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260722.mbx T R O U B L E D C O M P A N Y R E P O R T E R Wednesday, July 22, 2026, Vol. 30, No. 203 Headlines 28 VAN BUREN: Commences Chapter 11 Bankruptcy in New York 2H NY LLC: Hires Law Offices of Charles Wertman P.C. as Counsel 50 SUSSEX: Seeks Cash Collateral Access A SNEAKER CITY: Paul Levine Named Subchapter V Trustee ABA THERAPY: Gets Extension to Use Cash Collateral ADIRONDACK STORE: Court Extends Cash Collateral Access to Aug. 21 AIR AUTHORITY: Todd Headden Named Subchapter V Trustee AMERICAN EFFICIENT: Seeks Chapter 11 Bankruptcy After $1B Penalty AMERICAN LOCATING: Gets Final OK to Use Cash Collateral ARCHES BUYER: S&P Rates Senior Secured $1.75 Billion Term Loan 'B' ARCON CONSTRUCTION: Trustee Hires Mac Restructuring as Accountant AUTOMOTIVE SOLUTIONS: D. Adelsperger Named Subchapter V Trustee BACK2 HEALTH: Seeks Subchapter V Bankruptcy in California BERRYMAN HOUSE: Melissa Haselden Named Subchapter V Trustee BLEUWAVE HOLDING: Michael Carmel Named Subchapter V Trustee BOTTOMLINE INK: Court Extends Cash Collateral Access to Oct. 9 CELSIUS NETWORK: Court Rules on Avoidance Action Damages CELSIUS NETWORK: Court Tosses Beaudry's Third-Party Complaint CELSIUS NETWORK: Goldstein to Pay $2MM, Barred from Crypto Trading CRAFT CONSTRUCTION: Hires Loren & Kean Law as Special Counsel CRONLY BLUFFS: Hires Brooks Pierce McLendon as Counsel CRYSTAL HOSPITALITY: Hires Robl & Bowen LLC as Attorney CUB FINANCING: S&P Assigns 'B' Long-Term ICR, Outlook Stable DAVENN LLC: Seeks to Hire Tran Singh LLP as Counsel DEGROFF RX: Kara Rescia Named Successor Subchapter V Trustee DEL MONTE: Ct. Won't Certify Lenders' Confirmation Order Appeal DIVERSIFIED WIRE: Hires Levy Recovery Group as Auctioneer DOLPHIN SHORES: Gets Court OK to Use Cash Collateral DXP ENTERPRISES: S&P Upgrades ICR to 'B+', Outlook Stable ELEVATE MARKETING: Seeks Subchapter V Bankruptcy in Illinois FAB TECH: Court OKs Appointment of Chapter 11 Trustee FALLS OF PARRAMATTA: Gets Interim OK to Use Cash Collateral FAMILY DOLLAR: S&P Assigns 'B' ICR, Outlook Stable FIRST BRANDS: Judge Weighs Privilege Issues Prior to Plan Trial FOCUS UTILITY: Linda Leali Named Subchapter V Trustee FREEDOM TRAILERS: Gets Interim OK to Use Cash Collateral FTX TRADING: Sets Fifth $900M Distribution to Creditors on July 31 GAAT HOLDINGS: Gets Extension to Use Cash Collateral GOHEALTH INC: Hires Alvarez & Marsal as Financial Advisor GOHEALTH INC: Hires Pachulski Stang Ziehl & Jones as Co-Counsel GOHEALTH INC: Secures Court OK for $762MM Chapter 11 Plan GOHEALTH INC: Seeks to Hire Kirkland & Ellis as Bankruptcy Counsel GOHEALTH INC: Seeks to Tap Donlin Recano as Administrative Advisor GOOD MORNING DENTAL: Seeks Subchapter V Bankruptcy in New Jersey GVO PARTNERS: Creditor Asks Court to Appoint Chapter 11 Trustee HUTCO CORPORATION: Lisa Holder Named Subchapter V Trustee ICALLIDUS INC: Commences Chapter 11 Bankruptcy in Maryland JENNIFER EMERSON: Seeks to Hire Carrington Real Estate as Broker JENNMAR INTERMEDIATE III: Moody's Alters Outlook on B1 CFR to Neg. JQ LEASING: Seeks Court OK to Tap Riggi Law Firm as Attorney KASTER MOVING: Court Extends Cash Collateral Access to Sept. 9 KNU LIGHT: Todd Hennings Named Subchapter V Trustee LAD SELECT 2026-A: Moody's Assigns (P)Ba3 Rating to Class E Notes LEXORA INC: Seeks to Hire Jacobs P.C. as Attorney LIVECARE INC: Gets Extension to Use Cash Collateral LRS HOLDINGS: S&P Rates Sr. Secured Revolving Credit Facility 'B' MAGENTA BUYER: S&P Downgrades ICR to 'CCC' on Revenue Decline MARTINS FOOD: Gets Extension to Access Cash Collateral MARYVILLE UNIVERSITY: Moody's Cuts Issuer & Revenue Ratings to Ba1 MEMORY LANE: Seeks to Hire Lefkovitz & Lefkovitz PLLC as Counsel MONTANA VILLAGE: Approval of Disclosure Statement Denied as Moot MPH RESTAURANT: Court Orders Appointment of Chapter 11 Trustee MU HOLDINGS: Gets Extension to Access Cash Collateral NEW GRAFTON: Seeks to Hire Bedi Legal PC as Counsel OLIVE LEAF: Andrew Kight Named Subchapter V Trustee OLYMPIAN WAY: John Whaley Named Subchapter V Trustee P Y T-SHIRTS: Seeks $400,000 DIP Loan PACIFICA OF THE VALLEY: Hires Verita Global as Claims Agent PHUONG VO: Seeks Continued Cash Collateral Access RAGUSE FAMILY: Seeks to Hire ZRG Partners LLC as Accountant REMINGTON RANCH'S: Hearing Today on Bid to Use Cash Collateral REVI EXPRESS: Court Extends Cash Collateral Access to Aug. 13 SAICP HOTEL: Seeks Cash Collateral Access Until Dec. 31 SAINT AUGUSTINE'S: Hires Cherry Bekaert Advisory as Accountant SAINT AUGUSTINE'S: Hires Country Boys Auction as Auctioneer SANTA PAULA HAY: Court OKs Deal to Access Cash Collateral SATURN OIL: S&P Rates New US$560MM Senior Unsecured Notes 'B+' SENIOR HOME HEALTH: Gets Extension to Access Cash Collateral SKYVEST RENEWABLES: S&P Rates New Sr Secured Term Loan B (P) 'BB-' SMITH & SON: Ruediger Mueller of TCMI Named Subchapter V Trustee SOUTH TEXAS MILITARY HOUSING: S&P Affirms 'B+' Revenue Bond Rating STAGWELL INC: S&P Affirms 'BB-' ICR on Expected Earnings Growth STANLEY J. BERKE: Salvatore LaMonica Named Subchapter V Trustee SUNPOWER CORP: Judge Keeps California Tax Fight in Chapter 11 Court TITAN ENGINEERS: Mark Politan Named Subchapter V Trustee TNT DEALS: Seeks Subchapter V Bankruptcy in Illinois TOMCAT MECHANICAL: Starts Chapter 11 Bankruptcy in California TRACES OF TIGER: Files Emergency Bid to Use Cash Collateral TRANSCONTINENTAL INC: S&P Withdraws 'BB' Issuer Credit Rating TRILLION ENERGY: Extends, Restructures M47 Earn-In Payments TRINSEO PLC: Sets Annual General Meeting for Sept. 23 at Wayne HQ UTICORP INC: Carlos Garcia Miranda Named Subchapter V Trustee VERITONE INC: CEO Cuts Salary by 50% to Support Cost Reduction VERITONE INC: CEO Reports 6.5% Stake Following Equity Awards VITAL YOU: Seeks Subchapter V Bankruptcy in Maryland WARRIOR TECHNOLOGIES: Committee Hires Dykema Gossett as Counsel YUN INVESTMENT: Seeks Chapter 11 Bankruptcy in Virginia ZENITH PROPERTY: Nat Wasserstein Named Subchapter V Trustee ZYTOUN GOURMET: Gets Interim OK to Use Cash Collateral [] ATTOM Mid-Year 2026 Report Shows Foreclosures Up 21% Annually ********* 28 VAN BUREN: Commences Chapter 11 Bankruptcy in New York --------------------------------------------------------- On July 17, 2026, 28 Van Buren Ave LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of New York. According to court filings, the Debtor reports estimated liabilities between $100,000 and $500,000, owed to 1 to 49 creditors, with estimated assets between $500,000 and $1 million. A meeting of creditors filed by the United States Trustee under Section 341(a) to be held on August 19, 2026 at 10:00 AM at USA Toll-Free (888) 330-1716, USA Caller Paid/International Toll (713) 353-7024, Access Code 7219992. Chapter 11 Small Business Plan and Disclosure Statement Due by January 13, 2027. About 28 Van Buren Ave LLC 28 Van Buren Ave LLC is a Hicksville, New York-based residential real estate leasing company that owns and manages residential property assets. Court records indicate the company was involved in foreclosure-related litigation with Wilmington Savings Fund Society in early 2026. The company currently oversees a residential property with an estimated market value of approximately $599,100. 28 Van Buren Ave LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-72823) on July 17, 2026. In its petition, the Debtor reports estimated assets of $500,000 to $1 million and estimated liabilities of $100,000 to $500,000. Honorable Bankruptcy Judge Louis A. Scarcella handles the case. The Debtor is represented by Raymond W. Verdi, Jr., Esq. 2H NY LLC: Hires Law Offices of Charles Wertman P.C. as Counsel --------------------------------------------------------------- 2H NY LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ the Law Offices of Charles Wertman P.C. as counsel. The firm will provide these services: (a) providing legal advice with respect to the Debtor's powers and duties as debtor-in-possession in accordance with the provisions of the Bankruptcy Code; (b) preparing, on behalf of the Debtor, all necessary schedules, applications, motions, answers, orders, reports, adversary proceedings and other legal documents required by the Bankruptcy Code and Federal Rules of Bankruptcy Procedure; (c) assisting the Debtor in the development and implementation of a plan of reorganization or liquidation, including the proposed sale of the Property; and (d) performing all other legal services for the Debtor that may be necessary in connection with this Chapter 11 case and the Debtor's attempts to reorganize its affairs under the Bankruptcy Code. The firm will be paid at these rates: Attorneys $525 per hour Paraprofessionals $150 per hour Prior to the Filing Date, the firm was paid a total sum of $10,000, of which the sum of $1,738 is the filing fee required by the Court. Mr. Wertman 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: Charles Wertman, Esq. Law Offices of Charles Wertman P.C. 100 Merrick Road, Suite 304W Rockville Centre, NY 11570 Telephone: (516) 284-0900 E-mail: charles@cwertmanlaw.com About 2H NY LLC 2H NY LLC is a limited liability company engaged in business operations that may include real estate holdings, investments, or commercial asset management. 2H NY LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-22421) on April 27, 2026. In its petition, the Debtor reports estimated assets of $1,000,000 to $10,000,000 and estimated liabilities of $1,000,000 to $10,000,000. Honorable Bankruptcy Judge Sean H. Lane handles the case. The Debtor is represented by Charles Wertman, Esq. 50 SUSSEX: Seeks Cash Collateral Access --------------------------------------- 50 Sussex Redevelopment Urban Renewal LLC asks the U.S. Bankruptcy Court for the District of New Jersey for authority to use cash collateral and provide adequate protection. The Debtor needs to use cash collateral so it can continue operating and preserving its principal asset, Hoyt Tower, a 15-story, 203-unit luxury residential and retail building located at 50-54 Sussex Avenue in Newark, New Jersey. Hoyt Tower has been appraised at between $100 million and $102 million, substantially exceeding the secured debt against the property. In October 2024, the Debtor obtained a $62.5 million bridge loan from Israel Discount Bank of New York and BPT 50S Funding LLC to refinance the property's development and fund urgent construction costs before securing permanent financing. The loan is divided into a $45 million note held by Israel Discount Bank and a $17.5 million note held by BPT 50S Funding LLC, both secured by a first mortgage on the property. According to the lenders, the total debt had increased to at least $70.7 million as of the petition date due to accrued interest, default interest, an exit fee, late payment charges, and continuing default interest at 23% annually. The Debtor also owes approximately $785,430 in real estate taxes to the City of Newark, although it disputes the amount claimed. Despite these obligations, the Debtor maintains that the lenders are fully secured because of the property's value and the substantial equity cushion. Hoyt Tower is substantially leased and generates approximately $375,000 in monthly rental income. The Debtor has prepared a 60-day cash collateral budget showing that, after paying ordinary operating expenses, insurance, maintenance, security, and other property costs, it expects to retain approximately $127,031 in July and $183,972 in August, which it believes can provide adequate assurance to the lenders while preserving the value of their collateral. The Debtor requests authority to use cash collateral through August 30, 2026, to pay routine operating expenses and continue managing, securing, insuring, and leasing the property. It argues that using rental income to fund these expenses will maintain the property's value, protect tenants, preserve the lenders' collateral, and maximize value for all creditors while the Debtor seeks to refinance the existing loans and formulate a Chapter 11 plan of reorganization. A copy of the motion is available at https://urlcurt.com/u?l=EK76hX from PacerMonitor.com. About 50 Sussex Redevelopment Urban Renewal LLC 50 Sussex Redevelopment Urban Renewal LLC is a Freehold, New Jersey-based real estate development and multifamily property management company. The company owns and operates Hoyt Tower, a 203-unit luxury apartment community in Newark, New Jersey, featuring approximately 2,000 square feet of ground-floor retail space. The property recently underwent a $62 million refinancing, and the Debtor continues to operate it as a debtor-in-possession during the Chapter 11 proceedings. 50 Sussex Redevelopment Urban Renewal LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-17635) on July 1, 2026. In its petition, the Debtor reported estimated assets of $50 million to $100 million and estimated liabilities of $50 million to $100 million. The Debtor is represented by Albert Anthony Ciardi III, Esq. of Ciardi Ciardi & Astin. A SNEAKER CITY: Paul Levine Named Subchapter V Trustee ------------------------------------------------------ The U.S. Trustee for Region 2 appointed Paul Levine, Esq., at Lemery Greisler, LLC as Subchapter V trustee for A Sneaker City Albany Inc. Mr. Levine will be paid an hourly fee of $480 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Levine declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Paul A. Levine, Esq. Lemery Greisler, LLC 677 Broadway, 8th Floor Albany, New York 12207 Tel: (518) 433-8800 x313 | Email: plevine@lemerygreisler.com About A Sneaker City Albany Inc. A Sneaker City, founded in 2018, sells sneakers, streetwear, apparel, accessories, and sneaker-care products online and through physical store locations. The company offers products in sizes ranging from infants to adults and provides customer assistance online and in stores. Its headquarters are in Albany, New York. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. N.Y. Case No. 26-10773) on July 10, 2026, with $47,636 in assets and $2,382,581 in liabilities. Brandon Gutierrez, president, signed the petition. Judge Patrick G. Radel presides over the case. Michael Boyle, Esq. at BOYLE LEGAL LLC represents the Debtor as legal counsel. ABA THERAPY: Gets Extension to Use Cash Collateral -------------------------------------------------- ABA Therapy Solutions, LLC received another extension from the U.S. Bankruptcy Court for the Southern District of Florida, West Palm Beach Division, to use cash collateral to fund operations. The court entered a second interim order authorizing the Debtor to use cash collateral to pay the expenses set forth in its budget (plus an amount not to exceed 10% per line item) and to fund court-approved payments. This authorization remains effective until further court order. The Debtor listed DC Funding, TD Bank, First Corporate Solutions (as representative), and C T Corporation System as potential secured creditors that may claim liens on its assets, including accounts receivable, inventory, equipment, and other property based on various UCC-1 financing statements filed between 2017 and 2026. Each of these creditors will be granted adequate protection through a replacement lien on the cash collateral, with the same validity, priority and extent as its pre-petition lien. Additional safeguards include insurance coverage on the collateral in accordance with the applicable loan documents. The order preserves all parties' rights to challenge liens in the future. The Debtor is required under the court order to forward the amount of $1,000 to the Subchapter V trustee, Linda Leali, by the 10th of each month, with the initial payment to fund the month of June. These sums are to be held for payment of administrative expenses generally, which may include approved fees and expenses of the Debtor's counsel. The order is available at https://urlcurt.com/u?l=n8yosF A continued hearing is scheduled for Oct. 15. About ABA Therapy Solutions Founded in 2012 by Linda Peirce, ABA Therapy Solutions provides in-home and clinic services covering language, behavioral, self-help skills and social skills for individuals with autism spectrum disorders, down syndrome and other developmental disabilities. ABA Therapy Solutions filed a voluntary Chapter 11 petition (Bankr. S.D. Fla. Case No. 26-14524) on April 12, 2026. At the time of filing, the Debtor disclosed $377,800 in assets and $1,264,465 in liabilities. The petition was signed by Gary Peirce as CFO and managing member. Judge Mindy A Mora oversees the case. The Debtor tapped Kelley Fulton & Kaplan, P.L. as its legal counsel. ADIRONDACK STORE: Court Extends Cash Collateral Access to Aug. 21 ----------------------------------------------------------------- The Adirondack Store & Gallery, Inc. received another extension from the U.S. Bankruptcy Court for the Northern District of New York, Albany Division, to use the cash collateral of its secured lenders to fund operations. The court entered a second interim order authorizing the Debtor to use the cash collateral of KeyBank, N.A., Newtek Bank, N.A., Shopify, and Parkview Advance, LLC through Aug. 21 while it continues its reorganization efforts. Under the second interim order, the Debtor is required to operate within the court-approved budget, allowing a 15% cumulative variance on individual budget line items, with unused budget amounts permitted to roll forward. Secured creditors will be granted adequate protection through replacement liens on substantially all present and after-acquired assets, along with a superpriority administrative claim under Section 507(b) of the Bankruptcy Code to the extent of any actual diminution in collateral value. The replacement liens exclude Chapter 5 avoidance actions, up to $5,000 in Chapter 7 trustee fees, and statutory U.S. Trustee fees. The debtor must also make monthly adequate protection payments to KeyBank and Newtek as reflected in the budget, while Shopify continues receiving payments under its existing loan agreements. Events of default include failure to make adequate protection payments, breach of material order provisions, conversion or dismissal of the Chapter 11 case, appointment of a trustee, or termination of the automatic stay. Following an uncured default after five business days' notice, the Debtor's authority to use cash collateral automatically terminates unless emergency relief is obtained. A copy of the court's order is available at https://tinyurl.com/ms6um6t2 from PacerMonitor.com. A final hearing is scheduled for Aug. 13, with objections due seven days before the hearing. About Adirondack Store & Gallery Inc. Adirondack Store & Gallery, Inc. operates two long-established retail stores in Lake Placid and Tupper Lake, specializing in home furnishings, gifts, and Adirondack-style furniture. On March 18, 2026, creditors Geoffrey Robillard, Jean Hoffman, Richard Rodzinski, Danielle Ostiguy, and James Dodd filed an involuntary Chapter 7 petition (Bankr. N.D. N.Y. Case No. 26-10275) on March 18, 2026. The case was converted to a Chapter 11 case on April 27, 2026. Judge Patrick G. Radel oversees the case. Robert F. Franciscovich, Esq., at Arnold & Porter Kay School, represents the Debtor as legal counsel. AIR AUTHORITY: Todd Headden Named Subchapter V Trustee ------------------------------------------------------ The U.S. Trustee for Region 7 appointed Todd Headden as Subchapter V trustee for Air Authority LLC. Mr. Headden will charge $450 per hour for his services as Subchapter V trustee and $175 per hour for his support staff. The trustee will also seek reimbursement for work-related expenses incurred. Mr. Headden declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Todd Headden 7600 Burnet Rd., Ste. 530 Austin, TX 78757 Telephone: (737) 881-7104 theadden@haywardfirm.com About Air Authority LLC Air Authority LLC is a San Antonio, Texas-based provider of HVAC and air conditioning services serving residential and commercial customers throughout the San Antonio and Houston metropolitan areas. The company specializes in heating, ventilation and air conditioning installation, maintenance and repair services. Air Authority LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Texas Case No. 26-51896) on July 13, 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 Aubrey L. Thomas handles the case. The debtor is represented by Robert Chamless Lane, Esq., of The Lane Law Firm PLLC. AMERICAN EFFICIENT: Seeks Chapter 11 Bankruptcy After $1B Penalty ----------------------------------------------------------------- Hilary Russ of Law360 Bankruptcy Authority reports that North Carolina-based American Efficient LLC has entered Chapter 11 bankruptcy, disclosing estimated liabilities ranging from $1 billion to $10 billion. The filing comes approximately three months after the company became the target of significant legal action that added to its financial difficulties. The company provides energy efficiency aggregation services by managing utility incentive programs and creating energy savings credits for manufacturers, retailers, and other commercial clients. Through Chapter 11, American Efficient aims to reorganize its balance sheet while continuing core operations and exploring options to maximize value for creditors, the report cites. According to Law360, the filing represents a major restructuring within the energy efficiency industry, where companies continue to face increasing financing costs and legal challenges. Bankruptcy proceedings will determine how the company's assets and obligations are addressed as it works toward a potential reorganization or sale. About American Efficient LLC American Efficient LLC is a Durham, North Carolina-based energy efficiency aggregator specializing in utility incentive and environmental credit programs. The company partners with appliance manufacturers, retailers, utilities, and distributors to identify, verify, and monetize energy savings generated through the sale of high-efficiency products. Its services help clients meet energy conservation goals and comply with state and utility regulatory requirements. American Efficient LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D.N.C. Case No. 26-50296) on July 18, 2026. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $1 billion and $10 billion. Honorable Bankruptcy Judge Laura T. Beyer handles the case. The Debtor is represented by Jennifer B. Lyday, Esq. of Waldrep Wall Babcock & Bailey PLLC. AMERICAN LOCATING: Gets Final OK to Use Cash Collateral ------------------------------------------------------- American Locating Services, Inc. received final approval from the U.S. Bankruptcy Court for the Southern District of Indiana to use cash collateral. The court authorized the Debtor to use cash collateral in the ordinary course of business in accordance with the approved budget. Individual expense categories may exceed budgeted amounts by no more than 10%, and the Debtor's actual net cash flow for each budget period must remain at least 90% of the projected net cash flow. Depository institutions and third-party payors were directed to release funds to the Debtor, allowing continued access to its cash collateral while maintaining existing depository accounts. As adequate protection, the court granted the U.S. Small Business Administration and other secured creditors replacement liens on post-petition cash collateral and other post-petition property, with the same nature, priority, and extent as their pre-petition liens. The court made no determination regarding the validity, priority, or extent of those liens, preserving all parties’ rights for future litigation. In addition, the SBA is entitled to receive $700 per month during the effectiveness of the order. Additional safeguards include maintaining adequate insurance, complying with all reporting and financial disclosure requirements, and refraining from selling or encumbering collateral or making payments outside the approved budget without further court authorization. The Debtor's authority to use cash collateral will terminate upon events of default, including failure to comply with the approved budget, unauthorized payments, appointment of a trustee, or conversion or dismissal of the Chapter 11 case, subject to a five-business-day cure period after notice. A copy of the court's order is available at https://tinyurl.com/yj6f82je from PacerMonitor.com. About American Locating Services Inc. American Locating Services, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Case No. 26-03480) on May 29, 2026, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Hon. James M Carr oversees the case. The Debtor is represented by KC Cohen, Esq., at KC Cohen, Lawyer, PC. ARCHES BUYER: S&P Rates Senior Secured $1.75 Billion Term Loan 'B' ------------------------------------------------------------------ S&P Global Ratings assigned its 'B' issue-level rating and '3' recovery rating to Arches Buyer Inc.'s (dba Ancestry) proposed $1.75 billion senior secured term loan B, $500 million senior secured notes, and $251 million revolving credit facility. The '3' recovery rating indicates its expectation for meaningful (50%-70%; rounded estimate: 55%) recovery of principal in the event of a payment default. Ancestry plans to use the proceeds from the proposed transaction to refinance its existing first-lien term loan facilities, extending the maturity to 2031 from 2027. S&P views the proposed transaction as leverage neutral. S&P said, "Our 'B' issuer credit rating and stable outlook on Ancestry remain unchanged, which reflects our expectation that an improving subscriber base and healthy DNA kit sales will grow Ancestry's revenue about 2%-5% over the next 12 months. Absent any releveraging activities, we also expect recent cost-cutting actions will improve the company's leverage to the mid-6x area, with free operating cash flow (FOCF) to debt remaining above 5% over the next 12 months. "We could lower our rating on Ancestry if we expect its FOCF to debt will decline below 5% and it will sustain leverage of more than 7.5x. This could occur if Ancestry's subscription revenue growth stalls, its cost-cutting efforts and price increases are insufficient to maintain healthy EBITDA margins, its DNA kit sales decline, it cannot maintain a cross-sell percentage in the mid-teens percentage area, or it completes significant debt-financed distributions or acquisitions. "Although unlikely over the next 12 months, we could raise our rating on Ancestry if it broadens the diversity of its operations and commits to a less aggressive financial policy. This would require FOCF to debt consistently higher than 10% and a commitment that any future releveraging activity will be limited, with leverage sustained below 6.0x." ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors -- S&P's simulated default scenario contemplates a default occurring in 2029 stemming from a combination of factors, including an economic downturn, customer losses, and pricing pressures as new entrants emerge or existing competitors expand their product offerings and features, which lead to a decline in its existing customer renewal rates or higher member-acquisition costs. -- S&P believes the company's lenders would look to maximize their recovery in a default scenario and pursue a reorganization rather than a liquidation given Ancestry's good brand name and market leadership position. -- Arches Buyer Inc., a wholly owned subsidiary of Arches Intermediate Inc., is the borrower of the senior secured first-lien credit facility. -- The credit facility and senior secured notes rank pari passu and are secured by a first-priority security interest in substantially all of the borrower's and the guarantor's tangible and intangible assets and are guaranteed by all current and future domestic material subsidiaries of the company. -- The senior unsecured notes are subordinated to the secured debt to the extent of the value of the collateral. -- Other default assumptions include an 85% draw on the revolving credit facility, and all debt amounts include six months of prepetition interest. Simulated default assumptions -- Simulated year of default: 2029 -- EBITDA at emergence: About $327 million -- EBITDA multiple: 6.5x Simplified waterfall -- Net enterprise value (after 5% administrative costs): About $2.0 billion -- Senior secured debt claims: About $3.5 billion --Recovery expectations: 50%-70% (rounded estimate: 55%) -- Estimated unsecured claims: About $2.0 billion --Recovery expectations: 0%-10% (rounded estimate: 0%) ARCON CONSTRUCTION: Trustee Hires Mac Restructuring as Accountant ----------------------------------------------------------------- Nathan F. Smith, the Chapter 11 Trustee of Arcon Construction Corporation, seeks approval from the U.S. Bankruptcy Court for the Northern District of California to employ Mac Restructuring Advisors, LLC as advisor. The firm will provide these services: a. perform forensic accounting services, if necessary, including review of bank statements and financial statements; b. assist in the preparation of monthly operating reports, if necessary; c. assist the Trustee in reviewing any proposed plans of reorganization, and in the development of a plan of reorganization, if necessary; d. analyze claims filed in the case and scheduled liabilities to determine allowed claims; e. assist with objections to claims, if necessary; f. analyze whether additional assets of the Debtor exist and are available to be recovered for distribution to creditors, including analysis of potential preference and fraudulent transfer actions; g. analyze as to avoidance issues, if necessary; to testify as to avoidance issues, if necessary; h. prepare a solvency analysis, if necessary; i. serve as Trustee's general accountant and financial advisor and to consult with the Trustee and the Trustee's counsel as to those matters. The firm will be paid at these rates: Edward M. Burr $475 per hour In addition, the firm will seek reimbursement for its out-of-pocket expenses. Mr. Burr 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: Edward M. Burr, CTP, CIRA Mac Restructuring Advisors, LLC 10191 E Shangri La Rd Scottsdale, AZ 85260 Tel: (602) 418-2906 E-mail: Ted@MacRestructuring.com About Arcon Construction Corporation Arcon Construction Corp. operates a general construction and development business in Daly City, Calif., which includes planning, design, general contracting, and construction management. Arcon filed Chapter 11 petition (Bankr. N.D. Cal. Case No. 24-30679) on Sept. 13, 2024, with up to $500,000 in assets and up to $10 million in liabilities. Andrey Libov, chief operating officer, signed the petition. Judge Dennis Montali oversees the case. The Law Offices of Eric J. Gravel is the Debtor's bankruptcy counsel. AUTOMOTIVE SOLUTIONS: D. Adelsperger Named Subchapter V Trustee --------------------------------------------------------------- The Acting U.S. Trustee for Region 10 appointed Douglas Adelsperger, Esq., as Subchapter V trustee for Automotive Solutions, Inc. Mr. Adelsperger will be paid an hourly fee of $425 for his services as Subchapter V trustee and will be reimbursed for work related expenses incurred. Mr. Adelsperger declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Douglas R. Adelsperger, Trustee 1251 N. Eddy St., Suite 200 South Bend, IN 46617 Tel: (260) 407-0909 Email: trustee@adelspergerlawoffices.com About Automotive Solutions Inc. Automotive Solutions, Inc., doing business as Tuffy Tire & Auto Service, is a Fort Wayne, Indiana-based automotive repair and maintenance company that provides oil changes, tire services, diagnostics, brake and engine repairs, wheel alignments, transmission work, electrical services and preventive maintenance for domestic and foreign cars, trucks and commercial fleets. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ind. Case No. 26-10920) on July 7, 2026, with $1,190,600 in assets and $2,063,155 in liabilities. Kenneth W. Smith, owner and president, signed the petition. Fred Wehrwein, Esq., at Fred Wehrwein, P.C. represents the Debtor as legal counsel. BACK2 HEALTH: Seeks Subchapter V Bankruptcy in California --------------------------------------------------------- On July 17, 2026, Back2 Health Physical Therapy, 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 estimated assets between $1 million and $10 million and estimated liabilities between $1 million and $10 million, including approximately $200,000 in tax debt, with 1 to 49 creditors. Chapter 11 Subchapter V Plan Due by October 15, 2026. About Back2 Health Physical Therapy, Inc. Back2 Health Physical Therapy, Inc. is a Los Angeles, California-based provider of outpatient physical therapy services. The therapist-owned practice operates multiple clinics throughout the Los Angeles area, including Burbank and Encino, offering rehabilitation and recovery services. Despite its financial restructuring, the company continues to provide patient care and has been actively recruiting physical therapy assistants and aides. Back2 Health Physical Therapy, Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-17120) on July 17, 2026. In its petition, the Debtor reports estimated assets and estimated liabilities ranging from $1 million to $10 million. Honorable Vincent P. Zurzolo handles the case. The Debtor is represented by Laura J. Portillo, Esq. of Portillo Ronk Legal Team. BERRYMAN HOUSE: Melissa Haselden Named Subchapter V Trustee ----------------------------------------------------------- The U.S. Trustee for Region 7 appointed Melissa Haselden, Esq., at Haselden Farrow, PLLC as Subchapter V trustee for Berryman House, Inc. Ms. Haselden will be paid an hourly fee of $625 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Haselden declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Melissa A. Haselden, Esq. Haselden Farrow, PLLC 700 Milam, Suite 1300 Pennzoil Place Houston, TX 77002 Telephone: (832) 819-1149 Facsimile: (866) 405-6038 mhaselden@haseldenfarrow.com About Berryman House Inc. Berryman House, Inc. is a Houston, Texas-based event venue real estate and management company. The business operates as a single asset real estate entity, managing an event venue on Martin Luther King Jr. Boulevard that hosts private and public events. The company has maintained municipal permits for entertainment and event operations. Berryman House, Inc. sought relief under Subchapter V of Chapter 11, Subchapter V, of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 26-35004) on July 9, 2026. In its petition, the debtor reported estimated assets of $1 million to $10 million and estimated liabilities of $1 million to $10 million. Honorable Bankruptcy Judge Eduardo V. Rodriguez handles the case. BLEUWAVE HOLDING: Michael Carmel Named Subchapter V Trustee ----------------------------------------------------------- The U.S. Trustee for Region 14 appointed Michael Carmel of Michael Carmel, Ltd. as Subchapter V trustee for Bleuwave Holding Company LLC. Mr. Carmel will be paid an hourly fee of $550 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Carmel declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Michael W. Carmel Michael W. Carmel, Ltd. 80 E. Columbus Ave Phoenix, AZ 85012-4965 Phone: 602-264-4965 Fax: 602-277-0144 About Bleuwave Holding Company LLC Bleuwave Holding Company LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 26-06851) on July 14, 2026, with $0 to $50,000 in assets and $1,000,001 to $10 million in liabilities. Judge Brenda K. Martin presides over the case. Alan A. Meda, Esq. at Burch & Cracchiolo PA represents the Debtor as legal counsel. BOTTOMLINE INK: Court Extends Cash Collateral Access to Oct. 9 -------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Ohio entered a fourth interim order authorizing Bottomline Ink Corporation to use its secured creditors' cash collateral. The order authorized the Debtor to use the cash collateral of Waterford Bank, N.A. and Unique Funding Solutions, LLC on an interim basis to pay operating expenses in accordance with an approved budget, subject to a 10% variance per line item or in the aggregate. The Debtor may also use cash collateral to pay professional fees (upon court approval), U.S. Trustee quarterly fees, additional court-approved expenses, and any further adequate protection payments ordered by the court. As adequate protection, the Debtor must make monthly interest payments of $12,000 to Waterford beginning this month and provide financial reporting, including a 13-week cash flow, weekly variance reports, and borrowing base certificates. In addition, Waterford will be granted a post-petition replacement lien with the same validity and priority as its pre-bankruptcy liens, excluding avoidance actions. Unique is not entitled to cash payments as adequate protection but will be granted a similar replacement lien on post-petition collateral except avoidance actions. Other forms of protection include maintenance of insurance, payment of post-petition taxes, and authorization for Waterford to exercise setoff rights against $33,544 in pre-bankruptcy account balances. The Debtor's authority to use cash collateral continues through Oct. 9, unless earlier terminated by specified events of default or court order. A copy of the court's order and the Debtor's budget is available at https://tinyurl.com/3xnvcr3t from PacerMonitor.com. A further hearing is scheduled for Sept. 30, with objections due by Oct. 2. About Bottomline Ink Corporation Bottomline Ink, Corporation operates as a full-service provider of printing and promotional solutions, offering customized apparel, signage, and branded merchandise. Its services include screen printing, embroidery, and digital printing for companies, schools, and nonprofit organizations. Bottomline Ink, Corporation sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-32806) on December 31, 2025. 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 Mary Ann Whipple handles the case. The Debtor is represented by Steven L. Diller, Esq. CELSIUS NETWORK: Court Rules on Avoidance Action Damages -------------------------------------------------------- Chief Judge Martin Glenn of the U.S. Bankruptcy Court for the Southern District of New York entered a ruling on damages in connection with avoidance actions in the bankruptcy case of Celsius Network LLC. Pending before the Court is the Litigation Administrator's Opening Brief Regarding Damages in Connection with Avoidance Actions (the "Opening Brief"), filed by Mohsin Y. Meghji, as Litigation Administrator (the "Plaintiff" or the "Litigation Administrator") for Celsius Network LLC and its affiliated post-effective date debtors (the "Post-Effective Date Debtors," and, together with their non-debtor affiliates, "Celsius"). The Plaintiff filed the Opening Brief requesting that the Court determine, as a matter of law, the damages to which he is entitled under 11 U.S.C. Sec. 550. On July 10, 2024, the Litigation Administrator filed a complaint (the "Complaint") against Alexander Mashinsky and other former directors and executives of the Debtors, asserting claims for, inter alia: (i) breach of fiduciary duty, (ii) avoidance and recovery of preferential transfers, (iii) avoidance and recovery of fraudulent transfers, (iv) fraudulent misrepresentation and violation of state consumer protection laws, and (v) equitable subordination. The Litigation Administrator seeks to recover the current market price of non-CEL cryptocurrency and the market price as of the transfer date for CEL Token. In July 2024, the Litigation Administrator then filed thousands of avoidance actions against former Celsius customers seeking to avoid transfers the customers received in the 90-day period preceding the Petition Date (the "Customer Avoidance Actions"). The Litigation Administrator in the Opening Brief first argues that section 550 of the Bankruptcy Code permits him to recover the Transferred Assets or their value. The Litigation Administrator also notes that the precedent from the Second Circuit offers this Court discretion to order the return of transferred property pursuant to section 550. The Litigation Administrator claims that the value of the digital assets at the date of judgment is easily ascertainable, as the assets are traded on large, international platforms and would not be subject to dispute. The Litigation Administrator believes that the appropriate measure of damages is either (i) the return of the digital asset or (ii) the market price of the asset. In the event the transferred asset has depreciated, the Plaintiff requests that the Court award the market price of the digital asset on the date of the transfer. The Court finds that the Plaintiff is entitled to recover the following: * For depreciating assets, whether or not a Defendant is still in possession of the asset, the Litigation Administrator may recover the transfer-date value. * For appreciating assets that are in the possession of a Defendant, the Litigation Administrator may recover the asset itself. * For appreciating assets that have been sold by the Defendant, the Litigation Administrator may recover the sale price of the asset. The Defendants bear the burden of demonstrating (i) that the asset was sold and (ii) the price at which it was sold. If a Defendant cannot meet this burden, the Litigation Administrator may recover the judgment-date value of the asset. A copy of the Court's Memorandum Opinion and Order dated July 10, 2026, is available at http://urlcurt.com/u?l=ahETT4from Pacermonitor.com. About Celsius Network Celsius Network LLC -- http://www.celsius.network/-- is a financial services company that generates revenue through cryptocurrency trading, lending, and borrowing, as well as by engaging in proprietary trading. Celsius helps over a million customers worldwide to find the path towards financial independence through a compounding yield service and instant low-cost loans accessible via a web and mobile app. Celsius has a blockchain-based fee-free platform where membership provides access to curated financial services that are not available through traditional financial institutions. The Celsius Wallet claims to be one of the only online crypto wallets designed to allow members to use coins as collateral to get a loan in dollars, and in the future, to lend their crypto to earn interest on deposited coins (when they're lent out). Crypto lenders such as Celsius boomed during the COVID-19 pandemic, drawing depositors with high interest rates and easy access to loans rarely offered by traditional banks. But the lenders' business model came under scrutiny after a sharp sell-off in the crypto market spurred by the collapse of major tokens terraUSD and luna in May 2022. New Jersey-based Celsius froze withdrawals in June 2022, citing "extreme" market conditions, cutting off access to savings for individual investors and sending tremors through the crypto market. The list of major crypto firms that have filed for bankruptcy protection in 2022 now includes Celsius Network, Three Arrows Capital and Voyager Digital. Celsius Network, LLC and its subsidiaries sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 22-10964) on July 14, 2022. In the petition filed by CEO Alex Mashinsky, the Debtors estimated assets and liabilities between $1 billion and $10 billion. The Debtors tapped Kirkland & Ellis, LLP and Kirkland & Ellis International, LLP as bankruptcy counsels; Fischer (FBC & Co.) as special counsel; Centerview Partners, LLC as investment banker; and Alvarez & Marsal North America, LLC as financial advisor. Stretto is the claims agent and administrative advisor. On July 27, 2022, the U.S. Trustee appointed an official committee of unsecured creditors. The committee tapped White & Case, LLP as its bankruptcy counsel; Elementus Inc. as its blockchain forensics advisor; M3 Advisory Partners, LP as its financial advisor; and Perella Weinberg Partners, LP as its investment banker. Shoba Pillay, Esq., is the examiner appointed in the Debtors' Chapter 11 cases. Jenner & Block, LLP and Huron Consulting Services, LLC, serve as the examiner's legal counsel and financial advisor, respectively. * * * On November 9, 2023, the Bankruptcy Court entered the Findings of Fact, Conclusions of Law, and Order Confirming the Modified Joint Chapter 11 Plan of Celsius Network LLC and Its Debtor Affiliates. The Effective Date of the Plan occurred January 31, 2024. CELSIUS NETWORK: Court Tosses Beaudry's Third-Party Complaint ------------------------------------------------------------- Chief Judge Martin Glenn of the U.S. Bankruptcy Court for the Southern District of New York granted the motion of Ron Deutsch, Adrian Alisie, And Oren Blonstein to dismiss Jeremie Beaudry's Third-Party Complaint in the adversary proceeding captioned as MOHSIN Y. MEGHJI, as Representative for the Post-Effective Date Debtors, Plaintiff, v. ALEXANDER MASHINSKY et al., Defendants, JEREMIE BEAUDRY, Third-Party Plaintiff, v. RON DEUTSCH, ADRIAN ALISIE, and OREN BLONSTEIN, Third-Party Defendants, Adv. Pro. 24 -03667-MG (Bankr. S.D.N.Y.). In the complaint that initiated this adversary proceeding, filed by Mohsin Y. Meghji (the "Litigation Administrator") alleges that Celsius engaged financially risky behavior leading up to Celsius' financial collapse that amount to a "fraudulent business." The Litigation Administrator asserts several causes of action involving misconduct by several former directors and officers of Celsius. At a high level, the Litigation Administrator claims that in or around late 2020 and early 2021, Third-Party Defendants became aware that they failed to track Celsius's assets and liabilities and began using Bitcoin to purchase CEL tokens. Due to this and other mismanagement, Celsius incurred losses over $250 million. As a result of poor asset deployment decisions and investments, Celsius was unable to meet its expenses and lost over $1.2 billion in 2021 alone. The Litigation Administrator alleges that in December 2021, Celsius began facing a liquidity crisis despite Alex Mashinsky's representations to the contrary. Mashinsky was the chief executive officer of Celsius at the time. As a result of these events, the Litigation Administrator filed suit alleging various causes of action including, inter alia, breach of fiduciary duty, breach of director's duties, conspiracy to fraudulently misrepresent, violation of New York Deceptive Practices Act, violation of New York False Advertising Law, and violation of New Jersey Consumer Fraud Act. Beaudry served as General Counsel and Chief Compliance officer beginning in June 2019 until he was demoted on or about January 28, 2021. Beaudry is one of the defendants in the adversary proceeding filed by the Litigation Administrator. Beaudry argues that the Litigation Administrator's pleading is deficient in that it improperly alleges he had knowledge of, or was involved in, misconduct by Celsius's officers and directors despite much of the alleged improper conduct having taken place after Beaudry's departure from Celsius. He claims the Litigation Administrator should also hold the Third-Party Defendants liable to the extent that liability is imposed on Beaudry given their roles as General Counsel, Head of Internal Audit, and Chief Compliance Officer of Celsius. Beaudry repeats his claim that the Third-Party Defendants should be liable for any misconduct after January 2021 based on Beaudry's previous roles as General Counsel and/or Chief Compliance Officer because the Third-Party Defendants held those roles during that period. The Third-Party Defendants argue that Beaudry's complaint does not state a plausible claim for relief because the contribution claims lack a legal basis. They argue that the claims brought against Beaudry are estate claims, and his claim for contribution is derivative of the estate claim. The Third-Party Defendants argue that Beaudry's claim for contribution fails to state a claim because he has failed to demonstrate that they breached any duties or caused harm to the Debtors. The Third-Party Defendants allege that Beaudry's claims pertain exclusively to their tenure at Celsius or relate to his own time at Celsius. For the claims relating to when the Third-Party Defendants were at Celsius, they claim that Beaudry fails to indicate that they breached any duties that they allegedly owed. The Third-Party Defendants also argue that the Debtor Releases are unambiguous, and they were released from any liabilities, including derivative claims like Beaudry seeks in his Complaint. They claim that the contribution claims rely on alleged joint liability with the Debtor, which have been released and may no longer be pursued by Beaudry. The Court finds Beaudry has failed to demonstrate that the claimed injury is independent of the alleged injury to the corporation. According to the Court, Beaudry's contribution claims are entirely dependent upon the injury suffered by Celsius. Beaudry has not demonstrated that there was a duty owed to him, much less that this duty was breached. He similarly cannot demonstrate that he can prevail without showing injury to the corporation. The Court finds Beaudry has failed to provide an independent harm that would entitle him to contribution other than the harm that Celsius incurred and seeks contribution from the Third-Party Defendants on that basis. The Court also finds that the Debtor Releases bars Beaudry's claims. Beaudry cannot attack the validity of the Debtor Releases collaterally, and he failed to object or appeal the Confirmation Order in the first instance. A copy of the Court's Memorandum Opinion and Order dated July 6, 2026, is available at http://urlcurt.com/u?l=BtkMMTfrom Pacermonitor.com. About Celsius Network Celsius Network LLC -- http://www.celsius.network/-- is a financial services company that generates revenue through cryptocurrency trading, lending, and borrowing, as well as by engaging in proprietary trading. Celsius helps over a million customers worldwide to find the path towards financial independence through a compounding yield service and instant low-cost loans accessible via a web and mobile app. Celsius has a blockchain-based fee-free platform where membership provides access to curated financial services that are not available through traditional financial institutions. The Celsius Wallet claims to be one of the only online crypto wallets designed to allow members to use coins as collateral to get a loan in dollars, and in the future, to lend their crypto to earn interest on deposited coins (when they're lent out). Crypto lenders such as Celsius boomed during the COVID-19 pandemic, drawing depositors with high interest rates and easy access to loans rarely offered by traditional banks. But the lenders' business model came under scrutiny after a sharp sell-off in the crypto market spurred by the collapse of major tokens terraUSD and luna in May 2022. New Jersey-based Celsius froze withdrawals in June 2022, citing "extreme" market conditions, cutting off access to savings for individual investors and sending tremors through the crypto market. The list of major crypto firms that have filed for bankruptcy protection in 2022 now includes Celsius Network, Three Arrows Capital and Voyager Digital. Celsius Network, LLC and its subsidiaries sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 22-10964) on July 14, 2022. In the petition filed by CEO Alex Mashinsky, the Debtors estimated assets and liabilities between $1 billion and $10 billion. The Debtors tapped Kirkland & Ellis, LLP and Kirkland & Ellis International, LLP as bankruptcy counsels; Fischer (FBC & Co.) as special counsel; Centerview Partners, LLC as investment banker; and Alvarez & Marsal North America, LLC as financial advisor. Stretto is the claims agent and administrative advisor. On July 27, 2022, the U.S. Trustee appointed an official committee of unsecured creditors. The committee tapped White & Case, LLP as its bankruptcy counsel; Elementus Inc. as its blockchain forensics advisor; M3 Advisory Partners, LP as its financial advisor; and Perella Weinberg Partners, LP as its investment banker. Shoba Pillay, Esq., is the examiner appointed in the Debtors' Chapter 11 cases. Jenner & Block, LLP and Huron Consulting Services, LLC, serve as the examiner's legal counsel and financial advisor, respectively. * * * On November 9, 2023, the Bankruptcy Court entered the Findings of Fact, Conclusions of Law, and Order Confirming the Modified Joint Chapter 11 Plan of Celsius Network LLC and Its Debtor Affiliates. The Effective Date of the Plan occurred January 31, 2024. CELSIUS NETWORK: Goldstein to Pay $2MM, Barred from Crypto Trading ------------------------------------------------------------------ Craig Clough of Law360 Bankruptcy Authority reports that a former Celsius Network executive has reached a settlement with the Federal Trade Commission requiring him to pay more than $2 million over allegations that the cryptocurrency lender deceived customers about the safety of its investment platform. The agreement also permanently prohibits him from participating in cryptocurrency trading and related financial services. The FTC alleged that Celsius executives knowingly misrepresented the company's financial condition and risk management practices while promoting the platform as a secure place to earn returns on digital assets. Regulators contend those statements continued even as the company experienced worsening liquidity and financial distress, the report cites. The settlement is part of the government's broader effort to hold former Celsius leadership accountable following the company's bankruptcy. Celsius' collapse left thousands of customers unable to access their assets and prompted extensive civil, regulatory, and criminal investigations, according to report. About Celsius Network Celsius Network LLC -- http://www.celsius.network/-- is a financial services company that generates revenue through cryptocurrency trading, lending, and borrowing, as well as by engaging in proprietary trading. Celsius helps over a million customers worldwide to find the path towards financial independence through a compounding yield service and instant low-cost loans accessible via a web and mobile app. Celsius has a blockchain-based fee-free platform where membership provides access to curated financial services that are not available through traditional financial institutions. The Celsius Wallet claims to be one of the only online crypto wallets designed to allow members to use coins as collateral to get a loan in dollars, and in the future, to lend their crypto to earn interest on deposited coins (when they're lent out). Crypto lenders such as Celsius boomed during the COVID-19 pandemic, drawing depositors with high interest rates and easy access to loans rarely offered by traditional banks. But the lenders' business model came under scrutiny after a sharp sell-off in the crypto market spurred by the collapse of major tokens terraUSD and luna in May 2022. New Jersey-based Celsius froze withdrawals in June 2022, citing "extreme" market conditions, cutting off access to savings for individual investors and sending tremors through the crypto market. The list of major crypto firms that have filed for bankruptcy protection in 2022 now includes Celsius Network, Three Arrows Capital and Voyager Digital. Celsius Network, LLC and its subsidiaries sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 22-10964) on July 14, 2022. In the petition filed by CEO Alex Mashinsky, the Debtors estimated assets and liabilities between $1 billion and $10 billion. The Debtors tapped Kirkland & Ellis, LLP and Kirkland & Ellis International, LLP as bankruptcy counsels; Fischer (FBC & Co.) as special counsel; Centerview Partners, LLC as investment banker; and Alvarez & Marsal North America, LLC as financial advisor. Stretto is the claims agent and administrative advisor. On July 27, 2022, the U.S. Trustee appointed an official committee of unsecured creditors. The committee tapped White & Case, LLP as its bankruptcy counsel; Elementus Inc. as its blockchain forensics advisor; M3 Advisory Partners, LP as its financial advisor; and Perella Weinberg Partners, LP as its investment banker. Shoba Pillay, Esq., is the examiner appointed in the Debtors' Chapter 11 cases. Jenner & Block, LLP and Huron Consulting Services, LLC, serve as the examiner's legal counsel and financial advisor, respectively. * * * On November 9, 2023, the Bankruptcy Court entered the Findings of Fact, Conclusions of Law, and Order Confirming the Modified Joint Chapter 11 Plan of Celsius Network LLC and Its Debtor Affiliates. The Effective Date of the Plan occurred January 31, 2024. CRAFT CONSTRUCTION: Hires Loren & Kean Law as Special Counsel ------------------------------------------------------------- Craft Construction Company LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Loren & Kean Law as special litigation counsel. The firm's services include: (i) advising the Debtor regarding litigation strategy; (ii) investigating, prosecuting, defending, mediating, settling, and resolving commercial, construction, contract, collection, lien, insurance, and related litigation matters; (iii) preparing pleadings, motions, discovery, memoranda, settlement papers, and other litigation documents; (iv) appearing in courts, tribunals, mediations, arbitrations, and other forums; (v) coordinating with bankruptcy counsel regarding litigation matters affecting the estate; and (vi) performing all other special litigation services necessary or appropriate in connection with the Debtor's Chapter 11 Case. The firm will be paid at these rates: Bruce E. Loren $695 per hour Michael I. Kean $650 per hour Allen J. Heffner $495 per hour Kyle W. Ohlenschlaeger $495 per hour Frank Sardinha, III $495 per hour Joshua W. Brankamp $475 per hour Sarah J. Bachich $395 per hour Senior Paralegal $250 per hour Paralegal $225 per hour Legal Assistant $145 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Loren 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: Bruce E. Loren, Esq. 7121 Fairway Drive, Suite 104 Palm Beach Gardens, FL 33418 Tel: (561) 615-5701 Fax: (561) 615-5708 Email: lorenkeanlaw.com About Craft Construction Company LLC Craft Construction Company is a privately held construction company headquartered in Pompano Beach, Florida. The company provides construction management, design-build, general contracting, pre-construction consulting, new construction, and renovation services. It serves commercial, industrial, and institutional markets, including commercial office, clubhouse, multifamily, and hospitality projects. Craft Construction Company filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-15967) on May 7, 2026, listing $1 million to $10 million in both assets and liabilities. The petition was signed by Barry Craft as managing member. Judge Peter D Russin presides over the case. Zach B. Shelomith, Esq. at SHELOMITH LAW serves as the Debtor's counsel. CRONLY BLUFFS: Hires Brooks Pierce McLendon as Counsel ------------------------------------------------------ Cronly Bluffs LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to employ Brooks Pierce McLendon Humphrey & Leonard LLP as counsel to handle its Chapter 11 case. The firm will be paid at these rates: Clint Morse, Partner $500 per hour Jamey Lowdermilk, Partner $400 per hour Susan Stutts, Associate $300 per hour Jessica Albrecht, Paralegal $240 per hour The Debtor paid the firm in the amount of $65,000 as retainer. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Morse 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: Clint S. Morse, Esq. Brooks, Pierce, McLendon, Humphrey & Leonard, LLP 230 North Elm Street, Suite 2000 Greensboro, NC 27401 Tel: (336) 271-3167 Fax: (336) 232-9167 Email: cmorse@brookspierce.com About Cronly Bluffs LLC Cronly Bluffs, LLC is a North Carolina real estate holding company that owns rural land and related real estate assets in Columbus County, including Delco Road acreage, solar-farm parcels, the Kelly House property and an access road. Cronly Bluffs sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 26-02381) on May 28, 2026, with $1 million to $10 million in assets and $500,001 to $1 million in liabilities. Judge Joseph N. Callaway presides over the case. Clint S. Morse, Esq., at Brooks, Pierce, Mclendon, Et Al represents the Debtor as legal counsel. CRYSTAL HOSPITALITY: Hires Robl & Bowen LLC as Attorney ------------------------------------------------------- Crystal Hospitality LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ Robl & Bowen LLC as attorney. The firm's services include: a. advising the Debtor regarding pros and cons of the Chapter 11 process, as applicable to Debtor's circumstances; b. preparing of the bankruptcy Petition, Schedules of Assets and Liabilities, Statement of Financial Affairs, company Resolution, and similar documents; c. assisting the Debtor in providing documents to the United States Trustee's Office (the "U.S. Trustee") for review in advance of the Initial Debtor Interview; d. assisting Debtor in preparing for the IDI and participating in the IDI with Debtor's representative; e. assisting the Debtor in preparing for the examination provided for by Bankruptcy Code Section 341 and participating in the 341 Meeting with Debtor's representative; f. advising the Debtor of its rights, duties and obligations as a debtor-in-possession; g. reviewing claims filed in the case and assisting the Debtor in evaluating such claims for potential objections; h. conducting or defending examinations pursuant to Rule 2004 of the Federal Rules of Bankruptcy Procedure as may be deemed desirable or necessary; i. consulting with Debtor and representing the Debtor with respect to formulating a Chapter 11 plan of reorganization; j. assisting the Debtor in the Chapter 11 plan confirmation process; k. communicating with creditors regarding their concerns; l. assisting Debtor with the preparation of monthly operating reports; m. performing those legal services incidental and necessary to carrying out the day-to-day operations of Debtor's business activities; n. instituting and prosecuting of necessary adversary proceedings and contested matters; and o. taking any and all other actions incident to the proper preservation and administration of Debtor's estate and business. The firm will be paid at these rates: Michael Robl, Esq. $475 per hour Max Bowen, Esq. $425 per hour Dejanae Bridges, paralegal $175 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. Robl 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: Michael D. Robl, Esq. Robl & Bowen LLC 3754 Lavista Road, Suite 250 Tucker, GA 30084 Telephone: (404) 373-5153 Facsimile: (404) 537-1761 Email: michael@roblgroup.com About Crystal Hospitality LLC Crystal Hospitality LLC specializes in the management and ownership of hotels and other hospitality properties nationwide. The company provides comprehensive services, including operational management, property maintenance, and guest relations, with a strong emphasis on quality and customer satisfaction. Crystal Hospitality LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-64498) on December 11, 2025. In its petition, the Debtor reports estimated assets of $0-$100,000 and estimated liabilities of $1MM-$10MM. Honorable Bankruptcy Judge James R. Sacca handles the case. The Debtor is represented by Michael D. Robl, Esq. of Robl Law Group LLC. CUB FINANCING: S&P Assigns 'B' Long-Term ICR, Outlook Stable ------------------------------------------------------------ S&P Global Ratings assigned a 'B' long-term issuer credit rating to Cub Financing Intermediate LLC. In addition, S&P assigned a 'B' issue rating and '3' recovery rating to its proposed $500 million term loan B. The stable outlook reflects S&P's expectation that Great Gray's assets under administration, revenue, and EBITDA will grow quickly. This would help it reduce its leverage over roughly the next 12-24 months, from above 6.0x following the debt issuances to 5.0x-6.0x. Cub Financing Intermediate--through subsidiary Great Gray Group LLC--is well positioned within the collective investment trust (CIT) market as an independent trustee and servicer to CITs. It's growing quickly, but it has limited scale and diversification relative to higher-rated companies in the wealth and asset management spaces. S&P also expects the private equity-owned company to operate with high leverage. S&P's rating on Cub Financing Intermediate LLC reflects its limited scale and diversification (relative to higher-rated peers) and its highly leveraged financial profile. This is despite its good position as an independent trustee to CITs and its likely quick growth. Through subsidiary Great Gray Group LLC, the company primarily provides distribution and services to CITs. (CITs are tax-exempt pooled investment vehicles that are sponsored and maintained by a trustee exclusively for qualified retirement plans like 401(k) plans.) S&P believes Great Gray is one of the largest independent CIT providers and is benefiting from a shift toward CITs within the retirement market. As of May 31, 2026, the company had approximately $363 billion of assets under administration (AUA), up from $83 billion at year-end 2020. CITs are a growing portion of the defined contribution retirement market, likely because of some cost and other advantages they have over mutual funds. S&P expects Great Gray's revenue, earnings, and EBITDA to rise at a good pace because of this trend. Great Gray generates a majority of its revenue from trustee fees and administration fees on AUA, and it's positioned between plan advisors, asset managers, subadvisors, and recordkeepers, providing many services to each through its tech platform and distribution capabilities. While most of its fees exhibit a reoccurring revenue stream, they can fluctuate because of market trends and volatility. S&P's expectation is that Great Gray will grow primarily through organic net flows in its trustee and administrative services, but the company may also make further acquisitions to improve its scale and diversification. In 2024, it acquired Retirement Plan Advisory Group (RPAG), and in 2025, it acquired some assets of flexPath Strategies. RPAG provides retirement advisors with software solutions that facilitate asset onboarding and other services. With respect to flexPath, Great Gray purchased assets that flexPath previously used to provide subadvisory services to Great Gray CITs. Despite its growth prospects, S&P thinks Great Gray is small in scale relative to its rated peers in wealth management, asset management, and general business services space. Its higher-rated peers tend to have greater revenue, EBITDA, and scale. While the company has a significant amount of AUA, these assets aren't directly comparable with assets under management at more traditional wealth managers, since Great Gray doesn't actively manage the funds. Fees are lower on AUA than on AUM. The company is also private equity owned and highly leveraged. Madison Dearborn Partners purchased Great Gray in 2023 when it was spun off from Wilmington Trust, a subsidiary of M&T Bank Corp. S&P's not sure when and how Madison Dearborn will eventually exit the investment. S&P said, "Following the issuance of the proposed $500 million term loan B, we expect the company's S&P Global Ratings-adjusted leverage to be above 6.0x, with 50% weights for both 2026 and 2027. We also expect the company's weighted-average leverage to decline over roughly the next 12-24 months--to 5.0x-6.0x--as it grows AUA and EBITDA with some benefits from its two acquisitions." The company will also issue a five-year revolving credit facility and a seven-year delayed draw term loan. S&P said, "The stable outlook reflects our expectation that Cub Financing, through its Great Gray subsidiary, will continue to grow revenue and EBITDA quickly as it adds AUA and integrates both RPAG and the flexPath assets. We expect the company's S&P Global Ratings-adjusted debt to EBITDA to be above 6.0x after the debt issuance based on first-quarter 2026 results, but we also expect it to fall to 5.0x-6.0x over roughly the next 12-24 months, while EBITDA interest coverage is at 2.0x-3.0x." S&P could lower the rating if the company's debt to EBITDA rises above 6.0x or EBITDA interest coverage falls below 2.0x on a sustained basis. This could happen if: -- Net flows into AUA are weaker than expected; or -- The financial sponsor pursues a more aggressive financial policy than S&P expects, through initiatives such as debt-funded acquisitions or shareholder distributions. S&P could raise the rating if: -- The company's debt to EBITDA falls below 5.0x on a sustained basis; or -- The company's operations grow substantially in scale (via organic net flows) while it expands its earnings profile and EBITDA margins. DAVENN LLC: Seeks to Hire Tran Singh LLP as Counsel --------------------------------------------------- Davenn LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Tran Singh LLP as counsel. The firm will provide these services: i. Analysis of the financial situation, and rendering advice and assistance to the Debtor; ii. Advising the Debtor with respect to its rights, duties, and powers as a debtor in this case; iii. Represent the Debtor at all hearings and other proceedings; iv. Preparation and filing of all appropriate petitions, schedules of assets and liabilities, statements of affairs, answers, motions and other legal papers as necessary to further the Debtor's interests and objectives; v. Representation of the Debtor at the meeting of creditors and such other services as may be required during the course of the bankruptcy proceedings; vi. Representing the Debtor in all proceedings before the Court and in any other judicial or administrative proceeding where the rights of the Debtor may be litigated or otherwise affected; vii. Preparation and filing of a Disclosure Statement and Chapter 11 Plan of Reorganization; viii. Assist the Debtor in analyzing the claims of the creditors and in negotiating with such creditors; and ix. Assistance to the Debtor in any matters relating to or arising out of the captioned case. The firm will be paid at these rates: Susan Tran Adams $550 per hour Brendon Singh $550 per hour Marissa Ellison $325 per hour The Debtor paid the firm a retainer of $8,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Singh 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: Susan Tran Adams, Esq. Brendon Singh, Esq. TRAN SINGH LLP 2502 La Branch Street Houston TX 77004 Tel: (832) 975-7300 Fax: (832) 975-7301 Email: bsingh@ts-llp.com About Davenn LLC Davenn, LLC operates a preschool and early learning center. Davenn LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Texas Case No. 26-34311) on June 17, 2026, with $50,001 to $100,000 in assets and $100,001 to $500,000 in liabilities. Melissa Haselden, Esq., at Haselden Farrow, PLLC serves as Subchapter V trustee for the Debtor. Judge Eduardo V. Rodriguez presides over the case. C. Daniel Herrin, Esq., and Jorge Aguilar, Esq., at Herrin Law, PLLC represents the Debtor as bankruptcy counsel. DEGROFF RX: Kara Rescia Named Successor Subchapter V Trustee ------------------------------------------------------------ The U.S. Trustee for Region 2 appointed Kara S. Rescia as Successor Subchapter V trustee for DeGroff RX, LLC. Ms. Rescia will be paid an hourly fee of $480 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Rescia declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Kara S. Rescia Rescia Vaillancourt, P.C. 5104A Bigelow Commons Enfield, CT 06082 Office: (860) 452-0052 Fax: (860) 452-2300 Email: kara@ctmalaw.com About DeGroff RX DeGroff RX, LLC, a long-term care pharmacy in New Britain, Conn., sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Conn. Case No. 20-21162) on Sept. 28, 2020. Todd DeGroff, member, signed the petition. At the time of the filing, the Debtor had total assets of $443,999 and liabilities of $6,483,521. Judge James J. Tancredi oversees the case. Zeides, Needle & Cooper, P.C. is the Debtor's legal counsel. DEL MONTE: Ct. Won't Certify Lenders' Confirmation Order Appeal --------------------------------------------------------------- Judge Michael B. Kaplan of the U.S. Bankruptcy Court for the District of New Jersey will deny the Motion for a Request for Certification of Direct Appeal of the Confirmation Order to the Court of Appeals for the Third Circuit filed by the Ad Hoc Group of Minority Secured Lenders in the bankruptcy case of Del Monte Foods Corporation II Inc. Ultimately, the relief sought by Appellants is certification of the Confirmation Order pursuant to 28 U.S.C. Sec. 158(d)(2) on the grounds that: (i) the Confirmation Order involves a question of law as to which there is no controlling decision of the Court of Appeals for the circuit or the Supreme Court; and (ii) the appeal involves a matter of significance warranting certification. Appellants contend that certification is warranted to resolve the issue regarding 11 U.S.C. Sec. 1126(g) and whether Class 3 should have had the ability to vote. Specifically, Appellants argued at confirmation that the Plan should not have been confirmed because Class 3 must have been deemed to reject under Section 1126(g) as it is not receiving any recovery under the Plan. The Court rejected this argument and permitted Class 3 to vote, finding that retention of a hypothetical right to any distributable proceeds under the waterfall, in addition to setoff and recoupment rights, were sufficient to avoid the application of Section 1126(g). Appellants assert that this conclusion is unsupported by binding authority and therefore, warrants certification. Appellants state that -- just as there is no controlling law on Sec. 1126(g) -- there is likewise no controlling authority concerning how creditor classes should be classified when there is an insider (preferred) class of prepetition secured creditors, a non-insider (disfavored) class of prepetition secured creditors, and a favored class of general unsecured creditors. Appellants contend that there is a lack of meaningful guidance on the Sec. 507(b) issues on appeal. They argue that the Plan is not feasible under Section 1129(a)(11) and does not comply with Section 1129(a)(9) because it fails to provide for the possibility of Appellants' Section 507(b) claims. Ultimately, Appellants maintain the facts of this case give rise to legal questions that previously have not been litigated, thus presenting precisely the circumstances warranting direct certification under Sec. 158(d)(2)(A)(i). Moreover, Appellants contend that this appeal involves a "matter of significance" pursuant to Sec. 158(d)(2)(A)(i). Appellants assert that the resolution of this appeal will determine whether they will receive any payment on their claims, which total over $111 million. Given the substantial amount in controversy, they suggest that any decision made by the District Court will likely be appealed to the Third Circuit Court. Accordingly, Appellants posit an immediate appeal to the Third Circuit Court of Appeals promotes judicial economy and will materially advance the case. Debtors assert that the Appellants fail to meet their burden of proof to establish that direct certification of the appeal of the Confirmation Order is warranted. They argue that Appellants have not established that the appeal raises unsettled questions of law. Rather, Debtors contend that Appellants mischaracterize the disputes, all of which properly concern the application of settled law to the facts of this case. Debtors contend that the Appellants' disagreement with the Court's application of well-settled law does not give rise to a matter of public importance, which is consistent with this Court's prior denial of the Ad Hoc Group's motion to certify the Settlement Order for direct appeal. Debtors maintain that whether Class 3 is deemed to reject the Plan is controlled by the plain language of 11 U.SC. Sec. 1126(g). Turning to classification issues, the Debtors contend that binding authority provides ample guidance on the formulation of classes. Accordingly, the Appellants' disagreement with the Court's application of those well-defined principles does not create a question of law. The Court concludes that the issues identified for appeal do not warrant direct certification. The Court finds Appellants have not demonstrated the existence of pure questions of law requiring immediate appellate intervention under Sec. 158(d)(2)(A)(i). Because each ruling is highly fact-intensive, the issues presented are not amenable to resolution on direct appeal. A copy of the Court's Memorandum Decision dated July 16, 2026, is available at https://urlcurt.com/u?l=mXjSiG from Pacermonitor.com. About Del Monte Foods Corporation II Inc. Founded in 1886 and headquartered in Walnut Creek, California, the Del Monte business has been a cornerstone of American grocery stores for more than 130 years. Del Monte Foods has been driven by its mission to nourish families with earth's goodness. As the original plant-based food company, Del Monte is always innovating to make nutritious and delicious foods more accessible to consumers across its portfolio of beloved brands, including Del Monte, Contadina, College Inn, Kitchen Basics, JOYBA, Take Root Organics and S&W. On the Web: http://www.delmontefoods.com/or http://www.joyba.com/ On July 1, 2025, Del Monte Foods Corporation II, Inc. and 17 affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. D.N.J. Lead Case No. 25-16984) to address $1.235 billion in funded debt obligations. At the time of the filing, the Debtors listed $1 billion to $10 billion in both assets and liabilities. Judge Michael B. Kaplan presides over the case. The Debtors tapped Herbert Smith Freehills Kramer (US), LLP and Cole Schotz P.C. as legal counsel; Jonathan Goulding, managing director at Alvarez & Marsal North America, LLC, as chief restructuring officer; and Stretto, Inc. as claims and noticing agent. The U.S. Trustee for Regions 3 and 9 appointed an official committee to represent unsecured creditors. The committee hired Morrison & Foerster LLP as counsel; Province, LLC as financial advisor; Kelley Drye & Warren LLP as co-counsel; and Stifel, Nicolaus & Co., Inc. as investment banker. DIVERSIFIED WIRE: Hires Levy Recovery Group as Auctioneer --------------------------------------------------------- Diversified Wire & Cable, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Michigan to employ Levy Recovery Group, LLC as auctioneer. The firm will provide these services: a. development of a sales strategy with the Debtor; and b. conduct and on-line auction of all remaining machinery and equipment of Debtor located in Rochester Hills, Michigan. The firm will be paid a buyer's premium of 20 percent to be paid to the firm by the successful bidder. The firm will pay 3 percent of the buyer's premium it receives to its online bidding platform. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Mr. Pyrzewski 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: Jamie Pyrzewski Levy Recovery Group, LLC 30015 Groesbeck Highway Roseville, MI 48066 Tel: (248) 914-4226 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. DOLPHIN SHORES: Gets Court OK to Use Cash Collateral ---------------------------------------------------- Dolphin Shores Investments, LLC got the green light from the U.S. Bankruptcy Court for the Eastern District of North Carolina to use cash collateral. The court entered a consent order authorizing the Debtor to use cash collateral generated before and after its Chapter 11 filing strictly in accordance with the approved budget, which projects total operational expenses of $10,094.40 for July. The funds must be used only for operating expenses necessary to maintain a condominium building located in Supply, N.C. Any use of cash collateral outside the approved budget requires prior consent from secured creditors, including Churchill Funding I, LLC, Tryon Street Acquisition Trust I, OneIM RTL, LTD., and Athene Annuity and Life Co. The property is a four-story condominium building containing 36 covered parking spaces and 12 two-bedroom condos and 12 three-bedroom condos. As adequate protection, the creditors' liens extend to the Debtor's post-petition assets to the same extent as their valid pre-petition liens, without creating new liens on assets that were not previously encumbered. The order preserves the Debtor's rights to challenge the validity, priority, or enforceability of the creditors' pre-petition liens, and provides that the liens and security interests granted will remain effective even if the Debtor's Chapter 11 case is converted to Chapter 7 or dismissed, provided the underlying pre-petition liens were valid and enforceable. The order is available at http://bankrupt.com/misc/DolphinShores_CCOrder126.pdf A further hearing is scheduled for July 28. About Dolphin Shores Investments Dolphin Shores Investments LLC is a single asset real estate company in Wilmington, N.C. Dolphin Shores Investments sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-04467) on November 9, 2025. In its petition, the Debtor reported between $10 million and $50 million in both assets and liabilities. Honorable Bankruptcy Judge David M. Warren handles the case. The Debtor is represented by Clayton W. Cheek, Esq., at Cheek Legal, PLLC. DXP ENTERPRISES: S&P Upgrades ICR to 'B+', Outlook Stable --------------------------------------------------------- S&P Global Ratings raised our issuer credit rating on DXP Enterprises Inc. and issue-level ratings on its first-lien term loan to 'B+' from 'B'. S&P said, "The stable outlook reflects our view DXP will maintain S&P Global Ratings-adjusted debt to EBITDA of 3x-4x over the next 12 months, which we believe provides ample cushion to prevent leverage from rising above 5x amid a broad economic downturn in the U.S. "We believe DXP will maintain leverage below 5x. We expect S&P Global Ratings-adjusted debt to EBITDA will typically be 3x-4x. This should provide enough of a buffer to prevent it from deteriorating and remaining above 5x for more than one year. If leverage does rise above 5x, we believe DXP would prioritize using free operating cash flow (FOCF) to repay debt. To do this, we expect it would cut share repurchases, which have averaged $39 million annually since 2021. "DXP has generally maintained leverage between 3x and 4x since 2015. The exception was in 2020 when adjusted leverage rose to 5.9x. However, this was because S&P Global Ratings-adjusted debt increased $70 million (or 23%) to fund four acquisitions which closed Dec. 31 and thus contributed no EBITDA in 2020. Leverage improved to 4.1x in 2021 as these acquisitions and stronger demand increased EBITDA. Prior to 2015, adjusted leverage was below 3x. "During a U.S. recession, demand and credit metrics will deteriorate. Last year, 96% of its revenue came from the U.S. We expect half of DXP's business to exhibit a cyclical pattern of demand with oil and gas contributing 22% of revenue, general industrial (15%), chemical (10%), and manufacturing (6%). A quarter would be more stable with water contributing 15% and food and beverage (7%). DXP does not categorize the remaining quarter of its revenue. The company distributes mainly maintenance, repair, and operating products, and this activity is more stable than capital investment. Still, a U.S. recession would cause activity to slow. "We expect discretionary cash flow (DCF), not debt, will fund most acquisitions. We forecast DCF, which equals FOCF after share repurchases and dividends, of $30 million to $60 million annually. This should mostly cover DXP's typical acquisition spending, which has averaged $76 million annually since 2020. Cash flow should be counter-cyclical because DXP would likely liquidate inventory when revenue falls. We also incorporate the company's ability to generate positive reported FOCF throughout the economic cycles, having done so in each of the past 15 years. "Our analysis of DXP's financial flexibility focuses on reported FOCF and DCF. Our calculation of adjusted cash flow (and leverage) metrics treats operating leases as periodic payment obligations which are economically similar to debt financing. For this reason, we include DXP's lease expense--less our estimate of the interest component--as depreciation by adding it to FOCF and DCF. This increases comparability with companies that use only debt financing. However, we recognize cash spent on lease expense is not available to finance acquisitions or reduce debt during a downturn. "We do not rule out a large acquisition of $100 million or more. This could cause credit metrics to underperform our expectations if it occurs shortly before a U.S. recession. However, with more than $200 million of cash as of March 31, 2026, DXP could easily fund a large transaction without pressuring credit metrics. We assume spending of $150 million in 2026, though we recognize this will not occur if the right targets are unavailable. Thereafter, we believe the company's conservative financial policy and ability to increase cash flow through inventory liquidation mitigate this risk. We anticipate spending of $50 million-$75 million in 2027." DXP's acquisition strategy will continue adding value. Transactions and downturns create volatility in its S&P Global Ratings-adjusted return on capital. However, as it integrates these acquisitions and demand recovers, DXP returns this metric to a healthy 10%-15%, most recently in 2018-2019 and 2022-2025. S&P believes the company will remain disciplined in strategic fit and the price it pays, enabling it to earn a healthy return on acquisition spending through the cycle. S&P said, "We forecast the company will post 5% organic revenue growth through 2027. DXP's sales are driven by economic activity, price increases, and acquisitions. We expect its water and wastewater business will be the largest contributor to organic growth." Increased project activity, aging equipment replacement, stricter pumping regulations, and U.S. infrastructure funding should drive sustained municipal and industrial investment. Demand for large oil and gas equipment remains limited as companies focus on optimizing existing wells. However, DXP's portfolio of short-cycle products positions it to benefit from ongoing industrial activity and resilient maintenance demand including in oil and gas. The stable outlook reflects S&P views DXP will maintain S&P Global Ratings-adjusted debt to EBITDA of 3x-4x over the next 12 months which it believes provides ample cushion to prevent leverage from rising above 5x amid a broad economic downturn in the U.S. S&P could lower its rating on DXP if it forecasts S&P Global Ratings-adjusted: -- Debt to EBITDA will rise above 5x; or -- FOCF to debt will fall below 5%. S&P could consider raising its rating on DXP if: -- S&P believes it will maintain S&P Global Ratings-adjusted debt to EBITDA below 4x throughout the commodity cycle; and -- S&P views the company's management and governance as commensurate with higher-rated public companies. ELEVATE MARKETING: Seeks Subchapter V Bankruptcy in Illinois ------------------------------------------------------------ On July 17, 2026, Elevate Marketing Solutions LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Central District of Illinois. According to court filings, the Debtor reports estimated liabilities between $1 million and $10 million, owed to 1 to 49 creditors, with estimated assets between $100,000 and $500,000. Chapter 11 Subchapter V Plan Due by October 15, 2026. About Elevate Marketing Solutions LLC Elevate Marketing Solutions LLC is a Springfield, Illinois-based digital marketing and advertising agency specializing in marketing solutions for chiropractic practices. Led by CEO Dr. Kendall Price, the company provides digital advertising, patient acquisition, and marketing automation services through platforms including Facebook, Google, and TikTok. The agency supports more than 200 chiropractic offices and employs approximately 30 people. Elevate Marketing Solutions LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-70681) on July 17, 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 Mary P. Gorman handles the case. The Debtor is represented by Sumner A. Bourne, Esq. of Rafool & Bourne P.C. FAB TECH: Court OKs Appointment of Chapter 11 Trustee ----------------------------------------------------- Judge Bonnie Clair of the U.S. Bankruptcy Court for the Eastern District of Missouri approved the appointment of Robert Eggmann as successor Chapter 11 trustee for Fab Tech Wastewater Solutions, LLC. Mr. Eggmann was appointed on July 10 by the Acting U.S. Trustee for Region 13, the Justice Department's bankruptcy watchdog overseeing Fab Tech Wastewater Solutions' Chapter 11 case. The successor Chapter 11 trustee can be reached at: Robert E. Eggmann Carmody MacDonald, P.C. 120 S. Central Ave, Ste. 1800 St. Louis, Missouri 63105 About Fab Tech Wastewater Solutions LLC Fab Tech Wastewater Solutions LLC provides water and wastewater project services for municipal and industrial customers. The company's services include clarifier repair and rehabilitation, weir and baffle replacement, flocculator installation, aeration basin repair and replacement, chain and scraper work, drive rebuilds, and gate-related upgrades. Fab Tech is headquartered in Weldon Spring, Missouri, with an office in Pewaukee, Wisconsin. Fab Tech Wastewater Solutions sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Mo. Case No. 4:26-bk-41832) on April 29, 2026. At the time of the filing, Debtor had estimated assets of between $1,000,001 to $10 million and liabilities of between $500,001 to $1 million. Judge Bonnie L Clair oversees the case. Ridings Law Firm is Debtor's legal counsel. FALLS OF PARRAMATTA: Gets Interim OK to Use Cash Collateral ----------------------------------------------------------- Falls of Parramatta, LP and Falls of Town Park, LP received another extension from the U.S. Bankruptcy Court for the Southern District of Texas to use Freddie Mac's cash collateral. The court entered a second interim order authorizing the Debtors' use of cash collateral strictly in accordance with an approved operating budget. Total operating costs must not exceed the budget by more than 5% on a cumulative basis and 10% on individual line items. The Debtors are prohibited from making insider payments except as specifically permitted under the budget. The court recognized Freddie Mac as the holder of first-priority liens securing approximately $48.73 million in pre-petition debt arising from multi-family mortgage loans of $26.814 million (Falls of Parramatta, LP) and $22.184 million (Falls of Town Park, LP). Freddie Mac will be granted adequate protection through replacement liens on post-petition collateral, a superpriority administrative expense claim, reimbursement of lender fees and professional expenses, and monthly payments of $60,000 ($30,000 per Debtor) beginning this month. Additional safeguards include insurance coverage, regular financial reporting, and access to the property. The order sets key milestones and default triggers. The Debtors must obtain confirmation of a Chapter 11 reorganization plan or sale approval from the court within 90 days of the petition date (unless Freddie Mac agrees otherwise). Failure to comply with budget, reporting, insurance, or restructuring requirements may result in default and termination of the Debtor's authority to use cash collateral after notice and a limited opportunity to cure. A copy of the court's order and the Debtor's budget is available at https://tinyurl.com/2rpz7597 from PacerMonitor.com. The next hearing is scheduled for July 27, with objections due by July 23. The Debtors own and operate two Houston apartment communities: a 560-unit property valued at approximately $35 million and a 294-unit property valued at approximately $30 million. These properties are their primary income-generating assets but loan defaults led to the Chapter 11 filings. Falls of Parramatta financed its property with multiple secured loans totaling approximately $31.8 million between 2023 and 2024, secured by the apartment complex, leases, rents, and related collateral. The Debtor subsequently defaulted on these loan obligations due to financial distress. Falls of Town Park financed its property with approximately $26.2 million in secured loans between 2023 and 2024, collateralized by the apartment complex and rental income. After defaulting on these obligations, the Debtor filed for Chapter 11 bankruptcy protection. Before the Chapter 11 filings, secured lenders including JLL Real Estate Capital, Ace Mortgage Corp., and Susbar, Inc. issued foreclosure notices for both apartment properties. Because the lenders hold liens on the properties, rental income, and related receivables, those funds constitute cash collateral under the Bankruptcy Code. About Falls of Parramatta LP Falls of Parramatta, LP own and manage two apartment communities. Falls of Parramatta and Falls of Town Park, LP sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 26-90598) on June 2, 2026. At the time of the filing, the Debtors reported between $10 million and $50 million in both assets and liabilities. Judge Alfredo R. Perez oversees the cases. Susan Tran Adams, Esq., at Tran Singh, LLP, represents the Debtors as legal counsel. FAMILY DOLLAR: S&P Assigns 'B' ICR, Outlook Stable -------------------------------------------------- S&P Global Ratings assigned its 'B' issuer credit rating to discount retailer Family Dollar Stores LLC and its 'B' issue-level rating and '4' recovery rating to its proposed term loan B and other secured debt. The stable outlook reflects S&P's view that Family Dollar's everyday value model will support stable demand and ongoing initiatives to increase its profitability over the next two to three years. Family Dollar Stores LLC intends to refinance its existing debt and fund a shareholder distribution using the proceeds from its new proposed capital structure, which comprises a $400 million term loan B due 2031, $450 million of other secured debt, and a new $1.4 billion revolving asset-based lending (ABL) facility due 2031 ($300 million drawn at close). S&P said, "Following the transaction, we estimate the company's S&P Global Ratings-adjusted debt to EBITDA will be in the low-4x range in 2026 before improving to the high-3x area in 2027. "We believe Family Dollar's credit strengths, including its convenience, mid-range price point, and broad necessity-driven merchandise, are more than offset by the challenges to its core customer and previous operational and strategic missteps." The rating reflects Family Dollar's limited track record with its turnaround and pro forma leverage in the low-4x area. S&P said, "In our view, operating as a stand-alone entity (following its acquisition by Brigade Capital and Macellum Capital in July 2025) will enable the company to pursue a more-streamlined strategy with less complexity, and better align its merchandising with its specific customer base. We believe that its former parent Dollar Tree's traditionally fixed-price offerings required different capabilities than Family Dollar's multi-price essentials approach, thus operating the two distinct business models led to strategic complexity and misalignment." However, while the company's strategic initiatives could support an expansion in its margin over time, S&P believes realizing these benefits will entail execution risk and note its limited track record following its spin-off from Dollar Tree. Family Dollar's profitability remains weaker than that of its peers, with an S&P Global Ratings-adjusted EBITDA margin of 8.3% in 2025. That said, this reflects an improvement in the company's margin from 8.1% in 2024, supported by initial efficiency gains, which were partially offset by costs associated with its store optimization and transition to a stand-alone entity. Furthermore, in the proposed capital structure with adjusted debt to EBITDA in the low-4x area, reported free operating cash flow (FOCF) will likely remain negative in 2026, excluding one-time working capital inflows from inventory reductions, due to its thin profit margins and the necessary capital expenditure (capex) to maintain its store base. S&P said, "We think its proximity to consumers, necessity-driven merchandise, and competitive pricing will support demand. In our view, Family Dollar's customer base values it for immediate consumption and fill-in trips between stock-up trips to big-box retailers, which typically price their goods 5% lower than Family Dollar on average. In addition, its pricing and broader merchandise assortment offer a stronger value proposition than local convenience stores and drug stores. We believe the company's product mix--80% consumables with 80% of items priced below $5--provides it with stable demand through economic cycles because consumers prioritize daily essentials over discretionary spending. Similar to grocery stores, we expect Family Dollar would improve its gross margins if consumers traded down to private-label products. "We expect leverage in the low-4x range in 2026, improving to the high-3x area in 2027 on modest profitability gains. We expect Family Dollar will expand its S&P Global Ratings-adjusted EBITDA margin by approximately 20 basis points (bps) to 8.5% in 2026 on initial profitability gains from its margin improvement initiatives, which will be partially offset by expenses related to its store optimization and transition to a stand-alone entity. As these costs subside and it realizes further efficiency gains, we project the company will expand its margin by 60 bps to 9.1% in 2027. However, we also see potential that Family Dollar will undertake a debt-funded dividend, given its private-equity ownership and propensity to extract shareholder value via debt-funded dividends, which could cause its leverage to exceed our forecast. "We expect that Family Dollar's profitability improvement initiatives will support expanding margins over the next two to three years." These initiatives include optimizing its pricing through enhanced regional and zonal pricing to account for varying cost bases and price sensitivity across different regions. Other improvements are centered on stock-keeping unit (SKU) and vendor rationalization. The company is currently targeting a reduction in its SKUs to 8,000, from 10,000 currently and 12,000 prior to launching the rationalization effort. If executed successfully, this will improve Family Dollar's profitability by supporting higher sell-through, reducing markdowns, and streamlining both its operations and shopping experience. The company's rationalization efforts to concentrate its spending among fewer vendors will likely improve its purchasing leverage. Additionally, Family Dollar's closures of its unprofitable stores, initiatives to reduce shrink, and rollout of an expanded assortment of private-label merchandise will also contribute to its improving margins over the next 2-3 years. S&P said, "However, we project that the initial costs associated with the company's transition to a stand-alone entity will partially offset these benefits in the near-term. In addition, we anticipate management will continue to invest in operational efficiencies and forecast elevated, but decreasing, restructuring expenses in 2026-2028. "We project Family Dollar will increase its same-store sales by the low-single-digit percent area, supported by its everyday low-price model. We view the company's same-store sales growth as constrained by the challenges facing the household budgets of its lower-income customers, as well as the reduction in the number of SNAP beneficiaries. However, we believe that dollar stores are positioned to benefit from trade-downs by higher-income consumers due to budgetary constraints. Therefore, we expect the weakness in the lower-income segment will be partially mitigated by trade-down traffic from slightly higher income consumers. That said, we do not expect Family Dollar will benefit as much from customers' trade-downs as Dollar General because its urban store base draws from a narrower geographic radius with lower levels of economic diversity within that radius. "We anticipate the company will modestly expand its store footprint in urban markets, where the competitive density with its close competitor Dollar General and low-priced Walmart is lower. This expansion will be largely offset by Family Dollar's rationalization of its footprint in rural markets, where direct competition is higher. Therefore, we do not project a material improvement in the company's revenue from its store expansion. Specifically, we project Family Dollar's revenue will decline by the low-single-digit percent area in 2026, due to the store closures, before rising by the low-single-digit percent area in 2027 and beyond supported by modest same-store sales growth. "We project positive normalized FOCF beginning in 2027. However, in 2026, inventory reduction, partially offset by a decrease in its accounts payable, will support FOCF. Absent the benefits of its inventory reduction--due to the company's SKU rationalization initiatives and store closures--it would likely report a FOCF deficit for the year stemming, in part, from the elevated expenses related to its store optimization initiatives and transition to a stand-alone entity. The cash released from Family Dollar's inventory optimization will serve as a bridge, providing it with the necessary capital to fund its transition to a stand-alone entity and key margin-accretion initiatives. Therefore, we forecast the company's core FOCF (normalized for inventory benefits) will turn positive but remain relatively low in 2027. "Additionally, we expect that the company's FOCF will benefit from its lower capex relative to prior to 2025, given that it has opened or remodeled 60% of its store base in the last five years. "We believe several risks could constrain Family Dollar's margin expansion and growth. Changes in the company's pricing strategy could alienate its core consumer base, which is highly price-sensitive and facing persistent budgetary pressures. Additionally, management's assortment rationalization will limit consumer choice, potentially driving its customers to competitors. Evolving regulatory restrictions on dollar store expansions also pose a risk and could hinder the company's growth prospects or profitability in key urban markets. We forecast revenue growth below inflation, thus Family Dollar will need to continue to realize operating efficiencies to maintain its margins, which could hurt its customer experience over the long term. Consequently, we remain cautious regarding the timing and magnitude of the company's margin expansion. However, we think the risk from reduced SNAP enrollment to be relatively low because consumers prioritize essential goods and have, in the past, tended to reallocate their budgets to support discretionary purchases like beverages and snacks." Prior challenges in operational execution and strategic misalignment have compressed profit margins and stifled growth, leading to a loss of market share to competitors. This loss of momentum has weakened Family Dollar's competitive positioning, particularly as Dollar General leverages its superior purchasing scale and operating leverage (exceeding 20,000 stores compared with 7,200 for Family Dollar). Furthermore, Family Dollar's shifting merchandising strategies in recent years have led to markdowns and excess inventory, pressuring its profit margins. S&P said, "In our view, the company's historical results do not reflect significant sourcing synergies with Dollar Tree because the two businesses negotiated with suppliers separately. We also think consumers typically insist on higher standards for store conditions when purchasing food, therefore Family Dollar likely required greater investment in its shopping experience than Dollar Tree." S&P said, "The stable outlook reflects our expectation Family Dollar's adjusted debt to EBITDA will be in the 4x range over the next 12-months, which incorporates our forecast of a low-single-digit percent increase in its same-store sales and a 20 bps-40 bps expansion in its S&P Global Ratings – adjusted EBITDA margin. We expect the company's everyday value model will support stable demand while its ongoing initiatives improve its profitability. The stable outlook also reflects that Family Dollar needs time to establish a track record of execution and financial discipline." S&P could lower its rating on Family Dollar if it sustains S&P Global Ratings-adjusted leverage of more than 6.0x. This could occur if: -- Its operating performance is weaker than expected, particularly if its profit margins deteriorate; or -- It adopts financial policies that deviate from S&P's expectations, including by undertaking debt-funded dividends or mergers and acquisitions (M&A). S&P could raise its rating on Family Dollar if it establishes a track record of sustaining S&P Global Ratings-adjusted debt to EBITDA of less than 5.0x and generates material run rate FOCF. This could occur if: -- The company consistently improves its profitability through successful strategic initiatives and revenue growth; and -- It establishes a track record of, and commitment to, maintaining leverage of below 5x. FIRST BRANDS: Judge Weighs Privilege Issues Prior to Plan Trial --------------------------------------------------------------- Clara Geoghegan of Law360 Bankruptcy Authority reports that on Monday, July 20, 2026, creditors pressed First Brands Group LLC to disclose additional details about litigation assets that form a key component of its proposed Chapter 11 plan, arguing that the information is essential before the Delaware bankruptcy court conducts next week's confirmation hearing. The creditors asserted that the debtor's current disclosures leave too many unanswered questions about the potential value and viability of the litigation claims. They argued that without more complete information, stakeholders cannot accurately assess the fairness or feasibility of the proposed restructuring, the report states. First Brands has defended its disclosure materials, stating that they satisfy bankruptcy requirements and provide creditors with enough information to evaluate the plan. The bankruptcy judge is expected to resolve the discovery dispute as preparations continue for the multiday confirmation proceedings, according to Law360. About First Brands Group First Brands Group, LLC, is a global supplier of aftermarket automotive parts, based in Rochester Hills, Michigan. On September 24, 2025, the Company's non-operational special purpose entities, Global Assets LLC, Global Lease Assets Holdings, LLC, Carnaby Capital Holdings, LLC, Broad Street Financial Holdings, LLC, Broad Street Financial, LLC, Carnaby Inventory II, LLC, Carnaby Inventory Holdings II, LLC, Carnaby Inventory III, LLC, Carnaby Inventory Holdings III, LLC, Patterson Inventory, LLC, Patterson Inventory Holdings, LLC, Starlight Inventory I, LLC and Starlight Inventory Holdings I, LLC each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. Commencing on Sept. 28, 2025, First Brands Group, LLC and 98 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. In its petition, First Brands Group listed $1 billion to $10 billion in estimated assets and $10 billion to $50 billion in estimated liabilities. The cases are pending before the Hon. Christopher M. Lopez, and are jointly administered under Case No. 25-90399, and consolidated for procedural purposes only. The Debtors tapped Weil, Gotshal and Manges, LLP as legal counsel; Lazard Freres & Co. as investment banker; Alvarez & Marsal North America, LLC as financial advisor; and C Street Advisory Group as strategic communications advisor. Kroll Restructuring Administration, LLC is the Debtors' claims, noticing and solicitation agent. Gibson, Dunn & Crutcher, LLP and Evercore serve as the Ad Hoc Group of Lenders' legal counsel and investment banker, respectively. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The Committee has hired M3 Advisory Partners, LP, as Financial Advisor; Cole Schotz P.C. as Efficiency and Local Counsel; and Brown Rudnick LLP as Co-Counsel. The U.S. Trustee has proposed Martin De Luca, Esq., at Boies Schiller Flexner LLP as Chapter 11 examiner. FOCUS UTILITY: Linda Leali Named Subchapter V Trustee ----------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Linda Leali, Esq., as Subchapter V trustee for Focus Utility Services, LLC. Ms. Leali 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. Leali declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Linda M. Leali Linda M. Leali, P.A. 2525 Ponce De Leon Blvd., Suite 300 Coral Gables, FL 33134 Telephone: (305) 341-0671, ext. 1 Facsimile: (786) 294-6671 Email: leali@lealilaw.com About Focus Utility Services LLC Focus Utility Services, LLC is a Miramar, Florida-based utility system construction company specializing in hydro-excavation and underground infrastructure services. The company provides excavation and utility support for infrastructure projects throughout South Florida and continues to operate as a debtor-in-possession while maintaining ongoing utility projects in the Miami area. The current filing follows the dismissal of a prior Chapter 11 case in May 2026. Focus Utility Services, LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-19103) on July 12, 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 Scott M. Grossman handles the case. The debtor is represented by Jaitegh Singh, Esq. FREEDOM TRAILERS: Gets Interim OK to Use Cash Collateral -------------------------------------------------------- Freedom Trailers, LLC received interim approval from the U.S. Bankruptcy Court for the Middle District of Georgia, Valdosta Division, to use cash collateral. The court authorized the Debtor to use cash collateral in accordance with the approved budget until the final hearing scheduled for Aug. 3. The budget projects average weekly revenue of $163,000 against weekly operating expenses totaling approximately $151,200, leaving a projected net operating surplus of $11,800. The largest expense is $78,000 for materials and inventory required for trailer production, followed by $49,000 for payroll, payroll taxes, and unemployment expenses. Additional weekly expenses include $6,500 for employee medical insurance and benefits, $7,500 for leases of warehouse facilities and equipment from Baxley Endeavors, $5,500 for insurance premiums covering workers' compensation, product liability, general liability, equipment, tools, and materials, $2,000 for utilities, internet, and technology services, $2,000 for equipment leases, and $700 for miscellaneous office expenses. Three merchant cash advance lenders claim security interests in the Debtor's cash collateral. Merchant Advance, LLC asserts a first-priority security interest based on a UCC-1 financing statement filed on October 2, 2024. Parkview Advance, LLC claims a second-priority security interest pursuant to a UCC filing dated October 9, 2025, while Advance Servicing, LLC claims a third-priority interest based on a UCC filing made on December 18, 2025. Lenders will be granted adequate protection through automatically perfected replacement liens on post-petition property similar to their pre-petition collateral. These replacement liens specifically exclude proceeds of Chapter 5 avoidance actions. The order is available at http://bankrupt.com/misc/FreedomTrailers_ICCOrder22.pdf Freedom Trailers was founded in November 2007 by Hal Baxley, who has managed the business since its inception. For more than a decade, the Debtor successfully built a strong reputation in the custom enclosed trailer manufacturing industry. However, its financial condition deteriorated significantly after hiring a new chief financial officer in 2018. The CFO allegedly embezzled millions of dollars over several years while simultaneously failing to pay numerous vendor invoices. By the time the misconduct was discovered in July 2023, the Debtor had accumulated more than $4.3 million in unpaid accounts payable. The discovery of the fraud coincided with a sharp decline in business, as the Debtor experienced an approximately 30% drop in revenue due to market saturation and increased competition from manufacturers selling lower-priced trailers. In response to these setbacks, the Debtor restructured its business strategy by narrowing its product line to focus exclusively on a single category of custom enclosed trailers that generated the highest profit margins. This strategic shift improved operating performance and demonstrated that the underlying business remained viable. Nevertheless, the Debtor continued to experience severe liquidity problems. To finance ongoing operations, Debtor relied on several merchant cash advance loans, whose aggressive repayment requirements further strained cash flow. The cumulative effect of the embezzlement losses, declining revenue, and burdensome MCA obligations eventually left the Debtor unable to satisfy ordinary operating expenses, prompting the Chapter 11 filing. About Freedom Trailers LLC Freedom Trailers, LLC is a Tifton, Georgia-based manufacturer of enclosed cargo trailers. The company operates a manufacturing facility in Willacoochee, Georgia, employs between 100 and 249 workers, and remains an active motor carrier with a fleet that logged more than 83,000 miles during 2025. Freedom Trailers, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Ga. Case No. 26-70742) on July 6, 2026. In its petition, the Debtor reports estimated assets of $1 million to $10 million and estimated liabilities of $1 million to $10 million. The Honorable U.S. Bankruptcy Judge assigned to the case handles the proceedings. The Debtor is represented by Elizabeth Ann Childers, Esq. and Will Bussell Geer, Esq. of Rountree, Leitman, Klein & Geer, LLC. FTX TRADING: Sets Fifth $900M Distribution to Creditors on July 31 ------------------------------------------------------------------ FTX Trading Ltd. (d/b/a. FTX.com) and the FTX Recovery Trust announced that, consistent with FTX's Chapter 11 Plan of Reorganization, FTX will commence distributions on July 31, 2026 to holders of allowed claims in the Plan's Convenience and Non-Convenience Classes that have completed the pre-distribution requirements by the Record Date of June 16, 2026. Eligible creditors should expect to receive funds from their selected distribution service provider, either BitGo, Kraken or Payoneer, within 1 to 3 business days from July 31, 2026. Subsequent record and payment dates will be announced in due course. Additionally, FTX today announced that, consistent with the Plan and Preferred Shareholder Agreement (D.I. 25932), a Second Payment is to be made to eligible Preferred Equity Holders on July 31, 2026. In the Fifth Distribution, in accordance with the waterfall priorities set forth in the Plan:1 * Allowed Class 5A Dotcom Customer Entitlement Claims will receive an incremental 9% distribution (105% cumulative distribution to date); * Allowed Class 5B U.S. Customer Entitlement Claims will receive a 5% distribution (105% cumulative distribution to date); * Allowed Classes 6A General Unsecured Claims and 6B Digital Asset Loan Claims will each receive a 3% distribution (103% cumulative distribution to date); and * Allowed Class 7 Convenience Claims will receive a cumulative 120% distribution. Customers should be aware that by onboarding with a Distribution Service Provider, they have irrevocably elected to forego their right to receive cash distributions from FTX and have instead directed FTX to pay, directly to such Distribution Service Provider, any distributions to which they otherwise would be entitled to under the Plan. If customers have any questions related to the availability of the funds in their account with their selected Distribution Service Provider, they should contact customer support at their Distribution Service Provider directly. To be eligible to receive a distribution on subsequent distribution dates, customers and other creditors must complete the following prior to their distribution record date: * Login to the FTX Customer Portal (https://claims.ftx.com) (applicable to customers). * Complete required Know Your Customer ("KYC") verification. * Submit the required tax forms. * Onboard with either BitGo, Kraken or Payoneer, FTX's Distribution Service Providers. FTX will provide instructions for onboarding with each of the Distribution Service Providers on the existing FTX Customer Portal. For transferred claims, distributions will only be made to the transferee holder of an allowed claim that is processed and reflected on the official register of claims maintained by the Notice and Claims Agent as of future record dates, where the 21-day notice period has lapsed without objection. For more information, please visit: https://support.ftx.com/hc/en-us/sections/33189504164628-Distributions. Preferred Equity Holder Payments In accordance with the Preferred Shareholder Agreement and the Plan, the Second Preferred Payment will be made on July 31, 2026 from the Preferred Shareholder Remission Fund Trust ("PSRFT") to Preferred Equity Holders eligible as of the June 16, 2026 Preferred Record Date. To be eligible to receive a payment on a subsequent payment date, Preferred Equity Holders must complete the following prior to the next payment Record Date: * Provide an executed ownership certification attesting to Preferred Equity Interests held; * Complete required KYC verification; * Submit required tax forms; and * Onboard with BitGo (institutions) or Payoneer (individuals) and sign the accompanying consent form. $18 million is to be paid to eligible Preferred Equity Holders on July 31, 2026, bringing total payments from the PSRFT to $95 million. Outreach to Preferred Equity Holders began in January 2026. If you believe you are entitled to a future payment on account of Preferred Equity Interests and have not received an outreach to date, please visit the following link. Phishing Advisory Please remain aware of phishing emails that may look like they are from FTX and scam sites from channels that may appear to look like the FTX Customer Portal (https://claims.ftx.com). This is another reminder that FTX will never ask you to connect your wallets. Additional Information U.S. Bankruptcy Court filings, including the Plan and other documents related to the Court proceedings, are available at https://cases.ra.kroll.com/FTX/. FTX Digital Markets Ltd. ("FTX DM") will be separately communicating distribution information for customers who have elected to have their claims administered by FTX DM. Advisors FTX is represented by Sullivan & Cromwell LLP as legal counsel and assisted by Alvarez & Marsal North America, LLC as financial advisor, Quinn Emanuel Urquhart & Sullivan, LLP as special counsel and Landis Rath & Cobb LLP as Delaware counsel. 1 Actual distribution percentages may differ slightly due to rounding of the figures referenced above. Additional details regarding the amounts distributed by Class will be filed on the docket shortly after July 31, 2026. 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. GAAT HOLDINGS: Gets Extension to Use Cash Collateral ---------------------------------------------------- GAAT Holdings, LLC received another extension from the U.S. Bankruptcy Court for the Middle District of Florida to use cash collateral. Under the interim order, the Debtor is authorized to use cash collateral to pay court-approved expenses including those outlined in its operating budget, with a 10% variance per line item. Additional expenditures may be made with lender consent. The authorization remains in effect pending a further hearing scheduled for Aug. 27. GAAT Holdings' secured debt includes a $2.9 million loan from First Bank of the Lake secured by substantially all assets, including receivables, and a $91,000 seller note to Hodgson Construction of Polk County, Inc. secured by certain equipment, vehicles, and tools. It also obtained funding totaling approximately $459,600 from several merchant cash advance lenders, which may assert claims against its accounts receivable. As of the petition date, the Debtor had about $15,000 in cash and $190,000 in accounts receivable. First Bank of the Lake and other creditors with a valid security interest in the cash collateral will be granted adequate protection through replacement liens on post-petition cash collateral, with the same validity, extent, and priority as their pre-petition liens. Additional safeguards include insurance coverage and access to business records and premises. The order preserves all parties' rights and does not determine the validity or amount of any creditor's lien or claim. A copy of the court's order and the Debtor's budget is available at https://tinyurl.com/ce7bh4s5 from PacerMonitor.com. About GAAT Holdings LLC GAAT Holdings LLC is a Florida-based holding company engaged in managing and operating a portfolio of businesses across multiple sectors. The company oversees strategic investments and operational management for its subsidiaries. GAAT Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-00963) on February 6, 2026. In its petition, the debtor reports estimated assets of $1 million to $10 million and liabilities of $1 million to $10 million. Honorable Bankruptcy Judge Catherine Peek McEwen handles the case. The debtor is represented by Matthew B. Hale, Esq. of Stichter, Riedel, Blain & Postler. GOHEALTH INC: Hires Alvarez & Marsal as Financial Advisor --------------------------------------------------------- GoHealth, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ Alvarez & Marsal North America, LLC as financial advisor. The firm's services include: a. assistance to the Debtors and their other advisors in contingency planning as part of the Debtors' overall liability management and restructuring efforts; b. assistance in the development and refining of a 13-week cash flow forecast and the Debtors' cash and liquidity management activities; c. assistance in identifying and implementing cost-reduction and liquidity improvement strategies; d. assistance in evaluating the Debtors' business plan and preparing a revised operating plan and long-range forecast; e. assistance with respect to financing issues, including assistance in preparing reports and liaising with creditors and the Debtors' other legal and financial advisors as needed; f. assistance in the presentation of forecasts, analyses, and other information (including chapter 11 reporting) to the Debtors' board of directors, creditors, and other stakeholders; g. reporting to the Debtors' board of directors as desired or directed by the Debtors' senior management; and h. other activities as are approved by the Debtors, their senior management, or the board of directors and agreed to by A&M. The firm's professionals will be paid at these hourly rates: Managing Directors $1,200 - $1,600 Directors $900 - $1,175 Associates $620 - $875 Analysts $450 - $625 In addition, the firm will seek reimbursement for expenses incurred. A&M received $300,000 as an initial retainer. Matthew Frank, a managing director at Alvarez & Marsal North America, 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: Matthew Frank Alvarez & Marsal North America, LLC 600 Madison Avenue, 8th Floor New York, NY 10022 Telephone: (212) 759-4433 Facsimile: (212) 759-5532 About GoHealth Inc. GoHealth is a Chicago, Illinois-based health insurance marketplace founded in 2001 by Brandon Cruz and Clinton Jones. The company assists consumers with comparing Medicare health plans and certain other insurance products using proprietary technology and provides support during and after enrollment. GoHealth also offers enrollment services for multiple plan types and one-on-one consultations through licensed agents. The company originally operated as Norvax, Inc. and initially provided lead management software and digital services to independent health insurance brokers. GoHealth Inc. and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 26-10914) on June 7, 2026. In its petition, GoHealth reports estimated assets between $500 million and $1 billion and estimated liabilities between $1 billion and $10 billion. Honorable Bankruptcy Judge Thomas M. Horan handles the case. The Debtors are represented by Laura Davis Jones, Esq., and Edward A. Corma, Esq., at Pachulski, Stang, Ziehl & Jones LLP. Donlin, Recano & Company, LLC is the Debtors' claims and noticing agent. GOHEALTH INC: Hires Pachulski Stang Ziehl & Jones as Co-Counsel --------------------------------------------------------------- GoHealth, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ Pachulski Stang Ziehl & Jones LLP as co-counsel. The firm's services include: a. preparing schedules of assets and liabilities, statement of financial affairs, schedules of income and expenditures, lists of creditors and equity security holders, statements of executory contracts and unexpired leases, and master mailing list; b. preparing, where appropriate, papers related to the assumption or rejection of executory contracts and unexpired leases, post petition financing arrangements and use of cash collateral, and the sale of assets; c. negotiating, preparing, and implementing a plan of reorganization; d. assisting in the preparation of a disclosure statement; e. appearing at the meeting of creditors pursuant to section 341(a) of the Bankruptcy Code; f. representing the Debtors at hearings in this Court concerning the Debtors or the chapter 11 cases; g. representing the Debtors in litigation in this Court related to bankruptcy issues; and h. advising the Debtors generally regarding their rights and responsibilities as debtors in possession under the Bankruptcy Code and the Bankruptcy Rules. The firm's current standard hourly rates are: Partners $1,150 to $2,695 Counsel $1,175 to $2,050 Associates $725 to $1,350 Paralegals $625 to $695 Pursuant to Part D1 of the 2013 UST Guidelines, the firm is seeking employment as co-counsel for the Debtors under section 327 of the Bankruptcy Code and provides the following responses set forth below: 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 reasons for the difference. Response: PSZ&J represented the client during the 12-month period prepetition. The material financial terms for the prepetition engagement remained the same, as the engagement was hourly based subject to economic adjustment. The billing rates and material financial terms for the post petition period remain the same as for the prepetition period, subject to annual economic adjustment. The standard hourly rates of PSZ&J are subject to periodic adjustment in accordance with the Firm's practice. Question: Has your client approved your respective budget and staffing plan, and, if so, for what budget period? Response: The Debtors and PSZ&J expect to develop a prospective budget and staffing plan to comply with the U.S. Trustee's requests for information and additional disclosures, recognizing that in the course of these large chapter 11 cases there may be unforeseeable fees and expenses that will need to be addressed by the Debtors and PSZ&J. Laura Davis Jones, Esq., a partner at Pachulski Stang Ziehl & Jones LLP, disclosed 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: Laura Davis Jones Pachulski Stang Ziehl & Jones LLP 919 North Market Street, 17th Floor Wilmington, DE 19801 About GoHealth Inc. GoHealth is a Chicago, Illinois-based health insurance marketplace founded in 2001 by Brandon Cruz and Clinton Jones. The company assists consumers with comparing Medicare health plans and certain other insurance products using proprietary technology and provides support during and after enrollment. GoHealth also offers enrollment services for multiple plan types and one-on-one consultations through licensed agents. The company originally operated as Norvax, Inc. and initially provided lead management software and digital services to independent health insurance brokers. GoHealth Inc. and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 26-10914) on June 7, 2026. In its petition, GoHealth reports estimated assets between $500 million and $1 billion and estimated liabilities between $1 billion and $10 billion. Honorable Bankruptcy Judge Thomas M. Horan handles the case. The Debtors are represented by Laura Davis Jones, Esq., and Edward A. Corma, Esq., at Pachulski, Stang, Ziehl & Jones LLP. Donlin, Recano & Company, LLC is the Debtors' claims and noticing agent. GOHEALTH INC: Secures Court OK for $762MM Chapter 11 Plan --------------------------------------------------------- Yun Park of Law360 Bankruptcy Authority reports that a Delaware bankruptcy court has approved GoHealth's Chapter 11 plan, authorizing the health insurance brokerage to complete a restructuring that refinances $762 million in debt and hands control of the reorganized company to its secured lenders. The confirmation follows the company's bankruptcy filing approximately six weeks ago. The court-approved plan is backed by the company's major lending groups and provides for a comprehensive recapitalization intended to strengthen GoHealth's financial position. Existing shareholders will lose their ownership interests, while lenders will receive equity in exchange for restructuring the company's debt obligations, according to report. GoHealth entered Chapter 11 after negotiating a prearranged restructuring aimed at reducing leverage and ensuring business continuity. The company expects the confirmed plan to facilitate a prompt exit from bankruptcy and provide additional financial stability as it continues operating its health insurance marketplace, Law360 reports. About GoHealth Inc. GoHealth, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Dela. Case No. 26-10914) on June 7, 2026. In the petition signed by Vijay Kotte, authorized signatory, the Debtor disclosed up to $1 billion in assets and up to $10 billion in liabilities. Judge Thomas M. Moran oversees the case. Laura Davis Jones, Esq., at Pachulski Stang Ziehl & Jones LLP, represents the Debtor as legal counsel. GOHEALTH INC: Seeks to Hire Kirkland & Ellis as Bankruptcy Counsel ------------------------------------------------------------------ GoHealth, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ Kirkland & Ellis LLP and Kirkland & Ellis International LLP as counsel. The firm will provide these services: (a) advise the Debtors with respect to their powers and duties in the continued management and operation of their businesses and properties; (b) advise and consult on the conduct of these Chapter 11 cases; (c) attend meetings and negotiate with representatives of creditors and other parties in interest; (d) take all necessary actions to protect and preserve the Debtors' estates; (e) prepare pleadings in connection with these Chapter 11 cases; (f) represent the Debtors in connection with obtaining authority to continue using cash collateral and post-petition financing; (g) advise the Debtors in connection with any potential sale of assets; (h) appear before the Court and any appellate courts to represent the interests of the Debtors' estates; (i) advise the Debtors regarding tax matters; (j) take any necessary action on behalf of the Debtors to negotiate, prepare, and obtain approval of a disclosure statement and confirmation of a Chapter 11 plan and all documents related thereto; and (k) perform all other necessary legal services for the Debtors in connection with the prosecution of these Chapter 11 cases. The firm will be paid at these hourly rates: Partners $1,395 - $2,975 Of Counsel $875 - $2,495 Associates $821 - $1,775 Paraprofessionals $385 - $775 In addition, the firm will seek reimbursement for expenses incurred. Kirkland first received special purpose retainer in the amount of $500,000 on June 13, 2025 Alexandra Schwarzman, Esq., a partner a Kirkland & Ellis and Kirkland & Ellis International, also provided the following in response to the request for additional information set forth in Section D of the Revised U.S. Trustee Guidelines: Question: Did Kirkland agree to any variations from, or alternatives to, Kirkland's standard billing arrangements for this engagement? Answer: No. Question: Do any of the Kirkland professionals in this engagement vary their rate based on the geographic location of the Debtors' Chapter 11 cases? Answer: No. Question: If Kirkland has represented the Debtors in the 12 months prepetition, disclose Kirkland's billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If Kirkland's billing rates and material financial terms have changed post-petition, explain the difference and the reasons for the difference. Answer: Kirkland's current hourly rates for services rendered on behalf of the Debtors range as follows: Partners $1,395 - $2,975 Of Counsel $875 - $2,495 Associates $821 - $1,775 Paraprofessionals $385 - $775 Kirkland represented the Debtors during the 12-month period before the Petition Date, using the hourly rates listed below: Partners $1,295 - $2,675 Of Counsel $875 - $2,245 Associates $785 - $1,625 Paraprofessionals $355 - $705 Question: Have the Debtors approved Kirkland's budget and staffing plan, and, if so, for what budget period? Answer: Yes, for the period from June 7, 2026, through July 20, 2026. Mr. Schwarzman 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: Alexandra F. Schwarzman, Esq. Alexandra F. Schwarzman, PC Kirkland & Ellis LLP 333 West Wolf Point Plaza Chicago, IL 60654 Tel: (312) 862-2000 Email: alexandra.schwarzman@kirkland.com About GoHealth Inc. GoHealth is a Chicago, Illinois-based health insurance marketplace founded in 2001 by Brandon Cruz and Clinton Jones. The company assists consumers with comparing Medicare health plans and certain other insurance products using proprietary technology and provides support during and after enrollment. GoHealth also offers enrollment services for multiple plan types and one-on-one consultations through licensed agents. The company originally operated as Norvax, Inc. and initially provided lead management software and digital services to independent health insurance brokers. GoHealth Inc. and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 26-10914) on June 7, 2026. In its petition, GoHealth reports estimated assets between $500 million and $1 billion and estimated liabilities between $1 billion and $10 billion. Honorable Bankruptcy Judge Thomas M. Horan handles the case. The Debtors are represented by Laura Davis Jones, Esq., and Edward A. Corma, Esq., at Pachulski, Stang, Ziehl & Jones LLP. Donlin, Recano & Company, LLC is the Debtors' claims and noticing agent. GOHEALTH INC: Seeks to Tap Donlin Recano as Administrative Advisor ------------------------------------------------------------------ GoHealth, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ Donlin, Recano & Company, LLC as administrative advisor. The firm will render these services: a. assist with, among other things, solicitation, balloting, tabulation, and calculation of votes, as well as preparing any appropriate reports, as required in furtherance of confirmation of any chapter 11 plan; b. generate an official ballot certification and testifying, if necessary, in support of the ballot tabulation results; c. in connection with the Balloting Services, handling requests for documents from parties in interest, including, if applicable, brokerage firms and bank back-offices and institutional lenders; d. provide a confidential data room, if requested; e. assist with data gathering and preparation of the Debtors' schedules of assets and liabilities and statements of financial affairs; f. manage and coordinate any distributions pursuant to a chapter 11 plan(s); and g. provide such other claims processing, noticing, solicitation, balloting, and other administrative services described in the Services Agreement, but not included in the Section 156(c) Application, as may be requested from time to time by the Debtors. The firm received a retainer in the amount $20,000. Additionally, as of the Petition Date, the Debtors have paid DRC $25,154.76 in connection with prepetition fees and expenses. Roland Tomforde, a member at Donlin, Reccano & Company, 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: Roland Tomforde Donlin, Reccano & Company, LLC 200 Vesey Street, 24th Floor New York, NY 10281 Tel: (212) 481-1411 About GoHealth Inc. GoHealth is a Chicago, Illinois-based health insurance marketplace founded in 2001 by Brandon Cruz and Clinton Jones. The company assists consumers with comparing Medicare health plans and certain other insurance products using proprietary technology and provides support during and after enrollment. GoHealth also offers enrollment services for multiple plan types and one-on-one consultations through licensed agents. The company originally operated as Norvax, Inc. and initially provided lead management software and digital services to independent health insurance brokers. GoHealth Inc. and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 26-10914) on June 7, 2026. In its petition, GoHealth reports estimated assets between $500 million and $1 billion and estimated liabilities between $1 billion and $10 billion. Honorable Bankruptcy Judge Thomas M. Horan handles the case. The Debtors are represented by Laura Davis Jones, Esq., and Edward A. Corma, Esq., at Pachulski, Stang, Ziehl & Jones LLP. Donlin, Recano & Company, LLC is the Debtors' claims and noticing agent. GOOD MORNING DENTAL: Seeks Subchapter V Bankruptcy in New Jersey ---------------------------------------------------------------- On July 17, 2026, Good Morning Dental 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 estimated liabilities between $1 million and $10 million, including approximately $2.5 million in unsecured debt, owed to 1 to 49 creditors, with estimated assets between $50,000 and $100,000. The Chapter 11 Subchapter V Reorganization Plan Must Be Filed by October 15, 2026. About Good Morning Dental LLC Good Morning Dental LLC is a Hackensack, New Jersey-based dental practice providing comprehensive oral healthcare services. Operating from its Main Street office under the leadership of Dr. Soo Kang, the practice continues to accept new patients and participates in multiple insurance networks. The company also received financial assistance from the New Jersey Economic Development Authority, including a $50,000 Small Business Improvement Grant to support facility improvements and lease costs. Good Morning Dental LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-18147) on July 17, 2026. In its petition, the Debtor reports estimated assets of $50,000 to $100,000 and estimated liabilities of $1 million to $10 million. The Debtor is represented by David L. Stevens, Esq. of Clear Path Law, LLC. GVO PARTNERS: Creditor Asks Court to Appoint Chapter 11 Trustee --------------------------------------------------------------- Emlyn Cameron of Law360 Bankruptcy Authority reports that a secured creditor has asked a Delaware bankruptcy court to place GVO Partners under the control of a Chapter 11 trustee, claiming that the medical spa management and investment firm's existing leadership has mismanaged the bankruptcy estate and should be replaced. In its motion, the creditor argues that appointing an independent trustee would provide objective oversight, safeguard estate assets, and improve the prospects for creditor recoveries. The request reflects escalating tensions between the debtor and its secured lender as the Chapter 11 case moves forward, the report states. The company sought Chapter 11 protection in June 2026, reporting liabilities exceeding $10 million and pursuing a restructuring centered on a potential going-concern sale. The bankruptcy judge must now determine whether the creditor has established sufficient cause to remove current management from control of the case, according to Law360. About GVO Partners LLC GVO Partners LLC is a healthcare-focused investment firm specializing in the medical aesthetics sector. The company partners with medical spas, cosmetic dermatology clinics, and plastic surgery practices, providing growth capital and operational support to help businesses scale and improve profitability. GVO Partners LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 26-10976) on June 16, 2026. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $10 million and $50 million. The Debtor is represented by Thomas Joseph Francella, Jr., Esq. of Raines Feldman Littrell LLP. HUTCO CORPORATION: Lisa Holder Named Subchapter V Trustee --------------------------------------------------------- The U.S. Trustee for Region 17 appointed Lisa Holder, Esq., a practicing attorney in Bakersfield, Calif., as Subchapter V trustee for Hutco Corporation. Ms. Holder will be paid an hourly fee of $350 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Holder declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Lisa Holder, Esq. 3710 Earnhardt Drive Bakersfield, CA 93306 Phone: (661) 205-2385 Email: lholder@lnhpc.com About Hutco Corporation Hutco Corporation is a diversified support services company headquartered in Anderson, California. Its operations include private security services through Delta Hawk Protective Agency, non-emergency medical transportation through Designated Driver Service, and licensed firearms pawnbroker businesses serving Northern California. Hutco Corporation filed for protection under Subchapter V of Chapter 11 of the Bankruptcy Code (Case No. E.D. Calif. 26-23949) on July 10, 2026. Bankruptcy schedules list assets ranging from $100,000 to $500,000 and liabilities ranging from $100,000 to $500,000. The case is assigned to Honorable Christopher M. Klein. The Debtor is represented by Stephan M. Brown, Esq., of The Bankruptcy Group, P.C. ICALLIDUS INC: Commences Chapter 11 Bankruptcy in Maryland ---------------------------------------------------------- On July 17, 2026, iCallidus, Inc. filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of Maryland. According to court filings, the Debtor reports estimated assets and liabilities between $1 million and $10 million, with fewer than 50 creditors. Government Proof of Claim Deadline set for January 13, 2027; Statement of Financial Affairs due July 31, 2026. About iCallidus, Inc. iCallidus, Inc. is a Columbia, Maryland-based information technology and health research services provider that delivers IT solutions and support services, including work for government agencies. The company operates as a federal contractor and maintains active status on the GSA Multiple Award Schedule and the 8(a) STARS III Governmentwide Acquisition Contract. In June 2026, iCallidus secured a $5 million contract award from the Railroad Retirement Board for IT-related services and continues to recruit technical professionals. iCallidus, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-17719) on July 17, 2026, in the District of Maryland. The company intends to continue operations while pursuing a restructuring process. The Debtor is represented by John D. Burns, Esq. of The Burns Law Firm, LLC. JENNIFER EMERSON: Seeks to Hire Carrington Real Estate as Broker ---------------------------------------------------------------- Jennifer Emerson, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Texas to employ Carrington Real Estate Group, LLC as real estate broker. The firm will market and list the Debtor's property located at 518 W. 8th Street, Lancaster, TX 75146. The firm will be paid a commission of 6 percent of the purchase price. Mr. Carrington 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: Bobbie Carrington Carrington Real Estate Group, LLC 1700 N Hampton Road, Suite 106 Desoto, TX 75115 Email: Bobbie@CarringtonREgroup.com 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. JENNMAR INTERMEDIATE III: Moody's Alters Outlook on B1 CFR to Neg. ------------------------------------------------------------------ Moody's Ratings affirmed Jennmar Intermediate III, LLC's ("Jennmar") existing ratings, including the B1 Corporate Family Rating, the B1-PD Probability of Default Rating, and the B2 rating on the backed senior secured first lien term loan. However, the ratings outlook has been revised to negative from stable. Governance considerations under Moody's ESG framework, specifically financial strategy & risk management, were a key driver of the rating action. RATINGS RATIONALE In June 2026, KPS Capital Partners ("KPS") completed the acquisition of a majority interest in Jennmar, with prior private equity partner FalconPoint Partners ("FalconPoint"), and prior CEO Tony Calandra retaining a minority ownership position. The transaction consideration was funded with new equity contribution from KPS, a $215 million upsize of the existing first lien term loan, and a $50 million draw on the company's new 5-year $300 million ABL revolving credit facility (unrated). The revision of the ratings outlook to negative from stable reflects an increase in the risk profile of the company given the ownership transition, management transition, and an increase in the quantum of debt in the capital structure. The company transitioned from majority ownership by the Calandra family to majority ownership by a new private equity sponsor – KPS – along with continued significant minority ownership by the existing private equity sponsor – FalconPoint. This was followed by a transition in the company's leadership – with prior CEO Tony Calandra moving to the company's board with the appointment of a new CEO. Moody's think these transitions introduce an increased level of uncertainty into the strategic and capital allocation priorities of the company going forward, which is reflected in the negative outlook. However, the affirmation of the existing ratings reflects adequate cushion in credit metrics at the current rating level despite the increase in debt. Jennmar's B1 CFR is supported by its leading position in ground control and fabricated steel products, diversified exposure across mining and infrastructure-related end markets, broad global manufacturing footprint, and vertically integrated, capex-light operating model that provides cost and supply chain advantages. The rating also benefits from the mission-critical nature of its safety products, long-standing customer relationships, and high switching costs, which support stable demand and strong customer retention, while multi-year contracts with pricing adjustment mechanisms help mitigate raw material cost volatility and protect margins. Jennmar's rating is constrained by its exposure to cyclical mining, industrial and infrastructure end markets, moderate scale relative to larger and more diversified peers, and significant reliance on coal customers, which account for more than half of revenue. While recent policy developments and export demand trends may support coal production in the near to intermediate term, longer-term energy transition and decarbonization trends present a structural risk, partially mitigated by the company's growing exposure to infrastructure and renewable end markets. The rating also reflects moderate customer concentration, exposure to commodity-driven volume fluctuations and customer financial health, execution risks associated with international expansion and acquisitions, and the potential for aggressive financial policies under the new ownership, while environmental, safety and regulatory risks remain elevated given the nature of the company's products and end markets. Moody's expects Jennmar to generate Moody's adjusted EBITDA of around $300 million in 2026, an increase from $255 million in 2025 driven by organic growth as well as a full year of contribution from recent acquisitions. Moody's expects Moody's adjusted leverage to be around 3.2x at year-end 2026, up from 3.1x at year-end 2025. Moody's expects free cash flow to be modestly positive in 2026, assuming there are no additional shareholder distributions. The negative outlook reflects increased uncertainty resulting from the company's ownership and management transitions, as well as an increase in debt to fund the ownership transition. The company has good liquidity. At March 31, 2026 the company had a cash balance of $43 million. Additionally, the company has access to a new unrated 5-year $300 million ABL credit facility, with $50 million drawn on it post completion of the ownership transition transaction. Moody's expects the company to generate modestly positive free cash flow over the next 12-18 months. The ABL revolver is subject to a 1.0x springing fixed charge coverage ratio ("FCCR") covenant that is tested when excess availability is less than the greater of 10% of the availability, or $22.5 million. Moody's expects Jennmar to remain in compliance with the ABL covenant. There are no financial maintenance covenants on the term loan. The B2 rating on the term loan, one notch below the B1 corporate family rating, reflects its secondary position behind the ABL facility because the term loan lenders have a second lien on the working capital assets collateralizing the company's asset-based revolving credit facility. The term loan will have a first priority security interest in substantially all material PPE and intellectual property of the borrower and the guarantors, as well as a second priority security interest on the ABL priority collateral. The term loan will be unconditionally guaranteed jointly and severally on a senior secured basis by the borrower, the immediate parent Jennmar Intermediate IV, LLC ("Holdings") and subsidiary guarantors. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS A ratings upgrade could be considered if Jennmar successfully integrates its recent acquisitions, executes its growth strategy in a disciplined manner, increases scale and reduces its relative exposure to coal mining sector, generates positive free cash flow on a sustained basis and reduces gross debt. Quantitatively, the ratings could be upgraded if Moody's-adjusted debt/EBITDA is sustained below 3x, RCF/Net Debt above 25% and EBITA/Interest Expense ratio above 6.0x. Moody's could consider a downgrade if the company pursues an aggressive financial policy under the new ownership – either by pursuing debt-funded M&A or shareholder dividends – resulting in weaker metrics. Quantitatively, Moody's could also consider a downgrade if Jennmar generates negative free cash flow on a sustained basis or its operating results weaken such that operating margins materially contract, leverage ratio (Moody's-adjusted Debt/EBITDA) is sustained above 4.25x, RCF/Net Debt below 17.5% and interest coverage ratio (EBITA/Interest expense) falls below 4.5x. Negative ratings pressure may also develop if the company experiences material weakening of liquidity. Jennmar is a manufacturer of safety-critical ground support and reinforcement products for mining, civil infrastructure, construction, and solar markets globally. The company operates 57 manufacturing facilities through three main segments—US Ground Support, International Ground Support, and Steel Fabrication. The company is majority owned by private equity firm KPS Capital Partners, and private equity firm FalconPoint Partners holding a substantial minority ownership. The principal methodology used in these ratings was Manufacturing published in September 2025. JQ LEASING: Seeks Court OK to Tap Riggi Law Firm as Attorney ------------------------------------------------------------ JQ Leasing Series II LLC seeks approval from the U.S. Bankruptcy Court for the District of Nevada to employ Riggi Law Firm as attorney. The firm will provide these services: a. institute, prosecute, or defend any contested matters arising out of this bankruptcy proceeding in which the Debtor may be a party; b. assist in the recovery and obtaining necessary Court approval for recovery and liquidation of estate assets, and to assist in protecting and preserving the same where necessary; c. assist in determining the priorities and status of claims and in filing objections thereto where necessary; d. assist in preparation of a Chapter 11 plan; e. advise the Debtor and perform all other legal services for the Applicant which may be or become necessary in this bankruptcy proceeding. The firm will be paid at these rates: Partners $500 per hour Associates $195 per hour The firm received an initial retainer in the amount of $5,000. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Mr. Riggi 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. Riggi, Esq. Riggi Law Firm 7900 W. Sahara Ave. #100 Las Vegas, NV 89117 Tel: (702) 463-7777 Fax: (888) 306-7157 E-mail: RiggiLaw@gmail.com About JQ Leasing Series II LLC JQ Leasing Series II LLC, a single-asset real estate entity, holds its primary property at 1590 East Flamingo Road in Las Vegas, Nevada 89119. JQ Leasing Series II LLC in Henderson, NV, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. D. Nev. Case No. 26-12174) on April 7, 2026, listing as much as $1 million to $10 million in both assets and liabilities. Ronald A. Memo as member-manager, signed the petition. RIGGI LAW FIRM serve as the Debtor's legal counsel. KASTER MOVING: Court Extends Cash Collateral Access to Sept. 9 -------------------------------------------------------------- Kaster Moving Co, LLC received another extension from the U.S. Bankruptcy Court for the District of Connecticut, New Haven Division, to use cash collateral. The court entered a second interim order authorizing the Debtor to use cash collateral strictly in accordance with its approved operating budget to pay business expenses. This authorization remains effective through Sept. 9, unless modified earlier by the court. Pinnacle Bank and certain merchant cash advance lenders will be granted adequate protection through replacement liens on post-petition assets but only to the extent of any proven decline in the value of their secured interests. Replacement liens do not apply to Chapter 5 avoidance actions and remain subordinate to the carveouts, including court and U.S. Trustee fees, trustee administrative expenses, up to $30,000 in approved professional fees, and post-petition employee wages. The court also authorized payments of $15,000 each for July and August to Pinnacle Bank, provided no objection is filed. The order expressly preserves all parties' rights to challenge the validity, priority, extent, or enforceability of any asserted liens. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/q31RC from PacerMonitor.com. A continued hearing is scheduled for Sept. 2. About Kaster Moving Co LLC Kaster Moving Co LLC, operating as Kaster Moving & Storage, is a moving and storage company based in Stamford, Connecticut. Founded in 1977, the company provides residential, commercial, local, long-distance, specialized, and storage-related moving services, including trade show shipping and white-glove moving. Kaster Moving & Storage serves homeowners and businesses in the Stamford region, Fairfield County, and nearby New York communities. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Conn. Case No. 26-30549) on June 17, 2026. In the petition signed by Gideon Asemnor, president, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Ann M. Nevins oversees the case. Matthew K. Beatman, Esq., at Zeisler & Zeisler, P.C., represents the Debtor as legal counsel. KNU LIGHT: Todd Hennings Named Subchapter V Trustee --------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Todd Hennings, Esq., at Macey, Wilensky & Hennings, LLP as Subchapter V trustee for Knu Light Distribution, LLC. Mr. Hennings will be paid an hourly fee of $450 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Hennings declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Todd E. Hennings, Esq. Macey, Wilensky & Hennings, LLP 5500 Interstate North Parkway, Suite 435 Sandy Springs, GA 30328 Phone: (404) 584-1222 Email: info@joneswalden.com About Knu Light Distribution LLC Knu Light Distribution, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-59039) on July 10, 2026, with $50,001 to $100,000 in assets and $100,001 to $500,000 in liabilities. LAD SELECT 2026-A: Moody's Assigns (P)Ba3 Rating to Class E Notes ----------------------------------------------------------------- Moody's Ratings has assigned provisional ratings to the notes to be issued by LAD Select Auto Receivables Trust 2026-A (LASAR 2026-A). This is Driveway Finance Corporation's (DFC) first auto loan transaction backed solely by non-prime collateral and tenth auto loan transaction rated by us. DFC is a wholly owned subsidiary of Lithia Financial Corporation, which is a wholly owned subsidiary of Lithia Motors, Inc. (LAD, Ba1 stable). The notes will be backed by a pool of retail automobile loan contracts originated by DFC, who is also the servicer for the transaction. The complete rating actions are as follows: Issuer: LAD Select Auto Receivables Trust 2026-A Class A-1 Notes, Assigned (P)P-1 (sf) Class A-2 Notes, Assigned (P)Aaa (sf) Class A-3 Notes, Assigned (P)Aaa (sf) Class B Notes, Assigned (P)Aa1 (sf) Class C Notes, Assigned (P)A2 (sf) Class D Notes, Assigned (P)Baa3 (sf) Class E Notes, Assigned (P)Ba3 (sf) RATINGS RATIONALE The ratings are based on the quality of the underlying collateral and its expected performance, the strength of the capital structure, the experience and expertise of DFC as the servicer and the presence of Systems & Services Technologies, Inc. (unrated) as named backup servicer. Moody's median cumulative net loss expectation for the 2026-A pool is 8%, and the loss at a Aaa stress is 35%. Moody's based its cumulative net loss expectation and loss at a Aaa stress on an analysis of the credit quality of the underlying collateral; the historical performance of similar collateral, including securitization performance and managed portfolio performance; the ability of DFC to perform the servicing functions; and current expectations for the macroeconomic environment during the life of the transaction. At closing, the Class A notes, Class B notes, Class C, Class D, and Class E notes are expected to benefit from 33.6%, 24.4%, 17.9% , 13.4%, and 8.5% of hard credit enhancement respectively. Hard credit enhancement for the notes consists of a combination of overcollateralization, a non-declining reserve account and subordination. The notes may also benefit from excess spread. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was "Moody's Global Approach to Rating Auto Loan- and Lease-Backed ABS" published in June 2025. Factors that would lead to an upgrade or downgrade of the ratings: Up Moody's could upgrade the Class B, Class C, Class D, and Class E notes if levels of credit enhancement are higher than necessary to protect investors against current expectations of portfolio losses. Losses could decline from Moody's original expectations as a result of a lower number of obligor defaults or appreciation in the value of the vehicles securing an obligor's promise of payment. Portfolio losses also depend greatly on the US job market and the market for used vehicles. Other reasons for better-than-expected performance include changes to servicing practices that enhance collections or refinancing opportunities that result in prepayments. Down Moody's could downgrade the notes if, given current expectations of portfolio losses, levels of credit enhancement are consistent with lower ratings. Credit enhancement could decline if excess spread is not sufficient to cover losses in a given month. Moody's expectations of pool losses could rise as a result of a higher number of obligor defaults or deterioration in the value of the vehicles securing an obligor's promise of payment. Portfolio losses also depend greatly on the US job market, the market for used vehicles, and poor servicing. Other reasons for worse-than-expected performance include error on the part of transaction parties, inadequate transaction governance, and fraud. Additionally, Moody's could downgrade the Class A-1 short-term rating following a significant slowdown in principal collections that could result from, among other things, high delinquencies or a servicer disruption that impacts obligor's payments. LEXORA INC: Seeks to Hire Jacobs P.C. as Attorney ------------------------------------------------- Lexora Inc seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Jacobs, P.C. as attorney. The firm will provide these services: a. assist the Debtor in administering this case; b. making such motions or taking such action as may be appropriate or necessary under the Bankruptcy Code; c. represent the Debtor in prosecuting adversary proceedings to collect assets of the estate and such other actions as the Debtor deems appropriate; d. take such steps as may be necessary for the Debtor to marshal and protect the estate's assets; e. negotiate with the Debtor's creditors in formulating a plan of reorganization for the Debtor in this case. f. draft and prosecute the confirmation of the Debtor's plan of reorganization in this case. g. render such necessary and appropriate additional services as are required in this case. The firm will be paid at these rates: Partners $755 to $1,600 per hour Counsels $695 to $755 per hour Associates $655 to $755 per hour Clerks' and paraprofessionals $100 to $280 per hour The firm receive an initial retainer of $40,000. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Mr. Greenwald 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: Wayne M. Greenwald, Esq JACOBS P.C. 717 Fifth Avenue, 17th Floor New York, NY 10022 Tel: (212) 229-0476 About Lexora Inc. Lexora Inc., founded in 2009 and headquartered in New York, sells bathroom and kitchen products through online and showroom channels. It offers vanities, bathtubs, faucets, mirrors, lighting, and related accessories, and it also works with factories in Asia to develop and source its product lines. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 26-10751) on April 6, 2026, with $50,000 to $100,000 in assets and $1 million to $10 million in liabilities. Andrey Bogan, in his capacity as president, signed the petition. Robert L. Rattet, Esq., at avidoff Hutcher & Citron, LLP represents the Debtor as legal counsel. LIVECARE INC: Gets Extension to Use Cash Collateral --------------------------------------------------- LiveCare, Inc. received another extension from the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, to use cash collateral. At the recently held hearing, the court authorized the Debtor's continued use of cash collateral and set a further hearing for Sept. 29. The Debtor's cash collateral may be subject to security interests held by creditors including Agile Lending, LLC, Business Expansion Funding, LLC, Clearview Funding, LLC, Unique Debt, the U.S. Centers for Medicare and Medicaid Services, and the U.S. government, acting through the Department of Justice and on behalf of the Office of Inspector General of the Department of Health and Human Services. The Debtor offers to grant these secured creditors adequate protection through replacement liens on post-petition cash collateral to the same extent, validity, and priority as any security interests they held as of the petition date. LiveCare is a Delaware corporation, which was incorporated in 2018 under the name Gulf Chronic Care, Inc. It provides diabetic health coaching programs designed for seniors and utilizes advanced technology to connect patients with health coaches to track and guide patients toward improved diabetic health in the comfort of their own homes. The Debtor is a publicly traded company on the over-the-counter market with 384 shareholders. About LiveCare, Inc. LiveCare, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Flo. Case No. 26-04769) with $100,001 to $500,000 in assets and $1,000,001 to $10 million in laibilities. The petition was signed by Cornelius Max Rockwell as CEO and director. Judge Hon. Catherine Peek McEwen oversees the case. The Debtor is represented by: Kathleen DiSanto Bush Ross, P.A. Tel: 813-224-9255 Email: kdisanto@bushross.com LRS HOLDINGS: S&P Rates Sr. Secured Revolving Credit Facility 'B' ----------------------------------------------------------------- S&P Global Ratings assigned its 'B' issue-level rating and '3' recovery rating to LRS Holdings LLC's $180 million senior secured revolving facility due 2031 and $475 million term loan B due 2033. The '3' recovery rating indicates S&P's expectation for meaningful (50%-70%; rounded estimate: 60%) recovery in the event of a default. The refinancing will extend the company's revolver maturity by roughly three years and its term loan maturity by five years. S&P's 'B' issuer credit rating and stable outlook on LRS are unchanged. S&P said, "The stable outlook reflects our expectation that the company will continue to improve its credit measures this year, including reducing its S&P Global Ratings-adjusted debt to EBITDA below 6.5x from 7.4x as of Dec. 31, 2025. We also expect LRS will maintain adequate liquidity for the rating, including sufficient availability under the credit facility, and increase its EBITDA interest coverage at a faster pace than its adjusted interest expense. "We anticipate the company will benefit from improved collection and disposal services volumes due to its new Indianapolis contract. We also expect LRS will improve its operational execution as it works to reduce its leverage." ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors -- S&P's simulated default scenario considers a payment default in 2029 due to unexpectedly weak waste volumes and pricing in LRS' core Midwestern market and severe declines in its profitability and cash flow because of intense competition, increased cost pressures, and client attrition. -- S&P believes the company's lenders would aim to maximize its value and thus pursue reorganization rather than liquidation in a default scenario. Therefore, it values the company on a going-concern basis using a 6x multiple of its projected emergence EBITDA, which is in line with multiples S&P uses for its peers in the environmental services sector. Simulated default assumptions -- Simulated year of default: 2029 -- EBITDA multiple: 6x -- EBITDA at emergence: $68 million -- Jurisdiction: U.S. Simplified waterfall -- Net enterprise value (after 5% administrative costs): $386 million -- Valuation split (obligors/nonobligors): 100%/0% -- Estimated first-lien debt claims: $605 million -- Total collateral value available to first-lien debt claims: $386 million --Recovery expectations: 50%-70% (rounded estimate: 60%) Note: All debt amounts include six months of prepetition interest. S&P assumes the revolving facility is 85% drawn at default. MAGENTA BUYER: S&P Downgrades ICR to 'CCC' on Revenue Decline ------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on Magenta Buyer LLC (dba Trellix and Skyhigh Security) to 'CCC' from 'CCC+'. S&P said, "We also lowered our issue-level ratings on Magenta Buyer's super-priority term loan to 'B', the first-out term loan to 'B-', the second-out term loan to 'CCC-', and the third-out term loan to 'CC'. "The negative outlook reflects that we could lower our rating if we believe a liquidity shortfall is inevitable or if the company announces a debt exchange that we view as distressed over the next six months." Trellix continues to face revenue challenges and market share loss, resulting in cash burn, weaker liquidity, and reliance on its revolver to fund operations and debt servicing. S&P Global Ratings believes there is a heightened risk of a distressed debt transaction or liquidity shortall within the next 12 months. S&P said, "An unsustainable capital structure, consistent cash burn, and weakening liquidity contributed to our downgrade. Magenta Buyer's 2024 debt restructuring provided temporary relief, extending its liquidity runway through cash proceeds from the super-priority term loan and a payment-in-kind (PIK) option for a portion of its interest expenses. However, underlying operational challenges have persisted. We expect revenue will decline another 6%-8% in 2026, after dropping 6% in 2025 and 7% in 2024. We also forecast S&P Global Ratings-adjusted leverage of about 10x at year-end 2026. "Cash flow generation is increasingly constrained by high interest expense, which we expect to reach over $400 million annually following the end of the PIK optionality in 2025 on a portion of its debt. This interest expense, coupled with revenue declines driven by continued loss of market share, is resulting in consistent and significant cash flow deficits. "We project a free operating cash flow (FOCF) deficit of over $150 million in 2026. Liquidity is depleting rapidly; cash reserves have fallen to just $87 million as of first-quarter 2026 from $239 million as of year-end 2025. Given the company's increasing reliance on its revolving credit facility to meet seasonal needs, joined with its negative free cash flow and declining revenue, we believe it may not have sufficient liquidity to support operational and debt servicing needs over the coming quarters." Magenta Buyer's difficulty capturing market share in the evolving cybersecurity landscape is weighing on top-line growth. Despite a growing cybersecurity market, the company has faced consistent revenue erosion. Revenue declined to $1.4 billion in 2025 from about $1.9 billion in 2022, and this trend continued into first-quarter 2026, as recurring revenue declined 6% year over year. This contraction is driven by the market's transition from legacy technologies to modern, cloud-native ecosystems, compounded by macroeconomic headwinds and delayed procurement cycles in the U.S. public sector. In response to revenue declines, Magenta Buyer has implemented aggressive cost-saving actions, which improved S&P Global Ratings-adjusted EBITDA margins to 35% in 2025 from under 25% in 2023. However, these initiatives have not fully absorbed the impact of top-line weakness amid the current interest rate environment. S&P said, "Although the company is pursuing strategic transformation through product simplification and sovereign agentic defense, our base case assumes revenue will continue to decline over the next 12 months as it struggles to stop its ongoing loss of market share to competitors. "The negative outlook reflects Magenta Buyer's weakening liquidity due to its interest burden, continued cash flow deficits, and top-line declines. We view the risk of a distressed transaction or liquidity event as elevated over the next 12 months due to cash flow deficits. "We could lower our rating on Magenta Buyer if we believe continued cash deficits and weakening liquidity cause our expectation for a distressed transaction to narrow to six months." S&P could take a positive action on Magenta Buyer if: -- It increases revenue and expands EBITDA margins, and S&P expects business fundamentals will improve over the next 12 months; or -- S&P said, "Cash flow stabilizes in 2027 to near breakeven after debt service, such that we view the risk of a default or distressed transaction over the next 12 months as low, although in such a scenario we would still likely view the capital structure as unsustainable over the longer term." MARTINS FOOD: Gets Extension to Access Cash Collateral ------------------------------------------------------ Martins Food Technology, LLC received another extension from the U.S. Bankruptcy Court for the Middle District of Florida, Fort Myers Division, to use cash collateral. The court issued a sixth interim order authorizing the Debtor's continued use of cash collateral to pay expenses based on an approved operating budget. The Debtor may exceed any individual budget line item by up to 10%, provided that total aggregate spending does not exceed the overall budget by more than 10%. Farm Credit of Florida, ACA, in its sole capacity and as agent or nominee for Florida Federal Land Bank Association, FLCA, asserts perfected, pre-bankruptcy security interests in the cash collateral. It holds two claims totaling $1,323,428.46. Farm Credit Leasing Corporation and other secured creditors will be granted adequate protection through replacement liens on the Debtor's pre-petition collateral and cash collateral, with the same priority, validity and extent as their pre-petition liens. Additional safeguards include insurance coverage for the Debtor's property, regular financial reporting, and access to business records and premises upon request. A continued hearing is scheduled for Sept. 9. A copy of the court's order and the Debtor's budget is available at https://urlcurt.com/u?l=loNY4L About Martins Food Technology LLC Martins Food Technology, LLC, doing business as Naples Fresh, is a family-owned agricultural company based in Naples, Florida, specializing in greenhouse-grown hydroponic lettuce and herbs. It operates fully controlled, bio-secure facilities that use advanced technology to produce fresh, flavorful, and non-GMO greens year-round. Martins Food Technology emphasizes sustainable farming practices and innovation to deliver local produce while minimizing environmental impact. Martins Food Technology filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-02199) on November 5, 2025, with $898,467 in assets and $3,113,463 in liabilities. Saint Clair Martins, managing member, signed the petition. Judge Luis Ernesto Rivera II oversees the case. Michael Dal Lago, Esq., at Dal Lago Law represents the Debtor as bankruptcy counsel. Amy Denton Mayer of Stichter Riedel Blain & Postler, P.A. serves as Subchapter V trustee for the Debtor. MARYVILLE UNIVERSITY: Moody's Cuts Issuer & Revenue Ratings to Ba1 ------------------------------------------------------------------ Moody's Ratings has downgraded Maryville University, MO's issuer and revenue bond ratings to Ba1 from Baa3. Total debt outstanding as of fiscal year end 2025 (May 31) was approximately $57 million. The outlook remains negative. The downgrade of the university's issuer rating to Ba1 from Baa3 reflects a material decline in operating performance expected to begin in fiscal 2026 with a planned multi-year path back to balance. Key challenges will include execution risks related to its online program and enhanced nonstudent revenue strategies. These challenges reflect financial strategy and risk management, a governance consideration under Moody's ESG Framework and a key driver of this rating action. RATINGS RATIONALE The Ba1 issuer rating reflects significant softening in operating performance, with fiscal 2026 year end results expected to be materially weaker relative to 2025's 15% EBIDA margin. The university continues to face headwinds from a competitive student market landscape and exposure to execution risks related to its online program strategy. While the university has a plan to supplement net tuition revenue with philanthropic and other non-student related revenue, budgets will be strained in the coming years as these efforts are undertaken. The trajectory of credit quality will be informed by the university's ability to successfully sustain revenue growth, align expenses with revenue and restore long-term fiscal balance. Other credit factors include a price-sensitive student population, with approximately 36% of undergraduate students being Pell-eligible. Financial resources provide some financial flexibility with $100 million of total cash and investments in fiscal 2025 providing just 0.8x coverage of operating expenses. Leverage is elevated with total cash and investments covering adjusted pro-forma debt by only 1.3x for fiscal 2025. Favorably, regular capital reinvestment has resulted in an age of plant of only 14 years, and management reports no plans for additional near-term debt. Unrestricted liquidity is a strength for the rating level with over 200 monthly days cash on hand while a largely fixed-rate debt structure limits potential debt-related liquidity risks. The downgrade to Ba1 from Baa3 on the outstanding revenue bonds reflects the issuer rating and the general obligation characteristics of the debt. RATING OUTLOOK The negative outlook reflects ongoing execution risks tied to the university's plans to restore long-term fiscal balance. An inability to meet budgeted expectations for 2027, which include incrementally improved budgeted deficits against 2026 performance, could result in further negative credit pressure. The outlook could return to stable should the university achieve 2027 targets with prospects for continued improvements in the future. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS -- Significant growth in total cash and investments providing for materially stronger coverage of adjusted pro-forma debt and operating expenses, currently at 1.3x and 0.8x -- Strengthening of brand and strategic positioning, reflected in sustained positive trends in revenue growth, philanthropy, and revenue diversity -- Material improvement in annual operating performance generating stronger EBIDA margins FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS -- Inability to meet 2027 budgeted projections, with incremental improvement to operating deficits, or a prolonged runway to breakeven performance beyond 2029 -- Material decline in total wealth or a move to below 150 monthly days cash on hand -- Additional debt absent improved liquid reserves and cash flow to cover debt service PROFILE Founded in 1872, Maryville University is a private university that is based in the greater St. Louis metropolitan area. It offers a diverse mix of undergraduate, graduate and professional degree and certificate programs, with nursing and health sciences among the most popular. About 35% of students are graduate degree seeking. Maryville has a large online footprint, with about 50% enrolled in online programs. In fall 2025, it served over 7,000 full-time equivalent students and recorded approximately $132 million of operating revenue in fiscal 2025. METHODOLOGY The principal methodology used in these ratings was Higher Education published in July 2024. MEMORY LANE: Seeks to Hire Lefkovitz & Lefkovitz PLLC as Counsel ---------------------------------------------------------------- Memory Lane Partnership, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Tennessee to hire Lefkovitz & Lefkovitz, PLLC as counsel. The firm's services include: a. advising the Debtor(s) as to its rights, duties, and powers as Debtor(s)-in Possession; b. preparing and filing statements and schedules, plans, and other documents and pleadings necessary to be filed by the Debtor(s) in this proceeding; and c. representing the Debtor(s) at hearings, meetings of creditors, conferences, if applicable trials, excluding adversary proceedings; in this Chapter 11 proceeding before the U.S. Bankruptcy Court in the Middle District of Tennessee. The firm's counsel will be paid at these hourly rates: Attorneys $550 Paralegals $200 In addition, the firm will seek reimbursement for expenses incurred. The firm received a total of $15,262 as retainer, plus $1,738 in Court filing fees. Jay Lefkovitz, attorney at Lefkovitz & Lefkovitz, 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: Jay R. Lefkovitz, Esq. Lefkovitz & Lefkovitz, PLLC 908 Harpeth Valley Place Nashville, TN 37221 Telephone: (615) 256-8300 Facsimile: (615) 255-4516 Email: jlefkovitz@lefkovitz.com About Memory Lane Partnership, LLC Memory Lane Partnership, LLC is a Tennessee limited liability company. Memory Lane Partnership, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 3:26-bk-03216) on July 6, 2026. In its petition, the debtor reported estimated assets of $500,001 to $1 million and estimated liabilities of $500,001 to $1 million. Honorable Nancy B. King handles the case. The debtor is represented by Jay Lefkovitz, Esq. MONTANA VILLAGE: Approval of Disclosure Statement Denied as Moot ---------------------------------------------------------------- Judge Joseph G. Rosania, Jr. of the U.S. Bankruptcy Court for the District of Colorado denied as moot the approval of Montana Village Developers, LLC's Disclosure Statement to Accompany Amended Plan of Reorganization filed March 11, 2026. Montana Village Developers, LLC ("Debtor"), a Colorado limited liability company, filed this Chapter 11 case on October 1, 2025. In the petition, the Debtor identified itself as a single asset real estate debtor. The Debtor's principal asset is a nineteen-unit townhome development located at 2650 South Delaware Street, Denver, Colorado (the "Property"). The Property consists of completed townhomes. The Debtor contends that delays in obtaining utility service from Xcel Energy prevented the Debtor from selling the townhomes earlier and contributed to the default and foreclosure proceedings that preceded this case. Nathan Adams, the Debtor's manager, testified that the Debtor applied for permanent power in January 2022 but did not receive approval until late February 2025. By the time the Property received power, Indicate had placed the Property in foreclosure. Indicate holds a first-priority deed of trust against the Property for a loan made in the principal amount of $8,575,000. The note matured on April 1, 2024. The Debtor did not pay the note at maturity. Indicate commenced foreclosure proceedings before the bankruptcy filing. The Debtor filed this case one day before a scheduled foreclosure sale. Indicate filed a proof of claim asserting a secured claim in the amount of $10,446,576.63 as of the petition date. Re III holds a junior secured claim in the Property. The Plan treats Re III as the holder of a secured claim in the principal amount of $2,810,000 plus interest. The record also reflects additional secured claims against the Property, including mechanic's lien claims for Altura Land Consultants, LLC in the amount of $5,140 and Sonepar Mountain Holdings, LLC in the amount of $13,722.14. Two creditors purchased prior tax liens: Tower DB XIII Trust 2023-1 in the amount of $40,386.06 and Mercury Funding, LLC in the amount of $42,988. And, the City and County of Denver holds a tax lien in the amount of $11,938.62. The Debtor has not commenced monthly payments to Indicate under Sec. 362(d)(3)(B). The parties dispute the significance of September 2025 communications concerning an $8.7 million payoff negotiation. The Debtor contends the communications support its proposed plan treatment of Indicate's secured claim at $8.7 million. Indicate contends the $8.7 million figure was part of conditional workout negotiations that were never completed. The Court finds, for purposes of these contested matters, that the $8.7 million payoff figure was conditional and that the Debtor did not satisfy the predicate conditions. Proposed Plan The Plan places Indicate in Class 3. It provides that Indicate will be paid from Net Rent Proceeds, Net Refinance Proceeds, and Sale Proceeds. The Plan further provides that Indicate's Class 3 claim must be paid in full within eighteen months after the Effective Date or Indicate may exercise its state law rights and remedies. The Plan places Re III in Class 4. The Plan treats Re III's secured claim in the principal amount of $2,810,000 plus interest. The Plan contemplates payment of Re III and other secured creditors from Sale Proceeds or Net Refinance Proceeds, in the same order of priority that existed prior to the bankruptcy filing, and to the extent such proceeds exist. The Plan contemplates funding from three sources: rental income, refinancing, and future sales. Rental Income The Debtor filed a Supplement to the Disclosure Statement containing projected operating results at three occupancy levels. With 13 rented units, the Debtor projected monthly net income of $13,847.48. With 17 rented units, the Debtor projected monthly net income of $20,697.48. With all 19 units rented, the Debtor projected monthly net income of $27,647.48. The projections show that the Debtor can generate some net operating income from the Property. They do not, however, show an ability to satisfy the treatment of secured creditors proposed in the Plan. At full occupancy, the Debtor's own projections show net income of $27,647.48 per month. According to the Court, that amount is not sufficient to pay current interest on Indicate's claim, materially reduce principal, pay Indicate in full within eighteen months after the Effective Date, or provide meaningful payment toward Re III's junior secured claim. Refinancing The Debtor contends that it has pursued refinancing and that refinancing will provide the principal source of payment to Indicate. The Court finds the record does not include a binding loan commitment, executed refinancing agreement, or other enforceable financing document establishing that refinancing will close on terms sufficient to pay Indicate within the Plan period. The Debtor's evidence shows earnest efforts to obtain financing. However, it does not show that financing is available on terms sufficient to perform the Plan. In fact, the Debtor has had an additional four months from the date of the evidentiary hearing to secure refinancing. A plan may depend on refinancing if the evidence shows a reasonable assurance that refinancing will occur. Without a binding commitment or specific financing terms, refinancing remains a hoped-for source of payment rather than objective evidence of a workable plan. The Court concludes the evidence presented in this case does not provide the reasonable assurance necessary to support confirmation under Sec. 1129(a)(11). Future Sales As an alternative to refinancing, the Plan provides for the future sales of townhomes. The appraisals, however, do not constitute purchase contracts, committed buyers, a sale schedule, financing commitments, or evidence of net sale proceeds available within the Plan's eighteen-month period to satisfy Indicate's secured claim in full. According to the Court, they also do not establish that the Debtor will sell enough units quickly enough and generate sufficient net proceeds to satisfy the Indicate claim and also perform the Plan's treatment of junior secured creditors. Considering the evidence as a whole, the Court cannot find that the Plan offers a reasonable prospect of success or is workable. The Plan's performance depends on future refinancing and sales that remain too uncertain on the present record. The Debtor therefore has not shown that the Plan has a reasonable possibility of being confirmed within a reasonable time. The Disclosure Statement and Plan depend on the Debtor's continued possession and control of the Property to collect rents, obtain refinancing, and sell the townhomes. Because the Debtor did not make the monthly payments required by Sec. 362(d)(3)(B) and did not satisfy Sec. 362(d)(3)(A), Indicate is entitled to relief from the automatic stay. Because the Court grants Indicate relief from stay as to the Property, there is no present purpose in proceeding with solicitation under the existing Plan. The Debtor's request for approval of the Disclosure Statement will therefore be denied as moot. The Court does not deny Debtor's Amended Plan. The Plan is not before the Court for confirmation, and a plan proponent may modify a plan before confirmation. 11 U.S.C. Sec. 1127(a). The Court makes no determination in this Order concerning any future amended plan or other course of administration in this chapter 11 case. The Court makes no final determination in this Order regarding the allowed amount of Indicate's claim, the amount of any other creditor's claim, or lien priority except as necessary to grant relief from stay under 11 U.S.C. Sec. 362(d)(3). A copy of the Court's Opinion and Order dated July 17, 2026, is available at https://urlcurt.com/u?l=9uWhW8 from Pacermonitor.com. About Montana Village Developers LLC Based in Denver, Colorado, Montana Village Developers, LLC, is a real estate development company focused on a single property, qualifying it as a single-asset real estate entity under 11 U.S.C. Section 101(51B). It is managed by Nathan Adams through its sole equity holder, redtCapital Partners, LLC. Montana Village Developers filed its voluntary petition for Chapter 11 protection (Bankr. D. Colo. Case No. 25-16406) on Oct. 1, 2025, listing between $10 million and $50 million in both assets and liabilities. The petition was signed by Nathan Adams in his capacity as manager of redtCapital Partners, LLC, the Debtor's managing member. Judge Joseph G Rosania Jr. oversees the case. Wadsworth Garber Warner Conrardy, P.C., serves as the Debtor's legal counsel. MPH RESTAURANT: Court Orders Appointment of Chapter 11 Trustee -------------------------------------------------------------- Chief Judge Jacqueline Cox of the U.S. Bankruptcy Court for the Northern District of Illinois granted the motion of R Restaurant Group, LLC to appoint a Chapter 11 trustee in the bankruptcy case of MPH Restaurants, LLC. R Restaurant Group is a judgment creditor of MPH Restaurants pursuant to a final and non-appealable judgment in the amount of $1,788,281.48 entered on Dec. 8, 2025. Iy is also the priority perfected secured creditor in the Debtor's assets. The Debtor, MPH Restaurants, owns 100% of the membership interests of three Illinois limited liability companies: Smith & Wells, LLC, LaSalle Street, LLC and Madison Restaurant, LLC. Smith & Wells currently operates the Randolph Tavern. LaSalle once operated the City Social Restaurant and Madison once operated the Madison Tavern; those two establishments closed within the past year. Before 2021, R Restaurant Group owned the subsidiaries and operated the restaurants. It sold the subsidiaries to the Debtor for approximately $1.935 million in 2021. Payment was to be made weekly in amounts equal to 10% of the businesses' pre-tax gross revenue. R Restaurant Group was granted a first-priority security interest in the Debtor's membership interests in the LLCs as well as security interests in the Debtor's other assets including the LLCs' deposit accounts and accounts receivable. In 2024, the Debtor was sold to Marc Hochmuth, with R Restaurant Group's consent. R Restaurant Group was to be paid $1,633,212.93, principal, plus $81,660.65 late charges and $20,000 fees and costs via weekly installments of 10% of the pre-tax gross revenue of the restaurants. The Debtor, the subsidiaries and Hochmuth ratified R Restaurant Group's security interests in the membership interests and the Debtor's other property. According to R Restaurant Group, soon after Hochmuth purchased the Debtor, the Debtor failed to make payments due under the 2024 agreement. Through online access to the LLCs' bank accounts, R Restaurant Group observed that Hochmuth frequently paid himself, withdrew large amounts of cash and charged his personal expenses to the subsidiary LLCs. The Debtor's position is that this case should be dismissed on its motion because it is an empty shell and that its filing was an error. However, the Debtor owns three LLCs, one of which has an operating restaurant, the Randolph Tavern, operated by the Smith & Wells LLC. Mr. Hochmuth admitted this at the Section 341 meeting when he testified that he owns the Debtor and that the Debtor owns 100% of the subsidiaries, the three LLCs. In his memorandum opinion, Judge Cox directed the U.S. Trustee for Region 11 to appoint a Chapter 11 trustee in the Debtor's bankruptcy case. "The facts support appointment of a trustee under Section (a)(1) on two grounds. First, the representation that the Debtor has no assets is not convincing. It owns and operates a restaurant that is a positive asset. The second ground is the potential misdirection shown the court in that the Debtor first said it wanted to dismiss this case to file a case for Smith & Wells. Lately the court has been told that Smith & Wells will not file a bankruptcy petition, while Hochmuth has filed a bankruptcy petition. The court and creditors need a trustee in place to get solid, credible information about the Debtor's financial condition and which entity is actually in need of bankruptcy relief. That Hochmuth has made several withdrawals from the subsidiaries' bank accounts tells the court that Debtor's managing member can't be trusted. The withdrawals justify a finding of cause, and support the appointment of a trustee. Creditor [R Restaurant Group] does not have confidence in the debtor. If a trustee can make decisions about the Debtor's future in a timely manner, the benefit of having a trustee could outweigh its costs," Judge Cox said. A copy of the court's memorandum opinion dated July 9, 2026, is available at https://urlcurt.com/u?l=FDBppD from Pacermonitor.com. About MPH Restaurants LLC MPH Restaurants, LLC is an Illinois-based company engaged in operating restaurant establishments, offering food and dining services to customers. The company participates in the hospitality and food service industry. MPH Restaurants, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-05071) on March 23, 2026. In its petition, the Debtor reports estimated assets between $0 and $100,000 and estimated liabilities between $1,000,000 and $10,000,000. Honorable Bankruptcy Judge Jacqueline P. Cox handles the case. The Debtor is represented by Paul M. Bach, Esq., at Bach Law Offices. MU HOLDINGS: Gets Extension to Access Cash Collateral ----------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Fort Myers Division entered a third interim order authorizing MU Holdings, LLC to use cash collateral. Under the third interim order, the Debtor is authorized to use cash collateral to pay amounts specifically authorized by the court, including interim compensation for the Subchapter V trustee; current and necessary operating expenses listed in the approved budget; and any additional amounts approved in writing by secured creditors. This authorization continues until further order of the court. As adequate protection, secured creditors will receive a perfected post-petition lien on the pre-petition collateral with the same validity and priority as their alleged pre-petition lien, without needing additional filings. If the Debtor defaults, secured creditors must give written notice and a five-business-day cure period before seeking court intervention. The order preserves all parties' rights to later challenge liens, request additional protections, or seek restrictions on further use of cash collateral. The order is available at https://urlcurt.com/u?l=Gv9Pvq from PacerMonitor.com. A continued hearing is scheduled for Aug. 26. MU Holdings identifies two entities with potential perfected prepetition security interests in its cash collateral: the U.S. Small Business Administration (UCC-1 filed in 2020, continued in 2025) and Renasant Bank (UCC-1 filed in 2025 covering all assets). The Debtor reserves the right to challenge the validity, extent, priority, and enforceability of these liens. About MU Holdings LLC MU Holdings, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-00637) on March 23, 2026, with up to $50,000 in assets and up to $1 million in liabilities. Michael Ulizio, president of MU Holdings, signed the petition. Michael Dal Lago, Esq., at Dal Lago Law, represents the Debtor as bankruptcy counsel. NEW GRAFTON: Seeks to Hire Bedi Legal PC as Counsel --------------------------------------------------- New Grafton Baptist Church seeks approval from the U.S. Bankruptcy Court for the Eastern District of Virginia to employ Bedi Legal, P.C. as legal counsel. The firm will provide these services: (a) amend or prepare the petition, lists, schedules and statements required by 11 U.S.C. Sec. 521; prepare the pleadings, motions, notices and orders required for the orderly administration of the estate; and consult with and advise the company in the reorganization of its business and the orderly administration of its assets; (b) prepare for, prosecute, defend and represent the company's interest in all contested matters, adversary proceedings and other motions and applications arising under, arising in or related to the case; (c) advise and consult concerning administration of the estate, the rights and remedies regarding the company's assets, and the claims of administrative, secured, priority and unsecured creditors and other parties in interest; (d) investigate the existence of other assets of the estate and, if any exist, take appropriate action to have them turned over to the estate, including instituting lawsuits and investigating whether lawsuits exist; (e) interact with and file applications for court approval of the engagement of other professionals regarding services incident to the administration of the estate, preparation of the plan of reorganization and prosecution of causes of action; and (f) prepare a plan of reorganization, negotiate with creditors and parties in interest affected by the plan, obtain confirmation of the plan, and perform all acts reasonably necessary to consummate the plan. The firm will be paid at these rates: John E. Bedi $450 per hour Carolyn A. Bedi $400 per hour Staff Attorney $275 per hour Paralegal $175 per hour Legal Assistant $100 per hour Receptionist $50 per hour The firm received from the Debtor a retainer of $3,500. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Ms. Bedi 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: Carolyn A. Bedi, Esq. John E. Bedi, Esq. Bedi Legal, P.C. 1305 Executive Blvd., Ste. 110 Chesapeake, VA 23320 Tel: (757) 222-5842 Fax: (757) 671-1682 E-mail: carolyn@bedilegal.com john@bedilegal.com About New Grafton Baptist Church New Grafton Baptist Church, filed a Chapter 11 bankruptcy petition (Bankr. E.D. Va. Case No. 26-50618) on June 20, 2026. The Debtor hires Bedi Legal, P.C. as legal counsel. OLIVE LEAF: Andrew Kight Named Subchapter V Trustee --------------------------------------------------- The Acting U.S. Trustee for Region 10 appointed Andrew Kight of Allman Kight Hester, LLC as Subchapter V trustee for The Olive Leaf, LLC. Mr. Kight 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. Kight declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Andrew T. Kight 108 E. 9th Street Indianapolis, IN 46202 317-608-1130 trusteekight@jhklegal.com About The Olive Leaf LLC The Olive Leaf, LLC is a Bloomington, Indiana-based specialty food and confectionery retailer. The company operates the Kirkwood Sweet Shop in downtown Bloomington, offering handmade truffles, gourmet confections, and specialty olive oils, along with community focused baking classes and local food initiatives. The Olive Leaf sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Case No. 26-04245) on June 30, 2026. In its petition, the Debtor reported assets of up to $50,000 and liabilities of between $50,000 and $100,000. Honorable Bankruptcy Judge Jeffrey J. Graham handles the case. The Debtor is represented by Joseph A. Ross, Esq., at Joseph A. Ross Law Office. OLYMPIAN WAY: John Whaley Named Subchapter V Trustee ---------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed John Whaley of John T. Whaley, CPA, LLC as Subchapter V trustee for Olympian Way Development LLC. Mr. Whaley will be paid an hourly fee of $440 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Whaley declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: John T. Whaley, CPA JOHN T. WHALEY, CPA, LLC P.O. Box 76362 Atlanta, GA 30358 Phone: 404-946-5272 Email: trustee@jtwcpa.net About Olympian Way Development LLC Olympian Way Development LLC is an Atlanta, Georgia-based residential building construction and real estate development company focused on acquiring, developing, and holding residential properties. The company has operated as a buy-and-hold real estate investor specializing in single-family homes and vacant land across the Atlanta-Sandy Springs-Roswell metropolitan area. Olympian Way Development sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-58984) on July 10, 2026. In its petition, the Debtor reported estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Honorable Barbara Ellis-Monro, Chief Judge, handles the case. The Debtor is represented by Brad Fallon, Esq., of Fallon Law PC. P Y T-SHIRTS: Seeks $400,000 DIP Loan ------------------------------------- P Y T-Shirts Silk Screening Co. Inc. asks the U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, for authority to use cash collateral and obtain post-petition debtor-in-possession financing. The Debtor requests authority to borrow $400,000 from its president, Yossi Zaga, who has served as a long-time financial supporter of the company. The financing is intended to provide the liquidity needed to continue normal business operations during the bankruptcy case, including paying employee salaries and other ordinary operating expenses. The Debtor also seeks authority to execute a UCC-1 financing statement granting the lender a security interest in substantially all of the company's assets, subordinate only to the existing lien held by the Small Business Administration. The Debtor has operated continuously since 1994 and specializes in placing various types of imprints on T-shirts. Based in Vernon, California, the company employs between 85 and 100 workers. The Debtor filed for Chapter 11 bankruptcy relief after experiencing significant financial distress. The company's financial difficulties arose primarily from the costly relocation of its operations from one facility to another. The move required transporting heavy manufacturing equipment, incurring higher lease expenses at the new location, and absorbing other relocation costs. At the same time, the Debtor became involved in three employee lawsuits, which it states it lacks the financial resources to defend adequately. These combined factors placed severe pressure on the company's finances and ultimately led to the bankruptcy filing. The Debtor emphasizes that Yossi Zaga has repeatedly provided financial support to keep the business operating. Before the bankruptcy filing, he loaned approximately $2 million to the company, all of which remains unsecured. In his declaration, Zaga acknowledges that much of this prepetition debt may ultimately be discharged through the bankruptcy process. Despite that risk, he is willing to extend an additional $400,000 in post-petition financing because he believes it represents the best available means of preserving the business. He explains that he explored alternative financing sources, but available third-party lenders demanded substantially higher interest rates, making insider financing the most economical option for the debtor. However, he states that he is willing to provide the new funding only if he receives a post-petition security interest through a UCC-1 financing statement subordinate to the SBA's existing lien. The proposed DIP loan would be used exclusively to pay the Debtor's ordinary and necessary business expenses, including employee wages and other operating costs necessary to maintain ongoing operations. A hearing on the matter is set for August 6, at 1 p.m. A copy of the motion is available at https://urlcurt.com/u?l=TlUU4K from PacerMonitor.com. About P Y T-Shirts Silk Screening Co. Inc. P Y T-Shirts Silk Screening Co. Inc. operates a long-standing t-shirt imprinting and silk-screening business in the City of Vernon. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal Case No. 2:26-bk-11613-DS) on February 22, 2026. The Debtor disclosed up to $50,000 in assets and up to $1 million in liabilities. Judge Deborah J. Saltzman oversees the case. Stella Havkin, Esq. represents the Debtor as legal counsel. PACIFICA OF THE VALLEY: Hires Verita Global as Claims Agent ----------------------------------------------------------- Pacifica of the Valley Corporation seeks approval from the U.S. Bankruptcy Court for the District of Delaware to hire Kurtzman Carson Consultants, LLC, doing business as Verita Global, as claims and noticing agent. Verita Global will oversee the distribution of notices and will assist in the maintenance, processing, and docketing of proofs of claim filed in the Chapter 11 case of the Debtor. Before the petition date, the Debtor provided Verita a retainer in the amount of $10,000. Evan Gershbein, executive vice president at Verita Global, 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: Evan J. Gershbein Verita Global 222 N. Pacific Coast Highway, 3rd Floor El Segundo, CA 90245 Telephone: (310) 823-9000 Facsimile: (310) 823-9133 Email: egershbein@kccllc.com About Pacifica of the Valley Pacifica of the Valley, doing business as Pacifica Hospital of the Valley, operates a 231-bed acute care hospital located in Sun Valley, California. The hospital provides inpatient, outpatient, 24-hour emergency, acute care, surgical, rehabilitation, subacute, behavioral health, diagnostic imaging, laboratory, and pharmacy services. It serves adults in the San Fernando Valley and operates a behavioral health urgent care clinic in Sylmar that provides crisis intervention, stabilization, case management, and urgent mental health care. Pacifica of the Valley Corporation d/b/a Pacifica Hospital of the Valley filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 26-11060) on July 4, 2026, listing $50 million to $100 million in assets and $100 million to $500 million in liabilities. The petition was signed by Precious Mayes as CEO and president. Laura Davis Jones, Esq. at PACHULSKI STANG ZIEHL & JONES LLP serves as the Debtor's counsel. PHUONG VO: Seeks Continued Cash Collateral Access ------------------------------------------------- Phuong Vo Enterprises, Inc. asks the U.S. Bankruptcy Court for the Northern District of California, San Jose Division, for authority to use cash collateral and provide adequate protection. The Debtor emphasizes that the request is limited solely to obtaining permanent authorization to continue using cash collateral under the same operating budget previously approved on an interim basis. It does not seek approval of a separate stipulation negotiated with the U.S. Small Business Administration regarding adequate protection, collateral valuation, or treatment of the SBA's secured claim under the debtor's reorganization plan. The Debtor's successful performance since the court entered its interim cash collateral order. According to the Debtor, it has continued operating its nail salon business responsibly while substantially complying with the court-approved operating budget. The company's first Monthly Operating Report, filed on June 18, 2026, demonstrates that its financial performance closely matched projections. During the reporting period, the business generated approximately $27,580 in gross receipts compared with the budgeted monthly projection of $29,595, representing a variance of less than seven percent. Operating expenses likewise remained within the authorized budget parameters and well inside the ten percent variance permitted under the interim order. The Debtor argues that this consistent financial performance demonstrates its ability to responsibly manage cash collateral while preserving the business as a going concern. Since filing its Chapter 11 Subchapter V petition on May 22, 2026, Phuong Vo Enterprises has continued operating as a debtor-in-possession under the authority of 11 U.S.C. Sections 1108 and 1184. In addition to timely filing its first Monthly Operating Report, the Debtor filed its Subchapter V Plan of Reorganization on June 20, 2026, reflecting continued advancement toward restructuring. The Debtor further advises that it has successfully negotiated a consensual agreement with the SBA, which is the only secured creditor asserting a perfected security interest in substantially all of the Debtor's business assets and cash collateral. That agreement addresses adequate protection, collateral valuation, and treatment of the SBA's secured claim under the proposed plan, although the Debtor stresses that approval of the stipulation is being sought separately from the present motion. According to the Debtor, the interim cash collateral order has accomplished its intended purpose by allowing uninterrupted business operations while protecting the interests of the secured creditor. Cash collateral has been used exclusively for ordinary and necessary business expenses essential to maintaining operations, including payroll, rent, utilities, taxes, business supplies, and other operating costs. Because actual revenues and expenses have remained closely aligned with the approved budget, the debtor states that no modifications to the existing budget are necessary. It therefore requests that the same operating budget previously authorized on an interim basis be adopted as the final budget governing future use of cash collateral. The Debtor contends that its responsible post-petition operations, compliance with the approved budget, and successful negotiation of a consensual stipulation with the SBA collectively demonstrate that continued use of cash collateral is appropriate and beneficial to the bankruptcy estate. Maintaining uninterrupted operations is presented as essential to preserving the nail salon's going-concern value, maximizing recoveries for creditors, and facilitating confirmation of the debtor's Subchapter V reorganization plan. A hearing on the matter is set for July 28, at 2 p.m. A copy of the motion is available at https://urlcurt.com/u?l=9Oj0vX from PacerMonitor.com. About Phuong Vo Enterprises Inc. Phuong Vo Enterprises, Inc. sought protection under U.S. Bankruptcy Code (Bankr. N.D. Calif Case No. 26-50836) on May 22, 2026. In the petition signed by Phuong Nhat Vo, chief executive officer, the Debtor disclosed up to $50,000 in assets and up to $1 million in liabilities. Judge Stephen L. Jackson oversees the case. Arasto Farsad, Esq., at Farsad Law Office, P.C., represents the Debtor as legal counsel. Christopher Hayes serves as Subchapter V trustee for the Debtor. RAGUSE FAMILY: Seeks to Hire ZRG Partners LLC as Accountant ----------------------------------------------------------- Raguse Family Partnership and affiliates seek approval from the U.S. Bankruptcy Court for the District of Minnesota to employ ZRG Partners, LLC as accountant. The firm will provide these services: -- prepare monthly Profit and Loss (P&L) statements for the bankruptcy estates; -- prepare Balance Sheets reflecting estate assets and liabilities; -- review and assess the Debtors' cash accounts, financial reporting, and accounting records to confirm accuracy, completeness, and compliance with applicable accounting policies and procedures; -- prepare cash flow analysis for each bankruptcy estate; -- assist in preparation of Monthly Operating Reports; and -- performing all other services that the Debtors request or are reasonably necessary to represent their interests in these cases. The firm will be paid at the rate of $175 per hour. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Ms. Woodward 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: Madeliene Woodward ZRG Partners, LLC 131 Kings Highway East Haddonfield, NJ 08033 About Raguse Family Partnership Raguse Family Partnership operates agricultural and cattle farms. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Minn. Case No. 26-60308) on May 14, 2026. In the petition signed by Truman Raguse, partner, the Debtor disclosed up to $10 million in both assets and liabilities. Judge William J. Fisher oversees the case. James Jorissen, Esq., at Taft Stettinius & Hollister LLP, represents the Debtor as legal counsel. East West Bank, as DIP lender, is represented by: Robert M. Hirsh, Esq. Francisco Vazquez, Esq. James A. Copeland, Esq. Norton Rose Fulbright US LLP 1301 Avenue of the Americas New York, NY 10019 Email: robert.hirsh@nortonrosefulbright.com francisco.vazquez@nortonrosefulbright.com james.copeland@nortonrosefulbright.com REMINGTON RANCH'S: Hearing Today on Bid to Use Cash Collateral -------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Texas, Dallas Division, is set to hold a hearing today to consider extending Remington Ranch's Best Living, LLC's authority to use cash collateral. The Debtor was initially allowed to access cash collateral under the court's July 9 interim order. The initial order granted Federal National Mortgage Association (Fannie Mae) replacement liens on certain assets of the Debtor that are co-extensive with the lender' pre-petition liens. These replacement liens do not extend to Chapter 5 avoidance actions and do not prime tax authority liens. The Debtor's cash collateral primarily consists of funds in which the Federal National Mortgage Association (Fannie Mae) claims a security interest. Access to these funds is essential because the Debtor has no alternative financing and requires immediate liquidity to continue normal business operations. About Remington Ranch's Best Living LLC Remington Ranch's Best Living, LLC owns a multifamily apartment community in Stillwaster, Oklahoma. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 26-32804) on June 26, 2026. In the petition signed by Marc Kulick, authorized signatory, the Debtor disclosed between $10 million and $50 million in both assets and liabilities. Judge Stacey G. Jernigan oversees the case. Joyce Lindauer, Esq., at Lindauer & Vaughn, represents the Debtor as legal counsel. REVI EXPRESS: Court Extends Cash Collateral Access to Aug. 13 ------------------------------------------------------------- Revi Express Inc. received another extension from the U.S. Bankruptcy Court for the District of Massachusetts to use cash collateral. The court entered a proceeding memorandum and order authorizing the Debtor to use cash collateral on an interim basis through Aug. 13 under the same terms and conditions as the prior order. The Debtor is ordered to file on or before Aug. 11 a reconciled budget showing actual to projected income and expenses for the period ending July 31, as well as beginning and ending bank balances monthly, and a projected budget for August, September and October. The next hearing is scheduled for Aug. 13. The order is available at http://bankrupt.com/misc/ReviExpress_Order26.pdf About Revi Express Inc. Revi Express Inc. is a transportation and logistics company engaged in freight and delivery services. Revi Express sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-40615) on May 26, 2026, with $50,001 to $100,000 in assets and $100,001 to $500,000 in liabilities. Stephen Darr of Huron Consulting Group serves as Subchapter V trustee for the Debtor. The Debtor is represented by Louis S. Robin, Esq. of Law Offices of Louis S. Robin. SAICP HOTEL: Seeks Cash Collateral Access Until Dec. 31 ------------------------------------------------------- The U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, is set to hold a hearing on July 28 to consider SAICP Hotel, LLC's bid to use cash collateral. SAICP is seeking court approval to continue using cash collateral through Dec. 31 and provide adequate protection to creditors with security interests in the cash collateral. The Debtor needs continued access to cash collateral to pay expenses necessary to keep its hotel operating without interruption while it pursues a Chapter 11 reorganization. The Debtor owns the real estate underlying the Le Méridien Pasadena Arcadia hotel in Los Angeles County, California. Although the Debtor owns the property, hotel operations are managed by Aimbridge Hospitality under the internationally recognized Le Méridien brand. The hotel remains a fully operational hospitality business offering guest accommodations, food and beverage services, banquet and meeting facilities, parking, and other hospitality amenities. SAICP's Chapter 11 filing resulted from severe liquidity constraints affecting the newly developed luxury hotel. The hotel faced significant financial pressures arising from the capital-intensive nature of construction and post-opening operations, rising operating expenses, property tax obligations, and debt service on approximately $29 million in development financing. The Debtor also became delinquent on certain property tax obligations, exposing it to foreclosure, receivership, and other creditor enforcement actions that threatened the hotel's ongoing operations. The Debtor said the Chapter 11 protection provides the opportunity to preserve the property's going-concern value while pursuing restructuring alternatives, including refinancing, recapitalization, a potential sale, or confirmation of a reorganization plan. As of the petition date, SAICP estimated total assets of approximately $90.85 million, including the Arcadia real estate located at 130 West Huntington Drive, cash, inventory, prepaid contracts, accounts receivable, and other personal property. The Debtor identified four secured creditors: PI HS, LLC, California Statewide Communities Development Authority, Goodsuite, and Ecolab. Goodsuite and Ecolab hold security interests only in specific equipment and do not claim an interest in cash collateral. The Debtor believes PI HS is the only creditor with a valid interest in cash collateral through a deed of trust and assignment of rents securing approximately $38.95 million owed under its loan. CSCDA is owed approximately $41.28 million under a Property Assessed Clean Energy financing arrangement. The Debtor also listed approximately $167,838 in priority tax claims owed to the California Department of Tax and Fee Administration, the Internal Revenue Service, and the City of Los Angeles Office of Finance, along with approximately $5.73 million in general unsecured claims owed to vendors, insurers, the hotel management company, and insiders. The court previously authorized interim and final use of cash collateral through July 31. Since then, the Debtor has filed a motion to assume its hotel management agreement with Aimbridge Hospitality and an application to employ Stretto Inc. as a real estate advisor to market the property. The Debtor also learned that more than $2.06 million in property taxes will become due in November. To address this obligation, insiders have committed to paying the taxes as a gift contribution, thereby preventing additional financial strain on the estate. Despite multiple negotiations between Debtor's counsel and counsel for the secured creditor, the parties were unable to reach a consensual stipulation extending cash collateral use, making judicial approval necessary. The proposed cash collateral arrangement largely mirrors the court's prior order while incorporating several important modifications. First, monthly adequate protection payments to PI HS would increase from $280,000 to $285,000. Second, the Debtor's insiders would pay the upcoming November property tax bill of approximately $2.06 million. Third, after maintaining the operating reserve required under the hotel management agreement, any excess cash generated by hotel operations would be remitted to PI HS. The Debtor also proposed to continue granting PI HS replacement liens on substantially all post-petition assets, except for avoidance actions and certain bankruptcy claims, to compensate for any diminution in the value of its collateral resulting from the Debtor's use of cash collateral. The proposed operating budget was prepared primarily by Aimbridge Hospitality and includes expenses necessary to continue normal hotel operations. Additional budget items include monthly lease payments of $60,000 to insider, SAICP Residential LLC, for parking facilities, subject to bankruptcy rules governing insider transactions, and biweekly payments of $10,000 to non-insider accounting personnel working as independent contractors. Recognizing that hotel operations may fluctuate, the Debtor also requested authority to deviate up to 10% from total budgeted expenditures and among individual budget categories without returning to court, provided no entirely new spending categories are created. A copy of the motion is available at https://urlcurt.com/u?l=LVJhaL from PacerMonitor.com. PI HS, as secured creditor, is represented by: M. Douglas Flahaut, Esq. Dylan J. Yamamoto, Esq. ECHO PARK LEGAL, APC 2210 Sunset Blvd., #301 Los Angeles, CA 90026 Telephone: (310) 709-0658 df@echoparklegal.com dylan@echoparklegal.com About Saicp Hotel LLC SAICP Hotel, LLC, doing business as Le Meridien Pasadena Arcadia, operates a hotel in Arcadia, California located at 130 W. Huntington Drive. Saicp Hotel sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 26-14338) on April 30, 2026, with between $50 million and $100 million in both assets and liabilities. Honorable Bankruptcy Judge Barry Russell handles the case. The Debtor tapped Michael Jay Berger, Esq., at the Law Offices of Michael Jay Berger as bankruptcy counsel and Stretto, Inc. as real estate advisor. SAINT AUGUSTINE'S: Hires Cherry Bekaert Advisory as Accountant -------------------------------------------------------------- Saint Augustine's University seeks approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to employ Cherry Bekaert Advisory as accountant. The firm will provide these services: a. Core Accounting Reconstruction (FY 2025)- Roll forward and reconciliation of key balance sheet accounts, with primary effort concentrated in cash, student-related balances (AR and deferred tuition), debt and net assets. b. Revenue Analysis (FY 2025)- Support for tuition and fee revenue, discounts and financial aid, grants and contributions, and auxiliary revenue needed for Form 990 reporting. c. Expense, Payroll & Functional Reporting (FY 2025)- Payroll and benefit reconciliation, analytical review of expenses, and preparation of functional expense allocations using FY 2024 as the baseline. d. Tax Compliance Support Coordination and accounting support for preparation of the FY 2025 Form 990 and compilation of student-level data required to issues Forms 1098-T for calendar year 2025. The firm will be paid at these hourly rates: Partner and Principal $295 Managing Director and Director $275 Senior Manager $260 Manager $225 Senior Associate $195 Associate $175 The firm will be paid $15,000 as retainer. The firm will also be paid $20,000 within 30 days after the start of work and another $19,000 within 60 days after the start of work. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Sturdevant 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: Jason Sturdevant Cherry Bekaert Advisory 1111 Metropolitan Ave. Ste 900 Charlotte, NC 28204 Tel: (704) 377-1678 About Saint Augustine's University Saint Augustine's University is a private historically Black university located in Raleigh, North Carolina. Founded in 1867 by the Episcopal Diocese of North Carolina, the institution was established to provide education to formerly enslaved individuals and has maintained a mission focused on academic excellence and leadership development. Saint Augustine's University sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 26-01864) on April 27, 2026. In its petition, the Debtor reports estimated assets between $100 million and $500 million and estimated liabilities between $50 million and $100 million. Honorable Bankruptcy Judge David M. Warren handles the case. The Debtor is represented by Ciara L. Rogers, Esq., Kevin L. Sink, Esq., and Jennifer B. Lyday, Esq. of Waldrep Wall Babcock & Bailey PLLC. SAINT AUGUSTINE'S: Hires Country Boys Auction as Auctioneer ----------------------------------------------------------- Saint Augustine's University seeks approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to employ Country Boys Auction & Realty, Inc. as auctioneer. The firm's services include: a. preparing and conducting an inventory of the property to be sold and reporting the results to the Debtor; b. advising the Debtor of the security of the location of the assets and of any need for special handling, including securing and changing of locks as needed; c. assisting the Debtor in establishing a location for the sale and any presale storage; d. assembling assets to be sold, including cleaning, tagging, sorting, and grouping and set up of assets to be sold; e. providing and posting of signs; f. creation and distribution of sale brochures, including any postage expenses; g. providing all advertising text; h. providing for a registrar/cashier at sale; i. registration of bidders by name, address, and bidder number j. conducting sale and collection of auction proceeds, and providing for security and site restoration; k. providing the Debtor with a sale report, including bid sheets of items sold, a copy of bidder registration, and accounting of receipts, a written copy of all pre-sale announcements, and copies of all ads and brochures used with the sale; and l. any other liquidation services for the Debtor as may be necessary for an orderly and complete liquidation; The firm will be paid at these rates: --20 percent of first 20,000; --10 percent of next 50,000; and --8 percent of balance. Mr. Gurkins 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: Michael Gurkins Country Boys Auction & Realty, Inc. 1211 West 5th Street Washington, NC 27889 Tel: (252) 946-6007 About Saint Augustine's University Saint Augustine's University is a private historically Black university located in Raleigh, North Carolina. Founded in 1867 by the Episcopal Diocese of North Carolina, the institution was established to provide education to formerly enslaved individuals and has maintained a mission focused on academic excellence and leadership development. Saint Augustine's University sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 26-01864) on April 27, 2026. In its petition, the Debtor reports estimated assets between $100 million and $500 million and estimated liabilities between $50 million and $100 million. Honorable Bankruptcy Judge David M. Warren handles the case. The Debtor is represented by Ciara L. Rogers, Esq., Kevin L. Sink, Esq., and Jennifer B. Lyday, Esq. of Waldrep Wall Babcock & Bailey PLLC. SANTA PAULA HAY: Court OKs Deal to Access Cash Collateral --------------------------------------------------------- The U.S. Bankruptcy Court for the Central District of California, Northern Division, approved a stipulation between Santa Paula Hay & Grain and Ranches and Zions Bancorporation, NA regarding the use of cash collateral. The primary purpose of the stipulation is to extend the Debtor's ability to use previously authorized cash collateral. The Debtor was previously allowed to use cash collateral generated by Cummings Ranch only through June 30. However, the Debtor did not expend all of the cash collateral that had been approved for use during that period. Under the latest stipulation, the Debtor is authorized to access unused cash collateral through July 31. Zions holds a security interest in Cummings Ranch located at 291 Cummings Road in Ventura County, California, pursuant to a Deed of Trust and Fixture Filing recorded on August 12, 2021. The collateral consists of the ranch property identified by Ventura County Assessor's Parcel Numbers 090-0-060-135 and 090-0-060-065. The deed of trust secures a loan for which Zions has filed an amended proof of claim in the bankruptcy case asserting a secured claim of $4,112,496 as of March 12, 2025. A copy of the stipulation is available at https://urlcurt.com/u?l=hhK4yL from PacerMonitor.com. About Santa Paula Hay & Grain and Ranches Santa Paula Hay & Grain and Ranches specializes in providing a variety of hay and grain products to meet the needs of farmers and animal owners. The Company offers high-quality feed options for livestock and pets. Santa Paula Hay & Grain and Ranches sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-10314) on March 12, 2025. In its petition, the Debtor reports estimated assets between $100 million and $500 million and between $10 million and $50 million. Honorable Bankruptcy Judge Ronald A. Clifford III handles the case. The Debtor is represented by Reed Olmstead, Esq. Zions Bancorporation, NA dba Zions First National Bank, is represented by Jessica L. Giannetta, Esq. at Giannetta Law Corporation. SATURN OIL: S&P Rates New US$560MM Senior Unsecured Notes 'B+' -------------------------------------------------------------- S&P Global Ratings assigned its 'B+' issue-level rating and '2' recovery rating to Saturn Oil & Gas Inc.'s proposed US$560 million and C$150 million senior unsecured notes due 2031. The '2' recovery rating indicates our expectation for substantial (capped at 70%-90%; rounded estimate: 85%) recovery in the event of a default. S&P said, "We cap our recovery ratings on the unsecured debt of companies we rate in the 'B' category at '2' (85%) because we assume, based on empirical analysis, that the size and ranking of their debt and nondebt claims will change prior to a hypothetical default. "We expect Saturn will use the proceeds from these proposed notes to fully redeem its existing US$504 million 9.625% senior secured notes due 2029, as well as to partially fund its recently announced C$116 million acquisition of Burgess Creek. Following the announcement of this acquisition, the company upsized its C$150 million revolving credit facility (RCF) to a C$200 million elected commitment (C$500 million borrowing base). "We view these transactions as neutral for the company's credit quality. Accordingly, our 'B' issuer credit rating and stable outlook on Saturn are unchanged." The Burgess Creek acquisition will add about 2,400 barrels of oil equivalent per day (boe/d) of production (99% light oil), increasing the company production profile by about 5% to an average of approximately 44,000 boe/d this year. Saturn expects to realize about C$7 million of annual synergies from the transaction, given the proximity of the acquired assets to its core Southeast Saskatchewan assets. S&P said, "The additional free cash flow generation from the acquired assets will partially offset the impact of the incremental debt it used to fund the transaction under our forecast, supporting the current rating. Importantly, however, we do not net cash for this rating level and expect gross debt reduction to be limited to the mandatory offer to repurchase 5% of principal annually on the proposed notes, given the company is not utilizing its upsized RCF as a funding source. "Accordingly, we expect Saturn's credit measures will weaken in 2027 under our assumption of a West Texas Intermediate price of US$75 per barrel (/bbl; versus US$105/bbl for the remainder of 2026). Specifically, we expect the company's S&P Global Ratings-adjusted funds from operations (FFO) to debt and debt to EBITDA will be about 65% and 1.4x in 2026, respectively, before weakening to 45% and 1.8x in 2027. Nevertheless, Saturn's metrics remain sufficiently above our downgrade trigger for the current rating (FFO to debt of below 30%). That said, the company's ratings upside remains contingent on a material expansion of its operating scale or a reduction in its gross debt." ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors -- S&P assigned its 'B+' issue-level rating and '2' recovery rating to the proposed senior unsecured notes. The '2' recovery rating indicates its expectation for substantial (capped at 70%-90%; rounded estimate: 85%) recovery in the event of a default. -- S&P caps its recovery ratings on the unsecured debt of companies it rates in the 'B' category at '2' (85%) because S&P assumes, based on empirical analysis, that the size and ranking of their debt and nondebt claims will change prior to a hypothetical default. -- S&P's recovery analysis is based on Saturn's year-end 2025 reserves and updated for the proposed US$560 million and C$150 million senior unsecured note issuances and upsized RCF. -- S&P assumes the existing US$504 million 9.625% senior secured notes due 2029 are fully redeemed with the proceeds from the proposed issuances, based on management guidance, prior to its simulated default in 2029. -- S&P assumes the company's upsized revolving credit facility is fully drawn to the C$200 million elected commitment at the time of default. -- S&P also includes the mandatory offer to repurchase 5% of the principal annually under the company's proposed senior unsecured notes. -- S&P's simulated default scenario assumes a default in 2029 and contemplates a significant drop in oil prices that limits the company's ability to fund its fixed charges and exhausts its available liquidity. -- S&P values the company on a going-concern basis using a reserve multiple approach that applies a range of distressed fixed prices to its proved reserves and caps the value of its proven undeveloped reserves at 25% of the total estimated enterprise value. -- S&P's recovery analysis assumes that, in a hypothetical bankruptcy scenario, Saturn's secured creditors are fully covered. Simulated default assumptions -- Simulated year of default: 2029 Simplified waterfall -- Net enterprise value (after 5% administrative costs): US$1.4 billion -- Valuation split (obligors/nonobligors): 100%/0% -- Secured first-lien debt and priority claims: US$160 million --Recovery expectations: Not applicable -- Senior unsecured debt and pari passu claims: US$705 million --Recovery expectations: Capped at 70%-90% (rounded estimate: 85%) Note: All debt amounts include six months of prepetition interest. SENIOR HOME HEALTH: Gets Extension to Access Cash Collateral ------------------------------------------------------------ Senior Home Health Care, LLC received another extension from the U.S. Bankruptcy Court for the District of Minnesota to use cash collateral. The court authorized the Debtor to use cash collateral to fund its operations through Sept. 25 in accordance with its financial projections. As adequate protection, Merchants Bank, National Association and other secured creditors will be granted replacement liens on post-petition assets of the same type, priority, and extent as their pre-petition liens, to the extent of any decline in the value of their collateral. The replacement liens exclude Chapter 5 avoidance actions. Merchants Bank will receive monthly payments of $3,800, starting this month and continuing on the first day of each month until Sept. 25 or the effective date of a confirmed Chapter 11 plan, whichever occurs first. Additional safeguards include insurance coverage on the Debtor's assets and regular financial reporting to secured creditors. The order does not determine the validity, amount, extent, priority, or allowance of Merchants Bank's claim, including any rights the bank may have under Sections 506(b) and 507(b) of the Bankruptcy Code, with all such issues expressly reserved. Merchants Bank's objection to the motion was resolved by the terms of the order and all remaining objections were overruled. The order is available at http://bankrupt.com/misc/SeniorHomeHealth_CCOrder72.pdf Merchants Bank, the Debtor's largest traditional lender, made a $500,000 loan in June 2024, which is secured by substantially all of the Debtor's assets. The bank perfected its security interest through UCC filings and held a balance of $387,719 as of the petition-date. As of the bankruptcy filing, the Debtor held about $527,362 in cash collateral, including $6,285 in cash and $521,077 in accounts receivable. It projects cash collateral will increase to about $688,016 by the end of August and $757,500 by the end of September, arguing that secured creditors' collateral positions will remain protected and likely improve during the Chapter 11 case. About Senior Home Health Care, LLC Senior Home Health Care, LLC is a Medicare-certified skilled home health agency. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Minn. Case No. 26-41044) on March 30, 2026. In the petition signed by Jeylani Hashi, president, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. Karl Johnson, Esq., at MJB Law Firm PLLC, represents the Debtor as legal counsel. SKYVEST RENEWABLES: S&P Rates New Sr Secured Term Loan B (P) 'BB-' ------------------------------------------------------------------ S&P Global Ratings assigned its 'BB-' preliminary rating and '2' recovery rating to SkyVest Renewables' proposed senior secured term loan B (TLB; issued by Solebury Borrower I LLC). The '2' recovery rating indicates its expectation for substantial (70%-90%; rounded estimate: 70%) recovery in the event of default. S&P does not rate the project's revolving credit facility (RCF) and letter of credit (LC) facility. SkyVest will use the proceeds from the TLB to refinance its existing project debt (resulting in all assets being unencumbered), reimburse the bridge equity provided by ArcLight as part of the acquisition, and pay transaction-related fees and expenses. S&P said, "We forecast a minimum debt service coverage ratio (DSCR) of about 1.36x through the project's forecast life (2026-2046). The minimum DSCR occurs during the post-TLB period. Our forecast DSCR assumes that the project uses all of its permitted project investment basket (capped at $50 million annually) to fund growth capital expenditure (capex) to the extent possible. "The stable outlook reflects our expectation that the portfolio will operate as expected and in line with its contractual obligations, enabling it to generate sufficient cash flows to service its debt obligations. Our outlook also anticipates the project will maintain its forecast maintenance spending levels and that its maintenance expenditures will not escalate materially." SkyVest is a renewable power generation platform backed and owned by Arclight. Skyvest owns and operates utility scale wind (9 assets) and solar (1 asset) facilities across the U.S. Its operating portfolio comprises approximately 1.5 gigawatts (GW) of assets located across various wholesale power markets, including ERCOT, PJM, CAISO, MISO, and SPP. The portfolio includes operating assets in Texas, California, Minnesota, Ohio, Illinois, Indiana, and Colorado. SkyVest's revenue is underpinned by its long-term power purchase agreements (PPAs) with investment-grade counterparties, which have an average life of 7.5 years. Commercial Capacity (MW) Region State operation date Lakefield 2011 205.5 MISO Minnesota Shiloh 2012 102.5 CAISO California Benton 2008 131 MISO Indiana Camp Grove 2007 150 PJM Illinois Colorado 2012 91 SPP Colorado Highlands Bearkat 1 2017 197 ERCOT Texas Stanton 2008 120 ERCOT Texas Northwest Ohio 2018 105 PJM Ohio Holstein 2020 200 ERCOT Texas McCrae 2020 162.5 ERCOT Texas Diversified portfolio enhances operational and generation resilience. The portfolio comprises 10 operating assets across five power markets, reducing the project's reliance on the performance of any single asset or region. SkyVest's geographic diversity also reduces its exposure to weather-driven variability. Wind conditions are increasingly influenced by localized weather patterns, including more frequent extreme events associated with El Nino and other climate cycles. Therefore, the project could partially offset weaker wind resource or lower generation at one project with stronger wind production elsewhere in the portfolio. At the same time, the assets operate in markets with distinct supply/demand fundamentals and risk drivers. For example, the portfolio's MISO assets have experienced higher curtailment due to greater renewable penetration and transmission constraints, whereas the Ohio asset in the PJM have historically experienced limited curtailment, given the region's lower wind penetration. Highly contracted portfolio with structural protections supports cash flow visibility through the TLB period until 2033. The portfolio benefits from a highly contracted revenue profile, with a weighted average remaining contract life of 7.5 years, providing strong cash flow visibility until the TLB's maturity. SkyVest's contracted revenues are diversified across multiple counterparties and assets, reducing its reliance on any single project or offtaker. The portfolio is materially exposed to the MISO and ERCOT markets, which have historically experienced elevated transmission congestion, resulting in renewable economic curtailment and basis volatility. While S&P expects these market dynamics will persist into the early 2030s, the portfolio's contractual framework materially mitigates these risks over the TLB horizon. Economic curtailment protection: Several assets in the portfolio benefit from economic curtailment protection provisions in their PPAs. Economic curtailment occurs when a project is capable of generating power but is instructed not to produce because doing so is not economical, rather than due to a physical limitation of the asset. Under these arrangements, the offtaker compensates the project for lost revenue when its generation is economically curtailed. Therefore, the project's contracted cash flows remain largely insulated from the financial impact of economic curtailment during the term of the contracts. Basis risk protection: The portfolio is also well protected from basis risk, which refers to the risk that the power price received at an individual's delivery point (referred to as the project node) differs from the broader market or hub price used to settle the PPA. About half of the portfolio's assets have PPAs settled directly at the project node, effectively eliminating this risk for those projects. For the remaining assets where basis risk exists, the PPAs incorporate material mitigation mechanisms that provide an annual allowance for periods of elevated congestion and price separation between the project node and the settlement hub. These provisions absorb the financial impact of basis volatility during infrequent, but severe, market events (such as the severe winter storms in early 2021), allowing the projects to either settle at protected pricing or curtail generation without materially affecting their contracted revenue. Market risk increases as the portfolio transitions to merchant exposure in the early- to mid-2030s. S&P said, "While we acknowledge management's demonstrated track record of re-contracting assets ahead of their expiry, and their intent to maintain the portfolio as predominantly contracted, the economics and timing of its future re-contracting remain dependent on market conditions and are subject to execution risk. Therefore, in our base case, we assume the assets operate on a fully merchant basis upon contract expiry and are therefore exposed to wholesale power prices. At the same time, we continue to view the long-term fundamentals in ERCOT and MISO as a material consideration, given their unique market dynamic." MISO: The Lakefield project is located in MISO North, which is part of the Upper Midwest wind belt where wind penetration is significantly higher than elsewhere in the MISO footprint. More specifically, the project sits within a concentrated 2 GW wind pocket that is relatively remote from major load centers. During periods of high wind generation and low local demand, it must export its surplus power across constrained transmission lines, resulting in lower local prices (basis risk) and, at times, economic curtailment when generation becomes uneconomical. S&P said, "While we anticipate continued renewable additions, we expect the planned transmission expansion will materially outpace the incremental rise in renewables. In particular, the MISO Tranche 2 and JTIQ transmission projects are expected to increase transfer capability. We expect these projects will likely improve the flow of power from northern MISO to major demand centers and, in our view, contribute to a gradual reduction in congestion that helps narrow the basis differential between the Lakefield node and Minnesota hub over time." ERCOT: ERCOT West has historically experienced similar congestion leading to renewable economic curtailment because the expansion in its wind generation has outpaced the growth of its transmission infrastructure. While the renewable development pipeline remains significant, the majority of the incremental capacity expected near the portfolio's ERCOT West assets is solar rather than wind (with approximately 800 megawatts [MW] of solar versus 170 MW of wind projected by 2030). Because solar de-generation primarily affects midday pricing, S&P expects it will have a more limited impact on West Texas wind generation, which is concentrated during the overnight and shoulder-hour periods. At the same time, S&P projects ERCOT demand will increase through the end of the decade, supported by data center development and industrial growth in the Permian basin. Combined with the $33 billion STEP (The Strategic Transmission Expansion Plan) transmission program, which will expand transfer capability from West Texas to major load centers, these developments will likely moderate both negative basis and economic curtailment risks over time. TLB has an atypical structure, with the ability to incur growth capital spending ahead of cash flow sweeps. S&P treats growth capex as distributions. Under the proposed cash flow waterfall structure, SkyVest will be able to make growth investments of up to $50 million annually before the excess cash flow sweeps. Eligible investments are limited to the existing line of business and are expected to primarily support the re-powering of aging assets, although the basket may also be used for other renewable growth opportunities. The structure is atypical of a TLB project financing because it reduces the funds available for sweeps and debt repayment during the TLB term. S&P said, "Under our base case, we treat the project's growth capex as distributions and effectively assume the full utilization of the basket ($50 million annually) to the extent possible. This assumption reduces the cash flow sweeps to some degree and ultimately increases the TLB principal outstanding at maturity. Under our base case, we project total cash flow sweeps of about $85 million, about $565 million outstanding on the TLB at maturity, and a minimum DSCR of 1.36x, which occurs in the refinancing period. Although the sponsor could choose a different refinancing structure, from 2033 we model a fully amortizing loan with a sculpted repayment profile and assume the project fully repays its debt by 2046." In comparison, absent the utilization of the growth basket, the cash flow sweeps and the minimum DSCR over the same period would have been $110 million and 1.41x, respectively. S&P said, "We recognize that these investments could ultimately be value accretive. For instance, re-powering could extend the project's asset lives and improve energy production. That said, the timing, scale, quality, and quantum of cash flows associated with these investments remain uncertain and will depend on future market conditions, the commercial framework, and successful execution. Therefore, in the absence of identified investment or contractual support, we do not attribute any value to these potential benefits under our base case and instead treat them as upside." Proactive maintenance and asset management supports the 30-year operating life assumption. The portfolio has an average asset age of about 12 years, with several projects approaching their original 20-year design life. Nevertheless, our asset life assumption for the wind assets is supported by the independent engineer's assessment and management's proactive asset management strategy. Certain projects benefit from comprehensive service agreements that cover major component replacement upon failure, reducing exposure to unexpected operations and maintenance (O&M) expenses. While most assets in the portfolio do not have these full-service agreements with O&M providers, SkyVest has invested in a predictive maintenance program that uses enhanced condition monitoring systems, sensors, and regular inspections. These systems continuously monitor the health of individual turbine components and can identify mechanical or structural issues--such as abnormal vibrations or early-stage blade cracking--before they develop into more significant failures. This allows it to proactively plan its maintenance, reducing unplanned outages and avoiding more prolonged and costly repairs. Management also retains the flexibility to pursue re-powering if deemed economically attractive. S&P said, "Our base case incorporates increasing O&M expenses and higher major component replacement costs as the fleet ages. That said, these maintenance requirements could rise faster than expected and O&M costs exceeding our base case remain a key risk that we will continue to monitor. "The stable outlook reflects our view that the portfolio will operate as expected and in line with its contractual requirements. Our outlook also anticipates the project will maintain its forecast maintenance spending levels and that it will not materially escalate these expenditures. Under our base case, we assume the project will generate a minimum DSCR of 1.36x through the asset's life (2026-2046). "We could lower the preliminary rating if the project's minimum DSCR through the forecast life falls below 1.35x, including the post-TLB period, which is when we model a hypothetical refinancing with an amortizing debt structure (albeit sculpted to project cash flows). Such a scenario could occur due to lower-than-expected wind performance, higher operating costs, or decreased availability. Additionally, a material weakness in merchant pricing during its uncontracted life (as PPAs roll off) could weaken its cash flow generation, and likely the project's DSCRs, during the refinancing period (2033-2046). Finally, the project's DSCRs could weaken below our downgrade threshold if its debt repayment under the sweeps is even lower than expected. A downgrade could also occur if the terms of the final credit agreement contain provisions weaker than we can currently anticipate. "We could raise the rating if we believe the project could sustain a minimum DSCR of at least 1.70x through its project life (2026-2046), including the refinancing period (2033-2046). Given the heavily contracted nature of the portfolio over the next few years, we would expect such an outcome to stem from a higher-than-expected debt paydown. Although we view faster-than-anticipated debt repayment as the most likely driver of a positive rating action, we could also raise our preliminary rating if our view of the project's prospects in the merchant period materially improve or re-contracting tenor and prices are more favorable than we assume under our current merchant forecast." SMITH & SON: Ruediger Mueller of TCMI Named Subchapter V Trustee ---------------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Ruediger Mueller of TCMI, Inc. as Subchapter V trustee for Smith & Son Hospitality, LLC. Mr. Mueller will be paid an hourly fee of $400 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Mueller declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Ruediger Mueller TCMI, Inc. 1112 Watson Court Reunion, FL 34747 Telephone: (678) 863-0473 Facsimile: (407) 540-9306 Email: truste@tcmius.com About Smith & Son Hospitality LLC Smith & Son Hospitality LLC, doing business as The Hangar Restaurant & Flight Lounge, is a restaurant in St. Petersburg, Florida, serving breakfast, lunch and dinner. The business also provides catering, private-event hosting, banquet and buffet options, and alcoholic and nonalcoholic beverages. Its event services support occasions including birthdays, holiday parties, corporate events and wedding festivities. Smith & Son Hospitality sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-05988) on July 9, 2026, with $100,001 to $500,000 in assets and $1 million to $10 million in liabilities. Kevin Comer, Esq., at Comer Law Firm represents the Debtor as bankruptcy counsel. SOUTH TEXAS MILITARY HOUSING: S&P Affirms 'B+' Revenue Bond Rating ------------------------------------------------------------------ S&P Global Ratings affirmed its 'B+' long-term rating on South Texas Military Housing L.P.'s series 2002 taxable military housing revenue bonds, and removed the rating from CreditWatch with negative implications, where it had been placed on April 21, 2026. The outlook is stable. The rating action reflects S&P's receipt of updated information that meets our standards for information quality and timeliness. S&P said, "The stable outlook reflects S&P Global Ratings' expectation that our assessment of key credit factors will remain in line with the current rating during the one-year outlook period. In our view, any increase in MADS coverage for fiscal 2025 is unlikely to significantly improve the three-year average DSC we use to calculate our coverage and liquidity assessment. "We could take negative rating action if there is indication that operating cash flows might be insufficient to pay full and timely debt service. Furthermore, we could lower the rating or revise the outlook to negative if our assessments of management and governance or market position were to weaken. We could also lower the rating by multiple notches if bondholders declare the bonds immediately due and payable because of the ongoing technical default, due to the issuer's failure to produce timely audits as required under the indenture. "Although we view an upgrade as unlikely during the next 12 months, we could raise the rating if the project demonstrates material financial and operational performance improvement, as evidenced by a DSC ratio sustained above 1.10x for at least two years, while maintaining high occupancy rates." A higher rating would also require stability in the oversight of the property. STAGWELL INC: S&P Affirms 'BB-' ICR on Expected Earnings Growth --------------------------------------------------------------- S&P Global Ratings affirmed all its ratings on Stagwell Inc., including the 'BB-' issuer credit rating. The stable outlook reflects S&P's expectations that Stagwell's S&P Global Ratings-adjusted leverage will sustain above 4x over the next 12 months, while market share grows and the company benefits from the midterm political cycle. Stagwell's organic revenue increased 5% in the first quarter and S&P anticipates good momentum through the remainder of the year with solid cash generation despite ongoing technology investments to support its future growth. The company recorded a $200 million increase in its tax receivable agreement (TRA) liability last year, resulting in higher S&P Global Ratings-adjusted leverage. Stagwell has improved its revenue growth profile. S&P forecasts revenue to expand about 9% in 2026, bolstered by political advertising amid the midterm election cycle. Growth across all segments increased net revenue by 4% in the first quarter of 2026 compared to the prior year. S&P said, "We think robust growth in its digital transformation segment (about 4% of total 2025 revenue) and marketing cloud segment (about 14%) will persist as these segments benefit from an increasing focus on using AI to drive insights and marketing efforts, supported by Stagwell's key products, like The Machine and Stagwell Agentic Targeting System (SATS). Its media and commerce segment (24%) is well-positioned to expand as advertising spend shifts towards digital channels. We anticipate modest improvements in marketing services (39%), while the communications segment growth fluctuates with political cycles." Stagwell's portfolio comprises over 70 agencies across 34 countries, serving approximately 4,000 global clients. Its scale remains limited compared to the largest holding companies (Publicis, Omnicom, and WPP). However, S&P thinks the company has expanded in scale sufficiently to compete for larger, global contracts. In the first quarter, the company reported a record $141 million of net new business wins. It has also demonstrated early success with its government contract efforts. Meanwhile, it continues to build its relationships with its largest blue-chip clients. Continued investments in AI and digital services support future growth. Over half of Stagwell's revenue derives from digital services, including digital advertising, performance marketing, data analytics, and consumer targeting. The company is expanding its global reach and digital offerings, benefiting from industry tailwinds in AI and increasing demand for AI-enabled solutions. Stagwell's services are aligned with the shift toward over-the-top streaming and social media advertising, and the company is poised to capitalize on increasing demand for performance marketing. Additionally, its expertise in political research and advocacy, particularly through Targeted Victory, should grow revenue during election cycles. These factors position Stagwell to consistently improve revenue. Revenue growth and cost efficiencies will expand profit margin this year. S&P thinks operational efficiencies enabled by Stagwell's technology will increase its revenue faster than its costs this year. In the first quarter, reported payroll and general and administrative costs decreased as a percentage of its net revenue, and its estimated $80 million to $100 million of planned cost savings is yet to be fully realized. With solid revenue growth in 2026, EBITDA margin will likely expand about 120 basis points to 14.2%. In 2027, our forecast reflects additional cost savings, offsetting incremental investments in the business and competitive pricing pressures, resulting in EBITDA margin sustained at about 14.2%. S&P Global Ratings-adjusted leverage will improve to 4x this year. As of the first quarter of 2026, Stagwell's adjusted net leverage rose to 5.1x from 4.4x a year earlier, reflecting both seasonal cash flow fluctuations and more than $200 million increase in its TRA liability, which was more than offset by an increase in deferred tax assets (increased by $238 million). S&P said, "We expect improved earnings and cash flow conversion in the second half of the year will reduce leverage to about 4.1x by year-end 2026. Our leverage calculation is about 1.5x higher than management's measure, reflecting our adjustments to include operating leases and the TRA liability as debt, and to treat capitalized software expenses as an operating expense." S&P said, "While the improvement in earnings and cash flow growth could lower leverage, we believe the company is likely to maintain S&P Global Ratings-calculated leverage ar low-4x over the longer term through share repurchases and acquisitions. As a result, we revised our assessment of the company's financial risk profile to aggressive from significant. "The stable outlook reflects our expectations that Stagwell's S&P Global Ratings-adjusted leverage will decline toward 4x this year and sustain at about this level. We expect digital advertising demand, growth in political advertising, and expansion of its digital transformation segment will support sustained revenue growth. We anticipate accelerating cash flow, leading to FOCF to debt sustained at about 15% or higher." S&P could lower the rating over the next 12 months if leverage sustains above 5x. This could occur if: -- Operating performance deteriorates because of competitive pressures that lead to contract losses with key clients or profit margin contraction; or -- It pursues acquisitions with a more aggressive financial policy. S&P could raise the rating over the next 12 months if Stagwell: -- Lowers and maintains leverage below 4x, supported by management's financial policy; -- Sustains FOCF to debt above 15%; -- Maintains good operating results with organic revenue growth at least in line with S&P's forecast; and -- Increases its exposure to large global contracts. STANLEY J. BERKE: Salvatore LaMonica Named Subchapter V Trustee --------------------------------------------------------------- The U.S. Trustee for Region 2 appointed Salvatore LaMonica, Esq., at LaMonica Herbst & Maniscalco, LLP, as Subchapter V trustee for Stanley J. Berke M.D. P.C. Mr. LaMonica will be paid an hourly fee of $725 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. LaMonica declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Salvatore LaMonica, Esq. LaMonica Herbst & Maniscalco, LLP 3305 Jerusalem Avenue, Suite 201 Wantagh, NY 11793 Phone: (516) 826-6500 Email: sl@lhmlawfirm.com About Stanley J. Berke M.D. P.C. Stanley J. Berke M.D. P.C. is a Westbury, New York-based ophthalmology medical practice operating under the trade name Berke Eye Care. The practice provides comprehensive ophthalmic services, including medical eye care, vision treatment, and specialized ophthalmology services from its primary office in Syosset, New York. Historically, the practice has maintained affiliations with Long Island Jewish Medical Center and Syosset Hospital. Stanley J. Berke M.D. P.C. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 26-72750) on July 9, 2026. In its petition, the debtor reported estimated assets of $100,000 to $500,000 and estimated liabilities of $100,000 to $500,000. Honorable Sheryl P. Giugliano is presiding over the case. The debtor is represented by Heath S. Berger, Esq., of BFSNG Law Group, LLP. SUNPOWER CORP: Judge Keeps California Tax Fight in Chapter 11 Court ------------------------------------------------------------------- Yun Park of Law360 Bankruptcy Authority reports that on Monday, July 20, 2026, a Delaware bankruptcy judge on Monday rejected California's attempt to shift its tax audit dispute with SunPower Corp. out of Chapter 11 court and into a state administrative proceeding, allowing the bankruptcy court to retain control over the matter. California argued that the audit should proceed before state tax authorities under its administrative framework. The debtor countered that litigating the dispute within the bankruptcy case would promote judicial efficiency, reduce costs, and prevent inconsistent rulings that could complicate the restructuring, according to report. The decision keeps the tax controversy under the supervision of the bankruptcy court as SunPower works through its Chapter 11 case. The outcome of the dispute could affect the company's liabilities, creditor recoveries, and the overall administration of its bankruptcy estate, Law360 reports. About SunPower Corp. Headquartered in Richmond, California, SunPower (NASDAQ: SPWR) -- https://www.sunpower.com/ -- is a residential solar, storage, and energy services provider in North America. SunPower offers solar + storage solutions that give customers control over electricity consumption and resiliency during power outages while providing cost savings to homeowners. SunPower Corporation and nine of its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del., Lead Case No. 24-11649) on August 5, 2024. In the petition signed by Matthew Henry as chief transformation officer, the Debtors disclosed total assets of $1,219,276,283 and total debts of $1,119,141,312 as of December 31, 2023. The Debtors have engaged Richards, Layton & Finger, P.A. and Kirkland & Ellis LP as bankruptcy counsel. Alvarez & Marsal NorthAmerica, LLC serves as financial advisor to the Debtors. Moelis & Company LLC acts as investment banker to the Debtors, and Epiq Systems Inc. acts as notice and claims agent. TITAN ENGINEERS: Mark Politan Named Subchapter V Trustee -------------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed Mark Politan, Esq., at Politan Law, LLC, as Subchapter V trustee for Titan Engineers PC. Mr. Politan 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. Politan 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 J. Politan, Esq. Politan Law, LLC 88 East Main Street #502 Mendham, NJ 07945 Cell: (973) 768-6072 mpolitan@politanlaw.com About Titan Engineers PC Titan Engineers PC is a structural and consulting engineering firm based in Union, New Jersey. Founded in 2005, the company provides structural design, investigation, evaluation, and forensic engineering services for commercial, residential, and infrastructure-related projects. Its work includes engineering support for steel and concrete buildings, office complexes, retail facilities, and earth-retention systems, serving developers, consultants, contractors, and project managers. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.J. Case No. 26-17823) on July 7, 2026, with $983,667 in assets and $10,223,112 in liabilities. Nicholas C. Wong, president and owner, signed the petition. Nancy Isaacson, Esq., at Greenbaum, Rowe, Smith & Davis, LLP represents the Debtor as legal counsel. TNT DEALS: Seeks Subchapter V Bankruptcy in Illinois ---------------------------------------------------- On July 17, 2026, TNT Deals, Inc. filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division. According to court filings, the Debtor reports estimated liabilities between $1 million and $10 million, owed to 1 to 49 creditors, with estimated assets between $500,000 and $1 million. Chapter 11 Subchapter V Plan Must Be Filed by October 15, 2026. About TNT Deals, Inc. TNT Deals, Inc. is a Romeoville, Illinois-based online general merchandise retailer that sells a broad range of consumer products through major e-commerce marketplaces. The company is best known for operating under the Pens N More brand, offering office supplies, stationery, and related products on platforms including Amazon and Walmart.com. As of mid-2026, the company continued online operations and employed approximately 14 people. TNT Deals, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-11827) on July 17, 2026. In its petition, the Debtor reports estimated assets of $500,000 to $1 million and estimated liabilities of $1 million to $10 million. The Debtor is represented by Richard G. Larsen, Esq. of Springer Larsen, LLC. Neema T. Varghese appointed as Subchapter V Trustee. TOMCAT MECHANICAL: Starts Chapter 11 Bankruptcy in California ------------------------------------------------------------- On July 17, 2026, Tomcat Mechanical, Inc. filed a voluntary petition for Chapter 11 relief in the U.S. Bankruptcy Court for the Southern District of California. Court documents show estimated assets of $500,000 to $1 million and estimated liabilities of $1 million to $10 million, including approximately $1.48 million in secured debt, with 1 to 49 creditors. Deadline to File the Chapter 11 Plan and Disclosure Statement is November 16, 2026. About Tomcat Mechanical, Inc. Tomcat Mechanical, Inc. is a San Diego, California-based commercial HVAC and mechanical contracting firm that provides installation, maintenance, and repair services for commercial mechanical systems across Southern California. The company remains an active licensed contractor with the California Contractors State License Board and continues serving customers while operating as a debtor-in-possession during its Chapter 11 restructuring. Tomcat Mechanical, Inc. filed for protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-03080) on July 17, 2026. In its petition, the Debtor reports estimated assets ranging from $500,000 to $1 million and estimated liabilities ranging from $1 million to $10 million. Honorable J. Barrett Marum handles the case. The Debtor is represented by Andy C. Warshaw, Esq. TRACES OF TIGER: Files Emergency Bid to Use Cash Collateral ----------------------------------------------------------- Traces of Tiger, Inc. asks the U.S. Bankruptcy Court for the Northern District of Georgia, Gainesville Division, for authority to use cash collateral and provide adequate protection. The Debtor operates a senior living facility and is managed by Chief Executive Officer and Administrator Carlie Pennington. The company sought bankruptcy protection after facing severe financial pressures that threatened its continued existence. Most notably, the Debtor was confronted with the foreclosure of a judgment lien that had been entered by default, creating an immediate risk that it would lose the ability to continue operating the senior living facility. At the same time, the business had become unable to satisfy its debt service obligations, leaving Chapter 11 as the only practical means of obtaining the breathing room necessary to stabilize operations, preserve the facility, and develop a restructuring strategy. The Debtor identifies the United States Small Business Administration as the sole lender claiming an interest in the Debtor's cash collateral. The SBA asserts a blanket lien covering substantially all of the company's personal property, including its accounts receivable and the proceeds generated from those receivables, which may constitute cash collateral. Although the Debtor acknowledges that the SBA may hold a secured interest in these assets, it states that the precise amount owed to the SBA is not currently known. The Debtor further indicates that it is unaware of any other creditor asserting an interest in its cash collateral. To maintain ordinary business operations, the Debtor requests authority to use the cash collateral for routine operational and administrative expenses incurred in the normal course of business. These expenditures are necessary to continue providing care and services at the senior living facility while preserving the value of the bankruptcy estate. As adequate protection for the SBA's asserted security interest, the Debtor proposes granting the lender a replacement lien on post-petition collateral having the same character, extent, and priority as any valid pre-petition liens. The proposed replacement lien would not extend to proceeds from avoidance actions under Chapter 5 of the Bankruptcy Code, but would otherwise compensate the lender for any reduction in the value of its collateral resulting from the Debtor's authorized use of cash collateral. At the same time, the Debtor expressly reserves all rights to challenge the SBA's secured status, the validity or extent of its liens, and the amount of any adequate protection ultimately owed, making clear that the requested relief does not constitute an admission regarding the enforceability or scope of the lender's claims. A copy of the motion is available at https://urlcurt.com/u?l=uRnVxN from PacerMonitor.com. About Traces of Tiger, Inc. Traces of Tiger, Inc. is a Tiger, Georgia-based operator of an assisted living facility for seniors. The company operates a 24-apartment senior living community offering independent living, personal care, and memory care services. As of July 2026, the facility remains operational at its Sterrett Road location and has sought emergency court approval to continue employee payroll and maintain banking operations during its Chapter 11 restructuring. Traces of Tiger, Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-21072) on July 6, 2026. In its petition, the Debtor reported estimated assets of up to $50,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by Caitlyn Powers of Rountree Leitman Klein & Geer, LLC. Tamara Miles Ogier is appointed as Subchapter V Trustee. TRANSCONTINENTAL INC: S&P Withdraws 'BB' Issuer Credit Rating ------------------------------------------------------------- S&P Global Ratings withdrew all its ratings on Transcontinental Inc., including the 'BB' issuer credit rating, at the issuer's request. At the time of the withdrawal, our outlook on the company was stable. TRILLION ENERGY: Extends, Restructures M47 Earn-In Payments ----------------------------------------------------------- Trillion Energy International Inc. announced an extension and restructuring of payments required in its earn-in agreement for the M47 oil block, an onshore exploration asset in the Cudi-Gabar petroleum province of southeastern Turkiye. As previously announced, the Company entered into a Farm-In Agreement on Jan. 9, 2026, to acquire a 29% participating interest in the M47 Block. In exchange for USD$300,000 advanced on July 4, 2026, as part of the earn-in commitment, the remainder of Trillion's next tranche of funding commitment has been extended to Sept. 15, 2026. Approximately USD$4.35 million is payable by Sept. 15, 2026. Further payments are postponed until September 2027, providing Trillion with additional financial flexibility. The payment timing intervals correspond to seismic and other commitments required to advance exploration and development plans for the block without undue delays. The Company's financial commitment will cover 80% of the next component of the work program, including, inter alia, development activities in the North Block. One additional well is expected to be covered by another partner, the terms of which are under discussion at this time. Several new wells are expected over the next 12 months as exploration and development ramp up on the block. Other block partners are expected to make significant additional financial contributions; Trillion's financial commitment will also be prorated to its interest after its entire $15 million earn-in commitment is expended. The North Block has the potential for up to 80 vertical development wells, subject to commerciality, which has been evaluated at an 81% chance of commerciality by independent appraisal on a 95,315 MSTB gross PIIP-derived resource. Scott Lower, President, stated, "The Company is strongly committed to its investors and partners to make the M47 a producing block, given the region's strong momentum for development ramp-up. Meaningful production is targeted to start later this year upon meeting our earn-in commitment and well drilling/workover activities commencing, and this revised agreement provides additional optionality to achieve it." About the M47c,d Oil Block The M47c,d oil block covers approximately 450 km² within the Cudi-Gabar petroleum province, approximately 11 km southeast of the Şehit Aybuke Yalcın field, Turkiye's largest onshore light oil discovery. The region hosts a significantly established production, with over 100 analogue wells operating nearby. An independent NI 51-101 resource evaluation has identified meaningful contingent and prospective oil resources on the Block, providing a strong technical foundation for the upcoming work program. Highlights of the opportunity are as follows: * 2C Contingent Resource of 27.6 MMbbl on the North Discovery, with an unrisked NPV-10 of USD$733.5 million. * Approximately 11 km from the Şehit Aybuke Yalcın oil field, Turkiye's largest onshore oil discovery * Light oil discovery confirmed at 32.4° API gravity (2025) * 38 metres of net oil pay at C-1 discovery well (2025) * Total unrisked resource potential of 51.6 MMbbl net to Trillion across three prospects, with a North Prospect 3C estimate at an unrisked NPV-10 of USD$1.18 billion. * Seven newly discovered analog oil field in the Gabar region over the past five years * Analog Gabar regional fields produce a combined rate of over 80,000 bbl/d * 578,213 MSTB PIIP (100% interest) assessed by appraisal About Trillion Energy Trillion Energy International Inc. and its consolidated subsidiaries are Canadian-based oil and gas exploration and production companies. Calgary, Canada-based MNP LLP, the Company's auditor since 2022, issued a "going concern" qualification in its report dated May 23, 2026, attached to the Company's Annual Report on Form 20-F for the year ended Dec. 31, 2025, citing that the Company has a negative working capital position, has accumulated deficits, and has negative cash flows from operations, which raise substantial doubt about its ability to continue as a going concern. As of March 31, 2026, the Company had $2.6 million in total assets, $42.3 million in total liabilities, and $39.7 million in total stockholders' deficit. TRINSEO PLC: Sets Annual General Meeting for Sept. 23 at Wayne HQ ----------------------------------------------------------------- Trinseo PLC said in a regulatory filing with the Securities and Exchange Commission that it will hold its annual general meeting of shareholders on Sept. 23, 2026, at 8:30 a.m. EST for shareholders of record as of July 30, 2026. The Annual Meeting will be held at the Company's headquarters at 440 East Swedesford Road, Suite 301, Wayne, Pennsylvania 19087. The Company's shareholders in Ireland may participate in the Annual Meeting by audio and video link at McCann FitzGerald LLP, Riverside One, Sir John Rogerson's Quay, Grand Canal Dock, Dublin 2, D02 X576, Ireland. Shareholders who plan to attend the Annual Meeting will be required to register in advance. Additional details about registration and attendance at the Annual Meeting will be provided in our proxy statement. 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. UTICORP INC: Carlos Garcia Miranda Named Subchapter V Trustee ------------------------------------------------------------- The U.S. Trustee for Region 21 appointed Carlos Garcia Miranda as Subchapter V trustee for Uticorp Inc. Mr. Garcia Miranda will be paid an hourly fee of $175 for his services as Subchapter V trustee and will be reimbursed for work related expenses incurred. Mr. Garcia Miranda declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. About Uticorp Inc. Uticorp. Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D.P.R. Case No. 26-03175) on July 9, 2026. Carmen D. Conde Torres, Esq. at C. Conde & Associates represents the Debtor as legal counsel. VERITONE INC: CEO Cuts Salary by 50% to Support Cost Reduction -------------------------------------------------------------- Veritone, Inc. said in a regulatory filing with the Securities and Exchange Commission that Ryan Steelberg, the Company's President, Chief Executive Officer, and Chairman of the Board, voluntarily reduced his annual salary by 50%, from $665,000 to $332,500, effective July 14, 2026. The Company said the salary reduction is intended to support its ongoing cost reduction initiatives as it continues the realignment of its business and operating cost structure. About Veritone, Inc. Veritone, Inc., based in Irvine, California, provides artificial intelligence computing solutions. Its proprietary aiWARE operating system uses machine-learning models and applications to extract insights from structured and unstructured data. The platform supports software products and services for commercial enterprise and public-sector customers, including talent-acquisition solutions. The company also provides managed services such as content licensing, representation and influencer management. In an audit report dated April 15, 2026, Grant Thornton LLP included a going-concern paragraph, citing debt-service obligations, negative working capital, historical negative cash flows, and recurring losses. The conditions raised substantial doubt about Veritone, Inc.'s ability to continue as a going concern. As of March 31, 2026, Veritone, Inc., reported total assets of $155.2 million, total liabilities of $106.2 million, and total stockholders' equity of $49 million. VERITONE INC: CEO Reports 6.5% Stake Following Equity Awards ------------------------------------------------------------ Ryan Steelberg said in a Schedule 13D (Amendment No. 12) filed with the U.S. Securities and Exchange Commission that as of July 14, 2026, he beneficially owns 6,204,910 shares of Veritone, Inc.'s Common Stock, par value $0.001 per share, with sole voting and sole dispositive power, representing 6.5% of the outstanding shares. On July 14, 2026, the Company granted Mr. Steelberg an award of restricted stock units representing the right to receive upon vesting 925,000 shares of Common Stock, with one-third of the RSUs vesting on each of July 7, 2027, July 7, 2028, and July 7, 2029, subject to Mr. Steelberg's continuous service with the Company on each date. The Company also granted to Mr. Steelberg an award of performance stock units representing the right to receive upon vesting, 925,000 shares of Common Stock, with the PSUs vesting in three substantially equal installments upon the achievement of milestone stock price goals of $1.8825 per share, $3.7650 per share, and $5.6475 per share within specified performance periods, as certified by the compensation committee of the Company's board of directors, with achievement of each Milestone Price measured using the volume-weighted average closing price of the Company's Common Stock over the 90-calendar day period ending on the last day of the applicable performance period. Ryan Steelberg may be reached at: Ryan Steelberg Veritone, Inc. 5291 California Avenue Suite 350 Irvine, CA 92617 Tel: 888-507-1737 A full-text copy of Ryan Steelberg's SEC report is available at https://tinyurl.com/3khtd3ke About Veritone, Inc. Veritone, Inc., based in Irvine, California, provides artificial intelligence computing solutions. Its proprietary aiWARE operating system uses machine-learning models and applications to extract insights from structured and unstructured data. The platform supports software products and services for commercial enterprise and public-sector customers, including talent-acquisition solutions. The company also provides managed services such as content licensing, representation and influencer management. In an audit report dated April 15, 2026, Grant Thornton LLP included a going-concern paragraph, citing debt-service obligations, negative working capital, historical negative cash flows and recurring losses. The conditions raised substantial doubt about Veritone, Inc.'s ability to continue as a going concern. As of March 31, 2026, Veritone, Inc., reported total assets of $155.2 million, total liabilities of $106.2 million and total stockholders' equity of $49 million. VITAL YOU: Seeks Subchapter V Bankruptcy in Maryland ---------------------------------------------------- On July 17, 2026, Vital You Functional Medicine, LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of Maryland. According to court filings, the Debtor reports estimated assets between $50,000 and $100,000 and estimated liabilities between $500,000 and $1 million, with 1 to 49 creditors. Court Sets October 15, 2026 Deadline for the Chapter 11 Subchapter V Plan and January 13, 2027 Deadline for Government Proofs of Claim. About Vital You Functional Medicine, LLC Vital You Functional Medicine, LLC is an Annapolis, Maryland-based functional medicine and integrative cancer care clinic. The practice provides personalized healthcare services, including integrative cancer care, ExoTMS therapy, infusion services, and functional medicine treatments. Led by practitioner Melissa Trotman, the clinic operates under an out-of-network, fee-for-service model and continues serving patients from its Annapolis location. Vital You Functional Medicine, LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-17733) on July 17, 2026. In its petition, the Debtor reports estimated assets of $50,000 to $100,000 and estimated liabilities of $500,000 to $1 million. The Debtor is represented by Janet M. Nesse, Esq. WARRIOR TECHNOLOGIES: Committee Hires Dykema Gossett as Counsel --------------------------------------------------------------- The official committee of unsecured creditors of Warrior Technologies, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Dykema Gossett, PLLC as counsel. The firm will provide these services: (a) advise the committee with respect to its rights, duties, and powers in these Chapter 11 cases; (b) participate in in-person and telephonic meetings of the committee and subcommittees formed thereby, if any; (c) assist and advise the committee in its meetings and negotiations with the trustee and other parties in interest regarding these Chapter 11 cases; (d) assist the committee in analyzing claims asserted against, and interests in, the Debtors, and in negotiating with the holders of such claims and interest and bringing, or participating in, objections or estimation proceedings with respect to such claims and interests; (e) assist the committee in analyzing the Debtors' assets and liabilities; (f) assist the committee in its investigation of the acts, conduct, assets, liabilities, management, and financial conditions of the Debtors, their historic and ongoing operations of their business, and any other matters relevant to these Chapter 11 cases; (g) assist the committee in its analysis of, and negotiations with the Debtors or any third party related to, financing, asset disposition transactions, and compromises of controversies, review and determine its rights and obligations under leases and executory contracts, and assist, advise, and represent the committee in any manner relevant to the assumption and rejection of executory contracts and unexpired leases; (h) assist the committee in its analysis of, and negotiations with, the Debtors or any third party related to, the formulation, confirmation, and implementation of a Chapter 11 plan and all documentation related thereto; (i) assist, advise, and represent the committee in understanding its powers and duties under the Bankruptcy Code and the Bankruptcy Rules and in performing other services as are in the interests of those represented by the committee; (j) assist and advise the committee with respect to communications with the general creditor body regarding significant matters in these Chapter 11 cases; (k) respond to inquiries from individual creditors as to the status of, and developments in, these Chapter 11 cases; (l) represent the committee at hearings and other proceedings before the court and other courts or tribunals, as appropriate; (m) review and analyze complaints, motions, applications, orders, and other pleadings filed with the Court, and advise the committee with respect to formulating positions with respect, and filing responses, thereto; (n) assist the committee in its review and analysis of, and negotiations with the Debtors and their non-Debtor affiliates related to intercompany claims and transactions; (o) review and analyze third-party analyses and reports prepared in connection with the Debtors' potential claims and causes of action, advise the committee with respect to formulating positions thereon, and perform such other diligence and independent analysis as may be requested by the committee; (p) advise the committee with respect to applicable federal and state regulatory issues, as such issues may arise in these Chapter 11 cases; (q) assist the committee in preparing pleadings and applications, and pursuing or participating in adversary proceedings, contested matters, and administrative proceedings as may be necessary or appropriate in furtherance of the committee's duties; (r) take all necessary or appropriate actions as may be required in connection with the administration of the Debtors' estates; and (s) perform such other legal services as may be necessary or as may be requested by the committee in accordance with its powers and duties as set forth in the Bankruptcy Code. The firm will be paid at these rates: William Hotze, Member $750 per hour Michael Twomey, Member $715 per hour Jennifer Cruz, Senior Counsel $625 per hour Dominique Douglas, Associate $625 per hour Aaron Lozano, Associate $625 per hour In addition, the firm will seek reimbursement for expenses incurred. Mr. Hotze 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: William Hotze, Esq. Dykema Gossett PLLC 5 Houston Center, 1401 McKinney Street, Suite 1625 Houston, TX 77010 Telephone: (713) 904-6900 Email: whotze@dykema.com About Warrior Technologies, LLC Warrior Technologies LLC is an energy services provider specializing in oilfield support and trucking operations for the energy sector. The company serves oil and gas producers with transportation and field-related logistics services across key operating regions. Warrior Technologies LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case 26-33562) on May 21, 2026. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $50 million and $100 million. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. The Debtor is represented by Bernard R. Given, II, Esq. of Loeb & Loeb. YUN INVESTMENT: Seeks Chapter 11 Bankruptcy in Virginia ------------------------------------------------------- On July 17, 2026, Yun Investment Inc. filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of Virginia, Alexandria Division. According to court filings, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $1 million and $10 million, with 1 to 49 creditors. A meeting of creditors under Section 341 to be held on August 20, 2026 at 10:00 AM at Alexandria division (11): Office of the US Trustee telephonic: 1(888) 330-1716, Access Code: 5678318. Deadline to File Proofs of Claim is November 18, 2026. About Yun Investment Inc. Yun Investment Inc. is a Suwanee, Georgia-based commercial real estate leasing and investment company. The company owns and manages commercial properties, including a 20,200-square-foot building in Annandale, Virginia, which is leased to AY Restaurant, LLC as its primary tenant. The company has also been involved in delinquent tax proceedings and bankruptcy-related collection matters in Fairfax County, Virginia. Yun Investment Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. N/A) on July 17, 2026. In its petition, the Debtor reports estimated assets of $1 million to $10 million and estimated liabilities of $1 million to $10 million. The Debtor is represented by James Thomas Bacon, Esq. of Mahdavi, Bacon, Halfhill & Young. ZENITH PROPERTY: Nat Wasserstein Named Subchapter V Trustee ----------------------------------------------------------- The U.S. Trustee for Region 2 appointed Nat Wasserstein, Esq., at Lindenwood Associates, LLC as Subchapter V trustee for Zenith Property Mgmt Inc. Mr. Wasserstein will be paid an hourly fee of $530 for his services as Subchapter V trustee and will be reimbursed for work related expenses incurred. Mr. Wasserstein declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Nat Wasserstein, Esq. Lindenwood Associates, LLC 328 North Broadway, 2nd Floor Upper Nyack, New York 10960 Telephone: (845) 398-9825 Facsimile: (212) 208-4436 Email: nat@lindenwoodassociates.com About Zenith Property Mgmt Inc. Zenith Property Mgmt Inc. is a Bronx, New York-based residential property management and leasing company specializing in the ownership and leasing of residential buildings and dwellings. Managed by Julian Cepeda, the company operates within the Eastern District of New York, including Brooklyn, Queens, and Long Island. The current filing follows the dismissal of a prior Chapter 11 case in December 2025 after the company failed to obtain legal representation required for federal court proceedings. Zenith Property Mgmt Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 26-43358) on July 10, 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 Jil Mazer-Marino handles the case. ZYTOUN GOURMET: Gets Interim OK to Use Cash Collateral ------------------------------------------------------ Zytoun Gourmet Mediterranean, Inc. received interim approval from the U.S. Bankruptcy Court for the Southern District of California to use cash collateral. Under the interim order, the Debtor is authorized to use cash collateral based on a court-approved budget through the final hearing. The Debtor may exceed an individual budget line item by up to 20%, provided that total expenditures do not exceed the aggregate budget by more than 10%, and may carry forward unused budgeted funds to future periods without additional court approval. Secured creditors including Mission Valley Bank/ARF Financial, LLC, Everest Business Funding, LLC, Lifetime Funding, LLC, Ford Global, LLC, and Forward Financing, LLC will be granted adequate protection through replacement liens on post-petition assets, with the same priority and validity as their pre-petition liens. These replacement liens do not apply to Chapter 5 avoidance actions. If the replacement liens prove insufficient, secured creditors may assert an administrative priority claim, subordinate to professional fees and Subchapter V trustee expenses. The court ordered Chase Bank and DoorDash to immediately release the Debtor's funds and disregard any pre-petition creditor instructions restricting access to those funds. The order waives the automatic stay under Bankruptcy Rule 6004(h), allowing it to take immediate effect while preserving the rights of the U.S. Trustee to object to professional employment and compensation. A copy of the court's order and the Debtor's budget is available at https://tinyurl.com/4f4mhndy from PacerMonitor.com. A final hearing is scheduled for Aug. 12, with objections due by July 27 and replies due by August 3. About Zytoun Gourmet Mediterranean Inc. Zytoun Gourmet Mediterranean, Inc. is a restaurant company specializing in Mediterranean cuisine. The company operates in the food service industry, offering Mediterranean-inspired dishes and dining services to its customers. Zytoun Gourmet Mediterranean, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-02620) on June 19, 2026. In its petition, the debtor reported estimated assets of between $100,001 and $1 million and estimated liabilities of between $1 million and $10 million. Honorable Bankruptcy Judge J. Barrett Marum handles the case. The Debtor is represented by Steven E. Cowen of S.E. Cowen Law. [] ATTOM Mid-Year 2026 Report Shows Foreclosures Up 21% Annually ---------------------------------------------------------------- ATTOM, the leading provider of property data, AI-powered intelligence, and real estate analytics solutions, released its Mid-Year 2026 U.S. Foreclosure Market Report, which shows there were a total of 227,548 U.S. properties with foreclosure filings -- default notices, scheduled auctions or bank repossessions -- in the first six months of 2026. That figure is up 21 percent from the same time period a year ago and up 28 percent from the same time period two years ago. Historical First Half US Foreclosure Activity Chart "Foreclosure activity continued to increase in the first half of 2026, but the broader picture remains one of a market that is gradually returning to more typical patterns," said Rob Barber, CEO at ATTOM. "The combination of rising foreclosure starts, increased foreclosure completions, and shorter timelines points to a continued normalization of the foreclosure process, although the increases also suggest that some homeowners may be facing greater financial strain than they were a year ago." Among states with at least 500 foreclosure filings in the first half of 2026, the largest year-over-year increases in foreclosure activity were recorded in Idaho (up 59 percent), Colorado (up 57 percent), Georgia (up 52 percent), North Carolina (up 47 percent), and Mississippi (up 45 percent). Florida, South Carolina, and Indiana report nation's worst foreclosure rates Nationwide, 0.16 percent of all housing units (one in every 632) had a foreclosure filing in the first half of 2026. States with the worst foreclosure rates in the first half of 2026 were Florida (0.27 percent of housing units with a foreclosure filing); South Carolina (0.26 percent); Indiana (0.25 percent); Delaware (0.25 percent); and Illinois (0.23 percent). Other states with first-half foreclosure rates among the 10 worst nationwide were Nevada (0.22 percent); New Jersey (0.22 percent); Ohio (0.20 percent); Maryland (0.19 percent); and Utah (0.19 percent). Punta Gorda, Lakeland, and Columbia Post Worst Metro Foreclosure Rates Among the 227 metropolitan statistical areas with a population of at least 200,000, those with the worst foreclosure rates in the first half of 2026 were Punta Gorda, FL (0.50 percent of housing units with foreclosure filings); Lakeland, FL (0.48 percent); Columbia, SC (0.43 percent); Macon, GA (0.36 percent); and Fayetteville, NC (0.36 percent). Other major metro areas with foreclosure rates ranking among the top 10 worst in the first half of 2026 were Cape Coral, FL (0.35 percent of housing units with a foreclosure filing); Cleveland, OH (0.33 percent); Jacksonville, FL (0.31 percent); Ocala, FL (0.31 percent); and Jacksonville, NC (0.31 percent). Foreclosure starts up 18 percent annually A total of 164,566 U.S. properties started the foreclosure process in the first six months of 2026, up 18 percent from the first half of last year and up 66 percent from the first half of 2020. States that saw the greatest number of foreclosure starts in the first half of 2026 included Texas (20,739 foreclosure starts); Florida (20,358 foreclosure starts); California (16,040 foreclosure starts); Georgia (8,164 foreclosure starts); and Illinois (7,424 foreclosure starts). Bank repossessions up from year ago in first half of 2026 Lenders foreclosed (REO) on a total of 27,983 U.S. properties in the first six months of 2026, up 33 percent from the first half of 2025 but down 26 percent from the first half of 2020. States that posted the greatest number of REOs in the first half of 2026 included Texas (3,322 REOs); California (2,644 REOs); Florida (2,070 REOs); Pennsylvania (1,893 REOs); and Illinois (1,543 REOs). Average foreclosure timelines continue to shorten Properties foreclosed in Q2 2026 had been in the foreclosure process for an average of 563 days, the lowest level since 2013. That figure was down 2 percent from the previous quarter and down 13 percent from a year ago. Average Days to Complete Foreclosure States with the longest average foreclosure timelines for homes foreclosed in Q2 2026 were Louisiana (3,491 days); Hawaii (2,293 days); New York (2,007 days); Connecticut (1,626 days); and Nevada (1,507 days). States with the shortest average foreclosure timelines for homes foreclosed in Q2 2026 were Texas (155 days); New Hampshire (157 days); Wyoming (173 days); West Virginia (196 days); and Alaska (199 days). South Carolina, Florida and Delaware Record Nation's Worst Foreclosure Rates in Q2 2026 There were a total of 115,714 U.S. properties with a foreclosure filing during the second quarter of 2026, down 3 percent from the previous quarter but up 15 percent from a year ago. Nationwide one in every 1,242 housing units had a foreclosure filing in Q2 2026. States with the worst foreclosure rates were South Carolina (one in every 723 housing units with a foreclosure filing); Florida (one in every 726 housing units); Delaware (one in every 805 housing units); Indiana (one in every 839 housing units); and Nevada (one in every 871 housing units). Among 110 metropolitan statistical areas with a population of at least 500,000, those with the worst foreclosure rates in Q2 2026 were Lakeland, FL (one in every 421 housing units with a foreclosure filing); Columbia, SC (one in every 463 housing units); Cape Coral, FL (one in every 512 housing units); Bakersfield, California (one in every 616 housing units); and Jacksonville, FL (one in every 635 housing units). June 2026 Foreclosure Activity High-Level Takeaways * Nationwide in June 2026, one in every 3,656 properties had a foreclosure filing. * States with the worst foreclosure rates in June 2026 were Florida (one in every 2,106 housing units with a foreclosure filing); South Carolina (one in every 2,374 housing units); Indiana (one in every 2,377 housing units); Nevada (one in every 2,508 housing units); and Illinois (one in every 2,624 housing units). * 26,217 U.S. properties started the foreclosure process in June 2026, down 4 percent from the previous month but up 20 percent from June 2025. * Lenders completed the foreclosure process on 4,773 U.S. properties in June 2026, up 17 percent from the previous month and up 23 percent from June 2025. U.S. Foreclosure Market Data by State – Jan to Jun 2026 * U.S. Total: 227,548 properties with foreclosure filings (0.16% of housing units; 1 in every 632 housing units), up 21.26% from Jan–June 2025 and up 28.25% from Jan–June 2024. * Alabama: 3,671 properties (0.16%; 1 in 637 housing units), up 20.76% from Jan–June 2025 and up 43.12% from Jan–June 2024. * Alaska: 339 properties (0.11%; 1 in 943 housing units), up 5.94% and up 63.77%. * Arizona: 5,412 properties (0.17%; 1 in 590 housing units), up 29.13% and up 77.33%. * Arkansas: 1,750 properties (0.13%; 1 in 797 housing units), up 44.63% and up 54.87%. * California: 21,543 properties (0.15%; 1 in 680 housing units), up 12.79% and up 13.31%. * Colorado: 3,943 properties (0.15%; 1 in 657 housing units), up 56.72% and up 121.02%. * Connecticut: 1,763 properties (0.11%; 1 in 875 housing units), down 31.05% and down 38.36%. * Delaware: 1,148 properties (0.25%; 1 in 404 housing units), up 11.13% and up 38.98%. * District of Columbia: 614 properties (0.17%; 1 in 588 housing units), up 12.04% and down 6.83%. * Florida: 27,494 properties (0.27%; 1 in 373 housing units), up 32.65% and up 36.85%. * Georgia: 8,433 properties (0.19%; 1 in 539 housing units), up 52.41% and up 59.44%. * Hawaii: 436 properties (0.08%; 1 in 1,303 housing units), down 12.45% and up 6.86%. * Idaho: 969 properties (0.12%; 1 in 820 housing units), up 59.11% and up 62.58%. * Illinois: 12,533 properties (0.23%; 1 in 435 housing units), up 2.04% and up 10.56%. * Indiana: 7,408 properties (0.25%; 1 in 402 housing units), up 38.21% and up 55.04%. * Iowa: 2,200 properties (0.15%; 1 in 653 housing units), up 5.36% and up 36.56%. * Kansas: 651 properties (0.05%; 1 in 1,987 housing units), up 15.22% and up 34.23%. * Kentucky: 2,053 properties (0.10%; 1 in 985 housing units), up 19.22% and up 24.88%. * Louisiana: 2,911 properties (0.14%; 1 in 724 housing units), up 5.66% and up 30.89%. * Maine: 727 properties (0.10%; 1 in 1,034 housing units), down 1.62% and up 21.17%. * Maryland: 4,985 properties (0.19%; 1 in 514 housing units), up 36.39% and up 4.68%. * Massachusetts: 2,719 properties (0.09%; 1 in 1,115 housing units), up 3.23% and down 20.29%. * Michigan: 6,318 properties (0.14%; 1 in 732 housing units), up 4.31% and up 21.27%. * Minnesota: 3,145 properties (0.12%; 1 in 809 housing units), up 43.15% and up 46.08%. * Mississippi: 934 properties (0.07%; 1 in 1,436 housing units), up 45.48% and up 15.17%. * Missouri: 2,749 properties (0.10%; 1 in 1,028 housing units), up 31.78% and up 58.90%. * Montana: 320 properties (0.06%; 1 in 1,651 housing units), up 101.26% and up 126.95%. * Nebraska: 636 properties (0.07%; 1 in 1,358 housing units), up 31.40% and up 42.60%. * Nevada: 2,935 properties (0.22%; 1 in 452 housing units), up 6.38% and up 17.64%. * New Hampshire: 488 properties (0.08%; 1 in 1,329 housing units), up 23.54% and up 15.09%. * New Jersey: 8,269 properties (0.22%; 1 in 459 housing units), up 21.14% and up 2.39%. * New Mexico: 1,196 properties (0.12%; 1 in 800 housing units), up 21.05% and up 61.40%. * New York: 11,983 properties (0.14%; 1 in 716 housing units), up 16.09% and up 5.93%. * North Carolina: 8,429 properties (0.17%; 1 in 581 housing units), up 46.72% and up 86.07%. * North Dakota: 250 properties (0.07%; 1 in 1,509 housing units), up 18.48% and up 30.21%. * Ohio: 10,698 properties (0.20%; 1 in 495 housing units), up 23.60% and up 15.83%. * Oklahoma: 2,509 properties (0.14%; 1 in 708 housing units), up 14.36% and up 44.69%. * Oregon: 1,588 properties (0.09%; 1 in 1,170 housing units), up 31.89% and up 58.48%. * Pennsylvania: 8,399 properties (0.14%; 1 in 691 housing units), up 19.63% and up 17.62%. * Rhode Island: 248 properties (0.05%; 1 in 1,959 housing units), down 34.91% and down 1.98%. * South Carolina: 6,419 properties (0.26%; 1 in 381 housing units), up 31.92% and up 40.52%. * South Dakota: 170 properties (0.04%; 1 in 2,383 housing units), up 261.70% and up 100.00%. * Tennessee: 3,001 properties (0.10%; 1 in 1,048 housing units), up 23.91% and up 28.85%. * Texas: 22,000 properties (0.18%; 1 in 551 housing units), up 19.71% and up 40.94%. * Utah: 2,292 properties (0.19%; 1 in 534 housing units), up 29.49% and up 88.80%. * Vermont: 95 properties (0.03%; 1 in 3,569 housing units), down 8.65% and up 6.74%. * Virginia: 3,741 properties (0.10%; 1 in 985 housing units), up 18.54% and up 36.18%. * Washington: 2,482 properties (0.08%; 1 in 1,332 housing units), up 0.40% and up 40.94%. * West Virginia: 387 properties (0.04%; 1 in 2,226 housing units), down 17.13% and up 9.63%. * Wisconsin: 1,808 properties (0.07%; 1 in 1,537 housing units), up 5.48% and up 17.17%. * Wyoming: 357 properties (0.13%; 1 in 776 housing units), up 39.45% and up 104.00%. Report methodology The ATTOM U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the ATTOM Data Warehouse during the month and quarter. Some foreclosure filings entered into the database during the quarter may have been recorded in the previous quarter. Data is collected from more than 3,000 counties nationwide, and those counties account for more than 99 percent of the U.S. population. ATTOM's report incorporates documents filed in all three phases of foreclosure: Default -- Notice of Default (NOD) and Lis Pendens (LIS); Auction -- Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank). For the annual, midyear and quarterly reports, if more than one type of foreclosure document is received for a property during the timeframe, only the most recent filing is counted in the report. The annual, midyear, quarterly and monthly reports all check if the same type of document was filed against a property previously. If so, and if that previous filing occurred within the estimated foreclosure timeframe for the state where the property is located, the report does not count the property in the current year, quarter or month. About ATTOM ATTOM delivers AI-driven property intelligence built on one of the nation's most trusted property data assets, covering 160 million U.S. properties--99% of the population. Our engineered, multi-sourced real estate data spans property tax, deeds, mortgages, foreclosure, environmental risk, property conditions, natural hazards, neighborhood insights, and geospatial boundaries, rigorously validated for advanced analytics. 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