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260812.mbx T R O U B L E D C O M P A N Y R E P O R T E R Wednesday, August 12, 2026, Vol. 30, No. 224 Headlines 1524 EAST 12: Voluntary Chapter 11 Case Summary 202 CLARKSON: Commences Chapter 11 Bankruptcy in New York 218 7TH ST. SE: Seeks to Tap William C. Johnson Jr. as Counsel 25 AUGUSTA: Gets Interim OK to Use Cash Collateral Until Sept. 1 407 SMILEY: Fine-Tunes Plan Documents 52 SALEM STREET: Gets Interim OK to Use Cash Collateral 568 REALTY: Updates SBA Loan & Bainbridge House Secured Claims Pay 600 SPRING: Hires Levene Neale Bender as Bankruptcy Counsel 63 MILL RIVER: Unsecureds Will Get 100% of Claims in Plan 777 PARTNERS: Seeks Chapter 11 Bankruptcy to Tackle $2B+ Debt ABOVE AND BEYOND: Hires Bradford Law Offices as Bankruptcy Counsel ABSOLUTE DENTAL: Ares Capital Marks $24.1MM 1L Loan at 40% Off ACHIEVEABILITY THERAPY: Plan Confirmation Hearing Set for Sept. 16 ADULT HOME: Claims to be Paid from Available Cash & Income AEMETIS INC: Q2 Net Loss Narrows 60% to $9.4M, Revenue Up 20% AETHON UNITED: Moody's 'B2' CFR Remains Under Review for Upgrade AG RECYCLING: Gets Final OK to Use Cash Collateral AL GCX: S&P Lowers ICR to 'B+' on Increased Debt, Outlook Stable ALFASPIRE INC: Gets Interim OK to Use Cash Collateral Until Aug. 18 ALL 4 HIM: Gets Court Nod to Use Cash Collateral Until Oct. 2 ALL CARE HOMECARE: Gets OK to Use Cash Collateral Until Sept. 1 ALL CARE HOMECARE: Hires Madoff & Khoury as Bankruptcy Counsel ALLEN MEDIA: OFS Capital Marks $3.6MM 1L Debt at 28% Off AMERICAN AUTOMOTIVE: Gets Interim OK to Use Cash Collateral AMERICAN GRAIN: Hires Shioda Langley as General Insolvency Counsel AMERICAN TRASH: Unsecured Creditors to Split $425K over 5 Years AMERICAS CARMART: MIT Investments Reports 7.26% Ownership ANCHOR SOUTH: Seeks Chapter 11 Bankruptcy in Alabama ANNEX CLOUD: Hercules Capital Marks $1.7MM Loan at 60% Off ANNEX CLOUD: Hercules Capital Marks $5.6MM Loan at 60% Off ANY HOUR: Golub Capital Marks $3.6MM Loan at 26% Off APOGEE BREWING: Amends Stellar & Capital Certified Secured Claims AQUABOUNTY TECHNOLOGIES: Reports Narrower Q2 Net Loss of $1.6MM ARCHBISHOP OF BALTIMORE: Court Declines Disclosure Statements ARIZONA: Hobbs Admin Says Prison Health Fix Premature ARTELLA SOLUTIONS: Gets Final OK to Use Cash Collateral ASCENT SOLAR: Posts Q2 Net Loss of $1.8M; Going Concern Remains ASHFORD HOSPITALITY: Sells Hyatt Regency Long Island for $26.5M ATLAS LAND: Taps Muroff Hospitality Group as Real Estate Broker ATTY GREG: Tamara Miles Ogier Named Subchapter V Trustee AVISON YOUNG: OFS Capital Marks $326,000 1L Loan at 23% Off AVITA MEDICAL: Posts Q2 Net Loss of $7.7M; Going Concern Remains BACCI CAFE: Court Extends Cash Collateral Access to Aug. 25 BALKAN EXPRESS: Secures Court OK to Solicit Chapter 11 Plan Vote BALROG ACQUISITION: Ares Capital Marks $29.5MM 2L Loan at 23% Off BEELINE HOLDINGS: Raises $300,000 Through OID Promissory Note BELL'S BETTER: Taps William E. Jamison Jr. as Bankruptcy Counsel BEYOND AIR: Regains Nasdaq Minimum Bid Price Compliance BHB THREE: Eric Michael Huebscher Named Subchapter V Trustee BING PIZZA: Taps Hoffman & Saweris PC as Bankruptcy Counsel BITCOIN DEPOT: Gets Chapter 11 Plan OK'd with Release Restrictions BOKQUA LLC: To Sell 3 Colorado Properties to Multiple Buyers BOSTIC ENTERPRISE: Court Extends Cash Collateral Access to Sept. 30 BOYNE USA: Moody's Affirms 'B1' CFR & Alters Outlook to Stable BRIGHT MOUNTAIN: Q2 Loss Narrows to $3.2M Amid Going Concern Doubt BRIT PROPERTIES: Michael Markham Named Subchapter V Trustee BSD 2: Wilmington Trust Wants Trigild's Chris Neilson as Receiver BUZZFEED INC: Resolves Going Concern Doubt After Debt Repayment CALITRE LLC: Plan Confirmation Hearing Scheduled for Sept. 10 CALLAHAN ENTERPRISES: Taps Southwest Tax Solutions as Accountant CAMEO FABRICATORS: Taps Attorney Donald Wyatt as Legal Counsel CAMP MYSTIC: Seeks Stay of Owner Lawsuits in Chapter 11 CAMPUS WALK: Seeks to Hire Robinson & Cole as Legal Counsel CAPITAL CITY VENTURES: Seeks Chapter 11 Bankruptcy in Minnesota CAPITAL CITY: Case Summary & 20 Largest Unsecured Creditors CARTA FINISHING: Hires Schafer and Weiner as Bankruptcy Counsel CARTA FINISHING: Seeks Cash Collateral Access CDK GLOBAL: Moody's Lowers CFR to Caa2, Outlook Negative CELEST INVESTMENTS: Taps Profile Realty Inc. as Real Estate Broker CHARTER COMMUNICATIONS: Moody's Rates New Sr. Secured Notes 'Ba1' CHICAGO RIVET & MACHINE: Fiscal Q2 Net Loss Widens to $989,528 CHURCH OF THE IMMACULATE: Seeks to Extend Plan Exclusivity to Oct. CITGO PETROLEUM: Fitch Alters Outlook on B LongTerm IDR to Positive CNT HOLDINGS: S&P Affirms 'B' ICR on Fungible Add-On COLUMBIA POST: Seeks to Retain High Associates Ltd as Realtor CONNECTWISE: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable CONSIGNMENT CRUSH: Plan Confirmation Hearing Scheduled for Sept. 17 CONTROLLED CHAOS: Taps Yourkovich & Associates as Accountant CORNERSTONE WELLNESS: Cash Collateral Access Extended to Sept. 15 CP & J FARMS: Hires Bradford Law Offices as Bankruptcy Counsel CRAFTED WILD INC: Seeks Cash Collateral Access CRUISING KITCHENS: Seeks to Extend Plan Exclusivity to Oct. 2 CYTOSORBENTS CORP: Swings to $4.4M Net Loss in Q2 From Income DAVID STOCKMAN: Court Remands GOF Finance-C Case to State Court DCLI BIDCO: Fitch Alters Outlook on 'BB-' LongTerm IDR to Negative DILLARD'S CAPITAL I: Fitch Affirms BB Rating on Capital Securities DIXIE GROUP: Posts $1.1M Q2 Net Income; Going Concern Doubt Remains DRIVESMART SYSTEMS: Unsecureds to be Paid in Full in Plan EAST JERSEY: Case Summary & 10 Unsecured Creditors EASTSIDE COLLISION: Seeks to Extend Plan Filing Deadline to Nov. 25 EMPLOYEE FORCE: Court OKs Interim DIP Financing From nFusion ENDO INT'L: Excess Insurers Win Summary Judgment Bid FASTBOATS.COM SALES: Taps Lorium Law as Legal Counsel FIELDSTONE A&E: Seeks Chapter 11 Bankruptcy in Michigan FINANCE OF AMERICA: Bloom Retirement Holds 9.49% Stake FIRESTAR DIAMOND: Modi Can't Appeal Order on Admission Requests FO&O INC: Unsecured Creditors to Split $149K over 36 Months FOCUS FINANCIAL: Moody's Cuts CFR to B3 & Alters Outlook to Stable FOCUS UTILITY: Gets Interim OK to Use Cash Collateral FORDHAM FULTON: Seeks to Hire Meglio Group P.C. as Accountant FRANCHISE GROUP: SEC Sues Kahn Over Hedge Fund Collapse FRANKIE MARTIN: Commences Chapter 11 Bankruptcy in Florida GENERAL GERMAN: Fitch Lowers IDR to 'BB+', Outlook Stable GENESIS HEALTHCARE: Texas Judge Rejects Lender Releases Appeal GEV IO: Seeks Approval to Tap Erik White of HMP Advisory as CRO GLACIER CAR: Plan Confirmation Hearing Scheduled for Sept. 17 GLADE AT NOTTINGHAM: Case Summary & Four Unsecured Creditors GLOBAL LEADERSHIP: Retains Cornicello Tendler as Special Counsel GRIFFON CORP: S&P Upgrades ICR to 'BB' on Lower Leverage HELP TO ADJUST: Seeks to Use Cash Collateral HERTZ CORP: Fitch Lowers LongTerm IDR to 'CCC' HILBERT GROUP: Gets OK to Hire R & K Interests as Property Manager HILLMAN GROUP: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable HILLMAN GROUP: Moody's Affirms 'Ba3' CFR, Outlook Remains Stable HOPEMAN BROTHERS: Liberty Mutual Can't Modify Mediation Order HPC VINEBURN: Seeks to Hire Meridian Advisors as Accountant HUGHES SATELLITE: Jones Day Represents Noteholders HYDROFARM HOLDINGS: Sells Aurora Peat Products for $16 Million I LOVE PRODUCE: OFS Capital Marks $400,000 1L Debt at 25% Off IDERA INC: OFS Capital Marks $2.7MM 2L Loan at 29% Off IMA FINANCIAL: Moody's Rates New Secured Credit Facilities 'B3' INNOVATE CORP: Returns to Profit in Q2, Still Flags Going Concern INTERAQT CORPORATION: Plan Confirmation Hearing Set for Sept. 15 INTERNATIONAL UNION: Taps Buschel Gibbons as Arbitration Counsel IVY INSTITUTE: Tamara Miles Ogier Named Subchapter V Trustee J. MCCABE PLUMBING: Seeks Subchapter V Bankruptcy w/ $1.5MM Debt J. McCABE: Seeks Cash Collateral Access JENK'S BEST: Court OKs $200,000 Interim DIP Loan JOHN FITZGIBBON: Taps Healthcare Transactions as Merger Advisor JOHN-PHIL TAVERN: Seeks to Hire Michael A. King as Legal Counsel JP INTERMEDIATE: OFS Capital Marks $1.5MM 1L Loan at 35% Off JP INTERMEDIATE: OFS Capital Marks $1.5MM 1L Loan at 35% Off KAREN DILLARD'S: Gets Interim OK to Use Cash Collateral KEHE DISTRIBUTORS: Moody's Rates New $750MM Sr. Secured Notes 'B3' KELHAM VINEYARD: Unsecureds to Recover 100% in Trustee's Plan KEY POINT: Seeks to Hire Mike Kelly CPA as Accountant KING AT EIGHT: Employs Books Taxes & More as Accountant KNOT WORLDWIDE: S&P Rates Proposed Senior Secured Term Loan 'B' KOHL'S CORP: Fitch Affirms 'BB-' IDR, Outlook Negative KOINONIA CONSTRUCTION: Seeks to Extend Plan Exclusivity to Oct. 2 KRASNOFF DOMESTIC: Seeks to Hire Reflect Advisors as CRO KROSKOB BROS: Employs Kuro Group as E-Discovery Professionals KYLE PLUMBING: Linda Leali Named Subchapter V Trustee LA TENTACION PIZZA: Seeks to Hire BKC CPAs PC as Accountant LATHAM POOL: Moody's Rates New First Lien Credit Facility 'B2' LEESTMA MANAGEMENT: CRO Taps Johnson Pope Bokor Ruppel as Counsel LEXORA INC: Gets Ninth Interim Approval to Use Cash Collateral LOUIS INVESTMENTS: YSA Says Bankruptcy Dispute Belongs in Delaware LUGINBILL CONSTRUCTION: Taps Diller and Rice as Bankruptcy Counsel M & J ELECTRIC: Seeks to Hire Michael T. Bowers as Accountant M & M BUCKLEY: Court Extends Cash Collateral Access to Sept. 3 MACON ARTS: Reorganization Plan Confirmed by Judge MAJESTIC DESSERTS: Claims to be Paid from Future Operations MANANA RESTAURANT: Steven Nosek Named Subchapter V Trustee MB DEVELOPMENT: Commences Chapter 11 Bankruptcy MERCER INTERNATIONAL: Reports Fiscal Q2 Net Loss of $76 Million ML DEV: Court Stays Appellate Case Due to Bankruptcy MOSES BERKOWITZ: Seeks Subchapter V Bankruptcy in Colorado MOW MUSCLE: Case Summary & 20 Largest Unsecured Creditors MULFORD CONSTRUCTION: To Sell 4 Vehicles to Highest Bidder MULFORD CONSTRUCTION: To Sell 6 Vehicles to Highest Bidder MURPHY'S CONCRETE: Claims to be Paid from Business Operations MVMT LABS: Hires Reliable Companies as Administrative Advisor MVMT LABS: Seeks Approval to Employ Crowell & Moring as Counsel MVMT LABS: Taps Michael Robinson of Province LLC as CRO MVMT LABS: Taps Potter Anderson & Corroon as Counsel NEW FORTRESS: Posts Q2 Net Loss of $373M; Debt Defaults Persist NEW GREATER GENERATION: Unsecureds Will Get 58% over 60 Months NEWELL BRANDS: Moody's Affirms 'B1' CFR & Alters Outlook to Stable NMR ENTERPRISES: Court OKs Continued Cash Collateral Access NORCAL DESIGN: Files 2nd Chapter 11 Bankruptcy NUWELLIS INC: Intracoastal Capital Discloses 4.7% Stake OCUGEN INC: Q2 Net Loss Widens to $24.9M; Going Concern Remains OFFSHORE SAILING: Amends Bid to Sell Sailboats to Steven D. Shortt OLENOX INDUSTRIES: Flags Inaccuracies in 2025 Quarterly Reports OLENOX INDUSTRIES: Regains Nasdaq Periodic Filing Compliance OLYMPICK CONEY: Gets Interim OK to Use Cash Collateral OLYMPICK CONEY: Hires Strip Hoppers Leithart as Bankruptcy Counsel OMEGA INVESTIGATION: Plan Confirmation Hearing Set for Sept. 2 ONYX PORTFOLIO: Glenpatti Drive Property Sale to Miguel Rojo OK'd OPTIMUM COMMUNICATIONS: Fiscal Q2 Net Loss Widens to $282.1MM PACI ELECTRIC: Seeks Subchapter V Bankruptcy in New York PALM VALLEY: Hires Grobstein Teeple LLP as Financial Advisor PALMAIRE AVE: Claims to be Paid from Rental Income PARKERVISION INC: Swings to Fiscal Q2 Net Income of $148,000 PATERSON ARTS: S&P Lowers Revenue Bond Long-Term Rating to 'BB+' PERNA OIL: Unsecured Creditors Will Get 12.89% of Claims in Plan PETER PAN HOLDINGS: Seeks Ch. 11 Bankruptcy as Civil Actions Loom PHOENIX CONVERTING: Hearing Today on Bid to Use Cash Collateral PLATINUM PINES: Seeks to Hire Udall Shumway as Counsel PLEASE & THANK YOU: Gets Final OK to Use Cash Collateral POLARIS VENTURES: Hires Rochelle McCullough as Counsel POOLIN TECHNOLOGY: Creditor Wants Trustee to Check Ch. 11 Transfers PRO QUIP: Plan Confirmation Hearing Scheduled for Sept. 15 PROFESSIONAL FIGHTERS: Ares Capital Marks $300,000 Loan at 33% Off PURDUE PHARMA: Victims Say Law Firm Took Too Much from Payout Funds QUALITY FRESCA I: Hires Berger Singerman LLP as Bankruptcy Counsel QUALITY FRESCA I: Seeks to Hire Kroll as Claims and Noticing Agent QUALITY FRESCA I: Taps G. Michael Verdisco of Gulf Atlantic as CRO QVC GROUP: Issues $1.2B In 10% Debt as It Exits Ch. 11 Bankruptcy REGEN PARTNERS: Gets Interim OK to Use Cash Collateral REGEN PARTNERS: Hires Lane Law Firm PLLC as Bankruptcy Counsel REMARKABLY MADE: Hires Moon Wright & Houston as Bankruptcy Counsel REVERE CAPITAL: Case Summary & 20 Largest Unsecured Creditors RUM SUGAR: Court OKs Deal to Use SBA's Cash Collateral RURAL CONNECT: Bankruptcy Court Won't Hear Dispute with EBC RYAN FAMILY: Hires Jump Perry and Company LLP as Accountant SACRAMENTO CITY: County Rejects Unified Plan to Avert Receivership SHILOH HOMECARE: Hire Salzman Hughes PC as Special Counsel SILVER GULCH: Russell Garrett Named Subchapter V Trustee SIMAD HOLDINGS: Court OKs Complex Sales of Summer Camps SIMON DATA: Hercules Capital Marks $5MM Loan for 56% Off SIMPLY INTERIOR: Can Seek Votes on Ch. 11 Plan, Pursue Asset Sales SISTERS OF ST. ANN: Committee Taps Denton as Bankruptcy Counsel SLEEP NUMBER: Gets Court OK to Use $17.5MM from Exec. Pay Plan SLEEP NUMBER: Hires Deloitte & Touche as Independent Auditor SMARTHANDS COMPANY: Hires Rountree Leitman Klein as Counsel SPA MATRIX: Hires Robl & Bowen LLC as Reorganization Counsel SPA MATRIX: Todd Hennings Named Subchapter V Trustee SPIRITRUST LUTHERAN: Unsecureds Will Get 5% to 12% in Joint Plan STAOC CORP: Seeks to Hire Lane Law Firm as Legal Counsel STAR LEASING: Fitch Alters Outlook on BB- LongTerm IDR to Negative STRATUM 8: Seeks to Hire FJ Law as Bankruptcy Counsel STROMA MEDICAL: Plan Confirmation Hearing Scheduled for Sept. 9 STUDIO CHIQUE: Seeks to Extend Cash Collateral Access to Nov. 1 SUMMER FUN: Taps Allen Allen & Foster as Accountant and Bookkeeper SUN BUGGY: Seeks to Hire Johnson & Gubler as Bankruptcy Counsel SUNSHINE HEALING: Gets Interim OK to Use Cash Collateral SUZY INC: Hercules Capital Marks $22.7MM Loan at 25% Off SVETNESS CORP: Hires Anderson Baker & Cook PC as Accountant TAWR PROPERTY: Adams Waterproofing Wins Bid to File Proof of Claim TEDDER INDUSTRIES: Plan Confirmation Hearing Scheduled for Sept. 8 THE.TEAM: SME: Moody's Rates Incremental First Lien Term Loan 'B2' THOMAS PRINTING: Case Summary & Seven Unsecured Creditors TIMOTHY E. RYAN: Hires Jump Perry and Company LLP as Accountant TPC GROUP: S&P Places 'B' ICR on CreditWatch Developing TRAXX CONSTRUCTION: Accounts and Litigation Proceeds to Fund Plan TRINSEO PLC: Paul Weiss & Porter Hedges Amend Rule 2019 Statement TRINSEO PLC: Q2 Net Loss Widens to $119.6M Amid Restructuring TZADIK ENERGY: Case Summary & 12 Unsecured Creditors UNIROYAL HOLDING: Unsecureds Will Get 100% of Claims in Joint Plan UNIVERSITY OF TULSA: Moody's Cuts Issuer & Rev. Bond Ratings to Ba2 UP ACADEMY: School Board OKs Return to Boston Public School V&H HOLDINGS: Plan Confirmation Hearing Scheduled for Sept. 1 VALPARAISO UNIVERSITY: S&P Affirms 'BB+' Rating on Revenue Bonds VERRICA PHARMACEUTICALS: Swings to $13.2M Net Loss in Fiscal Q2 VITAL YOU: Gets Interim OK to Use Cash Collateral VOYAGER DIGITAL: Co., Creditors Plan Appeal Tossed Liability Shield WORLD FOOD: Seeks to Tap David W. Steen P.A. as Legal Counsel Y & J MICHELE: Taps DEAL Real Estate Services as Brokers Y & Q HOME: Hires Angel Accounting and Consulting as Accountant YNEZ SHOPS: Hires R & K Interests as Property Manager ********* 1524 EAST 12: Voluntary Chapter 11 Case Summary ----------------------------------------------- Debtor: 1524 East 12 LLC 1524 East 12th Street Brooklyn NY 11230 Business Description: 1524 East 12 LLC is a Brooklyn, New York- based single-asset real estate company that owns and leases a two-family residence at 1524 East 12th Street in Brooklyn. Chapter 11 Petition Date: August 5, 2026 Court: United States Bankruptcy Court Eastern District of New York Case No.: 26-43755 Judge: Hon. Jil Mazer-Marino Debtor's Counsel: Morris Fateha, Esq. LAW OFFICES OF MORRIS FATEHA 911 Avenue U Brooklyn, NY 11223 Tel: (718) 627-4600 E-mail: morrisfateha@gmail.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Yakov Schwartz as manager. The petition was filed without the Debtor's list of its 20 largest unsecured creditors. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/LFWVAII/1524_EAST_12_LLC__nyebke-26-43755__0001.0.pdf?mcid=tGE4TAMA 202 CLARKSON: Commences Chapter 11 Bankruptcy in New York --------------------------------------------------------- On July 30, 2026, 202 Clarkson Avenue LLC filed for Chapter 11 protection in the Eastern District of New York. According to court filings, the Debtor reports between $1 million and $10 million in assets and $1 million and $10 million in liabilities owed to between 1 and 49 creditors. A meeting of creditors under Section 341(a) to be held on August 28, 2026 at 01:00 PM at Zoomgov - Scott: Zoom.us/join, Meeting ID 165 709 83156, Passcode 1552875627, Phone 1 202 810-1577. Debtor must file Chapter 11 Plan and Disclosure Statement by November 27, 2026. About 202 Clarkson Avenue LLC 202 Clarkson Avenue LLC is a Brooklyn, New York-based real estate property holding and leasing company. Its primary asset is a 4,575-square-foot multifamily residential building in Brooklyn containing six residential units. 202 Clarkson Avenue LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 26-43650) on July 30, 2026. In its petition, the Debtor reports estimated assets of $1 million to $10 million and estimated liabilities of $1 million to $10 million. Honorable Elizabeth S. Stong handles the case. 218 7TH ST. SE: Seeks to Tap William C. Johnson Jr. as Counsel -------------------------------------------------------------- 218 7th St. SE, LLC seeks approval from the U.S. Bankruptcy Court for the District of Columbia to hire William C. Johnson, Jr., Esq., an attorney practicing in Maryland, as counsel. Mr. Johnson will render these services: (1) provide general advice and counsel concerning compliance with the requirements of Chapter 11; (2) prepare any necessary amendments to the Debtor's schedules, statement of financial affairs, and related documents as appropriate; (3) represent the debtor in possession in all contested matters; (4) represent as appropriate in any related matters in other Courts; (5) advise and counsel the structure of a plan and any required amendments thereto; (6) advise feasibility of confirmation of a plan and representation in connection with the confirmation process; (7) provide liaison, consultation, and where appropriate, negotiation with creditors and other parties in interest; (8) review of relevant financial information; (9) review of claims with a view to determining which claims are allowable and in what amounts; (10) prosecute claims objections, as appropriate; (11) represent the Section 341 meeting of creditors and at any hearings or status conferences in court; and (12) provide such representations as may be necessary and appropriate to the case. Mr. Johnson will be paid at the rate of $500 per hour. As of August 4, 2026, $1,738 for the filing fee has been paid by Christopher Powell. Mr. Johnson will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Johnson disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: William C. Johnson, Jr., Esq. 6305 Ivy Lane Suite 630 Greenbelt, Maryland 20770 Tel: (301) 477-3450 Fax: (301) 477-4813 Email: William@JohnsonLG.Law About 218 7th St. SE, LLC 218 7th St. SE, LLC, a single-asset real estate entity as defined under 11 U.S.C. Section 101(51B), owns a mixed-use commercial property at 218 7th St. SE Washington, D.C. 20003, that combines retail and residential units across multiple floors. 218 7th St. SE, LLC, filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Col. Case No. 26-00151) on March 31, 2026, listing $4,331,000 in assets and $2,790,188 in liabilities. The petition was signed by Christopher Powell as managing member. Judge Elizabeth L Gunn presides over the case. William C. Johnson, Jr., Esq. at THE JOHNSON LAW GROUP, LLC serves as the Debtor's counsel. 25 AUGUSTA: Gets Interim OK to Use Cash Collateral Until Sept. 1 ---------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Illinois entered an interim order authorizing 25 Augusta, LLC to use the cash collateral of LP25 Asset Fund I, LLC and LP25 Asset Fund II. Under the interim order, the Debtor is permitted to use cash collateral from March 16 through September 1 solely to pay operating expenses in accordance with the approved budget. These expenses include real estate taxes, insurance, water, and garbage charges owed to the City of Chicago. The Debtor may exceed the monthly budget by up to 10% in aggregate for approved expenses but may not pay any other expenses or incur additional administrative expenses, other than approved professional fees, without prior court approval. A copy of the Debtor's budget is available at https://h1.nu/1B0II from PacerMonitor.com. As adequate protection, LP25 Asset Fund I and LP25 Asset Fund II will be granted first-priority replacement liens on the same categories of collateral securing their pre-petition claims, including post-petition cash generated from operations These replacement liens supplement the lenders' existing pre-petition security interests and preserve the same priority they held on the petition date. The order also requires the debtor to maintain insurance on all assets, with the lenders named as additional insureds or loss payees. The interim authorization will remain in effect until the next hearing scheduled for September 1. A copy of the court's order is available at https://h1.nu/1B0IV from PacerMonitor.com. About 25 Augusta LLC 25 Augusta, LLC is a private limited-liability company, is principally a real-estate holding entity associated with the ownership of a multi-family residential property in the West Town/Ukrainian Village area of Chicago. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 26-04618) on March 16, 2026. In the petition signed by Monserrate Hernandez, member, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Jacqueline P. Cox oversees the case. Paul M. Bach, Esq., at Bach Law Offices, represents the Debtor as bankruptcy counsel. 407 SMILEY: Fine-Tunes Plan Documents ------------------------------------- 407 Smiley Crossing LLC submitted a Disclosure Statement for the Second Amended Plan of Reorganization dated July 31, 2026. 407 Smiley Crossing LLC is a Massachusetts limited liability company that owns property at 407–411 Washington Street in Downtown Crossing, Boston. The company has two members: David Pogorelc, who owns a 20% membership interest, and AM Project 407 Washington LLC, which owns the remaining 80%. The property was acquired in 2012 when it was in poor condition and formerly occupied by Strawberry Records. The building was renovated into 11 residential apartments and a four-floor commercial space. In 2014, The GAP signed a 10-year lease with two optional five-year extensions, opening its store in April 2015. The lease began with annual rent of $650,000, increasing by 2.5% each year, with the tenant also responsible for increases in real estate taxes and operating expenses. By the end of the initial lease term, annual payments totaled $863,995, including rent and operating expenses. The value of the property has been appraised several times. A 2022 appraisal commissioned by Newburyport Bank valued it at $22.3 million. Subsequent appraisals valued the property at $14.4 million in 2025, $13.3 million in 2026 (both commissioned by the bank), and $15.7 million in 2026 (commissioned by the Debtor). The Debtor's liquidation analysis uses both 2026 appraisals. The Debtor owes $13,979,253.19 in principal to Newburyport Bank. The bank also seeks additional interest, legal fees, and a late payment fee exceeding $700,000. The Debtor disputes the late fee, asserting that it should not be allowed under bankruptcy law or Massachusetts law. The proposed Chapter 11 plan is a reorganization that aims to pay all allowed claims while diluting the existing owners' equity. Existing equity holders will retain a combined 20% interest in the reorganized company, while a new member providing financial support will receive the remaining 80%. The plan will be funded through available cash, future rental income, and, if necessary, financial contributions from the new member. The plan provides the following treatment for creditor classes: * Class 1 Tax Municipality Secured Claims: Paid in full, with interest, on the effective date or when the claim is allowed. * Class 2 Newburyport Bank: Paid in full with 6% annual interest, consisting of interest-only payments for 24 months followed by a balloon payment of the remaining balance at the end of the 24-month period. * Class 3 General Unsecured Claims: Paid 100% of the allowed claim, without interest, on the effective date or when the claim is allowed. * Class 4 Equity Interests: Existing ownership interests will be diluted to a combined 20% of the reorganized debtor's equity. Funding for the plan will come from cash on hand at the effective date, post-confirmation rental income, and supplemental funding from the new member. The new member will contribute $180,054.69 to support interest payments to Newburyport Bank, with half deposited into an escrow account on the effective date and the remainder funded on the first anniversary of the effective date. A full-text copy of the Disclosure Statement dated July 31, 2026 is available at https://urlcurt.com/u?l=ckrmtD from PacerMonitor.com at no charge. 407 Smiley Crossing LLC is represented by: Stephen F. Gordon, Esq. The Gordon Law Firm LLP 57 River Street, Suite 200 Wellesley MA 02481 Tel: (617) 456-1270 E-mail: sgordon@gordinfirm.com About 407 Smiley Crossing LLC 407 Smiley Crossing LLC is a single asset real estate company. 407 Smiley Crossing LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-12486) on Nov. 17, 2025. In its petition, the Debtor estimated assets and liabilities between $10 million and $50 million each. Bankruptcy Judge Janet E. Bostwick handles the case. The Debtor is represented by Stephen F. Gordon, Esq. of The Gordon Law Firm LLP. 52 SALEM STREET: Gets Interim OK to Use Cash Collateral ------------------------------------------------------- 52 Salem Street LLC received interim approval from the U.S. Bankruptcy Court for the District of Massachusetts to use cash collateral. Under the interim order, the Debtor is authorized to use cash collateral through September 2 to pay $2,750 in insurance premiums, $27,839 in water costs, $240 in utilities, $250 in U.S. trustee fees, and $12,862 in real estate taxes. The Debtor's sole real estate asset is located at 52 Salem Street in Boston, Massachusetts, which consists of a four-story building containing six residential apartments, a commercial billboard, and a ground-floor restaurant. Equity in the Debtor is held by TCP AJC Holdco LLC, which is co-owned by Andrew Collins. The Debtor's outlined its financial disputes and encumbrances surrounding the property in court filings. Principal lender CCG Fund II, LLC holds a senior first-priority lien securing an asserted claim of approximately $6,700,000. Following the petition date, operational disruptions and a cancer diagnosis for the Debtor's manager, David Boyea, led to delayed rent collections. During this period, CCG collected $20,000 across 10 post-petition payments directly from billboard lessee Clear Channel; the Debtor has demanded turnover of these funds, while Clear Channel is remitting over $28,000 in additional post-petition lease payments directly to the Debtor. Additional liens against the property are held by Sapphire Venture Properties LLC, Gilly Strauss, Michael Gardner, TCP Commercial Funding, Wilsondale Associates, and First Fidelity Corp. Only Strauss ($527,000), TCP ($1,999,846), and Wilsondale ($2,317,150) have filed formal claims. The Debtor disputes the TCP and Wilsondale claims as duplicative and lacking underlying consideration, expecting these liabilities to be substantially reduced. To pay off creditors in full, the Debtor filed a Chapter 11 plan on May 20, 2026, proposing a complete exit from bankruptcy via a refinancing transaction with Broadfield Realty Capital, which is scheduled to close within 60 to 90 days. Under its monthly budget running through December 31, the Debtor intends to use cash collateral for standard operating maintenance, taxes, utilities, and insurance. The budget incorporates the $28,000 in billboard lease payments from Clear Channel and includes a request to reimburse Wright Property Management LLC -- an entity owned by Amanda McCarthy, a relative of Andrew Collins-- which advanced $5,587 for insurance premiums and $12,500 for water bills during the post-petition stabilization period. As adequate protection for CCG and the other potential lienholders, the Debtor asserts that maintaining the property preserves its core going-concern value. Furthermore, the Debtor offers granting the lienholders post-petition replacement liens on estate property to the extent of any post-petition diminution in collateral value, preserving the same validity and priority as their prepetition liens. The order is available at http://bankrupt.com/misc/52SalemStreet_CCOrder93.pdf The court scheduled a further hearing for September 3 and set a September 1 deadline for filing objections. About 52 Salem Street LLC 52 Salem Street LLC is a single asset real estate company. 52 Salem Street LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 26-10339) on Feb. 19, 2026, with between $1 million and $10 million in both assets and liabilities. Bankruptcy Judge Christopher J. Panos handles the case. Christopher M. Condon, at Bowditch & Dewey, LLP serves as the Debtor's counsel. 568 REALTY: Updates SBA Loan & Bainbridge House Secured Claims Pay ------------------------------------------------------------------ 568 Realty, LLC, submitted a Second Amended Disclosure Statement describing Second Amended Plan of Reorganization dated July 31, 2026. The Plan is intended to reorganize the Debtor, which owns nine cooperative units located at 325 East 201 Street in the Bronx, New York. The Debtor's business consists of owning and renting these cooperative units. The Debtor's financial difficulties arose in part from disputes with the cooperative board, represented by Bainbridge House, Inc. The disputes involved alleged failures to remit SCRIE payments, maintain common areas, credit senior citizen rent increase abatements, process insurance claims, and issues involving discriminatory late fees, repair charges, and tenant rent withholdings related to property conditions. The Debtor filed an adversary proceeding asserting these claims, but the court dismissed the case. Despite the dismissal, the Debtor reserves the right to object to Bainbridge's claim. The principal creditors include Bainbridge House, Inc., which filed a secured claim of $76,545.46, and the U.S. Small Business Administration (SBA), which filed a claim of $39,582.06. The Debtor has been making monthly adequate protection payments to the SBA since April 2025. Additional obligations include a $10,000 claim owed to MF Mgmt. Services Inc. and $8,000 owed to two attorneys. The Plan provides that the Debtor will continue owning and renting the cooperative units, which it believes will increase in value over time. Funding for the Plan will come from rental income, a $5,000 new value contribution from Joel Fishman, and a personal guaranty by Marc Fishman to cover any Plan payment shortfalls. To support feasibility, Marc Fishman will reaffirm his guaranty, provide updated financial information, and make funds available as needed. The Debtor also intends to remain current on required operating reports and establish or maintain a segregated payment reserve to cover known Effective Date obligations. Under the Plan: * Class 2 Allowed Secured Claims: The Allowed Secured Claims consist of (1) the SBA Loan; and (2) Bainbridge House, Inc.'s secured claim asserted in Proof of Claim No. 2-1 in the amount of $76,545.46 (the "Bainbridge Claim"). The SBA loan arrears, estimated at approximately $7,320.13, will be paid on the Effective Date, after which the Debtor will resume payments under the existing loan terms until the loan is paid in full. The secured portion of Bainbridge's claim will be paid in full over five years with 8.5% interest, with estimated monthly payments of approximately $1,530.53. These claims are classified as unimpaired. * Class 3 Unsecured Claims: All allowed unsecured claims will be paid in equal monthly installments over a two-year period without interest and are considered impaired. * Class 4 Equity Interests: Joel Fishman, the sole owner of the Debtor, will contribute $5,000 in new value on the Effective Date and will retain his ownership and management interest. On the Effective Date, the Debtor will pay allowed administrative expense claims, make the initial Plan payments, and fund required reserves. Known obligations expected around the Effective Date include the remaining $37,024 Cuevas fee award (less prior payments), approximately $25,000 in Bronson Law Offices, P.C. fees subject to court approval, approximately $7,320.13 in SBA arrears, and any unpaid U.S. Trustee fees or other allowed administrative expenses. The Debtor states that Marc Fishman's guaranty and the planned funding sources will ensure timely performance under the Plan. A full-text copy of the Second Amended Disclosure Statement dated July 31, 2026 is available at https://urlcurt.com/u?l=nUlnMT from PacerMonitor.com at no charge. Counsel for the Debtor: H. Bruce Bronson, Esq. Bronson Law Offices P.C. 94 Hudson Park Road New Rochelle, NY 10801 Tel: (914) 269-2530 Fax: (888) 908-6906 Email: hbbronson@bronsonlaw.net About 568 Realty LLC 568 Realty LLC is primarily engaged in renting and leasing real estate properties. 568 Realty LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 24-11890) on Oct. 31, 2024. In the petition filed by Joel Fishman, as managing member, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $100,000 and $500,000. Bankruptcy Judge John P. Mastando III handles the case. The Debtor is represented by Carlos J. Cuevas, Esq. 600 SPRING: Hires Levene Neale Bender as Bankruptcy Counsel ----------------------------------------------------------- 600 Spring, LLC, seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Levene, Neale, Bender, Yoo & Golubchik L.L.P. as general bankruptcy counsel. The firm's services include: a. advising the Debtor with regard to the requirements of the Bankruptcy Court, Bankruptcy Code, Bankruptcy Rules and the Office of the United States Trustee as they pertain to the Debtor; b. advising the Debtor with regard to certain rights and remedies of its bankruptcy estate and the rights, claims, and interests of creditors; c. representing the Debtor in any proceeding or hearing in the Bankruptcy Court involving its estate unless the Debtor is represented in such proceeding or hearing by other special counsel; d. conducting examinations of witnesses, claimants or adverse parties and representing the Debtor in any adversary proceeding except to the extent that any such adversary proceeding is in an area outside of LNBYG's expertise or which is beyond LNBYG's staffing capabilities; e. preparing and assisting the Debtor in the preparation of reports, applications, pleadings and orders including, but not limited to, applications to employ professionals, interim statements and operating reports, initial filing requirements, schedules and statement of financial affairs, lease pleadings, cash collateral pleadings, financing pleadings, and pleadings with respect to the Debtor's use, sale or lease of property outside the ordinary course of business; f. representing the Debtor with regard to obtaining use of debtor in possession financing and/or cash collateral including but not limited to, negotiating and seeking Bankruptcy Court approval of any debtor in possession financing and/or cash collateral pleading or stipulation and preparing any pleadings relating to obtaining use of debtor in possession financing and/or cash collateral; g. assisting the Debtor in any asset sale process; h. assisting the Debtor in negotiation, formulation, preparation and confirmation of a plan of reorganization and the preparation and approval of a disclosure statement in respect of the plan; and i. performing any other services which may be appropriate in LNBYG's representation of the Debtor during its bankruptcy case. The firm will be paid at these hourly rates: David L. Neale $795 Ron Bender $795 Timothy J. Yoo $795 David B. Golubchik $795 Eve H. Karasik $795 Gary E. Klausner $795 Eric P. Israel $795 Brad D. Krasnoff $795 Edward M. Wolkowitz $795 Beth Ann R. Young $795 Monica Y. Kim $775 Philip A. Gasteier $775 John N. Tedford, IV $775 Daniel H. Reiss $775 Todd A. Frealy $775 Krikor J. Meshefejian $775 John-Patrick M. Fritz $775 Richard P. Steelman, Jr. $750 Juliet Y. Oh $750 Todd M. Arnold $750 Joseph M. Rothberg $750 Jeffrey Kwong $750 Michael D'alba $750 Carmela T. Pagay $725 Anthony A. Friedman $725 Robert Carrasco $595 Paraprofessionals $300 In addition, the firm will seek reimbursement for its out-of-pocket expenses. The firm received a retainer in the amount of $150,000, inclusive of the chapter 11 filing fee of $1,738. David B. Golubchik, a partner of Levene, Neale, Bender, Yoo & Golubchik, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: David Golubchik, Esq. John-Patrick M. Fritz, Esq. Carmela T. Pagay, Esq. Levene, Neale, Bender, Yoo & Golubchik L.L.P. 2818 La Cienega Avenue Los Angeles, CA 90034 Telephone: (310) 229-1234 Facsimile: (310) 229-1244 Email: dbg@lnbyg.com jpf@lnbyg.com ctp@lnbyg.com About 600 Spring, LLC 600 Spring, LLC is a Malibu, California-based residential real estate development company engaged in the development of luxury residential properties. The company has been associated with Scott Gillen and the high-end "The Case" residential development in Malibu. In 2025, it entered into a $150,000 settlement with the City of Malibu related to property development obligations and public facility funding, and it previously resolved class action and Private Attorneys General Act (PAGA) litigation. 600 Spring, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 26-11018) on July 16, 2026. In its petition, the debtor reported estimated assets of $100 million to $500 million and estimated liabilities of $100 million to $500 million. Honorable Ronald A. Clifford III is overseeing the case. The debtor is represented by David B. Golubchik, Esq., of Levene, Neale, Bender, Yoo & Golubchik L.L.P. 63 MILL RIVER: Unsecureds Will Get 100% of Claims in Plan --------------------------------------------------------- 63 Mill River Road LLC filed with the U.S. Bankruptcy Court for the Eastern District of New York a Disclosure Statement describing Plan of Reorganization dated August 3, 2026. 63 Mill River Road LLC is a New York limited liability company formed on January 25, 2022. Its sole member and manager is William Jean Gibbs, Sr. The company has no employees, no business operations, and no revenue, and has never conducted business other than owning a single property. The company's only asset is a single-family residence at 63 Mill River Road, Upper Brookville, New York, situated on approximately 2.40 acres and currently under renovation. Dr. William J. Gibbs, Jr. resides at and safeguards the property. The property purchase originated in November 2021, before the company existed. The purchase contract listed "William Gibbs, M.D." as the buyer, with the handwritten addition "or entity to be formed." The LLC was later created because the lender required ownership through a single-purpose real estate entity as a condition of financing. The Gibbs family agreed to purchase the property for $1,630,000 as a home for William Jean Gibbs, Sr., then 86 years old, and his two sons. The family contributed $200,000 of their own savings and financed the remaining purchase price. The debtor's restructuring plan is based on the fact that its only asset is the residence and its only filed claim is that of Stormfield Capital Funding I, LLC, which the debtor disputes in substantial part. The debtor states that it has secured sufficient financing to: * Pay in full whatever amount the court ultimately determines is owed to Stormfield. * Pay Nassau County real property taxes. * Pay the Shoppers World mechanic's lien. * Pay administrative expenses. Under the plan: * All undisputed obligations will be paid in cash on the effective date. * Payment of the disputed portion of Stormfield's claim will be deferred until the court determines the amount, if any, that is owed. * Stormfield will retain its liens during the dispute and continue receiving $12,500 per month, as it has since May 2026. * Once the claim is finally allowed, Stormfield will receive the present value of its allowed claim. Class 4 consists of General Unsecured Claims. Holders of allowed Class 4 claims will receive: * Cash payment of 100% of their allowed claims on the effective date, without interest. * Any allowed deficiency claim by Stormfield will be treated as a Class 4 claim and paid from the Disputed Claim Reserve to the extent allowed. Because Class 4 is impaired, its members are entitled to vote on the plan. Equity and Plan Funding William Jean Gibbs, Sr. will retain his ownership interest in the reorganized debtor. The plan states that all claim classes are either paid in full in cash or fully reserved, and that: * Undisputed mortgage debt, taxes, and administrative expenses will be paid on the effective date. * The disputed mortgage balance will remain unpaid until the court determines the lawful amount owed. * Stormfield will retain its liens and continue receiving monthly payments during that period. The plan will be funded through: * Approximately $2.2 million in new mortgage financing. * Approximately $600,000 in cash contributions from Dr. William J. Gibbs, Jr. and other members of the Gibbs family. A full-text copy of the Disclosure Statement dated August 3, 2026 is available at https://urlcurt.com/u?l=SUulfA from PacerMonitor.com at no charge. Counsel to the Debtor: Karamvir Dahiya, Esq. Dahiya Law Offices, LLC 111 John Street Suite 1860 New York, NY 10038 Tel: (212) 766 8000 Email: karam@dahiya.law About 63 Mill River Road LLC 63 Mill River Road, LLC, filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-73371) on Sept. 3, 2025, with $1 million to $10 million in assets and liabilities. Judge Alan S. Trust presides over the case. 777 PARTNERS: Seeks Chapter 11 Bankruptcy to Tackle $2B+ Debt ------------------------------------------------------------- Clara Geoghegan of Law360 Bankruptcy Authority reports that investment companies 777 Partners and 600 Partners, together with their affiliates, filed for Chapter 11 in Texas with funded debt exceeding $2 billion, seeking to control the wind-down of their sprawling investment operations. The filings came after a creditor initiated an involuntary Chapter 7 proceeding against 777 Partners on July 16, 2026 (Case No. 26-19312) in Florida, disrupting the companies' existing restructuring timetable. According to the debtors, they had been preparing for an eventual Chapter 11 filing as part of a broader wind-down that began in 2024. Vida-related funds nevertheless filed an involuntary petition in July based on a judgment of about $26 million, prompting 777 Partners and its affiliates to accelerate their bankruptcy strategy and seek protection under Chapter 11. The companies say Chapter 11 will allow them to preserve the value of remaining assets while pursuing sales, resolving disputes and addressing creditor claims. They have warned that a Chapter 7 trustee could lack the specialized knowledge needed to properly liquidate the firms' complicated structured-receivables portfolios, potentially resulting in substantial losses for creditors. About 777 Partners Inc. 777 Partners Inc. -- https://www.777part.com/ -- is an American private investment company based in Miami. 777 Partners Inc. and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 26-90193) on August 9, 2026. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities over $1 billion. Honorable Bankruptcy Judge Edward L. Morris handles the case. The Debtor is represented by Amber Michelle Carson, Esq. of Dal/Hou/Wac. ABOVE AND BEYOND: Hires Bradford Law Offices as Bankruptcy Counsel ------------------------------------------------------------------ Above and Beyond Chiropractic Center, PLLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to hire Bradford Law Offices to handle its Chapter 11 proceedings. The firm will be paid its standard hourly rates. Danny Bradford, Esq., an attorney at Bradford Law Offices, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Danny Bradford, Esq. Bradford Law Offices 455 Swiftside Drive, #106 Cary, NC 27518-7198 Telephone: (919) 758-8879 Email: Dbradford@bradford-law.com About Above and Beyond Chiropractic Center Above and Beyond Chiropractic Center, PLLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.C. Case No. 26-03542) on August 4, 2026, listing $100,001 to $500,000 in both assets and liabilities. Judge Pamela W. Mcafee presides over the case. Danny Bradford, Esq. at Paul D. Bradford, PLLC serves as the Debtor's counsel. 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 believed to be dental services companies, but limited public information about their specific operations was available in the fund's regulatory filing. ACHIEVEABILITY THERAPY: Plan Confirmation Hearing Set for Sept. 16 ------------------------------------------------------------------ The U.S. Bankruptcy Court for the Middle District of Florida will hold a hearing on Sept. 16, 2026 at 10:00 a.m. before the Honorable Luis E. River II to confirm the Plan of Reorganization of Achieveability Therapy Services, PL. Objections to confirmation of the Plan or the adequacy of the disclosures must be filed no later than seven days before the Confirmation Hearing. Written acceptance or rejection of the Plan must be filed no later than seven days before the Confirmation Hearing. As shared by the Troubled Company Reporter, the plan establishes four classes of secured claims, one class of general unsecured claims, and one class of equity security holders. Administrative and priority claims will be paid as permitted by the Bankruptcy Code or by agreement. General unsecured creditors with allowed claims will receive pro rata distributions over five years. Key Plan Provisions Class 1 ODK Capital, LLC Claim * Filed a claim of $130,798.20 secured by a blanket lien on the debtor's assets. * The debtor believes the claim is wholly unsecured. * The allowed secured claim will be repaid over 60 months at 8.75% interest, with monthly payments of $2,699.31 beginning 30 days after the plan's effective date. * ODK Capital will retain its lien. Any allowed unsecured portion of the claim will be treated under Class 5. Class 2 Trust Capital Funding, LLC d/b/a Sutton Funding * Holds a scheduled claim of $22,000.00 secured by a blanket lien. * allowed secured claim is $19,129.41, to be repaid over 60 months at 8.75% interest with monthly payments of $394.78, beginning 30 days after the effective date. * The creditor will retain its lien. * Any allowed unsecured portion will be treated under Class 5. Class 3 Propel Advance Claim * Holds a scheduled claim of $362,778.00, secured by a blanket lien. * The debtor believes the claim is wholly unsecured. * Any allowed unsecured claim will be treated under Class 5. Class 4 Funding Futures, LLC Claim * Filed a proof of claim for $169,921.88, secured by a blanket lien. * The debtor believes the claim is wholly unsecured. Any allowed unsecured claim will be treated under Class 5. Class 5 consists of General Unsecured Claims * Allowed unsecured claims will share a $40,000.00 distribution pool. * Payments will be made in 16 quarterly installments, without interest. * Payments will begin in the calendar quarter following the one-year anniversary of the plan's effective date, subject to the timing provisions described in the plan. * Creditors will receive enforceable promissory notes documenting the payment obligations. Equity, Management, and Funding * Existing equity holders will retain ownership after confirmation. * No distributions will be made to equity until all Class 5 payments have been completed. * Kimberly Faye Hull and Michael J. VanZile will continue managing the company. * Their combined gross compensation will be $175,000 in Year 1, increasing annually to $189,425 by Year 5. * The plan will be funded through the debtor's continued business operations and future income. A full-text copy of the Plan of Reorganization dated July 16, 2026 is available at https://urlcurt.com/u?l=fRqqz3 from PacerMonitor.com at no charge. Counsel to the Debtor: Buddy D. Ford, Esq. Jonathan A. Semach, Esq. Heather M. Reel, Esq. FORD & SEMACH, P.A. 9301 West Hillsborough Avenue Tampa, FL 33615-3008 Telephone: (813) 877-4669 E-mail: Buddy@tampaesq.com Jonathan@tampaesq.com Heather@tampaesq.com A copy of the Court's Order dated July 30, 2026, is available at from PacerMonitor.com. About Achieveability Therapy Services PL Achieveability Therapy Services, PL, is a multi-service pediatric therapy company. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-03241) on April 17, 2026, listing up to $500,000 in assets and up to $1 million in liabilities. Kimberly Hull, president of Achieveability Therapy Services, signed the petition. Buddy D. Ford, Esq., at Ford & Semach, P.A., represents the Debtor as legal counsel. ADULT HOME: Claims to be Paid from Available Cash & Income ---------------------------------------------------------- Adult Home Health Care, LLC filed with the U.S. Bankruptcy Court for the Southern District of California a Modified Plan of Reorganization for Small Business dated July 31, 2026. Adult Home Health Care, LLC is a California limited liability company formed in 2014 and managed by Eric Barth and Ryan Ines. The company operates from locations in La Mesa and San Diego, California, and provides non-medical caregiving services to elderly clients, including assistance with daily activities, cleaning, bathing, and transportation. The Debtor employs 71 people, consisting of 66 caregivers and 5 administrative employees, although only 46 caregivers are currently assigned clients and receiving compensation. The Debtor experienced financial distress in late 2024 and 2025 after its client base declined to approximately 25 clients. During the COVID-19 pandemic, the Debtor obtained a $400,000 SBA EIDL loan, secured by a UCC-1 lien on all company property. As of the bankruptcy petition date, the SBA loan balance was $383,265.08. The Debtor also faces a pending labor-related dispute. In October 2022, former employee Angie Duran filed a PAGA action alleging labor code violations, which the Debtor disputes. In April 2026, Ms. Duran and her law firm filed several proofs of claim totaling significant amounts related to employment class action and PAGA claims. The Debtor disputes these claims and intends to object because the claims lacked supporting documentation beyond the complaint. As the Debtor's financial condition worsened, it incurred additional debt, including: * A $75,000 loan from Celtic Bank; * A $58,000 merchant cash advance from Samson MCA, LLC; and * A $16,800 merchant cash advance from Pipe Advance, LLC. The Debtor disputes the Samson MCA claim, arguing that the loan may be invalid and that certain default penalties are unenforceable. Any recovery from objections or avoidance actions involving Samson MCA will be used to fund the Plan. The Debtor's creditors include: * SBA: A secured creditor with an agreed claim of $383,265.08, divided into a secured claim of $49,284.62 and an unsecured claim of $333,980.46. * IRS: A priority tax claim of $864.06. * General unsecured creditors: Approximately $588,551.51 in debt before disputed claims. Including disputed claims filed by Ms. Duran and others, total asserted general unsecured claims are $5,170,879.41. Under a February 2026 agreement with the SBA, the SBA secured claim will be paid in full with 3.75% simple interest over 60 months, requiring monthly payments of $975.43. The SBA unsecured claim will share pro rata distributions with other general unsecured creditors. The proposed Chapter 11 Plan has a 60-month term ending June 30, 2031 and will be funded through: * Cash on hand; * The Debtor's projected disposable income from ongoing operations; * Recovery from objections to claims, including the Duran and Samson claims; and * Any additional estate claims or causes of action. The Debtor projects $241,683.36 in disposable income over the Plan term and proposes total creditor payments of $242,364.06. Payments will be made quarterly. Under the Plan: * Administrative expense claims will be paid in full by the second quarter of 2027. * Priority tax claims will be paid in full with applicable interest by the second quarter of 2027. * Class 3 General Unsecured Claims: Allowed claims will receive pro rata quarterly distributions totaling $148,400.49 from the third quarter of 2027 through the second quarter of 2031, plus any additional distributions from claim recoveries or avoidance actions. Estimated recovery for unsecured creditors ranges from 2.9% to 33%, depending on the outcome of claim objections. * Class 4 Equity Interests: Existing equity holders will retain their interests and will not receive payments during the Plan term. The Plan relies on the Debtor's continued business operations, projected income, and successful resolution of disputed claims to fund payments to creditors. A full-text copy of the Plan of Reorganization dated July 31, 2026 is available at https://urlcurt.com/u?l=HWxBJp from PacerMonitor.com at no charge. Counsel to the Debtor: Donald W. Reid, Esq. Law Office of Donald W. Reid 770 First Avenue, Suite 250 San Diego, CA 92101 Tel: (619) 880-6100 Fax: (619) 923-2051 Email: don@donreidlaw.com About Adult Home Health Care, LLC Adult Home Health Care, LLC is a California limited liability company formed in 2014 that provides provides caregiving services to its elderly clientele. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Calif. Case No. 26-00188) on January 23, 2026, listing between $50,001 and $100,000 in assets and between $500,001 and $1 million in liabilities. Judge J. Barrett Marum presides over the case. Donald Reid, Esq., at the Law Office of Donald W. Reid represents the Debtor as bankruptcy counsel. AEMETIS INC: Q2 Net Loss Narrows 60% to $9.4M, Revenue Up 20% ------------------------------------------------------------- Aemetis, 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 $9.4 million for the three months ended June 30, 2026, compared to a net loss of $23.4 million for the same period in the prior year, a decrease of approximately 60%. For the six months ended June 30, 2026, the Company reported a net loss of $32.1 million, compared to a net loss of $47.9 million for the same period in the prior year, a decrease of approximately 33%. Revenues for the three months ended June 30, 2026, were $62.7 million, compared to $52.2 million in the prior-year period, an increase of approximately 20%. Revenues for the six months ended June 30, 2026, increased to $117.3 million from $95.1 million for the same period in the prior year, an increase of approximately 23%. Liquidity and Capital Resources As of June 30, 2026, cash and cash equivalents were $973,000, with $847,000 held in North American entities and $126,000 in the India entity, compared to $4,894,000 as of Dec. 31, 2025. Current assets, including cash, cash equivalents, and deposits, were approximately $33 million as of June 30, 2026, compared to approximately $26.9 million as of Dec. 31, 2025. Current and long-term liabilities, excluding all debt, were approximately $195.4 million as of June 30, 2026, compared to $184.9 million as of Dec. 31, 2025. Current and long-term debt was approximately $415.9 million as of June 30, 2026, compared to $381.8 million as of Dec. 31, 2025. The Company has a substantial amount of accumulated debt, and its senior lender has a security interest in substantially all of its assets. The Company has been reliant on its senior secured lender to provide extensions to the maturity dates of its debt facilities and has been required to remit substantially all excess cash from tax credit sales as payments of that debt, in addition to other periodic payments. In order to meet its obligations during the next 12 months, the Company will need to refinance debt with its senior lender for amounts that are due on demand in the next 12 months or receive its continued cooperation. The India Biodiesel segment utilized its receivables financing facility during the quarter to support short-term liquidity needs. Although the facility was fully repaid by quarter-end, it remains available for future use. Liquidity Improvement Strategies The Company is pursuing the following strategies to improve liquidity across its three business segments: California Ethanol: The Company plans to continue to operate the Keyes Plant and optimize operating parameters and purchase contracts based on market conditions. The Company is constructing a mechanical vapor recompression system that is expected to significantly reduce the Keyes Plant's natural gas consumption and lower the carbon intensity of the ethanol produced, with the MVR system expected to become operational in 2026. The Keyes Plant started earning Section 45Z production tax credits effective Jan. 1, 2025, and the Company has monetized the credits earned during all of 2025 and through mid-June 2026. The recent federal tax and budget legislation referred to as the "One Big Beautiful Bill," enacted in July 2025, extended the term of the credits to a total of five years. California Renewable Natural Gas: As of June 30, 2026, the RNG segment operates 12 anaerobic digesters that produce biogas from manure waste received from fifteen dairies. The Company plans to continue to build new dairy digesters and has agreements with over fifty dairies, with the next set of digesters expected to begin producing biogas in the third quarter of 2026. The California Air Resource Board has approved provisional pathways for the RNG produced from seven of the Company's operating dairy digesters, with five additional operating digesters having applications for provisional pathways pending with CARB. The Company's RNG production started earning Section 45Z PTCs effective Jan. 1, 2025, with 2025 credits monetized in Dec. 2025. The "One Big Beautiful Bill" contains provisions expected to increase future income from Section 45Z tax credits for RNG production, including an increase in the credit amount earned for each MMBtu of RNG produced and an extension of the term of the credits to a total of five years. India Biodiesel: The Company plans to continue to operate the Kakinada Plant to produce biodiesel and glycerin and sell the biodiesel to government-owned Oil Marketing Companies. The Company has hired a new executive team in India to develop plans for additional growth and to execute a potential initial public offering of stock in the India subsidiary. The India business has been self-sustaining from a cash and liquidity perspective in recent years. Financing: The Company has been raising cash for operations by selling equity through its at-the-market stock sales program and plans to continue to do so. The Company also plans to seek additional funding through a combination of working with its senior lender, restructuring or refinancing existing loan agreements, entering into additional debt agreements for specific projects, obtaining project-specific equity and debt for development projects, and obtaining additional debt from the current EB-5 Phase II offering. Going Concern Notwithstanding its plans to improve liquidity and favorable recent events, based on the extent of its debt and reliance on its senior secured lender, along with expected near-term shortfalls in cash flow from operations, substantial doubt exists about the Company's ability to continue as a going concern over the next 12 months. A full-text copy of the Company's Form 10-Q is available at https://tinyurl.com/ya9u25rm. About Aemetis Inc. Founded in 2006 and headquartered in Cupertino, California, Aemetis, Inc. -- www.aemetis.com -- is an international renewable natural gas, and renewable fuels company focused on the operation, acquisition, development and commercialization of innovative low and negative carbon intensity products and technologies that replace traditional fossil fuel products. The Company operates in three reportable segments consisting of "California Ethanol," "California Dairy Renewable Natural Gas," and "India Biodiesel." The Company's mission is to create sustainable and innovative renewable fuel solutions that benefit communities and restore the environment. The Company achieves this by establishing a local, circular bioeconomy that utilizes agricultural products and waste to produce low-carbon, advanced renewable fuels that reduce greenhouse gas (GHG) emissions and enhance air quality by replacing traditional fossil fuel products. Des Moines, Iowa-based RSM US LLP, the Company's auditor since 2012, issued a "going concern" qualification in its report dated March 13, 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 and has a net capital deficiency. This raises substantial doubt about the Company's ability to continue as a going concern. As of June 30, 2026, the Company had $289.2 million in total assets, $196.3 million in total long-term liabilities, and $322.1 million in total stockholders' equity. AETHON UNITED: Moody's 'B2' CFR Remains Under Review for Upgrade ---------------------------------------------------------------- Moody's Ratings commented that Aethon United BR LP's (Aethon United) B2 Corporate Family Rating, B2-PD Probability of Default Rating, and B3 senior unsecured notes rating remain on review for upgrade following the closing of the acquisition of all equity interests in Aethon United, Aethon III LLC (Aethon III, unrated), and related entities by Mitsubishi Corporation (Mitsubishi, A2 stable) in July 2026. Aethon III and Aethon United are now each owned 100% by Mitsubishi and remain legally separate entities. It is Moody's understandings that Mitsubishi management is still considering its options regarding the go-forward organizational and capital structure, including potentially combining Aethon III and Aethon United. Moody's expects to conclude Moody's reviews once these decisions are made and the effects on Aethon United's credit profile and debt are known. Aethon United's ratings were placed on review for upgrade based on its potential majority ownership by Mitsubishi, which has a much stronger credit profile and greater financial resources, as well as the potential improvement in scale and credit metrics following a potential combination of Aethon United and Aethon III. Moody's ratings review will focus on Aethon United's go-forward scale, cost and capital structure and any resulting combination of the Aethon entities. Moody's will also evaluate the company's strategic direction, growth objectives and financial policies under Mitsubishi's ownership. If Aethon United remains an unguaranteed subsidiary of Mitsubishi and continues to provide separate audited financial statements going forward then a potential upgrade would likely be limited to one to two notches based on Aethon United's pro forma credit profile, growth objectives and financial policies. Alternatively if all of Aethon United's rated debt is repaid then Moody's would likely withdraw the ratings. Based on Mitsubishi's past acquisitions, Moody's do not expect Mitsubishi to guarantee Aethon United's debt. Aethon United BR LP is an independent exploration & production company focused primarily on developing natural gas properties in North Louisiana and East Texas. The company is now fully-owned by Mitsubishi Corporation. AG RECYCLING: Gets Final OK to Use Cash Collateral -------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Illinois entered a final order authorizing AG Recycling, Inc. and its affiliated debtors to continue using cash collateral while granting adequate protection to PNC Bank. The court authorized the Debtors to use cash collateral only in accordance with an approved budget, allowing variances of up to 10% per expense line unless the lenders consent otherwise. The Debtors must submit detailed weekly reports to PNC and the U.S. Trustee comparing actual spending with the budget, along with sales, purchasing activity, payroll information, and operational revenue and expense details. PNC also retains the right to inspect the Debtors' premises and collateral. PNC, along with St. Louis Bank and the U.S. Small Business Administration, holds secured claims against the Debtors, with PNC's approximately $250,000 loan secured by Carbonox Inc.'s accounts receivable. As adequate protection, the order required the Debtors to continue its monthly interest payments of $5,000 to PNC. PNC will also receive valid replacement liens on the Debtors' post-petition collateral, excluding Chapter 5 avoidance actions, while a $30,000 carveout was established for U.S. Trustee fees, court fees, and approved professional expenses. The Debtors must also maintain insurance on all pre-petition and post-petition assets, with PNC named as an additional insured. Events of default include failure to make adequate protection payments, submit weekly reports, maintain insurance, or comply with the order. Upon default, PNC may seek expedited relief from the automatic stay after providing notice to the Debtors. The order further preserves PNC's rights to pursue additional remedies, seek further adequate protection, or request other relief during the Chapter 11 proceedings, while ensuring that previously granted liens and protections remain effective even if the order is later modified or stayed. A copy of the court's order and the Debtor's budget is available at https://h1.nu/1B0OX from PacerMonitor.com. About AG Recycling Inc. AG Recycling, Inc. is a recycling and aggregate materials company based in Mascoutah, Illinois, engaged in processing concrete, asphalt, and soil for reuse in construction and infrastructure projects. The Company provides mobile crushing, materials recovery, and related recycling services across Illinois. It is affiliated with Surmeier Holdings LLC, Surmeier Holdings Gregan LLC, Carbonox Incorporated, and Eco Recycling, Inc. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ill. Lead Case No. 25-30862) on November 9, 2025. In the petition signed by Timothy L. Surmeier, president and manager, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Judge Mary E. Lopinot oversees the case. Spencer Desai, Esq., at The Desai Law Firm, represents the Debtor as bankruptcy counsel. AL GCX: S&P Lowers ICR to 'B+' on Increased Debt, Outlook Stable ---------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on AL GCX Fund VIII Holding LLC (AL GCX VIII) to 'B+' from 'BB' because it expects it will sustain interest coverage below 3x. This is consistent with its noncontrolling equity interests (NCEI) methodology. The recovery rating on the existing and proposed term loans is '3', indicating S&P's expectation of substantial (50%-70%; rounded estimate: 55%) recovery in the event of default. The stable outlook reflects S&P's expectation that AL GCX VIII will receive stable distributions from GCX, supported by the asset's 100% take-or-pay contracts. AL GCX Fund VIII Holding LLC (AL GCX VIII), an entity with 25% noncontrolling equity interest in Gulf Coast Express Pipeline LLC (GCX), is upsizing its term loan B by $265 million for a distribution following pipeline expansion completion, resulting in outstanding debt of $716 million. The recapitalization will deteriorate interest coverage. The proposed $265 million dividend recapitalization will increase the rate to SOFR + 2.25% from SOFR + 2% under a 7.1x leverage ratio. The sweep structure will adjust to 75% if leverage is above 6.0x, 50% if leverage is above 5x, and 0% if leverage is below 5x, compared with the previous maximum sweep of 50% if leverage is above 5.5x. AL GCX VIII will use $262 million of the proceeds for distributions after transaction fees. S&P said, "Under our base-case forecast, we expect the company's stand-alone leverage will be about 7.7x in 2026 and 6.7x in 2027, with interest coverage of about 2.5x over our forecast period. Therefore, we applied a 'B+' rating cap consistent with our NCEI methodology. Furthermore, we revised our financial ratios assessment to negative from neutral under this methodology, reflecting its weaker financial metrics. Our assessment of the other NCEI characteristics, including GCX's cash flow stability, corporate governance, and financial policy, as well as AL GCX VII's ability to liquidate its investment in GCX, are unchanged. "We continue to assess the company's corporate governance as positive. ArcLight Capital Partners LLC (ArcLight), through its two entities, AL GCX VIII and AL GCX Holdings LLC, owns a 66% equity interest in GCX and therefore has 66% of voting power in GCX's board. We expect ArcLight's two entities will act consistently in making key decisions on GCX's governance, such as distributions to equity owners. "We do not anticipate scenarios where Kinder Morgan Inc. (KMI; 34% ownership) can or will unilaterally decide to curtail GCX's dividends against ArcLight's interest, given that each of ArcLight's two entities together can block every voting matter that requires approval. The investee company's ability to maintain consistent dividends and the implementation of significant governance and risk mitigation mechanisms in place to ensure significant control over material decisions support our positive assessment. "The stable outlook reflects our expectation that AL GCX VIII will receive stable and steady cash flow from the highly contracted GCX pipeline. We expect the company will use the distributions to reduce its debt balance via excess cash sweeps and forecast leverage will be about 7.7x in 2026 and 6.7x in 2027, with interest coverage of about 2.5x. "We could take a negative rating action if we expect AL GCX VIII to sustain debt to EBITDA above 8.0x, which could happen due to a lower-than-anticipated excess cash sweep or a deterioration in distributions from GCX. "Although unlikely in the near term, we could take a positive rating action on AL GCX VIII if the company maintains interest coverage above 3x while reducing the term loan balance via mandatory amortization and excess cash sweeps and our view of GCX's credit quality is unchanged." ALFASPIRE INC: Gets Interim OK to Use Cash Collateral Until Aug. 18 ------------------------------------------------------------------- Alfaspire, Inc. received interim approval from the U.S. Bankruptcy Court for the Southern District of Florida, Miami Division, to use cash collateral through August 18. Under the interim order, the Debtor is authorized to use cash collateral to fund ordinary business operations in accordance with its three-month operating budget covering June through August. The Debtor may exceed individual budget line items and the overall budget by up to 10% without obtaining additional court approval. The Debtor's collateral consists of accounts receivable valued at $30,530 and furniture and equipment valued at $236,990, including commercial vehicles worth $153,402. Because liens on titled vehicles must be recorded on the certificates of title to be perfected under Florida law, the Debtor excludes the vehicles from the collateral base, resulting in estimated collateral of $114,118. Several creditors assert security interests in the Debtor's assets. The largest is the SBA, owed approximately $1.0 million under a November 2020 loan, with $96,607 asserted as secured. The Debtor also owes TD Bank and Kapitus, both of which perfected their security interests by filing UCC financing statements in Florida. As adequate protection, all secured creditors will be granted replacement liens on the Debtor's post-petition assets including cash collateral, with the same validity, priority and extent as their pre-petition liens. A copy of the court's order is available at https://shorturl.at/gi9Dx from PacerMonitor.com. The court scheduled a final hearing for August 18. About Alfaspire Inc. Alfaspire, Inc., doing business as Servpro of Doral, filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-16267) on May 14, 2026, with $100,001 to $500,000 in assets and $1 million to $10 million in liabilities. Judge Corali Lopez-Castro presides over the case. Christina Vilaboa-Abel, Esq., represents the Debtor as legal counsel. ALL 4 HIM: Gets Court Nod to Use Cash Collateral Until Oct. 2 ------------------------------------------------------------- All 4 Him, LLC received another extension from the U.S. Bankruptcy Court for the Western District of Kentucky, Louisville Division, to use cash collateral. The court entered an agreed order extending the Debtor's authority to use cash collateral through October 2 to fund its operating expenses. The U.S. Small Business Administration, the Debtor's senior secured creditor, Subchapter V Trustee Stephen Barnes, and U.S. Trustee Timothy Ruppel agreed to the Debtor's continued use of cash collateral. Under the agreed order, the SBA and other creditors will receive adequate protection through replacement liens on the Debtor's post-petition property. These liens are deemed valid, perfected, and enforceable as of the petition date without the need for additional filings, but they do not prime any existing liens held by other creditors. The order provides for a $15,000 professional fee carveout for unpaid compensation and expense reimbursement under Bankruptcy Code Section 330(a). All other provisions of the earlier interim cash collateral orders remain in effect unless specifically modified. The order is available at https://h1.nu/1vnte About All 4 Him LLC All 4 Him LLC owns a single-family home at 131 Laurel Dr, Bardstown, KY 40004. All 4 Him sought relief under Subchapter V o Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Ky. Case No. 25-32491) on October 14, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Charles R. Merrill handles the case. The Debtor is represented by Charity S. Bird, Esq., at Kaplan Johnson Abate & Bird, LLP. ALL CARE HOMECARE: Gets OK to Use Cash Collateral Until Sept. 1 --------------------------------------------------------------- All Care Homecare, LLC received interim approval from the U.S. Bankruptcy Court for the District of Massachusetts, Eastern Division, to use cash collateral through September 1. The Debtor's business recently suffered acute distress after an employee embezzled approximately $500,000, forcing the clinic to obtain high-cost merchant cash advances and small business loans to sustain operations. When the Debtor defaulted, MCA lenders placed restraints on payments owed to the clinic by major health insurance plan providers (including Aetna, Wellpoint, Tufts, and United Health Care), threatening its immediate operational survival and its ability to meet a daily payroll deadline on August 7, 2026. The Debtor details four principal obligations: 1. Credibly of Arizona LLC: Owed approximately $8,000 under an April 10 small business loan agreement secured by a senior UCC-1 lien on all assets. With total business assets valued at approximately $148,989.00, Credibly is fully secured but has placed restraints on receivables from Aetna, Wellpoint, and United Health Care. 2. Essentia Funding: Owed approximately $147,000 under an April 15 merchant cash advance agreement secured by a junior UCC-1 lien. After accounting for Credibly's senior lien, Essentia is undersecured by roughly $9,979 and has placed restraints on funds from Aetna, Wellpoint, Tufts, and United Health Care. 3. Headway Capital: Owed $200,000 under an April 16 small business loan agreement secured by a junior UCC-1 lien; given senior encumbrances, the Debtor asserts Headway is wholly unsecured. 4. Parkside Funding Group: Owed an unliquidated amount under an MCA agreement. No UCC-1 filing was located, making the debt wholly unsecured, yet Parkside has similarly restrained insurance payouts from Aetna, Wellpoint, Tufts, and United Health Care. Beyond these secured and MCA claims, the Debtor reports no priority tax debt and holds approximately $103,000 in general unsecured debt (comprising credit cards, unsecured loans, and a $1,419 disputed wage claim). Under the interim order, secured creditors will receive adequate protection through replacement liens on post-petition assets, with the same validity, extent, and priority as existed pre-petition. The interim order directed secured creditors to release any restraint on any pre-petition and post-petition accounts receivable generated by the Debtor or proceeds thereof, and to remit such funds to the Debtor. The order is available at http://bankrupt.com/misc/AllCareHomecare_CCOrder21.pdf The court scheduled a further hearing for August 27 and set an August 25 deadline for filing objections. About All Care Homecare, LLC All Care Homecare, LLC, a/k/a All Care Wellness, operates mental health clinics in Plymouth, Stoughton, and New Bedford, Massachusetts, treating anxiety, substance use, and related disorders. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 26-11875) on August 4, 2026. In the petition signed by Richard Hughes, manager, the Debtor disclosed up to $500,000 in both assets and liabilities. David B. Madoff, Esq., at Madoff & Khoury LLP, represents the Debtor as legal counsel. ALL CARE HOMECARE: Hires Madoff & Khoury as Bankruptcy Counsel -------------------------------------------------------------- All Care Homecare, LLC seeks approval from the U.S. Bankruptcy Court for the District of Massachusetts to hire Madoff & Khoury LLP as to handle the bankruptcy proceedings. The firm's currently hourly rates are: Partner $495/hour Associate $395/hour Paralegals $180/hour The firm received a retainer in this case in the amount of $21,738, of which, $8,000 was drawn for prepetition services rendered in connection with preparing the Chapter 11 filing, and $1,738 was paid to the Bankruptcy Court for the Chapter 11 filing fee, leaving a retainer balance of $12,000. As disclosed in the court filings, Madoff & Khoury LLP as Counsel is a "disinterested person" as that term is defined in 11 U.S.C. Section 101(14). The firm can be reached through: David B. Madoff, Esq. Steffani M. Pelton, Esq. MADOFF & KHOURY LLP 124 Washington Street Foxboro, MA 02035 Phone: (508) 543-0040 Email: madoff@mandkllp.com About All Care Homecare, LLC All Care Homecare, LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Mass. Case No. 26-11875) on August 4, 2026, listing $100,001 to $500,000 in both assets and liabilities. David B. Madoff, Esq. at Madoff & Khoury LLP serves as the Debtor's counsel. ALLEN MEDIA: OFS Capital Marks $3.6MM 1L Debt at 28% Off -------------------------------------------------------- OFS Capital Corp has marked its $3.6 million first lien debt position in Allen Media, LLC to market at $2.6 million or 72% of the outstanding amount, according to OFS Capital's Form 10-Q for the fiscal quarter ended July 31, 2026, filed with the U.S. Securities and Exchange Commission. OFS Capital is a participant in a loan extended to Allen Media, LLC. The first lien debt accrues interest at 9.38% per annum and matures on February 10, 2027. OFS Capital Corp is a business development company that provides debt and equity financing solutions to middle-market companies in the United States. The Fund is led by Bilal Rashid as Chief Executive Officer. The Fund can be reached at: Bilal Rashid OFS Capital Corp 222 W. Adams Street, Suite 1850 Chicago, IL 60606 Telephone: (847) 734-2000 About Allen Media, LLC Allen Media LLC broadcasts television networks. The Company provides video content to broadcast television stations, cable television networks, mobile devices, multimedia platforms, and the world wide web, as well as produces, distributes, and sells advertising. AMERICAN AUTOMOTIVE: Gets Interim OK to Use Cash Collateral ----------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida granted American Automotive Alliance interim approval to use cash collateral in its Subchapter V Chapter 11 case. Under the interim order, the Debtor is authorized to use cash collateral to pay court-approved expenses, including payments to the Subchapter V trustee and operating expenses in accordance with its budget. Any use of cash collateral outside the authorized budget remains prohibited unless approved by the court. The Debtor generates revenue from sales of vehicle service contracts. Four pre-petition merchant cash advance lenders have a lien on all of the Debtor's assets including receivables: GarGuard Administration Inc., OnDeck Capital, Inc., Parkside Funding Group, and Paylink Direct. In addition to these lenders, the Debtor also has outstanding obligations to various service providers and other unsecured creditors that it is unable to pay as they become due. Pursuant to the interim order, lenders will be granted perfected post-petition replacement liens on cash collateral, with the same validity, priority, and extent as their respective pre-petition liens, without requiring additional filings under applicable non-bankruptcy law. The order preserves the rights of the U.S. Trustee to appoint a creditors' committee and any subsequently appointed committee to 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/JmPS6 from PacerMonitor.com. The next hearing is scheduled for September 16. About American Automotive Alliance American Automotive Alliance provides vehicle service contracts and related vehicle protection services. The company's offerings include roadside assistance, road hazard tire coverage, key fob replacement, customer support, stolen vehicle reward coverage, and identity theft recovery services. American Automotive Alliance has been in business since 2016 and is based in Ponte Vedra Beach, Florida. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-02023) on May 5, 2026, with $191,374 in assets and $3,355,908 in liabilities. Ronnie Mcgraw, chief executive officer, signed the petition. Judge Jacob A. Brown presides over the case. Thomas Adam, Esq., at Adam Lsw Group, PA represents the Debtor as bankruptcy counsel. AMERICAN GRAIN: Hires Shioda Langley as General Insolvency Counsel ------------------------------------------------------------------ True American Grain, Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Shioda, Langley & Chang LLP to serve as general insolvency counsel. The firm will provide these services: (a) provide legal advice and guidance with respect to the powers, duties, rights and obligations of the Applicant as Debtor-in-Possession; (b) formulate and prepare a Plan of Reorganization and Disclosure Statement; (c) prepare on behalf of the Applicant all legal documents as may be necessary; and (d) perform such legal services as are required in these Chapter 11 proceedings. The hourly rate for partners in this matter is $650. Associates employed by Shioda, Langley & Chang LLP are billed at $450 per hour, and the paralegals' rate is $180 for services performed on this Chapter 11 matter. Shioda, Langley & Chang LLP is a "disinterested person" as defined by 11 U.S.C. Section 101(14) and that the firm does not hold or represent an interest adverse to the estate and has no connection with the Applicant, its officers, directors, insiders or equity security holders, the Applicant's creditors, any other party in interest, according to court filings. The firm can be reached at: Christopher J. Langley, Esq. Steven P. Chang, Esq. Shioda, Langley & Chang LLP 1063 E. Las Tunas Dr. San Gabriel, CA 91776 Telephone: (626) 281-1232 E-mail: schang@slclawoffice.com About True American Grain Inc. True American Grain Inc. is a Laguna Niguel, California-based manufacturer of reclaimed wood products and specialty woodworking materials. The company produces RECwood Planks crafted from authentic American reclaimed wood and operates a licensed woodworking and finishing facility in Laguna Niguel. True American Grain Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-12278) on July 24, 2026. In its petition, the debtor reported estimated assets of $100,000 to $500,000 and estimated liabilities of $500,000 to $1 million. The case is assigned to the Honorable Bankruptcy Judge Scott H. Yun. The debtor is represented by Christopher J. Langley, Esq., of Shioda Langley & Chang LLP. AMERICAN TRASH: Unsecured Creditors to Split $425K over 5 Years --------------------------------------------------------------- American Trash Management, Inc., filed with the U.S. Bankruptcy Court for the Northern District of California a Combined Chapter 11 Plan of Reorganization and Disclosure Statement dated July 31, 2026. American Trash Management, Inc. (ATM), based in Emeryville, provides waste management solutions designed to reduce the costs and operational challenges of trash handling for businesses and institutions. The Debtor's customers include multifamily properties, office buildings, hotels, hospitals, schools, factories, retail centers, and other high-volume waste generators. The company is led by CEO Scott Brown, with Karen Troth serving as Vice President of Internal Operations, Thao Vo as Vice President of Field Services, and Max Croy as senior engineer. After filing for Chapter 11 bankruptcy, the company obtained court approval to use cash collateral, pay prepetition wages, maintain its cash management system, appoint Scott Brown as its responsible individual, and retain bankruptcy counsel. The company has continued using cash collateral under agreements with Fremont Bank while making monthly payments to reduce its debt. It also negotiated lower rental payments with two landlords to improve financial performance. A dispute arose regarding the company's eligibility to proceed as a Subchapter V debtor. WHR Holdings, LLC successfully challenged that designation in the bankruptcy court, and the decision is currently on appeal. The company expects that appeal process to continue for several months. The proposed plan classifies and treats claims as follows: * Class 2.1 WHR Holdings, LLC: WHR filed an unsecured claim of $3,819,645.46, which the Debtor disputes. The plan proposes paying $1,400,000 through quarterly payments of $70,000 over five years. This class is impaired and entitled to vote. * Class 2.2 Oscar Becerra and Margarita Barbosa: These are disputed personal injury claims arising from an automobile accident allegedly involving a Debtor employee. The Debtor believes the claims are duplicates and covered by insurance. Claimants may either pursue recovery solely from applicable insurance after the automatic stay is lifted or, if insurance does not cover the claims and they reject that option, receive treatment as general unsecured creditors. * Class 2.3 Ruben Martinez: This workers' compensation claim will proceed before the California Workers' Compensation Appeals Board after the stay is lifted. Because the claim is covered by workers' compensation insurance, the claimant will not have a claim against the bankruptcy estate. * Class 2.4 Convenience Unsecured Claims: Claims of $1,000 or less, or larger claims voluntarily reduced to $1,000, total an estimated $8,628. These creditors will receive 50% of their claims within 30 days after the effective date. * Class 2.5 General Unsecured Claims: Excluding the other unsecured classes, these claims are estimated at $820,360. The Debtor will fund a $425,000 pool through equal quarterly payments over five years, with creditors receiving pro rata distributions once their claims are allowed. The only currently disputed claim is that of Curtis Menken, which the Debtor believes is overstated. This class is impaired and entitled to vote. Class 3 (Equity Interests) holders will retain their ownership interests and associated rights but will receive no distributions under the plan. Upon the plan's effective date, all assets will vest in the reorganized Debtor, which may abandon assets with no meaningful value or sell assets as it considers commercially reasonable without further court approval. The company will continue operating its now-profitable business. Funding for the plan will come from future business operations and a $150,000 capital contribution from owner Scott Brown. The Debtor intends to pay off Fremont Bank's secured debt within one year, continue paying automobile lenders according to their contracts, and satisfy priority claims within five years of the petition date. The confirmed plan replaces the Debtor's pre-existing obligations with the obligations set forth in the plan, which become binding contractual commitments. Creditors that retain liens under the plan will continue to have the rights provided by those liens under applicable non-bankruptcy law. A full-text copy of the Combined Plan and Disclosure Statement dated July 31, 2026 is available at https://urlcurt.com/u?l=ZZJQrb from PacerMonitor.com at no charge. Counsel to the Debtor: Stephen D. Finestone Finestone Hayes LLP 456 Montgomery Street, Suite 1300 San Francisco, CA 94104 Tel: (415) 481-5481 Fax: (415) 398-2820 Email: sfinestone@fhlawllp.com About American Trash Management American Trash Management, Inc., provides waste management solutions designed to reduce the costs and operational challenges of trash handling for businesses and institutions. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-30743) on Sept. 15, 2025. In the petition signed by Scott Brown, chief executive officer, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Hannah L. Blumenstiel oversees the case. Stephen Finestone, at Finestone Hayes, LLP, is the Debtor's legal counsel. AMERICAS CARMART: MIT Investments Reports 7.26% Ownership --------------------------------------------------------- MIT Investments 2010, LP, Massachusetts Institute of Technology Basic Retirement Plan Trust, Massachusetts Institute of Technology Welfare Benefit Plan Trust, and Massachusetts Institute of Technology, disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission, that, as of June 30, 2026, they beneficially own an aggregate of 604,565 shares of America's Car-Mart, Inc.'s Class A Common Stock, par value $0.001, with sole voting power and sole dispositive power over all 604,565 shares, and no shared voting or dispositive power, representing 7.26% of the Class A Common Stock. Breakdown by Reporting Person: * MIT Investments 2010, LP: 413,254 shares (4.96%) * Massachusetts Institute of Technology Basic Retirement Plan Trust: 163,848 shares (1.97%) * Massachusetts Institute of Technology Welfare Benefit Plan Trust: 27,463 shares (0.33%) * Massachusetts Institute of Technology: 0 shares (0%) The shares are held directly by MIT Investments 2010, LP, and the two MIT employee benefit plan trusts. The Filing Persons expressly disclaim membership in a "group" as used in Rule 13d-5(b)(1). The Reporting Persons may be reached through: Seth D. Alexander Massachusetts Institute of Technology One Broadway, 9th Floor Suite 200 Cambridge, MA 021421012 Tel: 617-253-4900 A full-text copy of Massachusetts Institute of Technology's SEC Report is available at https://tinyurl.com/yc4jas89. About America's Car-Mart, Inc. America's Car-Mart, Inc., a Texas corporation, is one of the largest publicly held automotive retailers in the United States focused exclusively on the "Integrated Auto Sales and Finance" segment of the used car market. The Company's operations are principally conducted through its two operating subsidiaries, America's Car Mart, Inc., an Arkansas corporation, and Colonial Auto Finance, Inc., an Arkansas corporation. The Company primarily sells older model used vehicles and provides financing for substantially all of its customers. Tulsa, Oklahoma-based Grant Thornton LLP, the Company's independent auditor since 2024, issued a going concern qualification in its report dated July 14, 2026. The auditor stated that conditions exist that raise substantial doubt about the Company's ability to continue as a going concern. As of April 30, 2026, the Company had $1.42 billion in total assets, $970.78 million in total liabilities, $400 thousand in mezzanine equity, and $445.56 million in total stockholders' equity. ANCHOR SOUTH: Seeks Chapter 11 Bankruptcy in Alabama ---------------------------------------------------- On July 28, 2026, Anchor South Transport LLC filed for Chapter 11 protection in the Northern District of Alabama. According to court filings, the Debtor reports between $1 million and $10 million in liabilities owed to between 1 and 49 creditors. About Anchor South Transport LLC Anchor South Transport LLC is an Albertville, Alabama-based general freight trucking company specializing in long-distance, truckload transportation services. As of June 2026, the company was actively operating with a fleet of 14 power units and 12 drivers. Federal safety records indicate that the carrier traveled approximately 692,769 miles during 2024. Anchor South Transport LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ala. Case No. 26-81684) on July 28, 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 Clifton R. Jessup Jr. handles the case. The Debtor is represented by Tameria S. Driskill, Esq. of Tameria S. Driskill, LLC. ANNEX CLOUD: Hercules Capital Marks $1.7MM Loan at 60% Off ---------------------------------------------------------- Hercules Capital, Inc. has marked its $1.7MM senior secured loan to Annex Cloud to market at $687,0000, or 40% of the outstanding amount, according to Hercules Capital's Form 10-Q for the fiscal quarter ended July 30, 2026, filed with the U.S. Securities and Exchange Commission. Hercules Capital is a participant in a loan extended to Annex Cloud. The senior secured loan accrues interest at PIK Interest 3-month SOFR + 5.7%, with a floor rate of 6.7%. The loan matures in June 2028. Hercules Capital, Inc. is a specialty finance company that provides venture lending and growth capital to innovative, high-growth companies. The Fund is led by Scott Bluestein as Chief Executive Officer and Chief Investment Officer. The Fund can be reached at: Scott Bluestein Hercules Capital, Inc. 1 North B Street., Suite 2000 San Mateo, CA 94401 Telephone: (650) 289-3060 About ANNEX CLOUD Annex Cloud provides customer loyalty and engagement software that helps businesses build, manage, and analyze loyalty and referral programs. ANNEX CLOUD: Hercules Capital Marks $5.6MM Loan at 60% Off ---------------------------------------------------------- Hercules Capital, Inc. has marked its $5.6MM senior secured loan to Annex Cloud to market at $2.3MM, or 40% of the outstanding amount, according to Hercules Capital's Form 10-Q for the fiscal quarter ended July 30, 2026, filed with the U.S. Securities and Exchange Commission. Hercules Capital is a participant in a loan extended to Annex Cloud. The senior secured obligation accrues interest at PIK Interest 3-month SOFR + 10%, with a floor rate of 11% per annum. The senior secured obligation matures in June 2028. Hercules Capital, Inc. is a specialty finance company that provides venture lending and growth capital to innovative, high-growth companies. The Fund is led by Scott Bluestein as Chief Executive Officer and Chief Investment Officer. The Fund can be reached at: Scott Bluestein Hercules Capital, Inc. 1 North B Street., Suite 2000 San Mateo, CA 94401 Telephone: (650) 289-3060 About ANNEX CLOUD Annex Cloud is a software company, but the filing does not provide additional detail on its specific products or services. ANY HOUR: Golub Capital Marks $3.6MM Loan at 26% Off ---------------------------------------------------- Golub Capital BDC, Inc. has marked its $3.6 million One stop loan to Any Hour, LLC to market at $2.7 million or 74% of the outstanding amount, according to Golub Capital BDC, Inc.'s 10-Q for the fiscal quarter ended June 30, 2026, filed with the U.S. Securities and Exchange Commission. Golub Capital BDC, Inc. is a participant in a loan extended to Any Hour, LLC. The One stop accrues interest at 13.00% PIK per annum and matures in May 2031. Golub Capital BDC, Inc. is an externally managed, closed-end, non-diversified management investment company that primarily invests in debt securities of middle-market companies. The Fund is led by David B. Golub as Chief Executive Officer. The Fund can be reached at: David B. Golub Golub Capital BDC, Inc. 200 Park Avenue, 25th Floor New York, NY 10166 Telephone: (212) 750-6060 About Any Hour LLC Any Hour LLC operates as a provider of comprehensive home repair solutions, specializing in plumbing, electrical work, heating, and air conditioning. APOGEE BREWING: Amends Stellar & Capital Certified Secured Claims ----------------------------------------------------------------- Apogee Brewing, a Texas Limited Liability Company d/b/a True Anomaly, submitted a Fourth Amended Combined Plan of Liquidation and Disclosure Statement dated July 31, 2026. Apogee Brewing, a Texas limited liability company, filed a Fourth Amended Chapter 11 Plan and Disclosure Statement after reaching agreements with Prosperity Bank, successor to Stellar Bank, and Capital Certified Development Corporation (CDC) regarding the sale of assets, distribution of sale proceeds, and relief from the automatic stay. Since filing for bankruptcy, the Debtor has continued operating and maintaining its real and personal property, which remains insured against hazard and flood risks. The company's primary sources of income have been its tap room and product distribution. Since August 4, 2025, tap room revenue has averaged $35,964.53 per month, while distribution revenue has averaged $11,844.04 per month. Operations were generally cash-flow positive through April 30, 2026, excluding debt service and taxes. Revenue later declined as the Debtor ceased production and prepared for liquidation under the plan. The plan provides for satisfaction of all allowed secured claims primarily through the surrender of the brewery property and assets to Stellar Bank, the SBA, and CDC. Under the agreement: * The Debtor will surrender the collateral and brewery assets to Stellar Bank. * $75,000 from the sale of the brand and kegs will be paid to McClung. * The balance of the debtor-in-possession account, after approved administrative expenses, operating expenses, and adequate protection costs, will be paid to Stellar Bank on the plan's effective date. * Stellar Bank agrees not to pursue legal action against the individual guarantors of its loans and will not submit claims to the SBA based on the specified loans. However, the guarantors' obligations are not discharged under the plan. * CDC will amend its claim to an allowed unsecured deficiency claim of $250,407.39 if proceeds from the collateral do not satisfy its secured claim and will not pursue collection against the individual guarantors until at least six months after the bankruptcy case closes. The treatment of claims includes: * Class 1 Stellar Bank: The bank's undersecured claim consists of three loans secured by the brewery's property, accounts, furniture, fixtures, equipment, and other collateral. The Debtor will surrender the collateral, transfer the remaining debtor-in possession account balance (after approved deductions), and preserve the taxing authorities' rights regarding property taxes. * Class 4 Capital Certified Development Corporation (CDC): CDC's secured claim, backed by a purchase money security interest and a third lien on certain brewery assets, will be paid from the sale or return of those assets. Any unpaid balance will become an unsecured deficiency claim of $250,407.39. The plan will be funded through proceeds from the sale of the company's brand, kegs, and any remaining assets, along with contributions from the Debtor's equity holders to pay allowed administrative expenses, including professional fees and U.S. Trustee fees. Following confirmation, the Liquidated Debtor will collect and distribute plan funds, make required payments, implement the plan, employ professionals as needed, object to claims, pursue estate causes of action, and take other actions necessary to administer the bankruptcy estate. A full-text copy of the Fourth Amended Combined Plan and Disclosure Statement dated July 31, 2026 is available at https://urlcurt.com/u?l=mELx11 from PacerMonitor.com at no charge. Attorneys for the Debtor: Stacey Barnes, Esq. Vikesh N. Patel, Esq. Kearney, McWilliams & Davis, PLLC 55 Waugh Drive, Suite 150 Houston, TX 77007 Telephone: (888) 341-0997 Facsimile: (832) 916-2751 Email: sbarnes@kmd.law About Apogee Brewing Apogee Brewing, LLC operates a craft brewery and taproom in Houston, Texas. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-34497) on August 4, 2025. In the petition signed by Michael Duckworth, manager, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Eduardo V. Rodriguez oversees the case. Stacey Barnes, Esq., at Kearney, McWilliams & Davis, PLLC, is the Debtor's legal counsel. AQUABOUNTY TECHNOLOGIES: Reports Narrower Q2 Net Loss of $1.6MM --------------------------------------------------------------- AquaBounty Technologies, 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 $1.6 million for the three months ended June 30, 2026, compared to a net loss of $3.4 million for the same period in the prior year. For the six months ended June 30, 2026, the Company reported a net loss of $2.8 million, compared to a net loss of $3.0 million for the same period in the prior year. Future Capital Requirements Since inception, the Company has incurred cumulative net losses and negative cash flows from operating activities, and it expects this to continue for the foreseeable future. As of June 30, 2026, the Company had $1.9 million in cash balances. The Company's ability to continue as a going concern is dependent upon its ability to raise additional capital, and there can be no assurance that such capital will be available in sufficient amounts, on a timely basis, on terms acceptable to the Company, or at all. This raises substantial doubt about the Company's ability to continue as a going concern within one year after the date that the accompanying consolidated financial statements are issued. During 2025, the Company completed multiple sales of certain Ohio Equipment Assets for cumulative gross proceeds of $5 million and completed the sale of its Canadian Farms for gross proceeds of $2.1 million. In October 2025, the Company completed an issuance of senior notes for net proceeds of $3.3 million. On Feb. 11, 2026, the Company completed an equity transaction with certain investors, pursuant to which it sold an aggregate of 1,269,509 shares of its Common Stock and pre-funded warrants to purchase an aggregate of 67,706 shares of Common Stock for gross proceeds of $1.15 million. On April 7, 2026, the Company entered into securities exchange agreements in a private placement with the holders of its outstanding Senior Notes, pursuant to which an aggregate of $4 million of principal and $316 thousand of accrued and unpaid interest was exchanged for an aggregate of 236,367 shares of its Series A Convertible preferred stock. The transaction also included the issuance of 27,386 shares of Series A Convertible preferred stock to a certain investor for gross proceeds of $500,000. On June 25, 2026, the Company entered into securities purchase agreements with certain purchasers, pursuant to which it issued and sold 109,223 shares of its Series B Convertible preferred stock for gross proceeds of $2.25 million. The Company plans to continue to sell assets or to issue equity or debt securities to increase its cash liquidity and fund its evolving strategic plan. Until such time, if ever, as the Company can generate positive cash flows from operating activities, it may finance its cash needs through a combination of sales of assets, equity offerings, debt financings, government or other third-party funding, strategic alliances, and licensing arrangements. To the extent that the Company raises additional capital through the sale of equity or convertible debt securities, the ownership interests of holders of its common stock will be diluted, and the terms of these securities may include liquidation or other preferences that adversely affect the rights of holders of its common stock. Debt financing, if available, may involve agreements that include covenants limiting or restricting the Company's ability to take specific actions, such as incurring additional debt, making capital expenditures, or declaring dividends. If the Company is unable to generate additional funds in a timely manner, it will exhaust its resources and will be unable to maintain its currently planned operations. If the Company cannot continue as a going concern, its stockholders would likely lose most or all of their investment in the Company. A full-text copy of the Company's Form 10-Q is available at https://tinyurl.com/496x5h69. About AquaBounty AquaBounty Technologies, Inc., headquartered in Harvard, Massachusetts, develops genetically engineered Atlantic salmon and previously operated farms in Indiana and Canada, which it has sold along with associated intellectual property, trademarks, an patents. Its primary remaining asset is the Ohio Farm Project in the U.S., consisting of land, construction in progress, and equipment. The Company is focused on realizing the potential of this asset through new investment, partnerships, or other strategic options. In its audit report dated March 31, 2026, Deloitte & Touche LLP issued a "going concern" qualification citing that the Company has limited operating assets and incurred cumulative net losses that raise substantial doubt about its ability to continue as a going concern. As of June 30, 2026, the Company had $11.7 million in total assets, $8.9 million in total liabilities, and $2.8 million in total stockholders' equity. ARCHBISHOP OF BALTIMORE: Court Declines Disclosure Statements ------------------------------------------------------------- Judge Michelle M. Harner of the U.S. Bankruptcy Court for the District of Maryland denied approval of the disclosure statements explaining the competing plans of reorganization filed by the debtor and the Official Committee of Unsecured Creditors in the Chapter 11 case of the Roman Catholic Archbishop of Baltimore. (A) Debtor's Disclosure Statement The Court finds that the Debtor's Disclosure Statement suffers from deficiencies. The Debtor's plan identifies the assets that it believes are available for distribution to creditors in this case and uses the value of those assets to support its hypothetical liquidation analysis under section 1129(a)(7) of the Bankruptcy Code. The Court observes that section 1129(a)(7) basically sets a floor that a debtor must surpass to meet the elements for confirmation under section 1129(a). That subsection does not establish the value of adequate or fair and equitable distributions to creditors. According to the Court, even if a distribution similar to, or only slightly higher, than the section 1129(a)(7) liquidation value may be warranted in a particular case, a debtor must still disclose all its assets and explain how those assets affect valuation. The Court notes, among other things, the disparity between the Debtor's section 1129(a)(7) liquidation value and the scope of section 541(a) of the Bankruptcy Code. Certain significant assets of the Debtor's bankruptcy estate are excluded from the section 1129(a)(7) liquidation value, as well as the asset value available for distribution to creditors. More specifically, the Debtor includes only a small fraction of the value of its Sexual Misconduct Insurance Program Trust in plan distributions and completely excludes the value of its General Insurance Program Trust and the Health Benefits Program Trust. These exclusions are inconsistent with the Court's prior guidance on the subject. The Court has again reviewed the Debtor's insurance trusts, the applicable law, and the Debtor's proposed plan of reorganization. The Court could not confirm the proposed plan as currently drafted based on the information disclosed in the Debtor DS, the asset value currently included in the Debtor's liquidation value, and the Debtor's interest in and control over the trust assets. The Debtor's proposed plan also attempts to classify its general unsecured creditors into three different classes of impaired classes of claims. The Court appreciates the Debtor's attempts to classify unsecured creditors with similar kinds of claims in the same class, but the vastly different treatment of those unsecured claims raises a red flag. Indeed, it appears from the Debtor DS and the classification scheme that the Debtor has the financial ability to pay Class 5 claimants in full on or shortly after the effective date of the plan. The Debtor classifies these claimants as "impaired" apparently because the Debtor is not paying postpetition interest on the claims or some other nominal alteration. That "impairment" allows the Class 5 claimants to vote on the plan. Likewise, although Class 7 includes non-Survivor tort claims, the treatment proposed for Class 7 Claimants is very different from that proposed for Survivor tort claims. The Court has significant concerns that the Debtor's proposed classification scheme under its plan is not being proposed in good faith, may violate several sections of the Code, and may result in unfair distributions in violation of the absolute priority rule. In addition to the substance of certain aspects of the plan, the Court finds the Debtor DS fails to adequately disclose certain information. Most notably and related to one of the points in the prior subsection, the Debtor does not provide adequate disclosures concerning its assets, the value of those assets, and why (from the Debtor's perspective) they are or are not property of the estate subject to distribution to creditors. The Debtor DS also fails to clearly articulate the treatment of its insurance assets and how creditors may collect against those assets. (B) The Committee's Disclosure Statement The Court also finds deficiencies with the Official Committee of Unsecured Creditors' Disclosure Statement. The Court finds the Committee Disclosure Statement describes a number of plan features that would render the Committee's proposed plan of reorganization unconfirmable. The Committee's plan includes language suggesting that nondebtor entities may be substantively consolidated upon the occurrence of certain events. As this Court previously stated, the Court will not substantively consolidate the Debtor with its nondebtor affiliates on an involuntary basis. The Court finds that such proposed action violates the express terms of the Bankruptcy Code and renders the plan unconfirmable under section 1129(a)(3). According to the Court, the Committee's plan also contains several defects with respect to the treatment of the Debtor's insurance assets. A copy of the Court's Order dated August 4, 2026, is available at https://urlcurt.com/u?l=MgavDr from Pacermonitor.com. About Roman Catholic Archbishop of Baltimore Roman Catholic Archbishop of Baltimore is a non-profit religious institution that maintains its principal place of business at 320 Cathedral Street, Baltimore, Maryland 21201. Consistent with Canon Law and Maryland law, the RCAB holds property, including real property, as a corporation sole for the purposes of erecting churches, parsonages, burial grounds, or schools according to the discipline and government of the Roman Catholic Church, with all such property to be used only for such purposes. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 23-16969) on Sept. 29, 2023. In the petition signed by William E. Lori, archbishop, the Debtor disclosed $100 million to $500 million in assets and $500 million to $1 billion in liabilities. Judge Michelle M. Harner oversees the case. The Debtor tapped YVS Law, LLC and Holland & Knight LLP as legal counsel; Keegan Linscott & Associates, PC as financial and restructuring advisor; and Gallagher Evelius & Jones LLP as special counsel. Epiq Corporate Restructuring LLC is the claims, noticing, and balloting agent. The U.S. Trustee for Region 5 appointed an official committee to represent unsecured creditors in the Chapter 11 case of The Roman Catholic Archbishop of Baltimore. The committee hires Stinson LLP as counsel. Tydings & Rosenberg LLP as local counsel. ARIZONA: Hobbs Admin Says Prison Health Fix Premature ----------------------------------------------------- Jim Small of AZ Mirror reports that the Hobbs administration says a federal judge acted prematurely when she ordered Arizona's prison healthcare system into receivership after years of litigation over unconstitutional medical care. The state is asking Judge Roslyn Silver to stay the order, arguing that receivership should be used only after less intrusive remedies have been exhausted and that the court had not fully explored other enforcement options. The lawsuit began in 2012, when Arizona prisoners accused the Corrections Department of providing healthcare so inadequate that it violated their Eighth Amendment rights. Although the parties reached a 103-point agreement in 2014, the state repeatedly failed to meet its obligations, resulting in contempt rulings and more than $2.5 million in fines. A 2022 trial produced a sweeping finding that the prison healthcare system was "pervasively and systemically unconstitutional," followed by a permanent injunction requiring the department to meet specific performance standards, according to report. Arizona officials argue that the receivership threatens state authority and could impose significant costs while the order is being appealed. The department says the judge could have relied on additional remedial plans, sanctions or other intermediate measures. It also disputes the assessment of the healthcare system, arguing that focusing heavily on serious medical outcomes and inmate deaths may overstate the risk across a system serving approximately 25,000 patients. The prisoners' legal representatives say the state's argument overlooks the court's extensive history of intervention. They point to years of fines, contempt orders, expert evaluations and other enforcement efforts, as well as repeated violations of the injunction and the failure of a prison healthcare pilot program. According to the plaintiffs, the evidence shows that conventional remedies have not produced lasting compliance, making receivership necessary after nearly 15 years of litigation and continued failures in prison medical care, the report cites. About The Arizona Department of Corrections, Rehabilitation and Reentry (ADCRR) The Arizona Department of Corrections, Rehabilitation and Reentry (ADCRR) is Arizona's statewide corrections agency, charged with operating the state's prison system and administering offender rehabilitation and reentry programs. Based in Phoenix, Arizona, the department manages correctional facilities, inmate healthcare, parole and community supervision, and educational and workforce development initiatives designed to reduce recidivism and improve public safety. A federal judge placed the Arizona Department of Corrections, Rehabilitation and Reentry's (ADCRR) healthcare system into receivership, citing persistent failures to provide constitutionally adequate medical treatment to incarcerated individuals. Under the court order, Annette Chambers-Smith will direct healthcare operations for an initial five-year period, oversee compliance with court mandates, and report regularly on the department's progress. State officials continue to oppose the receivership and plan to challenge the ruling on appeal. ARTELLA SOLUTIONS: Gets Final OK to Use Cash Collateral ------------------------------------------------------- Artella Solutions, Inc. received final approval from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to use cash collateral. The court entered a final order authorizing the Debtor to use cash collateral based on the approved budget, subject to a 15% total variance. If any conflict arises between this final order and the debtor-in-possession financing order entered by the court, the latter governs the use of cash collateral. Under the final order, the U.S. Small Business Administration and other creditors holding valid, perfected, and unavoidable pre-petition security interests will receive adequate protection in the form of replacement liens on the Debtor's post-petition property including cash collateral. These replacement liens remain subordinate to the fee carveout and the liens granted under the DIP financing, subject to limited exceptions for the SBA and certain segregated receivables claimed by ByzfunderWash, LLC. The Debtor retains the right to challenge the validity, priority, perfection, extent, or enforceability of any liens asserted by ByzfunderWash. As additional protection to secured creditors, the Debtor is required to maintain insurance, remain current on its tax obligations, and timely file monthly operating reports. The Debtor's authority to use cash collateral ends upon occurrence of so-called termination events, including the closing of a sale of substantially all assets, the effective date of a confirmed Chapter 11 plan, dismissal or conversion of the bankruptcy case, appointment of a Chapter 11 trustee, a material uncured default under the cash collateral or DIP orders, or further order of the court. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/hxwpa from PacerMonitor.com. About Artella Solutions Inc. Artella Solutions, Inc. provides remote patient monitoring solutions focused on cardiac rhythm management. It is a Texas corporation and a wholly owned subsidiary of CorMedica Group, Inc. Artella Solutions sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-31092) on February 19, 2026), with up to $10 million in both assets and liabilities. Patrick Magill, president of Artella Solutions, signed the petition. Judge Jeffrey P. Norman oversees the case. Melissa A. Haselden, Esq., at Haselden Farrow, PLLC, represents the Debtor as legal counsel. ASCENT SOLAR: Posts Q2 Net Loss of $1.8M; Going Concern Remains --------------------------------------------------------------- Ascent Solar Technologies, 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 $1,826,584 for the three months ended June 30, 2026, compared to a net loss of $2,065,397 for the same period in the prior year. For the six months ended June 30, 2026, the Company reported a net loss of $4,003,746, compared to a net loss of $3,739,693 for the same period in the prior year. Revenues for the three months ended June 30, 2026, were $95,203, compared to $16,961 in the prior-year period. Revenues for the six months ended June 30, 2026, were $147,147, compared to $32,585 for the same period in the prior year. Comparison of the Three Months Ended June 30, 2026, and 2025 Total Revenues. The Company's total revenues increased by $78,242, or 461%, for the three months ended June 30, 2026, when compared to the same period in 2025. This is primarily due to more orders in the current period. Cost of Revenue. Cost of revenues is primarily comprised of repair and maintenance, material costs, and direct labor and overhead expenses. The Company's cost of revenues increased by $132,187, or 462%, for the three months ended June 30, 2026, when compared to the same period in 2025. This increase is primarily due to the increase in sales. Research, Development, and Manufacturing Operations. Research, development, and manufacturing operations costs include costs incurred for product development, pre-production, and production activities in the Company's manufacturing facility. Research, development, and manufacturing operations costs also include costs related to technology development. Research, development, and manufacturing operations costs increased by $74,376, or 12%, for the three months ended June 30, 2026, when compared to the same period in 2025. This is primarily due to an increase in research and development cost as the Company continued to focus on product and technology improvements in the current period. Selling, General and Administrative. Selling, general and administrative expenses increased by $39,233, or 4% for the three months ended June 30, 2026 compared to the same period in 2025. This increase is primarily due to increased personnel costs incurred in the current period. Share-Based Compensation. Share-based compensation expense decreased by $314,614 or 78% for the three months ended June 30, 2026 when compared to the same period in 2025. The decrease is primarily due to less RSU awards and stock options being expensed for the three months ended June 30, 2026. Other Income/Expense. Other income was $118,358 for the three months ended June 30, 2026, compared to other income of $25,236 for the same period in 2025, an increase of $93,122. This increase is primarily due to an increase in interest income. Net Loss. The Company's net loss decreased by $238,813, or 12%, for the three months ended June 30, 2026 compared to the same period in 2025 due primarily to the items mentioned above. Comparison of the Six Months Ended June 30, 2026 and 2025 Total Revenues. The Company's total revenues increased by $114,562, or 352%, for the six months ended June 30, 2026 when compared to the same period in 2025. This is primarily due to more orders and nonrecurring engineering revenue in the current period. Cost of Revenue. Cost of revenues is primarily comprised of repair and maintenance, material costs, and direct labor and overhead expenses. The Company's cost of revenues increased by $178,809, or 339%, for the six months ended June 30, 2026 when compared to the same period in 2025. This increase is primarily due to the increase in sales. Research, Development and Manufacturing Operations. Research, development and manufacturing operations costs include costs incurred for product development, pre-production and production activities in the Company's manufacturing facility. Research, development and manufacturing operations costs also include costs related to technology development. Research, development and manufacturing operations costs increased by $216,932, or 18%, for the six months ended June 30, 2026 when compared to the same period in 2025. This is primarily due to an increase in research and development cost as the Company continued to focused on product and technology improvements in the current period. Selling, General and Administrative. Selling, general and administrative expenses increased by $521,849, or 26% for the six months ended June 30, 2026 compared to the same period in 2025. This increase is primarily due to increased personnel and professional service costs incurred in the current period. Share-Based Compensation. Share-based compensation expense decreased by $438,635 or 71% for the six months ended June 30, 2026 when compared to the same period in 2025. The decrease is primarily due to less RSU awards and stock options being expensed for the six months ended June 30, 2026. Other Income/Expense. Other income was $205,273 for the six months ended June 30, 2026, compared to other income of $97,371 for the same period in 2025, an increase of $107,902. The increase is due primarily to increased other income which in the current period, is primarily comprised of interest income and decreased interest expense in current period. Net Loss. The Company's net loss increased by $264,053, or 7%, for the six months ended June 30, 2026 compared to the same period in 2025 due primarily to the items mentioned above. Liquidity and Capital Resources The Company continues to build industrial scale production capabilities in its Thornton facility and focus on its research and development activities to improve its PV products. The Company does not expect that sales revenue and cash flows will be sufficient to support operations and cash requirements until it has fully implemented its strategy of selling high value PV products and manufacturing at full industrial scale. During the six months ended June 30, 2026, the Company used $3,809,122 in cash for operations. Additionally, projected total revenues are not anticipated to result in a positive cash flow position for the year overall and, as of June 30, 2026, and while the Company has working capital of $12,875,343, Management believes that additional financing will be required for the Company to reach a level of sufficient sales to achieve profitability. The Company continues to accelerate sales and marketing efforts related to its specialty PV application strategies through expansion of its sales and distribution channels. The Company also continues activities to secure additional financing through strategic or financial investors, but there is no assurance the Company will be able to raise additional capital on acceptable terms or at all. If the Company's revenues do not increase rapidly, and/or additional financing is not obtained, the Company will be required to significantly curtail operations to reduce costs and/or sell assets. Such actions would likely have an adverse impact on the Company's future operations. As a result of the Company's recurring losses from operations, and the need for additional financing to fund its operating and capital requirements, there is uncertainty regarding the Company's ability to maintain liquidity sufficient to operate its business effectively, which raises substantial doubt as to the Company's ability to continue as a going concern. Management cannot provide any assurances that the Company will be successful in accomplishing any of its plans. These financial statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern. Statements of Cash Flows -- Comparison of the Six Months Ended June 30, 2026 and 2025 For the six months ended June 30, 2026, the Company's cash used in operations was $3,809,122 compared to $3,361,544 for the six months ended June 30, 2025, an increase of $447,578. This increase is due primarily to timing of cash outflows and increased expenses. The six months ended June 30, 2026 net cash used in operations of $3,809,122 were primarily funded from 2025 and 2026 financing agreements. For the six months ended June 30, 2026, cash used in investing activities was $200,000 compared to $2,515 used in investing activities in the prior period. The increase was primarily due to the additional investment in a cost method investment. For the six months ended June 30, 2026, the Company's cash provided by financing activities was $15,760,855 compared to $3,148,175 in the prior period, an increase of $12,612,680. Cash provided by financing activities in 2026 was primarily derived from the selling common stock under a PIPE agreement and the excise of warrants. Cash provided by financing activities in 2025 was primarily derived from the ATM agreement and public offering partially offset by the bridge loan repayments. A full-text copy of the Company's Form 10-Q is available at https://tinyurl.com/38nujmw8. About Ascent Solar Technologies, Inc. Ascent Solar Technologies, Inc. is a solar technology Company based in Thornton, Colorado, that manufactures and sells photovoltaic solar modules that are flexible, durable, and possess attractive power-to-weight and power-to-area performance. Its technology provides renewable power solutions to high-value production and specialty solar markets where traditional rigid solar panels are not suitable, including space power beaming, aerospace, satellites, near-Earth orbiting vehicles, fixed-wing unmanned aerial vehicles, aquatic, terrestrial, and other weight-sensitive markets (including DoD drone and space operations) with transformational, high-quality, value-added product applications. The Company operates in these target markets because they have highly specialized needs for power generation and offer attractive pricing due to the significant technological requirements. Salt Lake City, Utah-based Haynie, the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 20, 2026, attached to the Company's Annual Report for the fiscal year ended Dec. 31, 2025, citing that the Company has had limited production which has led to the Company being dependent on outside financing to fund its operations. There is no assurance that the Company will be able to raise additional capital and cash on hand is not sufficient to sustain operations. These factors raise substantial doubt about its ability to continue as a going concern. As of June 30, 2026, the Company had $18,101,070 in total assets, $2,831,023 in total liabilities, and $15,270,047 in total stockholders' equity. ASHFORD HOSPITALITY: Sells Hyatt Regency Long Island for $26.5M --------------------------------------------------------------- Ashford Hospitality Trust, Inc. said in a regulatory filing with the Securities and Exchange Commission that, on July 31, 2026, HH FP Portfolio LLC, an indirect wholly owned subsidiary of the Company, completed the sale of the Hyatt Regency Long Island located in Hauppauge, New York, pursuant to an Agreement of Purchase and Sale, dated as of April 8, 2026, as amended and reinstated, by and between HH FP Portfolio LLC, as seller, and ABGHLI2613 LLC and TIC Owner Hyatt LLC, collectively as purchaser, for approximately $26.5 million in cash, subject to customary pro-rations and adjustments. About Ashford Hospitality Ashford Hospitality Trust is a real estate investment trust (REIT) focused on investing predominantly in upscale, full-service hotels. Dallas, Texas-based BDO USA, P.C., the Company's auditor since 2015, issued a "going concern" qualification in its report dated March 20, 2026, attached to the Company's Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2025, citing that the Company has final debt maturities within one year from the date the financial statements are issued, which raises substantial doubt about its ability to continue as a going concern. As of March 31, 2026, Ashford had $2.6 billion in total assets, $3 billion in total liabilities, and a total stockholders' deficit of $695.2 million. As of March 31, 2026, the Company had total indebtedness of $2.4 billion, including $2.2 billion of variable-rate debt. ATLAS LAND: Taps Muroff Hospitality Group as Real Estate Broker --------------------------------------------------------------- Atlas Land Holdings, LLC and Goodbear Property, LLC seek approval from the U.S. Bankruptcy Court for the Northern District of New York to hire Muroff Hospitality Group LLC as real estate broker. The broker will market and sell the Debtor's property located at 963 Friends Lake Road, Chestertown, New York 12817, consisting of a 17-unit lodging facility and restaurant known as the "Friends Lake Inn," including the business assets and the business as a going concern. MHG will be entitled to a commission of 5 percent of the sales price of the property. Mitchell B. Muroff, a broker at MHG, assured the court that his firm is a "disinterested person," as defined in section 101(14) of the Bankruptcy Code and as modified by section 1107(b) of the Bankruptcy Code. The firm can be reached h=through: Mitchell B. Muroff Muroff Hospitality Group LLC 69 Ober Road Newton, MA 02459 Tel: (617) 610-7774 Email: mitch@muroffhospitality.com About Atlas Land Holdings LLC Atlas Land Holdings, LLC is a real estate holding company engaged in the ownership, management, and development of land and property assets. The company oversees investment and operational activities related to commercial and real estate holdings. Atlas Land Holdings, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 26-10493) on May 1, 2026. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities in the same range. Honorable Bankruptcy Judge Patrick G. Radel handles the case. The Debtor is represented by Howard P. Magaliff, Esq., at R3M Law, LLP. ATTY GREG: 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 Atty Greg T Bailey & Assoc. Inc. 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 Atty Greg T Bailey & Assoc. Inc. Atty Greg T Bailey & Assoc. Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-60300) on August 3, 2026, with $1,000,001 to $10 million in assets and liabilities. Gregory T. Bailey, Esq. at Gregory T. Bailey & Law Associates represents the Debtor as legal counsel. AVISON YOUNG: OFS Capital Marks $326,000 1L Loan at 23% Off ----------------------------------------------------------- OFS Capital Corp has marked its $326,000 first lien loan to Avison Young Inc. to market at $250,000 or 76.7% of the outstanding amount, according to OFS Capital's Form 10-Q for the fiscal quarter ended July 31, 2026, filed with the U.S. Securities and Exchange Commission. OFS Capital is a participant in a loan extended to Avison Young Inc. The first lien debt accrues interest at 11.41% per annum and matures on March 12, 2029. OFS Capital Corp is a business development company that provides debt and equity financing solutions to middle-market companies in the United States. The Fund is led by Bilal Rashid as Chief Executive Officer. The Fund can be reached at: Bilal Rashid OFS Capital Corp 222 W. Adams Street, Suite 1850 Chicago, IL 60606 Telephone: (847) 734-2000 About Avison Young Inc. Avison Young (USA) Inc. provides real estate services. The Company offers tenant representation, agency leasing, asset and property management, project management, capital markets and development services. AVITA MEDICAL: Posts Q2 Net Loss of $7.7M; Going Concern Remains ---------------------------------------------------------------- Avita Medical, 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 $7.7 million for the three months ended June 30, 2026, compared to a net loss of $9.9 million for the same period in the prior year. For the six months ended June 30, 2026, the Company reported a net loss of $18.3 million, compared to a net loss of $23.8 million for the same period in the prior year. Revenues for the three months ended June 30, 2026, were $21.7 million, compared to $18.4 million in the prior-year period. Revenues for the six months ended June 30, 2026, were $41 million, compared to $36.6 million for the same period in the prior year. As of June 30, 2026, the Company had $47.8 million in total assets, $75.6 million in total liabilities, and $27.8 million in total stockholders' deficit, with approximately $9.1 million in cash and cash equivalents and $2.0 million in marketable securities. Credit Facility On Jan. 13, 2026, the Company entered into a Credit Agreement and Guaranty and Security Agreement with Perceptive Credit Holdings V, LP as lender and administrative agent, providing for a five-year senior secured credit facility in an aggregate principal amount of up to $60 million, of which $50 million was funded on the Closing Date. An additional $10 million will be made available at the Company's discretion by notice to the administrative agent on or before March 31, 2027, subject to satisfaction of a certain net revenue requirement. Simultaneously with the closing of the initial commitment, the Company repaid in full and terminated all obligations under its previous credit agreement. Interest payable in cash accrues on any outstanding amounts under the Loan Facility at a rate per annum equal to the greater of (x) the SOFR rate for such period and (y) 4.00%, plus, in either case, 7.50%. Upon the occurrence and during the continuance of an event of default, any outstanding amount will bear interest at a rate of 4% in excess of the otherwise applicable rate. On June 8, 2026, following shareholder approval on June 3, 2026, the Company issued a warrant covering up to 650,000 shares of common stock, par value $0.0001 per share, at an exercise price of $3.4019 per share, of which 500,000 shares are immediately exercisable, with an additional 150,000 shares that will vest and become exercisable if the Company closes on the Additional Commitment Amount. The Credit Agreement includes a financial maintenance test requiring the Company to maintain a specified minimum net revenue for each trailing 12-month period ending on the last day of a fiscal quarter prior to the maturity date, with the first such test occurring as of the fiscal quarter ended March 31, 2026. The Credit Agreement also requires the Company to maintain, in the aggregate, at least $5 million of unrestricted cash at all times. Stedical Global Amendment Subsequent to June 30, 2026, on Aug. 5, 2026, the Company entered into a Global Amendment of the Distribution and Manufacturing Agreements with Stedical. Under the terms of the Global Amendment, in exchange for a $500,000 fee, the Company holds the right of first offer and refusal to expand its exclusive distribution territory to include all or a portion of the European Union, the United Kingdom, and/or Australia. The Company's share of revenue from PermeaDerm sales will increase to 67% for products sold in sheet form, subject to increased revenue sharing in the event gross margin on those products exceeds 50%, and to 80% for products sold in glove form, subject to increased revenue sharing in the event gross margin on those products exceeds 35%. For 2026, the Company is required to reach total PermeaDerm revenue sharing payments of $1.0 million, with 20% growth minimums each year through 2030. All previous minimum revenue sharing payment requirements under the Distribution Agreement were waived. Stedical may also pursue the commercialization of PermeaDerm in certain U.S. markets not currently served by the Company, with PermeaDerm sold for such sales to Stedical at a 10% premium to actual manufacturing costs, and for PermeaDerm manufactured for Stedical to sell outside of the U.S., primarily in Asia, at $200 per carton plus a 10% manufacturing fee, subject to a reasonable volume cap. Cash Flows Net cash used in operating activities was $13.6 million for the six months ended June 30, 2026, compared to $20.5 million for the same period in 2025, with the decrease primarily due to increased gross profit, decreased operating expenses, and the timing of working capital outlays. Net cash provided by investing activities was $5.9 million for the six months ended June 30, 2026, compared to $17.8 million for the same period in 2025, with the decrease primarily attributable to lower cash inflows from maturities of marketable securities in the current year. Net cash provided by financing activities was $6.5 million for the six months ended June 30, 2026, compared to $0.9 million for the same period in 2025, with the increase primarily due to the Loan Facility entered into on Jan. 13, 2026. Going Concern Based on its liquidity position and current forecast of operating results and cash flows, management determined there is substantial doubt about the Company's ability to continue as a going concern over the next 12 months following the date of issuance of the consolidated financial statements, due to debt repayment obligations, historical negative cash flows, and recurring losses. The Company continues to evaluate strategies to obtain additional funding for future operations, including requesting the Additional Commitment Amount or obtaining additional equity financing. However, there can be no assurance that such funding will be available when needed, on favorable terms or at all. The Company's consolidated financial statements do not include any adjustments to the carrying amount of assets, liabilities, and reported expenses that may be necessary if the Company were unable to continue as a going concern. Under the terms of the Regenity Agreement, the Company has an obligation to make an additional $3.0 million payment on or before Jan. 4, 2027, to guarantee development and manufacturing capacity, contingent on positive results of certain clinical studies. No dividends were paid for the six months ended June 30, 2026, and the Company has no plans to commence the payment of dividends. Management Commentary Cary Vance, President and Chief Executive Officer of AVITA Medical, commented: "We delivered a strong second quarter, with revenue growing 18% year-over-year and 13% sequentially. As AVITA continues to expand utilization in the U.S. and build its presence in key international markets, our results reflect the strength of both our acute wound care portfolio and our commercial execution, led by RECELL and supported by Cohealyx and PermeaDerm. We are delivering this growth while maintaining a high gross margin and disciplined operating expenses and use of cash. Together, these results demonstrate that AVITA has evolved into a business capable of sustained, durable growth, giving us the confidence to raise our full-year revenue guidance and to announce our expectation to reach cash flow breakeven in the fourth quarter." David O'Toole, Chief Financial Officer, commented: "During the second quarter, we maintained a disciplined approach to operating expenses while delivering record revenue and, as expected, a further reduction in net use of cash. As the business continues to scale, supported by sustained high gross margins, operating expense management, and improved timely customer cash collections, we expect to reach cash flow breakeven and to start generating cash in the fourth quarter of 2026." Updated Financial Guidance Based on the Company's second quarter performance, AVITA Medical is increasing its full-year 2026 revenue guidance to be in the range of $86 million to $89 million, from $80 million to $85 million, compared to $71.6 million of revenue in 2025, representing year-over-year growth in the range of 20% to 24%. AVITA Medical is also expecting to achieve cash flow breakeven in the fourth quarter of 2026. A full-text copy of the Company's Form 10-Q is available at https://tinyurl.com/45wk3685. About Avita Medical, Inc. AVITA Medical, Inc. and its subsidiaries is a leading therapeutic acute wound care Company delivering transformative solutions. The Company's technologies are designed to optimize wound healing, effectively accelerating the time to patient recovery. The Company's solutions improve the healing outcomes for patients with traumatic injuries and surgical repairs, addressing critical healing needs that arise from unpredictable and life-changing events. At the forefront of the Company's portfolio is the patented and proprietary RECELL(R) System, approved by the U.S. Food and Drug Administration for the treatment of thermal burn wounds and full-thickness skin defects. RECELL harnesses the healing properties of a patient's own skin to create an autologous skin cell suspension, Spray-On Skin(TM) Cells, offering an innovative solution for improved clinical outcomes at the point-of-care. Newport Beach, California-based Grant Thornton LLP, the Company's auditor since 2020, issued a "going concern" qualification in its report dated Feb. 12, 2026, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2025, citing that the Company has current debt service obligations and has incurred historical negative cash flows and recurring losses. These conditions, along with other matters, raise substantial doubt about the Company's ability to continue as a going concern. BACCI CAFE: Court Extends Cash Collateral Access to Aug. 25 ----------------------------------------------------------- Bacci Cafe & Pizzeria on Milwaukee Ave., Inc. received another extension from the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, to use cash collateral to fund operations. The court issued its eighth interim order extending the Debtor's authority to use the cash collateral of the U.S. Small Business Administration through August 25 in accordance with its budget, which projects total monthly operational expenses of $159,027. The SBA, a pre-bankruptcy secured lender, asserts a senior, valid blanket lien on the Debtor's assets and cash proceeds, securing debt of at least $141,859.00. Additional subordinate lienholders include Bill Me Later/WebBank and Funding Metrics. As adequate protection, the SBA and subordinate lienholders will be granted replacement liens on substantially all assets of the Debtor, maintaining the same priority and validity as their pre-petition liens, along with a potential administrative expense claim under section 507(b) of the Bankruptcy Code. The Debtor must comply with the reporting, inspection, insurance, and collateral maintenance obligations. A further hearing is scheduled for August 24. The interim order is available at https://shorturl.at/J5aMo from PacerMonitor.com. About Bacci Cafe & Pizzeria on Milwaukee Ave Inc. Bacci Cafe & Pizzeria on Milwaukee Ave, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-19761) on December 30, 2025, listing between $50,001 and $100,000 in assets and between $1 million and $10 million in liabilities. Judge Michael B. Slade presides over the case. Richard G. Larsen, Esq., at Springer Larsen, LLC represents the Debtor as legal counsel. BALKAN EXPRESS: Secures Court OK to Solicit Chapter 11 Plan Vote ---------------------------------------------------------------- Rick Archer of Law360 Bankruptcy Authority reports that Balkan Express has cleared a key hurdle in its Chapter 11 case after a Texas bankruptcy judge authorized the company's restructuring plan to go to creditors for a vote. The ruling followed a two-day postponement that resulted from an objection raised by a secured lender. The lender's objection involved the company's trucking equipment, including more than 100 trucks and freight trailers serving as collateral. The dispute had delayed conditional approval of Balkan Express' plan disclosures, highlighting an ongoing fight over the location and treatment of the equipment in the bankruptcy case, the report states. The Texas trucking company and its affiliated brokerage filed for Chapter 11 in April 2025, reporting roughly $25 million in debt. With the plan now headed to creditors, Balkan Express will seek the votes necessary to advance its proposed restructuring and resolve its outstanding obligations under bankruptcy protection, according to Law360. About Balkan Express LLC Balkan Express LLC is a transportation and logistics company based in Fort Worth, Texas, offering full truckload and less-than-truckload freight services across the 48 contiguous U.S. states. The Company operates a fleet of over 150 trucks and 250 trailers and offers 24/7 dispatch support with GPS tracking. Balkan Express LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-41544) on April 30, 2025. In its petition, the Debtor estimated assets and liabilities between $10 million and $50 million. The Debtor is represented by Joshua N. Eppich, Esq. at BONDS ELLIS EPPICH SCHAFER JONES LLP. BALROG ACQUISITION: Ares Capital Marks $29.5MM 2L Loan at 23% Off ----------------------------------------------------------------- Ares Capital Coporation has marked its $29.5MM second lien senior secured loan to Balrog Acquisition, Inc., Balrog Topco, Inc. and Balrog Parent, L.P. to market at $22.7MM 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 Balrog Acquisition, Inc., Balrog Topco, Inc. and Balrog Parent, L.P. The second lien senior secured loan accrues interest at 10.76% per annum and matures in September 2029. Ares Capital Coporation 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. are entities associated with a manufacturer and distributor of specialty bakery ingredients. BEELINE HOLDINGS: Raises $300,000 Through OID Promissory Note ------------------------------------------------------------- Beeline Holdings, Inc. said in a regulatory filing with the Securities and Exchange Commission that on July 31, 2026, it sold and issued to WVP Emerging Manager Onshore Fund LLC - C/M Capital Series a promissory note in the principal amount of $350,000 in exchange for a purchase price of $300,000, net of an original issue discount of $50,000. The note matures in 60 days, subject to acceleration provisions in connection with certain enumerated events of default. The note bears interest at a rate of 9% per annum. The Company stated that it agreed to prepay the note upon receiving proceeds from capital raising transactions exceeding $3 million, in an amount equal to 30% of the net proceeds from such capital raising transactions, until the note is repaid in full. The note is also prepayable at any time at the election of the Company. About Beeline Holdings Beeline Holdings, Inc. is a technology-driven mortgage and title platform focused on simplifying home financing through digital innovation, artificial intelligence, and automation. The Company provides residential mortgage lending, title services, and home equity solutions designed to improve efficiency and enhance the borrower experience. Boca Raton, Florida-based Salberg & Company, P.A., the Company's auditor since 2024, issued a "going concern" qualification in its report dated March 31, 2026, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2025, citing that the Company has incurred recurring losses and negative cash flows from operations since its inception, has a significant working capital deficit, and is dependent on debt and equity financing. These matters raise substantial doubt about the Company's ability to continue as a going concern. As of March 31, 2026, the Company had $70.25 million in total assets, $19.35 million in total liabilities, and $50.9 million in total shareholders' equity. BELL'S BETTER: Taps William E. Jamison Jr. as Bankruptcy Counsel ---------------------------------------------------------------- Bell's Better Building, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to hire William Jamison, Jr., Esq., an attorney practicing in Chicago, Ill., as counsel. The attorney will render these services: (a) give Debtor legal advice with respect to its powers and duties in the continued operation of its business; (b) assist the Debtor in the negotiation, formulation, drafting and confirmation of a plan of reorganization; (c) assist the Debtor in investigating and pursuing all rights and claims in connection with preserving the value of its assets and rehabilitating property of the estate; (d) take such action as may be necessary with respect to any claims that may be asserted against the Debtor and prepare such legal papers on its behalf that may be necessary in connection with this proceeding; and (e) perform all other legal services for the Debtor which may be required in connection with this proceeding. Mr. Jamison's hourly rate for legal work is $400. Mr. Jamison was paid $15,000 as an advance retainer for his representation of the Debtor in this bankruptcy case and related matters. Mr. Jamison disclosed in a court filing that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The attorney can be reached at: William E. Jamison, Jr., Esq. 53 West Jackson Blvd., Suite #801 Chicago, IL 60604 Telephone: (312) 226-8500 Email: wjami39246@aol.com About Bell's Better Building Inc. Bell's Better Building, Inc., doing business as Twenty Eleven Construction, provides residential remodeling and construction-management services, as well as curb, gutter, sidewalk, highway, street and bridge construction. Bell's Better Building sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill., Case No. 26-12065) on July 21, 2026, with $1 million to $10 million in both assets and liabilities. Vanessa Rhodes, president, signed the petition. William E. Jamison, Jr., Esq. at William E. Jamison & Associates represents the Debtor as legal counsel. BEYOND AIR: Regains Nasdaq Minimum Bid Price Compliance ------------------------------------------------------- Beyond Air, Inc. said in a regulatory filing with the Securities and Exchange Commission that on Aug. 6, 2026, it received a letter from The Nasdaq Stock Market LLC confirming that the Company had regained compliance with the minimum bid price requirement set forth in Nasdaq Listing Rule 5550(a)(2) and had satisfied the terms of the Nasdaq Hearings Panel's decision. Nasdaq's determination was based on the closing bid price of the Company's common stock having been at or above $1.00 per share for 17 consecutive trading days from July 13, 2026, through Aug. 4, 2026. Pursuant to Nasdaq Listing Rule 5815(d)(4)(A), the Panel has determined to impose a Discretionary Panel Monitor for a period of one year from the date of the Compliance Letter. Should the Company fail to maintain compliance with any continued listing requirement during the Monitor Period, the Staff will issue a delisting determination, and the Company will promptly schedule a new hearing before the initial Panel or a newly convened Hearings Panel. The hearing may be oral or written, at the Company's election. During the Monitor Period, notwithstanding Nasdaq Listing Rule 5810(c)(2), the Company will not be permitted to submit a plan of compliance to the Staff with respect to any deficiency that arises, and the Staff will not be permitted to grant the Company additional time to regain compliance with respect to any such deficiency. The Panel will consider the Company's compliance history when rendering its decision. As previously disclosed, on April 7, 2026, the Company received a notice from the Listing Qualifications staff of Nasdaq indicating that the Company was not in compliance with the Bid Price Rule. On May 28, 2026, the Company received a decision from the Panel granting the Company's request for continued listing on The Nasdaq Capital Market, subject to the condition that the Company demonstrate compliance with the Bid Price Rule on or before July 31, 2026. On July 13, 2026, the Company effected a 1-for-20 reverse stock split of its common stock, which was intended to bring the Company into compliance with the Bid Price Rule. About Beyond Air Beyond Air -- www.beyondair.net -- is a commercial-stage medical device and biopharmaceutical company dedicated to harnessing the power of endogenous and exogenous nitric oxide (NO) to improve the lives of patients suffering from respiratory illnesses, neurological disorders, and solid tumors. The Company has received FDA approval and CE Mark for its first system, LungFit PH, for the treatment of term and near-term neonates with hypoxic respiratory failure. East Brunswick, New Jersey-based WithumSmith+Brown, PC, the Company's auditor since 2024, issued a "going concern" qualification in its report June 26, 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 experienced negative cash flows from operating activities since inception, and has an accumulated deficit that raises substantial doubt about its ability to continue as a going concern. As of March 31, 2026, the Company had $35.39 million in total assets, $29.18 million in total liabilities, and $6.21 million in total stockholders' equity. BHB THREE: Eric Michael Huebscher Named Subchapter V Trustee ------------------------------------------------------------ The U.S. Trustee for Region 2 appointed Eric Huebscher of Huebscher & Co. as Subchapter V trustee for BHB Three, LLC. Mr. Huebscher 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. Huebscher declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Eric Huebscher Huebscher & Co. 301 E 87th St. - 20E New York, NY 10128 Phone: 917-763-3891 Email: ehuebscher@huebscherconsulting.com About BHB Three LLC BHB Three, LLC holds long-term leases for ground-floor retail and basement space at 855 and 857 Ninth Avenue in New York City. The company leases space to commercial tenants, including a coffee shop or bakery and a shoe repair business, and markets an additional vacant storefront for sublease. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 26-11801) on July 30, 2026, with $1 million to $10 million in assets and $500,000 to $1 million in liabilities. David Goldwasser, chief restructuring officer, signed the petition. Judge Lisa G. Beckerman presides over the case. Kevin Nash, Esq., at Goldberg Weprin Finkel Goldstein, LLP represents the Debtor as legal counsel. BING PIZZA: Taps Hoffman & Saweris PC as Bankruptcy Counsel ----------------------------------------------------------- The Bing Pizza, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Hoffman & Saweris, PC as bankruptcy counsel. The firm will provide these services: (a) advise the Debtor with respect to its powers and duties; (b) advise the Debtor with respect to the rights and remedies of the Estate's creditors and other parties in interest; (c) conduct appropriate examinations of witnesses, claimants, and other parties in interest; (d) prepare all appropriate pleadings and other legal instruments required to be filed in this case; (e) represent the Debtor in all proceedings before the Court and in any other judicial or administrative proceeding in which the rights of the Debtor or the Estate may be affected; (f) represent and advise the Debtor in the reorganization of assets and liabilities through the bankruptcy court; (g) advise the Debtor in connection with the formulation, solicitation, confirmation, and consummation of any plan(s) of reorganization which the Debtor may propose; and (h) perform any other legal services that may be appropriate in connection with the continued operations of the Debtor's business. The firm will be paid at these hourly rates: Matthew Hoffman $400 Alan Brian Saweris $325 paralegals $75 The firm held a current retainer balance in the amount of $34,162.33. Hoffman & Saweris, P.C. 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: Matthew Hoffman, Esq. Alan Brian Saweris, Esq. HOFFMAN & SAWERIS, P.C. Riviana Building 2777 Allen Parkway, Suite 1000 Houston, TX 77019 Telephone: (713) 654-9990 Facsimile: (713) 654-0038 E-mail: Matthew@mhsawlaw.com Alan@mhsawlaw.com About The Bing Pizza, LLC The Bing Pizza, LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-80544) on July 31, 2026, listing $50,001 to $100,000 in assets and $100,001 to $500,000 in liabilities. Matthew Hoffman, Esq. at Hoffman & Saweris, P.C. serves as the Debtor's counsel. BITCOIN DEPOT: Gets Chapter 11 Plan OK'd with Release Restrictions ------------------------------------------------------------------ Ben Zigterman of Law360 Bankruptcy Authority reports that Bitcoin Depot won court approval Monday, August 10, 2026, for its Chapter 11 liquidation plan, with a Texas bankruptcy judge confirming the proposal after restricting its third-party releases. The releases were narrowed so they apply only to conduct that took place after the plan became effective, addressing concerns surrounding broader protections for nondebtor parties. The cryptocurrency ATM operator sought bankruptcy protection in May 2026 after regulatory requirements and anti-fraud measures hurt its business. Bitcoin Depot, which had operated thousands of cryptocurrency kiosks, proposed shutting down its operations and monetizing its assets through the Chapter 11 process, the report relays. Under the confirmed plan, remaining assets and causes of action will be transferred into a liquidation trust for distribution to creditors. The confirmation represents a major step toward winding down the company after the court previously approved sales of more than $1.4 million in assets, according to Law360. About Bitcoin Depot Inc. Bitcoin Depot, Inc. is a Delaware corporation with its principal place of business in Georgia that operates the largest cryptocurrency kiosk network in North America, claiming to operate more than 8,400 Bitcoin ATMs across the United States, Canada, and Puerto Rico. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-90528) on May 18, 2026. In the petition signed by W. Alexander Holmes, director, the Debtor disclosed up to $50 million in both assets and liabilities. Paul E. Heath, Esq., at Vinson & Elkins LLP, represent the Debtor as legal counsel. BOKQUA LLC: To Sell 3 Colorado Properties to Multiple Buyers ------------------------------------------------------------ Bokqua LLC seeks approval from the U.S. Bankruptcy Court for the District of Colorado, to sell Property, free and clear of liens, claims, interests, and encumbrances. he Debtor is a Colorado limited liability company that owns and leases real property comprised of single family homes and condominium properties in Colorado. As of the Petition Date, the Debtor held approximately 169 properties. r2 advisors LLC serves as the Chief Restructuring Officer (CRO) of the Debtor and Atlas Real Estate acts as the Debtor's property manager. The CRO has been working with Atlas to organize and restructure the Debtor's financial and operational affairs. The Debtor is continuing to operate and filed a plan of reorganization that will allow the Debtor to continue to maximize value of the portfolio for the value of its creditors. The Debtor has entered into the following three contracts for the sale of real property: A. Oregon Contract: 12199 E. Oregon Dr. Kevin Gilberto Gomez Rascon- $398,000 B. Coolidge Contract: 1137 S. Coolidge Cir. Antonio Mora Padilla $490,000 C. Iola Contract: 1275 Iola St. Damian Alcazar - $190,000 The Debtor proposes to proceed with the sales on the terms contained in the Sale Contracts to the respective parties. The Debtor may sell property other than in the ordinary course of business after notice and opportunity for a hearing. The sole party with an interest in the Sale Properties is Genesis Capital, LLC who has consented to the sale of the Sale Properties. The Debtor is marketing and selling the Sale Properties through a licensed Colorado broker employed with Atlas. The sales are the product of arms-length transactions as a result of Atlas’ marketing efforts. The anticipated sale prices are reasonable. The Debtor has conducted an extensive evaluation of the Sale Properties and the local market conditions with Atlas prior to deciding to sell the Sale Properties and proceed with the Sale Contracts. The buyers are proceeding in good faith in a series of arms-length transactions. The Debtor believes that the sale of thee Properties is in the best interests of the Debtor, its estate, and its creditors, as it will maximize the value of the Sale Properties and will reduce the claims against the estate. About Bokqua LLC Bokqua LLC is a real estate investment company that owns and manages residential properties in the Denver metropolitan area. The Company operates in association with BVRE, a property management firm based in Denver, Colorado. Bokqua LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 25-14846) on July 31, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $50 million and $100 million. Honorable Bankruptcy Judge Michael E. Romero handles the case. The Debtor is represented by Jeffrey S. Brinen, Esq. at KUTNER BRINEN DICKEY RILEY. BOSTIC ENTERPRISE: Court Extends Cash Collateral Access to Sept. 30 ------------------------------------------------------------------- Bostic Enterprise Alliance Inc. received another extension from the U.S. Bankruptcy Court for the Western District of Kentucky, Louisville Division, to use cash collateral. The court entered a third interim order authorizing the Debtor to use cash collateral through September 30 to fund its operations. Permitted uses include payment of insurance, taxes, utilities, administrative expenses, employee compensation, post-petition trade payables, and other necessary operating costs. Secured creditor Reliable Capital Advance, LLC asserts an interest in the Debtor's cash collateral. Pursuant to the third interim order, Reliable will receive adequate protection through replacement liens on the Debtor's post-petition assets, with the same priority and extent as its pre-petition liens. These liens are deemed valid, perfected, and enforceable without further filings although they do not prime existing liens of other creditors. The order provides for a carveout of up to $15,000 for professional fees, requiring monthly payments to the Debtor's counsel, Kaplan Johnson Abate & Bird, LLP, with a portion escrowed for the Subchapter V trustee. The order is available at https://shorturl.at/Cymvi from PacerMonitor.com. About Bostic Enterprise Alliance Inc. Bostic Enterprise Alliance, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Ky. Case No. 26-30247) on February 4, 2026, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Joan A. Lloyd presides over the case. Charity S. Bird, Esq., at Kaplan Johnson Abate & Bird, LLP represents the Debtor as legal counsel. Keith J. Larson serves as Subchapter V trustee for the Debtor. BOYNE USA: Moody's Affirms 'B1' CFR & Alters Outlook to Stable -------------------------------------------------------------- Moody's Ratings affirmed Boyne USA, Inc.'s (Boyne) ratings including its B1 Corporate Family Rating, B1-PD Probability of Default Rating and B1 rating on the senior unsecured notes due 2029. At the same time, Moody's changed the outlook to stable from negative. The outlook change to stable reflects Boyne's improved operating earnings and lower leverage, as substantial capital investments over the past several years are translating into meaningful EBITDA growth despite a challenging 2025/2026 ski season. Moody's-adjusted debt-to-EBITDA declined to approximately 4.1x for the 12 months ended March 31, 2026, from the mid-5x range at the time of the September 2025 rating action. The improvement was driven by earnings growth and lower debt. Moody's expects leverage to remain below 5.0x over the next 12 to 18 months, supported by effective yield management, cost control and earnings generated from recent investments. Boyne demonstrated earnings resilience during the 2025/2026 ski season despite unfavorable weather and a 7% year-over-year decline in total skier visits through April 2026. For the first quarter of 2026, revenue increased 9% and company-reported EBITDA increased 14%, supported by higher lift revenue, effective yield management and lower resort operating expenses. The effective daily ski ticket price increased about 14%, offsetting lower visitation. Strong performance at the eastern resorts, particularly Sunday River and Sugarloaf, and a strong year at Brighton helped offset weather-related pressure at Big Sky and weaker results at Cypress Mountain and The Summit at Snoqualmie. Although capital spending remained elevated through 2025, the improved earnings performance indicates that investments made over the past several years are generating returns. Capital expenditures were approximately $120 million in 2025 compared with approximately $112 million in 2024. Moody's expects capital spending to moderate in 2026 as several large projects, including the gondola network at Big Sky, are substantially complete. Lower prospective capital spending, together with improved earnings, should support positive free cash flow and reduce the likelihood that Boyne will require additional debt to fund its investment program. The ratings affirmation reflects that Boyne's leverage remains elevated and free cash flow is modest. Boyne maintains a good market position and has growth opportunities supported by its recent and ongoing capital investments. These investments are expected to drive future earnings improvement through an enhanced customer experience, stronger customer retention and higher visitation. Boyne's strategy of optimizing yield through dynamic pricing and expanding summer offerings, including golf and mountain biking, to reduce seasonality should support continued earnings growth. Additionally, the company benefits from increased visitation through its partnership with the Ikon Pass program, supporting its long-term revenue and EBITDA growth prospects. RATINGS RATIONALE Boyne's B1 CFR is supported by its strong position as one of the largest operators in the high-barrier-to-entry North American ski industry, with 10 mountain resorts and two non-ski properties. Boyne benefits from good geographic distribution of properties in multiple US and Canada ski territories, with no region accounting for more than 35% of resort revenue in 2025. Approximately 20%-25% of revenue is derived from non-snowsports activities, which partially mitigates the company's exposure to weather and seasonality. Participation in the Ikon Pass also improves revenue visibility and reduces weather-related risk. The ski industry's high barriers to entry and historical resilience during economic downturns also support the rating. Boyne's operating earnings improved materially for the 12 months ended March 31, 2026. Moody's-adjusted EBITDA increased to approximately $191 million, while debt declined as the company used improved operating cash flow to repay revolving credit and other line-of-credit borrowings. As a result, Moody's-adjusted debt-to-EBITDA declined to approximately 4.1x at a seasonal low point from 5.0x at year-end 2025. Moody's projects Moody's-adjusted debt-to-EBITDA of approximately mid-4x in 2026 and high-4x in 2027. Moody's expects modest revenue growth, normal ski weather and continued earnings growth supported by effective yield management and returns from recent capital investments. Free cash flow is expected to range from $15 million to $25 million in both 2026 and 2027. Capital expenditures are projected to decline to approximately $85 million on a reported basis in both years from approximately $120 million in 2025. However, Boyne will continue to have meaningful reinvestment requirements, and capital spending could increase again as the company proceeds with additional resort development projects. Boyne's credit profile is constrained by its elevated financial leverage, relatively modest scale compared with rated peers, high operating seasonality and significant reinvestment requirements. The company has high fixed costs and remains exposed to weather variability and discretionary consumer spending. Reinvestment needs are significant because Boyne must maintain and improve its ski facilities and guest experience to sustain its competitive position and pricing power. Big Sky, its largest resort, accounts for over 20% of annual revenue, making the company vulnerable to weather variability in that region. Governance risks are elevated due to concentrated family ownership and an aggressive financial strategy, including debt-funded capital spending. The company's good liquidity reflects its $47 million cash balance as of March 31, 2026, and $78 million of availability under its two revolving credit facilities and an additional $50 million of availability on its Delayed Draw Term Loan (DDTL) facility due June 2030, which provides flexibility to manage the seasonality and business volatility. The company's largely fixed-rate debt structure and absence of significant near-term maturities provide financial flexibility, although proactively refinancing the $690 million senior unsecured notes due May 2029 as the maturity approaches will be important to maintain good liquidity. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if the company continues to grow organically and improves the EBITDA margin, sustains debt-to-EBITDA below 4.0x, maintains retained cash flow (RCF)-to-net debt above 17.5%, and maintains very good liquidity. Boyne would also need to maintain positive free cash flow and good facility reinvestment to be upgraded. The ratings could be downgraded if operating earnings decline due to factors such as lower visitation, pricing pressure, or higher operating costs, debt-to-EBITDA is sustained above 5.0x, RCF-to-net debt is below 10%, or liquidity deteriorates. A shift to more aggressive financial policies including shareholder distributions or debt-funded acquisition could also lead to a downgrade. Additionally, the rating on the notes could be downgraded below the CFR if the level of secured debt increases such as if the company utilizes the DDTL. Boyne USA, Inc, headquartered in Petoskey, Michigan, operates 10 mountain resorts (four with golf courses) and two non-ski properties consisting of one attraction (Gatlinburg Sky Lift) and a hotel/convention center with a 45 hole golf course (the Inn at Bay Harbor). The company is private and does not publicly disclose its financials. Boyne is family owned by the Kircher family, direct descendants of the founder. The company generated approximately $725 million revenue for the trailing twelve months ended on March 31, 2026. The principal methodology used in these ratings was Business and Consumer Services published in February 2026. BRIGHT MOUNTAIN: Q2 Loss Narrows to $3.2M Amid Going Concern Doubt ------------------------------------------------------------------ Bright Mountain Media, 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 $3.2 million for the three months ended June 30, 2026, an improvement of 22%, compared to a net loss of $4.1 million for the same period of 2025. Net loss was approximately $4.5 million, an improvement of 38%, compared to a net loss of $7.3 million for the same period of 2025. Revenue was approximately $13.6 million, a decrease of $1.8 million, or 12%, compared to $15.4 million for the same period of 2025. Revenue was approximately $27.6 million, a decrease of $2 million, or 7%, compared to $29.6 million for the same period of 2025. Going Concern and Liquidity Historically, the Company has incurred losses, which have resulted in an accumulated deficit of approximately $184.8 million as of June 30, 2026. Cash flows provided by (used in) operating activities were approximately $(483,000) and $1.2 million for the six months ended June 30, 2026, and 2025, respectively. As of June 30, 2026, the Company had a working capital deficit of approximately $99.0 million, inclusive of $1.0 million in cash and cash equivalents. The Company's ability to continue as a going concern is dependent upon its ability to meet its liquidity needs through a combination of factors. The Company is currently exploring several strategic alternatives, including restructuring or refinancing its debt, or seeking additional debt, including borrowing under the Centre Lane Senior Secured Credit Facility, or raising equity capital. The ability to access the capital markets depends, in part, upon the volume and market price of the Company's stock, which cannot be assured. Other measures include reducing or delaying certain business activities and reducing general and administrative expenses, including a reduction in headcount. The ultimate success of these plans is not guaranteed. The Company's current cash and working capital, as of the filing of this Quarterly Report on Form 10-Q, is not expected to be sufficient to fund its anticipated level of operations over the next 12 months. As a result, such matters create a substantial doubt regarding the Company's ability to meet its financial obligations and continue as a going concern. The company's accompanying unaudited consolidated financial statements are prepared on a going concern basis and do not include any adjustments that might result from uncertainty about the Company's ability to continue as a going concern. Cash and Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less, when acquired, to be cash equivalents. The Company maintains its cash with various commercial banks in the United States and other foreign countries in which the Company operates. As of June 30, 2026, and Dec. 31, 2025, the Company exceeded the federally insured limit of $250,000 for interest and non-interest-bearing accounts. The Company held a cash balance with a single financial institution in excess of the Federal Deposit Insurance Corporation insured limit in the amount of $537,000 as of June 30, 2026, and $994,000 as of Dec. 31, 2025. As of June 30, 2026, and Dec. 31, 2025, the Company did not exceed the insurance limit of approximately $30,000 for its international bank accounts. Any loss incurred or a lack of access to such funds could have a significant adverse effect on the Company's financial condition, results of operations, and cash flows. At June 30, 2026, and Dec. 31, 2025, the Company had approximately $1.0 million and $1.4 million, respectively, in cash and cash equivalents. Restricted Cash The Company considers cash to be restricted when withdrawal or general use is legally restricted. The Company reports restricted cash as a separate line item in the consolidated balance sheets. At Dec. 31, 2025, the Company had approximately $1.9 million in restricted cash, which was designated specifically for settlement of a legal judgment. During the six months ended June 30, 2026, a portion of the restricted cash was used to fund the settlement of the related litigation, and the remaining restricted cash balance was released following satisfaction of the related obligations. As a result, the Company did not hold any restricted cash at June 30, 2026. Management Commentary "The first half of 2026 marked an important step forward for Bright Mountain as we continued to strengthen the quality of our operations and execute against our strategic priorities," said Matthew Drinkwater, Chief Executive Officer of Bright Mountain Media. "While revenue reflected the impact of portfolio optimization and market conditions, we delivered a 38% improvement in net loss compared to the first half of 2025 through disciplined cost management and improved operating efficiency. We believe the combination of our diversified advertising and marketing technology platform, strong consumer insights capabilities, and continued investment in proprietary AI solutions positions us well for long-term growth and shareholder value creation." A full-text copy of the Company's Form 10-Q is available at https://tinyurl.com/4uvvjbuy. About Bright Mountain Bright Mountain Media, Inc. (together with its wholly-owned subsidiaries) is an end-to-end marketing services company that helps brands with the right audiences, at the right time, with the right message, both effectively and efficiently, by removing the middlemen in the marketing workflow. The Company's end-to-end offerings combine consumer insights with creative services, media services, and advertising technology to deliver solutions to improve audience fidelity for brands. The Company focuses on digital publishing, advertising technology, consumer insights, creative services, and media services. New York, New York-based WithumSmith+Brown, PC, the Company's auditor since 2021, issued a "going concern" qualification in its report dated March 24, 2026, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2025. The report cited that the Company has suffered recurring losses from operations and has a net capital deficiency that raises substantial doubt about its ability to continue as a going concern. As of June 30, 2026, the Company had $34.2 million in total assets, $115.3 million in total liabilities, and $81.1 million in total stockholders' deficit. BRIT PROPERTIES: Michael Markham Named Subchapter V Trustee ----------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Michael Markham, Esq., as Subchapter V trustee for Brit Properties, LLC. Mr. Markham, a partner at Johnson Pope Bokor Ruppel & Burns, LLP, 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. Markham 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 C. Markham, Esq. Johnson Pope Bokor Ruppel & Burns, LLP 401 E. Jackson Street, Suite 3100 Tampa, FL 33602 Phone: (727) 480-5118 Mikem@jpfirm.com About Brit Properties LLC 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. Brit Properties filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-06911) on August 3, 2026, with $1 million to $10 million in both assets and liabilities. Buddy D. Ford, Esq., at Ford & Semach, P.A. represents the Debtor as legal counsel. BSD 2: Wilmington Trust Wants Trigild's Chris Neilson as Receiver ----------------------------------------------------------------- Wilmington Trust, National Association, as Trustee for the Benefit of the Holders of B2R Mortgage Trust 2015-2 Mortgage Pass-Through Certificates, has filed a motion with the U.S. District Court for the Eastern District of Wisconsin, Milwaukee Division, seeking the appointment of Trigild IVL's Chris Neilson as receiver for BSD 2, LLC, a Delaware limited liability company, Amit Stern, an individual, Assaf N. Cohen, an individual, Michael Israeli, an individual, Sureka Levette Davis, an individual, City of Saint Paul, Minnesota, City of Milwaukee, Wisconsin, Ford Consumer Finance Company, Inc., a corporation, or its unknown successors and assigns, Educators Credit Union, a Wisconsin credit union. Wilmington Trust says BSD 2, LLC et al. have consented to the request. BSD 2, LLC, a Delaware limited liability company, owns and operates residential rental properties. Borrower leases the Property to third-party tenants and derives rental income therefrom. The Mortgaged Property, together with the related personal property and other collateral described in the Loan Documents, secures the loan made by Wilmington Trust's predecessor-in-interest to Borrower. Wilmington Trust brings this action for foreclosure of mortgages, security interests, and UCC collateral, receivership, breach of contract, breach of guaranty, declaratory relief, and injunctive relief. Through this Motion, Plaintiff seeks appointment of a receiver to preserve and protect the Mortgaged Property during the pendency of this action. Plaintiff requests that this Court appoint Trigild IVL, LLC, acting through Chris Neilson as receiver over the Mortgaged Property and authorize him to exercise the powers set forth in the proposed Order Appointing Receiver. Wilmington Trust contends it is entitled to the appointment of a receiver for several independent reasons. First, the Loan Documents expressly authorize Plaintiff, following an Event of Default, to seek appointment of a receiver and contain Borrower's irrevocable consent to such appointment. Second, multiple uncured Events of Default exist under the Loan Documents. Third, Plaintiff possesses a valid assignment of rents and security interest in the Mortgaged Property and its revenues. Finally, appointment of a receiver is warranted under Fed. Moreover, Borrower's continuing defaults and failure to provide required financial and operational reporting have deprived Plaintiff of the ability to determine the present condition, occupancy, maintenance status, revenue stream, and overall performance of the Mortgaged Property. Because Plaintiff lacks visibility into the operation of its collateral and the application of rents and revenues, immediate appointment of a receiver is necessary to preserve the Mortgaged Property and protect Plaintiff’s security pending final resolution of this action. Wilmington Trust directs the Court to the Complaint for a full recitation of the facts and copies of the uncontroverted instruments that demonstrate the Plaintiff's entitlement to the relief requested herein. The Plaintiff further refers the Court to the accompanying Affidavit of Midland Loan Services for the facts that establish that this Court should appoint Trigild IVL's Chris Neilson as the receiver for the Mortgaged Property. On August 14, 2015, Plaintiff's predecessor-in-interest, non-party B2R Finance L.P., the Original Lender, extended a loan to Borrower in the original principal amount of $1,708,500, evidenced by a Loan Agreement and Note both dated August 14, 2015 - and secured by, among other things, certain Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing instruments dated August 14, 2015. The Mortgages grant Wilmington Trust a first-priority, real property mortgage on the Mortgaged Property. The Mortgages additionally grant Lender a first-priority, Uniform Commercial Code (UCC) security interest in the Collateral, including all Rents and revenues generated therefrom. The Loan Agreement, Mortgages, and other Loan Documents require Borrower to make monthly payments of principal and interest in the amount of the Monthly Debt Service Payment on each Payment Date. Beginning in November 2025, and continuing thereafter through the date hereof, Borrower has failed to make one or more Monthly Debt Service Payments when due. Borrower's continuing failure to make required payments constitutes an Event of Default under the Loan Documents. The Loan Documents further require Borrower to maintain insurance coverage for the Mortgaged Property, including keeping all required policies in full force and effect and timely paying all premiums. Since at least November 2024, Borrower has failed to comply with the Insurance Requirements, causing Lender to obtain force-placed insurance coverage for the Mortgaged Property in order to protect its collateral. Borrower's failure to comply with the Insurance Requirements constitutes an additional Event of Default under the Loan Documents. Lender informed Borrower of the Insurance Default through its Notice of Event of Default and Force Placement of Insurance dated November 25, 2024. Under the Loan Documents, when Borrower fails to maintain required insurance coverage, Lender is authorized to obtain coverage and advance such sums as are necessary to protect its interest in the Mortgaged Property. Those sums become part of the Debt and are immediately due and payable by Borrower. Despite demand, Borrower has failed to reimburse Lender for the premiums, costs, and expenses associated with such force-placed insurance and related protective advances. Borrower's failure to reimburse those amounts constitutes a separate and independent Event of Default under the Loan Documents. The Loan Documents also require Borrower to make ongoing deposits into various reserve accounts for expenses including taxes, insurance, and capital expenditures. Beginning in November 2025, Borrower failed to make required deposits into one or more reserve accounts as required by the Loan Documents. Borrower's failure to satisfy the Reserve Requirements constitutes an additional Event of Default under the Loan Documents. Further, the Loan Documents require Borrower to timely pay all real estate taxes, assessments, and other charges affecting the Mortgaged Property before they become delinquent. Borrower has failed to do so. Such failures constitute additional Events of Default under the Loan Documents. Borrower is also obligated to provide periodic financial reporting to Lender, including rent rolls, financial statements, operating information, and notices of material adverse events affecting the Mortgaged Property. Borrower has failed to provide the required reporting and information despite its obligations under the Loan Documents. Such failures constitute additional Events of Default under the Loan Documents. Wilmington Trust also contends Borrower's failure to provide required reporting deprives Plaintiff of information concerning the occupancy, rental income, operating expenses, condition, and overall performance of the Mortgaged Property. Accordingly, Borrower has committed multiple uncured Events of Default, including the Monetary Defaults, Insurance Default, Reimbursement Default, Reserve Defaults, Tax Defaults, and Reporting Defaults. As a result of these uncured Events of Default, Wilmington Trust exercised its contractual rights under the Loan Documents and accelerated the indebtedness. The outstanding principal balance due and owing under the Note as of the date of the Complaint is $839,483.44, together with continuing interest at the Default Rate, protective advances, costs, fees, taxes, charges, and all other amounts recoverable under the Loan Documents, all of which continue to accrue. Moreover, Borrower's continuing defaults, combined with its failure to provide required financial and operational reporting, have deprived Plaintiff of visibility into the current condition, occupancy, maintenance status, and financial performance of the Mortgaged Property. Plaintiff is therefore unable to determine whether rents and revenues generated by the Mortgaged Property are being properly applied toward Mortgaged Property operations, maintenance, taxes, insurance, and preservation, creating a substantial risk of further impairment to Plaintiff's collateral absent judicial intervention. Wilmington Trust asserts that the appointment of a receiver is authorized by Fed. R. Civ. P. 66: These rules govern an action in which the appointment of a receiver is sought or a receiver sues or is sued. But the practice in administering an estate by a receiver or a similar court-appointed officer must accord with the historical practice in federal courts or with a local rule. An action in which a receiver has been appointed may be dismissed only by court order. Wilmington Trust proposes Trigild IVL, LLC, acting through its managing partner Chris Neilson, as receiver. Mr. Neilson is a qualified, independent fiduciary with substantial experience serving as a court-appointed receiver in commercial real estate matters. He is disinterested with respect to all parties in this action and has no known conflicts that would impair his ability to act impartially and in the best interests of the receivership estate. Plaintiff requests that the Court appoint Trigild IVL, LLC, acting through Chris Neilson, as receiver and require such bond as the Court determines appropriate under the circumstances. As Managing Partner of Trigild IVL, LLC, Mr. Neilson oversees a nationwide practice dedicated to court-appointed receiverships and fiduciary engagements involving distressed real estate assets. Trigild is a firm experienced in court-appointed receiverships involving commercial real estate assets. Trigild has been appointed as receiver in more than 2,000 matters since 1988 and has managed the operation and disposition of hundreds of properties under court supervision. Mr. Neilson's experience -- and that of the Trigild team -- includes the management of a broad range of commercial asset types, including multifamily residential properties and mixed-use developments, in both state and federal receiverships. Trigild's institutional depth, established operational systems, and asset management expertise will enable Mr. Neilson to promptly assume control of the Mortgaged Property, secure and properly apply all Rents and Revenues, prevent waste and dissipation, and operate the Mortgaged Property efficiently and in accordance with both the Loan Documents and any Order entered by this Court. Given Mr. Neilson's qualifications, neutrality, and the protections inherent in Court oversight, Plaintiff submits that only a nominal bond is appropriate. Plaintiff further requests that Mr. Neilson be compensated in accordance with the reasonable and customary fee schedule. Accordingly, good cause exists for the appointment of Trigild IVL, LLC, acting through Chris Neilson, as receiver, and Plaintiff requests that the Court enter the proposed Order Appointing Receiver. About BSD 2, LLC BSD 2, LLC, a Delaware limited liability company that owns and operates residential rental properties (the Mortgaged Property). BSD 2 is facing a foreclosure case captioned as Wilmington Trust, National Association v. BSD 2, LLC et al., Case No. 2:26-cv-01322 (E.D. Mil.), before the Hon. Pamela Pepper. The case was filed on July 29, 2025. Wilmington Trust alleges that BSD 2 has defaulted on its obligations under the note, mortgage and other loan documents evidencing and/or securing a $1,708,500 loan, originally provided on Aug. 14, 2015, by B2R Finance L.P. Counsel for Plaintiff Wilmington Trust, N.A., as Trustee, for the Benefit of the Holders of B2R Mortgage Trust 2015-2 Mortgage Pass-Through Certificates: Stephanie Jones, Esq. Gordon Rees Scully Mansukhani, LLP 8383 Greenway Boulevard, Suite 608 Middleton, WI 53562 Tel: (312) 619-4934 E-mail: sfjones@grsm.com - and - Samuel Smith, Esq. Gordon Rees Scully Mansukhani, LLP 500 W. Silver Spring Drive, K200 Glendale, WI 53217 Tel: (414) 488-3999 E-mail: smsmith@grsm.com - and - Ari M. Charlip, Esq. Luke D. Wolf, Esq. Gordon Rees Scully Mansukhani, LLP 37000 Woodward Avenue, Suite 225 Bloomfield Hills, MI 48304 Tel: (313) 756-6404 Fax: (313) 406-7373 E-mail: acharlip@grsm.com lwolf@grsm.com BUZZFEED INC: Resolves Going Concern Doubt After Debt Repayment --------------------------------------------------------------- BuzzFeed, 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 $11.8 million for the three months ended June 30, 2026, compared to a net loss of $10.8 million for the same period in the prior year. For the six months ended June 30, 2026, the Company reported a net loss of $26.9 million, compared to a net loss of $23.1 million for the same period in the prior year. Revenues for the three months ended June 30, 2026, were $36.3 million, compared to $46.4 million in the prior-year period. Revenues for the six months ended June 30, 2026, were $67.9 million, compared to $82.4 million for the same period in the prior year. Liquidity and Going Concern The Company's principal sources of liquidity are our cash and cash equivalents and cash generated from operations. The Company's cash and cash equivalents consist of demand deposits with financial institutions and investments in money market funds. The Company previously disclosed conditions that raised substantial doubt about its ability to continue as a going concern, which included, but were not limited to, uncertainties surrounding the Company's ability to repay certain indebtedness then outstanding under the Credit Agreement and compliance with Nasdaq's minimum bid price listing requirements. The Company repaid $20.0 million of indebtedness under the Credit Agreement in the second quarter of 2026, utilizing proceeds from the First Stock Purchase Agreement and from the release of cash collateral from the termination of certain standby letters of credit, and the Company also regained compliance with Nasdaq listing requirements. As a result of these debt repayments, compliance with Nasdaq listing requirements, and due to expected cash flows from operations over the next 12 months, the substantial doubt about the Company's ability to continue as a going concern has been resolved as of Aug. 6, 2026, the date of issuance of these condensed consolidated financial statements. As of and for the six months ended June 30, 2026, the Company had unrestricted cash and cash equivalents of $16.3 million. However, the Company has a history of losses and had an accumulated deficit of $706.5 million as of June 30, 2026. The Company has cash available on hand and believes its existing capital resources will be sufficient to support the Company's operations and meet its obligations as they become due within one year from the issuance date. Additionally, the Company may implement incremental cost savings actions and pursue additional sources of outside capital to supplement its funding obligations as they become due, which includes additional offerings of its Class A common stock under the at-the-market offering or other issuances of Class A common stock or other securities convertible into or exercisable or exchangeable for our Class A common stock. However, as of the issuance date, no additional sources of outside capital have been secured or were deemed probable of being secured, other than the Company's at-the-market offering, which is subject to the conditions contained in the At-The-Market Offering Agreement dated June 20, 2023, with Craig-Hallum Capital Group LLC. Moreover, on an ongoing basis, the Company is evaluating strategic changes to its operations, including asset divestitures, restructurings (including the recently announced reduction in workforce plan), or the discontinuance of unprofitable lines of business. Any such transaction could be material to the Company's business, financial condition, and results of operations. The nature and timing of any such changes depend on a variety of factors, including, as of the applicable time: the Company's available cash, liquidity, and operating performance; its commitments and obligations; its capital requirements; limitations imposed under its credit arrangements; and overall market conditions. A full-text copy of the Company's Form 10-Q is available at https://tinyurl.com/yy747j7j. About BuzzFeed, Inc. BuzzFeed is a digital media company based in New York. Its brands include BuzzFeed, HuffPost and Tasty, covering pop culture, entertainment, shopping, food and news. The company produces and distributes content across platforms and generates revenue through digital advertising and complementary commerce-related activities. As of June 30, 2026, BuzzFeed reported total assets of $151.1 million, total liabilities of $99.7 million, and total stockholders' equity, including noncontrolling interests, of $51.4 million. * * * This concludes the Troubled Company Reporter's coverage of BuzzFeed, Inc. until facts and circumstances, if any, emerge that demonstrate financial or operational strain or difficulty at a level sufficient to warrant renewed coverage. CALITRE LLC: Plan Confirmation Hearing Scheduled for Sept. 10 ------------------------------------------------------------- The U.S. Bankruptcy Court for the District of New Jersey will hold a hearing on Sept. 10, 2026, at 11:00 am before the Honorable Vincent F. Papalia to confirm the Plan of Reorganization for Small Business of Calitre, LLC. September 3, 2026 is fixed as the last day for filing and serving written objections to confirmation of the Plan. September 3, 2026 is fixed as the last day for voting to accept or reject the Plan. As shared by the Troubled Company Reporter, the Debtor derives substantially all its income through large commercial contracts where it provides primarily painting services. The Debtor has a strong focus on providing exceptional painting, wallcovering, and Kadex services to its clients and the Debtor has become a trusted name in the industry. The Debtor proposes to pay the holders of all allowed administrative claims in full on the later of (i) the Effective Date of the Plan; (ii) allowance of the claim(s) or (iii) in accordance with any agreement between the Debtor and the holder(s) of the claim(s). The Debtor proposes to pay the allowed priority tax claim of the Internal Revenue Service (the "IRS") in the amount of $523.83, over five years at 6.5% interest, in monthly installments of $10.25. The Debtor proposes to treat all other allowed claims against the Debtor, as general unsecured claims against the Debtor under Bankruptcy Code Sec. 506(a). The Debtor will pay a 100% dividend over a sixty-month period, in 60 monthly payments, toward the holders of general unsecured claims; this payment shall represent a 100% repayment to creditor holding unsecured claims against the Debtor. Class 5 consists of Allowed General Unsecured Claims against the Debtor in the approximate amount of $1,000,400.60. Claimants to be a paid a 100% dividend on all allowed claims. Commencing 120 days after the Effective Date, for a period of 60 months, the Debtor will make the monthly payments in the amount of approximately $16,673.35 toward the fund for payment of Class 5 Claims. The Debtor propose to distribute the fund to the holders of allowed Class 5 claims monthly. However, if the monthly payment due any holder of an allowed Class 5 Claim from the fund is less than $10.00, the Debtor may elect to distribute the full amount of the claimant's share of the fund in a single payment. This Class is impaired. Equity interest holder Eric Stolte will retain all equity interests in all property of the Debtor, except any property surrendered to a secured claimant pursuant to the plan. The Debtor will fund the payments toward the unclassified priority tax claims against it and the payments to Classes 1 and 5 by contributing post-confirmation income realized through its business operations. On Confirmation of the Plan, all property of the Debtor, tangible and intangible, including, without limitation, licenses, furniture, fixtures and equipment, will revert, free and clear of all Claims and Equitable Interests except as provided in the Plan, to the Debtor. The Debtor expects to have sufficient cash on hand to make the payments required on the Effective Date. A full-text copy of the Plan of Reorganization dated July 6, 2026 is available at https://urlcurt.com/u?l=whWgag from PacerMonitor.com at no charge. Counsel to the Debtor: Norgaard O'Boyle & Hannon Brian G. Hannon, Esq. 184 Grand Avenue Englewood, NJ 07631 Tel: (201) 871-1333 A copy of the Court's Order dated July 30, 2026, is available at from PacerMonitor.com. About Calitre LLC Calitre LLC, a company based in New York, New York, provides commercial painting, wall-covering installation, and Kadex coating services for residential and commercial properties. The company's portfolio includes projects across New York City and nearby markets, including office buildings, hotels, multifamily properties, and transit-related facilities. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 26-13857) on April 7, 2026, with $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Eric Stolte, managing member, signed the petition. Judge Vincent F Papalia oversees the case. Brian G Hannon, Esq., at Norgaard, O'Boyle & Hannon, represents the Debtor as legal counsel. CALLAHAN ENTERPRISES: Taps Southwest Tax Solutions as Accountant ---------------------------------------------------------------- Callahan Enterprises, LLC seeks approval from the U.S. Bankruptcy Court for the District of Arizona to hire Southwest Tax Solutions, LLC as accounting professionals. The accountant will assist with preparation and filing of Debtor's tax returns and provide general tax advice. The accountant's fees will be $2,100 for preparation of 2025 tax returns will be $2,100 (plus, an additional $300 fee to file IRS Form 2848 (Power of Attorney and Declaration of Representative), if necessary); $2,100 for preparation of amended tax returns (Form 1065) for prior tax years, if necessary; and standard hourly rates for other miscellaneous services, as follows: (a) $345 for Accountant, and (b) $135 for Accountant's staff. The accountant represents no interest adverse to the Debtor or the bankruptcy estate, according to court filings. The firm can be reached through: Steven G. Havertine, EA Southwest Tax Solutions, LLC 1430 E. Missouri Avenue, Suite B-111 Phoenix, AZ 85014 Tel: (602) 795-9168 Fax: (866) 235-6222 Email: Info@SWTaxSolutions.com About Callahan Enterprises LLC Callahan Enterprises, LLC provides heavy-duty automotive repair services, maintains two leased locations in Mesa, Arizona. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 2:26-bk-04051-SHG) on April 24, 2026. In the petition signed by Preston M. Callahan, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge Scott H. Gan oversees the case. M. Preston Gardner, Esq., at Davis Miles, PLLC, represents the Debtor as legal counsel. CAMEO FABRICATORS: Taps Attorney Donald Wyatt as Legal Counsel -------------------------------------------------------------- Cameo Fabricators, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Attorney Donald Wyatt, PC as legal counsel. The firm will provide these services: (a) assist with fulfilling obligations under the Bankruptcy Code and Bankruptcy Rules; (b) assist with the formulation and confirmation of plans of reorganization; (c) assist with the removal of causes of action to this court; (d) initiate and prosecute and/or defend adversary proceedings; and (e) provide legal services necessary to avail itself of the rights and remedies available under the Bankruptcy Code and Bankruptcy Rules. Attorney Donald Wyatt, PC will receive hourly rates ranging from $150 for a paralegal and law clerk to $720 per hour for highly experienced Board Certified shareholder attorney Donald L. Wyatt, plus reimbursement for out-of-pocket expenses. Attorney Donald Wyatt, PC is a "disinterested person" within the definition of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Donald L. Wyatt, Jr. ATTORNEY DONALD WYATT PC 26418 Oak Ridge Drive The Woodlands, TX 77380 Telephone: (281) 419-8733 Facsimile: (281) 419-8703 About Cameo Fabricators, Inc. Cameo Fabricators, Inc. is a Houston, Texas-based provider of custom fabrication, machining, welding, testing, and related material-processing services. The company manufactures custom pipe fittings, spools, flanges, and other fabricated components from materials including steel, aluminum, stainless steel, exotic alloys, plastics, and composites. It serves customers in the petrochemical, refining, offshore, oil, water, and gas sectors worldwide. Cameo Fabricators sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-35645) on August 1, 2026. At the time of the filing, Cameo Fabricators, Inc. had estimated assets of between $1 million and $10 million and liabilities of between $1 million and $10 million. Judge Jeffrey P. Norman oversees the case. ATTORNEY DONALD WYATT PC is Debtor's legal counsel. CAMP MYSTIC: Seeks Stay of Owner Lawsuits in Chapter 11 ------------------------------------------------------- Emily Lever of Law360 Bankruptcy Authority reports that Camp Mystic LLC is seeking a bankruptcy court injunction that would temporarily halt lawsuits against five members of the family that owns and operates the Texas summer camp. The request seeks to extend the benefits of the camp's Chapter 11 filing to individuals who are not themselves debtors but have been named in wrongful-death litigation arising from the July 2025 flood. The company says allowing the suits to continue could undermine its reorganization by consuming limited insurance proceeds and potentially generating indemnification claims against the bankrupt entities. Camp Mystic argues that consolidating the disputes within the bankruptcy case would allow the parties to pursue mediation and develop a coordinated approach to compensating victims rather than having insurance resources divided among separate lawsuits. The Chapter 11 case followed months of litigation after the Guadalupe River flood killed 25 campers, two counselors and camp owner and executive director Dick Eastland. Families suing the camp and its operators have alleged negligence and failures involving flood warnings and evacuation planning, while the camp's bankruptcy filing has paused and shifted the litigation into the federal court system, the report relays. 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. CAMPUS WALK: Seeks to Hire Robinson & Cole as Legal Counsel ----------------------------------------------------------- Campus Walk, DST seeks approval from the U.S. Bankruptcy Court for the Eastern District of California to hire Robinson & Cole LLP to serve as legal counsel, retroactive to July 8, 2026, the Petition Date. The firm will provide these services: (a) advising the Debtor of its rights, powers, and duties as a debtor and debtor in possession under Chapter 11 of the Bankruptcy Code; (b) preparing on behalf of the Debtor motions, applications, answers, orders, reports, and papers in connection with the administration of the Debtor's estate; (c) taking action to protect and preserve the Debtor's estate, including the prosecution of actions on the Debtor's behalf, the defense of actions commenced against the Debtor in the Chapter 11 Case, the negotiation of disputes in which the Debtor is involved, and the preparation of objections to claims filed against the Debtor; (d) assisting with any sale or sales of assets, including preparing any necessary motions and papers related thereto; (e) assisting in preparing the Debtor's disclosure statement and any related motions, pleadings, or other documents necessary to solicit votes on a Chapter 11 plan; (f) assisting in preparing a Chapter 11 plan; (g) prosecuting on behalf of the Debtor a proposed Chapter 11 plan and seeking approval of all transactions contemplated therein and in any amendments thereto; and (h) performing all other necessary and desirable legal services in connection with the Chapter 11 Case. The firm will be paid at these hourly rates: Jamie L. Edmonson Partner $1,400 Amanda P. Donato Associate $525 Alyssa J. Merkey Paralegal $540 The firm's current hourly rates range from $1,075 to $2,200 for Partners/Counsel, $450 to $760 for Associates, and $425 to $540 for Paralegals. Robinson & Cole 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: Jamie L. Edmonson, Esq. ROBINSON & COLE LLP Media Center, 4th Floor 1600 Rosecrans Avenue Manhattan Beach, CA 90266 Telephone: (310) 321-7650 E-mail: jedmonson@rc.com About Campus Walk, DST Campus Walk, DST is a Mission Viejo, California-based student housing real estate investment entity that owns and manages student housing properties. Its principal asset is a student housing complex located at 330 Nord Avenue in Chico, California, serving the California State University, Chico market. Campus Walk, DST sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-23891) on July 8, 2026. In its petition, the debtor reported estimated assets of $10 million to $50 million and estimated liabilities of $10 million to $50 million. Honorable Bankruptcy Judge Christopher D. Jaime handles the case. The debtor is represented by Jamie L. Edmonson, Esq., of Robinson & Cole LLP. 330 Nord Avenue Holdings, LLC, as secured creditor, is represented by Meagen E. Leary, Esq. and Marcus O. Colabianchi, Esq., at Duane Morris, LLP. CAPITAL CITY VENTURES: Seeks Chapter 11 Bankruptcy in Minnesota --------------------------------------------------------------- On July 29, 2026, Capital City Ventures, LLC filed for Chapter 11 protection in the District of Minnesota. According to court filings, the Debtor reports estimated liabilities of $10 million to $50 million, with between 1 and 49 creditors. Its estimated assets are listed at $500,000 to $1 million. A meeting of creditors under Section 341(a) scheduled for August 26, 2026 at 01:30 PM. Location: ***TELECONFERENCE ONLY (ch 11)***. About Capital City Ventures, LLC Capital City Ventures, LLC is a Saint Paul, Minnesota-based single-asset real estate company engaged in leasing and managing nonresidential property. The company currently focuses on the Saint Paul Athletic Club Building located at 340 Cedar Street. The property was placed on Saint Paul's vacant building registry in April 2026, with its interior still gutted after an unsuccessful redevelopment effort launched in 2020. The facility historically operated as the Hotel 340 boutique hotel and the St. Paul Athletic Club, a fitness and social hub. The property also failed to attract a buyer at a public auction in September 2024. Capital City Ventures, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Minn. Case No. 26-32458) on July 29, 2026. The Debtor's petition lists estimated assets of $500,000 to $1 million and estimated liabilities of $10 million to $50 million. Honorable Katherine A. Constantine, Chief Bankruptcy Judge, is assigned to the case. The Debtor is represented by John D. Lamey III, Esq., of Lamey Law Firm, P.A. CAPITAL CITY: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------- Debtor: Capital City Ventures, LLC 366 Summit Ave Saint Paul, MN 55102 Business Description: Capital City Ventures, LLC is a real estate company that owns and leases a single income-producing property. Chapter 11 Petition Date: July 29, 2026 Court: United States Bankruptcy Court District of Minnesota Case No.: 26-32458 Debtor's Counsel: John D. Lamey III, Esq. LAMEY LAW FIRM, P.A. 980 Inwood Ave N Oakdale, MN 55128-7094 Tel: 651-209-3550 Email: JLAMEY@LAMEYLAW.COM Estimated Assets: $500,000 to $1 million Estimated Liabilities: $10 million to $50 million The petition was signed by John R. Rupp as chief manager. 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/5URX2RQ/CAPITAL_CITY_VENTURES_LLC__mnbke-26-32458__0001.0.pdf?mcid=tGE4TAMA CARTA FINISHING: Hires Schafer and Weiner as Bankruptcy Counsel --------------------------------------------------------------- Carta Finishing, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Michigan to hire Schafer and Weiner, PLLC as general bankruptcy counsel. The counsel will represent and assist Debtor and Debtor-in-Possession in all facets of the reorganization. The hourly rates for the attorneys of Schafer and Weiner, PLLC, are as follows: Daniel J. Weiner $675 Howard M. Borin $510 Joseph K. Grekin $510 John J. Stockdale, Jr $495 Kim K. Hillary $445 Jeffery J. Sattler $405 Leon N. Mayer $375 Brandi M. Blasses $355 Legal Assistant/Law Clerk $185 Michael E. Baum (Of Counsel) $735 As disclosed in the court filings, the members and associates of Schafer and Weiner, PLLC are disinterested pursuant to section 101(14) and have had no connection with Debtor, Debtor-in-Possession, creditors, or any other party-in-interest. The firm can be reached through: John J. Stockdale, Jr., Esq. SCHAFER AND WEINER, PLLC 40950 Woodward Ave., Ste. 100 Bloomfield Hills, MI 48304 Phone: (248) 540-3340 Email: jstockdale@schaferandweiner.com About Carta Finishing, LLC Carta Finishing, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Mich. Case No. 26-48727) on August 4, 2026, listing up to $50,000 in assets and $1,000,001 to $10 million in liabilities. Judge Lisa S Gretchko presides over the case. John Stockdale Jr., Esq. at Schafer and Weiner, PLLC serves as the Debtor's counsel. CARTA FINISHING: Seeks Cash Collateral Access --------------------------------------------- Carta Finishing, LLC asks the U.S. Bankruptcy Court for the Eastern District of Michigan for authority to use cash collateral and provide adequate protection. As of the petition date, the Debtor's cash collateral totaled approximately $709,104, comprising $17,5184 in cash and $691,586 in accounts receivable (of which $12,826 is over 90 days old and $26,371 is uncollectible). The Debtor stresses that immediate access to cash collateral is essential to avoid irreparable harm, protect business reputation, meet operational costs, retain employees, and maintain ongoing customer relationships. The Debtor details several pre-petition obligations and encumbrances while explicitly reserving all rights to dispute their validity, priority, and amount. Greko Print and Imaging, Inc. asserts a first-priority security interest in substantially all assets to secure a $623,833 claim related to the acquisition of the Comix Well Springs business, which the Debtor disputes. CHTD Company, acting as an agent for an undisclosed principal, asserts a second-priority security interest in the same collateral, which the Debtor contests on the grounds that no money is owed. Specialty Capital LLC holds a third-priority interest in future receipts and sales securing a disputed $340,000 claim, while principal Brian C. Johnson holds a junior all-asset lien securing a $28,000 claim. Other parties, such as Cannon Financial Services, Inc., may assert specific equipment lease interests. To support its operations, the Debtor submitted a 13-week budget projecting $54,792 in net cash flow over three months. For the initial 27-day interim period, the Debtor requests authorization to use up to $163,570 in cash collateral, with a permitted 15% monthly variance per line item, during which it projects a $5,365 increase in cash from operations and $200,000 in accounts receivable collections. As adequate protection for the secured creditors, the Debtor proposes granting post-petition replacement liens on the same categories of post-petition property to the extent cash collateral is used and not replenished. Additionally, the Debtor requests court approval to escrow $10,000 monthly into a separate debtor-in-possession account ($7,500 for legal counsel and $2,500 for the Subchapter V trustee) to fund court-approved professional fees, which will remain estate property free and clear of secured creditor liens until formally allowed. The court will hold a preliminary hearing on August 14. A copy of the motion is available at https://urlcurt.com/u?l=rGOq3e from PacerMonitor.com. About Carta Finishing, LLC Carta Finishing, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 26-48727-lsg) on August 4, 2026. In the petition signed by Brian C. Johnson, president, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Judge Lisa S. Gretchko oversees the case. John J. Stockdale, Jr., Esq., at Schafer and Weiner, PLLC, represents the Debtor as legal counsel. CDK GLOBAL: Moody's Lowers CFR to Caa2, Outlook Negative -------------------------------------------------------- Moody's Ratings downgraded the ratings of CDK Global II LLC (CDK), including the corporate family rating to Caa2 from B3 and the probability of default rating to Caa2-PD from B3-PD. Moody's have also downgraded the senior secured bank credit facility -- inclusive of the first lien revolving credit facility and the first lien term loan -- and the first lien notes to Caa2 from B3. The rating for the senior unsecured notes was downgraded to Ca from Caa2. The outlook is negative. The two notch downgrade reflects Moody's views that the potential for a debt restructuring has increased materially. CDK has not extended the July 06, 2027 expiration date for its $650 million revolving credit facility ahead of it becoming current. In addition, CDK has $34 million of senior unsecured notes that have not been addressed, and those mature on June 1, 2027. The downgrade of the PDR to Caa2-PD from B3-PD incorporates Moody's views of a high likelihood of a distressed exchange. CDK's inability to refinance the revolver and the notes a year in advance of maturity is a credit concern, particularly because it comes at a time when the company's credit profile is weak. Furthermore, the company continues to operate with an unsustainable capital structure. The negative outlook reflects Moody's views that the significant amount of CDK's debt imposes material constraints on the business, challenging the company's ability to improve credit metrics. Governance considerations were a key driver of the rating action due to the increased probability for a restructuring. Governance factors including aggressive financial strategies and risk management practices resulted in high financial leverage and refinancing risk. The credit impact score was revised to CIS-5 from CIS-4 to reflect these risks and a track record that has failed to adequately address the declining operating results. The CIS-5 indicates that the rating is lower than it would have been if ESG risk exposures did not exist and that the negative impact is more pronounced than for issuers scored CIS-4. RATINGS RATIONALE CDK's Caa2 CFR reflects the elevated risk of a debt exchange due to the near term maturity of the revolver and notes. It also reflects very high financial leverage, with debt/EBITDA of 9.5x at March 31, 2026 and Moody's expects leverage to remain high. Top line growth has been, and Moody's expects, will remain tepid through at least 2027. Limited growth will constrain the expansion of profit margins and free cash flow to levels that would allow CDK to retire a material amount of debt, if it chose to do so. Few openings of new automobile dealerships will increase the importance of retaining existing customers. CDK is facing increased competition from some emerging players, including Tekion from the US and Pinewood.AI, a UK company looking to enter the US market by partnering with Lithia Motors, Inc. (Ba1, stable). Three upcoming annual payments of $60 million related to a class action lawsuit settlement will weigh on free cash flow in September of 2026, 2027 and 2028. High annual interest expense will also. Based on Moody's projections, Moody's believes debt/EBITDA will remain high at 9.6x and 9.5x at the end of 2026 and 2027, respectively. This assumes limited retirement of debt relative to the $5.5 billion of outstanding debt on Moody's adjusted basis at March 31, 2026. Moody's expects CDK will have weak liquidity over the next 12 to 18 months, particularly in 2027. CDK's liquidity may be insufficient in 2027 depending on cash flow fluctuations during the year if the $650 million revolver expiration date of July 06, 2027 is not extended. Cash outflows in 2027 include $34 million for the senior unsecured notes due in June 2027 and $60 million for the lawsuit settlement payment in September 2027. Moody's projects annual free cash flow of roughly $100 million in 2026 and again in 2027, which are improved from the negative free cash flow of approximately $340 million in 2025, inclusive of the $450 million claim settlement payment made during the year. Aside from the $34 million of senior unsecured notes due in June 2027 and $650 million revolver due in July 2027, CDK has no other significant debt maturities until 2029 when the senior secured notes and the senior secured term loan mature. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be downgraded if CDK fails to improve liquidity, including extending the revolver maturity date, or if the capital structure remains untenable. A downgrade could also occur if Moody's believes the likelihood of default, including a distressed exchange, increases or Moody's estimates of recovery rates declines. CDK's ratings could be upgraded if the revolver's expiration date is extended and liquidity improves. In addition, improved operating performance including a return to revenue growth and a trajectory of meaningfully reducing debt/EBITDA could support an upgrade. The principal methodology used in these ratings was Business and Consumer Services published in February 2026. CDK's Caa2 CFR is four notches below the B1 scorecard indicated outcome based on the trailing twelve months ended March 31, 2026. The CFR reflects Moody's views that the potential for a debt restructuring has increased materially. CDK Global II LLC (CDK) headquartered in Austin, Texas, is a leading provider of integrated data and technology solutions to the automotive and heavy truck industries. The company provides software solutions to original equipment manufacturers and nearly 15,000 dealer locations in North America. CDK is owned by private equity firm Brookfield Business Partners. Revenue was $1.6 billion for the 12 months ended March 31, 2026. CELEST INVESTMENTS: Taps Profile Realty Inc. as Real Estate Broker ------------------------------------------------------------------ Celest Investments, LLC seeks approval from the U.S. Bankruptcy Court for the District of Massachusetts to employ Anna Maria Frias and Profile Realty, Inc. as broker. The broker will market and sell the Debtor's property located at 123-125 Cedar St, Haverhill, Massachusetts and 59 Bellevue Avenue, Lawrence, MA aka 12-22 Highgate St, Lawrence, MA. The broker will be entitled to a commission of 4 percent of the gross sales price. As disclosed in the court filing, Profile Realty is a "disinterested person" as that term is defined in 11 U.S.C. Sec. 101(14). The firm can be reached through: Anna Maria Frias Profile Realty, Inc. 151 Hamphise Street Lawrence, MA 01840 Phone: (978) 689-8006 About Celest Investments LLC Celest Investments LLC is a limited liability company. Celest Investments LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-40084) on January 29, 2026. In its petition, the Debtor reports estimated assets of $1 million to $10 million and estimated liabilities of $1 million to $10 million. The Honorable Chief Judge Elizabeth D. Katz handles the case. Ilham Soffan, Esq., at Soffan Law, PC is the Debtor's bankruptcy counsel. CHARTER COMMUNICATIONS: Moody's Rates New Sr. Secured Notes 'Ba1' ----------------------------------------------------------------- Moody's Ratings assigned Ba1 ratings to new backed senior secured notes issued in four tranches with 5, 7, 10 and 30 year maturities by Charter Communications Operating, LLC (Charter Operating) and Charter Communications Operating Capital Corp. (CCO Capital), co-borrowers and co-issuers. Charter Operating and CCO Capital, along with CCO Holdings, LLC (CCO Holdings) and CCO Holdings Capital Corp. (CCO Holdings Capital), are wholly owned entities of Charter Communications Holdings, LLC (Charter Holdings), an intermediate holding company majority-owned by Charter Communications, Inc. (Charter). Charter's Ba2 corporate family rating, Ba2-PD probability of default rating (PDR) and all instrument ratings, including the Ba1 senior secured notes at Time Warner Cable LLC, Time Warner Cable Enterprises LLC and CCO Safari II, LLC (together with Charter Operating and CCO Capital, the Secured Entities Group) and the B1 senior unsecured notes at CCO Holdings and co-borrowed by CCO Holdings Capital, are unaffected by the proposed Transaction. Charter's stable outlook and SGL-2 speculative grade liquidity (SGL) rating are unchanged. Moody's expects the terms and conditions of the newly issued obligations to be materially the same as existing obligations of the same class. Charter intends to use the net proceeds from the financing primarily to fund approximately $4.2 billion of cash consideration associated with its pending acquisition of Cox Communications, Inc. (CCI), with additional proceeds, if any, expected to be used for general corporate purposes, including repayment of indebtedness. The debt issuance is consistent with Moody's prior expectations for the financing of the planned Cox transaction. On May 16, 2025, Charter entered into an agreement to merge with Cox Communications, Inc. (CCI, Baa2 ratings under review for downgrade), a wholly owned subsidiary of Cox Enterprises, Inc. (CEI, Baa2 ratings under review for downgrade). The transaction, valued at $34.5 billion at, will be funded with approximately 33.6 million partnership common units at Charter Holdings exchangeable into Charter common stock, $6.0 billion of Charter Holdings partnership convertible preferred units with a 6.875% preferred cash dividend coupon convertible into common units at Charter Holdings, $4.2 billion of cash (assumed to be funded with secured debt at close) and the assumption of $12.4 billion of CCI's outstanding net debt and finance leases. Moody's assumptions is that the CCI debt will be assumed at a new Charter subsidiary on a secured basis and under the same terms as the entities comprising Charter's Secured Entities Group. The transaction is expected to close in the near term and is subject to regulatory approvals. Moody's expects debt leverage (Moody's adjusted) of 4.2x on a pro forma basis at year-end 2026. RATINGS RATIONALE Charter's credit profile is supported by sizable scale, its large number of household and business passings in its service footprints, significant market share and a competitively positioned high speed broadband network. As the second largest cable company in the US already, Charter's enhanced scale post its planned merger with CCI will further support strong EBITDA margins of around 40% given its solid share of high margin wireline broadband customers. The company's business model remains predictable, with a diversified geographic footprint and customer base and a largely recurring revenue model. Moody's anticipates steady deleveraging from the integration of Charter and CCI as a result of operating and capital spending synergies. Moody's expects Charter's financial policy to become slightly more conservative post transaction close as well, with a lower company-defined net debt leverage target of 3.5x. On a pro forma combined basis, Moody's anticipates that Charter will also operate with decreased capital intensity and generate increasing free cash flow as a percentage of total debt. Charter faces unfavorable secular trends and pressure in its wireline voice and video offerings. Sustained video subscription losses, albeit at a lower rate of decline, are driven by significant consumer shifts in media consumption and are somewhat offset by the company's streaming and app strategy and bundled pricing. The company is also now beginning to suffer broadband subscriber losses due to higher competitive intensity from fixed wireless access and fiber broadband operators. While Charter's mobile virtual network operator services continue to grow at high rates and help to mitigate overall customer churn, Moody's believes the longer-term economics of this segment will not approach the higher margin levels of the company's wireline broadband offerings. Enterprise valuations in the cable broadband industry have declined as competitive intensity has accelerated beyond prior expectations, particularly from FWA providers and fiber-to-the-premise operators. This competition has increased pressure on leverage tolerance across cable broadband business models, which previously benefited from strong pricing power due to the mostly duopoly structure of competitive regimes within geographic operating footprints. These weakening dynamics have raised investor concerns around the resilience and durability of the cable broadband business model. High-margin residential internet customers remain a primary support of Charter's credit profile, underpinning a significant portion of consolidated EBITDA and free cash flow generation. However, this earnings base faces persistent competitive encroachment and continued sizable broadband subscriber losses over the next 12-18 months. Charter has good liquidity supported by positive operating cash flow. As of June 30, 2026, the company had $509 million of balance sheet cash and approximately $3.7 billion of undrawn availability under existing revolving credit facilities, including adequate headroom under maintenance covenants. The instrument ratings reflect both the probability of default of Charter, as reflected in the Ba2-PD probability of default rating, an average expected family recovery rate of 50% at default, and the loss given default assessment of the debt instruments in the capital structure based on a priority of claims. The senior secured bank credit facilities and senior secured notes at Charter Operating, along with the senior secured notes at Time Warner Cable LLC and Time Warner Cable Enterprises LLC are rated Ba1, one notch higher than the Ba2 CFR given the loss absorption provided by the B1 rated senior unsecured notes issued at CCO Holdings and co-borrower at CCO Holdings Capital Corp. (both of which have no guarantees). The senior secured bank credit facilities and senior secured notes benefit from guarantees from all material operating subsidiaries and are secured by substantially all assets. The stable outlook reflects the credit accretive financing structure and Moody's expectations for operating and capital synergies from Charter's agreement to merge with CCI, a wholly owned subsidiary of CEI. Moody's expects stable EBITDA margins to aid solid free cash flow generation and free cash flow to debt in the low-to-mid-single-digit range supportive of the current rating. Post the likely merger close with CCI, Moody's also anticipates the potential for steady deleveraging under a new financial policy targeting net debt leverage of 3.5x on a company-defined basis within three years. Moody's also expects liquidity to remain good. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could consider an upgrade if debt leverage is sustained below 3.75x and retained cash flow to net debt is sustained above 20%, both on a Moody's adjusted basis. An upgrade could also be conditioned on a sustained and more conservative financial policy, steady and profitable organic revenue growth and improved liquidity. Moody's could consider a downgrade if the company is unable to sustain organic revenue and EBITDA growth and debt leverage (Moody's adjusted) rises above 4.25x on a sustained basis. In addition, a downgrade could be warranted if retained cash flow to net debt (Moody's adjusted) is sustained below 15%. Moody's could also consider a negative rating action if liquidity deteriorates, financial policy becomes more aggressive or scale or geographic diversity declines. Charter Communications, Inc., headquartered in Stamford, Connecticut, provides video, data, phone and wireless services. As of June 30, 2026, and across a footprint spanning 41 states, Charter served approximately 31.5 million customers (29.4 million of which are internet customers) and 12.5 million mobile lines, making it the second largest US cable operator. The company markets its services under the Spectrum brand. Revenue for the 12 months ended June 30, 2026 was $54.4 billion. Charter is a public company, and its largest shareholders are Liberty Broadband Corporation (unrated) and the Advance/Newhouse family. The principal methodology used in these ratings was Telecommunications Service Providers published in December 2025. CHICAGO RIVET & MACHINE: Fiscal Q2 Net Loss Widens to $989,528 -------------------------------------------------------------- Chicago Rivet & Machine Co. 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. Results of Operations Sales for the three months ended June 30, 2026 were $7,236,625 compared to $7,298,077 for the three months ended June 30, 2025, a decrease of $61,452, or 0.8%. Sales for the six months ended June 30, 2026 were $14,088,141 compared to $14,543,712 for the six months ended June 30, 2025, a decrease of $455,571, or 3.1%. The year-over-year decrease in sales was primarily driven by lower order volumes from the Company's fastener customers, reflecting softer demand across key end markets and broader macroeconomic conditions. Customers exhibited more cautious purchasing behavior during the period amid elevated interest rates, inflationary pressures, a renewed shortage in semiconductor supply, and ongoing economic uncertainty resulting, in part, from geopolitical events. Gross margins for the three months ended June 30, 2026 were $563,312 compared to $975,062 for the three months ended June 30, 2025, a decrease of $411,750, or 42.2%. Gross margins for the six months ended June 30, 2026 were $1,521,770 compared to $2,632,803 for the six months ended June 30, 2025, a decrease of $1,111,033, or 42.2%. The decrease in gross margin was primarily driven by lower sales volumes, which reduced the absorption of fixed manufacturing costs, as well as an unfavorable sales mix. Gross margins were further impacted by increases in raw material and labor costs, together with ongoing inflationary pressures across manufacturing operations, which were not fully offset through pricing actions or operational efficiencies. Net loss for the three months ended June 30, 2026, was $989,528, or $1.02 per share, compared to net loss of $394,980, or $0.41 per share, for the three months ended June 30, 2025, an increase of $594,548, or 150.5%. Net loss for the six months ended June 30, 2026, was $1,351,543, or $1.40 per share, compared to net income of $6,042, or $0.01 per share, for the six months ended June 30, 2025. The increase in net loss was primarily driven by lower sales volumes, reduced absorption of fixed manufacturing costs, and an unfavorable product mix partially offset by slight reductions in sales and administrative expenses. Operating results were impacted by weakened demand across general industrial markets, coupled with a more cautious customer ordering environment. Higher borrowing costs, persistent inflation, and general economic and geopolitical uncertainty contributed to delayed purchasing decisions and lower overall activity levels. Results for the year-to-date period were further affected by the absence of a $339,520 gain on the sale of the Albia facility recognized in the prior-year period. Fastener segment sales were $6,249,064 for the three months ended June 30, 2026 compared to $6,397,215 for the three months ended June 30, 2025, a decrease of $148,151, or 2.3%. Fastener segment sales were $12,047,681 for the six months ended June 30, 2026 compared to $12,556,186 for the six months ended June 30, 2025, a decrease of $508,505, or 4.0%, reflecting lower sales to non-automotive customers, particularly in the construction and electronics markets, which more than offset modest growth in sales to automotive customers from key original equipment manufacturers. North American vehicle production remains challenged, and uncertainty continues to affect broader automotive industry demand trends. In addition, elevated interest rates and ongoing economic uncertainty continue to contribute to softer consumer demand, prompting inventory adjustments and cautious procurement behavior among the Company's automotive customers. The automotive sector is the primary market for the Company's fastener segment products, and sales to automotive customers were $4,226,830 for the three months ended June 30, 2026 compared to $3,849,079 for the three months ended June 30, 2025, an increase of $377,751, or 9.8%. Sales to automotive customers were $7,816,595 for the six months ended June 30, 2026 compared to $7,647,737 for the six months ended June 30, 2025, an increase of $168,858, or 2.2%. Fastener segment sales to non-automotive customers, including those in the construction and electronics industries, were $2,022,234 for the three months ended June 30, 2026 compared to $2,548,136 for the three months ended June 30, 2025, a decrease of $525,902, or 20.6%. Fastener segment sales to non-automotive customers were $4,231,086 for the six months ended June 30, 2026 compared to $4,908,449 for the six months ended June 30, 2025, a decrease of $677,363 or 13.8%. Assembly equipment segment sales were $987,561 for the three months ended June 30, 2026 compared to $900,862 for the three months ended June 30, 2025, an increase of $86,699, or 9.6%. Assembly equipment segment sales were $2,040,460 for the six months ended June 30, 2026 compared to $1,987,526 for the six months ended June 30, 2025, an increase of $52,934, or 2.7%. Selling and administrative expenses were $1,597,023 for the three months ended June 30, 2026 compared to $1,392,493 for the three months ended June 30, 2025, an increase of $204,530, or 14.7%. Selling and administrative expenses were $2,937,073 for the six months ended June 30, 2026 compared to $2,980,060 for the six months ended June 30, 2025, a slight decrease of $42,987 or 1.4%. Selling and administrative expenses were 22.1% and 19.1% of sales in the three months ended June 30, 2026 and 2025, respectively. The Company believes that it has made substantial progress in continuing to implement its plans to reduce costs and improve efficiency and will continue to do so for the remainder of the year. Other income for the three months ended June 30, 2026 was $62,387 compared to $2,383 for the three months ended June 30, 2025, an increase of $60,004. Other income for the six months ended June 30, 2026 was $64,321 compared to $14,070 for the six months ended June 30, 2025, an increase of $50,251 primarily attributable to the gain on the sale of certain H&L assets. The Company's effective tax rates were zero and 4.6% for the six months ended June 30, 2026 and 2025, respectively. Liquidity and Capital Resources Working capital was $8,695,836 as of June 30, 2026, compared to $9,894,317 at the beginning of the year, a decrease of $1,198,481, or 12.1%. On March 6, 2025, the Company entered into a one-year $3 million operating credit agreement, renewable annually, consisting of a: (a) $2.5 million revolving line of credit, and (b) $500,000 non-revolving line of credit. The non-revolving line of credit expired on Dec. 31, 2025, and was not renewed. Borrowings under the March 2025 Credit Agreement bear interest at a fluctuating rate per annum equal to 1% plus the applicable prime rate subject to a 7% floor. The agreement can be early terminated and amounts due repaid at the Company's discretion, without prepayment penalties. As of June 30, 2026, there was $1.5 million in borrowings outstanding under the revolving line of credit and no borrowings under the non-revolving line of credit. On July 31, 2026, the Company paid off the amounts outstanding under the March 2025 Credit Agreement and terminated this agreement. The March 2025 Credit Agreement included certain financial covenants such as minimum profitability for the 12 months ended Dec. 31, 2025, and minimum tangible net worth. As of Dec. 31, 2025, March 31, 2026, and June 30, 2026, the Company was not in compliance with all such financial covenants. On Feb. 27, 2026, the lender waived the covenant violation, and no new covenants were added to the credit agreement. As of March 31, 2026, the Company was not in compliance with the minimum net worth covenant, and the lender waived this covenant violation on May 6, 2026. As of June 30, 2026, the Company has made all required principal and interest payments under the March 2025 Credit Agreement. On July 31, 2026, the Company entered into a one-year loan and security agreement with a related party, renewable annually, and consisting of one term loan in the amount of $1.5 million. Borrowings under the July 2026 Related Party Note bear interest at a fluctuating rate per annum equal to 1.25% plus the applicable prime rate subject to a 7% floor. The agreement can be early terminated and amounts due repaid at the Company's discretion, without prepayment penalties. The July 2026 Related Party Note contains a single financial covenant requiring the Company to obtain the lender's consent before paying any dividends. The Company also had outstanding total operating lease obligations of $386,858, of which $105,246 were classified as current within Other current liabilities in the Condensed Consolidated Balance Sheets at June 30, 2026. The Company has incurred significant recurring operating losses over the last two years, primarily driven by a continuous decline in revenues, recurring negative cash flows from operations, and continued reduction in liquidity. The Company reported operating losses of $1,033,711 and $417,431 for the three months ended June 30, 2026 and 2025, respectively. The Company reported operating losses of $1,415,303 and $7,737 for the six months ended June 30, 2026 and 2025, respectively. The Company's liquid assets at June 30, 2026, consisted of cash and cash equivalents totaling $770,752. The Company's declining revenues, recurring operating losses and negative cash flows, and continued reduction in liquidity raise substantial doubt about the Company's ability to continue as a going concern within one year after the issuance date of these financial statements. In response, the Company has taken various strategic actions, including: (a) taking action to sell certain H&L assets in 2026 and in connection with such anticipated sale, the Company classified these assets in the amount of $179,254 as Assets held for sale in the Consolidated Balance Sheets at Dec. 31, 2025 and June 30, 2026; (b) paying off the amounts outstanding under the March 2025 Credit Agreement revolving line of credit and entering into a term loan with a related party to continue financing operations under more favorable terms; (c) leveraging the Company's sales team to identify and execute new sales opportunities and increase revenue; and (d) evaluating other financing sources in addition to the March 2025 Credit Agreement, including exploring the potential for a real estate sale leaseback or similar transaction, or seeking to potentially raise additional capital. The Company will continue to seek to enhance its sales efforts to further improve revenue, improve operating efficiency and enhance liquidity. The Company believes that if it successfully implements the foregoing strategic actions, it will mitigate the factors giving rise to substantial doubt, however, there is no guarantee that the Company will successfully implement these strategic actions. As a result, there remains substantial doubt regarding the Company's ability to continue as a going concern. A full-text copy of the Company's Form 10-Q is available at https://tinyurl.com/wd664xmv. About Chicago Rivet & Machine Co. Warrenville, Ill.-based Chicago Rivet & Machine Co. operates in the fastener industry in North America. It operates through Fasteners and Assembly Equipment. The Fastener segment manufactures and sells rivets, cold-formed fasteners and parts, and screw machine products.The Assembly Equipment segment engages in the manufacture and sale of automatic rivet setting machines, as well as parts and tools for related machines. It sells its products to automotive industry through independent sales representatives. Chicago, Illinois-based Cherry Bekaert LLP, the Company's auditor since 2025, issued a "going concern" qualification in its report dated March 24, 2026, citing that the Company has incurred declining revenues, recurring operating losses, recurring negative cash flows from operations, and a continued reduction in liquidity that raise substantial doubt about its ability to continue as a going concern. As of June 30, 2026, the Company had $23,598,195 in total assets, $6,145,420 in total liabilities, and $17,452,775 in total stockholders' equity. CHURCH OF THE IMMACULATE: Seeks to Extend Plan Exclusivity to Oct. ------------------------------------------------------------------ Church of the Immaculate Heart of Mary asked the U.S. Bankruptcy Court for the Southern District of New York to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to Oct. 5 and Dec. 4, 2026, respectively. The Debtor submits that "cause" exists for the Court to extend the Exclusive Period requested in this Motion. Specifically, the following factors all weigh in favor of granting the requested extensions: * Approximately seven months have passed since the Petition Date. * The significant litigation claims asserted against the Debtor which were the impetus for the Debtor seeking bankruptcy protection (the "Litigation Claims") have been actively mediated with both the parties represented by the Ad Hoc Committee and more than 1,300 other claimants (the "Global Mediation") seeking recoveries from common affiliated defendants and insurance coverages. The Debtor believes that a settlement is imminent, and that it may materially relieve, if not extinguish, the Debtor's financial challenges associated with the litigation claims in question. * The Debtor understands that the Ad Hoc Committee has consented to the relief sought in this Motion and supports completion of the Global Mediation. * This request for an extension of the Exclusive Period is the Debtor's second such request. * The Debtor is not seeking an extension of its Exclusive Period to exert pressure on any party. * The Debtor is proceeding diligently toward completion of the Chapter 11 Case and will either seek to propose a reorganization plan implanting a settlement or potentially dismiss this Chapter 11 Case if financial circumstances resulting from the Global Mediation justify that relief. The Debtor believes that the requested extensions will provide sufficient additional time to allow for conclusion of the Global Mediation and resulting resolution of the major financial obstacle that caused it to file this Chapter 11 Case. Church of the Immaculate Heart of Mary is represented by: Sean C. Southard Fred Stevens Lauren C. Kiss Andrew C. Brown KLESTADT WINTERS JURELLER SOUTHARD & STEVENS, LLP 200 West 41st Street, 17th Floor New York, NY 10036 Tel: (212) 972-3000 Fax: (212) 972-2245 Email: ssouthard@klestadt.com fstevens@klestadt.com lkiss@klestadt.com abrown@klestadt.com About the Church of the Immaculate Heart of Mary Church of the Immaculate Heart of Mary is a Roman Catholic parish based in Scarsdale, New York. Church of the Immaculate Heart of Mary sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-23180) on Dec. 8, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Bankruptcy Judge Sean H. Lane handles the case. The Debtor is represented by Lauren Catherine Kiss, Esq. and Sean C. Southard, Esq. of Klestadt Winters Jureller. CITGO PETROLEUM: Fitch Alters Outlook on B LongTerm IDR to Positive ------------------------------------------------------------------- Fitch Ratings has affirmed the Long-Term Issuer Default Rating (IDR) of CITGO Petroleum Corp. (CITGO, or Opco) at 'B' and revised its Rating Outlook to Positive from Stable. Fitch has also upgraded CITGO Holding, Inc.'s (Holdco) IDR to 'B-' from 'CCC+'. The Outlook is Positive. Fitch has affirmed Opco's existing senior secured notes at 'BB'/'RR1'. The Positive Outlook reflects Fitch's expectation of continued conservative financial policy and improved financial flexibility. The ratings still reflect a significant negative effect from U.S. sanctions on CITGO's ultimate parent, Petroleos de Venezuela S.A. (PDVSA). The upgrade of Holdco to 'B-' was based on the record of debt-free profile after 2023 and Fitch's expectation that Holdco will not raise a substantial amount of debt in the future. Opco and Holdco ratings are based on their standalone IDRs and reflect Holdco's dependence on dividends from Opco, which may potentially be constrained by the debt covenants at Opco level and sanctions-related policies. Key Rating Drivers Debt Reduction: CITGO has considerably reduced its debt since 2022. Fitch believes the stronger financial profile improves CITGO's refinancing prospects despite other risks it faces. These risks include a potential need for refinancing due to a change of control, timely issuance of license by Office of Foreign Assets Control's (OFAC) and new company policies if the shareholder or management changes. Change of Control Risks: CITGO's indirect ultimate parent is PDVSA, a national oil company owned by the government of Venezuela. The parent's financial weakness creates a few paths that could trigger change of control clauses and forced refinancing of CITGO's debt. These include creditor lawsuits against Venezuela, PDVSA and its affiliates to obtain judgments for litigation awards in U.S. courts and attach to shares of CITGO's ultimate U.S. parent (PDV Holding). The shares can be transferred only if OFAC unblocks sanction restrictions. Double Trigger: CITGO's notes contain a two-part change-of-control test: less than majority ownership by PDVSA and a downgrade of CITGO's notes by rating agencies within 90 days after the change of control. Fitch believes CITGO's credit profile may improve under different ownership and without a substantial increase in debt, which should limit bondholder incentives to put bonds if change of control were triggered. Nonetheless, this risk remains a key overhang on the credit. Sale Requires OFAC License: In November 2025, the Delaware District Court approved Amber Energy, Inc., an entity backed by a group of strategic U.S. investors (including affiliates of Elliott Investment Management), as a winning bidder for the proposed acquisition of the shares of PDV Holding (PDVH), CITGO's ultimate U.S. parent under a court-supervised sale process for the benefit of creditors of PDVSA and the government of Venezuela. Appeals of the court decision are ongoing. OFAC has not issued a specific license to permit the sale of the PDVH shares, which is required for any sale to proceed. Pledged Holdco Stock: In October 2025, the New York District Court entered a final judgment in favor of the PDVSA 2020 bondholders, declaring the PDVSA 2020 notes to be valid and enforceable. The notes are secured by a purported pledge of 50.1% of CITGO Holding's capital stock. An appeal of the court decision is currently ongoing. An OFAC license currently blocks the bondholders from enforcing rights under the pledge of the CITGO Holding shares through Sept. 17, 2026. Amber Energy's bid to acquire the PDVH shares also includes a settlement with the PDVSA 2020 bondholders involving cash payments in exchange for a release of the pledge of CITGO Holding shares. U.S. Recognition of Rodriguez Government: In March 2026, the U.S. formally recognized the authority of the current government of Venezuela headed by Acting President Delcy Rodriguez. The expectation is that further U.S. government action would be required before PDVSA, under the Rodriguez Government, could exercise voting control over PDVH, CITGO's indirect parent company. Strong EBITDA Projected: Fitch forecasts that CITGO's EBITDA will increase more than three times in 2026 compared to 2025 due to exceptionally strong U.S. refining crack spreads. Crack spread volatility is typical for the oil refining sector. U.S. refining margins are close to record highs at the moment due to constrained global fuel supply from the Middle East, Russia and China. Diesel crack spreads are particularly elevated due to low inventory. Access to Capital: The legacy effects of PDVSA's ownership, including change of control risks and the impact of OFAC sanctions on entities doing business with Venezuela, are also an overhang for CITGO with respect to capital market access. In 2019, it had to replace revolver liquidity with drawn debt given bank concerns about OFAC sanctions against Venezuelan entities. It still maintains a large cash cushion to support liquidity. CITGO's only outstanding notes, which were issued in 2023, contain conditions that allow for the eventual creation of an asset-based lending facility. CITGO's ratings are supported by the quality of its refining assets and significant scale. CITGO Holding Upgrade: The upgrade of Holdco's IDR reflects its debt-free profile on a standalone basis and Fitch's expectation that Holdco will not raise substantial debt in the future. Holdco remains rated lower than Opco due to potential constraints on dividends from Opco. Fitch views Opco as the stronger entity of the two as virtually all of CITGO group's assets and EBITDA are at Opco level, except for some cash held by Holdco. Parent-Subsidiary Linkage: Based on its PSL analysis, Fitch views Opco and Holdco's ratings on a standalone basis, given the insulated legal ring-fencing through Opco's bond covenants, which limit the ability of the direct parent to dilute its subsidiary's credit quality; additional separations created by OFAC restrictions; and its insulated assessment of the access and control factor. Bond covenants include restrictions on dividends (R/P basket), incurrence tests (maximum net debt/capitalization of 55% and a minimum $1,250 million in liquidity, pro forma post distribution) restrictions on asset sales, and the incurrence of additional indebtedness. Peer Analysis At 829 kb/d of crude refining capacity, CITGO is smaller than PBF Holding (BB/Stable) at approximately 1 mmb/d. However, it is larger than HF Sinclair Corporation (BBB-/Stable; 678 kb/d), Delek US Holdings, Inc. (B+/Stable; 302 kb/d), Par Pacific Holdings Inc. (B+/Stable; 219 kb/d) and CVR Energy (B+/Stable; 207 kb/d). CITGO is less diversified compared with refining peers that have ancillary businesses including logistics, chemicals, renewables, retail, and lubricants/specialty products. However, CITGO's core refining asset profile is strong and relatively flexible, given the higher complexity of its refineries than for most of its peers, which allows it to process a large amount of discounted heavy and light shale crudes. CITGO's EBITDA leverage is one of the lowest among peers. Legacy PDVSA ownership/governance and related capital markets access issues remain key overhangs on the issuer despite its relatively strong asset profile. Fitch’s Key Rating-Case Assumptions - West Texas Intermediate prices of $80/barrel (bbl) in 2026, $60/bbl in 2027 and $57/bbl in 2028 and at midcycle; - U.S. crack spreads gradually normalizing after 2026; - Refinery throughput around 800 kb/d in 2026-2030; - Capex, turnaround and catalyst costs averaging approximately $800 million in 2026-2030. Corporate Rating Tool Inputs and Scores CITGO Petroleum Corp. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): Business and financial profile factors (assessment, relative importance): management ('bbb', Lower), sector characteristics ('bb+', Moderate), market and competitive positioning ('bbb-', Moderate), diversification and asset quality ('bb', Moderate), company operational characteristics ('bbb', Moderate), profitability ('bbb-', Moderate), financial structure ('a', Moderate), and financial flexibility ('b-', Higher). The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2025, 10% for the forecast year 2026, 10% for the forecast year 2027, 10% for the forecast year 2028 and 60% for the forecast year 2029. B+ to CC considerations apply in its analysis and has no impact. The governance assessment of 'deficient' results in an adjustment of -1 notch. The operating environment assessment of 'aa-' has no impact. The SCP is 'b'. To derive the Long-Term IDR: Application of Fitch's Parent Subsidiary Linkage Rating Criteria results in a standalone approach. CITGO Holding, Inc. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): Business and financial profile factors (assessment, relative importance): management ('bbb', Lower), sector characteristics ('bb+', Moderate), market and competitive positioning ('bbb-', Moderate), diversification and asset quality ('bb', Moderate), company operational characteristics ('bbb', Moderate), profitability ('bbb-', Moderate), financial structure ('a', Moderate), and financial flexibility ('ccc+', Higher). The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2025, 10% for the forecast year 2026, 10% for the forecast year 2027, 10% for the forecast year 2028 and 60% for the forecast year 2029. B+ to CC considerations apply in its analysis and has no impact. The governance assessment of 'deficient' results in an adjustment of -1 notch. The operating environment assessment of 'aa-' has no impact. The SCP is 'b-'. To derive the Long-Term IDR: Application of Fitch's Parent Subsidiary Linkage Rating Criteria results in a standalone approach. Recovery Analysis The recovery analysis assumes that CITGO Corporation would be reorganized as a going-concern (GC) in bankruptcy rather than liquidated. Fitch has assumed a 10% administrative claim. Going-Concern Approach The GC EBITDA estimate of $1.05 billion reflects Fitch's view of a sustainable, post-reorganization EBITDA level upon which Fitch bases the enterprise valuation (EV). This value is based on midcycle refining crack spreads instead of recent EBITDA generation. An EV multiple of 5.0x was applied to the GC EBITDA to calculate a post-reorganization EV of $5.25 billion. This is close to the median 5.4x exit multiple for energy in Fitch's Energy, Power and Commodities Bankruptcy Enterprise Value and Creditor Recoveries (Fitch Case Studies - October 2025) and the 5.5x multiple used for refining peers Par Pacific Holdings and CVR Energy, Inc. CITGO's multiple is above the 4.5x multiple used for Delek U.S. Holding, Inc., which excludes Delek's logistical assets. Liquidation Approach The liquidation estimate reflects Fitch's view of the value of balance sheet assets that can be realized in sale or liquidation processes conducted during a bankruptcy or insolvency proceeding and distributed to creditors. For liquidation value, Fitch used an 80% advance rate for the company's inventories since crude and refined products are standardized and easily re-sellable in a liquid market to peer refiners, traders or wholesalers. The maximum of these two approaches was the going-concern approach of $5.25 billion. A standard waterfall approach was then applied. This resulted in a three-notch recovery (RR1) for CITGO Petroleum's senior secured notes. RATING SENSITIVITIES CITGO Petroleum Corp. Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Deterioration in liquidity/market access; - Midcycle EBITDA leverage above 4.0x; - Material increase in debt that raises refinancing risk. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Reduced overhang associated with legacy PDVSA ownership issues; - Midcycle EBITDA leverage below 3.0x coupled with sustained low net debt and manageable refinancing risk. CITGO Holding, Inc. Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Deterioration in liquidity/market access; - Sustained inability of Holdco to receive dividends due to restricted payments (RP) basket or other restrictions; - Maintaining material standalone debt at Holdco level. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Increased ability to upstream dividends from Opco, such as alleviation of restrictions on the RP basket; - Reduced overhang associated with legacy PDVSA ownership issues. Liquidity and Debt Structure At March 31, 2026, CITGO had $2.5 billion in liquidity, including an undrawn $500 million receivables securitization facility. CITGO does not have an ABL facility but can use available cash to cover short-term funding needs, including working capital movements. CITGO has $1.1 billion notes maturing in 2029, which can be covered by its cash balance. Fitch projects that the company's liquidity will be supported by positive FCF generation. Holdco has some cash held at its level and no debt. Opco should be able to distribute funds to Holdco if needed, given that Opco has rebuilt its dividend basket. Additionally, it should have the flexibility to make payments through its tax allocation agreement. Issuer Profile CITGO, a U.S.-based refiner, owns and operates three large, high-quality refineries with total rated crude processing capacity of 829 kb/d. It has access to more than 4,000 independently owned CITGO-branded retail outlets and owns storage terminals and other assets. 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 FY25 Climate Vulnerability Score (Climate.VS) for CITGO Holdco and Opco are 54 for 2035. The score reflects moderate exposure to events associated with climate risk and elevated exposure to transition risks due to oil refining, transportation and retail operations by the company. CITGO's operations are refining-focused with some petrochemicals revenue. Key transition risks arise from potential reductions in demand driven by policies designed to reduce the use of oil in the global economy, and in the shorter term from policies designed to limit the greenhouse gas emissions from the production, refining and transportation of oil and oil products. At the moment, long-term climate risks and policies do not have a material influence on the rating given the time period over which potential demand disruption could take, uncertainty regarding the potential impact of technological changes, local policies, and the supply response. Most of CITGO's refining capacity is located at the US Gulf Coast, which allows it to redirect volumes to other markets if necessary. CITGO buys renewable identification numbers (RINs), which are credits needed to satisfy U.S. renewable fuel blending requirements. The company does not produce renewable fuels. Historically, refiners have been able to pass along the majority of RINs expenses and other similar obligations on fuel buyers. CITGO has not set net zero Scope 1, 2 or 3 greenhouse gas emissions reduction targets. All of its refineries are located in the U.S. where local regulation and demand will be an important determinant of risk. Climate.VS can range from 0 (lowest risk) to 100 (highest risk). For further information on how Fitch perceives climate-related risks in the oil and gas sector see Oil & Gas and Chemicals - Climate Vulnerability Scores. ESG Considerations CITGO Holding, Inc. has an ESG Relevance Score of '4' for Group Structure due to the effects the legacy PDVSA ownership has on the issuer. The risk centers around contagion through change of control clauses associated with a PDVSA default and the overhang legacy ownership creates in terms of capital markets access, as well as changes in board composition, which has a negative impact on the credit profile, and is relevant to the rating[s] in conjunction with other factors. CITGO Holding, Inc. has an ESG Relevance Score of '4' for Exposure to Environmental Impacts due to its material exposure to extreme weather events (hurricanes) that periodically lead to extended shutdowns. Two out of three of CITGO's refineries are located on the Gulf Coast, including the largest, Lake Charles, at 479 kb/d), which has a negative impact on the credit profile, and is relevant to the rating[s] in conjunction with other factors. CITGO Petroleum Corp. has an ESG Relevance Score of '4' for Group Structure due to the effects the legacy PDVSA ownership has on the issuer. The risk centers around contagion through change of control clauses associated with a PDVSA default and the overhang legacy ownership creates in terms of capital markets access, as well as changes in board composition, which has a negative impact on the credit profile, and is relevant to the rating[s] in conjunction with other factors. CITGO Petroleum Corp. has an ESG Relevance Score of '4' for Exposure to Environmental Impacts due to its material exposure to extreme weather events (hurricanes) that periodically lead to extended shutdowns. Two out of three of CITGO's refineries are located on the Gulf Coast, including the largest, Lake Charles, at 479 kb/d), which has a negative impact on the credit profile, and is relevant to the rating[s] in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- CITGO Holding, Inc. LT IDR B- Upgrade CCC+ CITGO Petroleum Corp. LT IDR B Affirmed B senior secured LT BB Affirmed RR1 BB CNT HOLDINGS: S&P Affirms 'B' ICR on Fungible Add-On ---------------------------------------------------- S&P Global Ratings affirmed its ratings on CNT Holdings I Corp. (1-800 Contacts), including its 'B' issuer credit rating and 'B' rating on its secured debt. The '3' recovery rating (rounded estimate: 55%) is unchanged. S&P said, "The stable outlook reflects our expectation that leverage will generally average in the high-5x area, driven by double-digit percentage revenue growth, improving adjusted EBITDA margins, and periodic debt-funded dividends." 1-800 Contacts intends to issue a $350 million fungible add-on to its first-lien term loan. Proceeds and cash on hand will primarily fund a dividend distribution. S&P Global Ratings estimates pro forma leverage as of the second quarter is 6.6x, decreasing to the mid-5x area by year-end 2026 on higher adjusted EBITDA driven by double-digit percent organic revenue growth and the roll-off of certain one-time expenses. S&P said, "We project retail segment revenue growth of 12.5% in 2026 and 11% in 2027, driven by pricing and new customer acquisition. Retail revenue increased about 13% in both the first and second quarters of 2026, continuing a trend of annual double-digit percentage increases. We expect a secular shift toward e-commerce and the company's strong brand recognition will sustain customer inflow. Furthermore, the company has highly recurring revenue with strong customer retention. "In our view, the strong reorder rates are because of the convenience of its digital platforms, which offer streamlined reordering, quick online prescription renewals, and a simplified process for applying vision insurance benefits. The consumable and less discretionary nature of contact lenses should also support steady demand, even as manufacturers annually raise prices. "However, we think revenue growth will decelerate to the high-single-digit percent area over the next 2-3 years, as an expanding customer base reduces the relative impact of new customer acquisitions. Furthermore, while 1-800 Contacts maintains a significant share of the online contact lens market, competition is intense from both smaller retailers and large, well-capitalized players such as Costco, Walmart, and Target. "We project higher adjusted EBITDA margins of about 20% in 2026 and 2027. S&P Global Ratings-adjusted EBITDA margins were just over 19% in the first quarter of 2026 and 20% in the second quarter. This improvement from about 17% in 2025 is primarily due to the roll-off of one-time expenses related to certain equity settlement activities. Going forward, we anticipate incremental margin improvement from sales leverage. We also expect retail gross margins to remain about 40% as 1-800 Contacts increases price at a level that maintains current gross margins. "However, we think advertising expenses will increase faster than overall overhead expenses. Higher spending will support customer acquisition and maintain market share. We believe advertising and brand awareness are vital for 1-800 Contacts, given the fragmented contact lens market and the presence of well-capitalized competitors. To mitigate competitive pressures, the company leverages specialization, competitive pricing, and technological investments for consumer ordering. "We expect leverage will generally average in the high-5x area. Periodic debt-funded dividend distributions will offset deleveraging from EBITDA growth. We also forecast reported free operating cash flow (FOCF) to debt will improve to about 9% in 2026 and 2027 from about 7% in 2025 as revenue improvement, roll-off of one-time expenses and sales leverage drive profit increases that more than compensate for the incremental interest on debt used to fund distributions. "Given its asset-light business model, we expect capital expenditure to remain below 2% of revenue. Furthermore, since we anticipate 1-800 Contacts will continue to drive organic expansion, we do not foresee any material acquisitions. "The stable outlook reflects our expectation that 1-800 Contacts' leverage will generally average in the high-5x area, as ongoing shareholder distributions funded with debt and cash will offset deleveraging from higher S&P Global Ratings-adjusted EBITDA." S&P could lower its rating on CNT if: -- It adopts a more aggressive financial policy, causing adjusted debt to EBITDA to remain above 7x; or -- Intensifying competition in the industry reduces the company's niche position, leading to top-line pressures and margin compression. S&P could raise its rating if CNT: -- Adjusted debt to EBITDA were sustained below 5x. In such a scenario, the company would have to adopt a less aggressive financial policy that leads us to believe the risk of a leveraging event is minimal, likely requiring a material ownership reduction by the financial sponsors; or -- Expands its market presence substantially, leading S&P to favorably reassess its view of its competitive positioning. COLUMBIA POST: Seeks to Retain High Associates Ltd as Realtor ------------------------------------------------------------- Columbia Post #1306, Catholic War Veterans Home Association seeks approval from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to retain Althea Ramsay Carrigan and High Associates Ltd as Realtor. The firm will advertise and sell the real estate located at 250 North 7th Street, Columbia, PA 17512. Althea Ramsay Carrigan and High Associates Ltd will be compensated at a rate of 6 percent commission of the gross sales price as agreed to in the Terms of the Agreement for Listing, all pursuant to the provisions of the Bankruptcy Code and Rules and subject to the Court's approval. High Associates Ltd. is a "disinterested person" within the meaning of 11 U.S.C. Sec. 101(14), according to court filings. High Associates Ltd. does not hold nor represent any interests adverse to the Debtor, its creditors or the Bankruptcy Estate in this matter. The firm can be reached at: Althea Ramsay Carrigan HIGH ASSOCIATES LTD. 1853 William Penn Way Lancaster, PA 17601 Cell Phone: (717) 669-8861 E-mail: aramsay@high.net About Columbia Post #1306, Catholic War Veterans Home Association Columbia Post #1306, Catholic War Veterans Home Association is a Columbia, Pennsylvania-based veterans' organization. The association operates under several business names and manages a 1.08-acre property that includes a medical office and pavilion. Columbia Post #1306, Catholic War Veterans Home Association sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-13168) on July 28, 2026. In its petition, the Debtor reports estimated assets of $500,000 to $1 million and estimated liabilities of $100,000 to $500,000. The filing follows a June 2026 judgment totaling $214,228 and a subsequent sheriff's sale notice involving its North 7th Street property. Judge Patricia M Mayer presides over the case. James K. Jones, Esq. at CGA Law Firm, P.C. serves as the Debtor's counsel. CONNECTWISE: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable ------------------------------------------------------------ Fitch Ratings has affirmed the Long-Term Issuer Default Rating (IDR) of ConnectWise Holdings, LLC and ConnectWise, LLC (dba ConnectWise) at 'B+'. The Rating Outlook is Stable. Fitch also affirmed ConnectWise's secured revolving credit facility (RCF) and first lien secured term loan at 'BB+' with a Recovery Rating of 'RR1'. ConnectWise, LLC is the issuer of debt. The ratings are supported by ConnectWise's industry-leading software solutions for Managed Service Providers (MSPs) and Technology Service Providers (TSPs). Fitch expects the company to prioritize tuck-in acquisitions over deleveraging as part of its growth strategy and expects Fitch-adjusted leverage to remain over 4.0x in the near term despite FCF generation projected for the company. Key Rating Drivers Moderate Financial Leverage: Fitch-adjusted leverage is expected to be around 5.1x in 2026, with capacity to delever over the rating horizon, supported by strong FCF generation. However, due to the private equity ownership that is likely to prioritize return on equity (ROE), Fitch believes accelerated debt repayment is unlikely. Fitch expects excess capital to be used for acquisitions to accelerate growth or for dividends to equity owners, with financial leverage remaining moderate. Industry Expansion Supports Growth: ConnectWise's end-markets are small- and medium-sized businesses (SMBs) that lack in-house IT resources and rely on MSPs and TSPs for technology solutions. The migration to cloud and hybrid IT adds complexity to managing IT environments, creating incremental demand for managed services. Fitch expects the managed services market to grow in the high-single-digit to low-teens range, supported by businesses' increasing dependence on technology. Growth is expected to run modestly below historical double-digit rates, as budget pressure, commoditization, and tighter customer spending weigh on organic expansion. Highly Competitive Market with New Entrants: The RMM/PSA market is intensely competitive and consolidating around a handful of scaled players. ConnectWise is one of the top players. Fast-growing entrants have gained share by competing on transparent, lower pricing and modern user experience. Fitch believes ConnectWise retains genuine competitive strengths as it serves as the industry system-of-record for a large share of the channel, boasts the largest third-party integration ecosystem, and benefits from high switching costs and its long-standing IT Nation partner community. Recurring Revenues, Diversified Customer Base: Recurring revenue accounts for over 95% of total revenue, and net retention has remained near 100%, supporting visibility into future revenue and profitability. ConnectWise serves over 45,000 customers globally. No customer accounts for more than 1% of annual recurring revenue (ARR), across a wide range of industries. The company is indirectly exposed to the SMB segment through the MSPs and TSPs it serves, as many SMBs lack the IT resources to manage more complex IT environments. Deep integration in partner workflows and high switching costs support revenue durability. M&A Central to Growth Strategy: The company is active in mergers and acquisitions (M&As) as a strategy to expand its product offerings and geographic footprint. Since 2015, ConnectWise has acquired ScreenConnect, HTG, ITBoost, BrightGauge, Continuum, Service Leadership, Perch Security, Stratozen, SmileBack, Wise-Sync. In 2024, ConnectWise completed the acquisitions of Axcient and SkyKick, expanding its product suite to include backup and disaster recovery solutions. In January 2026, the Company continued this strategy with the acquisition of zofiQ, an agentic-AI provider, funded from cash on hand, to accelerate its AI-native platform roadmap. AI Disruption Risk: Agentic AI is lowering barriers to entry in the RMM/PSA market. AI-native competitors are challenging the per-technician pricing model and allowing MSPs to serve more customers with fewer technicians. ConnectWise's high switching costs, deep third-party integrations and its long-standing IT Nation partner community provide advantages that newer entrants are unlikely to replicate quickly. Its acquisition of an agentic AI provider and launch of an AI-native platform deepen automation in partner workflows and support switching costs. These factors position ConnectWise to adapt to AI adoption rather than face displacement over the rating horizon. Peer Analysis Fitch views ConnectWise's credit profile as broadly comparable to other sponsor-owned U.S. software issuers within the 'B' rating category, characterized by high recurring revenue, solid margins, and elevated leverage sustained by ongoing tuck-in M&A. Peers include Capstone TopCo, Inc. (B+/Negative), Ping Identity Holding Corp. (B+/Stable), Project Everest Ultimate Parent, LLC (B+/Stable), and UKG Inc. (B+/Stable). Like these peers, ConnectWise benefits from mission-critical software, high switching costs, and strong revenue visibility, while its private-equity ownership and growth-oriented capital allocation keep leverage elevated. ConnectWise has favorable profitability and cash generation compared to most peers, while leverage is in the middle-to-upper half of the peer range. UKG Inc. is the closest peer, with a similar EBITDA margin and forecast EBITDA leverage of 4.0x-5.5x. It is also the largest peer by scale. Capstone TopCo has comparable scale but lower profitability and higher leverage that is falling from the high-7.0x range and weaker short-term cash flow profile. Ping Identity Holding Corp. and Project Everest Ultimate Parent have EBITDA margins in the low- to mid-30% range, elevated debt, some deleveraging capacity and mid-teens FCF margins. Fitch’s Key Rating-Case Assumptions - Organic revenue growth flat in 2026 and in low to mid-single digits after that; - EBITDA margins in the mid-30s; - Capex of about 1.5% of revenue per year, excluding capitalized internal use software; - Debt repayment limited to mandatory amortization; - Aggregate acquisitions of $500 million through rating horizon. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): The SCP is 'b+'. To derive the Long-Term IDR: Fitch made no adjustments to the SCP, resulting in an IDR of 'B+'. Recovery Analysis - The recovery analysis assumes that ConnectWise would be reorganized as a going concern in bankruptcy rather than liquidated; - Fitch has assumed a 10% administrative claim; - In the event of a bankruptcy reorganization, Fitch assumes that ConnectWise would continue to execute on its cost reduction plan as part of the reorganization plan. In estimating a distressed enterprise valuation (EV) for ConnectWise, Fitch assumes a combination of customer churn and margin compression on lower revenue scale in a distressed scenario to result in about 10% decline from 2027 estimated revenue with a stressed margin of low-30s leading to a going-concern EBITDA about 10% lower than 2025 adjusted EBITDA; - Fitch assumes an adjusted distressed EV of $1.59 billion using about $252 million in going-concern EBITDA; - Fitch assumes that ConnectWise will receive a going-concern recovery multiple of 7.0x. The estimate considers several factors, including the highly recurring nature of the revenue, the secular growth drivers for the sector, the company's strong FCF generation and the competitive dynamics. The EV multiple is supported by the following; - The historical bankruptcy case study exits multiples for technology peer companies ranged from 2.6x to 10.8x; - Of these companies, five were in the software sector: Allen Systems Group, Inc (8.4x), Avaya, Inc. (2023: 7.5x, 2017: 8.1x), Aspect Software Parent, Inc. (5.5x), Sungard Availability Services Capital, Inc. (4.6x) and Riverbed Technology Software (.3x); - The highly recurring nature of ConnectWise's revenue and the mission-critical nature of the product support the high-end of the range. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Fitch Adjusted EBITDA leverage sustained above 5.5x; - (CFO-capex)/debt ratio sustained below 7.5%; - Organic revenue growth sustained near 0%. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Revenue growth sustained above industry averages; - Fitch adjusted EBITDA leverage sustained below 4.0x; - (CFO-capex)/debt ratio sustained near 10%. Liquidity and Debt Structure Fitch projects ConnectWise's liquidity to remain adequate, supported by consistent FCF generation, a cash balance of approximately $380 million, and access to a $70 million undrawn revolver as of end-March 2026. Fitch forecasts Fitch defined FCF margins in the mid- teens through 2028, underpinned by Fitch adjusted EBITDA margin in the mid-30% range. ConnectWise's capital structure includes $1.437 billion of secured first-lien debt maturing in 2028 and a $70 million undrawn revolver with maturity in 2027. Due to the company's highly recurring revenue profile and solid liquidity position, Fitch expects ConnectWise to meet its debt service requirements. Issuer Profile ConnectWise is a provider of software solutions for IT MSPs and TSPs encompassing the full scope of business activities including Business Management, Security Management, and Unified Management. ConnectWise software platform used by more than 45,000 customers. 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 ConnectWise Holdings, LLC and its wholly owned subsidiary, ConnectWise, LLC. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- ConnectWise, LLC LT IDR B+ Affirmed B+ senior secured LT BB+ Affirmed RR1 BB+ ConnectWise Holdings, LLC LT IDR B+ Affirmed B+ CONSIGNMENT CRUSH: Plan Confirmation Hearing Scheduled for Sept. 17 ------------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Texas will hold a hearing on September 17, 2026 at 1:30 p.m. before the Honorable Mark X. Mullin to confirm the Plan of Reorganization of Consignment Crush LLC. As shared by the Troubled Company Reporter, the reorganization plan is intended to restructure the Debtor's financial obligations while allowing the business to continue operating. The plan provides for distributions to creditors over a five-year period using income generated from the Debtor's ongoing business operations. Treatment of Claims * Class 3 Non-Priority Unsecured Claims: -- Allowed unsecured claims will be paid from an unsecured creditor pool funded with $1,300 per month, beginning in the first full month after the Effective Date. -- Payments to unsecured creditors will be made quarterly for up to five years, with a maximum of 20 quarterly payments. -- The first quarterly payment will be due on the 20th day of the first complete post-petition quarter. -- The Debtor estimates that the total amount of allowed Class 3 claims is less than $1,020,000, based on its review of the court's claims register, bankruptcy schedules, anticipated deficiency claims, and expected claim objections. Plan Implementation * The Debtor proposes to implement the plan through the provisions of §§ 1123 and 1145(a) of the Bankruptcy Code. * Beginning on the Effective Date, the Reorganized Debtor will perform all obligations under executory contracts and unexpired leases that are assumed under the plan and the Confirmation Order. A full-text copy of the Plan of Reorganization dated July 23, 2026 is available at https://urlcurt.com/u?l=5Akisd from PacerMonitor.com at no charge. Counsel to the Debtor: Robert T. DeMarco, Esq. Michael S. Mitchell, Esq. DeMarco Mitchell, PLLC 12770 Coit Road, Suite 850 Dallas, TX 75251 Telephone: (972) 991-5591 Facsimile: (972) 346-6791 E-mail: robert@demarcomitchell.com mike@demarcomitchell.com A copy of the Court's Order dated July 31, 2026, is available at https://urlcurt.com/u?l=tsq1eq from PacerMonitor.com. About Consignment Crush Consignment Crush is a boutique consignment store that specializes in furniture, art, home decor and the eclectic. It sells new and gently used consignments. Consignment Crush LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 26-41788) on April 24, 2026, with up to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Mark X. Mullin presides over the case. DeMarco Mitchell, PLLC, is the Debtor's legal counsel. The U.S. Trustee for Region 6 appointed Behrooz Vida, at the Vida Law Firm, PLLC as Subchapter V trustee for Consignment Crush, LLC. CONTROLLED CHAOS: Taps Yourkovich & Associates as Accountant ------------------------------------------------------------ Controlled Chaos Energy Services LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of West Virginia to hire Yourkovich & Associates to serve as accountant. The firm will provide these services: (a) book catch-up and cleanup for fiscal years 2022, 2023, 2024, and 2025; (b) preparation and filing of federal corporate income tax returns (Form 1120S) and applicable state returns for fiscal years 2022, 2023, 2024, and 2025; and (c) preparation and filing of federal personal income tax returns (Form 1040) and applicable state returns for Frederick A. Lang, IV and Jesseca Lang for tax years 2022, 2023, 2024, and 2025. Yourkovich & Associates will receive compensation of between $10,000 and $12,000 for multi-year tax preparation and requires a $5,000 retainer to get started. Yourkovich & Associates is not a creditor of the Debtor's bankruptcy estate, is not an equity security holder or insider of the Debtor, and was not, within two years before the petition date, a director, officer, or employee of the Debtor. The firm also has no connection with the United States Trustee, any person employed in the Office of the United States Trustee, or the Subchapter V Trustee appointed in the case. Yourkovich does not have an interest materially adverse to the interests of the estate or any class of creditors or equity security holders. The firm can be reached at: Jeffrey Yourkovich, Principal YOURKOVICH & ASSOCIATES 246 Kruger Street Wheeling, WV 26003 Telephone: (304) 242-0985 About Controlled Chaos Energy Services LLC Controlled Chaos Energy Services LLC is a Bellaire, Ohio-based energy-services and transportation company that provides trucking, brine-water hauling and field-support services for oil-and-gas operations in Ohio, West Virginia and Pennsylvania. The company operates a fleet of heavy-duty trucks and trailers, including Peterbilt, Freightliner, Western Star, Kenworth and Mack vehicles, and serves energy-sector customers that require transportation and related oilfield logistics support. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. W.V. Case No. 26-00331) on May 6, 2026. In the petition signed by Frederick A. Lang, IV, owner, the Debtor disclosed $581,137 in total assets and $1,302,384 in total liabilities. Judge David L. Bissett oversees the case. Ryan W. Johnson, Esq., at Johnson Legal Services, PLLC, represents the Debtor as bankruptcy counsel. CORNERSTONE WELLNESS: Cash Collateral Access Extended to Sept. 15 ----------------------------------------------------------------- Cornerstone Wellness Center, P.C. received approval from the U.S. Bankruptcy Court for the District of Massachusetts, Eastern Division, to use the cash collateral of its secured lender, TD Bank, until Sept. 15 or through the effective date of its Chapter 11 Subchapter V plan of reorganization. The court authorized the Debtor to use cash collateral to pay the expenses set forth in the projections accompanying the plan, subject to a 10% variance. The Debtor may use cash collateral on the same terms and conditions set forth in the March 3 interim order, except as modified by the latest order. This order is without prejudice to the Debtor requesting further use of cash collateral after Sept. 15 if the effective date of the plan has not occurred. The order is available at http://bankrupt.com/misc/CornerstoneWellness_CCOrder76.pdf Cornerstone operates a mental health practice in North Dartmouth, Massachusetts, founded in 2023 by Jonathan Botelho, a licensed mental health counselor. The practice provides individual and group therapy services as well as wellness coaching, employing approximately seven licensed independent clinical social workers and master's-level therapists, all paid through a third-party payroll service. While the Debtor is generally current on day-to-day expenses and has minimal unsecured debt, it is unable to service approximately $660,000 in secured debt owed to TD Bank. This indebtedness arises from an SBA term loan originally in the principal amount of $564,000 and a $25,000 revolving line of credit, both secured by an all-assets lien perfected by a UCC-1 financing statement filed in December 2023. The loan proceeds were primarily used to acquire the assets of a prior therapy business. The Debtor's only other liabilities consist of a modest TD Bank credit card balance of approximately $4,500 and a $30,000 unsecured note payable to the seller of the prior business. The Debtor's bankruptcy filing was precipitated by litigation initiated by TD Bank after it became unable to repay its secured obligations. The Debtor seeks to restructure by reducing the secured claim to the value of its collateral and committing projected net operating income over three to five years to fund a plan that would pay a dividend on the unsecured portion. About Cornerstone Wellness Center PC Cornerstone Wellness Center, P.C. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Mass. Case No. 26-10411) on February 27, 2026, listing $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. James LaMontagne of Sheehan Phinney Bass & Green serves as Subchapter V trustee. Judge Janet E. Bostwick handles the case. The Debtor tapped David B. Madoff, Esq., at Madoff & Khoury LLP as legal counsel and Johnny Cordeiro at Fernandes & Charest, PC as accountant. the U.S. Trustee for Region 1 appointed Joseph Tomaino of Grassi Healthcare Advisors, LLC to serve as patient care ombudsman in the Debtor's case. CP & J FARMS: Hires Bradford Law Offices as Bankruptcy Counsel -------------------------------------------------------------- CP & J Farms, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to hire Bradford Law Offices to handle its Chapter 11 proceedings. The firm will be paid its standard hourly rates. Danny Bradford, Esq., an attorney at Bradford Law Offices, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Danny Bradford, Esq. Bradford Law Offices 455 Swiftside Drive, #106 Cary, NC 27518-7198 Telephone: (919) 758-8879 Email: Dbradford@bradford-law.com About CP & J Farms, LLC CP & J Farms, LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.C. Case No. 26-03539) on August 4, 2026, listing $100,001 to $500,000 in both assets and liabilities. Judge Joseph N Callaway presides over the case. Danny Bradford, Esq. at Paul D. Bradford, PLLC serves as the Debtor's counsel. CRAFTED WILD INC: Seeks Cash Collateral Access ---------------------------------------------- CraftedWild Inc. asks the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, for authority to use cash collateral and provide adequate protection. Specifically, the Debtor needs to utilize cash collateral generated from its business assets, including bank accounts, equipment, and accessions, retroactive to June 3 petition filing date. To ensure secured lenders are adequately protected, the Debtor proposes granting replacement liens on post-petition assets to the extent collateral is used, arguing that lenders will suffer minimal harm compared to the catastrophic impact a denial would have on the business. A copy of the motion is available at https://urlcurt.com/u?l=dDbja8 from PacerMonitor.com. About CraftedWild Inc. CraftedWild Inc. is a full-service cabinetry manufacturer and retailer based in Vernon Hills, Illinois. CraftedWild filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 26-09442) on June 3, 2026, with $100,001 to $500,000 in assets and $1 million to $10 million in liabilities. Alexander Tynkov, Esq., at Zalutsky & Pinski, Ltd. represents the Debtor as legal counsel. CRUISING KITCHENS: Seeks to Extend Plan Exclusivity to Oct. 2 ------------------------------------------------------------- Cruising Kitchens, LLC, and Cameron & Mary Davies asked the U.S. Bankruptcy Court for the Western District of Texas to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to Oct. 2 and Dec. 1, 2026, respectively. The Debtors explain that they have substantially increased business; however, cash flow from the new contracts has not yet been received. Therefore, Debtors need additional time to formulate feasible plans once they evaluate their operational needs compared to cash flow and profitability. The Debtors claim that they want to propose reorganization plans that will pay creditors as large a dividend as reasonably possible. Therefore, Debtors are requesting at least a 60-day extension to the exclusivity and solicitation periods to allow more time for Debtors to understand the likely cash flow Cruising Kitchens, LLC can depend on moving forward, which impacts both Debtors. Counsel to the Debtors: Ronald J. Smeberg, Esq. THE SMEBERG LAW FIRM, PLLC 4 Imperial Oaks San Antonio, TX 78248 Tel: (210) 695-6684 Fax: (210) 598-7357 Email: ron@smeberg.com About Cruising Kitchens LLC Cruising Kitchens, LLC, is a San Antonio-based manufacturer of custom food trucks and trailers. Cruisng Kitchens sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Texas Case No. 26-50001) on Jan. 2, 2026. In its petition, the Debtor reported $3.4 million in assets and $14.7 million in liabilities. Bankruptcy Judge Michael M. Parker handles the case. The Debtor is represented by Ronald J. Smeberg, Esq., at Smeberg Law Firm, PLLC. CYTOSORBENTS CORP: Swings to $4.4M Net Loss in Q2 From Income ------------------------------------------------------------- CytoSorbents Corp. 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 income of $1.9 million for the same period in the prior year. For the six months ended June 30, 2026, the Company reported a net loss of $9.5 million, compared to a net income of $0.5 million for the same period in the prior year. For the three months ended June 30, 2026, the Company generated total revenue of approximately $9.6 million, which is in line with revenues for the three months ended June 30, 2025, of $9.6. million. For the six months ended June 30, 2026, the Company generated total revenue of approximately $18.5 million, an increase of approximately $0.2 million, or 1%, compared to revenues of approximately $18.3 million for the six months ended June 30, 2025. Going Concern As of June 30, 2026, the Company's total cash and cash equivalents and restricted cash was approximately $5.9 million, with $1.5 million classified as restricted and $4.4 million as unrestricted and available to fund operations. These cash and restricted cash balances, considered with the Company's historical and expected future cash used in operations, notwithstanding the Company's Strategic Workforce and Cost Reduction Plan and the impact of the Amended Loan and security agreement, raise substantial doubt about the Company's ability to continue as a going concern within the next 12 months. The Company's expected future capital requirements may depend on many factors, including the ability to continue to reduce cash burn and achieve operating cash flow breakeven in the second half of 2026, expanding the Company's customer base and sales force, and the timing and extent of spending in obtaining regulatory approval and the introduction of new products, including the potential regulatory approval and introduction of DrugSorb(TM)-ATR in the United States, which would allow for the opportunity to receive Tranche 2 (b) of the Amended Avenue Capital Commitment by Dec. 31, 2026, and receive an additional 6-month extension of the interest-only period on the credit facility, but which approval is now expected beyond this time frame. Additional sources of liquidity available to the Company include the 2024 Shelf, other public or private equity offerings, debt financing, or other sources. The sale of additional equity may result in dilution to shareholders. There is no assurance that the Company will be able to secure funding on terms acceptable, or at all. Although the Company has taken actions to achieve cash flow breakeven, if it does not achieve this goal, the potential need for capital could also make it more difficult to obtain funding through either equity or debt. Should additional capital not become available as needed, the Company may be required to take certain actions, such as slowing sales and marketing expansion, delaying further regulatory approvals, or further reducing headcount. The Company routinely evaluates other financing sources, including less or non-dilutive debt financing, additional grant funding, royalty financing, strategic or direct investments, equity financing, and/or combinations thereof. There can be no assurance that management will be successful in these endeavors. A full-text copy of the Company's Form 10-Q is available at https://tinyurl.com/mv2fny6e. About CytoSorbents Based in Princeton, New Jersey, CytoSorbents Corp. develops and markets blood purification technologies for intensive care and cardiac surgery. Its proprietary adsorbent, porous polymer platform is deployed through U.S. and international subsidiaries, including operations in New Jersey, Berlin, India, and Dubai, supporting research, development, and commercialization of its medical devices. East Brunswick, New Jersey-based WithumSmith+Brown, PC, the Company's auditor since 2004, issued a "going concern" qualification in its report dated March 29, 2026, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2025, citing that the Company has suffered recurring losses from operations, has experienced negative cash flows from operations, and has an accumulated deficit, which raise substantial doubt about its ability to continue as a going concern. As of June 30, 2026, the Company had $38 million in total assets, $38.7 million in total liabilities, and $0.7 million in total stockholders' deficit. DAVID STOCKMAN: Court Remands GOF Finance-C Case to State Court --------------------------------------------------------------- The Hon. David M. Lawson of the U.S. District Court for the Eastern District of Michigan granted the plaintiff's motion to remand the case captioned as GOF FINANCE-C, LLC, Plaintiff, v. Honorable David M. Lawson BECKER-PRESSENTE, LLC; DAVID STOCKMAN, Defendants, 25-cv-13749 (E.D. Mich.), to the Saginaw County Circuit Court. Plaintiff GOF Finance-C, LLC is awarded attorney's fees in the amount of $3,718.00 against defendant Becker-Pressente, LLC, only. The plaintiff seeks compensation for roughly eight hours of work performed by three attorneys, whose billing rates range between $475 and $490 per hour. The rates are consistent with those charged by attorneys in the same venue and specialty. Defendant David Stockman filed a Chapter 11 bankruptcy petition, which operates as a stay on all judicial proceedings against him. The Court will refrain from awarding fees against defendant Stockman to avoid disturbing the bankruptcy stay. A copy of the Court's Order dated August 3, 2026, is available at https://urlcurt.com/u?l=eB3S1m from Pacermonitor.com. David Stockman filed for Chapter 11 bankruptcy protection (Bankr. E.D. Mich. Case No. 25-20567) on May 5, 2025. DCLI BIDCO: Fitch Alters Outlook on 'BB-' LongTerm IDR to Negative ------------------------------------------------------------------ Fitch Ratings has affirmed DCLI BidCo LLC's (d/b/a Direct ChassisLink Inc.; DCLI) Long-Term Issuer Default Rating (IDR) at 'BB-'. Fitch has also affirmed DCLI's senior secured second-lien debt rating at 'BB'. The Rating Outlook has been revised to Negative from Stable. Today's rating actions have been taken as part of a periodic review of North American commercial fleet management companies, which is comprised of seven publicly rated firms. Key Rating Drivers Negative Outlook: The Negative Outlook reflects sustained reported losses and weaker-than-anticipated de-leveraging. Fitch believes broader sector headwinds increase the risk that DCLI will not achieve sufficient improvement in earnings and leverage within the Outlook horizon to avoid a ratings downgrade. Established Market Position: The ratings affirmation reflects DCLI's franchise and established market position as the largest container chassis lessor in North America and the standardized nature and relatively long useful life of its chassis, which mitigates residual value risk. The ratings are also supported by strong asset quality, solid liquidity from available facility capacity, and management's depth and proven track record in managing chassis. Monoline Business Model: Rating constraints include DCLI's profitability remaining weak, the company's monoline business strategy, concentrated customer base, and exposure to global trade volumes and geopolitical disruption. However, the domestic and marine segments serve a broad range of industries, providing some degree of diversification against cyclical downturns. Additionally, the company's fully secured funding profile limits funding flexibility. DCLI also faces lower governance requirements relative to larger, public peers and potential variability in strategic and financial objectives. Solid Franchise: DCLI is a market leader in the container chassis leasing sector, with an estimated two-thirds market share in the domestic 53-foot segment and approximately 20% in the marine segment. The company owned or managed approximately 291,000 marine and domestic chassis as of March 31, 2026. This franchise strength and scale affords the company efficient operations and sufficient inventory to meet demand requirements. DCLI has a long track record in chassis leasing and a solid management team with leasing experience. Concentrated Customer Base; Strong Asset Quality: DCLI's customer base is concentrated, with the top 10 customer contracts accounting for over half of its revenue. Still, concentration risk is mitigated by long-term relationships with investment-grade rated customers. Additionally, asset quality remains strong, supported by a conservative depreciation policy and the long economic life of its assets. In addition, chassis can be refurbished at a steep discount to the cost of a new chassis to significantly extend its useful life. DCLI's impairment ratio was 0.3% in 1Q26 and averaged 0.6% from 2022-2025, within Fitch's 'bbb' category benchmark range of 0.5%-4.0%. Weak Earnings: Earnings remain weak, with pre-tax returns on average assets (ROAA) of negative 3.2% for the trailing 12 months (TTM) ended March 31, 2026, below an average of negative 0.7% from 2022-2025 and within Fitch's 'ccc and below' category benchmark of below 0% for balance sheet intensive finance and leasing companies with a sector risk operating environment (SROE) score in the 'bbb' category. Operating performance in 2025 was hurt by a decline in marine and domestic chassis usage and relatively elevated operating expenses, although the company has enacted cost actions, including headcount reduction and SG&A efficiency initiatives, in recent quarters. On a complementary basis, the adjusted EBITDA margin improved yoy to 41% in 1Q26, consistent with the 2022-2025 average, helped by cost improvement initiatives. Fitch expects earnings improvement to remain muted over the Outlook horizon, with potential recovery in chassis utilization and cost efficiencies offset by continued pressure on marine volumes from geopolitical uncertainty. Solid Tangible Leverage: Fitch primarily assesses DCLI's leverage on a debt-to-tangible equity basis which was 2.1x at March 31, 2026, remaining within Fitch's 'bbb' category benchmark range of 0.75x-4.0x for balance sheet intensive finance and leasing companies with a SROE score of 'bbb'. Tangible leverage has increased yoy, owing to operating losses and dividend distributions. Fitch expects leverage to increase modestly over the Outlook horizon due to muted organic capital generation and the potential for additional distributions. Elevated Cash Flow Leverage: Fitch also considers total debt to adjusted EBITDA as a complementary metric. On this basis, leverage was 5.9x for the TTM ended March 31, 2026, up from 5.6x a year ago. Fitch expects DCLI's net cash flow leverage, which was 5.0x for the TTM period, will remain at the top end of DCLI's target range of 4.5x-5.0x over the Outlook horizon. Meaningful deleveraging will be dependent on earnings recovery. Fully Secured Funding Profile: DCLI's funding profile is fully secured, which allows the company to match-fund its chassis pool from a rate and duration perspective but constrains financial flexibility in times of stress. Fitch would view the introduction of an unsecured funding component positively. Sound Liquidity; Adequate Coverage: DCLI's liquidity is sound, with $13.7 million in unrestricted cash and $1.3 billion of available committed capacity on its ABL facility at March 31, 2026. The ABL facility matures in December 2027, and Fitch expects it to be refinanced ahead of maturity. Interest coverage (adjusted EBITDA to interest expense) was 2.7x for the TTM ended March 31, 2026, below the 3.2x average between 2022-2025. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Sustained earnings losses resulting from a persistent reduction in fleet utilization and/or lease rates, and/or an inability to enhance operational efficiencies; - A sustained increase in balance sheet leverage above 3x, particularly if driven by a continuation of weak earnings, outsized dividends to the parent, or material impairments; - Inability to reduce cash flow leverage below 5x, - Weakening of the liquidity profile as evidenced by lower operating cash flows and interest coverage; - Inability to address near-term debt maturities; - Material loss from bankruptcy and/or material credit deterioration of a top lessee relationship. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - A revision of the Rating Outlook to Stable would depend on improved operating performance and demonstrated execution that support a sustained reduction in cash flow leverage to below 5.0x over the next 12 to 18 months. Beyond that, positive rating momentum would be premised on: - Sustained improvement of pretax ROAA over 1.0%; - A sustained reduction of cash flow leverage below 3x with balance sheet leverage maintained near current levels; - Addition of an unsecured funding component, such that unsecured debt was maintained at-or-above 20% of total debt; - Improved lessee diversification and/or credit quality; - Maintenance of a solid liquidity profile as evidenced by sufficient cash on hand and ABL availability to fund operations. DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS DCLI's senior secured debt rating is one notch above the Long-Term IDR and reflects the firm's manageable leverage and above-average recovery prospects under a stress scenario. DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES The senior secured debt rating is primarily sensitive to changes in DCLI's Long-Term IDR and secondarily to the relative recovery prospects of the notes. A meaningful decline in recovery prospects could result in the secured debt rating being equalized or notched down from the IDR. Conversely, the creation of a separate collateral pool for the secured notes, which enhances recovery prospects could result in further upward notching of the rating. ADJUSTMENTS The Standalone Credit Profile (SCP) has been assigned in line with the implied SCP. The Business Profile score has been assigned below the implied score due to the following reason: Business Model (negative). The Asset Quality score has been assigned below the implied score due to the following reason: Concentrations; asset performance (negative). The Earnings and Profitability score has been assigned above the implied score due to the following reason: Historical and future metrics (positive) The Capitalization and Leverage score has been assigned below the implied score due to the following reasons: Risk Profile and Business Model (negative) and Profitability, Payouts and Growth (negative). The Funding, Liquidity and Coverage Score has been assigned below the implied score due to the following reason: Funding flexibility (negative). ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- DCLI BidCo LLC LT IDR BB- Affirmed BB- Senior Secured 2nd Lien LT BB Affirmed BB DILLARD'S CAPITAL I: Fitch Affirms BB Rating on Capital Securities ------------------------------------------------------------------ Fitch Ratings has affirmed Dillard's, Inc.'s ratings, including its Long-Term Issuer Default Rating (IDR) at 'BBB-'. Fitch also affirmed the company's secured credit facility at 'BBB', unsecured notes at 'BBB-' and capital securities issued by Dillard's Capital Trust I at 'BB'. The Rating Outlook is Positive. The ratings reflect the company's outperformance relative to industry peers, including more than doubling EBITDA to nearly $900 million from about $400 million in pre-pandemic 2019. The rating continues to reflect the company's strong cash flow generation and low EBITDAR leverage of around 0.5x, balanced by secular challenges facing mall-based retailers and its scale, which is modest for the rating. Fitch expects slight growth in revenue and EBITDA in the medium term, with annual FCF of at least $500 million prior to any special dividends. An upgrade could result from evidence of stabilized revenue and EBITDA trends in the near term. Key Rating Drivers Industry-Leading Performance: Dillard's has navigated department store volatility better than its chief competitors. Fitch projects the company's EBITDA will stabilize at about $900 million, more than double pre-pandemic levels of $400 million. Margins of about 13% are well above peers'. The company's fairly strong performance partly reflects new brand introductions that enhance its merchandise mix and well-controlled inventory, which supports gross margins and limits unplanned markdowns. Demonstrated Financial Conservatism: Dillard's ratings benefit from its good financial flexibility and limited debt position. Following a $96 million unsecured notes maturity in July 2026, the company has a modest debt load of about $325 million, including giving 50% equity treatment to $200 million in subordinated debentures due in 2038. This compares to Fitch's projected annual FCF of around $500 million — prior to any special dividends — beginning in 2026 and nearly $1.1 billion in cash and short-term investments at the end of 2025. Dillard's modest debt structure includes $80 million and $146 million of unsecured notes maturing in 2027 and 2028, respectively, and has provided good financial flexibility through economic cycles and the pandemic. Fitch projects the company's EBITDAR leverage will trend at about 0.5x over the next two to three years, with EBITDAR fixed-charge coverage in the mid-teens. Dillard's leverage is low for the rating, but this is balanced by its exposure to the volatile department store industry and its scale in revenue and EBITDA. Department Store Challenges Remain: Fitch expects that department stores will continue to face secular shifts. These shifts have reduced mall visits and altered shopping patterns, negatively affecting the mid-tier apparel and accessories space. The companies with the best chance of maintaining their market share will be those with significant scale, a strong omnichannel platform (good store and supply chain infrastructure and a robust online presence), strong relationships with vendors and customers, and good cash flow for reinvestment. These competitors may also benefit from weaker players pulling back. Smaller Scale and Scope: Dillard's more modest revenue scale relative to its larger peers, geographic concentration in key Southern markets and less developed omnichannel model could serve as disadvantages over time in an increasingly competitive space. The company has made good progress in attracting key merchandise vendors and building out e-commerce capabilities, and it has generally performed better than department store peers in recent years. Peer Analysis Fitch's rated U.S. department store coverage also includes national competitors Macy's, Inc. (BBB-/Stable), Kohl's Corporation (BB-/Negative) and Nordstrom, Inc. (BB/Stable). Each contends with the challenges affecting the department store industry and is continuously refining strategies to defend its market shares. Initiatives include investments in omnichannel models, portfolio reshaping to reduce exposure to weaker indoor malls, and efforts to strengthen merchandise assortments and service levels. These initiatives have had varying levels of success in recent years, with Dillard's showing the best operating trajectory since 2020. Nordstrom and Kohl's have produced the weakest results across top-line and profitability, while Macy's results have been mixed, with top-line declines mitigated by good inventory and expense management, which have limited EBITDA contraction. Fitch’s Key Rating-Case Assumptions - Fitch projects modestly positive revenue growth in the medium term from $6.6 billion in 2025, predicated on modestly positive comparable store sales and a flattish store count; - EBITDA in 2026 could grow modestly alongside revenue growth from a $870 million base as margins trend near the recent 13%; - Fitch expects FCF before any special dividends to be at least $500 million annually, assuming about $130 million in capex. Excess cash could be diverted toward share repurchases or special dividends, given moderate debt levels; - Following the maturity of Dillard's $96 million in unsecured notes in July 2026, upcoming unsecured notes maturities include $80 million in 2027 and $146 million in 2028. Fitch's base case forecast assumes these maturities are refinanced although Fitch recognizes the company's ability to pay down debt with internally generated cash flow; - EBITDAR leverage, which has trended in the 0.5x range since 2021, is expected to remain below 1.0x across the forecast period; - Dillard's capital structure primarily consists of unsecured debt with a fixed interest rate structure. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): Business and financial profile factors (assessment, relative importance): management ('bbb', Lower), sector characteristics ('bb-', Moderate), market and competitive positioning ('bb+', Higher), diversification and asset quality ('bb+', Moderate), company operational characteristics ('bbb', Moderate), profitability ('bbb', Moderate), financial structure ('aa+', Moderate), and financial flexibility ('a+', Moderate). The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year fiscal 2026, 40% for the forecast year fiscal 2027 and 40% for the forecast year fiscal 2028. The governance assessment of 'good' has no impact. The operating environment assessment of 'aa-' has no impact. The SCP is 'bbb-'. To derive the Long-Term IDR: Fitch made no adjustments to the SCP, resulting in an IDR of 'BBB-'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - A downgrade could result from sustained low-single-digit sales declines, EBITDA margin degradation to the high-single-digit level or EBITDAR leverage sustained above 1.5x. Fitch could revise Dillard's Outlook to Stable if the company is unable to stabilize revenue and EBITDA trends in the near term. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Fitch could upgrade Dillard's to 'BBB' if the company demonstrates stabilizing or improving sales and profitability while maintaining EBITDAR leverage at or below 1x. Liquidity and Debt Structure As of May 3, 2026, Dillard's had $1.4 billion of cash and short-term investments and $775 million available under its $800 million asset-based lending (ABL) credit facility, which matures March 12, 2030. The ABL facility is secured by certain company deposit accounts and by certain inventory and deposit accounts of certain subsidiaries. Dillard's had no borrowings under its ABL, although $25.3 million of outstanding letters of credit reduced availability. The company's modest capital structure consists of $80 million and $146 million in unsecured notes due 2027 and 2028, respectively, and $200 million in subordinated debentures due 2038. Fitch assigns 50% equity credit to the subordinated debentures because of their level of subordination and ability to defer interest coupon payments. The debt is issued by Dillard's, Inc., except for the subordinated bonds, which are issued by Dillard's Capital Trust I, a funding vehicle subsidiary. Fitch expects the company to generate at least $500 million in annual FCF prior to any special dividends, with projected capital expenditure (capex) around $130 million. Excess cash could be used for share buybacks or special dividends, given minimal near-term debt maturities and low EBITDAR leverage, which Fitch projects to remain below 1.0x throughout the forecast period. Issuer Profile Dillard's is the fourth largest department store chain in the U.S. in terms of sales. 2025 revenue was $6.56 billion across 271 stores and 28 clearance centers in 30 states concentrated in the southwest, southeast, and Midwest regions of the U.S. Summary of Financial Adjustments Financial statement adjustments that materially depart from those contained in the published financial statements of the relevant rated entity or obligor are disclosed below: - EBITDA adjusted to exclude stock-based compensation; - Fitch uses the balance sheet reported lease liability as the capitalized lease value when computing lease-equivalent debt. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for Dillard's, Inc. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Dillard's Capital Trust I Subordinated LT BB Affirmed BB Dillard's, Inc. LT IDR BBB- Affirmed BBB- senior unsecured LT BBB- Affirmed BBB- senior secured LT BBB Affirmed BBB DIXIE GROUP: Posts $1.1M Q2 Net Income; Going Concern Doubt Remains ------------------------------------------------------------------- The Dixie Group, 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, reporting net income of $1.1 million for the three months ended June 27, 2026, compared to net income of $1.2 million for the three months ended June 28, 2025. For the six months ended June 27, 2026, the Company reported a net income of $2.2 million, compared to a net loss of $537,000 for the six months ended June 28, 2025. Net sales for the three months ended June 27, 2026, were $68.6 million, unchanged from $68.6 million for the three months ended June 28, 2025. Net sales for the six months ended June 27, 2026, decreased to $128 million from $131.6 million for the six months ended June 28, 2025. Liquidity and Capital Resources As of June 27, 2026, the Company had $55.7 million of outstanding indebtedness under its senior credit facility classified as a current liability, unrestricted cash and cash equivalents of approximately $2.1 million, and unused availability under its senior credit facility of approximately $5.4 million, after reduction for the $6 million minimum excess availability requirement and continued compliance with applicable financial covenants. Availability under the Company's MidCap Financial Senior Secured Revolving Credit Facility on June 27, 2026, was $11.4 million, subject to the $6 million minimum excess availability requirement. Although the senior credit facility debt is classified as current for financial reporting purposes due to a subjective acceleration clause in the related loan agreement, management does not currently expect repayment of the full outstanding balance within the next 12 months absent an acceleration event. If such an event were to occur, the Company's existing cash and cash equivalents would not be sufficient to satisfy the debt in full and meet its operating needs. During the six months ended June 27, 2026, cash used in operating activities in continuing operations was $1.4 million. An increase in accounts receivable and receivables for tariffs used $8.1 million during the first six months of 2026. Prepaid and other current assets used $1.3 million, primarily as a result of prepaid sample and marketing expenses. An increase in inventory used $559,000, and an increase in accounts payable and accrued expenses generated $3.4 million of cash during the first six months. Purchases of capital assets resulted in a $175,000 cash outflow. Depreciation and amortization for the six months ended June 27, 2026, were $2.6 million. The Company expects capital expenditures to be approximately $2 million in 2026, while depreciation and amortization are expected to be approximately $5.5 million. Cash provided by financing activities was $758,000 for the six months ended June 27, 2026, consisting of net borrowings on the revolving credit facility of $3 million, partially offset by net payments on notes payable and financing leases of $2.2 million. Going Concern At the time of issuance of the financial statements, conditions and events -- including recent operating losses, reduced availability under its credit facility, macroeconomic pressures, past covenant violations cured by waivers, and uncertainty of future covenant violations -- raised substantial doubt about the Company's ability to continue as a going concern within 12 months after the date the financial statements are issued. The Company received waivers or amendments for certain financial covenant violations prior to quarter-end. Compliance with future financial covenants will be dependent on operating performance. Management has developed plans intended to improve liquidity and address these conditions, including profit improvement initiatives and seeking additional debt financing. Management is also evaluating opportunities to sell an existing building, subject to customary closing conditions and lender payoff requirements, which would be expected to generate net cash proceeds that would improve liquidity. However, because of the uncertainty of closing on such a sale, management has not assumed the full benefit in concluding whether substantial doubt is alleviated. The Company's evaluation of these plans, and its assumptions regarding their execution and timing, requires significant judgment and is subject to inherent uncertainty. Therefore, management has concluded that these plans do not alleviate the substantial doubt about the Company's ability to continue as a going concern. The Company's consolidated condensed financial statements do not include adjustments, if any, that may arise from the outcome of this uncertainty. A full-text copy of the Company's Form 10-Q is available at https://tinyurl.com/4faavxva. About Dixie Group The Dixie Group, Inc. manufactures, markets, and sells floorcovering products to residential customers in North America and internationally. The Company offers residential carpets, custom rugs, and engineered wood products under the Fabrica brand for interior decorators and designers, selected retailers and furniture stores, luxury home builders, and manufacturers of luxury motor coaches and yachts; and specialty carpets and rugs for the high-end residential marketplace, as well as luxury vinyl flooring products and broadloom carpet products under the Masland Residential brand name through the interior design community and specialty floorcovering retailers. It provides residential tufted broadloom carpets and rugs to selected retailers and home centers under the DH floors and private label brands, as well as luxury vinyl flooring products to the marketplace it serves. The Company was founded in 1920 and is based in Dalton, Georgia. Atlanta, Georgia-based Forvis Mazars, LLP, the Company's auditor since 2013, issued a "going concern" qualification in its report dated March 26, 2026, citing that the Company has suffered recurring losses from operations, reduced availability under its credit facility, covenant violations, and macroeconomic pressures. This raises substantial doubt about the Company's ability to continue as a going concern. As of June 27, 2026, the Company had $181.4 million in total assets, $170.3 million in total liabilities, and $11.1 million in total stockholders' equity. DRIVESMART SYSTEMS: Unsecureds to be Paid in Full in Plan --------------------------------------------------------- Drivesmart Systems, Inc. filed with the U.S. Bankruptcy Court for the Northern District of Georgia a Plan of Reorganization dated August 3, 2026. Drivesmart Systems, Inc. operates a driving school that provides both classroom and on-road instruction. Its primary customers are high school students with learner's permits. The business is seasonal, with the highest demand during school breaks. As a result, revenue fluctuates throughout the year while fixed operating expenses remain relatively constant, requiring the company to build cash reserves during stronger months to cover expenses during slower periods. Between 2020 and 2023, the business experienced financial difficulties and obtained additional financing from nontraditional lenders to cover operating expenses. Although revenue later increased, the debt burden prevented the company from rebuilding sufficient cash reserves, leading it to file for bankruptcy to reorganize its debts. The company is wholly owned and managed by Steven Jones, who owns 100% of the business. Class 1 consists of the secured claim held by the Small Business Administration (SBA): * The SBA filed a claim totaling $1,050,030.11. * The claim is secured by a first-priority lien on the debtor's inventory, equipment, fixtures, accounts receivable, and other tangible and intangible personal property. * The loan bears 3.75% interest and matures on July 31, 2050. * The required monthly payment is $4,895. * The SBA's lien will remain in effect until the loan is paid in full or the collateral is sold. * The debtor will continue making the required monthly payments from its net income according to the existing loan documents. Because the secured claim is unimpaired, Class 1 is not entitled to vote on the plan. Class 2 consists of General Unsecured Claims, which the debtor estimates total $235,505. Under the plan: * Creditors will be paid 100% of their allowed claims. * Payments will be made pro rata over five years. Distributions will occur quarterly, beginning on the first day of the last month of the first full quarter following the effective date, with payments continuing for a total of 20 quarterly payments. * Claims guaranteed by Steven Jones will also be paid through the plan. The treatment of Class 2 remains the same whether the plan is confirmed under Section 1191(a) or Section 1191(b) of the Bankruptcy Code. Because Class 2 claims are impaired, holders of those claims are entitled to vote to accept or reject the plan. Class 3 consists solely of Steven Jones, who will retain his 100% ownership interest in the company. The plan will be funded through the company's continued business operations: * Net income will be used to pay the secured claim. * Projected disposable income will be used to pay general unsecured claims. A full-text copy of the Plan of Reorganization dated August 3, 2026 is available at https://urlcurt.com/u?l=FBy2S8 from PacerMonitor.com at no charge. Counsel to the Debtor: Will B. Geer, Esq. Rountree, Leitman, Klein & Geer, LLC Century Plaza I 2987 Clairmont Road, Suite 350 Atlanta, Georgia 30329 Telephone: (404) 584-1238 Email: wgeer@rlkglaw.com About DriveSmart Systems Inc. DriveSmart Systems, Inc., operates a driving school in Georgia providing state-approved behind-the-wheel and classroom driver education services. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-55833) on May 4, 2026. In the petition signed by Steven Jones, chief executive officer, the Debtor disclosed upto $500,000 in assets and up to $10 million in liabilities. Judge Paul Baisier oversees the case. Will Geer, Esq., at Rountree, Leitman, Klein & Geer, LLC, is the Debtor's counsel. EAST JERSEY: Case Summary & 10 Unsecured Creditors -------------------------------------------------- Debtor: East Jersey Properties, LLC 5014 16th Avenue Suite 143 Brooklyn, NY 11204 Business Description: East Jersey Properties, LLC is a real estate holding company that owns multiple residential investment properties in Newark and Irvington, New Jersey. Chapter 11 Petition Date: August 2, 2026 Court: United States Bankruptcy Court District of New Jersey Case No.: 26-18741 Judge: Hon. Vincent F Papalia Debtor's Counsel: Daniel Straffi, Jr., Esq. STRAFFI AND STRAFFI LLC 670 Commons Way Toms River, NJ 08755 Tel: (732) 341-3800 E-mail: bkclient@straffilaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Sara Blumenberg as managing member. A full-text copy of the petition, which includes a list of the Debtor's 10 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/6ALG43Y/East_Jersey_Properties_LLC__njbke-26-18741__0001.0.pdf?mcid=tGE4TAMA EASTSIDE COLLISION: Seeks to Extend Plan Filing Deadline to Nov. 25 ------------------------------------------------------------------- Eastside Collision & Car Care Center, Inc. asked the U.S. Bankruptcy Court for the Northern District of Georgia to extend its deadline for filing a Chapter 11 Subchapter V Plan of Reorganization to Nov. 25, 2026. The Debtor explains that its request for an extension of the plan filing deadline is due to circumstances for which it should not justly be held accountable. Specifically, the Debtor is in the process of marketing its real property located at 8430 Convington Highway, Lithonia, Ga. 30058 (the "Real Property") for sale. On June 17, 2026, the Court entered an Order authorizing the application of Paul Hanna of John Lang LaSalle Brokerage, Inc. to serve as Debtor's real estate broker to market and effectuate a sale of the Real Property. The Debtor values the Real Property for $3,500,000 and there is substantial equity in the Real Property. The sale of the Real Property is necessary to effectuate the Debtor's plan. The Debtor claims that the Real Property has been listed and its broker has received inquiries from interested buyers. The additional time requested will allow the broker to continue to market the Real Property and seek potential buyers. The Debtor asserts that it has not been dilatory in this bankruptcy case and has complied with its responsibilities under the Bankruptcy Code. Debtor timely filed its Schedules and Statement of Financial Affairs. Debtor attend its Meeting of Creditors (which has been continued to August 3, 2026) and attend the Subchapter V Status Conference. The Debtor further asserts that this extension of time will not prejudice its creditors in this case. In fact, the sale of the Real Property is essential to formulating a plan because it will resolve the claim of Harvest Small Business, LLC (the Debtor's largest creditor) and generate significant proceeds which will subsequently be paid through the confirmed plan. Eastside Collision & Car Care Center Inc. is represented by: JONES & WALDEN LLC Adam E. Ekbom, Esq. 699 Piedmont Avenue, NE Atlanta, GA 30308 (404) 564-9300 Email: aekbom@joneswalden.com About Eastside Collision & Car Care Center Eastside Collision & Car Care Center, Inc. provides automotive collision repair, body, paint and car-care services from Lithonia, Georgia. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-57078) on May 29, 2026, with between $1 million and $10 million in both assets and liabilities. Brian Young, chief executive officer, signed the petition. Judge Paul Baisier oversees the case. Adam E. Ekbom, Esq., at Jones & Walden, LLC, represents the Debtor as legal counsel. EMPLOYEE FORCE: Court OKs Interim DIP Financing From nFusion ------------------------------------------------------------ Employee Force Provider, Inc. got the green light from the U.S. Bankruptcy Court for the Central District of California to obtain debtor-in-possession financing to get through bankruptcy. The court granted the Debtor interim approval to obtain financing through a post-petition factoring arrangement with existing factor, nFusion Capital Finance, LLC under the Accounts Receivable Purchase Agreement. This authorization remains effective through August 19. Under the ARPA, which continues the terms of the pre-petition arrangement established in June 2024, nFusion will purchase approved customer invoices up to a maximum facility limit of $3 million. Upon purchasing an invoice, nFusion advances 90% of the face value directly into the Debtor's payroll account, less a 1.5% financing fee, and holds the remaining 8.5% in reserve. Invoices incur a daily discount rate of 0.065% ($6.50 per $10,000 daily) for each day they remain unpaid beyond purchase. Upon client payment, nFusion retains the 90% advance plus accrued daily discount fees and credits any remaining balance to a newly created DIP cash reserve account. The Debtor may request daily transfers from this reserve account into its payroll account to fund payroll and transfer excess operational funds to its main operating account. To secure the Debtor's obligations under the ARPA, nFusion will be granted first-ranked, priority liens on all of the Debtor's assets other than avoidance actions and a superpriority administrative claim, according to the interim order. The interim order also authorized the Debtor to use cash collateral from August 3 to 19 based on the approved budget, subject to a 15% variance. Any pre-petition accounts purchased by nFusion under the ARPA are nFusion's sole property, and the proceeds belong to nFusion and do not constitute cash collateral, according to the interim order. nFusion will be granted adequate protection for the Debtor's use of its cash collateral through first-ranked, priority liens on all of the Debtor's personal property excluding avoidance actions. These replacement liens are subject and subordinate in priority only to those valid and perfected liens, if any, that existed as of the petition date that are superior in rank to valid and perfected liens that secure the pre-petition factoring obligations. Estate funds and professional fee carveouts are prohibited from being used to challenge nFusion's claims or liens. A copy of the court's order and the Debtor's budget is available at https://h1.nu/1B5xp from PacerMonitor.com. A final hearing is scheduled for August 19, with objections due by August 14 and replies due by August 17. About Employee Force Provider Inc. Employee Force Provider, Inc. is a California labor-staffing corporation. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 6:26-bk-16318-SY) on August 3, 2026. In the petition signed by Jairo Santiago Mendoza, president, the Debtor disclosed up to $10 million in assets and up to $50 million in liabilities. Judge Scott H. Yun oversees the case. Derric Talerico, Esq., at Weintraub, Zolkin Talerico & Seith LLP, represents the Debtor as legal counsel. ENDO INT'L: Excess Insurers Win Summary Judgment Bid ---------------------------------------------------- Judge Chad F. Kenney of the U.S. District Court for the Eastern District of Pennsylvania will grant the Excess Insurers' Motion for Summary Judgment in the case captioned as MATTHEW DUNDON, AS THE TRUSTEE OF THE ENDO GENERAL UNSECURED CREDITORS' TRUST, Plaintiff, v. ACE PROPERTY AND CASUALTY INSURANCE COMPANY, et al., Defendants, No. 24-4221 (E.D. Pa.). The Court will DENY the Trustee's Cross-Motion for Summary Judgment. The Excess Insurers, Aspen Insurance UK, Ltd. ("Aspen"), and Columbia Casualty Company's ("Columbia"), move for summary judgment on bellwether insurance coverage issues as applied to non-party Endo International PLC's ("Endo") liability related to its transvaginal surgical mesh products (the "Mesh Claims"). Plaintiff, and Trustee, Matthew Dundon cross-moves for summary judgment. This is an insurance coverage dispute arising from a series of lawsuits brought against litigation non-party, Endo for injuries stemming from prescription opioids and transvaginal surgical mesh products (the "Mesh Products"). As a result of the plethora of lawsuits filed against Endo, Endo declared bankruptcy. On March 22, 2024, the bankruptcy court discharged Endo's liabilities in connection with the Mesh Claims. As part of the Plan, however, the Endo Mesh Trust Agreement (the "Trust Agreement") was established for Mesh Claims holders. The Trust Agreement established a claims-submission process for Mesh Claims. The Plan also provided for the formation of the Endo General Unsecured Creditors' Trust and for the appointment of the Trustee. The Trustee proceeds here under that authority. In April of 2011, Endo acquired American Medical Systems, Inc. and its related entities ("AMS"). AMS made transvaginal surgical mesh products (the Mesh Products"). After Endo's acquisition of AMS, Endo added Mesh Products to its business. This acquisition not only resulted in a new business segment for Endo, but in real and significant exposure for alleged injuries caused by the Mesh Products. This is because, as early as 2008, AMS's Mesh Products had resulted in litigation against AMS for the alleged injuries the Mesh Products had caused patients who had a device surgically implanted. Faced with the mesh litigation, Endo and the Excess Insurers negotiated a "tower" of insurance coverage for the policy period covering September 26, 2011 to September 26, 2012. Lexington Insurance Company policy number 6794179 (the "Lexington Policy") serves as the primary policy at the base of the tower. The Excess Insurers provided the next two levels of coverage, or excess coverage (the "Excess Policies"). Plaintiff Matthew Dundon, as the Trustee of the Endo General Unsecured Creditors' Trust (the "Trustee") initiated the instant lawsuit by filing a civil complaint against Endo's insurance carriers. The Trustee seeks declaratory judgments defining the Excess Insurers' coverage obligations under their respective policies, including coverage for the Mesh Claims. The Parties specifically identified the following bellwether issues as to the Mesh Claims: a. The Self-Insured Retention ("SIR"). Whether: (1) the $2.5 million per claimant Self-Insured Retention in the Lexington Policy and (2) the $2.5 million per claimant Self-Insured Retention in the Columbia Casualty Policy apply to Mesh Claim-related liability asserted against or borne by Endo entities other than AMS; b. Applicable Coverage Period and Trigger. Whether the 2011-2012 Products Policies, subject to their other terms, conditions, and exclusions, limit coverage for Mesh Claims to claims involving "bodily injury" that occurred after the applicable Retroactive Date and before the end of the policy period; and c. Known Loss Exclusion Endorsement. Whether the Known Loss Exclusion Endorsement in the Catlin Policy precludes coverage for the Mesh Claims under the Catlin Policy. This last issue is now moot, leaving only the first two bellwether issues to be resolved. The Excess Insurers moved for summary judgment on each of these two bellwether issues regarding the Mesh Claims. The Parties dispute whether the Mesh Policies limit coverage for the Mesh Claims to claims for a specific time period. The Excess Insurers posit that the clear language of the Mesh Policies Mesh only provides coverage for the Mesh Claims on a claims-made basis, and for a limited window of time between the Retroactive Date and the end of the Lexington Policy period. The Excess Insurers argue that the Lexington Policy's mesh-specific language found in Endorsement, an amendatory provision found later in the policy, expressly limits coverage this way by defining an "occurrence" under the policy as the first date of a claimant's surgical implantation with a Mesh Product and that the policy otherwise requires that "occurrence" take place during that limited window of time. By contrast, the Trustee takes the position that coverage for the Mesh Claims is not limited to claims made before the end of the policy period on the basis that Endorsement 3 to the Lexington Policy, the Batch Occurrence Endorsement, permits Endo to "batch" its Mesh Claims. As applied to the Mesh Claims, the Batch Occurrence Endorsement would act to treat later made Mesh Claims as arising out of the same "occurrence" for the purpose of coverage. The Parties also dispute whether the Self-Insured Retentions ("SIR") found in the Lexington and Columbia Casualty Policies apply to Mesh Claim-related liability against any Endo entities beyond AMS. The Excess Insurers take the position that the first and second levels of excess coverage -- the Columbia Policy and the Aspen Policy -- are not reached by the vast majority of the Mesh Claims that were made within the relevant window because most do not exceed the combined $5,000,000 SIR, or Self-Insured Retention, applicable under the Lexington Policy and the Mesh Policies. Infra Part III(A). The Trustee argues that the Mesh Claims are not subject to a per-claimant combined $2,500,000 SIR imposed by the Lexington Policy but are instead subject to a $10 million per occurrence SIR. Thus, the Trustee's position is that the Lexington Policy and the Excess Policies contemplate coverage for all Mesh Claims regardless of when the surgical implantation date was, and of what the value of the claim is. The Trustee's view on the applicable SIR is worlds apart from the Excess Insurers' argument that coverage was always intended to be limited to a small number of high-value Mesh Claims. Upon review, the Court is satisfied that, as a matter of law, the Mesh Claims are subject to two separate $2,500,000 per-claimant SIRs. The Lexington Policy and the Columbia Excess Policy each explicitly state that the Mesh Claims shall be subject to a $2,500,000 per-claimant SIR in addition to the underlying policy limits. Accordingly, to reach the Mesh Policies, the Mesh Claims must first exhaust the $2,500,000 per-claimant SIR imposed on AMS's Mesh Products in addition to the underlying policy limits imposed by the Lexington Policy, before exhausting another $2,500,000 per-claimant SIR imposed by the first level of excess coverage, the Columbia Excess Policy. In fewer words, the Mesh Policies only cover Mesh Claims that exceed the per claimant $2,500,000 dollar amount. A copy of the Court's Memorandum dated July 27, 2026, is available at https://urlcurt.com/u?l=Xf8tHs from Pacermonitor.com. About Endo International Endo International plc is a generics and branded pharmaceutical company. It develops, manufactures, and sells branded and generic products to customers in a wide range of medical fields, including endocrinology, orthopedics, urology, oncology, neurology, and other specialty areas. On the Web: http://www.endo.com/ On August 16, 2022, Endo International and certain of its subsidiaries initiated voluntary prearranged Chapter 11 proceedings (Bankr. S.D.N.Y. Lead Case No. 22-22549). The Company's cases are pending before the Honorable James L. Garrity, Jr. The Company has put up a Web site dedicated to its restructuring: http://www.endotomorrow.com/ The Debtors tapped Skadden, Arps, Slate, Meagher & Flom LLP as legal counsel; PJT Partners LP as investment banker; and Alvarez & Marsal as financial advisor. Kroll is the claims agent. Roger Frankel, the legal representative for future claimants in these Chapter 11 cases, tapped Frankel Wyron LLP and Young Conaway Stargatt & Taylor, LLP as counsel and Ducera Partners LLC as investment banker. FASTBOATS.COM SALES: Taps Lorium Law as Legal Counsel ----------------------------------------------------- Fastboats.com Sales Company, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire Jason E. Slatkin, Esq. of Lorium Law to serve as legal counsel. The firm will provide these services: (a) give advice to Debtor with respect to its powers and duties as a debtor in possession under Chapter 11 and the continued management of its business operations; (b) advise Debtor with respect to its responsibilities in complying with the U.S. Trustee's Operating Guidelines and Reporting Requirements and with the rules of the Court; (c) prepare and/or defend motions, pleadings, orders, applications, adversary proceedings, and other legal documents necessary in the administration of the case; (d) protect the interest of Debtor in all matters pending before the Court; and (e) represent Debtor in negotiation with its creditors in the preparation of a plan and confirmation of same. Lorium Law will receive compensation at its customary and usual hourly rates, which are subject to periodic adjustment. The Debtor agreed to provide a retainer of $7,500, and a $25,000 fee retainer, plus the $1,738 filing fee, before the petition would be filed. Jason E. Slatkin, Esq. and his firm Lorium Law are "disinterested persons" as that term is defined in 11 U.S.C. Sec. 327(a), according to court filings. The firm can be reached at: Jason E. Slatkin, Esq. LORIUM LAW 101 N.E. 3rd Avenue, Suite 1800 Fort Lauderdale, FL 33301 Telephone: (954) 462-8000 E-mail: jslatkin@loriumlaw.com About Fastboats.com Sales Company, LLC Fastboats.com Sales Company, LLC sought protection under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-20393-SMG) on August 5, 2026. At the time of the filing, Debtor had estimated assets of between $1,000,001 and $10 million and liabilities of between $1,000,001 and $10 million. Lorium Law is Debtor's legal counsel. FIELDSTONE A&E: Seeks Chapter 11 Bankruptcy in Michigan ------------------------------------------------------- On July 30, 2026, Fieldstone A&E LLC filed for Chapter 11 protection in the Eastern District of Michigan. According to court filings, the Debtor reports between $500,000 and $1 million in liabilities owed to 200 to 999 creditors. The company reports estimated assets of $1 million to $10 million. About Fieldstone A&E LLC Fieldstone A&E LLC is an Auburn Hills, Michigan-based architecture and engineering services firm. As of early 2026, the company maintained active offices in Auburn Hills and Tampa, Florida, under the leadership of Chief Operating Officer Brian Fresonke. The firm provides architecture, structural engineering, land planning, and interior design services. Its operations have extended across multiple states, including North Carolina and Texas. Fieldstone A&E LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 26-48494) on July 30, 2026. In its petition, the Debtor reports estimated assets of $1 million to $10 million and estimated liabilities of $500,000 to $1 million. Honorable Thomas J. Tucker handles the case. The Debtor is represented by Charles D. Bullock, Esq., of Stevenson & Bullock, PLC. FINANCE OF AMERICA: Bloom Retirement Holds 9.49% Stake ------------------------------------------------------ Bloom Retirement Holdings Inc. and Reza Jahangiri disclosed in a Schedule 13D (Amendment No. 17) filed with the U.S. Securities and Exchange Commission that, as of Aug. 5, 2026, they beneficially own 1,481,039 shares of Finance of America Companies Inc.'s Class A Common Stock, with shared voting power and shared dispositive power over all 1,481,039 shares, and no sole voting or dispositive power, representing 9.49% of the Class A Common Stock. Bloom Retirement Holdings Inc. is the record holder of 571,175 shares of Class A Common Stock and 909,864 FOAEC Units. Reza Jahangiri is the majority shareholder of Bloom Retirement Holdings Inc. and may be deemed to share voting and dispositive power over the securities. The FOAEC Units are exchangeable into Class A Common Stock on a one-for-one basis, subject to a Control Condition limiting ownership to 9.49%. In the last 60 days, Bloom Retirement Holdings Inc. disposed of 95,204 shares of Class A Common Stock in open-market transactions pursuant to a 2026 10b5-1 Trading Plan and made gifts of 720 shares (June 5, 2026) and 1,931 shares (June 29, 2026). The percentage is based on 8,936,570 shares of Class A Common Stock outstanding as of June 26, 2026, giving effect to the Control Condition. Bloom Retirement Holdings Inc. may be reached through: Reza Jahangiri Bloom Retirement Holdings Inc. 895 Dove Street, Suite 300 Newport Beach, CA 92660 Tel: (866) 948-0003 A full-text copy of Bloom Retirement Holdings Inc.'s SEC report is available at: https://tinyurl.com/ms37kanc. About Finance of America Plano, Texas-based Finance of America Companies Inc. is a financial services holding company. Through its operating subsidiaries, it operates as a modern retirement solutions platform, providing customers with access to an innovative range of retirement offerings centered on the home. In addition, Finance of America offers capital markets and portfolio management capabilities to optimize distribution to investors. As of March 31, 2026, the Company had $31.3 billion in total assets, $30.9 billion in total liabilities, and a total stockholders' equity of $438.1 million. * * * In Dec. 2025, Fitch Ratings affirmed the Long-Term Company Default Ratings (IDRs) of Finance of America Companies Inc. and its subsidiaries, Finance of America Equity Capital LLC and Finance of America Funding LLC (collectively, FOA) at 'CCC.' A Positive Rating Outlook has been assigned. Fitch has also affirmed Finance of America Funding's senior secured rating at 'CCC-' with a Recovery Rating of 'RR5.' This rating action has been taken as part of a periodic peer review of non-bank mortgage companies, which is comprised of seven publicly rated firms. FIRESTAR DIAMOND: Modi Can't Appeal Order on Admission Requests --------------------------------------------------------------- Judge Analisa Torres of the U.S. District Court for the Southern District of New York denied Nirav Modi's motion for leave to appeal from an October 15, 2025 order and decision (the "Order") of the United States Bankruptcy Court for the Southern District of New York that granted the motion of Richard Levin, the liquidating trustee for Firestar Diamond Inc.'s liquidating trust, to deem admitted certain matters stated in the Trustee's first set of requests for admission in the bankruptcy case. The appeal styled NIRAV MODI, Plaintiff-Appellant, - against - RICHARD LEVIN, Trustee for the Liquidating Trust of Firestar Diamond, Inc., Defendant-Appellee, Case No. 25-cv-09434-AT (S.D.N.Y.) is dismissed. The debtor, Firestar Diamond, Inc. ("Firestar"), operated a wholesale jewelry business in New York. Modi owned and controlled Firestar and numerous other affiliated jewelry businesses in the United States, India, Belgium, Hong Kong, the United Kingdom, and Dubai. Firestar and two of Modi's other jewelry businesses filed Chapter 11 petitions in the Bankruptcy Court on February 26, 2018. Shortly before Modi filed the Chapter 11 cases, Punjab National Bank filed a complaint against Modi and several of his associated entities in India with India's Central Bureau of Investigation, alleging the largest bank fraud in Indian history. Modi is currently incarcerated in England pending extradition to India, where he will face criminal charges. In March 2019, the Trustee filed a complaint against Modi and two co-defendants for breach of fiduciary duty, aiding and abetting breach of fiduciary duty, corporate waste, and violations of the Racketeering Influenced Corrupt Organizations Act. On March 28, 2025, the Trustee served requests for admission ("RFAs") on Modi at his former prison, HMP Wandsworth, and then, on April 2, 2025, served the same RFAs at his then-current prison, HMP Thameside. The Bankruptcy Court further warned Modi that if he failed to provide a timely response to the RFAs they would be deemed admitted for the purposes of the case. The Bankruptcy Court asked Modi if he had any prospect of retaining counsel because it was a "serious case," to which Modi responded that he did not have the funds to do so. Modi did not respond to the content of the RFAs. On September 8, 2025, the Trustee moved for an order deeming the matters stated in the RFAs as admitted (the "RFA Motion"). On September 14, 2025, Rikki Garg, one of Modi's U.K. lawyers, who is not representing Modi in any U.S. proceedings, emailed the Bankruptcy Court a letter containing Modi's untimely responses to the RFAs and requested that the Bankruptcy Court exercise its discretion pursuant to Federal Rule of Civil Procedure 36(b) to allow Modi to serve his responses to the RFAs late. The letter confirmed Modi received the RFAs on May 5, 2025, but did not respond to them based on the advice of counsels in London. On October 15, 2025, the Bankruptcy Court entered the Order holding, inter alia, that the RFAs were deemed admitted. Modi now seeks leave for an interlocutory appeal of the Order. The District Court finds Modi's motion fails to demonstrate circumstances warranting interlocutory review of the Order. Accordingly, Modi's motion for leave to appeal is denied and the action is dismissed. A copy of the Court's Order dated July 30, 2026, is available at https://urlcurt.com/u?l=nL9mIl from Pacermonitor.com. About Firestar Diamond Firestar Diamond Inc. procured, designed, manufactured and distributed diamond-studded jewelry. Firestar Diamond's operations spanned the USA, Europe, the Middle East, the Far East and India, with offices in Mumbai, Surat, New York, Chicago, Johannesburg, Antwerp, Yerevan, Dubai, and Hong Kong. It employed over 1,200 people. A. Jaffe, Inc., a subsidiary of Firestar Diamond, designed and manufactured wedding rings and wedding bands. Firestar Diamond, A. Jaffe and Fantasy, Inc. sought Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 18-10509) on Feb. 26, 2018. Firestar Diamond estimated assets and debt of $50 million to $100 million. The Hon. Sean H. Lane was the case judge. The Debtors tapped Ian R. Winters, Esq., at Klestadt Winters Jureller Southard & Stevens, LLP as their bankruptcy counsel; Forchelli Deegan Terrana LLP as conflicts counsel; Lackenbach Siegel, LLP as special counsel; Getzler Henrich & Associates LLC and its managing director Mark Samson as chief restructuring officer; and Rust Consulting/Omni Bankruptcy as claims and noticing agent. Richard Levin, Esq., has been appointed as Chapter 11 trustee for Firestar Diamond. The trustee tapped Jenner & Block, LLP as his legal counsel; Alvarez & Marsal Disputes and Investigations, LLC as his financial advisor; and Gem Certification & Assurance Lab, Inc. as his appraiser. John J. Carney, Esq., has been appointed as examiner in the Debtors' cases. Alvarez & Marsal Disputes and Investigations, LLC, serves as his financial advisor. FO&O INC: Unsecured Creditors to Split $149K over 36 Months ----------------------------------------------------------- FO&O Inc. filed with the U.S. Bankruptcy Court for the Northern District of Texas a Plan of Reorganization under Subchapter V dated July 31, 2026. FO&O Inc. is a Texas corporation that operates as a fiberoptic and utility subcontractor, providing services primarily to AT&T and other utility and broadband providers in Texas. The company submitted a Chapter 11 Plan of Reorganization that proposes to repay creditors through the continued operation of its business. The Debtor states that it has sufficient projected cash flow to fund both its business operations and the required Plan payments. It provided five years of projected financial information and estimates projected monthly disposable income, as defined by the Bankruptcy Code, that will be used to pay unsecured creditors. After payment of allowed secured claims, the Debtor projects total disposable income available for unsecured creditors of $148,830.84, with up to $4,134.19 per month for 36 months available for distributions. The Plan provides that: * Allowed Priority Claims and Allowed Secured Claims will be paid according to the treatment specified for their respective classes. * Class 6 Allowed General Unsecured Claims: The Debtor estimates allowed unsecured claims (excluding disputed claims) at $452,763.57. After payment in full or provision for administrative expenses and Classes 1 through 5 claims, Class 6 creditors will receive pro rata distributions from the Debtor's projected disposable income. The estimated total distribution to unsecured creditors is $148,830.84, paid at approximately $4,134.19 per month for 36 months. These claims will remain unsecured obligations of the reorganized Debtor, and the timing and amount of distributions will be at the Debtor's discretion, subject to the Plan. * Class 7 Equity Interests: Derrick Norwood, Jr., who owns 100% of the Debtor's equity interests, will retain ownership. No distributions will be made to equity holders unless all allowed claims have been paid in full. Plan payments will be funded from cash generated by the Debtor's ongoing business operations. On the Effective Date, all of the Debtor's assets will vest in the Estate and/or the Reorganized Debtor free and clear of claims, liens, interests, and encumbrances, except as otherwise provided in the Plan or the Confirmation Order. The Reorganized Debtor will also retain all rights relating to avoidance actions and other causes of action. A full-text copy of the Plan of Reorganization dated July 31, 2026 is available at https://urlcurt.com/u?l=9kPtWx from PacerMonitor.com at no charge. Counsel to the Debtor: Steven E Wallace, Esq. Wallace Law, PLLC 13747 Montfort Drive, Suite 350 Dallas, TX 75240 Phone: (214) 706-9191 Email: wallacelaw1@me.com About F O & O Inc. F O & O, Inc. is a Texas-based utility contractor operating in fiber optics. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 26-31941) on May 3, 2026. In the petition signed by Martin Derrick Norwood Jr, president, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Scott W. Everett oversees the case. Steven E. Wallace, Esq., at Wallace Law, PLLC, represents the Debtor as legal counsel. FOCUS FINANCIAL: Moody's Cuts CFR to B3 & Alters Outlook to Stable ------------------------------------------------------------------ Moody's Ratings downgraded Focus Financial Partners, LLC's (Focus) corporate family rating to B3 from B2 and its probability of default rating to B3-PD from B2-PD. Moody's also downgraded Focus' senior secured first lien bank credit facility ratings and senior secured notes rating to B3 from B2. The outlook was changed to stable from negative. Focus plans to raise $600 million of additional senior secured notes. The company intends to use the proceeds primarily to fund a $365 million distribution to shareholders and repay approximately $150 million outstanding under its revolving credit facility. The balance will go towards working capital. Pro-forma for the transaction, Focus' leverage, measured as Moody's-adjusted debt to EBITDA, will be approximately 8.7x. RATINGS RATIONALE The downgrade to B3 reflects Focus' increasingly high financial leverage and continued aggressive financial policy, evidenced by the use of additional debt to fund continued shareholder distributions. The proposed transaction will increase Focus' debt without adding additional assets that would contribute incremental EBITDA, demonstrating a willingness to operate the company with very high debt load. Focus' B3 corporate family rating continues to benefit from its high recurring revenue, organic asset growth and strong client retention rates. These strengths are offset by the firm's very high debt burden, aggressive financial policies and weak profitability. Focus faces significant governance risks stemming from its aggressive financial strategy and ownership structure. The firm has demonstrated a shareholder-focused financial policy stance and comfort with a high level of debt with its inclination towards debt-funded shareholder dividends in recent years. Although Focus has continued to execute its growth strategy, growth in revenue and EBITDA has not kept pace with the increase in notional debt. Moody's-adjusted EBITDA has remained within an approximately $820 million to $851 million range since 2024, while Moody's-adjusted debt has increased steadily from approximately $5 billion to approximately $7 billion. In addition, the company's GAAP pretax income has been negative since 2023. The transaction will increase Moody's-adjusted debt to EBITDA to approximately 8.7x, above 7.0x, the level at which had previously been Moody's downgrade trigger. Importantly, the incremental increase in debt has been used to fund shareholder distributions, resulting in a sustained weakening of its credit profile. Unlike debt used to finance acquisitions or other investments, the proposed shareholder dividend will not add earnings or cash flowing assets that could support future deleveraging. The downgrade also reflects the occurrence of both catalysts previously identified for resolving the negative outlook with a downgrade. First, Focus is undertaking another debt-funded shareholder distribution. Second, Moody's-adjusted debt to EBITDA has remained above 7.0x and is likely to stay elevated. The stable outlook reflects Moody's expectations that Focus will continue to benefit from its recurring revenue model, strong client retention and organic asset growth, but that leverage will remain elevated over the near to medium term. The outlook also assumes that the company will maintain adequate liquidity and that the business will remain stable to produce organic deleveraging. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Focus' ratings could be upgraded if Moody's-adjusted debt to EBITDA is sustained below 7.0x, with a credible path toward further deleveraging; GAAP pretax profitability improves on a sustained basis; and the company demonstrates a less aggressive financial policy, including restraint with respect to debt-funded shareholder distributions. Focus' ratings could be downgraded if leverage continues to increase; the company is unable to generate sufficient cash flow to reduce leverage; its profitability or liquidity weakens materially; or it undertakes additional debt-funded shareholder distributions or other creditor-unfriendly transactions. The principal methodology used in these ratings was Asset Managers published in May 2024. For Focus, the "Standalone Credit Profile" adjusted score of B3 is set four notches below the "Standalone Credit Profile Before Qualitative Notching Factors" of Ba2. This principally reflects the company's very high financial leverage and aggressive financial policies. FOCUS UTILITY: Gets Interim OK to Use Cash Collateral ----------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Florida, Fort Lauderdale Division, entered an interim order authorizing Focus Utility Services, LLC to use cash collateral. Under the interim order, the Debtor is permitted to use cash collateral solely for ordinary business expenses outlined in its revised 13-week budget, including payroll, insurance, equipment, facilities, customer relationships, and Chapter 11 administrative costs. The Debtor may exceed individual line items by up to 10%, provided total disbursements do not exceed the overall budget by more than 10% without court approval or consent from affected creditors. The lenders that may have interest in the cash collateral include Commercial Credit Group Inc., which may assert a blanket security interest in cash, accounts receivable, and deposit accounts, and Elite Equipment Rental, LLC, which may assert a judicial-lien interest arising from pre-petition garnishment proceedings. Additional equipment lenders including Trans Lease, Inc., Zions Bancorporation, N.A., UMB Bank, N.A., Bank of the West, Yellowstone Bank, and Daimler Truck Financial Services USA LLC are noted as potentially holding interests in specific vehicles or identifiable proceeds. As adequate protection, any creditor ultimately determined to hold a valid pre-petition security interest in the cash collateral will be granted replacement liens on post-petition collateral. These liens exclude Chapter 5 avoidance actions and previously unencumbered property. Additional safeguards include maintaining insurance coverage, using authorized debtor-in-possession accounts, preserving financial records, and providing weekly budget-to-actual reports to the U.S. trustee, the Subchapter V trustee, and secured creditors. The interim authority to use cash collateral remains effective through September 11, unless extended or replaced by a further court order. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/tj0dr from PacerMonitor.com. The court scheduled a further evidentiary hearing for September 9. About Focus Utility Services LLC Focus Utility Services, LLC is a Miramar, Florida-based utility system construction company specializing in hydro-excavation and underground infrastructure services. The company provides excavation and utility support for infrastructure projects throughout South Florida and continues to operate as a debtor-in-possession while maintaining ongoing utility projects in the Miami area. The current filing follows the dismissal of a prior Chapter 11 case in May 2026. Focus Utility Services, LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-19103) on July 12, 2026. In its petition, the Debtor reported estimated assets of $1 million to $10 million and estimated liabilities of $1 million to $10 million. Honorable Scott M. Grossman handles the case. The Debtor is represented by Jaitegh Singh, Esq., at Singh Law Firm, P.A. FORDHAM FULTON: Seeks to Hire Meglio Group P.C. as Accountant ------------------------------------------------------------- Fordham Fulton Realty Corp seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ The Meglio Group, P.C. as its accountants. The firm will render these services: (a) prepare the Debtor's federal, state and local tax returns as may be required during the course of this case (b) to the extent deemed to be necessary and/or appropriate, prepare amended federal, state and local tax returns for the Debtor; (c) review and advise the Debtor and/or Trigild and its other professionals as to any tax claims filed in the Debtor's case; (d) assist the Debtor and/or Trigild in drafting projections and/or a liquidation analysis in support of a plan of reorganization; and (e) perform any other accounting or financial advisory services that the Debtor and/or Trigild may require in connection with this case. The firm will be paid at these rates: CPA/partners $425 per hour Associates $375 per hour General Staff $130 per hour Meglio P.C. will also seek reimbursement for all out-of-pocket disbursements. As disclosed in the court filings, Meglio P.C. does not hold or represent an interest adverse to the estate, and is a "disinterested person" within the meaning of Secs. 101(14) and 327 of the Bankruptcy Code. The firm can be reached through: Steven O. Meglio, CPA Meglio P.C. 5 Swanner Lane Saratoga Springs, NY 12866 Phone: (973) 226-4300 Email: office@themegliogroup.com About Fordham Fulton Realty Corp. Fordham Fulton Realty, Corp. owns two residential apartment buildings at 480-490 E. 188th St. and 530-530 E. 169th St., Bronx, NY, with a combined current value of $40 million, and provides services related to real estate, including property management, appraisal, and other support services. Fordham Fulton Realty, Corp. in Bronx, NY, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. E.D.N.Y. Case No. 25-45747) on Nov. 28, 2025, listing $52,801,506 in assets and $84,426,499 in liabilities. Karan Singh as vice president, signed the petition. Judge Elizabeth S Stong oversees the case. GOLDBERG WEPRIN FINKEL GOLDSTEIN LLP serve as the Debtor's legal counsel. FRANCHISE GROUP: SEC Sues Kahn Over Hedge Fund Collapse ------------------------------------------------------- David Voreacos of Bloomberg News reports that Brian Kahn, the former chief executive of Franchise Group Inc., is facing a U.S. Securities and Exchange Commission lawsuit tied to the collapse of Prophecy Asset Management, a hedge fund he helped run. Federal prosecutors also brought criminal charges against another Prophecy executive, as authorities pursue separate civil and criminal cases arising from the fund's collapse. The SEC alleges that Kahn and other Prophecy executives orchestrated a multiyear investment-adviser fraud that caused more than $350 million in investor losses. The agency said Prophecy raised more than $500 million between 2014 and March 2020 and collected more than $15 million in management and incentive fees while allegedly concealing the funds' deteriorating financial condition, the report relays. According to Bloomberg News, the complaint alleges that investors were told their money was spread among multiple sub-advisers trading liquid securities and maintaining cash collateral. In reality, the SEC says most of the capital was directed to Kahn, whose trading losses grew substantially and eventually exceeded $350 million. The defendants allegedly used fabricated financial records and sham transactions to hide those losses from investors and other parties. Prophecy eventually suspended investor redemptions indefinitely in March 2020 after the losses became unsustainable. The SEC is seeking injunctions, monetary penalties, disgorgement and other remedies, while prosecutors pursue the related criminal case against Spotts. Kahn has denied wrongdoing and has previously said he was a victim of the fund's collapse, the report cites. About Franchise Group Inc. Franchise Group, Inc., through its subsidiaries, operates franchised and franchisable businesses including The Vitamin Shoppe, Pet Supplies Plus, LLC, Badcock Home Furniture & More, American Freight, Buddy's Home Furnishings and Sylvan Learning Systems, Inc. Franchise Group, Inc. and its affiliates filed their voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-12480) on Nov. 3, 2024, listing $1,000,000,001 to $10 billion in both assets and liabilities. The petitions were signed by David Orlofsky as chief restructuring officer. Willkie Farr & Gallagher LLP and Young Conaway Stargatt & Taylor, LLP are serving as legal counsel, AlixPartners is serving as financial advisor and Chief Restructuring Officer, and Ducera Partners is serving as investment banker to the Company. Paul Hastings LLP is serving as legal counsel and Lazard is serving as investment banker to the first lien ad hoc group. FRANKIE MARTIN: Commences Chapter 11 Bankruptcy in Florida ---------------------------------------------------------- On July 29, 2026, Frankie Martin Investments LLC filed for Chapter 11 protection in the Middle District of Florida. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to between 1 and 49 creditors. A meeting of creditors under Section 341(a) to be held on August 28, 2026 at 10:00 AM. U.S. Trustee (Ft. Myers) will hold the meeting telephonically. Call in Number: 888-330-1716. Passcode: 7420722#. Chapter 11 Plan and Disclosure Statement due November 26, 2026. About Frankie Martin Investments LLC Frankie Martin Investments LLC is a Florida-based single-asset real estate company engaged in the management and leasing of nonresidential commercial property. The company maintains its principal place of business in Lakeland, Florida, and has commercial real estate holdings that include a retail property in Stuart, Florida. The company has also utilized funding from the U.S. Small Business Administration to support its real estate operations. Frankie Martin Investments LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-06639) on July 29, 2026. In its petition, the Debtor reports estimated assets of $1 million to $10 million and estimated liabilities of $1 million to $10 million. Honorable Luis Ernesto Rivera II handles the case. The Debtor is represented by Pierce J. Guard Jr., Esq. of The Guard Law Group, PLLC. GENERAL GERMAN: Fitch Lowers IDR to 'BB+', Outlook Stable --------------------------------------------------------- Fitch Ratings has downgraded General German Aged People's Home of Baltimore, MD's (aka Edenwald) Issuer Default Rating (IDR) to 'BB+' from 'BBB-'. Fitch has also downgraded Edenwald's series 2015 revenue bonds issued by the Maryland Health and Higher Educational Facilities Authority to 'BB+' from 'BBB-'. Fitch has assigned a 'BB+' rating to the series 2026A revenue bonds and series 2026B entrance fee principal redemption revenue bonds to be issued by the Maryland Health and Higher Educational Facilities Authority on behalf of Edenwald. The Rating Outlook is Stable following the downgrade. Entity/Debt Rating Prior ----------- ------ ----- General German Aged People's Home of Baltimore (MD) LT IDR BB+ Downgrade BBB- General German Aged People's Home of Baltimore (MD) /General Revenues/1 LT LT BB+ Downgrade BBB- The downgrade reflects a significant increase in Edenwald's leverage profile associated with the debt financing of its 125-unit independent living (IL) expansion project. The series 2026 bonds will finance $208.3 million of project costs (including a $14.9 million contingency) and refinance $14.3 million of outstanding series 2024 bonds and accrued interest. The 2026 bonds will also fund $36.3 million of capitalized interest over 36 months, cover $3.4 million of issuance costs, and fund debt service reserve funds. The Stable Outlook reflects Fitch's expectation that the ILU expansion project will remain on schedule, with construction beginning in fall 2026, completed by 2029, and stabilized occupancy reached by 2031. The Stable Outlook also assumes that Edenwald will repay $106.25 million of short-term debt using initial entrance fees by mid-2031. SECURITY Debt service is supported by a pledge of gross revenues, first mortgage lien and debt service reserve fund. KEY RATING DRIVERS Revenue Defensibility - 'bbb' Good Market Position Edenwald's demand history reflects a strong local reputation, focus on individualized care, and competitive pricing. Its entrance fee and monthly fee pricing are consistent with the local housing market and residents' net worth. Edenwald regularly raises rates. The waitlist for existing ILUs was over 170 people at Q1 2026. IL occupancy has averaged 93% over the last five years. Skilled nursing facility (SNF) occupancy has historically been below 80%. Following recent renovations, Edenwald began to accept short-term Medicare admissions from outside the community. Since initiating this change in March 2026, SNF occupancy has risen to 87%. Edenwald's ILU expansion project will create the first university-affiliated life plan community (LPC) in Maryland. Fitch views project demand as sound, as evidenced by the pre-sale of all 125 units and a project-specific waitlist. Fitch believes the project will fill on-schedule and be accretive to revenues, supported by the university affiliation. The project is being developed on land leased from Goucher College adjacent to the existing campus. Common space is planned for both Edenwald residents and Goucher College students to support intergenerational programming. Multiple rental and full-service LPC competitors exist in Edenwald's immediate PMA, including seven full-service competitors within an 11-mile radius. In 2025, 27% of incoming residents came from other parts of Maryland or out-of-state. Operating Risk - 'bbb' Adequate Operations Edenwald's operating profile is consistent with a 'Midrange' assessment. Operating ratios are consistently above 100%, which is not atypical for a Type 'A' contract LPC. Weaker operations are offset by net operating margins - adjusted (NOMA) averaging about 25%. Strong IL occupancy drives cash flow. Edenwald secured Medicare certification for its SNF a few years ago. Growth in Medicare census, higher AL occupancy, and revenue from Edenwald's at-home product should help to sustain or improve performance levels. Average age of plant is high at over 16 years. Edenwald's capex has focused on key strategic initiatives such as the recent SNF refresh and the IL expansion. It has a guaranteed maximum price contract for the IL expansion, including liquidated damages and sub guard insurance. Edenwald retains limited exposure to potential cost increases from change orders, certain materials price escalations, and other items outside the contract scope. Pro-forma capital-related ratios are consistent with the 'Midrange' assessment. Edenwald will be tested by a higher maximum annual debt service (MADS) figure in 2032. Revenue-only MADS coverage stabilizes above .5x, debt-to-net-available stabilizes around 8x, and MADS as a percentage of revenue stabilizes at around 19%. Financial Profile - 'bb' Greater Leverage Fitch expects key leverage metrics to remain consistent with a 'bb' financial profile assessment given Edenwald's 'bbb' revenue defensibility, 'bbb' operating risk, and Fitch's forward-looking scenario analysis. Unrestricted cash and investments totaled $46.5 million at YE 2025, representing cash-to-adjusted debt of 115.9%. MADS coverage was 3.1x as calculated by Fitch. Fitch's base case anticipates the new ILUs will fill in 2031. About $117.5 million of initial entrance fees collected in 2029-2031 will repay short-term debt. Maintenance capex will be near depreciation. Fitch's stress case includes a portfolio stress tailored to Edenwald's asset allocation and operating and entrance fee stresses. Fitch expects the community to maintain cash-to-adjusted debt at levels consistent with a 'BB+'. DCOH remains above 200 days in both the base and stress cases. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Material delays in construction or fill-in such that cash-to-adjusted debt stabilizes below 30% and MADS coverage stabilizes below 1.5x in a stress case; - Operations weaken such that the operating ratio is consistently above 115% and revenue-only coverage is negative. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Project finishes ahead of schedule with material cost savings such that cash-to-adjusted debt stabilizes above 40% and MADS coverage stabilizes around 2x in a stress case; - The operating ratio improves to below 100%. PROFILE General German Aged Peoples Home of Baltimore owns and operates Edenwald, a life plan community (LPC) in Towson, MD, 15 minutes' north of Baltimore. Edenwald consists of 250 ILUs, 32 ALUs, 49 private SNF units and 35 memory care units. Operating revenue in 2025 was $34.1 million. 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 General German Aged People's Home of Baltimore (MD). 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. GENESIS HEALTHCARE: Texas Judge Rejects Lender Releases Appeal -------------------------------------------------------------- Emlyn Cameron of Law360 Bankruptcy Authority reports that a Texas federal judge has thrown out an appeal challenging Genesis Healthcare's post-petition financing, finding that a provision of the Bankruptcy Code barred the district court from interfering with the arrangement. The appeal sought to challenge protections granted to the company's bankruptcy lenders, including disputed releases. According to report, the dispute stems from Genesis Healthcare's Chapter 11 case, which began in July 2025 in Texas. The nursing home operator obtained a $30 million debtor-in-possession financing commitment from existing secured lenders to help fund operations and its restructuring while addressing its legacy debt burden. By dismissing the appeal, the court declined to disturb the bankruptcy financing arrangement. The decision allows Genesis and its lenders to continue operating under the approved financing terms as the company moves forward with its Chapter 11 restructuring, Law360 relays. About Genesis Healthcare Inc. Based in Culver City, Calif., Genesis Healthcare Inc. is a medical group that provides physician services in Southern California. Genesis Healthcare has operated under the names Daehan Prospect Medical Group and Prospect Genesis Healthcare. Genesis Healthcare Inc. and several affiliated debtors sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case 25-80185) on July 9, 2025. In its petition, Genesis Healthcare Inc. listed between $1 billion and $10 billion in estimated assets and liabilities. The Hon. Bankruptcy Judge Stacey G. Jernigan handles the jointly administered cases. The Debtors employed McDermott Will & Schulte LLP as counsel; Jefferies LLC as investment banker; and Ankura Consulting Group, LLC, as restructuring advisors, and designated Louis E. Robichaux IV and Russell A. Perry as co-chief restructuring officers. Katten Muchin Rosenman LLP serves as special counsel at the sole direction of Jonathan Foster and Elizabeth LaPuma in their capacity as independent directors and members of the special investigation committee. The U.S. Trustee appointed an official committee of unsecured creditors in the Chapter 11 cases of Genesis Healthcare Inc. and affiliates. The committee retained Proskauer Rose LLP and Stinson LLP as its co-counsel; FTI Consulting, Inc., as its financial advisors; and Houlihan Lokey Capital, Inc. as its investment banker. GEV IO: Seeks Approval to Tap Erik White of HMP Advisory as CRO --------------------------------------------------------------- GEV IO LLC and affiliate seek approval from the U.S. Bankruptcy Court for the Northern District of Texas to designate Erik White of HMP Advisory Holdings, LLC d/b/a Harney Partners as Chief Restructuring Officer. The profession will provide these services: (a) consult with and advise the Debtors on business strategy and other key elements of the Debtors' business, with the Debtors' management and business personnel cooperating with and providing information to the CRO as reasonably requested in connection with restructuring efforts; (b) manage due diligence requests and other items requested by various constituents as part of the restructuring process; (c) supervise the preparation of and approve the cash flow forecast and related financial and business models; (d) supervise the preparation of and approve schedules, statements, monthly operating reports, and other similar regular Chapter 11 administrative, financial, and accounting reports required by the United States Bankruptcy Court; (e) provide necessary testimony before the Bankruptcy Court on matters within the CRO's areas of expertise; (f) negotiate with creditors, prospective purchasers, and other parties in interest; (g) have decision-making authority over financial and restructuring matters of the Debtors, with the Debtors' management cooperating with and supporting the CRO in such matters; (h) receive advance written notice of, and provide prior written consent before the Debtors' management implements, any operational decision that could reasonably be expected to have a material effect on the Debtors’ cash flows, financial condition, or restructuring efforts; (i) request and receive cooperation and assistance from the Debtors' employees, contractors, professionals, and other agents in performing his duties; (j) execute all documents and take all other acts necessary to effectuate the financial restructuring of the Debtors; (k) negotiate, propose, file, and seek confirmation of a plan of reorganization or liquidation on behalf of the Debtors, including any amendments or modifications thereto, subject to Bankruptcy Court approval; (l) approve and authorize a sale of all or substantially all of the Debtors' assets or equity interests, including a sale of the company, whether pursuant to section 363 of the Bankruptcy Code or through a confirmed plan, subject to Bankruptcy Court approval and any applicable bidding procedures; and (m) such other CRO services as may be agreed upon between HP and the Debtors. Mr. White will receive compensation at a rate of $625 per hour, plus reimbursement of actual, reasonable, and documented out-of-pocket expenses, subject to approval of the Bankruptcy Court. Mr. White is a "disinterested person" within the meaning of section 101(14) of the Bankruptcy Code and does not hold or represent any interest materially adverse to the Debtors or their estates, according to court filings. The firm can be reached at: Erik White HMP Advisory Holdings, LLC, d/b/a Harney Partners Westech 360 8911 North Capital of Texas Highway, Suite 2120 Austin, TX 78759 About GEV IO, LLC GEV IO, LLC, doing business as Nomad Internet, provides wireless internet services and related equipment, including modems, for rural communities, RV parks, travelers, and other customers across the United States. Founded in 2017 and based in Bulverde, Texas, the company operates as an authorized reseller of network services and offers enterprise, retail, and transportation-related connectivity solutions. GEV IO, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 26-31546) on April 8, 2026, listing $1 million to $10 million in assets and $10 million to $50 million in liabilities. The petition was signed by Jessica Garza as president. Judge Michelle V Larson presides over the case. Omar J Alaniz, Esq. at REED SMITH serves as the Debtor's counsel. GLACIER CAR: Plan Confirmation Hearing Scheduled for Sept. 17 ------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Colorado will hold a hearing on September 17, 2026 at 10:00 a.m. before the Honorable Kimberley H. Tyson to confirm the Subchapter V Plan of Reorganization of Glacier Car and Dog Wash, LLC. Ballots accepting or rejecting the Plan must be submitted by the holders of all claims or interests on or before 5:00 p.m. on September 10, 2026, to Debtor's counsel, Aaron Garber at 2580 West Main Street, Suite 200, Littleton, CO 80120. On or before September 10, 2026, any objection to confirmation of the Plan shall be filed with the Court and a copy served on Debtor's counsel. In a court filing, the Debtor filed for bankruptcy due to several financial challenges, including increased construction costs after COVID-related inflation, which added approximately $250,000 to expenses. Additionally, the secured construction and operating loan had a variable interest rate that increased from 6% to 11%, significantly raising the cost of carrying the debt. After construction was completed, road construction near the facility made access more difficult, and dry weather in 2025 reduced demand for cash washes. The proposed bankruptcy plan separates creditors and ownership interests into classes, with creditors in each class receiving similar treatment. A class is considered unimpaired if the plan does not alter the creditor's existing legal, contractual, or equitable rights. Under the plan: Class 5 general unsecured creditors will receive pro rata distributions from an Unsecured Creditor Account. * Beginning the first full month after the plan’s effective date, the debtor will make monthly deposits into the account for three years: -- Year 1: $640.65 per month -- Year 2: $1,024.26 per month -- Year 3: $1,429.24 per month * At the end of each calendar quarter, funds in the account will first be distributed to allowed administrative claims until paid in full, and then to Class 5 unsecured creditors on a pro rata basis. * Any recoveries from avoidance actions will be distributed first to administrative claims and then to Class 5 creditors, after deducting attorney fees and costs. The decision to pursue such actions remains at the debtor's discretion. Class 6 ownership interests are unimpaired. Upon confirmation of the plan, current ownership holders will retain their interests in the debtor. The debtor will establish a separate Unsecured Creditor Account at a federally insured commercial bank on the effective date of the plan to manage payments required under the plan. The debtor believes the plan is feasible and will be funded through continued business operations. Financial projections indicate that the company expects to generate sufficient cash flow and profits during the plan term to meet its obligations to creditors while covering operating expenses. The projections show sufficient income to make creditor payments during years one through four of the plan period. A full-text copy of the Subchapter V Plan dated July 30, 2026 is available at https://urlcurt.com/u?l=eMiSem from PacerMonitor.com at no charge. Counsel to the Debtor Aaron A. Garber, Esq. Wadsworth Garber Warner Conrardy, PC 2580 West Main Street, Suite 200 Littleton, CO 80120 Telephone: (303) 296-1999 Facsimile: (303) 296-7600 Email: agarber@wgwc-law.com A copy of the Court's Order dated July 31, 2026, is available at https://urlcurt.com/u?l=QgPJtQ from PacerMonitor.com. About Glacier Car and Dog Wash Glacier Car and Dog Wash, LLC operates a combined dog wash and car wash facility in Thornton, Colorado. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case No. 26-13121-KHT) on May 4, 2026. In the petition signed by Seana Cabral, vice president, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Kimberley H. Tyson oversees the case. Aaron A. Garber, Esq., at Wadsworth Garber Warner Conrardy, P.C., represents the Debtor as legal counsel. GLADE AT NOTTINGHAM: Case Summary & Four Unsecured Creditors ------------------------------------------------------------ Eight affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Glade at Nottingham Villas Vacation Condominium Association, Inc. (Lead Case) 26-03736- 100 Stonehenge Dr. Fairfield Glade, TN 38558 Wellington Place Condominium Property Owners Association, Inc. 26-03743 Stonecastle Property Owners Association, Inc. 26-03741 Stonecastle Place Property Owners Association, Inc. 26-03742 Kensington Woods Townhouse Association, Inc. 26-03737 Laurel Ridge Townhouses Property Owners Association, Inc. 26-03738 Oak Knoll Property Owners Association, Inc. 26-03739 Sterling Forest Townhouse Association, Inc. 26-03740 Business Description: The Debtors are Tennessee non-profit corporations that govern eight residential properties in Fairfield Glade, Tennessee, comprising 95 buildings and 417 units. Organized between 1980 and 2003, the Debtors oversee Nottingham Villas, Wellington Place, Stonecastle, Stonecastle Place, Kensington Woods, Laurel Ridge, Oak Knoll and Sterling Forest, which range from five to 29 buildings and from 18 to 116 units. Chapter 11 Petition Date: August 4, 2026 Court: United States Bankruptcy Court Middle District of Tennessee Judge: Hon. Charles M. Walker Debtors' Bankruptcy Counsel: Henry E. ("Ned") Hildebrand, IV, Esq. Gray Waldron, Esq. DUNHAM HILDEBRAND PAYNE WALDRON, PLLC 9020 Overlook Boulevard, Suite 316 Brentwood, TN 37027 Tel: 615-933-5851 Email: ned@dhnashville.com gray@dhnashville.com AND Daniel M. Eliades, Esq. Peter J. D'Auria, Esq. K&L GATES LLP One Newark Center, Tenth Floor Newark, NJ 07102 Tel: (973) 848-4000 Email: daniel.eliades@klgates.com peter.dauria@klgates.com Debtor's Notice, Claims and Solicitation Agent: STRETTO, INC. Estimated Assets (consolidated): $1 million to $10 million Estimated Liabilities (consolidated): $0 to $50,000 The petitions were signed by Helen Boone as president. A full-text copy of the Lead Debtor's petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/C472ZVI/Glade_at_Nottingham_Villas_Vacation__tnmbke-26-03736__0001.0.pdf?mcid=tGE4TAMA List of Lead Debtor's Four Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Vacation Resort Management Services Unknown Management, Inc. f/k/a Wyndham Vacation Management, Inc. 501 W Church St Orlando, FL 32805 Tel: 407-626-5200 Email: bankruptcydept@wyn.com 2. FGH Land Tennessee, LLC Land Lease Unknown 7012 Peavine Road Crossville, TN 38558-7173 Tel: 931-484-3734 3. Fairfield Glade Community HOA Fees Unknown Community Club 7827 Peavine Road PO Box 2000 Fairfield Glade, TN 38558 Tel: 931-484-3780 Email: info@fairfieldglade.com 4. Wellness Complex at FFG Recreation Facility Unknown 130 Stonehenge Drive Crossville, TN 38558 Tel: 931-707-8420 GLOBAL LEADERSHIP: Retains Cornicello Tendler as Special Counsel ---------------------------------------------------------------- Global Leadership Foundation seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to retain Cornicello, Tendler & Baumel-Cornicello, LLC as special counsel. On October 3, 2022, the Debtor commenced a Class Action suit litigation against Bank of Hope, et al. in the Supreme Court of the State of New York, County of New York, bearing Index No. 653623/2022 (the "State Litigation"). The firm will represent the Debtor in the State Litigation pursuant to 11 U.S.C Sec. 327(e). Cornicello will receive compensation at an hourly rate of $575, subject to Court approval upon proper application. Cornicello is a "disinterested person" within the meaning of the Bankruptcy Code and does not hold or represent an interest adverse to the Debtor or its estate, according to court filings. The firm can be reached at: David Tendler, Esq. CORNICELLO, TENDLER & BAUMEL-CORNICELLO, LLC 29 Broadway, 25th Floor New York, NY 10006 About Global Leadership Foundation Global Leadership Foundation sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 26-43141) on June 26, 2026, with $1,000,001 to $10 million in assets and liabilities. Judge Elizabeth S. Stong presides over the case. Sari Placona, Esq. Mcmanimon Scotland & Baumann, LLC represents the Debtor as legal counsel. GRIFFON CORP: S&P Upgrades ICR to 'BB' on Lower Leverage -------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on U.S. based- Griffon Corp. to 'BB' from 'BB-'. S&P said, "At the same time, we assigned our 'BBB-' issue-level rating on the company's proposed $500 million senior secured revolving credit facility due 2031. The recovery rating is '1', indicating our expectations for very high recovery (rounded estimate: 90%-100%; 95%) in event of a payment default. "We also assigned our 'BB' issue-level rating to the company's proposed $800 million senior unsecured notes due 2034. The '4' recovery rating indicates our expectations for average recovery (30%-50%: 45%) in the event of a payment default. The recovery prospects reflect repayment of the company's structurally senior secured term loan. "The stable outlook reflects our expectations that Griffon will sustain leverage comfortably below 3x and EBITDA margins above 25%, despite continued challenges in the housing market over the next 12-24 months. "We will withdraw the ratings on the company's existing debt following the close of this transaction. "The upgrade reflects our view that Griffon will sustain adjusted leverage under 3x through the business cycle. Following the repayment of the company's term loan, the company has no mandatory debt amortization and meaningfully lower debt servicing costs. Together with the improved profitability of the narrower company and a more conservative financial policy, we expect the company will generally maintain its S&P Global Ratings-adjusted leverage between 1.5x and 2.5x, consistent with its new public guidance. Additionally, we expect the company's departure from the lower-margin consumer space will reduce its exposure to more cyclical consumer discretionary spending. "We continue to view Griffon's business strength as broadly unchanged. Despite the narrower business focus following the divestiture of its North American consumer, U.K., and Australian businesses, Griffon has retained its strongest, most profitable brands and should continue to generate meaningful free cash flow. The company's remaining brands, including Clopay and Hunter, are market leaders and retain the ability to pass costs increases through to customers. Griffon leads both the North American residential and commercial garage door markets, which are highly concentrated among four and two companies, respectively. "We do not expect the company's Veritage and AMES Australasia joint ventures to be a material contributor to S&P Global Ratings-adjusted EBITDA over the next few years (we generally include dividends received from minority interests in its adjusted EBITDA). However, we recognize that a future exit of these JVs could provide the company with additional financial flexibility to fund growth, further debt reduction, dividends, or share repurchases. "We expect revenues and earnings will remain relatively flat over the next 12 months, despite a mixed end-market demand outlook. With the notable exception of private nonresidential investment, which we expect to grow 9.3% in 2026 and 5% in 2027, we expect most macroeconomic demand factors over the next year will remain soft. Still, we expect relatively stable demand from replacement cycles of its large installed base of residential garage and commercial doors and fans. We note the sector has faced a challenging macroeconomic environment over the last four years, but has continued to perform well, as it benefits from pockets of demand growth, including data center construction." The company's limited track record of sustaining leverage near current levels and execution risk constrain the rating. The company's deleveraging trajectory over the last few years supports the credibility of its new 1.5x-2.5x net leverage target following the repayment of its term loan. However, the company could be pressured to accelerate growth through acquisitions now that its portfolio transformation is seemingly complete. Until recently, the company described itself first as a diversified management and holding company, implying a consistent focus on diversification and adding holdings. With its new identity as a North American pure play building products company, S&P will look for the company to build a track record of successfully funding growth while maintaining leverage before it would consider a positive rating action. The stable outlook reflects S&P's expectations that Griffon will sustain leverage comfortably below 3x and EBITDA margins above 25%, despite continued challenges in the housing market over the next 12-24 months. S&P could lower the ratings if the company sustains leverage above 4x. This could happen if the company: -- Experiences lower-than-expected demand due to weak macroeconomic conditions or increased competition; -- Is unable to offset higher import tariffs and other product costs, resulting in lower earnings and cash flow; or -- Engages in large debt-financed acquisitions, dividends, or share repurchases. S&P could raise its ratings on Griffon if it demonstrates a track record of sustaining leverage below 2.5x, inclusive of acquisitions. S&P believes this could occur if the company: -- Sustains organic top-line growth and market share gains; and -- Does not engage in large debt-financed acquisitions, dividends or share repurchases. HELP TO ADJUST: Seeks to Use Cash Collateral -------------------------------------------- Help to Adjust, Inc. asks the U.S. Bankruptcy Court for the Eastern District of New York for authority to use cash collateral and provide adequate protection. The Debtor seeks to use cash collateral and post-petition accounts receivable collections to maintain day-to-day operations and fund its proposed operating budget through the entry of a Chapter 11 plan confirmation order or termination of cash collateral rights. As of the petition date, the Debtor held approximately $5,000 in cash on hand, $47,600 in total assets, and $1,529,000 in liabilities, of which $1,500,000 is owed to the U.S. Small Business Administration as the first-position lienholder on essentially all business assets. The Debtor notes that it intends to file a separate motion under 11 U.S.C. Section 506(a) to bifurcate and value the SBA's secured claim, reclassifying the remaining balance as a general unsecured claim. To provide adequate protection against diminution in value, the Debtor proposes paying the SBA $1,000 per month and granting replacement liens on pre-petition and post-petition assets equal in scope and priority to its pre-petition security interest. These replacement liens will be subordinate to allowed estate professional fees and will exclude avoidance action recoveries under Chapter 5 of the Bankruptcy Code. The Debtor also requests a waiver of any procedural stay under Bankruptcy Rules to allow immediate implementation of the order upon entry, emphasizing that uninterrupted access to cash collateral is critical to preserve the estate, prevent irreparable operational harm, and continue serving its mental health counseling clientele. Help to Adjust's financial hardship stems from overwhelming debt associated with a loan from the SBA. A hearing on the matter is set for August 25, at 1:30 PM. The deadline for filing objections is on August 18. A copy of the motion is available at https://urlcurt.com/u?l=AEfcFG from PacerMonitor.com. About Help to Adjust Inc. Help to Adjust Inc. is a Valley Stream, New York-based mental health services provider formed in 2014. The company provides individual, couples, and family counseling, anger management and telehealth services, as well as social-emotional learning, therapy, coaching, support groups, and workshops for school communities. It also conducts advocacy, training, and psychoeducation activities. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.Y. Case No. 26-72930) on July 27, 2026. In the petition signed by Donald D Sinkfield, president, the Debtor disclosed $47,600 in total assets and $1,523,715 in total liabilities. Judge Sheryl P Giugliano oversees the case. Richard S. Feinsilver, Esq., at Richard S. Feinsilver, represents the Debtor as legal counsel. HERTZ CORP: Fitch Lowers LongTerm IDR to 'CCC' ---------------------------------------------- Fitch Ratings has downgraded the The Hertz Corporation's Long-Term Issuer Default Rating (IDR) to 'CCC' from 'B-'. Fitch also downgraded Hertz's first-lien senior secured debt rating to 'B-' with a Recovery Rating (RR) of 'RR2' from 'B+'/'RR2', second-lien senior secured exchangeable notes to 'CC'/'RR6' from 'CCC'/'RR6', and senior unsecured notes to 'C'/'RR6' from 'CCC-'/RR6'. The rating actions have been taken as part of a periodic review of North American commercial fleet management companies, which is comprised of seven publicly rated firms. Key Rating Drivers Rising Debt and Liquidity Pressure: The rating downgrade reflects Hertz's significant refinancing risk related to its 2028 debt maturities, along with a substantial decline in corporate liquidity. The downgrade also incorporates a material increase in corporate debt, driven by exchangeable notes issuances and incremental revolving credit facility (RCF) draws and a continuation of negative adjusted corporate EBITDA over the TTM ended March 31, 2026. Established Market Position; Cyclicality a Constraint: Hertz is a leading global vehicle rental company with operations in North America, Europe, the Middle East and Africa. The company is among the top three largest car rental firms in the U.S., with recognized brands such as Hertz, Dollar and Thrifty. Hertz operates over 500,000 rental vehicles at over 11,000 locations globally. The ratings are constrained by vehicle supply-demand dynamics, travel demand volatility, and elevated interest rates, which expose the company to residual value risk, earnings cyclicality, and elevated funding costs. Execution Risk Remains Elevated: Hertz has made progress on improving its fleet economics, evidenced by revenue growth and a yoy decline in depreciation per unit (DPU) to $312 in 1Q26. However, DPU remains above the sub-$300 target, impacted by elevated vehicle recalls and vehicle disposition losses. Fitch believes execution risk around improving operational efficiency remains elevated and sustained profitability improvement depends on consistently achieving key operating targets, include DPU, revenue per unit above $1,500, and direct operating expenses per day in the low $30s. Residual Value Pressure: Hertz disclosed that weaker used vehicle pricing in May 2026 drove losses on vehicle sales and increased DPU, pressuring residual values. While the Manheim Used Vehicle Value Index was still up yoy in June 2026, sequential softening and higher-than-normal seasonal depreciation suggest residual value support remains uneven. As off-lease supply increases in 2H26, continued volatility in used vehicle pricing could further weigh on Hertz's fleet economics, and the recovery of earnings and liquidity. Gradual EBITDA Recovery: Adjusted EBITDA margin was negative 2.0% for the TTM ended 1Q26, improving from negative 14.8% a year earlier, but remaining below an average of 2.9% between 2022-2025. Management targets adjusted corporate EBITDA of 3%-6% in 2026 and approximately $1 billion in 2027. Fitch views these targets as ambitious given travel demand volatility and execution risk around efficiency initiatives and sustained DPU improvement. Unsustainably High Leverage: Hertz's leverage remains high, with more than $6.4 billion of corporate debt outstanding. Cash flow leverage was negative 50.0x for the TTM ended 1Q26, or 21.2x including operating lease expense add-backs, consistent with Fitch's 'ccc or below' category benchmark range of greater than 5x. Fitch expects leverage to remain elevated in the near term as TTM adjusted corporate EBITDA remains negative. Meaningful deleveraging will require a sustained improvement in corporate EBITDA and a cessation of incremental debt issuance that does not translate into EBITDA growth. Limited Funding Flexibility; Refinancing Risk: Corporate liquidity totaled $837 million at 1Q26, consisting of $583 million of unrestricted cash and $254 million of first-lien senior secured RCF availability. Corporate liquidity improved to $1 billion proforma for the recent $350 million first-lien senior secured exchangeable notes issuance. Near-term liquidity is adequate, but funding needs remain elevated because of ongoing fleet capital expenditures and debt servicing requirements. The $3.2 billion maturity wall, comprising the first-lien RCF due in March 2028 and first-lien senior secured term loans due in June 2028, represent a significant refinancing challenge. Refinancing on conventional terms would require a meaningful improvement in operational performance. If the company does not address these maturities financial flexibility could weaken and increase the risk of a liability management exercise. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Inability to establish a credible conventional refinancing path for the first-lien RCF and term loans maturing in 2028, such that a liability management exercise or distressed debt exchange becomes probable; - Further deterioration in corporate liquidity below levels deemed adequate to meet operational needs and address the $200 million of senior unsecured notes maturing in December 2026; - Failure to restore positive adjusted corporate EBITDA on a sustained basis, underpinned by an inability to consistent improve fleet economics and operational efficiency aligning with the stated targets, resulting in leverage and interest coverage metrics remaining well outside levels commensurate with the current rating; - A material degradation in the company's market share and competitive position. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - A durable improvement in the corporate liquidity profile and funding flexibility to support capital expenditures and debt servicing needs through the cycle; - A sustained reduction in Fitch-calculated cash flow leverage below 5.0x; - Maintenance of corporate interest coverage above 2.0x; - Enhanced consistency of operating performance resulting from disciplined fleet management, optimization of vehicle economics and ability to execute the stated operational targets. DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS The first-lien secured debt rating is two notches above the Long-Term IDR and reflects Fitch's view of superior recovery prospects under a stress scenario given the available collateral. The second-lien senior secured debt rating is two notches below the Long-Term IDR reflecting poor recovery prospects under a stress scenario given the size and asset encumbrance of the first-lien debt. The senior unsecured debt rating is three notches below the Long-Term IDR, reflecting poor recovery prospects under a stress scenario, given the structural subordination resulting from the heavily secured funding mix. DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES The senior secured debt and senior unsecured debt ratings are primarily sensitive to changes in Hertz's Long-Term IDR and, secondarily, to the relative recovery prospects of the instruments. ADJUSTMENTS - The Standalone Credit Profile (SCP) has been assigned below the implied SCP due to the following adjustment reasons: weakest link - Funding, Liquidity & Coverage (negative). - The Sector Risk Operating Environment score has been assigned below the implied score due to the following adjustment reasons: Business model (negative); Regulatory and legal framework (negative). - The Business Profile score has been assigned below the implied score due to the following adjustment reason(s): Business model (negative). - The Earnings & Profitability score has been assigned below the implied score due to the following adjustment reasons: Earnings stability (negative); Historical and future metrics (negative). - The Funding, Liquidity & Coverage score has been assigned below the implied score due to the following adjustment reasons: Historical and future metrics (negative); Funding flexibility (negative). ESG Considerations Hertz has an ESG Relevance Score of '4' for Management Strategy, due to the lack of visibility and uncertainty over strategy execution. This has a negative impact on the credit profile and is relevant to the ratings in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Hertz Corporation (The) LT IDR CCC Downgrade B- senior unsecured LT C Downgrade RR6 CCC- senior secured LT B- Downgrade RR2 B+ Sr Secured 2nd Lien LT CC Downgrade RR6 CCC HILBERT GROUP: Gets OK to Hire R & K Interests as Property Manager ------------------------------------------------------------------ Hilbert Group LLC received approval from the U.S. Bankruptcy Court for the Central District of Central to employ R & K Interests, Inc. dba Investors' Property Services ("IPS") as its property management company. The Debtor owns a shopping center in Temecula, California, at 27415, 27445, 27481, 27515, and 27535 Jefferson Avenue. IPS will provide these services: 1. Property Management Services. a. As appropriate, to work with the Debtor to improve income and operations including a Competitive Market Analysis, Property Position Analysis, and rehab and capital recommendations. b. Negotiate all vendor contracts as needed. c. Establish a maintenance work order and documentation system. d. Prepare and distribute general correspondence. e. Supervise and regularly inspect all ongoing on-site building operations. f. Obtain required licenses. g. Review site level safety and security programs. h. Obtain any needed on-line processing accounts. i. Comply with local, state and federal laws and regulations. j. Provide 24-hour 365 days per year emergency phone contact. k. Collect and bank revenues and voucher and disburse all vendor invoices. l. Document operations in a detailed monthly narrative of property operations along with financial report and provide to owner and related parties. m. Provide weekly key issue status updates to manager/owner as/if requested. 2. Financial Documentation and Services. a. On a monthly basis, IPS will provide the owner with a financial statement that details the month and year to date activity in the areas of collections, disbursements, delinquencies, and receivables/payables account status. The financial package includes: -- Income & Expense Statement -- Balance Sheet -- Budget Comparison Variance Report -- General Ledger and Supporting Journals -- Check Disbursements Record -- Monthly Accounts Receivable Analysis -- Aged Delinquency Analysis -- Bank Account Reconciliation -- Bank Statement(s) b. Implement an expense documentation policy. Paid expenses will be detailed on the expense and check registers as part of the financial statement report completed each month. 3. Due Diligence and Sale Preparation. a. Assist in the compilation of a due diligence package for brokers including copies of contracts, licenses, tax bills, historical operating data, inventory, leases, and other pertinent materials for sale. b. Engage or coordinate as needed with brokers and potential purchasers. c. Engage or coordinate as needed with environmental assessment firms. d. Engage or coordinate as needed with tax appeal firms. 4. Client Relations. a. Provide takeover reports. b. Provide weekly update reports. c. Provide monthly operating reports. d. Provide rapid responses to questions or requests from asset manager. e. Establish and complete an effective system of communication between site level information and asset manager and ultimate disposition personnel. The firm will be compensated as follows: Management Fee The first 90 days will be $5,000 a month, and thereafter will be 4.0% of gross income or $3,750 a month, whichever is greater. One Time Set-Up Fee $3,000 IPS Roving $75/hour Maintenance Personnel Bookkeeping Services Included Copying & Postage Included Mileage IRS rate Leasing If needed, recommend outside broker for any vacant space. IPS will handle lease renewals as/if needed @ 2% commission or $1,000 minimum. Due Diligence or Sale $2,000 (if applicable). In the Coordination Fee event the property is sold and IPS is tasked with providing due diligence information and coordination with brokers and buyers, a sale coordination fee will be charged to compensate IPS for time required above and beyond normal property management operations. As disclosed in the court filings, Investor's Property Services is a "disinterested person" within the meaning of 11 U.S.C. Sec. 101(14). The firm can be reached through: Robert C. Warren III Investor's Property Services 26300 La Alameda, Ste 240 Mission Viejo, CA 92691 Phone: (949) 900-6161 Email: Robert.warren@investorshq.com About Hilbert Group LLC Hilbert Group LLC owns and operates a shopping center in Temecula, California, at 27415, 27445, 27481, 27515, and 27535 Jefferson Avenue. The Property is a multi-parcel retail center located along the I 15 freeway and contains approximately 65,910 square feet of combined building area consisting of in-line retail stores and a freestanding pad building. The Property has approximately 20 retail tenants and is 60% leased and generates gross monthly rents of approximately $105,000. It is subject to a lien in favor of DS PE Holdco, LLC, with Holdco asserting that it is currently owed approximately $13,317,552. Hilbert Group LLC sought relief under Chapter 11 of the Bankruptcy Code (Bankr. Case No. 26-10578) on Feb. 24, 2026. In its petition, the Debtor estimated assets between $10 million and $50 million and liabilities between $10 million and $50 million. Bankruptcy Judge Mark D. Houle handles the case. The Debtor is represented by William J. Wall, Esq. of Wall & Son. HILLMAN GROUP: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable -------------------------------------------------------------- Fitch Ratings has affirmed Hillman Solutions Corp.'s (HLMN) and The Hillman Group, Inc.'s Long-Term Issuer Default Rating (IDR) at 'BB'. Fitch has also affirmed The Hillman Group, Inc.'s senior secured term loan at 'BB+' with a Recovery Rating of 'RR2'. The Rating Outlook is Stable. The Stable Outlook reflects Fitch's expectation that HLMN will prioritize deleveraging following the $315 million acquisition of Kanebridge Corporation, which HLMN will partly fund with debt. Fitch expects higher earnings and debt repayment to drive deleveraging, with EBITDA leverage declining below 3.0x within 18 to 24 months of the acquisition. The rating also reflects the company's solid market position in fastener and protective solutions, consistent FCF generation, financial flexibility and well-established customer relationships. Key Rating Drivers Expanding Business Portfolio: The acquisition of Kanebridge, a master distributor of commercial and industrial fasteners, expands HLMN's product portfolio, deepens its Pro and Industrial MRO distribution network and diversifies its end markets. HLMN has a track record of balancing growth, including M&A, while remaining within its long-term company-calculated net leverage target of 2.5x or below. Fitch expects HLMN to mainly target smaller, bolt-on acquisitions like Campbell Chain & Fittings and Delaney Hardware as part of its growth strategy. Market Leader in Niche Markets: HLMN has a strong market position in its core products of fasteners, hardware and personal protection solutions, which account for 77% of its revenue. Fitch believes the barriers to entry in HLMN's business include its long-standing customer relationships and comprehensive service model. HLMN manages and distributes most of its 111,000 SKUs directly to stores through its distribution network and has a large on-site base of sales and service personnel to support customers. HLMN also has a strong market position in key duplication, auto and RFID fob duplication and engraving offerings. HLMN has 31,500 kiosks at retail partners. The segment accounts for 14% of 2025 sales, but about 24% of the overall EBITDA, given its high margins and technology content. HLMN's high exposure to the repair and remodel (R&R), compared with Fitch-rated building product peers, is a credit positive. Fitch believes the residential R&R is a more stable end-market through economic cycles than new construction activity. Healthy FCF Generation: HLMN has generated positive FCF in each of the past four years, and FCF margins are expected to remain in the mid-single-digit range, supported by healthy operating margins. Fitch forecasts FCF at $100 million or more annually over the forecast period. It anticipates HLMN's FCF generation will provide financial flexibility or deleveraging capacity in the event of a larger acquisition, as shown by its projected (CFO-capex) to debt ratio metrics in the low-to-mid teens range. U.S.-Focused Geographic Footprint: The company's geographic exposure is more concentrated in the U.S. than that of similarly rated and higher-rated peers, which tend to have greater international sales exposure. However, the company's strong national presence provides more geographic diversity than lower-rated peers, which tend to be more concentrated in certain U.S. states or regions. Customer Concentration: The company has a concentrated retail customer base, and there is a risk that the loss of sales to a large customer could substantially reduce its scale, with limited opportunity to recoup lost volumes elsewhere. The company's track record of maintaining long-standing relationships with core hardware retailers offsets this risk. Home Depot and Lowe's are the largest customers, accounting for 23% and 21% of 2025 revenue, respectively. Peer Analysis HLMN's rating reflects its strong market position in the fastener and protective solutions markets, long-standing relationships with key customers, profitability and leverage metrics. HLMN is strongly positioned relative to Fitch- rated building products and distributor peers in the 'B' category including New AMI I, LLC (Associated Materials; B/Stable) and Park River Holdings, Inc (B-/Stable). HLMN's EBITDA leverage of 2.5x in 2025 compares favorably to Park River's leverage at around 7.0x over the same period. HLMN's credit profile is comparable with MIWD Holdco II LLC and MIWD Holding Company LLC (dba MITER Brands; BB-/Negative) with similar EBITDA margins, concentrated product portfolio and end-market exposure but lower leverage metrics. Fitch’s Key Rating-Case Assumptions - Total revenue grows organically in the low-single digits through the forecast period; - EBITDA margins sustained around 17% over the forecast period; - Capital intensity of around 5% over the forecast period; - HLMN manages capital deployment in line with stated financial policies; - Effective interest rate of around 5%-6%. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): Business and financial profile factors (assessment, relative importance): management ('bbb-', Lower), sector characteristics ('bb', Moderate), market and competitive positioning ('bb', Higher), diversification and asset quality ('b+', Higher), company operational characteristics ('bb-', Moderate), profitability ('a', Lower), financial structure ('bbb-', Higher), and financial flexibility ('bbb', Lower). The quantitative financial subfactors are based on 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 - A less conservative financial policy leading to EBITDA leverage sustained above 3.0x; - FCF margin in the low single digits or lower; - The company experiences the loss of a large customer. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Public commitment to a more conservative financial policy that leads to EBITDA leverage sustained below 2.5x; - The company achieves a more diversified portfolio of business lines and reduced customer concentration. Liquidity and Debt Structure As of March 31, 2026, HLMN had total liquidity of $282 million, including $28 million in cash and $255 million of availability on its ABL facility, net of outstanding borrowings and letters of credit. The company's expected FCF generation also supports its liquidity. In July 2026, HLMN refinanced its outstanding borrowings with its $735 million term loan B now maturing in 2033 and its ABL facility set to mature in 2031. Issuer Profile Hillman distributes hardware-related products and provides merchandising services to retail outlets, including hardware stores, home centers, and mass merchants. Its product offering includes fasteners, hardware, personal protective products key engraving and various self-service kiosks. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for Hillman Solutions Corp.. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- The Hillman Group, Inc. LT IDR BB Affirmed BB senior secured LT BB+ Affirmed RR2 BB+ Hillman Solutions Corp. LT IDR BB Affirmed BB HILLMAN GROUP: Moody's Affirms 'Ba3' CFR, Outlook Remains Stable ---------------------------------------------------------------- Moody's Ratings affirmed The Hillman Group Inc.'s (Hillman) Ba3 Corporate Family Rating, Ba3-PD Probability of Default Rating and Ba3 rating on the company's upsized senior secured first-lien term loan. The company's SGL-2 speculative grade liquidity rating is unchanged. The rating outlook remains stable. The affirmation follows Hillman's proposed $200 million incremental add-on to its $735 million existing senior secured first-lien term loan to help fund the proposed $315 million acquisition of Kanebridge Corporation (Kanebridge). Hillman plans to fund the balance of the purchase price with a $70 million drawdown on the $375 million ABL revolver and cash. The incremental term loan is expected to have the same maturity and substantially similar terms as the company's existing first-lien term loan. The transaction follows Hillman's July 2026 refinancing, which extended the company's maturity profile and support good liquidity. The affirmation reflects Moody's view that the proposed acquisition of Kanebridge will bolster Hillman's position in the commercial and industrial fastening industry while leverage remains within Moody's expectations for the rating despite the incremental debt. Kanebridge is a high-margin specialty fastener distributor that is strategically aligned with Hillman's Pro and Industrial growth strategy and broadens end-market exposure. Moody's expects debt/EBITDA to increase to approximately 3.5x as of June 2026 and pro forma for the transaction, before declining to approximately 3.2x over the next 12-18 months supported by earnings growth, and modest debt repayment funded from free cash flow. RATINGS RATIONALE Hillman's Ba3 CFR reflects its good market position as a provider of products and services supporting the hardware and home improvement markets, relatively stable demand for many of its products because of their replenishment nature and low price points, and moderate leverage. The company has long-standing relationships with well-recognized retailers, good geographic diversification across the US and Canada, and an expanding product offering through acquisitions and new business wins. Hillman benefits from product diversification provided by its Robotics and Digital Solutions segment, which includes high-margin key duplicating kiosks, tag engraving kiosks and knife sharpening machines, as well as its continued expansion into Pro and Industrial channels. The pending acquisition of Kanebridge, a high-margin specialty fastener distributor serving commercial and industrial customers, will further broaden Hillman's product offering and end-market exposure. The company's EBITDA margin in the mid-teens supports good free cash flow generation, while Moody's-adjusted debt/EBITDA is expected to increase to approximately 3.5x with the transaction before declining over the next 12-18 months through EBITDA growth and debt repayment. Governance considerations include Hillman's financial policy that targets a net debt-to-EBITDA leverage ratio (company calculation) at or below 2.5x, which supports capital allocation discipline and deleveraging over time. The rating also reflects Hillman's exposure to housing market cyclicality and discretionary consumer spending. US existing home sales remain below pre-pandemic levels and repair and remodel activity continues to face pressure from elevated mortgage rates and affordability concerns. However, Hillman has demonstrated resilient operating performance through the current housing downturn softer consumer discretionary spending and tariff-related cost pressures. Revenue growth, pricing actions, new business wins and acquisition contributions have supported recent performance, while free cash flow generation is expected to remain positive. Customer concentration, primarily with large home improvement retailers, acquisition integration risk, and working capital needs and growth-related capital expenditures remain credit considerations that constrain free cash flow generation. Kanebridge's high-margin, asset-light business model is expected to contribute meaningful EBITDA and cash flow, while Hillman's good liquidity and positive free cash flow generation provide flexibility to navigate periods of weaker demand, continue investing in the business and reduce leverage over time. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The stable outlook reflects Moody's expectations that Hillman will maintain resilient revenue and generate positive free cash flow, supported by stable earnings performance and good liquidity, while reducing leverage over the next 12-18 months. The ratings could be upgraded if Hillman further strengthens its business profile through increased scale, product diversification and end-market diversification, resulting in reduced earnings volatility. An upgrade would also require sustained revenue growth with a stable to higher EBITDA margin, debt/EBITDA sustained below 3.0x, free cash flow to debt in a high-teens range or above, at least good liquidity and financial policies that support the maintenance of these credit metrics. The ratings could be downgraded if Hillman's operating earnings decline due to factors such as lower industry volumes, market share losses, pricing pressure or cost increases. A downgrade could also occur if debt/EBITDA remains sustained above 3.5x, if the company pursues additional debt-funded acquisitions or shareholder distributions that materially increase leverage or weaken financial flexibility, if free cash flow is weaker than expected or if liquidity deteriorates. The Hillman Group Inc., headquartered in Cincinnati, Ohio, is a provider of hardware products, merchandising services and technology-enabled solutions serving the hardware, home improvement, commercial and industrial markets. The company sells hardware products, including fasteners, rods, keys, tags and signs, to retailers throughout the United States, Canada, Mexico, Latin America and the Caribbean, and provides related services, including installation and maintenance of key duplication and engraving machines. Through its Robotics and Digital Solutions segment, Hillman also provides key duplication, engraving and knife sharpening kiosks. Following the pending acquisition of Kanebridge, the company will further expand its presence in the commercial and industrial fastener distribution market. Hillman reported revenue of approximately $1.6 billion for the LTM ended June 2026. Hillman Solutions Corp. is the indirect parent of The Hillman Group Inc., and its shares are listed on the Nasdaq Stock Market under the ticker symbol HLMN. The principal methodology used in these ratings was Consumer Durables published in December 2025. HOPEMAN BROTHERS: Liberty Mutual Can't Modify Mediation Order ------------------------------------------------------------- Judge Keith L. Phillips of the U.S. Bankruptcy Court for the Eastern District of Virginia denied Liberty Mutual Insurance Company's motion for limited modification of mediation order in the bankruptcy case of Hopeman Brothers Inc. Over a year and a half ago, on December 20, 2024, the United States Bankruptcy Court for the Eastern District of Virginia (this "Court") entered its Order Authorizing Mediation of Chubb Insurers Settlement Motion (the "Mediation Order"). By the Mediation Order, the Court appointed a fellow bankruptcy judge to act as a judicial mediator to assist various of the parties in determining whether a consensual plan could be proposed in this Chapter 11 bankruptcy case (this "Bankruptcy Case"). By its Motion, Liberty Mutual Insurance Company ("Liberty Mutual") asks this Court to rewrite the terms of paragraph 8 of the Mediation Order. Liberty Mutual argues that the revision is necessary and appropriate to allow it to obtain relevant evidence relating to whether Liberty Mutual is entitled to recover expenses incurred in monitoring this bankruptcy proceeding as a result of Hopeman's alleged breach of its Minimization Obligation under Sec. III.C of the Indemnifcation Agreement. Hopeman Brothers, Inc. ("Hopeman" or the "Debtor"), the debtor and debtor in possession in the Bankruptcy Case, the Official Committee of Unsecured Creditors, Huntington Ingalls Industries, Inc., and Marla Rosoff Eskin, Esq. in her capacity as the Future Claimants' Representative, each objected to the Motion. At the outset, the Motion fails as a matter of law because the relief requested in the Motion directly conflicts with this Court's existing Local Bankruptcy Rule 9019-1. Consistent with this statutory mandate and the directive of the District Court, the Bankruptcy Court adopted Local Bankruptcy Rule 9019-1.2 Among other things, that rule specifically authorizes this Court's bankruptcy judges to act as judicial mediators. As Local Bankruptcy Rule 9019-1 governs and precludes the relief sought by Liberty Mutual, the Motion will be denied. Assuming arguendo that Local Bankruptcy Rule 9019-1 is not dispositive, the Bankruptcy Court finds that Liberty Mutual has failed to provide a compelling legal or factual basis for this Court to impinge upon a confidential judicial mediation. According to the Court, Liberty Mutual has not sufficiently explained why it has not been able to obtain equivalent information from non-confidential sources. Additionally, Liberty Mutual has failed to identify how any such information would be relevant to the limited issue presently before the Court. A copy of the Court's Memorandum Order dated July 29, 2026, is available at https://urlcurt.com/u?l=UI1PHX from Pacermonitor.com. About Hopeman Brothers Inc. During the 1980s, Hopeman Brothers, Inc. transitioned its business away from ship joining and into manufacturing check-out counters used in commercial retail stores such as Walmart. In 2002, Hopeman spun off its cabinet-making business into Cinnabar Solutions, Inc. In 2003, Hopeman sold substantially all of its remaining shipbuilding-related assets to an unrelated party, US Joiner LLC, pursuant to an asset purchase agreement, dated as of December 23, 2003. Since the asset sale in 2003, Hopeman has had no business operations and exists solely to defend and, when appropriate, settle asbestos-related claims. Hopeman Brothers filed a Chapter 11 petition (Bankr. E.D. Va. Case No. 24-32428) on June 30, 2024, with $50 million to $100 million in both assets and liabilities. The Debtor tapped Hunton Andrews Kurth, LLP as bankruptcy counsel; Blank Rome, LLP as special insurance counsel; Courington, Kiefer, Sommers, Marullo & Matherne, LLC as special asbestos counsel; and Stout Risius Ross, LLC as financial advisor. Kurtzman Carson Consultants, LLC is the claims and noticing agent. HPC VINEBURN: Seeks to Hire Meridian Advisors as Accountant ----------------------------------------------------------- HPC Vineburn, LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Meridian Advisors as accountant. The firm's services include: 1. providing general tax services to the Debtor, including preparation of annual income tax returns for the Debtor and Schedule K-1 Tax Forms for its members; 2. preparing the annually required federal and California nonresident withholding returns for foreign members of the Debtor, Form 1099's for service providers of the Debtor, and City of Los Angeles business tax renewals; 3. providing accounting services related to the tax work, including preparation of adjusting journal entries for the Debtor to post in its financials records; 4. rendering tax and accounting related consulting services to the Debtor on an as needed basis when questions arise during the year related to the Debtor's activity; 5. assisting in the preservation and protection of the Estate by providing general tax and accounting services to the Debtor. The Debtor proposes to pay Meridian based upon its pre-petition billing arrangement. Historically, Meridian bills for its services to the Debtor on an annual basis upon completion of the Debtor's income tax return. Aaron Gitnick, CPA, a director at Meridian, assured the court that he is a "disinterested person" within the meaning of 11 U.S.C. Sec. 101(14). The firm can be reached through: Aaron Gitnick, CPA Meridian Advisors 409 Washington Blvd Marina Del Rey, CA 90292 Tel: (310) 827-2525 About HPC Vineburn, LLC HPC Vineburn LLC is a single asset real estate entity as defined under 11 U.S.C. Section 101(51B), with its principal assets located at 1919 Vineburn Avenue in Los Angeles, California. The Company's operations focus primarily on managing and holding this real estate asset. HPC Vineburn LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-11455) on Aug. 8, 2025. In its petition, the Debtor estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Martin R. Barash handles the case. The Debtor is represented by Michael B. Reynolds, Esq. at SNELL & WILMER L.L.P. HUGHES SATELLITE: Jones Day Represents Noteholders -------------------------------------------------- In the Chapter 11 bankruptcy cases of Hughes Satellite Systems Corporation and its debtor-affiliates, Jones Day filed with the United States Bankruptcy Court for the Southern District of Texas, Houston Division, a Verified Statement pursuant to Bankruptcy Rule 2019 to inform the Court that the firm represents holders of: -- 5.25% Senior Secured Notes due August 1, 2026; and -- 6.625% Senior Unsecured Notes due August 1, 2026. According to the Noteholder's Verified Statement: 1. Prior to August 2, 2026, the Noteholders retained Jones Day as counsel in connection with any potential restructuring or refinancing of the Debtors. 2. Jones Day represents only the Noteholders and does not represent, or purport to represent, any entities other than the Noteholders in connection with the Debtors' chapter 11 cases. In addition, none of the members of the Noteholders represent or purport to represent any other entities in connection with the Chapter 11 Cases. 3. Nothing contained in this Verified Statement is intended to or should be construed to constitute a waiver or release of any claims against or equity interests in the Debtors by any of the Noteholders or any of their respective affiliates or an admission with respect to any fact or legal theory. Nothing should be construed as a limitation upon, or waiver of, any rights of any of the Noteholders or any of their respective affiliates to assert, file, and/or amend any claim or proof of claim filed in accordance with applicable law and any orders entered in the Chapter 11 Cases. 4. The information contained is provided only for the purpose of complying with Bankruptcy Rule 2019 and is not intended for any other use or purpose. 5. Jones Day reserves the right to amend this Verified Statement as may be necessary in accordance with the requirements set forth in Bankruptcy Rule 2019. 6. Each member of the Noteholders has indicated to Jones Day that they are Holders of or otherwise own disclosable economic interests in relation to the Debtors. The names, addresses, nature, and amount of all disclosable economic interests of each of the Noteholders in relation to the Debtors, are: 1. Capital Research and Management Company 333 South Hope Street, 55th Floor Los Angeles, CA 90071 5.25% Senior Secured Notes due August 1, 2026 $373,999,000.00 6.625% Senior Unsecured Notes due August 1, 2026 $364,687,000.00 2. Certain funds and/or accounts, or subsidiaries of such funds and/or accounts, managed, advised or controlled by Fidelity Management & Research Company LLC or a subsidiary or an affiliate thereof 245 Summer Street Boston, MA 02210 5.25% Senior Secured Notes due August 1, 2026 $2,000,000.00 6.625% Senior Unsecured Notes due August 1, 2026 $24,818,000.00 3. Legal and General Investment Management Limited 71 South Wacker Drive Suite 800 Chicago, IL 60606 5.25% Senior Secured Notes due August 1, 2026 $19,084,000.00 6.625% Senior Unsecured Notes due August 1, 2026 $23,813,000.00 4. Lord, Abbett & Co. LLC 30 Hudson Street Jersey City, NJ 07302 5.25% Senior Secured Notes due August 1, 2026 $47,716,000.00 6.625% Senior Unsecured Notes due August 1, 2026 $139,763,000.00 5. Silver Point Capital, L.P. Two Greenwich Plaza, Suite 1 Greenwich, CT 06830 5.25% Senior Secured Notes due August 1, 2026 $19,358,000.00 6.625% Senior Unsecured Notes due August 1, 2026 $79,678,500.00 Attorneys For The Noteholders: Oliver S. Zeltner, Esq. JONES DAY 717 Texas, Suite 3300 Houston, TX 77002 Tel: (832) 239-3939 Fax: (832) 239-3600 E-mail: ozeltner@jonesday.com - and - Bruce Bennett, Esq. Joshua M. Mester, Esq. Veronica Dragalin, Esq. Benjamin C. Sandberg, Esq. JONES DAY 555 South Flower Street, Fiftieth Floor Los Angeles, CA 90013 Tel: (213) 489-3939 Fax: (213) 243-2539 Email: bbennett@jonesday.com jmester@jonesday.com vdragalin@jonesday.com bsandberg@jonesday.com About Hughes Satellite Systems Corporation Hughes Satellite Systems Corp, founded in 1971 in Rockville, Md., 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 is a wholly owned subsidiary of EchoStar Corporation and operates under the HUGHES brand. Hughes Satellite Systems Corporation sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 4:26-90739) on Aug. 2, 2026. The Debtors reported between $1 billion and $10 billion in estimated assets and liabilities. The Honorable Bankruptcy Judge Alfredo R. Perez handles the cases. HSSC Board of Directors appointed Robert Del Genio of FTI as the Company's Chief Restructuring Officer. White & Case LLP, is serving as general bankruptcy counsel; FTI Consulting, Inc., as restructuring and financial advisor; and Epiq Corporate Restructuring, LLC, as claims, noticing, and solicitation agent. An ad hoc group of noteholders are represented by Jones Day. HYDROFARM HOLDINGS: Sells Aurora Peat Products for $16 Million -------------------------------------------------------------- Hydrofarm Holdings Group, Inc. said in a regulatory filing with the Securities and Exchange Commission that on July 31, 2026, the Company, through its wholly owned subsidiaries Aurora International, LLC, and Aurora Peat Products ULC, an Alberta unlimited liability corporation, entered into a Share Purchase Agreement with 2817049 Alberta Ltd., pursuant to which Aurora International sold to 2817049 Alberta all of the issued and outstanding shares of APP for a total consideration of $16 million, subject to adjustments set forth in the Share Purchase Agreement. A portion of the purchase price is represented by a secured promissory note issued by 2817049 Alberta in favor of Aurora International in the principal amount of $5 million, which was assigned to the lenders of the Company's $125 million senior secured term loan. The net proceeds from the transaction will be applied to reduce outstanding debt under the Term Loan. Aurora Peat will continue producing and marketing high-quality peat products for the global horticultural market under private ownership led by longtime operators in the peat industry. In connection with the closing, Hydrofarm LLC and APP entered into a Supply Agreement on the Closing Date pursuant to which each of Hydrofarm LLC and APP will produce and supply certain goods for the other party, maintaining their ongoing commercial relationship whereby Aurora Peat remains a supplier to Hydrofarm's grow media business and Hydrofarm will continue to distribute Aurora Peat's consumer gardening products. Management Commentary "The Aurora Peat sale is a key strategic step toward optimizing our portfolio and focus and strengthening the Company's capital structure," said Bill Toler, Chief Executive Officer. "Aurora Peat is a sound business, and it is going to owners who know the peat industry well. For Hydrofarm, the divestiture continues to simplify our operating model and reduce debt. We are committed to our strategic priorities to drive high-quality revenue streams and improve profit margins and profitability. We are excited about our core CEA business, including our proprietary brand offerings, and heightened focus on our logistics services business, which has been a key driver in reducing our facility costs the past few years." "As part of Aurora Peat Products' previous management team, several key members and I are grateful to return with the opportunity to carry the business forward to a new level of success," said Bowe McGinnis, Manager of Raven Holdings LLC. "For our customers, the important things remain unchanged as they have for Aurora Peat Products' decades of history -- our product quality, reliability, and supply commitments remain paramount. We are also enthusiastic about expansion opportunities, as Aurora Peat has secured one of the largest premium-quality Sphagnum peat moss reserves in North America. We deeply value our continuing relationship with Hydrofarm, a key partner on the supply side. By combining their top-notch distribution network with our focus on bulk peat and mix sales, we create the perfect partnership. We are excited for this strategy to support our customers and grow revenue across all categories." "The actions in our announcement today support a change in Hydrofarm's trajectory -- we are now a leaner and more focused organization," said Eric Ceresnie, Senior Vice President of Strategy, Corporate Development and International Markets. "We are also excited to announce Project Agility, which will drive resources to scale our logistics services platform as we pursue opportunities in adjacent high-growth sectors. While the logistics services business currently represents only a small portion of our operating results, our global distribution center footprint and operational excellence position us well going forward." A full-text copy of the Share Purchase Agreement is available at https://tinyurl.com/3fvnr8fp. About Hydrofarm Holdings Hydrofarm Holdings Group, Inc. is an independent manufacturer and distributor of branded hydroponics equipment and supplies for controlled environment agriculture, including grow lights, climate control solutions, grow media, and nutrients, as well as a broad portfolio of innovative, proprietary branded products. Products offered include agricultural lighting devices, indoor climate control equipment, nutrients, and plant additives used to grow, farm, and cultivate cannabis, flowers, fruits, plants, vegetables, grains, and herbs in controlled environment settings that allow end users to control key farming variables, including temperature, humidity, CO2, light intensity and color, nutrient concentration, and pH. As of March 31, 2026, the Company had $117.76 million in total assets, $195.89 million in total liabilities, and $73.13 million in total stockholders' deficit. Minneapolis, Minnesota-based Deloitte & Touche LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 27, 2026, attached to the Company's Annual Report for the fiscal year ended Dec. 31, 2025, citing the Company has incurred recurring operating losses, negative cash flows from operations, and has significant debt obligations due within the next 12 months, which raises substantial doubt about its ability to continue as a going concern. I LOVE PRODUCE: OFS Capital Marks $400,000 1L Debt at 25% Off ------------------------------------------------------------- OFS Capital Corp has marked its $400,000 first lien debt revolver to I Love Produce, LLC to market at $300,000 or 75% of the outstanding amount, according to OFS Capital's Form 10-Q for the fiscal quarter ended July 31, 2026, filed with the U.S. Securities and Exchange Commission. OFS Capital is a participant in a loan extended to I Love Produce, LLC. The first lien debt revolver accrues interest at 9.83% per annum. The first lien debt revolver matures on March 24, 2031. OFS Capital Corp is a business development company that provides debt and equity financing solutions to middle-market companies in the United States. The Fund is led by Bilal Rashid as Chief Executive Officer. The Fund can be reached at: Bilal Rashid OFS Capital Corp 222 W. Adams Street, Suite 1850 Chicago, IL 60606 Telephone: (847) 734-2000 About I Love Produce, LLC I Love Produce, LLC is a wholesale food and beverage, grocery retail, and food and beverage company located in West Grove, Pennsylvania. IDERA INC: OFS Capital Marks $2.7MM 2L Loan at 29% Off ------------------------------------------------------ OFS Capital Corp has marked its $2.7 million second lien debt to Idera Inc. to market at $1.9 million or 71% of the outstanding amount, according to OFS Capital's Form 10-Q for the fiscal quarter ended July 31, 2026, filed with the U.S. Securities and Exchange Commission. OFS Capital is a participant in a loan extended to Idera Inc. The Second Lien Debt accrues interest at 10.56% per annum. The Second Lien Debt matures on March 2, 2029. OFS Capital Corp is a business development company that provides debt and equity financing solutions to middle-market companies in the United States. The Fund is led by Bilal Rashid as Chief Executive Officer. The Fund can be reached at: Bilal Rashid OFS Capital Corp 222 W. Adams Street, Suite 1850 Chicago, IL 60606 Telephone: (847) 734-2000 About IDERA INC. Idera, Inc. is the parent company of a portfolio of brands that offer B2B software including database tools, application development tools, test management tools, and DevOps tools. IMA FINANCIAL: Moody's Rates New Secured Credit Facilities 'B3' --------------------------------------------------------------- Moody's Ratings has assigned B3 ratings to IMA Financial Group, Inc.'s (IMA) new senior secured credit facilities, including a $1.295 billion seven-year term loan and a $300 million five-year revolving credit facility. The company will use net proceeds from the new term loan to repay the existing term loan and revolver borrowings, and pay related fees and expenses. When the transaction closes, Moody's will withdraw the ratings from the existing term loan and revolver. The rating outlook for IMA is unchanged at stable. RATINGS RATIONALE IMA's ratings reflect its good regional presence as a middle market insurance broker offering property and casualty insurance and employee benefits products mainly in the western and southwestern US. IMA has good diversification across clients, producers and insurance carriers, and has expertise in sectors such as construction, real estate and energy. IMA is focused on building scale and improving EBITDA margins through organic growth, opportunistic acquisitions and expense management. Following the refinancing, IMA expects to have approximately $457 million of liquidity, including cash and availability under the new revolving credit facility. These strengths are offset by IMA's high financial leverage, low interest coverage, significant cash outflows to pay contingent earnout liabilities and shareholder redemptions, and integration risk associated with acquisitions. IMA has some geographic concentration with its top four states accounting for slightly over half of the firm's revenue. Like other brokers, IMA also faces potential liabilities arising from errors and omissions in the delivery of professional services. The proposed refinancing transaction extends the maturity profile of IMA's capital structure. However, IMA's high financial leverage and limited interest and free cash flow coverage leave little room for error in managing its existing and newly acquired operations. The company has access to its revolving credit facility to address challenges and help fund growth. IMA is majority owned by its employees and minority owned by three private equity firms. For the 12 months through March 2026, IMA's pro forma financial leverage (per Moody's calculations) was slightly above 7.5x, with low interest coverage and free cash flow metrics. Moody's expects that IMA will reduce its pro forma debt-to-EBITDA ratio to 7.5x and maintain (EBITDA - capex) interest coverage and free-cash-flow-to-debt ratios in the low single digits over the next few quarters. These pro forma metrics reflect Moody's accounting adjustments for operating leases, contingent earnout liabilities, and run-rate EBITDA from acquisitions. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Factors that could lead to an upgrade of IMA's ratings include: (i) increased scale and geographic diversification, (ii) debt-to-EBITDA ratio below 6x, (iii) (EBITDA – capex) coverage of interest exceeding 2x, (iv) free-cash-flow ratio exceeding 5%, and (v) successful integration of acquisitions. Factors that could lead to a rating downgrade include: (i) debt-to-EBITDA ratio above 7.5x, (ii) (EBITDA – capex) coverage of interest below 1.2x, (iii) free-cash-flow-to-debt ratio below 2%, or (iv) disruptions to existing or newly acquired operations. The principal methodology used in these ratings was Insurance Brokers and Service Companies published in February 2024. Based in Denver, CO, IMA distributes commercial and personal property and casualty insurance, employee benefits and retirement products to midsize and larger businesses and to individuals. For the 12 months through March 2026, IMA generated total revenue of $831 million. INNOVATE CORP: Returns to Profit in Q2, Still Flags Going Concern ----------------------------------------------------------------- INNOVATE Corp. 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 income of $12.4 million for the three months ended June 30, 2026, compared to a net loss of $21 million for the same period in the prior year. For the six months ended June 30, 2026, the Company reported a net loss of $4.7 million, compared to a net loss of $46.8 million for the same period in the prior year. Revenues for the three months ended June 30, 2026, were $421.6 million, compared to $242 million in the prior-year period. Revenues for the six months ended June 30, 2026, were $786.4 million, compared to $516.2 million for the same period in the prior year. Going Concern INNOVATE's accompanying unaudited Condensed Consolidated Financial Statements have been prepared assuming that the Company will continue as a going concern. However, as of the date of these financial statements, there is substantial doubt about the Company's ability to continue as a going concern within one year after the date that the financial statements are issued. The principal conditions leading to this conclusion are the upcoming maturities of the Company's debt obligations. Based on these conditions, the Company may not be able to meet its obligations at maturity nor comply with certain cross-default provisions under the 10.50% 2027 Senior Secured Notes over the next 12 months, or any potential breach of the milestone covenant of the 10.50% 2027 Senior Secured Notes Indenture, which has required the Company to commence and proceed with a sales process for all or substantially all of DBM Global Inc.'s ("DBMG") assets or equity interests in accordance with certain dates and deadlines. Management has evaluated the significance of these conditions in relation to the Company's ability to meet its obligations. The potential inability to refinance or extend the maturity of the current debt, or to obtain additional financing, raises substantial doubt about the Company's ability to continue as a going concern. Management plans to alleviate these conditions through various initiatives it is currently exploring, including pursuing asset sales, potentially refinancing debt, and raising additional capital. However, there can be no assurance that it will have the ability to be successful in any asset sales, additional capital raises, or the refinancing of the Company's existing debt, on attractive terms, or at all, nor any assurances that lenders will provide additional extensions, waivers, or amendments in the event of future non-compliance with its debt covenants or other possible events of default. Further, there can be no assurance that the Company will be able to execute a reduction, extension, or refinancing of the debt, or that the terms of any replacement financing would be as favorable as the terms of the debt prior to the maturity dates. There can be no assurance that these plans will be successfully implemented or that they will mitigate the conditions that raise substantial doubt about the Company's ability to continue as a going concern. While the Company noted the conditions above regarding its ability to continue as a going concern, it is important to note that the Company's largest subsidiary, DBMG, is operationally profitable, continues to maintain a strong financial position and remains in good standing with its lenders. Under INNOVATE's Senior Secured Notes Indenture, DBMG is a restricted subsidiary, not a guarantor, and INNOVATE's equity interests in DBMG are pledged as collateral. A full-text copy of the Company's Form 10-Q is available at https://tinyurl.com/4p5b7jx2. About Innovate INNOVATE Corp. is a diversified holding company that has a portfolio of subsidiaries in a variety of operating segments. The Company seeks to grow these businesses so that they can generate long-term sustainable free cash flow and attractive returns in order to maximize value for all stakeholders. While the Company generally intends to acquire controlling equity interests in its operating subsidiaries, the Company may invest to a limited extent in a variety of non-controlling equity interest positions or debt instruments. The Company's shares of common stock trade on the New York Stock Exchange under the symbol "VATE." Atlanta, Georgia-based BDO USA, P.C., the Company's auditor since 2011, issued a "going concern" qualification in its report dated March 26, 2026, citing that the Company has significant upcoming maturities of its debt obligations and is subject to certain cross-default provisions. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of June 30, 2026, the Company had $1,006,700 million in total assets, $1,226,700 in total liabilities, $8.6 million in total temporary equity, and $228.6 million in total stockholders' deficit. INTERAQT CORPORATION: Plan Confirmation Hearing Set for Sept. 15 ---------------------------------------------------------------- The U.S. Bankruptcy Court for the District of New Jersey will hold a hearing on September 15, 2026 at 11:00 AM before the Honorable Stacey L. Meisel to confirm the Plan of Reorganization for Small Business of Interaqt Corporation. September 8, 2026 is fixed as the last day for filing and serving written objections to confirmation of the Plan. September 8, 2026 is fixed as the last day for voting to accept or reject the Plan. In a court filing, the Debtor filed for Chapter 11, Subchapter V bankruptcy primarily because litigation expenses and a resulting judgment significantly strained its finances. The filing is intended to allow the company to reorganize its operations, restructure its debts, improve its balance sheet, and maintain financial stability while continuing business operations. Under the proposed reorganization plan: * Secured creditors will continue to receive payments according to existing financing and loan agreements until their claims are paid in full. * Priority claims will be paid in full on the plan's effective date or when the claims are allowed, whichever occurs later. * General unsecured creditors will share $42,000 on a pro rata basis through 12 quarterly payments over three years, beginning in the first quarter after the plan's effective date. The plan estimates approximately $528,049.35 in unsecured claims, with an estimated recovery of 7.95% for general unsecured creditors. The proposed payments represent substantially all of the debtor's projected net disposable income after satisfying higher-priority obligations. Funding for the plan will come from: * Cash on hand at the time the plan is confirmed; and * Future income generated from the company's ongoing business operations and collection of accounts receivable. Upon confirmation, the debtor's property, including tangible assets, licenses, litigation claims, and equipment, will revest in the company, subject to the terms of the plan. The debtor believes it will have sufficient cash to meet all required payments on the effective date and that the plan is feasible without requiring further liquidation or additional financial reorganization. A full-text copy of the Plan of Reorganization dated July 30, 2026 is available at https://urlcurt.com/u?l=x8iyAn from PacerMonitor.com at no charge. Counsel to the Debtor: Anthony J. Davis, Esq. OCG Solutions, LLP One Gatehall Drive, Suite 100 Parsippany, NJ 07054 Telephone: (201) 712-1616 Email: adavis@ogcsolutions.com A copy of the Court's Order dated July 31, 2026, is available at https://urlcurt.com/u?l=Ma3w5x 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. Anthony J. Davis, Esq., at OGC Solutions, LLP represents the Debtor as legal counsel. INTERNATIONAL UNION: Taps Buschel Gibbons as Arbitration Counsel ---------------------------------------------------------------- International Union of Police Associations Local 6020 seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire Robert C. Buschel of Buschel Gibbons, P.A. to serve as special arbitration counsel. The firm will provide these services: (a) appear for and represent the Debtor and the grievants at the arbitrability hearing, currently scheduled via Zoom, before Arbitrator Sandra Mendel Furman; and (b) prepare and submit written closing briefs, if requested by the Arbitrator. Buschel Gibbons will receive a flat fee of $2,000 for the arbitrability hearing and an additional flat fee of $2,000 if Arbitrator Furman requests written closing briefs. No advance fee deposit is required. Buschel Gibbons, P.A. is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to the court filing. The firm can be reached at: Robert C. Buschel, Esq. BUSCHEL GIBBONS, P.A. 501 East Las Olas Boulevard, Third Floor Fort Lauderdale, FL 33301 Telephone: (954) 530-5301 About International Union of Police Associations Local 6020 International Union of Police Associations Local 6020 is a labor union representing deputy sheriffs and law enforcement personnel in Broward County, Florida, and is affiliated with the International Union of Police Associations. The Debtor filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-14757) on April 16, 2026, listing $50,001 to $100,000 in assets and $500,001 to $1 million in liabilities. Chad T. Van Horn, serves as the Debtor's counsel. IVY INSTITUTE: 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 Ivy Institute 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 Ivy Institute LLC The Ivy Institute LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-21255) on August 3, 2026, with $500,001 to $1 million in both assets and liabilities. Elizabeth Ann Childers, Esq., at Rountree Leitman Klein & Geer, LLC represents the Debtor as legal counsel. J. MCCABE PLUMBING: Seeks Subchapter V Bankruptcy w/ $1.5MM Debt ---------------------------------------------------------------- On July 29, 2026, J. McCabe Plumbing, Inc. filed for Chapter 11 protection in the Northern District of California. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to between 1 and 49 creditors. First meeting of creditors under Section 341(a) to be held on September 1, 2026 at 09:00 AM via UST Teleconference San Jose, Call in number: 1-888-330-1716 Passcode: 5397643. About J. McCabe Plumbing, Inc. J. McCabe Plumbing, Inc. is a Campbell, California-based plumbing, heating, and air-conditioning contractor serving commercial and residential customers. The company operates as a union-affiliated contractor from its Camden Avenue facility in Campbell and specializes in new construction and plumbing services throughout the Silicon Valley region. J. McCabe Plumbing, Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 26-51154) on July 29, 2026. In its petition, the Debtor reports estimated assets of $100,000 to $500,000 and estimated liabilities of $1 million to $10 million. The company has also faced litigation involving union benefit obligations. Honorable Stephen L. Johnson handles the case. The Debtor is represented by Lars T. Fuller, Esq. of The Fuller Law Firm. Christopher Hayes is appointed Subchapter V Trustee. J. McCABE: Seeks Cash Collateral Access --------------------------------------- J. McCabe Plumbing, Inc. asks the U.S. Bankruptcy Court for the Northern District of California, San Jose Division, for authority to use cash collateral and provide adequate protection. The Debtor seeks to use cash collateral encumbered by several lenders including U.A. Local 3893 Trust Funds, Kapitus, Stripe Capital, Funding Metrics, Accelerant Funding, and Fintegra, and to continue utilizing equipment financed by Canon Financial Services, Inc. in order to maintain ongoing business operations, sustain payroll, and fulfill trade obligations through confirmation, dismissal, or conversion to Chapter 7. The Debtor reports total non-equipment assets valued at $107,090—comprising $6,862.21 in cash at Wells Fargo Bank, $44,728 in accounts receivable, office equipment, tools, and miscellaneous inventory—alongside an unencumbered 2021 Ford F250 valued at $18,500. Against these general assets, U.A. Local 3893 holds a senior blanket judgment lien securing an outstanding balance of $119,465 (scheduled at $92,653) arising from unpaid employee benefit trust fund obligations incurred after principal Adrian Sarmento acquired the debtor. Because U.A. Local 3893’s blanket lien fully encumbers the Debtor's available unencumbered asset base, junior merchant cash advance (MCA) creditors—including Kapitus ($123,576), Accelerant Funding ($175,724), Funding Metrics ($25,847), and Fintegra ($46,150)—hold completely undersecured or unsecured junior position claims against the cash collateral. Regarding equipment-specific liens, the Debtor lists specialized machinery valued at $148,600 subject to $321,992 in total debt. Canon Financial Services holds perfected UCC-1 security interests across three distinct contracts covering water equipment, industrial machinery, and CIPP equipment, under which the Debtor proposes to maintain regular monthly contractual payments totaling $5,934. Conversely, American Bank (assigned to Banleaco, Inc.) holds a UCC lien securing a $31,623 balance on a 2022 Dancutter robotic cutter unit; however, because the equipment was stolen from its yard in October 2024 and never recovered, the Debtor proposes to make no post-petition payments to Banleaco. Additionally, the Debtor notes a historical June 2024 UCC-1 filed by CT Corporation System as Representative, but asserts that the underlying MCA obligation was fully satisfied pre-petition through subsequent funding arrangements. To provide adequate protection to U.A. Local 3893, the Debtor and union trust counsel have tentatively structured a settlement agreement. Under the proposed terms, the Debtor will make monthly adequate protection payments of $3,855 -- representing the $119,465 balance amortized over 36 months at a 10% annual interest rate -- while granting U.A. Local 3893 replacement liens on post-petition receipts, accounts receivable, and inventory in the same validity and priority as its pre-petition encumbrance. The Debtor also commits to maintaining full property insurance coverage. The requested use of cash collateral will support normal operational budget disbursements, including a monthly salary of $8,333 for principal Adrian Sarmento. A court hearing is scheduled for August 18. A copy of the motion is available at https://urlcurt.com/u?l=dThVSP from PacerMonitor.com. About J. McCabe Plumbing, Inc. J. McCabe Plumbing, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 26-51154) on July 29, 2026. In the petition signed by Adrian Sarmento, shareholder, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Judge Stephen L. Johnson oversees the case. Lars Fuller, Esq.,at The Fuller Law Firm PC, represents the Debtor as legal counsel. JENK'S BEST: Court OKs $200,000 Interim DIP Loan ------------------------------------------------ Jenk's Best Living, LLC and PSC Thrive, LLC received interim approval from the U.S. Bankruptcy Court for the District of Maryland, Baltimore Division, to obtain debtor-in-possession financing to get through bankruptcy. Under the interim order, the Debtors are authorized to obtain up to $200,000 in DIP financing pending further order of the bankruptcy court. The financing will be provided by an insider, who has offered up to $600,000 on a revolving basis to either or both bankruptcy estates. It includes borrower-friendly terms such as no collateral, no priming lien, no commitment or exit fees, no prepayment penalty, and interest accruing only on funds actually drawn. The Debtors said these terms are more favorable than those available on the open market. Meanwhile, the Debtors intend to use cash collateral derived from apartment rents while continuing monthly mortgage payments to Berkadia Commercial Mortgage LLC, which holds a valid $18.96 million HUD-backed mortgage. The Debtors said these payments will provide adequate protection to Berkadia and HUD, help cure an existing mortgage default, and preserve the valuable financing arrangement. The Debtors' Chapter 11 cases center on an apartment building whose ownership and control are disputed, with the Debtors alleging misconduct by third parties that has disrupted operations and rent collections. Once control of this property and rent collections is restored, the Debtors expect rental income to cover operating expenses, mortgage obligations, and Chapter 11 administrative costs without further insider financing. A final hearing is scheduled for August 24. A copy of the court's order is available at https://shorturl.at/U60e4 from PacerMonitor.com. About Jenk's Best Living LLC Jenk's Best Living, LLC is a real estate company that owns the THRIVE Jenks apartment community in Jenks, Oklahoma. It owns and operates multifamily residential real estate. PSC Thrive, LLC is a Pikesville, Maryland-based real estate investment holding company. It owns and manages real estate investment interests and has operated within a network of Maryland-registered real estate entities, including PSC Towson, LLC and PSC Waldorf, LLC. Bankruptcy filings indicate PSC Thrive was previously listed as an active business entity under Maryland's SAVE program. Jenk's Best Living and PSC Thrive sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Lead Case No. 26-17758) on July 19, 2026. In their petitions, the Debtors reported assets of approximately $14.8 million and liabilities of approximately $938.7 million. Judge Michelle M. Harner oversees the cases. The Debtors tapped Maurice Belmont VerStandig, Esq., at The Verstandig Law Firm, LLC as bankruptcy counsel and Casper Firm, LLC as special counsel. JOHN FITZGIBBON: Taps Healthcare Transactions as Merger Advisor --------------------------------------------------------------- John Fitzgibbon Memorial Hospital, Inc. and Fitzgibbon Health Services seek approval from the U.S. Bankruptcy Court for the Western District of Missouri to hire Healthcare Transactions Group, Inc. as mergers and acquisitions advisor. The firm will provide these services: (a) collect financial, operational, physical plant, clinical, reimbursement, survey, and other relevant data regarding the SNF Business; review the SNF Business's attributes and conditions and provide pricing expectations based on normal and distressed market conditions; and prepare a concise summary document describing the SNF Business's status and performance, its existing physical plant in conjunction with operational dependencies and shared services arrangements with the Hospital, and outlining the expedited sale process, timeline, and bidder instructions; (b) upload information about the SNF Business to a secure virtual data room, Box.com, or similar platform, including financial, operational, regulatory, legal, and other documentation, and organize and manage all information in the VDR; (c) identify, initiate immediate contact with, and solicit prospective purchasers of the SNF Business, excluding Juniper Prospects, qualify HTG Prospects by verifying their demonstrated interest and financial capacity to execute acquisitions, and ensure HTG Prospects execute a confidentiality agreement in a form approved by the Company before receiving sensitive information; (d) maintain and review the HTG Prospect List with the Company regularly, including HTG Prospects originated by HTG or referred to HTG by the Company, excluding all Juniper Prospects; (e) conduct and manage an expedited competitive offering process to HTG Prospects to enable the Company to receive, evaluate, and select among qualified proposals from HTG Prospects on or before April 24, 2026; (f) facilitate the Transaction, including coordinating the flow of information, communication, and activity with Prospects and participating in virtual meetings and teleconferences with HTG Prospects and the Company; (g) advise the Company in the evaluation and validation of potential HTG Prospects, offers, and deal structures, terms, and conditions, and lead Transaction negotiations on the Company's behalf in coordination with the Company and its legal counsel; (h) facilitate the Closing of the Transaction and transition of the operations in concert with the Company's management, legal counsel, and other advisors to an HTG Prospect; and (i) render such other financial, mergers & acquisitions, regulatory, and strategic advisory services to the Company related to the Business and Transaction. HTG will receive a nonrefundable engagement retainer fee of $40,000, payable in four equal weekly installments of $10,000. The Company will also pay HTG a $10,000 milestone payment upon mutual execution of a definitive acquisition agreement. If a sale of the SNF Business to an HTG Prospect is consummated during the Term or Tail, HTG will receive a transaction fee equal to 5 percent of the consideration received, subject to a minimum transaction fee of $125,000. The Debtors paid the $40,000 engagement retainer fee prior to the Petition Date. Healthcare Transactions Group, Inc. 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 S. Davis HEALTHCARE TRANSACTIONS GROUP, INC. 9316 Seahorse Bay Drive Boynton Beach, FL 33473 About John Fitzgibbon Memorial Hospital Inc. John Fitzgibbon Memorial Hospital, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Mo. Case No. 26-40689) on April 21, 2026. In the petition signed by Angela P. Littrell, president and chief executive officer, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Cynthia A. Norton oversees the case. Zachary R.G. Fairlie, Esq., at Spencer Fane, represents the Debtor as legal counsel. Scott A. Pummell, Esq., is the patient care ombudsman appointed in the case. JOHN-PHIL TAVERN: Seeks to Hire Michael A. King as Legal Counsel ---------------------------------------------------------------- John-Phil Tavern Corp. filed an amended application seeking approval from the U.S. Bankruptcy Court for the Southern District of New York to hire Michael King, an attorney practicing in Brooklyn, New York, as counsel. The attorney's services include: (a) assist and advise the relative to the administration of this proceeding; (b) advise the Debtor with respect to its powers and duties in the continued management and operation of its business and property; (c) represent the Debtor before the Bankruptcy Court and advise it on pending litigation, hearings, motions, and decisions of the Bankruptcy Court; (d) review and advise the Debtor regarding applications, orders, and motions filed with the Bankruptcy Court by third parties in this proceeding; (e) attend meetings conducted pursuant to section 341(a) of the Bankruptcy Code and represent the Debtor at all examinations; (f) communicate with creditors and other parties in interest; (g) assist the Debtor in preparing all legal papers necessary to the administration of the estate; (h) confer with other professionals retained by the Debtor and other parties in interest; (i) negotiate and prepare the Debtor's Chapter 11 plan, related disclosure statement, and all related agreements and documents and take any necessary actions on its behalf to obtain confirmation of the plan; and (j) perform all other necessary legal services and provide all other necessary legal advice to the Debtor in connection with this Chapter 11 case. The attorney will be paid at a flat rate of $7,500 plus reimbursement of expenses incurred. Mr. King disclosed in a court filing that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Michael A. King, Esq. 41 Schermerhorn Street, Suite 228 Brooklyn, NY 11201 Telephone: (646) 824-9710 Email: Romeo1860@aol.com 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. JP INTERMEDIATE: OFS Capital Marks $1.5MM 1L Loan at 35% Off ------------------------------------------------------------ OFS Capital Corp has marked its $1.5 million first lien Loan to JP Intermediate B, LLC to market at $980,000 or 65% of the outstanding amount, according to OFS Capital's Form 10-Q for the fiscal quarter ended July 31, 2026, filed with the U.S. Securities and Exchange Commission. OFS Capital is a participant in a loan extended to JP Intermediate B, LLC. The first lien debt accrues interest at 9.23% per annum and matures on March 31, 2031. OFS Capital Corp is a business development company that provides debt and equity financing solutions to middle-market companies in the United States. The Fund is led by Bilal Rashid as Chief Executive Officer. The Fund can be reached at: Bilal Rashid OFS Capital Corp 222 W. Adams Street, Suite 1850 Chicago, IL 60606 Telephone: (847) 734-2000 About JP Intermediate B, LLC JP Intermediate B, LLC retails vitamins and nutritional supplements. The Company serves customers in the United States. JP INTERMEDIATE: OFS Capital Marks $1.5MM 1L Loan at 35% Off ------------------------------------------------------------ OFS Capital Corp has marked its $1.5 million first lien Loan to JP Intermediate B, LLC to market at $980,000 or 65% of the outstanding amount, according to OFS Capital's Form 10-Q for the fiscal quarter ended July 31, 2026, filed with the U.S. Securities and Exchange Commission. OFS Capital is a participant in a loan extended to JP Intermediate B, LLC. The first lien debt accrues interest at 9.23% per annum and matures on March 31, 2031. OFS Capital Corp is a business development company that provides debt and equity financing solutions to middle-market companies in the United States. The Fund is led by Bilal Rashid as Chief Executive Officer. The Fund can be reached at: Bilal Rashid OFS Capital Corp 222 W. Adams Street, Suite 1850 Chicago, IL 60606 Telephone: (847) 734-2000 About JP Intermediate B, LLC JP Intermediate B, LLC retails vitamins and nutritional supplements. The Company serves customers in the United States. KAREN DILLARD'S: Gets Interim OK to Use Cash Collateral ------------------------------------------------------- Karen Dillard's College Prep, LP got the green light from the U.S. Bankruptcy Court for the Eastern District of Texas, Sherman Division, to use the cash collateral of Texas Capital Bank. At the August 11 hearing, the court authorized the Debtor's interim use of cash collateral and set a final hearing for September 8. The Debtor owes approximately $210,000 to Texas Capital Bank under a pre-petition line of credit. Texas Capital Bank asserts a first-priority lien on all business assets, including cash, secured via a UCC-1 financing statement recorded on January 13, 2023. Because the Debtor lacks unencumbered cash to satisfy ongoing operational expenses, it requires immediate access to the bank's cash collateral to avoid a total operational shutdown and liquidation. The Debtor's going-concern value serves as primary adequate protection for Texas Capital Bank, maintaining asset value that would otherwise dissipate in a foreclosure. To provide adequate protection against any diminution in the value of Texas Capital Bank's collateral resulting from post-petition cash usage, the Debtor offers granting the bank replacement liens on post-petition assets and cash under section 361(2), maintaining the same priority level as existed prepetition. Additionally, the Debtor offers granting the bank a superpriority administrative expense claim pursuant to section 507(b), which would take precedence over all other administrative expenses except for a designated professional fee carveout (funding the Subchapter V Trustee and retained legal counsel). Expenditure of the cash collateral will strictly adhere to the Debtor's submitted 13-week cash flow budget. The Debtor's Chapter 11 petition was filed due to financial strain from its Flower Mound storefront, where monthly rent ($25,179) continuously outpaced gross revenue with six years remaining on the lease. The Debtor initiated bankruptcy to reject the lease and reorganize its debt while continuing business operations as a debtor-in-possession under section 1184. About Karen Dillard's College Prep LP Karen Dillard's College Prep, LP provides test preparation, college counseling, and tutoring services across three physical locations in the Dallas–Fort Worth area and via a virtual program. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 26-42711) on August 4, 2026. In the petition signed by Karen Dillard, member of managing partner, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Brandon Tittle, Esq., at Tittle Santiago, PLLC, represents the Debtor as legal counsel. KEHE DISTRIBUTORS: Moody's Rates New $750MM Sr. Secured Notes 'B3' ------------------------------------------------------------------ Moody's Ratings assigned a B3 rating to KeHE Distributors, LLC's ("KeHE") proposed $750 million senior secured notes due 2034. The company's B2 corporate family rating, B2-PD probability of default rating and B3 rating on its existing senior secured notes due April 2033 remain unchanged. The rating outlook remains unchanged at stable. The proposed senior secured notes will rank pari passu in rank of payment with KeHE's existing 7.125% senior secured notes due 2033. Net proceeds from the issuance, together with a $250 million add on to the existing secured notes due 2033, and a $55 million draw on the asset based lending facility ("ABL") will be used to repay the $1.0 billion senior secured notes due February 2029 and to pay related fees and expenses. Pro-forma for the transaction, Moody's expects debt to EBITDA to remain unchanged at 5.1x and for EBITA to interest, currently at 1.9x, to improve as earnings grow. The B3 rating on the senior secured notes reflects their subordinated position to the ABL facility, which benefits from a first priority lien on accounts receivable and inventory. This transaction is credit positive because it improves liquidity and lengthens the company's maturity profile. RATINGS RATIONALE KeHE's B2 CFR reflects its small scale as compared with other larger and better capitalized companies in the food distribution market. The company remains vulnerable to increased competition from large-scale food distributors that continue to expand into the natural and organic food. Moody's also recognizes the company's high customer concentration with its top 3 customers accounting for over 50% of revenue, including its largest customer that accounts for about 30% of sales. These challenges are partially offset by KeHE's improving operating performance, supported by new product introductions, sustained consumer demand for natural and organic specialty foods, cost-reduction initiatives and productivity gains from the ongoing optimization of its distribution center network. These initiatives have contributed to earnings growth and stronger credit metrics. For the LTM Ended May 2, 2026, debt to EBITDA was 5.1x and EBITA to interest was 1.9x. Moody's expects KeHE's metrics to continue to improve as earnings grow. KeHE focuses on the natural and organic specialty food industry, which is the highest growth category in overall grocery sales and its good geographic diversification. KeHE's liquidity is adequate and will be supported by its $1.4 billion ABL expiring 2031. KeHE maintains little balance sheet cash and Moody's expects the company to generate negative free cash flow over the next 12 months. The stable outlook reflects Moody's expectations that KeHE will improve profitability and continue to reduce leverage through EBITDA growth while maintaining adequate liquidity and balanced financial policies including but not limited to acquisitions. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Ratings could be upgraded if KeHE demonstrates sustained growth in sales, EBITDA and credit metrics with consistently positive free cash flow while maintaining good liquidity. Quantitatively, ratings could be upgraded if debt/EBITDA is sustained below 5.0x and EBITA/interest expense is sustained above 1.75x. Ratings could be downgraded if KeHE fails to demonstrate steady progress towards improved operating performance that leads to stronger credit metrics and sustained positive free cash flow. Ratings could also be downgraded should liquidity weaken or should financial policies become more aggressive. Quantitatively ratings could be downgraded if debt/EBITDA is sustained above 6.25x or EBITA/interest is sustained below 1.25x. The principal methodology used in this rating was Distribution and Supply Chain Services published in November 2025. KeHE Distributors, LLC is a majority employee owned specialty and natural and organic (N&O) and fresh food distributor in the US and Canada. KeHE's US distribution customers include chain grocery, chain natural, independent grocery and independent natural retailers. In Canada, KeHE services grocery supermarket chain retailers, independent grocery retailers, club stores and food service retailers. The company generates about $10.1 billion in revenue. KELHAM VINEYARD: Unsecureds to Recover 100% in Trustee's Plan ------------------------------------------------------------- Michael G. Kasolas, the Chapter 11 Trustee, filed with the U.S. Bankruptcy Court for the Northern District of California a Disclosure Statement describing Plan of Liquidation for Kelham Vineyard & Winery, LLC dated July 31, 2026. Kelham Vineyard & Winery, LLC operated a family-owned winery and vineyard in St. Helena, California. Before the bankruptcy, disputes among members of the Nicholsen/Kelham family over ownership, management, company records, and the future of the business led to litigation beginning in 2021. The company's primary assets were its wine inventory and a ground lease for the winery property, which expired on January 1, 2025, but included valuable buy-out rights. An involuntary Chapter 11 bankruptcy petition was filed on July 20, 2023, by an entity controlled by Susanna Kelham. Michael G. Kasolas was appointed Chapter 11 trustee on September 13, 2023, and continued operating the winery through the end of 2024 with assistance from the former managers. The trustee completed two major asset sales: * First Sale (September 2024): Sold the wine inventory and certain intellectual property, including the Kelham Vineyards trademark, for a total adjusted purchase price of $2,035,194. * Second Sale (June 2025): Approved a global settlement with the Kelham parties and sold the remaining estate assets, including resolving issues related to the ground lease. The sale closed on June 13, 2025, with a cash payment of $1,650,000. By July 29, 2026, all estate assets had been liquidated, and the trustee held $1,623,022.44 in cash. Although claims filed initially totaled $13,232,450.23, many had been resolved or reduced following the trustee's review. The proposed Chapter 11 plan provides: * Class 2 (Allowed Unsecured Priority Claims): Paid in full on the plan's effective date. * Class 3 (Allowed Unsecured Nonpriority Claims): Receive a pro rata share of the remaining funds after payment of nonclassified claims and Class 2 claims. Approximately $320,802.79 is expected to be available for distribution against $317,222.20 in allowed unsecured claims, resulting in an estimated 100% recovery. * Class 5 (Equity Interest Holders): All equity interests will be canceled on the effective date, and no distribution will be made. Because all assets have been liquidated, cash is available, and no future business operations are planned, the trustee concludes that the Chapter 11 plan is feasible. A full-text copy of the Disclosure Statement dated July 31, 2026 is available at https://urlcurt.com/u?l=QHtiQv from PacerMonitor.com at no charge. Attorneys for Michael G. Kasolas, Trustee: Mark S. Bostick, Esq. FENNEMORE WENDEL 1111 Broadway, 24th Floor Oakland, CA 94607 Tel: (510) 834-6600 Fax: (510) 834-1928 E-mail: mbostick@fennemorelaw.com About Kelham Vineyard & Winery Kelham Vineyard & Winery, LLC, is a family-owned and operated vineyard in St. Helena, Calif. On July 20, 2023, creditor Main Street Cottage, LLC, filed involuntary Chapter 11 petition against Kelham Vineyard & Winery (Bankr. N.D. Cal. Case No. 23-10384). The petitioning creditor is represented by Rebekah Parker, Esq., a practicing attorney in Oceanside, Calif. Judge William J. Lafferty, III oversees the case. Ryan C. Wood, Esq., serves as Kelham Vineyard & Winery's bankruptcy attorney. KEY POINT: Seeks to Hire Mike Kelly CPA as Accountant ----------------------------------------------------- Key Point Arkansas LLC received approval from the U.S. Bankruptcy Court for the Eastern District of Arkansas to hire Mike Kelly, CPA as accountant. The accountant will render these services: a. complete on behalf of Debtor, all necessary financial reports, monthly financial reports, quarterly summary reports, reconciliations, and any other reports, compilations or documents relating thereto so that the Debtor can provide accurate information to the Court, the U.S. Trustee, the Subchapter V Trustee, and other parties, as may be necessary; and b. perform all other accounting services for Debtor that may be necessary. The accountant's current rate for this nature is $168 per hour. As disclosed in the court filings, Mike Kelly, CPA does not represent any of the creditors in this proceeding or any other adverse party. The accountant can be reached at: Mike Kelly, CPA P.O. Box 645 Turlock, CA 95381 Phone: (209) 204-4172 Email: Mike@mikekellycpa.com About Key Point Arkansas LLC Key Point Arkansas, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Ark. Case No. 26-12265) on June 8, 2026, with between $100,001 and $500,000 in both assets and liabilities. Anh-Thu Cecille Doan, Esq., at the Law Offices Of Cecille Doan represents the Debtor as bankruptcy counsel. KING AT EIGHT: Employs Books Taxes & More as Accountant ------------------------------------------------------- King at Eight Enterprise, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to hire Steve Perry and Books, Taxes & More, LLC to serve as accountant. The firm will work with the Debtor to prepare and file Debtor's 2020-2025 taxes. Books, Taxes & More, LLC will receive a fixed fee of $5,000, with the fee to be paid as an up-front expense upon engagement. Steve Perry's Declaration states that the accountant has agreed to accept employment at a standard fixed rate of $1,000 per tax year, or $5,000 total for the Debtor's 2020-2025 taxes, payable at engagement. Books, Taxes & More, LLC is a "disinterested person" as that term is defined in 11 U.S.C. Sec. 101(14), according to court filings. The firm can be reached at: Steve Perry BOOKS, TAXES & MORE, LLC 5114 Carole Pl SW Stone Mountain, GA 30087 About King at Eight Enterprise LLC King at Eight Enterprise, LLC is a Stone Mountain, Georgia-based residential real estate rental company that owns and leases single-family homes across metro Atlanta, including properties in Atlanta, Decatur, Lithonia and Stone Mountain. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-58760) on July 6, 2026, listing $1,950,560 in total assets and $1,398,830 in total liabilities. Sonja Airall, manager, signed the petition. Judge Paul W Bonapfel oversees the case. Leslie Pineyro, Esq., at Jones & Walden, LLC, represents the Debtor as legal counsel. KNOT WORLDWIDE: S&P Rates Proposed Senior Secured Term Loan 'B' --------------------------------------------------------------- S&P Global Ratings assigned its 'B' issue-level rating and '3' recovery rating to The Knot Worldwide Inc.'s proposed $670 million senior secured term loan B and $50 million revolving credit facility. The '3' recovery rating indicates S&P's expectation for meaningful (50%-70%; rounded estimate: 55%) recovery of principal in the event of a payment default. The Knot plans to use the proceeds to refinance its existing first-lien term loan facilities, extending the maturity to 2030 from 2028. S&P said, "We view the proposed transaction as slightly leveraging due to its 1.5% pay-in-kind (PIK) amendment fee adding an additional $10 million balance to its term loan and a 1.0% PIK interest rate component. We also expect a higher cash interest rate to result in an additional $10 million of run-rate cash interest costs." S&P's 'B' issuer credit rating and stable outlook on The Knot remain unchanged, which reflects its expectation that its operational performance will improve in 2027 following recent strategic investments and cost savings initiatives. In late 2025, the company revised its growth strategy to improve vendor retention and user engagement with changes across the organization, including at the leadership level. Nonrecurring costs related to headcount reduction, as well as investments in growth initiatives and updates to the company's pricing and packaging, have pressured The Knot's revenue and margins. S&P said, "Nonetheless, we expect the company's revenue to recover in 2027 as it emphasizes customer engagement and vendor value through new storefront features, AI capabilities, and new mobile apps for consumers and wedding professionals. As such, we forecast the company's S&P Global Ratings-adjusted gross leverage will improve to about 7x in 2026 and the low-6x area in 2027 from 10.4x in 2025. While the company's strategy to refresh its marketplace and products could improve its operating performance over the longer term, we believe it entails some execution risk. "We could lower our rating on The Knot if we expect leverage to remain above 7x on a sustained basis. This would most likely occur if vendor retention worsens, the company materially continues its investment into new strategic initiatives without a commensurate increase in revenues and cash flows, or The Knot's financial sponsor engages in an aggressive financial policy that includes debt-financed dividends or acquisitions." Issue Ratings--Recovery Analysis Key analytical factors -- The company's pro forma debt capitalization will comprise a $50 million revolving credit facility and a $670 million first-lien term loan, both due in 2030. -- The Knot Worldwide Inc. will continue as the borrower under the first-lien facilities. The facilities also benefit from guarantees from the company's U.S. subsidiaries. S&P's recovery analysis assumes the first-lien collateral represents substantially all of its emergence enterprise value (EV). -- S&P's simulated default scenario could occur due to significant reputational damage that results in less traffic from engaged couples and thus fewer vendors willing to pay a premium. It could also stem from lost market share, perhaps from a larger online marketplace competitor moving into the dedicated wedding space or poor business execution. Given these scenarios, the company's revenue would shrink and its margins, cash flow, and liquidity would be strained to the point that it is unable to meet its fixed-charge obligations. -- S&P said, "We value the company on a going-concern basis and believe it would reorganize following a bankruptcy because its business model would remain viable due to the continued demand for its services, though potentially on a smaller scale. Therefore, we believe that its lenders would achieve the greatest recovery through a reorganization rather than a liquidation." Simulated default assumptions -- Simulated year of default: 2029 -- EBITDA at emergence: $74 million -- EBITDA multiple: 6x Simplified waterfall -- Net EV (after 5% administrative costs): About $420 million -- Valuation split (obligors/nonobligors): 85%/15% -- Value available to first-lien debt claims: About $398 million -- Estimated first-lien debt claims: $732 million --Recovery expectations: 50%-70% (rounded estimate: 55%) Note: All debt amounts include six months of prepetition interest. KOHL'S CORP: Fitch Affirms 'BB-' IDR, Outlook Negative ------------------------------------------------------ Fitch Ratings has affirmed Kohl's Corporations ratings, including the Long-Term Issuer Default Rating (IDR) at 'BB-'. Fitch also affirmed the company's ABL at 'BB+' with a Recovery Rating of 'RR1', secured notes at 'BB+'/'RR2' and unsecured notes at 'BB-'/'RR4'. The Outlook is Negative. Kohl's ratings reflect ongoing operational challenges and uncertainty about the company's ability to stabilize market share, especially in apparel. The rating also reflects Kohl's capacity to execute its turnaround, including a reasonable asset base and ability to invest nearly $400 million capex. After four years of sales declines, Fitch expects revenue to stabilize at near low-$15 billion and EBITDA at about $900 million. This would support at least $400 million in annual FCF, after lease amortization add-backs, and EBITDAR leverage in the high 3x range. Fitch could revise the Outlook to Stable if Kohl's can improve its topline trajectory with at least flat sales. Key Rating Drivers Difficult Performance: Kohl's results were weak, with 2025 revenue and EBITDA declining 22% and 50%, respectively, from 2019 levels, despite growth in newer categories such as beauty through Sephora. The company's market share declines in core categories such as apparel appear steeper than that of peers in the pressured department store industry, suggesting company-specific execution challenges. Recent events underscore Kohl's near-term challenges. These include 2026 guidance for, at best, flat revenue and EBITDA, CEO changes, the closure of 27 stores in 2025, or about 2% of the base, and a 75% dividend cut in 2025. The company's near-term focus is to sharpen the merchandise assortment, improve value messaging and optimize its omnichannel model to provide a frictionless shopping experience. Fitch believes these are reasonable focus areas. However, given the company's recent history, magnified by secular challenges in the department store industry and near-term headwinds for discretionary goods, the timing and level of operating stabilization remain uncertain. Operating Challenges: Kohl's weak operating trajectory and evolving strategies to stabilize performance highlight the difficulties in effectively executing department store operations. Department stores will continue to face longer-term secular obstructions, including consumers spending less time in malls (which has less impact on Kohl's, given its off-mall positioning), changes in apparel buying behavior, and increasing competition from newer channels, including value-oriented and online players. Near-term challenges also include somewhat waning consumer sentiment and operational impacts from an evolving tariff policy and the conflict in Iran. Fitch historically viewed Kohl's as able to navigate industry challenges and defend or even gain share. The company has a reasonable store base with limited indoor mall exposure, good omnichannel capabilities, and cash flow generation to materially invest in topline strategies, along with productive relationships with merchandise vendors and key partners. Following recent performance, Fitch believes the company's medium-term turnaround prospects are limited, with revenue and EBITDA stabilizing at about low-$15 billion and $900 million, respectively, as a best-case scenario. Leverage Around High-3x: Kohl's EBITDAR leverage could sustain in the high-3x over the medium term, similar to 2024-2025 levels, with EBITDAR fixed charge coverage in the low-2x range. This assumes EBITDA around $950 million and steady debt levels at the current $1.5 billion. Kohl's next significant maturity is $360 million in secured notes due June 2030. The company would need to demonstrate stabilizing operations to support its existing rating, with leverage remaining below 4.5x. Positive Cash Flow Generation: Kohl's strong cash generation is an asset, allowing the company some flexibility to invest in topline initiatives. The company plans to invest $350 million to $400 million, or mid-2% of revenue, in 2026 capex. These capex investments could support the company's omnichannel model, including enhancements to ecommerce and supply chain infrastructure, as well as store refreshes. Fitch projects FCF after dividends, with non-cash finance lease amortization added back, at around $400 million in 2026. Peer Analysis Other Fitch-rated U.S. department store peers include national competitors Macy's, Inc. (BBB-/Stable) and Nordstrom, Inc. (BB/Stable), as well as regional player Dillard's, Inc. (BBB-/Positive). Each contends with the industry's secular headwinds and is continuously refining strategies to defend market share. Their initiatives include investments in omnichannel models, reshaping portfolios to reduce exposure to weaker indoor malls, and efforts to strengthen merchandise assortments and service levels. These initiatives have had varying levels of success in recent years, with Dillard's showing the best operating trajectory. Nordstrom and Kohl's have produced the weakest results in terms of topline and profitability. Macy's results have been somewhat mixed, with topline declines mitigated by good inventory and expense management with limited EBITDA contraction. Structurally, the three national players should be best positioned to accelerate investment and transformation efforts, given their greater relative scale and cash flow generation. In particular, Kohl's should benefit from its off-mall real estate positioning, while Nordstrom should benefit from its exposure to the off-price subsector and the higher-end merchandise positioning of its full price locations. However, both have struggled to capitalize on these fundamental advantages, which Fitch believes is likely due to execution challenges. The group's ratings also reflect relative leverage levels. Dillard's has limited leverage due to a small quantum of debt. Macy's rating assumes its EBITDAR leverage will trend below 3x, while ratings for Nordstrom and Kohl's assume leverage around 3x and low-4x, respectively. Fitch’s Key Rating-Case Assumptions Fitch projects Kohl's 2026 revenue to modestly decline to about $15.2 billion to $15.3 billion from $15.5 billion in 2025, well below the $20 billion recorded in 2019. This assumes comps decline 1% to 2% with a flattish store count. In the medium term, Fitch projects revenue could stabilize near forecasted 2026 levels, assuming the company can continue to grow newer categories like beauty while implementing strategies to stabilize the declining apparel business. EBITDA, which was about $1 billion in 2024 and 2025 compared to $2 billion in 2019, could moderate to about $930 million in 2026, given the revenue decline and some topline investments. EBITDA could stabilize in the low-$900 million range thereafter if revenue stabilizes in the low-$15 billion range, with margins trending in the 6% range, compared to about 10% in 2019. Annual FCF (after dividends and adding back non-cash finance lease amortization) is projected be at least $400 million over the medium term, given its EBITDA assumptions, neutral working capital, about $375 million of annual capex, and annual dividends in the $55 million range. FCF could be directed toward share buybacks or additional business reinvestment. Kohl's next debt maturity is $360 million of real estate backed notes due 2030. EBITDAR leverage (capitalizing leases at 8x), which improved to 3.6x in 2025 from 3.9x in 2024 on lower rent levels, mitigated by EBITDA declines, could sustain in the high-3x range over the medium term, given Fitch's EBITDA projections. EBITDAR fixed charge coverage could trend close to the recent low-2x range. Achievement of the above projections, including stabilizing revenue and EBITDA, which supports Fitch's confidence in the company's ability to defend its market share over time, could result in a stabilization of Kohl's Rating Outlook. Kohl's capital structure consists fixed-rate notes. Pricing for the company's ABL is based on the secured overnight financing rate (SOFR), with rates forecasted to be in the 3% to 3.5% range over the medium term. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): Business and financial profile factors (assessment, relative importance): management ('bb-', Moderate), sector characteristics ('bb-', Higher), market and competitive positioning ('bb+', Moderate), diversification and asset quality ('bbb', Lower), company operational characteristics ('bbb-', Moderate), profitability ('b+', Moderate), financial structure ('bb+', Moderate), and financial flexibility ('bb+', Moderate). The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year FY26, 40% for the forecast year FY27 and 40% for the forecast year FY28. The governance assessment of 'good' has no impact. The operating environment assessment of 'aa-' has no impact. The SCP is 'bb-'. Recovery Analysis Fitch does not employ a waterfall recovery analysis for issuers assigned ratings in the 'BB' category. As a rating moves further up the speculative grade continuum, the notching becomes more compressed. Fitch rates Kohl's ABL 'BB+'/'RR1' and its secured notes 'BB+'/'RR2', notched up two ratings from the IDR given their respective security packages. Its unsecured notes are rated 'BB-'/'RR4'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - A downgrade could result from EBITDAR leverage sustained above 4.5x due to either weaker-than-expected operating performance or financial policy decisions; - EBITDAR fixed charge coverage sustained near 1.5x would also result in a negative rating action. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - An Outlook revision could result from evidence of revenue and EBITDA stabilization, yielding EBITDAR leverage sustained below 4.5x and EBITDAR fixed charge coverage at or above 2x; - An upgrade to 'BB' would result from a combination of better-than-expected operating performance and debt reduction, which drives EBITDAR leverage below 4.0x and EBITDAR fixed charge coverage toward 2.5x. Liquidity and Debt Structure As of May 2, 2026, Kohl's had $429 million in cash and full availability on its $1.5 billion ABL credit facility, which matures in June 2031. The ABL is governed by a borrowing base of inventory and receivables. As of May 2, 2026, Kohl's debt included $360 million of secured notes due 2030 and $1.1 billion of unsecured notes largely maturing between 2031 and 2045. In 2025 the company issued the secured notes, which have a first lien on seven distribution centers and four ecommerce fulfillment centers, to refinance a similar quantum of unsecured notes. Fitch projects Kohl's will generate at least $400 million of FCF after adding back non-cash lease amortization beginning in 2026, following recent reductions to capex and dividends. Fitch applies the 8x rent methodology to calculate Kohl's lease-adjusted debt. The company reset the useful life of many of its leased properties following capital investments to support the Sephora rollout, which has caused Kohl's implied lease multiple to increase from the 8x to 9x range to over 10x. Given the accounting reset, Fitch views its historical 8x methodology as a more appropriate measurement of Kohl's lease obligations. Issuer Profile Kohl's is the second largest department store operator in the U.S. with approximately $15 billion in revenue across its digital presence and around 1,153 stores, largely in off-mall centers. Summary of Financial Adjustments Financial statement adjustments that depart materially from those contained in the published financial statements of the relevant rated entity or obligor are disclosed below: - EBITDA adjusted for stock-based compensation; - Lease-equivalent debt computed as 8x annual rent expense, in accordance with Fitch's Corporate rating criteria dated Dec. 6, 2024. Kohl's reported lease liabilities are considered excessive given recent resets to asset useful lives following store remodels. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Kohl's Corporation LT IDR BB- Affirmed BB- senior unsecured LT BB- Affirmed RR4 BB- senior secured LT BB+ Affirmed RR1 BB+ senior secured LT BB+ Affirmed RR2 BB+ KOINONIA CONSTRUCTION: Seeks to Extend Plan Exclusivity to Oct. 2 ----------------------------------------------------------------- Koinonia Construction Inc., d/b/a Impact Roofing, asked the U.S. Bankruptcy Court for the District of Nevada to extend its exclusivity periods to file a plan of reorganization to Oct. 2, 2026. The Debtor explains that it has made significant progress in its chapter 11 case. First, Debtor has obtained Court approval to sell eight of its real properties located in Elko, Nevada. The Debtor notes that the most recent Court approved sale for the Debtor's commercial real property located at 453 Idaho Street, Elko, Nevada, is expected to close by August 31, 2026, and the net proceeds due to the Debtor from this sale approximate $190,000.00. These Court approved sales have allowed the Debtor to pay its secured creditors that had valid liens against the properties sold. Moreover, the Debtor also reduced its operating expenses as a result of the property sales, including expenses related to the maintenance and upkeep of the properties, maintaining insurance policies on the properties and real property taxes. The Debtor claims that extending the exclusivity periods will in fact help move the case toward a sensible resolution, and there is ample "cause." The extensions that the Debtor seeks are neither indefinite nor being used to force any creditor to accept an undesirable plan. The Debtor asserts that the extension is sought only because the Debtor has been focused on taking reasonable steps to sell certain real properties to bring money into the Debtor's estate, as well as pay secured creditor claims and evaluate its other assets and sale prospects. Given the foregoing, an extension of the Exclusive Periods makes legal and practical sense. The Debtor further asserts that its creditors will not be prejudiced by extensions of the Exclusive Periods. The extensions are not being sought in order to pressure creditors, but rather to give the Debtor a reasonable period of time to develop an accurate, feasible, and effective plan to present to the Court and creditors. Koinonia Construction Inc. is represented by: Stephen R. Harris, Esq. Norma Guariglia, Esq. HARRIS LAW PRACTICE LLC 850 E. Patriot Blvd., Suite F Reno, NV 89511 Telephone: (775) 786-7600 E-mail: steve@harrislawreno.com norma@harrislawreno.com About Koinonia Construction Inc. Koinonia Construction Inc., doing business as Impact Roofing, is an Elko, Nevada-based construction and development company that builds homes, manages housing projects, and provides roofing services under its Impact Roofing brand. Since its founding, the firm has overseen multi-phase residential developments such as Mountain View and Copper Trails, while maintaining a fleet of trucks, telehandlers, backhoes, and other heavy equipment to support its on-site construction work. Beyond construction, Koinonia manages a portfolio of townhouses and land parcels on North 5th Street and Platinum Drive, reflecting its integrated approach to development, building, and property management. Koinonia Construction sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 26-50335) on April 3, 2026. In the petition that was signed by Luke Fitzgerald as president, the Debtor disclosed total assets of $5,475,376 and total liabilities of $6,771,688. Debtor's Counsel: Stephen R. Harris, Esq., at HARRIS LAW PRACTICE LLC, in Reno, Nevada. KRASNOFF DOMESTIC: Seeks to Hire Reflect Advisors as CRO -------------------------------------------------------- Krasnoff Domestic Growth Fund, LP and Krasnoff Capital Management, LLC seek approval from the U.S. Bankruptcy Court for the District of New Jersey to retain Reflect Advisors, LLC to provide and designate Adam Zalev as chief restructuring officer. The CRO will provide these services: (a) assisting management with respect to the day-to-day aspects of the management and operations of the Debtors' business; (b) assisting with negotiations with key stakeholders and their professional constituencies, as appropriate; (c) providing advice and assistance in respect to the operational and financial position and performance of the Debtors, including assessment of the Debtors' liquidity projections and financial forecasts; (d) assisting the Debtors in consideration of their strategic and restructuring alternatives, and as appropriate assisting to implement such strategies as duly determined by the board of directors of the Debtors; (e) communicating directly with and providing information to the Debtors' stakeholders in coordination with the Debtors' attorneys; (f) assisting the Debtors with risk mitigation analysis and related controls; (g) overseing the Debtors' accounts payable processing and cash disbursement processes; and (h) rendering any other services as agreed upon between Reflect and the Debtors. Reflect's hourly rates are $625 to $660 for Managing Director, $500 to $535 for Associate Director/Director, and $400 to $495 for Associate/Senior Associate. Reflect will also earn a success fee equal to 50 basis points on the total recovery of funds in excess of $5,000,000, payable upon the entry of an order confirming a plan in these Chapter 11 Cases. Reflect will also seek reimbursement for reasonable and documented out-of-pocket expenses. The Debtors paid $50,000 to Reflect as a retainer. On May 27, 2026 and July 28, 2026, the Retainer was subsequently increased to $100,000 and $165,000, respectively. After application for prepetition fees, there remains a retainer balance of $65,731.28. Reflect Advisors, LLC is a "disinterested person" as that term is defined by section 101(14) of the Bankruptcy Code, according to the filing. The firm can be reached at: Adam Zalev REFLECT ADVISORS LLC 609 Bowling Avenue Nashville, TN 37215 Telephon: (949) 416-1163 reflectadvisors.com About Krasnoff Domestic Growth Fund, LP Krasnoff Domestic Growth Fund, LP is a Pennington, New Jersey-based investment company and hedge fund. The firm focuses on investment management and portfolio investments, seeking capital appreciation through diversified investment strategies across public and private markets. Krasnoff Domestic Growth Fund, LP sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-18662) on July 31, 2026. In its petition, the debtor reported estimated assets of $1 million to $10 million and estimated liabilities of $10 million to $50 million. Honorable Bankruptcy Judge Christine M. Gravelle is presiding over the case. The debtor is represented by Vincent J. Roldan, Esq., of Mandelbaum Salsburg PC. KROSKOB BROS: Employs Kuro Group as E-Discovery Professionals ------------------------------------------------------------- Kroskob Bros Farms, LLC seeks approval from the U.S. Bankruptcy Court for the District of Colorado to hire Kuro Group, LLC to serve as e-discovery professionals. The firm will provide these services: (a) provide e-discovery services necessary for the Debtor's bankruptcy case; (b) assist with the Debtor's prosecution of its asserted claims in the United States District Court for the District of Colorado litigation and efforts to recover those claims for the benefit of the Estate; (c) assist the Debtor as it navigates the discovery process in the USDC Litigation, including preservation, collection, and production of substantial volumes of electronically stored information to support the collection of evidence; (d) ensure compliance with applicable e-discovery and ESI rules and procedures; and (e) provide testimony regarding the same, if necessary. The firm's services and professional services will be paid at these hourly rates: Technical Support $150 Advanced Technical Support $225 Project Management $175 Sr. Project Management $250 Expert Testimony $45 Forensic Examiner $325 Kuro Group, LLC has no connection with the Debtor, creditors, any other party in interest, their respective attorneys and accountants, the United States Trustee's Office, or any other person employed in the United States Trustee's Office, according to court filings. The firm can be reached at: Erin Perczak KURO GROUP, LLC 1888 N Sherman Street, Suite 425 Denver, CO 80203 Telephone: (720) 741-1242 E-mail: eperczak@kurogroup.com About Kroskob Bros Farms, LLC Kroskob Bros Farms, LLC and Kroskob Manufacturing, Inc., based in Merino, Colorado, operate from a shared facility and are engaged in agricultural production, including hay and crop farming, as well as custom farming services such as planting, harvesting, and equipment-based field operations. Through Stack-Rite operations, the business also designs and manufactures hay bale stacking equipment used to support on-farm material handling. The entities operate at a small commercial scale serving local agricultural needs in the region. Kroskob Bros Farms sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Colorado Case No. 26-12459) on April 13, 2026. At the time of the filing, Debtor had estimated assets of between $1,000,001 and $10 million and liabilities of between $10,000,001 and $50 million. Judge Thomas B Mcnamara oversees the case. The debtor is represented by Jeffrey Weinman of Michael Best & Friedrich LLP. KYLE PLUMBING: Linda Leali Named Subchapter V Trustee ----------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Linda Leali, Esq., as Subchapter V trustee for Kyle Plumbing II, Inc. Ms. Leali will be paid an hourly fee of $450 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Leali declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Linda M. Leali Linda M. Leali, P.A. 2525 Ponce De Leon Blvd., Suite 300 Coral Gables, FL 33134 Telephone: (305) 341-0671, ext. 1 Facsimile: (786) 294-6671 Email: leali@lealilaw.com About Kyle Plumbing II Inc. Kyle Plumbing II, Inc. provides residential and commercial plumbing services in Deerfield Beach, Florida. Its services include pipe and drain work, leak detection, repiping, sewer-line services, water-heater installation and repair, water treatment, backflow services, and kitchen and bathroom remodeling. Kyle Plumbing II sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-20225) on July 31, 2026, with up to $434,996 in total assets and $3,259,375 in liabilities. Kevin Couper, president of Kyle Plumbing II, signed the petition. Thomas Zeichman, Esq., at Zeichman Law represents the Debtor as counsel. LA TENTACION PIZZA: Seeks to Hire BKC CPAs PC as Accountant ----------------------------------------------------------- La Tentacion Pizza & Tex Mex Grille, LLC seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to employ Diane Testa, CPA, and BKC, CPAs, PC as accountants. The firm will prepare outstanding corporate tax returns, Monthly Operating Reports, financials and projections as necessary in this proceeding. The firm will be paid at these rates: Professionals $125/hr to $475/hour Support Staff $75/hr to $125/hour The accountant will also charge for disbursements on behalf of the Debtor, subject to the approval of this Court. Diane Testa, CPA, and BKC, CPAs, PC are "disinterested persons" under 11 U.S.C. Sec. 101(14), according to court filings. The firm can be reached through: Diane Testa, CPA BKC, CPAs, PC 39 State Road, 12, Ste. 2 Flemington, NJ 08822 Phone: (908) 782-7900 x116 Fax: (908) 782-4328 Email: dt@bkc-cpa.com About La Tentacion Pizza & Tex Mex Grille La Tentacion Pizza & Tex Mex Grille, LLC, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 26-17458) on June 29, 2026, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. E. Richard Dressel, Esq., at Lex Nova Law, LLC represents the Debtor as counsel. LATHAM POOL: Moody's Rates New First Lien Credit Facility 'B2' -------------------------------------------------------------- Moody's Ratings affirmed Latham Pool Products, Inc.'s (Latham) ratings including the B2 Corporate Family Rating, B2-PD Probability of Default Rating, and the B2 rating on the company's existing senior secured first lien credit facilities. At the same time, Moody's assigned a B2 rating to the company's proposed new senior secured first lien credit facility, consisting of a $75 million first lien revolver expiring 2031 and a $300 million first lien term loan maturing in 2033. The outlook is stable and the company's speculative grade liquidity rating remains SGL-1. Latham plans to use the net proceeds from the proposed $300 million first lien term loan due 2033 to fully repay the company's $284 million outstanding under its existing first lien term loan, pay transaction fees, and with the remainder add to balance sheet cash for general corporate purposes. The company also plans to replace its existing $75 million first lien revolver with a new $75 million first lien revolver expiring 2031. Moody's will withdraw the ratings on the company's existing first lien credit facilities upon the closing of the transaction and repayment of these debt obligations. The proposed refinancing improves Latham's liquidity by extending the company's maturity profile, while modestly increasing total debt. The ratings affirmation reflects Latham's good operating performance with improving earnings and credit metrics despite a challenging consumer environment. The company continues to benefit from previous acquisitions, continued increasing penetration of fiberglass pools in the US, and growth initiatives related to expanding in key US markets. These efforts have helped Latham successfully mitigate the slowdown in pools demand from the very high volumes achieved during the pandemic. Moody's expects the company's Moody's-adjusted debt/EBITDA leverage will remain moderate in the low 3x range for the next 12-18 months. The B2 rating on the proposed new first lien credit facilities, the same as the B2 CFR, reflects that the first lien credit facility represents the preponderance of the company's debt capital structure. RATINGS RATIONALE Latham's B2 CFR reflects its solid market position in its core pool product categories, particularly in the company's key growth categories fiberglass and autocovers that continue to grow share of the US pool market. The company's EBITDA margin in the mid-teens percentage range supports positive annual free cash flow, and its large manufacturing network across North America is a competitive advantage. Latham's very good liquidity is supported by a cash balance of $43 million and access to an undrawn $75 million revolver as of June 27, 2026, which provides good financial flexibility to fund business seasonality over the next 12 months. Latham's credit profile also reflects its small scale and narrow product focus in the highly discretionary swimming pool and pool equipment categories, and its exposure to the inherent cyclicality and high seasonality of the residential pool industry due to reliance on discretionary consumer spending and weather. Latham's revenue has materially declined since 2022, although revenue has steadily increased since 2024, and there is uncertainty around the depth and duration of the ongoing multi-year slowdown in the new pools market due to persistent pressures on consumer discretionary spending and soft housing market trends. Nonetheless, the company expanded its earnings base via (1) organic growth due to share gains; (2) cost discipline and lean manufacturing and value engineering initiatives (3) acquisitions, and its debt/EBITDA leverage is moderate at 3.6x as of the last 12 months (LTM) ending 2Q-2026. Moody's anticipates demand pressures will persist into 2026, but Moody's projects that debt/EBITDA will remain moderate over the next 12-18 months as industry volumes stabilize following substantial declines over the past few years. Governance risk factors primarily relate to Latham's high ownership concentration and active acquisition strategy. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The stable outlook reflects Latham's very good liquidity that provides the company with financial flexibility to navigate the ongoing pools industry demand headwinds. Moody's also anticipates in the stable outlook that the company's leverage will remain moderate over the next 12-18 months supported by Latham's growth initiatives and cost discipline. The ratings could be upgraded if the company meaningfully increases its revenue base and demonstrates consistent organic revenue growth with the EBITDA margin expanding to the mid-to-high teens percentage range, and debt/EBITDA sustained below 3.5x. A ratings upgrade would also require the company to maintain at least good liquidity supported by sustainable good free cash flow generation and good revolver availability, as well as Moody's expectations of financial policies that support credit metrics at the above levels. The ratings could be downgraded if the operating earnings deteriorate due to factors such as a reduction in demand, higher costs, supply chain disruptions, pricing pressures or weak execution, debt/EBITDA sustained above 4.5x, or if free cash flow generation is modest or negative. The ratings could also be downgraded if liquidity deteriorates including increased revolver borrowings, debt-financed acquisitions or shareholder distribution that increases leverage or reduce its financial flexibility. Marketing terms for the new credit facilities (final terms may differ materially) include the following: Incremental pari passu debt capacity up to the greater of $106 million and 100% of EBITDA, plus unlimited amounts subject to 2.75x first lien net leverage. There is an inside maturity sublimit up to the greater of $26.5 million and 25% of EBITDA. A "blocker" provision restricts the transfer of material intellectual property to unrestricted subsidiaries, other than bona fide operational joint ventures established for legitimate business purposes, and investments in unrestricted subsidiaries may only be made under the Specified Investment Basket (the greater of $53 million and 50% of EBITDA), with no reclassification of capacity. The credit agreement provides limitations on up-tiering transactions, requiring affected lender consent for amendments that subordinate liens on all or substantially all collateral unless affected lenders can ratably participate in the priming debt, with an exception for debtor-in-possession financing. Headquartered in Latham, New York, Latham Pool Products, Inc. is a manufacturer of in-ground residential swimming pools and components in North America, Australia, and New Zealand. Latham reported revenue of $576.6 million for the LTM period ending June 27, 2026. The company is partially owned by Pamplona Capital Management, which owns 44% of Latham's shares. Latham Group, Inc. is the indirect parent of Latham Pool Products, Inc. and its shares are listed on the Nasdaq stock exchange under the ticker symbol "SWIM". The principal methodology used in these ratings was Consumer Durables published in December 2025. LEESTMA MANAGEMENT: CRO Taps Johnson Pope Bokor Ruppel as Counsel ----------------------------------------------------------------- John Polderman, duly appointed of CRO of Leestma Management, LLC and affiliates, seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to hire Johnson Pope Bokor Ruppel & Burns, LLP as his counsel. Johnson Pope will advise the CRO concerning his powers, duties, and responsibilities under the Settlement Order and applicable provisions of the Bankruptcy Code; represent the CRO in all matters before this Court; prepare and prosecute pleadings, motions, applications, and other papers as may be necessary or appropriate; provide legal advice concerning the administration of these Chapter 11 estates, including but not limited to, compliance with the US Trustee's guidelines, requirements of the Local Rules of this Court, and the implementation of the Settlement Order; and advise the CRO with respect to transactions and actions authorized by the Settlement Order. Johnson Pope's compensation will be based upon customary hourly billing rates. Currently, Alberto ("Al") F. Gomez, Jr.'s hourly rate is $550 per hour, and legal assistant time is billed at hourly rates ranging from $180 to $225, depending upon the legal assistant involved. The firm received a retainer in the amount of $15,000. As disclosed in the court filings, Johnson Pope does not hold or represent any interest adverse to the CRO with respect to the matters for which it is to be employed. The firm can be reached through: Alberto F. Gomez, Jr., Esq. JOHNSON, POPE, BOKOR, RUPPEL & BURNS, LLP 400 North Ashley Drive, Suite 3100 Telephone: (813) 225-2500 Facsimile: (813) 223-7118 Email: AL@JPFirm.com About Leestma Management, LLC Leestma Management, LLC, based in Bradenton Beach, Florida, manages real estate investments and development projects, including the Adelaide Pointe waterfront complex along Muskegon Lake, Michigan, a mixed-use development held through affiliated entities such as Adelaide Pointe Building 1, LLC, Adelaide Pointe QOZB, LLC, Adelaide Pointe Boaters Services, LLC, and Waterland Battle Creek, LLC. The company oversees marina operations, residential and commercial property management, and broader development activities, consolidating operational and brand control under the Adelaide Pointe trademark. Leestma Management, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-02696) on April 1, 2026. In its petition, the Debtor reports estimated assets and liabilities between $50 million and $100 million. Judge Caryl E. Delano oversees the case. The Debtor is represented by David Jennis, Esq. of JENNIS MORSE. John Polderman, the state court-appointed receiver and custodian of the Debtors, is represented by Alberto F. Gomez, Jr., Esq., at Johnson Pope Bokor Ruppel & Burns, LLP. LEXORA INC: Gets Ninth Interim Approval to Use Cash Collateral -------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of New York entered a ninth interim order authorizing Lexora Inc. to use the cash collateral of its secured creditors through September 2. Under the ninth interim order, the Debtor is authorized to use the cash collateral of SouthStar Financial, LLC, Dime Community Bank, and Libertas Funding, LLC in accordance with its budget, subject to a 10% variance. Secured creditors will be granted adequate protection through replacement liens on all existing and after-acquired property of the Debtor. In addition, Dime will receive monthly payments of $17,280 as further protection. Events of default include the dismissal or conversion of the Debtor's Chapter 11 case, confirmation of a bankruptcy plan, uncured defaults, and cessation of operations. The order is available at https://shorturl.at/mUFsD The court scheduled a final hearing for September 1. Any objections must be filed by August 25. About Lexora Inc. Lexora Inc., founded in 2009 and headquartered in New York, sells bathroom and kitchen products through online and showroom channels. It offers vanities, bathtubs, faucets, mirrors, lighting, and related accessories, and it also works with factories in Asia to develop and source its product lines. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 26-10751) on April 6, 2026, with $50,000 to $100,000 in assets and $1 million to $10 million in liabilities. Andrey Bogan, in his capacity as president, signed the petition. Robert L. Rattet, Esq., at Davidoff Hutcher & Citron, LLP represents the Debtor as legal counsel. LOUIS INVESTMENTS: YSA Says Bankruptcy Dispute Belongs in Delaware ------------------------------------------------------------------ Emily Lever of Law360 Bankruptcy Authority reports that YSA Investments 1 LLC, a lender to bankrupt real estate management company Louis Investments LLC, is seeking dismissal of the company's Chapter 11 case, accusing Louis Investments and related entities of manufacturing a Texas bankruptcy venue. According to the lender, the debtors relied on their bankruptcy attorney's address to establish jurisdiction in Texas. The lender argues that the companies have insufficient ties to Texas to justify keeping the case there. YSA says Delaware is the more appropriate venue for the bankruptcy proceedings and has asked the court to move the case there if it is not dismissed, the report cites. The motion presents an early challenge to Louis Investments' restructuring and could force the company to defend its choice of bankruptcy venue. YSA's request puts the focus on whether the debtors legitimately established a Texas connection or improperly engineered one for purposes of filing Chapter 11, according to report. About Louis Investments LLC Louis Investments, LLC is a single-asset real estate company. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 26-33110) on July 10, 2026, with $10 million to $50 million in assets and liabilities. Marc Kulick, authorized signer, signed the petition. Joyce Lindauer, Esq. at LINDAUER & VAUGHN represents the Debtor as legal counsel. LUGINBILL CONSTRUCTION: Taps Diller and Rice as Bankruptcy Counsel ------------------------------------------------------------------ Luginbill Construction, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Ohio to hire Diller and Rice, LLC as bankruptcy counsel. The firm will render these services: a. consult with and aid in the preparation and implementation of a plan of reorganization; and b. represent the Debtors in all matters relating to such proceedings. The firm will be paid at these rates, plus expenses: Steven L. Diller $450 per hour Eric R. Neuman $385 per hour The firm received a retainer in the amount of $3,500. As disclosed in the court filings, Diller and Rice is a "disinterested person" within the meaning of 11 U.S.C. Sec. 101(14). The firm can be reached through: Steven L. Diller, Esq. DILLER & RICE 124 East Main St. Van Wert, Ohio 45891 Phone: (419) 238-5025 Fax: (419) 238-4705 Email: Steven@drlawllc.com About Luginbill Construction LLC Luginbill Construction, LLC is a Rockford, Ohio-based general contractor specializing in residential, commercial, and agricultural construction. The company maintains its principal place of business in Van Wert, Ohio, and continued providing general contracting services across those sectors through early 2026. Luginbill Construction sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ohio Case No. 26-31566) on July 2, 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 John P. Gustafson handles the case. The Debtor is represented by Steven L. Diller, Esq. M & J ELECTRIC: Seeks to Hire Michael T. Bowers as Accountant ------------------------------------------------------------- M & J Electric of Wichita, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of North Carolina to hire Michael T. Bowers, a certified public accountant, to serve as its accountant and financial professional. The firm will provide these services: (a) assist the Debtor with tax, accounting, and financial matters related to the pending case; (b) perform the accounting services required by the Debtor; and (c) perform such other duties as set out in the application and upon the terms and conditions as stated. Mr. Bowers has agreed to provide said services at the customary rate for services of this nature at $325 per hour. Mr. Bowers and his employees are "disinterested persons" as that term is defined in Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Michael T. Bowers, M.B.A., J.D., C.P.A., A.B.V. 219 Wilmot Dr Gastonia, NC 28054 Telephone: (704) 867-2394 Email: mbowers@mbcpafirm.com About M & J Electric of Wichita, LLC M & J Electric of Wichita, LLC provides residential and commercial electrical contracting and installation services. The company also performs electrical work for fuel centers and convenience stores. Founded in 2004, it serves the Wichita, Kansas, and Charlotte, North Carolina, areas. M & J Electric of Wichita sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D.N.C. Case No. 26-31031) on July 31, 2026. At the time of the filing, Debtor had estimated assets of between $1,000,001 to $10 million and liabilities of between $1,000,001 to $10 million. Judge Laura T Beyer oversees the case. HAMILTON STEPHENS STEELE + MARTIN, PLLC is Debtor's legal counsel. M & M BUCKLEY: Court Extends Cash Collateral Access to Sept. 3 -------------------------------------------------------------- M & M Buckley, LLC received another extension from the U.S. Bankruptcy Court for the Northern District of Illinois to use cash collateral. The court entered a fifth interim order authorizing the Debtor to use cash collateral through September 3 to pay operating expenses based on an approved budget, subject to a 10% variance. The budget projects total operational expenses of $14,342.65 for August. The Debtor's cash collateral consists primarily of rents generated from its commercial rental property in Richton Park, Illinois, together with proceeds, cash, and cash equivalents derived from that property. As adequate protection, secured creditor JTS Capital 4, LLC will be granted a replacement lien on the cash collateral and on post-petition property similar to its pre-petition collateral, with the same priority it held before bankruptcy. In addition, the Debtor is required to make a $12,000 payment, allocating $2,232.87 as an interest-only adequate protection payment and $9,767.13 to be held in escrow for payment of real estate taxes. The order preserves all rights and remedies of both the Debtor and JTS under their loan agreement and applicable law, including claims against guarantors. The order is available at https://h1.nu/1B0Hq The court scheduled a further hearing for September 2. About M & M Buckley Management Inc. M & M Buckley Management, Inc. is a professional property management company based in Richton Park, IL. It specializes in managing residential and commercial properties. M & M sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-19108) on December 23, 2024, with $1 million to $10 million in both assets and liabilities. Melvin T. Buckely, Jr., president of M & M, signed the petition. Judge Janet S. Baer handles the case. The Debtor is represented by Gregory K. Stern, Esq., at Gregory K. Stern, P.C. Secured creditor Community Loan Servicing is represented by Jill Sidorowicz, Esq., at Noonan & Lieberman, Ltd. MACON ARTS: Reorganization Plan Confirmed by Judge -------------------------------------------------- Judge Robert M. Matson of the U.S. Bankruptcy Court for the Middle District of Georgia has entered findings of fact, conclusions of law and order confirming the Plan of Reorganization of Macon Arts Center, LLC. The Disclosure Statement for Plan of Reorganization is finally approved pursuant to Section 1125 of the Bankruptcy Code. Upon the entry of this Order, all provisions of the Plan, including all agreements, instruments, and other documents filed in connection with the Plan, shall be binding upon the Reorganized Debtor, all claim and equity interest holders, and all other persons that are affected in any manner by the Plan. The Debtor and the Reorganized Debtor, and all holders of claims receiving distributions under the Plan, and all other parties in interest, are authorized to take all actions necessary or appropriate to enter into, implement, and consummate the contracts, instruments, releases, leases, indentures, and other agreements or documents created in connection with the Plan. The Debtor is authorized to consummate the corporate bond offering consisting of up to $30,000,000 aggregate principal amount of 10.00% Senior Secured Corporate Bonds due June 30, 2036, to be issued pursuant to an Indenture Agreement between the Debtor and First Commonwealth Securities Corporation, or such other initial or successor trustee as may be appointed pursuant to the Indenture, as contemplated by the Plan. The proceeds from the Bond Offering shall be used to fund distributions and payments contemplated under the Plan, including payment of all Allowed Claims, administrative expenses, professional fees, reserve establishment, operational stabilization, and related emergence obligations. The Debtor is authorized to execute and deliver all documents, agreements, and instruments necessary or appropriate to consummate the Bond Offering, including the Indenture, bonds, security agreements, account control agreements, and all related transaction documentation. A copy of the Plan Confirmation Order dated July 30, 2026 is available at https://urlcurt.com/u?l=vnrml7 from PacerMonitor.com at no charge. About Macon Arts Center Macon Arts Center LLC, also known as The Mac, is a dynamic live entertainment venue offering a wide range of experiences. Spanning 9.52 acres with over 30,000 square feet of operational space, it hosts a variety of events, including indoor and outdoor live concerts, corporate gatherings, film productions, private parties, theatrical performances, and much more. Macon Arts Center LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Ga. Case No. 25-50167) on Feb. 3, 2025. In its petition, the Debtor estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by: Christopher W. Terry, Esq. BOYER TERRY LLC 348 Cotton Avenue, Suite 200 Macon, GA 31201 Tel: (478) 742-6481 Fax: (770) 200-9230 E-mail: Chris@boyerterry.com MAJESTIC DESSERTS: Claims to be Paid from Future Operations ----------------------------------------------------------- Majestic Desserts LLC filed with the U.S. Bankruptcy Court for the District of New Jersey a Plan of Reorganization for Small Business dated July 31, 2026. Majestic Desserts LLC operates two restaurants, Johnny's Cafe and Schuckers Bar & Grill, located in Margate, New Jersey. The restaurants share the Debtor's NJ Plenary Retail Consumption Liquor License. The business is seasonal, with its highest revenues occurring during the summer "down the shore" season. The Debtor was incorporated in 2023 and is owned 100% by Giovanina ("Nina") DeLuca, who serves as President and Chief Executive Officer. On March 26, 2026, the New Jersey Division of Taxation closed both restaurants due to unpaid sales and use taxes totaling $176,649.96. As a result, the Debtor filed a voluntary Chapter 11 bankruptcy petition the same day. The filing triggered the automatic stay, allowing the restaurants to reopen immediately. Since filing, the Debtor has continued operating its business as a debtor-in-possession while managing its assets and operations. The Debtor's first two post-petition months occurred during the slower off-season, and through June 2026 the business operated at a slight loss after accounting for its first $25,000 installment payment toward its administrative claim owed to the State of New Jersey Division of Taxation. Under the proposed Plan: * Class 3 General Unsecured Claims: The only general unsecured claim filed is from the State of New Jersey Division of Taxation in the amount of $20,510.96, which will be paid according to the terms of the Plan. * Equity Interests: Giovanina DeLuca will waive any claims against the Debtor and retain 100% ownership of the company. The Plan will be funded through revenues generated from the Debtor's future restaurant operations. The Debtor expects to have sufficient cash available to make required Effective Date payments. Upon confirmation, all property of the Debtor, including licenses, furniture, fixtures, equipment, and other tangible and intangible assets, will remain with the Debtor free and clear of claims and equity interests except as provided in the Plan. The existing Board of Directors will continue to serve as the Board of the reorganized Debtor after the Effective Date. Depending on the type of Plan confirmation, either the Trustee or the Debtor will be responsible for making Plan payments to creditors as provided in the Plan. A full-text copy of the Plan of Reorganization dated July 31, 2026 is available at https://urlcurt.com/u?l=H2YYAk from PacerMonitor.com at no charge. Counsel to the Debtor: E. Richard Dressel, Esq. Lex Nova Law, LLC 10 E. Stow Road, Suite 250 Marlton, NJ 08053 Telephone: (856) 382-8211 Email: rdressel@lexnovalaw.com About Majestic Desserts LLC Majestic Desserts LLC operates two restaurants, Johnny's Cafe and Schuckers Bar & Grill, in Margate, New Jersey. The Debtor sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 26-13281 on March 26, 2026, listing up to $50,000 in both assets and liabilities. E. Richard Dressel, at Lex Nova Law, LLC, serves as the Debtor's counsel. MANANA RESTAURANT: Steven Nosek Named Subchapter V Trustee ---------------------------------------------------------- The Acting U.S. Trustee for Region 12 appointed Steven Nosek as Subchapter V trustee for Manana Restaurant 2, 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 Manana Restaurant 2 LLC Manana Restaurant 2, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Minn. Case No. 26-32517) on August 3, 2026, with $500,001 to $1 million in assets and $1 million to $10 million in liabilities. Kenneth C. Edstrom, Esq., at Sapientia Law Group represents the Debtor as bankruptcy counsel. MB DEVELOPMENT: Commences Chapter 11 Bankruptcy ----------------------------------------------- On July 30, 2026, MB Development and Management Solutions, LLC filed for Chapter 11 protection in the Middle District of Pennsylvania. According to court filings, the Debtor reports between $500,000 and $1 million in assets and $500,000 and $1 million in liabilities owed to 1 to 49 creditors. The company filed for bankruptcy protection to stay a scheduled Monroe County sheriff's sale involving its property at 301 Eastshore Drive. The sale followed a foreclosure writ totaling $509,717. Historically, the company marketed properties for short-term vacation rentals in the Blue Mountain Lake development through third-party platforms including Vacasa. About MB Development and Management Solutions, LLC MB Development and Management Solutions, LLC is an East Stroudsburg, Pennsylvania-based real estate property management and development company. As of July 2026, its primary operations involve managing a residential real estate property in East Stroudsburg. MB Development and Management Solutions, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Pa. Case No. 26-02130) on July 30, 2026. In its petition, the Debtor reports estimated assets of $500,000 to $1 million and estimated liabilities of $500,000 to $1 million. Honorable Mark J. Conway handles the case. The Debtor is represented by J. Zac Christman, Esq. of J. Zac Christman, Esquire. MERCER INTERNATIONAL: Reports Fiscal Q2 Net Loss of $76 Million --------------------------------------------------------------- Mercer International 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. Consolidated – Three Months Ended June 30, 2026, Compared to Three Months Ended June 30, 2025 Total revenues for the second quarter of 2026 remained relatively steady at $460.3 million compared to $453.5 million in the same period of 2025, as higher sales realizations for the Company's solid wood products and higher pulp sales volumes were mostly offset by lower pulp sales realizations. Costs and expenses in the second quarter of 2026 were generally flat at $519.3 million compared to $511.9 million in the same period of 2025. In the second quarter of 2026, higher per-unit fiber costs were mostly offset by the impact of lower planned maintenance downtime and the benefits of the Company's cost reduction initiatives. In the second quarter of 2026, costs and expenses included a non-cash impairment of $29 million primarily against pulp and fiber inventory as a result of low pulp prices and high fiber costs. In the same period of 2025, costs and expenses included a non-cash impairment of $11 million against hardwood inventory at the Company's Peace River mill. In the second quarter of 2026, cost of sales depreciation and amortization was relatively flat at $37.9 million compared to $37.5 million in the same period of 2025. Selling, general, and administrative expenses were relatively steady at $31.6 million in the second quarter of 2026 compared to $30.4 million in the same period of 2025. In the second quarter of 2026, the Company had a positive foreign exchange impact of approximately $6.4 million on its operating loss compared to the same period of 2025. This positive impact was primarily due to the effect of a stronger dollar compared to the euro and Canadian dollar on the revaluation of dollar-denominated accounts receivable held at the Company's operations as of June 30, 2026. In the second quarter of 2026, the Company's operating loss was $59 million compared to an operating loss of $58.4 million in the same period of 2025. In the second quarter of 2026, higher per-unit fiber costs and lower pulp sales realizations were mostly offset by the impact of lower planned maintenance downtime and the benefits of the Company's cost reduction initiatives. In the second quarter of 2026, the Company's operating loss included a non-cash inventory impairment of $29 million compared to $11 million in the same period of 2025. Interest expense increased by approximately 9% to $30.9 million in the second quarter of 2026 from $28.4 million in the same period of 2025. This increase was primarily driven by higher interest rates on borrowings under the German joint revolving credit facility, pursuant to the terms of the waiver obtained in the second quarter of 2026. In the second quarter of 2026, other income was $0.5 million compared to other expenses of $1.1 million in the same period of 2025. Other income in the second quarter of 2026 primarily consisted of interest earned on cash. In the same period of 2025, other expenses primarily consisted of foreign exchange losses on the revaluation of dollar-denominated cash held at the Company's operations as the dollar weakened against the euro at the end of the period, mostly offset by interest earned on cash in the quarter. In the second quarter of 2026, the Company had an income tax recovery of $13.4 million, or an effective tax rate of 15%, and in the same period of 2025, the Company had an income tax recovery of $1.9 million, or an effective tax rate of 2%. The Company's effective tax rates were different from the statutory rates of the jurisdictions in which it operates, as the Company does not recognize tax recoveries for certain entities from which it does not expect to realize a tax benefit. In the second quarter of 2026, the Company's net loss was $76 million, or $1.13 per share, compared to $86.1 million, or $1.29 per share, in the same period of 2025. In the second quarter of 2026, Operating EBITDA was negative $21 million compared to negative $20.9 million in the same period of 2025. In the second quarter of 2026, higher per-unit fiber costs and lower pulp sales realizations were mostly offset by the impact of lower planned maintenance downtime and the benefits of the Company's cost reduction initiatives. In the second quarter of 2026, Operating EBITDA included a non-cash inventory impairment of $29 million compared to $11 million in the same period of 2025. Liquidity and Capital Resources As a result of ongoing economic uncertainty and market conditions, to address its overall liquidity going forward, the Company has engaged advisors to review strategic alternatives and broader financing initiatives. As part of this process, the Company is engaged in discussions with holders of its 2028 and 2029 senior notes, as well as other stakeholders across its capital structure, regarding potential financing and other liquidity-enhancing transactions. These discussions remain ongoing, and the Company continues to evaluate a range of alternatives with the objective of achieving a comprehensive solution that supports its long-term business plan. No agreement has been reached with any stakeholder group, and there can be no assurance these discussions will result in any particular transaction or that any transaction, if pursued, will be completed. Summary of Cash Flows The Company operates in a cyclical industry, and its operating cash flows vary accordingly. The Company's principal operating cash expenditures are for production costs, such as fiber, chemicals, and energy costs, and other material operating costs for maintenance, freight, and labor. Historically, the Company has met its liquidity needs principally from cash on hand, cash flow from operations, and, if needed, external borrowings, including borrowings under revolving credit facilities and issuances of debt securities. However, ongoing market pressures continue to impact the Company's liquidity. Working capital levels fluctuate throughout the year and are affected by maintenance downtime, changing sales patterns, seasonality, the timing of receivables and sales, and the payment of payables and expenses. Cash Flows from (used in) Operating Activities In the six months ended June 30, 2026, cash used in operating activities was $100.8 million compared to $7.5 million in the same period of 2025. An increase in accounts receivable used cash of $13.5 million in the six months ended June 30, 2026, and a decrease in accounts receivable provided cash of $14.8 million in the same period of 2025. Adjusting for inventory impairments of $51 million, an increase in inventories used cash of $81.7 million in the six months ended June 30, 2026. Adjusting for inventory impairments of $11 million, an increase in inventories used cash of $24.1 million in the same period of 2025. An increase in accounts payable and accrued expenses provided cash of $12.6 million in the six months ended June 30, 2026, and $16.4 million in the same period of 2025. A decrease in prepaid expenses and other provided cash of $4.6 million in the six months ended June 30, 2026. An increase in prepaid expenses and other used cash of $8.8 million in the same period of 2025. Cash Flows from (used in) Investing Activities In the six months ended June 30, 2026, investing activities used cash of $19.3 million. In the six months ended June 30, 2026, the Company incurred $25.3 million of capital expenditures primarily related to lime kiln improvement and other strategic projects at its Stendal mill, upgrades to the digester evaporator at its Rosenthal mill, and maintenance projects across all mills and facilities. In the six months ended June 30, 2026, the Company received $4.8 million in government grants for capital projects at its Stendal mill. In the six months ended June 30, 2025, investing activities used cash of $42.6 million. In the six months ended June 30, 2025, the Company incurred $44.4 million of capital expenditures primarily related to completion of the wood room project at its Celgar mill, log yard upgrades at its Torgau facility and Friesau mill, sorting line upgrades, and other strategic projects at its mass timber facilities, and maintenance projects across all mills and facilities. In the six months ended June 30, 2025, the Company received $3.1 million in government grants for capital projects at its mass timber facilities. Cash Flows from (used in) Financing Activities In the six months ended June 30, 2026, financing activities provided cash of $17.6 million. In the six months ended June 30, 2026, the Company borrowed approximately $30 million under its revolving credit facilities. In the six months ended June 30, 2025, financing activities provided cash of $16 million. In the six months ended June 30, 2025, the Company borrowed approximately $25.4 million under its revolving credit facilities, and the Company paid dividends of $5 million. Going Concern The Jan. 2027 maturity of the Canadian Facility represents the Company's primary liquidity requirement over the next 12 months. Absent a refinancing, this is projected to result in a liquidity shortfall that raises substantial doubt about the Company's ability to continue as a going concern for the one-year period from the date of this report. Additionally, while the German Facility matures in Sept. 2027, it has been classified as current due to a probable covenant breach in the fourth quarter of 2026 and is subject to potential acceleration if unwaived. Management currently anticipates renegotiating or replacing the Canadian Facility ahead of its maturity and is concurrently evaluating strategic alternatives and broader financing initiatives. While management currently believes the Company will reach a resolution prior to the maturity or potential acceleration of current debt, there can be no assurance that the Company will successfully renegotiate or amend the facilities, or complete any such financing, refinancing, or strategic transactions on acceptable terms, or at all. If the Company is unable to resolve these liquidity shortfalls prior to maturity or potential acceleration, it will not have sufficient cash to settle these obligations, which would have a material adverse effect on its business, financial condition, and ability to continue as a going concern. Subject to and assuming the Company successfully addresses the near-term liquidity requirements described above, the Company believes that its cash flow from operations and available cash, together with access to capital markets, will otherwise be adequate to finance the capital requirements of its ongoing business for the next 12 months. Over the longer term, the Company may make commitments to additional capital projects or acquisitions to achieve its long-term goals, which will require substantial capital resources. The Company expects to generate these necessary resources through a combination of future cash flow from operations, cash on hand, asset dispositions, or the issuance of debt and equity securities. However, the Company's ability to meet these long-term business goals and manage its maturing debt remains highly dependent on its ability to continually access and secure outside sources of capital. Debt Covenants Certain of the Company's long-term obligations contain various financial tests and covenants customary to these types of arrangements. As of March 31, 2026, the Company's leverage ratio exceeded the 3.50:1.00 maximum permitted under its German Facility, under which $201.2 million was drawn. The Company secured a waiver dated May 4, 2026, with respect to this financial covenant for the first three quarters of 2026. Management has determined it is probable that the Company will not meet the required leverage ratio with respect to the fourth quarter of 2026. Consequently, in accordance with GAAP, the outstanding balance under the German Facility has been classified as a current liability as of June 30, 2026. However, it has not been declared in default, and the outstanding borrowings are not currently callable by the lender or subject to acceleration. Pursuant to the Waiver, the lenders under the Company's German Facility waived the requirement to comply with the leverage ratio financial covenant for the first three fiscal quarters of 2026. The Waiver also modified certain covenants, including limiting utilization of the German Facility to EUR300 million while the leverage ratio exceeds 2.00:1.00, limiting drawdown requests for incremental borrowings to EUR20 million (until certain liquidity forecasts are provided), requiring average liquidity of the Company and its subsidiaries of US$30 million (tested monthly and measured over a rolling 13-week period), restricting capital expenditures of the German borrowers and their subsidiaries to EUR60 million for fiscal year 2026 without agent consent, and restricting distributions by the German borrowers to the Company until Sept. 30, 2026 (subject to limited exceptions). The interest rate margin under the German Facility was modified to a range of 2.50% to 4.25% based on specified leverage ratio levels. The Waiver also provides, among other things, for a grant of security over certain assets of the German borrowers and guarantors, includes certain reporting requirements, and creates additional events of default, such as cross-defaults to certain of the Company's other indebtedness, including its outstanding senior notes and Canadian Facility. Further information regarding the Waiver is set forth in the Company's Current Report on Form 8-K dated May 7, 2026, and the Waiver is included as an exhibit to this report. The Waiver gives the Company the opportunity to pursue and implement measures and solutions to enhance its liquidity and financial condition in the current economic environment and to assist its positioning for an eventual market recovery. To this end, the Company is also evaluating strategic alternatives and financing options to address its liquidity needs and goals. The Company's board of directors has appointed a special committee of independent directors to oversee, review, and evaluate the development and implementation of potential liquidity management strategies and other transactions to improve its capital structure. The Company's other debt agreements remain in compliance, and this Waiver does not trigger any cross-default provisions under those agreements. While non-compliance with the leverage ratio financial covenant addressed pursuant to the Waiver did not and does not trigger any cross-default provisions under the Company's senior notes or Canadian Facility, an unwaived breach with respect to the quarter ending Dec. 31, 2026, could lead to a default and subsequent cross-defaults if the lenders under the German Facility exercise their acceleration rights. Any further covenant waivers may lead to increased costs, increased interest rates, additional restrictive covenants, and other available lender protections, as may be agreed with the Company's lenders. There can be no assurance that the Company would be able to obtain additional waivers in a timely manner or on acceptable terms. Any inability to secure additional relief could lead to an event of default and the acceleration of amounts due thereunder. Credit Ratings of Senior Notes The Company and its senior notes are rated by Standard & Poor's Ratings Services, Moody's Investors Service, Inc., and Fitch Ratings. S&P, Moody's and Fitch base their assessment of the credit risk on the Company's senior notes on the business and financial profile of Mercer Inc. and the Company's restricted subsidiaries under the indentures governing the senior notes. Factors that may affect the Company's credit rating include changes in its operating performance and liquidity. Credit rating downgrades can adversely impact, among other things, future borrowing costs and access to capital markets. In Feb. 2026, S&P downgraded its rating on the Company's senior notes to CCC+, followed by a further downgrade to CCC by Fitch in May 2026. In July 2026, Moody's also downgraded the Company's senior notes from Caa2 to Ca and confirmed its outlook as stable. Credit ratings are not recommendations to buy, sell, or hold securities and may be subject to revision or withdrawal by the assigning rating organization. Each rating should be evaluated independently of any other rating. A full-text copy of the Company's Form 10-Q is available at https://tinyurl.com/9rt6aa2e. About Mercer International Inc. Mercer International Inc. -- http://www.mercerint.com/-- is a global forest products company with operations in Germany, the United States, and Canada with consolidated annual production capacity of 2.1 million tonnes of pulp, 1,023 million board feet of lumber, 210,000 cubic meters of cross-laminated timber, 45,000 cubic meters of glulam, 17 million pallets, and 230,000 metric tonnes of biofuels. As of June 30, 2026, the Company had approximately $1.9 billion in total assets, $2 billion in total liabilities, and $98 million in total stockholders' equity. ML DEV: Court Stays Appellate Case Due to Bankruptcy ---------------------------------------------------- The Court of Appeals For The First District of Texas at Houston stayed the appeal styled In re ML Dev, LP; Window Dev GP, LLC; Hyas Corporation; Katy I10 Prairie Partners, LP; Waller XYZ LP; Rancho General, Inc.; LATGP, LLC; Louis A. Tsakiris Family Partnership, Ltd.; A. Tsakiris Family Limited Partnership; Magness Family Partnership, LP; Louis A. Tsakiris; Michael Magness; and Igloo Partners #11, LP, Appellate Case No. 01-26-00428-CV ((Tex. App). Realtor ML Dev, LP has filed a Suggestion of Bankruptcy informing this Court that ML Dev filed a petition for Chapter 11 bankruptcy in the United States Bankruptcy Court for the Southern District of Texas under the case styled In re: ML Dev, LP, Case No. 26-35192. Accordingly, it is ordered that this original proceeding on petition for writ of mandamus is stayed. It is further ordered that this original proceeding is abated, treated as a closed case, and removed from this Court’s active docket. A copy of the Court's Order dated July 30, 2026, is available at https://urlcurt.com/u?l=fJ1P0O from Pacermonitor.com. About ML Dev LP ML Dev LP is a Houston, Texas-based land subdivision and real estate development company focused on developing infrastructure for residential and commercial projects. The company's operations include the construction of roads, water and sewer systems, detention ponds, and other site development improvements. Recent projects have included infrastructure planning for the Salado Vista wastewater treatment facility and matters involving regional land development rights. ML Dev LP sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-35192) on July 17, 2026, in the Southern District of Texas. In its petition, the Debtor reports estimated assets of $1 million to $10 million and estimated liabilities of $1 million to $10 million. Honorable Jeffrey P. Norman handles the case. The Debtor is represented by John Thomas Oldham, Esq. of Okin Adams LLP. MOSES BERKOWITZ: Seeks Subchapter V Bankruptcy in Colorado ---------------------------------------------------------- On July 30, 2026, Moses Berkowitz LLC filed for Chapter 11 protection in the District of Colorado. According to court filings, the Debtor reports between $500,000 and $1 million in liabilities, with 1 to 49 creditors. The company reports estimated assets of $0 to $50,000. A meeting of creditors under Section 341(a) to be held on September 8, 2026 at 12:00 PM at Telephonic Chapter 11: Phone 888-330-1716, Access Code 8602461#. About Moses Berkowitz LLC Moses Berkowitz LLC is a Denver, Colorado-based residential real estate investment company that operates as a single-asset real estate business. Its primary property is a residential real estate asset located at 1318 Xavier Street in Denver. Moses Berkowitz LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case No. 26-15529) on July 30, 2026. In its petition, the Debtor reports estimated assets of $0 to $50,000 and estimated liabilities of $500,000 to $1 million. Honorable Thomas B. McNamara handles the case. MOW MUSCLE: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------- Debtor: Mow Muscle Inc. d/b/a Mow Muscle Tree Service 3530 Old Dixie Hwy Mims, FL 32754 Business Description: Mow Muscle Inc., which operates as Mow Muscle Tree Service, is a Mims, Florida-based provider of tree trimming and removal, stump grinding, pruning, land-clearing, demolition and cleanup services. Chapter 11 Petition Date: August 5, 2026 Court: United States Bankruptcy Court Middle District of Florida Case No.: 26-06017 Judge: Hon. Grace E Robson Debtor's Counsel: Daniel A. Velasquez, Esq. LATHAM LUNA EDEN & BEAUDINE LLP 201 S. Orange Avenue Suite 1400 Orlando, FL 32801 Tel: (407) 481-5800 Fax: (407) 481-5801 E-mail: dvelasquez@lathamluna.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Alexander T. Karwat 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/YKEC4GA/Mow_Muscle_Inc__flmbke-26-06017__0001.0.pdf?mcid=tGE4TAMA MULFORD CONSTRUCTION: To Sell 4 Vehicles to Highest Bidder ---------------------------------------------------------- Mulford Construction Co., Inc., seeks approval from the U.S. Bankruptcy Court for the District of Maryland, Greenbelt Division, to sell vehicle, free and clear of liens, claims, interests, and encumbrances. The Debtor is a Maryland corporation that provides construction services for both residential and commercial projects. It has over 135 employees and operates in the mid-Atlantic area of the United States, with a significant presence in the State of Maryland. The Debtor provides services in the heavy civil construction area, with the core of the Debtor's business involving site preparation and management for significant construction projects. The Debtor also provides construction services related to the installation of utilities; piping for water, sewer and storm drains; roadwork; commercial landscaping; and related site clearing and grading. The Debtor is currently in its fiftieth year of business. Despite its longevity, recent issues have taken a toll on the Debtor's cash flow, forcing it to seek protection under chapter 11 of the Bankruptcy Code. The conflation of these events has caused a recent significant reduction in the amount of revenue being generated by the Debtor. Despite revenue of approximately $58.4 million in 2024, the Debtor’s revenue dropped to approximately $56.4 million in 2025. In 2024, the Debtor was working on a significant residential development project known as "Smith Home Farm." Due to certain improper activities of other parties to the project that were not in the control of the Debtor, the project was foreclosed upon and ceased to move forward. The Debtor had a significant amount of work on the project at the time the project stopped and was left with approximately $3 million of unpaid invoices. Despite obtaining a judgment in the Debtor's favor in the amount of approximately $2.7 million in July 2025, the Debtor has received little payment on that judgment. The result of the foregoing has had a significantly negative impact on the Debtor's revenue while simultaneously causing the Debtor to accrue a significant amount of expenses related to the project. In an effort to bridge the revenue gap facing the Debtor, the Debtor entered into multiple loan transactions in the form of merchant cash advance (MCA) agreements with various lenders over the past year or so. The Debtor seeks to sell four unencumbered vehicles, which are of no further use and/or benefit to the Debtor and its estate, to monetize their value for use during the Debtor's chapter 11 case. The Debtor has received on-line offers to purchase the Vehicles from Carvana Co., CarMax Enterprise Servies, LLC, Kelly Blue Book, and expects to receive offers from other interested parties. The Debtor seeks authority to sell each Vehicle to the highest bidder. The Debtor believes that the sale of the Vehicles to the highest bidder is in the best interests of the Debtor, its estate, and its creditors. Selling the Vehicles as set forth herein can be accomplished quickly, which is an important factor based on the Debtor's current cash flow and need for additional liquidity. The Debtor does not believe that attempting to sell the Vehicles through an open auction process would yield any greater net benefit to the Debtor’s estate because of commissions and other expenses associated with an open auction. The Debtor believes that a sale of the Vehicles as soon as possible is the best option available at this time in order generate funds for a plan of reorganization. The proposed sale, is a sound exercise of business judgment. About Mulford Construction Co., Inc. Mulford Construction Company, Inc., based in Prince Frederick, Maryland, the construction company provides heavy civil contracting, earthwork, and utility installation services across Maryland, Washington, D.C., and Virginia, supporting commercial, residential, and infrastructure-related site development projects. Founded in 1976, the firm specializes in excavation, grading, material processing, and the construction of stormwater management systems, including bioretention, for large-scale construction initiatives. Mulford Construction Co., Inc., in Prince Frederick, MD, sought relief under Chapter 11 of the Bankruptcy Code, filed its voluntary petition for Chapter 11 protection (Bankr. D. Md. Case No. 26-13271) on March 27, 2026, listing $500,000 to $1 million in assets and $1 million to $10 million in liabilities. Kurt Fowler, as the CEO, signed the petition. TYDINGS ROSENBERG LLP serves as the Debtor's legal counsel. MULFORD CONSTRUCTION: To Sell 6 Vehicles to Highest Bidder ---------------------------------------------------------- Mulford Construction Co., Inc. seeks approval from the U.S. Bankruptcy Court for the District of Maryland, Greenbelt Division, to sell vehicle, free and clear of liens, claims, interests, and encumbrances. The Debtor is a Maryland corporation that provides construction services for both residential and commercial projects. It has over 135 employees and operates in the mid-Atlantic area of the United States, with a significant presence in the State of Maryland. The Debtor provides services in the heavy civil construction area, with the core of the Debtor's business involving site preparation and management for significant construction projects. The Debtor also provides construction services related to the installation of utilities; piping for water, sewer and storm drains; roadwork; commercial landscaping; and related site clearing and grading. The Debtor is currently in its fiftieth year of business. Despite its longevity, recent issues have taken a toll on the Debtor's cash flow, forcing it to seek protection under chapter 11 of the Bankruptcy Code. The conflation of these events has caused a recent significant reduction in the amount of revenue being generated by the Debtor. Despite revenue of approximately $58.4 million in 2024, the Debtor's revenue dropped to approximately $56.4 million in 2025. In 2024, the Debtor was working on a significant residential development project known as "Smith Home Farm." Due to certain improper activities of other parties to the project that were not in the control of the Debtor, the project was foreclosed upon and ceased to move forward. The Debtor had a significant amount of work on the project at the time the project stopped and was left with approximately $3 million of unpaid invoices. Despite obtaining a judgment in the Debtor's favor in the amount of approximately $2.7 million in July 2025, the Debtor has received little payment on that judgment. The result of the foregoing has had a significantly negative impact on the Debtor's revenue while simultaneously causing the Debtor to accrue a significant amount of expenses related to the project. In an effort to bridge the revenue gap facing the Debtor, the Debtor entered into multiple loan transactions in the form of merchant cash advance (MCA) agreements with various lenders over the past year or so. The Debtor seeks to sell six encumbered vehicles, which are of no further use and/or benefit to the Debtor and its estate, to monetize their value for use during the Debtor's chapter 11 case and to satisfy any liens. The Debtor has received on-line offers to purchase the Vehicles from Carvana Co., CarMax Enterprise Servies, LLC, Kelly Blue Book, and expects to receive offers from other interested parties. The Debtor seeks authority to sell each Vehicle to the highest bidder. The Debtor believes that the sale of the Vehicles to the highest bidder is in the best interests of the Debtor, its estate, and its creditors. Selling the Vehicles can be accomplished quickly, which is an important factor based on the Debtor’s current cash flow and need for additional liquidity. The Debtor does not believe that attempting to sell the Vehicles through an open auction process would yield any greater net benefit to the Debtor's estate because of commissions and other expenses associated with an open auction. The Debtor believes that a sale of the Vehicles as soon as possible is the best option available at this time in order generate funds for a plan of reorganization. The proposed sale, is a sound exercise of business judgment. The Debtor provided adequate and reasonable notice of its intention to sell the Vehicles and the opportunity to object to the sale to all parties in interest, including parties asserting a lien on the Vehicles About Mulford Construction Co., Inc. Mulford Construction Company, Inc., based in Prince Frederick, Maryland, the construction company provides heavy civil contracting, earthwork, and utility installation services across Maryland, Washington, D.C., and Virginia, supporting commercial, residential, and infrastructure-related site development projects. Founded in 1976, the firm specializes in excavation, grading, material processing, and the construction of stormwater management systems, including bioretention, for large-scale construction initiatives. Mulford Construction Co., Inc., in Prince Frederick, MD, sought relief under Chapter 11 of the Bankruptcy Code, filed its voluntary petition for Chapter 11 protection (Bankr. D. Md. Case No. 26-13271) on March 27, 2026, listing $500,000 to $1 million in assets and $1 million to $10 million in liabilities. Kurt Fowler, as the CEO, signed the petition. TYDINGS ROSENBERG LLP serves as the Debtor's legal counsel. MURPHY'S CONCRETE: Claims to be Paid from Business Operations ------------------------------------------------------------- Murphy's Concrete L.L.C. filed with the U.S. Bankruptcy Court for the District of Nevada a Plan of Reorganization for Small Business dated August 3, 2026. Murphy's Concrete L.L.C. is a Nevada limited liability company and concrete contractor based in Carson City, Nevada, that has operated for more than 11 years. In 2023, the company obtained a Merchant Cash Advance (MCA) loan that became unmanageable, leading it to obtain two additional MCA loans. The payment obligations under these loans caused the company to default on other debts. On May 4, 2026, the company filed for relief under Chapter 11, Subchapter V of the Bankruptcy Code to restructure its debts. Treatment of Secured Claims Class 1 United Federal Credit Union: * The claim is fully secured. * It will be paid in full over 60 months. * Interest is fixed at 7.5% per year. * Monthly payments will be $453.50. Class 2 Ally Bank: * The claim is divided into: * A $30,000 secured claim. * A $12,160 unsecured claim. * The secured portion will be paid in full over 60 months with 7.0% interest, through monthly payments of $601.14. * The unsecured portion will be reclassified as a Class 7 unsecured claim. Class 3 Newtek Bank: * The claim is divided into: -- A $50,000 secured claim. -- A $251,489 unsecured claim. * The secured portion will be paid in full over 60 months with 7.5% interest, through monthly payments of $1,001.90. * The unsecured portion will be reclassified as a Class 7 unsecured claim. Treatment of Other Creditors Classes 4, 5, and 6: * Claims held by LG Funding, LLC, Mulligan Funding, LLC, and Advance Servicing, Inc. are treated as entirely unsecured because higher-priority secured claims exceed the value of the collateral. * These claims will be reclassified as Class 7 non-priority unsecured claims. * Any asserted liens will be deemed void and released on the effective date. * Within 15 days of the effective date, each creditor must take the necessary actions to release any perfected liens, including filing UCC-3 termination statements where applicable. Class 7 consists of non-priority general unsecured creditors, with total allowed claims of $863,539. These creditors will receive: * Their pro rata share of the debtor's Disposable Income after administrative claims have been paid in full. * Monthly distributions throughout the plan term. Any unpaid portion of a Class 7 claim remaining after the plan distributions will be discharged in accordance with the plan. The equity holders will retain their ownership interests in the debtor but will receive no distributions on account of those interests during the plan term. Plan Implementation Beginning on the effective date, the debtor's Disposable Income will be distributed monthly. These funds will first be used to make the required pro rata payments to Class 7 non-priority unsecured creditors, while the debtor also continues making the required payments on its secured obligations under the plan. Plan Funding The plan will be funded through: * The debtor's Disposable Income for a 60-month period. * Cash on hand. * Profits generated from the operation of the business. The debtor projects Disposable Income of $753 per month, and the final plan payment is expected to be made on November 30, 2031. A full-text copy of the Plan of Reorganization dated August 3, 2026 is available at https://urlcurt.com/u?l=gPCVU1 from PacerMonitor.com at no charge. Counsel to the Debtor: Kevin A. Darby, Esq. Tricia M. Darby, Esq. Darby Law Practice, LTD. 499 W. Plumb Lane, Suite 202 Reno, NV 89509 Telephone: (775) 322-1237 Facsimile: (775) 996-7290 E-mail: kevin@darbylawpractice.com tricia@darbylawpractice.com About Murphy's Concrete L.L.C. Murphy's Concrete L.L.C. is a concrete contractor based in Carson City, Nevada, and has been in business for over 11 years. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Nev. Case No. 26-50446) on May 4, 2026, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Hilary L. Barnes presides over the case. Kevin A. Darby, Esq. at Darby Law Practice, Ltd. represents the Debtor as bankruptcy counsel. MVMT LABS: Hires Reliable Companies as Administrative Advisor ------------------------------------------------------------- MVMT Labs, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Delaware to hire Reliable Companies d/b/a Reliable as administrative advisor. The firm's services include: a. assistance with, among other things, reviewing, tabulating, and auditing of ballots cast in respect of any disclosure statement and chapter 11 plan; b. executing solicitation of any disclosure statement and chapter 11 plan; c. preparing a customized report related to voting on any disclosure statement and chapter 11 plan; d. interfacing with creditors, holders of interests, and other parties in interest in this Chapter 11 Case regarding solicitations and other communications; e. reviewing and executing a written declaration regarding voting on any disclosure statement and chapter 11 plan and providing live testimony (if needed) regarding the same at the hearing on confirmation of the plan; and f. providing such other and further services related to the foregoing. The firm will be paid at these rates: Analyst $35 to $50 Consultant/Senior Consultant $65 to $165 Technology Consultant $65 to $90 Director $175 Solicitation Consultant $190 Director of Solicitation $195 The fees and expenses incurred by Reliable in the performance of its services will be treated as administrative expenses of the Debtor's estate. Justin Edelson, director of corporate restructuring at Reliable Companies, disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Justin K. Edelson Reliable Companies Nemours Building 1007 Orange Street, Suite 110 Wilmington, DE 19801 Phone: (302) 654-8080 About MVMT Labs Inc. MVMT Labs Inc. is a San Francisco, California-based blockchain financial technology (FinTech) company focused on developing Web3 infrastructure and blockchain solutions. The company previously developed the Movement Layer 2 blockchain and was once valued at a reported $3 billion before halting development amid regulatory scrutiny, litigation and internal leadership disputes. The company is currently focused on restructuring while addressing a federal investigation and related legal matters. MVMT Labs Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-11113) on July 15, 2026. In its petition, the debtor reported estimated assets of $100,000 to $500,000 and estimated liabilities of $1 million to $10 million. Hon. Thomas M. Horan is overseeing the case. The Debtor is represented by Sameen Rizvi, Gregory Joseph Flasser and Jeremy W. Ryan of Potter Anderson & Corroon LLP. MVMT LABS: Seeks Approval to Employ Crowell & Moring as Counsel --------------------------------------------------------------- MVMT Labs, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Delaware to hire Crowell & Moring LLP to serve as special litigation counsel. The firm will provide these services: (a) represent the Debtor's interests in the Arbitration and any other related proceedings, insofar as such proceedings are permitted to continue by the Court; (b) assist the Debtor with the Special Counsel Matters; (c) provide advice with regard to matters involving the Arbitration; (d) assist with the assessment of certain allegations, claims, counterclaims, potential causes of action, investigations, and other matters related to the market making irregularities surrounding the launch of the $MOVE token and subsequent transactions; and (e) perform the full range of services normally associated with the foregoing. Crowell & Moring LLP will be compensated at its standard hourly rates, discounted on a goodwill basis by 10%. The discounted rates range from $193.50 to $1,656, depending on the professional's position. Crowell & Moring LLP stated that it does not represent or hold any interest adverse to the Debtor or to its estate with respect to the matters on which the Firm is to be employed. The firm can be reached at: Anand Sithian, Esq. CROWELL & MORING LLP Two Manhattan West, 375 Ninth Avenue New York, NY 10001 Telephone: (212) 895-4270 About MVMT Labs Inc. MVMT Labs Inc. is a San Francisco, California-based blockchain financial technology (FinTech) company focused on developing Web3 infrastructure and blockchain solutions. The company previously developed the Movement Layer 2 blockchain and was once valued at a reported $3 billion before halting development amid regulatory scrutiny, litigation and internal leadership disputes. The company is currently focused on restructuring while addressing a federal investigation and related legal matters. MVMT Labs Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-11113) on July 15, 2026. In its petition, the debtor reported estimated assets of $100,000 to $500,000 and estimated liabilities of $1 million to $10 million. Hon. Thomas M. Horan is overseeing the case. The Debtor is represented by Sameen Rizvi, Gregory Joseph Flasser and Jeremy W. Ryan of Potter Anderson & Corroon LLP. MVMT LABS: Taps Michael Robinson of Province LLC as CRO ------------------------------------------------------- MVMT Labs, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Delaware to retain Province, LLC to provide and designate Michael Robinson as chief restructuring officer. The CRO will provide these services: (a) reviewing and analyzing the value of the Debtor's assets and operations; (b) formulating and advising on strategies to preserve and maximize the value of the Debtor's assets and operations; (c) formulating a communication strategy with the Debtor's stakeholders, including creditors and shareholders; (d) communicating and assisting in negotiations with various stakeholders, including creditors and other parties as necessary; (e) preparing financial models for underlying assets and assessment of cash requirements; (f) assisting with the development of a cash flow budget and variance analysis; (g) assisting with the preparation of bankruptcy filings, reports, and schedules, if required; (h) attending meetings with the Debtor, its counsel, and other stakeholders as required; (i) analyzing any merger, divestiture, joint venture, or investment transactions, including the proposed structure and form thereof; (j) analyzing any new debt or equity capital, including advice on the nature and terms of same; (k) assisting the Debtor in developing, evaluating, structuring, and negotiating the terms and conditions of a restructuring, plan of reorganization, or sale transaction; (l) preparing financial analysis on recovery alternatives to all stakeholders; negotiating potential bridge or DIP loans; (m) providing expert testimony and/or litigation support as mutually agreed between Province and the Debtor; and (n) providing general oversight of any restructuring. Province will receive these hourly rates: -- $900 to $1,600 for Partners; -- $700 to $1,200 for Senior Directors & Managing Directors; -- $550 to $1,000 for Managers, Vice Presidents, & Directors; -- $350 to $750 for Consultants, Sr. Consultants, Analysts, Sr. Analysts, Associates, & Sr. Associates; and -- $200 to $375 for Paraprofessional/Admin. In addition to the hourly fees, the Debtor shall also pay Province a one-time cash fee equal $150,000 upon the consummation of a Restructuring Transaction. Province will also bill for all out-of-pocket expenses reasonably and actually incurred. Province received an initial retainer of $200,000, which was supplemented several times, totaling $212,634. After a final reconciliation, Province is holding $22,893 as a balance of the Retainer, which will constitute a general security retainer for post-petition services and expenses. Province and Michael Robinson are "disinterested persons" 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 Telephone: (702) 685-5555 About MVMT Labs Inc. MVMT Labs Inc. is a San Francisco, California-based blockchain financial technology (FinTech) company focused on developing Web3 infrastructure and blockchain solutions. The company previously developed the Movement Layer 2 blockchain and was once valued at a reported $3 billion before halting development amid regulatory scrutiny, litigation and internal leadership disputes. The company is currently focused on restructuring while addressing a federal investigation and related legal matters. MVMT Labs Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-11113) on July 15, 2026. In its petition, the debtor reported estimated assets of $100,000 to $500,000 and estimated liabilities of $1 million to $10 million. Hon. Thomas M. Horan is overseeing the case. The Debtor is represented by Sameen Rizvi, Gregory Joseph Flasser and Jeremy W. Ryan of Potter Anderson & Corroon LLP. MVMT LABS: Taps Potter Anderson & Corroon as Counsel ---------------------------------------------------- MVMT Labs, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Delaware to hire Potter Anderson & Corroon LLP to serve as legal counsel. The firm will provide these services: (a) representing the Debtor in any out-of-court recapitalization or financial restructuring of the Debtor’s obligations; (b) representing the Debtor in any strategic sale transactions or foreclosure proceedings; (c) preparing petitions, motions, applications, orders, reports, and papers necessary or desirable to commence a case under the Bankruptcy Code; (d) advising the Debtor of its rights, powers, and duties as debtor and debtor in possession under chapter 11 of the Bankruptcy Code; (e) taking action to protect and preserve the Debtor's estate, including the prosecution of actions on the Debtor's behalf, the defense of actions commenced against the Debtor in the Chapter 11 Case, the negotiation of disputes in which the Debtor is involved, and the preparation of objections to claims filed against the Debtor; (f) preparing on behalf of the Debtor motions, applications answers, orders, reports, and papers in connection with the administration of the Debtor's estate; (g) preparing the Debtor's plan of reorganization; (h) preparing the Debtor's disclosure statement and any related documents and pleadings necessary to solicit votes on the Debtor’s plan of reorganization; (i) prosecuting on behalf of the Debtor the proposed plan and seeking approval of all transactions contemplated therein and, in any amendments, thereto; and (j) performing all other necessary or desirable legal services in connection with any such case under the Bankruptcy Code. Potter Anderson will receive an hourly rate of $1250 for partners, $515-$785 for associates, and $405 for paraprofessionals. Potter Anderson is a "disinterested person" under Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Jeremy W. Ryan POTTER ANDERSON & CORROON LLP 1313 N. Market Street Wilmington, DE 19801 About MVMT Labs Inc. MVMT Labs Inc. is a San Francisco, California-based blockchain financial technology (FinTech) company focused on developing Web3 infrastructure and blockchain solutions. The company previously developed the Movement Layer 2 blockchain and was once valued at a reported $3 billion before halting development amid regulatory scrutiny, litigation and internal leadership disputes. The company is currently focused on restructuring while addressing a federal investigation and related legal matters. MVMT Labs Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-11113) on July 15, 2026. In its petition, the debtor reported estimated assets of $100,000 to $500,000 and estimated liabilities of $1 million to $10 million. Hon. Thomas M. Horan is overseeing the case. The Debtor is represented by Sameen Rizvi, Gregory Joseph Flasser and Jeremy W. Ryan of Potter Anderson & Corroon LLP. NEW FORTRESS: Posts Q2 Net Loss of $373M; Debt Defaults Persist --------------------------------------------------------------- New Fortress Energy 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 $373 million for the three months ended June 30, 2026, compared to a net loss of $546.5 million for the same period in the prior year. For the six months ended June 30, 2026, the Company reported a net loss of $773.6 million, compared to a net loss of $721.9 million for the same period in the prior year. Revenues for the three months ended June 30, 2026, were $312.5 million, compared to $304.1 million in the prior-year period. Revenues for the six months ended June 30, 2026, were $539.4 million, compared to $776.4 million for the same period in the prior year. Restructuring Update On June 18, 2026, the UK High Court of Justice approved and granted an order sanctioning the Restructuring Plans promoted by NFE Global Holdings Limited and NFE Brazil Newco Limited, two indirect subsidiaries of the Company. On June 26, 2026, the United States Bankruptcy Court for the Southern District of New York confirmed the recognition of the Restructuring Plans under chapter 15 of the U.S. Bankruptcy Code. The Restructuring Transaction is expected to close during the third quarter of 2026, upon satisfaction of the remaining conditions. The Company has received approval on all proposals in connection with the Restructuring Transaction from its stockholders at its 2026 Annual Meeting of Stockholders, including an amendment to the Certificate of Incorporation to increase authorized shares of Class A common stock, approval for the potential issuance of common stock exceeding 20% of current outstanding shares, an amendment to the 2019 Omnibus Incentive Plan to increase shares available for grants, and an amendment to the Certificate of Incorporation to authorize a reverse stock split at a ratio of 1-for-50. On March 17, 2026, the Company entered into a Restructuring Support Agreement with certain noteholders and lenders. The RSA contemplates, among other things, the following material terms: * The Company will separate into two independent companies: one generally comprising the Company's businesses and assets in Brazil and land in Wyalusing, Pennsylvania, and the other generally comprising the Company's other businesses and assets, which will be retained by NFE. * Obligations under the 2026 Notes, the 2029 Notes, the Term Loan A Credit Agreement, the Term Loan B Credit Agreement, the Revolving Credit Agreement, the New 2029 Notes, and certain intercompany credit agreements will be exchanged for one or a combination of: (i) 100% of the common equity interests in BrazilCo; (ii) approximately $571.3 million in senior secured New CoreCo Term Loans and, solely to the extent necessary to meet the $100 million minimum liquidity threshold, up to $35 million of Senior Capital Raise Term Loans; (iii) CoreCo Convertible Preferred Stock with an initial aggregate liquidation preference of approximately $2.46 billion; (iv) shares representing 65% of the Company's Class A common stock as of the closing date; (v) $400 million in non-recourse FLNG 2 Co-term loans; and/or (vi) $200 million in FLNG 2 Preferred Equity. * All shares of the Company's Class A common stock outstanding immediately prior to the Restructuring Transaction will remain outstanding and will represent 35% of the Company's Class A common stock issued and outstanding following the closing. * The RSA will terminate if the Restructuring Transaction has not closed by Sept. 15, 2026, subject to automatic extensions of up to 90 calendar days in certain circumstances and further extension with consent through Dec. 31, 2026. The CoreCo Convertible Preferred Stock will mandatorily convert on the third anniversary of the closing date into shares of NFE Class A common stock representing 87% of the fully diluted Class A common stock of NFE as of the closing date, with cumulative per annum preferred returns of 3.0%, 5.0%, and 7.0% in each of the three years prior to conversion, respectively. The New CoreCo Term Loans will mature five years after the closing date, amortize at 1% per annum paid quarterly, and are subject to prepayment premiums of 102% of principal prepaid during the first year and at par thereafter. Upon the consummation of the Restructuring Transaction, Wesley R. Edens will purchase from certain existing creditors 6,672 shares of CoreCo Convertible Preferred Stock at a price of $250 per share. Although the Company intends to pursue the Restructuring Transaction in accordance with the terms set forth in the RSA, there can be no assurance that the Company will satisfy all of the conditions under the RSA and complete the Restructuring Transaction as contemplated or at all. If the Company is unable to complete the Restructuring Transaction or any other alternative transactions, it will be required or compelled to pursue alternative in-court restructuring initiatives to preserve value, which would have a material and adverse impact on stockholders and likely result in no recovery to stockholders. Events of Default Multiple events of default on the Company's outstanding debt are currently in effect, as summarized below: * NFE Financing LLC did not make the interest payment of $163.8 million due on the New 2029 Notes on Nov. 17, 2025. An event of default arose on Nov. 20, 2025. The Company entered into a forbearance agreement with holders of greater than 70% of the New 2029 Notes, with forbearance continuing under the RSA. * The Company did not make the interest payment of $30.6 million due under the Term Loan B Credit Agreement on Dec. 10, 2025, nor the principal payment of $3.2 million due Dec. 31, 2025. An event of default arose on Dec. 17, 2025. The Company entered into a Term Loan B Forbearance Agreement, with forbearance continuing under the RSA. * The Company did not make the interest payment of $1.6 million due under the Term Loan A Credit Agreement on Dec. 10, 2025. An event of default arose on Dec. 17, 2025. The Company entered into a Term Loan A Forbearance Agreement, with forbearance continuing under the RSA. * The Company did not make interest payments under the Revolving Facility beginning Nov. 28, 2025. An event of default arose on Jan. 13, 2026. The Company entered into an RF Forbearance Agreement, with forbearance continuing under the RSA. * The Company did not make the interest payment of $10.4 million due on the 2029 Notes on March 15, 2026. An event of default arose on April 14, 2026. * The Company did not make the interest payment of $16.6 million due on the 2026 Notes on March 31, 2026. An event of default arose on April 30, 2026. * On March 27, 2026, the Company entered into a forbearance agreement under the Letter of Credit Facility with Natixis, New York Branch, as administrative agent and collateral agent, pursuant to which lenders agreed to forbear from exercising rights and remedies with respect to certain specified defaults while the RSA remains in effect. Going Concern Due in part to the events of default described above, management has concluded that there is substantial doubt as to the Company's ability to continue as a going concern. As the RSA contains conditions not entirely within the Company's control, the execution of the RSA does not alleviate the substantial doubt that the Company can continue as a going concern. A full-text copy of the Company's Form 10-Q is available at https://tinyurl.com/3824zyh2. About New Fortress Energy New Fortress Energy Inc. is a New York-based energy infrastructure company. The company develops, owns, and operates natural gas and liquefied natural gas infrastructure, including terminals, power-generation assets, and related logistics operations. Its business focuses on delivering gas-to-power and LNG solutions in markets served by its terminals and downstream energy assets. In an audit report dated April 13, 2026, Ernst & Young LLP issued a going-concern audit doubt, citing losses from operations and events of default under debt agreements. The conditions raised substantial doubt about the company's ability to continue as a going concern, E&Y said. As of June 30, 2026, the Company had $10.7 billion in total assets, $11.2 billion in total liabilities, and $432.4 million in total stockholders' deficit. NEW GREATER GENERATION: Unsecureds Will Get 58% over 60 Months -------------------------------------------------------------- New Greater Generation Family Funeral Service, LLC filed with the U.S. Bankruptcy Court for the Northern District of Texas an Amended Disclosure Statement describing Amended Plan of Reorganization dated July 31, 2026. New Greater Generation Family Funeral Service, LLC is a Texas funeral services company that has operated since April 2004. It serves residents of Dallas and Ellis Counties through two funeral home locations in DeSoto and Ennis, Texas. The company also owned property in DeSoto where it planned to build a crematorium to expand its services in response to the growing demand for cremation. Construction of the crematorium experienced multiple delays, including permitting issues, material delivery problems, and cost overruns, which depleted the company's available capital. As a result, the company defaulted on its construction loan and could no longer make loan payments. At the same time, a decline in the number of funerals reduced revenue, making it difficult to service loans secured by its real estate. Foreclosure notices were ultimately filed against its DeSoto funeral home property. The company filed for Chapter 11 bankruptcy on May 31, 2025, and has continued operating as a debtor in possession. Since filing, it has maintained normal business operations without interruption and remained current on all post-petition obligations. The company employs 12 full-time and 18 part-time employees. It has implemented measures to improve its financial condition, including enhanced customer service and marketing, reducing employee work hours, and surrendering one limousine, saving approximately $4,000 per month. According to the document, income has increased significantly since the bankruptcy filing and has remained stable. Under the proposed plan: * Class 15 (Allowed Unsecured Claims): Unsecured creditors will share $40,000 on a pro rata basis over 60 months, with monthly payments beginning 30 days after the plan's effective date. Claims allowed after payments begin will start receiving monthly payments after the claim is allowed, continuing through the remainder of the 60-month payment period. * At the time the plan and disclosure statement were filed, approximately $68,627.30 in unsecured claims had been filed. The estimated monthly payment to unsecured creditors is $667, and the projected recovery is approximately 58% of their allowed unsecured claims. The reorganized debtor will continue operating its two funeral homes. Plan payments will be funded through cash flow from ongoing operations, and the company will assume its vehicle leases. The company projects that its operating income will be sufficient to cover operating expenses and secured debt payments under the plan. Existing management will continue overseeing day-to-day operations after confirmation, and the plan will be consummated on its effective date. A full-text copy of the Amended Disclosure Statement dated July 31, 2026 is available at https://urlcurt.com/u?l=l1J3I6 from PacerMonitor.com at no charge. Counsel for the Debtor: Marilyn D. Garner, Esq. Law Office of Marilyn D. Garner 2007 East Lamar Blvd., Suite 200 Arlington, Texas 76006 817-505-1499– Telephone 918-549-7200– Telecopier Email: mgarner@marilyndgarner.net Tracie M. Shelby, Esq. The Shelby Law Firm, P.C. P.O. Box 192172 Dallas, Texas 75219 Office: 214.741.6300 Fax: 214.741.1232 Email: tshelby@tshelbylaw.com About New Greater Generation Family Funeral Group New Greater Generation Family Funeral Group LLC operates funeral and cremation services under the name Eternal Rest Funeral Chapel in DeSoto, Texas. The Company is part of a broader network with locations in Dallas, Plano, and Ennis. New Greater Generation Family Funeral Group sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 25-32027) on May 31, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Judge Stacey G. Jernigan handles the case. The Debtor is represented by Marilyn D. Garner, Esq., at the Law Office of Marilyn D. Garner. NEWELL BRANDS: Moody's Affirms 'B1' CFR & Alters Outlook to Stable ------------------------------------------------------------------ Moody's Ratings affirmed Newell Brands Inc.'s (Newell) ratings including the B1 Corporate Family Rating, B1-PD Probability of Default Rating, the B2 rating on the company's senior unsecured notes, the (P)B2 senior unsecured MTN program rating and NP Commercial Paper rating. At the same time, Moody's assigned a B2 rating to the proposed new $500 million senior unsecured notes due 2031. The outlook was changed to stable from negative. The speculative grade liquidity rating remains unchanged at SGL-3. Newell plans to use the proceeds from the new $500 million senior unsecured notes due 2031 to redeem in full its existing $500 million notes due 2027. Moody's will withdraw the ratings on the 2027 notes upon closing of the transaction and the repayment of this debt obligation. The ratings affirmation and stable outlook reflect Newell's improved operating performance in its latest quarter ended June 30, 2026, and Moody's expectations that recent market share and distribution gains along with a mix shift towards premium products will support earnings growth despite a challenging consumer environment over the next 12-18 months. These factors along with the company's free cash flow generation and commitment to reducing leverage will support improving credit metrics which are currently stretched for the rating. Newell's revenue returned to year-over-year growth in 2Q26 for the first time in four years, with reported sales up 3% and core sales up 2.3%. The company's sales are benefitting from distribution gains and positive sell-through supported by significant investments in product innovation. The company reported that distribution points in the US increased by mid-single-digits percentage points year-over-year in 2Q26 and expects distribution gains will continue to support growth in the second half of fiscal 2026. The incremental sales and the benefits from Newell's FUEL productivity and restructuring initiatives over the past three years helped the company modestly expand operating profit margin during 2Q26, excluding the $100 million tariff recovery recorded in 2Q26 related to refund of tariffs paid in 2025. Newell also recorded a $26 million recovery for tariffs paid year-to-date that are being used to offset current year incremental costs. As a result, Newell's debt/EBITDA (all ratios are Moody's adjusted unless otherwise stated) leverage improved to 6.2x as of the last 12-months period (LTM) 2Q26 (6.9x excluding the $100 million tariff recovery). The ratings are currently weakly positioned because leverage remains high, however, Moody's projects that the company's debt/EBITDA will improve to around 5.3x by the end of fiscal 2026 (5.9x excluding the $100 million tariff recovery), in part benefiting from the $100 million tariff refund that Moody's considers non-recurring. Still, Moody's expects that leverage will remain under 6.0x in fiscal 2027, supported by modest revenue growth, EBITDA margin expansion and debt reduction using excess free cash flow. The ratings are weakly positioned at this time because leverage currently remains high amid a challenging consumer environment and sustainability of recent improvements will need to be demonstrated. A reversal or underperformance of earnings growth expectations will put downward pressure on the ratings. RATINGS RATIONALE Newell's B1 CFR reflects its large scale, well recognized brands, and good product and geographic diversity. The rating is constrained by concerns around the long-term growth prospects of the company's mature product categories such as small appliances and cookware, food storage, and writing that require constant investment and innovation to spur growth and retain market share. The rating also reflects the cyclicality and discretionary nature of some of its products that are negatively impacted during the current soft consumer demand environment. Newell's dividend payments constraint its financial flexibility, especially during economic slowdowns, because it weakens free cash flow at a time when financial leverage remains high. Newell's 2.5x net debt-to-EBITDA leverage target (based on the company's calculation) is well below the current 4.8x level as of June 30, 2026 (also by its calculation) and indicates management's desire to reduce leverage meaningfully. Newell's adequate liquidity is supported by Moody's expectations for free cash flow to turn positive in 2026 to at least $100 million, no debt maturities over the next 12 months pro forma for the proposed 2027 notes refinancing, and roughly $500 million of availability on the $1 billion revolver, with at least $300 million available even at peak working capital borrowing periods. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The stable outlook reflects Moody's expectations that recent share gains and product innovation will support continued earnings growth, good free cash flow generation, and improved credit metrics over the next 12-18 months. Ratings could be upgraded if good operating execution of Newell's strategic initiatives and improved end market demand leads to sustained organic revenue growth with the EBITDA margin recovering at least to the low-to-mid-teens percent range. The company would also need to maintain debt/EBITDA leverage below 5.0x, generate free cash flow relative to debt of at least 4%, improve liquidity and demonstrate a consistent strategic direction. Ratings could be downgraded if Newell's revenue or EBITDA margin do not improve materially or the company is not able to generate comfortably positive free cash flow. Additionally, the ratings could be downgraded if Newell's debt-to-EBITDA is sustained above 6.0x or liquidity deteriorates. Newell Brands Inc. is a global marketer of consumer and commercial products utilized in the home, office, and commercial segments. Key brands include Rubbermaid, Graco, Oster, Coleman, Sharpie, Mr. Coffee and Yankee Candle. The publicly-traded company generated approximately $7.3 billion of revenue as of last twelve months ending June 30, 2026. The principal methodology used in these ratings was Consumer Durables published in December 2025. NMR ENTERPRISES: Court OKs Continued Cash Collateral Access ----------------------------------------------------------- The U.S. Bankruptcy Court for the District of New Jersey issued a seventh interim order allowing NMR Enterprises NJ, LLC and Online Stores PA, LLC to continue using cash collateral and obtain post-petition financing to get through bankruptcy. Under the court order, the Debtors are authorized to use cash collateral strictly according to a court-approved budget from August 8 to 25. The court also granted adequate protection to the primary secured lender, First National Bank of Pennsylvania, which had previously extended up to $7 million in revolving credit to Online Stores PA under a 2020 credit agreement. To protect the lender's interest, the Debtors must provide replacement liens on post-petition collateral and make an interest-only payment at the default rate under the pre-petition loan documents. The lender may also receive a superpriority administrative expense claim if its collateral value declines during the bankruptcy. In addition, the Debtors are authorized to obtain debtor-in-possession (DIP) financing of up to $200,000 during the interim period. The DIP lender will receive a second-priority security interest in the Debtors' collateral and a superpriority administrative claim for obligations under the DIP loan. The financing is intended to support ongoing operations and restructuring efforts while the Debtors remain under bankruptcy protection. The court also established procedures for challenging the lender's liens and required the Debtors to provide regular financial reporting, including daily borrowing-base certificates and accounts receivable reports, as well as weekly inventory, accounts payable, and sales platform reports from Shopify and Amazon. A final hearing on the motion is scheduled for August 25, with objections due by August 18. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/TEqUL from PacerMonitor.com. About NMR Enterprises NJ LLC NMR Enterprises NJ, LLC and Online Stores PA, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.J. Lead Case No. 26-11349) on February 5, 2026. At the time of the filing, NMR reported assets of between $100,001 and $500,000 and liabilities of between $1 million and $10 million while Online Stores reported assets of between $1 million and $10 million and liabilities of between $10 million and $50 million. The Debtors tapped Ilana Volkov, Esq., at McGrail & Bensinger, LLP, as legal counsel and CFGI, LLC as financial advisor. NORCAL DESIGN: Files 2nd Chapter 11 Bankruptcy ---------------------------------------------- On July 29, 2026, NorCal Design & Construction Inc. filed for Chapter 11 protection in the Northern District of California. According to court filings, the Debtor reports between $500,000 and $1 million in debt owed to between 1 and 49 creditors. First meeting of creditors under Section 341(a) to be held on August 24, 2026 at 09:00 AM via UST Teleconference Oakland, Call in number: 1-888-330-1716 Passcode: 8324431. Subchapter V Chapter 11 Plan due October 27, 2026. About NorCal Design & Construction Inc. NorCal Design & Construction Inc. is a Concord, California-based general building contractor specializing in general construction and design-build services. The company provides building and construction solutions and operates within the general building construction and design-build services industry. NorCal Design & Construction Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 26-40252) on February 10, 2026. In its petition, the Debtor reports estimated assets and liabilities between $500,000 and $1 million each. Honorable Bankruptcy Judge William J. Lafferty handles the case. The Debtor is represented by Elizabeth C. Sears, Esq. 2nd Attempt NorCal Design & Construction Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 26-41510) on July 29, 2026. In its petition, the Debtor reports estimated assets of $500,000 to $1 million and estimated liabilities of $500,000 to $1 million. The previous Chapter 11 case was dismissed in May 2026, as the company continues efforts to address its outstanding financial obligations. Honorable Dennis Montali handles the case. NUWELLIS INC: Intracoastal Capital Discloses 4.7% Stake ------------------------------------------------------- Intracoastal Capital LLC, Mitchell P. Kopin, and Daniel B. Asher, disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of July 31, 2026, they beneficially own 155,536 shares of Nuwellis, Inc.'s Common Stock, par value $0.0001 per share, with shared voting power and shared dispositive power over all 155,536 shares, and no sole voting or dispositive power, representing 4.7% of the Common Stock. The shares consist of shares issuable upon exercise of various warrants held by Intracoastal Capital LLC. The warrants contain blocker provisions limiting exercise to the extent it would result in beneficial ownership of more than 4.99% of the Common Stock. Immediately following the Securities Purchase Agreement closing, the Reporting Persons may have been deemed to beneficially own approximately 7.7% (before applying blockers on certain warrants); as of the close of business on August 6, 2026, ownership is reported at 4.7% after accounting for the blockers and shares issued in the transaction. The filing reports ownership of 5 percent or less of a class. Intracoastal Capital LLC may be reached through: Mitchell P. Kopin Intracoastal Capital LLC 245 Palm Trail Delray Beach, FL 33483 Tel: 847-562-9030 A full-text copy of the SEC Report is available at https://tinyurl.com/8ark2jat. About Nuwellis Nuwellis, based in Eden Prairie, Minnesota, develops, manufactures, and commercializes medical devices used in ultrafiltration therapy, including the Aquadex System. The Company focuses on cardiorenal care and fluid management for patients. Its Aquadex SmartFlow system is indicated for temporary or extended use in adult and pediatric patients weighing 20 kilograms or more whose fluid overload is unresponsive to medical management, including diuretics. Fluid overload, also known as hypervolemia, occurs when too much fluid builds up in the blood, vital organs, and interstitial space. Minneapolis, Minnesota-based Baker Tilly US, LLP, the Company's auditor since 2017, 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 has recurring losses from operations, an accumulated deficit, expects to incur losses for the foreseeable future, and needs additional working capital. These are the conditions that raise substantial doubt about its ability to continue as a going concern. As of March 31, 2026, the Company had $6.96 million in total assets, $4.29 million in total liabilities, and $2.66 million in total stockholders' equity. OCUGEN INC: Q2 Net Loss Widens to $24.9M; Going Concern Remains --------------------------------------------------------------- Ocugen, 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 $24.9 million for the three months ended June 30, 2026, compared to a net loss of $14.7 million for the same period in the prior year. For the six months ended June 30, 2026, the Company reported a net loss of $44.1 million, compared to a net loss of $30.1 million for the same period in the prior year. Revenues for the three months ended June 30, 2026, were $1.5 million, compared to $1.4 million in the prior-year period. Revenues for the six months ended June 30, 2026, were $3 million, compared to $2.9 million for the same period in the prior year. Recent Financing Transactions In Jan. 2026, the Company raised approximately $20.7 million in net proceeds through an underwritten registered direct offering of shares of common stock. In March 2026, investors partially exercised outstanding warrants, resulting in $14.2 million in net proceeds. In May 2026, the Company completed a private offering of $130 million aggregate principal amount of Convertible Notes, generating net proceeds of approximately $112.5 million after discounts, commissions, and offering expenses. The Company used approximately $32.7 million of the net proceeds to fully repay and terminate its Avenue Capital Loan, with the remaining proceeds available for general corporate purposes. The Convertible Notes are general unsecured obligations bearing interest at 6.75% per year, payable semi-annually in arrears on May 15 and Nov. 15 of each year, beginning Nov. 15, 2026, and maturing on May 15, 2034, unless earlier repurchased, redeemed, or converted. Since inception and through June 30, 2026, the Company has raised an aggregate of $558.4 million to fund operations, of which $383.7 million was from gross proceeds from the sale of common stock and warrants, $140.3 million was from the issuance of convertible notes, $33.4 million was from the issuance of indebtedness, $0.8 million was from a royalty agreement, and $0.2 million was from grant proceeds. As of June 30, 2026, the Company had an accumulated deficit of $452.1 million. Cash Flows Net cash used in operating activities was $34 million for the six months ended June 30, 2026, primarily consisting of a net loss of $44.1 million adjusted for non-cash items, including amortization of debt issuance cost of $0.6 million, stock-based compensation of $5.2 million, depreciation and amortization of $1.2 million, non-cash lease expense of $0.6 million, non-cash expense from collaborative arrangements, net of $1.7 million, change in fair value of derivative liability of $1.9 million, and loss on extinguishment of debt of $2.4 million related to repayment of the Avenue Capital Loan, compared to net cash used in operating activities of $30.1 million for the six months ended June 30, 2025. Net cash used in investing activities was $0.03 million for the six months ended June 30, 2026, primarily consisting of the purchase of fixed assets, compared to $0.2 million for the six months ended June 30, 2025. Net cash provided by financing activities was $115.4 million for the six months ended June 30, 2026, compared to net cash used in financing activities of $1.2 million for the six months ended June 30, 2025, with the increase primarily driven by the issuance of Convertible Notes in May 2026, proceeds from the equity offering in January 2026, and exercise of warrants, offset by the repayment of the Avenue Capital Loan and related costs. Going Concern After evaluating conditions including recurring operating losses, expected negative cash flows from operations, future clinical and commercialization expenditures, and obligations and uncertainties related to the Company's financing arrangements, including potential settlement and share reservation considerations associated with the Convertible Notes, management has concluded that there is substantial doubt about the Company's ability to continue as a going concern within the next 12 months. Management continues to evaluate and pursue plans to mitigate these conditions, which may include raising additional capital, managing the timing and scope of operating expenditures, pursuing strategic partnerships or licensing arrangements, and other financing or corporate transactions. There can be no assurance that such plans will be successfully implemented, that additional financing will be available on acceptable terms or at all, or that the Company will be able to execute its strategic plans within the required timeframe. If the Company is unable to obtain additional funding or otherwise successfully execute its plans when needed, it may be required to delay, reduce, or eliminate certain research and development programs and commercialization activities, consider various strategic alternatives, including a merger or sale, or cease operations. A full-text copy of the Company's Form 10-Q is available at https://tinyurl.com/bdd9c2y9. About Ocugen Inc. Malvern, Pa.-based Ocugen, Inc. is a biotechnology Company focused on discovering, developing, and commercializing novel gene and cell therapies, biologics, and vaccines that improve health and offer hope for patients across the globe. The Company's technology pipeline includes: Modifier Gene Therapy Platform, Novel Biologic Therapy for Retinal Diseases, Regenerative Medicine Cell Therapy Platform, and Inhaled Mucosal Vaccine Platform. PricewaterhouseCoopers LLP (the Company's independent registered public accounting firm since 2024 and headquartered in Philadelphia, Pennsylvania) included an explanatory paragraph in its audit report attached to the Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2025, expressing substantial doubt about the Company's ability to continue as a going concern. The auditor cited that the Company has incurred recurring net losses since inception that raise the doubt of its ability to continue as a going concern. As of June 30, 2026, the Company had $124.2 million in total assets, $140.8 million in total liabilities, and $16.6 million in total stockholders' deficit. OFFSHORE SAILING: Amends Bid to Sell Sailboats to Steven D. Shortt ------------------------------------------------------------------ Offshore Sailing School Ltd. Inc. seeks permission from the U.S. Bankruptcy Court for the Middle District of Florida, Ft. Myers Division, in an amended motion to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor is a Florida limited liability company which previously owned and operated a sailing school. The School is no longer operating, and the Debtor intends to file a liquidating plan. The Debtor has entered into a certain Purchase and Sale Agreement for Brokerage Vessell with Steven D. Shortt for sale and purchase of the Jeanneau for a purchase price of $157,000.00. As with all agreements for sale of vessels, the Buyer had the right to have a licensed marine surveyor perform a survey of the Jeanneau, which the Buyer did in fact do. Unfortunately, the Buyer found numerous defects, including non-functioning batteries, non-functioning air-conditioner, and a defective engine cooling system thru-hull. As a result, the Buyer proposed a survey allowance of $10,000.00, and an amended purchase price of $147,000.00. The Debtor believes this proposal is reasonable and in the Debtor's in its best business judgment desires to accept the survey allowance. The Debtor incorporates by reference the allegations in the Original Motion, and moves for an order approving the sale of the Jeanneau free and clear of liens for the price of $140,000.00. About Offshore Sailing School Offshore Sailing School Ltd. Inc. is a provider of sailing and powerboating instruction in the U.S., offering certification courses in cruising, passage making, and racing. It also conducts team-building sailing activities and organizes flotilla vacations for certified sailors. With over 60 years of experience, the school operates in Florida and the British Virgin Islands under the leadership of Steve and Doris Colgate. Offshore Sailing School Ltd. Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-00921) on May 21, 2025. In its petition, the Debtor reports total assets as of Feb. 28, 2025 amounting to $611,760 and total liabilities as of Feb. 28, 2025 totaling $2,277,797. The Debtor is represented by Leon Williamson, Esq. at Williamson Law Firm. OLENOX INDUSTRIES: Flags Inaccuracies in 2025 Quarterly Reports --------------------------------------------------------------- Olenox Industries, Inc. said in a regulatory filing with the Securities and Exchange Commission that, on July 31, 2026, its independent auditors at the time notified management that they believed the Company's unaudited condensed consolidated financial statements included in its Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2025, June 30, 2025, and Sept. 30, 2025, were materially incorrect and should not be relied upon. On Aug. 3, 2026, following the notification from the Company's independent auditors, the Company's authorized officers concluded that the previously issued unaudited condensed consolidated financial statements for those periods should no longer be relied upon. The error in the Company's financial statements for these periods relates to the merger the Company completed with New Asia Holdings, Inc., a Nevada corporation. As consideration for the Merger, the Company issued 4 million shares of its Series A Preferred Stock to NAHD's shareholders. During the preparation of the Company's financial statements for the year ended Dec. 31, 2025, the Company determined that the acquisition-date fair value of the 4 million shares was $18.8 million rather than the $34,569,600 previously recorded. Under ASC 805, Business Combinations, consideration transferred in a business combination, including equity interests issued by the acquirer, must be measured at fair value as of the acquisition date. The error related to how the acquisition-date fair value of the Series A Preferred Stock was calculated. The $15,769,600 difference between the amount originally recorded and the acquisition-date fair value therefore represents an error in measurement in previously issued financial statements within the meaning of ASC 250, Accounting Changes and Error Corrections. As a result, the correction reduces the consideration transferred, and correspondingly goodwill, by $15,769,600 and reduces by the same amount the value recorded in stockholders' equity for the Series A Preferred Stock issued as consideration. The correction does not affect the Company's net loss, net loss per share, cash flows, or working capital for any of the affected periods. The Company stated that Management is in the process of amending and restating the three relevant periods' financial statements, and the Company will file amended quarterly reports with the applicable restated financial statements as soon as the financial statements are completed and reviewed by the Company's independent auditor. The Company provided the independent auditors that made the determination with a copy of the disclosures it is making in this Current Report on Form 8-K and requested that they furnish it with a letter addressed to the U.S. Securities and Exchange Commission stating whether they agree with the above disclosures and, if not, stating the respects in which they do not agree. If the Company receives a letter from the independent auditor, it will attach it to an amendment to its Current Report on a Form 8-K/A. About Olenox Industries Olenox Industries Inc., previously known as Safe & Green Holdings Corp., is a vertically integrated energy company operating across multiple business lines, including oil and gas, energy services, and energy technologies. The Company is focused on acquiring, optimizing, and scaling energy-related infrastructure and operating assets across key U.S. markets. Boca Raton, Florida-based RBSM LLP, the Company's auditor since 2026, issued a going concern qualification in its report dated June 30, 2026, citing that the Company has suffered recurring losses from operations and had an accumulated deficit that raises substantial doubt about its ability to continue as a going concern. As of March 31, 2026, the Company had $35.4 million in total assets, $27.2 million in total liabilities, and $8.2 million in total stockholders' equity. OLENOX INDUSTRIES: Regains Nasdaq Periodic Filing Compliance ------------------------------------------------------------ Olenox Industries Inc. on Aug. 4, 2026, said that it has received confirmation from The Nasdaq Stock Market LLC that the Company has regained compliance with Nasdaq's periodic filing requirement, including Nasdaq Listing Rule 5250(c)(1). Previously, the Company had been notified by Nasdaq that the Company no longer met the periodic filing requirement for Nasdaq because it had not filed its Form 10-K for the period ended Dec. 31, 2025, and Form 10-Q for the period ended March 31, 2026. Nasdaq granted the Company an extension until July 31, 2026, to file the Delinquent Reports. Subsequently, on June 30, 2026, and July 31, 2026, the Company filed the Form 10-K and Form 10-Q, respectively. As a result, the Company has regained compliance with Nasdaq Listing Rule 5250(c)(1). The Company's common stock will continue to be listed and traded on The Nasdaq Capital Market under the symbol "OLOX." Mike McLaren, CEO of Olenox, commented, "We are pleased to have regained compliance with Nasdaq's listing requirements. 2025 was a busy year for Olenox, with multiple acquisitions and a change of independent auditors. Our team put forth an enormous effort to complete the 2025 Form 10-K and 2026 Q1 Form 10-Q and to regain full compliance with Nasdaq. We move forward to execute on our focused energy business strategy and a clear growth agenda." About Olenox Industries Olenox Industries Inc., previously known as Safe & Green Holdings Corp., is a vertically integrated energy company operating across multiple business lines, including oil and gas, energy services, and energy technologies. The Company is focused on acquiring, optimizing, and scaling energy-related infrastructure and operating assets across key U.S. markets. Boca Raton, Florida-based RBSM LLP, the Company's auditor since 2026, issued a going concern qualification in its report dated June 30, 2026, citing that the Company has suffered recurring losses from operations and had an accumulated deficit that raises substantial doubt about its ability to continue as a going concern. As of March 31, 2026, the Company had $35.4 million in total assets, $27.2 million in total liabilities, and $8.2 million in total stockholders' equity. OLYMPICK CONEY: Gets Interim OK to Use Cash Collateral ------------------------------------------------------ Olympick Coney Island 3, Inc. received interim approval from the U.S. Bankruptcy Court for the Southern District of Ohio to use cash collateral. Under the interim order, the Debtor is authorized to use cash collateral only in accordance with the court-approved operating budget, which projects total operational expenses of $740,098 for the period from July to December. To maintain operations, the Debtor estimates an immediate cash collateral need of $127,000 for August, covering inventory, routine operating expenses, and Chapter 11 administrative and legal fees. The Debtor's primary secured lender, The Huntington National Bank, holds the top four senior blanket liens on all corporate assets, totaling approximately $557,878 across four separate credit facilities. Meanwhile, the Debtor incurred additional secondary obligations Between January 2025 and March 2026 as a co-borrower or guarantor for Iron Grill I, LLC, including an SBA loan with Lendistry SBLC LLC (approximately $282,459) and a merchant cash advance with The Fundworks, LLC (approximately $215,000). Additional UCC financing statements were filed through registered agents, including CT Corp and CSC, leaving the identities and balances of certain junior lienholders currently unknown. Pursuant to the interim order, secured creditors will be granted adequate protection through replacement liens on the Debtor's cash collateral, with the same validity, priority and extent as their pre-petition liens. These replacement liens do not apply to avoidance actions and their proceeds. Events of default that could terminate the Debtor's authority to use cash collateral include unauthorized budget variances exceeding 20%, failure to pay required administrative expenses or U.S. Trustee fees, or dismissal or conversion of its Chapter 11 case. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/KTArl from PacerMonitor.com. The court scheduled a final hearing for September 8, with objections due by September 3. Olympick's financial distress stems primarily from cross-guarantees and debt obligations associated with the failure of an affiliated business, Iron Grill I LLC, which ceased operations prior to the petition date. Because the Debtor operates a cash-and-carry restaurant business, it maintains minimal traditional accounts receivable. Its cash collateral consists almost exclusively of pending credit card processing receipts estimated at $4,800 as of the petition date, which are typically deposited into its bank account within one to two days of customer transactions. About Olympick Coney Island 3 Inc. Olympick Coney Island 3 Inc. is a Grove City, Ohio-based full-service restaurant operator. It operates the Olympic Diner in Hilliard, Ohio, offering a traditional diner-style menu with breakfast, lunch, and dinner service to the local community. Olympick sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ohio Case No. 26-53563) on July 24, 2026. In its petition, the Debtor reported estimated assets of $50,000 to $100,000 and estimated liabilities of $1 million to $10 million. The case is assigned to the Honorable Mina Nami Khorrami. The Debtor is represented by John W. Kennedy of Strip Hoppers Leithart McGrath & Terleck. OLYMPICK CONEY: Hires Strip Hoppers Leithart as Bankruptcy Counsel ------------------------------------------------------------------ Olympick Coney Island 3 Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Ohio to hire Strip, Hoppers, Leithart, McGrath & Terlecky Co., LPA, as bankruptcy counsel. The firm can be reached through: (a) advise the Debtor with respect to its rights, powers and duties in this case; (b) advise and assist the Debtor in the preparation of its petition, schedules, and statement of financial affairs; (c) assist and advise the Debtor in connection with the administration of this case; (d) analyze the claims of the creditors in this case, and negotiate with such creditors; (e) investigate the acts, conduct, assets, rights, liabilities and financial condition of the Debtor and the Debtor's business; (f) advise and negotiate with respect to the sale of any or all assets of the Debtor; (g) investigate, file and prosecute litigation of behalf of the Debtor; (h) propose a plan of reorganization; (i) appear and represent the Debtor at hearings, conferences, and other proceedings; (j) prepare and/or review motions, applications, orders, and other filings filed with the Court; (k) institute or continue any appropriate proceedings to recover assets of the estate; and (l) perform any and all such other legal services as may be required that are in the best interest of the estate or its creditors. The firm will be paid at these rates: Myron N. Terlecky $460/hour John W. Kennedy $430/hour Loni R. Sammons $290/hour Law Clerks $150/hour The firm received a retainer in the amount of $30,000. As disclosed in the court filings, Strip Hoppers is a "disinterested person" within the meaning of 11 U.S.C. Sec. 101(14). The firm can be reached through: Myron N. Terlecky, Esq. John W. Kennedy, Esq. Strip, Hoppers, Leithart, McGrath & Terlecky Co., LPA 575 South Third Street Columbus, OH 43215-5759 Tel: (614) 228-6345 Fax: (614) 228-6369 Email: mnt@columbuslawyer.net jwk@columbuslawyer.net About Olympick Coney Island 3 Inc. Olympick Coney Island 3 Inc. is a Grove City, Ohio-based full-service restaurant operator. The company operates the Olympic Diner in Hilliard, Ohio, offering a traditional diner-style menu with breakfast, lunch, and dinner service to the local community. Olympick Coney Island 3 Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ohio Case No. 26-53563) on July 24, 2026. In its petition, the debtor reported estimated assets of $50,000 to $100,000 and estimated liabilities of $1 million to $10 million. The case is assigned to the Honorable Mina Nami Khorrami. The debtor is represented by John W. Kennedy of Strip Hoppers Leithart McGrath & Terleck. OMEGA INVESTIGATION: Plan Confirmation Hearing Set for Sept. 2 -------------------------------------------------------------- Judge Mildred Caban Flores of the U.S. Bankruptcy Court for the District of Puerto Rico conditionally approved the Disclosure Statement describing Chapter 11 Plan of Omega Investigation Services, Corp. The Disclosure Statement is conditionally approved as containing adequate information in accordance with section 1125 of the Bankruptcy Code and is subject to final approval of the Court at the Combined Hearing. The Debtor's request for a Combined Hearing on the final approval of the Disclosure Statement and confirmation of the Plan, and the following Confirmation Schedule, are approved: * That a hearing for the consideration of the final approval of the Disclosure Statement and the confirmation of the Plan and of such objections as may be made to either will be held on September 2, 2026, at 9:00 AM, at the U.S. Bankruptcy Court, José V. Toledo U.S. Post Office and Courthouse Building, 300 Recinto Sur Street, Courtroom 1, Second Floor, San Juan, Puerto Rico. * That acceptances or rejections of the Plan may be filed in writing by the holders of all claims on/or before fourteen days prior to the date of the hearing on confirmation of the Plan. * That any objection to the final approval of the Disclosure Statement and/or the confirmation of the Plan shall be filed on/or before fourteen days prior to the date of the hearing on confirmation of the Plan. In a court filing, the Debtor filed for Chapter 11 bankruptcy after it was unable to reach a payment agreement with the Puerto Rico Department of Treasury (Hacienda). Hacienda's collection actions included closing the business and seizing assets, prompting the Debtor to seek bankruptcy protection to resume operations, preserve its business, and reorganize its financial obligations. Treatment of Claims Class 1 Cure Claim of SR Security Systems LLC: * The allowed claim of SR Security Systems LLC will be paid 100% of its allowed amount without interest. * Payments will be made in six equal monthly installments, beginning November 1, 2026, and ending April 1, 2027. Class 2 Non-Priority General Unsecured Claims: * General unsecured creditors will receive a pro rata distribution equal to 1.5% of their allowed claims. * Payments will be made in 60 equal monthly installments beginning after the Effective Date of the Plan. * After completion of these payments, all remaining balances of the unsecured claims will be deemed satisfied and discharged. * This class is impaired. Class 3 Equity Interests: * Luis Crespo, as the sole shareholder, will retain his ownership interest because he contributed $20,000 in new value and canceled $27,000 of pre-petition debt through post-petition financing approved by the Court to satisfy the absolute priority rule. * The interests of all other shareholders will be canceled on the Effective Date of the Plan. Plan Funding and Feasibility The Plan will be funded through the Debtor's ongoing business operations, together with the financial contributions made by Luis Crespo. The Plan's financial projections estimate an average annual cash flow of $67,571, after payment of operating expenses and post confirmation taxes. The Debtor asserts that the Plan is feasible and not likely to be followed by liquidation or the need for further financial reorganization. The final payment under the Plan is expected to be made on October 1, 2031. A full-text copy of the Disclosure Statement dated July 30, 2026 is available at https://urlcurt.com/u?l=Z06hBF from PacerMonitor.com at no charge. Counsel to the Debtor: Alexis Fuentes-Hernandez, Esq. 366 Calle Fortaleza, Fl. 2 San Juan, PR 00901 A copy of the Court's Order dated July 31, 2026, is available at https://urlcurt.com/u?l=pu1OzH from PacerMonitor.com. About Omega Investigation Services Corp. Omega Investigation Services Corp. is a company presumably providing investigation and security-related services based in San Juan, Puerto Rico. Omega Investigation Services sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 25-03647) on Aug. 15, 2025. In its petition, the Debtor listed assets between $100,000 and $500,000, and liabilities between $500,000 and $1 million. The Debtor is represented by Alexis Fuentes-Hernandez, Esq. ONYX PORTFOLIO: Glenpatti Drive Property Sale to Miguel Rojo OK'd ----------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, has granted Onyx Portfolio, LLC, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor is a real estate holding company which owns and operates 46 single family homes in various suburban communities in Houston, Texas. The Debtor received an offer for the purchase the Property located at 17423 Glenpatti Drive, Glenpatti Drive, Houston, Texas, 77084 in the amount of $220,000.00 from Miguel A. Rojo Jr. The Court has authorized the Debtor to sell the Property to Miguel A. Rojo Jr. Closing may occur on or before August 20, 2026, unless extended by agreement with the Debtor and the Buyer. The net proceeds of sale shall be delivered to HFC Holdings 1, LLC upon closing of the sale. HFC Holdings 1, LLC shall provide a partial release of lien as to this Property once a payoff is provided to Capital Title. Upon receipt, HFC Holdings 1, LLC is authorized to apply the net proceeds to the Debtor's loan obligations in accordance with the underlying loan agreements. The Buyer shall remain responsible for the ad valorem taxes for the closing year, and the ad valorem tax liens for the closing year shall be retained against the Property until such taxes are paid in full. The Debtor is authorized to execute all documents necessary to effectuate the sale, including but not limited to a special warranty deed conveying all right, title and interest in and to the Property to the Buyer. About Onyx Portfolio LLC Onyx Portfolio LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. TX Case No. 26-30080) on January 5, 2026. At the time of the filing, Debtor had estimated assets of between $1,000,001 and $10 million and liabilities of between $1,000,001 and $10 million. Judge Jeffrey P. Norman oversees the case. Susan Tran Adams is Debtor's legal counsel. OPTIMUM COMMUNICATIONS: Fiscal Q2 Net Loss Widens to $282.1MM ------------------------------------------------------------- Optimum Communications, 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 $282.1 million for the three months ended June 30, 2026, compared to a net loss of $88.0 million for the same period in the prior year. For the six months ended June 30, 2026, the Company reported a net loss of $3.2 billion, compared to a net loss of $159.3 million for the same period in the prior year. Revenues for the three months ended June 30, 2026 were $2.0 billion, compared to $2.1 billion in the prior-year period. Revenues for the six months ended June 30, 2026 were $4.1 billion, compared to $4.3 billion for the same period in the prior year. As of June 30, 2026, the Company had $28.1 billion in total assets, $33.1 billion in total liabilities, $508.6 million in redeemable preferred units, and $5.5 billion in total stockholders' deficiency, with cash and cash equivalents of $1,296,270,000. Going Concern The Company currently does not have the necessary cash on hand, projected future cash flows or committed financing to fund its obligations over the next 12 months, which raises substantial doubt about its ability to continue as a going concern. As of Aug. 6, 2026, the Company has significant near-term debt maturities, including approximately $4.12 billion principal amount of debt maturing in April 2027 and approximately $2.23 billion maturing in July 2027. The Company does not currently have sufficient cash on hand, projected future cash flows from operations or committed financing, or other definitive arrangements, to pay these amounts at maturity. The Company's ability to address its future debt obligations will depend on its ability to refinance, restructure or otherwise extend the maturities of such indebtedness or to raise additional capital. While the Company is pursuing efforts in respect of these alternatives, there can be no assurance that it will be successful in obtaining such financing or completing a transaction on acceptable terms, on a timely basis or at all. If the Company is unable to secure adequate liquidity on an acceptable timeline or at all, it may not be able to continue as a going concern, which could result in a total loss of its investment. The Company cannot guarantee the timing or outcome of any resolution and any resolution it may negotiate may materially adversely impact its business, financial condition and operations. Debt Outstanding As of June 30, 2026, total consolidated debt was approximately $26.6 billion, consisting of approximately $7.96 billion in credit facility debt, $10.7 billion in senior guaranteed notes, $6.2 billion in senior notes, $1.6 billion in Secured Fiber Network Revenue Notes, and $112.2 million in finance lease obligations. Total interest expense for the six months ended June 30, 2026 was approximately $947.7 million. The Company's total payment obligations as of June 30, 2026, including related interest but excluding finance lease obligations and the impact of interest swap agreements, were approximately $31.6 billion, with $929.3 million due in 2026, $7.9 billion due in 2027, $7.4 billion due in 2028, $4.5 billion due in 2029, $6.1 billion due in 2030, and $4.8 billion thereafter. For financing purposes, the Company has three debt silos: the CSC Holdings Restricted Group, the UnSub Group, and Lightpath. The CSC Holdings Restricted Group is subject to the covenants and restrictions of CSC Holdings' credit facility and indentures governing the notes issued by CSC Holdings. The Lightpath silo includes substantially all of Lightpath's operating subsidiaries, which are subject to the covenants and restrictions of the secured fiber network revenue notes. The UnSub Group is subject to the covenants and restrictions of the UnSub Group Facility. CSC Holdings Credit Facilities The CSC Credit Facilities currently provide for U.S. dollar term loans comprising an Incremental Term Loan B-5 in an original amount of $3 billion, with approximately $2.8 billion outstanding as of June 30, 2026, and U.S. dollar revolving loan commitments in an aggregate principal amount of approximately $2.5 billion, with $2.2 billion outstanding as of June 30, 2026. At June 30, 2026, approximately $174.8 million of the CSC Revolving Credit Facility was restricted for certain letters of credit issued on the Company's behalf and $75.2 million was undrawn and available, subject to covenant limitations. As of June 30, 2026, CSC Holdings was in compliance with applicable financial covenants under the CSC Credit Facilities and the covenants under each respective indenture governing the senior guaranteed notes and senior notes. UnSub Group Credit Facility On Nov. 25, 2025, Cablevision Litchfield, LLC and CSC Optimum LLC, each an indirect wholly-owned subsidiary of the Company, entered into the Initial UnSub Group Credit Facility providing for initial term loans in an aggregate principal amount of $2 billion, which were used to repay in full the Incremental Term Loan B-7 under the CSC Credit Facilities. On Jan. 12, 2026, the parties entered into the Amended and Restated Credit Agreement providing for incremental term loans in an aggregate principal amount of $1.1 billion, used to repay in full the NYC ABS Loan and Security Agreement. The UnSub Group Credit Facility Loans mature on Nov. 25, 2028, accrue interest at a fixed rate of 9.0% per annum, and do not amortize. On July 6, 2026, the UnSub Group entered into a Second Amended and Restated Credit Agreement, providing for an incremental term loan commitment in an aggregate principal amount of $250 million. The UnSub Incremental Term Loan has substantially similar terms as the existing term loans under the A&R UnSub Credit Agreement and will: (i) mature on Nov. 25, 2028, (ii) accrue interest at a fixed rate of 9% per annum, and (iii) not amortize. The Company received additional proceeds of $250 million and incurred additional deferred financing costs of $13.76 million. The proceeds from the UnSub Incremental Term Loan are expected to be used for general corporate purposes. A full-text copy of the Company's Form 10-Q is available at https://tinyurl.com/yt9yhwtt. About Optimum Communications Optimum Communications, Inc. (NYSE: OPTU) is one of the largest broadband communications and video services providers in the United States, delivering broadband, video, mobile, proprietary content, and advertising services to approximately 4.3 million residential and business customers across 21 states through its Optimum brand. It operates Optimum Media, an advanced advertising and data business, which provides audience-based, multiscreen advertising solutions to local, regional, and national businesses and advertising clients. It also operates News 12, which is focused on delivering best-in-class hyperlocal news content. PACI ELECTRIC: Seeks Subchapter V Bankruptcy in New York -------------------------------------------------------- On July 29, 2026, Paci Electric, LLC filed for Chapter 11 protection in the Southern District of New York. According to court filings, the Debtor reports between $500,000 and $1 million in debt owed to between 1 and 49 creditors. Subchapter V Plan deadline set for October 27,2026 and Summary of Assets and Liabilities due August 12, 2026. About Paci Electric, LLC Paci Electric, LLC is a Briarcliff Manor, New York-based electrical contractor specializing in electrical wiring and installation services. The company is legally associated with the Conte Electric brand and maintains its primary business location in Scarsdale, New York. The business was listed as an active electrical contractor in the Hudson Valley Gateway Chamber Guide as recently as 2025. Paci Electric, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 26-22749) on July 29, 2026. In its petition, the Debtor reports estimated assets of $0 to $50,000 and estimated liabilities of $500,000 to $1 million. Honorable Bankruptcy Judge handles the case. The Debtor is represented by Julie Cvek Curley, Esq. of Kirby Aisner & Curley LLP. PALM VALLEY: Hires Grobstein Teeple LLP as Financial Advisor ------------------------------------------------------------ The Palm Valley School, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the Central District of California to employ Grobstein Teeple, LLP as their financial advisor. The firm will render these services: a. obtain and evaluate financial records; b. evaluate assets and liabilities of the Debtor and Estate; c. evaluate tax issues related to the Debtor and Estate; d. prepare tax returns; e. provide litigation consulting if required; and f. provide accounting and consulting services requested by the Debtor and their counsel. The firm will be paid at these hourly rates: Partners and Principals Grobstein, Howard $780 Teeple, Joshua $650 Boffill, Kermith $550 Howard, Benjamin $625 McBride, Andrew $575 Mehra, Dimple $485 Rasmussen, Erik $575 Roopenian, Steven $450 Stake, Kurt $595 Tischofer, Erik $500 Wright, Kailey $510 Managers and Directors Cooper, Nicholas $350 Dunlap, Benjamin $425 Elair, Wes $350 Frias, Josephine $330 Jones, Olivia $375 McCarthy, Michael $385 Medina, Tony $375 Thomsen, William $495 Torossian, Tatevik $485 Professionals Gore, Sophia $325 Kent, Ryusei $325 McCallum, Breanna $275 Meacham, Kevin $375 Muga, Tracey $250 Pei-Wen, Lin (Lynn) $325 Pourmehr, Liyona $175 Qin, Kunpeng $225 (aka Ada Qin) Rooney, Emma $175 Siegel, Brian $325 Tsaturyan, David $285 VanSluytman, Samantha $325 Paraprofessionals Borba, Brooke $250 Carranza, Wendi $115 Cortez, Dina $135 Galarza, Clara $175 Harris, Shelly $105 Labuschagne, Taylor $250 Maurier, Lola $95 Nino, Claudia $125 Rice, Lynn $200 Weiss, Denise $190 Zerehi, Ken $185 Joshua R. Teeple, CPA, a partner at Grobstein Teeple LLP, assured the court that his firm is a "disinterested person" within the meaning of 11 U.S.C. Sec. 101(14). The firm can be reached through: Joshua R. Teeple, CPA Grobstein Teeple LLP 238323 Rockfield Boulevard, Suite 245 Lake Forest, CA 92630 Telephone: 949-381-5655 Fax: 949-381-5665 Email: jteeple@gtllp.com About The Palm Valley School, Inc. Palm Valley School is an independent, non-religious, college-preparatory school located in Rancho Mirage, California. Founded in 1952, the school provides preschool through high school education to students and families in the region. Its 34-acre campus includes dedicated preschool, elementary, middle school, and high school divisions, as well as athletic, performing arts, and learning facilities. The Palm Valley School, Inc. in Rancho Mirage, CA, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. C.D. Cal. Case No. 26-14634) on June 8, 2026, listing $10 million to $50 million in assets and $1 million to $10 million in liabilities. Sarah L. Dunn, Ph.D. as chairperson of the Board, signed the petition. Judge Scott H Yun oversees the case. SHAW & HANOVER, PC serve as the Debtor's legal counsel. PALMAIRE AVE: Claims to be Paid from Rental Income -------------------------------------------------- Palmaire Ave LLC filed with the U.S. Bankruptcy Court for the District of Arizona a Disclosure Statement describing Plan of Reorganization dated August 3, 2026. Palmaire Ave, LLC is an Arizona limited liability company formed in 2016 to own a single property. The company is managed by Mazciel Hernandez and is owned by ALFRE, LLC, which is also owned by Ms. Hernandez. The company's only property is a single-family residence located at 1214 East Palmaire Avenue, Phoenix, Arizona. The debtor owns the property subject to Citadel's deed of trust and any other valid liens. The property is valued at $850,000, based on a market valuation using real estate websites, including Zillow. Lease and Rental Income The property is leased to DP Palmaire LLC, and the plan assumes the lease will continue. DP Palmaire LLC owes the debtor approximately $46,166 in unpaid prepetition rent and related lease obligations, subject to final reconciliation. Under the lease: * DP Palmaire LLC will continue paying $6,500 per month in rent. * It will also pay an additional $1,348 per month. * The first approximately 34 payments, plus a final adjusted payment around month 35, will repay the prepetition rent owed. * After the receivable is repaid, the $1,348 monthly payment will continue as supplemental rent through the remainder of the 60-month plan. * DP Palmaire LLC has represented that it has sufficient operating cash flow to make both payment streams. Citadel's Claim (Class 1). Citadel will retain its liens on the property. Beginning the first month after the effective date, the debtor will: * Continue making all regular monthly mortgage payments. * Cure the estimated prepetition mortgage arrearage of $80,850.99 over 60 months through equal monthly payments of approximately $1,348, subject to reconciliation, claim allowance, and credit for payments made during the Chapter 11 case. The debtor does not propose any other changes to the Citadel loan documents, note, or deed of trust. General Unsecured Claims (Class 2). Allowed General Unsecured Claims will be paid: * 100% of the allowed claim amount. * Interest at 8.75% per year. * In 12 equal monthly installments beginning the month after the effective date. The debtor currently estimates total Class 2 claims at $2,656, with aggregate monthly payments of approximately $232. These claims may be prepaid without penalty. Class 2 is impaired. Equity holders will retain their ownership interests, subject to the plan. However, equity distributions are restricted unless the debtor remains current on all plan obligations. The debtor will fund the plan using: * Monthly rent of $6,500. * The additional $1,348 monthly payment from DP Palmaire LLC. * Cash on hand. * The unapplied balance of debtor's counsel's prepetition retainer. * Any voluntary equity contributions. The debtor estimates unpaid administrative claims of approximately $30,000 before applying the prepetition retainer. Mazciel Hernandez will continue serving as the debtor's manager and as Plan Administrator unless the confirmation order provides otherwise. Following confirmation, the reorganized debtor will: * Continue operating the property. * Maintain regular mortgage payments. * Cure Citadel's arrearage over five years. * Pay all other allowed claims according to the terms of the plan. A full-text copy of the Disclosure Statement dated August 3, 2026 is available at https://urlcurt.com/u?l=q6pANf from PacerMonitor.com at no charge. Counsel for the Debtor: Grant L. Cartwright, Esq. Andrew A. Harnisch, Esq. Eric W. Moats, Esq. Emma M. Smith, Esq. May, Potenza, Baran & Gillespie, PC 1850 North Central Avenue, Suite 1600 Phoenix, AZ 85004 Telephone: (602) 252-1900 Facsimile: (602) 252-1114 Email: gcartwright@maypotenza.com About Palmaire Ave LLC Palmaire Ave LLC is a real estate holding and investment company engaged in property ownership and asset management activities. The company's operations are centered on managing real estate-related investments and commercial property interests. Palmaire Ave LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-04920) on May 18, 2026. In its petition, the debtor reports estimated assets between $100,001 and $1 million and estimated liabilities within the same range. Honorable Bankruptcy Judge in the District of Arizona handles the case. The Debtor is represented by Grant L. Cartwright, Esq. of May, Potenza, Baran & Gillespie, P.C. PARKERVISION INC: Swings to Fiscal Q2 Net Income of $148,000 ------------------------------------------------------------ Parkervision, 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 net income of $148 thousand for the three months ended June 30, 2026, compared to a net loss of $1.6 million for the same period in the prior year. Revenue and Cost of Sales The Company reported no licensing revenue for the three and six months ended June 30, 2026 and 2025. Cost of sales for the three and six months ended June 30, 2026 and 2025, consists of amortization expense related to the patents covered under license agreements. Revenue resulting from the Company's patent enforcement actions is highly unpredictable with respect to the amount and timing of receipt, and there can be no assurance that the Company will achieve its anticipated results. Selling, General, and Administrative Expenses Selling, general, and administrative expenses consist primarily of personnel and related costs, including share-based compensation, outside professional fees for business consulting, legal and accounting services, litigation fees and expenses, and costs incurred for insurance. The Company's selling, general, and administrative expenses decreased by $2.3 million, or 60.6%, during the three months ended June 30, 2026, when compared to the same period in 2025. This is primarily the result of a $1.9 million decrease in total share-based compensation and a $0.3 million decrease in outside professional fees, including litigation-related costs. The Company's selling, general, and administrative expenses decreased by $2.6 million, or 51.4%, during the six months ended June 30, 2026, when compared to the same period in 2025. This is primarily the result of a $1.9 million decrease in total share-based compensation and a $0.8 million decrease in outside professional fees, including litigation-related costs. The decrease in share-based compensation expense for the three and six months ended June 30, 2026 is primarily the result of one-time, non-cash charges recognized upon the modifications of previously issued option awards as discussed in Note 14 in the unaudited condensed consolidated financial statements. The decrease in outside professional fees for the three and six months ended June 30, 2026 is a result of decreased expenditures related to the Company's social media and public awareness campaign, business and financial advisory services, and litigation costs primarily related to a petition for a writ of certiorari the Company filed with the Supreme Court in 2025. Liquidity and Going Concern For the six months ended June 30, 2026, the Company incurred a net loss of approximately $1.4 million compared to $5.4 million for the same period in 2025, and incurred negative cash flows from operations of approximately $1.7 million. At June 30, 2026, the Company had cash and cash equivalents of approximately $2.5 million and an accumulated deficit of approximately $457 million. At June 30, 2026, the Company had working capital of $0.8 million, a decrease of approximately $1.5 million from working capital at Dec. 31, 2025. The Company's current liabilities at June 30, 2026 include $1.1 million in convertible debt that matures over the next 12 months if not converted, extended under the terms of the note, or otherwise modified. The timing and amount of proceeds, if any, from the Company's patent enforcement actions are difficult to predict. Furthermore, a significant amount of future proceeds that the Company may receive from its patent enforcement and licensing programs will be utilized to repay borrowings and legal fees and expenses under the Company's contingent funding arrangements. These circumstances indicate there is substantial doubt about the Company's ability to continue to operate as a going concern for a period of one year following the issue date of these unaudited condensed consolidated financial statements. The Company expects that proceeds received by it from patent enforcement actions and technology licenses over the next 12 months may not alone be sufficient to cover its working capital requirements. The Company anticipates that all of its outstanding convertible notes will either: (i) be converted by the holders prior to their scheduled maturity dates, or (ii) have their maturity dates automatically extended as provided under the terms of certain agreements; however, conversion and/or extension is at the option of the holder, and there can be no assurance with respect to the holder's behavior. Even with the conversions or extensions of the Company's convertible debt by the holders, the Company's current capital resources are not sufficient to meet its liquidity needs for the next 12 months and it may be required to seek additional capital. The Company's ability to meet its liquidity needs for the next 12 months is dependent upon: (i) its ability to successfully negotiate licensing agreements and/or settlements relating to the use of its technologies by others in excess of its contingent payment obligations, (ii) its ability to control operating costs, (iii) the behavior of its convertible note holders, and/or (iv) its ability to obtain additional debt or equity financing. The Company expects to continue to invest in the support of its patent licensing and enforcement program. The long-term continuation of the Company's business plan is dependent upon the generation of sufficient cash flows from its technology licenses to offset expenses and debt obligations. In the event that the Company does not generate sufficient cash flows, it will be required to obtain additional funding through public or private debt or equity financing or contingent fee arrangements and/or reduce operating costs. Failure to generate sufficient cash flows, raise additional capital through debt or equity financings or contingent fee arrangements, and/or reduce operating costs will have a material adverse effect on the Company's ability to meet its long-term liquidity needs and achieve its intended long-term business objectives. A full-text copy of the Company's Form 10-Q is available at https://tinyurl.com/3hvbnfz2. About ParkerVision Jacksonville, Fla.-based ParkerVision, Inc., and its wholly-owned German subsidiary, ParkerVision GmbH is in the business of innovating fundamental wireless hardware technologies and products. The Company has designed and developed proprietary RF technologies and integrated circuits based on those technologies, and the Company licenses its technologies to others for use in wireless communication products. Atlanta, Georgia-based Frazier & Deeter, LLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated March 23, 2026, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has losses from operations, negative operating cash flows and an accumulated deficit. These factors raise substantial doubt about the Company's ability to continue as a going concern. As of June 30, 2026, the Company had $3.7 million in total assets, $48.3 million in total liabilities, and $44.6 million in total stockholders' deficit. PATERSON ARTS: S&P Lowers Revenue Bond Long-Term Rating to 'BB+' ---------------------------------------------------------------- S&P Global Ratings lowered its long-term rating on Passaic County Improvement Authority, New Jersey's revenue bonds, issued for Paterson Arts and Science Charter School (PASCS or the school) on behalf of iLearn Facility Development Inc., to 'BB+' from 'BBB-'. The outlook is stable. S&P said, "The downgrade reflects our view on the new and amended lease obligations and their impact on the financial profile including lease-adjusted maximum annual debt service coverage (MADS) that we expect to remain thin throughout the outlook period as the school scales enrollment, and an elevated lease-adjusted debt burden due to the increased lease liabilities. "The stable outlook reflects our expectation that the school's financial performance will be reach near-budgetary levels with minimal spenddown on liquidity required to balance the budget. Furthermore, we believe PASCS will continue to strengthen its enrollment base and successfully renew its charter within the outlook period. "We could consider a negative rating action if PASCS' financial profile weakens beyond budgetary expectations leading to a trend of insufficient debt service coverage or large declines in available reserves. Furthermore, we could take a negative rating action if the school were to enter into additional debt obligations that materially change the lease-adjusted MADS or if it should be unable to renew the upcoming charter. "We could consider a positive rating action over time if the school's enterprise profile remains consistent while financial performance, days' cash on hand (DCOH), and lease-adjusted MADS coverage improve to levels comparable with those of similarly rated peers." PERNA OIL: Unsecured Creditors Will Get 12.89% of Claims in Plan ---------------------------------------------------------------- Perna Oil & Gas LLC filed with the U.S. Bankruptcy Court for the Middle District of Louisiana an Original Subchapter V Plan dated July 31, 2026. Perna Oil & Gas LLC is a privately held Louisiana oil and gas exploration and production company founded in 2020. The company acquires, operates, and develops oil and gas assets in Louisiana, including producing wells and the reactivation of orphaned wells. In May 2023, the company experienced significant operational and financial setbacks after actions by T&S Services allegedly caused more than $1 million in damage to the Beech Grove and SLC wells. The resulting production delays of over six months caused the company to fall behind on its debt obligations and incur additional liabilities. The company currently operates three wells: * Richland Farms: Producing approximately 357 barrels of oil per month. * Beech Grove: Producing approximately 315 barrels of oil per month. * SLC: Not currently producing but expected to produce about 252 barrels per month once restored. Treatment of General Unsecured Claims The debtor estimates total Allowed General Unsecured Claims at $942,299.84. Using a 2.75% discount rate, it estimates creditors in this class will receive a present value of at least $121,480.59, or approximately 12.89% of their claims. Recoveries could increase depending on: * Resolution of the disputed portion of Richland Farms' claim. * Any successful litigation against T&S Services. Class 4 (General Unsecured Claims) will receive: * Forty-eight monthly payments of $2,800, beginning on the thirteenth distribution date. * Additional monthly distributions from any unused reserve funds associated with the disputed Richland Farms claim. * Distribution of any remaining disputed claim reserve after that claim is resolved. * 50% of any net litigation proceeds from claims against T&S Services, with the remaining 50% placed into the company's capital expenditure reserve. Creditors may elect to join the Convenience Class, waiving their Class 4 treatment in exchange for Class 5 treatment and agreeing to vote in favor of the plan. Class 5 Convenience Claims holders will receive a single cash payment equal to the lesser of: * $2,000, or * The full allowed amount of their claim. Creditors making the Convenience Class Election are deemed to accept the plan. Class 6 equity holders will retain their ownership interests in the company. Because their interests are unimpaired, they are deemed to accept the plan. Funding of the Plan The five-year plan will be funded through revenue from oil production. Financial projections assume: * An average oil price of $75 per barrel. * Monthly production of 315 barrels from Beech Grove. * Monthly production of 357 barrels from Richland Farms. * Monthly production of 252 barrels from the SLC well beginning approximately one year after the plan becomes effective. After paying operating expenses and funding reserves, the remaining net proceeds will be distributed to creditors. Chris Feller will continue as the company's manager after the plan becomes effective. He oversees daily operations, safety, and field coordination and has not received compensation since the bankruptcy case began. Under the plan, he will receive: * $6,000 per month during the first year after the effective date. * $7,500 per month thereafter, subject to available cash and timely plan payments. A full-text copy of the Original Subchapter V dated July 31, 2026 is available at https://urlcurt.com/u?l=SfwLp4 from PacerMonitor.com at no charge. Counsel to the Debtor: Ryan J. Richmond, Esq. Sternberg, Naccari & White, LLC 450 Laurel Street, Suite 1450 Baton Rouge, LA 70801 Telephone: (225) 412-3667 Facsimile: (225) 286-3046 Email: ryan@snw.law About Perna Oil & Gas LLC Perna Oil & Gas LLC is a Louisiana-based company engaged in exploration, production, and distribution of oil and natural gas, serving both regional and commercial energy markets. Perna Oil & Gas LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. La. Case No. 26-10168) on February 27, 2026. In its petition, the Debtor reports estimated assets of $1 million to $10 million and estimated liabilities of $100,001 to $1 million. The Honorable Bankruptcy Judge Michael A. Crawford handles the case. The Debtor is represented by Ryan James Richmond, Esq., at Sternberg, Naccari & White, LLC. PETER PAN HOLDINGS: Seeks Ch. 11 Bankruptcy as Civil Actions Loom ----------------------------------------------------------------- On July 29, 2026, Peter Pan Holdings LLC filed for Chapter 11 protection in the District of Wyoming. According to court filings, the Debtor reports between $500,000 and $1 million in debt owed to between 1 and 49 creditors. A meeting of creditors under Section 341(a) to be held on September 3, 2026 at 11:00 AM via Chapter 11 Telephone Conference: Dial-in number is 888-330-1716 and the Access Code is 9525780#. Chapter 11 Plan snd Disclosure Statement deadline set for November 27, 2026. About Peter Pan Holdings LLC Peter Pan Holdings LLC is a Sheridan, Wyoming-based residential real estate company operating as a single-asset entity focused on managing income-producing residential properties. Led by President Chad Michael Schmidt, the company oversees residential real estate holdings, including properties in Cedar Park, Texas. The company has maintained a consistent leadership structure since 2014, with a focus on acquiring and evaluating residential properties. Peter Pan Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Wyo. Case No. 26-20351) on July 29, 2026. In its petition, the Debtor reports estimated assets of $500,000 to $1 million and estimated liabilities of $500,000 to $1 million. Honorable Cathleen D. Parker handles the case. PHOENIX CONVERTING: Hearing Today on Bid to Use Cash Collateral --------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Illinois is set to hold a final hearing today to consider granting another extension to Phoenix Converting, Inc. and its affiliated debtors to use cash collateral. The Debtor is currently authorized to use cash collateral through August 14 under the court's second interim order. The second interim order granted City National Bank of Florida replacement liens on substantially all post-petition assets of the Debtors (except Phoenix) and a superpriority administrative expense claim, subject to the fee carveout. These replacement liens do not apply to Chapter 5 avoidance actions. Termination events include dismissal or conversion of the Chapter 11 cases, failure to comply with reporting or insurance requirements, unauthorized senior liens, excessive budget variances, and appointment of a trustee or examiner with expanded powers. The order is available at https://shorturl.at/9Fg6e City National Bank, as secured lender, is represented by: Randall L. Klein, Esq. Goldberg Kohn Ltd. 55 East Monroe Street, Suite 3300 Chicago, IL 60603 Phone; (312) 201-4000 Randall.Klein@goldbergkohn.com About Phoenix Converting Inc. Phoenix Converting, Inc. produces flexible packaging and provides package development, printing and design, prepress, pouching, slitting, laminating, and custom bag and pouch production. It serves markets including food and beverage, household and personal care, industrial and automotive, medical, nutraceutical, and pet food. The company is headquartered in Itasca, Illinois, and operates locations in Illinois and Wisconsin. It adopted the Flex Pack name in 2024 following the rebranding of Advanced Converting Works. Phoenix Converting and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Lead Case No. 26-11935) on July 20, 2026. In the petition signed by Steven Boyer as chief executive officer, Phoenix Converting reported between $10 million and $50 million in both assets and liabilities. Judge David D. Cleary presides over the case. Adam P. Silverman, Esq., at Adelman & Gettleman, Ltd. represents the Debtor as legal counsel. PLATINUM PINES: Seeks to Hire Udall Shumway as Counsel ------------------------------------------------------ Platinum Pines Ranch LLC seeks approval from the U.S. Bankruptcy Court for the District of Arizona to hire Udall Shumway PLC to serve as legal counsel. The firm will represent the Debtor in this bankruptcy proceeding. Udall Shumway's normal hourly billing rates range from $300 to $500 per hour for attorneys and $185 for paralegals. The firm's bankruptcy practitioners bill at rates of $350 to $500 per hour for partners, $300 to $350 per hour for associates, and $125 to $185 per hour for paralegals. Udall Shumway PLC is a "disinterested party" as that term is defined by 11 U.S.C. Sec. 101, according to court filings. The firm can be reached at: Eli T. Enger, Esq. Joel E. Sannes, Esq. UDALL SHUMWAY PLC 1138 N. Alma School Rd., Ste. 101 Mesa, AZ 85201 Telephone: (480) 461-5300 Facsimile: (480) 833-9392 E-mail: ete@udallshumway.com jes@udallshumway.com About Platinum Pines Ranch LLC Platinum Pines Ranch LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 26-07705) on July 31, 2026, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Eli T. Enger, Esq. at Udall Shumway PLC represents the Debtor as legal counsel. PLEASE & THANK YOU: Gets Final OK to Use Cash Collateral -------------------------------------------------------- Please & Thank You, LLC received final approval from the U.S. Bankruptcy Court for the Western District of Kentucky to use cash collateral in its Chapter 11 case. Under the final order, the Debtor is authorized, retroactive to the petition date, to use cash collateral consistent with its operating budget, subject to permitted variances. This authorization will remain in effect until the later of three business days after August 17 or the closing of the proposed sale of the Debtor's business. The U.S. Small Business Administration will receive adequate protection in the form of automatically perfected replacement liens on all pre-petition and post-petition property of the Debtor's estate, excluding Chapter 5 avoidance actions and any proceeds arising from those claims. The replacement liens are subordinate only to pre-petition senior liens, previously approved priming liens associated with debtor-in-possession financing, statutory U.S. Trustee fees, and the agreed carveout for the Debtor's attorneys' fees. The SBA retains the right to seek additional protection or assert a superpriority administrative claim under Section 507(b) of the Bankruptcy Code if the protection granted proves insufficient to compensate for any diminution in the value of its collateral. The final order does not determine the validity, priority, extent, or value of any creditor's asserted liens and preserves the rights of any creditor claiming a valid perfected security interest in the cash collateral. A copy of the court's order is available at https://h1.nu/1B0Yp from PacerMonitor.com. About Please & Thank You LLC Please & Thank You, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Ky. Case No. 26-31515) on June 2, 2026, listing assets of between $100,001 and $500,000 and liabilities of between $1 million and $10 million. Brooke Vaughn, president and sole member of Please & Thank You, signed the petition. Judge Mary Elisabeth Naumann oversees the case. Neil C. Bordy, Esq., at Seiller Waterman LLC, represents the Debtor as legal counsel. POLARIS VENTURES: Hires Rochelle McCullough as Counsel ------------------------------------------------------ Polaris Ventures, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire Rochelle McCullough PLLC to serve as general bankruptcy counsel. The firm will provide these services: (a) advise the Debtor with respect to rights, powers and duties as Debtor continues to operate and manage the businesses of the Debtor; (b) advise the Debtor concerning, and assist in the negotiation and documentation of agreements, debt restructuring, and related transactions; (c) monitor transactions proposed by the parties in interest during the course of this case and advise the Debtor regarding the same; (d) review the nature and validity of liens asserted against the property of the Debtor and advise the Debtor concerning the enforceability of such liens; (e) advise the Debtor concerning the actions that might be taken to collect and to recover property for the benefit of the Debtor's estate; (f) review and monitor the Debtor's ongoing business; (g) prepare on behalf of the Debtor all necessary and appropriate applications, motions, pleadings, draft orders, notices and other documents, and review all financial and other reports to be filed in this Chapter 11 case; (h) advise the Debtor concerning, and prepare responses to, applications, motions, pleadings, notices and other papers that may be filed and served in this Chapter 11 case; (i) advise the Debtor in connection with any suggested or proposed plan(s) of reorganization; (j) counsel the Debtor in connection with the formulation, negotiation and promulgation of a plan of reorganization; and (k) perform all other legal services for and on behalf of the Debtor that may be necessary or appropriate in the administration of this Chapter 11 case. Rochelle McCullough will receive an hourly rate of $550 to $900 for partners, $350 to $475 for associates, and $225 for paraprofessionals. ROMC also received an initial retainer fee of $40,000.00. Rochelle McCullough PLLC is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Joseph F. Postnikoff, Esq. Emily M. Campbell, Esq. ROCHELLE MCCULLOUGH PLLC 300 Throckmorton, Suite 520 Fort Worth, TX 76102 Telephone: (817) 347-5261 Facsimile: (817) 347-5269 E-mail: jpostnikoff@romclaw.com ecampbell@romclaw.com About Polaris Ventures, Inc. Polaris Ventures, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 26-43489-11) on August 6, 2026. At the time of the filing, Debtor had estimated assets of between $100,001 and $500,000 and liabilities of between $1,000,001 and $10 million. Rochelle McCullough PLLC is Debtor's proposed general bankruptcy counsel. POOLIN TECHNOLOGY: Creditor Wants Trustee to Check Ch. 11 Transfers ------------------------------------------------------------------- Emily Lever of Law360 Bankruptcy Authority reports that a creditor of cryptocurrency miner Poolin Technology has moved to have a Chapter 11 trustee appointed, claiming the bankruptcy estate needs an independent investigation into potential asset transfers. The request comes after allegations that the company's principal fled China for the U.S. with customer funds, according to a court filing. The creditor contends that a trustee could investigate Poolin's financial dealings and determine what happened to funds and other assets connected to the company. The proposed trustee would also be positioned to examine transactions that may have occurred before or during the bankruptcy and determine whether creditors’ interests were compromised. The motion reflects growing concerns over the administration of Poolin's Chapter 11 case and the whereabouts of potentially valuable assets. The creditor argues that placing an independent trustee in charge would help uncover the full extent of the alleged transfers and ensure that any recoverable assets are preserved for the benefit of creditors, according to Law360. About Poolin Technology Founded in 2017, Poolin Technology is a blockchain technology company focused on cryptocurrency mining services. The company operates one of the world's largest Bitcoin mining pools and offers digital asset wallets, staking products and mining management tools. Poolin serves a global customer base of cryptocurrency miners and digital asset participants. Poolin Technology sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 26-18325) on July 22, 2026. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $100 million and $500 million. The Debtor is represented by Stephen M. Packman, Esq. of Archer & Greiner, P.C. PRO QUIP: Plan Confirmation Hearing Scheduled for Sept. 15 ---------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Florida will hold a hearing on September 15, 2025 at 2:30 PM before the Honorable Craig A. Pugatch to confirm the Plan of Liquidation under Subchapter V of Pro Quip LLC. The following deadlines apply with respect to the confirmation hearing and hearing on fee applications: * August 21, 2026 is the deadline for filing and serving fee applications. * September 1, 2026 is the deadline for filing ballots accepting or rejecting the Plan. * September 1, 2026 is the deadline for filing objections to confirmation of the Plan. In a court filing, 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 A copy of the Court's Order dated July 30, 2026, is available at https://urlcurt.com/u?l=NHtmvs from PacerMonitor.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 second lien senior secured loan to Professional Fighters League, LLC and PFL MMA, Inc. 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 Professional Fighters League, LLC and PFL MMA, Inc. The second lien senior secured loan accrues interest at 16% PIK per annum and matures in January 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 PROFESSIONAL FIGHTERS LEAGUE, LLC AND PFL MMA, INC. Professional Fighters League, LLC and PFL MMA, Inc. together run a mixed martial arts league and related media and event businesses. PURDUE PHARMA: Victims Say Law Firm Took Too Much from Payout Funds ------------------------------------------------------------------- Jared Foretek of Law360 Bankruptcy Authority reports that an opioid victim from Baltimore is suing a California-based lawyer and her firm, alleging they improperly withheld thousands of dollars from Purdue Pharma settlement payments. The proposed class action was filed Sunday, August 9, 2026, and claims the defendants took money from distributions intended for victims of the opioid crisis. The plaintiff alleges that the defendants represented opioid claimants in connection with Purdue Pharma's bankruptcy and deducted fees or other amounts from their settlement proceeds without proper authorization. She contends that the alleged deductions reduced the compensation victims ultimately received from the bankruptcy-related settlement, according to report. The lawsuit seeks to recover the allegedly withheld money on behalf of the Baltimore woman and other affected claimants. The case highlights continuing disputes over the administration of Purdue Pharma's opioid settlement and the treatment of individual victims who are entitled to receive payments, Law360 cites. About Purdue Pharma LP Purdue Pharma L.P. and its subsidiaries -- http://www.purduepharma.com/-- develop and provide prescription medicines and consumer products that meet the evolving needs of healthcare professionals, patients, consumers and caregivers. Purdue's subsidiaries include Adlon Therapeutics L.P., focused on treatment for Attention-Deficit/Hyperactivity Disorder (ADHD) and related disorders; Avrio Health L.P., a consumer health products company that champions an improved quality of life for people in the United States through the re-imagining of innovative product solutions; Imbrium Therapeutics L.P., established to further advance the emerging portfolio and develop the pipeline in the areas of CNS, non-opioid pain medicines, and select oncology through internal research, strategic collaborations and partnerships; and Greenfield Bioventures L.P., an investment vehicle focused on value-inflection in early stages of clinical development. Opioid makers in the U.S. are facing pressure from a crackdown on the addictive drug in the wake of the opioid crisis and as state attorneys general file lawsuits against manufacturers. More than 2,000 states, counties, municipalities and Native American governments have sued Purdue Pharma and other pharmaceutical companies for their role in the opioid crisis in the U.S., which has contributed to the more than 700,000 drug overdose deaths in the U.S. since 1999. OxyContin, Purdue Pharma's most prominent pain medication, has been the target of over 2,600 civil actions pending in various state and federal courts and other fora across the United States and its territories. On Sept. 15 and 16, 2019, Purdue Pharma L.P. and 23 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 19 23649), after reaching terms of a preliminary agreement for settling the massive opioid litigation. The Debtors' consolidated balance sheet as of Aug. 31, 2019, showed $1.972 billion in assets and $562 million in liabilities. U.S. Bankruptcy Judge Robert Drain oversees the cases. The Debtors tapped Davis Polk & Wardwell, LLP and Dechert, LLP, as legal counsels; PJT Partners as investment banker; AlixPartners as financial advisor; and Grant Thornton, LLP as tax structuring consultant. Prime Clerk, LLC, is the claims agent. Akin Gump Strauss Hauer & Feld LLP and Bayard, P.A., represent the official committee of unsecured creditors appointed in the Debtors' bankruptcy cases. David M. Klauder, Esq., is the fee examiner appointed in the Debtors' cases. The fee examiner is represented by Bielli & Klauder, LLC. * * * U.S. Bankruptcy Judge Robert Drain in early September 2021 approved a plan to turn Purdue into a new company (Knoa Pharma LLC) no longer owned by members of the Sackler family, with its profits going to fight the opioid epidemic. The Sackler family agreed to pay $4.3 billion over nine years to the states and private plaintiffs and in exchange for a lifetime legal immunity. The deal resolves some 3,000 lawsuits filed by state and local governments, Native American tribes, unions, hospitals, and others who claimed the company's marketing of prescription opioids helped spark and continue an overdose epidemic. Separate appeals to approval of the Plan have already been filed by the U.S. Bankruptcy Trustee, California, Connecticut, the District of Columbia, Maryland, Rhode Island and Washington state, plus some Canadian local governments and other Canadian entities. In early March 2022, Purdue Pharma reached a nationwide settlement over its role in the opioid crisis, with the Sackler family members boosting their cash contribution to as much as $6 billion. The settlement was hammered out with attorneys general from the eight states -- California, Connecticut, Delaware, Maryland, Oregon, Rhode Island, Vermont and Washington -- and D.C. who had opposed the previous settlement. QUALITY FRESCA I: Hires Berger Singerman LLP as Bankruptcy Counsel ------------------------------------------------------------------ Quality Fresca I, LLC, seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire Berger Singerman LLP as its counsel. The firm will render these services: (a) advise the Debtor with respect to its powers and duties as a debtor-in-possession and the continued management of its business operations; (b) advise the Debtor with respect to its responsibilities in complying with the United States Trustee's Operating Guidelines and Reporting Requirements and with the rules of the Court; (c) prepare motions, pleadings, draft orders, applications, adversary proceedings, and other legal documents necessary for the efficient administration of this Chapter 11 Case; (d) protect the interests of the Debtor in all matters pending before the Court; and (e) represent the Debtor in negotiations with its creditors, and in the preparation of a plan. The firm will be paid at these rates: Jordi Guso, Esq. $950 Associate Attorneys $575 to $735 Legal Assistants and Paralegals $125 to $495 On May 26, 2026, the firm received an initial retainer in the amount of $25,000. On August 3, 2026, Berger Singerman received a second retainer from the Debtor in the amount of $100,000. Berger Singerman neither holds nor represents any interest adverse to the Debtor and is a "disinterested person" within the scope and meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Jordi Guso, Esq. BERGER SINGERMAN LLP 1450 Brickell Avenue, Ste. 1900 Miami, FL 33131 Telephone: (305) 755-9500 Facsimile: (305) 714-4340 Email: jguso@bergersingerman.com About Quality Fresca I, LLC Quality Fresca I, LLC is a Florida-based restaurant operator headquartered in Palm Beach. The company is one of the franchisees of Moe's Southwest Grill, operating fast-casual restaurants that offer made-to-order Mexican-inspired cuisine. Its business centers on restaurant operations, customer service and franchise development while complying with the operating standards established by Moe's Franchisor SPV LLC and its parent company, GoTo Foods. Quality Fresca I, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-20345) on August 4, 2026. In its petition, the Debtor reports $1 million to $10 million in assets and $10 million to $50 million in liabilities. The Debtor is represented by Jordi Guso, Esq. QUALITY FRESCA I: Seeks to Hire Kroll as Claims and Noticing Agent ------------------------------------------------------------------ Quality Fresca I, LLC, seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire Kroll Restructuring Administration LLC as noticing, claims, and solicitation agent. Kroll will oversee the distribution of notices and will assist in the maintenance, processing, and docketing of proofs of claim filed in the Chapter 11 cases of the Debtors. Prior to the petition date, the Debtors provided Kroll an advance in the amount of $50,000. Kroll is a "disinterested person" as that term is defined in Bankruptcy Code section 101(14), as modified by Bankruptcy Code section 1107(b), according to court filings. The firm can be reached through: James Daloia Kroll Restructuring Administration LLC 1 World Trade Center, 31st Floor New York, NY 10007 About Quality Fresca I, LLC Quality Fresca I, LLC is a Florida-based restaurant operator headquartered in Palm Beach. The company is one of the franchisees of Moe's Southwest Grill, operating fast-casual restaurants that offer made-to-order Mexican-inspired cuisine. Its business centers on restaurant operations, customer service and franchise development while complying with the operating standards established by Moe's Franchisor SPV LLC and its parent company, GoTo Foods. Quality Fresca I, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-20345) on August 4, 2026. In its petition, the Debtor reports $1 million to $10 million in assets and $10 million to $50 million in liabilities. The Debtor is represented by Jordi Guso, Esq. QUALITY FRESCA I: Taps G. Michael Verdisco of Gulf Atlantic as CRO ------------------------------------------------------------------ Quality Fresca I, LLC, filed an emergency application seeking approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire Gulf Atlantic Capital Corporation, to provide the Debtor with the services of G. Michael Verdisco, as chief restructuring officer, and additional personnel. The services the CRO will provide include: a. report to an Independent Board Director; b. provide general oversight of financial management issues; c. develop and maintain a rolling 13-week cash budget, including any debtor-in-possession budgets; d. develop and maintain financial projection models; e. evaluate restructuring options, including evaluating store-level profitability and making recommendations regarding potential locations for closure; f. negotiate with the Company's franchisor; g. prepare for a chapter 11 filing, including as appropriate, preparing DIP budgets, negotiating DIP financing and assisting with preparing schedules, statements and motions; h. manage the chapter 11 process, including attending hearings as the Company's representative, assisting with chapter 11 reporting, negotiations with creditors and parties-in-interest and developing a chapter 11 plan; and i. perform such other financial advisory services as may be requested by the Company and agreed to by GACC. The additional personnel will provide restructuring support and other services as requested by the Debtor and/or the CRO. The standard hourly rate of Mr. Verdisco for his role as CRO is $600. GACC's current standard hourly rates are: Other Directors $525 Associates $375 to $450 On July 14, 2026, GACC received from the Debtor a retainer payment in the amount of $25,000. On August 3, 2026, GACC received from the Debtor an additional retainer in the amount of $100,000. Mr. Verdisco, a managing director of Gulf Atlantic Capital Corporation, assured the court that his firm is a "disinterested person" within the meaning of 11 U.S.C. Sec. 101(14). The firm can be reached through: G. Michael Verdisco Gulf Atlantic Capital Corporation 2701 N Rocky Point Dr #630 Tampa, FL 33607 Phone: (813) 288-8141 About Quality Fresca I, LLC Quality Fresca I, LLC is a Florida-based restaurant operator headquartered in Palm Beach. The company is one of the franchisees of Moe's Southwest Grill, operating fast-casual restaurants that offer made-to-order Mexican-inspired cuisine. Its business centers on restaurant operations, customer service and franchise development while complying with the operating standards established by Moe's Franchisor SPV LLC and its parent company, GoTo Foods. Quality Fresca I, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-20345) on August 4, 2026. In its petition, the Debtor reports $1 million to $10 million in assets and $10 million to $50 million in liabilities. The Debtor is represented by Jordi Guso, Esq. QVC GROUP: Issues $1.2B In 10% Debt as It Exits Ch. 11 Bankruptcy ----------------------------------------------------------------- Owen McCarthy of Bloomberg Law reports that QVC Group has issued $1.2 billion in so-called take-back debt as part of its emergence from Chapter 11 bankruptcy, giving the television shopping company additional financing as it seeks to expand its digital and social-commerce business. The new notes mature in 2032 and carry a 10% interest rate, according to a regulatory filing announcing the company's formal exit from bankruptcy. Along with the new debt, QVC has secured a $600 million asset-based lending facility to provide additional liquidity. Despite taking on the new notes, the company has reduced its overall debt burden by more than $5 billion through the restructuring, substantially improving its balance sheet from the roughly $6.6 billion debt load that prompted the Chapter 11 filing, the report relays. According to BloombergQVC Group, which owns QVC and HSN, filed for Chapter 11 in April after years of declining television viewership and pressure from changing shopping habits weighed on its business. The restructuring was designed to give the company more financial flexibility to invest in streaming, e-commerce and social-media shopping while continuing its traditional television operations. As part of its post-bankruptcy strategy, QVC is looking to broaden its presence across digital platforms and capitalize on live social shopping, a format that combines product demonstrations with interactive online sales. The company has also undergone a leadership transition, with former CEO Mike George returning on an interim basis after David Rawlinson stepped down as part of the restructuring, the report relays. About QVC Group Inc. QVC Group, Inc., formerly known as Qurate Retail, Inc. -- https://www.qvcgrp.com/ -- owns interests in subsidiaries and other companies that are primarily engaged in the video and online commerce industries. Through its subsidiaries and affiliates, the company operates in North America, Europe and Asia. Its principal businesses and assets include its consolidated subsidiaries QVC, Inc., Cornerstone Brands, Inc., and other cost method investments. QVC Group and several affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-90447) on April 16, 2026. In its petition, the Debtor reports more than $1 billion in assets and estimated liabilities of $6.6 billion. The Hon. Bankruptcy Judge Alfredo R. Perez handles the jointly administered cases. The Debtors employed Kirkland & Ellis LLP and Kirkland & Ellis International LLP as co-counsel; Gray Reed, as co-counsel; AlixPartners, LLP, as financial advisor; Evercore Group L.L.C., as investment banker; Kroll Restructuring Administration LLC, as claims and noticing agent; and PricewaterhouseCoopers LLP, as tax advisor. Joele Frank, Wilkinson Brimmer Katcher is serving as strategic communications advisor to QVC Group and QVC, Inc. Kobre & Kim LLP, serves as legal counsel to QVC Group, Inc. under the direction of the Special Committee; Seward & Kissel LLP, as legal counsel to QRI Cornerstone, Inc. under the direction of the Special Committee; Milbank LLP, as legal counsel to Liberty Interactive LLC, under the direction of the disinterested directors, and as legal counsel to Qurate Retail Group, Inc., under the direction of the Special Committee; and Katten Muchin Rosenman LLP, as legal counsel to QVC, Inc., under the direction of the disinterested directors. The Bank of New York Mellon Trust Company, N.A., as trustee under the LINTA Notes Indenture, is represented by Reed Smith LLP, as counsel. The LINTA Noteholder Group is represented by Akin Gump Strauss Hauer & Feld LLP. The QVC Noteholder Group is represented by Davis Polk & Wardwell LLP. The RCF Lender Group, led by JPMorgan Chase Bank, N.A., as administrative agent, is represented by Simpson Thacher & Bartlett LLP. An ad hoc group of beneficial holders to QVC Group, Inc. is represented by Brown Rudnick LLP as counsel. Glenn Agre Bergman & Fuentes LLP, Cleary Gottlieb Steen & Hamilton LLP, and Kane Russell Coleman Logan PC represent certain beneficial holders of the 8.0% Series A Cumulative Redeemable Preferred Stock issued by QVC Group, Inc. REGEN PARTNERS: Gets Interim OK to Use Cash Collateral ------------------------------------------------------ Regen Partners, LLC got the green light from the U.S. Bankruptcy Court for the Western District of Texas, Midland Division, to use cash collateral. At the recently held hearing, the court authorized the Debtor's interim use of cash collateral and set a final/further hearing for September 10. The Debtor needs to use its cash collateral to satisfy payroll, insurance, taxes, and general operating expenses set forth in the 30-day budget. Formed in 2016 by William Kyle Lewis who currently maintains a 57% majority ownership stake, the Debtor operates as the management company for Midland Clinic, PLLC in West Texas. As of the petition date, the Debtor held $2,321 in cash on hand and reported zero accounts receivable. A search of active Texas Secretary of State UCC filings revealed two secured creditors asserting security interests in the cash collateral: the U.S. Small Business Administration and Wallace Family Partnership, LP (Wallace Family). The SBA holds a senior lien filed on July 2, 2020, covering all accounts of the debtor to secure an outstanding debt of approximately $678,000. Wallace Family holds a junior blanket lien filed on July 13, 2026, encumbering all personal property, goods, accounts, chattel paper, and proceeds to secure a separate debt of $678,000. Given the minimal cash on hand, both the SBA and Wallace Family are severely undersecured. To maintain operational continuity and facilitate reorganization, the Debtor intends to pay budgeted operating expenses up to 110% of each individual line item in the attached 30-day budget, provided total monthly expenditures do not exceed 110% of the overall monthly budget cap. The Debtor also commits to submitting a comprehensive 120-day budget prior to the final cash collateral hearing. About Regen Partners LLC Regen Partners, LLC operates as the management company for Midland Clinic, PLLC in West Texas. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 26-70193-smr) on August 3, 2026. In the petition signed by William Kyle Lewis, chief financial officer, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Judge Shad M. Robinson oversees the case. Robert C Lane, Esq., at The Lane Law Firm, represents the Debtor as legal counsel. REGEN PARTNERS: Hires Lane Law Firm PLLC as Bankruptcy Counsel -------------------------------------------------------------- Regen Partners, L.L.C. seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to hire The Lane Law Firm, PLLC as bankruptcy counsel. The firm will render these services: (a) assist, advise and represent the Debtor relative to the administration of the Chapter 11 case; (b) assist, advise and represent the Debtor in analyzing its assets and liabilities, investigate the extent and validity of lien and claims, and participate in and review any proposed asset sales or dispositions; (c) attend meetings and negotiate with the representatives of the secured creditors; (d) assist the Debtor in the preparation, analysis, and negotiation of any plan of reorganization and disclosure statement accompanying any plan of reorganization; (e) take all necessary action to protect and preserve the interests of the Debtor; (f) appear, as appropriate, before this Court, the Appellate Courts, and other courts in which matters may be heard and to protect the interests of the Debtor before said courts and the United States Trustee; and (g) perform all other necessary legal services in this case. The firm will be paid at these hourly rates: Robert Lane, Partner $725 Matthew Bourda, Senior Counsel $700 Joshua Gordon, Partner $700 Zach Casas, Attorney $625 Kyle Garza, Attorney $600 Paralegals $250 In addition, the firm will seek reimbursement for expenses incurred. The firm received multiple payments from the Debtor totaling $35,000. Mr. Lane disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Robert C. Lane, Esq. Joshua D. Gordon, Esq. The Lane Law Firm, PLLC 6200 Savoy, Suite 1150 Houston, TX 77036 Telephone: (713) 595-8200 Facsimile: (713) 595-8201 Email: joshua.gordon@lanelaw.com About Regen Partners, LLC Regen Partners, L.L.C. is a Midland, Texas-based medical practice management company that provides administrative and operational support services to medical practices. Regen Partners filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Tex. Case No. 26-70193) on August 3, 2026, listing up to $50,000 in assets and $1,000,001 to $10 million in liabilities. The petition was signed by William Kyle Lewis as CFO. Judge Shad M Robinson presides over the case. Robert Chamless Lane, Esq. at The Lane Law Firm PLLC serves as the Debtor's counsel. REMARKABLY MADE: Hires Moon Wright & Houston as Bankruptcy Counsel ------------------------------------------------------------------ Remarkably Made Enterprises, Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of North Carolina to employ Moon Wright & Houston, PLLC as bankruptcy counsel. The firm's services include: a. providing legal advice with respect to its powers and duties as debtor in possession in the continued operation of its business affairs and management of its properties; b. negotiating, preparing, and pursuing confirmation of a Chapter 11 plan and approval of a disclosure statement (if applicable), and all related reorganization agreements and/or documents; c. preparing necessary applications, motions, answers, orders, reports, and other legal papers on behalf of the Debtor; d. representing the Debtor in litigation arising from or relating to the bankruptcy estate; e. appearing in court to protect the interests of the Debtor; and f. performing all other legal services for the Debtor that may be necessary and proper in the Chapter 11 proceeding. The firm will be paid at these rates: Richard S. Wright $575 per hour Andrew T. Houston $550 per hour Caleb Brown $375 per hour Shannon L. Myers (Paralegal) $185 per hour Jaime Schaedler (Assistant) $150 per hour MWH and its employees are "disinterested persons" as that phrase is defined in Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Richard S. Wright, Esq. MOON WRIGHT & HOUSTON, PLLC 212 N. McDowell Street, Suite 200 Charlotte, NC 28204 Tel: (704) 944-6560 Fax: (704) 944-0380 About Remarkably Made Enterprises Inc. Remarkably Made Enterprises, Inc. operates under a franchise agreement with Hand and Stone Franchise Corporation. It conducts business under the name Hand and Stone Massage and Facial Spa in Asheville, North Carolina. Remarkably Made Enterprises sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Case. No. 26-10168) on July 17, 2026. In the petition signed by Tina L. Crawford, president, the Debtor disclosed up to $100,000 in assets and up to $1 million in liabilities. Judge George R. Hodges oversees the case. Richard S. Wright, Esq., at Moon Wright & Houston, PLLC, represents the Debtor as legal counsel. REVERE CAPITAL: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------- Debtor: Revere Capital Advisors LLC 500 Lexington Avenue 16th Floor New York, NY 10022 Business Description: Revere Capital Advisors LLC is a New York- based boutique merchant- and investment-banking firm providing strategic advice, capital-raising, mergers-and-acquisitions, restructuring, valuation and principal-investment services to companies and sophisticated investors. Chapter 11 Petition Date: August 5, 2026 Court: United States Bankruptcy Court Southern District of New York Case No.: 26-11869 Judge: Hon. David S Jones Debtor's Counsel: Gary C. Fischoff, Esq. BFSNG LAW GROUP, LLP 6851 Jericho Turnpike Suite 250 Syosset, NY 11791 Tel: 516-747-1136 E-mail: gfischoff@bfslawfirm.com Total Assets: $134,702 Total Liabilities: $20,423,753 The petition was signed by Daniel J. Barnett 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/6TBVMGA/Revere_Capital_Advisors_LLC__nysbke-26-11869__0001.0.pdf?mcid=tGE4TAMA RUM SUGAR: Court OKs Deal to Use SBA's Cash Collateral ------------------------------------------------------ The U.S. Bankruptcy Court for the District of Nevada approved a stipulation between Rum Sugar Lime, LLC and the U.S. Small Business Administration governing the use of cash collateral. Under the stipulation, the Debtor is authorized to use the cash collateral of the U.S. Small Business Administration to fund post-petition operating expenses in accordance with its cash flow budget, subject to a 15% variance per line item. The stipulation relates to the Debtor's $198,000 COVID Economic Injury Disaster Loan (EIDL), of which $192,764.48 remained outstanding as of the petition date. As adequate protection, the SBA will receive an automatically perfected replacement lien on the Debtor's post-petition revenues, effective retroactively to the petition date. The replacement lien excludes avoidance actions and related bankruptcy claims. In addition, the SBA will receive a monthly payment of $993, with the first payment due August 15, and a superpriority administrative claim for any post-petition diminution in the value of its collateral. The stipulation prohibits the Debtor from using cash collateral to pay insiders unless authorized under the Bankruptcy Code or local rules, requires the Debtor to maintain insurance on the collateral with the SBA named as loss payee or additional insured, and obligates the Debtor to timely provide monthly financial information, including U.S. Trustee operating reports. The stipulation remains effective until confirmation of a Chapter 11 plan, conversion or dismissal of the Debtor's Chapter 11 case, or modification by further agreement or court order. A copy of the stipulation is available at https://shorturl.at/IbcAD from PacerMonitor.com. About Rum Sugar Lime LLC Rum Sugar Lime, LLC is a Reno, Nevada-based cocktail bar and tropical lounge operating from 1039 S. Virginia St. in Midtown Reno. In addition to its lounge, the company manages the Nautilus private event venue and continues to offer seasonal food and beverage menus while restructuring its financial obligations. Established in 2018, the business also received state COVID-19 relief funding in 2021. Rum Sugar Lime sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 26-50674) on July 2, 2026. In its petition, the Debtor reports estimated assets of $50,000 to $100,000 and estimated liabilities of $500,000 to $1 million. Honorable Hilary L. Barnes handles the case. The Debtor is represented by Kevin A. Darby, Esq., at Darby Law Practice, Ltd. RURAL CONNECT: Bankruptcy Court Won't Hear Dispute with EBC ----------------------------------------------------------- Judge Jimmy L. Croom of the U.S. Bankruptcy Court for the Western District of Tennessee entered an order declaring as void Rural Connect, LLC's amended notice of removal of the complaint filed by Educational Broadband, LLC against the Debtor in the United States District Court for the Western District of Tennessee (Case No. 1:24-cv-1206). On September 20, 2024, Educational Broadband Corporation ("EBC") filed its complaint as a federal diversity action and sought recovery for breach of contract and unjust enrichment, appointment of a receiver, specific performance, and injunctive relief. Rural Connect filed a chapter 11 bankruptcy petition on March 5, 2026. On April 28, 2026, RC filed a Notice of Removal of the District Court Action with this Court. Due to technical issues with how the notice was filed, the bankruptcy court clerk's office requested RC file an amended notice, which RC did on April 30, 2026. RC did not cite a statutory basis for the removal, but instead stated it was filing its Notice of Removal pursuant to Federal Rule of Bankruptcy Procedure 9027(a)(2)(C). EBC filed a Motion to Remand on May 19, 2026. There are two removal statutes available to parties in bankruptcy cases: (1) the general removal statute found in 28 U.S.C. Sec. 1441(a); and (2) the bankruptcy removal statute found in 28 U.S.C. Sec. 1452(a). Section 1441 provides for removal of pending state court civil actions. Section 1452 is broader and provides for removal of a claim or cause of action from state or federal court. The Bankruptcy Court agrees that Sec. 1452(a)'s plain language does not authorize removal of a matter pending in a federal district court to bankruptcy court. A notice of removal that purports to remove a district court action to bankruptcy court pursuant to Sec. 1452(a) is void and of no effect. A copy of the Court's Memorandum Opinion dated August 3, 2026, is available at https://urlcurt.com/u?l=sMuUaU from Pacermonitor.com. About Rural Connect, LLC Rural Connect, LLC provides wireless broadband internet services to residential and business customers in rural areas of West Tennessee, using fixed wireless technology that connects customer premises equipment to local transmission towers. The company operates from Alamo, Tennessee and focuses on delivering internet connectivity in communities with limited access to traditional cable or fiber networks. Rural Connect, LLC in Alamo, TN, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. W.D. Tenn. Case No. 26-10328) on March 5, 2026, listing $1,919,876 in assets and $2,237,385 in liabilities. Leslie Williams as manager, signed the petition. Judge Jimmy L Croom oversees the case. STRAWN LAW FIRM serve as the Debtor's legal counsel. RYAN FAMILY: Hires Jump Perry and Company LLP as Accountant ----------------------------------------------------------- Ryan Family Properties, LLC seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to employ Jump, Perry and Company, L.L.P. as accountant. The firm will render these services: a. prepare and review of state and federal tax returns; b. prepare and analyze projected cash flows; c. other accounting services; and b. provide other business advice and services as may be needed. The firm will be paid as follows: Partner $350 per hour Manager $175 per hour Senior Accountant $120 per hour Staff Accountant $90 per hour Jump, Perry and Company is a "disinterested person" within the meaning of 11 U.S.C. Sec. 101(14), according to court filings. The firm can be reached through: Donald E. Jump, CPA Jump, Perry and Company, LLP 12 Lexington Ave Toms River, NJ 08753 Phone: (732) 240-7377 Email: don.jump@jumpcpa.com About Ryan Family Properties, LLC Ryan Family Properties, LLC is a Toms River, New Jersey-based lessor of residential buildings and dwellings. The company operates as a single asset real estate (SARE) business with its principal place of business in Manasquan, New Jersey, and manages a portfolio of residential rental properties throughout the Monmouth and Ocean County markets. Ryan Family Properties, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 26-18258) on July 20, 2026. In its petition, the debtor reported estimated assets of $1 million to $10 million and estimated liabilities of $1 million to $10 million. The Honorable Michael B. Kaplan is presiding over the case. The debtor is represented by Geoffrey P. Neumann, Esq., of Broege, Neumann, Fischer & Shaver, LLC. SACRAMENTO CITY: County Rejects Unified Plan to Avert Receivership ------------------------------------------------------------------ Taylor Johnson of The Observer reports that The Sacramento County Office of Education has rejected a key component of Sacramento City Unified School District's financial recovery plan, hours after the district's Board of Education approved the proposal. The rejected labor agreement with the Sacramento City Teachers Association was expected to generate approximately $48.7 million in savings as the district attempts to avoid insolvency and a potential state receivership. Luz Cázares, the fiscal adviser appointed by Sacramento County Superintendent David Gordon, rescinded the board's approval of the agreement. County education officials, backed by Gordon and the Fiscal Crisis and Management Assistance Team, said the deal would shift assets between accounts, use trust-fund money in a manner that could increase long-term costs and reduce the district’s ability to pursue additional labor-related savings, the report cites. Xanthi Soriano, executive director of communications for the county education office, said the agreement would provide only a short-term benefit while making a sustainable recovery more difficult. She said the district continues to spend beyond its means and needs to identify programs and services for reduction or elimination. Officials also questioned whether other proposed budget solutions were sufficiently detailed or feasible, according to report. Sacramento City Unified faces an estimated structural deficit of $221.8 million, with state receivership projected as early as June if the district cannot stabilize its finances. Sacramento City Teachers Association President Nikki Davis-Milevsky urged the district to appeal the decision to State Superintendent of Public Instruction Tony Thurmond, arguing that the county's action undermines the authority of the elected school board. The district served approximately 42,000 students during the 2025-26 school year, according to The Observer. About Sacramento City Unified School District Sacramento City Unified School District operates as a major public school system in Northern California, serving a diverse student population across Sacramento. The district provides comprehensive educational programming from kindergarten through high school. SHILOH HOMECARE: Hire Salzman Hughes PC as Special Counsel ---------------------------------------------------------- Shiloh Homecare Corporation seeks approval from the U.S. Bankruptcy Court for the Middle District of Pennsylvania to employ Salzman Hughes, P.C., as special counsel. The special counsel will represent the Debtor with respect to a civil lawsuit. The firm's current hourly rates are: Shareholders $450 Principals $375 Associates $275 Paralegals $175 Law Clerks $100 The firm received a retainer in the amount of $5,000. Steven E. Grubb, Esq., a partner at Salzman Hughes, P.C., assured the court that his firm is a "disinterested party" as that term is defined in 11 U.S.C. Sec. 101(14). The firm can be reached through: Steven E. Grubb, Esq. Salzman Hughes, P.C. 354 Alexander Spring Road #1 Carlisle, PA 17015 Telephone: (717) 249-6333 E-mail: sgrubb@salzmannhughes.com About Shiloh Homecare Corporation Shiloh Homecare Corporation operates as ComForCare Home Care in York, Pa., and provides in-home healthcare services including personal care, dementia care, and private duty nursing. It serves multiple communities throughout the region. Shiloh Homecare Corporation sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Pa. Case No. 25-00122) on January 17, 2025, listing between $1 million and $10 million in both assets and liabilities. Judge Henry W. Van Eck handles the case. The Debtor is represented by Lawrence V. Young, Esq. at CGA Law Firm. CIBC Bank USA, as lender, is represented by Justin L. McCall, Esq. at McGrath McCall, P.C. Sean and Jennifer Foley, as lenders, are represented by Robert W. Pontz, Esq. at Saxton & Stump, LLC. SILVER GULCH: Russell Garrett Named Subchapter V Trustee -------------------------------------------------------- Jonas Anderson, the Acting U.S. Trustee for Region 18, appointed Russell Garrett as Subchapter V trustee for Silver Gulch Brewing and Bottling, Co., Inc. Mr. Garrett 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. Garrett declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Russell D. Garrett 1211 SW Fifth Ave, Ste. 2700 Portland, OR 97204 888.598.7070 Email: Russell.Garrett@jordanramis.com About Silver Gulch Brewing and Bottling Inc. Silver Gulch Brewing and Bottling, Inc. operates a brewery and restaurant in the Fairbanks area as well as a food and beverage retail concession at Ted Stevens Anchorage International Airport under Concession Agreement ADA-31791. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Ala. Case No. 26-00190) on July 31, 2026, with up to $10 million in both assets and liabilities. Glenn Brady, president, signed the petition. Judge Gary Spraker oversees the case. S. Jason Crawford, Esq., at Crawford Law, represents the Debtor as legal counsel. About Silver Gulch Brewing and Bottling Co. Inc. Silver Gulch Brewing and Bottling, Co., Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Alaska Case No. 26-00190) on July 31, 2026. Judge Gary Spraker presides over the case. S. Jason Crawford, Esq. at Jason Crawford Law Office represents the Debtor as legal counsel. SIMAD HOLDINGS: Court OKs Complex Sales of Summer Camps ------------------------------------------------------- Hilary Russ of Law360 Bankruptcy Authority reports that on Monday, August 10, 2026, SIMAD Holdings has received court approval to sell more than two dozen U.S. summer camps, ending a high-pressure bankruptcy sale process that unfolded as the camps prepared to open for the season. A New Jersey bankruptcy judge approved the transactions after attorneys characterized the proceedings as intense, complicated and emotionally charged. The camp operator filed Chapter 11 in June 2026 with more than $500 million in debt and roughly 30 camps in its portfolio. The bankruptcy court had earlier allowed SIMAD to tap available cash to fund operations and open the camps, giving the company time to conduct a sale process while keeping the properties running, the report relays. According to Law360, the sales are expected to provide a path forward for the camps while generating value for SIMAD's bankruptcy estate. The bidding process included potential buyers from outside the existing camp network, as well as longtime directors who sought to acquire their camps and maintain their operations. 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. SIMON DATA: Hercules Capital Marks $5MM Loan for 56% Off -------------------------------------------------------- Hercules Capital, Inc. has marked its $5 million senior secured loan to Simon Data, Inc. to market at $2.2 million or 44% of the outstanding amount, according to Hercules Capital's Form 10-Q for the fiscal quarter ended July 30, 2026, filed with the U.S. Securities and Exchange Commission. Hercules Capital is a participant in a loan extended to Simon Data, Inc. The senior secured loan accrues interest at Prime + 1% per annum, with a floor rate of 9%, PIK interest of 2%, and a 4% exit fee. The loan matures in March 2027. Hercules Capital, Inc. is a specialty finance company that provides venture lending and growth capital to innovative, high-growth companies. The Fund is led by Scott Bluestein as Chief Executive Officer and Chief Investment Officer. The Fund can be reached at: Scott Bluestein Hercules Capital, Inc. 1 North B Street., Suite 2000 San Mateo, CA 94401 Telephone: (650) 289-3060 About SIMON DATA, INC. Simon Data, Inc. is a customer data platform and marketing technology company that enables businesses to unify and activate customer data to deliver personalized marketing. SIMPLY INTERIOR: Can Seek Votes on Ch. 11 Plan, Pursue Asset Sales ------------------------------------------------------------------ Alex Wittenberg of Law360 Bankruptcy Authority reports that home textile and decor company Simply Interior Homes won Delaware bankruptcy court approval Monday, August 10, 2026, to sell two groups of assets for approximately $3 million and begin soliciting creditor votes on its Chapter 11 plan. The orders allow the company to pursue the proposed transactions as it works to restructure its business through bankruptcy. The asset sales are part of Simply Interior Homes' broader restructuring strategy following its June Chapter 11 filing. The company had reported between $100 million and $500 million in both assets and liabilities when it entered bankruptcy protection, and it has been seeking to use the case to reorganize its operations and address its substantial debt load, the report states. With the court's approval, the company can now move ahead with the sales while seeking creditor support for its proposed Chapter 11 plan. The proceedings will determine how the company's remaining assets and obligations are handled as Simply Interior Homes works toward completing its restructuring, according to report. About Simply Interior Homes Simply Interior Homes, a manufacturer and distributor of home textiles, bedding, and décor products. Simply Interior Homes sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 26-10922) on June 8, 2026. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. The Debtor is represented by Sheridan Hill, II, Esq., James R. Risener, III, Esq., L. Katherine Good, Brett Michael Haywood, Sameen Rizvi, and Halley Dannemiller, Esq, of Potter Anderson SISTERS OF ST. ANN: Committee Taps Denton as Bankruptcy Counsel --------------------------------------------------------------- The official committee of unsecured creditors of The Sisters of St. Ann, doing business as Anna Maria College, seeks approval from the U.S. Bankruptcy Court for the District of Massachusetts to employ Dentons as counsel. The firm will render these services: a. advise the Committee with respect to its rights, duties, and powers in this case; b. assist and advise the Committee in its consultations with the Debtor relating to the administration of this case; c. assist the Committee in analyzing the claims of the Debtor's creditors, the Debtor's capital structure, and in negotiating with the holders of claims and, if appropriate, equity interests; d. assist the Committee's investigation of the acts, conduct, assets, liabilities, and financial condition of the Debtor and other parties involved with the Debtor and of the operation of the Debtor's business; e. assist the Committee in its analysis of, and negotiations with, the Debtor or any other third party concerning matters related to, among other things, the assumption or rejection of certain leases of non-residential real property and executory contracts, asset dispositions, financing transactions, and the terms of a plan of reorganization or liquidation for the Debtor; f. assist and advise the Committee as to its communications, if any, to the general creditor body regarding significant matters in this case; g. represent the Committee at all hearings and other proceedings; h. review, analyze, and advise the Committee with respect to applications, orders, statements of operations, and schedules filed with the Court; i. assist the Committee in preparing pleadings and applications as may be necessary in furtherance of the Committee's interests and objectives; and j. perform such other services as may be required and are deemed to be in the interests of the Committee in accordance with the Committee's powers and duties as set forth in the Bankruptcy Code. As disclosed in the court filings, Dentons is a "disinterested person" as that term is defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Andrew C. Helman, Esq. Kyle D. Smith, Esq. Dentons Bingham Greenebaum LLP One Beacon Street, Suite 25300 Boston, MA 02108 Phone: (207) 619-0919 Email: andrew.helman@dentons.com kyle.d.smith@dentons.com - and - Lauren M. Macksoud, Esq. Henry Thomas, Esq. Dentons US LLP 1221 Avenue of the Americas New York, NY 10020 Phone: (212) 768-5347 Email: lauren.macksoud@dentons.com henry.thomas@dentons.com About The Sisters of Saint Ann Inc. d/b/a Anna Maria Co The Debtor is a non-profit corporation organized under the laws of the Commonwealth of Massachusetts, formally known as The Sisters of Saint Ann d/b/a Anna Maria College, a private Catholic institution of higher education located in the Town of Paxton, Worcester County, Massachusetts. The Sisters of Saint Ann sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 26-40758) on June 26, 2026. John J. Monaghan at Holland & Knight represents the Debtor as counsel. SLEEP NUMBER: Gets Court OK to Use $17.5MM from Exec. Pay Plan -------------------------------------------------------------- Alex Wittenberg of Law360 Bankruptcy Authority reports that Sleep Number Corp. won court approval to move more than $17.5 million from an executive trust into its Chapter 11 estate after a New York bankruptcy judge overruled an objection by the U.S. trustee. The ruling allows the company to tap the funds while pursuing its bankruptcy restructuring. The dispute involved payments under Sleep Number's non-insider retention plan. The U.S. trustee had objected to the company's proposed use of the funds, but the judge issued a decision overruling that challenge and permitting Sleep Number to make the transfer, the report states. According to Law360, the court's decision provides the bankrupt mattress company with access to more than $17.5 million as it navigates Chapter 11. The funds could provide additional financial flexibility while Sleep Number works to implement its restructuring strategy. About Sleep Number Corp. Sleep Number Corp., based in Minneapolis, Minnesota, is a leader in personalized sleep wellness. Its mattresses are designed to evolve with each sleeper to help them feel and perform their best. With adjustable firmness, pressure-relieving support, and temperature-balancing comfort built into every mattress, Sleep Number beds adapt to customers' changing needs, night after night, year after year. Sleep Number Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 26-11399) on June 12, 2026. In its petition, the Debtor reports estimated assets between $500 million and $1 billion and estimated liabilities between $1 billion and $10 billion. Honorable Bankruptcy Judge Kyu Young Paek handles the case. The Debtor is represented by Brian Resnick, Esq. of Davis Polk & Wardwell LLP. SLEEP NUMBER: Hires Deloitte & Touche as Independent Auditor ------------------------------------------------------------ Sleep Number Corporation and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of New York to hire Deloitte & Touche LLP to serve as independent auditor. The firm will provide these services: (a) prepare and issue a comfort letter related to the Debtors’ financial information in connection with the Debtors' sale of substantially all of their assets; and (b) if requested by the Debtors and agreed to by Deloitte & Touche, perform one or more quarterly reviews of the Debtors' condensed interim financial information for the quarter(s) of the year ending January 2, 2027, in accordance with the PCAOB Standards, prepared for submission to the Securities and Exchange Commission. Deloitte & Touche will receive a fixed fee of $40,000 for the preparation and issuance of a comfort letter. In the event Deloitte & Touche performs quarterly review services, the firm will bill the Debtors a fixed fee of $100,000 per quarter. Reasonable expenses, including travel, report production, delivery services, and other expenses incurred in providing Deloitte & Touche's services, will be included in the total amount billed. Deloitte & Touche 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: Nathan Uhl, Partner DELOITTE & TOUCHE 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: Hires Rountree Leitman Klein as Counsel ----------------------------------------------------------- The Smarthands Company, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to hire Rountree, Leitman, Klein & Geer, LLC as legal counsel. The firm will provide these services: (a) giving the Debtor legal advice with respect to its powers and duties as Debtor-in-Possession in the management of its property; (b) preparing on behalf of the Debtor as Debtor-in-Possession necessary schedules, applications, motions, answers, orders, reports and other legal matters; (c) assisting in examination of the claims of creditors; (d) assisting with formulation and preparation of the disclosure statement and plan of reorganization and with the confirmation and consummation thereof; and (e) performing all other legal services for the Debtor as Debtor-in-Possession that may be necessary herein. RLKG's attorneys will receive standard hourly rates ranging from $375 to $645, while paralegals will receive standard hourly rates ranging from $200 to $250. Legal assistants and law clerks will receive an hourly rate of $200. RLKG received from the Debtor a pre-petition retainer of $35,000. Pre-petition fees of $7,691.50 and the Chapter 11 filing fee of $1,738 were paid from the retainer, leaving a balance of $25,570.50. RLKG is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to the declaration of William A. Rountree. The firm can be reached at: Jonathan Clements, Esq. ROUNTREE, LEITMAN, KLEIN & GEER, LLC Century I Plaza 2987 Clairmont Road, Suite 350 Atlanta, GA 30329 Telephone: (404) 584-1238 E-mail: jclements@rlkglaw.com About The Smarthands Company LLC The Smarthands Company, LLC provides electrical contracting, cabling, building automation, and training services for commercial clients such as Kroger, Verizon, and Amazon Web Services. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-41288-pwb) on July 30, 2026. In the petition signed by James Conerton, president, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Judge Paul W. Bonapfel oversees the case. Will Geer, Esq., at Rountree, Leitman, Klein & Geer, LLC, represents the Debtor as legal counsel. SPA MATRIX: Hires Robl & Bowen LLC as Reorganization Counsel ------------------------------------------------------------ Spa Matrix LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to hire Robl & Bowen LLC, and its attorneys and reorganization counsel. The firm's services include: a. advising Debtor regarding potential benefits and potential disadvantages of the Chapter 11 process, as applicable to Debtor's circumstances; b. preparation of the bankruptcy Petition, Schedules of Assets and Liabilities, Statement of Financial Affair, and similar documents; c. reviewed Debtor's governing corporate agreements and preparing a Resolution authorizing a bankruptcy filing consistent with the requirements of those agreements; d. assisting Debtor with the preparation of such "first day motions" as may be necessary, including employment applications, motions to authorize payment of pre-petition claims, and similar filings; e. assisting Debtor in providing documents to the United States Trustee's ("U.S. Trustee's") office for review in advance of the Initial Debtor Interview ("IDI"); f. assisting Debtor in preparing for the IDI and participating in the IDI with Debtor's representative; g. assisting Debtor in preparing for the examination provided for by Bankruptcy Code Section 341 (the "341 Meeting") and participating in the 341 Meeting with Debtor's representative; h. preparing the status report required in a Subchapter V case; i. participating in the status conference required in a Subchapter V case; j. advising Debtor of Debtor's rights, duties and obligations as debtor-in-possession; k. reviewing claims filed in the case and assisting Debtor in evaluating such claims for potential objections; l. conducting or defending examinations pursuant to Rule 2004 of the Federal Rules of Bankruptcy Procedure as may be deemed desirable or necessary; m. consulting with Debtor and representing Debtor with respect to formulating a Chapter 11 plan of reorganization, drafting that plan; and in the Chapter 11 plan confirmation process; n. assisting Debtor with the preparation of monthly operating reports; o. performing such legal services as are incidental and necessary to carrying out the day-to-day operations of Debtor's business activities; p. instituting and prosecuting necessary adversary proceedings and contested matters; and q. taking any and all other actions incident to the proper preservation and administration of Debtor's estate and business activities. The firm will be paid at these rates: Michael Robl, Esq. $475 Max Bowen, Esq. $425 Dejanae Bridges (paralegal) $175 The firm received a retainer in the amount of $24,500. Robl & Bowen LLC is "disinterested" and does “not hold or represent an interest adverse to the estate within the meaning of Section 327 of the bankruptcy code, according to court filings. The firm can be reached through: Maxwell W. Bowen, Esq. Michael D. Robl, Esq. ROBL & BOWEN, LLC 3754 Lavista Road, Suite 250 Tucker, Georgia 30084 Tel: (404) 373-5153 Fax: (404) 537-1761 Email: michael@roblgroup.com max@roblgroup.com About Spa Matrix LLC 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. Spa Matrix LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-11259) on August 3, 2026, listing $1,100,070 total assets and $1,407,560 total liabilities. The petition was signed by Majidah Muhammad as authorized representative of the Debtor. Michael D. Robl, Esq. at Robl & Bowen LLC serves as the Debtor's counsel. SPA MATRIX: 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 Spa Matrix 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 Spa Matrix LLC Spa Matrix, LLC 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. Spa Matrix sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-11259) on August 3, 2026, with $1 million to $10 million in both assets and liabilities. Michael D. Robl, Esq. at Robl & Bowen LLC represents the Debtor as legal counsel. SPIRITRUST LUTHERAN: Unsecureds Will Get 5% to 12% in Joint Plan ---------------------------------------------------------------- SpiriTrust Lutheran ("STL"), SpiriTrust Lutheran Home Care & Hospice ("HCH") and SpiriTrust Lutheran Life ("Life") submitted a Second Amended Joint Disclosure Statement and Joint Plan of Liquidation dated July 31, 2026. STL was originally formed around 1951 as Lutheran Welfare Services of York District and expanded over the years through name changes, mergers, and the development of senior living, home care, hospice, and life care services. HCH evolved from the organization's home care and hospice operations, while Life was established to provide home nursing services that allowed patients to remain in their homes. Early in the bankruptcy case, STL and related HUD entities entered into a stalking horse sale agreement with Concordia to acquire substantially all of STL's assets. After the Court approved bidding procedures, two qualified bids were received: one from Concordia and one from LSMNJ, which also asserted a right of first refusal under its management agreement. Following an auction, Concordia was selected as the highest and best bidder, increasing its offer from $41 million to a final purchase price of $51 million, with $250,000 allocated to the HUD facilities and the remainder allocated to STL's assets. Concordia also agreed to assume obligations under the residents' Life Agreements. The Court approved the sale on January 29, 2026. Following approval of the sale, the Debtors rejected the LSMNJ Management Agreement, ending LSMNJ's services after January 29, 2026. Concordia assumed certain management responsibilities, including accounting and human resources, under a Transition Services Agreement. The sale closed on April 30, 2026, with the transfer of assets becoming effective on May 1, 2026. The Plan provides for the liquidation of substantially all remaining assets and the distribution of available cash proceeds to holders of allowed claims. The Plan Proponent believes the Debtors and the Liquidating Trust will have sufficient assets to carry out the Plan, making it feasible under the Bankruptcy Code. Under the Plan, Class 6 General Unsecured Creditors will receive a pro rata share of the Liquidating Trust's distributable proceeds after payment of trust expenses. Recoveries for this class are estimated to range from 5% to 12% of allowed claims. HCH will liquidate its remaining assets, consisting primarily of minimal furniture, equipment, and outstanding accounts receivable, all of which are subject to M&T's blanket lien. STL has no equity holders because it is a nonprofit, non-stock entity governed by a Board of Directors. HCH and Life are wholly owned nonprofit subsidiaries of STL and share the same board members. Upon completion of the bankruptcy case, the boards of STL, HCH, and Life will be dissolved. Until the sale closing, Concordia will continue providing management services under the Transition Services Agreement, after which the Debtors' activities will be limited to winding down their affairs. A full-text copy of the Second Amended Joint Disclosure Statement and Plan dated July 31, 2026 is available at https://urlcurt.com/u?l=3MFQeK from Stretto Inc., claims agent. Counsel to the Debtors: Robert E. Chernicoff, Esq. CUNNINGHAM, CHERNICOFF & WARSHAWSKY, P.C. 2320 North Second Street P. O. Box 60457 Harrisburg, PA 17106-0457 Tel: (717) 238-6570 About SpiriTrust Lutheran SpiriTrust Lutheran provides senior living, home care, and hospice services through a network of affiliated nonprofit entities operating across multiple counties in Pennsylvania. The organization offers in-home skilled nursing, therapy, non-medical support, hospice and palliative care, as well as residential senior living, personal care, assisted living, and related community based programs. It operates from its headquarters in York, Pennsylvania, as a faith-based nonprofit serving older adults and local communities across the region. SpiriTrust Lutheran and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Pa. Lead Case No. 25-03341) on November 21, 2025, with up to $100 million in assets and up to $500 million in liabilities. Melissa Frownfelter, interim president, signed the petitions. Judge Henry W. Van Eck oversees the cases. The Debtors tapped Leavitt Legal Services, PC and Polsinelli PC as counsel; Latsha Davis & Marshall, PC as special counsel; and Novo Advisors, LLC as financial advisor. Stretto, Inc. is the Debtors' claims and noticing agent. STAOC CORP: Seeks to Hire Lane Law Firm as Legal Counsel -------------------------------------------------------- STAOC Corp. seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Robert C. Lane, Esq. of The Lane Law Firm, PLLC to serve as legal counsel. The firm will provide these services: (a) assist, advise and represent the Debtor relative to the administration of the chapter 11 case; (b) assist, advise and represent the Debtor in analyzing the Debtor's assets and liabilities, investigating the extent and validity of lien and claims, and participating in and reviewing any proposed asset sales or dispositions; (c) attend meetings and negotiate with the representatives of the secured creditors; (d) assist the Debtor in the preparation, analysis, and negotiation of any plan of reorganization and disclosure statement accompanying any plan of reorganization; (e) take all necessary action to protect and preserve the interests of the Debtor; (f) appear, as appropriate, before this Court, the Appellate Courts, and other Courts in which matters may be heard and to protect the interests of the Debtor before said Courts and the United States Trustee; and (g) perform all other necessary legal services in these cases. The firm will be paid at these hourly rates: Robert C. Lane $725 Joshua D. Gordon $700 Matthew Bourda $700 Zach Casas $625 Kyle Garza $600 bankruptcy paralegals $250 The Lane Law Firm, PLLC is a "disinterested person" within the meaning of section 101(14) of the Bankruptcy Code, as modified by section 1107(b) of the Bankruptcy Code, and as required by section 327(a) of the Bankruptcy Code, according to court filings. The firm can be reached at: Robert C. Lane, Esq. Joshua D. Gordon, Esq. THE LANE LAW FIRM, PLLC 6200 Savoy, Suite 1150 Houston, TX 77036 Telephone: (713) 595-8200 Facsimile: (713) 595-8201 E-mail: notifications@lanelaw.com Joshua.gordon@lanelaw.com About STAOC Corp. STAOC Corp. in Houston, TX, sought protection under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-35787) on August 4, 2026. At the time of the filing, Debtor had estimated assets of between $500,001 and $1 million and liabilities of between $1,000,001 and $10 million. The document provided does not identify the name of the judge overseeing the case. The Lane Law Firm, PLLC is Debtor's legal counsel. STAR LEASING: Fitch Alters Outlook on BB- LongTerm IDR to Negative ------------------------------------------------------------------ Fitch Ratings has affirmed Star Leasing Company, LLC's (doing business as Transportation Equipment Network [TEN]) Long-Term Issuer Default Rating (IDR) at 'BB-'. Fitch has also affirmed TEN's senior secured second-lien debt rating at 'BB'. The Rating Outlook has been revised to Negative from Stable. Today's rating actions have been taken as part of a periodic review of North American commercial fleet management companies, which is comprised of seven publicly rated firms. Key Rating Drivers Negative Outlook: The Negative Outlook reflects sustained reported losses, weaker-than-anticipated de-leveraging, and execution uncertainty following senior leadership turnover. Fitch believes ongoing challenges in the freight environment increase the risk that TEN will not achieve sufficient earnings and leverage improvement within the Outlook horizon to avoid a ratings downgrade. Established Market Position: The affirmation of the ratings reflects TEN's franchise as one of the largest trailer lessors in North America, limited residual value risk due to conservative depreciation policies and the long useful life of its trailers, solid asset quality, and adequate liquidity. Monoline Business Model: The ratings are constrained by TEN's monoline business model, sensitivity to freight activity affecting leasing demand, weak profitability, and reliance on secured funding. Governance risk remains elevated relative to larger, public peers given limited board independence and private-equity ownership, which could lead to variability in strategic and financial objectives. Key Senior Leadership Changes: The company has appointed several new members to the executive team over the last 12 months, including CEO Hooman Yazhari and CFO Peter Lynch, which Fitch believes will have a material impact on strategic priorities going forward. Fitch believes the new management team will need to demonstrate its ability to execute on initiatives to reach operational and capital management targets. Earnings Losses: Pretax ROAA was negative 5.7% for the trailing 12 months (TTM) ended 1Q26, below the four-year (2022-2025) average of negative 3.3%. Profitability has been impacted by low fleet utilization, higher direct fleet costs, and M&A-related expenses. Fitch expects pretax ROAA to remain negative through 2026, with longer-term improvement reliant on strong cost discipline and a sustained recovery in utilization. Manageable Tangible Leverage: Fitch primarily assesses TEN's leverage on a gross debt-to-tangible equity basis, which was 2.1x as of March 31, 2026. Leverage increased yoy from 1.4x in 1Q25, reflecting greater utilization of the ABL facility to fund ongoing capital expenditure. Fitch expects tangible leverage to increase over the Rating Outlook horizon, as earnings remain challenged and the company continues to make shareholder distributions. Elevated Cash Flow Leverage: Fitch also considers gross debt-to-adjusted EBITDA as a complementary metric. Cash flow leverage increased to 6.7x for the TTM ended in 1Q26, up from 5.8x one year ago given the reduction in earnings. Future de-leveraging will be dependent on EBITDA expansion driven by improved fleet utilization and effective cost management, while management of ABL facility capacity will also remain important. Customer Concentration; Solid Asset Quality: TEN's portfolio is modestly concentrated, with the top 10 customers accounting for 22.5% of revenue. Residual value risk is contained through conservative depreciation policies and the long useful life of trailers. Renewal discussions with select national package carriers (NPC) have been mixed due to changes in NPCs' relationships with key end clients, potentially affecting trailer demand and utilization. Fitch expects utilization to remain below historical levels amid macro headwinds. Secured Funding Profile: As of March 31, 2026, 97% of TEN's funding was secured, consisting largely of a $1.35 billion secured asset-based lending (ABL) facility maturing in January 2031. The firm also has $32 million in seller notes due in 2027 related to the TIP Fleet Services Canada and Boston Trailer acquisitions. Fitch believes greater funding diversity and increased unsecured funding over time would improve TEN's funding flexibility during periods of stress. Liquidity Remains Solid; Limited Coverage: As of March 31, 2026, TEN had $21 million in cash and $902 million in available committed capacity under its ABL facility, with no material maturities until 2030 when the $700 million of senior secured second-lien notes come due. Adjusted EBITDA to interest expense was 2.2x for the TTM ended in 1Q26, down from an average of 5.3x between 2022 and 2025 (this average is impacted by the 2023 transformation). TEN paid $68 million in distributions for 2025. Fitch expects management to moderate payouts if operating performance remains weak. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Sustained operating losses; - A sustained increase in gross debt-to-tangible equity approaching 3.0x, particularly if arising from outsized dividends to shareholders, material impairments and/or frequent large-scale, debt-funded acquisitions; - Failure to reduce cash flow leverage below 4.0x over the Rating Outlook horizon; - Weakening of the liquidity profile, as evidenced by lower operating cash flows and interest coverage falling below 1x; - Deterioration in credit quality, bankruptcy or loss of key lessee relationship; - A significant decline in market share or a weakening in TEN's competitive position. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade A revision of the Rating Outlook to Stable would be dependent on improved operating performance, measured by a return to positive earnings over the next 18 to 24 months, and demonstrated execution that contributes to a sustained reduction in cash flow leverage below 4.0x, with balance sheet leverage maintained near current levels. Beyond that, positive rating momentum would be premised on: - Sustained improvement of pretax ROAA over 1.0%; - An increase in unsecured funding over 10% of total debt; - Maintenance of cash flow leverage below 3.0x; - Maintenance of a solid liquidity profile, as evidenced by sufficient cash on hand and ABL availability to fund operations and service debt. Sustained improvement of interest coverage to 3.5x; - And/or an improvement in Fitch's view of TEN's franchise strength, supported by through-the-cycle stability of its business model. DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS TEN's second-lien debt rating is one notch above the Long-Term IDR and reflects the firm's manageable balance sheet leverage and above-average recovery prospects under a stress scenario given the collateral pool available to satisfy the debt. DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES The second-lien debt rating is primarily sensitive to changes in TEN's Long-Term IDR and, secondarily, to the relative recovery prospects of the instrument. ADJUSTMENTS - The Standalone Credit Profile (SCP) has been assigned in line with the implied SCP. - The Business Profile score has been assigned below the implied score due to the following reason: business model (negative). - The Asset Quality score has been assigned below the implied score due to the following reasons: concentrations, asset performance (negative), and historical and future metrics (negative). - The Earnings and Profitability score has been assigned above the implied score due to the following reason: Historical and future metrics (positive). - The Capitalization and Leverage score has been assigned below the implied score due to the following reasons: profitability, payouts and growth (negative), and historical and future metrics (negative). - The Funding, Liquidity and Coverage score has been assigned below the implied score due to the following reason: funding flexibility (negative). ESG Considerations TEN has an ESG relevance score of '4' for Governance Structure due to the limited Board independence and concentrated ownership by a private equity firm. This has a negative impact on the credit profile and is relevant to the ratings in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Star Leasing Company, LLC LT IDR BB- Affirmed BB- Senior Secured 2nd Lien LT BB Affirmed BB STRATUM 8: Seeks to Hire FJ Law as Bankruptcy Counsel ----------------------------------------------------- Stratum 8 RE, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Texas to hire FJ Law PLLC (d/b/a Fishman Jackson) to serve as its general bankruptcy counsel. The firm will provide these services: (a) serve as attorneys of record for the Debtor in all aspects; (b) provide representation and legal advice to the Debtor throughout the Bankruptcy Case; (c) assist the Debtor in carrying out its duties under the Bankruptcy Code, including advising the Debtor of such duties, its obligations, and its legal rights; (d) consult with the United States Trustee, any statutory committee that may be formed, and all other creditors and parties in interest concerning administration of the Bankruptcy Case; (e) prepare on behalf of the Debtor all motions, applications, answers, orders, reports, and other legal papers and documents to further the Debtor's interests and objectives in the Bankruptcy Case, and to assist the Debtor in the preparation of its schedules, statements, and reports; (f) assist the Debtor in connection with formulating and confirming a Chapter 11 plan, if necessary; (g) assist the Debtor in analyzing and appropriately treating the claims of creditors; (h) appear before the Court and any appellate courts or other courts having jurisdiction over any matter associated with the Bankruptcy Case; and (i) perform all other legal services and provide all other legal advice to the Debtor as may be required or deemed to be in the Debtor's interest and in accordance with its powers and duties as set forth in the Bankruptcy Code. FJ Law PLLC will receive hourly rates ranging from $425 to $550 for attorneys and $150 to $200 for paraprofessionals. Mark H. Ralston, the anticipated primary provider of legal services, has a standard hourly rate of $525 per hour. The firm will also be reimbursed for reasonable, actual, necessary out-of-pocket expenses as permitted under the Local Bankruptcy Rules and subject to approval of the Bankruptcy Court. A $5,000 legal retainer was paid by Columbia Consulting Group and is being held by FJ in its IOLTA account. FJ Law PLLC believes that it does not represent or hold any interest adverse to the Debtor's interests and does not represent any other person or entity having an adverse interest in connection with the Bankruptcy Case. FJ therefore believes that it is a "disinterested person" as defined by Bankruptcy Code Section 101(14). The firm can be reached at: Mark H. Ralston, Esq. FJ LAW PLLC (d/b/a FISHMAN JACKSON) 4835 LBJ Freeway, Suite 475 Dallas, TX 75244 Telephone: (972) 419-5544 Facsimile: (972) 419-5501 E-mail: mralston@fjshmanjackson.com About Stratum 8 RE LLC Stratum 8 RE LLC is a real estate holding and investment company engaged in the ownership, management, and development of real estate assets. Stratum 8 RE LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-42361) on July 7, 2026. In its petition, the debtor reported estimated assets of $100,001 to $500,000 and estimated liabilities of $100,001 to $500,000. Judge Brenda T. Rhoades oversees the case. The debtor is represented by Mark H. Ralston, Esq., of Fishman Jackson PLLC. STROMA MEDICAL: Plan Confirmation Hearing Scheduled for Sept. 9 --------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Delaware will hold a hearing on September 9, 2026, at 1:00 p.m. before the Honorable J. Kate Stickles to confirm the Fifth Amended Modified Subchapter V Small Business Plan of Reorganization of Stroma Medical Corporation. The Bankruptcy Court has established August 28, 2026, at 4:00 p.m. (ET) (the "Objection Deadline") as the date and time for filing and serving objections to the confirmation of the Plan. The deadline to vote on the Plan is August 28, 2026, at 4:00 p.m. (ET) (the "Voting Deadline"). As shared by the Troubled Company Reporter, 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. 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. Counsel to the Debtor: Ericka F. Johnson, Esq. Kevin G. Collins, Esq. Daniel N. Brogan, Esq. Steven D. Adler, Esq. Ashly L. Riches, Esq. Bayard, PA 600 N. King Street, Suite 400 Wilmington, DE 19801 Telephone: (302) 655-5000 Facsimile: (302) 658-6395 A copy of the Court's Order dated July 31, 2026, is available at https://urlcurt.com/u?l=8PVSh3 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. STUDIO CHIQUE: Seeks to Extend Cash Collateral Access to Nov. 1 --------------------------------------------------------------- Studio Chique, A Full Service Salon, LLC asked the U.S. Bankruptcy Court for the District of Columbia for authority to continue using the cash collateral of Pawnee Leasing Corporation through November 1. The request follows a prior court order entered on August 4, which valued Pawnee's collateral, authorized the Debtor's initial use of cash collateral, and provided adequate protection to Pawnee. During a status hearing held last month, the Debtor's counsel requested a continuance to allow additional time to address and resolve concerns raised by the U.S. Small Business Administration regarding the Debtor's proposed reorganization plan. The court granted the request and rescheduled the status hearing to September 16. Since then, the Debtor and the SBA have maintained active, good-faith exchanges of information to resolve these plan-related issues. To maintain continuous business operations, meet payroll, cover rent and routine operating expenses, and preserve the going-concern value of the bankruptcy estate for all creditors pending plan confirmation, the Debtor requires ongoing access to cash collateral. The Debtor emphasized that a failure to extend authorization would force an immediate operational shutdown. Consequently, the Debtor requested that the cash collateral extension be granted through November 1 under the exact same terms, conditions, and adequate protection provisions previously established for Pawnee in the August 4 order. A copy of the motion is available at https://urlcurt.com/u?l=VtECe0 from PacerMonitor.com. About Studio Chique Studio Chique A Full Service Salon, LLC, doing business as Studio Chique Luxury Salon & Wellness Spa, operates a beauty and wellness spa in Washington, DC, offering hair care, nail services, skincare, waxing, massage, body contouring and scalp treatments. Founded by Ngina Thomas, the company specializes in alopecia extension installations and corrective hair care, providing head spa services focused on scalp therapy and overall hair health. Studio Chique A Full Service Salon filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. DC Case No. 26-00154) on March 31, 2026. At the time of the filing, the Debtor had estimated assets of between $500,001 and $1 million and liabilities of between $1 million and $10 million. Judge Elizabeth L. Gunn oversees the case. The Debtor tapped Frank Morris II, Esq., at Morris Margulies, LLC as legal counsel and Mia Taylor Advisors, LLC as accountant. Jolene Wee of JW Infinity Consulting, LLC serves as Subchapter V trustee for the Debtor. SUMMER FUN: Taps Allen Allen & Foster as Accountant and Bookkeeper ------------------------------------------------------------------ Summer Fun Pools, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Alabama to employ Jeff Allen, a Certified Public Accountant and a Chartered Global Management Accountant with Allen, Allen & Foster, LLP, to perform general accounting and bookkeeping tasks for the bankruptcy estate. The firm will provide these services: (a) perform general accounting and bookkeeping services that become necessary and/or are requested during the pendency of this bankruptcy case; (b) assist with preparing and filing certain income tax returns with the Alabama Department of Revenue and Internal Revenue Service. Allen will receive an hourly rate of $270. Allen states that, unless otherwise disclosed, he does not hold any interest adverse to Summer Fun Pools, Inc. or its bankruptcy estate and does not have any interest or connection with the company, any creditor or class of creditors, any equity security holders, or the U.S. Bankruptcy Administrator for the District. The firm can be reached at: Jeff F. Allen, CPA, CGMA ALLEN, ALLEN & FOSTER, LLP PO Box 2900 Daphne, AL 36526 About Summer Fun Pools Inc. Summer Fun Pools, Inc., also known as Southern Tide Pools, filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Ala. Case No. 26-11395) on May 14, 2026, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Henry A. Callaway presides over the case. Anthony B. Bush, Esq., at The Bush Law Firm, LLC represents the Debtor as bankruptcy counsel. SUN BUGGY: Seeks to Hire Johnson & Gubler as Bankruptcy Counsel --------------------------------------------------------------- Sun Buggy Rentals, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Nevada to hire Johnson & Gubler, P.C. to handle its bankruptcy proceedings. The firm will render these services: 1. institute, prosecute or defend any lawsuits, adversary proceedings and/or contested matters arising out this bankruptcy proceeding in which the Debtors may be a party; 2. assist in the recovery and obtaining necessary Court approval for recovery and liquidation of estate assets, and to assist in the protecting and preserving the same where necessary; 3. assist in determining the priorities and status of claims and filing objections thereto where necessary; 4. assist in preparation of a plan of reorganization and any associated documents; 5. file any adversary proceedings or contested matters deemed advisable; and 6. advise the Debtors and perform all other legal services for the Debtors. The firm's current hourly rates are: Attorneys $495 Paralegals $150 The firm received a retainer in the amount of $15,262, plus $1,738.00 for filing fees. As disclosed in the court filing, Johnson & Gubler, P.C. is a "disinterested person" as that term is defined in 11 U.S.C. Sec. 101(14). The firm can be reached through: Matthew L. Johnson, Esq. JOHNSON & GUBLER, P.C. 8831 W. Sahara Avenue Las Vegas, NV 89117 Phone: (702) 471-0065 Email: mjohnson@mjohnsonlaw.com About Sun Buggy Rentals, Inc. Sun Buggy Rentals, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Nev. Case No. 26-14929) on August 4, 2026, listing $100,001 to $500,000 in assets and $1,000,001 to $10 million in liabilities. Judge Natalie M Cox presides over the case. Matthew L. John, Esq. at Johnson & Gubler, P.C. serves as the Debtor's counsel. SUNSHINE HEALING: Gets Interim OK to Use Cash Collateral -------------------------------------------------------- Sunshine Healing Arts, LLC received interim approval from the U.S. Bankruptcy Court for the Middle District of Florida to use cash collateral in its Subchapter V Chapter 11 case. Under the interim order, the Debtor is authorized to use cash collateral to pay court-approved expenses, including payments to the Subchapter V Trustee, as well as operating expenses listed in its budget. Any use of cash collateral outside the authorized budget is prohibited unless approved by the court. The U.S. Small Business Administration is the Debtor's sole pre-petition secured lender, with an asserted lien on its cash collateral and other assets. The SBA is owed approximately $365,000 under financing documents recorded in September 2020. In addition to this secured debt, the Debtor owes money to several service providers and other unsecured creditors and has struggled to remain current on these obligations. As adequate protection, the SBA will receive perfected post-petition replacement liens on cash collateral, maintaining the same validity, priority, and extent as its pre-petition liens without requiring additional filings under non-bankruptcy law. The court preserves the rights of the U.S. Trustee to appoint a creditors' committee and the rights of any future committee to 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://h1.nu/1vn97 from PacerMonitor.com. The next hearing is scheduled for August 25. About Sunshine Healing Arts LLC Sunshine Healing Arts, LLC is an Atlantic Beach, Florida-based healthcare and wellness provider specializing in acupuncture and holistic medicine. The clinic offers a range of integrative health services, including herbal medicine, vitamin injections, and body balance treatments, serving patients throughout the local community. Sunshine Healing Arts, LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-02808) on June 23, 2026, with assets of up to $50,000 and liabilities of $100,000 to $500,000. Aaron R. Cohen serves as Subchapter V trustee for the Debtor. Judge Jacob A. Brown oversees the case. The Debtor is represented by Thomas C. Adam, Esq. of Adam Law Group, P.A. SUZY INC: Hercules Capital Marks $22.7MM Loan at 25% Off -------------------------------------------------------- Hercules Capital, Inc. has marked its $22.7MM senior secured loan to Suzy, Inc. to market at $17.0MM or 75% of the outstanding amount, according to Hercules Capital's Form 10-Q for the fiscal quarter ended July 30, 2026, filed with the U.S. Securities and Exchange Commission. Hercules Capital is a participant in a loan extended to Suzy, Inc. The senior secured facility accrues interest at Prime + 2%, with a floor rate of 10%, payment-in-kind interest of 2%, and a 3% exit fee. The senior secured obligation matures in August 2027. Hercules Capital, Inc. is a specialty finance company that provides venture lending and growth capital to innovative, high-growth companies. The Fund is led by Scott Bluestein as Chief Executive Officer and Chief Investment Officer. The Fund can be reached at: Scott Bluestein Hercules Capital, Inc. 1 North B Street., Suite 2000 San Mateo, CA 94401 Telephone: (650) 289-3060 About SUZY, INC. Suzy, Inc. operates a consumer research and insights platform that enables companies to collect rapid, on-demand feedback from consumers for use in product development and marketing strategy. SVETNESS CORP: Hires Anderson Baker & Cook PC as Accountant ----------------------------------------------------------- Svetness, Corp. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Virginia to hire Anderson, Baker & Cook, P.C. as accountant. Anderson Baker will assist the Debtor in, among other things, the filing of its tax returns, assisting the Debtor with other accounting matters, and performing all of the accounting services for the Debtor that may be necessary or desirable. Anderson Baker received a retainer in the amount of $10,000. Its hourly rates vary from $215 to $375 per hour. Anderson Baker is a "disinterested person" as that term is defined in section 101(14) of the Bankruptcy Code, according to court filings. The accountant can be reached through: Lisa Baker Anderson, Baker & Cook, P.C. 831 A South King Street, Leesburg, VA 20175 Tel: (703) 771-1234 Fax: (703) 771-9114 Email: lbaker@bullockcpas.com About Svetness Corp. Svetness, Corp. was formed in 2012 by Svetlozar Zurkov in Leesburg, Virginia. The Debtor filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Va. Case No. 26-10365) on February 17, 2026, listing $50,001 to $100,000 in assets and $1 million to $10 million in liabilities. Judge Brian F. Kenney oversees the case. Justin Fasano, Esq., at Mcnamee Hosea, P.A. serves as the Debtor's legal counsel. TAWR PROPERTY: Adams Waterproofing Wins Bid to File Proof of Claim ------------------------------------------------------------------ Judge Edward L. Morris of the U.S. Bankruptcy Court for the Northern District of Texas on Aug. 4 entered an order granting the motion of Adams Waterproofing Co., Inc. to allow the late filing of its proof of claim. The Court says Adams Waterproofing may file its proof of claim within 14 days from the entry of this order. About TAWR Property Owner TAWR Property Owner, Ltd., and affiliates are real estate entities involved in the ownership, investment, and management of multifamily residential developments in Texas, including Tacara-branded apartment projects in the San Antonio and Pflugerville areas. The entities operate as property owners, general partners, holding companies, and investment partnerships structured to develop, own, and manage residential real estate assets. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 26-90162) on Feb. 3, 2026. In the petition signed by Darren B. Casey, as authorized representative, TAWR Property Owner reported assets of between $50 million and $100 million and liabilities of between $10 million and $50 million. Judge Edward L. Morris oversees the cases. The Debtors tapped Davor Rukavina, Esq., at Munsch Hardt Kopf & Harr, P.C., as general bankruptcy counsel. TEDDER INDUSTRIES: Plan Confirmation Hearing Scheduled for Sept. 8 ------------------------------------------------------------------ The U.S. Bankruptcy Court for the Southern District of Texas will hold a hearing on September 8, 2026, at 1:00 p.m. before the Honorable Christopher M. Lopez to confirm the Combined Disclosure Statement and Chapter 11 Plan of Reorganization of Tedder Industries, LLC. August 27, 2026, at 4:00 p.m. is the deadline to object or respond to confirmation of the Plan or final approval of the Disclosure Statement. August 27, 2026, at 4:00 p.m. is the deadline to file acceptance or rejection of the Plan. As shared by the Troubled Company Reporter, the filed for Chapter 11 bankruptcy with the goal of conducting a structured marketing and sale process supported by its secured lenders. A virtual data room and marketing materials were prepared to attract buyers. On March 17, 2026, Safariland was designated as the stalking horse bidder, and on April 1, 2026, the court approved the sale of substantially all of the company's assets. The transaction closed on April 7, 2026, with Safariland purchasing the assets for approximately $10.3 million in cash, assuming certain liabilities, and paying specified accounts receivable. After the sale, Safariland continued operating the business as a going concern by retaining former employees, working with existing vendors and suppliers, and assuming most executory contracts. As a result, only minimal unsecured and administrative claims remained to be resolved through the bankruptcy plan. Under the proposed plan: Class 3 (General Unsecured Claims): * Includes allowed unsecured claims totaling $407,550 to $1,534,915. * Claimholders will receive their pro rata share of a General Unsecured Claims (GUC) pool. * Estimated recoveries range from 6.5% to 24.5% of allowed claims. * These claims are impaired and entitled to vote on the plan. Class 5 (Existing Interests): * Existing ownership interests remain legally in place for administrative convenience. * No distributions will be made to equity holders. On the plan's effective date, all remaining assets, including estate causes of action, will transfer to the Liquidating Debtor, free and clear of claims except as otherwise provided under the plan. The Liquidating Debtor will continue to exist as a separate legal entity to administer the remaining estate, and payments required under the plan and claims reconciliation process will be funded using the debtor's available cash on hand. A full-text copy of the Combined Disclosure Statement and Plan dated July 21, 2026 is available at https://urlcurt.com/u?l=aCRh5Y from PacerMonitor.com at no charge. Tedder Industries, LLC is represented by: Jeff P. Prostok, Esq. Mary Taylor Stanberry, Esq. Vartabedian Hester & Haynes LLP 301 Commerce Street, Suite 2200 Fort Worth, TX 76102 Tel: (817) 214-4990 Emails: jeff.prostok@vhh.law mary.stanberry@vhh.law Candice M. Carson, Esq. J. Blake Glatstein, Esq. VARTABEDIAN KATZ HESTER & HAYNES LLP 2200 Ross Avenue, Suite 4200W Dallas, Texas 75201 Telephone: (469) 654-1340 Email: candice.carson@vkhh.com blake.glatstein@vkhh.com A copy of the Court's Order dated July 30, 2026, is available at https://urlcurt.com/u?l=5jaEs0 from PacerMonitor.com. About Tedder Industries Tedder Industries, LLC, is a Texas limited liability company with a principal place of business in Idaho that operates a consumer brand manufacturing business in the firearms and accessories market, producing American-made injection-molded gun holsters for institutional purchasers, B2B partners, and direct-to-consumer channels. The company conducts business in the marketplace under the name Alien Gear Holsters and manufactures various holster types, including hybrid and modular designs, for concealed-carr users and other end markets. Tedder supplies its products to U.S. military branches, international militaries, defense organizations, and law-enforcement agencies. Tedder Industries sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 25-90805) on December 8, 2025, listing between $10 million and $50 million in both assets and liabilities. Thomas Magrath, president of Tedder Industries, signed the petition. Judge Alfredo R. Perez oversees the case. Jeff Protok, at Vartabedian Hester & Haynes, LLP, is the Debtor's legal counsel. Main Street Capital Corporation, as lender, is represented by Joshua W. Wolfshohl, Esq., and Joanna D. Caytas, Esq., at Porter Hedges, LLP, in Houston, Texas. THE.TEAM: SME: Moody's Rates Incremental First Lien Term Loan 'B2' ------------------------------------------------------------------ Moody's Ratings assigned a B2 rating to The.Team: SME, LLC's ("The.Team", formerly known as Wasserman Media Group, LLC) incremental senior secured first-lien term loan. All other ratings, including the B2 corporate family rating, B2-PD probability of default rating, and B2 rating on the existing senior secured first-lien credit facilities (including a revolving credit facility and term loan) remain unchanged. The outlook is stable. The proceeds of the term loan, $220 million of new cash equity from Providence Equity Partners, and $275 million of seller financing will be used to fund the buyout of Casey Wasserman's ownership position, pay down a portion of the existing revolving credit facility that was used to fund acquisitions, and pay transaction-related expenses. Pro forma leverage will increase to 5.9x from 4.8x as of Q1 2026, including Moody's adjustments and excluding the seller financing (7.2x leverage including the seller financing, although the seller financing is not expected to have a debt claim against the assets). Moody's expects leverage to decrease to about 5.5x in Q2 2026 with further decreases from revolver repayment and EBITDA growth in 2026. The $350 million revolver will have about $135 million outstanding pro forma for the transaction, but Moody's expects the revolver will be repaid from free cash flow (FCF) by the end of 2026, absent additional debt-funded acquisitions. However, higher interest expense will reduce the percentage of FCF to debt to the low-single-digit range before improving in 2028. The.Team has made five relatively modestly sized acquisitions during the first half of 2026 and the company will pursue additional purchases going forward. RATINGS RATIONALE The.Team's B2 CFR reflects relatively high pro forma leverage and Moody's expectations of revenue growth in the low-double digits in 2026. The company's diversified operations in sports, music, and entertainment talent representation, in addition to strategic consulting, experiential and creative, rights sales, and live events, reduce the impact of potential disruptions to live entertainment or content production. A substantial amount of the company's costs are variable, and contractual revenue streams will continue to be a recurring source of revenue and cash flow. The.Team benefits from sports-related revenues, which are more resilient to economic cycles and from largely contractual revenue streams that will expand further as athletes' compensation rises. The entertainment segment, which includes management services in film and episodic content, comedy, and other entertainment talent revenues, represents a smaller portion of overall revenue but is supported from the need for original content worldwide from traditional media companies and streaming services. However, the pace of content spend may moderate from prior levels as media companies focus on improving profitability and from consolidation within the industry. Industry conditions are competitive, and operating performance can be modestly impacted by the timing of events, including the Olympics, FIFA World Cup and UEFA European Championship. The company will continue to evaluate additional acquisitions to enhance its existing position or expand into new market segments that may be funded with additional debt. Moody's expects The.Team will maintain good liquidity over the next 12 to 18 months due to about $35 million of pro forma cash on the balance sheet as of Q2 2026 and access to a $350 million revolver due 2030 ($135 million drawn pro forma for the transaction). Cash flow is seasonal due to the timing of working capital and bonus payments that are likely to lead to the revolver being drawn during the first quarter of each year before being repaid by year end. Although, the revolver may also be drawn to help fund acquisitions, as occurred during the first half of 2026. Free cash flow as a percentage of debt is likely to be in the low-single-digit percentage before improving to the mid to high-single-digits in 2028. The term loan is covenant-lite. As part of the transaction, the company is expected to amend the springing maximum first-lien net leverage covenant ratio to 6.5x from 5.0x when revolver borrowings exceed 40% of the committed amount. Moody's expects the company will maintain an adequate cushion of compliance over the next twelve to eighteen months. The B2 ratings for The.Team's first lien senior secured credit facilities reflect the B2-PD PDR with an assumed average recovery of 50% in a default scenario. The senior secured facilities are rated the same as the CFR, reflecting the predominantly first-lien secured debt structure. The stable outlook incorporates Moody's expectations that revenue will improve in the low-double digits in 2026, driven by recent acquisitions and continued growth in strategic consulting, music touring and entertainment management, in addition to the Winter Olympics and the FIFA World Cup in 2026. Growth in 2027 is likely to be more modest due to tough comparisons given the lack of the Olympics and World Cup. The.Team will benefit from strong consumer demand for sports, which will drive higher contracts for professional athletes, and live music that will increase marketing and advisory services opportunities over the next several years. Moody's expects leverage to decrease toward the 5x range by the end of 2026, but leverage levels may be impacted by additional acquisition activity. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if The.Team's leverage is sustained below 4.5x and FCF as a percentage of debt is maintained in the mid to high-single-digit percentage range (as calculated by us). Good organic growth, a strong liquidity position and confidence that the company would pursue a prudent financial policy in line with a higher rating would also be required. The ratings could be downgraded if leverage was expected to be sustained above 6.5x due to additional debt issuance or poor operating performance. A weakened liquidity position could also lead to a downgrade. The.Team: SME, LLC (formerly known as Wasserman Media Group, LLC) has operations across sports, music and entertainment with six business unit offerings: (1) Sports Talent Representation, (2) Music Talent Representation, (3) Entertainment Management, (4) Strategy & Consulting, (5) Rights Sales and (6) Live Event Services. The firm will be owned by Providence Equity Partners and other members of management following the buyout of Casey Wasserman's stake. The company generated over $1 billion in net revenue as of LTM Q1 2026. The principal methodology used in this rating was Business and Consumer Services published in February 2026. THOMAS PRINTING: Case Summary & Seven Unsecured Creditors --------------------------------------------------------- Debtor: Thomas Printing, Inc. c/o Chad Thomas 38 6th Ave West Kalispell, MT 59901 Business Description: Thomas Printing Inc. is a Kalispell, Montana-based commercial printing company founded in 1962 that produces brochures, booklets, magazines, maps, posters, art prints, presentation folders, business stationery, annual reports, labels and custom die-cut materials. The company, which also provides graphic design, typesetting, scanning, binding, saddle-stitching, mailing preparation and other finishing services, serves manufacturers, tourism operators, service businesses, government agencies and other commercial customers across the U.S. Chapter 11 Petition Date: August 4, 2026 Court: United States Bankruptcy Court District of Montana Case No.: 26-90187 Judge: Hon. Benjamin P Hursh Debtor's Counsel: James A. Patten, Esq. PATTEN PETERMAN BEKKEDAHL & GREEN 401 N. 31st Street Ste 800 Billings MT 59101 Email: APATTEN@PPBGLAW.COM Total Assets: $1,041,283 Total Liabilities: $1,721,559 The petition was signed by Chad Thomas as president. A full-text copy of the petition, which includes a list of the Debtor's seven unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/D2KQJYA/THOMAS_PRINTING_INC__mtbke-26-90187__0001.0.pdf?mcid=tGE4TAMA TIMOTHY E. RYAN: Hires Jump Perry and Company LLP as Accountant --------------------------------------------------------------- Timothy E. Ryan Home for Funerals Inc. seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to hire Jump, Perry and Company, L.L.P. as accountant. The firm will render these services: a. prepare and review of state and federal tax returns; b. prepare and analyze projected cash flows; c. other accounting services; and b. provide other business advice and services as may be needed. The firm will be paid as follows: Partner $350 per hour Manager $175 per hour Senior Accountant $120 per hour Staff Accountant $90 per hour Jump, Perry and Company is a "disinterested person" within the meaning of 11 U.S.C. Sec. 101(14), according to court filings. The firm can be reached through: Donald E. Jump, CPA Jump, Perry and Company, LLP 12 Lexington Ave Toms River, NJ 08753 Phone: (732) 240-7377 Email: don.jump@jumpcpa.com About Timothy E. Ryan Home for Funerals Inc. Timothy E. Ryan Home For Funerals Inc. operates six funeral homes across Ocean County, New Jersey, with locations in Bayville, Toms River, Jackson, Seaside Park, and Lavallette. The company owns its Seaside Park and Lavallette properties, while its other locations are owned by affiliated entity Ryan Family Properties LLC. Timothy E. Ryan Home For Funerals covers the property taxes, insurance, upkeep, and maintenance expenses for the affiliate-owned locations. Timothy E Ryan Home for Funerals Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. N.J. Case No. 26-18259) on July 21, 2026, listing $1,000,001 to $10 million in both assets and liabilities. Judge Eamonn James O'Hagan presides over the case. Geoffrey P. Neumann, Esq. at Broege, Neumann, Fischer & Shaver, LLC serves as the Debtor's counsel. TPC GROUP: S&P Places 'B' ICR on CreditWatch Developing ------------------------------------------------------- S&P Global Ratings placed its ratings on TPC Group Inc., including the 'B' issuer credit rating, on CreditWatch with developing implications. On Aug. 7, 2026, TPC Group announced that it has entered into a definitive agreement to be acquired by Japan-based ENEOS Holdings Inc. (not rated). The CreditWatch placement reflects that S&P could raise, affirm, or lower its ratings on TPC when S&P resolves the CreditWatch, pending further clarity on the details of the transaction. Following the close of the transaction and the possible repayment of TPC's existing debt, S&P may either resolve the CreditWatch placement or discontinue the ratings. The CreditWatch placement follows the announcement of TPC's acquisition by ENEOS. The transaction will be implemented through a merger between ENEOS' U.S. subsidiary and TPC. S&P said, "We expect TPC's existing debt to be repaid as part of this transaction. The companies anticipate that the deal will close in October 2026, subject to applicable regulatory approvals and fulfillment of conditions under the merger agreement. Upon the close, TPC will operate as a wholly owned subsidiary under ENEOS' High Performance Materials segment. Our CreditWatch opinion reflects potential uncertainties surrounding the transaction due to a lack of available information." S&P said, "Upon the closing of the transaction and possible repayment of TPC's existing debt, we may either resolve the CreditWatch placement or discontinue the ratings. Our CreditWatch with developing implications reflects the possibility that we could raise, affirm, or lower our ratings on TPC should we obtain sufficient details on the transaction." At present, S&P does not have sufficient information to determine the direction of the credit quality. TRAXX CONSTRUCTION: Accounts and Litigation Proceeds to Fund Plan ----------------------------------------------------------------- Traxx Construction, Inc. filed with the U.S. Bankruptcy Court for the Central District of California a Disclosure Statement describing Chapter 11 Plan dated July 31, 2026. Traxx Construction, Inc. is a construction company specializing in excavation, backfill, sewer and storm drain construction, demolition, and grading. At the time of its bankruptcy filing, the company had secured debt exceeding $5 million, hard assets valued at about $2 million (including land, equipment, and vehicles), and believed it was owed more than $2 million for completed work. By late 2025, the company became financially distressed due to supply chain disruptions, broader economic pressures, reduced business commitments, rising operating costs, and actions by certain creditors who sought payment directly from the company's customers. The company concluded that Chapter 11 bankruptcy was necessary to preserve operations and maximize recoveries for creditors. As part of the bankruptcy case, the company sought court approval to auction three John Deere Model 410L Backhoe Loaders through Richie Bros. Auctioneers. The equipment is free of liens, and the company believes selling these assets through an unreserved auction with no minimum price is a reasonable business decision that will maximize value for creditors. The proposed Chapter 11 plan is a liquidation plan. The company has already sold many of its assets, paid or returned collateral to certain secured creditors, and intends to focus on collecting outstanding accounts receivable and pursuing litigation related to unpaid accounts and other potential claims. The company estimates that creditor distributions could begin approximately two years after the plan becomes effective, with payments funded by recoveries from these collections and lawsuits. General unsecured claims total approximately $4.13 million. If the company successfully collects its accounts receivable and prevails in its litigation, it expects to pay these unsecured creditors in full. However, if those efforts are unsuccessful, creditor recoveries will be reduced or may not occur. The plan will be funded primarily through approximately $2.55 million in accounts receivable and potentially $1 million to $2 million in additional litigation recoveries. The company believes these funds could be sufficient to pay all creditors according to the Bankruptcy Code and the terms of the plan. Equity holders will retain their interests in the reorganized company. A full-text copy of the Disclosure Statement dated July 31, 2026 is available at https://urlcurt.com/u?l=afOEzI from PacerMonitor.com at no charge. Counsel to the Debtor: Michael S. Kogan, Esq. KOGAN LAW FIRM, APC 11500 W. Olympic Blvd., Suite 400 Los Angeles, CA 90064 Telephone: (310) 954-1690 E-mail: mkogan@koganlawfirm.com About Traxx Construction Traxx Construction Inc. operates in the construction and engineering sector, delivering services for residential, commercial, and industrial projects. Its offerings include project planning, general contracting, site development, and infrastructure construction. Traxx Construction Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-20463) on Nov. 21, 2025. In its petition, the Debtor listed assets and debt of $1 million to $10 million. Judge Julia W. Brand oversees the case. The Debtor tapped Kogan Law Firm, APC, and the Law Offices of Michael Jay Berger as attorneys. TRINSEO PLC: Paul Weiss & Porter Hedges Amend Rule 2019 Statement ----------------------------------------------------------------- In the Chapter 11 bankruptcy cases of Trinseo PLC and its debtor-affiliates, Paul, Weiss, Rifkind, Wharton & Garrison LLP and Porter Hedges LLP filed with the United States Bankruptcy Court for the Southern District of Texas, Houston Division, an amended Verified Statement pursuant to Bankruptcy Rule 2019 to inform the Court that the firms represent an ad hoc group of holders of 7.625% Second Lien Senior Secured Notes due 2029. According to the amended Verified Statement: 1. The Ad Hoc Group of 2L 2029 Noteholders retained Paul Weiss to represent it as counsel in connection with a potential restructuring of the Debtors. Subsequently, the Ad Hoc Group retained Porter Hedges to serve as local counsel with respect to such matters. 2. On May 27, 2026, Counsel filed the Verified Statement Pursuant to Bankruptcy Rule 2019 of 2029 Noteholder Group. Since then, the composition of the Ad Hoc Group has changed. Accordingly, pursuant to Bankruptcy Rule 2019, Counsel submits this First Amended Verified Statement. 3. No member of the Ad Hoc Group has or is a party to any agreement to act as a group or in concert with respect to its interests in the Debtors, and each member of the Ad Hoc Group has the unrestricted right to act as it chooses in respect of such interests without respect to these actions or interests of any other party. In addition, neither the Ad Hoc Group nor any member of the Ad Hoc Group: (a) assumed any fiduciary or other duties to any other creditor or person; or (b) purports to act, represent, or speak on behalf of any other entities in connection with the Chapter 11 Cases. 3. Nothing contained in this Verified Statement is intended to, or should be construed as: (a) a limitation upon, or waiver of any right to assert, file, and/or amend its claims in accordance with applicable law and any orders entered in these Chapter 11 Cases by any member of the Ad Hoc Group; or (b) an admission with respect to any fact or legal theory. 4. The Ad Hoc Group reserves the right to amend or supplement this Verified Statement as necessary for that or any other reason in accordance with the requirements outlined in Bankruptcy Rule 2019. 5. The information outlined is based upon information provided to Counsel by the members of the Ad Hoc Group and is intended only to comply with Bankruptcy Rule 2019. The names, addresses, and disclosable economic interests as of May 27, 2026, of the Ad Hoc Group's members in relation to the Debtors, are: 1. Certain funds and/or accounts, or subsidiaries of such funds and/or accounts, managed, advised or controlled by Hotchkis and Wiley Capital Management, LLC 601 South Figueroa Street, 39th Floor Los Angeles, CA 90017 Total Principal Amount of 7.625% Second Lien Senior Secured Notes Beneficially Owned $15,243,995 2. Certain funds and/or accounts, or subsidiaries of such funds and/or accounts, managed, advised or controlled by J.P. Morgan Investment Management Inc. and JPMorgan Chase Bank, N.A., or a subsidiary or an affiliates thereof 1 East Ohio Street, Floor 6 Indianapolis, IN 46204 Total Principal Amount of 7.625% Second Lien Senior Secured Notes Beneficially Owned $64,547,924 3. Nomura Corporate Research and Asset Management Inc. 309 West 49th Street, 24th Floor New York, NY 10019 Total Principal Amount of 7.625% Second Lien Senior Secured Notes Beneficially Owned $19,508,109 4. Certain funds and/or accounts, or subsidiaries of such funds and/or accounts, managed, advised or controlled by Wasserstein Debt Opportunities Management, LP, or a subsidiary or an affiliate thereof 420 Lexington Avenue, Suite 1626 New York, NY 10170 Total Principal Amount of 7.625% Second Lien Senior Secured Notes Beneficially Owned $30,124,821 Counsel to the Ad Hoc Group: John F. Higgins, Esq. Megan N. Young-John, Esq. James A. Keefe, Esq. Joanna D. Caytas, Esq. PORTER HEDGES LLP 1000 Main Street, 36th Floor Houston, TX 77002 Tel: (713) 226-6000 Fax: (713) 228-1331 E-mail: jhiggins@porterhedges.com myoung-john@porterhedges.com jkeefe@porterhedges.com jcaytas@porterhedges.com – and – Andrew N. Rosenberg, Esq. Sung Pak, Esq. Karen R. Zeituni, Esq. Gary Kavarsky, Esq. Lindsay A. Wasserman, Esq. PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP 1285 Avenue of the Americas New York, NY 10019 Tel: (212) 373-3000 Fax: (212) 757-3990 Email: arosenberg@paulweiss.com spak@paulweiss.com kzeituni@paulweiss.com gkavarsky@paulweiss.com lwasserman@paulweiss.com About Trinseo PLC Headquartered in Wayne, Pa., Trinseo PLC -- https://www.trinseo.com/ -- is an international chemical and materials manufacturer specializing in plastics, latex binders, and synthetic rubber products. Its materials are used across industries such as automotive manufacturing, building and construction, electronics, and packaging, supporting a diversified industrial customer base worldwide. Trinseo PLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 26-90115) on May 20, 2026. The Debtors reported between $1 billion and $10 billion in estimated assets and liabilities. The Honorable Bankruptcy Judge Alfredo R. Perez handles the cases. Latham & Watkins LLP is serving as Trinseo’s legal advisor in the restructuring, supported by co-counsel Hunton Andrews Kurth LLP. The company also retained Centerview Partners LLC as investment banker and FTI Consulting as financial and communications advisor. Ernst & Young LLP as tax auditor and tax accountant and Kroll Restructuring Administration LLC as claims agent. Paul Hastings LLP and PJT Partners advised the Ad Hoc Group of Senior Secured Creditors. Gibson, Dunn & Crutcher LLP and Howley Law PLLC represent the OpCo 2028 Ad Hoc Group of lenders. Lazard Freres & Co. also represents the group. Gray Reed and Pallas Partners (US) LLP represent the Ad Hoc Group of Excluded OpCo Term Lenders. Paul, Weiss, Rifkind, Wharton & Garrison LLP and Porter Hedges LLP represent an ad hoc group of holders of 7.625% Second Lien Senior Secured Notes due 2029. * * * Trinseo PLC, and affiliates filed with the Bankruptcy Court a Disclosure Statement for the Joint Prepackaged Plan of Reorganization dated May 26, 2026. Supporting Creditors have agreed to support the Restructuring Transactions, which will restructure the Debtors’ approximately $2.9 billion funded debt obligations upon consummation thereof. As of the Petition Date, the Supporting Creditors collectively hold 100% of the aggregate outstanding principal amount of the RCF Claims, approximately 99.9% of the aggregate outstanding principal amount of the Super HoldCo 1L Claims, and approximately 86% of the aggregate outstanding principal amount of the OpCo Term Loan Claims (including approximately 57% of the OpCo 2028 Term Loans). The parties represent the requisite voting majorities under the Bankruptcy Code for Class 4 (RCF Claims), Class 5 (Super HoldCo 1L Claims), and Class 6 (OpCo Term Loan Claims). Class 8 consists of General Unsecured Claims and will receive a distribution of 100% of their allowed claims. This Class is unimpaired. A plan confirmation hearing process has been underway following scheduling orders set in July 2026, though minority lenders have raised challenges against the proposed plan. An amended plan was filed Aug. 10. TRINSEO PLC: Q2 Net Loss Widens to $119.6M Amid Restructuring ------------------------------------------------------------- Trinseo PLC 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 $119.6 million for the three months ended June 30, 2026, compared to a net loss of $105.5 million for the same period in the prior year. For the six months ended June 30, 2026, the Company reported a net loss of $235.5 million, compared to a net loss of $184.5 million for the same period in the prior year. Net sales for the three months ended June 30, 2026, were $845.4 million, compared to $784.3 million in the prior-year period. Net sales for the six months ended June 30, 2026, were $1,570.1 million, compared to $1,569.1 million for the same period in the prior year. As of June 30, 2026, the Company had $2,498.6 million in total assets, $3,845.8 million in total liabilities, and $1,347.2 million in total stockholders' equity. Current Bankruptcy Proceedings In May 2026, Trinseo PLC and certain of its direct and indirect subsidiaries filed voluntary petitions for relief under Chapter 11 of Title 11 of the United States Code in the United States Bankruptcy Court for the Southern District of Texas. The Chapter 11 Cases were commenced to conduct a comprehensive restructuring of the Company's capital structure through a joint prepackaged plan of reorganization pursuant to a Restructuring Support Agreement between the Company and a majority of its senior lenders, dated as of May 13, 2026. The Chapter 11 Restructuring Transactions is expected to discharge and release approximately $2 billion of the Company's prepetition funded indebtedness (which, in turn, is expected to reduce annual cash interest by approximately $140 million) in exchange for certain recoveries set forth in the Restructuring Term Sheet, including, as applicable, reorganized common interests, cash, subscription rights and takeback term loans, to be effectuated through the Plan. The Company's supporting senior lenders have committed to support and vote for the Plan and use commercially reasonable efforts to consummate and complete the Chapter 11 Restructuring Transactions. The Company does not expect any operational impact from the Chapter 11 Restructuring Transactions and plans to continue to operate and serve customers and pay vendors and employees in the ordinary course of business as "debtors-in-possession" under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court. Existing lenders are expected to initially receive 100% of the reorganized Company's equity interests through the Chapter 11 Restructuring Transactions. Trade creditors and all other non-funded-debt General Unsecured Claims will be treated as unimpaired. Holders of the Company's existing equity interests are expected to have their equity interests cancelled and will receive no recovery. Status of the Chapter 11 Cases The Company solicited votes on the Plan prior to the Petition Date. As of the filing of the Quarterly Report, the Plan had not become effective. The effectiveness of the Plan remains subject to confirmation by the Bankruptcy Court and satisfaction or waiver of various closing conditions. The effectiveness of the Plan and the Company's emergence from Chapter 11 are subject to several conditions, including final judgment by the Bankruptcy Court in ongoing litigation related to the Chapter 11 Cases, approval and confirmation of the Plan by the Bankruptcy Court, satisfaction of milestones and other conditions set forth in the RSA, receipt of required regulatory approvals, including approval by the High Court of Ireland, the Federal Trade Commission, and other regulators, where applicable, and completion of debtor-in-possession and exit financing arrangements. The Company currently expects to emerge from Chapter 11 prior to the end of 2026; however, the timing and outcome of the Chapter 11 Cases, including confirmation and consummation of the Plan, remain subject to significant risks and uncertainties. Going Concern In accordance with ASC 205-40, Going Concern, the Company evaluated whether conditions and events raise substantial doubt about its ability to continue as a going concern within one year after the issuance of these condensed consolidated financial statements. The condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As of June 30, 2026, the Company had liquidity of $186.7 million and an accumulated deficit of $1,574.8 million and used cash in operations of $348.2 million during the six months ended June 30, 2026. The Company expects continued operating losses and significant cash outflows from operating activities in the near term. Current macroeconomic and geopolitical conditions, including inflation, and ongoing conflicts (such as the Russia-Ukraine war and military conflict in Iran), continue to create significant uncertainty in the broader business environment. These external factors have contributed to weaker demand in many of our end markets, significant volatility in raw material prices, and supply chain disruptions that are expected to continue to have a material adverse effect on the Company's financial performance and liquidity forecasts. Absent the consummation of the Chapter 11 Restructuring Transactions, significant debt maturities would occur in 2028, including the 2028 Refinance Term Loans, the 2028 Term Loan B, the A/R Facility, and the OpCo Super-Priority Revolver. As a result of these factors, the Company concluded that substantial doubt about its ability to continue as a going concern existed as of the issuance of the prior Form 10-K and continues to exist within one year after the issuance of these condensed consolidated financial statements. Management Commentary Commenting on the Company's second quarter performance, Frank Bozich, President and Chief Executive Officer of Trinseo, said, "The second quarter has been characterized by volatile market conditions and persistent consumer uncertainty amidst significant ongoing geopolitical tensions, however our team has remained focused and taken proactive steps to take advantage of opportunities where they arise. We continue to focus on strategic product and market growth, while delivering world-class service to our customers and maintaining strong relationships with our suppliers. We are also encouraged by the progress made in our balance sheet restructuring process, which is supported by our court-approved DIP financing and allows us to continue operating in the ordinary course. We look forward to completing the restructuring and emerging with a stronger balance sheet, enhanced financial flexibility and an improved foundation to continue driving innovation and executing our long-term strategy." A full-text copy of the Company's Form 10-Q is available at https://tinyurl.com/yt9xk3ar. About Trinseo PLC Trinseo PLC, headquartered in Wayne, Pa. -- https://www.trinseo.com/ -- is an international chemical and materials manufacturer specializing in plastics, latex binders, and synthetic rubber products. Its materials are used across industries such as automotive manufacturing, building and construction, electronics, and packaging, supporting a diversified industrial customer base worldwide. Trinseo PLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-90115) on May 20, 2026. In its petition, the Debtor reports estimated assets and liabilities between $1 billion and $10 billion each. The Honorable Bankruptcy Judge Alfredo R. Perez handles the case. Latham & Watkins LLP is serving as Trinseo's legal advisor in the restructuring, supported by co-counsel Hunton Andrews Kurth LLP. The company also retained Centerview Partners LLC as investment banker and FTI Consulting as financial and communications advisor. Ernst & Young LLP as tax auditor and tax accountant and Kroll Restructuring Administration LLC as claims agent. Paul Hastings LLP and PJT Partners advised the Senior Secured Lenders. Gibson, Dunn & Crutcher LLP and Howley Law PLLC represent the OpCo 2028 Ad Hoc Group of lenders. Lazard Freres & Co. also represents the group. Gray Reed and Pallas Partners (US) LLP represent the Ad Hoc Group of Excluded OpCo Term Lenders. Paul, Weiss, Rifkind, Wharton & Garrison LLP and Porter Hedges LLP represent an ad hoc group of holders of 7.625% Second Lien Senior Secured Notes due 2029. TZADIK ENERGY: Case Summary & 12 Unsecured Creditors ---------------------------------------------------- Debtor: Tzadik Energy Portfolio LLC 2450 Hollywood Blvd., Suite 503 Hollywood FL 33020-6626 Business Description: Tzadik Energy Portfolio LLC is a real estate company that owns and leases various properties in Dickinson, North Dakota. Chapter 11 Petition Date: August 4, 2026 Court: United States Bankruptcy Court Southern District of Florida Case No.: 26-20356 Debtor's Counsel: Jesse Cloyd, Esq. AGENTIS PLLC 45 Almeria Avenue Coral Gables FL 33134 Tel: (305) 722-2002 E-mail: jrc@agentislaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $100,000 to $500,000 The petition was signed by Adam M. Hendry as managing member. A full-text copy of the petition, which includes a list of the Debtor's 12 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/S37V3MA/Tzadik_Energy_Portfolio_LLC__flsbke-26-20356__0001.0.pdf?mcid=tGE4TAMA UNIROYAL HOLDING: Unsecureds Will Get 100% of Claims in Joint Plan ------------------------------------------------------------------ Uniroyal Holding, Inc., and Great Hill Corporation filed with the U.S. Bankruptcy Court for the District of New Jersey a Disclosure Statement for the Joint Chapter 11 Plan dated July 31, 2026. Uniroyal Holding, Inc. was established in 1985 as a wholly owned subsidiary of Uniroyal, Inc. following a corporate reorganization. For more than 40 years, its primary responsibilities have been administering post-employment retiree benefits—primarily medical and life insurance—and managing extensive litigation related to discontinued businesses. Over its history, 516,656 personal injury/wrongful death (PI/WD) claims have been filed against the company. It has resolved 216,994 claims through payments totaling nearly $500 million, while 264,232 claims were dismissed without payment. Approximately 35,000 claims remain pending, and the company has incurred an additional $160 million in defense costs. As of the bankruptcy filing, the Debtors also had approximately $1,000 in ordinary course claims. Uniroyal is the parent company of Great Hill. Approximately 32.5% of its fully diluted stock is owned by the Clayton & Dubilier Private Equity Fund Ltd. Partnership, with the remaining shares widely held. The company has never paid dividends or distributions to shareholders. To address its remaining assets, liabilities, and operations, the Debtors retained financial and legal advisors. Beginning in August 2025, they negotiated with an ad hoc group representing many PI/WD claimants. After months of due diligence and negotiations, the parties executed a Restructuring Support Agreement (RSA) on July 31, 2026, establishing the key terms of the proposed Chapter 11 plan. The Debtors also sought a third party to administer the fully funded retiree benefits program but were unable to find a cost effective provider that could continue the existing program. Instead, they selected bids for replacement life insurance coverage, an annuity, and exchange services, which they believe will provide most beneficiaries with the same or better benefits than the current program. The Debtors also intend to request the appointment of an official committee of retirees to represent beneficiaries' interests during the bankruptcy proceedings. Under the plan: * Class 3 (General Unsecured Claims): Allowed unsecured claims total $1,000. These claims will be paid 100% in cash on the effective date (or as soon as practicable thereafter), or otherwise receive treatment that leaves them unimpaired. * Class 4 (PI/WD Claims): All PI/WD claims will be transferred to a trust on the effective date. Payments will be made only after claims are processed and resolved under the Trust Distribution Procedures. * Equity interests: All existing equity interests will be cancelled, released, and extinguished, and shareholders will receive no distributions under the plan. The plan authorizes the Plan Administrator and Trustee to complete any transactions necessary to implement the restructuring, including transfers of assets and liabilities, corporate restructuring actions, and other required legal filings. On the effective date, the Debtors will contribute $31.5 million in cash to the trust and transfer their rights and obligations under the specified settlement, along with any related postpetition proceeds. The plan states that future trust recoveries will not reduce the minimum trust recovery, and administrative expenses will not diminish that minimum amount. Plan distributions will be funded from available cash and trust assets. A full-text copy of the Disclosure Statement dated July 31, 2026 is available at https://urlcurt.com/u?l=jUg0fS from PacerMonitor.com at no charge. Proposed Co-Counsel to the Debtors: DEBEVOISE & PLIMPTON LLP M. Natasha Labovitz, Esq. Samuel A. Newman, Esq. Michael C. Godbe, Esq. 66 Hudson Boulevard New York, NY 10001 Telephone: (212) 909-6000 Email: nlabovitz@debevoise.com snewman@debevoise.com mcgodbe@debevoise.com DUANE MORRIS LLP Morris S. Bauer, Esq. Drew S. McGehrin, Esq. Klara Bradbury, Esq. 200 Campus Drive, Suite 300 Florham Park, NJ 07932-1007 Telephone: (973) 424-2000 Email: msbauer@duanemorris.com dsmcgehrin@duanemorris.com kbradbury@duanemorris.com About Uniroyal Holding Inc. Uniroyal Holding Inc. is the corporate successor to the historic Uniroyal tire and rubber company based in Naugatuck, Connecticut. The company was established to manage legacy legal and financial obligations after Uniroyal's manufacturing operations were sold or discontinued, including asbestos personal injury claims and retiree benefit responsibilities. Uniroyal Holding Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 26-18668) on July 31, 2026. In its petition, the Debtor reports estimated assets between $10,000,001 and $50 million and estimate liabilities between $50,000,001 and $100 million. Honorable Bankruptcy Judge Michael B. Kaplan handles the case. The Debtor is represented by Morris S. Bauer, Esq. of Duane Morris LLP. UNIVERSITY OF TULSA: Moody's Cuts Issuer & Rev. Bond Ratings to Ba2 ------------------------------------------------------------------- Moody's Ratings has downgraded the University of Tulsa, OK's issuer and revenue bond ratings to Ba2 from Baa3. The outlook is negative. The university had roughly $126 million in debt outstanding at the end of fiscal year 2025. The downgrade to Ba2 reflects extremely weak liquidity levels and continued reliance on an external line of credit for operations amid massive structural deficits. The negative outlook also reflects the challenges the new management team faces in implementing a turnaround strategy. Governance is a key rating driver given years of very weak operating performance. RATINGS RATIONALE The Ba2 rating reflects the diminished liquidity and very weak operating performance, offset somewhat by the university's substantial overall wealth in its endowment and external trusts, still-solid donor and corporate research support, low bonded debt, and meaningful regional market presence. New management is in the process of articulating a turnaround strategy involving a focus on improving net tuition revenue. This operating budget improvement will likely be challenging to implement given prior strategic and financial management practices by the administration and board that have led to large structural deficits and extremely weak liquidity levels. EBIDA margins and debt service coverage are expected to be negative in fiscal years 2026 and 2027 after very weak operating performance in fiscal 2025 (ending June 30). Moody's expects continued endowment spending well above the standard 5% trailing average of the corpus. Liquidity will remain extremely narrow with continued reliance on a line of credit. The Ba2 tuition revenue bond rating is the same as the issuer rating given the general obligation nature of the obligation in addition to an interest in pledged tuition revenues. The bonds also have a mortgage interest in portions of the university's campus. The Ba2 rating on the student housing revenue bonds incorporates the general obligation nature of the obligation in addition to an interest in pledged gross housing fee revenue. The bonds are subordinate to the tuition revenue bonds but benefit from a reserve fund replenishment agreement by which the external Chapman Trust will pay any deficiency in debt service reserves, drawing from quarterly distributions. RATING OUTLOOK The negative outlook incorporates the probability of additional deficits Moody's estimates could equal 15-25% of operating revenue, as well as continued narrow liquidity over the next 12-18 months that will further strain available financial resources. Moody's could revise the outlook to stable given evidence of successful execution of an aggressive plan to reach fiscal balance with endowment draws equal to 5% of corpus. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS -- Sustained positive EBIDA margins alongside at least 1.0x annual debt service coverage -- Substantial growth in unrestricted liquidity to over 150 days cash on hand excluding undrawn line of credit funds -- Material strengthening of the university's student market position, highlighted by growing overall enrollment and increasing net tuition and auxiliary revenue per student FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS -- Inability to improve unrestricted liquidity; increased reliance or more onerous terms on line of credit -- Signs of more limited endowment flexibility to provide for ongoing supplemental operating support, which may include a decline in endowment corpus or donor support -- Failure to begin execution on a significant turnaround plan to reach structurally balanced operations with a 5% endowment spending rate PROFILE The University of Tulsa (TU) is a private coeducational institution, originating in 1894. TU offers comprehensive academic programs, in addition to doctoral research programs. For fiscal 2025, operating revenue was $203 million and enrolled 4,101 full-time equivalent (FTE) students. METHODOLOGY The principal methodology used in these ratings was Higher Education published in July 2024. UP ACADEMY: School Board OKs Return to Boston Public School ----------------------------------------------------------- Hillary Casson of CommonWealth Beacon reports that state receivership is coming to an end at UP Academy Holland after the Massachusetts Board of Elementary and Secondary Education approved the school's return to Boston Public Schools. The decision represents a significant turnaround for a school that was once ranked among the bottom 1% of public schools in Massachusetts and raises questions about what can make state intervention successful in schools facing persistent academic challenges. The school is expected to return to its original name, John P. Holland Elementary School, while retaining many of the structures and practices developed during receivership. Holland now ranks among Boston's strongest schools for academic growth, including second in Dorchester for English language arts growth. Its students have also demonstrated strong performance in math, while multilingual learners have surpassed district and state peers on ACCESS growth measures, the report sttes. According to report, school leaders involved in the turnaround attribute the progress not to one particular curriculum or program but to a consistent approach centered on clearly defining academic excellence, creating systems to support that vision, strengthening school leadership, and providing teachers with sustained coaching and feedback. The transformation also required years of work, stability through leadership changes and changing circumstances, and a close partnership between Boston Public Schools and UP Education Network. The end of receivership at Holland therefore provides a case study rather than a universal prescription. Massachusetts still has dozens of schools performing near the bottom statewide, and policymakers continue to search for effective strategies. Holland suggests that lasting improvement depends less on a particular governance structure than on strong leadership, effective systems, capable partners, sufficient time, and a deliberate transition that preserves successful practices after outside management ends, the CommonWealth Beacon reports. About UP Academy Holland UP Academy Holland is a Kâ€“6 public charter school located in Dorchester, Massachusetts, that is part of the larger UP Education Network. The school serves a diverse student body and is committed to offering rigorous academic programs paired with character development and community engagement. Its instructional model emphasizes data-driven teaching, differentiated support, and a school culture centered on achievement. UP Academy Holland, formerly John P. Holland Elementary School, struggled academically in the early 2010s and was designated a Level 5 chronically underperforming school, prompting the Massachusetts Department of Elementary and Secondary Education to place it into state receivership in 2014. Under the designation, the UP Education Network was appointed as receiver and assumed full operational and managerial control to lead the school's turnaround. V&H HOLDINGS: Plan Confirmation Hearing Scheduled for Sept. 1 ------------------------------------------------------------- Judge Stacey G.C. Jernigan of the U.S. Bankruptcy Court for the Northern District of Texas conditionally approved the Disclosure Statement in support of Plan of Reorganization of V&H Holdings, LLC. The Disclosure Statement is conditionally approved as containing adequate information in accordance with section 1125 of the Bankruptcy Code and is subject to final approval of the Court at the Combined Hearing. The Debtor's request for a Combined Hearing on the final approval of the Disclosure Statement and confirmation of the Plan, and the following Confirmation Schedule, are approved: * September 1, 2026 at 1:30 P.M. is fixed for the hearing on confirmation of the Debtor's Plan. * August 28, 2026 at 4:00 P.M. Central Standard (Dallas) Time is fixed as the last day for filing written acceptances or rejections of the Debtor's Plan. * August 29, 2026 at 4:00 P.M. Central Standard (Dallas) Time is fixed as the last day for filing and serving pursuant to Fed. R. Bankr. P. 3020(b)(1) written objections to confirmation of the Debtor's Plan. As shared by the Troubled Company Reporter, the Plan provides for the orderly payment of Allowed Claims through the Debtor's business operations, namely, the net revenues from the Properties. Under the Plan, holders of unpaid Administrative Claims, Professional Fee Claims, Priority Claims, and claims relating to U.S. Trustee Fees will be paid first unless an alternative agreement for payment has been reached with said holder of an Administrative Claim. Until satisfied as provided by this Plan, each Holder of an Allowed General Unsecured Claim shall receive, in full satisfaction, settlement, release, and discharge of and in exchange for such Claim, their pro rata share of the net revenues from the Properties over 36 months until paid in full. Creditors whose claims are less than $15,000.00 can elect to be paid the lesser of their Allowed Claim or $10,000.00 on the Effective Date. Under the Plan, Lawrence will retain his interest in the Debtor with the prohibition of payment of any distributions from the Debtor but he will continue to receive his monthly management fee of $10,000.00 until all Allowed Claims are paid in full. Class 3 consists of Allowed General Unsecured Claims. Each holder of an Allowed General Unsecured Claim shall receive full payment of their Allowed Claims as follows: pro rata share of the net revenues for thirty-six months until said Allowed General Unsecured Claims are paid in full. Allowed General Unsecured Claims under $15,000.00 may elect to receive either (a) $10,000 in full satisfaction of their Allowed General Unsecured Claim payable on the Effective Date or (b) the treatment for all other Allowed General Unsecured Claims. This Class is impaired. The Debtor contemplates payment in full of all Allowed Claims from cash on hand and from the revenues of the operations of its Properties. A full-text copy of the Disclosure Statement dated June 23, 2026 is available at https://urlcurt.com/u?l=ttTVDJ from PacerMonitor.com at no charge. Counsel to the Debtor: Patrick Schurr, Esq. Scheef & Stone, LLP 2600 Network Blvd., Suite 400 Frisco, TX 75034 Telephone: (214) 472-2100 Facsimile: (214) 472-2150 Email: Patrick.schurr@solidcounsel.com A copy of the Court's Order dated July 31, 2026, is available at https://urlcurt.com/u?l=lhsKCI from PacerMonitor.com. About V&H Holdings, LLC V&H Holdings, LLC's primary assets consist of commercial properties at 2906 and 2908 McKinney Avenue in Dallas, Texas 75204. V&H Holdings, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 26-30730) on Feb. 23, 2026, listing $1 million to $10 million in both assets and liabilities. The petition was signed by Lawrence Dupler as manager. Patrick J. Schurr, Esq. at SCHEEF & STONE, LLP represents the Debtor as counsel. VALPARAISO UNIVERSITY: S&P Affirms 'BB+' Rating on Revenue Bonds ---------------------------------------------------------------- S&P Global Ratings revised the outlook to negative from stable and affirmed its 'BB+' long-term rating on the City of Valparaiso, Indiana's series 2025A and 2025B revenue bonds, issued for Valparaiso University (Valpo, or the university). S&P said, "The negative outlook reflects our opinion of continued enrollment declines and demand pressures, leading to larger full accrual deficits than management had projected in fiscal years 2025 and 2026. We expect notable deficits to persist, based on management's projections through at least fiscal 2029. The outlook also reflects our opinion of continued elevated endowment draws to support operations. "The negative outlook reflects our view that the university's enrollment and demand profile will remain pressured within the one-year outlook period. We expect significant operational deficits in the near term, supported by elevated endowment draws. We also anticipate that balance sheet resources will be maintained at or near current levels. "We could consider a lower rating if enrollment or net tuition revenue continues to decrease, leading to further operational deficits beyond management's forecast. We would also view a sustained weakening in the demand profile, deteriorated financial resources metrics or liquidity, or continued elevated endowment draws negatively. "We could consider revising the outlook to stable if enrollment stabilizes or increases, demand metrics improve, operations improve on a sustained basis without significant supplementary endowment draws, and balance sheet metrics are maintained." VERRICA PHARMACEUTICALS: Swings to $13.2M Net Loss in Fiscal Q2 --------------------------------------------------------------- Verrica Pharmaceuticals 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 $13.2 million for the three months ended June 30, 2026, compared to a net income of $204 million for the same period in the prior year. For the six months ended June 30, 2026, the Company reported a net loss of $22.8 million, compared to a net loss of $9.5 million for the same period in the prior year. Revenues for the three months ended June 30, 2026, were $5.9 million, compared to $12.7 million in the prior-year period. Revenues for the six months ended June 30, 2026, were $10.9 million, compared to $16.1 million for the same period in the prior year. Liquidity and Capital Resources The Company has incurred substantial operating losses since inception and expects to continue to incur significant losses for the foreseeable future and may never become profitable. As of June 30, 2026, the Company has an accumulated deficit of $347.7 million and cash of $11.2 million. The Company has cash outflows from operations of $18.4 million for the six months ended June 30, 2026. On Aug. 3, 2026, the Company entered into a credit agreement with PD Joint Holdings, LLC Series 2016-B, at which time $12.5 million became available, and an additional $15 million will be available to borrow, subject to the satisfaction of certain milestones and customary conditions as well as compliance with specified covenants. Based on the current business plan and current capital resources, combined with the uncertainty regarding the availability of additional funding, the Company has concluded that substantial doubt exists regarding its ability to continue as a going concern within the next 12 months. The Company plans to address the conditions that raise substantial doubt regarding its ability to continue as a going concern by, among other things, borrowing additional amounts available under the PD Credit Agreement and obtaining additional funding through equity offerings, debt financing, collaborations, strategic alliances and/or licensing arrangements. There can be no assurance the Company will be able to obtain additional liquidity when needed or under acceptable terms, if at all. If the Company is unable to raise capital when needed or on attractive terms, the Company would be forced to delay, reduce or eliminate commercialization efforts and development programs. In November 2025, the Company sold an aggregate of: (i) 6,499,826 shares of its common stock, (ii) with respect to certain purchasers pre-funded warrants to purchase 5,305,164 shares of common stock in lieu of shares and (iii) in either case, the accompanying Series C warrants to purchase 2,951,241 shares of common stock pursuant to securities purchase agreements with certain investors in a private placement. The purchase price per share of common stock and accompanying Series C warrant was $4.24125 per share and the purchase price for the pre-funded warrants and accompanying Series C warrant was $4.24115 per share. The Company received net proceeds of $49.1 million from the Private Placement, after deducting placement fees of $0.9 million. The Company plans to secure additional capital in the future through amounts available under the PD Credit Agreement, equity or debt financings, partnerships, or other sources to carry out the Company's planned commercial and development activities. The amount of proceeds the Company may be able to raise pursuant to its currently effective shelf registration statement on Form S-3 is limited. The Company is subject to the general instructions of Form S-3, known as the "baby shelf rules." Under these rules, the amount of funds the Company can raise through primary public offerings of securities in any 12-month period using its registration statement on Form S-3 is limited to one-third of the aggregate market value of the shares of the Company's common stock held by its non-affiliates. Therefore, the Company will be limited in the amount of proceeds it is able to raise by selling its securities using its Form S-3 until such time as the Company's public float exceeds $75.0 million. A full-text copy of the Company's Form 10-Q is available at https://tinyurl.com/2n46xdjp. About Verrica Pharmaceuticals West Chester, Pa.-based Verrica Pharmaceuticals Inc. is a dermatology therapeutics company developing and selling medications for skin diseases requiring medical intervention. KPMG LLP, the Company's independent registered public accounting firm since 2017 and headquartered in Philadelphia, Pennsylvania, included an explanatory paragraph in its audit report dated March 11, 2026, expressing substantial doubt about the Company's ability to continue as a going concern. The auditor cited that the Company has incurred substantial operating losses since inception and has negative cash flows from operations that raise substantial doubt about its ability to continue as a going concern. As of June 30, 2026, the Company had $36 million in total assets, $31.7 million in total liabilities, and $4.3 million in total stockholders' equity. VITAL YOU: Gets Interim OK to Use Cash Collateral ------------------------------------------------- The U.S. Bankruptcy Court for the District of Maryland entered an interim order authorizing Vital You Functional Medicine, LLC to use cash collateral to fund its operations. The court authorized the Debtor to use cash collateral based on the approved budget through the September 1 final hearing. Certain lenders assert security interests in substantially all of the Debtor's assets, including accounts, cash, and accounts receivable. Public filings with the Maryland Department of Assessments and Taxation show two potential blanket liens against the Debtor's assets. The first is held by DEXT Capital, LLC for a claim of $150,000, filed in July 2025, and the second is held by Corporation Service Company as representative for a $1 claim filed in April. Pursuant to the interim order, any lender with a valid and perfected security interest will receive protection through replacement liens on the Debtor's post-petition assets. The Debtor reserves the right to challenge the validity, priority, extent, and enforceability of those asserted liens in future proceedings. Meanwhile, the court approved payment of up to $1,000 per month from cash collateral to Angela Shortall, the Subchapter V trustee, for compensation and expenses incurred while performing her duties, subject to later court approval if required. The Debtor's authority to use cash collateral will remain in effect until the final hearing or earlier court order. Written objections to the requested final relief must be filed by August 25. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/5HwjC from PacerMonitor.com. Vital You was founded in 2023 and operated profitably until mid-2025, when it took on significant debt to purchase expansion equipment. The equipment failed to generate the projected revenue needed to offset its financing costs, severely impairing the business's cash flow and forcing it to seek bankruptcy protection to reorganize its debts while maintaining operations. About Vital You Functional Medicine LLC Vital You Functional Medicine, LLC is an Annapolis, Maryland-based functional medicine and integrative cancer care clinic. The practice provides personalized healthcare services, including integrative cancer care, ExoTMS therapy, infusion services, and functional medicine treatments. Led by practitioner Melissa Trotman, the clinic operates under an out-of-network, fee-for-service model and continues serving patients from its Annapolis location. Vital You Functional Medicine sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 26-17733) on July 17, 2026. In its petition, the Debtor reports estimated assets of $50,000 to $100,000 and estimated liabilities of $500,000 to $1 million. The Debtor is represented by Janet M. Nesse, Esq., at McNamee Hosea, P.A. Angela Shortall of 3Cubed Advisory Services, LLC serves as Subchapter V trustee for the Debtor. VOYAGER DIGITAL: Co., Creditors Plan Appeal Tossed Liability Shield ------------------------------------------------------------------- Alex Wolf of Bloomberg Law reports that Voyager Digital Holdings Inc. and its creditors are appealing a New York federal judge's decision that removed liability protections from the company's Chapter 11 liquidation plan. The filings Thursday set up a Second Circuit fight over whether bankruptcy courts can shield professionals and other participants from claims arising from their work implementing a confirmed plan. The appeal follows Chief Judge Laura Taylor Swain's August 4, 2026 ruling, which struck exculpation provisions protecting Voyager and various parties involved in administering the bankruptcy. The protections covered professionals handling cryptocurrency rebalancing transactions and distributions as Voyager liquidated its assets and returned value to customers, the report relays. Swain said the bankruptcy court had exceeded its authority because the Bankruptcy Code did not specifically permit the liability shields. She also rejected the argument that quasi-judicial immunity provided a sufficient basis for the protections, siding with the government’s position that bankruptcy proceedings cannot prospectively restrict federal enforcement powers. According to Bloomberg, the dispute could have implications for Chapter 11 cases well beyond Voyager. The Second Circuit will now consider the limits of exculpation provisions, potentially providing guidance on how bankruptcy courts can protect professionals who carry out court-approved restructuring and liquidation plans. About Voyager Digital Holdings Based in Toronto, Canada, Voyager Digital Holdings Inc. -- https://www.investvoyager.com/ -- ran a cryptocurrency platform. Voyager claimed to offer a secure way to trade over 100 different crypto assets using its easy-to-use mobile application. Through its subsidiary Coinify ApS, Voyager provided crypto payment solutions for both consumers and merchants around the globe. Voyager Digital Holdings Inc. and two affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 22-10943) on July 5, 2022. In the petition filed by Stephen Ehrlich, chief executive officer, the Debtors estimated assets and liabilities between $1 billion and $10 billion. Judge Michael E. Wiles oversees the cases. The Debtors tapped Kirkland & Ellis, LLP as general bankruptcy counsel; Berkeley Research Group, LLC, as financial advisor; Moelis & Company as investment banker; Consello Group as strategic financial advisor; Deloitte Tax, LLP as tax services provider; and Deloitte & Touche, LLP, as accounting advisor. Stretto, Inc., is the claims agent. On July 19, 2022, the U.S. Trustee for Region 2 appointed an official committee of unsecured creditors in the Chapter 11 cases. The committee tapped McDermott Will & Emery, LLP as bankruptcy counsel; FTI Consulting, Inc., as financial advisor; Cassels Brock & Blackwell, LLP as Canadian counsel; and Epiq Corporate Restructuring, LLC, as noticing and information agent. The committee also tapped the services of Harney Westwood & Riegels, LP, in connection with Three Arrows Capital Ltd.'s liquidation proceedings in British Virgin Islands. On July 6, 2022, the Debtors filed a joint Chapter 11 plan of reorganization. * * * Following an auction process, the Debtors in September 2022 selected the bid submitted by FTX US' West Realm Shires Inc. as the winning bid for the assets. But after a series of events, FTX collapsed in November 2022, before the sale could be completed. After reopening bidding, Voyager Digital selected the offer from U.S. exchange BAM Trading Services Inc. (doing business as "Binance.US") as the highest and best bid for its assets. Binance's bid is valued at $1.022 billion. In April 2023, Binance.US called off its deal to buy assets of bankrupt crypto lender Voyager Digital, citing a "hostile and uncertain regulatory climate." WORLD FOOD: Seeks to Tap David W. Steen P.A. as Legal Counsel ------------------------------------------------------------- World Food, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to hire David W. Steen, P.A. to serve as its general bankruptcy counsel in this Chapter 11 case. The firm will receive these hourly rates: David W. Steen, Esq. $650 senior paralegal/law clerk $325 paralegals $250 legal assistants $175 The firm was paid $15,000 of the agreed retainer of $15,000, which included the filing fee in the amount of $1,738. David W. Steen, P.A. 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: David W. Steen, Esq. DAVID W. STEEN, P.A. P O Box 270394 Tampa, FL 33688-0394 Telephone: (813) 251-3000 E-Mail: dwsteen@dsteenpa.com About World Food, LLC World Food, LLC is a Kissimmee, Florida-based perishable prepared food manufacturer. The company produces and distributes prepared food products for commercial customers. Court records do not specify the reason for the Chapter 11 filing beyond the financial information contained in the petition. World Food, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-05260) on July 13, 2026. In its petition, the debtor reported estimated assets of $0 to $50,000 and estimated liabilities of $500,000 to $1 million. Honorable Tiffany P. Geyer handles the case. The debtor is represented by David W. Steen, Esq., of David W. Steen, P.A. Y & J MICHELE: Taps DEAL Real Estate Services as Brokers -------------------------------------------------------- Y & J Michele Way LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of California to hire Brie Miller of DEAL Real Estate Services, under broker Side, Inc., to serve as real estate brokers in connection with the lease and sale of real property located at 4115 El Camino Real, Palo Alto, CA 94306. The firm will provide these services: (a) market the Property; (b) lease the Property; and (c) sell the Property. Brie Miller and DEAL Real Estate Services will be compensated through real estate commissions consisting of: (a) a listing-side commission of 4 percent of the gross sales price upon whole-building sale of the Property; (b) a residential leasing commission of 50 percent of one month's rent of the seven residential units; and (c) a commercial leasing commission based on gross rent over the lease term, at 6 percent for lease years 1 through 3, 5 percent for lease years 4 through 5, 3 percent for lease years 6 and beyond, and 50 percent of the applicable rate for renewal options, if exercised. Brie Miller and DEAL Real Estate Services state that they are "disinterested persons" as that term is defined in the Bankruptcy Code in the bankruptcy proceedings and represent no interest adverse to the estate. The firm can be reached at: Brie Miller DEAL Real Estate Services San Jose, CA 95112 About Y & J Michele Way LLC Y & J Michele Way LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Northern District of California Case No. 3:26-bk-30466) on May 28, 2026. At the time of the filing, the company had estimated assets of between $10,000,001 and $50 million and liabilities of between $10,000,001 and $50 million. Judge Dennis Montali oversees the case. Law Offices of Robert Goldstein is listed as the proposed attorney for Y & J Michele Way LLC. Y & Q HOME: Hires Angel Accounting and Consulting as Accountant --------------------------------------------------------------- Y & Q Home Plus LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to hire Raymond Zhang of Angel Accounting and Consulting LLC to serve as its accountant. The firm will provide these services: (a) perform bookkeeping/accounting services and prepare financial statements for Debtor on a monthly basis; (b) assist in the preparation of the monthly operating reports as required by the Bankruptcy Court; (c) process Debtor's bi-weekly payroll including all quarterly and annual payroll tax returns and related reporting requirements; (d) file sales and use tax returns and remitting tax payment; and (e) render other matters as required by the Debtor. Mr. Zhang will receive an hourly rate of $60 per hour for the services provided to the Debtor in this bankruptcy case. To the best of the Debtor's knowledge, Mr. Zhang and Angel Accounting are "disinterested" persons as that term is defined in Sec. 101(14) of the Bankruptcy Code. The firm can be reached at: Raymond Zhang ANGEL ACCOUNTING AND CONSULTANTS, LLC 1613 Penn Avenue Pittsburgh, PA 15222 About Y & Q Home Plus LLC Y & Q Home Plus LLC is a Pittsburgh, Pennsylvania-based retailer specializing in kitchen and bath home furnishings. The company operates a showroom in Pittsburgh and offers custom cabinetry and shelving installation services for residential customers. Y & Q Home Plus LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 26-21760) on June 26, 2026. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Judge Carlota M Bohm oversees the case. The Debtor is represented by Michael P. Kruszewski, Esq., at Leech Tishman Fuscaldo & Lampl, LLC. YNEZ SHOPS: Hires R & K Interests as Property Manager ----------------------------------------------------- Ynez Shops LLC and Pro Temecula Town Center, LLC filed an amended application seeking approval from the U.S. Bankruptcy Court for the Central District of California to hire R & K Interests, Inc. dba Investors' Property Services ("IPS") as its property management company. The Debtors own a retail shopping center located at Ynez Road and Rancho California Road in Temecula, California. IPS will provide these services: 1. Property Management Services. a. As appropriate, to work with the Debtor to improve income and operations including a Competitive Market Analysis, Property Position Analysis, and rehab and capital recommendations. b. Negotiate all vendor contracts as needed. c. Establish a maintenance work order and documentation system. d. Prepare and distribute general correspondence. e. Supervise and regularly inspect all ongoing on-site building operations. f. Obtain required licenses. g. Review site level safety and security programs. h. Obtain any needed on-line processing accounts. i. Comply with local, state and federal laws and regulations. j. Provide 24-hour 365 days per year emergency phone contact. k. Collect and bank revenues and voucher and disburse all vendor invoices. l. Document operations in a detailed monthly narrative of property operations along with financial report and provide to owner and related parties. m. Provide weekly key issue status updates to manager/owner as/if requested. 2. Financial Documentation and Services. a. On a monthly basis, IPS will provide the owner with a financial statement that details the month and year to date activity in the areas of collections, disbursements, delinquencies, and receivables/payables account status. The financial package includes: -- Income & Expense Statement -- Balance Sheet -- Budget Comparison Variance Report -- General Ledger and Supporting Journals -- Check Disbursements Record -- Monthly Accounts Receivable Analysis -- Aged Delinquency Analysis -- Bank Account Reconciliation -- Bank Statement(s) b. Implement an expense documentation policy. Paid expenses will be detailed on the expense and check registers as part of the financial statement report completed each month. 3. Due Diligence and Sale Preparation. a. Assist in the compilation of a due diligence package for brokers including copies of contracts, licenses, tax bills, historical operating data, inventory, leases, and other pertinent materials for sale. b. Engage or coordinate as needed with brokers and potential purchasers. c. Engage or coordinate as needed with environmental assessment firms. d. Engage or coordinate as needed with tax appeal firms. 4. Client Relations. a. Provide takeover reports. b. Provide weekly update reports. c. Provide monthly operating reports. d. Provide rapid responses to questions or requests from asset manager. e. Establish and complete an effective system of communication between site level information and asset manager and ultimate disposition personnel. 5. Leasing Services a. In the absence of a third party leasing broker, it will market and advertise leasing opportunities at the Property. b. Again in the absence of a third party leasing broker, it will serve as leasing agent. The firm will be compensated as follows: Management Fee The property management fee is 3.0% of the gross income from operations or $4,000 a month, whichever is greater, except for the first 90 days, when the monthly minimum will be $5,000 a month. One Time Set-Up Fee $3,000 IPS Roving $75/hour Maintenance Personnel Bookkeeping Services Included Copying & Postage Included Mileage IRS rate Leasing If needed, recommend outside broker for any vacant space. IPS will handle lease renewals as/if needed for a 2% commission. If it is a new lease, IPS will receive a commission of 6% if there is a co-brokerage with which the commission must be split and 4% if it is the sole broker. On all lease transactions, the minimum lease commission is $1,000. Due Diligence or Sale $2,000 (if applicable). In the Coordination Fee event the property is sold and IPS is tasked with providing due diligence information and coordination with brokers and buyers, a sale coordination fee will be charged to compensate IPS for time required above and beyond normal property management operations. As disclosed in the court filings, Investor's Property Services is a "disinterested person" within the meaning of 11 U.S.C. Sec. 101(14). The firm can be reached through: Robert C. Warren III Investor's Property Services 26300 La Alameda, Ste 240 Mission Viejo, CA 92691 Phone: 949-900-6161 Email: Robert.warren@investorshq.com About Ynez Shops LLC Ynez Shops, LLC, classified as a single-asset real estate company, owns property located at 29640 Rancho California Road in Temecula, California, and its operations are focused on managing this real estate asset. Ynez Shops filed Chapter 11 petition (Bankr. C.D. Calif. Case No. 26-10693) on March 3, 2026, with between $10 million and $50 million in both assets and liabilities. Judge Scott C. Clarkson oversees the case. The Debtor is represented by William J. Wall, Esq. at Wall Law Office. ********* On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA. Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon, Ivy B. 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