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260810.mbx T R O U B L E D C O M P A N Y R E P O R T E R Monday, August 10, 2026, Vol. 30, No. 222 Headlines 1060 NEPPERHAN: Joint Plan of Reorganization Confirmed by Judge 18 COMMERCE: Seeks Chapter 11 Bankruptcy in New Jersey 30 EAST 40TH: Plan Exclusivity Period Extended to Sept. 28 3333 ALPHARETTA: Integrative, et al., Win Bid to Reopen Ch. 11 Case 4024 JEFFERSON: Seeks Subchapter V Bankruptcy in New York 727 LOFTS: Daniel Sherman Appointed as Chapter 11 Trustee 948-52 W. WEBSTER: Chicago Property Sale to Arsalan Hamidi OK'd ABSOLUTE DENTAL: Ares Capital Marks $24.1MM 1L Loan at 40% Off ABSOLUTE DENTAL: Ares Capital Marks $24.1MM 1L Loan at 40% Off ABSOLUTE DENTAL: Ares Capital Marks $47.5MM 1L Loan at 40% Off ABSOLUTE DENTAL: Ares Capital Marks $47.5MM 1L Loan at 40% Off ACCENT COMFORT: Claims to be Paid from Continued Operations ADG LLC: Ares Capital Marks $58.1MM 2L Loan at 73% Off ALLCLEAR COMMERCIAL: Ares Capital Marks $1.7MM 1L Loan at 59% Off ALLCLEAR COMMERCIAL: Ares Capital Marks $1.7MM 1L Loan at 59% Off ALLCLEAR COMMERCIAL: Ares Capital Marks $500,000 1L Loan at 60% Off ALLIUM BUYER: Moody's Assigns First Time 'B2' Corp. Family Rating ALPINE CORP: Cash Collateral Hearing Set for Aug. 18 AMBAR TRANSPORTATION: Gets Final OK to Use Cash Collateral AMERIVET PARTNERS: Ares Capital Marks $84.6MM Loan at 38% Off AMERIVET PARTNERS: Ares Capital Marks $84.6MM Loan at 38% Off ANCHOR SOUTH: Case Summary & 20 Largest Unsecured Creditors APPALACHIAN PRODUCER: Seeks 120-Day Extension of Plan Filing ARIA ASSETS: Case Summary & Five Unsecured Creditors AVALIGN HOLDINGS: Ares Capital Marks $3.6MM 1L Loan at 44% Off AVALIGN HOLDINGS: Ares Capital Marks $3.6MM 1L Loan at 44% Off AVALIGN HOLDINGS: Ares Capital Marks $40.5MM 1L Loan at 44% Off AVALIGN HOLDINGS: Ares Capital Marks $40.5MM 1L Loan at 44% Off AVENTINE INTERMEDIATE: Ares Capital Marks $55.9M 2L Loan at 27% Off BALROG PARENT: Ares Capital Marks $17.2MM 1L Loan at 27% Off BAMBOO PURCHASER: Ares Capital Marks $22.2MM 1L Loan at 84% Off BEACH-LASALLE PROPERTIES: Continued Operation to Fund Plan BLACK LION: Todd Hennings Named Subchapter V Trustee BOBBY DEE: Gets Final Court Nod to Use Cash Collateral BOXLIGHT CORP: CFO Zeek to Step Down; Grabow Assumes Interim Role BRIT PROPERTIES: Case Summary & 18 Unsecured Creditors BROWNIE'S MARINE: Q2 Net Income Rises to $581K; Going Concern Stays BULA DEVELOPMENTS: Trustee Gets Court OK to Conduct Sec. 363 Sale CAB PROPERTIES: Gets Interim OK to Use Cash Collateral CAMP MYSTIC: Hit with Forum Shopping Claims in Flooding Dispute CARR'S PLUMBING: Plan Exclusivity Period Extended to Aug. 5 CARRIAGE SQUARE: Case Summary & 20 Largest Unsecured Creditors CHOICE ELECTRIC: Court OKs Deal on Cash Collateral Access COLES OF LA JOLLA: Amends Unsecured Claims Pay Details CONTINENTAL ACQUISITION: Ares Capital Marks $44M 1L Loan at 52% Off CONTINENTAL ACQUISITION: Ares Capital Marks $6M 1L Loan at 52% Off CONVEY HEALTH: Ares Capital Marks $1.9MM 1L Loan at 84% Off CORE SCIENTIFIC: Liabilities Exceed Assets by US$2.4B at June 30 CUSTOMBILT FIREARMS: Seeks to Employ YAC Inc. as Auctioneer CYCLERION THERAPEUTICS: Fiscal Q2 Net Loss Widens to $1.8 Million D.A.R. CARRIER: Case Summary & 19 Unsecured Creditors D.A.R. CARRIER: Neema Varghese Named Subchapter V Trustee DAMIS HOLDINGS: Affiliate Gets OK to Use Wayne's Cash Collateral DAMIS HOLDINGS: Affiliate Gets OK to Use Windsor's Cash Collateral DAMIS HOLDINGS: Court OKs Access to Cash Collateral of S&T, SBA DANSKAMMER HOLDCO: Hires Province LLC as Financial Advisor DAVENN LLC: Gets Final OK to Use Cash Collateral DAYLIGHT BETA: Ares Capital Virtually Writes Off $15.4MM 1L Loan DAYLIGHT BETA: Ares Capital Virtually Writes Off $15.4MM 1L Loan DAYLIGHT BETA: Ares Capital Virtually Writes Off $20.8MM 1L Loan DCR FARMS: George Oliver Named Subchapter V Trustee DISH DBS: Seeks Early Note Payoff to Cut Interest Costs DR DELICACY: Plan Confirmation Hearing Scheduled for Sept. 8 DURAND HEALING: Christopher Simpson Named Subchapter V Trustee EEW AMERICAN: To Sell Building & Crane to Triple-S Steel for $550K EMPLOYEE FORCE: Case Summary & 20 Largest Unsecured Creditors EP PURCHASER: Ares Capital Marks $49.7MM 1L Loan at 34% Off ESTHER SCHOOL: Court Extends Cash Collateral Access to Sept. 3 FAIR ISAAC: Liabilities Exceed Assets by US$4.1B at June 30 FIELDSTONE A&E: Case Summary & 20 Largest Unsecured Creditors FIELDSTONE A&E: Gets Interim OK to Use Cash Collateral FINAL TOUCH: Case Summary & 20 Largest Unsecured Creditors FINAL TOUCH: Seeks Chapter 11 Bankruptcy in California FLORIDA FOOD: Ares Capital Marks $13.9MM 1L Loan at 32% Off FLORIDA FOOD: Ares Capital Marks $400,000 1L Loan at 50% Off FLORIDA FOOD: Ares Capital Marks $60.5M 1L Loan at 53% Off FREEDOM TRAILERS: Gets Final OK to Use Cash Collateral FRESNO HOTELIERS: Scott Sackett Named Subchapter V Trustee FRESNO HOTELIERS: Seeks Subchapter V Bankruptcy in California FRESNO HOTELIERS: Voluntary Chapter 11 Case Summary GARRETT MOTION: Liabilities Exceed Assets by US$675MM at June 30 GOAL HOLDING: Voluntary Chapter 11 Case Summary GOLDEN LAKE: Commences Chapter 11 Bankruptcy in Louisiana GRAN TIERRA: S&P Places 'B' ICR on Watch Developing on Asset Sale GTCR EVEREST: S&P Affirms 'B+' ICR on Steady Performance HARLOW ENTERPRISES: Plan Confirmation Hearing Set for Sept. 10 HAVANA GRILL: Seeks Chapter 11 Bankruptcy in California HCEC EQUITIES: U.S. Trustee Seeks Chapter 11 Trustee Appointment HEAL BY TOUCH: Gets Final OK to Use Cash Collateral HELP TO ADJUST: Seeks Subchapter V Bankruptcy in New York HEPION PHARMACEUTICALS: Raises $3.06 Million in Private Placement HILLMAN SOLUTIONS: S&P Lowers First-Lien Debt Rating to 'BB' HILTON WORLDWIDE: Liabilities Exceed Assets by US$6.3B at June 30 HP LODGING: Case Summary & Three Unsecured Creditors HUGHES SATELLITE: Case Summary & 30 Largest Unsecured Creditors IKPM PET SUPPLY: Gets Final OK to Use Cash Collateral IMMACULATA UNIVERSITY: Fitch Alters Outlook on BB- IDR to Positive INNOVATIVE INDUSTRIAL: Repays $291.2M Notes, Resolves Going Concern INTERAQT CORP: Gets Final OK to Use Cash Collateral IRONWORX LLC: Case Summary & 20 Largest Unsecured Creditors J. MCCABE PLUMBING: Christopher Hayes Named Subchapter V Trustee JELD-WEN HOLDING: Q2 Net Loss Widens to $31.5M; Debt Maturity Looms JOEBACHI LLC: Voluntary Chapter 11 Case Summary JOHN SCOTTI: Holand Automotive Buys Portfolio in Receivership JOHN-PHIL TAVERN: Seeks Chapter 11 Bankruptcy in New York JUSHI HOLDINGS: Debts Exceed Assets by US$141.8MM at June 30 KATAPULT: Going Concern Doubt Alleviated Ahead of Pending Mergers KBHS ACQUISITION: Ares Capital Marks $4.8MM 1L Loan at 48% Off KELLERMEYER BERGENSONS: Ares Capital Marks $16M 1L Loan at 95% Off KEVIN D CHANEY: Unsecured Creditors to Get Nothing in Plan KIITOS BREWING: Court OKs Brewery Assets Sale at Auction KUSTOM ENTMT: Completes $6.1M Divestiture of Legacy Video Business LABORATORIES BIDCO: Ares Capital Marks $15.7MM 1L Loan at 23% Off LABORATORIES BIDCO: Ares Capital Marks $15.7MM 1L Loan at 23% Off LABORATORIES BIDCO: Ares Capital Marks $17.8M 1L Loan at 23% Off LABORATORIES BIDCO: Ares Capital Marks $24MM 1L Loan at 23% Off LABORATORIES BIDCO: Ares Capital Marks $4.7MM 1L Loan 23% Off LABORATORIES BIDCO: Ares Capital Marks $4.7MM 1L Loan at 23% Off LABORATORIES BIDCO: Ares Capital Marks $400,000 1L Loan at 25% Off LAKE CLINCH: Court Extends Cash Collateral Access to Aug. 20 LATHAM POOL: S&P Rates New First-Lien Term Loan 'BB-' LEISURE INVESTMENTS: Reaffirms Integrity of Ch. 11 Sale Process LEISURE INVESTMENTS: Seeks to Extend Plan Exclusivity to Sept. 30 LUMIO HOLDINGS: Suit Against Former Execs Stays in Delaware LYDALL SEALING: Commences Chapter 11 Bankruptcy in Texas M6 ETX HOLDINGS II: S&P Places 'B+' ICR on CreditWatch Positive MARISCOS EL NAVEGANTE: Joseph Cotterman Named Subchapter V Trustee MARQUEE BRANDS: S&P Assigns 'B' ICR, Outlook Stable MARS FASHION: Salvatore LaMonica Named Subchapter V Trustee MASCO CORP: Liabilities Exceed Assets by US$365.0MM at June 30 MEDALLIA INC: Completes Recapitalization, Secures $150M New Capital MEDIAALPHA INC: Liabilities Exceed Assets by US$5.0MM at June 30 MERCY HEALTH: Steven Nosek Named Subchapter V Trustee MII AVIATION: Donovan Claim Not Allowed as Administrative Expense MIRACLE HEALTH: Seeks Chapter 11 Bankruptcy in Florida MIRACLE RESTAURANT: Court Upholds Lift Stay Order as to SKC MMA LAW: Court Approves Chapter 11 Liquidation Plan MONOGRAM FOOD: Moody's Affirms 'B2' CFR, Outlook Stable MOSES BERKOWITZ: Joli Lofstedt Named Subchapter V Trustee MOUNTAIN VISTA: Trustee to Employ J.S. Held as Financial Advisors NOISE ENTERTAINMENT: $172K Unsecured Claims to Get $7,600 in 5 Yrs OAK-EAGLE ACQUIRECO: S&P Assigns 'BB-' ICR, Outlook Stable ONEMAIN FINANCE: S&P Rates New $500MM Senior Unsecured Notes 'BB' ORANGE COURIER: Tiger Group Sells Fleet Assets in Chapter 7 Case PACI ELECTRIC: Charles Persing Named Subchapter V Trustee PAPAYA GAMING: Chapter 15 Case Summary PATHWAY VET: Ares Capital Marks $88.4MM 2L Loan at 35% Off PHUONG VO: Gets Final OK to Use Cash Collateral PLATINUM HEALTHCARE: Case Summary & Five Unsecured Creditors PLURALSIGHT LLC: Ares Capital Marks $23.7MM 1L Loan at 100% Off PLURALSIGHT LLC: Ares Capital Virtually Writes Off $23.7MM 1L Loan PRO QUIP: Creditors to Get Proceeds from Liquidation PROFESSIONAL FIGHTERS: Ares Capital Marks $300,000 Loan at 33% Off PROVIDENTIAL LENDING: J. Cross' Appointment as Trustee OK'd PS OPERATING: Ares Capital Marks $19.6MM 1L Loan at 84% Off PS OPERATING: Ares Capital Marks $19.6MM 1L Loan at 84% Off PS OPERATING: Ares Capital Marks $5.8MM 1L Loan at 83% Off PS OPERATING: Ares Capital Marks $5.8MM 1L Loan at 83% Off PUFFCUFF LLC: Claims to be Paid from Disposable Income QTP II INC: Melissa Haselden Named Subchapter V Trustee QVC GROUP: Q2 Net Loss Falls to $30M vs. $2.21B Loss in Prior Year REGEN PARTNERS: Case Summary & Two Unsecured Creditors RELSSEK INVESTMENTS: Douglas Stanger Named Subchapter V Trustee REMEDIUM PHARMACY: Seeks to Tap Getzler Henrich to Provide CROs REPUBLIC NATIONAL: US Trustee Appoints 9-Member Creditor Committee REVALIZE INC: Ares Capital Marks $400K 1L Revolver Loan at 25% Off REVELATION GROUP: Tarek Kiem Named Subchapter V Trustee ROLLING TANK: Gets Final OK to Use Cash Collateral ROSECRANS CROSSINGS: Seeks Chapter 11 Bankruptcy in California SAI BHOLE-NATH: Hilco Markets Baymont Lubbock in Bankruptcy Sale SEARLES VALLEY: Committee Retains Alvarez & Marsal as Advisor SEARLES VALLEY: Committee Taps Womble Bond Dickinson as Counsel SEVEN C'S: Seeks Subchapter V Bankruptcy in Nevada SHERIFA ENTERPRISES: Unsecureds Will Get 2% over 36 Months SHORT PAR 4: Gets Final OK to Use Cash Collateral SHORT PAR 4: Gets Interim OK to Pay Affiliate Officer's Salary SIFI NETWORKS: Wins Approval for $5.85MM Stalking Horse Sale SILVER GULCH: Case Summary & 20 Largest Unsecured Creditors SILVER STAR: Affiliate Secures Green Light for $100K DIP Funding SIMAD HOLDINGS: Raises $440MM from Chapter 11 Sales, Bids SLEEP NUMBER: Hires Deloitte Tax as Tax Advisory Services Provider SMARTHANDS COMPANY: Tamara Miles Ogier Named Subchapter V Trustee SMITH CUSTOM: Gets Extension to Access Cash Collateral SPA MATRIX: Case Summary & 16 Unsecured Creditors STREAM TV: Claims to be Paid from Available Cash & Sale Proceeds STROMA MEDICAL: Plan Confirmation Hearing Scheduled for September 9 STRONG BASE: Case Summary & Three Unsecured Creditors SUNNOVA ENERGY: Loses Bid to Dismiss Weatherwax, et al., Case SURF 9 LLC: Yann Geron's Appointment as Chapter 11 Trustee OK'd SUTTON JJR: Voluntary Chapter 11 Case Summary SYLVAMO CORP: Fitch Affirms BB+ LongTerm IDR, Outlook Stable SYMPLR SOFTWARE: Ares Capital Marks $76.2MM 2L Loan at 33% Off SYMPLR SOFTWARE: Ares Capital Marks $9.2MM 1L Loan at 35% Off SYNERGENX LEGACY: US Trustee Appoints 2-Member Creditor Committee TALON LOGISTICS: Gets Extension to Access Cash Collateral TEAM ACQUISITION: Ares Capital Marks $34.1MM 1L Loan at 53% Off TEAM ACQUISITION: Ares Capital Marks $5.7MM 1L Loan at 53% Off TEAM ACQUISITION: Ares Capital Marks $5.7MM 1L Loan at 53% Off THE.TEAM: SME: S&P Rates New $300MM First-Lien Term Loan 'B+' THERAPY BRANDS: Ares Capital Marks $29.1MM 2L Loan at 23% Off TM36 LLC: IAG, et al., Can't Compel Arbitration in Stoploss Case TOOELE VALLEY: Kevin Neiman Named Subchapter V Trustee TREKOR METALS: S&P Upgrades ICR to 'B' on Improving Cash Flow UMBRELLA PROJECT: Gets Extension to Use Cash Collateral URBAN ONE: Q2 Revenue Falls to $85.8M as Net Loss Shrinks to $7M VERANDAS 5455: Case Summary & Four Unsecured Creditors VERISTA INC: Ares Capital Marks $1.1MM 1L Loan at 18% Off VERISTA INC: Ares Capital Marks $800,000 1L Loan at 25% Off VFH PARENT: S&P Affirmed 'B+' ICR, Outlook Remains Stable VI-JON LLC: Case Summary and Top 20 Firms Representing Claimants VIRMEDICE LLC: Michael Carmel Named Subchapter V Trustee VITAL PHARMACEUTICALS: Court OKs Defense Funding Loan for Ex-CEO VIVAKOR INC: Issues 1.30M Shares Via Conversions, Settles One Note VPROP OPERATING: Ares Capital Virtually Writes Off $34.4MM 1L Loan WEISS MULTI-STRATEGY: Retains KapilaMukamal as Tax Accountants WIN WASTE: S&P Rates New $1.208BB Consolidated Term Loan B 'B-' WINGSTOP INC: Liabilities Exceed Assets by US$773.0MM at June 27 WORLDWIDE PRODUCE: Ares Capital Marks $300,000 1L Loan 33% Off YSA INVESTMENTS 1: Opens Ch. 11 Case with Asset Sale, DIP Funding [] American Inns of Court Honors Judge King for Bankruptcy Service ********* 1060 NEPPERHAN: Joint Plan of Reorganization Confirmed by Judge --------------------------------------------------------------- Judge Sean H. Lane of the U.S. Bankruptcy Court for the Southern District of New York has entered an order approving the Disclosure Statement on a final basis and confirming the Joint Plan of Reorganization of 1060 Nepperhan Ave., LLC and KCT, Inc. Following the July 21, 2026 hearing, the Court finds that the Plan satisfies the requirements of the Bankruptcy Code. The Debtors have proposed and solicited the Plan in good faith and in compliance with applicable provisions of the Bankruptcy Code, the Bankruptcy Rules, the Local Bankruptcy Rules, and the Conditional DS Approval Order. The incurrence of indebtedness and granting of collateral under the Exit Financing and the documents executed in connection with the Exit Financing (the "Exit Financing Loan Documents") are in the best interests of the Reorganized Debtors and are necessary and appropriate for the consummation of the Plan and the operations of the Reorganized Debtors and the Joint Venture/NAPC. The terms and conditions of the Exit Financing, as set forth in the Exit Financing Loan Documents, are fair and reasonable and reflect each Debtor's exercise of its prudent business judgment consistent with its fiduciary duties and are approved. The Plan is hereby approved and confirmed under section 1129 of the Bankruptcy Code. The Holders of Impaired Claims in Classes 1, 2 and 3 entitled to vote have voted to accept the Plan. No Holders of Claim in Class 5 (Unsecured Claims) of the Plan have voted for or against the Plan or have objected to confirmation of the Plan. All objections to the Plan not heretofore withdrawn or resolved as set forth on the record at the Combined Hearing are overruled in their entirety. The Debtors, the Reorganized Debtors and all other relevant parties (including the assignee as it relates to the sale of the Property) are hereby authorized and empowered to take such actions as may be necessary to effectuate the Plan. All documents necessary to implement the Plan, including, without limitation, the Exit Financing Loan Documents, shall, upon execution, be valid, binding and enforceable agreements in accordance with their terms, and not be in conflict with any federal or state law. A copy of the Plan Confirmation Order dated July 24, 2026 is available at https://urlcurt.com/u?l=R2OSeW from PacerMonitor.com at no charge. Proposed Co-Counsel for the Debtors: Mark S. Lichtenstein, Esq. AKERMAN LLP 1251 Avenue of the Americas, 37th Floor New York, NY 10020 Telephone: (212) 880-3800 E-mail: mark.lichtenstein@akerman.com About 1060 Nepperhan Ave 1060 Nepperhan Ave, LLC, is a single asset real estate debtor, as defined in 11 U.S.C. Section 101(51B). 1060 Nepperhan Ave sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-22056) on Jan. 23, 2025. In its petition, the Debtor reported between $10 million and $50 million in both assets and liabilities. Judge Sean H. Lane handles the case. The Debtor is represented by Mark S. Lichtenstein, Esq., at Akerman, LLP. Parkview Financial REIT, LP, as lender, is represented by Patrick Collins, Esq., at Farrell Fritz, P.C., in Uniondale, New York. 18 COMMERCE: Seeks Chapter 11 Bankruptcy in New Jersey ------------------------------------------------------ On July 28, 2026, 18 Commerce Logistics, LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of New Jersey. According to court filings, the Debtor reports between $1 million and $10 million in assets and between $1 million and $10 million in liabilities, with approximately 1 to 49 creditors. A meeting of creditors under Section 341(a) to be held on August 3, 2026 at 10:00 AM via Zoomgov-Steele: join.zoom.us Meeting ID 165 757 43293, Passcode 9344337778, or call 1-551-285-1373. Government Claims deadline Set for January 24, 2027. About 18 Commerce Logistics, LLC 18 Commerce Logistics, LLC is a Linden, New Jersey-based commercial real estate company that operates as a lessor of nonresidential industrial buildings. The company is structured as a single-asset real estate entity and manages an industrial property at 230 Marion Avenue in Linden. 18 Commerce Logistics, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-18471) on July 28, 2026. In its petition, the Debtor reports estimated assets and liabilities ranging from $1 million to $10 million. The filing occurred one day before a scheduled foreclosure sale involving the company’s industrial property. Honorable Bankruptcy Judge Stacey L. Meisel handles the case. 30 EAST 40TH: Plan Exclusivity Period Extended to Sept. 28 ---------------------------------------------------------- Judge Michael E. Wiles of the U.S. Bankruptcy Court for the Southern District of New York extended 30 East 40th, L.L.C.'s exclusive periods to file a plan of reorganization and obtain acceptance thereof to Sept. 28 and Nov. 27, 2026, respectively. As shared by Troubled Company Reporter, the Debtor explains that applying the factors to the facts and circumstances of this case demonstrates that the requested extension is appropriate. * On the first factor, while the Debtor's case involves a single asset, the issues presented are not simple. Implementing the parties' agreed CRO structure, marketing and selling a multi tenant Class B office building through a Court-supervised sale process, and confirming an amended plan distributing the proceeds all require significant preparation and judicial attention. The complexity of the sale and confirmation process supports an extension of the Exclusive Periods. * On the second factor, additional time is plainly necessary. The amended Disclosure Statement is scheduled to be considered on July 28, 2026, after which votes can be solicited and a confirmation hearing scheduled. The CRO must also complete the marketing and sale of the Property under the agreed structure before the amended Plan can be consummated. The requested extension affords the time necessary to complete these steps. * On the third factor, the Debtor is making good-faith progress toward reorganization. The Debtor filed a Plan and Disclosure Statement early in the case, participated in mediation, and consensually resolved the trustee and exclusivity disputes through the agreed retention of an independent CRO. The CRO has since filed an amended Plan and Disclosure Statement, scheduled a hearing on the amended Disclosure Statement, and filed and is finalizing the retention applications necessary to market and sell the Property. * On the fourth factor, the Debtor is generally paying its administrative obligations as they come due. The fourth factor supports an extension. * On the fifth factor, the Debtor has demonstrated reasonable prospects for a viable plan. The Debtor has filed a liquidating plan proposing a sale of the Property with net proceeds distributed to parties in accordance with their priorities. The Property has an estimated value sufficient to pay the secured mortgage claim of Apple Bank in full. A liquidating chapter 11 plan is a "viable plan" for purposes of this factor. 30 East 40th L.L.C. is represented by: Mark Frankel, Esq. Backenroth Frankel & Krinsky, LLP 488 Madison Avenue, Floor 23 New York, NY 10022 Tel: (212) 593-1100 About 30 East 40th, L.L.C. 30 East 40th L.L.C. is a single asset real estate company. 30 East 40th L.L.C. filed for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12696) on Dec. 2, 2025. In its petition, the Debtor listed assets between $10 million and $50 million and liabilities in the same range. Bankruptcy Judge Michael E. Wiles handles the case. The Debtor is represented by Mark A. Frankel, of Backenroth Frankel & Krinsky, LLP. 3333 ALPHARETTA: Integrative, et al., Win Bid to Reopen Ch. 11 Case ------------------------------------------------------------------- Judge Lisa Ritchey Craig of the U.S. Bankruptcy Court for the Northern District of Georgia granted the motion of filed by Einstein Integrative Care, Inc. ("Integrative") and 3333 Einstein Smartcare, LLC ("Smartcare," and collectively with Integrative, "Movants") to reopen the chapter 11 case of 3333 Alpharetta Lifehope 10 Acre Land, LLC to determine the scope of purported sale free and clear of liens, claims, and interests. The Motion is opposed by Capital One, N.A., and CORA, LLC ("Respondents"). On September 23, 2022, 3333 Alpharetta Lifehope 10 Acre Land, LLC ("Debtor") filed a voluntary Chapter 11 petition. Debtor's primary asset was a medical office building known as the Alpharetta LifeHope Medical Center located at 3333 Old Milton Parkway, Alpharetta, GA (the "Premises"). Integrative alleges that it occupies Suite 170 at the Premises under a lease dated October 1, 2019 (the "Integrative Lease"), between Debtor, as lessor, and Integrative, as lessee, executed on behalf of Debtor by Scott C. Honan ("Honan") and by Dr. Alan Einstein on behalf of Integrative and attested to by an unofficial witness and notary public. Respondents contend that the operative lease was between Debtor and Smartcare (the "Smartcare Lease"). Movants allege that neither Smartcare nor Integrative had previously seen the Smartcare Lease and note that the signatures on the Smartcare Lease were not attested to by an unofficial witness or notary public. The Integrative Lease predates the Smartcare Lease, which was dated November 21, 2019. On May 23, 2023, Debtor and secured creditor Capital One, National Association ("Capital One"), filed a joint motion to sell Debtor's assets free and clear of liens, encumbrances, and interests. The Sale Motion was not served on Smartcare or Integrative. On June 20, 2023, the Court entered an order authorizing the sale procedures and procedures relating to assumption and assignment of executory contracts and unexpired leases. On October 8, 2025, Debtor filed a motion to dismiss the bankruptcy case, and, following a hearing, the Court dismissed the case. After the sale and dismissal of Debtor's bankruptcy case, CORA asserted that it purchased the Premises free and clear of any leasehold interest of Smartcare or Integrative in and to Suite 170. On March 12, 2026, CORA sent a demand for possession of the Premises. On March 25, 2026, CORA initiated a dispossessory action against Smartcare in the Magistrate Court of Fulton County, Case No. 26ED382515 (the "Dispossessory Proceeding"). In response, Movants have filed the Motion, seeking to reopen the bankruptcy case to obtain a determination that the sale to CORA was subject to, and not free and clear of, the rights and interests of Integrative. Movants have not asked the Court to determine whether the Smartcare Lease or the Integrative Lease is the operative lease. Instead, Movants propose that such a determination be made in connection with the Dispossessory Proceeding. Respondents oppose the Motion, asserting that reopening the case would be futile, as the Court cannot provide relief to Movants. Respondents contend that the requirement that the Sale Motion be served in accordance with Rule 7004(b)(3) is a mere procedural right and that failure to comply with the rule is not fatal because Movants received actual notice of the Sale through the Second Cure Notice. And, even if, as Movants allege, they did not receive the Second Cure Notice, Respondents argue that the Sale Order is not void for lack of due process because the Second Cure Notice was mailed to Movants in a manner that was reasonably calculated to provide notice of the terms of the Sale, its effect on the Smartcare Lease/Integrative Lease, and an opportunity to be heard. As to the merits of the ultimate relief sought, Movants seek a declaration that the Sale Order is void and unenforceable, at least as to Movants. Such a declaration would enable Movants to obtain a decision in the state court regarding the nature and extent of any leasehold interest that may be held by either Smartcare or Integrative. Movants were not on the service list and did not receive notice of Debtor's bankruptcy petition when it was filed. Nor were Movants served with the Sale Motion. This is akin to a defendant in an adversary proceeding not being served with the complaint and summons, and a defendant that becomes aware of a complaint, but is not served with it, is not subject to the jurisdiction of the court. Movants did not file a claim or take other action to submit themselves to the jurisdiction of this Court. Accordingly, the Court lacked personal jurisdiction over Respondents. Movants have asked for a declaration that the Sale Order has no effect on the Integrative Lease or the Smartcare Lease. Respondents have simply argued that there was not a lack of due process and have not addressed the question of how to proceed in the event the Court found that it lacked personal jurisdiction over Movants. Accordingly, the Court will grant the Motion to the extent that it seeks to reopen the case and will declare that the Court lacked personal jurisdiction over Movants. Therefore, the Motion is granted, and the case is reopened. A copy of the Court's Order dated July 29, 2026, is available at https://urlcurt.com/u?l=Evxq3h from Pacermonitor.com. About 3333 Alpharetta Lifehope 10 Acre Land, LLC 3333 Alpharetta Lifehope 10 Acre Land, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 22-57594) on Sept. 23, 2022. In the petition signed by its designated manager, Scott C. Honan, the Debtor disclosed $50 million to $100 million in assets and $10 million to $50 million in liabilities. Judge Lisa Ritchey Craig oversees the case. William A. Rountree, Esq., at Rountree Leitman Klein & Geer, LLC serves as the Debtor's legal counsel. 4024 JEFFERSON: Seeks Subchapter V Bankruptcy in New York --------------------------------------------------------- On July 28, 2026, 4024 Jefferson Holdings LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of New York. According to court filings, the Debtor reports between $500,000 and $1 million in assets and between $500,000 and $1 million in liabilities, with approximately 1 to 49 creditors. Chapter 11 Subchapter V Plan due by October 26, 2026. About 4024 Jefferson Holdings LLC 4024 Jefferson Holdings LLC is a Monsey, New York-based single-asset real estate company that owns and manages a residential property in Hollywood, Florida. The company operates as a lessor of residential buildings and dwellings. 4024 Jefferson Holdings LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-22740) on July 28, 2026. In its petition, the Debtor reports estimated assets and liabilities ranging from $500,000 to $1 million. The company’s primary property is a five-bedroom residence that was valued at approximately $956,442 in August 2024. Honorable Bankruptcy Judge Sean H. Lane handles the case. 727 LOFTS: Daniel Sherman Appointed as Chapter 11 Trustee --------------------------------------------------------- Lisa Lambert, the U.S. Trustee for Region 6, appointed Daniel Sherman as Chapter 11 trustee for 727 Lofts Best Living, LLC and affiliates. The appointment was made pursuant to the order from the U.S. Bankruptcy Court for Northern District of Texas on July 28. After consulting with Joyce Lindauer, counsel for the companies; Jonathan Lozano, counsel for Yamato OKC Lender LLC; Barbara Parlin, counsel for Auerbach Opportunity Fund 1, LP, Auerbach Opportunity Fund III, LP and Auerbach Opportunity Fund IV, LP; Crissie Stepehson, counsel for David Rhoades; Stephen Moriatry, counsel for ACRE Q018 Retention Holder LLC; Sean Davis, counsel for Fannie Mae; Clay Taylor, counsel for GAM Chestnut Properties, LLC; Mark Platt, counsel for CREO QRS VC LLC; Thomas Berghman, counsel for John Alex Upperman; and Marcus Helt for YSA Investments 1, LLC, the U.S. Trustee has selected Daniel J. Sherman, to serve as Trustee. To the best of the U.S. Trustee's knowledge, Mr. Sherman's connections with the companies, creditors, and other parties-in-interest, their respective attorneys and accountants, the United States Trustee, and persons employed in the Office of the United States Trustee are limited to the connections set forth in Mr. Sherman's Verified Statement. A copy of the application is available for free at https://urlcurt.com/u?l=i3kggu from PacerMonitor.com. About 727 Lofts Best Living LLC 727 Lofts Best Living, LLC owns the 727 Lofts, a multifamily apartment complex in Jenks, Oklahoma, that offers studio, one- and two-bedroom apartments with modern residential amenities to tenants in the Tulsa-area rental market. 727 Lofts Best Living sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 26-32779) on June 25, 2026, with up to $10 million in assets and up to $500,000 in liabilities. Judge Stacey G. Jernigan oversees the case. Joyce Lindauer, Esq., at Lindauer & Vaughn represents the Debtor as counsel. 948-52 W. WEBSTER: Chicago Property Sale to Arsalan Hamidi OK'd --------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Illinois, has granted 948-52 W. Webster, LLC to sell Property, free and clear of liens, claims, interests, and encumbrances. Webster, LLC was formed in 2005 to acquire, finance, and operate the real property commonly known as 948-52 W. Webster Avenue, Chicago, IL 60614 (Real Property). An affiliate of Webster, PMG Incorporated, operated a tavern at 950 Webster Rd. named McGee's Tavern & Grille from 2005 through 2025. In addition to the commercial space, the Real Property contains eight residential units, all of which are subject to unexpired residential leases. All but one of said leases is set to expire in or prior to October, 2026. The Debtor receives an offer from Arsalan Hamidi in the amount of $4.6 million. The Court has authorized the Debtor to sell the Property to the Buyer for $4.6 million. The Debtor has demonstrated a sound business justification and compelling circumstances for the sale of the Real Property outside the ordinary course of business. The Purchaser is a "good faith purchaser." The Debtor may sell the Real Property free and clear of any and all liens, claims, mortgages, deeds of trust, security interests, encumbrances, and interests of any kind or nature. In the event that the sale of the Real Property fails to close, no provision of the Order shall have any validity, force or effect. About 948-52 W. Webster, LLC 948-52 W. Webster, LLC is a limited liability company that owns and manages real estate assets. 948-52 W. Webster, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10520) on June 23, 2026. In its petition, the debtor reported estimated assets and estimated liabilities ranging from $1 million to $10 million. Honorable Bankruptcy Judge Deborah L. Thorne handles the case. The debtor is represented by E. Philip Groben III of Gensburg Calandriello & Kanter, P.C. ABSOLUTE DENTAL: Ares Capital Marks $24.1MM 1L Loan at 40% Off -------------------------------------------------------------- Ares Capital Corporation has marked its $24.1MM first lien senior secured revolving loan to Absolute Dental Group LLC and Absolute Dental Equity, LLC to market at $14.5MM or 60% of the outstanding amount, according to Ares Capital's Form 10-Q for the quarterly period ended July 29, 2026, filed with the U.S. Securities and Exchange Commission. Ares Capital is a participant in a loan extended to Absolute Dental Group LLC and Absolute Dental Equity, LLC. The first lien senior secured revolving loan matures in June 2028. Ares Capital Corporation is a business development company that provides financing solutions to middle-market companies across a range of industries. The Fund is led by M. Kort Schnabel as Chief Executive Officer. The Fund can be reached at: M. Kort Schnabel ARES CAPITAL CORPORATION 245 Park Avenue, 44th Floor New York, NY 10167 Telephone: (212) 750-7300 About ABSOLUTE DENTAL GROUP LLC AND ABSOLUTE DENTAL EQUITY, LLC Absolute Dental Group LLC and Absolute Dental Equity, LLC are dental services companies. ABSOLUTE DENTAL: Ares Capital Marks $24.1MM 1L Loan at 40% Off -------------------------------------------------------------- Ares Capital Corporation has marked its $24.1MM first lien senior secured revolving loan to Absolute Dental Group LLC and Absolute Dental Equity, LLC to market at $14.5MM or 60% of the outstanding amount, according to ARES CAPITAL CORP's Form10-Q for the quarterly period ended July 29, 2026, filed with the U.S. Securities and Exchange Commission. Ares Capital is a participant in a loan extended to Absolute Dental Group LLC and Absolute Dental Equity, LLC. The first lien senior secured loan matures in June 2028. Ares Capital Corporation is a business development company that provides financing solutions to middle-market companies across a range of industries. The Fund is led by M. Kort Schnabel as Chief Executive Officer. The Fund can be reached at: M. Kort Schnabel ARES CAPITAL CORPORATION 245 Park Avenue, 44th Floor New York, NY 10167 Telephone: (212) 750-7300 About ABSOLUTE DENTAL GROUP LLC AND ABSOLUTE DENTAL EQUITY, LLC Absolute Dental Group LLC and Absolute Dental Equity, LLC operate in the dental services sector, though the filing offers limited information beyond their status as portfolio borrowers under the loan facility. ABSOLUTE DENTAL: Ares Capital Marks $47.5MM 1L Loan at 40% Off -------------------------------------------------------------- Ares Capital Corporation has marked its $47.5MM first lien senior secured loan to Absolute Dental Group LLC and Absolute Dental Equity, LLC to market at $28.5MM, or 60% of the outstanding amount, according to Ares Capital's Form 10-Q for the quarterly period ended July 29, 2026, filed with the U.S. Securities and Exchange Commission. Ares Capital is a participant in a loan extended to Absolute Dental Group LLC and Absolute Dental Equity, LLC. The first lien senior secured loan matures in June 2028. Ares Capital Corporation is a business development company that provides financing solutions to middle-market companies across a range of industries. The Fund is led by M. Kort Schnabel as Chief Executive Officer. The Fund can be reached at: M. Kort Schnabel ARES CAPITAL CORPORATION 245 Park Avenue, 44th Floor New York, NY 10167 Telephone: (212) 750-7300 About ABSOLUTE DENTAL GROUP LLC AND ABSOLUTE DENTAL EQUITY, LLC Absolute Dental Group LLC and Absolute Dental Equity, LLC are privately owned dental care platforms. ABSOLUTE DENTAL: Ares Capital Marks $47.5MM 1L Loan at 40% Off -------------------------------------------------------------- Ares Capital Corporation has marked its $47.5MM first lien senior secured loan to Absolute Dental Group LLC and Absolute Dental Equity, LLC to market at $28.5MM or 60% of the outstanding amount, according to ARES CAPITAL CORP's Form10-Q for the quarterly period ended July 29, 2026, filed with the U.S. Securities and Exchange Commission. Ares Capital is a participant in a loan extended to Absolute Dental Group LLC and Absolute Dental Equity, LLC. The first lien senior secured loan matures in June 2028. Ares Capital Corporation is a business development company that provides financing solutions to middle-market companies across a range of industries. The Fund is led by M. Kort Schnabel as Chief Executive Officer. The Fund can be reached at: M. Kort Schnabel ARES CAPITAL CORPORATION 245 Park Avenue, 44th Floor New York, NY 10167 Telephone: (212) 750-7300 About ABSOLUTE DENTAL GROUP LLC AND ABSOLUTE DENTAL EQUITY, LLC Absolute Dental Group LLC and Absolute Dental Equity, LLC operate in the dental services sector, though the filing offers limited information beyond their status as portfolio borrowers under the loan facility. ACCENT COMFORT: Claims to be Paid from Continued Operations ----------------------------------------------------------- Accent Comfort Services, LLC filed with the U.S. Bankruptcy Court for the Western District of North Carolina an Amended Plan of Reorganization dated July 24, 2026. Formed December 30, 2004, the Debtor is a South Carolina limited liability company that operates a heating, cooling, plumbing and electrical company providing residential and commercial heating, ventilation and air conditioning ("HVAC") services. The Debtor commenced this Chapter 11 case to address a severe liquidity constraint resulting from a prolonged period of increased competition within the HVAC industry preceding the Chapter 11 filing, which eroded the Debtor's profit margins to the point that its operating cash flow was strained. Class 2 consists of all Allowed General Unsecured Claims. After the satisfaction of or provision for payment in full of Allowed Administrative Expense Claims and the Claim Deadline, the holders of the Allowed Class 2 Claims will receive distributions in an amount equal to the unsecured creditor pool amount of $2,772,238.22, provided however, after deducting disputed claims, the unsecured creditor pool amounts to $1,881,081.22 which equals a Pro Rata Share estimated to be 1.1%. The projected monthly payment is $605.12 for thirty-six months. Monthly payments will be escrowed into a designated account established by the Debtor and remitted by the Debtor to Allowed Class 2 Claims on a semi-annual basis. Monthly payments provided herein shall begin the first full month after the expiration of the Claims Deadline. These Claims shall be treated as unsecured obligations of the Reorganized Debtor. Allowed General Unsecured Creditors shall be paid a pro rata share of the Reorganized Debtor's projected disposable income. Class 2 is impaired by the Plan. Class 3 consists of the Equity Interests in the Debtor. The Equity Interests shall remain with the Debtor's insiders, Frank Celeste r. and Frank C. Celeste. No equity distribution shall be made to the holder of Equity Interests unless and until all Allowed Claims with a high priority have been paid in full. Distributions to holders of Allowed Claims will be made from available Cash, funded by the revenue generated through the Debtor's operations. A full-text copy of the Amended Plan dated July 24, 2026 is available at https://urlcurt.com/u?l=sT0gaO from PacerMonitor.com at no charge. Counsel for the Debtor: John C. Woodman, Esq. Essex Richards, PA 1701 South Blvd. Charlotte, NC 28203 Telephone: (704) 377-4300 About Accent Comfort Services LLC Accent Comfort Services, LLC, doing business as Accent Heating and Cooling, provides residential and commercial heating, air conditioning, plumbing, electrical, ventilation, and remodeling services, including emergency response, in Charlotte, North Carolina, and parts of South Carolina. Founded in 2005, the Charlotte-based family business operates across multiple cities in both states, offering HVAC and related system maintenance and repair. Accent Comfort Services, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D.N.C. Case No. 26-30097) on Jan. 27, 2026, listing $500,000 to $1 million in assets and $1 million to $10 million in liabilities. The petition was signed by Frank C. Celeste as officer. Judge Laura T. Beyer presides over the case. John C. Woodman, at Essex Richards, P.A., serves as the Debtor's legal counsel. ADG LLC: Ares Capital Marks $58.1MM 2L Loan at 73% Off ------------------------------------------------------ Ares Capital Corporation has marked its $58.1MM second lien senior secured loan to ADG, LLC, GEDC Equity, LLC and RC IV GEDC Investor LLC to market at $15.7MM or 27% of the outstanding amount, according to ARES Capital Corp's Form 10-Q for the quarterly perieod ended July 29, 2026, filed with the U.S. Securities and Exchange Commission. Ares Capital is a participant in a loan extended to ADG, LLC, GEDC Equity, LLC and RC IV GEDC Investor LLC. The second lien senior secured loan matures in March 2027. Ares Capital Corporation is a business development company that provides financing solutions to middle-market companies across a range of industries. The Fund is led by M. Kort Schnabel as Chief Executive Officer. The Fund can be reached at: M. Kort Schnabel ARES CAPITAL CORPORATION 245 Park Avenue, 44th Floor New York, NY 10167 Telephone: (212) 750-7300 About ADG, LLC, GEDC Equity, LLC and RC IV GEDC Investor LLC ADG, LLC, GEDC Equity, LLC and RC IV GEDC Investor LLC are special-purpose investment entities, but limited information is available about their underlying operating businesses in the filing. ALLCLEAR COMMERCIAL: Ares Capital Marks $1.7MM 1L Loan at 59% Off ----------------------------------------------------------------- Ares Capital Corporation has marked its $1.7MM first lien senior secured loan to Allclear Commercial Inc., Allclear Military Inc., Allclear Space Inc., and Allclear Group LLC to market at $700,000 or 41% of the outstanding amount, according to Ares Capital's Form 10-Q for the quarterly period ended July 29, 2026, filed with the U.S. Securities and Exchange Commission. Ares Capital is a participant in a loan extended to Allclear Commercial Inc., Allclear Military Inc., Allclear Space Inc., and Allclear Group LLC. The first lien senior secured loan accrues interest at 10.99% (6% PIK) per annum and matures in May 2030. Ares Capital Corporation is a business development company that provides financing solutions to middle-market companies across a range of industries. The Fund is led by M. Kort Schnabel as Chief Executive Officer. The Fund can be reached at: M. Kort Schnabel ARES CAPITAL CORPORATION 245 Park Avenue, 44th Floor New York, NY 10167 Telephone: (212) 750-7300 About ALLCLEAR COMMERCIAL INC., ALLCLEAR MILITARY INC., ALLCLEAR SPACE INC., AND ALLCLEAR GROUP LLC Allclear Commercial Inc., Allclear Military Inc., Allclear Space Inc., and Allclear Group LLC operate a platform that provides aftermarket parts, distribution, repair, and logistics services for military aircraft. ALLCLEAR COMMERCIAL: Ares Capital Marks $1.7MM 1L Loan at 59% Off ----------------------------------------------------------------- Ares Capital Corporation has marked its $1.7MM first lien senior secured loan to Allclear Commercial Inc., Allclear Military Inc., Allclear Space Inc., and Allclear Group LLC to market at $700,000 or 41% of the outstanding amount, according to Ares Capital's Form10-Q for the quarterly period ended July 29, 2026, filed with the U.S. Securities and Exchange Commission. Ares Capital is a participant in a loan extended to Allclear Commercial Inc., Allclear Military Inc., Allclear Space Inc., and Allclear Group LLC. The first lien senior secured loan accrues interest at 10.99% (6% PIK) per annum and matures in May 2030. Ares Capital Corporation is a business development company that provides financing solutions to middle-market companies across a range of industries. The Fund is led by M. Kort Schnabel as Chief Executive Officer. The Fund can be reached at: M. Kort Schnabel ARES CAPITAL CORPORATION 245 Park Avenue, 44th Floor New York, NY 10167 Telephone: (212) 750-7300 About ALLCLEAR COMMERCIAL INC., ALLCLEAR MILITARY INC., ALLCLEAR SPACE INC., AND ALLCLEAR GROUP LLC Allclear Commercial Inc., Allclear Military Inc., Allclear Space Inc., and Allclear Group LLC provide military aircraft aftermarket parts along with related distribution, repair, and logistics services. ALLCLEAR COMMERCIAL: Ares Capital Marks $500,000 1L Loan at 60% Off ------------------------------------------------------------------- Ares Capital Corporation has marked its $500,000 first lien senior secured loan to Allclear Commercial Inc., Allclear Military Inc., Allclear Space Inc., and Allclear Group LLC to market at $200,000 or 40% of the outstanding amount, according to Ares Capital's Form 10-Q for the quarterly period ended July 29, 2026, filed with the U.S. Securities and Exchange Commission. Ares Capital is a participant in a loan extended to Allclear Commercial Inc., Allclear Military Inc., Allclear Space Inc., and Allclear Group LLC. The first lien senior secured loan accrues interest at 10.49% (2% PIK) per annum and matures in May 2030. Ares Capital Corporation is a business development company that provides financing solutions to middle-market companies across a range of industries. The Fund is led by M. Kort Schnabel as Chief Executive Officer. The Fund can be reached at: M. Kort Schnabel ARES CAPITAL CORPORATION 245 Park Avenue, 44th Floor New York, NY 10167 Telephone: (212) 750-7300 About ALLCLEAR COMMERCIAL INC., ALLCLEAR MILITARY INC., ALLCLEAR SPACE INC., AND ALLCLEAR GROUP LLC Allclear Commercial Inc., Allclear Military Inc., Allclear Space Inc., and Allclear Group LLC provide military aircraft aftermarket parts along with related distribution, repair, and logistics services. ALLIUM BUYER: Moody's Assigns First Time 'B2' Corp. Family Rating ----------------------------------------------------------------- Moody's Ratings assigned a B2 corporate family rating and B2-PD probability of default rating to Allium Buyer, LLC (dba "Accuris"). Moody's also assigned B2 ratings to Accuris' proposed backed senior secured first lien bank credit facilities, including a $95 million revolving credit facility expiring 2031 and $700 million term loan due 2031. Accuris is a provider of standards and supply chain related workflow solutions to the engineering community. The outlook is stable. Proceeds from the proposed term loan will be used to refinance existing debt, fund a $331 million shareholder distribution and pay transaction fees. Moody's expects opportunistic financial strategies, including for occasional dividend distributions. The company has concentrated ownership and will operate with significantly higher leverage than it has in the past. As such, governance considerations are a key driver of the assigned ratings. All financial metrics cited reflect Moody's standard adjustments, unless otherwise noted. EBITA and EBITDA are further adjusted to deduct capitalized software expense. RATINGS RATIONALE Accuris' B2 CFR is constrained by its modest scale, with total revenue of just over $500 million in 2025, and high debt/EBITDA of over 5.7x pro forma for the proposed transaction, compared with 3.6x on an actual basis, for the twelve months ended December 31, 2025. The rating also reflects Accuris' concentrated private ownership and opportunistic financial strategies, which could increase the risk of future recapitalizations or other aggressive financial policy actions. Moody's views the probability of additional debt-funded acquisitions as low. The company's credit profile benefits from its strong industry position providing mission critical data and content from thousands of standards development organizations (SDOs) and content publishers across a broad range of industries. Accuris' annual subscription revenue base features limited customer and industry concentration, although there is concentration among SDOs. This strong position allows for high revenue retention (recurring revenue of 95%) and visibility as well as historically high customer switching costs and low customer concentration. The company operates an asset light business model with attractive profitability; Moody's expects high single digit revenue growth, EBITDA margins of at least 25% and strong free cash flow generation over the next 12 to 18 months. Accuris also benefits from limited meaningful competition of scale in its niche business, which supports its near-term market position. In September 2025, ASTM (formerly known as the American Standard for Testing and Materials), one of the company's larger SDOs with a more than 50-year partnership, announced its intention to prioritize content distribution through its own proprietary platform. Moody's expects that the loss of ASTM content could reduce revenue and EBITDA growth in 2026. It also signals the possibility that other SDOs could pursue similar strategies over time. Moody's do not expect additional SDO losses. A pattern of SDO exits, would weigh on revenue growth and the credit profile. The B2 ratings assigned to the company's senior secured bank debt are derived from the B2 CFR and the application of Moody's Loss Given Default for Speculative-Grade Companies methodology. The B2 secured debt ratings are consistent with the CFR, as the new secured debt instruments will account for the preponderance of the company's debt structure and rank pari passu in the capital structure. The first-lien credit facilities are guaranteed by Holdings (Allium Intermediate LLC) and substantially all current and future wholly owned domestic restricted subsidiaries and secured by first-priority liens on substantially all assets of the borrower and guarantors. The guarantee package excludes foreign subsidiaries, and the collateral package does not include direct liens on foreign assets. As a result, lenders primarily rely on the domestic restricted group for recovery support, while value residing in foreign subsidiaries remains structurally senior to the claims of facility lenders. Moody's views Accuris' liquidity as good. Moody's expects cash of roughly $15 million and full availability of the $95 million revolving credit facility following the close of the proposed debts. Moody's expects the company to generate at least $90 million of annual free cash flow over the next 12 to 15 months, corresponding to free cash flow/debt of at least 10%. The revolver might be needed to fund working capital and general business needs. There are no financial covenants applicable to the proposed term loan. The proposed revolver is subject to springing first lien net leverage below 8.4x, which is tested when the revolver is 45% or more drawn. Moody's expects the company to maintain ample cushion under its financial covenant if tested over the next 12 to 15 months. Marketing terms for the new credit facilities (final terms may differ materially) include the following: Incremental pari passu debt capacity up to of the greater of closing date EBIITDA and 100% of EBITDA, plus unused amounts under the general debt and lien baskets and the Available Amount basket, plus unlimited amounts subject to 4.50x first lien leverage or pro forma first lien leverage no worse than prior to incurrence. There is an inside maturity sublimit for debt incurred in connection with a permitted acquisition or other investment, plus the greater of approximately 200% of closing date EBITDA and 200% of EBITDA, plus amounts that can be reallocated to the incremental. There are no "blocker" provisions which prohibit the transfer of specified assets to unrestricted subsidiaries. There are no express protective provisions prohibiting an up-tiering transaction. There is an asset sale RP amount carve-out allowing dividends from net proceeds of asset sales up to 100% of closing EBITDA. The stable outlook reflects Moody's views that Accuris will grow recurring revenue, generate strong profitability rates, free cash flow/debt of at least 10% and reduce debt/Ebitda below 5.5x within 12 to 18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Accuris demonstrates sustained revenue growth to materially increase scale, continued strong free cash flow generation and debt/EBITDA maintained below 4.5x. The ratings could be downgraded if revenue growth does not reaccelerate in 2027 or profitability rates contract, including as a result of loss of market share, stronger competitive pressures or challenges operating with higher debt leverage. Ratings could also face downward pressure if Moody's expects debt/EBITDA will remain above 6x, EBITDA/interest will stay below 1.5x, EBITDA margins decline below 20%, or liquidity deteriorates. The principal methodology used in these ratings was Business and Consumer Services published in February 2026. Accuris operates under the legal entity Allium Buyer, LLC and is controlled by funds affiliated with KKR following their purchase of the Engineering Solutions business of S&P Global Inc in 2023. The company helps engineering and technical professionals enhance workflows via software solutions for SDOs by embedding data, technology and insights into the way projects are designed, built and maintained. Accuris services a wide range of industries including aerospace and defense, electronics, energy, and industrial manufacturing. ALPINE CORP: Cash Collateral Hearing Set for Aug. 18 ---------------------------------------------------- The U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, is set to hold a hearing on August 18 to consider extending Alpine Corporation's authority to use cash collateral. Earlier, the curt authorized the Debtor's continued use of cash collateral under the same terms and conditions as its prior orders. In its July 30 order, the court also provided that all previously approved adequate protection for secured creditors remains in full force and effect. Alpine has one secured creditor, IDB Bank, which holds a term loan of $159,598 and a revolving line of credit of $14,107,958, secured by substantially all of its personal property including accounts receivable, inventory, equipment, furniture, and goodwill. The collateral is valued at approximately $16.7 million. The Debtor also obtained loans from three Hard Money Lenders -- Samson MCA LLC, 968 W Veterans Realty, LLC, and GBR Funding West, Inc. -- with security interests in future accounts. These liens, however, were filed during the 90-day preference period and are avoidable. About Alpine Corporation Alpine Corporation founded in 1999 and based in California, designs, imports, and distributes home, garden, and holiday products, offering a range that includes outdoor lighting, fountains, planters, garden decor, seasonal items, and innovative new products such as Bluetooth speakers. The Company operates an in-house design team known for producing decorative and functional pieces, and maintains a global sourcing operation to ensure quality, competitive pricing, and timely delivery. Alpine serves both retail stores and online customers through its platform, positioning itself in the home and garden products industry. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 26-10067) on January 5, 2026. In the petition signed by Robby Soofer, president, the Debtor disclosed $18,816,855 in total assets and $25,958,701 in total liabilities. Judge Neil W. Bason oversees the case. Michael S. Kogan, Esq., at Kogan Law Firm, APC, represents the Debtor as bankruptcy counsel. AMBAR TRANSPORTATION: Gets Final OK to Use Cash Collateral ---------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of New York entered a final order authorizing Ambar Transportation, Inc. to use its secured lenders' cash collateral. The final order authorized the Debtor to continue using the cash collateral of JPMorgan Chase Bank, N.A. and the U.S. Small Business Administration in accordance with the court-approved operating budget to maintain its transportation business. The Debtor is prohibited from using those funds for personal expenses, litigation against JPMorgan, or challenges to the bank's debt, liens, or loan documents without the bank's written consent. As adequate protection, JPMorgan and the SBA will continue to receive monthly payments of $1,178.76 and $102.50, respectively, in accordance with their loan documents. In addition, the secured lenders will be granted replacement liens on post-petition assets of the same type and priority as their prepetition collateral, excluding Chapter 5 avoidance actions, along with a Section 507(b) superpriority administrative claim to the extent of any post-petition diminution in collateral value. The order provides for a carve-out of up to $20,000 for court-approved Chapter 11 professional fees and $10,000 for a potential Chapter 7 trustee. The authorization terminates upon default events, including failure to make adequate protection payments, conversion or dismissal of the Chapter 11 case, breach of the order, failure to maintain required insurance, or impairment of the secured lenders' replacement liens. A copy of the Debtor's budget is available at https://shorturl.at/2j3pV from PacerMonitor.com. About Ambar Transportation Inc. Ambar Transportation, Inc. is a New York-based transportation company operating under a New York City Taxi & Limousine Commission for-hire vehicle base license. Ambar Transportation filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. N.Y. Case No. 26-41612) on April 1, 2026, listing up to $50,000 in assets and up to $1 million in liabilities. Ramon Corona, president of Ambar Transportation, signed the petition. Judge Jil Mazer-Marino oversees the case. Mark E. Cohen, Esq., at BFSNG Law Group, LLP, represents the Debtor as bankruptcy counsel. Gerard Luckman, Esq., at Forchelli Deegan Terrana, LLP serves as Subchapter V trustee for the Debtor. AMERIVET PARTNERS: Ares Capital Marks $84.6MM Loan at 38% Off ------------------------------------------------------------- Ares Capital Corporation has marked its $84.6MM subordinated loan to Amerivet Partners Management, Inc. and AVE Holdings LP to market at $52.4MM or 62% of the outstanding amount, according to Ares Capital's Form 10-Q for the quarterly period ended July 29, 2026, filed with the U.S. Securities and Exchange Commission. Ares Capital is a participant in a loan extended to Amerivet Partners Management, Inc. and AVE Holdings LP. The subordinated loan matures in December 2030. Ares Capital Corporation is a business development company that provides financing solutions to middle-market companies across a range of industries. The Fund is led by M. Kort Schnabel as Chief Executive Officer. The Fund can be reached at: M. Kort Schnabel ARES CAPITAL CORPORATION 245 Park Avenue, 44th Floor New York, NY 10167 Telephone: (212) 750-7300 About AMERIVET PARTNERS MANAGEMENT, INC. AND AVE HOLDINGS LP Amerivet Partners Management, Inc. and AVE Holdings LP together operate a veterinary practice management platform that partners with veterinary clinics to provide business management and support services. AMERIVET PARTNERS: Ares Capital Marks $84.6MM Loan at 38% Off ------------------------------------------------------------- Ares Capital Corporation has marked its $84.6MM subordinated loan to Amerivet Partners Management, Inc. and AVE Holdings LP to market at $52.4MM, or 62% of the outstanding amount, according to Ares Capital's Form 10-Q for the quarterly period ended July 29, 2026, filed with the U.S. Securities and Exchange Commission. Ares Capital is a participant in a loan extended to Amerivet Partners Management, Inc. and AVE Holdings LP. The subordinated loan matures in December 2030. Ares Capital Corporation is a business development company that provides financing solutions to middle-market companies across a range of industries. The Fund is led by M. Kort Schnabel as Chief Executive Officer. The Fund can be reached at: M. Kort Schnabel ARES CAPITAL CORPORATION 245 Park Avenue, 44th Floor New York, NY 10167 Telephone: (212) 750-7300 About AMERIVET PARTNERS MANAGEMENT, INC. AND AVE HOLDINGS LP Amerivet Partners Management, Inc. and AVE Holdings LP together operate a veterinary practice management platform that provides operational and administrative support services to veterinary clinics. ANCHOR SOUTH: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------- Debtor: Anchor South Transport LLC 3160 Hwy 205 Albertville, AL 35950 Business Description: Anchor South Transport LLC is an Albertville, Alabama-based motor carrier that provides freight transportation services using a fleet of Peterbilt, Mack and Kenworth tractors and bulk-commodity and hopper-bottom trailers. The company primarily transports grain, feed and other dry agricultural or bulk materials for farms, agricultural businesses and commercial customers. Chapter 11 Petition Date: July 28, 2026 Court: United States Bankruptcy Court Northern District of Alabama Case No.: 26-81684 Judge: Hon. Clifton R Jessup Jr Debtor's Counsel: Tameria S. Driskill, Esq. TAMERIA S. DRISKILL, LLC 246 South 8th Street Gadsden, AL 35901-4043 Tel: (256) 459-5189 E-mail: driskill-law@outlook.com Total Assets: $1,395,995 Total Liabilities: $2,209,730 The petition was signed by Mary Melton as member. A copy of the Debtor's list of its 20 largest unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/MRKH46Y/Anchor_South_Transport_LLC__alnbke-26-81684__0002.0.pdf?mcid=tGE4TAMA The complete Chapter 11 petition is available free of charge through PacerMonitor at: https://www.pacermonitor.com/view/MXDELRA/Anchor_South_Transport_LLC__alnbke-26-81684__0001.0.pdf?mcid=tGE4TAMA APPALACHIAN PRODUCER: Seeks 120-Day Extension of Plan Filing ------------------------------------------------------------ Appalachian Producer Services Corp. asked the U.S. Bankruptcy Court for the Western District of Pennsylvania to extend its exclusivity periods to file a plan of reorganization for additional one-hundred twenty days. On December 12, 2025, the Debtor filed Adversary Complaints for Declaratory Judgment to Determine Debt Void by Operation of Law, against creditors Highland Hill Capital LLC (Adversary Case No. 25-02106), Kapitus LLC (Adversary Case No. 25-02107), and Forward Financing LLC (Adversary Case No. 25-02108). On April 9, an Order Approving Settlement with Highland Hill Capital, LLC was entered. A settlement agreement was finalized and agreed to by the parties. It has been executed by the Debtor and awaits the signature of Forward Financing, LLC, which the company expects any day. A motion to approve settlement has been drafted and is just awaiting the fully executed settlement agreement. The Debtor explains that both Highland Hill Capital, LLC and Forward Financing, LLC contemplate acceptance of a Plan to be filed by Debtor that incorporates the terms of those settlements. Thus, Debtor has made good use of the additional time to file what it hopes to be a confirmable, and possibly, consensual Plan and continues to make efforts in contemplation of formulating and filing a confirmable Plan of reorganization. The Debtor states that it has also filed Adversary Complaints for Declaratory Judgment to Determine Debt Void by Operation of Law, against creditors PNC Bank, N.A. and NG Solutions, LLC. An Order granting Default Judgment was entered against NG Solutions, LLC on July 1, 2026. The outcome of the open Adversary matter will impact the creation of a feasible Chapter 11 Plan. Moreover, the Debtor filed an Objection to Proof of Claim no. 5 of Maceil's Auto Body on July 27, 2026, the outcome of which will further impact the creation of a Chapter 11 Plan. Appalachian Producer Services Corp. is represented by: Brian C. Thompson, Esq. THOMPSON LAW GROUP, P.C. 301 Smith Drive, Suite 6 Cranberry Township, PA 16066 Telephone: (724) 799-8404 Facsimile: (724) 799-8409 E-mail: bthompson@thompsonattorney.com About Appalachian Producer Services Appalachian Producer Services Corp. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Pa. Case No. 25-22299) on Aug. 29, 2025. At the time of the filing, the Debtor estimated assets of between $0 to $50,000 and liabilities of between $100,001 to $500,000. Judge Jeffery A. Deller oversees the case. Thompson Law Group, P.C., is the Debtor's legal counsel. ARIA ASSETS: Case Summary & Five Unsecured Creditors ---------------------------------------------------- Debtor: Aria Assets, LLC 5539 N. Mesa El Paso, TX 79912 Chapter 11 Petition Date: August 3, 2026 Court: United States Bankruptcy Court Western District of Texas Case No.: 26-31084 Judge: Hon. Christopher G Bradley Debtor's Counsel: Stephen W Sather, Esq. BARRON & NEWBURGER, P.C. 7320 N. MoPac Expressway 400 Austin, TX 78731 Tel: (512) 476-9103 x220 E-mail: ssather@bn-lawyers.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Fahad Omar as manager. A full-text copy of the petition, which includes a list of the Debtor's five unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/V2DHELQ/Aria_Assets_LLC__txwbke-26-31084__0001.0.pdf?mcid=tGE4TAMA AVALIGN HOLDINGS: Ares Capital Marks $3.6MM 1L Loan at 44% Off -------------------------------------------------------------- Ares Capital Corporation has marked its $3.6MM first lien senior secured revolving loan to Avalign Holdings, Inc. and Avalign Technologies, Inc. to market at approximately $2.0MM or 56% of the outstanding amount, according to Ares Capital's Form 10-Q for the quarterly period ended July 29, 2026, filed with the U.S. Securities and Exchange Commission. Ares Capital is a participant in a loan extended to Avalign Holdings, Inc. and Avalign Technologies, Inc. The first lien senior secured revolving loan matures in December 2028. Ares Capital Corporation is a business development company that provides financing solutions to middle-market companies across a range of industries. The Fund is led by M. Kort Schnabel as Chief Executive Officer. The Fund can be reached at: M. Kort Schnabel ARES CAPITAL CORPORATION 245 Park Avenue, 44th Floor New York, NY 10167 Telephone: (212) 750-7300 About AVALIGN HOLDINGS, INC. AND AVALIGN TECHNOLOGIES, INC. Avalign Holdings, Inc. and Avalign Technologies, Inc. are medical device companies focused on designing and manufacturing precision components and instruments for healthcare customers. AVALIGN HOLDINGS: Ares Capital Marks $3.6MM 1L Loan at 44% Off -------------------------------------------------------------- Ares Capital Corporation has marked its $3.6MM first lien senior secured revolving loan to Avalign Holdings, Inc. and Avalign Technologies, Inc. to market at $2MM, or 56% of the outstanding amount, according to Ares Capital's Form 10-Q for the quarterly period ended July 29, 2026, filed with the U.S. Securities and Exchange Commission. Ares Capital is a participant in a loan extended to Avalign Holdings, Inc. and Avalign Technologies, Inc. The first lien senior secured loan matures in December 2028. Ares Capital Corporation is a business development company that provides financing solutions to middle-market companies across a range of industries. The Fund is led by M. Kort Schnabel as Chief Executive Officer. The Fund can be reached at: M. Kort Schnabel ARES CAPITAL CORPORATION 245 Park Avenue, 44th Floor New York, NY 10167 Telephone: (212) 750-7300 About AVALIGN HOLDINGS, INC. AND AVALIGN TECHNOLOGIES, INC. Avalign Holdings, Inc. and Avalign Technologies, Inc. together operate as a medical device solutions platform, providing contract design, engineering, and manufacturing of orthopedic implants, surgical instruments, and other precision components for leading medical device companies. AVALIGN HOLDINGS: Ares Capital Marks $40.5MM 1L Loan at 44% Off --------------------------------------------------------------- Ares Capital Corporation has marked its $40.5MM first lien senior secured loan to Avalign Holdings, Inc. and Avalign Technologies, Inc. to market at $22.7MM or 56% of the outstanding amount, according to Ares Capital's Form 10-Q for the quarterly period ended July 29, 2026, filed with the U.S. Securities and Exchange Commission. Ares Capital is a participant in a loan extended to Avalign Holdings, Inc. and Avalign Technologies, Inc. The first lien senior secured loan matures in December 2028. Ares Capital Corporation is a business development company that provides financing solutions to middle-market companies across a range of industries. The Fund is led by M. Kort Schnabel as Chief Executive Officer. The Fund can be reached at: M. Kort Schnabel ARES CAPITAL CORPORATION 245 Park Avenue, 44th Floor New York, NY 10167 Telephone: (212) 750-7300 About AVALIGN HOLDINGS, INC. AND AVALIGN TECHNOLOGIES, INC. Avalign Holdings, Inc. and Avalign Technologies, Inc. design and manufacture precision medical devices and instruments, with a focus on surgical and orthopedic applications. AVALIGN HOLDINGS: Ares Capital Marks $40.5MM 1L Loan at 44% Off --------------------------------------------------------------- Ares Capital Corporation has marked its $40.5MM first lien senior secured loan to Avalign Holdings, Inc. and Avalign Technologies, Inc. to market at $22.7MM, or 56% of the outstanding amount, according to Ares Capital's Form 10-Q for the quarterly period ended July 29, 2026, filed with the U.S. Securities and Exchange Commission. Ares Capital is a participant in a loan extended to Avalign Holdings, Inc. and Avalign Technologies, Inc. The first lien senior secured loan matures in December 2028. Ares Capital Corporation is a business development company that provides financing solutions to middle-market companies across a range of industries. The Fund is led by M. KORT SCHNABEL as Chief Executive Officer. The Fund can be reached at: M. KORT SCHNABEL ARES CAPITAL CORPORATION 245 Park Avenue, 44th Floor New York, NY 10167 Telephone: (212) 750-7300 About AVALIGN HOLDINGS, INC. AND AVALIGN TECHNOLOGIES, INC. Avalign Holdings, Inc. and Avalign Technologies, Inc. together operate as a medical device solutions platform, providing contract design, engineering, and manufacturing of orthopedic implants, surgical instruments, and other precision components for leading medical device companies. AVENTINE INTERMEDIATE: Ares Capital Marks $55.9M 2L Loan at 27% Off ------------------------------------------------------------------- Ares Capital Corporation has marked its $55.9MM second lien senior secured loan to Aventine Intermediate LLC & Aventine Holdings II LLC to market at $40.8MM or 73% of the outstanding amount, according to Ares Capital's Form 10-Q for the quarterly period ended July 29, 2026, filed with the U.S. Securities and Exchange Commission. Ares Capital is a participant in a loan extended to Aventine Intermediate LLC & Aventine Holdings II LLC. The second lien senior secured loan matures in December 2030. Ares Capital Corporation is a business development company that provides financing solutions to middle-market companies across a range of industries. The Fund is led by M. Kort Schnabel as Chief Executive Officer. The Fund can be reached at: M. Kort Schnabel ARES CAPITAL CORPORATION 245 Park Avenue, 44th Floor New York, NY 10167 Telephone: (212) 750-7300 About AVENTINE INTERMEDIATE LLC & AVENTINE HOLDINGS II LLC Aventine Intermediate LLC & Aventine Holdings II LLC operate as a media and production company. BALROG PARENT: Ares Capital Marks $17.2MM 1L Loan at 27% Off ------------------------------------------------------------ Ares Capital Corporation has marked its $17.2MM first lien senior secured loan to Balrog Acquisition, Inc., Balrog Topco, Inc. and Balrog Parent, L.P. to market at $12.6MM or 73% of the outstanding amount, according to Ares Capital's Form 10-Q for the quarterly period ended July 29, 2026, filed with the U.S. Securities and Exchange Commission. Ares Capital is a participant in a loan extended to Balrog Acquisition, Inc., Balrog Topco, Inc. and Balrog Parent, L.P. The first lien senior secured loan accrues interest at 8.26% per annum and matures in September 2028. Ares Capital Corporation is a business development company that provides financing solutions to middle-market companies across a range of industries. The Fund is led by M. Kort Schnabel as Chief Executive Officer. The Fund can be reached at: M. Kort Schnabel ARES CAPITAL CORPORATION 245 Park Avenue, 44th Floor New York, NY 10167 Telephone: (212) 750-7300 About BALROG ACQUISITION, INC., BALROG TOPCO, INC. AND BALROG PARENT, L.P. Balrog Acquisition, Inc., Balrog Topco, Inc. and Balrog Parent, L.P. together comprise a platform that manufactures and distributes specialty bakery ingredients. BAMBOO PURCHASER: Ares Capital Marks $22.2MM 1L Loan at 84% Off --------------------------------------------------------------- Ares Capital Corporation has marked its $22.2MM first lien senior secured loan to Bamboo Purchaser, Inc. to market at $3.6MM or 16% of the outstanding amount, according to Ares Capital's Form 10-Q for the quarterly period ended July 29, 2026, filed with the U.S. Securities and Exchange Commission. Ares Capital is a participant in a loan extended to Bamboo Purchaser, Inc. The first lien senior secured loan matures in December 2029. Ares Capital Corporation is a business development company that provides financing solutions to middle-market companies across a range of industries. The Fund is led by M. Kort Schnabel as Chief Executive Officer. The Fund can be reached at: M. Kort Schnabel ARES CAPITAL CORPORATION 245 Park Avenue, 44th Floor New York, NY 10167 Telephone: (212) 750-7300 About BAMBOO PURCHASER, INC. Bamboo Purchaser, Inc. provides nursery, garden, and greenhouse products. BEACH-LASALLE PROPERTIES: Continued Operation to Fund Plan ---------------------------------------------------------- Beach-LaSalle Properties, LLC filed with the U.S. Bankruptcy Court for the Western District of New York a Plan of Reorganization dated July 24, 2026. The Debtor filed a Chapter 11 Plan of Reorganization that restructures its secured obligations while continuing to operate its real estate business. Class 1 Priority Tax Claims: * This class is impaired. * The Debtor states that it has no priority tax debt. * Quarterly U.S. Trustee fees are current. Class 2 Secured Tax Claims: * This class is impaired. * The Debtor owes $22,357 in secured real property tax debt to the County of Erie. * This debt will be paid within 60 days after the Effective Date of the confirmed Plan. Class 3 Secured Mortgage Claim: * This class is impaired. * A creditor holds a $225,000 mortgage secured by property located at 4715 Thompson Road, Clarence, New York. * The mortgage will be modified and extended into a 20-year amortized mortgage with monthly payments of $2,130. * The Plan also provides that the Apgar mortgage will be increased from $225,000 to $250,000. The additional $25,000 will be used to pay the County of Erie secured tax debt within 60 days of the Plan's Effective Date. Secured Judgment Claim (Class 4): * The secured judgment claim will be paid in full with interest through monthly payments of $1,000 over 36 months. * The Debtor expects to make these payments from the profitable operation of its real estate business. Class 5 Equity Holders: * This class is impaired. * The Debtor has one member, who will retain sole ownership of the reorganized limited liability company. Plan Funding and Payments: * The Debtor's total projected monthly obligations under the Plan will begin at $4,380, consisting of: -- $2,130 toward the modified Apgar mortgage. -- $1,250 for current property insurance and tax payments. -- $1,000 toward the secured judgment claim. * The Plan states that all claims will either be modified (the Apgar mortgage) or paid in full within 36 months. Other Provisions: * Professional fees and expenses require prior approval by the Bankruptcy Court after notice to creditors and other interested parties. * The Debtor will receive a Chapter 11 discharge on the Effective Date upon implementation of the Plan payments. * U.S. Trustee fees will continue to be paid until the bankruptcy case is closed. A full-text copy of the Plan of Reorganization dated July 24, 2026 is available at https://urlcurt.com/u?l=Tb7kXp from PacerMonitor.com at no charge. Counsel to the Debtor: James M. Joyce, Esq. 4733 transit Road Lancaster, NY 14043 Tel: (716) 656-0600 Fax: (716) 656-0607 E-mail: jmjoyce@lawyer.com About Beach-LaSalle Properties Beach-LaSalle Properties, LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D.N.Y. Case No. 26-10017) on January 6, 2026, listing $500,001 to $1 million in assets and $100,001 to $500,000 in liabilities. Judge Carl L Bucki presides over the case. James M. Joyce, Esq. serves as the Debtor's counsel. BLACK LION: 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 Black Lion Transportation and Truck Repairs, 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 Black Lion Transportation and Truck Repairs Black Lion Transportation and Truck Repairs, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-59954) on July 29, 2026, with $100,001 to $500,000 in both assets and liabilities. Paul Reece Marr, Esq., at Paul Reece Marr, PC represents the Debtor as legal counsel. BOBBY DEE: Gets Final Court Nod to Use Cash Collateral ------------------------------------------------------ Bobby Dee Presents, Inc. received final approval from the U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, to use cash collateral. The court approved the stipulated use of cash collateral on a final basis, on the same terms and conditions contained in the June 5 interim order. However, the court modified one provision of the parties' stipulation by rejecting the Debtor's proposed waiver of its rights under Section 506(c) of the Bankruptcy Code. Specifically, the court refused to approve the Debtor's agreement to permanently waive its ability to surcharge the cash collateral of FFB Bank for certain bankruptcy-related expenses. Instead, the court required the Debtor to obtain FFB Bank's prior written approval before seeking to surcharge the bank's cash collateral, unless an emergency makes obtaining such approval impossible or the court orders otherwise. If a dispute arises over whether an unapproved expenditure qualified as an emergency, the bankruptcy court retains authority to resolve that issue. The court order is available at https://shorturl.at/UpDhG from PacerMonitor.com. About Bobby Dee Presents Inc. Bobby Dee Presents, Inc. is a California-based company engaged in artist management, concerts, festivals, and restaurant operations. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C. D. Cal. Case No. 2:26-bk-13477-NB) on April 10, 2026. In the petition signed by Robert Drieslein, chief executive officer, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Neil W. Bason oversees the case. Marc Aaron Goldbach, Esq., at Goldbach Law Group, represents the Debtor as legal counsel. FFB Bank, as lender is represented by: Don J. Pool, Esq. Fennemore, LLP 8080 N Palm Avenue, Third Floor Fresno, CA 93711 Tel: (559) 432-4500 Fax: (559) 432-4590 dpool@fennemorelaw.com BOXLIGHT CORP: CFO Zeek to Step Down; Grabow Assumes Interim Role ----------------------------------------------------------------- Boxlight Corporation said in a regulatory filing with the Securities and Exchange Commission that Ryan Zeek notified the Board of Directors of his resignation as chief financial officer of the Company, effective Aug. 17, 2026. With the Company's mutual agreement, Mr. Zeek will continue to serve in his role as Chief Financial Officer through Aug. 17, 2026. Mr. Zeek has agreed to provide transition support to the Company outside of regular business hours through Sept. 30, 2026, with the specific details of such support to be determined during his remaining tenure with the Company. Mr. Zeek's resignation was voluntary and was not the result of any disagreement with the Company on any matter relating to the Company's operations, policies, or practices. The Company thanks Mr. Zeek for his contributions and service during his tenure as chief financial officer and wishes him well in his future endeavors. Mr. Zeek's departure will be subject to the terms of his employment agreement with the Company, effective as of Oct. 8, 2025, including its notice, severance, and post-employment covenant provisions, to the extent applicable to a voluntary resignation. Appointment Of Interim Chief Financial Officer In connection with Mr. Zeek's resignation, the Board has appointed Jennifer Grabow, age 39, as the Company's interim chief financial officer, effective Aug. 16, 2026, to serve until a permanent successor is appointed. From 2021 to 2025, Ms. Grabow previously served as the Company's controller and recently rejoined the Company. Prior to joining the Company in 2021, Ms. Grabow spent six and a half years in the audit practice of KPMG LLP. Ms. Grabow is a Certified Public Accountant (CPA). On Aug. 3, 2026, the Company and Ms. Grabow entered into an interim chief financial officer appointment agreement, pursuant to which Ms. Grabow will serve as the Company's interim chief financial officer, effective Aug. 16, 2026. Under the Appointment Agreement, Ms. Grabow will be responsible for the overall day-to-day accounting and finance operations of the Company. In addition, Ms. Grabow shall have such other duties as are normally associated with the capacity in which Ms. Grabow will be serving, as well as such other duties as may be assigned from time to time by the Company's chief executive officer. The Company will pay Ms. Grabow a salary at an annual rate of $210,000. Such salary shall be paid to Ms. Grabow on a semi-monthly basis in accordance with the customary payroll practices of the Company. The Company or the Board will review the amount of Ms. Grabow's salary annually, and it may be adjusted at the discretion of the Board. In addition to the salary, Ms. Grabow is eligible to receive a quarterly performance-based bonus. The total annualized value of the performance-based bonus will be 25% annually and 6.25% quarterly for on-target performance. In addition to the salary and quarterly bonus, Ms. Grabow shall be eligible to participate in all employee benefit plans, including medical, disability, 401(k), and other employee benefit plans and programs generally provided by the Company to its senior staff from time to time hereafter, subject to, and to the extent Ms. Grabow is eligible for, the respective terms of such benefit plans and programs. Ms. Grabow acknowledges and agrees that she is an "at-will" employee and that the Appointment Agreement and her services may be terminated at any time, with or without Cause, at the option of either Ms. Grabow or the Company, with notice. A full-text copy of the Appointment Agreement is available at https://tinyurl.com/29bkw47n. There are no family relationships between Ms. Grabow and any director or executive officer of the Company. To the best knowledge of the Company, neither Ms. Grabow nor any of her immediate family members is a party to any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K. About Boxlight Corp. Boxlight Corporation, based in Duluth, Georgia, develops, sells, and services interactive technology solutions primarily for the education sector, with additional offerings for corporate and government clients. The Company designs, produces, and distributes interactive and non-interactive flat-panel displays, LED video walls, classroom audio systems, cameras, peripherals, STEM products, and software integrated into a classroom suite for learning, assessment, and collaboration. Boxlight sells its products through over 1,000 global reseller partners, reaching more than 1.5 million classrooms and meeting spaces in over 70 countries. Atlanta, Georgia-based Cherry Bekaert LLP, the Company's auditor since 2025, issued a "going concern" qualification in its report dated April 15, 2026, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2025, citing that the Company has suffered recurring losses and negative cash flows from operations, and may be unable to maintain compliance with financial covenants required by its credit agreement that raise substantial doubt about its ability to continue as a going concern. As of March 31, 2026, the Company had $90.7 million in total assets, $92.7 million in total liabilities, and $2 million in total stockholders' deficit. BRIT PROPERTIES: Case Summary & 18 Unsecured Creditors ------------------------------------------------------ Debtor: Brit Properties LLC 6424 7th Avenue N Saint Petersburg, FL 33710 Business Description: Brit Properties LLC owns and operates a portfolio of investment properties in Ruskin, Madeira Beach, and Tampa, Florida, including condominium and residential units used for vacation and other short-term rentals. Chapter 11 Petition Date: August 3, 2026 Court: United States Bankruptcy Court Middle District of Florida Case No.: 26-06911 Debtor's Counsel: Buddy D. Ford, Esq. FORD & SEMACH, P.A. 9301 West Hillsborough Avenue Tampa, FL 33615-3008 Tel: (813) 877-4669 Fax: (813) 877-5543 E-mail: All@tampaesq.com Total Assets: $1,163,180 Total Liabilities: $1,407,778 The petition was signed by Anthony C. Scott as manager. A full-text copy of the petition, which includes a list of the Debtor's 18 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/KTDJDMY/Brit_Properties_LLC__flmbke-26-06911__0001.0.pdf?mcid=tGE4TAMA BROWNIE'S MARINE: Q2 Net Income Rises to $581K; Going Concern Stays ------------------------------------------------------------------- Brownie's Marine Group, Inc. filed its Quarterly Report on Form 10-Q with the U.S. Securities and Exchange Commission, reporting net income of $580,542 for the three months ended June 30, 2026, compared to net income of $153,584 for the same period in the prior year. For the six months ended June 30, 2026, the Company reported net income of $711,688, compared to net income of $67,259 for the same period in the prior year. Revenues for the three months ended June 30, 2026, were $1,974,245, compared to $2,518,890 in the prior-year period. Revenues for the six months ended June 30, 2026, were $4,493,135, compared to $4,048,093 for the same period in the prior year. For the six months ended June 30, 2026, net revenues increased 11% compared to the six months ended June 30, 2025, as a result of an increase in revenues of BTL, BLU3, and SSI, partially offset by a slight decrease in revenues for LWA. The increase in BTL revenue is mainly attributable to better terms with dealers and modification of the SeaLion unit. The increase in BLU3 sales is due to offering a better mix of products and aggressive social media marketing. Cost of net revenues was 50.9% for the six months ended June 30, 2026, compared to 65.7% for the six months ended June 30, 2025. Gross profit margin was 49.1% for the six months ended June 30, 2026, compared to 38% for the six months ended June 30, 2025, attributable to increased sales, a decrease in BTL labor costs, and a decrease in cost of materials due to better purchasing practices. Royalty expenses paid to Robert Carmichael increased by 64.6% for the six months ended June 30, 2026, compared to the six months ended June 30, 2025. Operating Expenses Selling, general, and administrative expenses increased 70.30% for the six months ended June 30, 2026, compared to 21% for the six months ended June 30, 2025, due primarily to an increase in audit fees and consulting fees paid for filing of employee retention credit refunds. Professional fees, including legal, accounting, and other professional fees, increased 14.5% and 37.2% for the three and six months ended June 30, 2026, respectively, compared to the same periods in 2025. Payroll for the three and six months ended June 30, 2026, decreased 29.8% and increased 4.6%, respectively, compared to the same periods in 2025, reflecting control of employee overtime hours and the hiring of additional personnel in the second quarter of 2026. Research and development expenses increased 354.3% and 215.2% for the three and six months ended June 30, 2026, respectively, compared to the same periods in 2025, as a result of increased innovation, modification, and product development activity. Other income for the three and six months ended June 30, 2026, increased compared to the prior year primarily due to the recognition of the employee retention credit in 2026. Liquidity and Capital Resources As of June 30, 2026, the Company had cash of $714,411, a working capital surplus of $1,399,187, and an accumulated deficit of $17,319,687, representing a significant improvement compared to prior years. Net cash used in operating activities for the six months ended June 30, 2026, was $532,827, driven by net income of approximately $711,689. No net cash was used in investing activities for the six months ended June 30, 2026. Net cash used in financing activities was $126,303 for the six months ended June 30, 2026. Going Concern The Company has a history of losses and an accumulated deficit of $17,319,669 as of June 30, 2026. Continued losses and cash used in operations in the past raise substantial doubt as to the Company's ability to continue as a going concern. The Company's ability to continue as a going concern is dependent upon its ability to continue to increase revenues, control expenses, raise capital, and sustain adequate working capital to finance its operations. The failure to achieve the necessary levels of profitability and cash flows would be detrimental to the Company. The Company is continuing to engage in discussions with potential sources for additional capital; however, its ability to raise capital is somewhat limited based upon revenue levels, net losses, and the limited market for its common stock. If the Company is unable to raise additional funds when needed or does not have sufficient cash flows from sales, it may be required to scale back, delay or cease operations, liquidate assets and possibly seek bankruptcy protection. A full-text copy of the Company's Form 10-Q is available at https://tinyurl.com/ap4vyp27. About Brownie's Marine Brownie's Marine Group, Inc. is a Davie, Florida, marine technology company that operates subsidiaries focused on portable air, underwater breathing, safety, and marine technologies. Its operations include surface-supplied air systems, battery-powered diving systems, miniature and emergency breathing devices, high-pressure compressor distribution and service, and consumer-facing training and experiential programs. In an audit report dated April 10, 2026, Bush and Associates CPA LLC included a going concern qualification, stating that Brownie's Marine had a net loss of about $105,149 and cash used in operating activities of about $109,794 for the year ended Dec. 31, 2025, as well as an accumulated deficit of about $18.03 million as of Dec. 31, 2025. Those factors raised substantial doubt about the company's ability to continue as a going concern. As of June 30, 2026, the Company had $5,908,980 in total assets, $3,201,018 in total liabilities, and $2,707,960 in total stockholders' equity. BULA DEVELOPMENTS: Trustee Gets Court OK to Conduct Sec. 363 Sale ----------------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of California granted the motion of Bula Developments, Inc.'s chapter 11 trustee to sell pursuant to 11 U.S.C. Sec. 363, the estate's interest in various claims and causes of action to creditors. These creditors include: (i) Mandalay Income Fund I SPE I, LLC ("Senior Lender"); (ii) Black Horse Capital Inc., Fine Capital Investments, Inc., Daniel Benshimon, Todd Bernstein, Trustee of the TB Trust dated 5/8/1997, Karen Alweil, Love GMC Holdings, LLC (collectively, "Junior Lender"); (iii) Marquee Funding Group, Inc. ("Loan Broker"); and (iv) Platinum Loan Servicing Inc. The initial offer from the Senior Lender, Junior Lender, Loan Broker, and Loan Servicer is $50,000. The owners of Bula, the debtor corporation, consisting of Natasha Mora, Cesar Mora, and Natasha's parents ("Moras"), oppose the sale and have filed a countermotion to stay the motion while they seek to withdraw the reference in the District Court. The District Court denied the Moras' motion to withdraw the reference and denied the Moras' motion for temporary restraining order pending a ruling on the motion to withdraw the reference. The Bankruptcy Court has been, and continues to be, persuaded that Bula's owners have been proceeding in bad faith. According to the Court, the instant opposition is but one more installment in an established pattern of bad faith litigation activity conducted for improper purposes to harass, cause unnecessary delay, and needlessly increase litigation costs. After evaluating the offer in light of the likely expense of litigation, the quality of representation, and taking into account all relevant factors and the peculiar history of this case, the Bankruptcy Court is persuaded that the $50,000 sale of the estate's interest in claims to the Senior Lender, Junior Lender, Loan Broker, and Loan Servicer is appropriate. The Bankruptcy Court finds as fact, as it did with the earlier sale opposed by the Moras, that there is no equity for the owners and that there is no plausible scenario in which there would be value available to the Moras. Accordingly, the sale is in the best interests of creditors and the estate. The chapter 11 trustee is authorized to conclude the subject transaction. A copy of the Court's Order dated July 31, 2026, is available at https://urlcurt.com/u?l=NkryPk from Pacermonitor.com. About Bula Developments Bula Developments, Inc. sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Calif. Case No. 23-24619) on Dec. 26, 2023, listing $10 million to $50 million in assets and $1 million to $10 million in liabilities. Gabriel E. Liberman, Esq., at the Law Offices of Gabriel Liberman, APC represents the Debtor as counsel. CAB PROPERTIES: Gets Interim OK to Use Cash Collateral ------------------------------------------------------ The U.S. Bankruptcy Court for the Eastern District of Tennessee entered an agreed interim order authorizing CAB Properties, LLC to use the cash collateral of its secured lenders. The court authorized the Debtor to use its monthly operating revenues solely for ordinary business expenses in accordance with its budget. Prior to its Chapter 11 filing, the Debtor purportedly granted liens on substantially all of its assets including accounts, inventory, equipment, and proceeds to creditors Barnett REI Finance, Lima One Capital, and Silver Hill Capital. As adequate protection, the secured creditors will receive valid, perfected replacement liens on post-petition collateral of the same type and priority as their pre-petition collateral. These replacement liens are automatically perfected without further filings, although Barnett REI may record them if desired. The order also preserves Barnett REI's right to seek additional adequate protection or relief from the automatic stay if its collateral position becomes inadequately protected. The interim authorization remains effective through August 20, unless modified by the court. Failure to comply with the order may allow the U.S. Trustee or U.S. Attorney to seek dismissal or conversion of the Chapter 11 case. A further hearing is scheduled for August 18. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/0peIa from PacerMonitor.com. About CAB Properties LLC CAB Properties, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tenn. Case No. 2:26-bk-50941-RRM) on July 23, 2026. In the petition signed by George Gwinn, managing member, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Rachel Ralston Mancl oversees the case. Kelli D. Holmes represents the Debtor as legal counsel. CAMP MYSTIC: Hit with Forum Shopping Claims in Flooding Dispute --------------------------------------------------------------- Lynn LaRowe of Law360 Bankruptcy Authority reports that the parents of a child killed after being swept away by floodwaters at Camp Mystic last 2025 have asked a Texas federal judge to send their wrongful-death case back to state court. The request challenges the federal court's jurisdiction over the family's claims arising from the deadly flooding. The suit concerns the child's death during severe flooding at the Texas summer camp. The parents allege that Camp Mystic bears responsibility for the circumstances that led to their child's death and are seeking damages through the wrongful-death action, the report relays. The parents' effort to return the case to state court comes amid a jurisdictional dispute between the parties. The litigation is expected to address whether the claims satisfy the requirements for proceeding in federal court or should instead be resolved by a Texas state court, according to Law360. About Camp Mystic Camp Mystic is a Texas-based girls' summer camp that has operated since 1926 in Hunt. The organization offers a variety of youth development programs, including sports, arts, outdoor adventures, and leadership activities, with a mission centered on personal growth, character building, and Christian values. Camp Mystic sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-90621) on June 24, 2026. In its petition, the Debtor reports estimated assets between $1 million and $10 million, while liabilities are projected to range from $10 million to $50 million. Honorable Bankruptcy Judge Christopher M. Lopez handles the case. The Debtor is represented by Martin A. Sosland, Esq. of Vartabedian Katz Hester & Haynes LLP. CARR'S PLUMBING: Plan Exclusivity Period Extended to Aug. 5 ----------------------------------------------------------- Judge Mitchell L. Herren of the U.S. Bankruptcy Court for the District of Kansas extended Carr's Plumbing and Maintenance, LLC's exclusive periods to file a plan of reorganization and obtain acceptance thereof to Aug. 5 and Oct. 2, 2026, respectively. As shared by Troubled Company Reporter, the Debtor claims that the company and Intrust, Debtor's primary secured lender, are negotiating the treatment of Intrust's claims and the agreed terms of Debtor's Chapter 11 Plan. Those negotiations remain ongoing. The outcome of the negotiations will materially determine the structure of the plan, the treatment of secured claims, and plan feasibility, and agreed plan treatment with Intrust is expected to simplify confirmation and reduce the cost of litigating the Plan. The Debtor asserts that it has actively and in good faith administered this estate. Debtor has, inter alia, obtained final authority to use cash collateral and pay pre-petition wages, prosecuted and settled adversary proceedings, employed accounting professionals, filed its monthly operating reports and amendments thereto, and filed its counsel's first interim fee application, all while continuing to operate its business. The Debtor further asserts that the requested extensions are modest, fall well within the statutory caps of Section 1121(d)(2) of the Bankruptcy Code, and will not prejudice any creditor or any party in interest. Permitting Debtor to continue to lead the reorganization process while the foregoing matters are resolved will promote the orderly and efficient administration of its estate. Carr's Plumbing and Maintenance is represented by: Justin T. Balbierz, Esq. Mark J. Lazzo, P.A. 3500 N. Rock Road Bldg. 300, Suite B Wichita, KS 67226 Telephone: (316) 263-6895 E-mail: justin@lazzolaw.com About Carr's Plumbing and Maintenance Carr's Plumbing and Maintenance, LLC, runs a plumbing business in Wichita, Kansas. Carr's sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Kan. Case No. 26-10101) on Feb. 4, 2026. In the petition signed by Christopher Carr, managing member, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Mitchell L. Herren oversees the case. Mark J. Lazzo, at Mark J Lazzo PA, is the Debtor's legal counsel. CARRIAGE SQUARE: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------------- Debtor: Carriage Square LLC d/b/a Choice Fabrics, Inc 3556 Tom Austin Hwy, Suite 5 Springfield, TN 37172 Business Description: Carriage Square LLC, doing business as Choice Fabrics, manufactures and distributes fabrics and related materials and provides warehousing and logistics services. The company operates a wholesale fabric warehouse and retail showroom equipped with commercial fabric-cutting tables, display tables, fabric shelving and heavy-duty storage racking, and markets its products through ChoiceFabrics.com and several related domain names. Chapter 11 Petition Date: July 28, 2026 Court: United States Bankruptcy Court Middle District of Tennessee Case No.: 26-03577 Debtor's Counsel: Henry E. ("Ned") Hildebrand, IV, Esq. DUNHAM HILDEBRAND PAYNE WALDRON, PLLC 9020 Overlook Boulevard, Suite 316 Brentwood, TN 37027 Tel: 615-933-5851 Fax: 629-777-3765 E-mail: ned@dhnashville.com Total Assets: $120,818 Total Liabilities: $3,083,227 The petition was signed by Chris Lundeen as CEO. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/BLLJUYY/Carriage_Square_LLC__tnmbke-26-03577__0001.0.pdf?mcid=tGE4TAMA CHOICE ELECTRIC: Court OKs Deal on Cash Collateral Access --------------------------------------------------------- Choice Electric, LLC obtained stipulated order from the U.S. Bankruptcy Court for the District of Colorado authorizing its continued use of cash collateral through August 31 and its proposed adequate protection for secured creditor Byline Bank. Byline holds a first position "all assets" lien on the Debtor's property including estimated pre-petition accounts receivable valued at $791,512 as well as a lien on real estate owned by non-debtor affiliate Choice RE Holdings, LLC. Because it asserts a claim of approximately $2,316,526 that exceeds the value of the Debtor's cash collateral assets, Byline is undersecured and no other creditors hold a secured interest in the cash collateral. Under Section 363(c)(2)(A), Byline has agreed to the Debtor's continued ordinary-course use of cash collateral for critical operational expenses, including insurance, materials, utilities, taxes, rent, payroll, vendor payments, and asset maintenance, while prohibiting payments toward pre-petition obligations. To adequately protect Byline's interests against post-petition collateral diminution under 11 U.S.C. sections 361 and 363(e), the Debtor and Byline agreed to specific safeguards: granting Byline post-petition replacement liens on post-petition inventory and income with the same relative pre-petition priority; adhering to the budget; keeping collateral fully insured and in good repair; paying all post-petition taxes; providing regular financial reporting, including monthly operating reports; and making monthly cash payments of $26,956.70. If the Debtor fails to make the monthly cash payments, the bank may assert a superpriority administrative claim under Section 507(b). A copy of the court's order and the Debtor's budget is available at https://shorturl.at/YNwo5 from PacerMonitor.com. About Choice Electric Choice Electric, LLC, established in 1985, is a full-service electrical contractor serving the Greater Denver area, including Lakewood, Aurora, Littleton, and Boulder, Colorado. The Company specializes in commercial and industrial projects, providing design and installation, system upgrades and tenant improvements, new construction wiring, and ongoing maintenance, while also offering custom electrical solutions for high-end residential homes. It serves a range of sectors, including commercial and office buildings, warehouses, entertainment venues, retail spaces, community facilities, airports, hangars, and municipal buildings. Choice Electric filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No. 25-17873) on Dec. 1, 2025, listing up to $10 million in both assets and liabilities. The petition was signed by Eric Berger as general manager. Judge Thomas B. McNamara presides over the case. The Debtor tapped Jeffrey A. Weinman, Esq., at Michael Best & Friedrich LLP as legal counsel and Dutkiewicz and Associates, LLC as financial advisor. COLES OF LA JOLLA: Amends Unsecured Claims Pay Details ------------------------------------------------------ Coles of La Jolla, Inc. d/b/a Coles Fine Flooring, submitted a Third Amended Plan of Reorganization dated July 24, 2026. Coles of La Jolla, Inc. was founded in 1947 by Hubert Coles as a carpet, furniture, and gift store in La Jolla, California. Over time, the company expanded into multiple locations specializing in residential and commercial flooring installation. The family-owned business is operated by Hubert Coles' son, Steven Coles, and does business as Coles Fine Flooring. During the Chapter 11 case, the Debtor liquidated its tangible assets. At the time of filing, the Debtor expected to receive $755,830.89 in Employee Retention Credit (ERC) proceeds. Because the SBA held a perfected lien on those assets, the ERC proceeds were assigned to the SBA. The Debtor's principal, who personally guaranteed the SBA loan, has continued making monthly payments of $9,759 to the SBA since the stores closed, reducing the outstanding SBA balance to $984,650.25. The Debtor's inventory had been estimated at $2,437,783.00 based on tax returns. Due to a significant decline in flooring material values, the inventory generated less than $100,000 upon liquidation in 2024. The sale proceeds were deposited into debtor-in-possession accounts and used to fund business operations until the company ceased operating. The Debtor no longer operates its business. Its remaining assets consist primarily of causes of action, including two adversary proceedings: * The Broker Case, seeking more than $4 million in damages related to losses arising from a lease dispute and the resulting liquidation. * The Wells Fargo Case, involving a dispute over whether contingencies in a settlement agreement have been satisfied. Treatment of Unsecured Creditors (Class 4): * Class 4 includes general unsecured claims that are not entitled to priority and are not otherwise classified. * Allowed unsecured claims total $1,449,659.96, excluding the Class 3 claim. * Holders of allowed Class 4 claims will receive pro rata distributions from the Unsecured Creditor Distribution Fund after the later of: -- 180 days after the Effective Date; -- The date the claim becomes allowed by final order; -- A date agreed upon by the claimant and the Debtor/Reorganized Debtor; or -- When funds become available for distribution. Plan Funding: * Because the Debtor has ceased business operations, the Plan depends on recoveries from the remaining litigation. * The Debtor projects that all causes of action will be resolved and liquidated within five years of the Effective Date. * All net recoveries from those lawsuits, after payment of administrative, secured, priority, and tax priority claims, will be committed to funding the Plan. Disposition of Remaining Assets: * The Debtor intends to sell, liquidate, or abandon any remaining assets not already disposed of and contribute all resulting net income to the Plan, less permitted expenses, within five years of the Effective Date. * As of the Third Amended Plan, the Debtor believes its only remaining assets are its litigation claims. A full-text copy of the Third Amended Plan dated July 24, 2026 is available at https://urlcurt.com/u?l=tQUQAb from PacerMonitor.com at no charge. General Bankruptcy Co-Counsel for the Debtor: Kit J. Gardner, Esq. Law Offices of Kit J. Gardner The Koll Center 501 West Broadway, Suite 800 San Diego, CA 92101 Telephone: (619) 525-9900 Facsimile: (619) 374-2241 Email: kgardner@gardnerlegal.com Stella Havkin, Esq. STELLA HAVKIN 5950 Canoga Avenue, Suite 400 Woodland Hills, CA 91367 Email: shavkinesq@gmail.com About Coles of La Jolla, Inc. dba Coles Fine Flooring Coles of La Jolla, Inc., doing business as Coles Fine Flooring, is a family-owned and operated carpet, fine furniture and gift store specializing in specializing in fine flooring. The company is based in San Diego, Calif. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Cal. Case No. 24-00613) on Feb. 26, 2024, with $4,941,193 in assets and $3,329,830 in liabilities. Stephen M. Coles, president, signed the petition. Stella Havkin, Esq., represents the Debtor as legal counsel. CONTINENTAL ACQUISITION: Ares Capital Marks $44M 1L Loan at 52% Off ------------------------------------------------------------------- Ares Capital Corporation has marked its $44.6MM first lien senior secured loan to Continental Acquisition Holdings, Inc. and Continental Group Holdings, L.P. to market at $21.4MM, or 48% of the outstanding amount, according to Ares Capital Corp's Form 10-Q for the quarterly period ended July 29, 2026, filed with the U.S. Securities and Exchange Commission. Ares Capital is a participant in a loan extended to Continental Acquisition Holdings, Inc. and Continental Group Holdings, L.P. The first lien senior secured loan matures in July 2028. Ares Capital Corporation is a business development company that provides financing solutions to middle-market companies across a range of industries. The Fund is led by M. Kort Schnabel as Chief Executive Officer. The Fund can be reached at: M. Kort Schnabel ARES CAPITAL CORPORATION 245 Park Avenue, 44th Floor New York, NY 10167 Telephone: (212) 750-7300 About CONTINENTAL ACQUISITION HOLDINGS, INC. AND CONTINENTAL GROUP HOLDINGS, L.P. Continental Acquisition Holdings, Inc. and Continental Group Holdings, L.P. distribute aftermarket batteries to customers in the electric utility vehicle, automotive, commercial, marine, and industrial sectors. CONTINENTAL ACQUISITION: Ares Capital Marks $6M 1L Loan at 52% Off ------------------------------------------------------------------ Ares Capital Corporation has marked its $6.6MM first lien senior secured loan to Continental Acquisition Holdings, Inc. and Continental Group Holdings, L.P. to market at $3.2MM, or 48% of the outstanding amount, according to Ares Capital Corp's Form 10-Q for the quarterly period ended July 29, 2026, filed with the U.S. Securities and Exchange Commission. Ares Capital is a participant in a loan extended to Continental Acquisition Holdings, Inc. and Continental Group Holdings, L.P. The first lien senior secured loan matures in July 2028. Ares Capital Corporation is a business development company that provides financing solutions to middle-market companies across a range of industries. The Fund is led by M. Kort Schnabel as Chief Executive Officer. The Fund can be reached at: M. Kort Schnabel ARES CAPITAL CORPORATION 245 Park Avenue, 44th Floor New York, NY 10167 Telephone: (212) 750-7300 About CONTINENTAL ACQUISITION HOLDINGS, INC. AND CONTINENTAL GROUP HOLDINGS, L.P. Continental Acquisition Holdings, Inc. and Continental Group Holdings, L.P. operate as a distributor of aftermarket batteries to the electric utility vehicle, automotive, commercial, marine, and industrial markets. CONVEY HEALTH: Ares Capital Marks $1.9MM 1L Loan at 84% Off ----------------------------------------------------------- Ares Capital Corporation has marked its $1.9MM first lien senior secured loan to Convey Health Solutions, Inc. to market at $300,000 or 16% of the outstanding amount, according to Ares Capital's Form 10-Q for the quarterly period ended July 29, 2026, filed with the U.S. Securities and Exchange Commission. Ares Capital is a participant in a loan extended to Convey Health Solutions, Inc. The first lien senior secured loan matures in July 2029. Ares Capital Corporation is a business development company that provides financing solutions to middle-market companies across a range of industries. The Fund is led by M. Kort Schnabel as Chief Executive Officer. The Fund can be reached at: M. Kort Schnabel ARES CAPITAL CORPORATION 245 Park Avenue, 44th Floor New York, NY 10167 Telephone: (212) 750-7300 About CONVEY HEALTH SOLUTIONS, INC. Convey Health Solutions, Inc. is a provider of technology-enabled payment and administrative solutions serving the healthcare industry. CORE SCIENTIFIC: Liabilities Exceed Assets by US$2.4B at June 30 ---------------------------------------------------------------- Core Scientific, Inc.'s stockholder's deficit was US$2.4 billion at June 30, 2026. The stockholder's deficit was US$1.0 billion at Dec. 31, 2025. At June 30, 2026, the Company had total assets of US$5.3 billion and total liabilities of US$7.7 billion. At Dec. 31, 2025, the Company had total assets of US$2.3 billion and total liabilities of US$3.3 billion. The Company said: "We finance our operating and capital requirements primarily through a combination of cash and cash equivalents, cash generated from operations, customer prepayments received under our colocation arrangements, proceeds from sales of digital assets (bitcoin), and external financing activities, including debt financing arrangements. Customer prepayments under our colocation arrangements are associated with, and expected to offset a significant portion of, the capital expenditures required to build out and convert facilities for those arrangements." "Based on our assessment of current and expected operating and capital expenditure requirements, we have determined that our available liquidity, including cash and cash equivalents, expected operating cash flows, and customer funding related to our colocation arrangements, will be sufficient to satisfy our cash requirements for at least the next twelve months from the date of this filing." In March 2026, the Company entered into a loan facility credit agreement and fully drew a $1.0 billion senior secured loan facility (the "Term Loan Facility"). On May 6, 2026, the Company repaid in full all outstanding borrowings under the Term Loan Facility, including accrued interest and fees, using proceeds from the Senior Secured Notes offering, and terminated the facility. As of June 30, 2026, there were no remaining borrowings or obligations outstanding under the Term Loan Facility. On May 6, 2026, Core Scientific Finance, the Company's indirect wholly-owned subsidiary, completed a private offering of $3.30 billion aggregate principal amount of 7.75% Senior Secured Notes due 2031. Core Scientific Finance used the net proceeds to fund a debt service reserve account and to make a distribution to the Company, a portion of which was used to repay and terminate the Term Loan Facility. As of June 30, 2026, US$345.0 million remained in the debt service reserve account and is included in restricted cash, net of current portion on the Company's condensed consolidated balance sheet. In connection with the Senior Secured Notes offering, the Company provided an uncapped completion guarantee for the benefit of the noteholders with respect to the completion of specified data center development projects. This guarantee reflects the Company's commitment to complete the specified development projects and is consistent with its existing contractual construction obligations. The Senior Secured Notes require semiannual interest payments on May 15 and Nov. 15, beginning Nov. 15, 2026, with semiannual principal amortization at an initial annual rate of 11.5 percent of the US$3.30 billion original principal amount. The Company also has outstanding US$460.0 million of 2029 Convertible Notes and US$625.0 million of 2031 Convertible Notes. A full-text copy of the Form 10-Q is available at https://tinyurl.com/sndhrb29 About Core Scientific, Inc. Core Scientific, Inc., is a digital infrastructure and bitcoin mining company that develops, owns and operates large-scale data centers. The Company provides high-performance computing and colocation services to digital asset mining clients while also mining bitcoin for its own account. It focuses on energy-efficient operations and long-term hosting and infrastructure contracts within the digital asset ecosystem. CUSTOMBILT FIREARMS: Seeks to Employ YAC Inc. as Auctioneer ----------------------------------------------------------- Custombilt Firearms Manufacturing LLC seeks approval from the U.S. Bankruptcy Court for the District of Kansas to employ YAC, Inc. d/b/a Younger Auction Co. Inc., commonly known as Younger Auction Company, to serve as its auctioneer. The firm will provide these services: (a) market, catalog, conduct, and settle the auctions of the Debtor's furnishings, fixtures, shop equipment, firearms, accessories, inventory, and related tangible personal property; (b) account for the proceeds from the auctions; (c) prepare advertisements, flyers, and other marketing tools to promote the auction, which will be paid for by the Seller; (d) provide all labor necessary to conduct the auction on sale day, from start time until Auction Balanced; and (e) deposit all auction funds received and disburse to the Seller said funds collected, less commissions earned, labor and advertising expense, upon checks clearing said account in accordance with the laws of the State of Kansas. YAC, Inc. d/b/a Younger Auction Co. Inc. will receive a seller's commission of 15 percent of the gross proceeds of the sale of personal property, reimbursement of the actual cost of labor for pre-auction preparation and display of the property at the rate of $15 per hour, and reimbursement of the actual cost of advertising and marketing prepared and placed by the Auctioneer, not to exceed $12,000 without further order of the Court. YAC, Inc. d/b/a Younger Auction Co. Inc. is a "disinterested person" within the meaning of 11 U.S.C. Sec. 101(14), does not hold or represent an interest adverse to the estate, and has no connection with the Debtor, its creditors, the United States Trustee, or other parties in interest except as disclosed in the Declaration of Mark Younger. The firm can be reached at: Mark Younger YAC, Inc. d/b/a Younger Auction Company 312 E. South Hills Drive Maryville, MO 64468 About Custombilt Firearms Manufacturing LLC Custombilt Firearms Manufacturing, LLC is a firearms manufacturing and retail business. Custombilt sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Kan. Case No. 26-20160) on February 6, 2026, listing up to $500,000 in assets and up to $10 million in liabilities. James Anderson, president of Custombilt, signed the petition. Judge Dale L. Somers oversees the case. Ryan M. Graham, Esq., at WM Law, PC, represents the Debtor as bankruptcy counsel. CYCLERION THERAPEUTICS: Fiscal Q2 Net Loss Widens to $1.8 Million ----------------------------------------------------------------- Cyclerion Therapeutics, Inc. filed its Quarterly Report on Form 10-Q with the U.S. Securities and Exchange Commission for the three and six months ended June 30, 2026. The Company reported a net loss of $1.8 million for the three months ended June 30, 2026, compared to a net loss of $324,000 for the same period in the prior year. For the six months ended June 30, 2026, the Company reported a net loss of $4.9 million, compared to a net loss of $1.7 million for the same period in the prior year. The Company recorded no revenues for the three and six months ended June 30, 2026, compared to $93,000 and $174,000 in the prior-year periods. Pending Merger with Korsana Biosciences On April 1, 2026, the Company entered into a Plan of Merger and Reorganization with Korsana, a privately held biotechnology company discovering and developing novel therapies to reduce the burden of neurodegenerative diseases. Pursuant to the Merger Agreement, Cariboos Merger Sub Corp. will merge with and into Korsana, with Korsana continuing as a wholly owned subsidiary of the Company, and Korsana will then merge with and into Cariboos Merger Sub II, LLC, with Cariboos Merger Sub II, LLC being the surviving entity. Following the Merger, the Company will change its name to "Korsana Biosciences, Inc." and Second Merger Sub will change its name to "Korsana Biosciences Operating Company, LLC." The Company anticipates that the Merger will close in the third quarter of 2026, subject to certain closing conditions and concurrent Korsana Pre-Closing Financing. Following the Merger, the current business of Korsana will become the primary business of the Company. The Company's future operations are highly dependent on the success of the merger, and there can be no assurances that the Merger will be successfully consummated. If the Merger is not consummated, the Company's Board of Directors may pursue a dissolution and liquidation in lieu of continuing program development. Liquidity and Capital Resources As of June 30, 2026, the Company had approximately $1.4 million of unrestricted cash and cash equivalents. The Company has been funded primarily from sales of equity securities, payments received in connection with the sale of assets to Tisento, milestone payments from Akebia, and an option to license payment. On Feb. 4, 2025, the Company filed a Registration Statement on Form S-3 with the SEC for the registration of common stock, preferred stock, warrants and units for an aggregate initial offering price not to exceed $25 million, declared effective in Feb. 2025. On March 21, 2025, the Company closed on a private placement of 499,998 shares of common stock for total gross proceeds of approximately $1.375 million. On May 7, 2025, the Company entered into an "at the market" equity offering program pursuant to a Sales Agreement with Guggenheim Securities LLC, pursuant to which the Company could sell shares of common stock having an aggregate offering price of up to $20 million. During the year ended Dec. 31, 2025, the Company sold 715,220 ATM shares for net proceeds of $2.1 million. On Jan. 6, 2026, the Company sold 405,000 ATM shares for net proceeds of $0.8 million, exhausting available capacity under Instruction I.B.6. In light of the pending Merger, the Company does not anticipate selling any additional ATM shares before the anticipated closing date. Future sales of ATM shares, if any, will be made pursuant to the effective registration statement on Form S-3 (File No. 333-284690). Net cash used in operating activities was $2.6 million for the six months ended June 30, 2026, primarily as a result of a $4.9 million net loss from operations, offset by non-cash stock-based compensation expense of $0.1 million, a decrease in accounts receivable of $1 million, a decrease in prepaid expenses of $0.3 million, and an increase in accounts payable of $1.1 million. Net cash used in investing activities was $0.1 million for the six months ended June 30, 2026, due to the purchase of lab equipment. Net cash provided by financing activities was $0.8 million for the six months ended June 30, 2026, due to net proceeds received from the ATM related to the issuance of 405,000 shares of common stock. The Company expects that its cash and cash equivalents as of June 30, 2026 will be sufficient to fund its operating expenses through the anticipated closing date of the Merger. If the Merger is not consummated, the Company will need to obtain additional funding to sustain operations, as it expects to continue to generate operating losses for the foreseeable future. Going Concern The Company's expectation to generate negative operating cash flows in the future and the need for additional funding to support its planned operations raise substantial doubt regarding the Company's ability to continue as a going concern. Management's plans to alleviate the conditions that raise substantial doubt include reduced spending and the pursuit of additional capital. Management has concluded the likelihood that its plan to successfully obtain sufficient funding, or adequately reduce expenditures, while reasonably possible, is less than probable. Accordingly, the Company has concluded that substantial doubt exists about its ability to continue as a going concern. The accompanying financial statements have been prepared on a going concern basis and do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of the uncertainties described above. If the Merger is not consummated and the Company is unable to raise additional capital, the Company expects it would cease operations and seek to dissolve. Because there is substantial doubt about the Company's ability to continue as a going concern for a reasonable period of time, an investment in the Company's common stock is highly speculative and holders of common stock could suffer a total loss of their investment. A full-text copy of the Company's Form 10-Q is available at https://tinyurl.com/bd7x7jb2. About Cyclerion Therapeutics, Inc. Cyclerion Therapeutics, Inc. is a biopharmaceutical company focused on identifying, developing, and delivering promising therapies for central nervous system (CNS) diseases. Boston, Massachusetts-based Ernst & Young LLP, the Company's auditor since 2018, issued a "going concern" qualification in its report dated March 30, 2026, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2025, citing that the Company has suffered recurring losses from operations, has limited financial resources, and has stated that substantial doubt exists about the Company's ability to continue as a going concern. As of June 30, 2026, the Company had $6.9 million in total assets, $1.8 million in total liabilities, and $5.1 million in total stockholders' equity. D.A.R. CARRIER: Case Summary & 19 Unsecured Creditors ----------------------------------------------------- Debtor: D.A.R. Carrier, Inc. 10323 Mayfield Ave., #2D Oak Lawn, IL 60453 Business Description: D.A.R. Carrier, Inc. is an Oak Lawn, Illinois-based interstate trucking company that provides refrigerated, dry-van and flatbed freight transportation services. The company operates a fleet of Volvo, International and Freightliner semitrucks, along with refrigerated trailers, enclosed vans and flatbed trailers used to transport temperature- controlled products, general freight, machinery, construction materials and other commercial cargo. Chapter 11 Petition Date: July 30, 2026 Court: United States Bankruptcy Court Northern District of Illinois Case No.: 26-12659 Judge: Hon. David H Decelles Debtor's Counsel: Saulius Modestas, Esq. MODESTAS LAW OFFICES, P.C. 401 S. Frontage Rd., Suite C Burr Ridge, IL 60527-7115 Tel: 312-251-4460 Fax: 312-277-2586 E-mail: smodestas@modestaslaw.com Total Assets: $1,900,736 Total Liabilities: $2,209,145 The petition was signed by Artur Rak as president. A full-text copy of the petition, which includes a list of the Debtor's 19 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/2WQ7WQA/DAR_Carrier_Inc__ilnbke-26-12659__0001.0.pdf?mcid=tGE4TAMA D.A.R. CARRIER: Neema Varghese Named Subchapter V Trustee --------------------------------------------------------- The U.S. Trustee for Region 11 appointed Neema Varghese of NV Consulting Services as Subchapter V trustee for D.A.R. Carrier Inc. Ms. Varghese will be paid an hourly fee of $400 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Varghese declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Neema T. Varghese NV Consulting Services 701 Potomac, Ste. 100 Naperville, IL 60565 Tel: (630) 697-4402 Email: nvarghese@nvconsultingservices.com About D.A.R. Carrier Inc. D.A.R. Carrier Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 26-12659) on July 30, 2026, with $1 million to $10 million in both assets and liabilities. Judge David H. Decelles presides over the case. Saulius Modestas, Esq., at Modestas Law Offices, P.C. represents the Debtor as bankruptcy counsel. DAMIS HOLDINGS: Affiliate Gets OK to Use Wayne's Cash Collateral ---------------------------------------------------------------- 1135 East Chocolate Avenue Leasing, LLC, an affiliate of DAMIS Holdings, LLC, was granted another extension by the U.S. Bankruptcy Court U.S. Bankruptcy Court for the District of New Jersey to use the cash collateral of Wayne Bank. Under the court order, the Debtor is authorized to use the lender's cash collateral to fund its operations in accordance with its court-approved budget. The Debtor's authority to access cash collateral expires on August 17, the effective date of a Chapter 11 plan, or conversion of its Chapter 11 case to one under Chapter 7, whichever occurs first. The Debtor owes the lender under a 2019 term note (with an effective date of January 7, 2020), which debt is secured by a leasehold mortgage and assignment of rents, leases, and profits. Pursuant to the interim order, the lender will be granted adequate protection through interest payments at the contractual non-default rate, replacement liens on post-petition collateral, and a superpriority administrative expense claim, subject to the carveout for court fees and U.S. Trustee fees. The order preserves the Debtors' and any creditors' committee's rights to challenge the validity, extent, or priority of the lenders' pre-petition liens. A copy of the court's order and the Debtor's budget is available at https://h1.nu/1AWoh from PacerMonitor.com. A final hearing is scheduled for August 12. About Damis Holdings LLC Damis Holdings, LLC is a Trumbull, Connecticut-based owner and operator of summer camp facilities and related recreational businesses operating through multiple affiliated entities. Damis Holdings and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.J. Lead Case No. 26-16439) on June 4, 2026. In their petitions, the Debtors reported assets of between $100 million and $500 million and liabilities of between $500 million and $1 billion. The Honorable Bankruptcy Judge Christine M. Gravelle handles the cases. The Debtors tapped Michael D. Sirota, Esq., at Cole Schotz P.C., as bankruptcy counsel, and B. Riley Securities, Inc. as financial advisor and investment banker. The Debtors' claims and noticing agent is Kroll Restructuring Administration, LLC. DAMIS HOLDINGS: Affiliate Gets OK to Use Windsor's Cash Collateral ------------------------------------------------------------------ DAMIS Holdings, LLC's affiliates received another extension from the U.S. Bankruptcy Court U.S. Bankruptcy Court for the District of New Jersey to use the cash collateral of Windsor Federal Bank. Under the court order, 200 Great Pond Drive Real Estate, LLC and 200 Great Pond Drive Leasing, LLC are authorized to use the lender's cash collateral to fund their operations based on the court-approved budget. The Debtors' authority to access cash collateral expires on August 17, the effective date of a Chapter 11 plan, or conversion of the Debtors' Chapter 11 cases to Chapter 7, whichever occurs first. Prior to the Debtors' bankruptcy filing, Windsor provided a $6.825 million loan to 200 Great Pond Drive Real Estate, which is guaranteed by 200 Great Pond Drive Leasing and three other guarantors. The loan is also secured by a first mortgage lien on 200 Great Pond Drive Real Estate's real property located in Windsor, Connecticut, personal property and other assets. Pursuant to the court order, Windsor will be granted adequate protection through interest payments at the contractual non-default rate, replacement liens on post-petition collateral, and a superpriority administrative expense claim, subject to the carveout for court fees and U.S. Trustee fees. The order preserves the Debtors' and any creditors' committee's rights to challenge the validity, extent, or priority of the lender's pre-petition liens. A copy of the court's order and the Debtor's budget is available at https://h1.nu/1vjcM from PacerMonitor.com. A final hearing is scheduled for August 12. About Damis Holdings LLC Damis Holdings, LLC is a Trumbull, Connecticut-based owner and operator of summer camp facilities and related recreational businesses operating through multiple affiliated entities. Damis Holdings and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.J. Lead Case No. 26-16439) on June 4, 2026. In their petitions, the Debtors reported assets of between $100 million and $500 million and liabilities of between $500 million and $1 billion. The Honorable Bankruptcy Judge Christine M. Gravelle handles the cases. The Debtors tapped Michael D. Sirota, Esq., at Cole Schotz P.C., as bankruptcy counsel, and B. Riley Securities, Inc. as financial advisor and investment banker. The Debtors' claims and noticing agent is Kroll Restructuring Administration, LLC. DAMIS HOLDINGS: Court OKs Access to Cash Collateral of S&T, SBA --------------------------------------------------------------- DAMIS Holdings, LLC's affiliates received interim approval from the U.S. Bankruptcy Court U.S. Bankruptcy Court for the District of New Jersey to use the cash collateral of S&T Bank and the U.S. Small Business Administration. Under the court order, 2547 Brindle Drive Real Estate, LLC and 2547 Brindle Drive Leasing, LLC are authorized to use the lenders' cash collateral to fund their operations in accordance with the court-approved budget. The Debtors' authority to access cash collateral expires on August 17, the effective date of a Chapter 11 plan, or conversion of the Debtors' Chapter 11 cases to Chapter 7, whichever occurs first. Prior to their bankruptcy filing, the Debtors obtained a commercial term loan in the original principal amount of $14.475 million from S&T Bank, which is secured by their personal property and leasehold interest in the premises located in Susquehanna Township, Dauphin County, Pennsylvania, held under a 2019 ground lease. 2547 Brindle Drive Real Estate also obtained an Economic Injury Disaster Loan from the SBA secured by a blanket lien on all of its personal property. Pursuant to the interim order, the lenders will be granted adequate protection through interest payments at the contractual non-default rate, replacement liens on post-petition collateral, and a superpriority administrative expense claim, subject to the carveout for court fees and U.S. Trustee fees. The order preserves the Debtors' and any creditors' committee's rights to challenge the validity, extent, or priority of the lenders' pre-petition liens. A copy of the court's order and the Debtors' budget is available at https://shorturl.at/Sb7vg from PacerMonitor.com. A final hearing is scheduled for August 12. About Damis Holdings LLC Damis Holdings, LLC is a Trumbull, Connecticut-based owner and operator of summer camp facilities and related recreational businesses operating through multiple affiliated entities. Damis Holdings and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.J. Lead Case No. 26-16439) on June 4, 2026. In their petitions, the Debtors reported assets of between $100 million and $500 million and liabilities of between $500 million and $1 billion. The Honorable Bankruptcy Judge Christine M. Gravelle handles the cases. The Debtors tapped Michael D. Sirota, Esq., at Cole Schotz P.C., as bankruptcy counsel, and B. Riley Securities, Inc. as financial advisor and investment banker. The Debtors' claims and noticing agent is Kroll Restructuring Administration, LLC. DANSKAMMER HOLDCO: Hires Province LLC as Financial Advisor ---------------------------------------------------------- Danskammer HoldCo LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to hire Province, LLC to serve as their financial advisor, effective as of July 23, 2026. The firm will provide these services: (a) reviewing and analyzing the Debtors' business, operations, assets, financial condition, business plan, strategy, and operating forecasts; (b) analyzing or preparing financial models for underlying assets and assessment of cash requirements; (c) assisting with the development of a cash flow budget and variance analysis; (d) assisting with the preparation of Bankruptcy Case reports, and schedules; (e) analyzing any merger, divestiture, joint venture, or investment transaction, including the proposed structure and form thereof; (f) analyzing any new debt or equity capital, including advice on the nature and terms of same; (g) assisting in developing, evaluating, structuring, and negotiating the terms and conditions of a restructuring, plan of reorganization, or sale transaction; (h) providing expert testimony and/or litigation support as mutually agreed; and (i) performing other activities as approved and agreed to by the parties. The firm's standard hourly rates are: -- Managing Directors and Partners: $900-$1,600 -- Vice Presidents, Directors, and Senior Directors: $700-$1,050 -- Analysts, Associates, and Senior Associates: $370-$750 -- Paraprofessional/Admin/Interns: $270-$380 Province, LLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Michael Robinson PROVINCE, LLC 2360 Corporate Circle, Suite 340 Henderson, NV 89074 About Danskammer HoldCo LLC Danskammer HoldCo LLC is a New York-based owner and operator of a natural gas-fired power plant. Danskammer Holdco and its affiliates filed a petition under Chapter 11 of the Bankruptcy Code (Bankr. D. Del., Case No. 26-10950) on June 10, 2026. The Debtors reported $10 million to $50 million in both assets and liabilities. Honorable Judge Karen B Owens oversees the case. Landis Rath & Cobb LLP represents the Debtors. SSG Advisors, LLC as investment banker. Epiq Corporate Restructuring, LLC as administrative advisor. DAVENN LLC: Gets Final OK to Use Cash Collateral ------------------------------------------------ The U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, entered a final order authorizing Davenn, LLC to use its secured lenders' cash collateral based on its operating budget. The court authorized the Debtor to use cash collateral, including cash, accounts receivable, rents, lease revenue, deposits, and other business revenues in which Katan Capital LLC, CHTD Company, Retro Advance, Inc., and Corporation Service Company hold security interests. The Debtor may spend up to the budgeted monthly amount with an aggregate variance of 15% without obtaining prior written consent from the secured lenders. Any unused budgeted amounts may be carried forward and applied to future months or reallocated to other budget line items. As adequate protection, secured lenders will be granted replacement liens on all post-petition property of the Debtor including cash collateral, maintaining the same priority and extent as their pre-petition liens. The replacement liens do not attach to Chapter 5 avoidance actions. The order preserves the rights of creditors to seek modified adequate protection, object to unauthorized use of cash collateral, or pursue any other remedies available under applicable law. Finally, the court approved a carveout that gives priority over the replacement liens for payment of bankruptcy administrative expenses, including fees owed to the Bankruptcy Court Clerk, the U.S. trustee, up to $15,000 in Chapter 7 trustee expenses, approved Subchapter V trustee fees, and approved fees of the Debtor's counsel, Tran Singh LLP. The order clarifies that the carveout does not create a claim against the secured lenders or encumber the Debtor's real or tangible personal property, while allowing the Debtor and secured lenders to extend the cash collateral period by stipulation without further court approval. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/kovzF from PacerMonitor.com. About Davenn LLC Davenn, LLC operates a preschool and early learning center. Davenn 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. DAYLIGHT BETA: Ares Capital Virtually Writes Off $15.4MM 1L Loan ---------------------------------------------------------------- Ares Capital Corporation has marked its $15.4MM first lien senior secured loan to Daylight Beta Parent LLC and CFCo, LLC to market at $600,000, or 4% of the outstanding amount, according to ARES Capital's Form 10-Q for the quarterly period ended July 29, 2026, filed with the U.S. Securities and Exchange Commission. Ares Capital is a participant in a loan extended to Daylight Beta Parent LLC and CFCo, LLC. The first lien senior secured loan matures in September 2033. Ares Capital Corporation is a business development company that provides financing solutions to middle-market companies across a range of industries. The Fund is led by M. Kort Schnabel as Chief Executive Officer. The Fund can be reached at: M. Kort Schnabel ARES CAPITAL CORPORATION 245 Park Avenue, 44th Floor New York, NY 10167 Telephone: (212) 750-7300 About DAYLIGHT BETA PARENT LLC AND CFCO, LLC Daylight Beta Parent LLC and CFCo, LLC operate a health insurance sales platform. DAYLIGHT BETA: Ares Capital Virtually Writes Off $15.4MM 1L Loan ---------------------------------------------------------------- Ares Capital Corporation has marked its $15.4MM first lien senior secured loan to Daylight Beta Parent LLC and CFCo, LLC to market at $600,000, or 4% of the outstanding amount, according to Ares Capital Corp's Form 10-Q for the quarterly period ended July 29, 2026, filed with the U.S. Securities and Exchange Commission. Ares Capital is a participant in a loan extended to Daylight Beta Parent LLC and CFCo, LLC. The first lien senior secured loan matures in September 2038. Ares Capital Corporation is a business development company that provides financing solutions to middle-market companies across a range of industries. The Fund is led by M. Kort Schnabel as Chief Executive Officer. The Fund can be reached at: M. Kort Schnabel ARES CAPITAL CORPORATION 245 Park Avenue, 44th Floor New York, NY 10167 Telephone: (212) 750-7300 About DAYLIGHT BETA PARENT LLC AND CFCO, LLC Daylight Beta Parent LLC and CFCo, LLC together operate a health insurance sales platform. DAYLIGHT BETA: Ares Capital Virtually Writes Off $20.8MM 1L Loan ---------------------------------------------------------------- Ares Capital Corporation has marked its $20.8MM first lien senior secured loan to Daylight Beta Parent LLC and CFCo, LLC to market at 0% of the outstanding amount, according to Ares Capital Corp's Form 10-Q for the quarterly period ended July 29, 2026, filed with the U.S. Securities and Exchange Commission. Ares Capital is a participant in a loan extended to Daylight Beta Parent LLC and CFCo, LLC. The first lien senior secured loan matures in September 2038. Ares Capital Corporation is a business development company that provides financing solutions to middle-market companies across a range of industries. The Fund is led by M. Kort Schnabel as Chief Executive Officer. The Fund can be reached at: M. Kort Schnabel ARES CAPITAL CORPORATION 245 Park Avenue, 44th Floor New York, NY 10167 Telephone: (212) 750-7300 About DAYLIGHT BETA PARENT LLC AND CFCO, LLC Daylight Beta Parent LLC and CFCo, LLC together operate a health insurance sales platform. DCR FARMS: George Oliver Named Subchapter V Trustee --------------------------------------------------- The U.S. Bankruptcy Administrator for the Eastern District of North Carolina appointed George Mason Oliver as Subchapter V trustee for DCR Farms, LLC. Mr. Oliver will be compensated at $375 per hour for his services as Subchapter V trustee. Mr. Oliver disclosed in a court filing that he does not have an interest materially adverse to the interest of the Debtor's estate, creditors or equity security holders. The Subchapter V trustee can be reached at: George Mason Oliver, Esq. The Law Offices of George Oliver, PLLC 405 Middle Street P.O. Box 1548 New Bern, NC 28563 Phone: (252) 633-1930 Fax: (252) 633-1950 george@georgeoliverlaw.com About DCR Farms LLC DCR Farms, LLC is a privately held row-crop farming company based in Conetoe, North Carolina, operating agricultural machinery used for planting, spraying, harvesting and transporting grain, including equipment designed for corn production. DCR Farms filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D.N.C. Case No. 26-03455) on July 31, 2026, with $1 million to $10 million in both assets and liabilities. David J. Haidt, Esq. at Ayers & Haidt, P.A. represents the Debtor as legal counsel. DISH DBS: Seeks Early Note Payoff to Cut Interest Costs ------------------------------------------------------- Ben Zigterman of Law360 Bankruptcy Authority reports that certain Dish DBS Corp. debtors have asked a Texas bankruptcy court to approve an early payoff of $2.75 billion in notes, funded with proceeds from a proposed financing. The debtors say the transaction would help address their substantial debt obligations while they remain in Chapter 11. Retiring the notes would reduce the amount of debt outstanding and lower the companies' ongoing interest expenses. The move is part of the debtors' efforts to reorganize their finances and improve their capital structure during the bankruptcy proceedings, according to report. The proposed transaction remains subject to bankruptcy court approval. If approved, the early note repayment would give Dish DBS and its affiliates a path to reduce their financing costs as they continue working toward a broader restructuring, the report cites. About Dish DBS Corp. DISH DBS Corporation, through its subsidiaries, provides pay-TV services under the DISH and Sling brands in the United States. The company was founded in 1996 and is headquartered in Englewood, Colorado. DISH DBS Corporation is a subsidiary of DISH Network Corporation. Dish DBS Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-90627) on June 30, 2026. Honorable Bankruptcy Judge Christopher M. Lopez handles the case. The Debtor is represented by Charles R. Koster, Esq. of White & Case. DR DELICACY: Plan Confirmation Hearing Scheduled for Sept. 8 ------------------------------------------------------------ The U.S. Bankruptcy Court for the Southern District of Texas will hold a hearing on Sept. 8, 2026, at 1:30 p.m. before the Honorable Jeffrey Norman to confirm the Plan of Reorganization of DR Delicacy, LLC. September 1, 2026, is fixed as the last day for filing and serving in accordance with Fed.R.Bankr. P. 3018(a) written objections to confirmation of the plan. September 4, 2026 is the deadline to file a ballot summary and proposed confirmation order. In a court filing, the Debtor borrowed funds, including merchant cash advances, to pay necessary operating expenses, and the repayment of the loans created an unmanageable financial condition for the Debtor. The Debtor filed this case to reorganize and continue with its operations. This Plan of Reorganization proposes to pay the Debtor's creditors from the cash flow generated in the ordinary course of the Debtor's business after confirmation. Class 18 consists of all other non-priority unsecured claims. The aggregate amount of Class 18 claims is approximately $2,203,888.83 (The aggregate amount of Class 18 including the disputed claims is $2,281,019.40). This Class is impaired. The Debtor will pay the projected disposable income in the amount as set forth on the projections for a period of sixty months following the effective date to creditors in this class with allowed claims in the amount set forth on the projections with this plan. The Debtor may pay these amounts in quarterly distributions. In the case of claims for which pro rata distributions are less than twenty-five dollars per month, the Debtor or the Subchapter V trustee will hold the payment amounts and send one payment at the end of the plan term. The equity security holders will retain the interest in the Debtor. A full-text copy of the Plan of Reorganization dated July 22, 2026 is available at https://urlcurt.com/u?l=PAy5rh from PacerMonitor.com at no charge. Counsel to the Debtor: Reese W. Baker, Esq. BAKER & ASSOCIATES 950 Echo Lane, Suite 300 Houston, TX 77024 Telephone: (713) 869-9200 Facsimile: (713) 869-9100 A copy of the Court's Order dated July 24, 2026, is available at https://urlcurt.com/u?l=BkB4DB from PacerMonitor.com. About DR Delicacy, LLC DR Delicacy LLC, based in Houston, operates a gourmet food retail and distribution business specializing in luxury culinary ingredients, including caviar, truffles, specialty mushrooms, foie gras, and related pantry items sourced from domestic and international suppliers. The company serves chefs, restaurants, and individual consumers through its online platform and warehouse store, offering seasonal products and curated selections for high end dining and gifting. DR Delicacy sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Texas Case No. 26-32815-H5-11) on April 23, 2026. At the time of filing, the Debtor had estimated assets of between $500,001 to $1 million and liabilities of between $1,000,001 to $10 million. The case is a Subchapter V proceeding in the Houston Division. Judge Jeffrey P. Norman oversees the case. Baker & Associates is Debtor's legal counsel. DURAND HEALING: Christopher Simpson Named Subchapter V Trustee -------------------------------------------------------------- The U.S. Trustee for Region 14 appointed Christopher Simpson, Esq., at Osborn Maledon P.A. as Subchapter V trustee for Durand Healing and Wellness Center LLC. Mr. Simpson will be paid an hourly fee of $580 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Simpson declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Christopher C. Simpson Osborn Maledon, P.A. 2929 N. Central Avenue, 21st Fl. Phoenix, AZ 85012 Phone: (602) 640-9349 Fax: (602) 640-9050 Email: csimpson@omlaw.com About Durand Healing and Wellness Center Durand Healing and Wellness Center, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 26-07470) on July 28, 2026, with $50,001 to $100,000 in assets and $500,001 to $1 million in liabilities. Judge Eddward P. Ballinger Jr. presides over the case. Joann Falgout, Esq., at Davis Miles, PLLC represents the Debtor as legal counsel. EEW AMERICAN: To Sell Building & Crane to Triple-S Steel for $550K ------------------------------------------------------------------ EEW American Offshore Structures Inc. and EEW AOS Paulsboro Urban Renewal, LLC seek approval from the U.S. Bankruptcy Court for the District of New Jersey, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtors maintain certain rights under the Settlement Agreement to access the Subleased Premises to market, sell, auction or otherwise dispose of their retained personal property. The Debtors undertook efforts to market and sell the Personal Property, including seeking to retain Plant & Machinery, Inc. to issue an appraisal of the Personal Property. The Acquired Property consists of two never-erected buildings, with all components and accessories (including fasteners, tape, glue, and similar items) and the 50-ton Virginia Overhead Crane. The Appraisal estimated that the Acquired Property has a forced liquidation value of $1,700,000.00. The Appraisal did not consider and does not opine on the costs associated with the dismantling, removal or transportation of the Acquired Property, which are estimated to be approximately $550,000 based on a third-party estimate received by the Debtors. The Purchaser, Triple-S Steel Holdings, Inc., is purchasing the Property for $1,600,00.00, minus credit of $550,000.00, for a cash purchase price of $1,050,000.00. The Debtors propose to sell to the Purchaser the Property on an "as is, where is basis" free and clear of all liens, claims, encumbrances and other interests. The Debtors believe that a private sale of the Acquired Property to the Purchaser under the terms and conditions of the Purchase Agreement is more likely to close in a timely and efficient manner than an in-person public auction because, in the Debtors' informed business judgment, the agreement provides them with a strong indication that the Purchaser is motivated to close the contemplated transaction in such a manner. The Debtors believe that the Purchase Price is a fair and reasonable price for the Acquired Property. The Debtors submit that the Sale contemplated and in the Purchase Agreement has been proposed in good faith, as the agreement was the product of good faith, arm's length negotiations between the Debtors, The Debtors believe and submit that the Sale is not the product of collusion or bad faith. About EEW American Offshore Structures Inc. EEW American Offshore Structures Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 26-13901) on April 8, 2026. In the petition signed by Tom Pratt, chief restructuring officer, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Jerrold N. Poslusny, Jr. oversees the case. Brett S. Theisen, Esq., at Connell Foley LLP, represents the Debtor as counsel. DiScho Vermogensverwaltung GmbH & Co. KG, as DIP Lender, is represented Ericka F. Johnson, Esq. at BAYARD, P.A. EMPLOYEE FORCE: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------- Debtor: Employee Force Provider, Inc. 3400 Inland Empire Blvd Ste 101 Ontario, CA 91764 Case No.: 26-16318 Business Description: Employee Force Provider is an Ontario, California-based employment-services company that provides staffing, recruitment, payroll administration, and outsourced human-resource services. Founded in 2019, the company manages vacancy publication, candidate assessment and selection, interviews, tax and insurance administration, employee benefits, employer responsibilities, employee relations, and workplace-safety support. It serves clients across warehousing, manufacturing, technology, call centers, accounting, sales, help desk, office support, and forklift operations. Chapter 11 Petition Date: August 3, 2026 Court: United States Bankruptcy Court Central District of California Judge: Hon. Scott H Yun Debtor's Counsel: Derrick Talerico, Esq. WEINTRAUB, ZOLKIN TALERICO & SEITH LLP 11766 Wilshire Blvd Suite 730 Los Angeles CA 90025 Tel: (424) 500-8552 Email: dtalerico@wztslaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $10 million to $50 million The petition was signed by Jairo Santiago Mendoza as president. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/BUBQKJA/Employee_Force_Provider_Inc__cacbke-26-16318__0001.0.pdf?mcid=tGE4TAMA EP PURCHASER: Ares Capital Marks $49.7MM 1L Loan at 34% Off ----------------------------------------------------------- Ares Capital Corporation has marked its $49.7MM first lien senior secured loan to EP Purchaser, LLC and TPG VIII EP Co-Invest II, L.P. to market at $32.8MM or 66% of the outstanding amount, according to Ares Capital's Form 10-Q for the quarterly period ended July 29, 2026, filed with the U.S. Securities and Exchange Commission. Ares Capital is a participant in a loan extended to EP Purchaser, LLC and TPG VIII EP Co-Invest II, L.P. The first lien senior secured loan accrues interest at 8.28% per annum and matures in November 2028. Ares Capital Corporation is a business development company that provides financing solutions to middle-market companies across a range of industries. The Fund is led by M. Kort Schnabel as Chief Executive Officer. The Fund can be reached at: M. Kort Schnabel ARES CAPITAL CORPORATION 245 Park Avenue, 44th Floor New York, NY 10167 Telephone: (212) 750-7300 About EP Purchaser, LLC and TPG VIII EP Co-Invest II, L.P. EP Purchaser, LLC and TPG VIII EP Co-Invest II, L.P. provide entertainment workforce and production management solutions. ESTHER SCHOOL: Court Extends Cash Collateral Access to Sept. 3 -------------------------------------------------------------- Esther School, 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 extended the Debtor's authority to access its cash collateral to September 3 from August 6. The court previously authorized the Debtor to use up to $306,771.89 in cash collateral from July 9 through August 6 under its fourth interim order. The fourth interim order entered on August 3 granted lenders replacement liens on post-petition assets similar to their pre-petition collateral, with the same validity, priority and extent as their pre-petition liens. The court did not require the Debtor to make cash payments to the lenders during the fourth interim period. A copy of the fourth interim order is available at https://shorturl.at/z30FB from PacerMonitor.com. About Esther School Inc. Esther School, Inc. operates a faith-based primary school in New Port Richey, Pasco County, Florida. Esther School sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-02746) on April 3, 2026, listing up to $10 million in both assets and liabilities. Natasha Griffin, president, signed the petition. Judge Roberta A. Colton oversees the case. The Debtor tapped John A. Anthony, Esq., at Anthony and Partners, LLC, as bankruptcy counsel; Aegis Law as special counsel; and Pellegrino, McFarland & Tortora, P.A. as accountant. FAIR ISAAC: Liabilities Exceed Assets by US$4.1B at June 30 ----------------------------------------------------------- Fair Isaac Corporation's stockholder's deficit was US$4.1 billion at June 30, 2026. The stockholder's deficit was US$1.7 billion at Sept. 30, 2025. At June 30, 2026, the Company had total assets of US$2.0 billion and total liabilities of US$6.1 billion. At Sept. 30, 2025, the Company had total assets of US$1.9 billion and total liabilities of US$3.6 billion. As of June 30, 2026, the Company held US$248.4 million in cash and cash equivalents, including US$139.8 million in cash at foreign subsidiaries. Management expects that existing cash balances, available borrowings under a US$1.0 billion revolving credit facility and anticipated operating cash flows will be sufficient to meet working capital and other capital requirements for at least the next 12 months and for the foreseeable future, including US$300.0 million of term loan principal payments due over the next year. Under current financing arrangements, the Company has no other significant debt maturities in the next 12 months and expects any tax impact from potential future repatriation of foreign cash to be immaterial. The Company continues to evaluate opportunities to acquire technology or businesses, form strategic relationships or make investments, and may use cash or access the capital markets to fund such initiatives, although additional financing may not always be available on favorable terms. A full-text copy of the Form 10-Q is available at https://tinyurl.com/ms4w44vd About Fair Isaac Corporation Fair Isaac Corporation is a data analytics and decision management company best known for its FICO credit scores, which are widely used by lenders to assess consumer credit risk. The Company provides software, analytic tools and solutions that help businesses automate and improve decision-making in areas such as credit risk management, fraud detection and customer engagement. FIELDSTONE A&E: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------- Debtor: Fieldstone A&E LLC d/b/a Fieldstone Architecture & Engineering d/b/a Fieldstone A & E d/b/a Fieldstone Engineering d/b/a Fieldstone Architecture 3400 Auburn Rd., Suite 200 Auburn Hills, MI 48326 Business Description: Fieldstone A&E is an architecture and engineering firm with offices in Auburn Hills, Michigan, and Temple Terrace, Florida. The company provides architecture, engineering, interior design, construction administration, visualization, and plan-preparation services. It works on single- family and multifamily housing, clubhouses, community amenities, and commercial developments, including new construction and renovation projects. Chapter 11 Petition Date: July 30, 2026 Court: United States Bankruptcy Court Eastern District of Michigan Case No.: 26-48494 Judge: Hon. Thomas J Tucker Debtor's Counsel: Charles D Bullock P55550, Esq. STEVENSON & BULLOCK, PLC 26100 American Drive, Suite 500 Southfield, MI 48034 Tel: (248) 354-7906 E-mail: cbullock@sbplclaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $500,000 to $1 million The petition was signed by Ryan Rasmussen as president. A copy of the Debtor's list of its 20 largest unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/6L2NASY/Fieldstone_AE_LLC__miebke-26-48494__0004.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/6GZVL2Q/Fieldstone_AE_LLC__miebke-26-48494__0001.0.pdf?mcid=tGE4TAMA FIELDSTONE A&E: Gets Interim OK to Use Cash Collateral ------------------------------------------------------ The U.S. Bankruptcy Court for the Eastern District of Michigan, Southern Division – Detroit entered an interim order authorizing Fieldstone A&E, LLC to use cash collateral of Bank of America, N.A. Under the interim order, the Debtor is authorized to use cash collateral in accordance with the agreed budget, subject to a 10% variance. The Debtor projects it will require approximately $4.8 million in cash collateral during the first three months of the bankruptcy to maintain operations, pay employees, continue production, and serve customers. Bank of America will receive adequate protection through replacement liens on post-petition assets similar to its pre-petition collateral, excluding Chapter 5 causes of action and Section 506(c) claims. In addition, the lender will receive monthly payments of $12,500, beginning August 15. The Debtor is required under the interim order to segregate $30,000 per month in a debtor-in-possession account for anticipated professional fees of Stevenson & Bullock, P.L.C. and the Subchapter V trustee, with the funds remaining property of the estate until approved under Section 330 of the Bankruptcy Code. The interim order preserves the Debtor's right to challenge the validity, priority, perfection, or enforceability of Bank of America's liens. A final hearing is scheduled for August 26 if objections are filed. If no objections are received, the interim order will automatically become final, and the Debtor's authority to use cash collateral will continue subject to the approved budget and further court orders. A copy of the court's order is available at https://shorturl.at/G8MtZ from PacerMonitor.com. About Fieldstone A&E LLC Fieldstone A&E, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 26-48494) with $1,000,001 to $10 million in assets and $500,001 to $1 million in liabilities. Judge Hon. Thomas J Tucker oversees the case. The Debtor is represented by: Elliot G. Crowder Tel: 248-354-7906 Email: ecrowder@sbplclaw.com Charles D. Bullock Stevenson & Bullock, P.L.C. Tel: 248-354-7906 Email: cbullock@sbplclaw.com FINAL TOUCH: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------- Debtor: Final Touch Apparel, Inc. 116 E. 32nd Street Los Angeles, CA 90011 Business Description: Final Touch Apparel Inc. is a women's apparel wholesaler that designs, sources, imports, and sells fashion garments to retailers throughout the United States. The company purchases fabrics and other materials from suppliers in China and the United States and currently has its garments manufactured by a factory in Vietnam, including relatively small production runs of fewer than 150 units per style. Its U.S. operations include design, production, sales, warehousing, shipping, and a Los Angeles showroom for retail buyers. Chapter 11 Petition Date: July 28, 2026 Court: United States Bankruptcy Court Central District of California Case No.: 26-17492 Judge: Hon. Neil W Bason Debtor's Counsel: Matthew D. Resnik, Esq. RHM LAW LLP 17609 Ventura Blvd., Suite 314 Encino, CA 91316 Tel: (818) 285-0100 Fax: (818) 855-7013 E-mail: matt@rhmfirm.com Total Assets: $1,110,183 Total Liabilities: $4,730,009 The petition was signed by Mark Min Hyuk Kim as president. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/4YTZTSQ/Final_Touch_Apparel_Inc__cacbke-26-17492__0001.0.pdf?mcid=tGE4TAMA FINAL TOUCH: Seeks Chapter 11 Bankruptcy in California ------------------------------------------------------ On July 28, 2026, Final Touch Apparel, Inc. filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Central District of California. According to court filings, the Debtor reports between $1 million and $10 million in assets and between $1 million and $10 million in liabilities, with approximately 1 to 49 creditors. A meeting of creditors under Section 341(a) to be held on August 24, 2026 at 09:00 AM at UST-LA2, TELEPHONIC MEETING. CONFERENCE LINE:1-888-330-1716, PARTICIPANT CODE:8009991. About Final Touch Apparel, Inc. Final Touch Apparel, Inc. is a Los Angeles-based women's cut-and-sew apparel manufacturer. The company operates a wholesale fashion business under the Final Touch brand, specializing in young contemporary women's clothing. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 2:26-bk-17492-NB) on July 28, 2026. In the petition signed by Mark Min Hyul Kim, president, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Neil W. Bason oversees the case. Matthew D. Resnik, Esq., at RHM Law LLP, represents the Debtor as legal counsel. FLORIDA FOOD: Ares Capital Marks $13.9MM 1L Loan at 32% Off ----------------------------------------------------------- Ares Capital Corporation has marked its $13.9MM first lien senior secured loan to Florida Food Products, LLC to market at $9.5MM, or 68% of the outstanding amount, according to Ares Capital's Form 10-Q for the quarterly period ended July 29, 2026, filed with the U.S. Securities and Exchange Commission. Ares Capital is a participant in a loan extended to Florida Food Products, LLC. The first lien senior secured loan accrues interest at 8.86% (2% PIK) per annum and matures in October 2030. Ares Capital Corporation is a business development company that provides financing solutions to middle-market companies across a range of industries. The Fund is led by M. Kort Schnabel as Chief Executive Officer. The Fund can be reached at: M. Kort Schnabel ARES CAPITAL CORPORATION 245 Park Avenue, 44th Floor New York, NY 10167 Telephone: (212) 750-7300 About FLORIDA FOOD PRODUCTS, LLC Florida Food Products, LLC provides plant extracts and juices used as natural ingredients in food and beverage applications. FLORIDA FOOD: Ares Capital Marks $400,000 1L Loan at 50% Off ------------------------------------------------------------ Ares Capital Corporation has marked its $400,000 first lien senior secured loan to Florida Food Products, LLC to market at $200,000, or 50% of the outstanding amount, according to Ares Capital's Form 10-Q for the quarterly period ended July 29, 2026, filed with the U.S. Securities and Exchange Commission. Ares Capital is a participant in a loan extended to Florida Food Products, LLC. The first lien senior secured loan accrues interest at 8.73% (2% PIK) per annum and matures in October 2030. Ares Capital Corporation is a business development company that provides financing solutions to middle-market companies across a range of industries. The Fund is led by M. Kort Schnabel as Chief Executive Officer. The Fund can be reached at: M. Kort Schnabel ARES CAPITAL CORPORATION 245 Park Avenue, 44th Floor New York, NY 10167 Telephone: (212) 750-7300 About FLORIDA FOOD PRODUCTS, LLC Florida Food Products, LLC provides plant extracts and juices used as natural ingredients in food and beverage applications. FLORIDA FOOD: Ares Capital Marks $60.5M 1L Loan at 53% Off ---------------------------------------------------------- Ares Capital Corporation has marked its $60.5MM first lien senior secured loan to Florida Food Products, LLC to market at $28.4MM, or 47% of the outstanding amount, according to Ares Capital's Form 10-Q for the quarterly period ended July 29, 2026, filed with the U.S. Securities and Exchange Commission. Ares Capital is a participant in a loan extended to Florida Food Products, LLC. The first lien senior secured loan accrues interest at 15% (8% PIK) per annum and matures in October 2030. Ares Capital Corporation is a business development company that provides financing solutions to middle-market companies across a range of industries. The Fund is led by M. Kort Schnabel as Chief Executive Officer. The Fund can be reached at: M. Kort Schnabel ARES CAPITAL CORPORATION 245 Park Avenue, 44th Floor New York, NY 10167 Telephone: (212) 750-7300 About FLORIDA FOOD PRODUCTS, LLC Florida Food Products, LLC provides plant extracts and juices used as natural ingredients in food and beverage applications. FREEDOM TRAILERS: Gets Final OK to Use Cash Collateral ------------------------------------------------------ The U.S. Bankruptcy Court for the Middle District of Georgia, Valdosta Division entered a final order authorizing Freedom Trailers, LLC to use cash collateral. The court authorized the Debtor to use cash collateral to fund its operations from August 3 through confirmation of a Chapter 11 plan or until further order. As adequate protection, the court granted the lenders, to the extent they hold valid pre-petition liens or security interests, automatically perfected replacement liens on post-petition property of the same nature and character as their prepetition collateral. The replacement liens exclude proceeds of Chapter 5 avoidance actions and become effective immediately upon entry of the order without the need for additional filings. The order does not determine the validity, priority, or extent of any lender's liens or security interests. All parties retain their rights to challenge claims or seek modifications to the order after notice and a hearing. A copy of the court's order is available at https://shorturl.at/XzIQ5 from PacerMonitor.com. 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. FRESNO HOTELIERS: Scott Sackett Named Subchapter V Trustee ---------------------------------------------------------- The U.S. Trustee for Region 17 appointed Scott Sackett as Subchapter V trustee for Fresno Hoteliers LLC. Mr. Sacket will be paid an hourly fee of $350 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Sacket declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Scott M. Sackett 4030 S. Land Park Dr., Suite C Sacramento, CA 95822 Phone: (916) 930-9900 Email: scott.sackett@efmt.com About Fresno Hoteliers LLC Fresno Hoteliers LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Calif. Case No. 26-13500) on July 28, 2026, with $1 million to $10 million in both assets and liabilities. Judge Rene Lastreto II presides over the case. David C. Johnston, Esq., represents the Debtor as legal counsel. FRESNO HOTELIERS: Seeks Subchapter V Bankruptcy in California ------------------------------------------------------------- On July 28, 2026, Fresno Hoteliers, LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of California. According to court filings, the Debtor reports between $1 million and $10 million in assets and between $1 million and $10 million in liabilities, with approximately 1 to 49 creditors. A meeting of creditors under Section 341(a) to be held on September 4, 2026 at 01:30 PM via Fresno Conference Line: 888-330-1716 Passcode: 9606458#. Small Business Chapter 11 Plan due by October 26, 2026. About Fresno Hoteliers, LLC Fresno Hoteliers, LLC is a California-based hotel operator engaged in the hospitality industry. The company operates under the Vagabond Inn brand and maintains its primary business operations and legal address in Modesto, California. Fresno Hoteliers, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-13500) on July 28, 2026. In its petition, the Debtor reports estimated assets and liabilities ranging from $1 million to $10 million. The company entered bankruptcy amid financial distress following a loan default involving its hospitality assets. Honorable Bankruptcy Judge René Lastreto II handles the case. The Debtor is represented by David C. Johnston, Esq. FRESNO HOTELIERS: Voluntary Chapter 11 Case Summary --------------------------------------------------- Debtor: Fresno Hoteliers, LLC d/b/a Fresno Inn f/d/b/a Vagabond Inn 2570 S. East Avenue Fresno, CA 93706 Business Description: Fresno Hoteliers, LLC owns and operates Fresno Inn, a roughly 119-room budget motel in Fresno, California, formerly operated as Vagabond Inn, providing short-term lodging, complimentary Wi-Fi and parking, laundry facilities and access to a seasonal outdoor pool for business and leisure travelers. Chapter 11 Petition Date: July 28, 2026 Court: United States Bankruptcy Court Eastern District of California Case No.: 26-13500 Judge: Hon. Rene Lastreto II Debtor's Counsel: David C. Johnston, Esq. DAVID C. JOHNSTON 1600 G Street, Suite 102 Modesto, CA 95354 Tel: (209) 579-1150 E-mail: david@johnstonbusinesslaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Mohammad Billah as managing member. The Debtor did not submit a list of its 20 largest unsecured creditors along with the petition. The complete Chapter 11 petition is available free of charge through PacerMonitor at: https://www.pacermonitor.com/view/THBVSBQ/Fresno_Hoteliers_LLC__caebke-26-13500__0001.0.pdf?mcid=tGE4TAMA GARRETT MOTION: Liabilities Exceed Assets by US$675MM at June 30 ---------------------------------------------------------------- Garrett Motion Inc.'s stockholder's deficit was US$675.0 million at June 30, 2026. The stockholder's deficit was US$802.0 million at Dec. 31, 2025. At June 30, 2026, the Company had total assets of US$2.5 billion and total liabilities of US$3.1 billion. At Dec. 31, 2025, the Company had total assets of US$2.4 billion and total liabilities of US$3.2 billion. The Company reported cash and cash equivalents of US$158.0 million as of June 30, 2026, along with US$2.0 million in restricted cash. The Company maintained US$630.0 million of available borrowing capacity under its revolving facility, with no borrowings or letters of credit outstanding. Principal outstanding on its Term Loan Facilities declined to US$583.0 million from US$637.0 million, reflecting, among other actions, an early US$50.0 million repayment on the 2025 Dollar Term Facility, while principal on its Senior Notes remained at US$800.0 million and utilized capacity under a bilateral letter of credit facility was US$10.0 million. On May 18, 2026, the Company entered into a Second Amendment to its Restatement Agreement that reduced applicable interest margins on both term benchmark and base-rate loans, as well as on revolving borrowings, thereby lowering its borrowing costs. During the six months ended June 30, 2026, the Company paid US$31.0 million in cash dividends and subsequently declared a cash dividend of US$0.08 per share payable Sept. 15, 2026, to shareholders of record as of Sept. 1, 2026. The Company's management indicated that expected cash flows from operations, existing cash balances, the 2032 Senior Notes, and its Credit Agreement, including the 2025 Dollar Term Facility and New Revolving Facility, are expected to provide adequate liquidity to support ongoing operations, capacity expansion, technology investments, and strategic growth initiatives, particularly in zero-emission technologies, for at least the next 12 months. The Company also noted it may opportunistically access debt or equity capital markets or pursue other financing transactions to supplement its liquidity. A full-text copy of the Form 10-Q is available at https://tinyurl.com/977me9sz About Garrett Motion Inc. Garrett Motion Inc. is a global technology company specializing in turbocharging, electrification, and related propulsion technologies for the automotive industry. The Company develops and manufactures advanced air and thermal management systems that support fuel efficiency, performance, and emissions reduction for passenger and commercial vehicles, including solutions aimed at enabling zero-emission and low-emission powertrains. GOAL HOLDING: Voluntary Chapter 11 Case Summary ----------------------------------------------- Debtor: Goal Holding Company Inc. 1075 S Belt Line Rd Grand Prairie, TX 75051-2133 Business Description: Goal Holding Company Inc. is a single-asset real estate company (as defined in 11 U.S.C. Section 101(51B)). Chapter 11 Petition Date: August 3, 2026 Court: United States Bankruptcy Court Northern District of Texas Case No.: 26-43430 Judge: Hon. Mark X Mullin Debtor's Counsel: Craig D. Davis, Esq. DAVIS, ERMIS & ROBERTS P.C. 2000 E Lamar Blvd Ste 780 Arlington TX 76006-7341 Tel: (817) 265-8832 E-mail: davisdavisandroberts@yahoo.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Khalid Lutfi as president. The Debtor filed a list of its 20 largest unsecured creditors, but all entries were left blank. The complete Chapter 11 petition is available free of charge through PacerMonitor at: https://www.pacermonitor.com/view/FZPVHMA/Goal_Holding_Company_Inc__txnbke-26-43430__0001.0.pdf?mcid=tGE4TAMA GOLDEN LAKE: Commences Chapter 11 Bankruptcy in Louisiana --------------------------------------------------------- On July 27, 2026, Golden Lake Group, Inc. filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of Louisiana. According to court filings, the Debtor reports between $1 million and $10 million in assets and between $1 million and $10 million in liabilities, with approximately 1 to 49 creditors. A meeting of creditors filed by the Office of the U.S. Trustee under Section 341(a) to be held on September 1, 2026 at 02:00 PM by Telephone Conference Line: 888-330-1716. Participant Passcode: 8461305. Chapter 11 Plan and Disclosure Statement due November 24, 2026. About Golden Lake Group, Inc. Golden Lake Group, Inc. is a Slidell, Louisiana-based hotel operator in the hospitality industry. The company operates within the hotel and motel sector, excluding casino hotels, providing lodging-related services to its customers. Golden Lake Group, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-11855) on July 27, 2026. In its petition, the Debtor reports estimated assets and liabilities each ranging from $1 million to $10 million. The bankruptcy filing identifies approximately $95,000 in tax debt. The presiding bankruptcy judge was not provided in the available filing information. The Debtor is represented by Michael E. Landis, Esq. of Lugenbuhl, Wheaten, Peck, Rankin & Hubbard. GRAN TIERRA: S&P Places 'B' ICR on Watch Developing on Asset Sale ----------------------------------------------------------------- S&P Global Ratings placed its 'B' issuer credit and issue-level ratings on Gran Tierra Energy Inc. (GTE) and on GTE's 2031 senior secured notes, along with its 'B-' issue-level ratings on GTE's 2029 senior unsecured notes and 2027 senior unsecured notes, on CreditWatch developing. The CreditWatch developing placement of the issuer credit rating and the issue-level rating on the 2027 notes reflects the current lack of visibility on GTE's credit profile following the sale. Additionally, the CreditWatch listing of GTE's 2031 and 2029 notes reflects the likelihood of either a rating affirmation or change depending on M&P's potential credit profile following the sale's completion. GTE announced an agreement to sell its Colombian and Ecuadorian oil businesses to Etablissements Maurel & Prom (M&P). As part of the transaction, GTE's $494 million senior secured notes due 2031 and $88 million senior unsecured notes due 2029 will be transferred to M&P. The proposed transaction would sharply reduce GTE's business, in terms of size and diversification, and would lower consolidated revenue to roughly $100 million from nearly $600 million. The CreditWatch developing listing reflects the absence of visibility and details on GTE's potential credit profile following the sale. On Aug. 5, 2026, GTE agreed to sell its Colombian and Ecuadorian oil businesses to M&P for a total consideration of $1.33 billion. The company expects to complete the transaction in the second half of 2026, subject to customary closing conditions including the approval by GTE's shareholders and regulators in Colombia and Ecuador. S&P believes GTE's stand-alone credit profile and its issuer credit rating could change or be affirmed, depending on the assessment of GTE's business and financial profiles following the transaction. This is because after the sale is completed, GTE would operate for the time being only its Canadian oil and gas assets (albeit with a recently established position in Azerbaijan), with its production dropping to 12,000-13,000 barrels of oil equivalent per day (boepd) from around 45,000 boepd. GTE would be a much smaller company with annual revenue and EBITDA of around $100 million and $50 million, respectively, while losing geographic footprint and business scale. Nonetheless, this is counterbalanced by a potential zero-debt position, considering that GTE would prepay its 2027 bond. Rating stability would heavily depend on GTE's plans and use of proceeds to rebalance its portfolio and increase its reserve base and production capacity. According to the company, out of its total debt ($494 million 2031 notes, $88 million 2029 notes, and $24 million 2027 notes), the 2031 and 2029 notes would be transferred to M&P. GTE's new debt structure would consist only of the $24 million 2027 notes, which GTE would prepay with the closing of the transaction. But with an additional $315 million of net cash proceeds stemming from the transaction, it's currently uncertain at what assessment category GTE's financial and business profiles would be. M&P's output and revenue could roughly double after the sale. M&P is a public French oil and gas exploration and production company listed on the Euronext Paris stock exchange. It primarily operates in Africa through onshore production assets including in Gabon, Tanzania, and Angola. It also has small operations in Colombia. M&P is a subsidiary of PT Pertamina Internasional Eksplorasi dan Produksi (not rated), which in turn is a subsidiary of Indonesia's national energy company PT Pertamina (Persero) (BBB/Stable/--). According to M&P's public reports, for fiscal 2025, it produced around 30,000 boepd, with revenue of around $577 million and EBITDA of about $250 million. In comparison, for the same period, GTE's Colombian and Ecuadorian assets produced around 30,000 boepd and generated about $480 million and $220 million in revenue and EBITDA, respectively. If the sale were to materialize, M&P could double its production to around 60,000 boepd and bolster its revenue and EBITDA on a pro forma basis. Based on the above considerations, the CreditWatch development placement on GTE's notes due 2031 and due 2029 reflects the likelihood that the 'B' and 'B-' ratings, respectively, on those notes could be affirmed or revised if the acquisition transaction with M&P were to materialize and based on the potential credit profile of M&P. S&P expects to resolve the CreditWatch listing once we have clarity on the new combined entity's business plan, taking into consideration as key rating factors the company's exposure to a mix of different country risks (given its current operations in several African countries and in Ecuador and Venezuela) and the relative importance of this subsidiary to the ultimate parent, Pertamina. The CreditWatch developing placement of S&P's 'B' issuer credit rating and 'B-' issue-level rating on the $24 million senior unsecured notes due 2027 reflects the lack of visibility on the company's credit profile. At the same time, the CreditWatch placement of the ratings on the $494 million senior secured notes due 2031 and $88 million senior unsecured notes due 2029 reflects the likelihood of either a rating affirmation or change, depending on M&P's credit profile following the acquisition. S&P plans to resolve the CreditWatch listing once the transaction is completed and it has fully assessed the details and potential effects on GTE's remaining business, capital structure, adjusted key credit metrics, and liquidity. GTCR EVEREST: S&P Affirms 'B+' ICR on Steady Performance -------------------------------------------------------- S&P Global Ratings affirmed its 'B+' issuer credit rating on GTCR Everest Borrower (dba AssetMark Financial Holdings) and 'B+' issue rating on the $1.85 billion term loan. S&P said, "We also revised the recovery rating on the term loan to '3' from '4'. The '3' recovery rating indicates our expectation of meaningful recovery (60%) in the event of a default. We base this revision on our estimate of somewhat higher emergence EBITDA than we previously assumed. "The stable outlook on the issuer credit rating reflects our expectation that GTCR Everest's leverage will be 5.0x-6.0x over the next 12 months while the company continues to grow its platform assets both organically and through a modest level of mergers and acquisitions under GTCR's ownership." GTCR Everest has reported steady performance over the last year, supported by platform asset growth and revenue stability from its custody business. S&P expects GTCR Everest to continue growing its platform assets. It has a strong record of growing its platform assets since inception, and it had $182 billion in platform assets as of June 30, 2026 (up from $166 billion at year-end 2025 and $139 billion at year-end 2024). GTCR Everest's platform asset growth has come from a combination of organic net inflows and acquisitions. Year-to-date as of the second quarter of 2026, the company had $5.3 billion in net inflows. In 2025, GTCR Everest gained $6.9 billion of assets through organic flows and $3.2 billion through the acquisition of Efficient Advisors, LLC, an asset management platform. S&P said, "We view the company's recurring revenue base as a positive. The company's business model and high asset retention rate of about 98% enable it to bill clients in advance of each quarter based on total platform assets, providing visibility into near-term revenue. Additionally, GTCR Everest's proprietary custodian, AssetMark Trust Co. (ATC), enables it to charge a net spread on the outstanding client cash held at ATC. We think the business is subject to fluctuations in interest rates, though the company partially mitigates this volatility by having roughly 60% of client cash in fixed-rate deposits." Roughly 82% of the company's revenues year-to-date as of June 30, 2026 were derived from asset-based fees, priced as a percentage of total assets under management or assets under advisement, while spread-based fees accounted for 13%, and the remainder was subscription-based or other revenue. S&P said, "We project GTCR Everest will operate with leverage of 5.0x-6.0x over the next 12 months. The company ended 2025 with leverage of 6.2x, down from 7.0x in 2024. Revenue growth of 16% and margin improvement (to 35% from 28%) supported that trend, despite an increase in debt. "We think leverage will fall further in 2026 (to 5.0x-6.0x) as the company keeps growing its revenue and maintains stable margins of 32%-35%. The primary components of the company's cost structure are the variable costs associated with asset-based fees and bonus compensation that vary with revenue. This structure provides financial stability in the event of a downturn in markets, in our view. "We expect the financial sponsor to pursue strategic acquisitions and periodically take distributions, both of which could add incremental leverage. In 2025, GTCR Everest paid distributions to its sponsors of $580 million funded by a $450 million add-on to its term loan and cash on hand. Further debt-funded distributions could push leverage above our base case assumption of 5.0x-6.0x. "The stable outlook reflects our expectation that GTCR Everest's leverage will be 5.0x-6.0x over the next 12 months while the company continues to grow its platform assets organically and through M&A under GTCR's ownership." S&P could lower the ratings if: -- Leverage increases above 6.0x on a sustained basis because of debt-financed M&A or distributions to its equity owner, -- Free operating cash flow (FOCF) to debt falls below 5% on a sustained basis, or -- The company's business materially weakens such that it sustains net outflows. S&P could raise the ratings if the company operates with debt to EBITDA comfortably below 5x and the business continues to grow organically while sustaining its existing margins. HARLOW ENTERPRISES: Plan Confirmation Hearing Set for Sept. 10 -------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of West Virginia will hold a hearing on Sept. 10, 2026 at 09:30 AM before the Honorable David L Bissett to confirm the Plan of Reorganization of Harlow Enterprises, LLC. August 24, 2026 is the deadline to: (A) file a written objection to confirmation of the Debtor's Plan, and/or (B) to transmit written notice of an acceptance or rejection of the Plan. On or before 28 days following entry of this Order, an equity security holder or creditor whose claim is based on a security must be the holder of record of the security in order to be eligible to accept or reject the Plan. In a court filing, the Debtor proposed reorganization plan has a 60-month term from the effective date. The debtor's financial projections indicate that it will have sufficient projected disposable income to pay claims once tax claims are resolved. The debtor expects to complete plan payments before the end of the 60-month period, subject to the resolution of its objection to Iron Horse Industries, LLC's amended claim and a pending adversary proceeding. The plan states that tax liabilities for 2022 and 2023 owed to the Internal Revenue Service and the West Virginia State Tax Department, arising from the company's pass-through tax election, are personal obligations of Kenneth Harlow and will be paid by him outside the plan. Treatment of Claims Class 3 Non-Priority Unsecured Claims * Includes: -- American Express NA (Claim No. 1): Allowed claim of $2,605.97. -- Gwendalyn Bauer (Claim No. 2): Disputed and not allowed. -- Aeron Meroney (Claim No. 3): Disputed and not allowed. * The debtor is not aware of any other allowed non-priority unsecured claims. * Any unsecured claims that are later allowed will be paid 100% over the 60-month plan term. * The amended claim of Iron Horse Industries, LLC (Claim No. 4) is treated as a secured claim and is not included in this class. * The debtor projects unsecured creditors will receive 100% of their allowed claims, subject to the outcome of claim objections and avoidance actions. Plan Funding and Payments * The debtor will serve as the disbursing agent and make all required plan payments. * Administrative priority claims will be paid during the first 18 months of the plan. * The secured debt owed to Iron Horse Industries, LLC, with a corrected balance of $19,026.12, will be paid in 60 equal monthly installments of $317.10, with no interest, subject to the court's determination or settlement of the amount owed and any applicable offsets or recoupment. * All other allowed non-priority unsecured claims will be paid 100% over the 60-month plan term, or sooner as funds become available. * The personal tax liabilities of Kenneth Harlow for tax years 2022 and 2023 are excluded from the plan and will be paid by him outside the bankruptcy plan. A full-text copy of the Plan of Reorganization dated July 20, 2026 is available at https://urlcurt.com/u?l=cJPROl from PacerMonitor.com at no charge. Harlow Enterprises LLC is represented by: Aaron C. Amore, Esq. WVSB #6455 206 West Liberty Street Charles Town, WV 25414 Phone 304- 885-4117 Fax: 866-417-8796 E-mail: aaron@amorelaw.com A copy of the Court's Order dated July 24, 2026, is available at https://urlcurt.com/u?l=Yw68Ca from PacerMonitor.com. About Harlow Enterprises Harlow Enterprises LLC is afamily owned and operated limited liability corporation. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. W.Va. Case No. 26-00165) on March 20, 2026, with $50,001 to $100,000 in assets and $0 to $50,000 in liabilities. Judge David L. Bissett presides over the case. Aaron C. Amore, at Amore Law, PLLC, is representing the Debtor. HAVANA GRILL: Seeks Chapter 11 Bankruptcy in California ------------------------------------------------------- On July 27, 2026, Havana Grill Group MVC, Inc. filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of California. According to court filings, the Debtor reports between $1 million and $10 million in liabilities and between $100,000 and $500,000 in assets, with approximately 1 to 49 creditors. A meeting of creditors under Section 341(a) to be held on August 26, 2026 at 01:00 PM To access telephonic 341 meeting, call 888-330-1716 and enter passcode 6374440#. Governmental Claims and Small Business Chapter 11 Plan deadlines set for January 25, 2027. About Havana Grill Group MVC, Inc. Havana Grill Group MVC, Inc. is a San Diego, California-based full-service restaurant specializing in Cuban cuisine. The company has operated its primary location at Mission Valley Center, offering organic and non-GMO Cuban dishes along with a full-service bar. Its Clairemont location has permanently closed. Havana Grill Group MVC, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-03190) on July 27, 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 Christopher B. Latham handles the case. The Debtor is represented by Andrew H. Griffin III, Esq. of Law Offices of Andrew H. Griffin III. HCEC EQUITIES: U.S. Trustee Seeks Chapter 11 Trustee Appointment ---------------------------------------------------------------- William Harrington, the U.S. Trustee for Region 2, asked the U.S. Bankruptcy Court for the Eastern District of New York to appoint a Chapter 11 trustee in HCEC Equities, LLC's bankruptcy case. The U.S. trustee argued that the company has been grossly mismanaged, that its principals have acted dishonestly and breached their fiduciary duties, and that an independent trustee is needed to protect creditors, tenants, and the public. The U.S. trustee stated that the company's properties, which house more than 60 tenants and generate approximately $130,000 to $140,000 in monthly rent, have serious health and safety violations despite this rental income. He also alleged that the company has failed to pay water charges and lender obligations, raising concerns about how more than $1.2 million in annual pre-bankruptcy rental income has been used. According to the motion, HCEC failed to disclose key financial information, including bank accounts, approximately $500,000 allegedly held in a frozen escrow account, insurance information, and certain debts. It further alleged that the company improperly continued using pre-bankruptcy bank accounts, failed to establish a debtor-in-possession account, and may have used cash collateral without court approval. Mr. Harrington also claimed that the bankruptcy petition omitted priority and unsecured debts, including obligations to the City of New York for housing and water charges, as well as creditors involved in lawsuits against HCEC. In addition, the company allegedly failed to file required bankruptcy documents, including its Statement of Financial Affairs (SOFA), and did not comply with a notice of deficient filing. Based on these alleged omissions, misrepresentations, and failures to meet its responsibilities as a debtor-in-possession, the U.S. Trustee argued that an independent fiduciary should investigate the company's financial affairs and manage the estate. If the court does not appoint a Chapter 11 trustee, the motion requests that the case be converted to Chapter 7 rather than dismissed, stating that conversion would better serve the interests of creditors. A copy of the motion is available for free at https://urlcurt.com/u?l=uiVEUO from PacerMonitor.com. About HCEC Equities LLC HCEC Equities, LLC, a privately held investment company, sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.Y. Case No. 26-42985) on June 22, 2026, with assets of between $10 million and $50 million and liabilities of up to $50,000. Honorable Judge Jil Mazer-Marino is presiding over the case. The Debtor is represented by Elliot S. Schlissel, Esq., at Schlissel Decorpo, LLP. HEAL BY TOUCH: Gets Final OK to Use Cash Collateral --------------------------------------------------- Heal By Touch, Inc. received final court approval to use the cash collateral of secured creditors to fund its operations. At the August 6 hearing, the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, granted the Debtor approval to use its cash collateral on a final basis. The Debtor's primary secured creditors -- the U.S. Small Business Administration and Brickhouse Capital, LLC -- may assert liens on substantially all of its assets, including cash and personal property. The secured creditors' claims are partially secured by approximately $214,091 in assets, of which roughly $191,501 is alleged to constitute cash collateral subject to their interests. The Debtor offers protection to secured creditors through automatically perfected post-petition replacement liens on cash collateral, with the same validity and priority as their pre-petition liens. About Heal by Touch Inc. Heal by Touch, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-04898) on June 8, 2026, with up to $500,000 in assets and up to $1 million in liabilities. Ashley N. Tinker, president of Heal by Touch, signed the petition. Judge Catherine Peek Mcewen oversees the case. Buddy D. Ford, Esq., at Ford & Semach, P.A., represents the Debtor as legal counsel. HELP TO ADJUST: Seeks Subchapter V Bankruptcy in New York --------------------------------------------------------- On July 27, 2026, Help To Adjust Inc. filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of New York. According to court filings, the Debtor reports between $0 and $50,000 in assets and between $1 million and $10 million in liabilities, with approximately 1 to 49 creditors. A meeting of creditors under Section 341(a) to be held on August 19, 2026 at 02:00 PM at Zoomgov-Birmingham:Zoom.us/join, Meeting ID 165 387 14589, Passcode 7251718859, Phone 1 202 804-6741. Court sets October 26, 2026 as deadline for Subchapter V Plan and January 25, 2027 for Government Claims. About Help To Adjust Inc. Help To Adjust Inc. is a Valley Stream, New York-based provider of outpatient mental health counseling services. The company operates as a community of therapists focused on mental health equity and outpatient psychotherapy. Led by owner Don Sinkfield, the company had approximately seven to 12 employees as of 2026. Help To Adjust Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-72930) on July 27, 2026. In its petition, the Debtor reports estimated assets of $0 to $50,000 and estimated liabilities of $1 million to $10 million. Honorable Bankruptcy Judge Sheryl P. Giugliano handles the case. The Debtor is represented by Richard S. Feinsilver, Esq. HEPION PHARMACEUTICALS: Raises $3.06 Million in Private Placement ----------------------------------------------------------------- Hepion Pharmaceuticals, Inc. said in a regulatory filing with the Securities and Exchange Commission that it entered into securities purchase agreements with accredited investors on July 31, 2026, pursuant to which the Company agreed to sell and issue to the Investors in a private placement offering an aggregate offering of 61.1 million shares of common stock, par value $0.0001 per share, and warrants to purchase 61.1 million shares of Common Stock at an offering price of $0.05 per share for gross proceeds of $3,055,000. The Warrants are exercisable at an exercise price of $0.06 per share for five years from the date of issuance. The Offering closed on Aug. 3, 2026. The Common Stock and Warrants are being offered in reliance upon the exemption from the registration requirement of the Securities Act of 1933, as amended, pursuant to Section 4(a)(2) thereof and/or Rule 506(b) of Regulation D promulgated thereunder, and applicable state securities laws. The issuance of the Common Stock and Warrants has not been registered under the Securities Act, and such securities may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act and any applicable state securities laws. The Agreements contain customary representations, warranties and agreements by the Company, customary conditions to closing, indemnification obligations of the Company, other obligations of the parties and termination provisions. Full-text copies of the Agreements and the Warrant are available at https://tinyurl.com/yfsktshx and https://tinyurl.com/2d68r9nj, respectively. About Hepion Pharmaceuticals Hepion Pharmaceuticals, Inc. is a medical diagnostic company headquartered in Morristown, New Jersey, that was previously focused on the development of drug therapy for the treatment of chronic liver diseases. As of March 31, 2026, the Company had $2.71 million in total assets, $848,747 in total liabilities, and $1.86 million in total stockholders' equity. Jericho, New York-based GRASSI & CO., CPAs, P.C., the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 11, 2026, attached to the Company's Annual Report for the fiscal year ended Dec. 31, 2025, citing that the Company's significant operating losses and negative cash flows from operations since inception raise substantial doubt about its ability to continue as a going concern. HILLMAN SOLUTIONS: S&P Lowers First-Lien Debt Rating to 'BB' ------------------------------------------------------------ S&P Global Ratings lowered its issue-level rating on Hillman Solutions Corp.'s first-lien debt to 'BB' from 'BB+' following the announcement of its $200 million add-on to its existing $735 million term loan due 2033. S&P also removed the rating from CreditWatch, where S&P placed it with negative implications on Aug. 3, 2026. S&P revised the recovery rating on the term loan downward to '3' from '2', indicating its expectation for meaningful (50%-70%; rounded estimate: 65%) recovery in the event of default. S&P lowers recovery estimate reflects incremental debt claims in its hypothetical default scenario. Hillman plans to use the proceeds of the $200 million incremental first-lien term loan, a $70 million revolver draw, and cash on hand to fund its previously announced $315 million acquisition of Kanebridge Corp. Kanebridge supplies commercial- and military-grade fasteners to commercial and industrial distributors throughout the U.S. and Canada. The acquisition supports Hillman's strategic expansion into industrial maintenance and repair end markets. S&P said, "We estimate S&P Global Ratings-adjusted leverage will increase to about 3.5x compared with about 2.8x prior to the transaction. We expect Hillman will reduce leverage to the low-3x area at the end of the fiscal year ending Dec. 15, 2026 (fiscal 2026) as it generates steady cash flow and reduces debt." Issue Ratings--Recovery Analysis Key analytical factors Hillman's debt capital structure will comprise: -- A $375 million asset-based lending (ABL) facility due in 2031 (not rated); and -- A $935 billion (including the $200 million add-on) first-lien term loan facility due in 2033. The Hillman Group is the borrower of the ABL and first-lien term loan. The facilities are guaranteed by all existing and future wholly owned subsidiaries of the borrower, with certain exceptions. The ABL has perfected first-priority liens on cash, accounts receivable, inventory, and general intangibles and a second-priority lien on term loan collateral. The first-lien term loan facility has a perfected first-priority security interest in substantially all assets of the borrower and the guarantors and a second-priority lien on ABL collateral. Simulated default assumptions Hillman is a U.S.-based company with substantially all of its assets and operations in the U.S. In the event of a payment default, S&P believes bankruptcy protection would be filed in the U.S. under the administration of the U.S. Bankruptcy Court system. Entities abroad, if any, would remain out of insolvency proceedings with respect to U.S. jurisdiction. S&P said, "Our simulated default scenario contemplates a payment default in 2031 due to the loss of a major customer, which leads to cash flow and liquidity distress. "We believe creditors would maximize their recovery in a payment default scenario if the company reorganized instead of liquidated, given its field sales and service team expertise, scale, and leading market positions in its product categories. Therefore, in evaluating the recovery prospects for creditors, we value the company as a going concern and arrive at our bankruptcy emergence. "We estimate a bankruptcy emergence gross enterprise value of about $891 million based on a 5.5x EBITDA multiple of its $162 million estimated EBITDA at emergence from bankruptcy." Simplified waterfall -- Net recovery value for waterfall after administrative expenses (5%): $846 million -- Obligor/nonobligor valuation split: 90%/10% -- Estimated priority claims: $230 million -- Value available to secured first-lien debt: $616 million -- First-lien secured debt claims: $918 million --Recovery range for senior secured debt: 50%-70% (rounded estimate: 65%) Note: All debt amounts include six months of prepetition interest. HILTON WORLDWIDE: Liabilities Exceed Assets by US$6.3B at June 30 ----------------------------------------------------------------- Hilton Worldwide Holdings Inc.'s stockholder's deficit was US$6.3 billion at June 30, 2026. The stockholder's deficit was US$5.4 billion at Dec. 31, 2025. At June 30, 2026, the Company had total assets of US$17.0 billion and total liabilities of US$23.2 billion. At Dec. 31, 2025, the Company had total assets of US$16.8 billion and total liabilities of US$22.1 billion. As of June 30, 2026, the Company held US$1.1 billion in cash and cash equivalents, including US$55.0 million of restricted cash, largely tied to collateral and FF&E reserves. The Company outlined a broad set of short- and long-term liquidity needs, ranging from operating and corporate costs to debt service, lease obligations, capital spending, dividends and share repurchases. During the quarter, Hilton amended its Revolving Credit Facility, extending the expected maturity to March 2031 and repricing borrowings to secured overnight financing rate ("SOFR") plus 1.00 percent, and it issued 5.500 percent 2031 Senior Notes, using part of the proceeds to repay revolving borrowings. The Company also repurchased approximately 5.6 million shares for US$1.8 billion in the first half of 2026 and reported that about US$3.0 billion remained available under its repurchase authorization as of June 30, 2026. Hilton emphasized a long-term capital allocation strategy focused on preserving capital, returning cash to stockholders and maintaining access to debt markets, and stated that it expects its cash position, operating cash flows and borrowing capacity to meet foreseeable liquidity needs under current conditions. A full-text copy of the Form 10-Q is available at https://tinyurl.com/4hpy4xhb About Hilton Worldwide Holdings Inc. Hilton Worldwide Holdings Inc. is a global hospitality company that owns, manages and franchises hotels and resorts under a portfolio of brands across multiple segments and price points. The Company typically operates an asset-light model, focusing on management and franchise fees while hotel real estate is largely owned by third parties. It serves business and leisure travelers worldwide through its branded properties and loyalty program. HP LODGING: Case Summary & Three Unsecured Creditors ---------------------------------------------------- Debtor: HP Lodging LLC d/b/a Motel 6 Ontario Airport 1560 E. 4th Street Ontario, CA 91764 Business Description: HP Lodging LLC, doing business as Motel 6 Ontario Airport, operates a 69-room lodging property at 1560 E. 4th Street in Ontario, California. The motel is located approximately three miles from Ontario International Airport. Chapter 11 Petition Date: July 31, 2026 Court: United States Bankruptcy Court Central District of California Case No.: 26-16249 Debtor's Counsel: Kevin Tang, Esq. TANG & ASSOCIATES 17011 Beach Blvd Suite 900 Huntington Beach, CA 92647 Tel: 714-594-7022 Fax: 714-421-4439 E-mail: kevin@tang-associates.com Total Assets: $10,386,310 Total Liabilities: $3,605,773 The petition was signed by Jigneshkumar Patel as managing member. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/KV2CD6Q/HP_Lodging_LLC_dba_Motel_6_Ontario__cacbke-26-16249__0001.0.pdf?mcid=tGE4TAMA List of Debtor's Three Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Bank of Hope $0 (formerly, BBCN Bank) 1655 W. Redondo Blvd. Ste 300 Gardena, CA 90247 2. City of Ontario Transient $1,894,003 c/o Best Best & Krieger LLP Occupancy Tax 2855 E. Guasti Rd., Ste 400 Ontario, CA 91761 3. U.S. Small Business $32,761 Administration 14925 Kingsport Road Fort Worth, TX 76155 HUGHES SATELLITE: Case Summary & 30 Largest Unsecured Creditors --------------------------------------------------------------- Lead Debtor: Hughes Satellite Systems Corporation 9601 S. Meridian Blvd. Englewood, CO 80112 Business Description: Hughes Satellite Systems Corp, founded in 1971 in Rockville, Maryland, provides satellite broadband internet, managed connectivity, defense communications, satellite networking, and in-flight broadband services. The company also designs and manufactures satellite ground systems, antennas, and terminals and develops GEO- and LEO-related network, antenna, and terminal technologies. It serves consumers in rural and underserved communities in North and South America, as well as enterprise, government, and satellite-operator customers worldwide. Hughes Satellite Systems Corporation is a wholly owned subsidiary of EchoStar Corporation and operates under the HUGHES brand. Chapter 11 Petition Date: August 2, 2026 Court: United States Bankruptcy Court Southern District of Texas Twelve affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Hughes Satellite Systems Corporation 26-90739 EchoStar Orbital L.L.C. 26-90748 EchoStar Government Services L.L.C. 26-90749 EchoStar Satellite Services L.L.C. 26-90750 HNS-India VSAT, Inc. 26-90742 Hughes Network Systems, LLC 26-90746 HNS License Sub, LLC 26-90743 HNS Real Estate, LLC 26-90744 Hughes Communications, Inc. 26-90747 Hughes Network Systems International Service Company 26-90745 HNS Americas, L.L.C. 26-90740 HNS Americas II, L.L.C. 26-90741 Judge: Hon. Alfredo R Perez Debtors' General Bankruptcy Counsel: Charles R. Koster, Esq. WHITE & CASE LLP 609 Main Street, Suite 2900 Houston, Texas 77002 Tel: (713) 496-9700 Fax: (713) 496-9701 Email: charles.koster@whitecase.com - and = Roberto J. Kampfner, Esq. 555 S. Flower Street, Suite 2700 Los Angeles, California 90071 Tel: (213) 620-7700 Email: rkampfner@whitecase.com - and = David M. Turetsky, Esq. 1221 Avenue of the Americas New York, New York 10020 Tel: (212) 819-8200 Email: david.turetsky@whitecase.com - and = Thomas E Lauria, Esq. Michael C. Shepherd, Esq. Matthew C. Brown, Esq. Fan B. He, Esq. WHITE & CASE LLP Southeast Financial Center 200 South Biscayne Boulevard, Suite 4900 Miami, Florida 33131 Tel: (305) 371-2700 Email: tlauria@whitecase.com mshepherd@whitecase.com mbrown@whitecase.com fhe@whitecase.com - and = Jason N. Zakia, Esq. Matthew E. Linder, Esq. Adam T. Swingle (pro hac vice pending) 300 North La Salle Drive Chicago, Illinois 60654 Tel: (312) 881-5400 Email: jzakia@whitecase.com mlinder@whitecase.com adam.swingle@whitecase.com Debtors' Restructuring & Financial Advisor: FTI CONSULTING, INC. Debtors' Claims, Noticing & Solicitation Agent: EPIQ CORPORATE RESTRUCTURING, LLC Total Assets as of March 31, 2026: $1,903,620,000 Total Debts of March 31, 2026: $1,533,893,000 The petitions were signed by Jeffrey H. Blum as chief legal officer and secretary. A full-text copy of the Lead Debtor's petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/BD5OCHA/Hughes_Satellite_Systems_Corporation__txsbke-26-90739__0001.0.pdf?mcid=tGE4TAMA Consolidated List of Debtors' 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. U.S. Bank National Association Bank Loan $774,700,000 60 Livingston Avenue St. Paul, MN 55107 Contact: Administrator for Hughes Satellite Tel: (651) 466-7430 Email: quinn.depompolo@usbank.com 2. TPUSA, Inc. Trade Debt $2,715,569 P.O. Box 29650 Phoenix, AZ 85038-9650 Contact: Rafael Gomez Tel: (614) 805-0768 Email: rafael.gomez@teleperformance.com 3. Radisys Corporation Trade Debt $2,000,360 8900 NE Walker Road, Suite 130 Hillsboro, OR 97006 Contact: Richard Russell Tel: (858) 349-7152 Email: richard.russell@radisys.com 4. Intuitive Machines, LLC Trade Debt $1,619,952 dba Lanteris Space LLC 3875 Fabian Way Palo Alto, CA 94303 Contact: David Horton Tel: (650) 852-7264 Email: david.horton@lanterisspace.com 5. Advanced Computer Concepts Trade Debt $1,236,481 7927 Jones Branch Dr McLean, VA 22102 Contact: Steve Mansori Tel: (571) 395-4152 Email: steve@acc.net 6. Qualcomm Technologies, Inc. Trade Debt $1,042,860 5775 Morehouse Dr San Diego, CA 92121-1714 Contact: Jim Kiker Tel: (404) 431-0024 Email: jkiker@qti.qualcomm.com 7. PMX Agency LLC Trade Debt $971,860 One World Trade Center, 67th Floor New York, NY 10007 Contact: Ami Grant Tel: (310) 570-5579 Email: ami.grant@assemblyglobal.com 8. T-Mobile Trade Debt $689,762 12920 S.E. 38th Street Bellevue, WA 98006 Contact: Bill Reese Tel: (610) 706-4603 Email: william.s.reese@t-mobile.com 9. Sutherland Global Services Trade Debt $571,244 175 Sullys Trail, Suite 301 Pittsford, NY 14534 Contact: John Henry Tel: (571) 243-4479 Email: john.henry@sutherlandglobal.com 10. Sky Systems.AI, LLC Trade Debt $429,614 dba Daten Technology Solutions 4500 Park Granada, Ste 202 Calabasas, CA 91302 Contact: Rajeev Tandon Tel: (844) 625-0083 Email: info@daten.com 11. VectorNav Technologies, LLC Trade Debt $387,860 10501 Markison Road Dallas, TX 75238 Contact: Jakub Maslikowski Tel: (512) 772-3615 Email: sales@vectornav.com 12. Verizon Wireless Trade Debt $350,812 One Verizon Way Basking Ridge, NJ 07920 Contact: Christopher Schmitt Tel: (469) 788-2447 Email: christopher.schmitt@verizon.com 13. Wavestream Corporation Trade Debt $345,460 545 W Terrace Dr San Dimas, CA 91773 Contact: Michael Delisio Tel: (909) 599-9080 Email: info@wavestream.com 14. Vertiv Corporation Trade Debt $309,271 1050 Dearborn Drive Columbus, OH 43085 Contact: Omar McKee Tel: (703) 726-4100 Email: omar.mckee@vertiv.com 15. Pacific Precision Instruments Inc Trade Debt $303,313 4635 Viewridge Ave San Diego, CA 92123 Contact: Kris Dill Tel: (858) 277-2945 Email: kdill@ppipower.com 16. The Nordam Group LLC Trade Debt $294,820 6910 Whirlpool Dr Tulsa, OK 74117 Contact: Marc McCaw Tel: (918) 878-4935 Email: mmccaw@nordam.com 17. Thomas Gallaway Corporation Trade Debt $282,447 100 Spectrum Center Dr, Suite 700 Irvine, CA 92618 Contact: Lezlie Gallaway Tel: (949) 517-9500 Email: info@technologent.com 18. Astro Digital US, Inc. Trade Debt $267,860 7815 Shaffer Parkway Littleton, CO 80127 Contact: Chris Biddy Tel: (650) 804-3210 Email: hello@astrodigital.com 19. Collins Custom Manufacturing Trade Debt $264,940 1326 Markum Gate Way Fort Worth, TX 76126 Contact: Tyson Collins Tel: (682) 231-8574 Email: service@collinscustommfg.com 20. Arcsmart Solutions, LLC Trade Debt $253,762 1514 E Treasure Cove Dr Gilbert, AZ 85234 Contact: Jim Schinco Tel: (480) 404-7900 Email: jim.schinco@arcsmart.global 21. 3GMetalworx Inc Trade Debt $231,001 2-90 Snow Boulevard Concord ON L4K, A42 CA Contact: Mazen Shehaiber Tel: (416) 992-8958 Email: mshehaiber@3gmetalworx.com 22. Exclusive Networks USA, Inc. Trade Debt $230,220 2075 Zanker Road San Jose, CA 95131 Contact: Carlos Zamora Tel: (305) 560-9991 Email: czamora@exclusive-networks.com 23. AT&T Mobility-EOD Trade Debt $229,231 208 S Akard St Dallas, TX 75202 Contact: Ted Kearns Tel: (303) 916-0888 Email: tnkearns@att.com 24. Whelan Security Mid Atlantic Trade Debt $226,698 dba GardaWorld Security Services 8201 Corporate Dr., Suite 550 Landover, MD 20785 Contact: David Paulos Tel: (443) 624-1770 Email: david.paulos@garda.com 25. Ericsson Enterprise Trade Debt $219,899 1100 W Idaho Street, Ste 800 Boise, ID 83702 Contact: Shain Routoun Tel: (404) 849-3897 Email: shain.routon@ericsson.com 26. Carlisle Interconnect Technologies Trade Debt $214,481 100 Tensolite Dr Saint Augustine, FL 32092 Contact: General Counsel Tel: (425) 251-0700 Email: info@carlisleit.com 27. TELUS International Holding (USA) Trade Debt $212,448 2251 South Decatur Boulevard Las Vegas, NV 89102 Contact: Andre Legace Tel: (604) 663-1673 Email: andre.lagace@telus.com 28. SES Americom, Inc Trade Debt $203,860 4 Research Way Princeton, NJ 08540-6684 Contact: Legal Services, Commercial Tel: +31 70 306 4100 Email: customer.notices@ses.com 29. Arrow Electronics Inc Trade Debt $203,592 9151 East Panorama Circle Centennial, CO 80112 Contact: Max Knopp Tel: (443) 852-5069 Email: max.knopp@arrow.com 30. OEM Production Inc Trade Debt $202,528 1461-2 San Mateo Avenue South San Francisco, CA 94080 Contact: Jenny Lin Tel: (650) 834-9435 Email: info@oemproduction.com IKPM PET SUPPLY: Gets Final OK to Use Cash Collateral ----------------------------------------------------- IKPM Pet Supply, LLC received final approval from the U.S. Bankruptcy Court for the Southern District of Texas, Corpus Christi Division, to use cash collateral. Under the final order, the Debtor is authorized to continue using the cash collateral of Customers Bank to fund ordinary business operations from May 22 through confirmation of a Chapter 11 plan, or an earlier termination date. The Debtor is authorized to use cash collateral only for expenses listed in the court-approved operating budget and is prohibited from exceeding the aggregate monthly budget by more than 15% without the prior written consent of Customers Bank. Any unused budgeted amounts may be carried forward to later periods and reallocated to other budget line items. A copy of the Debtor's budget is available at https://shorturl.at/PMgOe from PacerMonitor.com. The Debtor and the secured lender may extend the cash collateral period by filing a stipulation with an updated budget, without requiring additional court approval. As adequate protection, Customers Bank will be granted replacement and additional liens on the Debtor's post-petition cash, cash collateral, inventory, accounts receivable, payment rights, and related proceeds, preserving the same validity and priority as its pre-petition liens to the extent of any diminution in collateral value. These adequate protection liens remain subordinate to a carveout covering bankruptcy court and U.S. trustee fees, up to $15,000 for a Chapter 7 trustee's fees and expenses, and court-approved Subchapter V trustee fees. If the Debtor fails to make required payments, Customers Bank may file a notice of default. The Debtor has five business days to cure the default. If the default is not cured within the permitted period, the automatic stay terminates immediately as to the lender's collateral without further court order. A copy of the court's order is available at https://h1.nu/1viNX from PacerMonitor.com. About IKPM Pet Supply LLC IKPM Pet Supply LLC operates a Pet Supplies Plus-branded pet retail store in Sugar Land, Texas. The store sells pet food and supplies and offers pet-related services, including grooming and self-serve pet wash services. IKPM Pet Supply sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-33610) on May 22, 2026, with assets of between $100,001 and $1 million and liabilities of between $1 million and $10 million. Melissa Haselden, Esq., at Haselden Farrow, PLLC serves as Subchapter V trustee. Honorable Bankruptcy Judge Eduardo V. Rodriguez handles the case. The Debtor is represented by Vicky M. Fealy, Esq., at Fealy Law Firm, PC. IMMACULATA UNIVERSITY: Fitch Alters Outlook on BB- IDR to Positive ------------------------------------------------------------------ Fitch Ratings has affirmed Immaculata University's 'BB-' Issuer Default Rating and bond ratings on the series 2017 Chester County Health and Educational Facilities Authority, PA revenue bonds issued on behalf of Immaculata. The Rating Outlook has been revised to Positive from Stable. Entity/Debt Rating Prior ----------- ------ ----- Immaculata University (PA) LT IDR BB- Affirmed BB- Immaculata University (PA) /General Revenues/1 LT LT BB- Affirmed BB- The Outlook revision to Positive is based on recent growth in student enrollment to Immaculata's highest level in nine years, with further growth expected in fall 2026. Enrollment growth has generated higher net student revenues and supported increased cash flow margins in fiscal 2025 that Fitch expects will be sustained. Improved cash flows also resulted in the upward revision of Immaculata's Operating Risk assessment to 'a' from 'bbb'. The 'BB-' ratings reflect Immaculata's highly levered but stable balance sheet metrics. The ratings also consider the university's small but growing enrollment base and mixed student demand metrics, reflective of the unfavorable demographics and competitive higher education market of southeast Pennsylvania. The ratings also reflect the university's external support including fundraising and gifts, as well as active management of interim financial performance, which results in solid cash flows and sufficient bond covenant compliance. SECURITY The series 2017 bonds are secured by a pledge of unrestricted revenues and a cash-funded debt service reserve fund. There is a negative pledge on all other revenues and assets of the university. KEY RATING DRIVERS Revenue Defensibility - 'bb' Small but Growing Enrollment with Modest Demand in Competitive Market Immaculata's enrollment has grown meaningfully for three consecutive years through fall 2025, reaching 2,785 headcount (+18% between fall 2022 and fall 2025) or 2,021 full time equivalents (+16%), the largest enrollment on record since fall 2017. Further growth is indicated for fall 2026. Growth is largely attributed to the university's nursing and allied health programs, as well as revised enrollment initiatives. Student demand indicators remain modest, influenced by local demographic headwinds and the highly competitive southeastern Pennsylvania market. Freshman admission was 87% for fall 2025 with a 14% matriculation rate. Fall 2024 to 2025 retention of about 83% improved year over year. About one-third of undergraduates are student-athletes on Immaculata's NCAA Division III teams. In fiscal 2025, Immaculata's student revenue dependence was a moderately high 83%. The university's revenue mix benefits from endowment draws and gifts, including contributed and other occasional support from its sole corporate member, Sisters, Servants of the Immaculate Heart of Mary (the Congregation). Operating Risk - 'a' Improved Cash Flows and Limited Capex from Internal Funds The Fitch-calculated cash flow margin in fiscal 2025 measured about 14%, exceeding historical levels and prior expectations. The improvement was driven by an increase in revenues from higher enrollment and active management of expenses. Some expense pressures will accompany student growth, but Fitch anticipates cash flow margins staying in the 10% range, which is reflected in the revision of Immaculata's Operating Risk assessment to 'a' from 'bbb.' The university has no new debt plans and expects internally funded capital spending to remain limited over the medium term. The university has a solid history of gifts for capex. Housing capacity to partially accommodate growing enrollment was expanded using donor funds to renovate Gillet Hall, a building that the Congregation donated to the university in fiscal 2025. The university's largest capital project, the Parsons Science Pavilion completed in 2022, was fully funded by donor gifts. Financial Profile - 'bb' Stable But Elevated Leverage The 'bb' Financial Profile assessment reflects Immaculata's continued high, although historically stable, leverage with Fitch-calculated available funds (cash and investments including debt service reserves, less permanently restricted net assets) equal to about 55% of adjusted debt at FYE 2025. Financial covenants for the series 2017 bonds include maintenance of a 1.2x debt service coverage ratio and a liquidity covenant to maintain at least $5 million in unrestricted assets. The university expects to meet all covenants through fiscal 2026 and projects continued compliance in fiscal 2027. The Positive Outlook reflects leverage ratios consistent with a higher rating In Fitch's forward-looking stress scenario, in the context of peer institution ratings and Immaculata's 'bb' Revenue Defensibility and 'a' Operating Risk profiles. Material improvement or deterioration in any of these assessments relative to current expectations will impact future rating outcomes. Asymmetric Additional Risk Considerations No asymmetric additional risk considerations were applied to the rating. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Deterioration in net student revenue and enrollment, and/or deterioration in student demand and quality as indicated by admission, matriculation, retention, graduation and/or licensing test metrics; - Failure to sustain Fitch-calculated cash flow margins at 10% or above, or at levels insufficient to comfortably exceed the 1.2x bond covenant threshold; - Deterioration of available funds (inclusive of debt service reserves)-to-adjusted debt to below 40% and maintenance of leverage at this level or weaker in Fitch-modeled stress scenarios. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Consistent trend of stable to positive student revenue and enrollment and/or improvement in student demand and quality metrics; - Sustained Fitch-calculated cash flow margins consistently exceeding 10%, including in Fitch forward-looking scenarios; - Available funds (inclusive of debt service reserves)-to-adjusted debt ratio sustained at around 50% or higher throughout Fitch-modeled stress scenarios. PROFILE Immaculata University is a coeducational private institution founded as a Catholic women's college in 1920. The Congregation holds several positions on Immaculata's board and owns the 375 acres that house Immaculata's suburban campus about 20 miles west of Philadelphia. Middle States Commission on Higher Education last affirmed accreditation in 2024; the next evaluation is due in 2031-2032. President Barbara Lettiere, who is currently also serving in the chief financial officer role, announced her retirement effective July 1, 2027. Executive searches for both roles are in place. Sources of Information In addition to the sources of information identified in Fitch's applicable criteria specified below, this action was informed by data from DIVER by Solve. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for Immaculata University, PA. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. INNOVATIVE INDUSTRIAL: Repays $291.2M Notes, Resolves Going Concern ------------------------------------------------------------------- Innovative Industrial Properties, Inc. filed its Quarterly Report on Form 10-Q with the U.S. Securities and Exchange Commission for the three and six months ended June 30, 2026. The Company reported a net income of $43.85 million for the three months ended June 30, 2026, compared to a net income of $26.02 million for the same period in the prior year. For the six months ended June 30, 2026, the Company reported net income of $76.66 million, compared to net income of $57.1 million for the same period in the prior year. Revenues for the three months ended June 30, 2026, were $63.32 million, compared to $62.89 million in the prior-year period. Revenues for the six months ended June 30, 2026, decreased to $132.31 million from $134.61 million in the same period of the prior year. As of June 30, 2026, management believes the substantial doubt about the Company's ability to continue as a going concern has been resolved. The going concern conditions that caused substantial doubt no longer exist, as the Company repaid in full the $291.2 million principal amount of its Notes due 2026 upon their maturity in May 2026. Draper, Utah-based Sadler, Gibb & Associates, LLC, the Company's auditor since 2018, had included a going concern qualification in its report dated Feb. 24, 2026, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2025, citing that the Company's significant outstanding debt obligation maturing within the next 12 months raised substantial doubt about the Company's going concern. Notes Due 2026 - Full Repayment In April 2026, the Company made early partial repayments at a discount totaling $9.1 million on the Notes due 2026, reducing the principal balance from $291.2 million to $282.1 million. In May 2026, the Company paid off the remaining principal balance of $282.1 million and accrued interest obligations related to the Notes due 2026. As of June 30, 2026, no amounts remained outstanding on the Notes due 2026. The proceeds from $148.7 million in new secured term loans entered into during the six months ended June 30, 2026, net of issuance costs of $144.8 million, were used to pay off the Notes due 2026. Exchangeable Notes On June 15, 2026, the Company's Operating Partnership issued $402.5 million aggregate principal amount of Exchangeable Notes in a private offering, including the exercise in full of the initial purchasers' option to purchase additional notes. The Exchangeable Notes are senior unsecured obligations of the Operating Partnership, fully and unconditionally guaranteed by the Company, and are exchangeable for cash, shares of the Company's common stock, or a combination thereof, at the Operating Partnership's option, at any time prior to the close of business on the second scheduled trading day immediately preceding the stated maturity date. The initial exchange rate is 14.4113 shares of common stock per $1,000 principal amount of Exchangeable Notes, and the initial exchange price is $69.39 per share of common stock, each subject to adjustment in certain circumstances. The Exchangeable Notes bear interest at 6.00% per annum, payable semi-annually in arrears on June 15 and Dec. 15 of each year, beginning Dec. 15, 2026, until maturity on June 15, 2029. The Company received net proceeds of approximately $391 million from the Exchangeable Notes offering. The Company used approximately $80.5 million of the net proceeds to fund the concurrent repurchase of 1,334,466 shares of common stock from certain purchasers of the Exchangeable Notes in privately negotiated transactions and intends to use the remaining net proceeds for working capital and general corporate purposes, which may include the repayment of indebtedness and funding investments consistent with the Company's investment strategy. Term Loans During the six months ended June 30, 2026, the Company entered into several new secured term loan facilities for an aggregate principal amount of $148.7 million, receiving net proceeds of $144.8 million after deducting issuance costs. In June 2026, the Company fully repaid one of the term loans with an original principal amount of $20 million prior to maturity. The remaining term loans have maturities ranging from April 2029 to June 2031, with fixed interest rates ranging from 6.67% to 9.0%, and one term loan with a variable interest rate at one-month SOFR, subject to a floor of 3.75%, plus 5%. IQHQ Investments The Company has made a long-term capital commitment to fund investments in IQHQ REIT through both purchases of preferred equity and secured credit instruments. During the three months ended June 30, 2026, the Company funded the remaining $120 million of its commitment to purchase shares of IQHQ Preferred Stock, resulting in a total investment of 170,000 shares of IQHQ Preferred Stock having an aggregate purchase price of $170 million. In connection with the initial closing of the IQHQ Preferred Stock investment, the Company also became a lender under the IQHQ Credit Facility and funded a $100 million loan commitment. ATM Program The Company has an ATM Program pursuant to which it may offer and sell, from time to time, including on a forward basis, shares of its common stock and 9.00% Series A Cumulative Redeemable Preferred Stock, par value $0.001 per share, up to an aggregate offering price of $500 million. During the three months ended June 30, 2026, the Company sold 948,034 shares of Series A Preferred Stock for net proceeds of $20.9 million and sold 680,842 shares of common stock for net proceeds of $34.7 million. As of June 30, 2026, shares having an aggregate offering price of up to $336.9 million remain available for offer and sale pursuant to the ATM Program. Credit Facilities As of June 30, 2026, there were no amounts outstanding under the Revolving Credit Facility, which provides for secured revolving loans of up to $87.5 million and matures on Oct. 23, 2026, with borrowings bearing interest at the greater of: (i) the prime rate plus an applicable margin ranging from 0.5% to 2.05% and (ii) 9%. Management believes the Company was in compliance with all covenants under the Revolving Credit Facility as of June 30, 2026. As of June 30, 2026, the outstanding borrowings under the IIP Life Science Credit Facility were $92.5 million. The IIP Life Science Credit Facility provides for a revolving line of credit of up to $100 million, with an accordion feature permitting increases up to $135 million, until maturity on Oct. 3, 2028. Borrowings bear interest at the greater of: (i) one-month SOFR plus 2% and (ii) 6.10%. At June 30, 2026, the interest rate was 6.1%. Management believes the Company was in compliance with all covenants under the IIP Life Science Credit Facility as of June 30, 2026. Share Repurchase Program On March 3, 2026, the Company's Board of Directors approved a new share repurchase program authorizing the purchase of up to $100 million in shares of common stock, replacing the prior program that expired on March 17, 2026. During the three months ended June 30, 2026, the Company repurchased 1,468,542 shares of common stock for $89 million under the current program, including the shares repurchased in connection with the Exchangeable Notes. The current share repurchase program expires on March 4, 2027, and may be extended, suspended, modified, or discontinued at any time at the Company's discretion. Dividends The Company is required to pay dividends to its stockholders at least equal to 90% of its taxable income in order to qualify and maintain its qualification as a REIT. The Company's ability to continue to pay dividends is dependent upon its ability to continue to generate cash flows, service its debt obligations, and make accretive new investments. A full-text copy of the Company's Form 10-Q is available at https://tinyurl.com/2b92rd6u. About Innovative Industrial Properties Inc. Innovative Industrial Properties, Inc. is an internally-managed REIT focused on the acquisition, ownership, and management of specialized industrial and commercial properties in the United States. Its properties are primarily leased to experienced, state-licensed operators for their regulated cannabis facilities. The Company has acquired and intends to continue to acquire its properties through sale-leaseback transactions and third-party purchases. The Company has leased and expects to continue to primarily lease its properties on a triple-net lease basis, where the tenant is responsible for all aspects of and costs related to the property and its operation during the lease term, including structural repairs, maintenance, real estate taxes, and insurance. As of June 30, 2026, the Company had $2.58 billion in total assets, $730.04 million in total liabilities, and $1.85 million in total stockholders' equity, with cash and cash equivalents of $204.7 million. * * * This concludes the Troubled Company Reporter's coverage of Innovative Industrial Properties until facts and circumstances, if any, emerge that demonstrate financial or operational strain or difficulty at a level sufficient to warrant renewed coverage. INTERAQT CORP: Gets Final OK to Use Cash Collateral --------------------------------------------------- Interaqt Corporation received final approval from the U.S. Bankruptcy Court for the District of New Jersey to use cash collateral to fund its operations. Under the final order, the Debtor is authorized to use cash collateral solely for the purposes set forth in the approved budget, including paying operating expenses to maintain its assets and continue business operations. Any material amendment to the budget requires further court approval or consent of secured lenders, BayFirst National Bank and the U.S. Small Business Administration, although non-material changes and budget variances of up to 10% are permitted without constituting a default. BayFirst and the SBA hold first priority lien and second priority lien, respectively. Both will be granted adequate protection in the form of automatically perfected replacement liens on substantially all of the Debtor's post-petition assets to the same extent and priority as their pre-petition liens. As additional protection, BayFirst and the SBA will continue to receive monthly payments of $3,006.65 and $2,511, respectively. Moreover, the lenders are entitled to superpriority administrative expense claims under section 507(b) of the Bankruptcy Code if the value of their collateral declines. Termination events that would end the Debtor's authority to use cash collateral include failure to comply with the order or budget, dismissal or conversion of the Chapter 11 case, or modification of the order without the lenders' consent. Upon the occurrence of a termination event and after seven days' written notice, the secured lenders may exercise their rights and remedies, including revoking the debtor's authority to use cash collateral and enforcing their liens without further court order. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/AqDQi from PacerMonitor.com. About Interaqt Corporation Interaqt Corporation, doing business as COLOTRAQ, provides data center infrastructure sourcing services from Randolph, New Jersey. Founded in 1999, the company supports procurement of colocation, managed hosting, cloud, connectivity, cybersecurity, AI readiness, data center migration, and blockchain-related services. COLOTRAQ's sourcing process includes strategy and planning, benchmarking, RFP management, negotiation strategy, and contract due diligence. The company serves clients including small businesses, Fortune 500 companies, and government agencies. Interaqt sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.J. Case No. 26-14973) on May 1, 2026, with $500,000 to $1 million in assets and $1 million to $10 million in liabilities. Nicole Nigrelli, Esq., at Ciardi, Ciardi & Astin serves as Subchapter V trustee for the Debtor. Judge Stacey L. Meisel oversees the case. Anthony J. Davis, Esq., at OGC Solutions, LLP represents the Debtor as legal counsel. IRONWORX LLC: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------- Debtor: Ironworx LLC d/b/a Magnum Steel Works 200 Shiloh Drive Mount Vernon, IL 62864 Business Description: Ironworx LLC, doing business as Magnum Steel Works, is a metal fabrication company founded in 2005 and based in Mt. Vernon, Illinois. The company provides fabrication, machining, welding, cutting, rebuild, and reverse-engineering services for large and complex metal projects. It also performs testing, assembly, mechanical, electrical, hydraulic, finishing, cleaning, inspection, and CAD-related work. Chapter 11 Petition Date: July 30, 2026 Court: United States Bankruptcy Court Southern District of Illinois Case No.: 26-40328 Judge: Hon. Mary E Lopinot Debtor's Counsel: Spencer Desai, Esq. THE DESAI LAW FIRM 13321 North Outer Forty Road Suite 300 Chesterfield, MO 63017 Tel: 314-666-9781 E-mail: spd@desailawfirmllc.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Kenneth Harrison as manager. A copy of the Debtor's list of its 20 largest unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/ZOFD2BQ/Ironworx_LLC__ilsbke-26-40328__0002.0.pdf?mcid=tGE4TAMA The complete Chapter 11 petition is available free of charge through PacerMonitor at: https://www.pacermonitor.com/view/ZAHC2LA/Ironworx_LLC__ilsbke-26-40328__0001.0.pdf?mcid=tGE4TAMA J. MCCABE PLUMBING: Christopher Hayes Named Subchapter V Trustee ---------------------------------------------------------------- The U.S. Trustee for Region 17 appointed Christopher Hayes as Subchapter V trustee for J. McCabe Plumbing Inc. Mr. Hayes will be paid an hourly fee of $510 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Hayes declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Christopher Hayes 23 Railroad Avenue, #1238 Danville, CA 94526 Phone: (925) 725-4323 Email: chayestrustee@gmail.com About J. McCabe Plumbing Inc. J. McCabe Plumbing Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Calif. Case No. 26-51154) on July 29, 2026, with $100,001 to $500,000 in assets and $1,000,001 to $10 million in liabilities. Judge Stephen L. Johnson presides over the case. Lars T. Fuller, Esq. at The Fuller Law Firm represents the Debtor as legal counsel. JELD-WEN HOLDING: Q2 Net Loss Widens to $31.5M; Debt Maturity Looms ------------------------------------------------------------------- JELD-WEN Holding, Inc. filed its Quarterly Report on Form 10-Q with the U.S. Securities and Exchange Commission for the quarterly period ended June 27, 2026. The Company reported a net loss of $31.5 million for the three months ended June 27, 2026, compared to a net loss of $21.5 million for the three months ended June 28, 2025. For the six months ended June 27, 2026, the Company reported a net loss of $108.4 million, compared to a net loss of $211.7 million for the six months ended June 28, 2025. Revenues for the three months ended June 27, 2026, were $817.8 million, compared to $823.7 million for the three months ended June 28, 2025. Revenues for the six months ended June 27, 2026, decreased to $1.5 billion from $1.6 billion for the six months ended June 28, 2025. Liquidity and Capital Resources As of June 27, 2026, the Company had total liquidity of $308.7 million, consisting of $57.2 million in unrestricted cash and $251.5 million available for borrowing under the ABL Facility, compared to total liquidity of $484.7 million as of Dec. 31, 2025. The decrease in total liquidity was primarily due to a lower cash balance, net borrowings of $80 million, and a lower ABL borrowing base availability at June 27, 2026, compared to Dec. 31, 2025. As of June 27, 2026, cash balances, including $1.6 million of restricted cash, consisted of $4.6 million in cash located in the U.S. and $54.2 million in cash located outside of the U.S. held by non-U.S. subsidiaries. The Company's total indebtedness as of June 27, 2026, was $1.25 billion, of which $18.7 million in short-term debt obligations is due and payable within the next 12 months. The Company has $400 million in Senior Notes due in December 2027, for which it is unlikely that cash flows from operations will be sufficient to fully repay. To service its indebtedness and address upcoming maturities, the Company has engaged advisors and is currently evaluating certain strategies, which may include, but are not limited to, refinancing all or a portion of its existing long-term debt, pursuing strategic reviews of assets and businesses, entering into sale-leaseback transactions for selected properties, adjusting planned levels of capital and other expenditures, or evaluating other strategies. If the Company is not successful in executing such strategies, this could have a material adverse impact on its access to liquidity, results of operations, and financial condition. Based on the Company's current and forecasted level of operations and seasonality of its business, the Company believes that cash provided by operations and other sources of liquidity, including cash, cash equivalents, and availability under its revolving credit facilities, will provide adequate liquidity for ongoing operations, planned capital expenditures and other investments, and debt service requirements for at least the next twelve months from the issuance of the financial statements, and will maintain compliance with covenants under its debt agreements. Borrowings and Refinancings In Jan. 2024, the Company amended the Term Loan Facility to lower the applicable margin for replacement term loans, with replacement term loans now bearing interest at SOFR plus a margin of 1.75% to 2% depending on JWI's corporate credit ratings, compared to a margin of 2% to 2.25% under the previous amendment. In Aug. 2024, the Company issued $350 million of Senior Notes bearing interest at 7%, the proceeds of which were utilized to repay $150 million of the outstanding balance of the Term Loan Facility and redeem the remaining $200 million of the Company's 4.63% Senior Notes in Sept. 2024. In March 2025, the Company amended the ABL Facility to extend the maturity date from July 2026 to March 2028 and replaced the CDOR as the applicable rate with respect to loans denominated in Canadian Dollars with the CORRA. All other material terms and conditions of the ABL Facility credit agreement were unchanged, including the aggregate commitment, which remained at $500 million. As of June 27, 2026, the Company had $80 million in outstanding net borrowings under the ABL Facility. As of June 27, 2026, the Company was in compliance with the terms of all its Credit Facilities and the indentures governing the Senior Notes. A full-text copy of the Company's Form 10-Q is available at https://tinyurl.com/4w3w8kzv. About JELD-WEN Holding, Inc. JELD-WEN Holding, Inc., along with its subsidiaries, is a vertically integrated global manufacturer and distributor of windows, doors, and other building products that derives substantially all its revenues from the sale of its door and window products. As of June 27, 2026, the Company had $2.07 billion in total assets, $2.09 billion in total liabilities, and $23.87 million in total stockholders' equity. * * * In May 2026, S&P Global Ratings lowered its issuer credit rating on JELD-WEN Holding Inc. to 'CCC+' from 'B-', its issue-level rating on its senior secured debt to 'B' from 'B+', and its issue-level rating on its senior unsecured debt to 'CCC' from 'CCC+'. The negative outlook reflects S&P's expectation that the company's S&P Global Ratings-adjusted debt to EBITDA will remain above 10x through 2026 as subdued demand for new construction and R&R activity continues to impair its credit metrics and refinancing risk increases as the company's Dec. 2027 notes approach current status. JOEBACHI LLC: Voluntary Chapter 11 Case Summary ----------------------------------------------- Debtor: Joebachi, LLC Mikata Japanese Steakhouse of Dothan 4600 Montgomery Hwy Dothan, AL 36303 Business Description: Joebachi, LLC operates a Japanese restaurant in Dothan, Alabama, offering hibachi-style dining, sushi and related Japanese cuisine. Chapter 11 Petition Date: August 3, 2026 Court: United States Bankruptcy Court Middle District of Alabama Case No.: 26-10903 Debtor's Counsel: Anthony Brian Bush, Esq. THE BUSH LAW FIRM, LLC 3198 Parliament Cir Ste 302 Montgomery AL 36116 Tel: (334) 263-7733 E-mail: abush@bushlegalfirm.com Debtor's Certified Public Accountant: Thomas Parish Estimated Assets: $50,000 to $100,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Joeurt Puk as authorized representative. The Debtor did not include a list of its 20 largest unsecured creditors with the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/GSMA7WY/Joebachi_LLC__almbke-26-10903__0001.0.pdf?mcid=tGE4TAMA JOHN SCOTTI: Holand Automotive Buys Portfolio in Receivership ------------------------------------------------------------- Holand Automotive Group, one of Canada's foremost luxury and ultra-luxury automotive organizations, announced on Aug. 3, 2026, that its leasing division, Holand Leasing, has completed the strategic acquisition of a select portion of the leasing portfolio of John Scotti Leasing Inc., through the court-supervised receivership process. Holand acquired the assets most closely aligned with its ultra-luxury business model and the profile of clients it serves representing a natural and disciplined extension of the Group's existing leasing platform. The balance of the portfolio remains with the Receiver, who continues to manage the broader receivership process. This transaction was carefully scoped to reflect Holand's focus on the ultra-luxury segment. Rather than acquiring the portfolio in its entirety, Holand worked closely with the Receiver to identify and acquire the leases that best correspond to its business model, its client profile, and the marques it represents. The result is a highly compatible addition to Holand Leasing's existing book that creates immediate value for clients and for the Group alike. "On behalf of our entire group, we are very pleased and proud to welcome the clients who are joining the Holand family through this transaction. This acquisition reflects our conviction in the ultra-luxury segment and our commitment to serving it with the flexibility, discretion, and level of service our clients deserve. Our objective is clear: to work closely with these clients, honour and maintain their existing arrangements, and provide the continuity and flexibility they expect as we renew and grow the portfolio together." -- Gad Bitton, President and Chief Executive Officer, Holand Automotive Group Holand Leasing will work directly with the lessees concerned to ensure a seamless transition, maintaining their current leases and delivering the full range of services and flexibility that define the Holand experience. As a full-service leasing company, Holand supports its clients end to end from acquisition and financing through renewal across many of the world's most sought-after marques. To ensure continuity of service throughout the transition, the integration will be directed by Janet Cully, Senior Vice-President and a valued member of the Holand team since 1995. Reporting to Ms. Cully, Viki Forese, Head of Leasing Operations, will lead the day-to-day integration of the acquired portfolio, working closely with Meir Bitton, Executive Vice-President of Holand Leasing, to maintain the exceptional standard of care clients expect. "Our first priority is our clients. Every lessee joining Holand can expect a smooth, seamless transition and the attentive, white-glove service they deserve." -- Meir Bitton, Executive Vice-President of Holand Leasing This transaction is consistent with Holand Automotive Group's long-term strategy of creating value through selective, disciplined acquisitions that are aligned with its business model and the clients it serves. Holand will continue to evaluate opportunities to build, invest, and create lasting value wherever it can serve clients better than anyone else. About Holand Automotive Group Founded in 1995, Holand Automotive Group is a leading multi-brand luxury and ultra-luxury automotive organization, representing many of the world's most prestigious marques across Canada, the United States, and Europe. Its dealerships include Ferrari Quebec, Ferrari South Bay, Ferrari of Bucharest, Rolls-Royce Motor Cars Quebec, Lamborghini Palm Beach, McLaren Quebec City, Aston Martin Bucharest, Maserati Montreal, Maserati of Quebec City, Lotus Palm Beach, Lotus Quebec City, BMW Quebec City, BMW Levis, and MINI Quebec. Together with its full-service leasing division, Holand Leasing, and its real estate and hospitality holdings, Holand is dedicated to delivering an exceptional experience to the world's most discerning clients. JOHN-PHIL TAVERN: Seeks Chapter 11 Bankruptcy in New York --------------------------------------------------------- On July 27, 2026, John-Phil Tavern Corp. filed for Chapter 11 Small Business protection in the U.S. Bankruptcy Court for the Southern District of New York. According to court filings, the Debtor reports between $100,000 and $500,000 in assets and between $100,000 and $500,000 in liabilities, with approximately 1 to 49 creditors. A meeting of creditors under Section 341(a) to be held on September 4, 2026 at 02:30 PM at Zoom.us - USTrustee 12: Meeting ID 160 9665 4500, Passcode 9871234560, Phone 1 (202) 796-9507. Chapter 11 Plan and Disclosure Statement due January 25, 2027. About John-Phil Tavern Corp. John-Phil Tavern Corp. is a New York, New York-based restaurant and drinking establishment operator. The company operates Parnell's Pub & Restaurant, an Irish-themed pub located at 350 East 53rd Street in Manhattan. The establishment continues to operate with daily business hours and accepts orders through digital delivery platforms. John-Phil Tavern Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-11760) on July 27, 2026. In its petition, the Debtor reports estimated assets of $100,000 to $500,000 and estimated liabilities of $100,000 to $500,000. The filing followed a landlord-tenant-related legal dispute involving the business. The Debtor is represented by Michael A. King, Esq. JUSHI HOLDINGS: Debts Exceed Assets by US$141.8MM at June 30 ------------------------------------------------------------ Jushi Holdings Inc.'s stockholder's deficit was US$141.8 million at June 30, 2026. The stockholder's deficit was US$115.3 million at Dec. 31, 2025. At June 30, 2026, the Company had total assets of US$429.8 million and total liabilities of US$571.6 million. At Dec. 31, 2025, the Company had total assets of US$422.3 million and total liabilities of US$537.7 million. The Company reported that as of June 30, 2026, it held cash, cash equivalents and restricted cash of US$35.5 million. For the six months ended June 30, 2026, net cash provided by operating activities rose to US$9.4 million from US$5.6 million a year earlier, reflecting improved operating results. Net cash used in investing activities increased to US$8.0 million, primarily driven by US$6.9 million of capital expenditures and US$1.6 million for intangible assets, partially offset by proceeds from the sale of non-core assets. Net cash provided by financing activities increased to US$7.4 million, largely due to the issuance of a US$160.0 million 2026 Term Loan, which refinanced the Second Lien Notes and 2024 Term Loan and generated US$17.5 million of excess proceeds retained for general corporate purposes, partially offset by debt principal payments, loan financing costs, finance lease obligations and other financing outflows. The Company's management stated that existing cash and cash equivalents, together with cash from operations, are expected to be sufficient to meet working capital and capital expenditure needs for at least the next 12 months, and noted that the Company was in compliance with the 2026 Term Loan covenant requiring a minimum unrestricted cash balance of US$15.0 million as of June 30, 2026. A full-text copy of the Form 10-Q is available at https://tinyurl.com/2c98zz4e About Jushi Holdings Inc. Jushi Holdings Inc. is a vertically integrated, multi-state cannabis operator focused on the cultivation, processing, retail and distribution of cannabis and cannabis-derived products for both medical and adult-use markets in the United States. The Company operates a portfolio of cannabis dispensaries and production facilities, offering branded products across a variety of form factors while navigating complex state-level regulatory frameworks. KATAPULT: Going Concern Doubt Alleviated Ahead of Pending Mergers ----------------------------------------------------------------- Katapult Holdings, Inc. filed its Quarterly Report on Form 10-Q with the U.S. Securities and Exchange Commission for the three and six months ended June 30, 2026, reporting a net loss of $4.4 million for the three months ended June 30, 2026, compared to a net loss of $7.8 million for the same period in the prior year. For the six months ended June 30, 2026, the Company reported a net income of $1.3 million, compared to a net loss of $13.4 million for the same period in the prior year. Revenues for the three months ended June 30, 2026, were $74.8 million, compared to $71.9 million in the prior-year period. Revenues for the six months ended June 30, 2026, were $153.8 million, compared to $143.8 million for the same period in the prior year. Pending Mergers and Going Concern The Company's New Revolving Facility provides total commitments of $110 million and matures on Dec. 4, 2026. As of the issuance date of the financial statements, the Company does not expect to have sufficient standalone liquidity to repay the outstanding balance of the New Revolving Facility at its contractual maturity. Accordingly, management concluded that these conditions and events raised substantial doubt about the Company's ability to continue as a going concern. The Company intends to refinance, extend, or replace the New Revolving Facility prior to its Dec. 4, 2026, maturity. The Company expects the pending mergers with CCFI and Aaron's to close in Aug. 2026. Following completion of the mergers, the Company expects to have sufficient liquidity to repay the New Revolving Facility, if necessary, and an improved financial position to support the refinancing, extension, or replacement of the facility. Based on these plans, management concluded that substantial doubt about the Company's ability to continue as a going concern has been alleviated. As of June 30, 2026, the Company was in compliance with all financial covenants under the New Revolving Facility. Liquidity and Capital Resources Cash, cash equivalents, and restricted cash at the end of the period were $24.1 million as of June 30, 2026, compared to $8.99 million as of June 30, 2025. Net cash provided by operating activities was $6.1 million for the six months ended June 30, 2026, compared to net cash used in operating activities of $3.2 million for the same period in 2025, an improvement of $9.3 million, primarily driven by improvement in net income (loss) and significant non-cash adjustments, including depreciation and amortization associated with the Company's lease portfolio, partially offset by non-cash gain from changes in the fair value of derivative liabilities and changes in working capital. Net cash used in investing activities was $754,000 for the six months ended June 30, 2026, compared to $660,000 for the same period in 2025, an increase of $0.1 million, primarily driven by higher additions to capitalized software. Net cash used in financing activities was $4.8 million for the six months ended June 30, 2026, compared to $3.7 million for the same period in 2025, an increase of $1.1 million, primarily driven by $2.5 million higher net principal repayments on the New and Existing Revolving Facilities, partially offset by a $1.2 million decrease in payments of deferred financing costs. A full-text copy of the Company's Form 10-Q is available at https://tinyurl.com/5xy8msnv. About Katapult Holdings Inc. Katapult Holdings, based in Plano, Texas, is a technology-driven lease-to-own platform that integrates with omnichannel retailers and e-commerce platforms to power the purchasing of everyday durable goods for underserved U.S. non-prime consumers. As of June 30, 2026, the Company had $101.99 in total assets, $110.12 million in total liabilities, $27.91 million in total mezzanine equity, and $36.04 million in total stockholders' deficit. KBHS ACQUISITION: Ares Capital Marks $4.8MM 1L Loan at 48% Off -------------------------------------------------------------- Ares Capital Corporation has marked its $4.8MM first lien senior secured revolving loan to KBHS Acquisition, LLC (d/b/a Alita Care, LLC) to market at $2.5MM, or 52% of the outstanding amount, according to Ares Capital's Form 10-Q for the quarterly period ended July 29, 2026, filed with the U.S. Securities and Exchange Commission. Ares Capital is a participant in a loan extended to KBHS Acquisition, LLC (d/b/a Alita Care, LLC). The first lien senior secured revolving loan matures in March 2027. Ares Capital Corporation is a business development company that provides financing solutions to middle-market companies across a range of industries. The Fund is led by M. Kort Schnabel as Chief Executive Officer. The Fund can be reached at: M. Kort Schnabel ARES CAPITAL CORPORATION 245 Park Avenue, 44th Floor New York, NY 10167 Telephone: (212) 750-7300 About KBHS ACQUISITION, LLC (D/B/A ALITA CARE, LLC) KBHS Acquisition, LLC (d/b/a Alita Care, LLC) is a provider of behavioral health services. KELLERMEYER BERGENSONS: Ares Capital Marks $16M 1L Loan at 95% Off ------------------------------------------------------------------ Ares Capital Corporation has marked its $16.6MM first lien senior secured loan to Kellermeyer Bergensons Services, LLC and KBS TopCo, LLC to market at $800,000, or 5% of the outstanding amount, according to Ares Capital's Form 10-Q for the quarterly period ended July 29, 2026, filed with the U.S. Securities and Exchange Commission. Ares Capital is a participant in a loan extended to Kellermeyer Bergensons Services, LLC and KBS TopCo, LLC. The first lien senior secured loan matures in November 2028. Ares Capital Corporation is a business development company that provides financing solutions to middle-market companies across a range of industries. The Fund is led by M. Kort Schnabel as Chief Executive Officer. The Fund can be reached at: M. Kort Schnabel ARES CAPITAL CORPORATION 245 Park Avenue, 44th Floor New York, NY 10167 Telephone: (212) 750-7300 About KELLERMEYER BERGENSONS SERVICES, LLC AND KBS TOPCO, LLC Kellermeyer Bergensons Services, LLC and KBS TopCo, LLC provide janitorial and facilities management services. KEVIN D CHANEY: Unsecured Creditors to Get Nothing in Plan ---------------------------------------------------------- Kevin D. Chaney & Company, Inc. filed with the U.S. Bankruptcy Court for the Eastern District of Michigan a Second Amended Plan of Reorganization under Subchapter V dated July 24, 2026. Kevin D. Chaney & Company, Inc. is a Michigan corporation that operates as a manufacturer's representative in the wine and spirits industry. The company earns commissions by representing wine and spirits suppliers and placing their products with wholesalers, retailers, and licensed establishments. Its principal place of business is in Milford, Michigan. Michael S. Ogurek is the President and owns 80% of the company. The Debtor employs Mr. Ogurek and uses independent sales representatives who are paid on commission. The Debtor filed for Chapter 11 to reorganize after a significant decline in revenue. Gross revenues decreased from approximately $505,072 in 2024 to approximately $190,299 in 2025. The decline was attributed to disruptions in key client and supplier relationships, personnel changes, and market conditions in the wine and spirits distribution industry. The Debtor states that operations have stabilized through renewed and new supplier relationships that support the Plan's financial projections. Class 1 Celtic Bank, N.A. Secured Claim: * Celtic Bank's scheduled claim is approximately $129,951. * Based on collateral valued at $22,538, the claim is divided into: -- An allowed secured claim of $22,538. -- An unsecured deficiency claim of approximately $107,413, which is treated as a Class 3 general unsecured claim. * No payments will be made to Celtic Bank during the first 20 months of the Plan. * Beginning in Month 21, the Debtor will pay: -- $500.28 per month during Months 21–50. -- $1,206.69 per month during Months 51–60. * Celtic Bank will retain its valid liens until the secured claim is paid in full, after which the lien will be released. Class 3 General Unsecured Claims: * The estimated total Class 3 claims are approximately $427,028.04. * No distributions will be made to Class 3 creditors during the 60-month Plan term. * No dividend is projected for this class. Class 4 Equity Interests: * Equity holders will retain their ownership interests: -- Michael S. Ogurek – 80%. -- Susan Hayes – 10%. -- JT Harp – 10%. * No distributions will be made to equity holders during the Plan. Plan Funding and Operations: * Plan payments will be funded entirely through cash flow from the Debtor's ongoing business operations. * The Debtor's projections assume modest revenue growth based on: -- Retention of new clients. -- Consolidation among manufacturers' representatives in the adult beverage industry. -- An expected cyclical increase in demand for adult beverages. * Michael S. Ogurek will continue serving as President and manage the reorganized Debtor after the Effective Date. A full-text copy of the Second Amended Plan dated July 24, 2026 is available at https://urlcurt.com/u?l=ERwtg2 from PacerMonitor.com at no charge. Counsel to the Debtor: Robert N. Bassel, Esq. P.O. Box T Clinton, MI 49236 Tel: (248) 677-1234 Email: bbassel@gmail.com About Kevin D. Chaney & Company, Inc. Kevin D. Chaney & Company, Inc. is a Michigan corporation operating as a manufacturer's representative in the wine and spirits industry. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Mich. Case No. 26-40451) on Jan. 18, 2026, with $0 to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Thomas J. Tucker presides over the case. Robert N. Bassel, Esq., at Robert Bassel, Attorney At Law, is the Debtor's bankruptcy counsel. KIITOS BREWING: Court OKs Brewery Assets Sale at Auction -------------------------------------------------------- The U.S. Bankruptcy Court for the District of Utah, Central Division has granted Kiitos Brewing LLC, to sell Property at auction, free and clear of liens, claims, interests, and encumbrances. The Debtor is a limited liability company organized under the laws of State of Utah and continues to operate its business. Description and details of the Assets to be sold can be found at Exhibit A, https://urlcurt.com/u?l=sHqiWL The Debtor continues to diligently market the Property through its court-appointed auctioneer, New Mill Capital Disposition LLC. The Court conducted the hearing as scheduled on August 6, 2026. Andres Diaz appeared on behalf of the Debtor, and Brian Rothschild appeared as the Subchapter V Trustee. The Debtor is authorized to finalize and complete the auction sale of certain estate property, including the items set forth in Exhibit “A”. The buyers are deemed to be good faith purchasers under Section 363(m) of the Bankruptcy Code. The sale is free and clear of all liens and interests, with the liens attaching to the net sale proceeds in their same order and priority as they attached to the Property. About Kiitos Brewing LLC Kiitos Brewing, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Utah Case No. 26-22348) on April 24, 2025. In the petition signed by Andrew Dasenbrock, managing member, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Judge Michael F. Thomson oversees the case. Andres Diaz, Esq., at Diaz & Larsen, represents the Debtor as legal counsel. Mountain West Bank, as lender, is represented by Devin G. Bray, Esq. at Hawley Troxell Ennis and Hawley LLP. KUSTOM ENTMT: Completes $6.1M Divestiture of Legacy Video Business ------------------------------------------------------------------ Kustom Entertainment, Inc. said that it completed the successful closing of its divestiture of its legacy video solutions business assets to Cycurion, Inc., on Aug. 3, 2026, pursuant to the Asset Purchase Agreement dated June 24, 2026, as amended by Amendment No. 1 and the Forbearance/Extension Agreement dated July 23, 2026. Pursuant to the Acquisition Agreement, the Company sold to Cycurion all assets relating to its video solutions division, including the development, sale, licensing, support, and servicing of video hardware, camera products, platforms, software, and software solutions. The aggregate consideration received consists of: (i) a cash payment of $1.25 million, which includes the $250,000 non-refundable cash payment delivered at amendment signing; (ii) a Secured Promissory Note in the original principal amount of $4.25 million, bearing 7% annual interest over a 36-month term, delivering recurring debt service cash flow to the Company; (iii) contingent cash consideration of up to $1 million payable solely upon satisfaction of the applicable earnout conditions set forth in the Earnout and Clawback Agreement; and (iv) 12% yielding Series H Convertible Preferred Stock of Cycurion having an aggregate stated value of $600,000, issued in replacement of the warrants originally contemplated by the Asset Purchase Agreement, which were cancelled. The Series H Preferred Stock accrues cumulative dividends at 12% per annum, payable quarterly in shares of Cycurion common stock, and is convertible into Cycurion common stock at a conversion price of $1.45 per share, with customary anti-dilution protections, senior liquidation preferences, class voting rights, and registration rights. Related Transaction Documents In connection with the closing, the parties entered into the following ancillary agreements, each dated Aug. 3, 2026: (i) a Security Agreement pursuant to which the Company was granted a security interest in the acquired assets as security for the obligations under the Secured Promissory Note; (ii) a Registration Rights Agreement pursuant to which Cycurion agreed to register for resale the shares of common stock issuable upon conversion of the Series H Preferred Stock and to file and maintain an effective registration statement covering such shares; (iii) an Earnout and Clawback Agreement establishing the Company's right to receive contingent earnout payments of up to $1 million based upon the future performance of the business and providing for certain clawback provisions and adjustment mechanisms; and (iv) a Leak-Out Agreement governing the disposition of shares of common stock issued upon conversion of the Series H Preferred Stock or payment of dividends thereon, generally limiting sales by the Company and its affiliates during the applicable leak-out period based on a percentage of daily trading volume. Common Stock Purchase Agreement Amendment Also on Aug. 3, 2026, the Company entered into the Second Amendment to Common Stock Purchase Agreement with a certain investor, amending the definition of ELOC Purchase Maximum Amount to mean a number of shares equal to the Beneficial Ownership Limitation, provided that if the investor sells shares of common stock during the ELOC Purchase Valuation Period, then the Company may direct the investor to purchase additional shares of common stock subject to the Beneficial Ownership Limitation. Management Commentary "Closing this divestiture marks a historic milestone for Kustom Entertainment," said Stanton E. Ross, CEO of Kustom Entertainment. "By finalizing this upgraded $6.1 million agreement with Cycurion, we have strengthened our balance sheet, eliminated legacy operational overhead, and secured non-dilutive, yield-bearing capital for our shareholders. "More importantly, this transaction marks the official completion of our transition into a pure-play live entertainment engine. With our legacy video division successfully transferred, we now have the ideal platform to rapidly expand our business -- both organically and through targeted strategic acquisitions. Our team is laser-focused on scaling our live event experiences, deepening venue partnerships, and executing on our high-margin ticketing software roadmap across the $100 billion live event industry." Strategic Focus on the $100 Billion Live Entertainment Market With the divestiture closed, Kustom operates a streamlined, high-margin structure built to capture market share across large-scale live music and festival operations. Following the 30th Anniversary of its flagship Country Stampede Music Festival in June 2026, Kustom is expanding the event to Gilley's Park City in Park City, KS (Wichita metro area) for 2027, doubling capacity to 35,000 fans per show. Country Stampede serves as the anchor for more than 20 planned live event days across 2026 and 2027. Kustom continues to roll out its end-to-end proprietary ticketing technology platform, capturing transactional economics across the full live event lifecycle. Full-text copies of the Acquisition Agreement, Note, Security Agreement, Registration Rights Agreement, Earnout and Clawback Agreement, Leak-Out Agreement, and ELOC Amendment are filed as exhibits to the Company's Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission on Aug. 4, 2026, available at https://tinyurl.com/3eueuytx About Kustom Entertainment, Inc. Kustom Entertainment, Inc. is a leader in live event production and ticketing technology, specializing in large-scale music festivals and end-to-end event management. Its flagship event, Country Stampede, is held annually during June at the Azura Amphitheater in Bonner Springs, Kansas. The Company also maintains a legacy segment engaged in video solution technology (in-car and body-worn cameras) for law enforcement and security, currently integrating artificial intelligence to enhance its specialized product lines. Houston, Texas-based Victor Mokuolu, CPA PLLC, the Company's auditor since 2025, issued a "going concern" qualification in its report dated April 10, 2026, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2025, citing that the Company incurred substantial operating losses in the years ended Dec. 31, 2025. The Company incurred operating losses of approximately $10.88 million for the year ended Dec. 31, 2025, and had an accumulated deficit of $144.18 million as of Dec. 31, 2025. As of Dec. 31, 2025, the Company had $19.33 million in total assets, $16.96 million in total liabilities, and $2.37 million in total stockholders' equity. LABORATORIES BIDCO: Ares Capital Marks $15.7MM 1L Loan at 23% Off ----------------------------------------------------------------- Ares Capital Corporation has marked its $15.7MM first lien senior secured revolving loan to Laboratories Bidco LLC and Laboratories Topco LLC to market at $12.1MM or 77% of the outstanding amount, according to Ares Capital's Form 10-Q for the quarterly period ended July 29, 2026, filed with the U.S. Securities and Exchange Commission. Ares Capital is a participant in a loan extended to Laboratories Bidco LLC and Laboratories Topco LLC. The first lien senior secured revolving loan accrues interest at 6% per annum and matures in July 2029. Ares Capital Corporation is a business development company that provides financing solutions to middle-market companies across a range of industries. The Fund is led by M. Kort Schnabel as Chief Executive Officer. The Fund can be reached at: M. Kort Schnabel ARES CAPITAL CORPORATION 245 Park Avenue, 44th Floor New York, NY 10167 Telephone: (212) 750-7300 About LABORATORIES BIDCO LLC AND LABORATORIES TOPCO LLC Laboratories Bidco LLC and Laboratories Topco LLC are laboratory testing services for nicotine containing products. LABORATORIES BIDCO: Ares Capital Marks $15.7MM 1L Loan at 23% Off ----------------------------------------------------------------- Ares Capital Corporation has marked its $15.7MM first lien senior secured revolving loan to Laboratories Bidco LLC and Laboratories Topco LLC to market at $12.1MM, or 77% of the outstanding amount, according to Ares Capital's Form 10-Q for the quarterly period ended July 29, 2026, filed with the U.S. Securities and Exchange Commission. Ares Capital is a participant in a loan extended to Laboratories Bidco LLC and Laboratories Topco LLC. The first lien senior secured revolving loan accrues interest at 5.63% per annum and matures in July 2029. Ares Capital Corporation is a business development company that provides financing solutions to middle-market companies across a range of industries. The Fund is led by M. Kort Schnabel as Chief Executive Officer. The Fund can be reached at: M. Kort Schnabel ARES CAPITAL CORP 245 Park Avenue, 44th Floor New York, NY 10167 Telephone: (212) 750-7300 About LABORATORIES BIDCO LLC AND LABORATORIES TOPCO LLC Laboratories Bidco LLC and Laboratories Topco provide lab testing services for nicotine containing products. LABORATORIES BIDCO: Ares Capital Marks $17.8M 1L Loan at 23% Off ---------------------------------------------------------------- Ares Capital Corporation has marked its $17.8MM first lien senior secured loan to Laboratories Bidco LLC and Laboratories Topco LLC to market at $13.7MM, or 77% of the outstanding amount, according to Ares Capital's Form 10-Q for the quarterly period ended July 29, 2026, filed with the U.S. Securities and Exchange Commission. Ares Capital is a participant in a loan extended to Laboratories Bidco LLC and Laboratories Topco LLC. The first lien senior secured revolving loan accrues interest at 4.19% per annum and matures in July 2029. Ares Capital Corporation is a business development company that provides financing solutions to middle-market companies across a range of industries. The Fund is led by M. Kort Schnabel as Chief Executive Officer. The Fund can be reached at: M. Kort Schnabel ARES CAPITAL CORP 245 Park Avenue, 44th Floor New York, NY 10167 Telephone: (212) 750-7300 About LABORATORIES BIDCO LLC AND LABORATORIES TOPCO LLC Laboratories Bidco LLC and Laboratories Topco provide lab testing services for nicotine containing products. LABORATORIES BIDCO: Ares Capital Marks $24MM 1L Loan at 23% Off --------------------------------------------------------------- Ares Capital Corporation has marked its $24MM first lien senior secured loan to Laboratories Bidco LLC and Laboratories Topco LLC to market at $18.4MM, or 77% of the outstanding amount, according to Ares Capital's Form 10-Q for the quarterly period ended July 29, 2026, filed with the U.S. Securities and Exchange Commission. Ares Capital is a participant in a loan extended to Laboratories Bidco LLC and Laboratories Topco LLC. The first lien senior secured revolving loan accrues interest at 4.19% per annum and matures in July 2029. Ares Capital Corporation is a business development company that provides financing solutions to middle-market companies across a range of industries. The Fund is led by M. Kort Schnabel as Chief Executive Officer. The Fund can be reached at: M. Kort Schnabel ARES CAPITAL CORP 245 Park Avenue, 44th Floor New York, NY 10167 Telephone: (212) 750-7300 About LABORATORIES BIDCO LLC AND LABORATORIES TOPCO LLC Laboratories Bidco LLC and Laboratories Topco provide lab testing services for nicotine containing products. LABORATORIES BIDCO: Ares Capital Marks $4.7MM 1L Loan 23% Off ------------------------------------------------------------- Ares Capital Corporation has marked its $4.7MM first lien senior secured revolving loan to Laboratories Bidco LLC and Laboratories Topco LLC to market at $3.6MM or 77% of the outstanding amount, according to Ares Capital's Form 10-Q for the quarterly period ended July 29, 2026, filed with the U.S. Securities and Exchange Commission. Ares Capital is a participant in a loan extended to Laboratories Bidco LLC and Laboratories Topco LLC. The first lien senior secured revolving loan accrues interest at 8% per annum and matures in July 2029. Ares Capital Corporation is a business development company that provides financing solutions to middle-market companies across a range of industries. The Fund is led by M. Kort Schnabel as Chief Executive Officer. The Fund can be reached at: M. Kort Schnabel ARES CAPITAL CORPORATION 245 Park Avenue, 44th Floor New York, NY 10167 Telephone: (212) 750-7300 About LABORATORIES BIDCO LLC AND LABORATORIES TOPCO LLC Laboratories Bidco LLC and Laboratories Topco LLC provide laboratory testing services for nicotine containing products. LABORATORIES BIDCO: Ares Capital Marks $4.7MM 1L Loan at 23% Off ---------------------------------------------------------------- Ares Capital Corporation has marked its $4.7MM first lien senior secured revolving loan to Laboratories Bidco LLC and Laboratories Topco LLC to market at $3.6MM, or 77% of the outstanding amount, according to Ares Capital's Form 10-Q for the quarterly period ended July 29, 2026, filed with the U.S. Securities and Exchange Commission. Ares Capital is a participant in a loan extended to Laboratories Bidco LLC and Laboratories Topco LLC. The first lien senior secured revolving loan accrues interest at 7.50% per annum and matures in July 2029. Ares Capital Corporation is a business development company that provides financing solutions to middle-market companies across a range of industries. The Fund is led by M. Kort Schnabel as Chief Executive Officer. The Fund can be reached at: M. Kort Schnabel ARES CAPITAL CORP 245 Park Avenue, 44th Floor New York, NY 10167 Telephone: (212) 750-7300 About LABORATORIES BIDCO LLC AND LABORATORIES TOPCO LLC Laboratories Bidco LLC and Laboratories Topco provide lab testing services for nicotine containing products. LABORATORIES BIDCO: Ares Capital Marks $400,000 1L Loan at 25% Off ------------------------------------------------------------------ Ares Capital Corporation has marked its $400,000 first lien senior secured loan to Laboratories Bidco LLC and Laboratories Topco LLC to market at $300,000, or 75% of the outstanding amount, according to Ares Capital's Form 10-Q for the quarterly period ended July 29, 2026, filed with the U.S. Securities and Exchange Commission. Ares Capital is a participant in a loan extended to Laboratories Bidco LLC and Laboratories Topco LLC. The first lien senior secured revolving loan accrues interest at 9.48% per annum and matures in July 2029. Ares Capital Corporation is a business development company that provides financing solutions to middle-market companies across a range of industries. The Fund is led by M. Kort Schnabel as Chief Executive Officer. The Fund can be reached at: M. Kort Schnabel ARES CAPITAL CORP 245 Park Avenue, 44th Floor New York, NY 10167 Telephone: (212) 750-7300 About LABORATORIES BIDCO LLC AND LABORATORIES TOPCO LLC Laboratories Bidco LLC and Laboratories Topco provide lab testing services for nicotine containing products. LAKE CLINCH: Court Extends Cash Collateral Access to Aug. 20 ------------------------------------------------------------ The U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, entered a second interim order authorizing Lake Clinch Resort, LLC to use cash collateral through August 20. Under the second interim order, the Debtor is authorized to use cash collateral, including cash, deposit accounts, accounts receivable, and business proceeds, to pay court-authorized expenses, U.S. Trustee quarterly fees, and necessary operating expenses in accordance with the approved budget, allowing a 10% variance for each budget line item. The Debtor projects total monthly operational expenses of $12,750.66. The Debtor may also make additional expenditures with the written consent of Norman Harris Services, Inc., the secured creditor. Norman Harris Services will be granted adequate protection through automatically perfected post-petition replacement lien on the Debtor's cash collateral, with the same validity and priority as its pre-petition lien. The Debtor is required to escrow $2,342.66 each month in its counsel's trust account for real estate taxes, maintain insurance on the collateral, provide proof of property insurance within three days of the hearing, allow the secured creditor access to its books and premises, and sign a listing agreement and file an application to employ a real estate broker before the continued hearing. Finally, the order preserves the rights of parties in interest to seek modified adequate protection or challenge the validity, priority, or extent of asserted liens. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/C62bx from PacerMonitor.com. A continued hearing is scheduled for August 20. About Lake Clinch Resort Lake Clinch Resort, LLC is a single asset real estate company operating in Frostproof, Fla. Lake Clinch Resort filed Chapter 11 petition (Bankr. M.D. Fla. Case No. 25-00268) on January 16, 2025, listing between $1 million and $10 million in assets and up to $50,000 in liabilities. Judge Grace E. Robson handles the case. The Debtor is represented by Haynes Edward Brinson, Esq., at Brinson and Brinson. Norman Harris Services, Inc., as lender, is represented by: Patti W. Halloran, Esq. Gibbons Neuman 3321 Henderson Boulevard Tampa, FL 33609 Telephone: (813) 877-9222 Facsimile: (813) 877-9290 phalloran@gibblaw.com LATHAM POOL: S&P Rates New First-Lien Term Loan 'BB-' ----------------------------------------------------- S&P Global Ratings assigned its 'BB-' issue-level rating and '2' recovery rating to Latham Pool Products Inc.'s proposed $300 million first lien term loan due 2033 and $75 million revolving credit facility due 2031. The '2' recovery rating indicates its expectation for substantial (70%-90%; rounded estimate: 75%) recovery in the event of a payment default. The borrower's parent company, residential swimming pool provider Latham Group Inc. (Latham) plans to use the proceeds from the term loan to repay the remaining $284 million outstanding on its existing term loan, add $8 million cash to its balance sheet, and pay related fees and expenses. S&P said, "All of our existing ratings on the company are unchanged, including our 'B+' issuer credit rating and stable outlook. We will withdraw our ratings on Latham's existing senior secured facility once it is repaid. We estimate the company's leverage for the 12 months ended June 30, 2026, was about 2.9x (including full-year acquisition EBITDA). Pro forma for the transaction, we anticipate its leverage will rise to about 3.1x. "Our ratings reflect Latham's leading share in the faster-growing fiberglass segment of the pool construction market, concentration on cyclical new pool installations due to the discretionary nature of the product, and its financial-sponsor ownership, which highlights the potential for a more aggressive financial policy (such as more aggressive merger and acquisition activity). We acknowledge Latham's leverage is forecasted in the mid-2x area and will continue to closely monitor the company's financial policy decisions and its ability to sustain leverage below 3x before considering a positive rating action." Issue Ratings--Recovery Analysis Key analytical factors -- Latham's debt capital structure comprises a $75 million first-lien revolving credit facility maturing in 2031 and a $300 million first-lien term loan maturing in 2033. Simulated default assumptions S&P said, "Our simulated default scenario assumes a payment default occurring in 2030 due to a severe economic slowdown that leads to a steep cyclical decline in Latham's revenue and EBITDA. Because of this, the company may resort to funding its cash flow shortfalls with available cash and revolver borrowings. Eventually, its liquidity and capital resources become strained to the point that it cannot continue to operate without an equity infusion or bankruptcy filing. We believe the company would reorganize rather than liquidate under a default scenario. As such, we value Latham based on an enterprise value that recovers materially during our simulated default and subsequent reorganization to gauge its recovery prospects." -- Year of default: 2030 -- EBITDA at emergence: $56 million -- Implied enterprise value multiple: 5.5x Simplified waterfall -- Emergence EBITDA: $56 million -- Multiple: 5.5x -- Gross recovery value: $307 million -- Net recovery value for waterfall (after 5% administrative expenses): $292 million -- Obligor/nonobligor valuation split: 80%/20% -- Collateral value available to senior secured first-lien debt including deficiency claims: $271 million -- Estimated first-lien debt claims: $365 million --Recovery expectations for senior secured debt: 70%-90% (rounded estimate: 75%) Note: All debt amounts include six months of prepetition interest. LEISURE INVESTMENTS: Reaffirms Integrity of Ch. 11 Sale Process --------------------------------------------------------------- In connection with the statement issued on July 27, 2026, a second unauthorized press release issued by the former management of The Dolphin Company, regarding the asset sale process currently being conducted as part of the restructuring proceedings under Chapter 11 of the United States Bankruptcy Code, the Company considers it essential to make the following clarifications: * No Mexican court has reversed the change in leadership that took place in 2025, and there is currently no Mexican insolvency proceeding overseeing the restructuring of any of the entities that comprise The Dolphin Company. * The sale process currently underway is subject to the ongoing supervision of the United States Bankruptcy Court. * Acquisition proposals were evaluated based on objective criteria, including their economic value, certainty of execution, the bidder's financial capacity, operational feasibility, and regulatory compliance. The proposal submitted by Delphinus was considered by the current management to be the offer that, based on the information available at the time of its evaluation, presented the strongest overall conditions to be submitted for the Court's consideration. In particular, the Company believes that Delphinus is uniquely capable of taking on the critical role as caretaker of the over 100 animals living in the Company's Mexican parks, and that the proposed transfer will prove satisfactory to the various Mexican regulatory agencies that oversee the animals located in the parks. Given the financial circumstances of the Company, which have remained a significant challenge in the wake of mismanagement prior to the Company's chapter 11 bankruptcy filing as well as former management's active and ongoing interference, the Company will demonstrate that consummating this transaction is an appropriate exercise of the Company's business judgment, and given the circumstances is in the best interest of the Company's creditors, employees, and in the best interest of preserving the health and welfare of the animals in the Company's care. * At no time has Grupo Xcaret been involved in any discussions, evaluations, or negotiations relating to a potential acquisition of The Dolphin Company. * Any assessment of the potential effects that a transaction may have on economic competition falls exclusively within the jurisdiction of the competent regulatory authorities. * Unsupported statements made by the former management seek to interfere with an ongoing judicial process and discredit a potential bidder through speculative arguments or assertions that properly belong to future reviews by the competent regulatory authorities. * The current management is obligated to conduct an independent, transparent, and court-supervised process, preserving the Company's operational continuity, protecting jobs, and maximizing the value of its assets, while continuing to ensure that the health and welfare of the animals in the Company's care are maintained in accordance with applicable law. * The Company reserves all of its rights to take action against any false or misleading statements made by the former management or by any person purporting to act on behalf of the Company without proper authorization. For further information: Public Relations Department The Dolphin Company Email: rpublicas@thedolphinco.com About Leisure Investments Holdings Leisure Investments Holdings LLC and affiliates are operating under the name "The Dolphin Company," manage over 30 attractions, including dolphin habitats, marinas, water parks, and adventure parks, located in eight countries across three continents. Their primary operations are based in Mexico, the United States, and the Caribbean, with locations in Jamaica, the Cayman Islands, the Dominican Republic, and St. Kitts. These attractions are home to approximately 2,400 animals from more than 80 species of marine life, including a variety of marine mammals such as dolphins, sea lions, manatees, and seals, as well as birds and reptiles. As of 2023, the marine mammal population at the Debtors' parks includes roughly 295 dolphins, 51 sea lions, 18 manatees, and 18 seals. Leisure Investments Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case 25-10606) on March 31, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. Honorable Bankruptcy Judge Laurie Selber Silverstein handles the case. The Debtors tapped Robert S. Brady, Esq., Sean T. Greecher, Esq., Allison S. Mielke, Esq., and Jared W. Kochenash, Esq. as counsels. The Debtors' restructuring advisor is RIVERON MANAGEMENT SERVICES, LLC. The Debtors' Claims & Noticing Agent is KURTZMAN CARSON CONSULTANTS, LLC d/b/a VERITA GLOBAL. LEISURE INVESTMENTS: Seeks to Extend Plan Exclusivity to Sept. 30 ----------------------------------------------------------------- Leisure Investments Holdings LLC, and certain of its affiliates asked the U.S. Bankruptcy Court for the District of Delaware to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to Sept. 30 and Nov. 30, 2026, respectively. Since the Exclusive Periods were first extended, the Debtors have continued to work with parties in interest, including the Debtors' prepetition and postpetition lenders, the Committee, the U.S. Trustee, and others to pursue the sale and restructuring process and maintain case momentum despite a variety of operational and other challenges. The Debtors and their professionals have devoted substantial time, energy, and resources to reach this point in the Chapter 11 Cases. Moreover, the sale and/or restructuring of the Debtors' Mexican assets involve complicated transactions and implicate tax, animal transfer, and other operational considerations under Mexican law that the Debtors and parties in interest have spent substantial amounts of time and resources to adequately address for purposes of facilitating a value-maximizing transaction. The complexity of the various issues addressed, and the time, effort, and planning required to obtain the progress made thus far warrant the requested extension of the Exclusive Periods. The Debtors explain that as they move toward confirmation and the eventual wind down of their estates, the Debtors and their professionals will continue to focus on maximizing the value of their estates by efficiently managing ongoing chapter 11 administrative tasks for the benefit of their stakeholders. An extension of the Exclusive Periods as requested herein will allow the Debtors to finalize a chapter 11 plan that meets the requirements of the Bankruptcy Code and effectuates the Debtors' ultimate restructuring and asset disposition strategy. The Debtors claim that the companies and their professionals have expended, and will continue to expend, substantial resources to maintain control over their books, records, and operations. Even so, the Debtors have diligently pursued their marketing and sale strategy, which is nearing consummation. The Debtors require additional time to submit a chapter 11 plan that effectuates the Debtors' sale transactions and ultimate wind down strategy. Accordingly, the Debtors submit that this factor weighs in favor of extending the Exclusive Periods. The Debtors assert that throughout the chapter 11 process, they have endeavored to establish and maintain cooperative working relationships with their primary creditor constituencies. Importantly, the Debtors are not seeking the extension of the Exclusive Periods to delay administration of the Chapter 11 Cases or to exert pressure on their creditors, but rather to continue the orderly, efficient, and cost-effective chapter 11 process. Thus, this factor also weighs in favor of the requested extension of the Exclusive Periods. The Debtors further assert that termination of the Exclusive Periods would adversely impact the Debtors' efforts to preserve and maximize the value of the estates and the progress of the Chapter 11 Cases. If the Court were to deny the Debtors' request for an extension of the Exclusive Periods, any party in interest would be permitted to propose an alternative chapter 11 plan for the Debtors, which would only foster a chaotic environment and cause opportunistic parties to engage in counterproductive behavior in pursuit of alternatives that are neither value-maximizing nor feasible under the circumstances of the Chapter 11 Cases. Counsel to the Debtors: Robert Brady, Esq. Sean T. Greecher, Esq. Allison S. Mielke, Esq. Jared W. Kochenash, Esq. Young Conaway Stargatt & Taylor LLP Rodney Square 100 North King Street Wilmington, DE 19801 Telephone: (302) 571-6600 Facsimile: (302) 571-1253 Email: rbrady@ycst.com sgreecher@ycst.com amielke@ycst.com jkochenash@ycst.com About Leisure Investments Holdings Leisure Investments Holdings LLC and affiliates are operating under the name "The Dolphin Company," manage over 30 attractions, including dolphin habitats, marinas, water parks, and adventure parks, located in eight countries across three continents. Their primary operations are based in Mexico, the United States, and the Caribbean, with locations in Jamaica, the Cayman Islands, the Dominican Republic, and St. Kitts. These attractions are home to approximately 2,400 animals from more than 80 species of marine life, including a variety of marine mammals such as dolphins, sea lions, manatees, and seals, as well as birds and reptiles. As of 2023, the marine mammal population at the Debtors' parks includes roughly 295 dolphins, 51 sea lions, 18 manatees, and 18 seals. Leisure Investments Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case 25-10606) on March 31, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. Bankruptcy Judge Laurie Selber Silverstein handles the case. The Debtors tapped Robert S. Brady, Esq., Sean T. Greecher, Esq., Allison S. Mielke, Esq., and Jared W. Kochenash, Esq. as counsels. The Debtors' restructuring advisor is RIVERON MANAGEMENT SERVICES, LLC. The Debtors' Claims & Noticing Agent is KURTZMAN CARSON CONSULTANTS, LLC d/b/a VERITA GLOBAL. LUMIO HOLDINGS: Suit Against Former Execs Stays in Delaware ----------------------------------------------------------- Rick Archer of Law360 Bankruptcy Authority reports that the former executives of bankrupt solar panel provider Lumio Holdings failed Thursday, August 6, 2026, to convince a Delaware bankruptcy judge to send a lawsuit filed against them by the company's liquidating trustee to Utah. The court denied the executives’ request to transfer the case. The litigation is part of the trustee's efforts to pursue claims and potentially recover assets for Lumio Holdings' bankruptcy estate. The former executives had argued that Utah was the more appropriate venue for the dispute, the report cites. With the transfer request denied, the lawsuit will remain before the Delaware bankruptcy court. The ruling allows the trustee to continue pursuing the claims as Lumio Holdings' liquidation moves forward, the report relays. About Lumio Holdings Lumio Holdings, Inc., is a privately-held residential solar provider in Lehi, Utah, which is fully vertically integrated with a full suite of photovoltaic solar system sales, installation and operations. Lumio Holdings and Lumio HX, Inc. filed Chapter 11 petitions (Bankr. D. Del. Lead Case No. 24-11916) on Sept. 3, 2024. Jeffrey T. Varsalone, chief restructuring officer, signed the petitions. At the time of the filing, the Debtors reported $100 million to $500 million in both assets and liabilities. Judge J. Kate Stickles oversees the cases. The Debtors tapped Morris, Nichols, Arsht & Tunnell, LLP, Houlihan Lokey Capital, Inc. and C Street Advisory Group as legal counsel, investment Banker and strategic communications advisor, respectively. Stretto, Inc. is the claims and noticing agent and administrative advisor. LYDALL SEALING: Commences Chapter 11 Bankruptcy in Texas -------------------------------------------------------- On July 26, 2026, Lydall Sealing Solutions, Inc. filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Texas. According to court filings, the Debtor reports between $1 billion and $10 billion in assets and between $1 billion and $10 billion in liabilities, with approximately 10,001 to 25,000 creditors. Court sets November 23, 2026 as deadline for Chapter 11 Plan and Disclosure Statement. About Lydall Sealing Solutions, Inc. Lydall Sealing Solutions, Inc. is a Marshalltown, Iowa-based manufacturer of specialty sealing and gasket materials. The company provides interface sealing solutions and serves customers in the automotive and industrial sectors, including applications involving electric vehicle battery protection and advanced filtration. Lydall Sealing Solutions, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-80012) on July 26, 2026. The company is participating in a broader global restructuring of the Alkegen platform intended to reduce debt by approximately $3 billion while allowing its manufacturing operations to continue. Honorable Bankruptcy Judge Scott W. Everett handles the case. The Debtor is represented by Lydia Rogers, Esq. of Webb & Gray Reed. M6 ETX HOLDINGS II: S&P Places 'B+' ICR on CreditWatch Positive --------------------------------------------------------------- S&P Global Ratings affirmed all its ratings on M6 ETX Holdings II MidCo LLC, including the 'B+' issuer credit rating and 'BB-' issue-level rating, and placed them on CreditWatch with positive implications. The recovery rating of '2' on its senior secured debt is unchanged and indicates substantial recovery (70%-90%; rounded estimate: 70%) in a payment default. S&P said, "We expect to resolve the CreditWatch at or near transaction close and believe that Williams will fully integrate Momentum Midstream and M6 ETX into its operations. "The CreditWatch placement reflects our expectation that we will view M6 ETX as core to Williams and that Williams will fully incorporate M6 ETX into its operations upon transaction close. "We expect to resolve the CreditWatch at or near transaction close and believe Williams will fully integrate Momentum Midstream and M6 ETX into its operations following the acquisition." MARISCOS EL NAVEGANTE: Joseph Cotterman Named Subchapter V Trustee ------------------------------------------------------------------ The U.S. Trustee for Region 14 appointed Joseph Cotterman as Subchapter V trustee for Mariscos El Navegante #2, LLC. Mr. Cotterman will be paid an hourly fee of $500 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Cotterman declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Joseph E. Cotterman 5232 W. Oraibi Drive Glendale, AZ 85308 Telephone: 480-353-0540 Email: cottermail@cox.net About Mariscos El Navegante #2 LLC Mariscos El Navegante #2 LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 26-07490) on July 29, 2026, with $0 to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Brenda Moody Whinery presides over the case. Thomas H. Allen, Esq., at Allen, Jones & Giles, PLC represents the Debtor as legal counsel. MARQUEE BRANDS: S&P Assigns 'B' ICR, Outlook Stable --------------------------------------------------- S&P Global Ratings assigned a 'B' issuer credit rating, reflecting U.S.-based Marquee Brands LLC's small scale compared with other licensing peers and limited track record, offset by its vertically diverse consumer brand portfolio, and stable revenue base. S&P said, "Concurrently, we assigned a 'B' issue-level rating and '3' recovery rating to the company's proposed senior secured debt. The recovery rating indicates our expectation for meaningful (50%-70%; rounded estimate: 55%) recovery in the event of a payment default. "The stable outlook reflects our expectation for revenue of over $270 million pro forma for recent acquisitions and related guaranteed minimum royalties. We expect Marquee to pursue acquisitions frequently as it continues to grow its licensing business and forecast it will maintain long-term leverage over 5x due to its aggressive debt-funded growth strategy and financial-sponsor ownership." Marquee Brands, a brand management company and owner of a portfolio of several global consumer brands, is issuing a new senior secured $175 million revolving credit facility due 2031 and a senior secured $475 million term loan B due 2033, using the proceeds to repay existing debt and fund future acquisitions. S&P Global Ratings forecasts pro forma leverage in the mid-5x area at transaction close and consistent cash flow generation of at least $45 million over the next 12 months due to its asset-lite business model. Marquee has a vertically diverse consumer brand portfolio and stable revenue base, but remains a smaller player relative to industry peers. Since its inception in 2013 by Neuberger Berman Private Equity, Marquee has grown its brand portfolio to include 22 consumer brands within three primary categories: -- Home and culinary (Martha Stewart, Sur La Table, Emeril Lagasse, America's Test Kitchen); -- Fashion and lifestyle (Roberto Cavalli, Totes Isotoner, Ben Sherman, BCBG); and -- Active and outdoor (Dakine, Body Glove, Stance, Anti-Social Social Club). The categories make up about 44%, 39%, and 17% of 2025 licensing revenue, respectively. Pro forma for its recent acquisitions, S&P estimates the company's revenue will increase to at least $270 million, with about $5.5 billion in global retail equivalent sales. However, this remains small relative to its closest competitor, WHP Global, which generates over $400 million of royalty revenue and about $9.5 billion of global retail sales despite its smaller portfolio of 15 apparel-focused brands, primarily due to the larger retail presence and stronger brand equity of WHP's portfolio. Over 90% of Marquee's 2025 revenue came from recurring sources--primarily licensing--and includes direct-to-consumer (DTC) sales of subscription magazines, digital subscription media, and contracts with third-party media/streaming distribution platforms such as Roku, AppleTV, and Tubi. These recurring revenue streams also generate most of the company's EBITDA, with the remainder primarily related to its ownership of Anti-Social Social Club--an asset-lite DTC business that is primarily used as a marketing tool to communicate with customers, capture customer data, and drive sales for licensing partners. While this is unique to Marquee compared with its traditional licensing peers, most of its nonlicensing subscription sales are concentrated within its America's Test Kitchen (ATK) brands that include Cook's Country and Cook's Illustrated. S&P expects the company's media subscription revenues to remain stable given online retention rates of over 80%, but it believes growth prospects are limited in print due to the secular decline of the medium, offset by its historically loyal fanbase. Marquee's asset-lite licensing business supports S&P's expectation for stable revenues. Licensing revenues increased to about 54% of reported sales in 2025 from below 40% in 2023 as the company transitioned its historical e-commerce DTC business to its higher-margin licensing model. This model provides for guaranteed minimum royalties (GMRs) for the use of its owned brands through multiyear contracts. Most of its licensing contracts last five to 15 years and typically contain terms for claims against unpaid royalty fees and revenue protection clauses, including guarantees and rights to terminate and reissue licenses. Marquee's royalty revenue is secured by over $570 million of cumulative GMRs through 2032, and S&P does not believe there are any material contracts expiring in the near term. Marquee provides brand management strategy and marketing for the licensees and is responsible for introducing the brands into new channels and geographies. This model generates stable recurring revenue and margins above 70%, with the licensee responsible for design, manufacturing, logistics, and working capital management. The company's subscription-based businesses also have minimal overhead costs. S&P said, "We expect Marquee to maintain leverage above 5x to support its aggressive acquisition strategy. The proposed transaction increases the company's debt capacity by about $200 million, which we expect it will use primarily to fund future brand acquisitions. While we forecast leverage will decline to about 5x over the next two years as Marquee onboards incremental licensing acquisitions, we believe the company will maintain leverage above 5x in the long term due to its acquisitive debt-funded growth strategy and financial-sponsor ownership by Neuberger Berman. "We forecast annual acquisition spending of $150 million-$200 million, funded with a mix of equity and revolver borrowings, with larger acquisitions likely resulting in incremental debt raises. Like the recent acquisitions of Stance and Roberto Cavalli, we assume future acquisitions will follow the licensing model economics. The company's acquisition model is based on buying assets at a discounted multiple, which could be highly competitive when bidding against larger and well-capitalized players such as WHP and Authentic Brands Group (ABG). "Additionally, we believe there is some execution risk to the company's ability to purchase the right brands and reposition them for growth given its short track record and high level of acquisition activity. Its acquisition pace increased in recent years, with 11 of its brands acquired since 2021. "We expect Marquee's EBITDA margins to improve from recent acquisitions but lag peers. We anticipate its S&P Global Ratings-adjusted EBITDA margin will improve to about 40% in 2026, pro forma for recent acquisitions, from 28% in 2025. This is primarily driven by meaningful growth in its higher-margin licensing segment. We forecast margins will increase toward 44% over the next three years as Marquee scales its platform with incremental royalty streams while maintaining minimal brand operating expenses." However, the company's DTC business weighs on its margin profile compared with its more license-focused peers like WHP and ABG that generate EBITDA margins of 70%-80%, although margins are higher than traditional consumer apparel manufacturers. S&P said, "We expect Marquee to maintain consistent cash flow generation. The company's recurring revenue base, high margin profile, and low capital expenditure (capex) of typically less than 1% of revenues, support its consistent free operating cash flow (FOCF) generation. We forecast FOCF of at least $45 million annually over the next two years, which it will use to fund acquisitions and invest in the development of brand assets." Marquee's Anti-Social Social Club and ATK subscription media businesses have negative working capital because of their subscription models and meaningful deferred revenues. While its DTC business has some inventory exposure, the company reduced its inventory levels by 29% to below $4 million since 2023, and the business remains a small portion of Marquee's overall profitability. The stable outlook reflects S&P's view that Marquee will successfully manage and develop its acquired brands, and it expects leverage to remain above 5x in the long term due to its acquisitive debt-funded growth strategy and financial-sponsor ownership. S&P could lower its ratings if leverage increases to and is sustained above 6.5x. This could occur if Marquee: -- Cannot generate expected levels of royalty income due to difficulties in integrating recent acquisitions, or if underperformance at its licenses impairs their ability to pay guaranteed minimum royalties; or -- It adopts an increasingly aggressive financial policy by funding large, debt-funded acquisitions or dividends. Although unlikely over the next 12 months given Marquee's strategy of augmenting growth through acquisitions and financial-sponsor ownership, S&P could raise its ratings if: -- The company reduces and sustains leverage below 5x due to organic growth and repaying debt with cash flows; and -- The company demonstrates a commitment to a financial policy consistent with maintaining leverage below 5x. MARS FASHION: 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 Mars Fashion US, Inc. 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 Mars Fashion US Inc. Mars Fashion US, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 26-73021) on July 31, 2026, with $100,001 to $500,000 in both assets and liabilities. Judge Louis A. Scarcella presides over the case. Heath S. Berger, Esq., at Bfsng Law Group, LLP represents the Debtor as bankruptcy counsel. MASCO CORP: Liabilities Exceed Assets by US$365.0MM at June 30 -------------------------------------------------------------- Masco Corporation's stockholder's deficit was US$365.0 million at June 30, 2026. The stockholder's deficit was US$185.0 million at Dec. 31, 2025. At June 30, 2026, the Company had total assets of US$5.4 billion and total liabilities of US$5.5 billion. At Dec. 31, 2025, the Company had total assets of US$5.2 billion and total liabilities of US$5.1 billion. The Company disclosed it held cash and cash investments of approximately US$548.0 million at June 30, 2026, compared with US$647.0 million at Dec. 31, 2025, with a significant portion of these balances residing in foreign subsidiaries. Management believes its current cash position, operating cash flows and borrowing capacity under a new US$1.0 billion revolving credit agreement entered into on March 20, 2026, are sufficient to meet near-term working capital and investment needs, and expects longer-term requirements to be funded through operations, bank borrowings and access to financial markets. In April 2026, Masco entered into a two-year, up to US$500.0 million senior unsecured delayed draw term loan, under which US$300.0 million was outstanding at June 30, 2026, primarily to fund share repurchases; the Company reported compliance with all related covenants and no outstanding borrowings under the revolving credit agreement. Masco also continued to manage liquidity through a voluntary supply chain finance program and an expanded share repurchase authorization of up to US$2.0 billion, with approximately US$1.5 billion remaining under the 2026 authorization and plans to deploy about US$1.0 billion of cash, including term loan funds, for repurchases during 2026. A full-text copy of the Form 10-Q is available at https://tinyurl.com/bdfpz2vc About Masco Corporation Masco Corporation is a manufacturer and marketer of home improvement and building products, including plumbing, decorative architectural and other residential and commercial construction products. The Company serves repair and remodel and new construction markets through a range of well-known brands and distribution channels in North America and internationally. MEDALLIA INC: Completes Recapitalization, Secures $150M New Capital ------------------------------------------------------------------- Medallia, Inc., the leading AI-driven platform for experience transformation, announced the completion of its previously announced recapitalization agreement with its lenders. With the transaction now closed, Medallia has significantly reduced its outstanding debt and secured $150 million of new capital, and has officially transitioned ownership to an investor group led by funds managed by Blackstone, as well as Apollo, and FS KKR Capital Corp (FSK). "Closing this transaction is a defining moment for Medallia," said Mark Bishof, CEO of Medallia. "With a stronger balance sheet and the full support of our new ownership group, we are ready to move even faster in delivering AI-led experience management to the world's most iconic brands. We are excited to deliver industry-leading innovation to our customers, our people, and our platform." With the deal finalized, Medallia is turning its full attention to the road ahead: expanding its generative AI and automation capabilities, deepening integrations across existing enterprise systems and emerging agentic AI ecosystems, and continuing to build on its Frontline-Ready AI™ foundation. These investments are central to Medallia's vision of transforming experience management from a reporting function into an intelligent, predictive, and automated engine for business impact. The company recently shared examples of the transformational productivity its global enterprise customers are already seeing from Medallia's generative AI capabilities, an area set to see significant investment as a result of this transaction. "Today marks the beginning of an exciting new chapter," Bishof added. "We have the capital, the conviction, and the momentum to define what the next generation of experience management looks like -- and we're just getting started." About Medallia, Inc. Medallia is the #1 AI-driven platform for experience transformation, trusted by the world's most iconic brands -- including 7 of the Fortune 10. With Medallia, enterprise organizations turn billions of feedback signals into clear, prioritized business actions. With deep domain expertise, proven enterprise infrastructure, a powerful partner ecosystem, and consistent leadership recognition from top industry analysts, Medallia transforms customer experience into a strategic driver of business growth and continuous improvement. Learn more at www.medallia.com. MEDIAALPHA INC: Liabilities Exceed Assets by US$5.0MM at June 30 ---------------------------------------------------------------- MediaAlpha, Inc.'s stockholder's deficit was US$5.0 million at June 30, 2026. The stockholder's deficit was US$29.2 million at Dec. 31, 2025. At June 30, 2026, the Company had total assets of US$359.8 million and total liabilities of US$364.8 million. At Dec. 31, 2025, the Company had total assets of US$383.8 million and total liabilities of US$413.0 million. The Company says its principal sources of liquidity include cash flows from operations and availability under its 2026 Revolving Credit Facility, while principal uses of cash encompass operating needs, interest payments, share repurchases and mandatory principal payments on long-term debt. As of June 30, 2026, cash and cash equivalents were US$23.7 million, down from US$46.9 million at Dec. 31, 2025, with US$148.1 million outstanding under the 2026 Term Loan Facility and US$30.0 million of remaining borrowing capacity on the 2026 Revolving Credit Facility. The Company highlighted recent capital allocation actions, including an expanded US$100.0 million share repurchase program and a US$31.0 million cash settlement of a portion of its tax receivable agreement, funded by cash on hand and US$15.0 million of revolver borrowings, while stating that it expects available liquidity and anticipated cash generation to be sufficient to meet operating and debt service needs for at least the next 12 months. A full-text copy of the Form 10-Q is available at https://tinyurl.com/bdzch3me About MediaAlpha, Inc. MediaAlpha, Inc., operates as a technology-driven, performance-based customer acquisition platform primarily serving insurance and related verticals. The Company enables advertisers to acquire high-intent consumers through a programmatic marketplace that connects demand partners with publishers and distribution partners. MERCY HEALTH: Steven Nosek Named Subchapter V Trustee ----------------------------------------------------- The Acting U.S. Trustee for Region 12 appointed Steven Nosek as Subchapter V trustee for Mercy Health Care, LLC. Mr. Nosek 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. Nosek declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Steven B. Nosek 10285 Yellow Circle Drive Hopkins, MN 55343 Email: snosek@noseklawfirm.com About Mercy Health Care LLC Mercy Health Care, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Minn. Case No. 26-42577) on August 3, 2026, with $100,001 to $500,000 in both assets and liabilities. Judge Katherine A. Constantine presides over the case. Mary Sieling, Esq., at Sieling Law, PLLC represents the Debtor as bankruptcy counsel. MII AVIATION: Donovan Claim Not Allowed as Administrative Expense ----------------------------------------------------------------- Judge Laurie Selber Silverstein of the U.S. Bankruptcy Court for the District of Delaware denied the motion of Christopher R. Donovan, Sr. for allowance and payment of administrative expense claim pursuant to 11 U.S. Secs. 503(b)(1)(A) and 507(a)(2) in the bankruptcy case of MII Aviation Services, LLC. Mr. Donovan does not specify the amount of his asserted administrative expense in the motion, but he seeks allowance and payment of all unpaid wages and expenses earned in the ordinary course. Debtors objected to the motion, which they combined with an objection to Mr. Donovan's proof of claim. BEH is an entity that operates a helicopter charter service out of Boston. Mr. Donovan is a co-founder of BEH, still operates BEH and is the chief pilot. Mr. Donovan is not employed by either Debtor. Prepetition, on January 8, 2025, Mr. Donovan, in his individual capacity, and as Manager of BEH and Moshe Yanai, as alleged Manager of both BEH and Aviation, signed a four-page agreement. The agreement purports to modify and formalize an agreement regarding annual bonus payments owed to Mr. Donovan for his services to BEH. The parties acknowledge in the agreement that Mr. Donovan is owed $1,805,829.05 in total accrued bonuses (2011-2024). These amounts are to be paid on or before September 15, 2025. The Court finds it is clear that no portion of the bonuses owed to Mr. Donovan are for services rendered after the bankruptcy case was filed on February 1, 2026. Even the agreement's deadline for Mr. Donovan of all past due bonuses was prepetition. The only postpetition feature in this case is Mr. Donovan's assertion of a right to payment. According to the Court, this cannot turn a prepetition claim into an administrative expense. The Court concludes any claim Mr. Donovan has against Aviation is not entitled to administrative expense status. A copy of the Court's Memorandum Order dated July 29, 2026, is available at https://urlcurt.com/u?l=2ko3pM from Pacermonitor.com. About MII Aviation Services LLC MII Aviation Services, LLC is an aviation services company that provides aircraft maintenance, repair, and related technical support services to commercial and private aviation clients. MII Aviation Services sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10123) on February 1, 2026. In its petition, the Debtor reported estimated assets between $1 million and $10 million and estimated liabilities ranging from $10 million to $50 million. Honorable Bankruptcy Judge Laurie Selber Silverstein handles the case. The Debtor is represented by Mark L. Desgrosseilliers, Esq., at Chipman Brown Cicero & Cole, LLP. MIRACLE HEALTH: Seeks Chapter 11 Bankruptcy in Florida ------------------------------------------------------ On July 27, 2026, Miracle Health Services, Inc. filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Florida. According to court filings, the Debtor reports between $100,000 and $500,000 in assets and between $1 million and $10 million in liabilities, with approximately 1 to 49 creditors. A meeting of creditors under Section 341(a) to be held on August 27, 2026 at 12:00 PM by TELEPHONE. About Miracle Health Services, Inc. Miracle Health Services, Inc. is a Miami, Florida-based healthcare company providing home health care services. Founded in 2004, the company operates as a healthcare clinic and maintains an active license with the Florida Agency for Health Care Administration. The business has provided healthcare services in the Florida region for more than two decades under the leadership of Maria C. Hernandez. Miracle Health Services, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-19878) on July 27, 2026. The filing followed significant legal challenges, including a June 2026 RICO lawsuit filed by GEICO and the company’s identification in a nationwide healthcare fraud enforcement action announced by the U.S. Department of Justice. Honorable Bankruptcy Judge Robert A. Mark handles the case. The Debtor is represented by Linda M. Leali, Esq. MIRACLE RESTAURANT: Court Upholds Lift Stay Order as to SKC ----------------------------------------------------------- Judge Sarah Vance of the U.S. District Court for the Eastern District of Louisiana denied Miracle Restaurant Group, LLC's motion for stay of the order lifting the automatic stay as to Square Kilometer Capital, LLC (SKC) in the bankruptcy case pending appeal. SKC opposes the motion. This case comes before the Court as an appeal of the Bankruptcy Court's order lifting the automatic stay as to SKC and an order denying a motion for reconsideration of the order lifting the stay. On November 12, 2025, six months after the Bankruptcy Court confirmed the plan of reorganization, SKC sued Miracle in Illinois state court for breach of contract. Miracle filed a notice of bankruptcy in that state court proceeding. The state court ordered SKC to obtain an order from the Bankruptcy Court clarifying that the automatic stay did not apply to SKC before the state court would move forward. On March 23, 2026, SKC filed a motion in Bankruptcy Court, seeking a ruling that because SKC did not have notice of the proceedings, the bankruptcy plan, confirmation order, and automatic stay did not bind SKC. The Bankruptcy Court granted SKC's motion, finding that SKC was a known creditor which did not receive notice of the case and therefore was not bound by the bankruptcy plan, confirmation order, or automatic stay. The Bankruptcy Court entered a Lift Stay order as to SKC. Miracle filed a motion for reconsideration of the Lift Stay order, which the Bankruptcy Court denied. Miracle then filed a notice of appeal of the Lift Stay order and of the denial of the motion for reconsideration. Miracle also filed a motion for stay pending appeal in the Bankruptcy Court. The Bankruptcy Court denied the motion for a stay pending appeal. Miracle now moves for a stay pending appeal before this Court. The Court finds Miracle does not bear its burden to make a strong showing of likelihood of success on the merits; a showing of irreparable injury if the stay is not granted; or a showing that the stay would serve the public interest. Miracle did not bear its burden on three of the four elements to be considered in granting a stay pending appeal. The Court thus denies Miracle's motion for a stay pending appeal. In this case, the key facts are not in dispute. SKC was a known creditor. As Miracle's own attorneys have admitted, SKC did not receive actual or constructive notice of the bankruptcy proceedings. The question Miracle raises is whether SKC had actual knowledge of the bankruptcy. Miracle identifies nothing that would support a finding that it is likely to show that SKC had actual knowledge of the bankruptcy proceeding. Absent any basis from which the Court could conclude that Miracle is likely to show that SKC had actual knowledge, there is nothing before the Court that allows the Court to find that Miracle could be successful on appeal, let alone is likely to be successful. Miracle has not made a strong showing that it has a likelihood of success on the merits. Miracle describes the harm it could face as being forced to pay out a judgment though a state court order that it may not be obligated to pay and track down the payment. Paying a judgment could be undone through monetary remedies. This potential harm is thus reparable, according to the Court. While the Court finds that a stay would harm SKC, the Court cannot determine how substantial the harm would be. The Court finds that this factor is indeterminate and does not weigh heavily one way or another. A copy of the Court's Order dated July 29, 2026, is available at https://urlcurt.com/u?l=C5xOX6 from Pacermonitor.com. About Miracle Restaurant Group Miracle Restaurant Group, LLC owns and operates a fast-food restaurant in Covington, La. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. La. Case No. 24-11158) on June 20, 2024, with $1 million to $10 million in both assets and liabilities. Dwayne Murray, Esq., at Murray & Murray, LLC, serves as Subchapter V trustee. Judge Meredith S. Grabill presides over the case. The Debtor is represented by Douglas S. Draper, Esq., and Michael E. Landis, Esq., at Heller, Draper & Horn, LLC. First Franchise Capital Corp., as secured creditor, is represented by Jeffrey M. Hendricks, Esq., at Bricker Graydon, LLP, in Cincinnati, Ohio. MMA LAW: Court Approves Chapter 11 Liquidation Plan --------------------------------------------------- Clara Geoghegan of Law360 Bankruptcy Authority reports that MMA Law Firm PLLC won bankruptcy court approval in Texas for a Chapter 11 plan that calls for the liquidation and closure of the embattled litigation and mass-tort firm. The ruling comes more than two years after the firm initially turned to bankruptcy protection. The law firm's bankruptcy has involved the administration of its estate and resolution of creditor claims as it sought to wind down its business. Under the confirmed plan, MMA Law Firm will cease operations and liquidate its remaining assets to facilitate distributions to creditors, the report states. The judge's approval moves the case into its final phase and gives the firm a path toward completing its bankruptcy. The liquidation will proceed under the terms of the confirmed plan and court supervision, according to Law360. About MMA Law Firm, PLLC MMA Law Firm, PLLC is a Houston-based law firm specializing in insurance claim management, negotiation and litigation. MMA Law Firm filed Chapter 11 petition (Bankr. S.D. Tex. Case No. 24-31596) on April 9, 2024, with $100 million to $500 million in assets and $10 million to $50 million in liabilities. Zach Moseley, a managing member, signed the petition. Judge Eduardo V. Rodriguez oversees the case. The Debtor tapped Johnie Patterson, Esq., at Walker & Patterson, PC as bankruptcy counsel; Andrew Gould, Esq., at Hicks Johnson, PLLC as special counsel; and Kristin Lausten, Esq., at The Lausten Group, PLLC as special Louisiana counsel. MONOGRAM FOOD: Moody's Affirms 'B2' CFR, Outlook Stable ------------------------------------------------------- Moody's Ratings affirmed Monogram Food Solutions, LLC's ("Monogram") B2 Corporate Family Rating and B2-PD Probability of Default Rating. Moody's concurrently affirmed the B2 ratings on the company's existing senior secured first lien revolving credit facility and term loan and assigned B2 ratings to the proposed $125 million senior secured first lien revolving credit facility and $535 million senior secured first lien term loan B. The rating outlook is stable. Moody's will withdraw the B2 ratings on the existing senior secured first lien revolver and term loan upon closing of the refinancing transaction. Monogram is proposing to refinance its existing $100 million senior secured revolver due May 2028 with a new $125 million senior secured revolver due May 2030 and raise a new $535 million senior secured term loan due August 2030 to refinance the outstanding $415 million senior secured term loan due August 2028, fund a $112 million shareholder redemption, and pay transaction related fees. The transaction is credit negative because it increases Moody's-adjusted debt-to-EBITDA leverage to 5.0x from 4.2x for the 12 month period ended July 04, 2026, and increases annual interest expense by approximately $10 million. Nonetheless, Moody's affirmed the B2 CFR and maintained the stable outlook because the company is generating good earnings growth and free cash flow, and leverage remains in line with Moody's expectations for the B2 rating. The company entered the transaction following a period of improved operating performance and rapid deleveraging, driven primarily by higher volumes in meat sticks and pre-cooked bacon. Moody's expects leverage to resume a downward trajectory and approach 4.5x over the next 12-18 months, supported by continued volume growth across key customer programs. The rating affirmation also reflects Monogram's good liquidity, supported by positive free cash flow, approximately $96 million of availability under its $100 million revolving credit facility as of July 04, 2026, net of $4 million of outstanding letters of credit, and $12 million of cash on hand. The upsize of the revolver and extension of the revolver and term loan maturities further strengthen liquidity, with no meaningful debt maturities until 2030. Moody's expects Moody's-adjusted free cash flow of around $30 million over the next 12 months to more than cover required annual term loan amortization of approximately $5.4 million and an additional $5 million to $10 million of equipment financing payments. This expectation assumes no material increase in capital spending requirements associated with large customer manufacturing wins. RATINGS RATIONALE Monogram's B2 CFR reflects its small scale relative to larger, better capitalized peers, high customer concentration, the competitive protein-based market, and lower profitability than branded packaged food manufacturers and certain other co-packers. The rating also incorporates the company's high leverage and event risk associated with private investment firm ownership, including the potential for debt financed shareholder distributions or acquisitions. These risks are partially offset by Monogram's diversification across channels and business models, with exposure to both retail and foodservice customers, as well as a mix of co-manufacturing, private label, and limited branded sales, which provides some resilience as consumers shift between channels and product offerings. The company also benefits from long-standing relationships with large food customers and an ability to pass through commodity cost fluctuations on the majority of its contracts, although this is often done with a time lag. Monogram is capitalizing on new business wins to generate good growth and positive free cash flow. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The stable outlook reflects Moody's expectations that the company will grow earnings and continue to generate positive free cash flow, with debt-to-EBITDA leverage declining to a mid 4x range (Moody's adjusted) over the next year. A rating upgrade would require a significant increase in scale, including materially higher revenue, EBITDA, and free cash flow. The company would also need to sustainably achieve a much higher EBITDA margin, maintain good liquidity, and adhere to a financial policy consistent with sustaining debt-to-EBITDA below 4.0x. A rating downgrade could occur if operating earnings weaken, the financial policy becomes more aggressive, liquidity deteriorates, or free cash flow is not sustained at a comfortably positive level. A downgrade could also occur if debt-to-EBITDA is sustained above 5.5x or if EBITDA less capital spending-to-interest falls below 1.25x. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Consumer Packaged Goods published in February 2026. COMPANY PROFILE Headquartered in Memphis, Tennessee and founded in 2004 initially with assets from Sara Lee, Monogram Food Solutions, LLC is a manufacturer and marketer of meat snacks, appetizers, assembled sandwiches, fully cooked and raw bacon, corn dogs, and other products. Monogram operates 12 manufacturing facilities across 6 states. Pritzker Private Capital led a leveraged buyout of the company in August 2021. The investment firm has the largest ownership position, with the remainder of the company owned by other investors, management and other rollover investors. Monogram generated sales of approximately $1.5 billion as of the 12 months ended July 04, 2026. MOSES BERKOWITZ: Joli Lofstedt Named Subchapter V Trustee --------------------------------------------------------- The Acting U.S. Trustee for Region 19 appointed Joli Lofstedt, Esq., as Subchapter V trustee for Moses Berkowitz, LLC. Ms. Lofstedt, a practicing attorney in Louisville, Colo., will be paid an hourly fee of $400 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Lofstedt declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Joli A. Lofstedt, Esq. P.O. Box 270561 Louisville, CO 80027 Phone: (303) 476-6915 Fax: (303) 604-2964 Email: joli@jaltrustee.com About Moses Berkowitz LLC Moses Berkowitz, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No. 26-15529) on July 30, 2026, with up to $50,000 in assets and $500,001 to $1 million in liabilities. Judge Thomas B. Mcnamara presides over the case. MOUNTAIN VISTA: Trustee to Employ J.S. Held as Financial Advisors ----------------------------------------------------------------- David P. Stapleton, the Chapter 11 Trustee for Mountain Vista Holdings LLC, seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ J.S. Held, LLC as financial advisors. The firm will provide these services: (a) prepare monthly operating reports; (b) provide general accounting and bookkeeping; (c) oversee the preservation of the entitlement process on the Property; (d) provide other advisory services as the Trustee may require; (e) work with professionals, including the Trustee's selected broker, to prepare the Property for sale, taking into account the conditions of use and status of entitlements on the Property; (f) evaluate whether bonds will be required, determine the requirements for each bond, and work with surety companies to satisfy the relevant conditions; and (g) help manage the sale process, including title and escrow coordination, and communicate buyer due diligence and potential delays to all stakeholders. J.S. Held will be compensated at its customary hourly rates. All work will be performed by David Kieffer and Dan Marcoux at their current hourly rates of $615 and $495, respectively. The firm will also be reimbursed for its actual, out-of-pocket expenses, subject to Court approval. According to court filings, J.S. Held is a "disinterested" firm. The firm is not a pre-petition creditor, equity security holder, or insider of the Debtor, was not a director, officer, or employee of the Debtor within two years before the petition date, and neither holds nor represents any interest materially adverse to the estate or its creditors. The firm can be reached at: Dan Marcoux J.S. HELD, LLC 515 S. Flower Street, 18th Floor Los Angeles, CA 90071 Telephone: (858) 855-2060 About Mountain Vista Holdings LLC Mountain Vista Holdings, LLC is a single-asset real estate company in Los Angeles, Calif. Mountain Vista Holdings sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-13296) on November 19, 2025, with $8,200,200 in assets and $4,786,000 in liabilities. D. Scott Abernethy, manager, signed the petition. Judge Scott C. Clarkson presides over the case. James Mortensen, Esq., at Socal Law Group, PC represents the Debtor as bankruptcy counsel. NOISE ENTERTAINMENT: $172K Unsecured Claims to Get $7,600 in 5 Yrs ------------------------------------------------------------------ Noise Entertainment & Media, LLC submitted an Amended Plan of Reorganization dated July 24, 2026. The Debtor is a Georgia limited liability company formed in 2013 that operates a motion picture and video production business. The company owns real property located at 692 Tenth Street, N.W., Atlanta, Georgia. It is wholly owned and managed by Rasool D. Malik II, who is the Debtor's only insider, and the company has no other employees. The Chapter 11 Plan addresses all of the Debtor's property and provides for the treatment of all claims against the Debtor and its assets. Class 1 Internal Revenue Service Priority Tax Claim: * Allowed IRS tax claims due on or before the Effective Date will be paid in 60 equal monthly installments over five years. * Payments will include 3% annual simple interest on any outstanding balance from the Effective Date, unless a lower rate is agreed to. Class 2 Georgia Department of Revenue Priority Tax Claim: * The Debtor states that, to its knowledge, the Georgia Department of Revenue has no claim in the bankruptcy case, and none had been filed as of the date of the Plan. Class 3 U.S. Bank Trust Company Secured Claim: * U.S. Bank Trust Company asserts a secured claim of approximately $1,183,989.27, secured by the Debtor's Atlanta real property. * Under the Plan, the loan will be re-amortized over 30 years with a fixed annual interest rate of 7.5%, beginning on the Effective Date. Class 4 Invest Atlanta Secured Claim: * Invest Atlanta holds a subordinate secured claim of approximately $250,045.00, also secured by the Atlanta property. * The loan has a 10-year term and is amortized over 25 years. * The Debtor has been making payments and will continue paying according to the existing loan documents. Class 5 Celtic Bank Corporation Secured Claim: * Celtic Bank holds a secured claim of approximately $31,653.37, secured by all of the Debtor's business assets. * The debt will be restructured with monthly payments of $611.95 based on a 5-year repayment period at 6% interest. Class 6 General Unsecured Claims: * The Debtor estimates total unsecured debt at $172,235.35. * General unsecured creditors will receive a total dividend of $7,631.49, paid quarterly over 60 months beginning after confirmation of the Plan. * Class 6 is impaired and entitled to vote. * The treatment of Class 6 is the same whether the Plan is confirmed under Section 1191(a) of the Bankruptcy Code or Section 1191(b) of the Bankruptcy Code. Funding of the Plan: * Plan payments will be funded from the Debtor's income. * Payments to general unsecured creditors will come from the Debtor's disposable income and rental income. * If those sources are insufficient in any month, the Debtor will make payments using exempt assets, additional income, or proceeds from the sale of unencumbered assets. A full-text copy of the Amended Plan dated July 24, 2026 is available at https://urlcurt.com/u?l=1fQZob from PacerMonitor.com at no charge. Counsel to the Debtor: Brian S. Limbocker, Esq. Limbocker Law Firm, LLC 2230 Towne Lake Parkway Building 100, Ste. 140 Woodstock, GA 30189 Telephone: (678) 401-6836 Facsimile: (678) 412-4152 E-mail: bsl@limbockerlawfirm.com About Noise Entertainment & Media Noise Entertainment & Media, LLC, is a Georgia-based motion picture and video production company that owns real property in Atlanta. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-54573) on April 6, 2026, listing up to $10 million in both assets and liabilities. Rasool D. Malik, II, owner and president, signed the petition. Judge Paul W. Bonapfel oversees the case. Brian S. Limbocker, at Limbocker Law Firm, is the Debtor's legal counsel. OAK-EAGLE ACQUIRECO: S&P Assigns 'BB-' ICR, Outlook Stable ---------------------------------------------------------- S&P Global Ratings assigned its 'BB-' issuer credit rating to Oak-Eagle AcquireCo Inc. S&P also assigned its 'BB' issue-level ratings to Oak-Eagle's US$6.125 billion term loan B, US$2 billion euro-denominated term loan B, US$2.875 billion senior secured notes, and US$1.25 billion euro-denominated senior secured notes. Furthermore, S&P assigned its 'B' issue-level rating on the US$2.5 billion unsecured notes. S&P said, "At the same time, we downgraded Electronic Arts Inc. (EA) to 'BB-' with a stable outlook, from 'BBB+'. We also lowered the issue-level rating on EA's unsecured notes due 2031 to 'BB+' with a '1' recovery rating, and the rating on EA's unsecured notes due 2051 to 'BB' with a '2' recovery rating. "The stable outlook on Oak-Eagle reflects our expectation that EA will generate material free operating cash flow (FOCF) in fiscal 2027 (ending March 2027), and will steadily reduce leverage, which could spike at around 9x over the same period." Oak-Eagle AcquireCo Inc.'s take-private acquisition of Electronic Arts Inc. closed Aug. 4, 2026. The deal includes about $18 billion of newly funded debt. S&P said, "We lowered our issuer credit rating on Electronic Arts Inc. At close, EA's S&P Global Ratings-adjusted leverage increased to about 8.5x, compared to its net cash position prior to close. We expect EA's pro forma S&P Global Ratings-adjusted leverage will temporarily climb to around 9x in fiscal 2027 as the company develops and markets new games and AI projects and pays out unvested equity in cash over the first few years post close (which we do not add back to EBITDA). However, we forecast the company will reduce leverage to the mid-6x area in fiscal 2028, using excess cash flow to repay debt and grow EBITDA. "We expect organic revenue growth of mid-single-digit percent in fiscal 2027 and low-teens percent in fiscal 2028. This largely stems from the expected release of new content, an increased focus on capturing advertising income, a consistent pipeline of releases related to licensed content, and stable performance from the EA Sports portfolio. We also expect S&P Global Ratings-adjusted FOCF to debt to approach 5% in fiscal 2027, increasing towards 10% in 2028. "We also l owered the issue-level ratings on EA's pre-existing unsecured note s. EA has sought to effect a defeasance of these debt instruments under the relevant indenture, funding an irrevocable escrow trust with a set of U.S. treasuries. Previously, we indicated this defeasance transaction does not achieve credit risk substitution under our criteria for escrowed collateral. Upon close of the transaction, the company had roughly $681 million of the 2031 unsecured notes and $742 million of the 2051 unsecured notes outstanding. While the escrowed collateral does not meet our criteria to achieve credit substitution, we do believe it would constitute a material source recovery for bondholders in a potential default scenario involving EA. Based on current trading prices of the treasuries we understand to have been placed in trust, we expect a recovery range of 90% to 100% (rounded estimate: 90%) for the 2031 notes and 70% to 90% (rounded estimate: 70%) for the 2051 notes in our simulated default scenario. In light of these, we lowered our issue-level rating on the 2031 notes to 'BB+' and assigned them a '1' recovery rating, and lowered our issue-level rating on the 2051 notes to 'BB' and assigned them a '2' recovery rating. Issue-level ratings are based on our recovery analysis and can be at most two notches above the issuer-credit rating of the company." Oak-Eagle's newly issued debt puts it at slightly greater risk. At close, the company funded its previously announced US$6.125 billion term loan B, US$2 billion euro-denominated term loan B, US$2.875 billion senior secured notes, US$1.25 billion euro-denominated senior secured notes, and US$2.5 billion unsecured notes. S&P said, "Subsequently, we assigned Oak-Eagle a 'BB-' issuer credit rating, 'BB' issue-level and '2' recovery ratings on the secured debt, and 'B' issue-level and '6' recovery ratings on the unsecured debt. The '2' recovery rating reflects our expectation for substantial (70%-90%; rounded estimate 85%) recovery for lenders in the event of a payment default. The '6' recovery rating indicates our expectation for negligible recovery (0%-10%; rounded estimate: 0%)." S&P said, "We expect EA will continue to generate strong operational metrics. The company's core franchises, including EA Sports FC, Madden, EA College Football, Sims, Apex, and the recently launched Battlefield 6, represent the vast majority of revenue and earnings for the company, and provide flexibility to invest in further developing these franchises and to create new ones. These factors offer strong support for the 'BB-' rating. While leverage will spike in fiscal 2027, we expect a clear path for it to return to below 7.5x and for the company to generate at least 5% FOCF to debt." There is potential upside if EA introduces new revenue streams. The take-private transaction will also allow EA to focus on long-term priorities, including a range of AI initiatives and expanding beyond the traditional gaming ecosystem. As part of this strategy, EA plans to launch the EA Sports App, a social media-style application designed to increase user engagement. Additionally, the company is exploring expanded user-generated content and experiences. These new ventures would represent an upside to our base case if they are successful. S&P said, "EA could also exceed our expectations as it begins to integrate advertising more directly into gaming experiences. While we include some top-line growth from advertising in our forecast, the company could accelerate investment in this area and fuel faster growth than our current expectation. "The stable outlook reflects our expectations that despite elevated S&P Global Ratings-adjusted leverage of about 8.5x at the close of the transaction, EA will generate material FOCF in fiscal 2027. The stable outlook also reflects our expectation that EA will steadily reduce leverage over the next few years as it repays debt, grows EBITDA, and rolls off unvested equity that converted into cash awards." S&P could lower the rating if: -- S&P expects EA will generate a ratio of FOCF to debt of less than 5% on a sustained basis; or -- S&P no longer expect EA to reduce and maintain leverage below 7.5x. S&P could raise the rating on EA if: -- S&P expects the company will generate FOCF to debt approaching 10% on a sustained basis; and -- EA reduces and sustains leverage below 6.5x. ONEMAIN FINANCE: S&P Rates New $500MM Senior Unsecured Notes 'BB' ----------------------------------------------------------------- S&P Global Ratings assigned its 'BB' issue rating to OneMain Finance Corp.'s proposed $500 million senior unsecured notes due 2034. OneMain Finance (OMFC) is a direct, wholly owned subsidiary of OneMain Holdings Inc. (OneMain). The notes will be guaranteed on an unsecured basis by OneMain. The company intends to use the net proceeds for general corporate purposes, which may include debt repurchases or repayments. For the second quarter of 2026, OneMain's leverage, as measured by debt to adjusted total equity (ATE), was 5.5x-6.0x. Assuming no equity growth and debt repayments, pro forma for the proposed issuance, S&P expects leverage will be 6.0x-6.25x, while our downside threshold is 6.5x. S&P said, "As of June 30, 2026, OneMain's ratio of unencumbered assets to unsecured debt was above 1.0x. Pro forma for this transaction, we expect that ratio to remain 1.0x-1.1x. If the company's unsecured debt becomes greater than its unencumbered assets, we would lower the issue rating by one notch, to 'BB-'." For the six months ended June 30, 2026, OneMain (operating through its main subsidiary, OMFC) had net charge-offs of 8.3%. However, S&P expects this ratio to improve in the second half of 2026, given the 30-plus-day delinquency ratio decreased for both personal loans (5.17%, versus 5.85%) and credit cards (10.19%, versus 12.43%) compared with year-end 2025. Notwithstanding macroeconomic headwinds, management affirmed its 2026 guidance of 6%-9% receivables growth and expects net charge-offs to be 7.4%-7.9%. S&P said, "The stable rating outlook on OneMain indicates our expectation that--despite macroeconomic headwinds--over the next 12 months, the company will keep its competitive position in nonprime consumer lending and operate with leverage, as measured by debt to ATE, of 4.5x-6.5x, although our base-case assumption is 5.5x-6.5x. We expect the company to maintain ample liquidity, manageable net charge-offs of about 8%, and its diversified funding mix. "We could lower our ratings over the next 12 months if debt to ATE rises above 6.5x or if net charge-offs substantially rise above our base-case expectations and erode earnings." S&P could also lower the ratings if: -- Regulatory actions impede OneMain's business, -- The company takes on large debt-funded initiatives, or -- Competition increases in the nonprime consumer lending industry such that risk-adjusted yields decline and weaken earnings. An upgrade is unlikely over the next 12 months. In the longer term, S&P could raise its ratings if the company maintains leverage below 4.5x, net charge-offs near 6%, and its well-diversified funding mix and better-than-peer liquidity. ORANGE COURIER: Tiger Group Sells Fleet Assets in Chapter 7 Case ---------------------------------------------------------------- Tiger Group auctioned a diverse array of rolling stock and material-handling equipment from the Southern California facilities of the affiliated logistics companies Asbury Transportation and Orange Courier. Conducted as part of a Chapter 7 bankruptcy proceeding, the two-day auction was part of a series of successful transportation/logistics dispositions conducted by Tiger Commercial & Industrial (C&I) in recent months. Highlights included: * Tractor trucks by Kenworth and International * Trailers by Trailmobile, Fontaine, Great Dane, Wabash National, Hyundai, Trail King, Transcraft, Dorsey and Manac * Forklifts manufacturers such as Nissan, Pettibone and Hyster-Yale "This Chapter 7 assignment was part of our growing transportation and fleet disposition practice, which continues to achieve strong recoveries through targeted marketing and an extensive network of equipment buyers," said Jonathan Holiday, Senior Director, Tiger Commercial & Industrial. The Asbury/Orange Courier sales drew thousands of bids from buyers in nine countries. "Improving freight fundamentals, tighter trucking capacity and increasing spot rates have contributed to stronger buyer participation and healthier secondary-market demand in the transportation and logistics sector," Holiday noted. "The strong bidding activity in these sales underscores the continued appeal of well-maintained trucking and material-handling equipment." Media Contacts: Joey Linde Jaffe Communications Tel: (908) 789-0700 Email 420085@email4pr.com. PACI ELECTRIC: Charles Persing Named Subchapter V Trustee --------------------------------------------------------- The U.S. Trustee for Region 2 appointed Charles Persing, a certified public accountant at Bederson, LLP, as Subchapter V trustee for Paci Electric, LLC. Mr. Persing will be paid an hourly fee of $500 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Persing declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Charles N. Persing, CPA/CFF, CVA, CIRA, CFE Bederson LLP 100 Passaic Avenue, Suite 310 Fairfield, NJ 07004 Phone: (973) 530-9181 Fax: (862) 926-2481 Email: cpersing@bederson.com About Paci Electric LLC Paci Electric LLC, doing business as Conte Electric, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 26-22749) on July 29, 2026, with up to $50,000 in assets and $500,001 to $1 million in liabilities. Julie Cvek Curley, Esq., at Kirby Aisner & Curley LLP represents the Debtor as legal counsel. PAPAYA GAMING: Chapter 15 Case Summary -------------------------------------- Two affiliates that concurrently filed voluntary petitions for relief under Chapter 15 of the Bankruptcy Code: Debtor Case No. ------ -------- Papaya Gaming Ltd. (Lead Case) 26-11217 35 HaMasger St. Tel Aviv-Yaffo 67 21407 Israel Papaya Gaming Inc. 26-11218 8 The Green, Suite A Dover DE 19901 United States Business Description: Papaya Gaming Ltd. ("Papaya Israel"), founded in 2016 and headquartered in Tel Aviv, develops and operates a proprietary mobile gaming platform that enables users to participate in multiplayer, skill-based tournaments offering prizes through games including Solitaire, Bingo and Bubble. The company centrally manages the Papaya group's corporate activities from Israel and owns Papaya Gaming, Inc. ("Papaya US"), a Delaware corporation that supports U.S. payment processing by receiving player deposits, paying vendors and transferring remaining funds to Papaya Israel. Papaya US has no employees, physical offices or independent decision-making authority. The broader group also includes non-debtor subsidiaries engaged in U.K. game distribution, software development, social-network activities and clearing support, as well as dormant or inactive entities in India and Brazil. Chapter 15 Petition Date: August 2, 2026 Court: United States Bankruptcy Court District of Delaware Judge: Hon. Mary F. Walrath Foreign Representative: Oriel Bachar 35 HaMasger St Tel Aviv-Yaffo 67 21407 Israel Foreign Proceeding: Proceeding under Part J of the Israeli Insolvency and Financial Rehabilitation Law, 5778-2018, pending in the District Court of Tel Aviv, Israel, Case No. 87154-07-26 Foreign Representative's Counsel: Stanley B. Tarr, Esq. BLANK ROME LLP 1201 N. Market St, Suite 800 Wilmington DE 19801 Tel: (302) 425-6400 Email: stanley.tarr@blankrome.com Estimated Assets: Unknown Estimated Debt: Unknown Full-text copies of the Chapter 15 petitions are available for free on PacerMonitor at: https://www.pacermonitor.com/view/2N5LR5A/Oriel_Bachar_and_Papaya_Gaming__debke-26-11218__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/UGFMRLY/Oriel_Bachar_and_Papaya_Gaming__debke-26-11217__0001.0.pdf?mcid=tGE4TAMA PATHWAY VET: Ares Capital Marks $88.4MM 2L Loan at 35% Off ---------------------------------------------------------- Ares Capital Corporation has marked its $88.4MM second lien senior secured loan to Pathway Vet Alliance LLC and Jedi Group Holdings LLC to market at $57.5MM or 65% of the outstanding amount, according to Ares Capital's Form 10-Q for the quarterly period ended July 29, 2026, filed with the U.S. Securities and Exchange Commission. Ares Capital is a participant in a loan extended to Pathway Vet Alliance LLC and Jedi Group Holdings LLC. The second lien senior secured loan matures in June 2028. Ares Capital Corporation is a business development company that provides financing solutions to middle-market companies across a range of industries. The Fund is led by M. Kort Schnabel as Chief Executive Officer. The Fund can be reached at: M. Kort Schnabel ARES CAPITAL CORPORATION 245 Park Avenue, 44th Floor New York, NY 10167 Telephone: (212) 750-7300 About PATHWAY VET ALLIANCE LLC AND JEDI GROUP HOLDINGS LLC Pathway Vet Alliance LLC and Jedi Group Holdings LLC together operate a veterinary services platform that partners with and supports veterinary practices across the United States. PHUONG VO: Gets Final OK to Use Cash Collateral ----------------------------------------------- Phuong Vo Enterprises, Inc. received final approval from the U.S. Bankruptcy Court for the Northern District of California, San Jose Division, to use cash collateral. The court authorized the Debtor to continue using cash collateral in accordance with the terms set forth in its prior interim order, as modified by its ruling on the record at the July 28 hearing. The court also approved the Debtor's operating budget on a final basis, subject to the variance provisions set forth in the prior interim order. Finally, the order provides that the final cash collateral order supersedes the prior interim order to the extent of any inconsistency. The bankruptcy court also retained jurisdiction to interpret and enforce the terms of the order throughout the remainder of the Chapter 11 case. The order is available at https://shorturl.at/mO26R from PacerMonitor.com. Phuong Vo Enterprises has operated since 2017 but encountered significant financial distress due to the COVID-19 pandemic, including government-mandated shutdowns, reduced customer traffic, inflation, rising operating costs, and weakened consumer spending. To sustain operations, the business obtained approximately $450,005 in SBA Economic Injury Disaster Loans and an additional $87,330 business line of credit from U.S. Bank secured by certain salon equipment. The Debtor's schedules listed approximately $27,557 in assets and $540,436 in liabilities. The business employs nine non-insider employees and is managed by its sole owner, Phuong Nhat Vo, who receives modest monthly compensation. 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. PLATINUM HEALTHCARE: Case Summary & Five Unsecured Creditors ------------------------------------------------------------ Debtor: Platinum Healthcare Physical Medicine, PLLC 5560 Bee Ridge Road, Suite 7 Sarasota, FL 34233 Business Description: Platinum Healthcare Physical Medicine operates outpatient physical-medicine and rehabilitation clinics in Sarasota and North Port, Florida, providing chiropractic care, spinal decompression, neuropathy treatment, non-surgical pain management, regenerative-medicine evaluations, and care for automobile-accident and musculoskeletal injuries. Chapter 11 Petition Date: August 3, 2026 Court: United States Bankruptcy Court Middle District of Florida Case No.: 26-06901 Judge: Hon. Catherine Peek McEwen Debtor's Counsel: Samantha L Dammer, Esq. BLEAKLEY BAVOL DENMAN & GRACE 15316 N. Florida Avenue Tampa, FL 33613 Tel: (813) 221-3759 E-mail: sdammer@bbdglaw.com Total Assets: $96,000 Total Liabilities: $1,836,700 The petition was signed by Dr. Daniel Rubin as manager. A full-text copy of the petition, which includes a list of the Debtor's five unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/KVA5OSQ/Platinum_Healthcare_Physical_Medicine__flmbke-26-06901__0001.0.pdf?mcid=tGE4TAMA PLURALSIGHT LLC: Ares Capital Marks $23.7MM 1L Loan at 100% Off --------------------------------------------------------------- Ares Capital Corporation has marked its $23.7MM first lien senior secured loan to Pluralsight, LLC, Pluralsight Holdings, LLC and Paradigmatic Holdco LLC to market at 0% of the outstanding amount, according to ARES Capital Corp's Form 10-Q for the quarterly period ended July 29, 2026, filed with the U.S. Securities and Exchange Commission. Ares Capital is a participant in a loan extended to Pluralsight, LLC and Pluralsight Holdings, LLC and Paradigmatic Holdco LLC. The first lien senior secured loan matures in August 2029. Ares Capital Corporation is a business development company that provides financing solutions to middle-market companies across a range of industries. The Fund is led by M. KORT SCHNABEL as Chief Executive Officer. The Fund can be reached at: M. Kort Schnabel ARES CAPITAL CORPORATION 245 Park Avenue, 44th Floor New York, NY 10167 Telephone: (212) 750-7300 About PLURALSIGHT, LLC AND PLURALSIGHT HOLDINGS, LLC AND PARADIGMATIC HOLDCO LLC Pluralsight, LLC and Pluralsight Holdings, LLC and Paradigmatic Holdco LLC together operate an online education learning platform offering technology and professional skills training courses. PLURALSIGHT LLC: Ares Capital Virtually Writes Off $23.7MM 1L Loan ------------------------------------------------------------------ Ares Capital Corporation has marked its $23.7MM first lien senior secured loan to Pluralsight, LLC and Pluralsight Holdings, LLC and Paradigmatic Holdco LLC to market at 0% of the outstanding amount, according to ARES Capital's Form 10-Q for the quarterly period ended July 29, 2026, filed with the U.S. Securities and Exchange Commission. Ares Capital is a participant in a loan extended to Pluralsight, LLC and Pluralsight Holdings, LLC and Paradigmatic Holdco LLC. The first lien senior secured loan matures in August 2029. Ares Capital Corporation is a business development company that provides financing solutions to middle-market companies across a range of industries. The Fund is led by M. Kort Schnabel as Chief Executive Officer. The Fund can be reached at: M. Kort Schnabel ARES CAPITAL CORPORATION 245 Park Avenue, 44th Floor New York, NY 10167 Telephone: (212) 750-7300 About PLURALSIGHT, LLC AND PLURALSIGHT HOLDINGS, LLC AND PARADIGMATIC HOLDCO LLC Pluralsight, LLC, Pluralsight Holdings, LLC, and Paradigmatic Holdco LLC are online education learning platform. PRO QUIP: Creditors to Get Proceeds from Liquidation ---------------------------------------------------- Pro Quip LLC submitted a Second Amended Plan of Liquidation under Subchapter V dated July 24, 2026. Pro Quip LLC is a Florida limited liability company formed on August 17, 2021. The company is operated by Marta Marcellino, CEO, and Neil Marcellino, an authorized person. The Debtor operates a heavy-equipment sales and rental business in Pompano Beach, Florida, serving construction contractors, landscaping and forestry companies, and other industrial customers through equipment sales, rentals, financing partnerships, and logistics services. Reason for the Liquidating Plan: * The business continues operating while awaiting approval of the Plan and the sale of its assets. * The Plan replaces a previously filed amended reorganization plan because: -- The value of the Debtor's inventory and undeposited funds has declined. -- The business has continued to lose money. -- The Debtor incurred losses of approximately $24,000 over the previous nine months. * The Debtor concluded that continuing operations could no longer support a successful reorganization and believes a Chapter 11 liquidating plan will provide greater recoveries to creditors than conversion to Chapter 7. The Debtor proposes to liquidate substantially all estate property with the assistance of a court-authorized auctioneer. Net proceeds will be distributed to creditors under the supervision of the Subchapter V Trustee, whose authority was expanded by court order on July 15, 2026. The Debtor seeks confirmation of the Plan on a non-consensual ("cramdown") basis, asserting that the Plan is fair, equitable, and feasible because it is based on liquidation rather than continued operations. Class 1 AmeriCredit Secured Claim: * This impaired class will receive treatment through surrender of the collateral within 10 days of the Effective Date. * AmeriCredit will receive: -- The net sale proceeds up to its allowed secured claim, or -- The collateral itself if AmeriCredit elects and consents to abandonment in full satisfaction of its secured claim. * Any remaining deficiency will be treated as a Class 2 general unsecured claim. Class 2 General Unsecured Claims: * Total general unsecured claims are $492,916.32. * Holders of allowed Class 2 claims will receive pro rata distributions from the remaining net liquidation proceeds after payment of: -- Allowed administrative expenses. -- The Class 1 secured claim. * The Plan estimates approximately $66,450.00 will be available for this class. * Distributions will be made: -- In a single payment within 14 days after all assets have been liquidated and disputed claims resolved, or -- Through interim distributions as funds become available at the Subchapter V Trustee's discretion. * This class is impaired. Equity Interests: * Ownership is divided equally between: -- Marta Marcellino (50%) -- Neil Marcellino (50%) * The Plan provides no distributions to equity holders. On the Effective Date, the Debtor will have authority to liquidate remaining tangible assets. Assets may be sold through public auction, private sale, or another commercially reasonable method, with court approval where required. Funding and Reporting * All Plan distributions will be funded exclusively from: -- Net proceeds of the liquidation. -- The Debtor's undeposited funds. -- Cash on hand. * The Debtor will continue filing monthly operating reports until final distributions are completed and the bankruptcy case is closed. * The Plan provides for a minimum distribution of $381,700.19, and ongoing liquidation proceeds and distributions will be reported in additional exhibits to the monthly operating reports after the Effective Date. A full-text copy of the Second Amended Liquidating Plan dated July 24, 2026 is available at https://urlcurt.com/u?l=xjWdnv from PacerMonitor.com at no charge. Counsel to the Debtor: Chad T. Van Horn, Esq. Van Horn Law Group, PA 500 NE 4th Street, Suite 200 Fort Lauderdale, FL 33301 Tel: (561) 621-1360 E-mail: info@cvhlawgroup.com About Pro Quip LLC Pro Quip, LLC, operates a heavy-equipment sales and rental business that specializes in construction and industrial machinery for the Florida market. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-20194) on Aug. 29, 2025, with $500,001 to $1 million in assets and $100,001 to $500,000 in liabilities. Judge Peter D. Russin presides over the case. Chad T. Van Horn is the Debtor's legal counsel. PROFESSIONAL FIGHTERS: Ares Capital Marks $300,000 Loan at 33% Off ------------------------------------------------------------------ Ares Capital Corporation has marked its $300,000 senior subordinated loan to Professional Fighters League, LLC, PFL MMA LLC and PFL MMA, Inc. to market at $2000,000 or 67% of the outstanding amount, according to Ares Capital's Form 10-Q for the quarterly period ended July 29, 2026, filed with the U.S. Securities and Exchange Commission. Ares Capital is a participant in a loan extended to Professional Fighters League, LLC, PFL MMA LLC and PFL MMA, Inc. The senior subordinated loan accrues interest at 8% PIK per annum and matures in January 2036. Ares Capital Corporation is a business development company that provides financing solutions to middle-market companies across a range of industries. The Fund is led by M. Kort Schnabel as Chief Executive Officer. The Fund can be reached at: M. Kort Schnabel ARES CAPITAL CORPORATION 245 Park Avenue, 44th Floor New York, NY 10167 Telephone: (212) 750-7300 About PROFESSIONAL FIGHTERS LEAGUE, LLC, PFL MMA LLC AND PFL MMA, INC. Professional Fighters League, LLC, PFL MMA LLC and PFL MMA, Inc. operate the Professional Fighters League, a mixed martial arts promotion that stages MMA events and produces associated sports media content. PROVIDENTIAL LENDING: J. Cross' Appointment as Trustee OK'd ----------------------------------------------------------- Judge Daniel Collins of the U.S. Bankruptcy Court for the District of Arizona approved the appointment of James Cross as Chapter 11 trustee for Providential Lending Services, LLC and American 24, LLC. Mr. Cross was appointed by the U.S. Trustee for Region 14, the Justice Department's bankruptcy watchdog overseeing the companies' Chapter 11 cases. The U.S. Trustee sought recommendations for the Chapter 11 trustee from the following interested parties: * Joseph Urtuzuastegui, representing the Debtor; * Molly Kjartanson, representing secured creditor Velocity Commercial Capital; * David Knapper, representing secured creditor Brian Fuller; and * Helen Santilli, representing unsecured creditors David and Susan Thelen. The Chapter 11 trustee can be reached at: James E. Cross Cross Law Firm, PLC PO Box 45469 Phoenix, AZ 85064 Email: jcross@crosslawaz.com Telephone: (602)412-4422 Cellular: (602) 390-0971 About Providential Lending Services Providential Lending Services, LLC, is a company based in Mesa, Ariz., primarily engaged in renting and leasing properties to residential or commercial tenants. Providential Lending Services sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-04020) on May 5, 2025, listing up to $10 million in assets and up to $500,000 in liabilities. John Conover, manager of Providential Lending Services, signed the petition. Judge Brenda K. Martin oversees the case. Joseph G. Urtuzuastegui III, Esq., at The Real Estate Investor Law Firm, LLC, is the Debtor's bankruptcy counsel. PS OPERATING: Ares Capital Marks $19.6MM 1L Loan at 84% Off ----------------------------------------------------------- Ares Capital Corporation has marked its $19.6MM first lien senior secured loan to PS Operating Company LLC and PS Op Holdings LLC to market at $3.2MM or 16% of the outstanding amount, according to Ares Capital's Form 10-Q for the quarterly period ended July 29, 2026, filed with the U.S. Securities and Exchange Commission. Ares Capital is a participant in a loan extended to PS Operating Company LLC and PS Op Holdings LLC. The first lien senior secured revolving loan matures in June 2028. Ares Capital Corporation is a business development company that provides financing solutions to middle-market companies across a range of industries. The Fund is led by M. Kort Schnabel as Chief Executive Officer. The Fund can be reached at: M. Kort Schnabel ARES CAPITAL CORPORATION 245 Park Avenue, 44th Floor New York, NY 10167 Telephone: (212) 750-7300 About PS OPERATING COMPANY LLC AND PS OP HOLDINGS LLC PS Operating Company LLC and PS Op Holdings LLC, doing business as QC Supply, provides online livestock and poultry supplies and equipment. PS OPERATING: Ares Capital Marks $19.6MM 1L Loan at 84% Off ----------------------------------------------------------- Ares Capital Corporation has marked its $19.6MM first lien senior secured loan to PS Operating Company LLC and PS Op Holdings LLC to market at $3.2MM or 16% of the outstanding amount, according to ARES CAPITAL CORP's Form 10-Q for the quarterly period ended July 29, 2026, filed with the U.S. Securities and Exchange Commission. Ares Capital is a participant in a loan extended to PS Operating Company LLC and PS Op Holdings LLC. The first lien senior secured loan matures in June 2028. Ares Capital Corporation is a business development company that provides financing solutions to middle-market companies across a range of industries. The Fund is led by M. Kort Schnabel as Chief Executive Officer. The Fund can be reached at: M. Kort Schnabel ARES CAPITAL CORPORATION 245 Park Avenue, 44th Floor New York, NY 10167 Telephone: (212) 750-7300 About PS OPERATING COMPANY LLC AND PS OP HOLDINGS LLC PS Operating Company LLC and PS Op Holdings LLC are privately held companies about which limited public information is available, and their precise lines of business were not specified in the filing. PS OPERATING: Ares Capital Marks $5.8MM 1L Loan at 83% Off ---------------------------------------------------------- Ares Capital Corporation has marked its $5.8MM first lien senior secured revolving loan to PS Operating Company LLC and PS Op Holdings LLC to market at $1.0MM or 17% of the outstanding amount, according to Ares Capital's Form 10-Q for the quarterly period ended July 29, 2026, filed with the U.S. Securities and Exchange Commission. Ares Capital is a participant in a loan extended to PS Operating Company LLC and PS Op Holdings LLC. The first lien senior secured revolving loan matures in June 2028. Ares Capital Corporation is a business development company that provides financing solutions to middle-market companies across a range of industries. The Fund is led by M. Kort Schnabel as Chief Executive Officer. The Fund can be reached at: M. Kort Schnabel ARES CAPITAL CORPORATION 245 Park Avenue, 44th Floor New York, NY 10167 Telephone: (212) 750-7300 About PS OPERATING COMPANY LLC AND PS OP HOLDINGS LLC PS Operating Company LLC and PS Op Holdings LLC, doing business as QC Supply, provides online livestock and poultry supplies and equipment. PS OPERATING: Ares Capital Marks $5.8MM 1L Loan at 83% Off ---------------------------------------------------------- Ares Capital Corporation has marked its $5.8MM first lien senior secured revolving loan to PS Operating Company LLC and PS Op Holdings LLC to market at $1MM or 17% of the outstanding amount, according to Ares Capital's Form 10-Q for the quarterly period ended July 29, 2026, filed with the U.S. Securities and Exchange Commission. Ares Capital is a participant in a loan extended to PS Operating Company LLC and PS Op Holdings LLC. The first lien senior secured loan matures in June 2028. Ares Capital Corporation is a business development company that provides financing solutions to middle-market companies across a range of industries. The Fund is led by M. Kort Schnabel as Chief Executive Officer. The Fund can be reached at: M. Kort Schnabel ARES CAPITAL CORPORATION 245 Park Avenue, 44th Floor New York, NY 10167 Telephone: (212) 750-7300 About PS OPERATING COMPANY LLC AND PS OP HOLDINGS LLC PS Operating Company LLC and PS Op Holdings LLC are privately held companies about which limited public information is available, and their precise lines of business were not specified in the filing. PUFFCUFF LLC: Claims to be Paid from Disposable Income ------------------------------------------------------ Puffcuff LLC filed with the U.S. Bankruptcy Court for the Northern District of Georgia dated July 24, 2026. PuffCuff LLC is a limited liability company that has manufactured and sold a consumer hair appliance since 2013. Its products are sold primarily through eCommerce and retail partners, including Amazon, Sally Beauty, Faire, Shopify, Target.com, Wal-Mart.com, HEB, and CVS. Changes to the rules and guidelines of the online sales platforms used by PuffCuff significantly reduced customers' ability to purchase its products. These changes caused substantial financial losses, leading the company to file for Chapter 11 bankruptcy. The Plan includes financial projections under four different scenarios, depending on whether the Debtor obtains post-confirmation financing. The projections indicate that the Debtor expects to generate disposable income during the applicable period. The final Plan payment is expected to be made on September 30, 2029. Treatment of Claims Class 1 Regions Bank (Secured Claim): * The secured claim of Regions Bank will be paid in full. Class 2 U.S. Small Business Administration (SBA): * The SBA elected to have its claim treated as fully secured. * The SBA will receive $250 per month for 30 years. * Its pre-petition lien will remain in effect after plan confirmation. Class 3 Non-priority Unsecured Creditors: * Creditors will receive pro rata quarterly payments from the Debtor's net income after the secured claim of Regions Bank has been paid in full. * This class is impaired. Class 4 Equity Security Holders: * Ceata Lash, the sole pre-petition equity holder, will retain her ownership interest in the reorganized Debtor. Plan Implementation: * The administrative claim of the Subchapter V Trustee will be paid in full in cash within five days after the Trustee's fees and costs are finally allowed. * Any outstanding court fees and fees owed to the Office of the United States Trustee will also be paid in full within five days of the Effective Date. * Payments to Regions Bank will be made quarterly from the Debtor's net income until its secured claim is paid in full. * After Regions Bank is paid, non-priority unsecured creditors will receive quarterly pro rata distributions from net income through September 30, 2029. * The first payment to Regions Bank is scheduled for October 15, 2026. * Ceata Lash will serve as the sole owner and President of the reorganized Debtor. A full-text copy of the Plan of Reorganization dated July 24, 2026 is available at https://urlcurt.com/u?l=fkDd3F from PacerMonitor.com at no charge. Counsel to the Debtor: John W. Mills, Esq. Mills Business Law, LLC 1336 Harvard Road, NE Atlanta, GA 30306 - and - 1150 S. Olive Street, 10th Floor Los Angeles, CA 90015 Email: jmills@millsbizlaw.com Telephone: (404) 219-5038 About Puffcuff LLC Puffcuff LLC is a consumer products company specializing in hair accessories. The company maintains operations at two locations in Marietta, including its principal place of business on Allgood Road and an industrial parkway facility. Puffcuff LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-51881) on Feb. 22, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by John Wesley Mills, III, at Mills Business Law, LLC. QTP II INC: 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 QTP II, Inc. Ms. Haselden will be paid an hourly fee of $625 for her services as Subchapter V trustee, an hourly fee of $195 for support staff working under her direct supervision, 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 QTP II Inc. QTP II Inc., doing business as Quality Therapy Providers, provides speech, physical, and occupational therapy for pediatric, adult, and geriatric patients. Its services address communication and swallowing disorders, physical rehabilitation, motor and sensory functions, stroke recovery, and daily-living activities. The company operates in Mercedes and Weslaco, Texas, and has served the Rio Grande Valley since 2002. QTP II sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 26-70236) on July 31, 2026, with $378,615 in assets and $3,171,648 in liabilities. Michael Hernandez, president of QTP II, signed the petition. Judge Eduardo V. Rodriguez presides over the case. Robert C. Lane, Esq., at The Lane Law Firm represents the Debtor as bankruptcy counsel. QVC GROUP: Q2 Net Loss Falls to $30M vs. $2.21B Loss in Prior Year ------------------------------------------------------------------ QVC Group, Inc. filed its Quarterly Report on Form 10-Q with the U.S. Securities and Exchange Commission for the three and six months ended June 30, 2026. The Company had net losses of $30 million and $2.209 billion for the three months ended June 30, 2026 and 2025, respectively, and net losses of $70 million and $2.3 billion for the six months ended June 30, 2026 and 2025, respectively. Consolidated QVC Group total revenue net decreased 10.6% or $238 million and 8.9% or $386 million for the three and six months ended June 30, 2026, respectively, declining in all segments as compared to the corresponding period in the prior year. As of June 30, 2026, the Company had $6.99 billion in total assets, $10.72 billion in total liabilities, and $3.74 billion in total stockholders' deficit. Chapter 11 Proceedings QVC Group and several affiliates filed voluntary petitions under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas (Case No. 26-90447) on April 16, 2026. The cases are jointly administered before the Honorable Bankruptcy Judge Alfredo R. Perez. Although the Bankruptcy Court confirmed the Plan on July 20, 2026, the Plan remains subject to the satisfaction or waiver of certain conditions precedent to the Effective Date, and there can be no assurance as to the timing of emergence or that such conditions will be satisfied. The Company's liquidity, capital structure, and financial reporting (including the potential application of fresh-start accounting) may be materially affected by the timing and manner of the Company's emergence from Chapter 11. Financial Position and Liquidity As of June 30, 2026, QVC Group's total liquidity consisted of $1,367 million in cash and cash equivalents, comprised of $1.019 billion at QVC, $92 million at CBI, and $256 million at Corporate. QVC Group's cash, cash equivalents, and restricted cash balance was $1.86 billion as of June 30, 2026. Substantially all of the Company's cash and cash equivalents are invested in the U.S. Treasury securities, securities of other government agencies, AAA-rated money market funds, and other highly rated financial and corporate debt instruments. As of June 30, 2026, the Company had approximately $393 million of cash, cash equivalents, and restricted cash held in foreign subsidiaries that is available for domestic purposes with no significant tax consequences upon repatriation to the U.S. Approximately 29% of QVC's foreign cash balance was that of QVC's Japanese operations ("QVC-Japan"). QVC owns 60% of QVC-Japan and shares all profits and losses with the 40% minority interest holder, Mitsui & Co. Ltd. QVC entered into a $300 million DIP LC facility with JPMorgan Chase Bank, N.A., as agent, to issue new letters of credit and roll existing letters of credit to support operations during the pendency of the Chapter 11 Cases, cash collateralized by $315 million deposited in a cash collateral account. Letters of credit availability under the DIP LC facility at June 30, 2026 was approximately $33 million. Commitments under the DIP LC facility expire upon the earliest of (i) six months from the Petition Date, (ii) the Effective Date, and (iii) the occurrence of an event of default. Following the commencement of the Chapter 11 Cases, rating agencies have downgraded QVC's credit ratings. These downgrades have adversely affected, and are expected to continue to adversely affect, the market prices of its debt securities and QVC Group's equity securities, its access to capital, and may trigger additional collateral or funding requirements or the imposition of financial or other burdensome covenants. As a result of the breach of the financial covenant under the Credit Agreement and the Chapter 11 Cases, QVC is no longer permitted to make unlimited dividends to service the debt of its parent entities to QVC Group. QVC can continue to make certain restricted payments to QVC Group under the intercompany tax sharing agreement in respect of certain tax obligations of QVC and its subsidiaries. Cash Flows Net cash used in operating activities was $57 million for the six months ended June 30, 2026, compared to net cash provided by operating activities of $26 million for the same period in 2025. Net cash used in investing activities was $75 million for the six months ended June 30, 2026, compared to $167 million for the same period in 2025. Net cash used in financing activities was $30 million for the six months ended June 30, 2026, compared to net cash provided by financing activities of $118 million for the same period in 2025. During the six months ended June 30, 2026, QVC Group's primary uses of cash were $88 million of capital and television distribution rights expenditures, $57 million for operating activities, and $16 million in dividend payments from QVC-Japan to Mitsui, funded primarily with cash on hand as of Dec. 31, 2025. Preferred Stock Dividend Suspension On May 23, 2025, the Board of Directors announced its decision to suspend payment of the quarterly cash dividend on the Preferred Stock, beginning with the quarterly cash dividend payable on June 16, 2025. As a result of the non-payment of the quarterly cash dividend, the dividend rate increased from 8.0% to 9.5%. Going Concern There remains substantial doubt about the Company's ability to continue as a going concern. The Company expects that cash on hand and cash provided by operating activities in future periods will be sufficient to fund projected uses of cash, except for any principal amounts of debt instruments that become accelerated as a result of the Chapter 11 Cases. A full-text copy of the Company's Form 10-Q is available at https://tinyurl.com/9wps243y. About QVC Group Inc. QVC Group, Inc., formerly known as Qurate Retail, Inc. -- https://www.qvcgrp.com/ -- owns interests in subsidiaries and other companies that are primarily engaged in the video and online commerce industries. Through its subsidiaries and affiliates, the company operates in North America, Europe, and Asia. Its principal businesses and assets include its consolidated subsidiaries QVC, Inc., Cornerstone Brands, Inc., and other cost method investments. QVC Group and several affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-90447) on April 16, 2026. In its petition, the Debtor reports more than $1 billion in assets and estimated liabilities of $6.6 billion. The Hon. Bankruptcy Judge Alfredo R. Perez handles the jointly administered cases. The Debtors employed Kirkland & Ellis LLP and Kirkland & Ellis International LLP as co-counsel; Gray Reed as co-counsel; AlixPartners, LLP, as financial advisor; Evercore Group L.L.C. as investment banker; Kroll Restructuring Administration LLC as claims and noticing agent; and PricewaterhouseCoopers LLP as tax advisor. Joele Frank, Wilkinson Brimmer Katcher, is serving as strategic communications advisor to QVC Group and QVC, Inc. Kobre & Kim LLP, serves as legal counsel to QVC Group, Inc. under the direction of the Special Committee; Seward & Kissel LLP, as legal counsel to QRI Cornerstone, Inc. under the direction of the Special Committee; Milbank LLP, as legal counsel to Liberty Interactive LLC, under the direction of the disinterested directors, and as legal counsel to Qurate Retail Group, Inc., under the direction of the Special Committee; and Katten Muchin Rosenman LLP, as legal counsel to QVC, Inc., under the direction of the disinterested directors. The Bank of New York Mellon Trust Company, N.A., as trustee under the LINTA Notes Indenture, is represented by Reed Smith LLP, as counsel. The LINTA Noteholder Group is represented by Akin Gump Strauss Hauer & Feld LLP. The QVC Noteholder Group is represented by Davis Polk & Wardwell LLP. The RCF Lender Group, led by JPMorgan Chase Bank, N.A., as administrative agent, is represented by Simpson Thacher & Bartlett LLP. An ad hoc group of beneficial holders to QVC Group, Inc. is represented by Brown Rudnick LLP as counsel. Glenn Agre Bergman & Fuentes LLP, Cleary Gottlieb Steen & Hamilton LLP, and Kane Russell Coleman Logan PC represent certain beneficial holders of the 8.0% Series A Cumulative Redeemable Preferred Stock issued by QVC Group, Inc. REGEN PARTNERS: Case Summary & Two Unsecured Creditors ------------------------------------------------------ Debtor: Regen Partners, L.L.C. 801 Tradewinds Blvd Midland, TX 79706-3165 Case No.: 26-70193 Business Description: Regen Partners, L.L.C. is a Midland, Texas-based medical practice management company that provides administrative and operational support services to medical practices. Chapter 11 Petition Date: August 3, 2026 Court: United States Bankruptcy Court Western District of Texas Judge: Hon. Shad M Robinson Debtor's Counsel: Robert C Lane, Esq. THE LANE LAW FIRM 6200 Savoy Dr Ste 1150 Houston TX 77036-3369 Tel: (713) 595-8200 Email: notifications@lanelaw.com Total Assets: $17,151 Total Debts: $2,045,192 The petition was signed by William Kyle Lewis as CFO. A full-text copy of the petition, which includes a list of the Debtor's two unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/VO2OGYQ/Regen_Partners_LLC__txwbke-26-70193__0001.0.pdf?mcid=tGE4TAMA RELSSEK INVESTMENTS: Douglas Stanger Named Subchapter V Trustee --------------------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed Douglas Stanger, Esq., at Flaster, Greenberg, PC as Subchapter V trustee for Relssek Investments, Inc. Mr. Stanger 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. Stanger 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 S. Stanger, Esq. Flaster, Greenberg, PC 646 Ocean Heights Avenue Linwood, NJ 08221 Phone: (609) 645-1881 Doug.stanger@flastergreenberg.com About Relssek Investments Inc. Relssek Investments, Inc., doing business as Finesse Dental Lab, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.J. Case No. 26-18384) on July 24, 2026, with up to $50,000 in both assets and liabilities. Jessica M. Minneci, Esq., at Middlebrooks Shapiro, P.C. represents the Debtor as legal counsel. REMEDIUM PHARMACY: Seeks to Tap Getzler Henrich to Provide CROs --------------------------------------------------------------- Remedium Pharmacy, LLC seeks approval from the U.S. Bankruptcy Court for the District of Massachusetts to employ Getzler Henrich & Associates LLC to provide financial advisory and management consulting services and to affirm the designation of Mark D. Podgainy and Charvi Gupta as Co-Chief Restructuring Officers. The firm will provide these services: (a) lead the Debtor's communication with key creditors, as appropriate and required; (b) participate in Court hearings and, if necessary, provide testimony in connection with hearings before the Court, including the first meeting of creditors and Rule 2004 examinations; (c) assist with compliance with reporting requirements under the Bankruptcy Code, Bankruptcy Rules, local rules, court orders, monthly operating statements, schedules, budgets, and budget-to-actual reconciliations; (d) consult with retained professionals, creditors' committee, and other parties-in-interest; (e) assist with the preparation of business plans, financial projections, and analysis of restructuring options and alternative operating scenarios; (f) assist with the preparation of court motions requested by counsel; (g) assist with negotiating the terms of, and seeking approval of, cash collateral motions and/or DIP loan facilities; (h) assist with the formulation of a chapter 11 plan and disclosure statement; (i) oversee any Section 363 sale process or any alternative plan process; (j) assist with the analysis and reconciliation of claims and bankruptcy avoidance actions; and (k) perform such other tasks as may reasonably be requested. Getzler Henrich personnel will be compensated at these hourly rates: Principal/Managing Director, $735 to $895; Director/Specialists, $595 to $795; Associate/Paraprofessionals, $225 to $595. Mark D. Podgainy's hourly rate is $860, and Charvi Gupta's hourly rate is $760. Travel time will be billed at 50 percent of the applicable hourly rate. Upon Court approval, the Debtor will pay a $25,000 retainer to be applied to the final bill. The firm will submit monthly compensation reports instead of fee applications under Sections 330 and 331 of the Bankruptcy Code. Getzler Henrich is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Mark D. Podgainy, Senior Managing Director Charvi Gupta, Managing Director GETZLER HENRICH & ASSOCIATES LLC 1500 Broadway, 27th Floor New York, NY 10036 About Remedium Pharmacy LLC Remedium Pharmacy, LLC is a Massachusetts-based pharmacy that provides prescription medications, pharmaceutical services, and patient care solutions to individuals and healthcare providers. Remedium Pharmacy, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-40803) on July 6, 2026. In its petition, the Debtor reported up to $10 million in estimated assets and liabilities. The Debtor is represented by David P. Primack, Esq., of Manning Gross & Massenburg LLP. REPUBLIC NATIONAL: US Trustee Appoints 9-Member Creditor Committee ------------------------------------------------------------------ Emlyn Cameron of Law360 Bankruptcy Authority reports that nine creditors have been appointed to the official unsecured creditors committee in the Chapter 11 bankruptcy of Republic National Distributing Co., the Office of the U.S. Trustee said Thursday, August 6, 2026. The committee will serve as the collective representative for unsecured creditors in the alcohol distributor’s restructuring. The panel will have an opportunity to participate in major aspects of the bankruptcy case, including examining the company's financial condition, negotiating with the debtor and other parties, and assessing potential recoveries for unsecured claimants, according to report. Republic National Distributing, a longtime participant in the U.S. alcohol distribution industry, is now moving through the Chapter 11 process with the newly formed committee representing unsecured creditors. The panel's involvement is expected to become important as the restructuring advances, the report relays. About Republic National Distributing Co. Headquartered in the United States, Republic National Distributing Company is a leading distributor of wines and spirits, serving thousands of retailers and hospitality customers nationwide. The company maintains an extensive logistics and distribution network that connects beverage producers with licensed wholesalers and retailers throughout the country. Republic National Distributing Co. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-90728) on July 26, 2026. In its petition, the Debtor reports estimated liabilities ranging from $1 billion to $10 billion and estimated assets between $500 million and $1 billion. Honorable Bankruptcy Judge Christopher M. Lopez handles the case. The Debtor is represented by John F Higgins, IV, Esq. of Porter Hedges LLP. REVALIZE INC: Ares Capital Marks $400K 1L Revolver Loan at 25% Off ------------------------------------------------------------------ Ares Capital Corporation has marked its $400,000 first lien senior secured revolving loan to Revalize, Inc. to market at $300,000 or 75% of the outstanding amount, according to ARES CAPITAL CORP's Form 10-Q for the quarterly period ended July 29, 2026, filed with the U.S. Securities and Exchange Commission. Ares Capital is a participant in a loan extended to Revalize, Inc. The first lien senior secured revolving loan accrues interest at 10% per annum. The facility matures in April 2029. Ares Capital Corporation is a business development company that provides financing solutions to middle-market companies across a range of industries. The Fund is led by M. KORT SCHNABEL as Chief Executive Officer. The Fund can be reached at: M. Kort Schnabel ARES CAPITAL CORPORATION 245 Park Avenue, 44th Floor New York, NY 10167 Telephone: (212) 750-7300 About REVALIZE, INC. Revalize, Inc. develops and operates software that provides configuration, pricing, and quoting (CPQ) capabilities for its customers. REVELATION GROUP: Tarek Kiem Named Subchapter V Trustee ------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Tarek Kiem, Esq., at Kiem Law, PLLC as Subchapter V trustee for Revelation Group, Inc. Mr. Kiem 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. Kiem declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Tarek Kiem, Esq. Kiem Law, PLLC 8461 Lake Worth Road, Suite 114 Lake Worth, FL 33467 Tel: (561) 600-0406 tarek@kiemlaw.com About Revelation Group Inc. Revelation Group, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-20023) on July 29, 2026, with $500,001 to $1 million in both assets and liabilities. Judge Craig A. Pugatch presides over the case. Zach B. Shelomith, Esq. represents the Debtor as legal counsel. ROLLING TANK: Gets Final OK to Use Cash Collateral -------------------------------------------------- Rolling, Tank and Fabrication Inc. received final approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to use cash collateral. Under the final order, the Debtor is authorized to continue using cash collateral to operate its business until further order of the bankruptcy court. The Debtor is prohibited from incurring post-petition debt that cannot be repaid and must not obtain post-petition financing without prior court approval. Pursuant to the final order, the pre-petition liens of any creditor with an interest in the cash collateral will continue post-petition while replacement liens will be granted only to the extent of any diminution in secured lenders' interests in pre-petition collateral. These replacement liens exclude Chapter 5 avoidance actions and their proceeds as well as recoveries under Section 506(c) of the Bankruptcy Code. The lenders are KeyBank National Association, Heritage Bank, iBusiness Funding, Intuit, and Kapitus, LLC. Based on its review of the recorded liens, the Debtor believes that KeyBank holds the first-priority security interest in its cash collateral. KeyBank is the lender on two outstanding loans with approximate balances of $79,303 and $150,000. As further protection, the Debtor agreed to provide the secured lenders with access to its books and records in addition to the monthly financial reports required by the Office of the U.S. Trustee. The Debtor must also operate within 10% of the approved budget unless otherwise authorized by the court. The final order preserves all parties' rights to challenge the validity, perfection, or amount of pre-petition liens within the applicable challenge period -- 120 days from the order or 90 days after a creditors' committee is formed and retains counsel, with additional rights granted to a Chapter 7 trustee if the Debtor's bankruptcy case is converted. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/ou67J from PacerMonitor.com. About Rolling, Tank and Fabrication Inc. Rolling, Tank and Fabrication Inc is a Pennsylvania-based custom metal fabrication company that provides roll forming, press brake forming, welding, repair and fabrication services using steel, stainless steel and aluminum, while serving customers requiring specialty tanks, tubing, formed metal products and related delivery services. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 26-21708) on June 22, 2026. In the petition signed by William Herstine, president/shareholder, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Christopher M. Frye, Esq., at STEIDL & STEINBERG, PC, represents the Debtor as legal counsel. ROSECRANS CROSSINGS: Seeks Chapter 11 Bankruptcy in California -------------------------------------------------------------- On July 27, 2026, Rosecrans Crossings Partners, LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Central District of California. According to court filings, the Debtor reports between $1 million and $10 million in liabilities and between $100,000 and $500,000 in assets, with approximately 1 to 49 creditors. A meeting of creditors under Section 341(a) to be held on August 27, 2026 at 12:00 PM by TELEPHONE. About Rosecrans Crossings Partners, LLC Rosecrans Crossings Partners, LLC is a Long Beach, California-based commercial real estate investment and holding company. The company owns and operates the Rosecrans Crossing retail center, which comprises approximately 25,000 square feet of rentable space and includes retail and medical suites. Rosecrans Crossings Partners, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-17461) on July 27, 2026. The company’s operations include managing retail and medical space at the property, with a recently opened dining tenant and available anchor space as of mid-2026. The bankruptcy filing followed the scheduling of a foreclosure sale involving the property. Honorable Bankruptcy Judge Robert A. Mark handles the case. The Debtor is represented by Linda M. Leali, Esq. SAI BHOLE-NATH: Hilco Markets Baymont Lubbock in Bankruptcy Sale ---------------------------------------------------------------- Hilco Real Estate, LLC, a practice of Hilco Global--a diversified financial services company that delivers expert professional services and capital solutions to help clients maximize value and drive performance across the business lifecycle, is pleased to announce its latest hospitality offering, the Baymont by Wyndham Lubbock – Downtown Civic Center. This 138-room, two-story hotel is situated in downtown Lubbock's Opportunity Zone at 601 Avenue Q, Lubbock, Texas. Benefiting from strong regional fundamentals and a central location, the property offers both immediate operational potential and long-term redevelopment flexibility. Originally built in 1976 and renovated in 2021, this 50,645± SF hotel is situated on two parcels totaling 3.11± AC, includes the adjacent restaurant and currently operates under the Baymont by Wyndham franchise. The property offers a variety of guest-focused amenities, including an outdoor pool, business center, complimentary Wi-Fi, outdoor gathering spaces and 99 surface parking spaces. The hotel also features pet-friendly accommodations and ADA accessible amenities, enhancing its appeal to travelers. Lubbock has emerged as the economic, educational and healthcare hub of the South Plains region. Anchored by Texas Tech University, which reported a record enrollment of 42,455 students in 2025, the market generates consistent demand for lodging, housing and supporting services from students, faculty, visitors and university-related events. Beyond the university, Lubbock benefits from a diversified economy supported by healthcare, regional commerce, tourism and entertainment, creating year-round demand drivers. In the past two decades, the city welcomed approximately 2.86 million visitors annually and generated roughly $297 million in direct visitor spending, underscoring its role as a regional destination for business, education and recreation. Fronting Avenue Q, a major north-south corridor carrying approximately 21,739 vehicles per day, the property enjoys strong visibility and accessibility within the city's urban core. The surrounding three-mile trade area is home to approximately 70,779 residents, while the broader Lubbock market includes more than 264,000 residents. Lubbock Preston Smith International Airport is located approximately 11 miles away, supporting regional connectivity and visitor access. Nearby attractions include Jones AT&T Stadium, United Supermarkets Arena, Lubbock Memorial Civic Center, Buddy Holly Hall of Performing Arts and Sciences and Lonestar Amphitheater, which collectively hosts sporting events, concerts, conventions and performances throughout the year. Supported by continued enrollment growth and a steady flow of regional visitors, the property is well positioned for redevelopment as hospitality, student housing, multifamily or a mixed-use project designed to capitalize on Lubbock's evolving role as the commercial and institutional center of West Texas. "The property's location offers investors multiple paths to create value," said Jamie Cote, senior director at Hilco Global. "Whether maintained as a hospitality asset or repositioned to meet evolving market needs, the offering provides access to a growing regional economy supported by a major university, expanding healthcare sector and diverse employment base." The sale is subject to approval by U.S. Bankruptcy Court Northern District of Texas (Lubbock), Bankruptcy Petition No: 25-50333-bwo11, In re: Sai Bhole-Nath Hotels, Inc. Bids are due by August 18 and must be submitted on the approved Purchase and Sale Agreement available for review and download from the Hilco Global real estate sales website. Interested buyers should reach out directly for requirements to participate in the sale process. For further information, please contact Keith Worsham at (404) 514-0242 or kworsham@hilcoglobal.com, Weston Worsham at (404) 304-4993 or wworsham@hilcoglobal.com and Jamie Cote at (203) 561-8737 or jcote@hilcoglobal.com. To obtain access to due diligence documents, please visit HilcoRealEstateSales.com or call (855) 755-2300. About Hilco Global Hilco Global, a subsidiary of ORIX Corporation USA, is a diversified financial services company that delivers integrated professional services and capital solutions that help clients maximize value and drive performance across the retail, commercial and industrial, real estate, manufacturing, and intellectual property sectors. Hilco Global provides a range of customized solutions to healthy, stressed and distressed companies to resolve complex situations and enhance long-term enterprise value. Hilco Global works to deliver the best possible result by aligning interests with clients and providing strategic advice and, in many instances, the capital required to transact. Hilco Global is based in Northbrook, Illinois and has more than 810 professionals operating on four continents. Visit www.hilcoglobal.com. About SAI Bhole-Nath Hotels, Inc. Sai Bhole-Nath Hotels, Inc., a Georgia corporation founded in 2015 by Chetan "Chaz" Patel and Bhartiben "Bharti" Patel, operates the Baymont by Wyndham Lubbock - Downtown Civic Center in Lubbock, Texas. The 138-room limited-service hotel features an outdoor pool, business center, and parking, and was acquired in 2019 for approximately $4.8 million. Sai Krupa Hospitality, LLC, a Texas limited liability company formed in 2020 with Chetan Patel as manager, owns the La Quinta In by Wyndham and Conference Center San Angelo. The 173-room limited-service hotel, located near Angelo State University, includes a pool, meeting facilities, and daily breakfast, and was purchased in 2021 for approximately $4.8 million. Sai Krupa Hospitality, LLC and Sai Shyam Hotels, LLC, a Texas limited liability company formed in 2021 with Chetan Patel as manager, operates the Motel 6 San Angelo Texas. The 98-room limited-service hotel offers an outdoor pool, Wi-Fi, and guest laundry, and was acquired in 2021 for approximately $2.8 million. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Lead Case 25-50333) on December 1, 2025. At the time of the filing, Sai Bhole-Nath Hotels disclosed $4,301,544 in total assets and $2,999,222 in total liabilities. Ferguson Braswell Fraser Kubasta, PC represents the Debtor as legal counsel. SEARLES VALLEY: Committee Retains Alvarez & Marsal as Advisor ------------------------------------------------------------- The Official Committee of Unsecured Creditors for Searles Valley Minerals, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Delaware to retain Alvarez & Marsal North America, LLC as its financial advisor. The firm will provide these services: (a) assist in the assessment and monitoring of cash flow budgets, liquidity and operating results; (b) assist in the review of Court disclosures, including the Schedules of Assets and Liabilities, the Statements of Financial Affairs, Monthly Operating Reports, and Periodic Reports; (c) assist in the review of the Debtors' cost/benefit evaluations with respect to the assumption or rejection of executory contracts and/or unexpired leases; (d) assist in the analysis of any assets and liabilities and any proposed transactions for which Court approval is sought; (e) assist in the review of the Debtors' proposed key employee retention plan and key employee incentive plan, to the extent applicable; (f) attend meetings with the Debtors, the Debtors' lenders and creditors, potential investors, the Committee and any other official committees, the U.S. Trustee, other parties in interest, and professionals hired by the same, as requested; (g) assist in the review of any tax issues; (h) assist in the investigation and pursuit of causes of actions; (i) assist in the review of the claims reconciliation and estimation process; (j) assist in the review of the Debtors' business plan(s), to the extent applicable; (k) assist in the review of the sales or dispositions of the Debtors' assets, including allocation of sale proceeds; (l) assist in the valuation of the Debtors' enterprise and equity and assets, and the analysis of debt capacity, to the extent applicable; (m) assist the Committee and its advisors in potential settlement negotiations by analyzing potential recoveries under any proposed Chapter 11 plan; (n) assist in the review and/or preparation of information and analysis necessary for the confirmation of a plan in these Chapter 11 cases; (o) participate in hearings before the Court with respect to matters based upon which A&M has provided advice, including coordinating with the Committee's counsel with respect to such participation; and (p) render such other general business consulting or such other assistance as the Committee or its counsel may deem necessary, and as agreed to by A&M, consistent with the role of a financial advisor. The firm will be compensated at the following hourly rates: -- Managing Directors: $1,200-$1,600 -- Directors: $900-$1,175 -- Associates: $650-$875 -- Analysts: $450-$625 The firm will also be reimbursed for reasonable expenses incurred in connection with the engagement, subject to Court approval. According to court filings, Alvarez & Marsal North America, LLC does not represent any other entity having an interest adverse to the Committee in connection with these cases and believes it is eligible to represent the Committee under section 1103(b) of the Bankruptcy Code. The firm can be reached at: Alvarez & Marsal North America, LLC 600 Madison Avenue, 8th Floor New York, NY 10022 Telephone: (212) 759-4433 Facsimile: (212) 759-5532 About Searles Valley Minerals Searles Valley Minerals, Inc. operates mining and processing facilities that produce a variety of mineral products for industrial, agricultural, and commercial customers. Its portfolio includes soda ash, boron-based products, sodium sulfate, and other specialty minerals derived from California's Searles Lake. Searles Valley Minerals and its affiliates, Trona Railway Company, LLC and Searles Domestic Water Company, LLC, sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 26-10966) on June 15, 2026. In its petition, Searles Valley Minerals reported between $100 million and $500 million in both assets and liabilities. Honorable Bankruptcy Judge Brendan Linehan Shannon handles thecases. The Debtors tapped Pachulski Stang Ziehl & Jones, LLP, and Skadden, Arps, Slate, Meagher & Flom, LLP as legal counsel; Ankura Consulting Group, LLC as financial advisor; and Lazard Frères & Co., LLC as investment banker. Stretto, Inc. is the Debtors' noticing, claims management, balloting and solicitation agent. SEARLES VALLEY: Committee Taps Womble Bond Dickinson as Counsel --------------------------------------------------------------- The Official Committee of Unsecured Creditors of Searles Valley Minerals Inc., et al., seeks approval from the U.S. Bankruptcy Court for the District of Delaware to hire Womble Bond Dickinson (US) LLP to serve as legal counsel. The firm will provide these services: (a) providing legal advice as necessary with respect to the Committee's powers and duties as an official committee appointed under Bankruptcy Code Section 1102; (b) assisting the Committee in investigating the acts, conduct, assets, liabilities, and financial condition of the Debtors, the operation of the Debtors' businesses, potential claims, and any other matters relevant to these cases, to the sale of assets, or to the formulation of a plan of reorganization or liquidation; (c) participating in the formulation of a Plan; (d) providing legal advice as necessary with respect to any disclosure statement and Plan filed in these cases and with respect to the process for approving or disapproving disclosure statements and confirming or denying confirmation of a Plan; (e) preparing on behalf of the Committee, as necessary, applications, motions, objections, complaints, answers, orders, agreements, and other legal papers; (f) appearing in Court to present necessary motions, applications, objections, and pleadings, and otherwise protecting the interests of those represented by the Committee; (g) assisting the Committee in requesting the appointment of a trustee or examiner, should such action be necessary; and (h) performing such other legal services as may be required and as are in the best interests of the Committee and creditors. Womble Bond Dickinson will seek compensation on an hourly basis, plus reimbursement of the actual and necessary expenses that WBD incurs. Womble Bond Dickinson will be paid at these hourly rates: Partners: $405 to $1,800 Of Counsel: $535 to $1,100 Senior Counsel: $185 to $1,075 Counsel: $185 to $930 Associates: $325 to $865 Paralegals: $115 to $600 Womble Bond Dickinson represents no other entity in connection with these Chapter 11 Cases and does not hold or represent any interest adverse to the Debtors with respect to the matters upon which it is to be employed, according to court filings. The firm can be reached at: Matthew P. Ward, Esq. WOMBLE BOND DICKINSON (US) LLP 1313 North Market Street, Suite 1200 Wilmington, DE 19801 About Searles Valley Minerals Searles Valley Minerals, Inc. operates mining and processing facilities that produce a variety of mineral products for industrial, agricultural, and commercial customers. Its portfolio includes soda ash, boron-based products, sodium sulfate, and other specialty minerals derived from California's Searles Lake. Searles Valley Minerals and its affiliates, Trona Railway Company, LLC and Searles Domestic Water Company, LLC, sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 26-10966) on June 15, 2026. In its petition, Searles Valley Minerals reported between $100 million and $500 million in both assets and liabilities. Honorable Bankruptcy Judge Brendan Linehan Shannon handles thecases. The Debtors tapped Pachulski Stang Ziehl & Jones, LLP, and Skadden, Arps, Slate, Meagher & Flom, LLP as legal counsel; Ankura Consulting Group, LLC as financial advisor; and Lazard Frères & Co., LLC as investment banker. Stretto, Inc. is the Debtors' noticing, claims management, balloting and solicitation agent. SEVEN C'S: Seeks Subchapter V Bankruptcy in Nevada -------------------------------------------------- On July 27, 2026, Seven C's Manufacturing, Inc. filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of Nevada. According to court filings, the Debtor reports between $1 million and $10 million in assets and between $1 million and $10 million in liabilities, with approximately 50 to 99 creditors. Subchapter V Small Business Plan deadline set for October 26, 2026. About Seven C's Manufacturing, Inc. Seven C's Manufacturing, Inc. is a Reno, Nevada-based precision manufacturing company specializing in computer numerical control (CNC) machining and fabricated metal products. The company operates from a facility on Corsair Street in Reno and has maintained active business operations. Seven C's Manufacturing, Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-50749) on July 27, 2026. The company reports estimated assets and liabilities ranging from $1 million to $10 million. The bankruptcy filing includes approximately $1.4 million in secured debt. The Honorable Bankruptcy Judge handles the case. The Debtor is represented by Scott N. Tisevich, Esq. SHERIFA ENTERPRISES: Unsecureds Will Get 2% over 36 Months ---------------------------------------------------------- Sherifa Enterprises, LLC filed with the U.S. Bankruptcy Court for the Northern District of West Virginia a Plan of Reorganization for Small Business dated July 24, 2026. Sherifa Enterprises, LLC is a family-owned and operated company that runs five franchise hair salons. The salons are located in West Virginia and Pennsylvania and operate under franchise agreements with the respective franchisors. The Debtor filed for Chapter 11 Subchapter V bankruptcy to restructure a large SBA EIDL loan incurred during the COVID-19 pandemic, when hair salons were required to cease operations. The business remains operational and generates positive cash flow. The Debtor intends to continue operating normally while honoring its franchise and lease obligations. Financial Position: * Estimated monthly operating expenses: $76,722.00. * Estimated monthly cash receipts/revenue: $73,543.24. * The Debtor expects its salon operations, together with existing bank account funds, to provide sufficient cash to make required plan payments. The Plan provides for payment of: * Administrative claims. * Priority claims. * Secured claims. * Non-priority unsecured claims. Class 3 Non-priority unsecured creditors are projected to receive approximately 2% of their allowed claims (about $0.02 on the dollar) based on the Debtor's projected disposable income of $2,800.00 per month over the 36-month Plan. Plan Administration: * The Debtor will serve as the disbursing agent. * Administrative priority claims will be paid during the first 18 months of the Plan. * Secured debt will be paid through equal monthly payments. * Unsecured claims will be paid during the final 12 months of the Plan or earlier if sufficient funds become available. Plan of Reorganization: * The Plan will be funded through cash flow from the Debtor's ongoing salon operations. * The Debtor will continue operating its five salon locations and seek new business to meet its obligations. * Monthly Plan payments are projected to be $2,800.00. * The final payment is expected to be made on or before August 1, 2029, or within three years of plan confirmation, with the Debtor expecting to complete payments earlier if possible. A full-text copy of the Plan of Reorganization dated July 24, 2026 is available at https://urlcurt.com/u?l=PYWDZT from PacerMonitor.com at no charge. Counsel to the Debtor: Aaron C. Amore, Esq. Amore Law, PLLC 206 West Liberty St. Charles Town, WV 25414 Telephone: (304) 885-4117 E-mail: aaron@amorelaw.com About Sherifa Enterprises Sherifa Enterprises, LLC, is a family-owned and operated limited liability company engaged in the operation of franchise hair salon locations. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. W.V. Case No. 26-00347) on May 18, 2026. In the petition signed by Ismail Latif, member and owner, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Judge David L. Bissett oversees the case. Aaron C. Amore, Esq., at Amore Law, PLLC, is the Debtor's counsel. SHORT PAR 4: Gets Final OK to Use Cash Collateral ------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division entered a final order authorizing Short Par 4, LLC to continue using cash collateral of Itria Ventures, LLC, the secured creditor. Under the order, the Debtor is authorized to make adequate protection payments of $12,500 per week, retroactive to the petition date. The Debtor may use cash collateral to pay court-approved obligations, Subchapter V trustee payments, and necessary operating expenses in accordance with the approved budget, with a 10% permitted variance for each budget line item. Additional expenditures require Itria's written consent. To protect secured creditors, each creditor holding a security interest in cash collateral will be granted a post-petition replacement lien, with the same validity, priority, and extent as its pre-petition lien. Short Par 4 is required to continue performing all duties required of a debtor-in-possession, maintain customary insurance coverage, and provide creditors with reasonable access to business records and premises for inspection. Meanwhile, payment processors are directed to release funds owed to the Debtor and the Debtor are permitted to collect outstanding accounts receivable without creditor interference. The final order does not determine the validity, priority, extent, or amount of any creditor's liens or secured claims, preserves all parties' rights to challenge such issues in the future, and retains jurisdiction to enforce the terms of the order. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/ftrfj from PacerMonitor.com. About Short Par 4 LLC Short Par 4, LLC is a Florida corporation founded in 2014 by Robert DiMeo and Martin Haas. Based in leased space in Bradenton, Florida, the company operates a membership-based golf subscription service that provides services including curated monthly deliveries of golf lifestyle apparel and related products to customers nationwide. Under its model, clothing and accessories from established brands are selected based on individual member preferences, and members receive mailed boxes containing the selected items. Members may also purchase additional brand-name gear through an exclusive online store. The company also develops in-house golf apparel brands. Short Par 4 sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-04747) on June 2, 2026, with $1 million to $10 million in both assets and liabilities. Judge Caryl E. Delano presides over the case. Matthew B. Hale, Esq. at Stichter, Riedel, Blain & Postler, represents the Debtor as legal counsel. SHORT PAR 4: Gets Interim OK to Pay Affiliate Officer's Salary -------------------------------------------------------------- Judge Caryl E. Delano of the U.S. Bankruptcy Court for the Middle District of Florida granted Short Par 4 LLC's expedited motion for entry of an order authorizing and approving its affiliate officer's salary on an interim basis. Under the order, the Debtor is authorized to: (i) pay Mr. DiMeo's bi-weekly salary of $6,000; (ii) make payments for Mr. DiMeo's health, dental, and vision insurance in the amount of $2,500 per month; (iii) reimburse Mr. DiMeo for reasonable business expenses as described in the motion; and (iv) pay $1,159.03 per month for an automobile leased by the Debtor and utilized by Mr. DiMeo. The Debtor is also authorized to pay the Ranch Shootout Reimbursement in the amount of $23,213.50 A further hearing is scheduled for Sept. 23. A copy of the Court's Order dated Aug. 4, 2026, is available at https://urlcurt.com/u?l=o1uuS5 from Pacermonitor.com. About Short Par 4 LLC Short Par 4, LLC is a Florida corporation founded in 2014 by Robert DiMeo and Martin Haas. Based in leased space in Bradenton, Florida, the company operates a membership-based golf subscription service that provides services including curated monthly deliveries of golf lifestyle apparel and related products to customers nationwide. Under its model, clothing and accessories from established brands are selected based on individual member preferences, and members receive mailed boxes containing the selected items. Members may also purchase additional brand-name gear through an exclusive online store. The company also develops in-house golf apparel brands. Short Par 4 sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-04747) on June 2, 2026, with $1 million to $10 million in both assets and liabilities. Judge Caryl E. Delano presides over the case. Matthew B. Hale, Esq. at Stichter, Riedel, Blain & Postler, represents the Debtor as legal counsel. SIFI NETWORKS: Wins Approval for $5.85MM Stalking Horse Sale ------------------------------------------------------------ Emlyn Cameron of Law360 Bankruptcy Authority reports that SiFi Networks America LLC won bankruptcy court approval Thursday, August 6, 2026, to sell certain assets to ArcLink Fiber LLC for about $5.85 million, giving the privately owned telecommunications company a path forward in its Chapter 11 case. A Delaware bankruptcy judge approved the transaction after reviewing the proposed stalking horse agreement. ArcLink's offer serves as the opening bid for the assets, establishing a minimum price for any auction that may follow. The stalking horse arrangement also provides the debtor with greater certainty that the assets will generate a recovery while retaining the opportunity to solicit competing bids, according to report. The transaction is part of SiFi Networks America's broader restructuring efforts. Proceeds from the sale are expected to benefit the bankruptcy estate and creditors, while the auction process could produce a higher recovery if another qualified bidder submits a superior offer, the report states. About SiFi Networks America LLC SiFi Networks America LLC is a Wilmington, Delaware-based telecommunications infrastructure project management and deployment services provider. The company supports fiber-to-the-premises network projects through deployment planning, permitting coordination, vendor and subcontractor management, construction management, program management, delivery coordination, stakeholder reporting, and compliance support. SiFi Networks sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 26-10912) on June 5, 2026. In the petition signed by Jacen Dinoff, chief restructuring officer, the Debtor reported estimated total assets of $1 million to $10 million and estimated liabilities of $10 million to $50 million. The Hon. Brendan Linehan Shannon presides over the Debtor's case. Cole Schotz PC represents the Debtor as its bankruptcy counsel. KCP Advisor Group LLC serves as the Debtor's restructuring advisor, Sherwood Partners Inc. acts as the Debtor's sales agent, and Stretto Inc. serves as the Debtor's claims and noticing agent. SILVER GULCH: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------- Debtor: Silver Gulch Brewing and Bottling, Co., Inc. 2195 Old Steese Hwy North Fairbanks, AK 99712 Business Description: Silver Gulch Brewing & Bottling Co. is a Fox, Alaska-based brewery and restaurant operator founded in 1998. The company brews beer and root beer, operates restaurants in Fox and Anchorage, and prepares house-made food. It also conducts brewery tours and tasting dinners, hosts private events, and operates gift and package stores selling growlers, kegs, and merchandise. Chapter 11 Petition Date: July 31, 2026 Court: United States Bankruptcy Court District of Alaska Case No.: 26-00190 Judge: Hon. Gary Spraker Debtor's Counsel: S. Jason Crawford, Esq. CRAWFORD LAW 4442 Mendenhall Blvd Juneau, AK 99801 Tel: (385) 439-5514 E-mail: jason@crawfordlawalaska.com Total Assets: $0 Total Liabilities: $2,011,558 The petition was signed by Glenn Brady as president. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/SHMUFLY/Silver_Gulch_Brewing_and_Bottling__akbke-26-00190__0001.0.pdf?mcid=tGE4TAMA SILVER STAR: Affiliate Secures Green Light for $100K DIP Funding ---------------------------------------------------------------- Silver Star Properties REIT, Inc., an affiliated debtor of Silver Star Virginia Parkway, LLC, got the green light from the U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, to take out unsecured credit from its subsidiary, Silver Star Property Management, Inc. Under the loan terms, the lender will provide up to $100,000 in aggregate principal at an interest rate of 6% per annum (7% on matured, unpaid amounts) for a 180-day term. The loan is entirely unsecured and holds ordinary administrative expense priority status under Section 503(b)(1) against the Debtor's estate alone, without granting any liens, superpriority claims, or encumbering estate property. While the lender (held through non-debtor Intermediate Entity Hartman Income REIT Management, LLC) is an insider, the transaction directly benefits the Debtor's estate by injecting new capital from an indirect wholly owned subsidiary without imposing restrictive covenants, origination fees, or liens. The sole designated purpose of the loan proceeds is to pay a pre-petition cure amount of $93,856 owed to FIRST Insurance Funding under a premium finance agreement. FIF financed the Debtor's executive risk package policy issued by Tokio Marine HCC Specialty/Houston Casualty Company, which provides $3 million in aggregate limits for directors and officers liability as well as real estate errors and omissions coverage. The Debtor said the financing is critical because FIF holds a first-priority lien on unearned premiums and an irrevocable power of attorney to cancel the policy upon default. Immediate payment is necessary to prevent FIF from canceling the policy, which would forfeit prior premium payments totaling $524,450, eliminate essential claims-made coverage for pending litigation (including an adversary proceeding against BSPRT CRE Finance LLC), and severely impair the Debtor's ability to retain qualified management. The order is available at http://bankrupt.com/misc/SilverStar_DIPOrder106.pdf About Silver Star Virginia Parkway LLC Silver Star Virginia Parkway, LLC, doing business as Silver Star Storage, is a real estate company that owns and operates a self-storage facility in McKinney, Texas, as its sole asset. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 26-42315) on May 28, 2026, with $7,650,856 in total assets and $5,982,406 in total liabilities. David T. Wheeler, manager of Silver Star, signed the petition. Judge Mark X. Mullin oversees the case. Robert T. DeMarco, Esq., at DeMarco Mitchell, PLLC, represents the Debtor as legal counsel. SIMAD HOLDINGS: Raises $440MM from Chapter 11 Sales, Bids --------------------------------------------------------- Hilary Russ of Law360 Bankruptcy Authority reports that summer camp operator SIMAD Holdings, currently operating under Chapter 11 protection, has secured winning bids totaling about $440 million for 27 camp properties. The auction results mark a major step in the debtor's efforts to restructure its finances through asset sales. Leading the portfolio is a $120.75 million bid for the company's premier camp property, which was described during the bankruptcy proceedings as the "crown jewel." The remaining camps were sold through a court-supervised auction that generated significant interest from prospective buyers, the report relays. SIMAD plans to seek court approval of the transactions, arguing that the auction process delivered the highest and best value for its assets. The sale proceeds are expected to be used to reduce debt and fund distributions under the company's Chapter 11 case, according to Law360. About SIMAD Holdings LLC SIMAD Holdings LLC company operates a portfolio of camp and recreational facilities that provide seasonal educational and outdoor experiences for children and young adults. SIMAD Holdings sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 26-16515) on June 4, 2026. In its petition, the Debtor reports estimated assets between $100 million and $500 million and estimated liabilities between $500 million and $1 billion. Honorable Bankruptcy Judge Christine M. Gravelle handles the case. The Debtor is represented by Michael D. Sirota, Esq. of Cole Schotz P.C. SLEEP NUMBER: Hires Deloitte Tax as Tax Advisory Services Provider ------------------------------------------------------------------ Sleep Number Corporation seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to hire Deloitte Tax LLP as tax advisory services provider. The firm will provide these services: (a) provide tax advisory services in connection with federal, foreign, state, and local tax matters through March 31, 2027; (b) review and sign the Debtors' 2025 federal and state income tax returns as the paid tax preparer; (c) provide tax advisory services relating to various transactions, including tax due diligence calls with potential buyers, responding to information requests, and providing supplemental tax analysis; (d) provide research and development and research and experimental tax advisory services, including calculating tax credits, preparing documentation, supporting IRS and state tax examinations, and assisting with administrative appeals; and (e) provide tax advisory services related to the Debtors' restructuring and Chapter 11 process, including advising on restructuring transactions, tax basis calculations, cancellation of debt income, ownership change analyses, tax reporting, and other U.S. and international tax matters. The firm will bill hourly rates ranging from $365 to $735 for general tax advisory services and $767 to $1,410 for debt restructuring services, depending on the professional's level. It will also receive a fixed fee of $43,000 for tax return review services and $83,500 for R&D tax advisory services. The Debtors paid Deloitte Tax approximately $100,000 in prepetition retainer amounts. The firm will also seek reimbursement of reasonable expenses. Deloitte Tax is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Charles W. Fiedler DELOITTE TAX LLP 50 S 6th Street, Suite 2800 Minneapolis, MN 55402 About Sleep Number Corp. Sleep Number Corp., based in Minneapolis, Minnesota, is a leader in personalized sleep wellness. Its mattresses are designed to evolve with each sleeper to help them feel and perform their best. With adjustable firmness, pressure-relieving support, and temperature-balancing comfort built into every mattress, Sleep Number beds adapt to customers' changing needs, night after night, year after year. Sleep Number Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 26-11399) on June 12, 2026. In its petition, the Debtor reports estimated assets between $500 million and $1 billion and estimated liabilities between $1 billion and $10 billion. The Honorable Bankruptcy Judge Kyu Young Paek handles the case. The Debtor is represented by Brian Resnick, Esq. of Davis Polk & Wardwell LLP, as counsel. The Debtors also tapped AP Services, LLC to provide a Chief Restructuring Officer; Guggenheim Securities, LLC, as investment banker; A&G Real Estate Partners as real estate advisors; and Kroll Restructuring Administration, LLC, as claims, noticing, solicitation, and administrative agent. The Official Committee of Unsecured Creditors hired Province, LLC as financial advisor and Pachulski Stang Ziehl & Jones LLP as counsel. SMARTHANDS COMPANY: Tamara Miles Ogier Named Subchapter V Trustee ----------------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Tamara Miles Ogier, Esq., at Ogier, Rothschild & Rosenfeld, PC as Subchapter V trustee for The Smarthands Company LLC. Ms. Ogier will be paid an hourly fee of $475 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Ogier declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Tamara Miles Ogier, Esq. Ogier, Rothschild & Rosenfeld, PC P.O. Box 1547 Decatur, GA 30031 Phone: (404) 525-4000 About The Smarthands Company LLC The Smarthands Company, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-41288) on July 30, 2026, with up to $50,000 in assets and $1 million to $10 million in liabilities. Judge Paul W. Bonapfel presides over the case. Jonathan D. Clements, Esq., at Rountree Leitman Klein & Geer, LLC represents the Debtor as legal counsel. SMITH CUSTOM: Gets Extension to Access Cash Collateral ------------------------------------------------------ The U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division entered a third interim order authorizing Smith Custom Home Corporation to use cash collateral. Under the third interim order, the Debtor is authorized to use cash collateral to pay necessary operating expenses in accordance with an approved budget, with a permitted variance of up to 10% per line item. Additional expenditures may be approved in writing by secured creditors. However, payments to insiders or professionals require specific court approval, and any unauthorized use may expose the Debtor to remedies by secured creditors. The Debtor projects total operational expenses of $513,449 for the period from March to August. As adequate protection, secured creditors including CT Corporation, Caymus Funding, Inc., and BizFund, LLC will be granted post-petition replacement liens on cash collateral, maintaining the same validity and priority as their pre-petition liens. The Debtor must also comply with standard obligations, including maintaining insurance, providing access to financial records, and submitting reports upon request. The order is entered without prejudice, preserving the rights of all parties, including potential creditor committees, to challenge liens or seek modified protections. A continued hearing is scheduled for August 26. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/3hK2d from PacerMonitor.com. About Smith Custom Home Corporation Smith Custom Home Corporation, doing business as Maverick Design & Construction, is a Florida-based residential construction company headquartered in Tampa, Florida. Founded in 2017, it provides custom home design, construction, and remodeling services across the Tampa Bay area, emphasizing personalized project management and client-driven home builds. Smith Custom Home sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-01812) on March 9, 2026, with $135,764 in assets and $2,476,493 in liabilities. Marcus Smith, president of Smith Custom Home, signed the petition. Buddy D. Ford, Esq., at Ford & Semach, P.A. represents the Debtor as legal counsel. SPA MATRIX: Case Summary & 16 Unsecured Creditors ------------------------------------------------- Debtor: Spa Matrix LLC 110 Howard Lane Fayetteville, GA 30215 Case No.: 26-11259 Business Description: Spa Matrix provides facial, laser, skin-tightening, injectable aesthetic, and body-wellness treatments in Fayetteville, Georgia. Its services include skin analysis and consultations, facial treatments, laser and energy-based procedures, body sculpting, red-light therapy, massage, sauna, flotation, and pressotherapy. The company also offers private yoga sessions, memberships, and treatment packages. Chapter 11 Petition Date: August 3, 2026 Court: United States Bankruptcy Court Northern District of Georgia Judge: TBD Debtor's Counsel: Michael D Robl, Esq. ROBL & BOWEN, LLC 3754 LaVista Road Suite 250 Tucker, GA 30084 Tel: 404-373-5153 Fax: 404-537-1761 Email: michael@roblgroup.com Total Assets: $1,100,070 Total Liabilities: $1,407,560 The petition was signed by Majidah Muhammad as authorized representative of the Debtor. A full-text copy of the petition, which includes a list of the Debtor's 16 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/FGQK6JI/Spa_Matrix_LLC__ganbke-26-11259__0001.0.pdf?mcid=tGE4TAMA STREAM TV: Claims to be Paid from Available Cash & Sale Proceeds ---------------------------------------------------------------- William A. Homony, the Chapter 11 Trustee for the estates of Stream TV Networks, Inc., and Technovative Media, Inc., submitted a Disclosure Statement accompanying Joint Plan of Liquidation for the Debtors dated July 24, 2026. Stream TV Networks, Inc. was founded in 2009 by Rajan and family members to develop and commercialize Ultra-D, a technology for viewing 3D content without glasses. Stream created Technovative Media, Inc. as a wholly owned holding company overseeing subsidiaries responsible for research, intellectual property, licensing, and business development. William A. Homony was appointed Chapter 11 Trustee. Upon taking control, he found that the bankruptcy estates: * Owed approximately $3 million in unpaid administrative expenses. * Were no longer operating or generating revenue. * Risked losing their primary assets due to ongoing litigation. On September 30, 2024, the Trustee filed a motion seeking approval to sell substantially all of the Debtors' assets to SeeCubic, Inc., which had been established by Hawk as the stalking horse bidder. The sale included Stream's assets and Technovative's ownership interests in three downstream subsidiaries: Technology Holdings Delaware LLC; Media Holdings Co., LLC; and UltraD Ventures C.V. No competing bids were received before the bid deadline, so the auction was canceled and SeeCubic's offer became the winning bid. After a hearing on December 4, 2024, the Bankruptcy Court approved the sale on December 9, 2024, despite objections from VSI and Rembrandt. A written opinion supporting the sale was issued on January 8, 2025. Under the sale agreement, SeeCubic agreed to indemnify the Trustee, the bankruptcy estates, and other protected parties against claims alleging that excluded Rembrandt intellectual property was transferred in the sale. On February 18, 2026, the Trustee, Rembrandt, SeeCubic, and Hawk participated in mediation. Although no global settlement was reached, the Trustee and Rembrandt reached a tentative agreement that became the Rembrandt Settlement Agreement, dated March 4, 2026. The settlement resolved disputes between the Trustee and Rembrandt without either side admitting liability or conceding the merits of their claims. The settlement does not require enforcement of SeeCubic's indemnification obligations as a condition of the agreement. The Trustee concluded that paying the $375,000 settlement was preferable because continuing litigation would likely cost substantially more in attorneys' fees. Chapter 11 Plan Distributions Class 2a (General Unsecured Claims against Stream): * Holders may vote on the Plan. * They will receive pro rata cash distributions up to their allowed claim amounts, but only after payment in full of administrative expenses, professional compensation claims, priority tax claims, and Class 1 priority claims. Class 2b (Technovative Unsecured Claim): * McCarter & English, LLP will receive $50,000 in cash in full satisfaction of its claim. Class 4 (Equity Interests): * Equity holders receive no recovery. * All equity interests in Stream will be canceled, released, extinguished, and discharged on the Effective Date. Funding for Plan Distributions The Trustee or Disbursing Agent will fund distributions using: * Cash on hand. * Net proceeds from recoveries on the Debtors' causes of action, including avoidance actions. * Any proceeds from indemnification claims against SeeCubic under the Asset Purchase Agreement and Sale Order. * Any additional assets later discovered and recovered by the Trustee. A full-text copy of the Disclosure Statement dated July 24, 2026 is available at https://urlcurt.com/u?l=TWj2ns from PacerMonitor.com at no charge. Counsel to William A. Homony, the Chapter 11 Trustee: Michael D. Vagnoni, Esq. OBERMAYER REBMANN MAXWELL & HIPPEL LLP Centre Square West 1500 Market Street, Suite 3400 Philadelphia, PA 19102 Tel: (215) 665-3140 About Stream TV Networks Stream TV Networks Inc. develops technology intended to display three-dimensional content without the use of 3D glasses. Stream TV Networks sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Penn. Case No. 23-10763) on March 15, 2023. In the petition filed by Mathu Rajan, as director, the Debtor reported assets between $500 million and $1 billion and estimated liabilities between $10 million and $50 million. The case is overseen by Honorable Bankruptcy Judge Magdeline D. Coleman. The Debtor is represented by Rafael X. Zahralddin-Aravena, Esq., at Lewis Brisbois Bisgaard & Smith. STROMA MEDICAL: Plan Confirmation Hearing Scheduled for September 9 ------------------------------------------------------------------- Judge J. Kate Stickles of the U.S. Bankruptcy Court for the District of Delaware approved in its entirety the schedule for the confirmation of the Fifth Amended Modified Subchapter V Small Business Plan of Reorganization of Stroma Medical Corporation. The Confirmation Hearing is scheduled for September 9, 2026 at 1:00 p.m. (ET). The deadline to file objections to the confirmation of the Plan is August 28, 2026 at 4:00 p.m. (ET). The deadline for the Debtor to file a voting report with respect to the Plan is September 1, 2026. The deadline for the Debtor to file a brief in support of confirmation of the Plan and/or reply to any objections to the confirmation of the Plan is September 2, 2026 The deadline to submit Ballots to accept or reject the Plan shall be August 28, 2026 at 4:00 p.m. (ET). As shared by the Troubled Company Reporter, Stroma Medical Corporation submitted a Fifth Amended Small Business Plan of Reorganization under Subchapter V dated July 15, 2026. The Plan is a plan of reorganization and continuation of operations. The Debtor does not contemplate liquidation of its assets except in the ordinary course of business. All Allowed Claims will be paid in full over the five-year Plan Period. Class 2 General Unsecured Claims, comprised of general unsecured claims that are largely trade creditor claims and the Blumberg Judgment Claim, will be paid 100% of their Allowed amounts from Projected Disposable Income and capital contributions in excess of all actual and anticipated expenses for the payment of expenditures necessary for the continuation, preservation, or operation of the business of the Debtor and from deposit interest accruing on capital contributions actually received by the Debtor, all during the Plan Period, if any. The Blumberg Judgment Claim is additionally payable from Net Insurance Recovery from the Delaware Coverage Action as more specifically set forth in Article 2, which provides a supplemental recovery source for the Blumberg Judgment Claim and does not reduce or delay any other Class 2 creditor's share of PDI distributions. The Contractor Sum owed to StarFish Product Engineering Inc. for post-petition engineering services (approximately $3 million) will be treated as an Allowed Administrative Expense Claim under Section 503(b)(1)(A) of the Bankruptcy Code, payable upon the Funding Date as an administrative expense. The filing of the Case facilitates: * Payment in full of all Allowed Claims, including General Unsecured Claims held by trade and service creditors, and the Allowed portion of the Blumberg Judgment Claim, from (i) Projected Disposable Income, (ii) capital contributions in excess of all actual and anticipated expenses for the payment of expenditures necessary for the continuation, preservation, or operation of the business of the Debtor; (iii) interest accruing on capital contributions, all during the Plan Period, if any, and (iv) Net Insurance Recovery over the Plan Period (for the Blumberg Judgment Claim); * Deferment of the Contractor Sum owed to StarFish until the Funding Date; * Prosecution of the Delaware Coverage Action against Stratford for breach of contract and bad faith; and * Preservation of capital to ensure the feasibility of the Debtor's continued operations pending Series C Financing and commercial launch of the SLS. Class 2 consists of all General Unsecured Claims against the Debtor, including trade creditor claims and the Blumberg Judgment Claim. Paid from Projected Disposable Income during the Plan Period, from capital contributions in excess of all actual and anticipated expenses for the payment of expenditures necessary for the continuation, preservation, or operation of the business of the Debtor and from interest accruing on capital contributions, all during the Plan Period, if any. The Blumberg Judgment Claim is additionally payable from Net Insurance Recovery, subject to Section 2.4.2. Class 2 is impaired. The allowed unsecured claims total $2.1 million. The Holder of the Blumberg Judgment Claim shall receive its pro rata share of PDI distributions available to all Class 2 creditors, the benefit of Net Insurance Recovery, if any, from the Delaware Coverage Action, defined as all of the Loss Coverage proceeds of the Debtor's D&O insurance policy and accrued interest thereon, if any, actually received by the Debtor, with no deduction of any kind (except as required by applicable law), until the Blumberg Judgment Claim is paid in full. For the avoidance of doubt, the Debtor's Policy provides Loss Coverage and Expense Coverage, and the foregoing recovery source is limited to the Loss Coverage proceeds. Aggregate distributions to the Holder of the Blumberg Judgment Claim from all sources shall not exceed the Allowed Blumberg Judgment Claim amount (plus the Disputed Interest Amount if Allowed). This supplemental Net Insurance Recovery mechanism does not reduce or delay PDI distributions to any other Class 2 creditor. Net Insurance Recovery may be applied to the Allowed Blumberg Judgment Claim at any time during the Plan Period, regardless of the timing of PDI distributions. For the avoidance of doubt, Net Insurance Recovery constitutes a separate asset of the Estate that is specifically allocable to the Blumberg Judgment Claim by virtue of the underlying insured liability giving rise to such claim. The allocation of such Net Insurance Recovery does not adversely affect the treatment of the remaining Class 2 creditors. Before, on, and after the Effective Date, the Debtor or the Reorganized Debtor, as applicable, shall take all actions as may be necessary or appropriate to effectuate the restructuring transactions contemplated under the Plan, including: (a) the execution and delivery of any appropriate agreements or other documents consistent with the terms of the Plan; (b) the execution and delivery of appropriate instruments of transfer, assumption, or delegation of any asset, property, right, liability, debt, or obligation; (c) the filing of appropriate certificates pursuant to applicable state law; and (d) all other actions that the applicable Entities determine to be necessary or appropriate. If the Plan is confirmed under Bankruptcy Code section 1191(a) or (b), payments to Creditors provided for in the Plan will be made by the Reorganized Debtor from Projected Disposable Income during the Plan Period. In addition to Projected Disposable Income, payments to Blumberg may come from Net Insurance Recovery and payments to all creditors may come from capital contributions (including the Bridge Loan Proceeds) to the extent such contributions exceed actual or anticipated expenses for the payment of expenditures necessary for the continuation, preservation, or operation of the business of the Debtor and from accrued bank deposit interest on capital contributions actually received by the Debtor. Net Insurance Recovery is not included in the PDI calculation given that it, if any, will be used to satisfy the Blumberg claim. A full-text copy of the Fifth Amended Plan dated July 15, 2026 is available at https://urlcurt.com/u?l=mHlq9q from PacerMonitor.com at no charge. A copy of the Court's Order dated July 27, 2026, is available at https://urlcurt.com/u?l=CD8pW4 from Pacermonitor.com. About Stroma Medical Corporation Stroma Medical Corporation, based in Irvine, California, is a clinical-stage medical device company that has developed the Stroma Laser System, a patented, non-invasive laser technology designed to change eye color from brown, hazel, or black to amber, hazel, grey/blue, blue, or green. The procedure is performed in a doctor's office using only a topical anesthetic, requires minimal recovery time, and takes less than a minute per eye. Stroma markets its system for lease to refractive surgeons worldwide and targets the unmet global demand for permanent eye-color change among consumers seeking a safe and natural-looking result. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-12169) on Dec. 8, 2025, with $1 million to $10 million in assets and liabilities. Gregg Homer, executive chairman, signed the petition. Judge J. Kate Stickles oversees the case. The Debtor tapped Jamie Lynne Edmonson, Esq., at Robinson & Cole LLP, as bankruptcy counsel and Ericka F. Johnson, Esq., at Bayard, PA as conflicts counsel. STRONG BASE: Case Summary & Three Unsecured Creditors ----------------------------------------------------- Debtor: Strong Base, LLC 10000 North 31st Avenue Suite C210 Phoenix, AZ 85051 Business Description: Strong Base LLC owns and operates furnished shared-housing properties in Youngtown, Phoenix and Avondale, Arizona, renting rooms within three single-family homes on weekly or monthly terms and providing tenants with shared dining areas, kitchens, appliances and household furnishings. Chapter 11 Petition Date: July 30, 2026 Court: United States Bankruptcy Court District of Arizona Case No.: 26-07599 Judge: Hon. Madeleine C Wanslee Debtor's Counsel: Mark J. Giunta, Esq. LAW OFFICE OF MARK J. GIUNTA 531 East Thomas Road, Suite 200 Phoenix, AZ 85012 Tel: 602-307-0837 Fax: 602-307-0838 Email: markgiunta@giuntalaw.com Total Assets: $1,189,559 Total Liabilities: $1,129,392 The petition was signed by Anna Siyavora as managing member. A full-text copy of the petition, which includes a list of the Debtor's three unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/DKWL3VY/STRONG_BASE_LLC__azbke-26-07599__0001.0.pdf?mcid=tGE4TAMA SUNNOVA ENERGY: Loses Bid to Dismiss Weatherwax, et al., Case ------------------------------------------------------------- Judge Alfredo R. Perez of the U.S. Bankruptcy Court for the Southern District of Texas denied Sunnova Energy International, Inc. and its debtor affiliates' partial motion to dismiss the second amended class action complaint in the adversary proceeding captioned as ERIK WEATHERWAX, et al., Plaintiffs, VS. SUNNOVA ENERGY INTERNATIONAL INC., et al., ADVERSARY NO. 25-3423 (Bankr. S.D. Tex.). On March 9, 2026, the Plaintiffs filed their Second Amended Complaint. There are two subclasses involved in this adversary proceeding: the Contract SubClass, and the WARN SubClass. The Contract Sub-Class members filed state-law breach of contract claims based on the premise that Sunnova breached the terms of the RA by failing to pay them the promised higher of (a) the applicable severance provided for in the SPP or (b) the applicable amount that may be owed to them under the WARN Act. More specifically, the Contract Sub-Class members allege Sunnova improperly classified them as WARN ineligible, foreclosing their potential "higher" recovery under WARN, and relegating them to a lower recovery under the SPP. On March 30, 2026, Sunnova filed its Motion to Dismiss, seeking dismissal of the Contract Sub-Class members' state-law breach of contract claims under the RA. In the Motion to Dismiss, Sunnova argues: (i) the SPP was a qualifying employee welfare benefit plan governed by the Employee Retirement Income Security Act of 1974, 29 U.S.C. Sec. 1001 et seq. ("ERISA"), and (ii) the Contract Sub-Class members' breach of contract claims are preempted by ERISA under both complete and conflict preemption. On April 2, 2026, Sunnova filed its Motion to Stay Discovery Pending Ruling on Partial Motion to Dismiss. Plaintiffs argue that regardless of whether the SPP is an ERISA plan, the RA is not -- it is a free standing, independent contract, which promises a benefit beyond the SPP. According to the Plaintiffs, whether the SPP is an ERISA plan is irrelevant because the Contract Sub-Class members claim breach of the RA, not the SPP. Moreover, the Plaintiffs argue that because the RA breach of contract claims does not rely on the SPP, they are not preempted; not through conflict preemption, and not through complete preemption. Sunnova argues the RA is not a free-standing contract because it "relates to" the SPP -- what it characterizes as an ERISA plan -- and that the two documents are integrated with one another. Therefore, according to Sunnova, ERISA preempts the Contract Sub-Class members' claims despite the fact they only allege breach of the RA. Sunnova reiterates its position the breach of contract claims are subject to both complete and conflict preemption under ERISA. The Court finds that, specifically with respect to the provision of WARN damages, both contracts are separate and free standing by their language, and that WARN damages are only promised by virtue of the RA and not the SPP. The Court concludes the RA is not an ERISA employee benefit plan, and that the state-law breach of contract claims are not subject to complete or conflict preemption. In Aetna Health Inc. v. Davila, a state-law cause of action will be subject to complete preemption under ERISA if: (i) an individual could have brought his claim under ERISA Sec. 502(a)(1)(B), and (ii) there is no other independent legal duty implicated by a defendant's actions. The Contract Sub-Class members allege Sunnova breached its contractual duty owed to them under state law by failing to provide them with the requisite 'higher of' amounts they were promised in exchange for releasing their rights to bring claims under the WARN Act. According to the Court, this contractual duty arises from the RA, not the SPP. Stated another way, the relevant obligation to pay WARN damages under the RA does not arise entirely from the SPP. Sunnova's contractual obligations under the RA constitute some other independent legal duty beyond that imposed by the SPP. Therefore, the Court finds under Davila, the Contract Sub-Class members' claims for breach of the RA are not subject to complete preemption. ERISA's preemption provision applies to claims that "relate to" an employee benefit plan. According to the Court, the RA's facial connections to the SPP (being connected as an attachment and containing cross-references), does not transform a claim based on breach of the RA into a claim which "relates to" the SPP. The breach of contract claims do not implicate the SPP -- they solely implicate the RA, and the alleged faulty WARN determinations. In the Court's view, the "relate to" test under Shaw v. Delta Air Lines, Inc., 463 U.S. 85, 96–97 (1983) for ERISA conflict preemption is not satisfied. A copy of the Court's Memorandum Order dated July 29, 2026, is available at https://urlcurt.com/u?l=4M72ge from Pacermonitor.com. About Sunnova Energy Sunnova Energy International Inc. (NYSE: NOVA) is an industry-leading adaptive energy services company focused on making clean energy more accessible, reliable, and affordable for homeowners and businesses. Through its adaptive energy platform, Sunnova provides a better energy service at a better price to deliver its mission of powering energy independence. Sunnova Energy sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90160) on June 8, 2025. In its petition, the Debto reports estimated assets and liabilities between $10 billion and $50 billion each. The Debtor is represented by Jason Gary Cohen, Esq. at Bracewell LLP. SURF 9 LLC: Yann Geron's Appointment as Chapter 11 Trustee OK'd --------------------------------------------------------------- Judge Jil Mazer-Marino of the U.S. Bankruptcy Court for the Eastern District of New York approved the appointment of Yann Geron as Chapter 11 trustee for Surf 9 LLC. Mr. Geron was appointed on July 29 by the U.S. Trustee for Region 2, the Justice Department's bankruptcy watchdog overseeing the company's Chapter 11 case. The Chapter 11 trustee can be reached at: Yann Geron, Esq. Geron Legal Advisors, LLC 370 Lexington Avenue, Suite 1101 New York, NY 10017 Phone: (646) 560-3224 Email: ygeron@geronlegaladvisors.com About Surf 9 LLC Surf 9, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No.: 25-40078) on January 8, 2025. In its petition, the Debtor reported between $10 million and $50 million in both assets and liabilities. Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. Kevin Nash, Esq., at Goldberg Weprin Finkel Goldstein LLP, serves as the Debtor's legal counsel. SUTTON JJR: Voluntary Chapter 11 Case Summary --------------------------------------------- Debtor: Sutton JJR LLC 47 Sutton Street Brooklyn NY 11222 Business Description: Sutton JJR LLC is a single-asset real estate company (as defined in 11 U.S.C. Section 101(51B)). Chapter 11 Petition Date: August 1, 2026 Court: United States Bankruptcy Court Eastern District of New York Case No.: 26-43711 Judge: Hon. Jil Mazer-Marino Debtor's Counsel: Vincent M. Lentini, Esq. 1129 Northern Blvd., Suite 404 Manhasset, NY 11030 Tel: 516-228-3214 E-mail: VincentMLentini@gmail.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Krztsztof Rybkiewicz as co-executor of Estate of Anna Rybkiewicz. The Debtor did not submit a list of its 20 largest unsecured creditors along with the petition. A complete copy of the Chapter 11 petition is available free of charge through PacerMonitor at: https://www.pacermonitor.com/view/XPI6YYQ/Sutton_JJR_LLC__nyebke-26-43711__0001.0.pdf?mcid=tGE4TAMA SYLVAMO CORP: Fitch Affirms BB+ LongTerm IDR, Outlook Stable ------------------------------------------------------------ Fitch Ratings has affirmed Sylvamo Corporation's Long-Term Issuer Default Rating (IDR) at 'BB+' and senior secured ratings at 'BBB-' with a Recovery Rating of 'RR1'. The Rating Outlook is Stable. The rating reflects Sylvamo's significant scale and low-cost operations, strong free cash flow (FCF) generation, and conservative leverage and capital allocation policies despite the paper market's long-term secular decline. The rating is supported by the company's substantial forestry holdings in Brazil. Key Rating Drivers Large Scale Low-Cost Producer: Sylvamo's mills, spread across North America, Europe and Latin America, are among the lowest-cost producers of uncoated freesheet in the world. The bulk of the company's annual capacity falls in the first and second quartiles of the global cost curve. This favorable cost position partially buffers margins from the paper industry's variable pricing and negative volume trends. Since Sylvamo's spin-off from International Paper (IP) in 2021, the company has increased capital expenditures and targeted investments and upgrades across its asset base to maintain or improve its operational cost competitiveness. The company maintains a pipeline of high-return projects, which Fitch believes will continue to place Sylvamo at the lower end of the cost curve. Six of Sylvamo's seven mills are vertically integrated, from roundwood processing to paper production. This highly cost-effective configuration enables the company to generate the majority (approximately 80%) of its energy requirements. Sylvamo's mills are also located in attractive fiber regions, giving the company access to low-cost wood. Secular Industry Decline: Demand for graphic paper has declined for decades as electronic and digital media replaced print. However, the type of uncoated freesheet (UFS) that Sylvamo produces has seen a less precipitous decline than other types of paper, such as newsprint. Fitch estimates that Sylvamo's UFS volumes will decline by around 4% per annum through the forecast period, with long-term demand supported by ongoing consumption in the education, communication and entertainment sectors. The paper market benefits from an orderly market structure, with major producers regularly reducing capacity to maintain a market supply/demand balance. This supports pricing despite negative volume trends. Average selling price for UFS has increased by roughly 40% since 2020, and Fitch expects a flat to modest increase over the forecast period, partially mitigating the effect of negative volumes. Several of Sylvamo's peers are converting paper mills to more economically attractive containerboard and pulp products, which helps to maintain equilibrium in the paper market. Inflation Impacts EBITDA: Fitch assumes that the current inflationary environment due to the Iran Conflict and U.S. tariffs on Brazilian imports will modestly impact Sylvamo's EBITDA generation but with comfortable headroom for Fitch rating sensitivities. Consequently, Fitch expects lower sales volumes and lower EBITDA in 2026, with a modest recovery beginning in 2027. Cost reduction efforts, such as Sylvamo's Eastover mill investment and Lean initiative, are forecast to increase EBITDA margins to the mid-to-high teens toward the end of the forecast period. Conservative Financial Policies: Sylvamo has reduced gross debt since its spinoff, resulting in Fitch-calculated EBITDA leverage of about 2.0x. Fitch expects a commitment to maintaining leverage within this range to anchor the company's capital allocation strategy. Annual dividends can be easily accommodated from cash flow from operations as well as share repurchases. Fitch assumes these will be within the bounds of a conservative leverage profile. The relatively small size of the A/R securitization facility supports an 'RR1' Recovery Rating. A material increase in the facility's size could lead to a revision to 'RR2', which would not affect the instrument rating of 'BBB-'. Steady Cash Flow Generation: Since separating from IP, Sylvamo has generated EBITDA margins in the mid-teens, with positive annual FCF margins above 5%, implying a healthy deleveraging capacity. Current cash flow margins are below historical averages due to the inflationary environment, but liquidity remains strong with $130 million of cash on hand and $268 million available on the company's revolving credit facility, as of March 31, 2026. The economics of Sylvamo's business and overall cash flows are expected to approach historical levels once the current inflationary environment subsides. Substantial Forestry Assets: Sylvamo's forestry holdings in Brazil are a key credit consideration supporting its 'BB+' rating. The company owns about 250,000 acres of land in the state of Sao Paulo valued at approximately $1.0 billion. The assets represent a significant source of alternative liquidity for Sylvamo if the company needs to monetize these holdings, potentially via a sale leaseback or similar arrangement that would still afford Sylvamo access to fiber to supply its three mills in the region. Peer Analysis A notable strength for Sylvamo within the paper and packaging sector is its consistency in maintaining low leverage compared with many highly rated issuers in the industry. Sylvamo has consistently maintained EBITDA leverage of around 1.5x, significantly lower than its peers, such as Stora Enso Oyj (BBB-/Stable) and Suzano S.A. (BBB-/Positive). This conservative leverage profile provides Sylvamo with ample financial flexibility and serves as an appropriate buffer to the cyclically declining paper industry. Sylvamo's closest peer, Domtar Corporation (B+/Stable), generates slightly higher revenue. However, Sylvamo demonstrates superior EBITDA and FCF margins. Both companies are similar in their EBITDA generation and geographic focus, which includes North America and Europe, as well as the production of wood pulp and uncoated freesheet paper. The key differentiator in their ratings is Sylvamo's EBITDA leverage — for example, YE 2025 leverage for Sylvamo was 1.9x compared to Domtar's 6.7x. Sylvamo's selective approach to accretive acquisitions has contributed to the maintenance of its leverage profile. Sylvamo's revenue is smaller than its paper and packaging peers Suzano and Stora Enso Oyj, and its EBITDA is below these companies' and Klabin S.A.'s (BB+/Stable). Suzano is the world's leading producer of market pulp, and leading producer of printing and writing paper in Brazil. Sylvamo has a significantly smaller scale than Suzano, but its credit profile benefits from a more conservative financial policy. Fitch’s Key Rating-Case Assumptions - Modest annual declines in global UFS volume (about -4%) with stable North American pricing through the forecast period; - 2026 EBITDA trough margins improving thereafter to the mid-to-high teens; - Capital expenditure (capex) in line with management guidance, peaking in 2026 with elevated spending for strategic investment at the flagship Eastover, SC mill; - Dividends in line with historical trends; share repurchases resume in 2027; - Europe segment EBITDA margins at or below breakeven for the forecast period; - 2029 maturity refinanced at similar rates; - SOFR assumptions around 4% for the forecast period. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): Business and financial profile factors (assessment, relative importance): management ('bbb', Lower), sector characteristics ('bb', Higher), market and competitive positioning ('bbb-', Moderate), diversification and asset quality ('bb', Moderate), company operational characteristics ('bbb-', Moderate), profitability ('b', Moderate), financial structure ('bbb', Higher), and financial flexibility ('bbb', Moderate). The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. The governance assessment of 'good' has no impact. The operating environment assessment of 'a' has no impact. The SCP is 'bb+'. To derive the Long-Term IDR: Fitch made no adjustments to the SCP, resulting in an IDR of 'BB+'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade: - EBITDA leverage consistently above 2.5x; - Any unfavorable change in current leverage or capital allocation policy; - Faster-than-expected deterioration in the paper segment resulting in depressed margins and materially lowered FCF generation; - Deterioration in liquidity buffers including unencumbered forest landholdings. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: - Maintenance of conservative financial and capital allocation policies along with sufficient liquidity buffers; - Stabilization of secular demand decline in industry; - EBITDA leverage consistently below 1.5x. Liquidity and Debt Structure As of March 31, 2026, Sylvamo has $268 million available on its $400 million revolving credit facility due 2029, plus total cash and investments of $130 million, resulting in total liquidity of $398 million. Fitch views this liquidity as sufficient for the rating, given the low-cost position of the company and positive FCF generation in the forecast. Fitch views the maturity profile as manageable with most of the debt maturing past the forecast period. The company's revolver and term loan A mature in 2029, and Fitch expects the company to be able to refinance the debt ahead of maturity with similar pricing. Issuer Profile Sylvamo is one of the world's largest manufacturers of uncoated freesheet paper. It has strong assets, including seven cost-efficient mills and extensive eucalyptus forest lands in Brazil, which help lower production costs. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for Sylvamo Corporation. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Sylvamo Corporation LT IDR BB+ Affirmed BB+ senior secured LT BBB- Affirmed RR1 BBB- SYMPLR SOFTWARE: Ares Capital Marks $76.2MM 2L Loan at 33% Off -------------------------------------------------------------- Ares Capital Corporation has marked its $76.2MM second lien senior secured loan to Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc. to market at $51.1MM, or 67% of the outstanding amount, according to Ares Capital's Form 10-Q for the quarterly period ended July 29, 2026, filed with the U.S. Securities and Exchange Commission. Ares Capital is a participant in a loan extended to Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc. The second lien senior secured loan accrues interest at 12% per annum and matures in December 2028. Ares Capital Corporation is a business development company that provides financing solutions to middle-market companies across a range of industries. The Fund is led by M. Kort Schnabel as Chief Executive Officer. The Fund can be reached at: M. Kort Schnabel ARES CAPITAL CORPORATION 245 Park Avenue, 44th Floor New York, NY 10167 Telephone: (212) 750-7300 About SYMPLR SOFTWARE INC. AND SYMPLR SOFTWARE INTERMEDIATE HOLDINGS, INC. Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc. provide a SaaS-based healthcare compliance platform that helps healthcare organizations manage regulatory, credentialing, and governance requirements. SYMPLR SOFTWARE: Ares Capital Marks $9.2MM 1L Loan at 35% Off ------------------------------------------------------------- Ares Capital Corporation has marked its $9.2MM first lien senior secured revolving loan to Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc. to market at $6.0MM or 65% of the outstanding amount, according to Ares Capital's Form 10-Q for the quarterly period ended July 29, 2026, filed with the U.S. Securities and Exchange Commission. Ares Capital is a participant in a loan extended to Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc. The first lien senior secured revolving loan accrues interest at 9.50% per annum and matures in December 2027. Ares Capital Corporation is a business development company that provides financing solutions to middle-market companies across a range of industries. The Fund is led by M. Kort Schnabel as Chief Executive Officer. The Fund can be reached at: M. Kort Schnabel ARES CAPITAL CORPORATION 245 Park Avenue, 44th Floor New York, NY 10167 Telephone: (212) 750-7300 About SYMPLR SOFTWARE INC. AND SYMPLR SOFTWARE INTERMEDIATE HOLDINGS, INC. Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc. provide a SaaS-based healthcare compliance platform. SYNERGENX LEGACY: US Trustee Appoints 2-Member Creditor Committee ----------------------------------------------------------------- Emlyn Cameron of Law360 Bankruptcy Authority reports that the Office of the U.S. Trustee has appointed a two-member official committee of unsecured creditors in the Chapter 11 case of hormone therapy provider SynergenX, according to an announcement Thursday. The committee will represent unsecured creditors throughout the bankruptcy proceedings. Official creditors committees typically play an important role in Chapter 11 cases by reviewing the debtor's operations and financial affairs, participating in negotiations and advocating for the interests of creditors without collateral. The SynergenX committee will now have a formal voice in the company’s restructuring, the report relays. The appointment comes as SynergenX works to reorganize its finances through Chapter 11. The committee’s participation is expected to become particularly important as the company develops its restructuring strategy and creditors evaluate their potential recoveries, according to Law360. About SynergenX Legacy Holdings LLC SynergenX Legacy Holdings, LLC operates a network of medical clinics specializing in hormone replacement therapy (HRT), testosterone replacement therapy, medically supervised weight loss, and wellness services. Headquartered in Houston, Texas, the company serves patients through multiple clinic locations across several states, offering personalized treatment programs focused on hormonal health and metabolic wellness. SynergenX Legacy Holdings, LLC and its debtor affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-90644) on July 2, 2026. In their petition, the Debtors reported estimated assets of $100 million to $500 million and estimated liabilities of $50 million to $100 million. Honorable Bankruptcy Judge Christopher M. Lopez oversees the cases. The Debtors are represented by Frank Wright, Esq., and Jeffery M. Veteto, Esq., at the Law Offices of Frank J. Wright, PLLC; and R.J. Shannon, Esq., and Sean Wilson, Esq., at Shannon Lee Beatty, LLP. Stretto, Inc. is the Debtors' claims, noticing and solicitation agent. TALON LOGISTICS: Gets Extension to Access Cash Collateral --------------------------------------------------------- The U.S. Bankruptcy Court for the Central District of California, San Fernando Valley Division, entered a third interim order authorizing Talon Logistics, Inc. to use cash collateral and continue operating under its financing arrangements with FFB Bank while the bankruptcy case proceeds. The court authorized the Debtor to continue selling its accounts receivable to FFB Bank and receiving post-petition DIP payments under the existing factoring agreements through the week ending September 6. The Debtor was also permitted to continue performing under those agreements, with FFB Bank retaining senior liens on the purchased receivables and related proceeds. The interim relief remains subject to the terms of the court's first and second interim cash collateral orders. The court further approved the Debtor's continued use of cash collateral during the extended period in accordance with its amended operating budget, subject to several modifications. These include a required $1,500 adequate protection payment to the IRS by August 15, limiting a post-petition legal retainer for attorney Eugene Suh to $5,000 upon court approval, and clarifying that funds held in trust for bankruptcy counsel and the Subchapter V trustee remain property of the bankruptcy estate until the court authorizes payment of fees. Finally, the court authorized the Debtor to file an amended budget incorporating the required revisions and any additional proposed changes. The next hearing is scheduled for September 2, with objections due by August 26 and replies to objections due by August 31. A copy of the court's order is available at https://shorturl.at/i6VP5 from PacerMonitor.com. About Talon Logistics Inc. Talon Logistics, Inc. is a Woodland Hills, California-based general freight trucking company specializing in drayage and intermodal transportation throughout the Los Angeles region. The company operates a fleet of approximately 40 to 50 power units and has invested in transitioning to zero-emission vehicles, including electric and hydrogen-powered trucks. Talon Logistics sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-11399) on June 29, 2026, with between $1 million and $10 million in both assets and liabilities. Honorable Victoria S. Kaufman is overseeing the case. The Debtor tapped Ron Bender, Esq., at Levene, Neale, Bender, Yoo & Golubchik, L.L.P. as bankruptcy counsel and The Law Office of Eugene S. Suh, APC as special corporate counsel. TEAM ACQUISITION: Ares Capital Marks $34.1MM 1L Loan at 53% Off --------------------------------------------------------------- Ares Capital Corporation has marked its $34.1MM first lien senior secured loan to Team Acquisition Corporation to market at $16.0MM or 47% of the outstanding amount, according to Ares Capital's Form 10-Q for the quarterly period ended July 29, 2026, filed with the U.S. Securities and Exchange Commission. Ares Capital is a participant in a loan extended to Team Acquisition Corporation. The first lien senior secured loan matures in November 2029. Ares Capital Corporation is a business development company that provides financing solutions to middle-market companies across a range of industries. The Fund is led by M. Kort Schnabel as Chief Executive Officer. The Fund can be reached at: M. Kort Schnabel ARES CAPITAL CORPORATION 245 Park Avenue, 44th Floor New York, NY 10167 Telephone: (212) 750-7300 About TEAM ACQUISITION CORPORATION Team Acquisition Corporation provides team uniforms and athletic wear. TEAM ACQUISITION: Ares Capital Marks $5.7MM 1L Loan at 53% Off -------------------------------------------------------------- Ares Capital Corporation has marked its $5.7MM first lien senior secured revolving loan to Team Acquisition Corporation to market at $2.7MM or 47% of the outstanding amount, according to ARES Capital's Form 10-Q for the quarterly period ended July 29, 2026, filed with the U.S. Securities and Exchange Commission. Ares Capital is a participant in a loan extended to Team Acquisition Corporation. The first lien senior secured revolving loan matures in November 2028. Ares Capital Corporation is a business development company that provides financing solutions to middle-market companies across a range of industries. The Fund is led by M. Kort Schnabel as Chief Executive Officer. The Fund can be reached at: M. Kort Schnabel ARES CAPITAL CORPORATION 245 Park Avenue, 44th Floor New York, NY 10167 Telephone: (212) 750-7300 About TEAM ACQUISITION CORPORATION Team Acquisition Corporation provides team uniforms and athletic wear. TEAM ACQUISITION: Ares Capital Marks $5.7MM 1L Loan at 53% Off -------------------------------------------------------------- Ares Capital Corporation has marked its $5.7MM first lien senior secured revolving loan to Team Acquisition Corporation to market at $2.7MM or 47% of the outstanding amount, according to Ares Capital's Form 10-Q for the quarterly period ended July 29, 2026, filed with the U.S. Securities and Exchange Commission. Ares Capital is a participant in a loan extended to Team Acquisition Corporation. The first lien senior secured loan matures in November 2028. Ares Capital Corporation is a business development company that provides financing solutions to middle-market companies across a range of industries. The Fund is led by M. Kort Schnabel as Chief Executive Officer. The Fund can be reached at: M. Kort Schnabel ARES CAPITAL CORPORATION 245 Park Avenue, 44th Floor New York, NY 10167 Telephone: (212) 750-7300 About TEAM ACQUISITION CORPORATION Team Acquisition Corporation provides team uniforms and athletic wear. THE.TEAM: SME: S&P Rates New $300MM First-Lien Term Loan 'B+' ------------------------------------------------------------- S&P Global Ratings assigned its 'B+' issue-level rating and '2' recovery rating to The.Team: SME LLC's (B/Stable/--) proposed $300 million first-lien term loan, due in 2032. The '2' recovery rating indicates our expectation for substantial (70%-90%; rounded estimate: 75%) recovery in the event of default. The company plans to use the proceeds from the term loan issuance, together with $275 million in seller financing and $220 million in equity proceeds, to buy Casey Wasserman's outstanding shares, pay related fees and expenses, and repay revolver borrowings related to recent acquisitions. Issue Ratings--Recovery Analysis Key analytical factors -- The company's capital structure will comprise a $350 million revolving credit facility due 2030, $300 million of incremental term loan B due in 2032, a $633 million term loan B due in 2032, and $275 million of seller financing. -- S&P's simulated default scenario considers a default in 2029 due to a combination of intensified competition, a sharp increase in client and agent churn, declining organic growth rates, and materially weaker EBITDA margins. -- S&P assumes The.Team would reorganize as a going concern to maximize lenders' recovery prospects. S&P assumes the revolver is 85% drawn at the time of default. -- S&P values the company on a going-concern basis using a 6.5x multiple of its projected emergence-level EBITDA, consistent with its treatment of similar peers. -- S&P's '2' recovery rating on the first-lien debt indicates its expectation for substantial (70%-90%; rounded estimate: 75%) recovery in the event of a default. Simulated default assumptions -- Year of default: 2029 -- EBITDA at emergence: $154.6 million -- Implied enterprise value multiple: 6.5x -- Unadjusted gross enterprise value: About $1.0 billion Simplified waterfall -- Net recovery value after administrative expenses (5%): $954.6 million -- Valuation split (obligors/nonobligors): 100%/0% -- Value available to first-lien creditors: $954.6 million -- Total first-lien secured debt claims: $1.2 billion --Recovery expectations: 50%-70% (rounded estimate: 75%) -- Value available to unsecured and deficiency claims: $0 million All debt amounts include six months of prepetition interest. THERAPY BRANDS: Ares Capital Marks $29.1MM 2L Loan at 23% Off ------------------------------------------------------------- Ares Capital Corporation has marked its $29.1MM second lien senior secured loan to Therapy Brands Holdings LLC to market at $22.4MM or 77% of the outstanding amount, according to ARES Capital Corp's Form 10-Q for the quarterly period ended July 29, 2026, filed with the U.S. Securities and Exchange Commission. Ares Capital is a participant in a loan extended to Therapy Brands Holdings LLC. The second lien senior secured loan accrues interest at 11% per annum and matures in May 2029. Ares Capital Corporation is a business development company that provides financing solutions to middle-market companies across a range of industries. The Fund is led by M. Kort Schnabel as Chief Executive Officer. The Fund can be reached at: M. Kort Schnabel ARES CAPITAL CORPORATION 245 Park Avenue, 44th Floor New York, NY 10167 Telephone: (212) 750-7300 About THERAPY BRANDS HOLDINGS LLC Therapy Brands Holdings LLC provides software solutions tailored to mental and behavioral health providers, supporting practice management and clinical workflows across these market segments. TM36 LLC: IAG, et al., Can't Compel Arbitration in Stoploss Case ---------------------------------------------------------------- Judge Alfredo R. Perez of the U.S. Bankruptcy Court for the Southern District of Texas denied the motion of Defendants, Insured Advocacy Group, LLC ("IAG I") and Insured Advocacy Group II, LLC ("IAG II," and collectively "IAG") to compel arbitration of all causes of action asserted by StopLoss Specialists, LLC ("Specialists") and StopLoss, LLC (collectively, "StopLoss") in the adversary proceeding captioned as STOPLOSS SPECIALISTS, LLC, et al., Plaintiffs, VS. INSURED ADVOCACY GROUP, LLC, et al., Defendants, ADVERSARY NO. 26-3072 (Bankr. S.D. Tex.). IAG's motion to stay discovery pending appeal is denied as moot. This suit was first commenced in August 2025, when StopLoss sued IAG in the United States District Court for the Southern District of New York. IAG moved to dismiss that case for lack of subject matter jurisdiction, but withdrew its motion and filed a motion to compel arbitration. On March 12, 2026, StopLoss commenced this adversary proceeding. On April 7, 2026, IAG filed a motion to dismiss with prejudice for failure to state a claim upon which relief can be granted. On May 4, 2026, IAG filed a proof of claim in the Debtors' bankruptcy asserting a claim based on different contracts that arise out the same master contract that is at issue in this adversary proceeding. IAG argues that this adversary proceeding is required to be submitted to an arbitrator pursuant to the parties' agreements. While IAG disputes that any contract was formed, they argue that this adversary proceeding is a dispute "arising out of, relating to, in connection with or in respect of the factoring agreement that is contractually required to be submitted to arbitration under the rules of the American Arbitration Association. StopLoss argues that IAG has waived any right it had to compel arbitration in this dispute. In its view, by filing a motion to dismiss this adversary proceeding with prejudice and proceeding on that motion, IAG substantially invoked the judicial process and waived its right to compel arbitration. The Bankruptcy Court agrees with StopLoss. The Court's conclusion is that under the facts of this case, IAG's filing and continued prosecution of its motion to dismiss with prejudice -- while not moving to arbitrate despite being aware of its right to do so -- constituted a substantial invocation of the judicial process and resulted in waiver. A copy of the Court's Memorandum Opinion & Order dated August 3, 2026, is available at https://urlcurt.com/u?l=aNkrbs from Pacermonitor.com. About TM36 LLC TM36, LLC, StopLoss, LLC, StopLoss Logistics, LLC, StopLoss Specialists, LLC, and StopLoss Response Services, LLC provide emergency response and property restoration services focused primarily on large commercial buildings that have sustained significant disaster or weather-related damage. StopLoss LLC functions as the holding company for StopLoss Response Services, LLC, StopLoss Logistics, LLC, and TM36 LLC, while StopLoss Specialists, LLC holds contractor licenses and enters into project contracts. The subsidiaries support project execution through subcontracted restoration work, equipment logistics and transportation, and ownership of operational equipment. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 26-90386) on March 5, 2026. In the petition signed by Pablo Bonjour, chief restructuring officer, TM36 disclosed up to $10 million in both assets and liabilities. Judge Alfredo R. Perez oversees the cases. The Debtors tapped Aaron J. Power, Esq., at Porter Hedges, LLP, as bankruptcy counsel and Veritas Restructuring Group as financial advisor. On April 24, 2026, the Office of the United States Trustee for Region 7 appointed an official committee of unsecured creditors in these Chapter 11 cases. The committee tapped Dykema Gossett, PLLC as counsel. TOOELE VALLEY: Kevin Neiman Named Subchapter V Trustee ------------------------------------------------------ The Acting U.S. Trustee for Region 19 appointed Kevin Neiman as Subchapter V trustee for Tooele Valley Counseling PLLC. Mr. Neiman will be paid an hourly fee of $375 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Neiman declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Kevin S. Neiman PO Box 100455 Denver, CO 80250 Tel: (303) 996-8637 Fax: (877) 611-6839 Email: trustee@ksnpc.com About Tooele Valley Counseling PLLC Tooele Valley Counseling PLLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Utah, Central Division Case No. 26-24646) on July 29, 2026. At the time of the filing, Debtor had estimated assets of between $50,001 and $100,000 and liabilities of between $100,001 and $500,000. Judge Michael F. Thomson oversees the case. Geoffrey L. Chesnut, Esq., at Red Rock Legal Services, P.L.L.C. represents the case. TREKOR METALS: S&P Upgrades ICR to 'B' on Improving Cash Flow ------------------------------------------------------------- S&P Global Ratings raised itsissuer credit rating on Canada-based Trekor Metals Ltd. (previously Taseko Mines Ltd.) to 'B' from 'B-'. At the same time, S&P revised its recovery rating on Trekor's senior secured notes due 2030 to '2' from '3' and raised its issue-level rating to 'B+' from 'B-'. The positive outlook reflects S&P's expectations that Trekor will generate increased earnings and transition to positive free operating cash flow (FOCF) in 2026 as Florence production ramps up amid a favorable copper price environment. S&P expects Trekor's consolidated copper production will increase about 30% to 140 million pounds (mlbs) in 2026. This will follow the gradual ramp up of its Florence copper project in Arizona, which was completed in late 2025 and achieved first production earlier this year. The higher volumes along with strong copper prices will lead to materially higher EBITDA and better leverage measures, including S&P Global Ratings-adjusted debt to EBITDA (leverage) of about 2x in 2026. S&P said, "The upgrade and positive outlook primarily reflect our view that Trekor's cash flow and leverage will improve over the next few years. Trekor has been steadily ramping up operations at its Florence copper project over the last several months, producing close to 7 mlbs of copper from the initial wells until the end of second quarter 2026. We expect wellfield expansion will continue through the remainder of 2026. This will increase the solution flows to the solvent extraction/electrowinning plant, leading to gradually higher copper volumes. As a result, we expect the company's consolidated copper production will increase to 140 mlbs in 2026, compared with 108 mlbs in 2025, and expand further to about 185 mlbs in 2027 as Florence reaches its design capacity level output." Florence is an in-situ copper recovery operation in Arizona that produces copper cathode without conventional open-pit mining methods or bulk excavation. The company completed development of the project for about US$275 million in late 2025, which was modestly higher than its initial guidance of US$232 million. With production ramp-up in progress, S&P believes much of the execution and financial risks associated with the project have now subsided. Concurrently, the price of copper jumped significantly this year, with an average price near US$6.00 per pound (lb), up 30%-35% compared with the 2025 average. S&P assumes copper prices remain favorable over the next few years as long-term demand outlook remains supportive, driven by the expansion of renewable energy, power grid modernization, the electric vehicle sector, and data center growth. S&P said, "We estimate increased production and favorable copper prices will lead to higher cash flow and improved credit measures through 2026. We expect Trekor's leverage will improve to about 2.0x in 2026, compared with 4.8x in 2025, and improve further in 2027 to about 1.5x. In addition, we expect the company to transition to positive FOCF generation this year, as against adjusted FOCF deficit of C$283 million in 2025, on higher earnings and a significant decrease in capital expenditure (capex) following completion of construction at Florence. We estimate the company will generate cumulative FOCF of C$600 million-C$650 million in 2026-2027. We believe this will provide Trekor significant financial flexibility to invest in production growth, potentially reduce its debt and pursue shareholder returns. "Notwithstanding our forecast for low leverage, we incorporate volatility in the company's cash flow and leverage metrics in our financial risk profile assessment. We believe Trekor's credit measures will remain highly sensitive to metal price fluctuations, especially given current high prices. Additionally, production ramp-up challenges or delays in reaching design capacity at new projects are not uncommon across the global mining industry and could lead to lower production and higher consolidated cash costs than we assume. All else being equal, we estimate the company's EBITDA would decline 22% and leverage would increase to the mid-2.0x area in 2026 if copper prices averaged 20% below our assumption. "Trekor's scale and operating breadth are limited compared with those of similarly rated peers. We believe the Florence project will increase Trekor's scale and reduce its reliance on Gibraltar by adding a new producing asset to the company's portfolio. We estimate average annual copper production at Florence will be 85 mlbs at a cash cost of low- to mid-US$1.00/lb of copper over a 22-year mine life. This should enable the company to meaningfully expand production and cash flow generation from its existing base. "Still, our business risk assessment is constrained by our view of the company's limited scale and operating breadth. Even with full design capacity production at Florence, the company would remain a small copper producer with an estimated 2027 production of about 185 mlbs, which we view as moderate relative to those of other similarly rated issuers. With only two producing assets, the company's operating and financial results remain exposed to potential operating disruptions that could prolong the improvement in cash flow and credit measures. Our rating also considers the high sensitivity of the company's earnings and profitability to metal price volatility. "However, we believe the company's long reserve life at both the assets provides long-term production visibility, and that its consolidated cash costs and profitability could gradually improve toward second quartile of the global cash cost curve with increased contribution from low-cost Florence production. "The positive outlook reflects our expectations that Trekor will generate increased earnings and transition to positive FOCF in 2026 as Florence production ramps up amid a favorable copper price environment. We estimate S&P Global Ratings-adjusted debt to EBITDA will improve to about 2.0x in 2026 and mid-1x in 2027. "We could revise our outlook on Trekor to stable within the next 12 months if we expect S&P Global Ratings-adjusted debt to EBITDA to sustain at or above 3.0x. This could occur if production volumes or earnings trend below our estimates, potentially from unanticipated production ramp-up challenges at Florence or lower sustained copper prices. "We could upgrade Trekor within the next 12 months if the company fully ramps up production at Florence while achieving cost performance in line with our estimates. In this scenario, we would also expect the company to maintain S&P Global Ratings-adjusted debt to EBITDA below 3x and generate positive FOCF." UMBRELLA PROJECT: Gets Extension to Use Cash Collateral ------------------------------------------------------- The Umbrella Project, LLC received another extension from the U.S. Bankruptcy Court for the Northern District of Texas, Dallas Division, to use cash collateral. The court authorized the Debtor to use cash collateral for the expenses set forth in the approved budget through August 13. The Debtor may spend up to 110% of each individual budgeted expense, provided that total monthly cash collateral expenditures do not exceed 110% of the overall budget. As adequate protection, the court granted secured creditors replacement liens on all post-petition cash collateral, post-petition acquired property, accounts receivable, contract rights, deposit accounts, and their proceeds, to the extent of any diminution in the value of their pre-petition collateral. The replacement liens retain the same validity and priority as on the petition date, are deemed automatically perfected upon entry of the order, and specifically exclude Chapter 5 avoidance actions and their proceeds. The order also provides a carveout for court fees, U.S. Trustee fees, up to $15,000 for a trustee, Subchapter V trustee fees, and approved fees of the Debtor's counsel. Finally, the court clarified that the order does not authorize the retention or payment of professionals under Section 327 without separate court approval. All parties' rights to object to the entry of a final order are preserved. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/5p1zG from PacerMonitor.com. The court scheduled a final hearing for August 13. About The Umbrella Project LLC The Umbrella Project, LLC is a Dallas, Texas-based provider of specialized design and custom fabrication services. Operating under the registered trade names Artifacture and Artifacture Studios, the company is based in Houston and offers custom fabrication, laser cutting, die-cutting, and related design solutions for commercial clients. The Umbrella Project sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 26-32881) on June 30, 2026. In its petition, the Debtor reports estimated assets of between $100,000 and $500,000 and estimated liabilities of between $1 million and $10 million. Honorable Bankruptcy Judge Scott W. Everett handles the case. The Debtor is represented by Robert Lane, Esq., at The Lane Law Firm, PLLC. URBAN ONE: Q2 Revenue Falls to $85.8M as Net Loss Shrinks to $7M ---------------------------------------------------------------- Urban One, Inc. filed its Quarterly Report on Form 10-Q with the U.S. Securities and Exchange Commission for the three and six months ended June 30, 2026. The Company reported a net loss of $7 million for the three months ended June 30, 2026, compared to net loss of $78 million for the same period in the prior year. For the six months ended June 30, 2026, the Company reported net loss of $10.1 million, compared to net loss of $89.7 million for the same period in the prior year. Revenues for the three months ended June 30, 2026 were $85.8 million, compared to $91.6 million in the prior-year period. Revenues for the six months ended June 30, 2026 decreased to $163.4 million from $183.9 million in the same period of the prior year. LIQUIDITY AND CAPITAL RESOURCES Urban One's primary source of liquidity is cash provided by operations and, to the extent necessary, borrowings available under its asset-backed credit facility. Cash, cash equivalents and restricted cash balance was approximately $16.2 million as of June 30, 2026. As of June 30, 2026, there were $20 million borrowings outstanding on the Current ABL Facility which has $75 million in overall capacity. The Company regularly considers the impact of macroeconomic conditions on our business. Uncertainty in the macroeconomic environment with newly implemented tariffs, continued increases in inflation and interest rates, along with banking volatility, may have an adverse effect on its revenues. From time to time, the Company may repurchase its outstanding debt and/or equity securities in open market purchases. Under open authorizations, repurchases of our outstanding debt and/or equity securities may be made from time to time in the open market or in privately negotiated transactions in accordance with applicable laws and regulations. Repurchased debt and equity securities are retired when repurchased. The timing and extent of any repurchases will depend upon prevailing market conditions, the trading price of the Company's outstanding debt and/or equity securities and other factors, and subject to restrictions under the Company's indentures, credit agreement and applicable law. All repurchase amounts reflected in this quarterly report (both the number of shares repurchased and repurchase prices) are reflective of the reverse stock split effective Jan. 22, 2026. On June 18, 2026, the Company held its 2026 Annual Shareholder's meeting. At that meeting, the shareholders approved the 2026 Equity and Performance Incentive Plan. The 2026 Incentive Plan is intended to be a successor to the Urban One, Inc. 2019 Second Amended and Restated Equity and Performance Incentive Plan. The 2019 Plan expires by its terms on April 10, 2029. As the 2026 Incentive Plan was approved and adopted, no further awards of any kind will be granted pursuant to the 2019 Equity Plan, although outstanding stock options and restricted stock awards under the 2019 Equity Plan will remain outstanding pursuant to the terms of that plan. Subject to the conditions outlined below, the total number of shares of Common Stock which may be issued pursuant to Awards granted under the 2026 Incentive Plan are 1,000,000 shares of Class A Common Stock and 1,000,000 shares of Class D Common Stock plus any shares not subject to outstanding awards under any prior plan as of the Effective Date and any shares subject to outstanding awards under any prior plan as of the Effective Date that, on or after the Effective Date, cease for any reason to be subject to such awards (other than by reason of exercise or settlement of the awards to the extent they are exercised for or settled in vested and nonforfeitable shares of Class A Common Stock or Class D Common Stock). There were 200,000 shares of Class A Common Stock and 300,000 shares of Class D Common Stock available under the 2019 Plan at the time of adoption of the 2026 Incentive Plan and, therefore, the total and aggregate number of shares subject to the 2026 Incentive Plan are 1,200,000 shares of Class A Common Stock and 1,300,000 shares of Class D Common Stock. As of June 30, 2026, the Company had 1,200,000 shares of Class A Common Stock and 1,131,326 shares of Class D Common Stock available to grant under the 2026 Incentive Plan after taking into account available shares rolled into the 2026 Incentive Plan from the 2019 Equity Plan. On June 10, 2024, after exhaustion of the earlier programs except the Stock Grant Authorization, the Company's Board of Directors approved a share repurchase authorization to repurchase up to $20 million of the Company's outstanding Class A and/or Class D Common Stock. The 2024 Stock Repurchase Program has been cancelled in connection with our debt refinancing in Dec. 2025. During the six months ended June 30, 2025, the Company repurchased 67,529 shares of Class A Common Stock under the 2024 Stock Repurchase Program of approximately $1 million at an average price of $15.30 per share. During the six months ended June 30, 2025, the Company repurchased 40,520 shares of Class D Common Stock for approximately $0.3 million at an average price of $7.00 per share. On June 17, 2026, the Company's Board of Directors approved an employee share repurchase program to repurchase up to $1 million of the Company's outstanding Class A and/or Class D Common Stock during any single calendar year with unused amounts carrying over into subsequent years up to a maximum of $1 million in any single calendar year. The Annual Repurchase Program is executed in strict compliance with the terms, conditions, and restrictive covenants set forth in the Indenture, as well as all applicable federal and state securities laws and regulations. During the six months ended June 30, 2026, the Company repurchased 129,543 shares of Class D Common Stock at an average price of $4.50 per share for $0.6 million. After giving effect to the above transaction and prior activity, the 2026 Annual Repurchase Program has approximately $0.4 million remaining under the authorization. In addition, the Company has limited but ongoing authority to purchase shares of Class D Common Stock (in one or more transactions at any time there remain outstanding grants) under the 2026 and 2019 Equity and Performance Incentive Plans. This limited authority is used to satisfy any employee or other recipient tax obligations in connection with the exercise of an option or a share grant under the 2026 or 2019 Equity and Performance Incentive Plans, to the extent that the Company has capacity under its financing agreements (i.e., its current credit facilities and indentures). During the three and six months ended June 30, 2026, the Company executed stock vest tax repurchases of 145,513 shares of Class D Common Stock for approximately $0.7 million at an average price of $4.52, and 147,701 shares of Class D Common Stock for approximately $0.7 million at an average price of $4.54 per share, respectively. During the three and six months ended June 30, 2025 the Company executed stock vest tax repurchases of 11,067 shares of Class D Common Stock for approximately $0.1 million at an average price of $6.40 per share and 39,444 shares of Class D Common Stock for approximately $0.3 million at an average price of $7.80 per share, respectively. Long-term Debt During the three months ended March 31, 2026, the Company repurchased approximately $4.3 million of its 2028 Notes at a weighted average price of approximately 51.0% of par, resulting in a net gain on retirement of debt of approximately $2.1 million, included in the unaudited condensed consolidated statement of operations, and an outstanding balance of approximately $7.5 million as of June 30, 2026. During the three months ended June 30, 2025, the Company repurchased approximately $64 million of its 2028 Notes at an average price of approximately 51.8% of par, resulting in a net gain on retirement of debt of approximately $30.3 million. During the six months ended June 30, 2025, the Company repurchased approximately $92.2 million of its 2028 Notes at an average price of approximately 53.7% of par, resulting in a net gain on retirement of debt of approximately $41.9 million. During the three months ended March 31, 2026, the Company repurchased approximately $32.4 million of its 2031 Second Lien Notes at a weighted average price of approximately 40.7% of par. During the three months ended June 30, 2026, the Company repurchased approximately $23.5 million of its 2031 Second Lien Notes at a weighted average price of approximately 42% of par. As the 2031 Second Lien Notes are accounted under Accounting Standards Codification No. 470-60, Troubled Debt Restructurings by Debtors, no gain was recorded. Instead, the Company recorded additional premiums of $19.3 and $13.6 million during the three months ended March 31, 2026, and June 30, 2026, respectively, which is included in long-term debt, net on the Company's condensed consolidated balance sheets. Asset-Backed Line of Credit On Dec. 18, 2025, the Company entered into an amended and restated ABL facility as a part of the 2025 Refinancing pursuant to an Amended and Restated Credit Agreement, among the Company, as the administrative borrower, together with the other borrowers party thereto, the lenders party thereto, and Bank of America, N.A., as administrative agent, which amends and restates the 2021 ABL Facility in order to facilitate the issuance of new notes in connection with the 2025 Refinancing. The Current ABL Facility provides for, among other things, commitments in the aggregate principal amount of up to $75 million (subject to determination with reference to the "Borrowing Base," as defined in the Current ABL Credit Facility) with incremental capacity to incur an additional principal amount of up to $25 million thereunder, with the proceeds thereof to be used primarily for working capital and general corporate purposes, including capital expenditures, permitted acquisitions, permitted investments, and permitted dividends, in each case, in accordance with the terms of the Current ABL Facility. The Current ABL Facility provides that interest on Base Rate Loans accrues at a per‑annum rate equal to the applicable margin plus the Base Rate, and interest on Term SOFR Loans accrues at a per‑annum rate equal to the applicable margin plus Term SOFR for the applicable interest period. In addition, upon the occurrence and during the continuance of an event of default, overdue principal, interest, and other amounts bear interest at rates generally 2% per annum above the rates otherwise applicable under the Current ABL Facility. The Current ABL Facility matures on the earlier of: (a) Dec. 18, 2030, (b) the date that is 91 days prior to the maturity or expiration date applicable to any Material Indebtedness (other than the 2028 Notes) and (c) the date on which the 2028 Notes Non-Springing Maturity Condition fails to be true. On Dec. 18, 2025, the Company drew $10 million on the Current ABL Facility, which was repaid in the first quarter of 2026. In March 2026, the Company drew another $10 million on the Current ABL Facility with a six-month maturity at an interest rate of approximately 6.09%. The Company further made two separate draws of $5 million each for a total of $10 million in the second quarter of 2026, payable at an interest rate of approximately 6.75% and 6.01%. After giving effect to the outstanding $20 million drawdown and adjustments to account for the Borrowing Base, the Company's borrowing capacity was approximately $26.1 million as of June 30, 2026. The Company further made an additional draw of $7 million in the third quarter of 2026, payable at an interest rate of approximately 6.12%. The Company repaid the May 2026 draw of $5 million on Aug. 2, 2026. After giving effect to the additional draw of $7 million, the $5 million repayment, and adjustments to account for the Borrowing Base, the Company's borrowing capacity was approximately $24.1 million. Net cash flows provided by operating activities were approximately $14.8 million and $8.3 million for the six months ended June 30, 2026, and 2025, respectively. Net cash flow from operating activities for the six months ended June 30, 2026, increased primarily due to the lower spent in accounts payable, content assets, and payables, offset by lower accounts receivable balance. Cash flows from operations, cash and cash equivalents, and other sources of liquidity are expected to be available and sufficient to meet foreseeable cash requirements. Net cash flows used in investing activities were approximately $3.5 million and $4.2 million for the six months ended June 30, 2026, and 2025, respectively. Net cash flows used in investing activities decreased from the prior year primarily due to the cash received from the disposition of radio station KZMJ from the Radio Broadcasting segment to Fuzion Dallas, LLC, offset by the escrow deposit related to the Service Broadcasting Group, LLC acquisition. Net cash flows used in financing activities were approximately $21.5 million and $55.4 million for the six months ended June 30, 2026, and 2025, respectively. The change was primarily driven by the debt repurchase activity of the 2031 Second Lien Notes and 2028 Notes. On a continuing basis, Standard and Poor's, Moody's Investor Services, and other rating agencies may evaluate Urban One's indebtedness in order to assign a credit rating. The Company's corporate credit ratings by Standard & Poor's Rating Services and Moody's Investors Service are speculative-grade and have been downgraded and upgraded at various times during the last several years. Any reductions in the Company's credit ratings could increase its borrowing costs, reduce the availability of financing to the company or increase its cost of doing business or otherwise negatively impact its business operations. Management Commentary Alfred C. Liggins, III, Urban One's CEO and President stated, "We saw some sequential improvement in the second quarter compared to the first quarter, with lower rates of revenue decline. Cable Television was down 7.4%, Digital was down 8.4%, Radio was down 3.9%, and Reach Media dropped by 10.6%. In Radio, our Miller Kaplan local Radio revenues were down 10.1% year-over-year vs. the market down 7.8%; and national was down 1.5% vs. the market down 4.6%. Including local digital, second quarter Radio revenue was down 4.9%. We did approximately $1.4 million in gross political advertising in the second quarter. Radio third quarter is pacing down 2.8%. We remain in a turnaround situation at Reach Media, where we continue to be impacted by a weak marketplace, key client attrition and sales team re-building. We continue to closely manage cash flows from operations, with concerted efforts to collect receivables and manage discretionary vendor spend. During the three months ended June 30, 2026, the Company repurchased approximately $23.5 million of its 2031 Second Lien Notes at a weighted average price of approximately 42.0% of par. Year-to-date, that is a total reduction in long-term debt of $60.2 million for an annual interest savings of $4.6 million and an increase in short-term debt of $10.0 million. During the quarter we completed the disposition of WLNK and WMXG in Charlotte. Our revised Adjusted EBITDA(2) guide for 2026 is now in the mid-fifty-million dollar range, given the realities of the current marketplace." A full-text copy of the Company's Form 10-Q is available at https://tinyurl.com/ymnwryr. About Urban One Urban One, Inc. operates in the media industry, focusing on content production and distribution across broadcast, digital, and other platforms that serve diverse audiences. As of June 30, 2026, the Company had $551.5 million in total assets, $532.3 million in total liabilities, and $19.2 million in total stockholders' equity. * * * In June 2026, S&P Global Ratings raised its issuer credit rating on Urban One to 'CCC+' from 'SD' (selective default). S&P also raised the issue-level rating on the company's second lien notes to 'CCC+' from 'D'. Given the lower amount of second-lien notes now outstanding, S&P revised the recovery rating to '4' from '5.' The negative outlook reflects the ongoing headwinds Urban One faces from secular and cyclical pressures as well as the potential for us to lower the rating if S&P envisions a default in the next 12 months. Still, S&P expects the company will have sufficient liquidity -- supported by its cash and the availability under its asset-based lending (ABL) credit facility -- to meet its operating and fixed-charge obligations over the next 12 months. VERANDAS 5455: Case Summary & Four Unsecured Creditors ------------------------------------------------------ Debtor: Verandas 5455 LLC 2652 Seashore Dr Seabrook, TX 77586 Case No.: 26-35745 Business Description: Verandas 5455 LLC is a single-asset real estate company that owns and leases the 160-unit Verandas at Bear Creek apartment complex at 5455 Timber Creek Place Drive in Houston, Texas. Chapter 11 Petition Date: August 3, 2026 Court: United States Bankruptcy Court Southern District of Texas Judge: Hon. Eduardo V Rodriguez Debtor's Counsel: Elias Yazbeck, Esq. THE LAW OFFICE OF ELIAS M. YAZBECK, PLLC 4119 Montrose Blvd Suite 470 Houston TX 77006 Tel: (281) 755-7320 Email: elias@yazbecklaw.com Total Assets: $18,307,841 Total Liabilities: $15,285,600 The petition was signed by Sridhar Sannidhi as authorized representative. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/FHVPSSI/Verandas_5455_LLC__txsbke-26-35745__0001.0.pdf?mcid=tGE4TAMA List of Debtor's Four Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Jeffrey A. Wittman and Promissory $200,000 Deborah L. Wittman, Trustees of Note The Wittman 2006 Revocable Trust, dated 12-4-2006 c/o Sridhar Sannidhi 3605 Cathedral Lake Dr Frisco, TX 75034 2. Jayson, Kyle & Kaylee LLC $50,000 c/o Jie Chen 15807 Medina Lake Ln Harris County, TX 77429 3. Majek Properties TX LLC Promissory $25,600 c/o Jason Ma Note 5106 Pineridge Dr Sugar Land, TX 77479 4. VJ CRE Properties LLC Promissory $10,000 14383 Newbrook Dr 300-411 Note Chantilly, TX 20151 VERISTA INC: Ares Capital Marks $1.1MM 1L Loan at 18% Off --------------------------------------------------------- Ares Capital Corporation has marked its $1.1MM first lien senior secured revolving loan to Verista, Inc. to market at $900,000, or 82% of the outstanding amount, according to Ares Capital's Form 10-Q for the quarterly period ended July 29, 2026, filed with the U.S. Securities and Exchange Commission. Ares Capital is a participant in a loan extended to Verista, Inc. The first lien senior secured loan accrues interest at 9.74% per annum and matures in February 2027. Ares Capital Corporation is a business development company that provides financing solutions to middle-market companies across a range of industries. The Fund is led by M. Kort Schnabel as Chief Executive Officer. The Fund can be reached at: M. Kort Schnabel ARES CAPITAL CORPORATION 245 Park Avenue, 44th Floor New York, NY 10167 Telephone: (212) 750-7300 About VERISTA, INC. Verista, Inc. is a portfolio company of ARES CAPITAL CORPORATION that provides compliance, validation, and engineering services and technology solutions to life sciences and other regulated industries. VERISTA INC: Ares Capital Marks $800,000 1L Loan at 25% Off ----------------------------------------------------------- Ares Capital Corporation has marked its $800,000 first lien senior secured loan to Verista, Inc. to market at $600,000, or 75% of the outstanding amount, according to Ares Capital's Form 10-Q for the quarterly period ended July 29, 2026, filed with the U.S. Securities and Exchange Commission. Ares Capital is a participant in a loan extended to Verista, Inc. The first lien senior secured loan accrues interest at 10.75% (1% PIK) per annum and matures in February 2027. Ares Capital Corporation is a business development company that provides financing solutions to middle-market companies across a range of industries. The Fund is led by M. Kort Schnabel as Chief Executive Officer. The Fund can be reached at: M. Kort Schnabel ARES CAPITAL CORPORATION 245 Park Avenue, 44th Floor New York, NY 10167 Telephone: (212) 750-7300 About VERISTA, INC. Verista, Inc. is a portfolio company of ARES CAPITAL CORPORATION that provides compliance, validation, and engineering services and technology solutions to life sciences and other regulated industries. VFH PARENT: S&P Affirmed 'B+' ICR, Outlook Remains Stable --------------------------------------------------------- S&P Global Ratings affirmed its 'B+' issuer credit rating on VFH Parent LLC (Virtu), an affiliate of Virtu Financial Inc. The outlook remains stable. VFH Parent LLC (Virtu), an affiliate of Virtu Financial Inc., started a strategic pivot toward growth late last year, including investments in infrastructure and talent and capital growth, to support expanding its trading operations. While capital growth has improved recent measures of risk-adjusted capitalization, S&P expects risk to increase as the firm scales its operations. The rating action follows Virtu's strategic pivot toward growth, characterized by investments in infrastructure and talent alongside a concerted effort to grow the capital base. S&P expects that, alongside its core equities market-making business, Virtu will grow in trading of options, cryptocurrency, and block exchange-traded fund (ETF) transactions, as well as implementing longer duration strategies. This refreshed strategy aims to drive higher net trading income by prioritizing long-term reinvestment of earnings over immediate shareholder distributions. This is a substantial change because, historically, Virtu focused heavily on returning capital to shareholders through dividends and share buybacks, which, in combination with its acquisition-related goodwill, left it with little to negative tangible equity. Since late 2025, management had limited share repurchases to prioritize capital retention. While S&P views this as credit positive, what is less clear is the growth in risk--both operational and market-related--this capital has been retained to support. Total payouts (dividends and buybacks) have declined to 53% of net income so far in 2026 and 59% in 2025 from 92% in 2024. As a result, our calculation of total adjusted capital has grown to $887 million as of June 30, 2026, from $11 million at year-end 2024. S&P said, "Likewise, our calculation of the firm's risk-adjusted capital (RAC) ratio has improved to 3.75% as of year-end 2025, from 0.1% as of year-end 2024. Given the further growth in equity this year, we expect the ratio to approach 5% by year-end 2026. That said, it still lags that of its rated electronic market maker peers, which averaged about 10.5% in 2025. "We continue to view Virtu's earnings capacity as a partial mitigant to its relatively weak capital position, supported by strong risk-adjusted profitability (with average core earnings to risk-weighted assets consistently exceeding 2%). While consolidated earnings can fluctuate with market volatility, Virtu has demonstrated it can generate robust profitability during periods of market stress." Furthermore, the firm maintains a strong record of consistent daily earnings and has, to date, maintained a relatively modest risk appetite compared with its peers. Virtu also maintains a strong market position, including its role as the second-largest wholesaler of U.S. retail equity orders, and benefits from diversified revenue streams across market-making and execution services. S&P said, "We are unclear as to the pace and scale of growth in market, credit, and operational risk in our RAC ratio from the execution of Virtu's growth strategy. While we do not expect Virtu's growth in risk exposures to be outsize, Virtu historically had the lowest risk appetite among its rated peers, which supported the lowest value-at-risk (VaR) metrics and volatility in trading results." While the firm's trading and operational record suggests effective risk management, growing into new products, particularly into longer-duration strategies, can disproportionately increase market risk and potentially increase fat-tail risks and volatility. S&P said, "As with all electronic market-making firms, we view Virtu's operational risk as elevated due to the reliance on complex automated systems to execute and risk manage its trading. We think operational risk management will be imperative with Virtu's planned expansion of its trading business in options, cryptocurrency, and ETF markets." Virtu's funding profile remains a key credit consideration due to a reliance on short-term wholesale funding and a weaker margin-to-net-trading-capital ratio. While this reliance leaves the firm vulnerable to margin calls, Virtu's highly liquid balance sheet, short security holding periods, and relationships with a diverse group of global prime brokers partly mitigate risk. S&P said, "Our ratings on Virtu include a one-notch positive adjustment, reflecting our view that its creditworthiness is more aligned with 'B+' rated peers due to its strong operating results. However, we view Virtu's credit profile as weaker than higher-rated peers, such as Hudson River Trading LLC and Jane Street, which maintain higher levels of liquidity and significantly higher capitalization metrics, including our expected RAC ratio. "We rate Virtu two notches below its 'bb' group credit profile--our assessment of the creditworthiness of the consolidated company. We do so because it is a nonoperating holding company that is structurally subordinated to its mostly regulated operating subsidiaries and open to potential regulatory interference in dividends from its regulated subsidiaries. "The stable outlook reflects S&P Global Ratings' expectation that Virtu will maintain its highly profitable franchise. While we expect the company's shift toward capital retention to support growth in the capital base, we will monitor the firm's pursuit of growth and the resulting pace and scale of growth in risk-weighted assets, particularly given the early stages in this shift, and still-low capitalization." S&P could lower the ratings over the next 12 months if: -- The pursuit of growth leads to an outsize increase in the firm's risk appetite, -- Core earnings erode, -- The firm suffers material operational risk or market losses, or -- Margin to net trading capital increases substantially, or liquidity otherwise deteriorates. S&P could raise the ratings over the same time horizon if it expects: -- The firm to maintain a RAC ratio of 5% or higher, -- It scales its operations and infrastructure to support the expansion effort, -- The pace and scale of risk growth will not be outsize and the company demonstrates a commensurate growth in risk management capabilities to limit volatility and losses, and -- A modest improvement in funding and liquidity metrics. VI-JON LLC: Case Summary and Top 20 Firms Representing Claimants ---------------------------------------------------------------- Debtor: Vi-Jon, LLC 8800 Page Avenue St. Louis MO 63114 Business Description: Vi-Jon, LLC sells private-label dry bath products, primarily Epsom salts and body powders, to major retailers across the United States. Through shared-services and co-manufacturing agreements with affiliated entities, the company supports the sourcing, manufacturing, packaging, testing, quality control, and distribution of its products. Its customers have included Amazon, Dollar General, Kroger, TopCo, and Walgreens. The business traces its history to the Peroxide Specialty Company, which began operations in 1908, and Vi-Jon, LLC owns a non-operational manufacturing plant in St. Louis, Missouri. Chapter 11 Petition Date: August 2, 2026 Court: United States Bankruptcy Court District of Delaware Case No.: 26-11216 Judge: Hon. Mary F Walrath Debtor's Local Bankruptcy Counsel: Eric J. Monzo, Esq. MORRIS JAMES LLP 3205 Avenue North Boulevard, Suite 100 Wilmington Delaware 19803 Tel: (302) 888-6800 Email: emonzo@morrisjames.com Debtor's Bankruptcy Counsel: SIDLEY AUSTIN LLP Debtor's Investment Banker: HOULIHAN LOKEY CAPITAL, INC. Debtor's Restructuring Advisor: BERKELEY RESEARCH GROUP, LLC Debtor's Claims, Noticing & Solicitation Agent: OMNI AGENT SOLUTIONS, INC. Estimated Assets: $1 million to $10 million Estimated Liabilities: $500 million to $1 billion The petition was signed by Mackenzie Shea as chief restructuring officer. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/I354HCQ/Vi-Jon_LLC__debke-26-11216__0001.0.pdf?mcid=tGE4TAMA List of Top 20 Law Firms with Largest Number of Represented Litigation Claimants: Entity Nature of Claim Claim Amount 1. The Gori Law Firm Talc Personal Unliquidated 5770 Mexico Road Injury Suite A St. Peters, MO 63376 Contact: Jason Steinmeyer; Erin Beavers Tel: (618) 659-9833 Email: jsteinmeyer@gorilaw.com; erin@gorilaw.com 2. SWMW Law, LLC Talc Personal Unliquidated 701 Market Street Injury Suite 1000 St. Louis, MO 63101 Contact: Benjamin R. Schmickle; Matthew C. Morris Tel: (314) 480-5180 Email: asbestos@swmwlaw.com 3. Meirowitz & Wasserberg LLP Talc Personal Unliquidated 1040 6th Avenue Injury 10th Floor New York, NY 10018 Contact: Nathaniel J. Wallace; Daniel Wasserberg Tel: (212) 897-1988 Email: nwallace@mwinjurylaw.com; il-asb@mwinjurylaw.com 4. Maune Raichle Hartley Talc Personal Unliquidated French & Mudd, LLC Injury 1015 Locust Street, Suite 1200 St. Louis, MO 63101 Contact: Jon R. Neumann; Moira C. McCabe; Kinnari K. Patel Tel: (314) 241-2003 Email: jneumann@mrhfmlaw.com; mmccabe@mrhfmlaw.com; kpatel@mrhfmlaw.com 5. Simon Greenstone Panatier, PC Talc Personal Unliquidated 420 Lexington Avenue Injury Suite 2848 New York, NY 10170 Contact: Brendan J. Tully Tel: (212) 634-1690 Email: brendan.tully@sgptrial.com 6. Weitz & Luxenberg, PC Talc Personal Unliquidated 700 Broadway Injury New York, NY 10003 Contact: Jeffrey Kanca; Matthew Grubman; Erin M. Boyle Tel: (212) 558-5500 Email: jkanca@weitzlux.com; mgrubman@weitzlux.com; eboyle@weitzlux.com 7. Karst & Von Oiste, LLP Talc Personal Unliquidated 23923 Gosling Road Injury Suite A Spring, TX 77389 Contact: Philip M. Kanayan; Erik P. Karst Tel: (281) 970-9988 Email: pmk@karstvonoliste.com; epk@karstvonoliste.com 8. Kazan, McClain, Satterley & Talc Personal Unliquidated Greenwood Injury 55 Harrison Street, Suite 400 Oakland, CA 94607 Contact: John L. Langdoc; Michael T. Reid Tel: (510) 302-1000 Email: jlangdoc@kazanlaw.com; mreid@kazanlaw.com 9. Dean Omar Branham Shirley, LLP Talc Personal Unliquidated 1801 N. Lamar Street Injury Suite 300 Dallas, TX 75202 Contact: Mark A. Linder; Chad Cotton Tel: (214) 722-5990 Email: mlinder@dobbslegal.com; ccotten@dobbslegal.com 10. The Ferraro Law Firm, P.A. Talc Personal Unliquidated 600 Brickell Avenue Injury Suite 3800 Miami, FL 33131 Contact: Marc P. Kunen; Andrew J. Ferraro; Kevin W. Paul Tel: (305) 375-0111 Email: mkunen@ferrarolaw.com; aferraro@ferrarolaw.com; kpaul@ferrarolaw.com 11. Simmons Hanly Conroy LLP Talc Personal Unliquidated 231 S. Bemiston Avenue Injury Suite 525 St. Louis, MO 63105 Contact: Andrew Murrie; Taylor L. Kerns; Kenneth P. Danzinger Tel: (314) 297-0905 Email: tkerns@simmonsfirm.com; kdanzinger@simmonsfirm.com 12. Vogelzang Law, P.C. Talc Personal Unliquidated 401 N. Michigan Avenue Injury Suite 350 Chicago, IL 60611 Contact: Christian Luciano Santiago; Lorrette Fisher Tel: (312) 466-1669 Email: filings@vogelzanglaw.com 13. Levy Konigsberg, LLP Talc Personal Unliquidated 605 Third Avenue, 33rd Floor Injury New York, NY 10158 Contact: Denise Persampieri Tel: (212) 605-6200 Email: dpersampieri@levylaw.com 14. Landry & Swarr, LLC Talc Personal Unliquidated 1100 Poydras Street #2000 Injury New Orleans, LA 70163 Contact: Mickey P. Landry; Frank J. Swarr Tel: (504) 299-1214 Email: mlandry@landryswarr.com; lslaw@landryswarr.com 15. Menges Law, LLC Talc Personal Unliquidated 6400 W. Main Street Injury Suite 1G Belleville, IL 62223 Contact: Carson C. Menges Tel: (618) 424-4450 Email: cmenges@mengesfirm.com 16. Cooney and Conway Talc Personal Unliquidated 120 N. LaSalle Street, 30th Floor Injury Chicago, IL 60602 Contact: Michael C. Cooney Tel: (312) 236-6166 Email: mcooney@cooneyconway.com 17. Belluck Law, LLP Talc Personal Unliquidated 546 Fifth Avenue Injury 5th Floor New York, NY 10036 Contact: Joseph W. Belluck Tel: (212) 681-1575 Email: jbelluck@bellucklaw.com 18. Lipsitz, Ponterio & Talc Personal Unliquidated Comerford, LLC Injury 424 Main Street, Suite 1500 Buffalo, NY 14202 Contact: John P. Comerford Tel: (716) 869-9111 Email: jpc@lipsitzponterio.com 19. Rebecca S. Vinocur, P.A. Talc Personal Unliquidated 5915 Ponce De Leon Boulevard Injury Suite 14 Coral Gables, FL 33146 Contact: Rebecca S. Vinocur Tel: (786) 691-1282 Email: rvinocur@rsv-law.com 20. Cohen, Placittella & Roth, P.C. Talc Personal Unliquidated 127 Maple Avenue Injury Red Bank, NJ 07701 Contact: Christopher M. Placittella; Jared M. Placittella Tel: (732) 747-9003 Email: cplacittella@cprlaw.com; jmplacittella@cprlaw.com VIRMEDICE LLC: 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 Virmedice, 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 VirMedice LLC VirMedice, LLC is a Phoenix, Arizona-based reseller and service provider for NextGen electronic health records and practice management software. Founded in February 2000, VirMedice offers hosted-purchase and software-as-a-service models, including private-cloud application hosting. Its services include software implementation, project management, training, system optimization, updates, EDI services, and ongoing technical support for medical practices throughout the United States. VirMedice filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Ariz. Case No. 26-07683) on July 31, 2026, with $50,001 to $100,000 in assets and $1,000,001 to $10 million in liabilities. Judge Daniel P. Collins presides over the case. Anthony P. Cali, Esq. at Allen, Jones & Giles, PLC represents the Debtor as legal counsel. VITAL PHARMACEUTICALS: Court OKs Defense Funding Loan for Ex-CEO ---------------------------------------------------------------- Carolina Bolado of Law360 Bankruptcy Authority reports that a Florida bankruptcy judge Wednesday, August 5, 2026, approved financing for a company managed by Bang Energy founder Jack Owoc, giving him access to funds that can be used to mount a defense against litigation brought by the bankruptcy trustee. The decision comes as Owoc continues to contest claims connected to the collapse and restructuring of Vital Pharmaceuticals. Owoc founded Vital Pharmaceuticals, which sought Chapter 11 protection in the Southern District of Florida in 2022. The company later sold substantially all of its assets and the Bang Energy brand to Monster Beverage in a bankruptcy sale valued at $362 million, the report cites. The new financing provides resources for Owoc's legal defense while disputes over the bankruptcy estate and his personal liability continue. Owoc has separately argued that Monster's claims against him should be satisfied through the bankruptcy asset sale, an argument Monster has opposed, saying it has not received payment toward its judgment from Owoc or Vital Pharmaceuticals, according to Law360. About Vital Pharmaceuticals Since 1993, Florida-based Vital Pharmaceuticals, Inc., doing business as Bang Energy and as VPX Sports, has developed performance beverages, supplements, and workout products to fuel high-energy lifestyles. VPX Sports is the maker of Bang energy drinks, among other consumer products. Vital Pharmaceuticals, Inc., along with certain of its domestic subsidiaries and affiliates, filed voluntary petitions for protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Lead Case No. 22-17842) on Oct. 10, 2022. VPX estimated $500 million to $1 billion in assets and liabilities as of the bankruptcy filing. The Hon. Scott M. Grossman is the case judge. The Debtors tapped Latham & Watkins, LLP as general bankruptcy counsel; Berger Singerman, LLP as local counsel; Haynes and Boone, LLP and Faulkner ADR Law, PLLC as special counsels; Huron Consulting Group, Inc., as CTO services provider; and Rothschild & Co US, Inc., as investment banker; and Grant Thornton, LLP as financial advisor. Stretto, Inc., is the notice, claims and solicitation agent. The U.S. Trustee for Region 21 appointed an official committee of unsecured creditors on Nov. 1, 2022. The committee tapped Lowenstein Sandler, LLP as general bankruptcy counsel; Sequor Law, P.A., as local counsel; and Lincoln Partners Advisors, LLC as financial advisor. The Bankruptcy Court on Nov. 8, 2023, confirmed Vital Pharmaceuticals' Second Amended Joint Plan of Liquidation. The Plan constitutes a separate Plan for each Debtor for the resolution of outstanding Claims and Interests pursuant to the Bankruptcy Code. The Debtors consummated the Sale Transaction in accordance with the Sale Order. The Debtors liquidated and wound down their Estates. The Plan reflects the terms of a global settlement between the Debtors, Creditors' Committee, certain Prepetition Lenders, Prepetition Agent, certain DIP Lenders, DIP Agent, Monster, MEC, MBC and OBI as memorialized in the Settlement Term Sheet dated June 28, 2023, as approved by the Court on July 14, 2023. VIVAKOR INC: Issues 1.30M Shares Via Conversions, Settles One Note ------------------------------------------------------------------ Vivakor, Inc. said in a regulatory filing with the Securities and Exchange Commission that it has received Notices of Conversion under two separate convertible promissory notes, resulting in the aggregate issuance of 1,299,513 shares of the Company's common stock. Note Conversion - Fully Repaid On Aug. 3, 2026, the Company received a Notice of Conversion from an accredited investor converting $135,328 of the principal amount and interest due under a convertible promissory note into 139,513 shares of the Company's common stock. Pursuant to the terms of the Note and the Notice of Conversion, the Company issued the Holder's Shares. The Holder's Shares were issued without a Rule 144 restrictive legend pursuant to a legal opinion received by the Company and its transfer agent. The issuances of the foregoing securities were exempt from registration pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended, as the holder is an accredited investor and familiar with the Company's operations. With this conversion, all amounts due to the Holder under the Note have been paid. The Note was originally issued on Aug. 12, 2025, in the principal amount of $647,059. The Company received $550,000 before fees. Second Note Conversions - J.J. Astor & Co. Between July 29, 2026, and Aug. 3, 2026, the Company received Notices of Conversion from J.J. Astor & Co., converting an aggregate of $1,199,342.24 of the amount due under a junior secured convertible promissory note into an aggregate of 1.16 million shares of the Company's common stock. Pursuant to the terms of the Second Note and the Notices of Conversion, the Company issued the J.J. Astor Shares. The J.J. Astor Shares were issued without a Rule 144 restrictive legend pursuant to a legal opinion received by the Company and its transfer agent. The issuances of the foregoing securities were exempt from registration pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended, as the holder is an accredited investor and familiar with the Company's operations. The Second Note was originally issued on July 9, 2025, to J.J. Astor in the principal amount of $5.94 million in relation to a Loan and Security Agreement by and between the Company, its subsidiaries, and J.J. Astor. The Company received $4.4 million before fees. About Vivakor, Inc. Vivakor, Inc., headquartered in Dallas, operates and develops oil and gas assets, technologies and environmental solutions. Its integrated midstream platform includes crude oil transportation and logistics, terminaling and storage, and supply, marketing and trading operations. The company transports crude oil and related hydrocarbons in the DJ, STACK, Permian and Eagle Ford basins and owns pipeline and terminal infrastructure. It is also developing remediation services for hydrocarbon-contaminated soil. In an audit report dated April 15, 2026, Urish Popeck & Co., LLC included a going-concern paragraph, citing a significant working capital deficiency, significant recurring operating losses and the need to raise additional funds to meet obligations and sustain operations. The conditions raised substantial doubt about Vivakor's ability to continue as a going concern. As of March 31, 2026, Vivakor had total assets of $111.79 million, total liabilities of $78.15 million and total stockholders' equity of $33.64 million. VPROP OPERATING: Ares Capital Virtually Writes Off $34.4MM 1L Loan ------------------------------------------------------------------ Ares Capital Corporation has marked its $34.4MM first lien senior secured loan to VPROP Operating, LLC and V SandCo, LLC to market at $600,000, or 2% of the outstanding amount, according to Ares Capital's Form 10-Q for the quarterly period ended July 29, 2026, filed with the U.S. Securities and Exchange Commission. Ares Capital is a participant in a loan extended to VPROP Operating, LLC and V SandCo, LLC. The first lien senior secured loan matures in November 2026. Ares Capital Corporation is a business development company that provides financing solutions to middle-market companies across a range of industries. The Fund is led by M. Kort Schnabel as Chief Executive Officer. The Fund can be reached at: M. Kort Schnabel ARES CAPITAL CORPORATION 245 Park Avenue, 44th Floor New York, NY 10167 Telephone: (212) 750-7300 About VPROP OPERATING, LLC AND V SANDCO, LLC VPROP Operating, LLC and V SandCo, LLC are sand-based proppant producer and distributor to the oil and natural gas industry. WEISS MULTI-STRATEGY: Retains KapilaMukamal as Tax Accountants -------------------------------------------------------------- Weiss Multi-Strategy Advisers LLC, GWA, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of New York to retain KapilaMukamal, LLP to serve as tax accountants. The firm will provide these services: (a) prepare and file applicable federal and state tax returns for the Debtors for the 2025 and 2026 tax years; (b) assist the Debtors in gathering all information necessary to prepare complete and accurate Tax Returns; (c) provide advice and assistance on any tax consequences of proposed transactions; and (d) perform such tax-related services as may be required and/or deemed to be in the interest of the Debtors in accordance with their powers and duties as set forth in the Bankruptcy Code. KM will charge its standard hourly rates for professional services rendered, plus reimbursement of actual and necessary expenses incurred by KM. KapilaMukamal, LLP is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Soneet R. Kapila, CPA KAPILAMUKAMAL, LLP 1000 South Federal Hwy, Suite 200 Fort Lauderdale, FL 33316 About Weiss Multi-Strategy Advisers Weiss Multi-Strategy Advisers LLC, is a New York-based investment management firm started in 1978. Weiss Multi-Strategy Advisers LLC filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 24-10743) on April 29, 2024. In the petition signed by George Weiss, manager, the Debtor disclosed $10 million to $50 million in assets and $100 million to $500 million in liabilities. Judge Martin Glenn oversees the case. The Debtor tapped Tracy L. Klestadt, Esq., at Klestadt Winters Jureller Southard & Stevens, LLP as counsel and Omni Agent Solutions, Inc. as claims and noticing agent. WIN WASTE: S&P Rates New $1.208BB Consolidated Term Loan B 'B-' --------------------------------------------------------------- S&P Global Ratings assigned its 'B-' issue-level rating and '3' recovery rating to WIN Waste Innovation Holdings Inc.'s proposed new $1.208 billion consolidated term loan B tranche due April 2029. The '3' recovery rating indicates its expectation for meaningful (50%-70%; rounded estimate: 65%) recovery in the event of a default. The refinancing will extend the company's $315 million revolver maturity by one year to January 2029 while extending the maturities of its existing term loans by one year. This will consolidate its two existing term loan B tranches into the new single term loan B tranche due April 2029. S&P said, "Our 'B-' issuer credit rating and positive outlook on WIN Waste are unchanged. We expect the company to sustain its improved operating performance. The positive outlook reflects our expectation that WIN Waste will improve its credit measures further this year following the maturity extensions and maintain S&P Global Ratings-adjusted total debt to EBITDA below 7x." Issue Ratings--Recovery Analysis Key analytical factors -- Default year of 2028 based on the corporate credit rating and the recovery guidelines. -- Obligor/nonobligor split of 100%/0%. -- The issue-level rating on senior secured first-lien debt remains 'B-' and the recovery rating remains '3', indicating S&P's expectation for average recovery (50%-70%; rounded estimate: 65%). -- S&P assumes administrative expenses to be 5% of the adjusted gross enterprise value, in line with recovery guidelines. -- S&P values the company on a going-concern basis using a 6x multiple of its emergence EBITDA. This multiple is in line with that used for peer companies such as Waste Pro USA Inc. and NorthStar Group Services. -- The default year minimum capital expenditure (capex) percentage of sales is 6% instead of the standard 2%, as historically WIN Waste has higher maintenance capex. -- S&P's simulated default assumes operating performance deteriorates in the wake of unfavorable external factors or operational issues that cause a decline in end-market demand for the company's services or earnings. -- Under this scenario, EBITDA declines to levels insufficient to cover fixed-charge obligations, including interest expense, scheduled debt amortization, and maintenance capex. Simulated default assumptions -- Year of default: 2028 -- EBITDA at emergence: $190.7 million -- EBITDA multiple: 6.0x Simplified waterfall -- Net enterprise value (rounded, after 5% administrative costs): $1.087 billion -- Priority/securitization debt: $98.6 million -- Value available to first-lien debt: Around $988.5 million -- Total first-lien debt: $1.495 billion --Recovery expectations: 50%-70% (rounded estimate: 65%) Note: Debt amounts include six months of accrued interest that S&P assumes will be owed at default. It generally assumes usage of 85% for cash flow revolving facilities at default and 100% usage for receivables facility. WINGSTOP INC: Liabilities Exceed Assets by US$773.0MM at June 27 ---------------------------------------------------------------- Wingstop Inc.'s stockholder's deficit was US$773.0 million at June 27, 2026. The stockholder's deficit was US$736.8 million at Dec. 27, 2025. At June 27, 2026, the Company had total assets of US$658.0 million and total liabilities of US$1.4 billion. At Dec. 27, 2025, the Company had total assets of US$693.4 million and total liabilities of US$1.4 billion. The Company said: "Our primary sources of liquidity and capital resources are cash provided from operating activities, cash and cash equivalents on hand, and borrowings available under our securitized financing facility. Our primary requirements for liquidity and capital are working capital, general corporate needs, capital expenditures, income tax payments, debt service requirements, and dividend payments. We generally utilize available cash flows from operations to invest in our business, service our debt obligations, pay dividends, and execute our share repurchase program." As of June 27, 2026, the Company had US$157.4 million of cash, cash equivalents, and restricted cash. Based upon current levels of operations and anticipated growth, the Company expect that cash flows from operations, combined with the Company's securitized financing facility, including its Variable Funding Notes, will be sufficient to meet its capital expenditure, working capital and debt service requirements for at least the next 12 months and the foreseeable future. A full-text copy of the Form 10-Q is available at https://tinyurl.com/3ndc9eb6 About Wingstop Inc. Wingstop Inc. is a fast-casual restaurant franchisor and operator specializing in cooked-to-order chicken wings, boneless wings, tenders, and related sides and beverages. The Company primarily generates revenue through franchise royalties, franchise fees, and company-operated restaurants, with a business model focused on off-premise dining, digital ordering, and asset-light growth through franchising. WORLDWIDE PRODUCE: Ares Capital Marks $300,000 1L Loan 33% Off -------------------------------------------------------------- Ares Capital Corporation has marked its $300,000 first lien senior secured revolving loan to Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P. to market at $200,000 or 67% of the outstanding amount, according to Ares Capital's Form 10-Q for the quarterly period ended July 29, 2026, filed with the U.S. Securities and Exchange Commission. Ares Capital is a participant in a loan extended to Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P. The first lien senior secured revolving loan accrues interest at 10% per annum and matures in January 2029. Ares Capital Corporation is a business development company that provides financing solutions to middle-market companies across a range of industries. The Fund is led by M. Kort Schnabel as Chief Executive Officer. The Fund can be reached at: M. Kort Schnabel ARES CAPITAL CORPORATION 245 Park Avenue, 44th Floor New York, NY 10167 Telephone: (212) 750-7300 About WORLDWIDE PRODUCE ACQUISITION, LLC AND REP WWP COINVEST IV, L.P. Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P. are affiliated entities engaged in the distribution of fresh produce and related food products. YSA INVESTMENTS 1: Opens Ch. 11 Case with Asset Sale, DIP Funding ----------------------------------------------------------------- Alex Wittenberg of Law360 Bankruptcy Authority reports that YSA Investments 1 and numerous affiliated lending companies have kicked off Chapter 11 proceedings in Delaware with a restructuring plan that includes an asset sale and DIP financing. At a hearing Thursday, August 6, 2026, a Delaware bankruptcy judge indicated that the related cases should likely be handled together. The debtors are seeking approval of a DIP financing arrangement to provide liquidity while they work through bankruptcy. At the same time, YSA Investments and its affiliates are pursuing a sale process designed to monetize assets and generate proceeds for the bankruptcy estates, the report states. The proposed consolidation would allow the court to address the affiliated companies' restructuring efforts together and potentially streamline the proceedings. The cases are expected to focus on the proposed financing and sale transactions as the debtors seek to maximize value for creditors, the report cites. About YSA Investments 1, LLC YSA Investments 1, LLC is a Miami, Florida-based private investment and asset management firm focused on secured lending, structured credit, and other credit investment opportunities. The company invests in and manages financial assets across a range of lending and investment strategies. YSA Investments 1, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-11178) on July 28, 2026. In its petition, the debtor reported estimated assets of $500 million to $1 billion and estimated liabilities of $500 million to $1 billion. Honorable Bankruptcy Judge Brendan Linehan Shannon handles the case. The debtor is represented by Ericka Fredricks Johnson, Esq., of Bayard, P.A. [] American Inns of Court Honors Judge King for Bankruptcy Service ------------------------------------------------------------------ U.S. Bankruptcy Judge Ronald B. King of the Western District of Texas has been selected to receive the prestigious 2026 American Inns of Court Bankruptcy Distinguished Service Award, which recognizes a judge or attorney specializing in bankruptcy law who has exhibited ongoing dedication to the highest standards of the legal profession, the rule of law, and personal ethics and integrity. King will receive the award at the National Conference of Bankruptcy Judges in San Diego in October. "Having served on the bench for an astonishing tenure of over 37 years--the longest-tenured bankruptcy judge in the history of Texas--Judge King has had ample opportunities to mentor young attorneys and adults, to promote throughout our society ideals of civility, professionalism, and excellence in the administration of justice," writes Jay H. Ong, then president of the Hon. Larry E. Kelly Bankruptcy American Inn of Court and former managing shareholder at Munsch Hardt, Kopf & Harr P.C. in Austin, who nominated King for the award. "I wholeheartedly state from my own personal experience that he has consistently maximized those opportunities." King has been a U.S. bankruptcy judge for the Western District of Texas since 1988 and served as chief U.S. bankruptcy judge from 2006 to 2021. Although he officially retired in 2021, he still helps his Western District colleagues with their caseloads by serving as a recall judge. Earlier in his career, King spent a decade handling complex business litigation as a shareholder at Foster, Lewis, Langley, Gardner & Banack Inc. King has been committed to the American Inns of Court movement. He was a founding member and the inaugural president of the Honorable Larry E. Kelly Bankruptcy American Inn of Court and is still an active member of the Inn's executive committee. He is also director of the San Antonio Federal Bar Association. King is also renowned for his volunteer work beyond the legal community, including leading public-school activities and organizations, serving as an instructor for a financial literacy program for high school students, and being a board member of the Alamo Volleyball Association. King earned a magna cum laude undergraduate degree in political science from Southern Methodist University in 1974, where he was a member of Phi Beta Kappa. In 1977, he earned a magna cum laude law degree from the University of Texas School of Law, where he was a member of the Order of the Coif. The American Inns of Court, headquartered in Alexandria, Virginia, inspires the legal community to advance the rule of law by achieving the highest level of professionalism through example, education, and mentoring. The organization's membership includes nearly 30,000 federal, state, and local judges; lawyers; law professors; and law students in more than 360 chapters nationwide. More information is available at www.innsofcourt.org. Contacts: Cindy Dennis American Inns of Court Awards & Scholarships Coordinator Tel: (571) 319-4703 cdennis@innsofcourt.org ********* On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. 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