fitch has assumed a 10% administrative claim. GC Approach Validus GC EBITDA assumptions reflect Fitch's projections under a stressed case price deck, which assumes Henry Hub natural gas prices of $3.00 in 2026, $2.50 in 2027 and $2.25 thereafter. The GC EBITDA estimate reflects Fitch's view of a sustainable, post-reorganization EBITDA level upon which Fitch bases the enterprise valuation (EV). The GC EBITDA assumption is $450 million, which reflects the decline from current pricing levels to stressed levels and then a partial recovery coming out of a troughed pricing environment. An EV multiple of 3.75x EBITDA is applied to the GC EBITDA to calculate a post-reorganization enterprise value. The choice of the multiple considered the following factors: The historical case study exits multiples for peer companies ranged from 2.8x to 7.0x, with an average of 5.2x and median of 5.4x. Liquidation Approach The liquidation estimate reflects Fitch's view of the value of balance sheet assets that can be realized in sale or liquidation processes conducted during a bankruptcy or insolvency proceeding and distributed to creditors. Fitch considers valuations such as SEC PV-10 and M&A transactions for each basin including multiples for production per flowing barrel, proved reserves valuation, value per acre and value per drilling location. Recovery Waterfall The senior secured revolver is expected to be 75% drawn from the $1,750 million commitment. This reflects the expectation that, in a stressed pricing environment, the borrowing base will be reduced. The allocation of value in the liability waterfall results in a recovery corresponding to 'RR1' for the senior secured revolver and a recovery corresponding to 'RR4' for the $500 million proposed senior unsecured notes. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA leverage maintained above 2.5x; - Lower liquidity due to consistently high revolver utilization. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Continued track record of operating at higher production levels while maintaining financial policy with sustained positive FCF; - Maintenance of economic drilling inventory and reserve life; - Midcycle EBITDA leverage sustained below 2.0x. Liquidity and Debt Structure Pro forma for the Switchgrass acquisition and notes issuance, the company is expected to have about $900 million in available liquidity as of May 31, 2026, almost entirely from RBL capacity. Issuer Profile Validus is an Anadarko oil and gas upstream producer managed by Elliott. Date of Relevant Committee 18-Jun-2026 MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals Validus' revenue-weighted Climate.VS of 54 by 2035 is lower than oil-heavy peers but consistent with other gas production companies. Natural gas can be viewed as a cleaner fuel and is expected to play a part in the climate transition. Validus aims at reducing flaring for environmental measures. The company does not have public ESG targets. Key transition risks arise from potential reductions in demand driven by policies designed to reduce the use of oil and gas in the global economy, and in the shorter term from policies designed to limit greenhouse gas emissions from the production of oil and gas. These risks do not currently have a material influence on the rating, given the long time frame over which the transition may occur, uncertainty regarding the extent and nature of the changes, and the potential responses of the markets and the company. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery ----------- ------ -------- Validus Energy II Midcon LLC LT IDR B New Rating senior unsecured LT B New Rating RR4 senior secured LT BB New Rating RR1 VELOCITY ESPORTS: To Sell Membership Interest to Beth Powers ------------------------------------------------------------ Velocity Esports Inc. and Velocity Esports Newport Kentucky LLC seek approval from the U.S. Bankruptcy Court for the District of Nevada, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtors seek approval of certain Membership Interest Purchase Agreement for Velocity Esports Newport Kentucky LLC dated July 14, 2026 (MIPA), to sell and transfer 80% of its membership interests in VES Newport to Beth Powers (Purchaser), the potential transfer of the remaining 20% of the membership interests, 10% each to April Mountain Properties LLC and LRW Revocable Trust. The MIPA is structured as a membership-interest transaction, not as a sale of VES Newport's assets and not as a lease-assumption, lease-amendment, landlord-consent, cure, settlement, guaranty, or rent-treatment motion. VES Inc. is the holding company for the Debtors' venue-level entities. VES Newport is a Kentucky limited company and operates the Newport entertainment venue. A separate non-Debtor affiliate, Velocity Esports Newport Kentucky II LLC, holds the liquor license used in connection with the Newport operation. The MIPA does not transfer that liquor license. Under the MIPA, VES Inc. proposes to sell, convey, transfer, assign, and deliver to Purchaser 88% membership interest in VES Newport. The remaining 20% of the Seller Interest may be transferred in equal 10% interests to the Insider Bid Parties only if the Court approves. The material terms of the MIPA are provided. https://urlcurt.com/u?l=22cmrp The Debtors may solicit, consider, respond to, and accept higher or better offers consistent with its fiduciary duties and any Court-approved procedures. The Debtors submit that the proposed notice is reasonably calculated to inform all affected parties of the nature and terms of the proposed membership-interest transaction, the relief requested in the Motion, the applicable objection deadline, and the date and time of the hearing. About Velocity Esports Inc. Velocity Esports Inc. operates gaming and entertainment venues across select U.S. locations, offering a mix of arcade games, esports lounges, bowling, and casual dining. The Company caters to both casual and competitive gamers, as well as event hosting for social and corporate gatherings. Its venues are equipped with modern gaming technology and also feature food and beverage options with a focus on American and Mexican fare. Velocity Esports and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Lead Case No. 25-12627) on May 7, 2025. In its petition, Velocity Esports reported total assets of $1,294,858 and total liabilities of $9,931,782. Judge Mike K. Nakagawa handles the cases. The Debtors are represented by Matthew Knepper, Esq., and Brenden Gougeon, Esq., at Nevada Bankruptcy Attorneys, LLC. VILLAGE ON THE ISLE: Fitch Affirms 'BB+' IDR, Outlook Stable ------------------------------------------------------------ Fitch Ratings has affirmed the outstanding City of Venice, FL and Sarasota County Health Facilities Authority revenue bonds issued on behalf of Village on the Isle (VOTI) at 'BB+'. Fitch has also affirmed VOTI's Issuer Default Rating (IDR) at 'BB+'. The Rating Outlook is Stable. Entity/Debt Rating Prior ----------- ------ ----- Village on the Isle (FL) LT IDR BB+ Affirmed BB+ Village on the Isle (FL) /General Revenues/1 LT LT BB+ Affirmed BB+ VOTI's favorable financial operations, with operating ratios in the low 90% range, and Fitch's expectations for continued solid performance support its 'BB+' rating. A 54-unit ILU expansion was completed on time and on budget with move-ins beginning in July 2026; 47 units were presold as of this publication, and Fitch expects occupancy to stabilize at 95% in 2027. VOTI's strong demand and operating performance help to offset its balance sheet weakness, with cash-to-adjusted debt in the low 20% range in recent years. Fitch expects healthy operations to gradually translate into stronger balance sheet metrics. Management expects the short-term debt to be called in full before year-end 2026. SECURITY The bonds are secured by a pledge of gross revenues, a security interest in obligated group facilities, and debt service reserve funds. KEY RATING DRIVERS Revenue Defensibility - 'bbb' Good Demand in a Stable Market VOTI operates in a stable service area with healthy population growth, sustaining demand. Entrance fees align with primary market area (PMA) housing price trends. Rate increases occur regularly. VOTI benefits from a favorable location, attractive amenities, and price incentives while facing little meaningful competition. ILU demand was healthy at 95% for 1Q26. VOTI has a waitlist of more than 220 people, with some of them also on the Priority Club list for the expansion units. Occupancy is good in other areas of care as well. Occupancy has generally exceeded 90% for the assisted living units (ALUs) and skilled nursing facility (SNF) beds. Operating Risk - 'bbb' Improving Profitability Margins Fitch assesses VOTI's operating performance as Midrange. In 2025 and 1Q26, VOTI's operating ratios (ORs) were 93.3% and 89.2%, respectively. Similarly, its net operating margin (NOM) and net operating margin adjusted (NOMA) for fiscal 2025 were 3.7% and 17.9%. Fitch expects VOTI's cost containment metrics to remain consistent with these results over the next several years. Capital-related metrics are also 'Midrange'. For fiscal 2025, revenue-only Maximum Annual Debt Service (MADS) coverage was 0.7x. Fitch expects debt to net available to moderate to levels approaching 10x after the short-term debt redemption. MADS was 24% of revenue, which is weak for the rating and reflects VOTI's substantial leverage. Management has continued to invest meaningfully in the campus through both maintenance and expansion, with capital spending exceeding depreciation over the past several years. The average age of plant was approximately nine years at fiscal year-end 2025, which is strong for the sector. The expansion project aligns with management's strategy to support demand and maintain a competitive campus. VOTI offers both lifecare and fee-for-service contracts, with most residents enrolled under Type A lifecare contracts. Financial Profile - 'bb' Heavy Debt Burden Given VOTI's 'Midrange' revenue defensibility and operating risk assessments, Fitch expects the organization to maintain a financial profile consistent with the 'bb' category under its stress case assumptions. VOTI's balance sheet has been stable but of limited size, with unrestricted cash and investments of about $30 million since 2020 and cash-to-adjusted debt equaling 20.2% at year-end 2025. While this level is below Fitch's typical expectations for the current rating, Fitch expects liquidity to improve modestly as the recent expansion project fills up and generates additional revenue and initial entrance fees. Any unanticipated transfers to entities outside the obligated group or a weakening of liquidity could pressure the rating. In fiscal 2025, unrestricted cash equated to 383 days cash on hand, which Fitch views as neutral to the financial profile. MADS coverage was 1.2x in fiscal 2025 RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Deterioration in ILU occupancy to below 90%; - Deterioration of liquidity, such that cash-to-adjusted debt stabilizes at 25% or lower for a sustained period; - Operating ratios worsen to consistently above 100%; - NOM stabilizing below 3%; - Material transfer of assets outside the obligated group. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Over the long term, improvement in liquidity metrics such that cash-to-adjusted debt levels stabilize at 50% or higher, could support positive rating action. PROFILE VOTI operates a life plan community in Venice, Florida, on the Gulf Coast about 75 miles south of Tampa. The campus includes 288 independent living units (ILUs), 48 assisted living units (ALUs), 16 memory care units, and 64 licensed skilled nursing (SNF) beds, eight of which are leased to a hospice provider. VOTI offers multiple contract options, including Type B and Type A arrangements. Its Traditional and Enhanced Living contracts are structured as Type B offerings, while its life care contract is a fully amortizing Type A contract that provides unlimited access to assisted living and health center services. Most residents are under Type A contracts. The contract structure limits exposure to refundable entrance fee obligations, as refunds are not contingent on unit resale and overall refundable contract exposure is limited. Total revenue was approximately $39.5 million in fiscal 2025. Sources of Information In addition to the sources of information identified in Fitch's applicable criteria specified below, this action was informed by data from DIVER by Solve. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for Village on the Isle (FL). ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. W&T OFFSHORE: Fitch Affirms 'B-' LongTerm IDR, Outlook Stable ------------------------------------------------------------- Fitch Ratings has affirmed W&T Offshore, Inc.'s (WTI) Long-Term Issuer Default Rating (IDR) at 'B-'. Fitch has also affirmed the company's first-priority lien secured reserve-based lending credit facility (RBL) at 'BB-' with a Recovery Rating of 'RR1' and the senior secured second lien note at 'B-'/'RR4'. The Rating Outlook is Stable. WTI rating and Stable Rating Outlook reflect its positioning in the Gulf of Mexico (Gulf of America, or Gulf) with low-decline assets and leverage below 3.5x over the forecast period. Offsetting factors include its smaller operational scale, as 1Q26 production was 36.2 thousand barrels of oil equivalent per day (mboepd), with a higher natural gas proportion than peers. WTI also has significant environmental remediation costs relating to higher plugging and abandonment (P&A) costs, and relatively higher operating costs. Key Rating Drivers Limited Scale, High-Cost Operator: WTI's production of 36.2 mboe/d in 1Q26 is on the lower end compared to other exploration and production (E&P) companies under Fitch's coverage. Natural gas comprised about 47% of production, which is somewhat high compared with diversified peers. WTI's production is also impacted by relatively large natural gas liquids (NGLs) component, at 13% of its liquids mix. WTI's limited scale, production mix, and high operating costs restrict its negotiating and operating leverage relative to larger competitors that benefit from economies of scale and diversification between onshore and offshore assets. Elevated production expenses have led to below-average Fitch-calculated netbacks. In 1Q26, WTI's cash netback after interest was $14/boe versus $24-$34/boe for peers. Operational challenges in parts of the Gulf, such as third-party pipeline outages, maintenance and weather-related incidents, further impact costs and production. Refinancing Risk Reduced: Fitch believes WTI's near-term refinancing risk has decreased following the refinancing and repayment of the term loan facility with the issuance of the 2030 notes. Fitch forecasts leverage at or below 3.5x through the cycle and expects liquidity to remain sufficient with an undrawn revolver, neutral free cash flow (FCF), and approximately $131 million of cash on the balance sheet as of 1Q26. Overall, capital market access risk remains over the medium to long term because WTI bonds have a higher coupon and trade at higher yields than other energy issuers, which may limit future access. Substantial Decommissioning Costs: WTI's environmental remediation costs for P&A are high compared with onshore peers due to its focus on mature offshore assets and an active mergers and acquisitions (M&A) strategy. Asset retirement obligations (AROs) as of 1Q26 totaled approximately $566 million. Fitch recognizes that the AROs are long dated. WTI expects annual P&A costs of $34 million to $42 million in 2026. Fitch expects these costs to remain in this range over the forecast horizon. Fitch believes there is potential for reduced outlays to the degree the company can extend the lives of fields through recompletions and workovers. Moderate Capex: Fitch expects WTI to manage its capital allocation policies in a manner that continues to support neutral to positive FCF. The low decline rate of its wells allows substantial capex cuts during periods of low oil prices with a relatively modest impact on production. Historically, WTI has benefitted by reducing capex in lower price environments to maintain positive FCF. Litigation Uncertainty: WTI filed for declaratory relief in the U.S. District Court against providers of government-required surety bonds that secure decommissioning obligations for certain oil and gas assets under the requirements of the federal Bureau of Ocean Energy Management. As of 1Q26 earnings, the District Court rejected the surety's attempt to require WTI to immediately pay collateral. The sureties are appealing this ruling and the litigation continues. Fitch's forecasts do not currently make assumptions around this business risk given the uncertainty and timing until a final resolution. Offshore Gulf E&P: WTI operates entirely as an offshore E&P company in the Gulf. The company's asset base differs materially from that of an onshore producer. In general, Gulf assets can typically be acquired at relatively lower costs, have lower decline rates and benefit from extensive midstream infrastructure, providing direct access to Gulf Coast refineries, which typically brings higher price realizations. These strengths are offset by significantly higher P&A obligations, exploration projects that require substantial capital spending, longer spud-to-first-oil times, higher environmental remediation costs, and additional tail risks from hurricane activity and potential oil spills. Limited Hedging Program: Fitch believes a higher percentage of oil and gas hedging would be credit positive, as it supports development funding and reduces cash flow risks. WTI had approximately 17% of Fitch-forecast oil production hedged for 2026 as of 1Q26. In April 2026, the company purchased oil call options for 10 mboepd from May 2026 through April 2027 at $122.50 per barrel, to provide potential upside from elevated oil prices related to the conflict tin the Middle East. Peer Analysis WTI's scale is smaller than that of Fitch-rated E&P peers, with 1Q26 production of 36.2 mboe/d and a 53% liquids mix. This is below Talos Energy Inc. (Talos; B/Stable), which reported production of 88.8 mboe/d in 1Q26 with an 80% liquids mix, as well as onshore peers such as HighPeak Energy Inc. (B/Negative) at 45.6 mboe/d (84% liquids) and Moss Creek Resources Holdings, Inc. (B/Stable) at 60.5 mboe/d (60% liquids). WTI's leverage of 2.3x at YE25 is higher than that of peers Talos (1.1x), Highpeak (2.0x), and Moss Creek (1.0x). Fitch forecasts leverage to approach 3.5x at midcycle prices for WTI. WTI has significantly lower netback margins than peers because of its higher operating costs as an offshore producer. The company's offshore footprint also exposes it to significantly higher P&A costs than onshore shale-based peers. Operational risks are higher as well, given the severity of any oil spills or hurricane activity for a company of WTI's size. Fitch's Key Rating-Case Assumptions - West Texas Intermediate prices of $80.00/bbl in 2026, $60.00/bbl in 2027 and $57.00/bbl thereafter; - Henry Hub prices of $3.50/mcf in 2026, $3.25/mcf in 2027, $3.00/mcf in 2028 and $2.75/mcf thereafter; - Production grows at a mid-single-digit in 2026 and declines thereafter; - Cash costs for P&A obligations remain consistent with management guidance throughout the forecast; - Dividend remains stable through the forecast; - Assumes no M&A throughout the forecast. 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 (b, Moderate), market and competitive positioning (b-, Higher), diversification and asset quality (b-, Higher), company operational characteristics (b-, Moderate), profitability (b-, Moderate), financial structure (bb-, Lower), and financial flexibility (b+, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2025, 10% for the forecast year 2026, 10% for the forecast year 2027, 15% for the forecast year 2028 and 55% for the forecast year 2029. - 'B+' to 'CC' considerations apply in Fitch analysis and have no impact. - The Governance assessment of 'good' 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 WTI would be reorganized as a going concern (GC) in bankruptcy rather than liquidated. Fitch assumes a 10% administrative claim. GC Approach Fitch assumes an exit EBITDA of $80 million in a bankruptcy scenario. This estimate reflects a prolonged commodity price downturn that constrains liquidity and limits access to capital markets for debt refinancing. The GC EBITDA estimate reflects Fitch's view of a sustainable, post-reorganization EBITDA level upon which Fitch bases the enterprise valuation. Fitch applies a 3.0x EV/EBITDA multiple to GC EBITDA to estimate the post-reorganization enterprise value. This compares with historical upstream energy subsector multiples of 2.8x-5.6x observed in recent E&P bankruptcies and median offshore transaction multiples of 2.0x-4.0x. The lower selected multiple also reflects the impact of AROs. These assumptions result in an enterprise valuation of $240 million, which exceeds the liquidation valuation. Liquidation Approach The liquidation estimate reflects Fitch's view of the realized value of the company's E&P assets in a bankruptcy or insolvency sale process and the value distributed to creditors. Fitch analyzed historical Gulf transaction data on $/bbl, $/1P, $/2P, $/acre and PDP PV-10 basis to determine a reasonable sale. Fitch also assumed a 25% advance rate on accounts receivable (A/R), given the likelihood that A/R would decline in a prolonged downturn. Waterfall Analysis Fitch assumes the $50 million revolving credit facility is 80% drawn to reflect expected borrowing base reductions as WTI approaches a bankruptcy scenario. The first priority lien secured revolver is expected to recover at 'RR1', while the senior secured second lien notes are expected to recover at 'RR4'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Loss of operational momentum, evidenced by production trending below 30 mboepd and/or deteriorating unit economics; - Unfavorable regulatory changes or accelerated P&A spending and/or a negative outcome from surety bonds litigation; - Midcycle EBITDA leverage above 3.5x and/or EBITDA interest coverage below 2.0x on a sustained basis; - Implementation of a more aggressive growth strategy that operates outside FCF that negatively affects liquidity or access to the capital markets. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Increased size and scale evidenced by production trending above 75 mboepd; - Demonstrated ability to manage P&A obligations and reduced AROs per flowing barrel or proved reserves; - Midcycle EBITDA leverage maintained below 2.5x. Liquidity and Debt Structure Fitch does not expect material near-term liquidity needs and believes WTI's refinance risk is moderate. The company had $131 million in cash on the balance sheet as of 1Q26 and $43.9 million available on the RBL after letters of credit. Fitch forecasts positive FCF in 2026 followed by neutral to positive FCF through the remainder of the forecast. WTI's maturity schedule remains light with no maturities until the RBL facility matures in July 2028 and the notes mature in February 2029. Issuer Profile WTI is an independent oil and natural gas producer operating in the Gulf, with interests in approximately 48 producing offshore fields (41 federal, seven state) and leases totaling approximately 605,000 gross acres and 471,000 net acres. 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 Climate.VS for 2035 for W&T Offshore, Inc. is 61. Key transition risks arise from potential reductions in demand driven by policies designed to reduce the use of oil in the global economy and, in the near term, from policies designed to limit the greenhouse gas emissions from the production of oil and gas. WTI has plans and targets to mitigate its exposure. Between 2019 and 2023, Scope 1 GHG emissions intensity decreased by 26%, with a 33% decrease from production facilities and a 15% decrease from processing facilities. In 2021, WTI consolidated two Mobile Bay treating facilities into one plant, reducing emissions. However, the company advised that Scope 2 GHG emissions increased because WTI needed to purchase electricity to continue certain pipeline transportation functions at Yellowhammer. WTI is working with local power providers to determine if the required electricity can be sourced from renewable sources. These risks do not have a material influence on the rating at present given the very long-term time scale over which the transition may take place, uncertainty regarding the extent and nature of changes, and the reactions of markets and companies. All WTI's assets are located in the U.S., where local regulations will be an important determinant of risk. ESG Considerations W&T Offshore, Inc. has an ESG Relevance Score of '4' for Waste & Hazardous Materials Management; Ecological Impacts due to the enterprise-wide solvency risks that an offshore oil spill poses for an E&P company, which has a negative impact on the credit profile, and is relevant to the rating in conjunction with other factors. W&T Offshore, Inc. has an ESG Relevance Score of '4' for Energy Management that reflects the company's cost competitiveness and financial and operational flexibility due to scale, business mix and diversification, which has a negative impact on the credit profile, and is relevant to the rating 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 ----------- ------ -------- ----- W&T Offshore, Inc. LT IDR B- Affirmed B- senior secured LT BB- Affirmed RR1 BB- Sr Secured 2nd Lien LT B- Affirmed RR4 B- W. JACKSON TRUCKING: Seeks to Hire Halsey Real Estate as Realtor ---------------------------------------------------------------- W. Jackson Trucking, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Arkansas to employ Halsey Real Estate as realtor. The firm provide these services: (a) assist the Debtor in the possible sale or exchange of real property of the estate; and (b) market the property and will present the Debtor/seller all offers received. The firm will receive a commission of 5 percent of the gross amount of any accepted real estate contract or value of any property exchanged for the property plus $399 for professional services rendered. Nate Lipsky, a real estate agent at Halsey Real, 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: Nate Lipsky Halsey Real Estate 301 W. Washington Ave., Suite 200 Jonesboro, AR 72401 About W. Jackson Trucking LLC W. Jackson Trucking, LLC, a company based in Bono, Arkansas, operates as an interstate freight carrier hauling agricultural commodities. Leveraging a fleet of tractors and trailers, the company moves products across state lines, supporting agricultural supply chains and connecting regional producers with broader markets. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Ark. Case No. 26-10959) on March 13, 2026, with up to $50,000 in assets and $1 million to $10 million in liabilities. William Jackson, managing member, signed the petition. Judge Phyllis M. Jones oversees the case. Michael E. Crawley, Jr., Esq., at Crawley Law Firm, PA represents the Debtor as counsel. WAR HORSE: Seven Equity Buys WeWork Ofc. Bldg. Out of Receivership ------------------------------------------------------------------ A former WeWork office building in San Francisco's Tenderloin neighborhood has been sold out of receivership to Seven Equity Group for about $6.8 million, marking another discounted office transaction in the city's recovering commercial real estate market. The property at 25 Taylor Street had remained largely vacant since WeWork moved out in 2021. Seven Equity Group is a New York-based real estate investment company that acquires distressed and value-add commercial properties. The firm has become an active buyer in San Francisco, previously acquiring 731 Market Street and owning 420 Taylor Street, demonstrating its long-term investment strategy in the city's office sector. The office property encountered financial distress after losing its anchor tenant, triggering a default on an $18.5 million loan. The debt later transferred to special servicing with approximately $16.9 million outstanding, and a receiver was appointed to manage and ultimately sell the building. The attached Golden Gate Theatre was excluded from the sale because it is owned separately. The acquisition highlights the growing number of opportunistic investors purchasing distressed San Francisco office properties at steep discounts. Market participants view such transactions as signs that investors are positioning themselves for an eventual rebound in office demand and property values. About War Horse Cities War Horse Cities is a San Francisco-based real estate investment and development firm focused on acquiring, repositioning and managing commercial, office and mixed-use properties in urban markets. One of its signature developments was 25 Taylor Street, where War Horse Cities completed a major renovation before leasing most of the property to WeWork. The coworking operator occupied the building for years, but its departure in 2021 left the property with significant vacancy. The resulting decline in occupancy contributed to the owner's inability to service an $18.5 million mortgage, prompting the lender to pursue legal remedies. The property was eventually placed into receivership, and a court-appointed receiver managed its sale to Seven Equity Group in 2026. WASH BIDCO: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable ------------------------------------------------------------ Fitch Ratings has affirmed Wash Bidco Inc.'s (WASH) Long-Term Issuer Default Rating (IDR) at 'BB-' and senior secured debt at 'BB+' with a Recovery Rating of 'RR1'. The Rating Outlook is Stable. The ratings and Outlook reflect Fitch's expectation that WASH will maintain a stable, growing business over the next few years. Fitch expects the company's EBITDA leverage will remain manageable for the IDR, although it is elevated from the prior year due to recent debt-funded shareholder returns. WASH will likely remain small due to the niche nature of its business and its concentration in the multi-family residential end-market, but high revenue visibility supports EBITDA growth and adequate liquidity. Fitch has withdrawn Wash Midco Inc.'s IDR as the rating is no longer relevant to the agency's coverage. Key Rating Drivers Manageable Leverage Despite Distributions: WASH's EBITDA leverage will remain manageable within negative sensitivities, despite a recent debt-funded shareholder return that increased leverage to 3.7x pro forma, up from 3.3x in FY2025. While organic EBITDA growth could reduce leverage, Fitch forecasts EBITDA leverage will stay at approximately 3.5x throughout the forecast period with further debt-funded shareholder returns. Although distributions are discretionary, Fitch expects WASH will prioritize shareholder returns using FCF and additional debt when leverage meets targets and the credit agreement allows it. Small Scale: WASH's EBITDA and FCF generation are small relative to services peers, which constrains its IDR. Fitch expects the company's absolute scale to remain modest, comparable to 'b' category scale, even as EBITDA grows throughout the forecast period driven by pricing increases, continued digitization of its footprint, and operating leverage. Fitch forecasts WASH's EBITDA to increase by a mid- to high single-digit percentage annually over the ratings horizon to around $240 million in 2029 from the current $200 million. High Revenue Visibility: WASH benefits from predictable revenue, underpinned by exclusive long-term contracts with landlords, regular price increases, low insourcing risk, and inelastic demand. Early-termination penalties within these contracts help minimize churn, supporting a high client retention rate of 98%. The high cost of self-operated machines limits incentive for properties to operate their own laundry services, supporting client's retention. Fitch forecasts price will continue to increase over the rating horizon, supported by annual prices increases of 3.5% annually since 2018. Service and End-market Concentration: WASH's exclusive focus on providing laundry services to multi-family apartments and complexes limits its potential growth and increases concentration risk. This narrow service offering makes profits more vulnerable to shifts in the multi-family housing sector, which could pressure the company's credit profile. However, WASH's customer base is highly diversified, with the top 10 customers accounting for only 7% of revenue and operations spanning more than 84,000 locations across North America. Moderate Financial Flexibility: The company's liquidity position remains adequate, supporting ongoing financial stability. Fitch forecasts that the company will generate sufficient cash flow to cover capital expenditures and interest expenses, supported by EBITDA growth, with FCF margins reaching mid-single digits in FY2029. The $150 million senior secured revolving credit facility, combined with consistent cash generation, ensure adequate liquidity. Fitch expects interest coverage to range between 4.0x and 5.0x throughout the forecast period. Peer Analysis WASH's Fitch-rated peers in the services industry include consulting and advisory firms, brokerages, professional service firms, and local services for residential or commercial customers. WASH's scale is comparable to certain private issuers Fitch reviews in the services industry, with comparable EBITDA or FCF generation, end market concentration, and leverage profile. Fitch believes the 'BB-' IDR encapsulates risk inherent in the company's size and industry concentration, as well as a resilient business model and relatively manageable leverage. Fitch’s Key Rating-Case Assumptions - Revenue grows at a steady low-to-mid single-digit rate throughout the forecast period, driven by both price increases and volume growth. - The company holds FY2026 EBITDA flat, as it invests in installation and service organizations to drive customer satisfaction and improve contract economics. - EBITDA margins show modest improvement throughout the forecast horizon, reflecting greater efficiency in operating and sales expenses. - Capex intensity trends down to approximately 10% of revenue after peaking in FY2026. - The FY2026 peak reflects higher capex associated with fleet renewal activity and increased investment to maintain and refresh the installed base. - The company funds shareholder returns in 2028 and 2029 through a combination of debt and FCF, resulting in Fitch-defined EBITDA leverage near 3.5x throughout the forecast horizon. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): Business and financial profile factors (assessment, relative importance): management ('bbb', Lower), sector characteristics ('bbb+', Moderate), market and competitive positioning ('bb-', Higher), diversification and asset quality ('bb-', Moderate), company operational characteristics ('bbb', Moderate), profitability ('bbb', Lower), financial structure ('b+', Higher), and financial flexibility ('b+', Moderate). The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. The governance assessment of 'good' has no impact. The operating environment assessment of 'aa-' has no impact. The SCP is 'bb-'. To derive the Long-Term IDR: Fitch made no adjustments to the SCP, resulting in an IDR of 'BB-'. Recovery Analysis Fitch's recovery approach reflects generic assumptions about recoveries rather than issuer-specific recoveries. Under this approach, Fitch notches instruments against the IDR and assigns Recovery Ratings. Fitch believes WASH's first lien senior secured Term Loan qualifies for category one treatment without featuring any of the limitations in category two. Fitch assigned 'RR1'/'+2' notching to the first lien senior secured term loan, resulting in a 'BB+' rating. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA leverage sustained at or above 4.5x; - Increased churn leading to weakened revenue visibility; - Reduced financial flexibility, as reflected by negative FCF. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Demonstrated commitment and track record of financial policies leading to EBITDA leverage sustained at or below 3.5x; - Improved scale and service line diversification. Liquidity and Debt Structure The company's adequate liquidity is supported by $16.6 million in cash as of March 31, 2026, a $150 million senior secured revolving credit facility, and consistent cash generation. Fitch expects the company to meet its leverage covenant throughout the forecast period, and its Term Loan B does not mature until 2032. Issuer Profile WASH Bidco Inc. a laundry machine operator for common-area laundry rooms at apartment complexes and at universities in the U.S. and Canada. The company is a private company headquartered in California and owned by Northleaf Capital Partners and AVALT, LLC. 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. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Wash BidCo Inc. LT IDR BB- Affirmed BB- senior secured LT BB+ Affirmed RR1 BB+ Wash MidCo Inc. LT IDR WD Withdrawn BB- WHITE ROCK: Court Grants Interim OK for Ch. 11 Plan Disclosure -------------------------------------------------------------- Yun Park of Law360 Bankruptcy Authority reports that a Texas bankruptcy court has granted conditional approval of White Rock Medical Center LLC's disclosure statement after the debtor resolved concerns raised by major creditor constituencies. The agreement cleared the way for the Dallas hospital to continue advancing its Chapter 11 reorganization. According to court proceedings, the parties negotiated revisions to the disclosure materials that addressed key creditor objections and provided additional information regarding the proposed restructuring. The judge concluded that interim approval was appropriate while the remaining procedural steps toward confirmation continue. Following the ruling, the hospital may prepare for the solicitation process and work toward final approval of its disclosure statement. The Chapter 11 plan will later be presented to creditors for voting before the bankruptcy court considers confirmation, the report relays. About White Rock Medical Center LLC White Rock Medical Center, LLC operates a healthcare facility providing medical and hospital services to patients in Texas. White Rock Medical Center sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-90115) on January 20, 2026. In its petition, the Debtor reports estimated assets ranging from $10 million to $50 million and estimated liabilities between $50 million and $100 million. Honorable Bankruptcy Judge Christopher M. Lopez handles the case. The Debtor is represented by Omar Jesus Alaniz, Esq., at Reed Smith, LLP. WHOLESALE PROPERTY: Gets Interim OK to Use Cash Collateral ---------------------------------------------------------- Wholesale Property Depot, LLC received interim approval from the U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division, to use cash collateral. Under the interim order, the Debtor is authorized to use cash collateral to pay court-approved expenses, U.S. Trustee quarterly fees, and ordinary operating expenses in accordance with its budget, with flexibility of up to 10% per budget line item. Any additional expenditures require the written consent of the secured creditor. The Debtor estimated that its existing cash and accounts receivable total approximately $22,500, based primarily on rental payments due for July that are less than 90 days outstanding. In addition to these receivables, the Debtor continues to collect recurring rental income from each of its mortgaged properties, and these revenues constitute cash collateral because they are subject to the assignment-of-rents provisions contained in the various mortgage agreements. These ongoing rental collections represent the primary source of liquidity needed to sustain the business during the Chapter 11 proceedings. The Debtor owns numerous residential investment properties in Jacksonville, Florida, many of which are subject to mortgages containing assignments of rents that grant the lenders security interests in post-petition rental income. The secured creditors include Carrington Mortgage, Shellpoint Mortgage, Kiavi Funding, the Paul J. Healy Trust, and the Samuel Johnson Revocable Trust. The collateral encompasses rental income, accounts receivable, chattel paper, contracts, bank accounts, and other cash proceeds generated by the properties. The filing lists more than a dozen encumbered properties, including locations on Ontario Street, West 9th Street, Grothe Street, West 24th Street, West 6th Street, West 45th Street, Hugh Edwards Drive, West 5th Street, Warrington Street, Commonwealth Avenue, Henrietta Street, Fredericksburg Avenue, Glenwood Avenue, and Concord Boulevard. The motion notes that the loans secured by these properties are delinquent. As adequate protection, the Debtor offers to grant each secured creditor a continuing replacement lien on all post-petition cash collateral generated during the bankruptcy case, provided the creditor is ultimately determined to hold a valid secured claim. In addition, the Debtor is required to make monthly payments of $1,219 to Carrington Mortgage, $744 to $1,519.50 to Shellpoint Mortgage, $825 to Kiavi Funding, Inc., $840 to Paul J. Healy, Trustee of Healy Trust, and $1,425 to the Samuel Johnson Revocable Trust. These payments relate to various encumbered real properties in Jacksonville, Florida. Payments start on Aug. 1. Additional safeguards include insurance coverage on the Debtor's properties and access to business records and premises. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/AsaHo from PacerMonitor.com. The court scheduled a further hearing for Aug. 25. About Wholesale Property Depot LLC Wholesale Property Depot, LLC is a Jacksonville, Fla.-based real estate investment and wholesaling firm that, doing business as Pay Cash 4 Houses, sources, negotiates and assigns off-market residential property deals for investors across Duval County, Orange Park and St. Johns County. Wholesale Property Depot LLC is a Florida limited liability company, wholly owned and managed by Clay Jones and Erby Beauvais. Wholesale Property Depot sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D.Fla. Case No.: 3:26-bk-02885-JAB) on June 29, 2026. Bryan K. Mickler at Mickler & Mickler, represents the Debtor as legal counsel. WILFONG HOSPITALITY: Gets Final OK to Use Cash Collateral --------------------------------------------------------- Wilfong Hospitality II, LLC received final approval from the U.S. Bankruptcy Court for the Northern District of West Virginia to use cash collateral. Under the final order, the Debtor is authorized to use cash collateral to pay its expenses based on a court-approved budget. The Debtor is required to segregate and account for all cash collateral and maintain detailed records of receipts and disbursements. All operating cash of the Debtor constitutes cash collateral, subject to liens of two secured lenders: Citizens Bank and Burke & Herbert Bank & Trust Company. Citizens Bank holds a first-priority lien on substantially all of the Debtor's assets securing approximately $2.63 million in obligations under an SBA-backed loan, while Burke & Herbert, successor to Summit Community Bank, holds a second-priority lien securing approximately $145,102. The court recognized that the Debtor's cash held in accounts at Fairmont Federal Credit Union constitutes the lenders' cash collateral. Both lenders will be granted adequate protection through automatically perfected replacement liens on the Debtor's post-petition collateral, with the same priority and extent as their pre-petition liens. In addition, Citizens Bank and Burke & Herbert will receive monthly payments of $10,000 and $1,000, respectively. The Order further modifies the automatic stay as necessary to implement the adequate protection provisions and authorizes the lenders to receive payments under the Order. It preserves all lender rights under the loan documents, allows them to seek additional relief or modified adequate protection, and provides that the Order remains binding on the debtor, lenders, successors, and any future trustees. The order is available at http://bankrupt.com/misc/WilfongHospitality_FCCOrder77.pdf About Wilfong Hospitality II LLC Wilfong Hospitality II, LLC is a hospitality company engaged in the ownership, management, and operation of lodging and hospitality-related assets. Wilfong Hospitality II sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. W.Va. Case No. 26-00366) on May 28, 2026, with between $1 million and $10 million in both assets and liabilities. Honorable Bankruptcy Judge David L. Bissett handles the case. The Debtor tapped Mark A. Lindsay, Esq., at Raines Feldman Littrell, LLP and Stephen L. Thompson, Esq., at Barth & Thompson as legal counsel. WISCONSIN AGING: Enters Receivership, Seeks Buyer for Company ------------------------------------------------------------- Jeff Bollier of Appleton Post-Crescent reports that Wisconsin Aging & Grading Cheese Inc. (WAG Cheese), a cheese aging and grading company based in Kaukauna, has been placed into receivership, with a court-appointed receiver now marketing the business to prospective buyers. The action follows allegations that the company was unable to pay its debts as they came due, leading creditors to seek court intervention. The receiver's objective is to identify a purchaser capable of continuing the business while maximizing the value of its assets for creditors. Keeping the company operational throughout the sale process is expected to help preserve its inventory, customer base and workforce as marketing efforts continue. A sale process is now underway, with interested parties invited to evaluate the business and submit offers. Any proposed transaction will be subject to approval by the court overseeing the receivership proceedings. About Wisconsin Aging & Grading Cheese Inc. (WAG Cheese) WAG Cheese is known throughout the dairy industry for specializing in the procurement, aging and quality management of Wisconsin cheddar cheese. Operating as a family-owned enterprise, the company offers aging programs, USDA grading, warehousing and private-label services for cheese producers and food companies. WAG Cheese entered receivership after its primary secured lender sought judicial intervention, alleging the company had defaulted on its lending agreements and could no longer meet its financial commitments. The Outagamie County Circuit Court appointed an independent receiver to oversee the business and protect its assets pending a sale. ZMETRA LAND: Withdraws Bid to Sell Webster Property --------------------------------------------------- Zmetra Land Holdings, LLC, withdrew, in open court, its motion seeking permission from the U.S. Bankruptcy Court for the District of Massachusetts, Central District, to sell Property, free and clear of liens, claims, and interests, and encumbrances. The Debtor is engaged in the business of owning, selling, leasing, and managing real estate. The Debtor is the record holder of a 35,000 square foot industrial facility located at 2 Old Worcester Road, Webster, MA. The Debtor wishes to sell the Property to Kinvarra Capital, LLC for $3,000,000. About Zmetra Land Holdings Zmetra Land Holdings, LLC specializes in property management, overseeing the operations, maintenance, and leasing of real estate ssets. It owns a 35,000-square-foot industrial facility located at 2 Old Worcester Road, Webster, Mass. The property is valued at $2.5 million. Zmetra filed Chapter 11 petition (Bankr. D. Mass. Case No. 25-40127) on February 4. In its petition, Zmetra reported total assets of $2,962,284 and total debts of $3,085,001. James L. O'Connor, Esq., at Nickless, Phillips and O'Connor, represents the Debtor as legal counsel. Newtek Small Business Finance, LLC, as lender, is represented by Jonathan M. Hixon, Esq., at Hackett Feinberg P.C., in Boston, Massachusetts. ZOHAR FUNDS: Trust Secures $2.4MM in Tilton Dispute --------------------------------------------------- Alex Wittenberg of Law360 Bankruptcy Authority reports that Patriarch Partners, the investment firm founded by Lynn Tilton, has been ordered by a New York court to pay nearly $2.4 million to the litigation trust overseeing claims involving three collateralized loan funds established in the 2000s. The trust filed suit as part of a long-running effort to recover assets connected to the funds. The litigation has focused on disputes arising from the administration and financial affairs of the investment vehicles, the report states. The court's decision awards approximately $2.4 million to the trust, bringing another chapter of the prolonged legal proceedings to a close, subject to any further court action, according to Law360. About the Zohar Funds New York-based Patriarch Partners, LLC, is a private equity firm specializing in acquisition, buyouts, and turnaround investment in distressed American companies and brands. Patriarch Partners was founded by Lynn Tilton in 2000. Lynn Tilton and her affiliates held substantial equity stakes in portfolio companies, which include iconic American manufacturing companies with tens of thousands of employees. The Zohar funds were created to raise money through selling a form of notes called collateralized loan obligations to investors that was then used to extend loans to dozens of distressed mid-size companies, often in connection with the acquisition of those companies out of bankruptcy. Patriarch bought "distressed" companies via funding from a series of collateralized loan obligations (CLOs) marketed through Patriarch via its $2.5 billion "Zohar" funds. Tilton placed the funds into bankruptcy in 2018 in an attempt to keep Patriarch's portfolio from being liquidated by Zohar creditors including bond insurer MBIA, which insured $1 billion worth of Zohar notes. Combined debt of the funds is estimated at $1.7 billion. Zohar CDO 2003-1, Zohar CDO 2003-1 Corp., Zohar II 2005-1, Limited, Zohar II 2005-1 Corp., Zohar III, Limited, and Zohar III, Corp. (collectively, the "Zohar Funds"), sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case Nos. 18-10512 to 18-10517) on March 11, 2018. In the petition signed by Lynn Tilton, director, the Debtors were estimated to have $1 billion to $10 billion in assets and $500 million to $1 billion in liabilities. Young Conaway Stargatt & Taylor, LLP, is the Debtors' bankruptcy counsel. [] Judge Cautions Against Forum Shopping in Chapter 15 Proceedings ------------------------------------------------------------------ Alex Wittenberg of Law360 Bankruptcy Authority reports that a New York bankruptcy judge has used a Chapter 15 recognition ruling to voice concern over the rise of "bankruptcy tourism," warning that some U.S. companies appear to be pursuing overseas insolvency proceedings primarily to obtain more favorable restructuring outcomes before returning to U.S. courts. The judge explained that Chapter 15 exists to foster cooperation in legitimate cross-border insolvency cases, not to facilitate forum shopping by companies whose business operations remain largely domestic. He emphasized that recognition should depend on genuine foreign connections rather than strategic legal planning, the report states. In discussing the issue, the court noted that determining a debtor's center of main interests and evaluating the existence of a qualifying foreign establishment remain essential safeguards against abuse. Those standards help ensure that Chapter 15 relief is reserved for appropriate international restructurings rather than purely tactical filings. Despite expressing concern over the growing trend, the judge concluded that the debtor before the court had satisfied the Bankruptcy Code's recognition requirements. The ruling underscores that while Chapter 15 relief remains available, courts are likely to apply increasingly rigorous scrutiny to future cases involving overseas filings by predominantly U.S.-based companies, according to Law360. [] LegalShield Shows Foreclosure Index at Six-Year High in Q2 2026 ------------------------------------------------------------------ Foreclosure inquiries rose for a third straight quarter to their highest level since March 2020, LegalShield said Monday. Actual filings have historically followed the index by one to two quarters. The company ties the climb to the expiration of pandemic-era FHA relief programs last fall. Borrowers who lost those protections have spent the months since falling behind, exhausting loss-mitigation options, and -- increasingly -- calling a lawyer. The composite CSLI rose 9.4% year over year and 2.3% from the first quarter, pushed higher by bankruptcy inquiries, which posted the largest annual increase of any category at 28.7%. "The second quarter shows foreclosure pressure building, with homeowners contacting attorneys in numbers we haven't seen in years," said Matt Layton, LegalShield senior vice president of Consumer Analytics. "This data tracks actual consumer behavior, not a survey. Foreclosure, combined with the fastest-rising bankruptcy inquiries in our index, shows consumers are struggling to manage debt and can't pay the bills." Q2 2026 at a Glance LegalShield's CSLI measures consumers' actions to contact an attorney on financial issues including bankruptcy, foreclosure, and consumer finance. All indices ended the quarter higher: * Consumer Stress Legal Index (composite): 74.6, up 9.4% YoY; up 2.3% QoQ * Foreclosure Index: 52.5, up 12.2% YoY and 5.6% QoQ * Bankruptcy Index: 41.3, up 28.7% YoY, the largest annual increase of any category; up 5.1% QoQ * Consumer Finance Index: 107.7, up 1.2% YoY and essentially flat (down 0.1%) for the quarter Foreclosure Pressure Rises for Third Straight Quarter The Foreclosure Index peaked in May at 54.7, its highest reading since March 2020, before easing to 52.5 in June. Historically, LegalShield's Foreclosure Index is a one- to two-quarter leading indicator of actual residential foreclosure filings as reported by the Mortgage Bankers Association, with a .95 correlation. LegalShield provider attorneys cite two trends driving the increase: FHA loans and rising escrow. Many consumers are facing issues with their monthly mortgage payment following pandemic relief options that expired last fall. "We are hearing from folks who've fallen behind on FHA or government-backed loans," said Wayne Hassay, Managing Partner with Maguire Schneider Hassay, LLP, a LegalShield Provider Firm in Ohio. "The issues are usually incomplete loss-mitigation efforts, loan-modification disputes, or trial-payment problems." "The FHA relief programs expired three quarters ago, and we've seen foreclosure calls rise ever since," said Layton. "We've tracked more than 36 million intakes since 2002. When we see the foreclosure index climb like this, actual filings tend to follow." National mortgage data supports the connection to expired FHA relief: * The FHA serious delinquency rate reached about 11.5% in late 2025, its highest since 2021 and roughly six times the conventional rate near 2%, according to the Mortgage Bankers Association. * The increase follows the expiration of pandemic-era FHA relief options at the end of September 2025 and new trial-payment requirements. The other drivers for foreclosure inquiries: taxes and insurance. "Calls are often triggered by escrow shock," said Ben Farrow, LegalShield provider attorney with Anderson, Williams & Farrow in Alabama. "People want to know why it went up, and it's usually taxes and insurance. The escrow statement can be confusing given it's really three statements in one: last year's projection, the actual account history, and a projection for the coming year. We help it make sense, but sometimes there's not enough money to cover it." Public data shows both climbing: * Property taxes and homeowners insurance now average about 21% of a typical monthly mortgage payment, and more than a third in some metros, according to a March 2026 Neighbors Bank analysis of nearly 450 metros. * Homeowners insurance premiums are projected to rise about 8% nationally in 2026, outpacing inflation, according to Cotality. Bankruptcy Inquiries Post Largest Annual Jump as Household Debt Strains Widen LegalShield's Bankruptcy Index has historically led actual consumer bankruptcy filings by two quarters, with a .98 correlation -- and it rose every month of the second quarter, from 39.4 in April to 39.9 in May and 41.3 in June, ending at its high. The 28.7% annual increase was the largest of any category the index tracks. The rise reflects a widening strain on household finances. In its most recent Household Debt and Credit Report, the Federal Reserve Bank of New York reported: * Total household debt reached a record $18.8 trillion. * Credit card balances stood at $1.25 trillion, up 5.9% from a year earlier, even after the usual seasonal first-quarter dip. * 4.8% of outstanding debt was in some stage of delinquency, and transitions into serious mortgage delinquency ticked up from 1.4% to 1.5%. "We are seeing an uptick in bankruptcy inquiries from middle-aged and older workers struggling to pay their mortgages, car payments, and credit card balances," said John Saltarelli, LegalShield provider attorney and Partner with Ross & Matthews, P.C. in Texas. "The strain is moving past the house. It is generally driven by the economy, higher prices, and employer cutbacks that mean lost jobs or lower wages." Stress Concentrating in the South, West, and Midwest The national numbers mask sharp regional differences. Stress is concentrating in the South, West, and Midwest, while the Northeast is easing. * National * CSLI: 74.6 (+9.4%) * Foreclosure Index: 52.5 (+12.2%) * Bankruptcy Index: 41.3 (+28.7%) * Consumer Finance Index: 107.7 (+1.2%) * West * CSLI: 72.5 (+14.6%) * Foreclosure Index: 41.4 (–3.8%) * Bankruptcy Index: 44.1 (+24.9%) * Consumer Finance Index: 107.0 (+16.6%) * South * CSLI: 82.6 (+25.3%) * Foreclosure Index: 56.4 (+30.4%) * Bankruptcy Index: 48.7 (+29.5%) * Consumer Finance Index: 117.8 (+21.7%) * Midwest * CSLI: 77.2 (+13.8%) * Foreclosure Index: 56.3 (+44.1%) * Bankruptcy Index: 34.9 (–10.1%) * Consumer Finance Index: 118.1 (+15.0%) * Northeast * CSLI: 61.5 (–3.8%) * Foreclosure Index: 44.4 (–31.5%) * Bankruptcy Index: 22.4 (–10.9%) * Consumer Finance Index: 105.0 (+13.2%) Index value (100 = January 2002 baseline) with year-over-year change in parentheses. The Midwest tells a split story: the region posted the largest foreclosure increase in the country, up 44.1%, even as its bankruptcy inquiries declined -- a pattern consistent with housing-specific pressure from taxes, insurance, and expired FHA relief rather than broad-based financial distress. The Northeast moved the opposite direction across the board, with foreclosure inquiries down 31.5%. * West: the sharpest quarterly bankruptcy jump of any region at 18.2% * South: highest overall stress in the country and the highest bankruptcy reading * Midwest: the largest year-over-year regional foreclosure increase * Northeast: moving the other way, with overall stress and foreclosure activity down About the Consumer Stress Legal Index The CSLI is a suite of leading indicators of the economic and financial status of U.S. households. CSLI is part of LegalShield Intelligence, a dataset of over 36 million consumer requests for legal assistance dating to 2002, with approximately 150,000 calls received monthly from U.S. consumers seeking legal help. CSLI examines intakes across categories including bankruptcy, foreclosure, and consumer finance. The index is tracked monthly and reported at the end of each quarter. About LegalShield For more than 50 years, LegalShield has provided everyday Americans with easy and affordable access to legal advice, counsel, protection, and representation. Serving millions, LegalShield is one of the world's largest platforms for legal, identity, and reputation management services protecting individuals and businesses across North America. Founded in 1972, LegalShield and its privacy management product IDShield equip individuals, families, businesses, and employers with the tools they need to affordably live a just and secure life. Through technology and innovation, LegalShield is transforming how people access legal guidance, with hundreds of qualified attorneys and law firms across the country. To learn more, visit LegalShield.com and IDShield.com. [] U.S. Business Bankruptcies Continue to Hover Near 16-Year High ----------------------------------------------------------------- Danielle McLean of CFO Dive reports that corporate bankruptcy filings in the United States remained near a 16-year high through the first half of 2026, highlighting persistent financial pressures across several industries. S&P Global reported that 372 large corporate bankruptcy petitions were filed through June, compared with 371 during the same period in 2025. Industrial businesses experienced the highest level of distress with 50 bankruptcy filings, while consumer discretionary and healthcare companies followed with 35 and 26 filings, respectively. In June, industrial and healthcare sectors each recorded at least seven new bankruptcy cases, with the financial sector contributing another five filings, the report states. The pressure extended beyond larger corporations. Epiq AACER said 1,663 small businesses entered bankruptcy during the first six months of 2026, up 50% from the prior-year period. Many of those debtors elected Subchapter V protection as businesses continued struggling with tighter financial conditions, CFO Dive reports. Industry experts attributed the increase in filings to higher interest rates, rising business costs and ongoing geopolitical instability. Even so, S&P said credit markets remained relatively resilient, noting that high-yield credit spreads narrowed to roughly 304 basis points by the end of June after climbing above 400 basis points earlier in 2026, the report relays. ********* On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA. Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2026. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. 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