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251127.mbx T R O U B L E D C O M P A N Y R E P O R T E R Thursday, November 27, 2025, Vol. 29, No. 330 Headlines 1 SANDPIPER LLC: Plan Exclusivity Period Extended to Jan. 12, 2026 100 MCKNIGHT: Voluntary Chapter 11 Case Summary 202-204 OCEAN: Seeks to Extend Plan Exclusivity to March 2, 2026 210 AT VALLEY: Brian Walding Named Subchapter V Trustee 393 HOLDINGS: Seeks to Sell Condominiums at Auction 57-36 MYRTLE: Unsecured Creditors Out of Money in Liquidating Plan 74 OXFORD STREET: Section 341(a) Meeting of Creditors on Dec. 15 98 EAST: Brian Walding of Walding LLC Named Subchapter V Trustee A&M SMART: Claims to be Paid from Sale Proceeds & Rental Income ADMIRE CARE: Court Denies Bid to Use Cash Collateral ADVENT TECHNOLOGIES: Swings to $8.6 Million Net Income in 2025 Q3 AFM MATTRESS: Committee Hires Dundon Advisers as Financial Advisor ALL SEASONS WATERPROOFING: Gets Final OK to Use Cash Collateral AMERICAN SIGNATURE: Case Summary & 30 Largest Unsecured Creditors AMERICAN SIGNATURE: Gets Judge's Conditional Okay for DIP Plan ANTHOLOGY INC: Available Cash & Sale Proceeds to Fund Plan ANTHOLOGY INC: Committee Hires Herbert Smith as Legal Counsel ANTHOLOGY INC: Committee Seeks to Tap AlixPartners LLP as Advisor APPLIED DNA: Rebrands as BNB Plus to Highlight DeFi Treasury Focus ARCHDIOCESE OF NEW ORLEANS: Reaches Deal with Bondholders ARKEN HEALTHCARE: Seeks Chapter 7 Bankruptcy in California ARTICHOKE MUSIC: Seeks Chapter 7 Bankruptcy in California ARTIFICIAL INTELLIGENCE: Expects Positive Cash Flow by May 2026 AXALTA COATING: Moody's Puts 'Ba2' CFR Under Review for Upgrade AZ GROVES: Voluntary Chapter 11 Case Summary B. RILEY FINANCIAL: Secures Conditional Nasdaq Listing Extension BAILEYS' OLIVE: Case Summary & Five Unsecured Creditors BEAN BROTHERS HARDWARE: Gets Extension to Access Cash Collateral BELLAVIVA AT WHISPERING: Hires Lippes Mathias LLP as Legal Counsel BETANXT INC: $185MM Term Loan Add-on No Impact on Moody's 'B3' CFR BH DOWNTOWN: Hires Berkowitz Pollack Brant Advisors as Consultants BIOLARGO INC: Officers Convert $99,901 Salary to Locked Shares BK & MK LLC: Case Summary & 12 Unsecured Creditors BLACKBERRY LIMITED: Names John Wall New President of QNX Division BLUEWATER RESIDENTIAL: Steven Nosek Named Subchapter V Trustee BODYWORX PHYSICAL: Patrick Malloy Named Subchapter V Trustee BON MORRO: Seeks to Tap Stephen S. Gray of Gray & Company as CRO BREAD FINANCIAL: Fitch Rates Preferred Stock 'B-' BREAD FINANCIAL: Moody's Rates Non-Cumulative Pref. Stock 'B1(hyb)' BROOKDALE HOSPICE: Seeks Chapter 7 Bankruptcy in California BROOKDALE SENIOR: Names Mary Patchett as Chief Operating Officer BYJU'S ALPHA: Gets Approval for Deal Linked to $533MM Clawback CALPINE CORP: Fitch Keeps 'B+' IDR on Watch Positive CARHAVEN INC: Case Summary & Four Unsecured Creditors CASTILLO GRAND: To Hire Tripp Scott P.A. as Legal Counsel CHARLES & COLVARD: Delays 10-Q Report, Cites Ongoing Litigation CHEZ JOEY: Unsecured Creditors to Get 7 Cents on Dollar in Plan CINEMA MANAGEMENT: To Sell Film Distribution Assets to TPC Library CITADEL ASSISTED: Seeks Chapter 11 Bankruptcy in Colorado COBRA EQUITY: Fitch Assigns 'B' LongTerm IDR, Outlook Stable COLLABORATIVE TECHNOLOGY: Continued Operations to Fund Plan COMPEER FINANCIAL: S&P Rates $300MM Preferred Debt to 'BB+' COMPOSECURE INC: Fitch Assigns 'BB-' LongTerm IDR, Outlook Stable COOKSON'S TRANSMISSION: Unsecureds to Get Share of GUC Recovery CORNERSTONE BUILDING: Moody's Cuts CFR to 'Caa1', Outlook Stable CROSSCOUNTRY INTERMEDIATE: Moody's Rates $500MM Unsec. Notes 'B1' CRS SERVICES: Edward Burr Named Subchapter V Trustee DEEJAYZOO LLC: Plan Exclusivity Period Extended to December 22 DEL MAR RACE: Fitch Affirms BB- Rating on $29MM 2015 Revenue Bonds DENVER BOULDERING: Continued Operations to Fund Plan Payments DIOCESE OF BURLINGTON: Seeks to Extend Plan Exclusivity DISCOVERY ENERGY: Moody's Affirms 'B1' CFR, Outlook Remains Stable DOUBLE S SIGNS: Unsecureds Will Get 17.31% of Claims over 5 Years EDGEWELL PERSONAL: S&P Lowers ICR to 'BB-', Outlook Stable ELDER CONTRACTING: Case Summary & 20 Largest Unsecured Creditors ELIJAH'S XTREME: Gets Interim OK to Use Cash Collateral EMORY INDUSTRIAL: To Sell Cleaning Biz Assets to Miller Capital ENCOMPASS 53: Section 341(a) Meeting of Creditors on December 23 ENVERIC BIOSCIENCES: Regains Nasdaq's Minimum Bid Price Compliance EVERYTHING CREATIVE: Unsecureds Will Get 9% of Claims in Plan F&B NEGOTIATIONS: Court Denies Motion for Sarasota Property Sale FAT BRANDS: Flags Risk of Bankruptcy After $1.26B Debt Acceleration FINANCE OF AMERICA: To Acquire PHH Reverse Mortgage Assets FMC CORP: S&P Corrects Subordinated Hybrid Notes Rating to 'B+' FMC CORP: S&P Downgrades ICR to 'BB+', Outlook Negative FRANKLIN SQUARE: Moody's Alters Outlook on 'Ba1' CFR to Negative FUEL FITNESS: Gets Extension to Access Cash Collateral FUEL HOMESTEAD: Gets Extension to Access Cash Collateral FUEL REYNOLDA: Gets Extension to Access Cash Collateral GEORGES REALTY: Hires William S. Gannon PLLC as Bankruptcy Counsel GRATITUDE HEALTH: Seeks Chapter 7 Bankruptcy in California HA SUSTAINABLE: Fitch Rates $500MM 8% Jr. Sub. Notes 'BB' HALL OF FAME: Delays Q3 Filing Due to Merger-Related Priorities HANNA JESIONOWSKA: Seeks Approval to Retain Leo Fox as Counsel HARLING INC: Court Extends Cash Collateral Access to Dec. 10 HARMONY WELLNESS: Hires Brinker Simpson & Company as Accountant HARRIS INTERNAL: Section 341(a) Meeting of Creditors on December 8 HILCORP ENERGY: Moody's Affirms 'Ba1' CFR, Outlook Negative HILLSIDE APARTMENTS: Seeks Chapter 11 Bankruptcy in California HOLY REDEEMER: Fitch Affirms 'B+' IDR, Outlook Stable HOLY REDEEMER: Moody's Alters Outlook on 'B1' Bond Rating to Stable HONOR STUDIOS: Unsecureds to Get $3K per Month for 5 Years HOUGHTON UNIVERSITY: S&P Affirms 'BB+' Rating on 2022A Rev. Bonds HYPERION DEFI: Inks $500MM ATM Offering with Cantor and Chardan HYPERSCALE DATA: Posts $13MM Q3 Net Loss, Lifts Going Concern Doubt IGO MARKETING: Taps Law Office of Raymond W. Verdi as Counsel INFINITY HOSPICE: Seeks Chapter 7 Bankruptcy in California INGLE & ASSOCIATES: Seeks Subchapter V Bankruptcy in Massachusetts IRON HILL: Court OKs Brewery Asset Sale to IH Restaurants J PAUL ROOFING: Unsecureds Will Get 7.43% of Claims over 4 Years J.D.S. IMPROVEMENTS: James Cross Named Subchapter V Trustee KOKINOS MANAGEMENT: Unsecureds to Get $263 per Month for 60 Months L & D CAFE: Unsecureds Will Get 18% of Claims over 5 Years LCC INC: Seeks to Tap General Ledgers Accounting as Accountants LEARNINGSEL LLC: Claims to be Paid From Available Cash and Income LEISURE INVESTMENTS: Lenders Claim Senior Liens in Ch. 11 Dispute LINDEN COMMUNITY: Seeks Chapter 7 Bankruptcy in California LIRA HOSPICE: Seeks Chapter 7 Bankruptcy in California LIVING FAITH TABERNACLE: Case Summary & Four Unsecured Creditors LOVING KINDNESS: Amends Administrative Non-Tax Claims Pay LUMINAR TECHNOLOGIES: Volvo Terminates Framework Purchase Deal M & N STRUCTURES: Unsecureds Will Get 100% of Claims over 5 Years M&M CUSTARD: Gets Interim OK to Use Cash Collateral MAPLE RIDGE: Case Summary & Seven Unsecured Creditors MARINE TRANSPORT: Seeks to Extend Plan Exclusivity to Feb. 17, 2026 MAY INTERNATIONAL: Gets Final OK to Use Cash Collateral MEDICO HOME: Seeks Chapter 7 Bankruptcy in California MIM LANDSCAPE: Case Summary & 20 Largest Unsecured Creditors MOBIVITY HOLDINGS: Delays Q3 10-Q Filing Due to Auditor Review MORNINGSIDE MINISTRIES: Fitch Affirms 'BB' IDR, Outlook Stable MOSAIC COMPANIES: Plan Exclusivity Period Extended to Feb. 3, 2026 MW MASON: Case Summary & 17 Unsecured Creditors MW MASON: Seeks Chapter 11 Bankruptcy in California MY CHOICE THERAPY: Seeks Chapter 7 Bankruptcy in California NAPA FORD: Inks Deal With Ford Motor to Use Cash Collateral NB MOUNTAIN: Trustee Taps Meridian Management Partners as Advisor NEW FORTRESS: Fitch Lowers IDR to 'RD' on Missed Interest Payment NEW FORTRESS: Moody's Appends 'LD' Designation to 'Ca-PD' PDR NEW FORTRESS: S&P Upgrades ICR to 'CCC-', On CreditWatch Negative NICKLAUS COMPANIES: Gets Court OK for $10MM Chapter 11 Loan NORTHEAST OHIO: Receiver Gets Court OK to Operate Health Centers NORTHERN DYNASTY: Reports C$7.9 Million Net Loss in 2025 Q3 NORTHERN LIGHTS: Steven Nosek Named Subchapter V Trustee OAKTREE OCALA: Seeks to Extend Plan Exclusivity to January 12, 2026 OLIN CORP: Moody's Alters Outlook on 'Ba1' CFR to Negative OMNI HOME HEALTH: Seeks Chapter 7 Bankruptcy in California OPEN RANGE: Employs Ritchie Bros. Auctioneers as Auctioneer OPEN TEXT: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable OPUS ESCROW: Section 341(a) Meeting of Creditors on December 17 ORANGE COURIER: Section 341(a) Meeting of Creditors on December 19 ORGANON & CO: Moody's Cuts CFR to 'Ba3', Outlook Negative ORIGINAL MOWBRAY'S: Seeks to Sell Bernadino Property to Highest Bid ORME BROTHERS: Seeks Chapter 7 Bankruptcy in California ORTHOPETS LLC: Seeks Chapter 7 Bankruptcy in Colorado P3 HEALTH: Forms 80%-Owned MSO with Commonwealth ACO PARKERVISION INC: Secures $1MM via Share Sale to Board Member PHIL KEAN DESIGNS: Case Summary & Seven Unsecured Creditors POSH QUARTERS: Gets Extension to Access Cash Collateral RANPAK HOLDINGS: Moody's Affirms 'B3' CFR, Outlook Remains Stable RIDER UNIVERSITY: Moody's Cuts Issuer Rating to Caa2, Outlook Neg. RIGHT CHOICE CAREGIVING: Seeks Chapter 7 Bankruptcy in California ROADRUNNER SCOOTERS: Section 341(a) Meeting of Creditors on Dec. 23 ROYALE ENERGY: Delays Q3 10-Q, Needs More Time on Disclosures RP THE REYNOLDS: Hires Ortiz & Ortiz L.L.P. as Legal Counsel S El CAMINO REAL: Voluntary Chapter 11 Case Summary S EL CAMINO: Seeks Chapter 11 Bankruptcy in California SABRE HOLDINGS: Moody's Alters Outlook on 'B3' CFR to Negative SCENIC CITY: Gets Extension to Access Cash Collateral SDLOMO PARTNERS: Seeks Chapter 11 Bankruptcy in Pennsylvania SECOND STREET: Case Summary & 20 Largest Unsecured Creditors SILVERSTRAND FITNESS: Stephen Darr Named Subchapter V Trustee SONDER HOLDINGS: Sued by Former Employee After Chapter 7 Filing SOUTH COAST EQUIPMENT: Amends Unsecureds & IRS Claims Pay Details SOUTH COAST: Seeks Court Approval to Tap PPL Group as Auctioneer SOUTHERN EXPRESS: Court Extends Cash Collateral Access to Dec. 17 SPEAR SECURITY: Taps Law Offices of Mickler & Mickler as Counsel SPIRIT AIRLINES: Seeks Extra Time for Chapter 11 Plan Filing SPIRIT AVIATION: Seeks to Extend Plan Exclusivity to April 28, 2026 SPLASH BEVERAGE: CFO William Devereux to Resign Effective Nov. 30 SPLASH BEVERAGE: Issues $588,000 Senior Notes Maturing Feb. 2026 ST. CHRISTOPHER’S: To Sell Vehicles & Equipment to Bryan Arredondo STANDARD BUILDING: Moody's Alters Outlook on 'Ba3' CFR to Stable STEWARD HEALTH: Creditors Seek to Recover $1B in Cerberus Dividends STM CONSTRUCTION: Employs Tittle Law Firm PLLC as Counsel STONEBRIAR ABF: Fitch Rates $750MM 8.1% Sr. Unsecured Notes 'BB' STORYBUILT LLC: Receiver Says $2B Valuation Unrealistic STRAVINSKY HOLDINGS: Section 341(a) Meeting of Creditors on Dec. 17 STRUNZ MILK: Hires Richman & Richman LLC as Legal Counsel TEADS HOLDING: Fitch Lowers Issuer Default Rating to CCC+ TEADS HOLDING: S&P Downgrades ICR to 'B-', Outlook Negative TOPGOLF CALLAWAY: Moody's Confirms B1 CFR, Alters Outlook to Stable TRIMONT ENERGY GIB: Gets Extension to Access Cash Collateral TRIMONT ENERGY LIMITED: Gets Extension to Access Cash Collateral TRIMONT ENERGY NOW: Gets Extension to Access Cash Collateral TURNER PAVING: Hires Lewis Brisbois Bisgaard as Legal Counsel TWISTED SKY: Hires Chad Van Horn Law Group as Legal Counsel UNDER ARMOUR: S&P Places 'BB-' ICR on CreditWatch Negative UNITED RENTALS: Moody's Rates New Senior Unsecured Notes 'Ba2' UNIVERSAL DESIGN: To Sell Jacksonville Property to P. Chigurupati VALVES AND CONTROLS: Seeks to Extend Exclusivity to March 24, 2026 VERITAS FARMS: Delays Q3 10-Q, Needs More Time for Auditor Review VIVALDI HOLDINGS: Section 341(a) Meeting of Creditors on Dec. 17 VM CONSOLIDATED: Moody's Affirms 'Ba3' CFR, Outlook Stable VON ROHR: Gets Interim OK to Use Cash Collateral WATER ENERGY: To Sell Ackerly Property to W&W LLC for $50K WCB REALTY: Rita Hullett Named Subchapter V Trustee WEST BRAZOS: Plan Exclusivity Period Extended to February 28, 2026 WHITE ROCK: Case Summary & Six Unsecured Creditors WHITNEY OIL & GAS: Gets Extension to Access Cash Collateral WILD CARGO: Unsecured Creditors to Get 5 Cents on Dollar in Plan WILLIS ENGINE V: Fitch Affirms 'BBsf' Rating on Series C Notes X&Y DEVELOP: Seeks Chapter 7 Bankruptcy in California XWELL INC: Completes Series G Preferred Exchange for $3.4MM Notes ZION OIL & GAS: Extends ZNOGW Warrants by Five Years to Jan. 2031 [^] Recent Small-Dollar & Individual Chapter 11 Filings ********* 1 SANDPIPER LLC: Plan Exclusivity Period Extended to Jan. 12, 2026 ------------------------------------------------------------------ Judge Pamela W. McAfee of the U.S. Bankruptcy Court for the Eastern District of North Carolina extended 1 Sandpiper, LLC's exclusive periods to file a plan of reorganization to January 12, 2026. As shared by Troubled Company Reporter, the Debtor is a Florida limited liability company that has operated for the past nine years as a vacation rental facility in Marathon, Florida. The Debtor seeks to reorganize operations, reduce cash flow requirements and continue with this line of business through a consensual reorganization under Chapter 11. The Debtor explains that Confirmation Hearing has been continued to December 9, 2025, to allow the company and its only antagonistic creditor, Pinnacle Business Funding, LLC, dba Custom Capital USA, to participate in a mediation to hopefully resolve their disputes and arrive at a fully consensual plan of reorganization. The Debtor claims that it has significant support for its plan, and believes that it will be able to confirm the same, but hopes to resolve its disputes with Custom Capital so that the confirmation may be consented to by all participating parties. 1 Sandpiper, LLC is represented by: Danny Bradford, Esq. Bradford Law Offices 455 Swiftside Drive #106 Cary, NC 27518-7198 Tel: (919) 758-8879 Email: Dbradford@bradford-law.com About 1 Sandpiper LLC 1 Sandpiper, LLC owns a vacation rental property located at 1 Sandpiper Lane in Marathon, Fla. The property is valued at $3.65 million. 1 Sandpiper sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-01836) on May 15, 2025. In its petition, the Debtor reported total assets of $3,822,330 and total liabilities of $8,836,717. Judge Pamela W. McAfee handles the case. The Debtor is represented by Danny Bradford, Esq., at Paul D. Bradford, PLLC. 100 MCKNIGHT: Voluntary Chapter 11 Case Summary ----------------------------------------------- Debtor: 100 McKnight Owner LLC 3930 N. Pine Grove, No. 602 Chicago, IL 60613 Business Description: 100 McKnight Owner LLC, based in Chicago, Illinois, engages in real estate activities, including managing and overseeing property assets, with holdings at 120 McKnight Street in Normal, Illinois. The Company operates within the real estate management and property services industry. Chapter 11 Petition Date: November 25, 2025 Court: United States Bankruptcy Court Northern District of Illinois Case No.: 25-18209 Judge: Hon. Jacqueline P Cox Debtor's Counsel: Jeffrey Paulsen, Esq. PAULSEN & HOLTSCHLAG LLC 1245 S Michigan #115 Chicago, IL 60605 Email: jpaulsen@ph-firm.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Nicholas Brinker as member. The Debtor's petition indicates there are no unsecured creditors. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/IC6ANFA/100_McKnight_Owner_LLC__ilnbke-25-18209__0001.0.pdf?mcid=tGE4TAMA 202-204 OCEAN: Seeks to Extend Plan Exclusivity to March 2, 2026 ---------------------------------------------------------------- 202-204 Ocean Ave Holdings LLC asked the U.S. Bankruptcy Court for the Eastern District of New York to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to March 2, 2026 and May 1, 2026, respectively. This is the Debtor's second request for an extension of the exclusivity periods. This second request is not made for the purpose of delay. The Debtor explains that the second requested extension of the exclusivity period is necessary due to the fact, that the Debtor's time to file a plan and disclosure statement is set to expire on December 30, 2025, but the Debtor needs an additional time to negotiate an agreement with DLJ Mortgage Capital, Inc. – Selene Finance LP, to obtain Court approval for the settlement terms and to file a feasible plan of reorganization and disclosure statement, offering treatment to all creditors of the estate. The Debtor claims that it is scheduling a conference call with attorney for Selene Finance LP as Servicer for DLJ Mortgage Capital, Inc. with respect to the adequate protection payments and to initiate the settlement negotiations. The Debtor asserts that an extension of the exclusive periods will give the company a reasonable opportunity to negotiate and obtain confirmation of a consensual plan with its creditors. Further, the Debtor needs the requested extended period in order for all parties to file their respective claims within the deadlines to be established by the Court and for the Debtor to review said claims once filed. 202-204 Ocean Ave Holdings LLC is represented by: Alla Kachan, Esq. Law Offices of Alla Kachan, PC 2799 Coey Island Avenue, Suite 202 Brooklyn, NY 11235 Telephone: (718) 513-3145 About 202-204 Ocean Ave Holdings LLC 202-204 Ocean Ave Holdings LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-42218) on May 8, 2025, listing up to $50,000 in assets and $1,000,001 to $10 million in liabilities. Judge Nancy Hershey Lord presides over the case. Alla Kachan, Esq. at Law Offices Of Alla Kachan P.C. represents the Debtor as counsel. 210 AT VALLEY: Brian Walding Named Subchapter V Trustee ------------------------------------------------------- The U.S. Bankruptcy Administrator for the Northern District of Alabama appointed Brian Walding of Walding, LLC as Subchapter V Trustee for 210 at Valley Creek, LLC. The Subchapter V trustee can be reached at: Brian R. Walding Walding, LLC 2227 1st Avenue South, Suite 100 Birmingham, Alabama 35233 Phone: 205-307-5050 Email: bwalding@waldinglaw.com About 210 at Valley Creek LLC 210 at Valley Creek, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ala. Case No. 25-03516) on November 18, 2025, with $1,000,001 to $10 million in assets and liabilities. Judge Tamara O. Mitchell presides over the case. 393 HOLDINGS: Seeks to Sell Condominiums at Auction --------------------------------------------------- 393 Holdings LLC seeks permission from the U.S. Bankruptcy Court for the Northern District of Florida, Pensacola Division, to sell substantially all Assets, free and clear of liens, claims, interests, and encumbrances. The Debtor is the developer and owner of Pinewood 30‑A, a condominium project located at 179 S. County Highway 393, Santa Rosa Beach, Florida 32459, consisting of approximately 100 condominium units and related amenities. The Debtor's primary secured lender is CPIF MRA, LLC, successor to CPIF Lending, LLC, with a restated balance of approximately $48 million reflected in the Fifth Amended and Restated Note. Jaw 2 Investments, LLC is the Court‑approved DIP lender with a junior lien subordinate to CPIF and other prepetition liens. The Debtor intends to sell the Assets through a competitive auction process under a chapter 11 plan of liquidation to maximize value for the estate and creditors. The Debtor filed its motion seeking approval of marketing and bidding procedures for the sale of substantially all of its Assets. As detailed in the Bid Procedures Motion, bids must include an executed purchase agreement, evidence of financial ability to close, a good‑faith deposit equal to 20% of the purchase price, and comply with overbid increments of at least $100,000. The Court will determine the highest and best offer at the Sale Hearing. The Successful Bidder will pay cash consideration equal to the highest and best bid determined at the auction and approved by the Court, and will assume specified liabilities under the APA, including liabilities under assumed contracts and assigned permits, developer rights obligations, and post‑closing liabilities arising from the sale or lease of Units. The Debtor will deliver customary seller closing documents, including a special warranty deed, bill of sale, assignment of leases and deposits, assignment of purchased contracts and intangibles, assignment of developer rights, and tenant notification letters. Title will be conveyed free and clear of liens and encumbrances, subject only to permitted exceptions. The Debtor will assume and assign to the Successful Bidder certain executory contracts and unexpired leases identified prior to the Sale Hearing. The Debtor will provide contract counterparties with notice of proposed cure amounts. The Debtor will seek approval of Jason Smoker of Counts Real Estate Group as broker. Overbid increments are set at $100,000. The Debtor, through the exercise of its business judgment, has determined that the sale of the Debtor’s Assets to the Successful Bidder is in the best interests of the Debtor, its creditors and its estate. The Debtor, through its professionals, has engaged in extensive efforts to market the Debtor's Assets and has determined that the purchase price offered by the Successful Bidder, is the highest and best offer received, is reasonable, represents fair market value, and the proposed sale is in the best interests of the estate and its creditors. The Debtor requests approval to sell the Assets free and clear of any and all Encumbrances. About 393 Holdings, LLC 393 Holdings, LLC, doing business as Pinewood 30-A, engages in activities related to real estate in Santa Rosa Beach, Florida. The Company manages and oversees operations associated with the Pinewood 30-A condominium property at 179 South County Highway 393. 393 Holdings, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Fla. Case No. 25-31055-JCO). At the time of filing, the Debtor reported estimated assets of between $10 million and $50 million and estimated liabilities of between $10 million and $50 million. Judge Jerry C. Oldshue Jr. oversees the case. Berger Singerman LLP serves as the Debtor's legal counsel. 57-36 MYRTLE: Unsecured Creditors Out of Money in Liquidating Plan ------------------------------------------------------------------ 57-36 Myrtle Ave, LLC filed with the U.S. Bankruptcy Court for the Eastern District of New York a Disclosure Statement describing Plan of Liquidation dated November 21, 2025. The Debtor owns the building located at 57-36 Myrtle Ave., Ridgewood, New York 11385 (the "Property). The Debtor was formed as a New York limited liability Company on December 9, 2016, for the purpose of owning the Property which was leased to an entity that provides events at the leased premises. This tenant has ceased paying rent and currently owes Debtor more than $100,000, while continuing to operate at the Debtor's expense. The Debtor filed for bankruptcy because the Property was being foreclosed upon by TD Bank, N.A. (the "Secured Lender" or "TD Bank"). Debtor marketed the property through various methods using a broker (whose listing expired) and through other sources. The Sale closing date is expected to be no later than December 31, 2025 (the "Closing Date") to Moshe Cohen, or his assigns (the "Purchaser") for $1,050,000, once the Plan is confirmed. A deposit of $100,000 was received upon entering into the sale contract and is being held by counsel to the Debtor with the balance to be paid on the Closing Date. An order for the sale of the Property free and clear of all liens, claims and encumbrances is expected to be entered by the Bankruptcy Court on or about December 3, 2025 (the "Sale Order"). The Sale Order approves the sale of the Property to the Purchaser and the contract of sale entered into by and between the Debtor and the Purchaser which is attached to the sale motion, and is incorporated herein by reference, as well as other matters as approved by the Bankruptcy Court; subject to a Plan being confirmed. The Debtor will not be operating after the sale of the Property; however, it will make final distributions and file final operating reports (or affidavits) and take all necessary action to close the chapter 11 case, expeditiously. Class 3 consists of Unsecured Claims. The following are the Unsecured Claims: City of NY, Dept. of Finance ($26,000); Gas Gas NYC LLC ($10,000); Scott J. Taub ($15,000); and Steven Hilsenrath, Esq. ($35,000). The Allowed Unsecured Claims will not be paid in the Plan in that there are no funds available to pay them once the Secured Claims are paid. The Unsecured Claims are deemed to have voted to reject the Plan. Class 4 consists of the Equity Interest of the limited liability owners of Debtor, as set forth in the Petition. The Equity Interests will not receive a distribution from the Debtor. For the Plan to be confirmed, it must be demonstrated that consummation of the Plan is not likely to be followed by further financial reorganization of the Debtor. Because Debtor is liquidating and will cease business, it is unlikely that another reorganization would be possible or necessary. The Plan is designed as a liquidating plan and therefore the Debtor will not be operating after the Confirmation of the Plan, except to wind down. All of the assets of the Debtor will be distributed as expeditiously as possible, and the Debtor will cease business. A full-text copy of the Disclosure Statement dated November 21, 2025 is available at https://urlcurt.com/u?l=Oq1dgJ from PacerMonitor.com at no charge. Counsel to the Debtor: H. Bruce Bronson, Esq. BRONSON LAW OFFICES, P.C. 480 Mamaroneck Ave. Harrison, NY 10528 Tel: 914-269-2530 Fax: 888-908-6906 Email: hbbronson@bronsonlaw.net About 57-36 Myrtle Ave 57-36 Myrtle Ave, LLC is a lessor of non-residential building. The Debtor owns a property located at 5736 Myrtle Ave, Ridgewood, NY 11385-4940 valued at $1.5 million. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.Y. Case No. 23-40482) on February 13, 2023. In the petition signed by Paul Amato, managing member, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Jil Mazer-Marino oversees the case. H. Bruce Bronson, Esq., at Bronson Law Office, P.C., represents the Debtor as legal counsel. 74 OXFORD STREET: Section 341(a) Meeting of Creditors on Dec. 15 ---------------------------------------------------------------- On November 12, 2025, 74 Oxford Street LLC filed Chapter 11 protection in the District of Massachusetts. According to court filing, the Debtor reports $6,464,475 in debt owed to 1 and 49 creditors. A meeting of creditors under Section 341(a) to be held on December 15, 2025 at 11:00 AM as Telephonic Meeting. About 74 Oxford Street LLC 74 Oxford Street LLC owns a multi-family residential building at 72-74 Oxford Street, Cambridge, MA, valued at $7.75 million. 74 Oxford Street LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-12442) on November 12, 2025. In its petition, the Debtor reports total assets of $7,750,000 and total liabilities of $6,464,475. The Debtor is represented by Peter N. Tamposi, Esq. of THE TAMPOSI LAW GROUP, P.A. 98 EAST: Brian Walding of Walding LLC Named Subchapter V Trustee ---------------------------------------------------------------- The U.S. Bankruptcy Administrator for the Northern District of Alabama appointed Brian Walding of Walding, LLC as Subchapter V Trustee for 98 East, LLC. The Subchapter V trustee can be reached at: Brian R. Walding Walding, LLC 2227 1st Avenue South, Suite 100 Birmingham, Alabama 35233 Phone: 205-307-5050 Email: bwalding@waldinglaw.com About 98 East LLC 98 East LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ala. Case No. 25-03515) on November 18, 2025, listing between $1 million and $10 million in assets and liabilities. Judge Tamara O. Mitchell presides over the case. A&M SMART: Claims to be Paid from Sale Proceeds & Rental Income --------------------------------------------------------------- A&M Smart Investments, LLC filed with the U.S. Bankruptcy Court for the Western District of Louisiana a Subchapter V Plan of Reorganization dated November 20, 2025. The Debtor is in the business of real estate development. Debtor's principal place of business is located at 2410 Windbrooke Ct., Shreveport, LA, and Debtor operates throughout North Louisiana. The Debtor is a limited liability company organized under Louisiana law. Alphonso Williams owns 50% of Debtor, and Mary Jenkins Williams owns 50% of Debtor. Originating pre-petition, Debtor borrowed funds from Progressive National Bank to develop and build a series of townhomes in Shreveport, Louisiana. Debtor faced delays and higher than expected costs throughout this development, as well as claims from subcontractors and suppliers who filed Public Works Act claims against the development. The Debtor could not repay the bank loan when it came due, Progressive Bank filed to foreclose on the development, and Debtor was also sued by the subcontractors and suppliers for payment on their claims. These suits, along with the difficulty repaying other debts and limited liquidity, precipitated the filing of this Chapter 11 case. Class 5 consists of General Unsecured Claims. Pre-petition, Debtor faced different liens and lawsuits from subcontractors and suppliers for their work on the Chasewood Townhome development, however, these claimants failed to file a proof of claim in accordance with the Court's Claims Bar Date Order. As such, whatever claim may have been made against the Debtor are barred, and there are no general unsecured claims to be paid under this Plan. The Plan will be funded primarily from the proceeds of the following: * Sale of Chasewood Townhomes: Debtor will continue to market and sell the subdivision development knows as the Chasewood Townhomes. Debtor expects that the sale of this property will generate enough cash to completely satisfy the Class 1 Creditor, and any surplus funds will be used to fund payments to other classes. * Sale of Other Property: Debtor may also sell the other real properties it owns, including the residential rental homes, and the undeveloped lots of land. The proceeds from the sale of any estate property will first be used to pay whichever creditor has a mortgage or security interest in that piece of property, and surplus funds will be used to fund payments to other classes. * Collection of Rental Income: Debtor is currently collecting rental income from its residential properties, and these funds, in Debtor's continued business operations, will be used to fund payments to all classes. * Additional Contributions: Debtor may, but is not obligated to, solicit additional voluntary contributions from affiliates, insiders, or other parties to assist in payment to all classes and facilitate a consensual confirmation. A full-text copy of the Subchapter V Plan of Reorganization dated November 20, 2025 is available at https://urlcurt.com/u?l=gUudg3 from PacerMonitor.com at no charge. Counsel to the Debtor: Bradley L. Drell, Esq. Conner L. Dillon, Esq. Gold Weems Bruser Sues & Rundell, APLC P.O. Box 6118 Alexandria, LA 71307-6118 Tel: (318) 445-6471 Fax: (318) 445-6476 Email: bdrell@goldweems.com About A&M Smart Investments, LLC A&M Smart Investments LLC is a limited liability company. A&M Smart Investments LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. La. Case No. 25-10791) on July 21, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge John S. Hodge handles the case. The Debtor is represented by Conner L. Dillon, Esq. at GOLD, WEEMS, BRUSER, SUES & RUNDELL, A PLC. ADMIRE CARE: Court Denies Bid to Use Cash Collateral ---------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division, issued an order denying the motion by Admire Care, LLC for authority to use cash collateral. Admire Care had earlier filed a notice of effective date of its Chapter 11 small business Subchapter V plan, which was confirmed by the court on October 30. About Admire Care LLC Admire Care, LLC is a home healthcare services provider based in Clermont, Florida, that offers medical and non-medical care to patients in their homes. Admire Care sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03163) on May 27, 2025. In its petition, the Debtor reported estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Judge Tiffany P. Geyer handles the case. The Debtor is represented by Jeffrey Ainsworth, Esq., at BransonLaw, PLLC. ADVENT TECHNOLOGIES: Swings to $8.6 Million Net Income in 2025 Q3 ----------------------------------------------------------------- Advent Technologies Holdings, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net income of $8.6 million for the three months ended September 30, 2025, compared to a net loss of $18.5 million for the three months ended September 30, 2024. For the nine months ended September 30, 2025, the Company reported a net income of $1.6 million, compared to a net loss of $39.2 million for the same period in 2024. Net revenues for the three months ended September 30, 2025 and 2024, were $62,000 and $128,000, respectively. For the nine months ended September 30, 2025 and 2024, the Company had net revenues of $293,000 and $3.5 million, respectively. As of September 30, 2025, the Company had $6.7 million in total assets, $24.5 million in total liabilities, and $17.8 million in total stockholders' deficit. Advent says the Company's ability to meet its liquidity needs will largely depend on its ability to generate cash in the future. During the nine months ended September 30, 2025, the Company used $0.9 million of cash from operating activities, and the Company's ability to generate cash in the future is subject to general economic, financial, competitive, legislative, regulatory, and other factors that are beyond the Company's control. Furthermore, the Company has suffered recurring operating losses and has a negative net working capital position of $16.0 million as of September 30, 2025. In addition, as of the issuance date of these unaudited condensed consolidated financial statements the Company is overdue in a number of its obligations which could give the right to creditors at any time from the issuance date of these consolidated financial statements to raise legal action against the Company which in turn could potentially lead to liquidation action against the Company and/or its subsidiaries. The transition to profitability and positive cash flow is highly dependent upon the successful development, approval, and commercialization of the Company's products and the achievement of a revenue level adequate to support its cost structure and the Company can give no assurances that this will occur. Based on the Company's current operating plan, the Company believes that its cash and cash equivalents as of September 30, 2025, of $0.4 million is not sufficient to fund operations and capital expenditures for the twelve months following the filing of this Quarterly Report on Form 10-Q, and the Company will need to obtain additional funding in the very near term, otherwise the Company may immediately substantially curtail or terminate its operations. The Company performed a cash flow projection on a monthly basis for the twelve-month period following the issuance of the consolidated financial statements. The projected inflows from revenues and grants will be insufficient to cover the projected outflows, as such, the Company will continue to have a negative net working capital position and a delay in the projected timing of the short term financing and inflows and/or an immediate demand by creditors of repayment of the long outstanding payables may result in the Company being insolvent and short of cash at any specific time over the coming weeks and over the next twelve months. Until such time as the Company generates sufficient revenue to fund its operations (if ever), the Company plans to finance its operations and repay its existing and future liabilities and other obligations through the sale of equity and/or debt securities and, to the extent available, short-term and long-term loans. With regards to the projected revenues and grants, a delay in the projected timing of inflows may result in the Company remaining insolvent and short of cash at any specific time over the next twelve months. Also, there is no guarantee that the Company's plans to reduce monthly expenditures will be successful. If the Company is unable to obtain sufficient funding, it could be required to delay its development efforts, limit activities, and further reduce research and development costs, which could adversely affect its business prospects and delivery of contractual obligations. A cash shortfall at any point in time over the next twelve months could result in the Company failing to meet its overdue and current obligations, which could trigger action against the Company and/or its subsidiaries for liquidation by employees, authorities, or creditors. Because of the uncertainty in securing additional funding, delays in growth of revenue, failure to materialize cost-cutting efforts and the insufficient amount of cash and cash equivalents as of the consolidated financial statement filing date, management has concluded that substantial doubt exists with respect to the Company's ability to continue as a going concern for the next 12 months. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/rk2ahbzt About Advent Technologies Headquartered in Livermore, Calif., Advent Technologies Holdings, Inc. is an advanced materials and technology development company operating in the fuel cell and hydrogen technology space. Advent develops, manufactures and assembles the critical components that determine the performance of hydrogen fuel cells and other energy systems. To date, Advent's principal operations have been to develop and manufacture Membrane Electrode Assembly (MEA), and fuel cell stacks and complete fuel cell systems for a range of customers in the stationary power, portable power, automotive, aviation, energy storage and sensor markets. As of June 30, 2025, the Company had $6.7 million in total assets, against $36.1 million in total liabilities. The Woodlands, Texas-based M&K CPAS, PLLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated June 6, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, citing that the Company has yet to achieve profitable operations, has negative cash flows from operating activities, and is dependent upon future issuances of equity or other financings to fund ongoing operations all of which raises substantial doubt about its ability to continue as a going concern. AFM MATTRESS: Committee Hires Dundon Advisers as Financial Advisor ------------------------------------------------------------------ The Official Committee of Unsecured Creditors of AFM Mattress Company LLC seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Dundon Advisers LLC as its financial advisor. The firm will provide these services: (a) evaluating the Debtor's leases, including assessing economic reasonableness, potential rejection or assumption values, and related implications for unsecured creditors, and assessing the Debtor's profitability by location, sales channel, product, or any other metrics; (b) evaluating any plan filed by the Debtor, including analyzing feasibility and distributions to unsecured creditors; (c) analyzing and valuing potential causes of action, including preference, fraudulent transfer, breach of fiduciary duty, and insurance recovery claims; (d) reviewing the Debtor's assets, including financial statements, business plans, budgets, and other financial information; and (e) performing other necessary services as requested with respect to financial, business, and economic issues. The firm's discounted hourly rates are: - Managing Director: $650 per hour - Director: $550 per hour - Senior Associate: $450 per hour Dundon Advisers also charges for reasonable out-of-pocket expenses, including photocopying, facsimile charges, travel expenses, report reproduction, and delivery service. Dundon Advisers LLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Dundon Advisers LLC 1601 Belvedere Rd., Ste 305S West Palm Beach, FL 33406 Phone: (561) 814-8303 E-mail: info@dundon.com About AFM Mattress Company LLC AFM Mattress Company LLC, doing business as American Mattress, a retail mattress company based in Elk Grove Village, Illinois. AFM Mattress Company sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11288) on July 6, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Maria Aprile Sawczuk, Esq., at Goldstein & Mcclintock, LLLP is the Debtor's legal counsel. Judge Mary F. Walrath oversees the case. Pontiac Bank, as senior secured lender, is represented by: Ronald Gellert, Esq. Gellert Seitz Busenkell & Brown LLC 1201 N. Orange Street, Suite 300 Wilmington, DE 19801 Telephone: (302) 425-5800 Email: rgellert@gsbblaw.com ALL SEASONS WATERPROOFING: Gets Final OK to Use Cash Collateral --------------------------------------------------------------- All Seasons Waterproofing and Drainage, Inc. received final approval from the U.S. Bankruptcy Court for the Western District of Washington to use cash collateral to fund operations. The final order authorized the Debtor to use cash collateral through January 31, 2026 to pay the expenses outlined in its budget. The Debtor may exceed budgeted amounts by up to 15% without further court approval and can carry forward any savings to subsequent weeks. The budget projects total operational expenses of $213,947 for December and $215,997 for January 2026. As adequate protection, the Internal Revenue Service and the U.S. Small Business Administration will be granted replacement liens on the Debtor's post-petition cash, accounts receivable, inventory, and proceeds thereof, maintaining the same extent and priority as their pre-bankruptcy liens. In accordance with the budget, the Debtor must remit to the trust account of Michael DeLeo the sum of $500, beginning this month and continuing on the 20th of each month thereafter until plan confirmation. Payments will be held for payment of administrative fees pending further order of the court. A copy of the final order is available at https://urlcurt.com/u?l=rc8UB8 from PacerMonitor.com. About All Seasons Waterproofing and Drainage Inc. All Seasons Waterproofing and Drainage, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 25-12912) on October 20, 2025, listing between $100,001 and $500,000 in assets and between $500,001 and $1 million in liabilities. Judge Timothy W. Dore oversees the case. The Debtor is represented by: Jennifer L. Neeleman, Esq. Thomas D. Neeleman, Esq. Neeleman Law Group, P.C. 1403 8th Street Marysville, WA 98270 Tel: 425-212-4800 jennifer@neelemanlaw.com courtmail@neelemanlaw.com AMERICAN SIGNATURE: Case Summary & 30 Largest Unsecured Creditors ----------------------------------------------------------------- Nine affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- American Signature, Inc. (Lead Case) 25-12105 4300 East 5th Avenue Columbus, OH 43219-1816 ASI Elston LLC 25-12100 ASI Thomasville LLC 25-12101 American Signature Home Inc. 25-12102 American Signature USA Inc. 25-12103 American Signature Woodbridge LLC 25-12104 ASI - LaPorte LLC 25-12106 ASI POLARIS LLC 25-12107 ASI Pure Promise Insurance LLC 25-12108 Business Description: American Signature, Inc., together with its subsidiaries, operates a residential furniture retail business under the Value City Furniture and American Signature Furniture brands, offering living room, bedroom, dining, mattress, and home-decor products sourced primarily from Vietnam, Malaysia, and domestic vendors. Headquartered in Columbus, Ohio, the Company sells through more than 120 stores across 17 U.S. states and an e-commerce channel, fulfilling orders through distribution facilities totaling over one million square feet. It employs approximately 3,000 people across its retail, distribution, and corporate operations. Chapter 11 Petition Date: November 22, 2025 Court: United States Bankruptcy Court District of Delaware Judge: Hon. J Kate Stickles Debtors' General Bankruptcy Counsel: Laura Davis Jones, Esq. David M. Bertenthal, Esq. PACHULSKI STANG ZIEHL & JONES LLP 919 North Market Street 17th Floor Wilmington, DE 19801 Tel: 302-652-4100 Fax: 302-652-4400 Email: ljones@pszjlaw.com Email: dbertenthal@pszjlaw.com Debtors' Restructuring Advisor: BERKELEY RESEARCH GROUP, LLC Debtors' Investment Banker: SSG CAPITAL ADVISORS, LLC Debtors' Solicitation, Claims and Noticing Agent: KURTZMAN CARSON CONSULTANTS, LLC dba VERITA GLOBAL Estimated Assets: $100 million to $500 million Estimated Liabilities: $500 million to $1 billion The petitions were signed by Rudy Morando as chief restructuring officer. A full-text copy of the Lead Debtor's petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/EELBIPI/American_Signature_Inc__debke-25-12105__0001.0.pdf?mcid=tGE4TAMA Consolidated List of Debtors' 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Man Wah MCO Trade Debt $14,569,745 EDF Comercial I Tak 12 Andar D Rua De Pequim No 126 Macau Email: chris@manwahgroup.com Tel: 86-755-28630880-8011 Fax: 86-755-28631137 2. Targetcast LLC Trade Debt $12,556,980 Assembly One World Trade Center, 67th Fl New York, NY, 10007 Email: ar-asm@assemblyglobal.com Phone: 727-236-7053 3. H317 Logistics LLC Trade Debt $4,975,800 9019 Somerset Bay Suite 402 Vero Beach, FL, 32963 Email: brenda.dlynn@gmail.com Phone: 403-307-1621 4. Riverside Furniture Corp Trade Debt $3,992,020 7501 Jenny Lind Rd Fort Smith, AR, 72908 Email: smora@riverside-furniture.com Phone: 479-785-8232 5. Dickson Furniture International Trade Debt $3,912,148 dba Avalon Furniture LLC 7015 Grand Blvd Houston, TX, 77054 Email: mwells@avalonfurniture.com Phone: 281-501-3477 6. Holland House Trade Debt $3,160,633 9420 East 33rd St Indianapolis, IN, 46235 Email: kevin.vanmeter@hollan dhousefurniture.com Tel: 317-895-4300 Fax: 317-895-4315 7. Najarian Furniture Co Inc Trade Debt $3,004,962 17560 E Rowland St Industry, CA, 91748 Email: gn@najarianfurniture.com Tel: 626-839-8700 Fax: 626-839-8707 8. Magnussen Home Trade Debt $2,965,709 Furnishings Inc Po Box 8527 Moreno Valley, CA, 92552 Email: creditinfo@magnussen.com Tel: 519-662-3040 Fax: 519-662-3733 9. Happy Furniture (Vietnam) Co Ltd Trade Debt $2,306,706 No 5, Huu Nghi Ave Vsip Thing Phong Commune Son Tinh District Quang Ngai Province Email: happyfurniture@ounoya.com Phone: 86-137-5834-7955 10. Everest Technologies Inc Trade Debt $2,135,777 1105 Schrock Road Suite #500 Columbus, OH, 43229 Email: ar@everesttech.com Tel: 614-436-3120-296 Fax: 614-436-3130 11. LFN Limited Trade Debt $2,045,758 3908 Two Exchange Square 8 Connaught Place Central, Hong Kong Email: kimg@lifestyle-us.com Tel: 336-882-7900 Fax: 336-882-4910 12. Sealy Mattress Trade Debt $2,016,175 Manufacturing One Office Parkway Trinity, NC, 27370 Email: sealyar@tempursealy.com Phone: 336-861-3506 13. US Transport Inc dba UST Trade Debt $1,917,111 Logistical Systems 103 N Main Street Suite 300 Greenville, SC, 29601 Email: accountsreceivable@uste3.com Phone: 704-815-4010 14. Mediterranean Shipping Trade Debt $1,655,777 Company Inc 330 East Main St, Suite 1180 Norfolk, VA, 23510 Tel: 757-625-0132 Fax: 757-625-1631 15. Manhattan Associates Inc Trade Debt $1,611,324 2300 Windy Ridge Parkway Suite 1000 Atlanta, GA, 30339 Email: ar@manh.com 16. Tempur-Pedic North America LLC Trade Debt $1,601,364 1000 Tempur Way Lexington, KY, 40511 Email: accts.receivable@tempurpedic.com Phone: 336-861-3506 17. Steve Silver Company Trade Debt $1,586,773 1000 Fm 548 North Forney, TX, 75126 Email: ar@stevesilver.com Tel: 888-400-8113 Fax: 888-774-5837 18. CT Mattress Brother Co Ltd Trade Debt $1,248,015 7/788 Moo6 T Mapyangporn A Pluak Daeng, Rayong 21140 Email: stacey@hailifurniture.com Phone: 86-13515736447 19. Mellow River Inc dba HH2home Trade Debt $1,245,948 26245 W Main Street West Point, MS, 39773 Email: missi@hh2home.com Phone: 502-810-2452 20. Palmetto Home LLC Trade Debt $1,214,786 1008 Hutton Lane, Suite 101 High Point, NC, 27262 Email: kerry@palmettohome.com Phone: 336-822-2780 21. Kuka (HK) Trade Co Limited Trade Debt $1,210,036 Room 06 13A/F South Tower World Finance Center Harbour City 17 Canton Rd TSK KL Hong Kong Email: freya@kukahome.com Tel: 852-2206-0092 Fax: 852-3003-0133 22. Rapid Response Inc Trade Debt $1,202,867 155 Enterprise Dr Wentzville, MO, 63385 Email: ar@rapidresponsestl.com Phone: 636-875-5038 23. Sherwood Southeast LLC Trade Debt $1,194,227 3670 8th Street, Suite 300 Orlando, FL, 32827 Email: cviera@sherwoodbed.com Phone: 251-810-5465 24. Ashley Holdings FL, Inc Trade Debt $1,170,494 One Ashley Way Arcadia, WI, 54612 Email: kdrazkowski@ashleyfurniture.com Tel: 608-323-1859 Fax: 608-323-6169 25. Intercon Inc Trade Debt $1,142,267 635 North Billy Mitchell Road Suite B Salt Lake City, UT, 84116 Email: tvadnais@intercon1.com Tel: 801-364-2504 Fax: 801-289-2722 26. Ideaitalia Contemporary Trade Debt $1,104,998 Furniture Corp 1902 Emmanuel Church Rd Conover, NC, 28613 Accounts Payable Email: ap@ideaitaliausa.com 27. Kyndryl Inc Trade Debt $994,452 One Vanderbilt Avenue 15th Floor New York, NY, 10017 Tel: 52-855-216-2156-6021 28. Vogue Home, LLC Trade Debt $895,480 1020 N Gloster St #147 Tupelo, MS, 38804 Email: lisaw.vhf@gmail.com Tel: 662-841-1929 Fax: 844-901-1980 29. Home Meridian Group LLC Trade Debt $809,945 2485 Penny Road High Point, NC, 27265 Email: bspencer@homemeridian.com Tel: 336-819-7246 Fax: 336-819-7646 30. ZIM Integrated Shipping Trade Debt $802,399 Services Ltd 9 Andrei Sakharov St Maten Haifa, 31016 Israel Email: us.cashier@zim.com Phone: 757 228-1300 AMERICAN SIGNATURE: Gets Judge's Conditional Okay for DIP Plan -------------------------------------------------------------- Emlyn Cameron of Law360 reports that during a Tuesday, November 25, 2025, hearing, a Delaware bankruptcy judge indicated she would approve American Signature Furniture's request for interim post-petition financing. The company argued the funding was essential to support operations and preserve value for creditors as it continues through Chapter 11. The judge issued a mixed response to objections from the U.S. Trustee's Office, which challenged certain aspects of the financing structure. Still, she concluded that the retailer's urgent liquidity needs outweighed those concerns at this stage and permitted temporary access to the funds. About American Signature USA Inc. American Signature USA Inc. specializes in designing, sourcing, and distributing consumer products for a broad range of retail markets. American Signature USA Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-12103) on November 22, 2025. 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 J. Kate Stickles handles the case. The Debtor is represented by Laura Davis Jones, Esq. of Pachulski, Stang, Ziehl & Jones LLP. ANTHOLOGY INC: Available Cash & Sale Proceeds to Fund Plan ---------------------------------------------------------- Anthology Inc. and affiliates field with the U.S. Bankruptcy Court for the Southern District of Texas a Disclosure Statement for the Joint Chapter 11 Plan dated November 21, 2025. Anthology is a leading global end-to-end education technology ("EdTech") software provider. Headquartered in Boca Raton, Florida, Anthology is the result of a consolidation of three companies specializing in distinct areas of education technology. Prior to commencing these chapter 11 cases, and following months of arm's length negotiations between the Debtors and the Ad Hoc Group regarding the potential terms of a proposed value-maximizing transaction, the Debtors, certain consenting lenders, and consenting stakeholders entered into the Restructuring Support Agreement. The Restructuring Support Agreement provides for (i) the continuation of the Prepetition Sale Process to "market check" the Stalking Horse Bids and facilitate consummation of a sale or multiples sales to the highest or otherwise best offer(s) for certain Business Segments, facilitated through the proposed Bidding Procedures and (ii) the terms of the Plan, whereby the Company will emerge from chapter 11 as a leaner enterprise organized around the Teaching & Learning Business Segment. The Restructuring Support Agreement also provides for terms regarding DIP financing, access to cash collateral, and fully committed exit equity financing raised through an equity rights offering and direct investment. The Bidding Procedures contemplate two Sale Transactions, each in accordance with the respective Sale Order: (a) the sale of the Enterprise Operations Assets to Ellucian Company LLC pursuant to a certain purchase agreement (the "Ellucian Stalking Horse Agreement") and (ii) the sale of the Lifecycle Engagement Assets and the Student Success & Other Assets to Encoura LE LLC ("Encoura," and, together with Ellucian, the "Stalking Horse Bidders") pursuant to a certain purchase agreement (the "Encoura Stalking Horse Agreement," and, together with the Ellucian Stalking Horse Agreement, the "Stalking Horse Agreements," and the Bids contained therein, the “"Horse Bids"). The Stalking Horse Bids will be subject to higher or better offers received through the Debtors' postpetition marketing and sale process. The Plan contemplates certain Sale Transactions, which will be consummated by one or more Sale Order(s), pursuant to section 363 of the Bankruptcy Code and in accordance with the Bidding Procedures. On the applicable Closing Date, the Debtors shall consummate the Sale Transactions and, among other things, the Transferred Assets (as defined in the Stalking Horse Agreements, as relevant), as set forth in the applicable Stalking Horse Agreement or other Purchase Agreement, as applicable, shall be transferred to and vest in Ellucian, Encoura, and/or the alternate successful bidder(s) free and clear of all Liens, Claims, charges, interests, or other encumbrances, and the Assumed Liabilities (as defined in the Stalking Horse Agreements, as relevant) will transfer to and vest in such successful bidder(s), pursuant to the terms of the Confirmation Order, Plan, Stalking Horse Agreement(s) or other Purchase Agreement(s), as applicable, and Sale Orders, as applicable. Class 8 consists of General Unsecured Claims. Except to the extent that a Holder of an Allowed General Unsecured Claim agrees to less favorable treatment, on or after the Effective Date, each Holder of an Allowed General Unsecured Claim shall receive its Pro Rata share of Distributable Cash, if any, in accordance with the Waterfall Recovery. In the event that there is no such Distributable Cash available for distribution to the Holders of Allowed General Unsecured Claims pursuant to the Waterfall Recovery, Allowed General Unsecured Claims shall be discharged and released, and each Holder of a General Unsecured Claim shall not receive or retain any distribution, property, or other value on account of such General Unsecured Claim. On the Effective Date, all Existing Equity Interests shall be cancelled, released, extinguished, and discharged, and will be of no further force or effect. The Holder of Existing Equity Interests shall receive no recovery or distribution on account of the Existing Equity Interests. The Reorganized Debtors shall fund distributions under the Plan with (1) the New Money Investments; (2) Net Sale Proceeds from the sale of the Sale Assets; and (3) Cash on hand. The Wind-Down Debtors will fund distributions under the Plan with (a) Cash on hand on the Effective Date and (b) the revenues and proceeds of all assets of the Debtors, including the Net Sale Proceeds and proceeds from all Causes of Action not expressly waived, relinquished, exculpated, released, compromised, or settled in the Plan or a Final Order, or sold pursuant to any Purchase Agreement, in accordance with section 363 or 1123(b) of the Bankruptcy Code. A full-text copy of the Disclosure Statement dated November 21, 2025 is available at https://urlcurt.com/u?l=sqwg8A from Stretto Inc., claims agent. Proposed Co-Counsel to the Debtors: Charles A. Beckham, Jr., Esq. Arsalan Muhammad, Esq. Kourtney Lyda, Esq. Re'Necia Sherald, Esq. HAYNES AND BOONE, LLP 1221 McKinney Street, Suite 4000 Houston Texas 77010 Tel: (713) 547-2000 Fax: (713) 547-2600 Email: charles.beckham@haynesboone.com arsalan.muhammad@haynesboone.com kourtney.lyda@haynesboone.com renecia.sherald@haynesboone.com AND Charles M. Jones II, Esq. 2801 North Harwood Street, Suite 2300 Dallas, TX 75201 Tel: (214) 651-5000 Fax: (214) 651-5940 Email: charlie.jones@haynesboone.com Proposed Co-Counsel to the Debtors: Chad J. Husnick, P.C. Charles B. Sterrett, Esq. KIRKLAND & ELLIS LLP KIRKLAND & ELLIS INTERNATIONAL LLP 333 West Wolf Point Plaza Chicago, Illinois 60654 Tel: (312) 862-2000 Fax: (312) 862-2200 Email: chad.husnick@kirkland.com charles.sterrett@kirkland.com AND Melissa Mertz, Esq. 601 Lexington Avenue New York, New York 10022 Tel: (212) 446-4800 Fax: (212) 446-4900 Email: melissa.mertz@kirkland.com About Anthology Inc. Anthology Inc., headquartered in Boca Raton, Florida, provides education technology software and cloud-based services to higher- education institutions, governments, and businesses in more than 80 countries. Formed through the consolidation of Campus Management Corp., Campus Labs Inc., and iModules Software Inc., the Company offers platforms for teaching and learning, student information and enterprise planning, customer relationship management, and student success, along with tools for admissions, enrollment management, alumni engagement, and institutional effectiveness. It employs about 1,550 people in the United States and reported revenue of about $450 million in fiscal 2025. Anthology sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex.) on September 29, 2025. In the petitions signed by Heath C. Gray as chief restructuring officer, the Debtors disclose an estimated assets (on a consolidated basis) of $1 billion to $10 billion and estimated liabilities (on a consolidated basis) of $1 billion to $10 billion. The other affiliates are Blackboard Campuswide of Texas, Inc., OrgSync, Inc., Admissions US, LLC, Blackboard LLC, Blackboard Holdings, LLC, Blackboard Super Holdco, LLC, Edcentric Holdings, LLC, Astra Acquisition Corp., Astra Intermediate Holding Corp., Campus Management Acquisition Corp., Academic Management Systems, LLC, Edcentric Midco, Inc., Edcentric, Inc., Anthology Inc. of Missouri, Anthology Inc. of NY, ApplyYourself, Inc., AY Software Services, Inc., BB Acquisition Corp., BB Management LLC, Blackboard Collaborate Inc., Blackboard Student Services Inc., Blackboard Tennessee LLC, Higher One Real Estate SP, LLC, MyEdu Corporation, Blackboard International LLC, and Perceptis, LLC. Judge Alfredo R. Perez presides over the case. The Debtors' Local Bankruptcy & Conflicts Counsel is Charles A. Beckham, Jr., Esq., Arsalan Muhammad, Esq., Kourtney Lyda, Esq., and Re'Necia Sherald, Esq., at HAYNES AND BOONE, LLP, in Houston Texas; and Charles M. Jones II, Esq., at HAYNES AND BOONE, LLP, in Dallas, Texas. The Debtors' Bankruptcy Counsel is Chad J. Husnick, P.C., and Charles B. Sterrett, Esq., at KIRKLAND & ELLIS LLP and KIRKLAND & ELLIS INTERNATIONAL LLP, in Chicago, Illinois; and Melissa Mertz, Esq., at KIRKLAND & ELLIS LLP and KIRKLAND & ELLIS INTERNATIONAL LLP, in New York. The Debtors' Investments Banker is PJT PARTNERS LP. The Debtors' Restructuring Advisor is FTI CONSULTING, INC. The Debtors' Claims & Noticing Agent STRETTO INC. ANTHOLOGY INC: Committee Hires Herbert Smith as Legal Counsel ------------------------------------------------------------- The Official Committee of Unsecured Creditors of Anthology Inc. and its affiliates seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Herbert Smith Freehills Kramer (US) LLP to serve as legal counsel. Herbert Smith will provide these services: (a) advising the Committee with respect to its rights, duties and power in these Chapter 11 Cases; (b) assisting and advising the Committee in its consultations with the Debtors in connection with the administration of these Chapter 11 Cases; (c) exercising oversight with respect to the Debtors' affairs, including all issues in connection with the Debtors, the Committee, and/or these Chapter 11 Cases; (d) evaluating and negotiating the proposed debtor-in-possession financing; (e) evaluating and negotiating terms relating to the proposed bidding procedures and asset purchase agreements; (f) evaluating and negotiating modifications to the Debtors' proposed second-day relief, and first-day relief that was entered on a final basis; (g) analyzing the restructuring support agreement and negotiation and formulation of a chapter 11 plan and matters related thereto; (h) evaluating and investigating, among other things, unencumbered assets, liabilities, financial condition of the Debtors, prepetition transactions, and operational issues concerning the Debtors that may be relevant to these Chapter 11 Cases; (i) preparing, on behalf of the Committee, any pleadings, including motions, memoranda, complaints, objections, orders, reports, and responses to any of the foregoing; (j) appearing before this Court, and any other federal, state or appellate court, and participating in litigation as a party-in-interest, and at statutory meetings of creditors on behalf of the Committee; (k) communicating with the Committee's constituents in furtherance of its responsibilities, including, but not limited to, communications required under section 1102 of the Bankruptcy Code; and (l) performing such other legal services as may be required or are otherwise deemed to be in the interests of the Committee in accordance with the Committee's powers and duties as set forth in the Bankruptcy Code, Bankruptcy Rules, or other applicable law. Hourly rates for professionals that may work on this matter are: Partners: $1,550 - $2,200 Counsel: $1,370 - $2,100 Special Counsel: $1,325 - $1,545 Associates: $995 - $1,545 Paraprofessionals: $385 - $715 HSF Kramer is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. Pursuant to paragraph D, section 1 of the Revised U.S. Trustee Guidelines, HSF Kramer responds to the questions set forth therein as follows: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Answer: No. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Answer: No. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If your billing rates and material financial terms have changed post-petition, explain the difference and the reasons for the difference. Answer: HSF Kramer did not represent the Committee before being selected as its counsel on October 14, 2025. HSF Kramer's billing rates have not changed since the Petition Date. The firm can be reached at: Rachael L. Ringer, Esq. HERBERT SMITH FREEHILLS KRAMER (US) LLP 1177 Avenue of the Americas New York, NY 10036 About Anthology Inc. Anthology Inc., headquartered in Boca Raton, Florida, provides education technology software and cloud-based services to higher- education institutions, governments, and businesses in more than 80 countries. Formed through the consolidation of Campus Management Corp., Campus Labs Inc., and iModules Software Inc., the Company offers platforms for teaching and learning, student information and enterprise planning, customer relationship management, and student success, along with tools for admissions, enrollment management, alumni engagement, and institutional effectiveness. It employs about 1,550 people in the United States and reported revenue of about $450 million in fiscal 2025. Anthology sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90498) on September 29, 2025. In the petitions signed by Heath C. Gray as chief restructuring officer, the Debtors disclose an estimated assets (on a consolidated basis) of $1 billion to $10 billion and estimated liabilities (on a consolidated basis) of $1 billion to $10 billion. The other affiliates are Blackboard Campuswide of Texas, Inc., OrgSync, Inc., Admissions US, LLC, Blackboard LLC, Blackboard Holdings, LLC, Blackboard Super Holdco, LLC, Edcentric Holdings, LLC, Astra Acquisition Corp., Astra Intermediate Holding Corp., Campus Management Acquisition Corp., Academic Management Systems, LLC, Edcentric Midco, Inc., Edcentric, Inc., Anthology Inc. of Missouri, Anthology Inc. of NY, ApplyYourself, Inc., AY Software Services, Inc., BB Acquisition Corp., BB Management LLC, Blackboard Collaborate Inc., Blackboard Student Services Inc., Blackboard Tennessee LLC, Higher One Real Estate SP, LLC, MyEdu Corporation, Blackboard International LLC, and Perceptis, LLC. Judge Alfredo R. Perez presides over the case. The Debtors' Local Bankruptcy & Conflicts Counsel is Charles A. Beckham, Jr., Esq., Arsalan Muhammad, Esq., Kourtney Lyda, Esq., and Re'Necia Sherald, Esq., at HAYNES AND BOONE, LLP, in Houston Texas; and Charles M. Jones II, Esq., at HAYNES AND BOONE, LLP, in Dallas, Texas. The Debtors' Bankruptcy Counsel is Chad J. Husnick, P.C., and Charles B. Sterrett, Esq., at KIRKLAND & ELLIS LLP and KIRKLAND & ELLIS INTERNATIONAL LLP, in Chicago, Illinois; and Melissa Mertz, Esq., at KIRKLAND & ELLIS LLP and KIRKLAND & ELLIS INTERNATIONAL LLP, in New York. The Debtors' Investments Banker is PJT PARTNERS LP. The Debtors' Restructuring Advisor is FTI CONSULTING, INC. The Debtors' Claims & Noticing Agent STRETTO INC. ANTHOLOGY INC: Committee Seeks to Tap AlixPartners LLP as Advisor ----------------------------------------------------------------- The Official Committee of Unsecured Creditors of Anthology Inc. and its affiliates seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to hire AlixPartners, LLP to serve as its financial advisor. AlixPartners will provide these services: (a) review and evaluate the Debtors' current financial condition, business plans and cash and financial forecasts, and periodically report to the Committee regarding the same; (b) review the Debtors' cash management, tax sharing and intercompany accounting systems, practices and procedures; (c) evaluate any proposed sale process and related bids, and participate in any meetings with bidders or auction, as required; (d) review and investigate: (i) related party transactions, including those between the Debtors and non-debtor subsidiaries and affiliates (including, but not limited to, shared services expenses and tax allocations) and (ii) selected other prepetition transactions; (e) identify and/or review potential preference payments, fraudulent conveyances and other causes of action that the various Debtors' estates may hold against third parties, including each other; (f) analyze the Debtors' assets and claims and assess potential recoveries to the various creditor constituencies under different scenarios; (g) assist in the development and/or review of the Debtors' restructuring support agreement, plan of reorganization and disclosure statement; (h) review and evaluate court motions filed or to be filed by the Committee, the Debtors, or any other parties-in-interest, as appropriate; (i) render expert testimony and litigation support services, as requested from time to time by the Committee and its counsel, regarding any of the matters to which AlixPartners is providing services; (j) attend Committee meetings and Court hearings as may be required in the role of advisors to the Committee; (k) support eDiscovery obligations including in conjunction with document requests, subpoenas, or other discovery requirements, such as forensic data acquisition and analysis, data processing, monthly secure data hosting, review and analysis, and productions, and any other eDiscovery needs requested by the Debtors; and (l) assist with such other matters as may be requested that fall within AlixPartners' expertise and are mutually agreeable. AlixPartners will be paid at these current standard hourly rates, subject to periodic adjustments: Partner/ Partner & Managing Director $1,225 - $1,540 Senior Vice President/ Director $850 - $1,150 Vice President $650 - $835 Analyst/ Consultant $250 - $640 AlixPartners 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: AlixPartners, LLP 845 Texas Avenue, Suite 3920 Houston, TX 77002 Telephone: (713) 276-4900 About Anthology Inc. Anthology Inc., headquartered in Boca Raton, Florida, provides education technology software and cloud-based services to higher- education institutions, governments, and businesses in more than 80 countries. Formed through the consolidation of Campus Management Corp., Campus Labs Inc., and iModules Software Inc., the Company offers platforms for teaching and learning, student information and enterprise planning, customer relationship management, and student success, along with tools for admissions, enrollment management, alumni engagement, and institutional effectiveness. It employs about 1,550 people in the United States and reported revenue of about $450 million in fiscal 2025. Anthology sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90498) on September 29, 2025. In the petitions signed by Heath C. Gray as chief restructuring officer, the Debtors disclose an estimated assets (on a consolidated basis) of $1 billion to $10 billion and estimated liabilities (on a consolidated basis) of $1 billion to $10 billion. The other affiliates are Blackboard Campuswide of Texas, Inc., OrgSync, Inc., Admissions US, LLC, Blackboard LLC, Blackboard Holdings, LLC, Blackboard Super Holdco, LLC, Edcentric Holdings, LLC, Astra Acquisition Corp., Astra Intermediate Holding Corp., Campus Management Acquisition Corp., Academic Management Systems, LLC, Edcentric Midco, Inc., Edcentric, Inc., Anthology Inc. of Missouri, Anthology Inc. of NY, ApplyYourself, Inc., AY Software Services, Inc., BB Acquisition Corp., BB Management LLC, Blackboard Collaborate Inc., Blackboard Student Services Inc., Blackboard Tennessee LLC, Higher One Real Estate SP, LLC, MyEdu Corporation, Blackboard International LLC, and Perceptis, LLC. Judge Alfredo R. Perez presides over the case. The Debtors' Local Bankruptcy & Conflicts Counsel is Charles A. Beckham, Jr., Esq., Arsalan Muhammad, Esq., Kourtney Lyda, Esq., and Re'Necia Sherald, Esq., at HAYNES AND BOONE, LLP, in Houston Texas; and Charles M. Jones II, Esq., at HAYNES AND BOONE, LLP, in Dallas, Texas. The Debtors' Bankruptcy Counsel is Chad J. Husnick, P.C., and Charles B. Sterrett, Esq., at KIRKLAND & ELLIS LLP and KIRKLAND & ELLIS INTERNATIONAL LLP, in Chicago, Illinois; and Melissa Mertz, Esq., at KIRKLAND & ELLIS LLP and KIRKLAND & ELLIS INTERNATIONAL LLP, in New York. The Debtors' Investments Banker is PJT PARTNERS LP. The Debtors' Restructuring Advisor is FTI CONSULTING, INC. The Debtors' Claims & Noticing Agent STRETTO INC. APPLIED DNA: Rebrands as BNB Plus to Highlight DeFi Treasury Focus ------------------------------------------------------------------ Applied DNA Sciences, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that effective November 13, 2025, the Company changed its name to BNB Plus Corp., pursuant to an amendment to its amended and restated certificate of incorporation adopted by the Company's Board of Directors and filed with the Secretary of State of the State of Delaware. Pursuant to the Delaware General Corporation Law, a stockholder vote was not necessary to effectuate the Name Change and it does not affect the rights of the Company's stockholders. Alongside the rebranding, the Company also announced the appointment of Josh Kruger as Chairman of the Board. Mr. Kruger has deep expertise in managing blockchain-native assets for yield and capital efficiency. He is the founder of OnChain Alpha and previously served as Head of Trading at Coral Capital, which was acquired by DNA Fund in late 2024. As part of the leadership transition, Judy Murrah has voluntarily stepped down as Chairperson of the Board and will continue to serve as a Director. "Josh's appointment signals our commitment to strengthening our DeFi leadership as we enter our next phase of growth," said Clay Shorrock, CEO and President of BNB Plus. "We believe his deep expertise in sophisticated yield-generation strategies will prove instrumental as we expand our BNB holdings and execute our planned accretive yield model." "I'm excited to serve as Chairman during this transformative chapter for the Company," said Josh Kruger, Chairman of the Board. "BNB Plus is building a bold financial architecture rooted in Binance-native tools, and I look forward to working with the team to drive disciplined execution and unlock new forms of shareholder value." Following its recent ticker change to BNBX, the Company initiated a formal rebranding process to BNB Plus, including the development of its soon-to-be launched website BNB.plus and additional investor materials. Further updates will be shared as the transition progresses. A full text of the certificate of amendment is available at https://tinyurl.com/y694vns6 About BNB Plus Corp. BNB Plus is unlocking institutional-grade access to the Binance ecosystem, delivering non-directional yield strategies and long BNB exposure, powering the future of blockchain through a transparent, actively managed BNB treasury. The Company's differentiated strategy blends sophisticated DeFi yield generation with Binance-native opportunities, unlocking access to high-performance digital assets for investors traditionally excluded from the space. Formally Applied DNA Sciences, Inc., BNB Plus continues to commercialize proprietary nucleic acid production solutions for the biopharmaceutical and diagnostics markets. About Applied DNA Sciences Applied DNA Sciences -- https://adnas.com/ -- is a biotechnology company developing technologies to produce and detect deoxyribonucleic acid ("DNA"). Using the polymerase chain reaction ("PCR") to enable both the production and detection of DNA, the Company currently operates in three primary business markets: (i) the enzymatic manufacture of synthetic DNA for use in the production of nucleic acid-based therapeutics and the development and sale of a proprietary RNA polymerase ("RNAP") for use in the production of mRNA therapeutics; (ii) the detection of DNA and RNA in molecular diagnostics and genetic testing services; and (iii) the manufacture and detection of DNA for industrial supply chain security services. Melville, NY-based Marcum LLP, the Company's auditor since 2014, issued a "going concern" qualification in its report dated Dec. 17, 2024, citing that the Company has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of June 30, 2025, Applied DNA Sciences had $9.93 million in total assets, $2.95 million in total liabilities, and $6.99 million in total equity. ARCHDIOCESE OF NEW ORLEANS: Reaches Deal with Bondholders --------------------------------------------------------- Rick Archer of Law360 reports that the Roman Catholic Archdiocese of New Orleans informed a Louisiana bankruptcy judge that it has resolved a key dispute standing in the way of confirmation of its Chapter 11 plan. The Archdiocese said it reached a settlement with the bondholders who had lodged significant objections during the restructuring process. According to the filing, the deal removes one of the largest remaining obstacles to moving its plan forward. With the bondholder challenge now addressed, the Archdiocese is positioned to continue pursuing approval of its proposed reorganization framework. About Roman Catholic Church of The Archdiocese Of New Orleans The Roman Catholic Church of the Archdiocese of New Orleans -- https://www.nolacatholic.org/ -- is a non-profit religious corporation incorporated under the laws of the State of Louisiana. Created as a diocese in 1793, and established as an archdiocese in 1850, the Archdiocese of New Orleans has educated hundreds of thousands in its schools, provided religious services to its churches and provided charitable assistance to individuals in need, including those affected by hurricanes, floods, natural disasters, war, civil unrest, plagues, epidemics, and illness. Currently, the archdiocese's geographic footprint occupies over 4,200 square miles in southeast Louisiana and includes eight civil parishes: Jefferson, Orleans, Plaquemines, St. Bernard, St. Charles, St. John the Baptist, St. Tammany, and Washington. The Roman Catholic Church for the Archdiocese of New Orleans sought Chapter 11 protection (Bankr. E.D. La. Case No. 20-10846) on May 1, 2020. The archdiocese was estimated to have $100 million to $500 million in assets and liabilities as of the bankruptcy filing. Judge Meredith S. Grabill oversees the case. Jones Walker, LLP and Blank Rome, LLP, serve as the archdiocese's bankruptcy counsel and special counsel, respectively. Donlin, Recano & Company, Inc., is the claims agent. The U.S. Trustee for Region 5 appointed an official committee of unsecured creditors on May 20, 2020. The committee is represented by the law firms of Pachulski Stang Ziehl & Jones, LLP and Locke Lord, LLP. Berkeley Research Group, LLC is the committee's financial advisor. ARKEN HEALTHCARE: Seeks Chapter 7 Bankruptcy in California ---------------------------------------------------------- On November 25, 2025, Arken Healthcare Services Inc. filed for Chapter 7 bankruptcy protection in the Central District of California. Court documents indicate the Debtor reports between $100,001 and $1,000,000 in obligations to 1-49 creditors. About Arken Healthcare Services Inc. Arken Healthcare is a California-based healthcare provider offering home health and hospice solutions. Its services include skilled nursing, physical and occupational therapy, and palliative care, designed to improve patients’ quality of life while allowing them to remain in their homes. Arken Healthcare Services Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-18510) on November 25, 2025. The filing shows estimated assets of $100,001-$1,000,000 and estimated liabilities in the same range. The case is presided over by Honorable Bankruptcy Judge Magdalena Reyes Bordeaux. The Debtor is represented by Anthony A. Friedman, Esq. of Levene, Neale, Bender, Yoo & Golubchik L.L.P. ARTICHOKE MUSIC: Seeks Chapter 7 Bankruptcy in California --------------------------------------------------------- On November 24, 2025, Artichoke Music Services Inc. filed Chapter 7 protection in the Central District of California. According to court filing, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1-49 creditors. About Artichoke Music Services Inc. Artichoke Music Services Inc. provides music production and audio support services to artists, bands, and venues. The company focuses on sound engineering, studio management, and equipment rental to deliver high-quality musical experiences. Artichoke Music Services Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-11582) on November 24, 2025. In its petition, the Debtor reports estimated assets of $0-$100,000 and estimated liabilities of $100,001-$1,000,000. Honorable Bankruptcy Judge Ronald A. Clifford III handles the case. The Debtor is represented by Martha A. Warriner. ARTIFICIAL INTELLIGENCE: Expects Positive Cash Flow by May 2026 --------------------------------------------------------------- Artificial Intelligence Technology Solutions, Inc. shared its expectations to achieve positive operational cash flow in April or May 2026. The Company noted that continuing recurring revenue growth at fiscal Q3 rates, confidence in the positive effects of RAD-G's SARA(TM) revenue streams being turned on and making financial contributions combined with continued disciplined expense control make this updated forecast reasonable and achievable. The Company noted that this target reflects years of disciplined execution, ongoing growth in monthly recurring revenue and a maturing product portfolio that continues to win adoption across key sectors. AITX also emphasized the durability of its trajectory, underscoring its ability to advance through market cycles while building toward debt reduction, a stronger balance sheet and the long-term objective of a Nasdaq uplist. "Reaching positive operational cash flow this spring will mark a significant milestone for AITX, as it does for any company," said Steve Reinharz, CEO/CTO and founder of AITX. "It reflects the quality of our team, the appeal of our value proposition and the growing client recognition of every RAD." AITX acknowledged that few technology companies reach this stage, especially after a decade of product innovation, market shifts and the pressure that comes with building a recurring revenue model from the ground up. The Company highlighted its expanding base of long-term clients, consistent growth in software adoption and a clear path toward a stronger balance sheet as signals that its trajectory continues to strengthen. Industry observers note that long term survival in the technology sector is uncommon, with many startups unable to progress beyond their first several years of operations. AITX emphasized that reaching its tenth year while approaching positive operational cash flow places the Company in a select group of technology firms that advance beyond early-stage volatility and move toward sustained performance. The Company added that only a small fraction of technology startups evolve into significant valuation stories, reinforcing the importance of the milestones now ahead. "I am proud of what this team has achieved and even more excited for what comes next," Reinharz added. "We are moving toward positive operational cash flow, we see a clear route to reducing debt, and we are building a foundation that supports larger ambitions including a future uplist and the scale that follows. Our best work is still ahead, and I believe the rewards will reflect the effort." The Company reiterated that its long-term objectives remain unchanged, including a targeted reduction of substantially all debt within the next twelve to eighteen months. AITX noted that this progress would support its pursuit of a future Nasdaq uplist and the longer-range ambition of building a company capable of reaching significantly higher valuations. The Company stated that these goals reflect its confidence in the direction of the business and the expanding market for its solutions. About Artificial Intelligence Technology Headquartered in Ferndale, Mich., Artificial Intelligence Technology Solutions Inc. provides artificial intelligence-based solutions that empower organizations to gain new insight, solve complex challenges, and fuel new business ideas. Through its next-generation robotic product offerings, AITX's RAD, RAD-R, RAD-M, and RAD-G companies help organizations streamline operations, increase ROI, and strengthen business. AITX technology improves the simplicity and economics of patrolling and guard services, allowing experienced personnel to focus on more strategic tasks. Customers augment the capabilities of existing staff and gain higher levels of situational awareness, all at drastically reduced costs. AITX solutions are well-suited for use in multiple industries such as enterprises, government, transportation, critical infrastructure, education, and healthcare. As of August 31, 2025, the Company had $9.53 million in total assets, $56.41 million in total liabilities, and a total stockholders' deficit of $47 million. Deer Park, Ill.-based L J Soldinger Associates, LLC, the Company's auditor since 2019, issued a "going concern" qualification in its report dated May 29, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended February 28, 2025, citing that the Company had negative cash flow from operating activities of approximately $12.2 million, an accumulated deficit of approximately $156.5 million and negative working capital of approximately $2.5 million as of and for the year ended February 28, 2025, which raises substantial doubt about its ability to continue as a going concern. AXALTA COATING: Moody's Puts 'Ba2' CFR Under Review for Upgrade --------------------------------------------------------------- Moody's Ratings placed the ratings of Axalta Coating Systems Ltd. (Axalta), Axalta Coating System, LLC and Axalta Coating Systems Dutch Holding B B.V under review for upgrade following the announcement that Axalta has entered into an agreement to undertake an all-stock merger of equals with Akzo Nobel N.V. (Akzo; Baa3 stable). The ratings placed under review for upgrade include the Ba2 long-term corporate family rating and the Ba2-PD probability of default rating of Axalta Coating Systems Ltd.; the Ba3 senior unsecured notes issued by Axalta Coating Systems, LLC and Ba1 senior secured revolving credit facilities and Ba3 backed senior unsecured notes issued at Axalta Coating Systems Dutch Holding B B.V.; and the Ba1 senior secured term loan of Axalta's wholly owned subsidiaries -- Axalta Coating Systems Dutch Holding B B.V., co-borrower Axalta Coating Systems US Holdings, Inc. Axalta's Speculative Grade Liquidity Rating (SGL) remains unchanged at SGL-1. Previously, the outlooks were stable. ESG considerations are a key driver for this rating action. Governance risks will be improved, supported by the combined company's size, finanical flexibility and stated credit metric target. "The merger will create a global coatings company with $17 billion in revenues and management has confirmed its intent to maintain an investment grade rating," said John Rogers, Senior Vice President at Moody's and lead analyst for Axalta. RATINGS RATIONALE / FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The review will focus on the pro forma credit metrics of the combined entity, as well as an analysis of the debt in the proposed capital structure. Axalta's senior unsecured notes could remain outstanding subsequent to the merger. Hence, Moody's will need to understand the potential for structural subordination at the merged company, as well as the potential for any intracompany guarantees that could reduce or eliminate any subordination. On Tuesday, November 18, 2025, Akzo and Axalta jointly announced their agreement to undertake an all-stock merger with Akzo's shareholders obtaining roughly 55% of the merged company's equity and Axalta's shareholder getting approximately 45%. The combined company will have roughly $17 billion in annual sales, over $3 billion of pro forma EBITDA, after including roughly $600 million in synergies, and roughly $9.4 billion of debt. Akzo will dividend out about EUR2.5 billion to its shareholders prior to completion of the transaction in a combination of ordinary dividends to be paid in 2026 and an extraordinary dividend. The companies expect to close the transaction in late 2026 or early 2027. The closing of the transaction is subject to the approval of shareholders of both companies and regulatory approvals. LIQUIDITY The SGL-1 Speculative Grade Liquidity Rating is supported by a substantial cash balance (over $600 million at September 30, 2025) and roughly $780 million of availability under its revolving credit facility due 2029. The credit agreement governing the revolver includes a maximum first lien leverage ratio test set at 5.5x that is only tested if revolver borrowings exceed 30% of capacity at the end of the fiscal quarter. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Chemicals published in October 2023. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. PROFILE Axalta Coating Systems Ltd. is one of the world's leading coatings companies. The company operates two business segments: (i) Performance Coatings, which accounts for about 64% of sales; and (ii) Mobility Coatings, which accounts for about 36% of sales. Headquartered in Philadelphia, Pa., Axalta generates over $5 billion of revenues. AZ GROVES: Voluntary Chapter 11 Case Summary -------------------------------------------- Debtor: AZ Groves LLC 15138 W Melvin Street Goodyear, AZ 85338 Chapter 11 Petition Date: November 25, 2025 Court: United States Bankruptcy Court District of Arizona Case No.: 25-11363 Judge: Hon. Madeleine C Wanslee Debtor's Counsel: Ronald J. Ellett, Esq. ELLETT LAW OFFICES, P.C. 2999 North 44th Street Suite 330 Phoenix, AZ 85008 Tel: 602-235-9510 E-mail: rjellett@ellettlaw.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Carter Groves as member. The Debtor failed to attach a list of its 20 largest unsecured creditors to the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/H6PCLIQ/AZ_Groves_LLC__azbke-25-11363__0001.0.pdf?mcid=tGE4TAMA B. RILEY FINANCIAL: Secures Conditional Nasdaq Listing Extension ---------------------------------------------------------------- B. Riley Financial, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on November 18, 2025, it received a written notification from the Nasdaq Hearings Panel notifying the Company of its decision to grant the Company's request to continue its listing on The Nasdaq Stock Market, subject to the Company's meeting certain conditions outlined in the letter. The Company participated in a hearing with the Panel on November 4, 2025 in connection with the Company's non-compliance with Nasdaq Listing Rule 5250(c)(1), as previously notified by the Nasdaq Listing Qualifications Staff on April 3, 2025, May 21, 2025 and August 20, 2025. The basis for the Staff Determination Letter was that the Company had not yet filed its Quarterly Reports on Form 10-Q for the periods ended March 31, 2025 and June 30, 2025 with the Securities and Exchange Commission (the "SEC"). In the Decision Letter, the Hearings Advisor noted that the Panel reviewed the information presented by the Company, detailing the compliance plan proposed by the Company, as well as all other correspondence previously submitted by the Company and the Staff. Panel Decision: Based on the information presented, the Panel determined to grant the Company an exception to cure its filing delinquencies. In the Decision Letter, the Panel noted the challenges the Company has faced in its financial reporting function and that the Company has retained appropriate external consultants, service providers and a new CFO in an effort to cure the current delinquency and aid in financial reporting moving forward. The Panel granted the Company's request for continued listing on Nasdaq, subject to the following terms: 1. On or before November 21, 2025, the Company shall file the Form 10-Q for the period ended March 31, 2025; 2. On or before December 23, 2025, the Company shall file the Form 10-Q for the period ended June 30, 2025; and 3. On or before January 20, 2026, the Company shall file the Form 10-Q for the period ended September 30, 2025. The Company filed its Quarterly Report on Form 10-Q for the period ended March 31, 2025 with the SEC on November 18, 2025. The Company anticipates filing its Quarterly Reports on Form 10-Q for the periods ended June 30, 2025 and September 30, 2025 by the deadlines set forth in the Decision Letter. The Decision Letter also noted that, should the Company miss any such deadline, the Panel will delist the Company's securities from the Exchange. The Panel also made it a requirement during the exception period that the Company provide prompt notification of any significant events that occur during this time that may affect the Company's compliance with Nasdaq requirements. The Company has the right to request that the Nasdaq Listing and Hearing Review Council review the Decision Letter within 15 days from the date of the decision. The Company does not anticipate making such a request at this time. In addition, the Decision Letter advised that the Listing Council may, on its own motion, determine to review any Panel decision within 45 calendar days after issuance of the written decision. If the Listing Council determines to review this Decision Letter, it may affirm, modify, reverse, dismiss or remand the decision to the Panel. About B. Riley Financial B. Riley Financial, Inc. -- http://www.brileyfin.com/-- is a diversified financial services company that delivers tailored solutions to meet the strategic, operational, and capital needs of its clients and partners. B. Riley leverages cross-platform expertise to provide clients with full service, collaborative solutions at every stage of the business life cycle. Through its affiliated subsidiaries, B. Riley provides end-to-end financial services across investment banking, institutional brokerage, private wealth and investment management, financial consulting, corporate restructuring, operations management, risk and Compliance, due diligence, forensic accounting, litigation support, appraisal and valuation, auction, and liquidation services. B. Riley opportunistically invests to benefit its shareholders, and certain affiliates originate and underwrite senior secured loans for asset-rich companies. As of March 31, 2025, B. Riley Financial had $1.5 billion in total assets, $2 billion in total liabilities, and $454 million in total deficit. BAILEYS' OLIVE: Case Summary & Five Unsecured Creditors ------------------------------------------------------- Debtor: Baileys' Olive West, Inc. d/b/a Hugo's Pizzeria 3135 Lafayette Ave Saint Louis, MO 63104 Business Description: Baileys' Olive West, Inc., doing business as Hugo's Pizzeria, operates as a Single Asset Real Estate company with its primary asset located at 3131–3137 Olive Street, St. Louis, Missouri 63103. The Company historically conducted restaurant operations under the Hugo's Pizzeria brand, offering Italian-style cuisine with a focus on pizza, shareable plates, and a bar program. Chapter 11 Petition Date: November 24, 2025 Court: United States Bankruptcy Court Eastern District of Missouri Case No.: 25-44579 Debtor's Counsel: Spencer Desai, Esq. THE DESAI LAW FIRM 13321 North Outer Forty Road Suite 300 Chesterfield, MO 63017 Tel: 314-666-9781 E-mail: spd@desailawfirmllc.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $500,000 to $1 million The petition was signed by David L. Bailey as president. A copy of the Debtor's list of five unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/BNYM5HI/Baileys_Olive_West_Inc__moebke-25-44579__0002.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/BBN3ASQ/Baileys_Olive_West_Inc__moebke-25-44579__0001.0.pdf?mcid=tGE4TAMA BEAN BROTHERS HARDWARE: Gets Extension to Access Cash Collateral ---------------------------------------------------------------- Bean Brothers Hardware & Supply, LLC received another extension from the U.S. Bankruptcy Court for the Western District of North Carolina to use cash collateral. The court authorized the Debtor to use cash collateral until the next hearing on December 19 to pay operating expenses consistent with its updated budget. The Debtor is considered in budget compliance so long as no line item is exceeded by more than 10% on a cumulative basis. The budget projects total operational expenses of $203,109.42 for December. As adequate protection, creditors that may have interests in the cash collateral will be granted replacement liens on post-petition property and its proceeds, with the same priority and extent as their pre-bankruptcy interests. The order is expressly without prejudice to the rights of the Debtor or any party in interest to later challenge the validity, priority, or extent of creditor liens, or for creditors to assert defenses and adequate protection claims in any future proceedings. The Debtor has identified several creditors with UCC financing statements filed in North Carolina but has not yet fully reviewed the related loan documents. The creditors are 1 DC Funding, CT Corporation System, Corporation Service Company, The Fidelity Bank, First Corporate Solutions, Huckleberry Capital, Huntington Distribution Finance Inc., Navitas Credit Corp., VState, and Wells Fargo Commercial Distribution Finance, LLC. The court order is available at https://is.gd/1W5Rd1 from PacerMonitor.com. About Bean Brothers Hardware & Supply, LLC Bean Brothers Hardware & Supply, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D.N.C. Case No. 25-40202) on September 5, 2025, listing $500,001 to $1 million in both assets and liabilities. Judge Ashley Austin Edwards presides over the case. John C. Woodman, Esq., at Essex Richards, P.A. represents the Debtor as legal counsel. BELLAVIVA AT WHISPERING: Hires Lippes Mathias LLP as Legal Counsel ------------------------------------------------------------------ Bellaviva at Whispering Hills, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to hire Lippes Mathias LLP to serve as legal counsel. Lippes Mathias will provide these services: (a) give the Debtor and Debtor-in-Possession legal advice with respect to its powers and duties in these proceedings; (b) prepare on behalf of the Debtor and Debtor-in-Possession the necessary applications, answers, orders, reports and other legal papers; (c) perform all other legal services for the Debtor and Debtor-in-Possession which may be necessary herein; (d) represent the Debtor in any proceedings and hearings in the Bankruptcy Court; (e) negotiate with creditors, including the secured lender; (f) examine liens against property of the estate; (g) negotiate with regulatory authorities, if necessary; (h) take all necessary action to protect and preserve the Debtor's estate, including prosecution or defense of actions on the Debtor's behalf; (i) assist and advise concerning confirmation of any proposed plan(s) and solicitation of acceptances or responding to rejections of such plan(s); (j) assume or reject executory contracts and leases, manage sales of assets, and other bankruptcy-related matters arising from this Chapter 11 Case; (k) advise the Debtor regarding all legal matters arising during the Chapter 11 Case, including corporate and real estate matters; and (l) provide all other pertinent and required representation in connection with the provisions of the Bankruptcy Code. Lippes Mathias LLP shall receive hourly rates of $525 for partners and counsel, $245–$290 for paralegals, and other standard hourly rates as applicable. Lippes Mathias 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: John A. Mueller, Esq. LIPPES MATHIAS LLP 50 Fountain Plaza, Suite 1700 Buffalo, NY 14202 Telephone: (716) 853-5100 E-mail: jmueller@lippes.com About Bellaviva at Whispering Hills LLC Bellaviva at Whispering Hills LLC, based in Orlando, Florida, develops and manages residential real estate, focusing on the Whispering Hills subdivision in Lake County. The Company is a single-asset real estate entity whose activities are concentrated on designing, building, and promoting residential properties in this development. Bellaviva at Whispering Hills LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-06655) on October 16, 2025. In its petition, the Debtor reports estimated assets between $50 million and $100 million and estimated liabilities between $10 million and $50 million. The Debtor is represented by Stewart J. Subjinski, Esq. of LIPPES ATHIAS, LLP. BETANXT INC: $185MM Term Loan Add-on No Impact on Moody's 'B3' CFR ------------------------------------------------------------------ Moody's Ratings said that the credit ratings and negative outlook of BetaNXT, Inc. (BetaNXT), including its B3 Corporate Family Rating, are unaffected by the company's launch of a $185 million fungible incremental add-on to its backed senior secured first lien term loan (rated B3). Proceeds will be used, along with an equity infusion from the parent company, to pay off outstanding debt at the parent company used to acquire investment fund software solutions provider Delta Data, to pay off the $40 million backed senior secured first lien revolving credit facility balance at BetaNXT, to add about $40 million to the balance sheet (mainly to eventually cover the LSEG liability), and to cover deal fees and expenses. As part of the transaction, the company will add to BetaNXT's credit group Delta Data and Mediant, a provider of digital investor communications software and services that was acquired by the company's parent in 2023. The transaction is largely credit neutral, since it's leveraging on the one hand at elevated interest rate spreads of about 575 basis points, but has the positive aspect of improving the liquidity position and adding cash directly to BetaNXT's balance sheet to eventually cover the estimated $35 million deferred consideration liability due to the London Stock Exchange Group (LSEG), BetaNXT's previous owner, in September 2026. The negative outlook reflects the likelihood that the company will continue to rely on the revolver to fund substantial capital investments and working capital needs, along with debt servicing costs, with a revolver that matures in July 2027. That said, the outlook could stabilize if solid growth and reduction of capital needs lead to a sustained free cash flow positive track record, along with the extension of the revolver's maturity. The B3 CFR reflects high financial leverage, expected to end 2025 at about 5.8x on a pro forma basis (albeit above 10x when considering capex and working capital usage), negative free cash flow given elevated capital investments and capitalized vendor payments, and customer concentration with the top 5 clients accounting for about 63% of pro forma revenue in 2024, and one client for about 25%, both lower than before the proposed combination of Mediant and Delta Data into BetaNXT. Consolidation among BetaNXT's wealth management customers could lead to customer churn, and contract renegotiations could lead to pricing pressures. At the same time, BetaNXT extended its contract with its largest client for seven years in 2023 and renewed almost all remaining material clients in 2024 for at least four years, with about 62% of pro forma revenue now being subscription-based, and about 30% volume-based re-occurring sales. The company's operating performance has also improved, and Moody's expects revenue and EBITDA growth in 2025, as well as further benefits from upsell and cross-sell revenue related to Mediant, Delta Data, and tax solution Maxit. Also, the company's integrated wealth management platform for self-clearing wealth management firms is deeply ingrained in its customer's operations, making it a sticky product. Pro forma liquidity is adequate and includes $61 million of cash at September 30, 2025 (pro forma for the transaction), and an undrawn $100 million revolver. The liquidity position is expected to decline moderately in the near term with ongoing investments and debt-servicing costs. The revolving credit facility and term loan contain a first lien net leverage financial covenant set at a maximum of 7.75x, and Moody's expects the company to maintain adequate cushion under that test over the next year. The ratings could be upgraded with consistent free cash flow generation, such that free cash flow to debt is sustained in the mid-single-digit range, with ongoing revenue and EBITDA growth, and debt-to-EBITDA maintained below 6x. The ratings could be downgraded with revenue or EBITDA declines, debt-to-EBITDA sustained above 7x, and/or sustained negative free cash flow and a weakening of the liquidity profile. Headquartered in New York City, BetaNXT, Inc. is a leading provider of self-clearing and related solutions to the US wealth management industry. BetaNXT was carved out from London Stock Exchange Group plc by sponsors Clearlake and Motive in July 2022, with pro forma LTM revenues of approximately $396 million. The company's customer base consists of leading wirehouse and independent wealth management brokerage firms. Customer relationships are governed by long-term contracts, with volume-based tiered pricing that includes applicable minimums. BH DOWNTOWN: Hires Berkowitz Pollack Brant Advisors as Consultants ------------------------------------------------------------------ BH Downtown Miami, LLC and 340 Biscayne Owner LLC seek approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire Berkowitz Pollack Brant Advisors + CPAs to serve as their financial consultant. BPB will provide these services: (a) assist the Debtors in supporting the claims raised in the Adversary Proceeding; (b) provide advice, reports, testimony if needed, and any other assistance requested by the Debtors; (c) provide financial forensics, commercial litigation services, internal investigations, and financial analysis of disputes; and (d) render professional services to trustees, debtors, creditors, creditors’ committees, and others in numerous bankruptcy matters. BPB will seek compensation at its standard hourly rates, which range from $195 to $605 per hour for professionals and $100 to $180 per hour for paraprofessionals. Joel D. Glick, the professional primarily responsible for Debtors' work, charges $565 per hour. According to court filings, BPB is a "disinterested person," having no adverse interests to the Debtors, estates, creditors, or the U.S. Trustee. The firm can be reached at: Berkowitz Pollack Brant Advisors + CPAs 200 S Biscayne Blvd, 7th and 8th Floors Miami, FL 33131 About BH Downtown Miami BH Downtown Miami, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 24-23028) on Dec. 13, 2024. In its petition, the Debtor reported estimated assets between $100 million and $500 million and estimated liabilities between $50 million and $100 million. Judge Laurel M. Isicoff oversees the case. The Debtor tapped Pardo Jackson Gainsburg & Shelowitz, PL as counsel and Gould & Pakter Associates, LLC as financial expert. BIOLARGO INC: Officers Convert $99,901 Salary to Locked Shares -------------------------------------------------------------- BioLargo Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on November 14, 2025, two officers of the Company agreed to convert an aggregate $99,901 of unpaid salary and unreimbursed business expenses into shares of common stock at a price-per-share equal to the closing price of BioLargo's common stock on November 14, 2025 of $0.16. An aggregate 624,383 shares were issued to the two officers. The shares issued are subject to a Lock-Up Agreement dated as of the issuance date whereby the shares are locked-up and restricted from sale until BioLargo reports gross revenue of at least $40 million on a consolidated basis for any reported period (e.g, quarter or annual), or its market capitalization exceeds $300 million, or it undergoes a "change in control". About BioLargo Inc. Headquartered in Westminster, Calif., BioLargo, Inc. -- www.BioLargo.com -- is a cleantech and life sciences innovator and engineering services solution provider. The Company's core products address PFAS contamination, achieve advanced water and wastewater treatment, control odor and VOCs, improve air quality, enable energy-efficiency and safe on-site energy storage, and control infections and infectious disease. Its approach is to invent or acquire novel technologies, develop them into product offerings, and extend their commercial reach through licensing and channel partnerships to maximize their impact. In its report dated March 31, 2025, the Company's auditor Hacker, Johnson & Smith PA, issued a "going concern" qualification citing that the Company has suffered recurring losses from operations, has negative cash flow from operations and has a significant accumulated deficit. These matters raise substantial doubt about the Company's ability to continue as a going concern. As of June 30, 2025, the Company had $12.5 million in total assets, $6.4 million in total liabilities, and a total stockholders' equity of $6.1 million. BK & MK LLC: Case Summary & 12 Unsecured Creditors -------------------------------------------------- Debtor: BK & MK LLC 229 Burke Court Schaumburg, IL 60193 Case No.: 25-18130 Business Description: BK & MK LLC operates a trucking and freight transportation business with a fleet of Class 8 Freightliner tractors and Wabash trailers used for long-haul cargo hauling. Chapter 11 Petition Date: November 24, 2025 Court: United States Bankruptcy Court Northern District of Illinois Judge: Hon. Deborah L Thorne Debtor's Counsel: David Freydin, Esq. LAW OFFICES OF DAVID FREYDIN 8707 Skokie Blvd Suite 305 Skokie, IL 60077 Tel: 888-536-6607 Fax: 866-575-3765 Email: david.freydin@freydinlaw.com Total Assets: $906,419 Total Liabilities: $2,528,112 The petition was signed by Borislav Kirilov as member-manager. 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/2FRSUZI/BK__MK_LLC__ilnbke-25-18130__0001.0.pdf?mcid=tGE4TAMA BLACKBERRY LIMITED: Names John Wall New President of QNX Division ----------------------------------------------------------------- BlackBerry Limited disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that effective November 18, 2025, Mattias Eriksson stepped down from his position as President of the QNX division of the Company to pursue other opportunities. Mr. Eriksson will remain as an advisor to the Company until December 31, 2025. Mr. Eriksson's departure is not the result of any disagreement with the Company on matters related to its strategy, operations, policies or practices. On November 17, 2025, the Company and Mr. Eriksson entered into a separation agreement pursuant to which Mr. Eriksson will receive certain separation pay and benefit entitlements as described in the Company's Definitive Proxy Statement on Schedule 14A, which was filed with the SEC on May 12, 2025. Appointment of John Wall as President of QNX Division: On November 17, 2025, the Company announced the appointment of John Wall as President of its market-leading QNX division, effective immediately. Wall will report to BlackBerry CEO, John J. Giamatteo. Wall, widely recognized as a leading authority in embedded software, has been an integral member of the QNX team since joining in 1993. He has held roles of escalating seniority within the organization, including in product engineering, service delivery and sales, and most recently served as the division's Chief Operating Officer. Wall has overseen the planning, design and development of QNX's product portfolio and played a key role in driving its significant growth in automotive and general embedded systems. Wall holds a Bachelor of Engineering degree from Carleton University. "I'm pleased to announce the appointment of John Wall as President of our QNX business," said Giamatteo. "John's experience and strong reputation in the industry position him uniquely to help drive the QNX business forward. As we embark on the next phase of the QNX growth journey, John's deep knowledge of the product portfolio and the wider embedded software market will ensure we're well-placed to address the incredible opportunities we have in front of us." "I am honored to take this role at QNX at such an exciting time in its journey. We continue to strengthen our position as a leading provider of high-performance, foundational software in the car and beyond," said Wall. "QNX's world-class team has recently brought to market exciting new products, such as our next-generation SDP 8.0 operating system and significantly expanded our presence in adjacent verticals such as industrial automation and robotics. I'm thrilled to lead the team as we deliver transformative value for our customers worldwide." Wall will succeed Mattias Eriksson, who has decided to pursue other opportunities outside of BlackBerry. The BlackBerry Board expresses its thanks to Mattias for his significant contributions and wishes him well for the future. Eriksson will remain as an advisor to the company until December 31 to ensure a smooth transition. About BlackBerry Headquartered in Waterloo, Canada, BlackBerry Limited provides intelligent security software solutions. As of August 31, 2025, the Company had $1.18 billion in total assets, $459 million in total liabilities, and $725.1 million in total stockholders' equity. * * * Egan-Jones Ratings Company on May 30, 2025, maintained its 'CCC' foreign currency and local currency senior unsecured ratings on debt issued by BlackBerry Limited. BLUEWATER RESIDENTIAL: Steven Nosek Named Subchapter V Trustee -------------------------------------------------------------- The Acting U.S. Trustee for Region 12 appointed Steven Nosek as Subchapter V trustee for Bluewater Residential Services, 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 Bluewater Residential Services LLC Bluewater Residential Services, LLC provides adult foster care services for individuals with traumatic brain injuries and mental illness, offering 24-hour support, long-term care, and skill-building programs. The company operates from its facility at 925 East 4th Street in Duluth, Minnesota, where it delivers community-based residential services under a Home and Community-Based Services license. Its operations include daily living assistance, medication management, transportation, and therapeutic and recreational activities within the broader residential care industry. Bluewater Residential Services sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Minn. Case No. 25-50824) on November 18, 2025, listing between $100,001 and $500,000 in assets and between $1 million and $10 million in liabilities. Judge William J. Fisher presides over the case. Joseph W. Dicker, Esq., at Joseph W. Dicker PA represents the Debtor as legal counsel. BODYWORX PHYSICAL: Patrick Malloy Named Subchapter V Trustee ------------------------------------------------------------ The U.S. Trustee for Region 14 appointed Patrick Malloy, III as Subchapter V trustee for Bodyworx Physical Therapy, PLLC. Mr. Malloy will be paid an hourly fee of $350 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Malloy declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Patrick J. Malloy, III 401 S. Boston Ave., Suite 500 Tulsa, OK 74103 Telephone: (918) 699-0345 Email: pjmiii@sbcglobal.net About Bodyworx Physical Therapy PLLC Bodyworx Physical Therapy, PLLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. W.D. Okla. Case No. 25-13588) on November 18, 2025, listing between $100,001 and $500,000 in assets and between $1 million and $10 million in liabilities. Amanda R. Blackwood, Esq., at Blackwood Law Firm, PLLC represents the Debtor as bankruptcy counsel. BON MORRO: Seeks to Tap Stephen S. Gray of Gray & Company as CRO ---------------------------------------------------------------- The Bon Morro, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Massachusetts to hire Gray & Company, LLC to provide and designate Stephen S. Gray as chief restructuring officer. Mr. Gray will provide these services: (a) oversee the Debtors' restructuring process and execution of strategic alternatives available to the Debtors; (b) represent the Debtors' interests in negotiations with all stakeholders; (c) coordinate the services of all professionals that may be retained by the Debtors, including attorneys, investment bankers, and accountants in consultation with the Debtors' directors and officers; and (d) attend all court hearings and provide any testimony and declarations as required by these Chapter 11 Cases. Mr. Gray will be paid at an hourly rate of $950. Bon Morro, LLC will reimburse Gray & Company, LLC for reasonable and necessary direct out-of-pocket expenses incurred, including legal fees to review D&O, indemnity and governance issues, travel, meals, lodging, and delivery services. Gray & Company, LLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Stephen S. Gray Gray & Company LLC 207 Union Wharf Boston, MA 02109 Telephone: (617) 845-6404 About The Bon Morro, LLC The Bon Morro, LLC and its debtor affiliates, a Boston, MA-based single-asset real estate debtor holding the ground lease to "The Bon," a 451-unit mixed-use project at 1260 Boylston Street, filed for Chapter 11 protection on Nov. 2, 2025 in the U.S. Bankruptcy Court for the District of Massachusetts (Bankr. D. Mass. Case No. 25-12379). At the time of the filing, the company reported $100 million to $500 million in both assets and liabilities. Judge Christopher J. Panos oversees the case. Choate Hall & Stewart LLP is Debtors' legal counsel. BREAD FINANCIAL: Fitch Rates Preferred Stock 'B-' ------------------------------------------------- Fitch Ratings has assigned Bread Financial Holdings (BFH; BB/Stable) a rating of 'B-' to its Perpetual, Non-Cumulative Preferred Stock issuance. BFH plans to use the proceeds for general corporate purposes, which may include contributing or lending all or a portion of the proceeds to one of their subsidiary Banks, Comenity Capital Bank, and share repurchases. The final rating is subject to the receipt of final documentation conforming to information already received. Key Rating Drivers BFH's preferred equity shares are rated four notches below its 'bb' Viability Rating (VR), which conforms with baseline notching for preferred equity, according to Fitch's "Bank Rating Criteria." The rating reflects two notches for loss severity and two for non-performance risk. In October 2025, Fitch upgraded Bread's Rating to 'BB' with a Stable Outlook from 'BB-' with a Positive (for details, please see "Fitch Upgrades Bread Financial Holdings, Inc. to 'BB'; Outlook Stable"). Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - A downgrade of BFH's Viability Rating would lead to a downgrade of the preferred equity rating. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - An upgrade of BFH's Viability Rating would lead to an upgrade of the preferred equity rating. ESG Considerations Bread Financial Holdings, Inc. has an ESG Relevance Score of '4' for Customer Welfare - Fair Messaging, Privacy & Data Security due to its exposure to compliance risks including fair lending practices, debt collection practices and consumer data protection, which has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. Bread Financial Holdings, Inc. has an ESG Relevance Score of '4' for Financial Transparency. Due to the company's non-BHC status for regulatory purposes, BFH has exposure to quality of financial reporting and auditing processes, which has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating ----------- ------ Bread Financial Holdings, Inc. Preferred LT B-(EXP) Expected Rating BREAD FINANCIAL: Moody's Rates Non-Cumulative Pref. Stock 'B1(hyb)' ------------------------------------------------------------------- Moody's Ratings has assigned a rating of B1 (hyb) to Bread Financial Holdings, Inc.'s (Bread Financial) proposed non-cumulative preferred stock issuance. All other ratings and assessments of Bread Financial, and its bank subsidiaries Comenity Bank (Comenity) and Comenity Capital Bank (Comenity Capital) are unaffected by the issuance. The outlooks for Bread Financial's Ba2 long-term issuer and senior unsecured ratings and Comenity's and Comenity Capital's Baa2 long-term deposit ratings and Ba2 long-term issuer ratings remain positive. The non-cumulative preferred stock issuance will be additive to Bread Financial's Tier 1 capital, Tier 1 leverage ratio and total risk-based capital ratio. The proceeds of the offering are expected to be used for general corporate purposes, which may include contributing or lending all or a portion of the proceeds to one of their subsidiary banks, Comenity Capital, and share repurchases. RATINGS RATIONALE The non-cumulative preferred stock rating of B1 (hyb) is three notches below the ba1 baseline credit assessments (BCAs) of Bread Financial's banks and reflects Moody's advanced Loss Given Failure (LGF) analysis for banks. For this analysis, Moody's assumes residual tangible common equity of 3% and losses post-failure of 13% of tangible banking assets. These assumptions are in line with Moody's standard assumptions for US Title I banks. The three notch differential between the preferred stock rating and the BCA includes one notch attributable to volume and subordination of the debt class in accordance with Moody's LGF framework, and two additional notches to reflect the risk of skipped coupons of non-cumulative preferred securities that could become impaired prior to the bank's failure. The BCA of ba1 reflects Bread Financial's strong profitability, solid capital and loss reserve levels, and granular retail deposits. These credit strengths are countered by a highly concentrated business in US credit cards, a higher amount of nonprime consumer credit exposure than peers, retail partner concentrations, and higher levels of less stable brokered deposits. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING The BCAs of Bread Financial's bank subsidiaries (Comenity and Comenity Capital) could be upgraded upon further improvement in its net charge-off rate closer to its 6% long-term target, sustained return on tangible assets of greater than 2%, and continued reduction of brokered deposits as a percentage of total deposits. An upgrade would also be contingent upon the company maintaining common equity Tier 1 (CET1) ratio above 12.5%. Bread Financial's rating would likely be upgraded if its bank subsidiaries' BCAs are upgraded barring any meaningful changes to its funding structure. The outlooks for Bread Financial's senior unsecured and long-term issuer ratings together with Comenity's and Comenity Capital's long-term issuer and deposit ratings could be revised to stable if asset quality and/or profitability do not improve from current levels over the outlook horizon or its CET1 ratio falls and is sustained below 12.5% for multiple quarters. Given the positive outlook, a downgrade is less likely in the near-term. Longer-term, the BCAs of Bread Financial's bank subsidiaries (Comenity and Comenity Capital) could be downgraded if there is a sustained decline in CET1 below 11% or a material decline in asset quality and profitability over a sustained period. Bread Financial's rating would likely be downgraded if its bank subsidiaries' BCAs are downgraded barring any meaningful changes to its funding structure. The principal methodology used in this rating was Banks published in November 2025. Bread Financial Holdings, Inc.'s "Assigned BCA" score of ba1 is set three notches below the "Financial Profile" initial score of baa1 to reflect its business concentration in credit cards, elevated nonprime credit exposure, and the omission of the deferred tax asset cap in its capital score. BROOKDALE HOSPICE: Seeks Chapter 7 Bankruptcy in California ----------------------------------------------------------- On November 25, 2025, Brookdale Hospice Inc. filed Chapter 7 protection in the Central District of California. According to the court filing, the Debtor reports between $100,001–$1,000,000 in debt owed to 1–49 creditors. About Brookdale Hospice, Inc. Brookdale Hospice Inc. provides specialized hospice care for patients with terminal conditions, offering pain management, clinical supervision, emotional support, and family counseling. Its services aim to improve comfort and quality of life in both home and facility settings. Brookdale Hospice Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-20560) on November 25, 2025. In its petition, the Debtor reports estimated assets of $0–$100,000 and estimated liabilities of $100,001–$1,000,000. Honorable Bankruptcy Judge Sheri Bluebond handles the case. The Debtor is represented by Anthony A. Friedman, Esq., of Levene, Neale, Bender, Yoo & Golubchik L.L.P. BROOKDALE SENIOR: Names Mary Patchett as Chief Operating Officer ---------------------------------------------------------------- Brookdale Senior Living Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on November 17, 2025, the Board of Directors appointed Mary Sue Patchett as the Company's Executive Vice President and Chief Operating Officer effective December 1, 2025. Ms. Patchett will serve as the Company's principal operating officer effective upon her appointment. Ms. Patchett, age 62, rejoined the Company in August 2025 and has served as Interim Executive Vice President – Community & Field Operations since September 2025. Previously, she held various senior leadership positions at the Company from 2011 until her retirement in 2021. In her last position at the Company, she served as Executive Vice President of Strategic Operations from March 2020 to June 2021. Ms. Patchett also served as Executive Vice President of Community and Field Operations at the Company, and before that, was President of the former Southeast Division. Ms. Patchett has also served as Chief Operating Officer of Horizon Bay from January 2011 through August 2011 and as Senior Vice President of Operations from March 2008 through December 2011. Prior to joining Horizon Bay, she was President and owner of Patchett & Associates, Inc., a management consulting firm for senior housing and other healthcare companies, served as Divisional Vice President for Alterra Healthcare Corporation for over six years, and started in senior living with nine years in numerous leadership positions at Sunrise Senior Living. Ms. Patchett earned her B.S. in business management from George Mason University. She currently serves on the advisory board of the Florida Senior Living Association and on the Board of Directors of Guardian Pharmacy Services, Inc., where she serves on the Audit Committee and the Compensation Committee. She also serves as Board Chair of Angels in Action. There are no family relationships, as defined in Item 401 of Regulation S-K, between Ms. Patchett and any of the Company's executive officers or directors. Ms. Patchett has not engaged in any transaction with the Company during the last fiscal year, and does not propose to engage in any transaction, that would be reportable under Item 404(a) of Regulation S-K. There is no arrangement or understanding between Ms. Patchett and any other person pursuant to which she was appointed to serve as Executive Vice President and Chief Operating Officer. In connection with Ms. Patchett's appointment, the Compensation Committee of the Board approved the following compensation arrangements to be effective December 1, 2025: (i) an annual base salary of $530,000; (ii) eligibility to participate in the Company's annual cash incentive program generally applicable to members of management, with the target cash bonus reflecting 80% of her base salary paid during the plan year; and (iii) beginning in 2026, eligibility to receive annual long-term incentive awards under the Company's 2024 Omnibus Incentive Plan with performance- and time-based vesting terms to be approved by the Committee (which vesting terms generally will be consistent with those provided to other executive officers of the Company). Her long-term incentive awards for 2026 will consist of (x) annual awards with an aggregate target grant value of $800,000 for her 2026 service and (y) prorated awards with an aggregate grant value of $67,945 for her service in December 2025. In addition, the Committee approved that the retirement provision in Ms. Patchett's long-term incentive award agreements will reflect that her previous service with the Company will count toward her aggregate service for purposes of determining eligibility under the retirement provision. Effective December 1, 2025, Ms. Patchett will also participate in the Amended and Restated Tier I Severance Pay Policy, which is described in the Company's Quarterly Report on Form 10-Q filed with the SEC on August 7, 2025. The Company has entered into an Indemnification Agreement with Ms. Patchett in substantially the form of the Form Indemnification Agreement for Directors and Officers filed by the Company with the Securities and Exchange Commission on February 28, 2011 as an exhibit to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2010. In a press release announcing the appointment, Management and Ms. Patchett commented: "It has been over 10 years since Brookdale formally appointed a COO and Mary Sue is the right leader during this transformative time at Brookdale," said Nick Stengle, Chief Executive Officer. "We are focused on improving operating performance and continue to build upon the momentum that began earlier this year. With Mary Sue's experience, competency and passion for our mission, she's the right person for this position. I'm excited to partner alongside her each day and accomplish our goals as a team." As Chief Operating Officer, Ms. Patchett has six regional vice presidents as well as leaders in clinical, dementia care, service alignment, resident and family engagement and experience and dining reporting to her. As the nation's largest senior living provider, Brookdale's new regional operating model allows for decision-making, insight, and resources to be closer to residents--enabling team members to respond faster, be more agile and tailor decisions to local communities. "I'm honored to step into this role," said Ms. Patchett. "We have an incredibly talented team in place, and together I'm confident we will continue enriching the lives of seniors and their families. I'm grateful for the trust Nick and the company has placed in me as we continue our progress toward operational excellence." About Brookdale Senior Living Headquartered in Brentwood, Tenn., Brookdale Senior Living Inc. operates senior living facilities in the United States. As of September 30, 2025, the Company had $6.01 billion in total assets, $6.02 billion in total liabilities, and $5.3 million in total stockholders' deficit. * * * Egan-Jones Ratings Company on June 16, 2025, maintained its 'CC' foreign currency and local currency senior unsecured ratings on debt issued by Brookdale Senior Living Inc. BYJU'S ALPHA: Gets Approval for Deal Linked to $533MM Clawback -------------------------------------------------------------- Clara Geoghegan of Law360 reports that Byju's secured approval Wednesday, November 27, 2025 from a Delaware bankruptcy judge for a settlement the company says reveals crucial information about $533 million that went missing before its Chapter 11 filing. According to Byju's, the agreement offers long-sought clarity on what happened to the funds and identifies parties involved in their movement. The edtech group said the settlement marks a significant turning point in its restructuring, giving it a stronger foundation to pursue recovery of the money. Byju's added that the newly uncovered information will inform its next steps as it continues navigating the Chapter 11 process. About BYJU's Alpha BYJU's Alpha, Inc., designs and develops education software solutions. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 24-10140) on Feb. 1, 2024. In the petition signed by Timothy R. Pohl, chief executive officer, the Debtor disclosed up to $1 billion in assets and up to $10 billion in liabilities. Judge John T. Dorsey oversees the case. Young Conaway Stargatt & Taylor, LLP, and Quinn Emanuel Urquhart & Sullivan, LLP serve as the Debtor's legal counsel. GLAS Trust Company LLC, as DIP Agent and Prepetition Agent, is represented in the Debtor's case by Kirkland & Ellis LLP, Pachulski Stang Ziehl & Jones, and Reed Smith. CALPINE CORP: Fitch Keeps 'B+' IDR on Watch Positive ---------------------------------------------------- Fitch Ratings has maintained the Rating Watch Positive (RWP) on Calpine Corporation (Calpine) and Calpine Construction Finance Company L.P.'s (CCFC) 'B+' Issuer Default Rating (IDR). The RWP reflects Constellation Energy Corp.'s (CEG; not rated) stronger credit profile. Post-close, Fitch expects Calpine's rating to benefit from legal, strategic, and/or operational support given its importance to CEG's growth strategy, and from integration of management and operations with CEG. Fitch has affirmed Calpine's first lien debt at 'BB+' with a Recovery Rating of 'RR1', its senior unsecured notes at 'BB-'/'RR3', and CCFC's term loan at 'BB+'/'RR1'. In January 2025, CEG announced it was acquiring Calpine for $16.4 billion and assuming its debt. Closing is expected in 4Q25, subject to regulatory approvals. Post-close, Fitch will assess Calpine under its "Parent and Subsidiary Linkage Rating Criteria," likely resulting in a multi-notch upgrade. Fitch expects to resolve the RWP upon closing, currently expected by YE 2025. Key Rating Drivers Strong Results: Calpine's credit metrics have notably improved in recent years, with 2024 EBITDA leverage dropping to 3.3x from 4.2x in 2023 and 5.6x in 2022. This progress is due to robust commodity margins across various segments, driven by higher spark spreads and above-market hedges. Increased electricity demand from economic growth, including data centers and electrification, has also bolstered operating results. In 2022, volatile Henry Hub natural gas prices ($3-$10/MMBtu) led to higher wholesale electricity prices, enabling Calpine to secure above-market hedges for 2023 and 2024. Fitch expects Calpine's strong financial performance to continue through 2028, with an adjusted EBITDA leverage range of 3.5x-4.0x. Since early 2023, natural gas prices have stabilized below $4/MMBtu, but wholesale electricity prices remain elevated. Unfavorable weather conditions and a challenging macro environment could lead to volatile wholesale electricity prices, potentially affecting Calpine's forecast EBITDA negatively. However, Calpine's mostly hedged profile for 2026 and 2027 alleviates these risks in the near term. Tailwinds from Demand Growth: Recent energy demand has exceeded historical averages of the past decade, driven by economic growth, transportation electrification and increased data center demand. Fitch expects Calpine's fleet to benefit from rising energy prices and spark spreads in the near term. The recent PJM capacity auction showcased a substantial increase in capacity prices hitting the FERC approved price cap at $329.17/MW-day from $269.92/MW-day in 2025/2026 and $28.92/MW-day in 2024/2025. This was due to increased demand, insufficient future transmission planning, retirement of fossil-fired generation, long interconnection queues and FERC market reforms. Fitch's EBITDA outlook is supported by expected higher capacity payments at Calpine's California fleet, which balances solar and wind generation intermittency. While increased battery storage penetration could pressure these margins, Fitch expects this impact over an extended period. Acquisition by CEG Credit Positive: Fitch expects Calpine's Standalone Credit Profile (SCP) to benefit from CEG's stronger credit profile. The transaction creates the largest U.S. power generation company, combining CEG's 33 GW nuclear portfolio with Calpine's 27.7 GW of natural gas capacity, enhancing scale, fuel diversity, and geographic reach in Texas and California. CEG maintains solid financials with EBITDA leverage around 2x. While Fitch anticipates pro forma consolidated leverage will increase temporarily in 2026, management targets a return to pre-acquisition levels by 2027 through repayment of Calpine's higher-coupon debt. Material Deleveraging Potential for Calpine: Following the acquisition, CEG intends to retire Calpine's higher coupon debt utilizing FCF and future debt issuance at the CEG level. CEG also plans to refinance Calpine's debt maturities at the holding company level over time, thereby consolidating Calpine's capital structure into CEG. This could lead to significant deleveraging of Calpine's SCP, potentially elevating it to investment grade over time. No Change of Control Triggered: Fitch believes that the change of control event will not be triggered if the planned acquisition of Calpine goes ahead. Key provisions in Calpine's bond documentation indicate that a change of control would only be triggered if there is an ownership change in relation to more than 50% of the voting stock and a credit rating downgrade by both S&P and Moody's. Fitch considers a downgrade unlikely, given Calpine's pro forma acquisition by a strong parent and CEG's plan to fund the deal in a credit-supportive manner with no acquisition debt. Low Execution Risk: CEG's acquisition of Calpine has progressed through key regulatory milestones. The transaction received conditional approval from FERC on July 23, 2025, subject to completion of the proposed divestiture plan and adherence to mitigation measures agreed upon with PJM's market monitor. Earlier approvals from the New York Public Service Commission and Public Utility Commission of Texas have been obtained. The transaction, expected to close in 4Q25, remains subject to clearance by the Department of Justice and other customary closing conditions. Rating Linkages with CCFC: The IDRs of Calpine and its subsidiary CCFC are the same due to parent-subsidiary rating linkage between the two companies. CCFC sells most of its power plant output under a long-term tolling arrangement with Calpine's wholly owned marketing subsidiary. CCFC is also a party to a master operation and maintenance agreement and a master administrative services agreement with another wholly owned Calpine subsidiary. Equalized SCP: Fitch determines Calpine's SCP based upon consolidated metrics. Fitch considers CCFC to have a stronger SCP than Calpine. As such, Fitch has followed the stronger subsidiary path. Legal ring-fencing and access and control are evaluated as open due to strong contractual, operational and management ties between Calpine and CCFC resulting in the consolidated 'B+' IDR at both CCFC and Calpine. Peer Analysis Calpine is currently unfavorably positioned compared with Vistra Corp. (BB+/Stable) regarding size, asset composition and fuel diversity. Vistra is the largest independent power producer in the U.S., with approximately 44 gigawatts of generation capacity, compared with Calpine's 28 gigawatts. Vistra's generation capacity is well-diversified by fuel, compared with Calpine's natural gas-heavy portfolio. Vistra also benefits from its ownership of large and well-entrenched retail electricity businesses compared with Calpine, whose retail business is smaller. Fitch believes Calpine's biggest qualitative strength is its younger and predominantly natural gas-fired fleet, which bears less operational and environmental risk than coal-fired assets owned by Vistra and Talen (BB-/Negative). Calpine also has much larger asset scale than Talen. In addition, Calpine's fleet is more geographically diversified than Vistra's or Talen's, which are concentrated in Texas and PJM, respectively. However, Calpine's leverage is higher than Vistra's, which results in a lower rating. Calpine's forecast leverage, measured as consolidated gross debt/EBITDA, is projected to be approximately 3.5x-4.0x for 2025-2028. This is slightly above Vistra's projected leverage of 3.1x and Talen's post-acquisition leverage of 3.5x. Key Assumptions - The acquisition of Calpine is completed by or around YE 2025 as per the announced terms; - There are no legal ties or guarantees available to Calpine's bonds; - CEG has announced it will undertake a proactive approach to resolving any potential market power concerns with the divestiture of assets, specifically in PJM. However, Fitch does not assume any asset divestitures at Calpine due to a lack of details. Recovery Analysis The individual security ratings at Calpine are notched above the IDR because of the relative recovery prospects in a hypothetical default scenario. Fitch values the power generation assets that guarantee the parent debt using a net present value (NPV) analysis and its electricity retail business using a 4.5x EV/EBITDA multiple. A similar NPV analysis is used to value the generation assets that reside in non-guarantor subsidiaries, and the excess equity value is added to the parent recovery prospects. The generation asset NPVs vary significantly based on future gas price assumptions and variables such as the discount rate and heat rate forecasts in California, ERCOT and the Northeast. For the NPV of generation assets used in Fitch's recovery analysis, Fitch uses the plant valuation provided by its third-party power market consultant, Wood Mackenzie, as well as Fitch's own gas price deck and other assumptions. The NPV analysis for Calpine's generation portfolio yields approximately $1,770/kW for the geothermal assets and an average of $640/kW for the natural gas generation assets. The valuation for the natural gas assets has increased from Fitch's prior assumption of $550/kW to reflect greater reliance on natural gas plants for reliability purposes. The recovery analysis assumes Calpine would be considered a going concern in bankruptcy. Fitch has assumed a 10% administrative claim. Fitch also assumes a full draw of all of Calpine's credit facilities in the recovery analysis. The recovery analysis resulted in a Recovery Rating of 'RR1', implying outstanding recovery (in a range of 91%-100%), for the first lien debt and a Recovery Rating of 'RR3', implying good (51%-70%) recovery for the senior unsecured debt of Calpine in the event of default. The recovery analysis also results in a 'RR1' recovery for CCFC's secured debt. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - The RWP on Calpine and CCFC's IDRs could be removed if the acquisition does not proceed. If the acquisition does not close, the Calpine and CCFC's IDRs could be downgraded for the following reasons: - Sale of core assets with an aim to maximize shareholder returns without commensurate debt reduction; - Decreased power demand or higher-than-expected power supply, depressing wholesale power prices in its core regions; - Unfavorable changes in regulatory construct and rules in its markets; - An aggressive growth strategy that diverts a significant proportion of growth capex toward merchant assets or an inability to renew expiring long-term contracts; - Total adjusted debt/EBITDA and FFO leverage above 6.0x on a sustained basis; - Any incremental leverage and/or deterioration in NPV of the generation portfolio would lead to downward rating pressure on the unsecured debt. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Fitch expects to resolve the RWP and raise the rating by one or more notches upon completion of the announced acquisition under proposed terms. If the acquisition does not close, Calpine and CCFC's IDRs could be upgraded for the following reasons: - Consolidated gross debt /EBITDA below 4.0x on a sustainable basis, conservative capital allocation policies, and a strong commitment to maintaining lower leverage. Liquidity and Debt Structure Fitch views Calpine's liquidity position as adequate. The company had approximately $1.15 billion of cash and cash equivalents, excluding restricted cash, at the corporate level as of Sept. 30, 2025, and $1.82 billion of availability under the corporate revolving facility. Calpine also can issue first lien debt for collateral support. As of Sept. 30, 2025, a three standard deviation shift in collateral exposure based on commodity price changes would have resulted in lower collateral posted of approximately $688 million versus $778 million as of Sept. 30, 2024. In December 2024, Calpine amended its corporate revolving facility with $2.4 billion expiring in January 2029, while the remaining $100 million expires in January 2027. As of Sept. 30, 2025, Calpine had $682 million in letters of credit outstanding with no borrowings outstanding and $1.8 billion in remaining available capacity under its corporate revolving facility. As of Dec. 31, 2024, Calpine was in compliance with all the covenants in their debt agreements. Issuer Profile Calpine is an independent power producer in the U.S. with a total generation capacity of 27,977 MW. It owns and operates natural-gas-fired and geothermal power plants in North America and has a significant presence in major U.S. nonregulated power markets. Summary of Financial Adjustments Fitch removes the effects of MTM (mark-to-market) adjustments in its EBITDA calculation. Fitch removes major maintenance expense out of operating costs to capex. 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 ----------- ------ -------- ----- Calpine Corporation LT IDR B+ Rating Watch Maintained B+ senior unsecured LT BB- Affirmed RR3 BB- senior secured LT BB+ Affirmed RR1 BB+ Calpine Construction Finance Company, L.P. LT IDR B+ Rating Watch Maintained B+ senior secured LT BB+ Affirmed RR1 BB+ CARHAVEN INC: Case Summary & Four Unsecured Creditors ----------------------------------------------------- Debtor: Carhaven, Inc. 8258 Veterans Highway Suite 6 Millersville, MD 21108 Business Description: Carhaven, Inc. operates a used vehicle dealership in Millersville, Maryland, offering pre-owned cars, trucks, and SUVs to retail customers in the region. Chapter 11 Petition Date: November 24, 2025 Court: United States Bankruptcy Court District of Maryland Case No.: 25-21081 Debtor's Counsel: Craig M. Palik, Esq. MCNAMEE HOSEA, P.A. 6404 Ivy Lane, Suite 820 Greenbelt, MD 20770 Tel: (301) 441-2420 Email: cpalik@mhlawyers.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Steve Travers as president. A full-text copy of the petition, which includes a list of the Debtor's four unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/73UV7AI/Carhaven_Inc__mdbke-25-21081__0001.0.pdf?mcid=tGE4TAMA CASTILLO GRAND: To Hire Tripp Scott P.A. as Legal Counsel --------------------------------------------------------- Castillo Grand Hotel Condiminium Residences Association, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire David A. Ray, Esq. of Tripp Scott, P.A. to serve as legal counsel. Mr. Ray and Tripp Scott will provide these services: (a) advise the Debtor with respect to its responsibilities in complying with the United States Trustee's Guidelines and Reporting Requirements and with the rules of the Court; (b) prepare motions, pleadings, orders, applications, adversary proceedings, and other legal documents necessary in the administration of this case; (c) protect the interests of the Debtor in all matters pending before the Court; and (d) represent the Debtor in negotiations with its creditors and in the preparation and confirmation of a plan. The current hourly rate for David A. Ray, Esq. is $600. Tripp Scott, 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 A. Ray, Esq. TRIPP SCOTT, P.A. 110 S.E. Sixth St., 15th Floor Fort Lauderdale, FL 33301 Telephone: (954) 525-7500 FaCsimile: (954) 761-8475 E-mail: dar@trippscott.com About Castillo Grand Hotel Condominium Residences Association, Inc. Castillo Grand Hotel Condominium Residences Association, Inc. is a Florida-based not-for-profit corporation that manages property operations and resident affairs at 1 North Fort Lauderdale Beach Boulevard in Fort Lauderdale, overseeing the Castillo Grand Hotel Residences condominium complex. Castillo Grand Hotel Condominium Residences Association, Inc. in Fort Lauderdale, FL, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. S.D. Fla. Case No. 25-23247) on Nov. 7, 2025, listing $500,000 to $1 million in assets and $1 million to $10 million in liabilities. Bruno R. Mazzotta signed the petition as president, signed the petition. TRIPP SCOTT, P.A. serve as the Debtor's legal counsel. CHARLES & COLVARD: Delays 10-Q Report, Cites Ongoing Litigation --------------------------------------------------------------- Charles & Colvard, Ltd. filed a Notification of Late Filing on Form 12b-25 with respect to its Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2025, with the U.S. Securities and Exchange Commission, informing that it was unable to file the Q1 FY2026 Form 10-Q within the prescribed time period without unreasonable effort or expense because it requires additional time to complete procedures relating to its delinquent annual financial statements. Ongoing litigation and shareholder activism diverted valuable Company resources and management time, contributing to the delay. While the Company intends to file the Q1 FY2026 Form 10-Q as soon as practicable, the Company does not anticipate being able to file its Q1 FY2026 Form 10-Q within the five-day grace period provided by Rule 12b-25 under the Securities Exchange Act of 1934, as amended. Based on the currently available information, and consistent with the Company's disclosure in its Annual Report on Form 10-K for the fiscal year ended June 30, 2024, its Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2024, its Quarterly Report on Form 10-Q for the fiscal quarter ended December 31, 2024, and its Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2025, the Company expects to disclose in its Q1 FY2026 Form 10-Q, that: (1) certain material weaknesses exist in internal controls over financial reporting, and (2) certain factors raise substantial doubt about the Company's ability to continue as a going concern. In response to this and the continued challenging economic environment, the Company continues to reduce spend across the board in order to stabilize and right-size its business. Consistent with the Company's results for the first, second and third quarters of the fiscal year ended June 30, 2025, and the anticipated results for the fiscal year ended June 30, 2025, the Company expects net sales for the quarter ended September 30, 2025 to decrease compared to net sales for the quarter ended September 30, 2024. Further, consistent with the Company's results for the first, second and third quarters of the fiscal year ended June 30, 2025, and the anticipated results for the fiscal year ended June 30, 2025, the Company expects to report a net loss for the quarter ended September 30, 2025. A reasonable net loss estimate for the quarter ended September 30, 2025 cannot be made at this time until the completion of the quarter-end financial statement review process for the quarter ended September 30, 2025. The Company has implemented a cost reduction strategy that includes a decrease in headcount and related payroll, executive salary reductions, reevaluation of its supplier base, and inventory repurposing – all through the fiscal year ended June 30, 2025, and continuing in the quarter ended September 30, 2025. About Charles & Colvard Ltd. Charles & Colvard, Ltd., a North Carolina corporation, was founded in 1995. The Company manufactures, markets, and distributes Charles & Colvard Created Moissanite and finished jewelry featuring moissanite, including Forever One, the Company's premium moissanite gemstone brand, for sale in the worldwide fine jewelry market. The Company also markets and distributes Caydia lab-grown diamonds and finished jewelry featuring lab grown diamonds and created color gems for sale in the worldwide fine jewelry market. As of March 31, 2025, the Company had $29.11 million in total assets, $10.02 million in total liabilities, and total stockholders' equity of $19.09 million. The Company concluded in the quarterly period ended March 31, 2025 that its existing cash and cash equivalents and availability of other resources combined will not be sufficient to meet working capital and capital expenditure needs over the next 12 months, and therefore, there is substantial doubt about the Company's ability to continue as a going concern. CHEZ JOEY: Unsecured Creditors to Get 7 Cents on Dollar in Plan --------------------------------------------------------------- Chez Joey, LLC filed with the U.S. Bankruptcy Court for the District of Maryland a Subchapter V Plan dated November 20, 2025. The Debtor is a corporation. Since 2012, the Debtor has been in the business of operating an adult entertainment venue in Baltimore, Maryland. The Debtor's operations include bar service, adult stage performances, and related hospitality services. The total plan payments are based on combined projections with Bottoms Up Gentlemen's Club (25-17671-DER). During the term of this Plan, the Debtor shall pay the disposable income necessary for the performance of this plan to the Subchapter V Trustee and shall pay the Trustee the sums set forth herein. The value of the property to be distributed under the Plan during the term of the Plan is not less than the Debtor's projected disposable income for that same period. Unsecured creditors holding allowed claims will receive distributions, which the Debtor has valued at approximately 7 cents on the dollar. The Plan also provides for the payment of secured, administrative, and priority claims in accordance with the Bankruptcy Code. Unless otherwise provided in this Plan or indicated on Appendix B, funds received by the Trustee or otherwise included in this Plan but not specifically disbursed to a secured creditor under this Plan, shall be used to pay the following claims in the priority indicated: * Except as provided in Section 1191(e) of the Bankruptcy Code, all claims entitled to priority under Section 507 of the Bankruptcy Code shall be paid in accordance with Section 1129(a)(9) of the Bankruptcy Code. * Pursuant to Section 1191(e) of the Bankruptcy Code, the payment of claims entitled to priority under Section 507(a)(2) and Section 507(a)(3) of the Bankruptcy Code shall be paid under the Plan. * All secured claims shall be paid in accordance with Section 1129(b)(2)(A), Section 1191(b), and Section 1191(c) of the Bankruptcy Code. * After payment of the foregoing claims, sums received by the Trustee shall be paid, on a pro-rata basis, to allowed general unsecured claims. * In accordance with Section 1191 of the Bankruptcy Code and the terms of this Plan, the Debtor's equity security holders shall retain their interests in the Debtor. Except as provided in this Plan or the order confirming this Plan, all of the property of the estate, pursuant to Sections 1141(b) and 1141(c) of the Bankruptcy Code, vests in the Debtor as of the Effective Date free and clear of any claim or interest of any creditor provided for by this Plan. A full-text copy of the Subchapter V Plan dated November 20, 2025 is available at https://urlcurt.com/u?l=GR13Ei from PacerMonitor.com at no charge. Counsel to the Debtor: Samuel R. Ingram, Esq. 1211 Light St., Ste. 216 Baltimore, MD 21230 Phone: 410-881-7344 Email: ross.one.law@gmail.com About Chez Joey, LLC Chez Joey LLC is a Baltimore-based nightlife establishment located at 415 E. Baltimore Street. Chez Joey LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 25-17669) on Aug. 21, 2025. In its petition, the Debtor estimated assets up to $50,000 and estimated liabilities between $500,000 and $1 million. The Debtor is represented by Law Office of Thomas J. Maronick Jr, LLC. CINEMA MANAGEMENT: To Sell Film Distribution Assets to TPC Library ------------------------------------------------------------------ John Pringle, the Chapter 11 trustee of Cinema Management Group, LLC, seeks permission from the U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, to sell substantially all Assets, free and clear of liens, claims, interests, and encumbrances. Cinema Management Group, LLC commenced its bankruptcy case on December 20, 2024. On or about January 9, 2025, John Pringle was appointed as the Chapter 7 trustee of the Debtor's bankruptcy estate. The Debtor was a full-service international sales company that was headed by veteran sales and distribution executive, Edward Noeltner. As of the Petition Date, the Debtor held distribution rights related to 82 feature films. Typically, for each feature film, the Debtor entered into a written sales agency agreement with the production company that owns the rights to such film pursuant to which the Debtor was granted the exclusive right to negotiate and enter into agreements with third party distributors, licensees and broadcasters to distribute the film within specified territories for a specified term. The Debtor's Amended Schedule A/B lists assets with a total estimated value of approximately $2,454,000 as of the Petition Date, including cash of approximately $1,268,000 and outstanding accounts receivable with a total face value of approximately $240,000. The Debtor's Amended Schedules DIE and F list secured debts 9 owed to Banc of California and Bondit LLCtotaling approximately $1,738,000, and unsecured debts totaling approximately $7,972,974. Based on the Trustee's preliminary analysis of the Debtor's film library and related rights, Mr. Fier advised that a Chapter 11 sale process for the Debtor's assets, which maintained the Debtor's business as a going concern, would be the best way to attract serious buyers and maximize the value that could be realized for the Debtor's assets. The Trustee then determined that the Debtor's business operations could be maintained in the ordinary course of business, albeit on a streamlined basis, with the assistance of Tiffany Kilgore, the Marketing and Logistics Director for the Debtor, and Makayla Wilson, the Head of Operations for the Debtor. Both Ms. Kilgore and Ms. Wilson confirmed to the Trustee that they were willing to work with the Trustee to maintain the Debtor's business operations and fulfill the Debtor's obligations under the Sales Agency Agreements and Distribution Agreements. The Debtor's assets are comprised primarily of intangible assets including, but not limited to, the Debtor's rights and interests under the Sales Agency Agreements and Distribution Agreements for the Debtor's library of feature films and the Potential Distribution Collections and accounts receivable. At the Trustee's request, Focus analyzed the Debtor's Assets and prepared an appraisal report for such Assets, a complete copy of which was shared with the Debtor's secured creditors. Based on the appraised value of the Debtor's Assets, which Focus believed exceeded the total amount of secured debt asserted against the Debtor and its estate, the Trustee believed that it was in the best interests of the Debtor's estate and creditors to pursue a marketing and sale process for the Assets. Following the Trustee's appointment, the Trustee identified Focus as the ideal firm to act as the Trustee's financial advisor to package and market the Debtor's Assets for sale, create an electronic data room that prospective buyers can access to assist in such parties' due diligence efforts, address inquiries and coordinate requests for information from prospective buyers, advise the Trustee on the merits of any purchase offers, assist the Trustee in negotiating and documenting the terms for the sale of the Debtor's Assets. In connection with the marketing and sale process for the Assets, the Trustee determined that it would be in the best interests of the estate to establish certain bidding procedures. The Bidding Procedures Order established a deadline of May 13, 2025 for the 15 Trustee to receive qualified written bids for the Assets. The Bidding Procedures Order also provided that the Trustee would seek the entry of a Bankruptcy Court order approving and authorizing the sale of the Assets to the successful bidder, at a hearing to be held on June 10, 2025 at 1:00 p.m. or such other date and time as the Court might set. The Trustee received three written bids for the Assets by the Original Bid Deadline. The Trustee, in consultation with the Secured Creditors, determined that the highest and best bid received was the bid submitted by TPC Library Holdings, LLC. However, the bid from the Buyer was not in an amount sufficient to satisfy the secured debt against the Assets or even the amounts required to be paid to cure defaults under the Sales Agency Agreements, which would be necessary to effectively assume and assign such agreements to the Buyer. As a result, the Trustee paused the sale process and elected not to proceed with an auction or the Sale Hearing on June 10, 2025. The Trustee requested that Focus go back to the Buyer to negotiate a revised offer for the purchase of the Assets to make the sale of the Assets feasible. As a result of such discussions, the Buyer ultimately agreed to submit a revised offer for the Assets which would provide for the Buyer's purchase of a subset of the Assets at an increased purchase price. As described in the Asset Purchase Agreement, the purchase price offered by the Buyer for the Acquired Assets is comprised of two components: (i) cash in the sum of $400,000, and (ii) a participation interest entitling Banc of California and the Debtor's bankruptcy estate to receive 25% of all gross revenue from the Acquired Assets, less the 18 amounts payable to the producers under their respective Sales Agency Agreements in excess of $400,000 received by, credited to the 20 account of, or otherwise collected by Buyer for a period of three years after the sale closing date. The Cure Amounts for the Distribution Agreements for the 69 films that comprise the Acquired Assets are estimated to total $0. Although the Revised Bid from the Buyer offers a Purchase Price that exceeds the estimated Cure Amounts for the Sales Agency Agreements sought to be assigned to the Buyer, the Purchase Price is still not sufficient to satisfy the secured debt against the Acquired Assets in full. The Trustee and his counsel engaged in discussions with the Secured Creditors in an effort to reach agreement regarding a framework for a sale transaction that would be acceptable to the Secured Creditors. After extensive discussions between the Trustee and the Buyer and the Trustee and the Secured Creditors, on the other hand, the parties were successful in negotiating an improved bid for the Acquired Assets from the Buyer. The terms of the AP A comply with the terms of the Global Settlement Agreement and are supported by the Debtor's secured creditors, and the Trustee believes will result in the most recovery possible for creditors under the circumstances of the Debtor's case. To induce the Buyer to submit what is, in effect, a "stalking horse" offer to purchase the Acquired Assets, the Buyer is requiring that certain modifications to the Original Bidding Procedures be implemented, including, without limitation, the payment of a break-up fee in 3 the sum of $20,000 to the Buyer in the event that the Trustee enters into a definitive agreement with a party other than the Buyer for the sale of all or substantially all of the Acquired Assets and such Alternative Transaction is approved by the Court and consummated. The Trustee believes that the proposed sale of the Acquired Assets to the Buyer (or a successful overbidder) will generate cash and other consideration for the benefit of the Debtor's administrative and secured creditors and will facilitate the orderly administration and wind-down of the Debtor's estate. Moreover, while the Trustee has made efforts to greatly reduce the administrative costs 1 7 of maintaining the "status quo" of the Debtor's streamlined operations, there are still costs 18 associated with doing so and limited cash in the Debtor's estate to cover such costs. The 19 consummation of the sale of the Acquired Assets will effectively transfer the obligation to 20 cover such operational costs to the Buyer (or a successful overbidder). The Buyer is a third party buyer who has no affiliation with the Debtor or the Trustee. The Trustee anticipates that, if there is a successful overbidder, that bidder will not be an "insider" of the Debtor or the Trustee. The Trustee negotiated the terms of the proposed sale of the Acquired Assets in accordance with the terms of the form AP A, at arms' length and in good faith. About Cinema Management Group Cinema Management Group, LLC is an international sales company that was launched in 2003 and was previously headed by veteran sales and distribution executive, Edward Noeltner. Since 2003, the company has added over 80 feature film titles to its line-up. It currently holds distribution rights related to 82 feature films. Cinema Management Group filed Chapter 7 voluntary petition (Bankr. C.D. Calif. Case No. 24-20369) on December 20, 2024. The case was converted to one under Chapter 11 on February 6, 2025, and John Pringle was appointed as Chapter 11 trustee on February 10, 2025. Judge Neil W. Bason oversees the case. The Chapter 11 trustee is represented by Levene, Neale, Bender, Yoo & Golubchik L.L.P. Banc of California is represented by Alex M. Weingarten, Esq., at Willkie Farr & Gallagher, LLP, in Los Angeles, California; Jennifer J. Hardy, Esq., at Willkie Farr & Gallagher, LLP, in Houston, Texas; and Elizabeth A. Wayne, Esq., at Willkie Farr & Gallagher, LLP, in Chicago, Illinois. CITADEL ASSISTED: Seeks Chapter 11 Bankruptcy in Colorado --------------------------------------------------------- On November 21, 2025, Citadel Assisted Living LLC filed Chapter 11 protection in the District of Colorado. According to court filing, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1-49 creditors. About Citadel Assisted Living LLC Citadel Assisted Living LLC is a healthcare services provider dedicated to senior care and assisted living. The company manages residential facilities designed to support aging adults with medical supervision, social engagement, and personalized care plans that enhance overall well-being. Citadel Assisted Living LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-17658) on November 21, 2025. In its petition, the Debtor reports estimated assets between $100,001 and $1,000,000 and estimated liabilities in the same range. Honorable Bankruptcy Judge Michael E. Romero handles the case. The Debtor is represented by Jeffrey Weinman, Esq. of Michael Best & Friedrich LLP. COBRA EQUITY: Fitch Assigns 'B' LongTerm IDR, Outlook Stable ------------------------------------------------------------ Fitch Ratings has assigned a Long-Term Issuer Default Rating (IDR) of 'B' to Cobra Equity Holdco LLC and its subsidiaries Cobra AcquisitionCo LLC and Exeter Finance LLC (collectively, Exeter). The Rating Outlook is Stable. Fitch has also assigned a rating of 'B-' with a Recovery Rating of 'RR5' to Cobra AcquisitionCo LLC's outstanding senior unsecured notes. Key Rating Drivers Solid Franchise and Liquidity: Exeter's rating is supported by its solid franchise and market position as a leading independent subprime auto lender, an experienced management team, relatively consistent profitability, and adequate liquidity. Leverage, Secured Funding Constrain the Rating: The ratings are constrained by Exeter's monoline business model with high subprime exposure, elevated leverage, predominantly secured funding profile, and private equity ownership which increases the possibility of shareholder-friendly actions and adds long-term strategic uncertainty. Monoline Subprime Lender: Exeter is a leading independent subprime auto lender with a network of over 11,000 dealers across the U.S. at 3Q25. The franchise has grown in recent years as the company has expanded its core dealer network, added second-look origination partners, and increased direct refinancing. Originations were $5.5 billion in 9M25 compared with $4.3 billion in 9M24. Still, Fitch believes large banks maintain scale and cost-of-funds advantages over independent auto lenders. The monoline business model and focus on subprime customers exposes the company to elevated credit risk and movement in used vehicle prices. Asset Quality Stabilizing: Asset performance has improved in recent quarters, with 30+ day delinquencies and bankruptcy loans declining to 14.7% at 3Q25 from 16.3% at YE24 and 17.1% at YE23. Credit performance weakened notably in 2022-2023, consistent with industry-wide trends, leading the company to tighten its underwriting standards, with the stronger portfolio mix driving improved performance. Net charge-offs were 8.9% in 9M25 (annualized) compared to 8.9% in 2024 and 11.3% in 2023. Fitch expects performance to remain stable in the near term as the portfolio mix strengthens, although weakening macroeconomic conditions will be a headwind. Fitch believes the company's customer base, which is already challenged by high inflation, will be particularly vulnerable to economic stresses such as rising unemployment. Solid Profitability: Profitability, as measured by pre-tax return on average assets (ROAA), was 1.8% in 9M25 (annualized) compared with 3.3% in 2024 and 2.9% in 2023. Adjusted for gains on sale of securitization residuals in 2023 and 2024, profitability has remained stable, which Fitch expects to continue. Still, profitability remains highly sensitive to consumer credit performance given the business model. Elevated Leverage: Fitch views Exeter's leverage (debt/tangible equity) as high for the risk profile of the portfolio. Leverage was 16.6x at 3Q25 compared with 13.2x at YE24 and 17.0x at YE23. These levels correspond to Fitch's 'b' category quantitative benchmark range of 7.5x-22.5x for balance sheet-heavy finance and leasing companies with a sector risk operating environment (SROE) score in the 'a' category. Management evaluates leverage on an owned basis which excludes portions of the assets and liabilities of securitizations for which the related residual interest has been sold to third parties. On this basis, leverage would be 11.6x at 3Q25, excluding the mezzanine equity. Fitch treats the $118 million of mezzanine equity as debt given the investor put rights which may require redemption in cash, beginning with 20% of shares at 90% fair market value in 2028 and escalating to 100% of shares at fair market value by 2030. Secured Funding Profile: Exeter's funding profile is largely secured, which Fitch views as credit negative due to the encumbrance of assets and limited financial flexibility during periods of stress. The company's proportion of unsecured debt, adjusted for the mezzanine equity, was 6.3% at 3Q25, which is within Fitch's 'b' category quantitative benchmark range of 1% to 10% for balance sheet-heavy finance and leasing companies with a SROE score in the 'a' category. Secured debt comprises securitizations, warehouse agreements, and repurchase agreements used to finance its required risk retention holdings. Fitch would view further increases in funding diversification and unencumbered assets as positive for the credit profile. Adequate Liquidity: Fitch views Exeter's liquidity as adequate to support its operations and near-term funding obligations. At 3Q25, available liquidity consisted of $30 million of cash and $174 million of undrawn borrowing capacity on its warehouse facilities given available unencumbered assets. The unsecured notes mature in 2029, maturities on the repurchases agreements are based on collateral maturities, and the warehouse facilities are expected to be extended prior to their maturity dates in 2026-2028. Stable Outlook: The Stable Outlook reflects Fitch's expectation that leverage and credit performance will remain relatively stable, liquidity will remain adequate, and the unsecured funding mix will be sustained above 5% of total debt. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Sustained increase in leverage above 20x; - Sustained deterioration in credit performance, including net charge-offs sustained above 10%; - Sustained decrease in the unsecured debt mix below 5% of total debt; - Sustained decline in ROAA below 1%; - Inability to access term funding for a prolonged period of 12-24 months; - The imposition of new and more onerous regulations that negatively impact Exeter's ability to execute on its business model. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - A sustained decline in leverage below 10x; - A sustained increased in the unsecured funding mix above 20% of total debt; - Maintenance of charge-offs below 10% through credit cycles. DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS The senior unsecured debt rating is rated one notch below the Long-Term IDR, reflecting Fitch's expectation of below-average recovery prospects in a stress scenario given the notes' subordination to repurchase agreements, the predominantly secured funding profile and limited unencumbered assets. DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES The senior unsecured debt rating is primarily sensitive to changes in the Long-Term IDR, the funding mix, and availability of unencumbered assets to support recovery prospects in a stressed scenario. Meaningful growth in unencumbered assets or a reduction in repurchase agreement borrowings could result in a narrowing of the notching between the unsecured debt rating and the IDR. Conversely, additional subordination of the notes or lower unencumbered asset availability could result in wider notching. SUBSIDIARY AND AFFILIATE RATINGS: KEY RATING DRIVERS The ratings of Exeter Finance LLC (the operating company) and Cobra AcquisitionCo LLC (the debt-issuing subsidiary) are equalized with that of Cobra Equity Holdco LLC given they are wholly owned subsidiaries and the unsecured debt issued by Cobra AcquisitionCo LLC benefits from a corporate guarantee from Exeter Finance LLC. SUBSIDIARY AND AFFILIATE RATINGS: RATING SENSITIVITIES The IDRs of Exeter Finance LLC and Cobra AcquisitionCo LLC are equalized with that of Cobra Equity Holdco LLC and are expected to move in tandem with it. ADJUSTMENTS The Standalone Credit Profile (SCP) has been assigned in line with the implied SCP. The Business Profile score has been assigned below the implied score due to the following adjustment reason: Business model (negative). The Earnings & Profitability score has been assigned below the implied score due to the following adjustment reasons: Future and historical metrics (negative); Portfolio risk (negative); Revenue diversification (negative). The Funding, Liquidity & Coverage score has been assigned below the implied score due to the following adjustment reason: Divergent benchmarks (negative). Date of Relevant Committee 31-Oct-2025 External Appeal Committee Outcomes In accordance with Fitch's policies the Issuer appealed and provided additional information to Fitch that resulted in a rating action that is different than the original rating committee outcome. ESG Considerations Cobra Equity Holdco LLC has an ESG Relevance Score of '4' for Customer Welfare - Fair Messaging, Privacy & Data Security due to the importance of fair collection practices and consumer interactions and the regulatory focus on them, which has a negative impact on the credit profile and is relevant to the ratings in conjunctions with other factors. Cobra Equity Holdco LLC has an ESG Relevance Score of '4' for Governance Structure due to due to the presence of private equity ownership, which has a negative impact on the credit profile and is relevant to the ratings in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery ----------- ------ -------- Exeter Finance LLC LT IDR B New Rating Cobra Equity Holdco LLC LT IDR B New Rating Cobra Acquisitionco LLC LT IDR B New Rating senior unsecured LT B- New Rating RR5 COLLABORATIVE TECHNOLOGY: Continued Operations to Fund Plan ----------------------------------------------------------- Collaborative Technology Solutions International, Inc. filed with the U.S. Bankruptcy Court for the District of Colorado a Subchapter V Plan of Reorganization dated November 21, 2025. The Debtor is a Colorado limited liability company owned by Marc Galante. The Debtor provides IT services to third parties. The Debtor filed bankruptcy protection due to litigation with White Label. White Label was a former vendor of the Debtor who provided IT subcontractor services for the Debtor. Disputes arose as to invoices alleged to be owed by the Debtor to White Label. Further, approximately seven years ago Mr. Galante purchased a 49% ownership interest in White Label. The bankruptcy filing was prompted due to its cash flow being unable to meet its current debt obligations due to a significant reduction in 2024 revenues due to a tech industry-wide reduction in the hourly billable rate for salesforce.com services starting in January in 2024. After both a market-wide rate correction to historical norms, as well as significant retooling and internal reorganization, the Debtor has returned to profitability, and restructuring of the Debtor's debt will allow it to operate profitably. The total general unsecured claims in the amount of $570,315.67 having been asserted against the estate. Class 2 consists of general unsecured creditors of the Debtor who hold Allowed Claims. Holders of Class 2 Allowed Claims shall share on a Pro Rata basis monies deposited into the Unsecured Creditor Account as set forth herein. As set forth in Article III, paragraph 3.2 of this Plan, upon the first full month following the Effective Date of the Plan and every month until Administrative Claims are paid in full and then for the remainder of the Term of the Plan the Debtor will every month in accordance with the terms of this Plan deposit for the four year Term of the Plan: (a) during the first year of the Plan $10,860.84; (b) during the second year of the Plan $12,299.30; (c) during the third year term of the Plan $11,579.72; and (d) during the fourth year of the Plan $12,676.79. At the end of each calendar quarter, the balance of the Unsecured Creditor Account will be distributed to the holders of Allowed Administrative Claims on a Pro Rata basis until such time as all holders of Allowed Administrative Claims have been paid in full and then to Tax Claims and Class 1 on a Pro Rata Basis until paid in full and then will be distributed to Class 2 general unsecured creditors that hold Allowed Claims on a Pro Rata basis. All funds recovered by the Debtor on account of Avoidance Actions shall be distributed to Allowed Administrative Claims until paid in full and then to Class 2, net of attorneys' fees and costs. Whether or not the Debtor pursues any Avoidance Actions shall be up to the Debtor and the decision to pursue such claims shall be discretionary with the Debtor. Class 3 includes the Interests in the Debtor, which Interests are unimpaired by the Plan. Upon confirmation of the Plan, all Class 3 Interest holders will retain their ownership Interests in the Debtor. The Debtor shall be empowered to take such action as may be necessary to perform its obligations under this Plan. The Debtor believes that the Plan, as proposed, is feasible. The funding for the Plan will come from the Debtor's continued operations. As detailed in the Projections, the Debtor will have sufficient cash on hand and profits during the term of the Plan to satisfy its Plan obligations. A full-text copy of the Subchapter V Plan dated November 21, 2025 is available at https://urlcurt.com/u?l=p7IRGA from PacerMonitor.com at no charge. Counsel to the Debtor: Aaron A. Garber, Esq. WADSWORTH GARBER WARNER CONRARDY, P.C. 2580 West Main Street, Suite 200 Littleton, CO 80120 Telephone: (303) 296-1999 Telecopy: (303) 296-7600 E-mail: agarber@wgwc-law.com About Collaborative Technology Solutions Collaborative Technology Solutions International LLC provides technology consulting and cloud-based solutions to small and mid-market organizations worldwide, offering advisory services, project implementations, and ticket-based support for CRM and other cloud platforms. The Company customizes its services to meet individual business needs and integrates technologies from providers such as Microsoft, Amazon Web Services, Zapier, Opero, ZoomInfo, Formstack, HubSpot, ActiveCampaign, Conga, DocuSign, and QuickBooks. It partners with firms including Owls Head, Cloudstreet, and Insycle to enhance its service offerings. Collaborative Technology Solutions International LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 25-16557) on October 9, 2025. In its petition, the Debtor reports total assets of $380,763 and total liabilities of $1,092,702. Honorable Bankruptcy Judge Kimberley H. Tyson handles the case. The Debtor is represented by Aaron A. Garber, Esq. of WADSWORTH GARBER WARNER CONRARDY, P.C. COMPEER FINANCIAL: S&P Rates $300MM Preferred Debt to 'BB+' ----------------------------------------------------------- S&P Global Ratings assigned its 'BB+' rating to Compeer Financial ACA' s $300 million fixed-rate reset perpetual non-cumulative preferred stock, series C-1. Compeer intends to use the net proceeds to pay down a portion of its wholesale loan with AgriBank, fund loans for eligible borrowers, and for general corporate purposes. S&P Global Ratings maintains a 'BBB+' issuer credit rating on Compeer. S&P rates the company's preferred stock relative to its stand-alone credit profile (SACP) to reflect the possibility that this instrument could have nonpayment risk before more senior instruments. Therefore, we rate the preferred issue 'BB+', three notches below the group SACP for risk of deferral and coupon nonpayment. S&P said, "Our assessments of the company's business position, risk, funding, liquidity, and capital and earnings are unchanged. The outlooks remain stable, indicating that we expect Compeer will continue to generate strong earnings with manageable asset quality metrics over the next two years." COMPOSECURE INC: Fitch Assigns 'BB-' LongTerm IDR, Outlook Stable ----------------------------------------------------------------- Fitch Ratings has assigned CompoSecure, Inc., and Co-Borrowers, CompoSecure, L.L.C., and Husky Holdings LLC, (collectively CompoSecure) a first-time Long-Term Issuer Default Rating (IDR) of 'BB-'. Fitch has also assigned the co-issued super-priority revolver a rating of 'BB+' with a Recovery Rating of 'RR1' and the first lien secured term loan and delayed-draw term loan a rating of 'BB+'/'RR2'. The Rating Outlook is Stable. The ratings reflect pro forma CompoSecure's niche market leadership, predictable demand with about 67% aftermarket/recuring revenue exposure, and cost-advantaged, IP-backed solutions that elevate customer switching costs. Fitch forecasts $200 million pro forma FCF in 2026 and upside for incremental improvement from implementation of Resolute Operating System (ROS) strategies. These strengths are balanced by limited product and end-market diversification. Fitch forecasts EBITDA leverage around 3.5x and EBITDA interest coverage in the high-3.0x range. Successful operational execution that de-risks implementation of strategic objectives and enhances diversification through M&A could support positive rating momentum. Key Rating Drivers Management Value, Decentralized Operating Model: The combination of CompoSecure and Husky brings together two pure-play businesses under a decentralized model. This preserves distinct operations and management teams while leveraging ROS disciplines and leadership to drive value. The pro forma platform will broaden the product portfolio, aligning with a strategy of targeted M&A that enhances industrial capabilities and opportunities across adjacencies. Fitch believes integration execution risks associated with M&A are mitigated by management's track record and decentralized approach. The Resolute governance and management fee structure also introduces incremental execution risk in the longer-term value realized under the company's diversified industrial conglomerate strategy. Limited Diversification: The combined company's business profile will continue to exhibit limited diversification in select product categories and end markets. Although the transaction enhances scale and introduces exposure to new end markets, Fitch projects Husky will contribute around 70% of consolidated EBITDA. As a result, cash flow will remain closely tied to polyethylene terephthalate (PET)-based product demand within the food, beverage, and healthcare markets. Legacy CompoSecure's top two customers account for over 60% of revenues, heightening customer concentration. This will improve to 15% under the pro forma group structure. Concentration is mitigated by long-standing customer relationships, solid operating performance through economic cycles given end market resiliency, and cash generating capabilities of the combined entity. Continued M&A that broadens industrial capabilities across noncyclical sectors and enhances cash generation could support positive rating momentum. Leader in Niche Markets: CompoSecure and Husky have strong footholds in the niche segments in which they operate, anchored by manufacturing depth, engineering capabilities, and focus on core product portfolios. Both platforms deliver benefits for customers that enhance its defensibility and create customer switching costs, evidenced by Husky's 40% share in PET systems and CompoSecure's 75% share in metal payment cards. Mid-3x Leverage and Coverage: Fitch forecasts pro forma gross EBITDA leverage, net of the 10% management fee, in the mid-3x range following the Husky acquisition, consistent with the company's sub-3.5x financial policy. M&A could lift EBITDA leverage to 3.5x-4x. EBITDA interest coverage is forecast in the mid-to-high-3x range. The evolution of the leverage profile is dependent on the size, pace, and funding mix of future M&A, however the company's positive FCF profile supports deleveraging capacity. Aftermarket, Recurring Revenue Provides Stability: The business benefits from recurring and aftermarket-weighted cash flow streams. Husky's 13,500-system installed base, 25-year equipment lifecycles, and $680 million backlog supports utilization-linked maintenance revenue. Serving high-volume PET applications, Husky secures first-call parts/service by leveraging its growing remote monitoring application to ensure customers reduce downtime risk. CompoSecure generates around 75% of revenue from recurring card reissuance/expiration and fraud-related replacements. These offerings strengthen the operating profile and provide stable, long-term revenue visibility. High-20% EBITDA, 10% FCF Margins: Fitch expects the combined CompoSecure group to operate with EBITDA margins in the high-20% range and FCF margins of around 10%, which are strong for the 'BB' category. Further margin expansion will be driven by commercialization of existing products and services in targeted growth areas, operational streamlining, and opportunistic M&A. Bespoke Engineering Advantage: Both businesses exhibit technology leadership in its markets underpinned by IP, engineering, and customization that support customer stickiness. Husky's hot runner expertise and spec-to-SKU molds, designed exclusively for Husky equipment, enable equipment adaptations without system replacement. Ongoing R&D investment sustains product innovation on an 18-24-month cycle. CompoSecure's proprietary production assets and embedded security features enable quick design and differentiated products. These capabilities create a competitive moat, supporting premium pricing and stable margins. Peer Analysis Fitch compares CompoSecure to other diversified manufacturing peers, including JBT Marel, Matthews International Corporation (BB-/Stable), Hillman Solutions Corp. (BB-/Stable), and Park-Ohio Holdings Corp. (B+/Stable). CompoSecure's resilient end markets and predominant aftermarket exposure reduces cyclical risk and is comparable to JBT and Matthews. In contrast, Hillman and Park-Ohio face greater exposure to consumer retail demand trends that lead to cyclicality in their cash flow profiles. While Hillman and Park-Ohio have broader end-market and product application diversification, CompoSecure's cash flow stability is comparatively stronger. CompoSecure is forecast to operate with leverage around 3.5x throughout the forecast, similar to Matthews but weaker than both JBT (2.5x-3x) and Hillman (low-3x). Park-Ohio's leverage profile is weaker than the peer group average at the 3.5x-4x range. Hillman and Park-Ohio's smaller scale, weaker cash flow generation, and greater cyclicality relative to CompoSecure are offset at their respective leverage and rating levels. Key Assumptions - Mid-single-digit organic revenue growth through the forecast driven mainly by expansion into growth markets; - EBITDA margin expansion into the high-20% range from operational efficiency gains, inclusive of 10% management fee to Resolute Holdings Management; - Capex remains in the 3% to 3.5% range throughout the forecast; - Capital allocation assumed to be opportunistic, prioritizing inorganic growth over debt repayments or shareholder returns; - Bolt-on acquisitions completed annually beginning at the start of 2027 at low-double-digit multiples; - SOFR assumed at 3.75% in 2026, stabilizing at 3.5% thereafter. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Sustained EBITDA leverage above 4.0x and EBITDA interest coverage below 3.0x; - A deviation in M&A strategy or operational missteps that heightens execution and cash flow risk; - Erosion of competitive advantages that weaken market position. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Continued execution and maturation of the business and cash flow risk profiles; - Demonstrated execution of an M&A strategy that enhances diversification; - Disciplined financial and capital allocation policy that supports EBITDA leverage sustained below 3.5x; - Maintenance of (CFO-Capex)/Debt at or above 7.5%. Liquidity and Debt Structure Fitch expects CompoSecures' liquidity to be sufficient over the rating horizon. Liquidity and financial flexibility are bolstered by the company's FCF generation and availability under the proposed $273.5 million revolver. Following the transaction close, CompoSecure will have 2029 debt maturities. The company's proposed capital structure will be comprised of a super senior secured revolving credit facility as well as a senior secured term loan and delayed-draw term loan. Issuer Profile CompoSecure is a leading manufacturer of premium metal payment cards. It will acquire Husky Technologies, a provider of engineered tooling, injection molding systems, hot runners, and services for plastic packaging across food and beverage and other end markets. Date of Relevant Committee 11-Nov-2025 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 ----------- ------ -------- CompoSecure, L.L.C. LT IDR BB- New Rating senior secured LT BB+ New Rating RR2 super senior LT BB+ New Rating RR1 CompoSecure, Inc. LT IDR BB- New Rating Husky Holdings LLC LT IDR BB- New Rating senior secured LT BB+ New Rating RR2 super senior LT BB+ New Rating RR COOKSON'S TRANSMISSION: Unsecureds to Get Share of GUC Recovery --------------------------------------------------------------- Cookson's Transmission City, Inc. filed with the U.S. Bankruptcy Court for the Northern District of Texas a Chapter 11 Plan of Reorganization dated November 20, 2025. The Debtor is an automotive repair shop located in Duncanville, Texas. The Debtor provides all types of automotive repair and service work, focusing particularly on transmission service and repair. On October 13, 2025, the Debtor filed Debtor's Application for Entry of an Order Pursuant to Sections 327(a) and 328(a) of the Bankruptcy Code Authorizing the Employment and Retention of Arise Capital Real Estate as Broker for the Debtor, seeking entry of an order authorizing the employment of Arise Capital Real Estate ("Arise Capital") as real estate broker for the Debtor's real property located at (a) 723 E. Hwy 67, Duncanville, Texas 75137; (b) 1218 Crestdell Drive, Duncanville, Texas 75137; (c) 1201 Crestdell Drive, Duncanville, Texas 75137; and (d) 1211 Crestdell Drive, Duncanville, Texas 75137 (collectively, the "Duncanville Property"). Since the Petition Date, the Debtor has been marketing the Duncanville Property for sale. The Debtor has received some interest from prospective buyers, but as of the filing of this Plan, the Debtor has not received a firm offer to purchase the Duncanville Property. The Duncanville Property is listed for sale for $2,650,000.00. Class 6 consists of all General Unsecured Claims against any Debtor. Except to the extent that a holder of an Allowed General Unsecured Claim agrees to less favorable treatment, in full and final satisfaction, compromise, settlement, release, and discharge of and in exchange for each General Unsecured Claim, each holder of an Allowed Class General Unsecured Claim shall, until paid or satisfied in accordance with this Plan, accrue interest at 5% simple interest per annum and be paid their pro rata share of the GUC Recovery. The GUC Recovery shall be paid by the Debtor to holders of Allowed General Unsecured Claims prior to the Plan Completion Date. Class 6 is Impaired and is entitled to vote to accept or reject the Plan. Class 7 consists of all the Interests in the Debtor. On the Effective Date, all Class 7 Interests shall remain in place at their prepetition priority and status. Pursuant to section 1123 of the Bankruptcy Code and Bankruptcy Rule 9019, and in consideration for the classification, distributions, releases, and other benefits provided under the Plan, upon the Effective Date, the provisions of the Plan shall constitute a good faith compromise and settlement of all Claims and Interests and controversies resolved pursuant to the Plan (collectively, the "Plan Settlement"). The Plan will be funded, in part, by a sale of any of the following portions of real estate parcels owned by the Debtor: (a) 723 E. Hwy 67, Duncanville, Texas 75137; (b) 1218 Crestdell Drive, Duncanville, Texas 75137; (c) 1201 Crestdell Drive, Duncanville, Texas 75137; and (d) 1211 Crestdell Drive, Duncanville, Texas 75137 (defined, supra, as the "Duncanville Property"). The Debtor will use commercially reasonable and good faith efforts to sell all or a portion of the Duncanville Property prior to the Plan Completion Date in an amount sufficient to satisfy the treatment of Holders of Claims against the Debtor as classified in this Plan. The Reorganized Debtor shall fund Plan Distributions with: (1) Cash on hand; (2) the sale of the Duncanville Property; and (3) the proceeds of operations. A full-text copy of the Plan of Reorganization dated November 20, 2025 is available at https://urlcurt.com/u?l=WIfgUi from PacerMonitor.com at no charge. Counsel to the Debtor: Bryan Assink, Esq. Bonds Ellis Eppich Schafer Jones LLP 420 Throckmorton Street, Suite 1000 Fort Worth, TX 76102 Telephone: (817) 405-6900 Facsimile: (817) 405-6902 Email: bryan.assink@bondsellis.com About Cookson's Transmission City Cookson's Transmission City, Inc. provides automotive repair services with a focus on transmission diagnostics, maintenance, and rebuilding, and also offers related services including tune-ups, air conditioning repair, and alternator replacement. The Company has operated in Duncanville, Texas since 1978, serving individual car owners and local customers in the Dallas-Fort Worth area. Cookson's sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-33212) on August 22, 2025, listing $1,063,188 in total assets and $880,770 in total liabilities. Joey Carbon, president, signed the petition. Judge Michelle V. Larson oversees the case. Bryan C. Assink, Esq., at Bonds Ellis Eppich Schafer Jones, LLP represents the Debtor as counsel. CORNERSTONE BUILDING: Moody's Cuts CFR to 'Caa1', Outlook Stable ---------------------------------------------------------------- Moody's Ratings downgraded Cornerstone Building Brands, Inc.'s corporate family rating to Caa1 from B3, its probability of default rating to Caa1-PD from B3-PD, the senior secured bank credit facility rating to Caa1 from B3, senior secured notes rating to Caa1 from B3 and the senior unsecured notes rating to Caa3 from Caa2. The rating outlook remains stable. "The downgrade of the CFR to Caa1 reflects anticipated weaker earnings in 2025 and 2026 compared to Moody's prior expectations, driven by sustained softness in residential new construction and repair-and-remodel volumes relative to historical levels," said Griselda Bisono, VP-Senior Credit Officer at Moody's Ratings. Furthermore, the ability to offset materials inflation through price increases, without impacting volumes, remains unclear. Moody's expects key credit metrics will remain weak through 2026, including debt / EBITDA at about 9.0x and EBITA / Interest Expense at about 0.6x. The stable outlook reflects improving fundamentals within the company's Metal Solutions segment, which should partially offset volume declines in the Windows and Doors and Siding and Accessories segments. In addition, the outlook considers a weaker, but still stable, liquidity profile. RATINGS RATIONALE Cornerstone's Caa1 CFR reflects high leverage, weak interest coverage, and a low margin profile. Sales volumes will remain pressured by soft remodeling demand, driven by low existing home sales and weak new residential construction. While non-residential construction may improve modestly in 2026, it will not offset weakness in the other end markets. This is compounded by the discretionary nature of Cornerstone's products and consumer preference for lower-cost renovations. Tariffs add further downside risk through higher input costs and reduced remodel demand. Moody's projects EBITA margins will remain flat at about 5–5.5% through 2026, reflecting earnings from the Metal Sales acquisition offset by materials inflation due to tariffs. The highly competitive landscape will also limit pricing power. Moody's expects Cornerstone to maintain adequate liquidity over the next 18 months, despite Moody's forecasts for negative free cash flow in 2025 resulting from weak operating cash generation. However, Moody's expects free cash flow to turn positive in 2026 driven mainly by working capital improvements. Moody's liquidity assessment reflects higher revolver usage on the company's $1.037 billion ABL and cash flow facilities, no near-term maturities and weakened but sufficient cushion on financial covenants. ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS Moody's changed the governance risk score for Cornerstone to G-5 (very highly negative) from G-4 (highly negative) and the credit impact score to CIS-5 (very highly negative) from CIS-4 (highly negative). The change in governance risk and credit impact scores reflects very aggressive financial policies under private equity ownership, as evidenced by very high leverage and weak interest coverage. The company has a track record of operational underperformance and no meaningful track record in achieving near-term performance targets, which further elevates its governance risk. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if the company sustains improved credit metrics, including total debt-to-EBITDA below 6.5x, adjusted EBITA-to-interest expense above 1.5x and positive free cash flow. An upgrade would also require maintenance of good liquidity. The ratings could be downgraded if the company generates negative operating cash flow and liquidity deteriorates. A downgrade would also be triggered by increased likelihood of a restructuring or default. Headquartered in Cary, North Carolina, Cornerstone Building Brands, Inc., is the largest manufacturer of exterior building products for residential and low-rise non-residential buildings in North America. Following the going private transaction, Cornerstone became a privately owned business by Clayton, Dubilier and Rice. The principal methodology used in these ratings was Manufacturing published in September 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. CROSSCOUNTRY INTERMEDIATE: Moody's Rates $500MM Unsec. Notes 'B1' ----------------------------------------------------------------- Moody's Ratings has assigned a B1 backed senior unsecured debt rating to CrossCountry Intermediate Holdco, LLC's proposed $500 million backed senior unsecured notes due in 2032. The company intends to use the net proceeds from the offering to pay down its secured mortgage servicing rights (MSR) facilities. Remaining proceeds will be used for general corporate purposes. CrossCountry Intermediate Holdco, LLC is the intermediate holding company of CrossCountry Holdco, LLC (CrossCountry). The rating action does not affect CrossCountry's Ba3 corporate family rating. The outlook for both entities is stable. RATINGS RATIONALE Moody's views the proposed transaction as modestly credit positive. Although overall corporate leverage will increase slightly from the current level, the transaction will reduce the company's reliance on secured MSR financing, increasing financial flexibility. CrossCountry's Ba3 CFR reflects the company's strong profitability despite difficult conditions for residential mortgage companies as well as its growing franchise in the US residential mortgage market, where it is a top 10 mortgage originator and the largest in the distributed-retail channel. CrossCountry's current capitalization is solid, and the company's hedging strategy helps preserve equity and lessen the impact of MSR fair value changes. The B1 senior unsecured debt rating is one notch below the company's Ba3 CFR, incorporating the debt's priority of claim, strength of asset coverage and Moody's expectations of the company's use of secured corporate debt relative to total corporate debt. The stable outlook reflects Moody's expectations that CrossCountry's asset quality, capitalization and funding profile will remain stable over the next 12-18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING The ratings could be upgraded if the company: 1) strengthens its capitalization, such that its tangible common equity (TCE) to tangible managed assets (TMA) increases and remains above 22.0%; 2) decreases its reliance on secured financing; 3) maintains profitability as measured by net income to total managed assets exceeding 4.0%; and 4) lowers its proportion of non-agency/non-government loan origination volumes relative to its total originations. The ratings could be downgraded if the company: 1) weakens its financial profile or franchise position, such that its TCE/TMA declines to less than 12% or net income to average assets remains below 2.0%; 2) increases the proportion of non-agency/non-government loan origination volumes to more than 30% of total originations without a commensurate increase in alternative liquidity sources and capital to address the riskier liquidity and asset quality profile that such an increase would entail; or 3) increases refinance risk such that the average remaining time to maturity of its warehouse lines decreases and Moody's expects it to remain less than 12 months. In addition, if secured MSR debt or other secured corporate debt to total corporate debt increases and Moody's expects it to remain above 50%, Moody's could downgrade the long-term senior unsecured debt rating. The principal methodology used in this rating was Finance Companies published in July 2024. CRS SERVICES: Edward Burr Named Subchapter V Trustee ---------------------------------------------------- The U.S. Trustee for Region 17 appointed Edward Burr of Mac Restructuring Advisors, LLC as Subchapter V trustee for CRS Services, Limited. Mr. Burr 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. Burr declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Edward Burr Mac Restructuring Advisors, LLC 10191 E. Shangri La Road Scottsdale, AZ 85260 Phone: (602) 418-2906 Email: Ted@macrestructuring.com About CRS Services Limited CRS Services, Limited provides home security systems, alarm systems, UL-listed monitoring, and video surveillance services for residential and commercial clients across Nevada through its CRS Home Services division, and it also offers smart home automation systems that integrate with Brinks Home Security monitoring. It additionally provides solar panel and battery backup solutions along with water filtration systems and operates from Henderson, Nevada. CRS Services filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Nevada Case No. 25-16917) on November 17, 2025, with $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Steven D. Boyer, managing member, signed the petition. Judge August B. Landis presides over the case. Matthew C. Zirzow, Esq., at Larson & Zirzow, LLC represents the Debtor as legal counsel. DEEJAYZOO LLC: Plan Exclusivity Period Extended to December 22 -------------------------------------------------------------- Judge Nancy Hershey Lord of the U.S. Bankruptcy Court for the Eastern District of New York extended Deejayzoo LLC d/b/a Shhhowercap's exclusive periods to file a plan of reorganization and obtain acceptance thereof to December 22, 2025 and February 23, 2026, respectively. As shared by Troubled Company Reporter, the Debtor explains that an extension of the exclusive periods will give the company a reasonable opportunity to negotiate and obtain confirmation of a consensual plan with its creditors. Further, it needs the requested period in order for all parties to file their respective claims within the deadlines to be established by the Court and for the Debtor to review said claims once filed. The Debtor claims that the requested extensions of the exclusivity period to file a plan and disclosure statement will not harm any economic stakeholder. Rather, the time will be used to negotiate a resolution of claims filed in this case, in order to propose feasible plan and disclosure statement. Deejayzoo LLC is represented by: Alla Kachan, Esq. Law Offices of Alla Kachan, P.C. 2799 Coney Island Avenue, Suite 202 Brooklyn, NY 11235 Telephone: (718) 513-3145 About Deejayzoo LLC Deejayzoo LLC develops and markets SHHHOWERCAP, a reusable and innovative shower cap designed to replace disposable alternatives. The product is waterproof, humidity-defying, antibacterial, fits all hair types, and machine washable. The Company operates from its headquarters in Brooklyn, New York, and is led by founder Jacquelyn De Jesu. Deejayzoo LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-42617) on May 28, 2025. In its petition signed by Jacquelyn De Jesu, president, the Debtor disclosed total assets of $12,166 and total liabilities of $2,846,653. Honorable Bankruptcy Judge Nancy Hershey Lord handles the case. The Debtor is represented by Alla Kachan, Esq., at the Law Offices of Alla Kachan, P.C. DEL MAR RACE: Fitch Affirms BB- Rating on $29MM 2015 Revenue Bonds ------------------------------------------------------------------ Fitch Ratings has affirmed Del Mar Race Track Authority, CA's (RTA) $29 million Series 2015 revenue bonds at 'BB-'. The Rating Outlook is Stable. RATING RATIONALE The 'BB-' rating reflects the elevated vulnerability of the RTA's operating profile to the declining popularity of horse racing in California and across the country. Longer-term historical declines in track attendance have reduced margins for track net revenue, leading to lower net revenue from racing operations and greater reliance on concession revenue to support debt service. Although Del Mar hosted the Breeders Cup in 2024 and 2025, Fitch's rating case assumes a continued decline in gross track revenue in 2026, with net concession revenue becoming the sole source for debt service after 2027. Under the rating case, the 10-year average DSCR is 1.32x, with a minimum of 0.91x in 2037. The rating is supported by strong debt structural features, including prepayment tests that trigger if coverage exceeds or falls below 2.0x, expected early amortization of the bonds, and reduced long-term risk for horse racing, consistent with a 'BB-' rating. Fitch's rating case does not assume any prepayments under the debt structure, although prepayments are expected in practice. Although net concession revenue bolsters the debt service coverage ratio (DSCR) through debt tenor, this revenue depends on the facility remaining open, with either sustained attendance at non-racing events or higher per capita concession spending, which is uncertain over the long term. Fitch will monitor the facility's financial viability and update the rating to reflect future material credit events as they arise. KEY RATING DRIVERS Revenue Risk: Franchise - Weaker Declining Fan Base: Declines in the California horse racing, as well as exposure to adverse events such as equine deaths at tracks, have driven a long-term trend of reduced attendance and uncertainty in fan support, despite temporary improvements during the pandemic. Tracks also increasingly compete with internet gaming and regional casinos for gamblers. These weaknesses are somewhat offset by an affluent service area combined with semi-diverse revenue from wagering, and concessions generated from other fairground events. However, given the industry's continued deterioration, track revenue appears less sustainable over the longer term. Facility Infrastructure Development/Renewal - Midrange Limited Financial Obligation to Capital Improvement Plan: The score reflects the limited capacity of excess cashflow available to the RTA to fund any potential fairgrounds capital projects. Recent large fairgrounds capital projects were separately funded by the 22nd District Agricultural Association (DAA), including the renovation of an existing satellite wagering building into a multi-purpose entertainment venue, "the Sound," which is bolstering DAA concession revenue and supporting a mild diversification in pledged revenue. The RTA has previously relied on bond financings to fund major capital renovations to the track grounds. Currently the RTA is not responsible for any major capital spending plans. Debt Structure - 1 - Stronger Favorable Provisions and Reserves: Debt is 100% fixed rate and fully amortizes by 2038 with a flat debt service profile of $3.2 million per annum. A debt prepayment feature accelerates prepayment of principal in the amount of 30% of pledged net revenue (subject to a $4 million cap on net concession revenue) that exceeds 2.0x debt service. A second prepayment feature offers further protection if coverage test revenue (i.e., pledged revenue, including all available uncapped net concession revenue) should fall below 2.0x debt service. No debt may be issued senior to the 2015 bonds, and rating agency verification is required for any additional parity bonds. A debt service reserve fund (DSRF) is fully cash funded at maximum annual debt service (MADS). Financial Profile Overall financial performance for 2024 was broadly in line with prior years. Net track revenue declined somewhat, while net concession revenue increased, benefiting from hosting the 2024 Breeder's Cup, as well as revenue diversification from the new music venue at the fairgrounds, which also contributed to net concession revenue. Fitch cases reflect declining horse-racing trends and thin operating margins on net racetrack revenue. This leads to higher reliance on net concession revenue, which also is vulnerable to deterioration. Under Fitch's rating case, net racetrack revenue is depleted by 2028, and the 10-year average DSCR is 1.32x, falling to a minimum of 0.91x in 2037, as no pledged racetrack revenue are available to support debt service. The profile exhibits a high degree of volatility with slight changes in net track profitability contributing to large variances in annual DSCR. PEER GROUP There are no directly comparable peers, as this is the only racetrack that Fitch rates. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Continued decline in horse racing such that the racetrack is no longer financially sustainable. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Proactive managerial decisions that lead to viable cost reductions and/or consistent revenue growth resulting in a stable long-term financial profile. CREDIT UPDATE Net track revenue for 2024 came in at $1.79 million, slightly higher than anticipated during the previous review. Concession net revenue totaled $3.31 million. Unencumbered operating cash and investments in LAIF decreased slightly, with $31.8 million available in December 2024. Wagers increased as expected, with a total handle (the total amount wagered on a race) of $872.6 million 2024, up 28.1% from 2023, due to inclusion of Breeders' Cup handles. Excluding the Breeders' Cup, wagers were $669.2 million, decreasing by 1.7% in 2024. Fitch views the 2024 handle growth as primarily event-driven, with the decline in core wagering excluding the Breeders' Cup indicating subdued underlying demand. Total track attendance during 2024 was higher than 2023, at 387,054 patrons. However, this increase is attributed to hosting the Breeders' Cup. Summer meet attendance was 273,587 (70.7% of total), which returned to 31 race days from 30 days the previous year. Average daily attendance in the summer was down 4.2% compared with 2023. The 14-day fall meet (11.9% of total) had attendance of 46,049, a 10.74% decrease from 2023 fall attendance, despite the increase in racing days from 13 to 14 for the 2024 season. The Breeders' Cup, which was not held the previous year, saw attendance of 67,418. Attendance in 2024 represents 83% of pre-pandemic attendance, which had already fallen from previous peaks of over 700,000 patrons. Fitch views the increase in attendance as largely nonrecurring, and notes patronage remains below pre-pandemic levels, which may limit onsite revenue growth. Overall handle in 2024 increased 28.1% due to the hosting of the Breeder's Cup at Del Mar in 2024, which greatly increased wagering. Non-Breeder's Cup handle decreased slightly in 2024 when compared with 2023. Out-of-state wagering continues to be the largest component of total handle at 55%, followed by offtrack wagering at 32%. On-track wagering makes up only 8% of the total, representing a significant decline from 17% of total handle in 2014. Net racetrack revenue decreased by 31.46% in 2024 to an estimated $1.79 million due to a major increase in operating expenses. The decline in net track revenue in 2024 was attributed to increases in advertising, service contracts and equipment rentals. In 2023, "the Sound" opened on the fairgrounds. The venue is an 1,892 seat multi-use entertainment venue that primarily hosts concerts. This capital project was undertaken and financed by DAA and was a renovation of an existing satellite wagering building. In 2024, the venue hosted 60 events, falling short of the forecasted 80 shows. Despite the decrease in shows, net income for the year amounted to $505,170, which falls below the forecast by about 10%. Fitch views the development of the venue as a signal that management intends to diversify revenue streams at the fairgrounds and contribute additional concession revenue toward the rated bonds. No other major capital expenditures are planned at Del Mar. SECURITY The bonds are secured by net concession revenue (capped at $4 million) generated by the DAA and net track revenue generated by DMTC. ESG Considerations Del Mar Race Track Authority (CA) has an ESG Relevance Score of '4' for Financial Transparency due to delays in publication of audited financial statements, which has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Del Mar Race Track Authority (CA) Del Mar Race Track Authority (CA) /Sports Facility Revenues – First Lien/1 LT LT BB- Affirmed BB- DENVER BOULDERING: Continued Operations to Fund Plan Payments ------------------------------------------------------------- Denver Bouldering Club, LLC filed with the U.S. Bankruptcy Court for the District of Colorado a Subchapter V Plan of Reorganization dated November 21, 2025. The Debtor is a Colorado limited liability company that operates two bouldering and climbing gyms in the Denver Metro area. The Debtor was forced to file bankruptcy due to an underperforming location, unfavorable lease, and a dip in memberships, which created cash flow issues. While Debtor's business model has the potential to be profitable, Debtor could not maintain its prepetition obligations. Faced with mounting debt and limited liquidity, Debtor had no viable option but to seek bankruptcy protection. The Debtor has listed its assets with the market values above. In a liquidation, the Debtor's secured creditor would seek relief from the automatic stay and foreclose on its collateral. The secured claim encumbering the Debtor's assets totals approximately $492,319.96, far exceeding the value of the Debtor's assets and leaving no value in a liquidation. The Debtor scheduled two unsecured pre-petition debts. Chase in the amount of $16,392.14 and Thomas Betterton in the amount of $8,750.97. Chase has filed a Proof of Claim for $16,392.14. The Debtor also rejected the lease for 720 W. 84th Ave., Ste. A, Thornton, CO 80221. The landlord for this location, Huron Plaza, LLC filed a claim for $1,322,816.85. However, the landlord failed to use the cap contained in Section 502(b)(6) of the Bankruptcy Code for its lease rejection claim. Class 3 consists of general unsecured creditors of the Debtor who hold Allowed Claims. Holders of Class 3 Allowed Claims shall share on a Pro Rata basis monies deposited into the Unsecured Creditor Account as set forth herein. As set forth in Article III, paragraph 3.2 of this Plan, upon the first full month following the Effective Date of the Plan and every month until Administrative Claims are paid in full and then for the remainder of the Term of the Plan the Debtor will every month in accordance with the terms of this Plan deposit for the five year Term of the Plan: (a) during the first year of the Plan $209.49 per month and $2,513.92 per year; (b) during the second year of the Plan $341.82 per month and $4,101.82 per year; (c) during the third year term of the Plan $480.76 per month and $5,769.11 per year; (d) during the fourth year of the Plan $626.65 per month and $7,519.76 per year and (e) during the fifth year of the Plan $779.83 per month and $9,357.95 per year. At the end of each calendar quarter, the balance of the Unsecured Creditor Account will be distributed to the holders of Class 3 general unsecured creditors that hold Allowed Claims on a Pro Rata basis. The account will be maintained at a federally insured banking institution and shall be maintained within the insurance limit of the institution. Class 4 includes the Interests in the Debtor, which Interests are unimpaired by the Plan. Upon confirmation of the Plan, all Class 4 Interest holders will retain their ownership Interests in the Debtor. The Debtor shall be empowered to take such action as may be necessary to perform its obligations under this Plan. The Debtor believes that the Plan, as proposed, is feasible. The funding for the Plan will come from the Debtor's continued operations. As detailed in the Projections, the Debtor will have sufficient cash on hand and profits during the term of the Plan to satisfy its Plan obligations. A full-text copy of the Subchapter V Plan dated November 21, 2025 is available at https://urlcurt.com/u?l=uWqXce from PacerMonitor.com at no charge. Counsel to the Debtor: David J. Warner, Esq. Wadsworth Garber Warner Conrardy, P.C. 2580 West Main Street, Suite 200 Littleton, CO 80128 Tel: (303) 296-1999 Fax: (303) 296-7600 FAX Email: dwarner@wgwc-law.com About Denver Bouldering Club LLC Denver Bouldering Club, LLC operates multiple climbing gyms in the Denver area, offering memberships, coaching, and outdoor education. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case No. 25-14161) on July 3, 2025. In the petition signed by Thomas Betterton, managing member, the Debtor disclosed up to $100,000 in assets and up to $1 million in liabilities. Judge Thomas B. McNamara oversees the case. David J. Warner, Esq., at Wadsworth Garber Warner Conrardy, P.C., represents the Debtor as legal counsel. DIOCESE OF BURLINGTON: Seeks to Extend Plan Exclusivity ------------------------------------------------------- The Roman Catholic Diocese of Burlington Vermont asked the U.S. Bankruptcy Court for the District of Vermont to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to March 30, 2026 and May 29, 2026, respectively. The Diocese believes that the limited proposed extension to formulate and file a plan sought in the Motion will be beneficial to the estate, will allow the plan to be based on more accurate information, and will result in a more efficient use of the estate's assets for the benefit of all creditors. The Debtor explains that the status of the case and the application of the factors identified support the conclusion that an extension of the exclusivity period and solicitation period is warranted in the Diocese's case, including because: * The Diocese's case is large and complex, involving complicated property of the estate and claim issues; * The Diocese and the Committee require more time to negotiate a plan of reorganization and prepare adequate information for a disclosure statement; * The Diocese has been working diligently and in good faith toward a Chapter 11 plan, including in consultation with the Committee; * The Diocese is paying its bills as they become due; and * The Diocese is about to participate in continued mediation with the Committee. In sum, the Diocese believes that the extensions sought will be beneficial to the Diocese as well as creditors and other parties in interest; will provide time to attempt to reach a consensus regarding plan terms; will allow the plan to be based on more accurate information; and will result in a more efficient use of estate assets for the benefit of all creditors. The Debtor explains that the requested extensions of the exclusive period and solicitation period are essential to allow the Diocese to proceed with the plan process as contemplated by the Bankruptcy Code. Moreover, the possibility of multiple plans would inevitably lead to unnecessary and costly confrontations that would likely cause a dramatic increase in the professional fee burden borne by the estate and reduce potential distributions to creditors. The Roman Catholic Diocese Of Burlington is represented by: Raymond J. Obuchowski, Esq. OBUCHOWSKI LAW OFFICE 1542 Route 107, PO Box 60 Bethel, VT 05032 Phone: (802) 234-6244 Email: ray@oeblaw.com James L. Baillie, Esq. Steven R. Kinsella, Esq. Samuel M. Andre, Esq. Katherine A. Nixon, Esq. FREDRIKSON & BYRON, P.A. 60 South Sixth Street, Suite 1500 Minneapolis, MN 55402-4400 (612) 492-7000 Email: jbaillie@fredlaw.com skinsella@fredlaw.com sandre@fredlaw.com knixon@fredlaw.com About Roman Catholic Diocese Of Burlington Vermont Roman Catholic Diocese of Burlington sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Vt. Case No. 24-10205) on Sept. 30, 2024. In the petition signed by Reverend John Joseph McDermott, bishop, the Debtor disclosed up to $50 million in assets and up to $10 million in liabilities. Judge Heather Z. Cooper oversees the case. The Debtor tapped James Baillie, Esq., at Fredrikson & Byron, P.A. as bankruptcy counsel and Obuchowski Law Office as local counsel. DISCOVERY ENERGY: Moody's Affirms 'B1' CFR, Outlook Remains Stable ------------------------------------------------------------------ Moody's Ratings affirmed the ratings of Discovery Energy Holding Corporation (DEHC), including the B1 corporate family rating, B1-PD probability of default rating and B1 backed senior secured first lien bank credit facility rating. The outlook remains stable. The affirmation of the CFR reflects Moody's expectations that DEHC will maintain its competitive position as a manufacturer of backup generators and gas and diesel engines, while improving its earnings and managing its moderate financial leverage. RATINGS RATIONALE DEHC's B1 CFR reflects the company's good size and scale as a manufacturer of backup generators and gas and diesel engines. DEHC has a healthy assortment of product offerings and a broad geographic presence with a global sales and manufacturing footprint. Moody's expects demand for the company's products to remain strong and to support favorable pricing. The US electrical grid infrastructure is aging and weather related power outages are occurring increasingly frequently, which will drive demand for industrial and residential generators. However, DEHC faces formidable competitors in the market for backup generators. The company has a limited history as a standalone entity from a carve-out transaction in May 2024, which could still pose execution risk. Private equity ownership may lead to a more aggressive financial policy, including the payment of a large shareholder distribution or debt funded acquisition. Moody's expects organic revenue to grow by 4% per year over the next 12-18 months, driven by growth in the Industrial Energy Systems, including from products to support data centers, and the Home Energy segment, which sees healthy demand from residential end markets. Moody's forecasts that adjusted EBITA margin will improve to 7.1% over the next 12 to 18 months. The improvement is underpinned by favorable pricing, an ongoing mix-shift to sales of higher margin products, including for residential end markets and data centers, and strong cost and expense controls. The ensuing higher earnings will lower debt-to-EBITDA to 3.9x, as Moody's expects. The stable outlook reflects Moody's expectations that modest revenue growth and better product mix toward higher margin products and strong cost and expense controls will drive higher earnings, lowering the company's financial leverage and generating positive free cash flow. Moody's expects DEHC's liquidity to be good over the next 12 months, which is largely supported by Moody's expectations for free cash flow of more than $115 million over the next 12 months. Free cash flow will benefit from improved earnings. Liquidity is also underpinned by the $400 million asset-based lending (ABL) facility, which was undrawn as of the end of September 2025. The facility is set to expire in May 2029. The company has no significant debt maturities over the next 12 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if DEHC grows organic revenue and sustains an improvement in margin such that EBITA margin exceeds 8%, if debt-to-EBITDA is sustained below 4.0x, and if EBITA-to-interest is sustained above 3.5x. The demonstration of conservative financial policies could also support a ratings upgrade. The ratings could be downgraded if organic revenue or order rates decline significantly, if EBITA margin declines below 6%, or if debt-to-EBITDA is sustained above to 5.0x. The ratings could also be downgraded if the company implements an increasingly aggressive financial policy, including the payment of a large shareholder distribution or debt funded acquisition. The principal methodology used in these ratings was Manufacturing published in September 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Discovery Energy Holding Corporation (DEHC), the former energy division of Kohler Co., is a global manufacturer, distributor and installer of energy resilience products including backup generators and gas and diesel engines. These products are often used in residential, commercial, industrial and off-highway power equipment. The company was acquired by Platinum Equity Investors from Kohler Co. in a carve-out transaction in May 2024. Revenue for the last twelve months ended September 2025 was about $4.0 billion. DOUBLE S SIGNS: Unsecureds Will Get 17.31% of Claims over 5 Years ----------------------------------------------------------------- Double S Signs, LLC, filed with the U.S. Bankruptcy Court for the Eastern District of Texas a Plan of Reorganization dated November 20, 2025. The Debtor started operations in June 2018. Double S Signs, LLC operates a commercial sign company business. Double S Signs, LLC elected to file a chapter 11 reorganization as the best means to resolve the current liabilities of the company and determine the secured portions of those creditors. The Debtor filed this case on August 25, 2025. Debtor proposes to pay allowed unsecured based on the liquidation analysis and cash available. Debtor anticipates having enough business and cash available to fund the plan and pay the creditors pursuant to the proposed plan. It is anticipated that after confirmation, the Debtor will continue in business. Based upon the projections, the Debtor believes it can service the debt to the creditors. The Debtor will continue operating the businesses. The Debtor's Plan will break the existing claims into six classes of Claimants. These claimants will receive cash repayments over a period of time beginning on or after the Effective Date. Class 4 consists of Allowed Unsecured Claims. All allowed unsecured creditors shall receive a pro rata distribution at zero percent per annum over the next five years beginning not later than the 1st day of the first full calendar month following 30 days after the effective date of the plan and continuing every year thereafter on a monthly basis at 0.00% per annum. This Class is impaired. The Debtor will distribute $119.500.00 to the general allowed unsecured creditor pool over the 5-year term of the plan, includes the under-secured claim portions. The Debtor's General Allowed Unsecured Claimants will receive 17.31% of their allowed claims under this plan. The allowed unsecured claims total $690,117.24. Class 5 consists of Equity Interest Holders (Current Owners). The current owners will receive no payments under the Plan; however, they will be allowed to retain ownership in the Debtor. Class 5 Claimants are not impaired under the Plan. The Debtor anticipates the continued operations of the business to fund the Plan. A full-text copy of the Plan of Reorganization dated November 20, 2025 is available at https://urlcurt.com/u?l=A2wdiq from PacerMonitor.com at no charge. Counsel for the Debtor: Robert C. Lane, Esq. A. Zachary Casas, Esq. The Lane Law Firm 6200 Savoy, Suite 1150 Houston, Texas 77036 (713) 595-8200 Voice (713) 595-8201 Facsimile About Double S Signs LLC Double S Signs, LLC manages and operates a commercial sign company business. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 25-50110) on August 25, 2025, listing up to $1 million in assets and up to $10 million in liabilities. Jared Russell Sparks, president of Double S Signs, signed the petition. Judge Brenda T. Rhoades oversees the case. Robert C. Lane, Esq., at The Lane Law Firm, represents the Debtor as bankruptcy counsel. EDGEWELL PERSONAL: S&P Lowers ICR to 'BB-', Outlook Stable ---------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on U.S.-based Edgewell Personal Care Co. and its issue-level rating on its senior unsecured debt to 'BB-' from 'BB'. The recovery rating on the senior unsecured debt remains '3', indicating its expectations for meaningful (50%-70%; rounded estimate: 60%) recovery in the event of a payment default. The stable outlook reflects our view that Edgewell will reduce S&P Global Ratings-adjusted leverage to about 4.5x by the end of fiscal 2026 despite a challenging operating environment and elevated restructuring and divestiture-related costs. This assumes the company will prioritize using the proceeds from the sale of its feminine care business to deleverage as opposed to shareholder returns. Edgewell reported weaker-than-expected fourth-quarter fiscal 2025 financial results and guidance for 2026. S&P said, "We view the announced sale of the underperforming feminine care business to Essity as a credit positive and margin accretive, notwithstanding stranded costs that will weigh on near-term cash flow and credit metrics. "As a result, we no longer believe the company will strengthen credit metrics in fiscal 2026 consistent with our prior expectations, which had included reducing adjusted leverage to below 4x. Rather, we now forecast leverage to remain elevated at about 4.5x in fiscal 2026. "The downgrade reflects our view that credit-measure improvement will take longer than previously anticipated and could be further delayed if macroeconomic conditions, competitive pressures, or both don't ease. For the fiscal year ended Sept. 30, 2025, Edgewell reported a 1.3% decline in net sales and a 15% decline S&P Global Ratings-adjusted EBITDA." Its performance was hurt by: -- Weaker consumption trends; -- Execution missteps in its feminine care business earlier in the year that contributed to items being out of stock and a subsequent loss of market share; -- Another weak sun care season, exacerbated by intense competition that resulted in heavy promotional behavior; -- Substantial restructuring costs related to its North American business streamlining and facility consolidation; and -- Meaningful exposure to tariffs. In addition, adjusted debt was higher than expected, as the company used its revolver to fund inventory purchases ahead of tariff implementation and to fund share repurchases. Consequently, adjusted leverage deteriorated to 4.9x at the end of fiscal 2025 compared to our previous forecast of 4.2x. S&P said, "We expect most of the headwinds will persist into fiscal 2026, which will continue to pressure Edgewell' s performance. We forecast flat organic revenues in fiscal 2026, affected by weak consumer spending and heavy competition but partially offset by benefits from increased advertising and promotional spending. Retailer planograms next reset in February/March 2026, which will provide the company an opportunity to increase sales. We expect adjusted EBITDA margins will remain well below historical levels at about 12.4% in fiscal 2026, down from 12.9% in fiscal 2025, weighed down by the impact of tariffs, limited pricing power, and continued promotional intensity in most of its sub-segments. Our forecast assumes meaningful sequential margin improvement in the second half of fiscal 2026 and in fiscal 2027 as the company cycles through the higher cost of raw materials and restructuring-related costs. This--along with a reduction of gross debt using the feminine care asset sale proceeds--should improve adjusted leverage to about 4.5x by fiscal 2026 and about 4x by fiscal 2027. "We consider the announced sale of the feminine care business to Essity as a credit positive, notwithstanding stranded costs that will weigh on near-term cash flow and credit metrics. Although Edgewell' s feminine care portfolio includes recognized brands such as Playtex, Carefree, and Stayfree, this segment has consistently underperformed the rest of the business (a reported segment profit margin of 6% in fiscal 2025 compared to a company-consolidated profit margin of 14%). We believe this is indicative of the heavy competition with much larger, well-capitalized operators as well as its recent execution missteps relating to the Carefree rollout. It's our understanding that the feminine care business was run largely separately from the rest of the business, including dedicated production and marketing teams. In addition, management believes that although the sales teams are integrated with the rest of the business, it won't face any material revenue dis-synergies following the divestiture. Therefore, we don't incorporate any potential loss of sales in the remaining business. Our base-case forecast excludes the feminine care business from the beginning of fiscal 2026. "We expect the company will focus on deleveraging in line with its net leverage target of 2x-3x. This compares to 3.9x as of Sept. 30, 2025. We assume Edgewell will focus on repaying its outstanding revolver borrowings of about $140 million as of Sept. 30, 2025, primarily using the net proceeds from the sale of the feminine care business, which we estimate will be about $270 million after taxes and transaction costs. Further, we expect the company will maintain a prudent capital-allocation policy. This will include modest dividends of about $30 million annually and share repurchases limited to offsetting dilution of about $15 million annually until it can reduce net leverage to its target range. While the company hasn't provided a definitive guide on the use of the asset sale proceeds, we assume it will use them primarily for debt repayment and for ongoing operations (including reinvesting in the brands and capital expenditure related to the consolidation of its facilities). The company might also occasionally undertake bolt-on acquisitions that could temporarily weaken its credit metrics. We also note the board has authorized a new share-buyback program of up to $100 million, effective Nov. 13, 2025, which we expect the company will use sparingly over the near term. "We continue to assess the company' s business risk as fair. Our view is underpinned by its participation in relatively stable categories, well-recognized brands with decent market share, a portfolio of innovative smaller brands (Billie, Cremo, Bulldog), long-standing retailer relationships, and broad geographic diversification. At the same time, we also consider the highly competitive nature of the industry--both from well-established brands owned by larger operators such as Procter & Gamble Co. (P&G), Unilever U.S. Inc., and Kenvue Inc., as well as from innovative new brands. The industry also has substantial seasonality and relies on satisfactory weather conditions for its sun care business. Further, Edgewell needs to continuously innovate and spend on advertising and promotions to maintain its market share. We view its recent organizational changes--including the simplification of its North American operations and efforts to streamline its wet shave production facilities (such as consolidating the Mexican facilities into one facility and building a new, highly automated blade manufacturing plant)--as beneficial in the medium term once the costs related to these efforts cycle off, which will likely be in fiscal 2027. Further, we expect management' s renewed focus on reinvesting in its five core brands (Schick, Billie, Hawaiian Tropic, Banana Boat, and Cremo) in the U.S., which account for about 80% of total sales in the region, will benefit top-line and market-share growth over the coming quarters. This is partially offset by weak overall category growth in a challenging macroeconomic environment. Edgewell' s international business continues to perform well, posting positive organic growth consistently over the past five years. "The stable outlook reflects our view that Edgewell will improve S&P Global Ratings-adjusted leverage to about 4.5x by end of fiscal 2026, despite a challenging operating environment and elevated restructuring and divestiture-related costs. This view is supported by our expectation that the company will prioritize using the feminine care business sale proceeds to deleverage as opposed to shareholder returns." S&P could lower its ratings if it expects leverage will be sustained above 5x or we unfavorably reassess Edgewell' s business risk profile. This could happen if: -- Operating performance falls short of our expectations due to reduced consumer spending, persistent inflation, or tariff headwinds; -- Competition from larger rivals--including online--escalates, resulting in market-share losses; -- Contributions from productivity initiatives are lower than expected; -- The company experiences supply-chain disruptions or loses shelf space at retailers; or -- Financial policies become more aggressive than we expect, including materially higher share repurchases, multiple bolt-on acquisitions, or a transformational acquisition. Although unlikely over the next year, S&P could raise the rating if Edgewell improves its operating performance and demonstrates conservative financial policies, such that S&P Global Ratings-adjusted leverage is sustained below 4x. This could happen if: -- The company successfully executes its growth, innovation, and cost-savings strategy; -- Consumption trends for the company's products remain healthy; and -- It reduces gross debt using the feminine care divestiture proceeds. ELDER CONTRACTING: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------------- Debtor: Elder Contracting, LLC 2305 S. Higley Rd. Gilbert, AZ 85295 Case No.: 25-11296 Business Description: Elder Contracting, LLC, based in Gilbert, Arizona, provides residential and commercial construction services. The Company serves clients in the Gilbert area and surrounding regions, handling projects such as home renovations, additions, and new builds. Chapter 11 Petition Date: November 24, 2025 Court: United States Bankruptcy Court District of Arizona Judge: Hon. Eddward P Ballinger Jr Debtor's Counsel: Michael Tafoya, Esq. LAW OFFICE OF MICHAEL G. TAFOYA 17535 N. Costa Brava Ave. Maricopa, AZ 85139 Tel: (520) 450-0537 Email: michael.tafoya@gmail.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million Ramon J. Patino signed the petition as member. 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/BJLDJPY/Elder_Contracting_LLC__azbke-25-11296__0001.0.pdf?mcid=tGE4TAMA ELIJAH'S XTREME: Gets Interim OK to Use Cash Collateral ------------------------------------------------------- Elijah's Xtreme Gourmet Sauces, Inc. got the green light from the U.S. Bankruptcy Court for the Western District of North Carolina, Charlotte Division, to use cash collateral. At the recent hearing, the court authorized the Debtor's interim use of cash collateral and set a further hearing on December 10. Elijah's, a specialty food company based in Gastonia, North Carolina, filed a Subchapter V petition on November 14 and continues to operate as a debtor-in-possession. It is owned equally by Bret and Elijah Morey. As of the petition date, the Debtor's assets included approximately $11,000 in cash, $28,000 in inventory, $12,500 in furniture and equipment, $435 in accounts receivable, and $500 in promotional merchandise. The U.S. Small Business Administration holds a first priority lien on substantially all personal property securing a pre-bankruptcy debt of approximately $150,032, while various merchant cash advance lenders assert junior liens totaling roughly $700,000, which the Debtor believes are effectively unsecured due to the SBA's priority. The Debtor also faces approximately $1.3 million in unsecured tax and trade debts. To protect secured lenders, the Debtor offers to grant them replacement liens on post-petition accounts receivable and payment intangibles, with the same priority and extent as their pre-bankruptcy liens. The Debtor argues that the collateral positions of the lenders will remain protected, particularly during the short-term period covered by the interim order. About Elijah's Xtreme Gourmet Sauces Inc. Elijah's Xtreme Gourmet Sauces, Inc. produces and sells handcrafted hot sauces, specializing in high-heat, flavor-forward products. Founded in 2014 by a father-and-son team, the Company operates from the United States and distributes its sauces through national retailers, including Bass Pro Shops. It is classified within the food manufacturing industry, focusing on specialty condiments and hot sauces. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. N.C. Case No. 25-31225) on November 14, 2025. In the petition signed by Bret Morey, president, the Debtor disclosed up to $100,000 in assets and up to $10 million in liabilities. Judge Ashley Austin Edwards oversees the case. Richard S. Wright, Esq., at Moon Wright & Houston, PLLC, represents the Debtor as legal counsel. EMORY INDUSTRIAL: To Sell Cleaning Biz Assets to Miller Capital --------------------------------------------------------------- Emory Industrial and its affiliates seek approval from the U.S. Bankruptcy Court for the U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtors are headquartered in Taylor County, Texas. The Debtors offered industrial cleaning services utilizing dry ice, which was also manufactured and sold by the Debtors to customers for use in various industries. The Debtors also provided general equipment maintenance and repair services to customers in the oil and gas industry. Emory Industrial Services, Inc. f/k/a Emory Dry Ice, Inc. (Services) is the sole shareholder of Emory Industrial Services 1, Inc. (Services 1), Emory Dry Ice 1, Inc. f/k/a Emory Dry Ice, Inc. (Dry Ice), and Emory Industrial Products, Inc. (Products). Emory Industrial Holdings, Inc. (Holdings) was created for the purposes of becoming the holding company of Services, Services 1, Dry Ice, and Products, but the transfer of ownership was never completed. However, there is common ownership and management among all the Debtors. Included among the assets of the Debtors' bankruptcy estates are certain trailers and other untitled equipment and a possible membership interest in Victory Fleet Service LLC, a Texas limited liability company. Debtors believe the titles to all trailers, including all accessions listed on Exhibit A (https://urlcurt.com/u?l=v6HWmx) are subject to a properly perfected lien in favor of Charles L. Wolfe. The Debtors located a buyer for the Assets willing to purchase the assets for more than $3 million, which is substantially more than their fair market value. Despite the purchase price exceeding fair market value, it is insufficient to pay all purported secured creditors in full. Thus, the Debtors could not transfer title to the Assets free and clear of all liens and encumbrances absent consent of all parties. The Debtors firmly believe that the proposed sale maximizes the value of the Assets and is in the best interest of their creditors. Miller Capital, LLC, a Nebraska limited liability company has agreed to purchase the Assets for the sum of (a) $3,014,633.64, plus (b) the amounts necessary to satisfy ad valorem property taxes for 2025 and prior years which have been assessed against the Equipment up to a maximum of $58,603.90, plus (c) $161,313.33 which Buyer (or its affiliate) previously paid to CAT Financial and/or Bell Bank to secure the release of certain liens against certain of the Equipment pursuant to the terms of an Asset Purchase and Sale Agreement(APA). The Asset Purchase Price is to be paid in full at Closing. Closing is conditioned upon the Victory Buyer closing on its purchase of the Victory Membership Interest. Negotiations between Buyer and the Debtors have been in good faith and at arm's length. Buyer is not an insider of the Debtors. The Buyer is prepared to close on the APA within seven days of entry of a final non-appealable order authorizing the Debtors to enter into and consummate the APA, provided that the Victory Buyer has closed on the purchase of the Victory Membership Interest. The sale of the Assets shall be without warranty and on an "as is" "where is" subject to all defects basis. In the exercise of Debtors' sound business judgment, Debtors have determined it is in the best interest of their estates, their creditors and all parties in interest for the Debtors to complete a sale of the Assets to Buyer as provided. The Debtors have found a Buyer willing to pay a purchase price that exceeds fair market value for the Assets. Despite the high purchase price, the liens on the Assets are still in excess of the Asset Purchase Price. About Emory Industrial Services 1 Inc. Emory Industrial Services 1 Inc., based in Abilene, Texas, provides industrial cleaning, maintenance, and repair services for heavy equipment and machinery, including dry ice blasting for surface cleaning. The Company serves sectors such as oil and gas, food and beverage, power generation, manufacturing, agriculture, and construction. Emory Dry Ice 1, Inc., operating under the Emory Dry Ice brand, produces and distributes dry ice products for industries such as pharmaceuticals, food, and logistics. Emory Industrial Products, Inc. and Emory Industrial Holdings, Inc. are affiliated entities within the Emory Industrial Services group. Emory Industrial Services 1 Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-44148) on October 27, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Mark X. Mullin handles the case. The Debtor is represented by Joseph F. Postnikoff, Esq., at Rochelle McCullough, LLP. ENCOMPASS 53: Section 341(a) Meeting of Creditors on December 23 ---------------------------------------------------------------- On November 21, 2025, Encompass 53 LLC filed Chapter 11 protection in the District of Colorado. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1-49 creditors. A meeting of creditors under Section 341(a) to be held on December 23, 2025 at 01:00 PM at Telephonic Chapter 11: Phone 888-330-1716, Access Code 8602461#. About Encompass 53 LLC Encompass 53 LLC is a private healthcare services company delivering home-based medical and non-medical care. Its offerings include skilled nursing, therapy services, and daily living support, aimed at enhancing comfort, independence, and overall health for patients in residential settings. Encompass 53 LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-17693) on November 21, 2025. In its petition, the Debtor reports estimated assets and estimated liabilities of $1 million to $10 million each. Honorable Bankruptcy Judge Joseph G. Rosania Jr. handles the case. The Debtor is represented by Jeffrey Weinman, Esq. of Michael Best & Friedrich LLP. ENVERIC BIOSCIENCES: Regains Nasdaq's Minimum Bid Price Compliance ------------------------------------------------------------------ Enveric Biosciences, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on November 12, 2025, it received a letter from the Nasdaq Listing Qualifications Department of the Nasdaq Stock Market LLC notifying the Company that it has regained compliance with the minimum bid price requirement set forth in Nasdaq Listing Rule 5550(a)(2) for continued listing on The Nasdaq Capital Market. The matter is now considered closed. About Enveric Biosciences Enveric Biosciences (NASDAQ: ENVB) -- http://www.enveric.com/-- is a biotechnology company dedicated to the development of novel neuroplastogenic small-molecule therapeutics for the treatment of depression, anxiety, and addiction disorders. Leveraging its unique discovery and development platform, The Psybrary, the Company has created a robust intellectual property portfolio of new chemical entities for specific mental health indications. The Company's lead program, the EVM201 Series, comprises next generation synthetic prodrugs of the active metabolite, psilocin. The Company is developing the first product from the EVM201 Series "EB-002" for the treatment of psychiatric disorders. The Company is also advancing its second program, the EVM301 Series "EB 003" expected to offer a first-in-class, new approach to the treatment of difficult-to-address mental health disorders, mediated by the promotion of neuroplasticity without also inducing hallucinations in the patient. Morristown, New Jersey-based Marcum LLP, the Company's former auditor, issued a "going concern" qualification in its report dated March 28, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. Enveric Biosciences had total assets amounting to $3.5 million, total liabilities (all current) of $1.4 million, and total shareholders' equity of $2.2 million as of June 30, 2025. EVERYTHING CREATIVE: Unsecureds Will Get 9% of Claims in Plan ------------------------------------------------------------- Everything Creative, Inc. filed with the U.S. Bankruptcy Court for the Southern District of California a First Amended Plan of Reorganization dated November 21, 2025. The Debtor operates a busy staging business whereby it provides furniture and accessories for properties being shown for sale. The Debtor has various employees providing sales, interior design, set up and breakdown services for its customers. The Debtor attempted to expand its business reach by purchasing another business and expanding into areas outside of San Diego. Unfortunately, that expansion failed and left the Debtor with significant additional debts. Consequently, on May 12, 2025 (the "Petition Date"), the Debtor filed a Chapter 11 bankruptcy petition with the goal of staying in business and reorganizing its business and financial affairs. Among other things, the Debtor has filed a Motion to determine the value of its Property that serves as collateral for various Secured Creditors, and seeking to bifurcate the Claims of those creditors into Secured Claims and Unsecured Claims. The outcome of that Motion is expected to have a significant impact on the Debtor's business and plans for reorganization, since the treatment of those claims as partially unsecured will ease the Debtor's financial pressures and ability to perform its obligations. Class 33 consists of all Unsecured Claims that are: (i) asserted against the Debtor and not otherwise entitled to priority; and (ii) not otherwise classified. Except to the extent that the holder of a particular Class 33 Claim has agreed or does agree to different, less favorable treatment of its Claim, the holder of an Allowed Claim in this Class shall be paid a Pro Rata portion of the Unsecured Creditor Distribution Fund, without interest. Payments shall be made in Quarterly installments commencing on the first Quarter arising after the later of: (i) the date that such Claim becomes an Allowed Unsecured Claim by a Final Order; (ii) a date agreed to by the Claimholder and the Debtor; or (iii) the date that the Unsecured Creditor Distribution Fund becomes funded. Class 33 is impaired. Class 34 consists of all shareholder equity interests in the Debtor. The holder of a Class 34 Interest shall retain his/her/its full equity interest in the Debtor. Class 34 is not impaired. The Debtor's Plan proposes to pay Allowed Claims from the Debtor's Net Profits over a five-year period beginning on the Effective Date of the Plan (except that, in the case of Priority Tax Claims, the Allowed Priority Tax Claims will paid over no more than a five-year period measured from the Petition Date). As shown therein, the Debtor's total projected after-tax net profits over the five-year period is projected to equal $755,065, which the Debtor estimates will be sufficient to pay, with interest, all Allowed Administrative Expense Claims, all Allowed Secured Claims, and all Allowed Priority Claims, including Allowed Priority Tax Claims. After paying those claims, the projected balance remaining in the estimated amount of approximately $131,153.47 will be available to partially satisfy the claims of General Unsecured Creditors. The Debtor presently estimates that General Unsecured Creditors will receive an amount equal to approximately 9 percent of their Allowed Claim. A full-text copy of the First Amended Plan dated November 21, 2025 is available at https://urlcurt.com/u?l=jt2dhs from PacerMonitor.com at no charge. Counsel to the Debtor: Kit J. Gardner, Esq. Law Offices of Kit J. Gardner The Koll Center 501 West Broadway, Suite 800 San Diego, CA 92101 Telephone: (619) 525-9900 Facsimile: (619) 374-2241 Email: kgardner@gardnerlegal.com About Everything Creative Everything Creative, Inc., operates a busy staging business whereby it provides furniture and accessories for properties being shown for sale. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Cal. Case No. 25-01937) on May 12, 2025. In the petition signed by Carol Kaplan, chief executive officer, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. Gustavo E. Bravo, Esq., at Bravo Law APC, represents the Debtor as legal counsel. F&B NEGOTIATIONS: Court Denies Motion for Sarasota Property Sale ---------------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, has denied F&B Negotiations, LLC to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property is located at 770 S. Palm Avenue, Unit 1201, Sarasota, Florida 34236. The Debtor is the owner of a condominium which is located in Sarasota, Florida, at 770 S. Palm Avenue, Unit 1201. This real property is one of seven properties owned by the Debtor. The Debtor proposes to sell the Property free of all liens, claims, encumbrances, pledges, security interests, or other interests, out of ordinary course of business. However, the Court has denied the Debtor's Motion to sell the Property, free and clear of liens, claims, interests, and encumbrances. The Court's Order was the result of Cross-Motions for Summary Judgment filed by the Joint Movants as to "whether the Property is property of the bankruptcy estate such that Debtor, as debtor in possession, may sell the Property pursuant to Section 363. About F & B Negotiations F & B Negotiations, LLC, a company in Lakewood Ranch, Fla., filedChapter 11 petition (Bankr. M.D. Fla. Case No. 23-01532) on April19, 2023, with as much as $1 million to $10 million in both assets and liabilities. David Fernandez, managing member, signed the petition. Judge Roberta A. Colton oversees the case. The Law Offices of Benjamin Martin serves as the Debtor's bankruptcy counsel. FAT BRANDS: Flags Risk of Bankruptcy After $1.26B Debt Acceleration ------------------------------------------------------------------- Joanna Fantozzi of Nation's Restaurant News reports that FAT Brands, the parent company of Fazoli's, Round Table Pizza, and Fatburger, may pursue a bankruptcy reorganization after UMB Bank declared approximately $1.26 billion in securitized debt immediately due. The filing with the SEC notes that the company previously missed scheduled payments on October 27, 2025 due to insufficient funds, leaving FAT Brands and its financing subsidiaries without the means to pay the accelerated principal and interest. The company warned that this debt acceleration, or potential foreclosure on the collateral, could seriously affect its business, liquidity, and financial condition. The collateral behind the debt includes royalty streams and assets connected to FAT Brands’ extensive portfolio. Over the years, the company has financed growth and debt repayment largely through acquisitions, including Johnny Rockets in 2020, Global Franchise Group, Twin Peaks, Fazoli's, Native Grill & Wings in 2021, Smokey Bones in 2023, and the recent spin-off of Twin Peaks in early 2025, according to report. CEO Andy Wiederhorn said the company is in "active, constructive discussions" with bondholders to restructure parts of the balance sheet while continuing to invest in its brands. Wiederhorn, who returned as CEO in September 2025, emphasized that operations remain normal and that franchisees will continue to receive support in leadership, marketing, supply chain, and technology, the report cites. About FAT Brands FAT Brands Inc. is a multi-brand restaurant company that develops, markets, acquires and manages quick service, fast casual, casual dining and polished casual dining restaurant concepts around the world, operating primarily as a franchisor of restaurants. FINANCE OF AMERICA: To Acquire PHH Reverse Mortgage Assets ---------------------------------------------------------- Finance of America Companies Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on November 17, 2025, Finance of America Reverse LLC, a Delaware limited liability company and an indirect subsidiary of the Company, entered into an Asset Purchase Agreement with PHH Mortgage Corporation, a New Jersey corporation. Also on November 17, 2025, concurrently with the execution of the Asset Purchase Agreement, FAR entered into a Reverse Mortgage Servicing Rights Purchase and Sale Agreement and a Mortgage Loan Sale Agreement , with PHH. Pursuant to the PHH Purchase Agreements, on the terms and subject to the conditions set forth therein, FAR will purchase from PHH, and PHH will sell to FAR, certain assets and liabilities of PHH, relating to PHH's residential reverse mortgage loan origination and servicing business, including a portfolio of residential reverse mortgage loans and a portfolio of reverse mortgage servicing rights. In exchange therefor, pursuant to the PHH Purchase Agreements, among other things, FAR will pay to PHH an amount at the closing equal to the estimated book value of the purchased assets (including the Servicing Rights), subject to certain customary holdbacks and post-closing price adjustments, and FAR and PHH will enter into a subservicing agreement under which PHH will act as FAR's subservicer for a period of three years after the consummation of the PHH Transaction, subject to certain rights to extend the subservicing agreement beyond the three-year period. The obligations of the parties to the PHH Purchase Agreements to consummate the PHH Transaction are subject to the satisfaction or waiver by the applicable party of certain conditions, including, among others, the consent of the Government National Mortgage Association to the transfer of the Servicing Rights from PHH to FAR, without adverse modifications to the rights or obligations of the servicer with respect thereto. The Asset Purchase Agreement contains certain termination rights for FAR and PHH, including the right of either party to terminate the Asset Purchase Agreement if the PHH Transaction is not consummated by May 1, 2026 (which date may be extended by FAR, under certain circumstances as set forth in the Asset Purchase Agreement). The MSR Purchase Agreement and Mortgage Loan Purchase Agreement terminate automatically upon the termination of the Asset Purchase Agreement. In connection with the transaction, Finance of America will also acquire PHH's pipeline of reverse mortgage loans, bring select members of PHH's experienced origination team into its platform and enter into a subservicing agreement with PHH, allowing for operational continuity while also diversifying Finance of America's servicing footprint. This strategic acquisition is expected to not only grow Finance of America's high-quality servicing platform but, more importantly, pave the way for a long-term relationship with Onity that accelerates Finance of America's mission to make responsible home equity access available to more homeowners age 55 and older. The acquisition is expected to be immediately accretive to earnings, Adjusted Earnings per Share and cash flow. The purchase price will be funded primarily by warehouse and asset-level financing along with available liquidity at the time of closing. A New Distribution Channel to Drive Growth: Following the transaction, Finance of America and PHH will engage to make Finance of America's industry-leading proprietary second-lien reverse mortgage product -- HomeSafe(R) Second -- available to PHH's tens of thousands of eligible forward mortgage customers. This expanded relationship is expected to significantly broaden the reach of HomeSafe Second and open a new distribution channel for Finance of America's differentiated product suite. "Today's announcement represents a major step forward in our growth strategy," said Graham Fleming, Chief Executive Officer of Finance of America. "Beyond the value of acquiring high-quality assets, we anticipate that our expanded relationship with Onity will meaningfully multiply our origination reach. Making our one-of-a-kind HomeSafe Second loan available to eligible borrowers in PHH's forward mortgage servicing portfolio will position us to serve thousands more older homeowners seeking flexible ways to access their home equity. It's a powerful catalyst for long-term, profitable growth." The transaction, approved by the boards of each of FOA and Onity, is expected to close in the first quarter of 2026, subject to regulatory approvals and customary closing conditions. 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 June 30, 2025, it had $30.15 billion in total assets, $29.67 billion in total liabilities, and a total stockholders' equity of $473.43 million. * * * As reported by the Troubled Company Reporter in November 2024, Fitch Ratings has downgraded 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 (together, FOA) to 'RD' (Restricted Default) from 'C'. The action follows the completion of the company's debt restructuring on Oct. 31, 2024, which Fitch views as a distressed debt exchange (DDE). Fitch has also upgraded FOAs IDRs to 'CCC' from 'RD' subsequent to the DDE. Fitch has assigned a rating of 'CCC-' with a Recovery Rating of 'RR5' to Finance of America Funding, LLC's new $196 million senior secured notes due in 2026 and $147 million convertible senior secured notes due in 2029 issued as part of the exchange. Concurrently, Fitch has also downgraded Finance of America Funding LLC's unsecured debt rating to 'RD' from 'C'/'RR6' and withdrawn the rating as 98% of the notes were exchanged into the new secured notes. FMC CORP: S&P Corrects Subordinated Hybrid Notes Rating to 'B+' --------------------------------------------------------------- S&P Global Ratings corrected its issue-level ratings on FMC Corp.'s subordinated hybrid notes due in 2055 to 'B+' from 'BB+'. Due to an error in the application of criteria relating to hybrid instruments, S&P mistakenly raised its issue-level rating on the notes to 'BB+' (rather than lower to 'B+') when S&P lowered its issuer credit rating on FMC Corp. to 'BB+' from 'BBB-' on Nov. 24, 2025. Based on S&P's hybrid criteria, it assigns issue-level ratings to hybrid capital instruments by notching down from the issuer credit rating. For speculative-grade issuers of subordinated debt, such as FMC's subordinated hybrid notes, S&P notches down twice for subordination and apply a third notch for the payment flexibility because the option to defer interest stands with the issuer. Based on S&P's 'BB+' issuer credit rating on the issuer, the correct issue-level rating for the subordinated hybrid notes is 'B+'. FMC CORP: S&P Downgrades ICR to 'BB+', Outlook Negative ------------------------------------------------------- S&P Global Ratings lowered its issuer credit ratings on to ' BB+' from ' BBB-'. At the same time, S&P lowered its issue-level rating on unsecured debt to 'BB+' from 'BBB-'. S&P assigned a recovery rating of '3' (rounded estimate: 65%, capped). In addition, S&P lowered its issue-level rating on the subordinated debt to 'B+' from 'BB'. S&P said, "We also lowered our short-term issue level ratings to 'B' from 'A-3' in line with the downgrade of the issuer credit rating. "The negative outlook reflects our belief that EBITDA will remain under pressure through 2025 and into 2026 because of challenging macroeconomic conditions, key patent expirations, competitive pressures and soft pricing. "The downgrade follows FMC' s continued weak credit metrics for an investment-grade rating. Our ratings have been supported thus far by expectations of future earnings and cashflow improvement, some of which – such as our projected EBITDA for 2025 – are very likely to be met. However, we revised lower our previous expectations for a modest improvement in future performance beyond 2025, given unexpected company-specific setbacks to cash flow in the third quarter of 2025 and our anticipation that uncertainty related to FMC' s 2026 performance has increased. We think the operating environment in 2026 will remain challenging, and FMC' s ability to handle those challenges in a manner that grows earnings will be tested. Ongoing challenges include aggressive pricing pressure and heightened generic competition. Broader market volatility, credit constraints in Latin America, and regulatory setbacks compounded these issues. "Our previous assumptions for modest growth in 2026 EBITDA assumed a lower amount of restructuring costs (which we deduct from EBITDA) and a relatively flat operating performance relative to 2025. We now believe there is greater uncertainty around these assumptions and are revising our 2026 EBITDA forecast to $850 million from $959 million. "We anticipate FMC will face continued competitive pressure from generics, particularly in Latin America and Asia, which may weigh on pricing and margins. The expiration of FMC' s Rynaxypyr (chlorantraniliprole) patent represents a major financial risk, as this diamide insecticide has historically been one of the company' s largest revenue contributors, accounting for 30%-40% of revenue in 2024. With core patents expiring across key markets by 2026, FMC faces significant exposure to generic competition, particularly in Asia and Latin America, where price erosion and volume declines are expected. "Although FMC has implemented mitigation strategies, such as securing long-term contracts, introducing new formulations, and accelerating its innovation pipeline, we still estimate a sizeable portion of revenue is at risk. This patent cliff underscores the importance of FMC' s diversification efforts and cost optimization to preserve margins and sustain growth. While FMC' s innovation pipeline offers long-term potential, near-term performance will hinge on disciplined cost control and successful navigation of global agricultural market headwinds. "Low visibility of near-term demand raises credit risks. Unexpected setbacks to cash flow relative to our expectations in the third quarter of 2025, combined with an unpredictable short-term demand outlook, create uncertainty about an immediate earnings recovery over the next year. We think the absence of a very near-term improvement in EBITDA could raise credit risks slightly when working capital requirements will likely rise in the first quarter of 2026. We expect FFO to total debt will be at the low end of 12%-20% at year-end 2025, which we consider weak at the current rating. In 2026, we think this ratio will be around the mid-teens percent on a three-year weighted average basis considering a slight reduction in net debt. "Despite current market conditions, FMC continues to benefit from favorable long-term fundamentals. There has not been a fundamental change in demand for the company's products or its market position. This reflects our view that the current demand downturn doesn't speak to a decline in the underlying need for FMC's crop protection chemicals or a reduction in its competitiveness. We expect the demand for the company's products will eventually return to normal levels, which will improve earnings. Specifically, we believe the need to maintain or improve farm yields across the world in the face of a growing population and the declining availability of arable land will continue to support rising demand for FMC's products. The U.S Department of Agriculture projects coarse grain production at 1,547 million metric tons, with global rice output of over 550 million metric tons in 2025. "In spite of credit metrics at the weaker end of our target for the rating through 2025, we believe management will maintain supportive financial policies. FMC' s management has displayed financial prudence in the face of its weaker earnings over the past few years. In response to its soft earnings, the company launched a cost-saving program to optimize its footprint and right size its cost base, likely by end of 2025." FMC also reduced its dividend by $250 million on a yearly basis in the third quarter of 2025 and halted its share repurchases until the fourth quarter of 2027 to help it maintain its credit metrics. In addition, FMC' s recent hybrid issuance supported its credit quality, as the transaction extended near-term maturities and modestly reduced leverage. These actions showcase management' s commitment to maintaining a prudent financial policy, and S&P expects it will continue to undertake such actions in the event of further downturns. S&P said, "The negative outlook reflects the chance we will downgrade FMC within the next few quarters if its credit metrics are weaker than we expect. Our base-case forecast assumes a three-year weighted-average FFO to total debt between 12% and 20%. We anticipate the company's 2025 credit metrics will be weak for the rating, though we expect marginal improvement to the mid-teens percent in 2026 and beyond. The negative outlook also reflects FMC's large near-term debt maturities; however, we believe it has adequate liquidity to meet these and other requirements. "Beyond 2025, we continue to expect gradual improvement in credit measures, primarily because of new product introductions and cross-selling opportunities. Due to its new, higher-margin product introductions and the essential nature of many of its products to farmers, we expect FMC will maintain strong EBITDA margins around 20% over at least the next year. We also believe the company's financial policies will remain commensurate with the rating. "We could lower our ratings on FMC in the next couple of quarters if its operating performance weakens beyond our expectations into 2026 or we believe key products coming off patent will hinder earnings. Under these downside scenarios, we would expect weighted-average FFO to debt to drop below 12% with no near-term remedy." Furthermore, S&P could take a negative rating action on the company if: -- Contrary to S&P's expectations, it is unable to refinance its debt in a timely manner or proactively obtain covenant relief if required; or -- It significantly increases its debt leverage to fund an acquisition or complete a share repurchase program in a manner that slows the improvement in its metrics relative to S&P's expectations. S&P said, "We could revise our outlook on FMC to stable in the next year if it experiences a larger-than-expected pickup in demand, due to a sustained improvement in the agriculture market, and successfully meets its near-term maturities. "We could also take a positive rating action if the company' s cash flow improves beyond our expectations, resulting in stronger credit metrics. Under this scenario, we anticipate credit metrics would improve faster than we expect, including FFO to total debt of mid-teens percent or above on a last-12-months basis." FRANKLIN SQUARE: Moody's Alters Outlook on 'Ba1' CFR to Negative ---------------------------------------------------------------- Moody's Ratings has affirmed Franklin Square Holdings, LP's Probability of Default Rating at Ba1-PD. Moody's have also affirmed the LT Corporate Family Ratings at Ba1 and the Senior Secured Bank Credit Facility rating at Ba1 and revised its outlook to negative from stable. RATINGS RATIONALE The change in outlook of Franklin Square Holdings ("FSH") reflects Moody's views that the firm may face challenges in its path to organically de-lever due to deterioration in the operating performance of its flagship product, FS KKR Capital Corp (FSK; Baa3, negative). FS KKR Capital Corp's non-accrual balances remain at elevated levels, depressing earnings which are key contributor to FSH's revenues and earnings. Moody's believes this will continue to have a depressing effect on FSH's fee earnings over the next several quarters. As a result of this, leverage is likely to remain elevated above 4.0x. Debt-to-EBITDA, adjusted for upcoming fee waiver expiration, stands at 4.3x on a pro-forma basis. Leverage has increased due to recent acquisitions, while profitability has deteriorated since year-end 2024. Despite these pressures, Franklin Square Holdings continues to demonstrate strong AUM resilience and consistent fundraising performance, even in a challenging environment. The firm's retail-oriented distribution force is generating net inflows, and recent efforts have broadened both the product and geographic footprint, supporting ongoing diversification. The company has expanded from private credit retail distribution to a diversified platform across private equity and credit with the acquisition of Portfolio Advisors ("PA"). Additional strategic moves, including a direct lending partnership with JP Morgan Chase & Co. and a digital infrastructure platform acquisition, support further product and channel expansion. However, it is likely that the firm may not be able to organically de-lever below 4.0x. This is particularly due to performance deterioration at FSK. FSH's performance is significantly driven by fees earned from the fund which represents almost half of the firm's total revenue. This high revenue concentration underscores FSH's reliance on FSK's ongoing credit performance FSH's Ba1 rating is supported by the company's strong recurring revenue base, high levels of permanent capital AUM and unique position as a leading distributor of alternative products for the retail wealth market, now complemented by capabilities in Institutional distribution from their acquisition of PA and the possibility of further expansion in the Digital infrastructure space with its recent acquisition of Post Road Group's Digital Infrastructure Platform. These credit strengths are balanced by the firm's relatively modest scale, high financial leverage, and AUM concentration in private investments, largely exposed to a single fund, FS KKR Capital Corp. OUTLOOK Moody's have revised the outlook for Franklin Square Holdings to negative, reflecting the company's elevated leverage resulting from asset quality challenges at FSK, as well as recent acquisitions. Moody's expects leverage to remain in the 4.3x–4.5x range. Any additional setbacks at FSK and other products like FSCO and FSCREIT could result in further increases in leverage. Moody's will closely monitor several factors to resolve the negative outlook for Franklin Square Holdings. These include the company's upcoming financial results over the next several quarters, the trend in incentive fees earned from FS KKR Capital Corp., and trends in the asset quality at FSK KKR Capital Corp, FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Although an upgrade is unlikely in the near term, the following factors could exert upward pressure on the ratings; 1) Debt/EBITDA sustained below 3x; 2) Strengthening of the core franchise through greater geographic, product, and distribution diversification; 3) Scale as measured by revenue net of distribution and sub-advisory expense exceeding $750 million. The following factors could lead to a downgrade; 1) Debt/EBITDA sustained above 4x; 2) Pretax income margins consistently below 20%; 3) Regulatory changes that dampen retail demand for alternatives and private investments; 4) Incidents of reputational risk or material deficiencies in the valuation of private investment assets. 5) A significant increase in FSK's unrealized or realized credit losses. Moody's could revise the outlook from negative to stable if; 1)There is material improvement in credit quality at FSK; 2) FSH revenues increase meaningfully from diversified products beyond its core offerings; 3) Over the outlook period, Moody's observes signs of stabilization in FSK's credit fundamentals, including asset quality, leverage, and portfolio performance. The principal methodology used in these ratings was Asset Managers published in May 2024. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. FUEL FITNESS: Gets Extension to Access Cash Collateral ------------------------------------------------------ The U.S. Bankruptcy Court for the Eastern District of North Carolina, Raleigh Division, extended Fuel Fitness, LLC's authority to use cash collateral to fund its operations. The 14th interim order authorized the Debtor to use cash collateral pursuant to its monthly budget, which shows total projected expenses of $160,960 for the period from November 22 to January 22, 2026. The Debtor's bankruptcy estate has an interest in revenues from the operation of its business. These revenues constitute the cash collateral of secured creditors, including Live Oak Banking Company, Newtek Bank N.A., and SofiaGrey, LLC. The Debtor owes $525,000 to Live Oak, $345,000 to NewTek, $110,000 to Fitness Investment Partners and $77,000 to SofiaGrey. As adequate protection, the secured creditors will be granted a continuing post-petition security interest in and lien on all personal property of the Debtor to the same extent and with the same priority as their pre-bankruptcy liens. As further protection, Live Oak Banking Company will receive payment of $5,000 by December 15 and a second payment of $5,000 being paid by Fuel Fitness, LLC on or before January 15, 2026. The next hearing is scheduled for January 16, 2026. About Fuel Fitness LLC Fuel Fitness, LLC, a company in Raleigh, N.C., filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D.N.C. Case No. 24-03698) on Oct. 22, 2024, with up to $100,000 in assets and up to $10 million in liabilities. Christopher Shawn Stewart, member-manager, signed the petition. Judge Joseph N. Callaway oversees the case. The Debtor is represented by Philip Sasser, Esq., at Sasser Law Firm. Live Oak Banking Company, as secured creditor, is represented by: William Walt Pettit, Esq. Hutchens Law Firm 6230 Fairview Road, Suite 315 Charlotte, NC 28210 Phone: (704) 362-9255 walt.pettit@hutchenslawfirm.com FUEL HOMESTEAD: Gets Extension to Access Cash Collateral -------------------------------------------------------- Fuel Homestead, LLC received another extension from the U.S. Bankruptcy Court for the Eastern District of North Carolina, to use cash collateral. The court's 14th interim order authorized the Debtor to use cash collateral pursuant to its budget, which shows total projected expenses of $181,460 for the period from November 22 to January 22, 2026. The Debtor's bankruptcy estate has an interest in revenues from the operation of its business. These revenues constitute the cash collateral of secured creditors, including Live Oak Banking Company, Fitness Investment Partners, Newtek, and SofiaGrey, LLC. The Debtor owes $525,000 to Live Oak, $345,000 to NewTek, $110,000 to Fitness Investment Partners and $77,000 to SofiaGrey. As adequate protection, the secured creditors will be granted a continuing post-petition security interest in and lien on all personal property of the Debtor to the same extent and with the same priority as their pre-bankruptcy liens. As additional protection, Live Oak Banking Company will receive payment in the amount of $5,000 by December 15 and a second payment in the amount of $5,000 made on or before January 15, 2026. The next hearing is set for January 16, 2026. About Fuel Homestead Fuel Homestead, LLC, a company in Raleigh, N.C., sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 24-03699) on October 22, 2024, with up to $100,000 in assets and up to $10 million in liabilities. Christopher Shawn Stewart, member-manager, signed the petition. Judge Joseph N. Callaway oversees the case. The Debtor is represented by Philip Sasser, Esq., at Sasser Law Firm. Live Oak Banking Company, as secured creditor, is represented by: William Walt Pettit, Esq. Hutchens Law Firm 6230 Fairview Road, Suite 315 Charlotte, NC 28210 (704) 362-9255 walt.pettit@hutchenslawfirm.com FUEL REYNOLDA: Gets Extension to Access Cash Collateral ------------------------------------------------------- Fuel Reynolda, LLC received 14th interim approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina, Raleigh Division, to use cash collateral to fund operations. The 14th interim order authorized the Debtor to use cash collateral pursuant to its monthly budget for the period from November 22 to January 22, 2026. The budget shows total projected expenses of $184,360 for the interim period. The Debtor's bankruptcy estate has an interest in revenues from the operation of its business. These revenues constitute the cash collateral of secured creditors, including Live Oak Banking Company, Fitness Investment Partners, Newtek, and SofiaGrey, LLC. The Debtor owes $525,000 to Live Oak, $345,000 to NewTek, $110,000 to Fitness Investment Partners and $77,000 to SofiaGrey. As protection, the secured creditors will be granted a continuing post-petition security interest in and lien on all personal property of the Debtor to the same extent and with the same priority as their pre-bankruptcy liens. In addition, Live Oak Banking Debtor will receive payment of $5,000 on or before December 15 as further protection and another $5,000 payment made on or before January 15, 2026. The next hearing is set for January 16, 2026. About Fuel Reynolda Fuel Reynolda, LLC -- https://fuelfitnessclubs.com/about/ -- doing business as Fuel Fitness, is a fitness center that offers the best free weights, strength training/cardio equipment, group fitness classes, personal training, childcare, recovery studio and smoothie bar. Fuel Reynolda sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 24-03700) on October 22, 2024, with $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Christopher Shawn Stewart, member-manager, signed the petition. Judge Joseph N. Callaway oversees the case. Philip Sasser, Esq., at Sasser Law Firm is the Debtor's bankruptcy counsel. Live Oak Banking Company, as secured creditor, is represented by: William Walt Pettit, Esq. Hutchens Law Firm 6230 Fairview Road, Suite 315 Charlotte, NC 28210 (704) 362-9255 walt.pettit@hutchenslawfirm.com GEORGES REALTY: Hires William S. Gannon PLLC as Bankruptcy Counsel ------------------------------------------------------------------ Georges Realty LLC seeks approval from the U.S. Bankruptcy Court for the District of New Hampshire to employ William S. Gannon, Esq. of William S. Gannon PLLC as general bankruptcy counsel. Mr. Gannon will provide these services: (a) advising the Debtor with respect to its powers and duties as debtor-in-possession and the continued management and operation of its businesses and properties; (b) attending meetings and negotiating with representatives of creditors and other parties in interest, responding to creditor inquiries, and advising and consulting on the conduct of the case, including all of the legal and administrative requirements of operating in Chapter 11; (c) negotiating and preparing on behalf of the Debtor a plan or plans of reorganization, and all related documents, and prosecuting the plan or plans through the confirmation process; (d) representing the Debtor in connection with any adversary proceedings or contested matters or any other action commenced by or against the Debtor and protect and preserve the Debtor's estate; (e) advising the Debtor in connection with any sale of assets; (f) representing and advising the Debtor regarding post-confirmation operations and consummation of a plan or plans of reorganization; (g) appearing before the Court, any appellate courts, and the U.S. Trustee and protecting the interests of the Debtor before such courts and the U.S. Trustee; (h) preparing necessary motions, applications, answers, orders, reports, and papers necessary to the administration of the estate; and (i) performing all other legal services for and providing all other legal advice to the Debtor that may be necessary and proper in these proceedings, including services or legal advice relating to applicable state and federal laws and securities, labor, commercial, and real estate laws. The firm's hourly rates are: $525 for William S. Gannon, Esq.; $120 for paralegal services; and $120 for administrative services. According to the filings, William S. Gannon and William S. Gannon PLLC are "disinterested persons" within the meaning of 11 U.S.C. Sections 101(14) and 1107. The firm can be reached at: William S. Gannon, Esq. WILLIAM S. GANNON PLLC 855 Hanover Street #176 Manchester, NH 03104 Telephone: (603) 621-0833 E-mail: bgannon@gannonlawfirm.com About Georges Realty LLC Georges Realty, LLC manages and leases real estate properties across multiple locations and is classified under NAICS 5311. Georges Realty sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.H. Case No. 25-10779) on November 4, 2025, listing between $1 million and $10 million in assets and liabilities. William S. Gannon, Esq. at William S. Gannon PLLC represents the Debtor as legal counsel. GRATITUDE HEALTH: Seeks Chapter 7 Bankruptcy in California ---------------------------------------------------------- On November 25, 2025, Gratitude Health Care Inc. filed Chapter 7 protection in the Central District of California. According to court filing, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1-49 creditors. About Gratitude Health Care Inc. Gratitude Health Care, Inc. is a privately held health services company specializing in in-home patient care and hospice services. Headquartered in California, the company provides nursing, therapy, and palliative care solutions for patients requiring medical attention and supportive services in residential settings. Gratitude Health Care Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-20561) on November 25, 2025. In its petition, the Debtor reports estimated assets of $100,001-$1,000,000 and estimated liabilities of $100,001-$1,000,000. Honorable Bankruptcy Judge Sheri Bluebond handles the case. The Debtor is represented by Anthony A. Friedman, Esq. of Levene, Neale, Bender, Yoo & Golubchik L.L.P. HA SUSTAINABLE: Fitch Rates $500MM 8% Jr. Sub. Notes 'BB' --------------------------------------------------------- Fitch Ratings has assigned a 'BB' final rating to HA Sustainable Infrastructure Capital, Inc.'s (HASI) $500 million, 8.0% green junior subordinated notes due 2056. Proceeds from the proposed issuance are expected to be used to repay outstanding unsecured borrowings and invest in or refinance new and existing eligible green projects. The subordinated notes rank junior to current and future senior unsecured notes issued by HASI and allow for cumulative deferral of interest payments for a period of up to 10 consecutive years. If HASI exercises its right to defer interest payments on these notes, no distributions may be declared or paid on any junior security, including outstanding preferred shares or common stock. The notes have a contractual maturity in 2056 and can be called 5.25 years after the original issue date. HASI has a Long-Term Issuer Default Rating (IDR) of 'BBB-'. The Rating Outlook is Stable. The assignment of the final rating follows the receipt of documents conforming to information already received. The final rating is the same as the expected rating assigned to the subordinated notes on Nov. 13, 2025; please see "Fitch Expects to Rate HA Sustainable Infrastructure Capital's Sub Debt 'BB(EXP)'". Key Rating Drivers Strong Credit Track Record: HASI's ratings reflect its market position within the renewable financing sector, diversified investment portfolio, strong credit track record, consistent operating performance, strong funding flexibility, appropriate leverage and experienced management team. Modest Scale: Rating constraints include HASI's still-modest scale and niche focus within the broader renewable financing market, amid increased competition and the need for continued capital market access to fund investment commitments and portfolio growth. However, this is somewhat mitigated by the co-investment joint venture vehicle with KKR & Co. Inc. (A/Stable), CarbonCount Holdings 1 LLC (CCH1). Leverage within Target Range: Leverage, as measured by total debt-to-tangible equity, was 1.99x at 3Q25, within the target range of 1.5x-2.0x. Pro forma for the issuance, leverage will fall to 1.73x. Fitch believes HASI's long-term leverage target is appropriate for the portfolio risk and ratings, and expects leverage to remain within that range. Fitch affords 50% equity credit to the junior subordinated notes given the long-dated nature of the notes (30.5 years), the coupon deferral features, lack of a coupon step-up, the cumulative nature of the interest payments, and the absence of material covenants. Strong Funding Profile and Flexibility: HASI has continued to enhance its funding profile, with unsecured debt representing 94.6% of total debt at 3Q25. Fitch expects unsecured debt as a proportion of total debt to remain within Fitch's 'bbb' category quantitative benchmark range of 35%-100% for balance-sheet-intensive finance and leasing companies with a Sector Risk Operating Environment score in the 'bbb' category. As of 3Q25, HASI had $301.8 million in unrestricted cash and $1.4 billion of unused capacity on its unsecured revolving credit facility, and $804 million when adjusted for reserve capacity for $577 million of outstanding standalone commercial paper. Stable Outlook: The Stable Outlook reflects Fitch's expectation that HASI will continue to expand profitably while managing leverage to within its targeted range. Fitch also expects asset quality to remain strong and for HASI to maintain a diverse funding mix, with more than 60% comprising unsecured debt with long-dated maturities. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade An increase in non-accruals or impairments of equity investments and a sustained rise in leverage above the firm's target range could yield negative rating action. Beyond that, negative rating action could be driven by a large shift in HASI's risk profile, deterioration in operating performance — including a decline in the securitization business — or weaker funding flexibility, including a decline in the proportion of unsecured funding to below 60%. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Over the longer term, an upgrade could stem from the maintenance of the firm's market position in a more competitive environment, enhanced scale, profitable growth, continued strong portfolio credit trends, adequate liquidity with extended funding duration, leverage remaining under 1.5x and a steady portfolio risk profile. DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS The rating on the junior subordinated notes is two notches below HASI's Long-Term IDR in accordance with Fitch's "Corporate Hybrids Treatment and Notching Criteria." The rating includes two notches for loss severity, reflecting the notes' subordination and heightened risk of non-performance relative to other obligations, namely existing unsecured debt. The rating also reflects joint and several guarantees on indebtedness by HAT Holdings I LLC and HAT Holdings II LLC, indirect subsidiaries of HASI. Fitch affords a 50% equity credit to the junior subordinated note issuance given the long-dated nature of the notes, the coupon deferral features, lack of a coupon step-up, the cumulative nature of the interest payments and the absence of material covenants. DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES The junior subordinated debt rating is linked to HASI's Long-Term IDR and is expected to move in tandem. ADJUSTMENTS The Standalone Credit Profile (SCP) has been assigned in line with the implied SCP. Date of Relevant Committee Nov. 11, 2025 ESG Considerations HASI has an ESG Relevance Score of '4'[+] for Exposure to Social Impacts, as the shift in consumer awareness and preferences toward renewable energy and ESG aspects benefits the company's business model and its earnings and profitability. This has a positive impact on the credit profile and is relevant to the ratings in conjunction with other factors. HASI has an ESG Relevance Score of '4' for Exposure to Environmental Impacts, as the company is exposed to extreme weather events on some of its assets and operations and any hedges or other offsets are usually imperfect in nature. 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 ----------- ------ ----- HA Sustainable Infrastructure Capital, Inc. junior subordinated LT BB New Rating BB(EXP) HALL OF FAME: Delays Q3 Filing Due to Merger-Related Priorities --------------------------------------------------------------- Hall of Fame Resort & Entertainment Co. filed a Notification of Late Filing on Form 12b-25 with the U.S. Securities and Exchange Commission. As previously disclosed in its Current Report on Form 8-K filed on May 8, 2025 with the Commission, on May 7, 2025, Hall of Fame Resort & Entertainment Company entered into an Agreement and Plan of Merger with HOFV Holdings, LLC, Omaha Merger Sub, Inc., and CH Capital Lending, LLC, pursuant to which Omaha Merger Sub, Inc. will merge with and into the Company. As a result of the Company's resource limitations and employee turnover, along with management's focus on the Merger, the Company is unable to file its Quarterly Report on Form 10-Q for the period ended September 30, 2025 within the prescribed time period or within the five-day extension period permitted by the applicable rules of the Commission without unreasonable effort or expense. About Hall of Fame Resort Hall of Fame Resort & Entertainment Co. is a resort and entertainment company leveraging the power and popularity of professional football and its legendary players in partnership with the National Football Museum, Inc., doing business as the Pro Football Hall of Fame. Headquartered in Canton, Ohio, the Company owns the DoubleTree by Hilton located in downtown Canton and the Hall of Fame Village, which is a multi-use sports, entertainment, and media destination centered around the PFHOF's campus. Cleveland, Ohio-based Grant Thornton LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 26, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has sustained recurring losses through December 31, 2024 and utilized cash from operations of $10.9 million during the year ended December 31, 2024. The Company has $109.5 million of debt due through December 31, 2025, and will need to raise additional financing to accomplish its development plans and fund its working capital. These conditions, along with other matters, raise substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2024, the Company had $366.7 million in total assets, $294.5 million in total liabilities, and a total equity of $72.2 million. As of June 30, 2025, the Company had $360.5 million in total assets, $315.7 million in total liabilities, and $44.8 million in total equity. HANNA JESIONOWSKA: Seeks Approval to Retain Leo Fox as Counsel -------------------------------------------------------------- Hanna Jesionowska Practice LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to retain Leo Fox, Esq. as counsel. Mr. Fox will provide these services: (a) give advice to Applicant with respect to the powers and duties as Debtor-in-Possession; (b) prepare, on behalf of Applicant, necessary applications, answers, orders, and other legal papers; (c) appear before the Bankruptcy Judge and to protect the interests of the Debtor before the Bankruptcy Judge and to represent the Debtor in all matters pending before the Bankruptcy Judge; (d) meet with and negotiate with creditors, the Creditors Committee, if one is appointed, and/or other parties for a plan of reorganization, preparing the Plan and Disclosure Statement and attendant documents; and (e) perform all other legal services for the Debtor which may be necessary herein or are required by the Bankruptcy Code. Mr. Fox will be paid a $10,000 retainer, applied against fees billed at an hourly rate of $450 for Leo Fox, $275 for Susan Adler, Esq. (associate), and $75 for Carol Brennan (paralegal). Court filings state that Mr. Fox is a disinterested person and has no adverse interest to the Debtor or its estate, other than connections disclosed in his affidavit. The firm can be reached at: Leo Fox, Esq. 630 Third Avenue, 18th Floor New York, NY 10017 Telephone: (212) 867-9595 E-mail: leo@leofoxlaw.com About Hanna Jesionowska Practice LLC Hanna Jesionowska Practice LLC operates a medical practice specializing in obstetrics and gynecology at 159 East 74th Street, Unit 1, New York, serving patients in the area. Hanna Jesionowska Practice sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12501) on November 7, 2025. 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 David S. Jones oversees the case. Leo Fox, Esq. is the Debtor's legal counsel. HARLING INC: Court Extends Cash Collateral Access to Dec. 10 ------------------------------------------------------------ Harling, Inc. received another extension from the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, to use cash collateral. The interim order penned by Judge Jacqueline Cox authorized the Debtor to use cash collateral retroactive to the date of filing the Debtor's Chapter 11 case through December 10. As protection from any diminution in the value of its collateral, Byline Bank was granted a first-priority lien on property acquired by the Debtor after the petition date, including all proceeds and products thereof. This lien will have the same priority and extent as the bank's pre-bankruptcy lien. A further hearing is scheduled for December 9. The Debtor previously entered into two loan agreements with Byline Bank: one for $250,000 and another for $1.05 million, both secured by the Debtor's assets, including equipment, inventory, accounts receivable, and general intangibles. Byline Bank has filed proofs of claim for $218,647 and $741,213 on those respective loans. The Debtor's schedules list total assets of $29,137, primarily composed of $21,447 in accounts receivable and $3,500 in office furniture and equipment. About Harling Inc. Harling Inc. specializes in masonry facade repair, restoration, and building waterproofing services for commercial, industrial, and institutional buildings. It is based in Broadview, Ill. Harling sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-04324) on March 1, 2025. In its petition, the Debtor reported between $100,000 and $500,000 in assets and between $1 million and $10 million in liabilities. Judge Jacqueline P. Cox handles the case. Joel Schechter, Esq., at the Law Offices of Joel A. Schechter is the Debtor's legal counsel. Byline Bank, as secured creditor, is represented by: Martin J. Wasserman, Esq. Carlson Dash, LLC 216 S. Jefferson St., Suite 303 Chicago, IL 60661 Phone: 312-382-1600 mwasserman@carlsondash.com HARMONY WELLNESS: Hires Brinker Simpson & Company as Accountant --------------------------------------------------------------- Harmony Wellness Inc. seeks approval from the U.S. Bankruptcy Court for the District of Colorado to hire Brinker Simpson & Company, LLC to serve as its accountant. Brinker Simpson & Company, LLC will provide these services: (a) prepare the Debtor's federal, state, and local S-Corporation tax returns for the 2024 tax year; (b) provide limited bookkeeping assistance solely to help organize information necessary for tax preparation; (c) communicate potential tax strategies and assist with related inquiries at the Debtor's request; (d) review and advise on other tax positions, filings, or additional services as agreed upon in writing; and (e) ensure compliance with applicable federal, state, and local tax laws. The firm will charge these hourly rates: Partners: $350 to $485 Directors and Senior Managers: $225 to $400 Managers and Supervisors: $115 to $275 Senior Accountants: $95 to $225 Support Staff: $75 to $165 Brinker Simpson & Company, LLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Andrew Brenner, CPA BRINKER SIMPSON & COMPANY, LLC 1400 N. Providence Rd., Rosetree Building 2, Suite 2000E Media, PA 19063 Telephone: (610) 544-5900 Facsimile: (610) 544-7455 E-mail: info@brinkersimpson.com About Harmony Wellness Harmony Wellness, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No. 25-15682) on September 4, 2025, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Kimberley H. Tyson presides over the case. Jeffrey Weinman, Esq., at Allen Vellone Wolf Helfrich & Factor P.C. represents the Debtor as legal counsel. HARRIS INTERNAL: Section 341(a) Meeting of Creditors on December 8 ------------------------------------------------------------------ On November 12, 2025, Harris Internal Medicine LLC filed Chapter protection in the Northern District of Georgia. According to court filing, the Debtor reports $1,186,915 in debt owed to 1 and 49 creditors. A meeting of creditors under Section 341(a) to be held on December 8, 2025 at 02:00 PM via Telephone conference. To attend, Dial 888-330-1716 and enter access code 3042940. About Harris Internal Medicine LLC Harris Internal Medicine LLC provides primary care and functional medicine services in Peachtree City, Georgia, focusing on chronic conditions such as autoimmune diseases, digestive disorders, thyroid imbalances, diabetes, and fatigue. The practice also offers wellness services including IV hydration therapy, sexual health treatments, and joint mobility therapies. Harris Internal Medicine LLC sought relief under Chapter of the U.S. Bankruptcy Code (Bankr. N.D. Case No. 25-11731) on November 12, 2025. In its petition, the Debtor reports total assets of $141,457 and total liabilities of $1,186,915. The Debtor is represented by William Rountree, Esq. of ROUNTREE, LEITMAN, KLEIN & GEER, LLC. HILCORP ENERGY: Moody's Affirms 'Ba1' CFR, Outlook Negative ----------------------------------------------------------- Moody's Ratings maintained Hilcorp Energy I, L.P.'s (Hilcorp or Hilcorp Energy) negative rating outlook. Moody's also affirmed Hilcorp's Ba1 Corporate Family Rating, Ba1-PD Probability of Default Rating, Baa2 senior secured first lien term loan rating and Ba2 senior unsecured notes ratings. "Hilcorp Energy's negative rating outlook reflects the company's continued elevated leverage from debt funding a rapid succession of material acquisitions," said Amol Joshi, Moody's Ratings Vice President and Senior Credit Officer. "The company will need to make more progress in reducing debt before considering a stable outlook." RATINGS RATIONALE Hilcorp's Ba1 CFR is supported by the significant size of its E&P operations with a diversified geographic presence across several hydrocarbon basins. The company owns a portfolio of mature, legacy fields with an operating strategy underpinned by a disciplined approach to ongoing field optimization and cost management. In the first quarter of 2025, Hilcorp closed the approximately $1.5 billion acquisition of conventional Permian Basin assets. This followed the late 2024 acquisitions of Alaska oil assets close to its existing North Slope assets as well certain conventional Permian Basin assets for a total cost of roughly $2 billion. Hilcorp is hedging a significant proportion of its acquisition production volumes and is utilizing free cash flow after distributions to primarily repay debt. While these acquisitions have significantly increased debt balances and other obligations, Hilcorp should continue to generate meaningful free cash flow and organically reduce leverage through 2026. However, the increased debt levels and financial leverage raises risks to the Ba1 rating, particularly if commodity prices do not remain supportive and expected debt reduction is not achieved. Hilcorp's focus on primarily mature fields with conventional assets in Alaska and the Lower 48 US states is associated with lower capital spending intensity with shallower production decline rates, while being constrained by relatively high asset retirement obligations and operating costs. Mr. Jeffery Hildebrand has singular control over its operations through his ownership of Hilcorp's general partner. While the credit profile considers Hilcorp's partnership and governance structure, concentrated ownership and commercial relationships with affiliated entities controlled by Mr. Hildebrand, it also recognizes the company's solid track record under his control and leadership. Hilcorp's secured term loan is rated Baa2 and is pari passu with its secured revolver. It is rated two notches above the Ba1 CFR, reflecting its first priority lien and supported by a significant junior unsecured debt cushion. Hilcorp's senior unsecured notes are rated Ba2, one notch below the Ba1 CFR, reflecting the notes' junior priority claim on assets relative to its secured debt. Moody's expects the company's liquidity position to be adequate into 2027. Hilcorp's secured revolver matures in 2028 and had $2.5 billion in commitments with a $3.5 billion borrowing base at September 30. The company also has a $1 billion secured term loan maturing in 2030. At September 30, Hilcorp had just over $1.4 billion of revolver borrowings and over $150 million of balance sheet cash. The company's large asset value can support a higher borrowing base. Moody's expects the company to increase its borrowing base at its upcoming semi-annual redetermination, reflecting potential additional liquidity subject to additional lender commitments. Hilcorp should generate meaningful free cash flow to reduce debt and support its liquidity in 2026 at Moody's base case commodity price assumptions of $55/barrel WTI and $3.00 per MMBtu Henry Hub natural gas. The revolver has maintenance covenants including maximum debt to EBITDA and minimum current ratio. The company is expected to remain in compliance with these covenants. The negative outlook reflects the company's elevated leverage metrics and inherent execution and commodity price risks related to its plans to reduce debt. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Ratings could be downgraded if Hilcorp does not reduce debt as expected or if retained cash flow (RCF) to debt falls below 25%. Further significant increases in debt levels to fund acquisitions or distributions could result in a ratings downgrade. While unlikely given the negative outlook, a ratings upgrade could be considered if Hilcorp substantially reduces debt and thereafter generates consistent free cash flow after sufficiently reinvesting in the business, and its future growth strategy does not entail large increases in financial leverage to fund acquisitions or materially deviate from its historic focus on creating value through the acquisition of mature, legacy fields. For an upgrade, the company's RCF to debt should exceed 50%, with conservative financial policies that balance debtholders' interests and owner distributions even in a high commodity price environment. Hilcorp Energy I, L.P. is a private limited partnership headquartered in Houston, Texas. The company's primary producing assets are located in Alaska, Texas, Louisiana, Wyoming, San Juan Basin and the Utica. The principal methodology used in these ratings was Independent Exploration and Production published in December 2022. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. HILLSIDE APARTMENTS: Seeks Chapter 11 Bankruptcy in California -------------------------------------------------------------- On November 24, 2025, Hillside Apartments LLC filed for Chapter 11 protection in the Eastern District of California. According to court records, the company reports liabilities of $10 million to $50 million owed to 1-49 creditors. About Hillside Apartments LLC Hillside Apartments LLC is a California-based residential real estate company that manages and develops multi-unit housing properties. Its business focuses on property investment, operational oversight, and long-term asset growth in the local rental market. The company sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-26602) on November 24, 2025. Hillside Apartments LLC reported estimated assets of $10 million to $50 million and comparable estimated liabilities. Honorable Bankruptcy Judge Christopher M. Klein oversees the case. HOLY REDEEMER: Fitch Affirms 'B+' IDR, Outlook Stable ----------------------------------------------------- Fitch Ratings has affirmed Holy Redeemer Health System, PA's (RH) Issuer Default Rating and revenue bonds at 'B+'. Additionally, Fitch has removed the Rating Watch Negative (RWN) on RH's IDR and revenue bonds issued by Montgomery County Higher Education & Health Authority on behalf of RH. The Rating Outlook is Stable. Entity/Debt Rating Prior ----------- ------ ----- Holy Redeemer Health System (PA) LT IDR B+ Affirmed B+ Holy Redeemer Health System (PA) /General Revenues/1 LT LT B+ Affirmed B+ The removal of the Negative Watch reflects RH's compliance with its debt service covenant in FY 2025 following a violation in FY 2024, driven by material improvement in operating performance even excluding one-time items. FY 2025 performance, while still weak, improved with RH generating a 2% operating EBITDA margin after two years of negative cash flow, and liquidity levels remained stable year over year. Performance through the first quarter of FY 2026 (ended Sept. 30) remains pressured but is better than the prior-year quarter. Management continues to advance its operational turnaround plan, which has yielded significant savings to date. The FY 2026 budget incorporates another operating loss consistent with FY 2025 and maintenance of liquidity. The 'B+' rating continues to reflect RH's history of weak operating performance and the expectation for continued losses in FY 2026. The rating also reflects Fitch's view that RH will continue to face considerable headwinds, particularly in its acute care business given its limited market share and significant competition. The Outlook is Stable given RH's liquidity position, which provides some flexibility at the current rating level, and management's turnaround efforts, which should support stable-to-improving operating performance. However, if the FY 2026 losses are wider than expected with a corresponding impact on liquidity, Fitch could consider negative rating actions. SECURITY Debt payments are secured by a pledge of the gross receipts of the obligated group, a mortgage on Holy Redeemer Hospital and Medical Center (HRHMC) and a debt service reserve fund. KEY RATING DRIVERS Revenue Defensibility - 'bb' Challenging Market Dynamics; Healthy Payer Mix RH's payor mix has moderate concentration of Medicaid and self-pay, accounting for just over 22.8% of gross revenue YTD as of Sept. 30, 2025. The payor mix partially reflects its location in Montgomery County, which has favorable demographics. The system also benefits from its diversified revenue stream, which comprises the entire spectrum of inpatient and outpatient services, including acute care, long-term care, residential care/services, senior living and home health and hospice care in Pennsylvania and New Jersey. Management has also made strides in physician recruitment recently to address system-wide needs, which should gradually increase volume. RH's modest 12.2% market share (hospital only - based on 2023 market share) has been relatively stable. The southeastern Pennsylvania healthcare market is highly competitive, experiencing consolidation activity and is dominated by a few commercial health insurers. Influential competitors with relatively large market shares include University of Pennsylvania Health System and Jefferson Health, which is growing rapidly given recent consolidations. The senior care division's occupancy has not returned to pre-pandemic levels across the care continuum and has fluctuated over the last several years. At Lafayette Redeemer, which has 226 independent living units, occupancy was 65% as of June 30, 2025, compared with 69% at the same time last year. However, management has seen success in short-term rehab, which Fitch views favorably as it addresses the growing need for post-acute care in the market and benefits from relatively favorable reimbursement. This focused strategy showed results in FY 2025, with short-term rehab volume at St. Joseph's Manor increasing by approximately 38.7%. Operating Risk - 'b' Navigating Continued Operating Pressures Fitch considers RH's operating risk profile assessment 'weak' based on the system's trend of operating losses and Fitch's expectation that operating cash flow will remain weak for the foreseeable future. Fiscal 2025 operating results ended June 30 showed material improvement in operating performance, with RH drastically reducing losses to $16. 6 million or a 2% operating EBITDA margin (including $15 million of income related to a sale of two Home Care programs outside of RH's primary service area)) from $53 million or a negative 5.7% operating EBITDA margin. RH's operating performance has improved materially over in FY 2025, supported by disciplined revenue, cost, and margin management. However, ongoing execution and sustainability remain a key concern given the limited track record. 2025 operating improvement was driven by cost containment initiatives with employment cost declining by $19.8 million year over year due primarily to tighter control of agency labor, improved reimbursement under managed care arrangements related to COLA adjustments, improvement of clinical documentation and other non-labor workstreams, and a one-time gain. The fiscal 2026 budget incorporates a system-wide loss of $16.7 million, which is consistent with the prior year loss but still represents improvement given the absence of one-time items similar to the home health sale in 2025. There remains some uncertainty regarding RH's ability to meet budgeted expectations, particularly due to the first-quarter operating loss, which—while better than the prior year and budget—still reflects pressure with a $11 million loss. Management expected first quarter performance to be lighter due to changes and investments within the medical group, and the expectation that some initiatives would not begin to yield benefits until the second quarter, including revenue cycle and labor management. Management also expects a favorable net impact from its value-based programs and other ongoing strategic initiatives, which should provide additional headroom to meet budgeted expectations for the full fiscal year. Over the longer term, operating cadence will depend on the successful execution of RH's strategy, which emphasizes a narrower focus on key acute-care service lines and continued growth in senior services, particularly rehabilitation volumes. Fitch believes that concentrating on a more focused set of acute-care service lines will enable RH to allocate capital, talent, and process improvements to areas where it can differentiate, aligning well with its value-based strategy. The emphasis on senior care also corresponds with the aging demographic across RH's service area and their increased need for post-acute care, which should support continued volume growth. RH's capital spending has been modest in recent years as the system managed through operating challenges. The capital spending ratio averaged 68.6% over the past three fiscal years, contributing to an elevated average age of plant of 19.6 years. Routine and strategic capital investment will remain the primary focus in the near term. The fiscal 2026 capital budget totals $14.2 million, with $7.6 million committed to service line investments, including senior services and an EMR replacement, the latter expected to conclude in fiscal 2027. Financial Profile - 'bb' Stabilized Liquidity RH's financial profile is weak. Liquidity seems to have stabilized following several years of weakening. As of fiscal 2025, unrestricted liquidity was an adequate $120 million, resulting in cash-to-adjusted debt of 92%, equal to 93 days cash on hand. Through Sept. 30, 2025, unrestricted reserves totaled $116.6 million, equal to 96 days cash on hand. RH has exposure to a frozen defined benefit (DB) pension plan. The DB plan was frozen on Dec. 31, 2017, and was 77% funded at fiscal YE 2025, relative to a projected benefit obligation of $128 million. Fitch includes the portion of the pension that is funded below 80% when calculating RH's total adjusted debt. This results in debt equivalent to $3.4 million as of fiscal YE 2025. Fitch's forward outlook anticipates RHS will continue to incur operating losses through fiscal 2027, with an improvement to breakeven levels by fiscal 2028, followed by modest operating EBITDA margins. Balance sheet resources relative to adjusted debt are expected to remain flat, as capital spending is projected to stay below depreciation. Asymmetric Additional Risk Considerations No asymmetric additional risk considerations are relevant to the rating. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Failure to maintain operating performance improvement. - Weaker balance sheet metrics, particularly any material deterioration of liquidity. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - A positive rating action is possible over the medium term if operating performance significantly improves and RH is able to demonstrate consistent operating cash flow. PROFILE RH's obligated group consists of: - HRHMC, a 239 licensed-bed (163 staffed) acute care hospital in Meadowbrook, PA, approximately 20 miles from downtown Philadelphia; - St. Joseph Manor, a a 296-bed skilled nursing facility (SNF) and a 60-bed personal care facility; - Lafayette Redeemer, a Type C (fee for service) continuing care retirement community (CCRC), with 240 independent living units (ILUs), 54-unit personal care facility and 120 SNF beds; - Hospice and home care operations in Pennsylvania; - HR Physician Services. The obligated group represents approximately 81% of total system revenues and 71% of total system assets, with the acute care hospital representing 43% the system's revenues. The consolidated system includes a number of non-obligated entities, including home care agencies and senior living facilities. In fiscal 2025, the consolidated system had $479million of total revenues. The management team has undergone a complete transformation with the introduction of new leadership and strategic direction. This shift marks a departure from the previous leadership's approach, as the new team is placing a closer focus on core services. By concentrating on these areas, management aims to enhance operational efficiency and drive growth. While Fitch views the change in leadership favorably, Fitch will closely monitor the track record of improved operating performance to assess whether these strategies are beneficial for the organization. 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. 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. HOLY REDEEMER: Moody's Alters Outlook on 'B1' Bond Rating to Stable ------------------------------------------------------------------- Moody's Ratings has affirmed Holy Redeemer Health System's (PA) (dba Redeemer health, RH) B1 revenue bond rating. The outlook is revised to stable from negative. RH has approximately $120 million of debt outstanding. The outlook revision to stable reflects improved financial performance with projected operating cash flow margin of about 2% in 2026 following improvement in 2025. This will stabilize liquidity and ensure covenant compliance. RATINGS RATIONALE The B1 rating reflects RH's stable market position and adequate liquidity, with 93 days cash on hand and 101% cash to debt in FY 2025. This is counterbalanced by its historically weak, though improving, operating performance. Operating cash flow (OCF) margin improved notably to 2% in FY 2025, allowing RH to comply with its debt service coverage covenant. Margin improvement resulted from ongoing turnaround initiatives and approximately $15 million in one-time asset sales. However, given that asset sales are temporary, non-recurring measures, sustained progress in core operating improvements will be essential for long-term stability. Moody's expects management to focus on labor productivity, revenue cycle, and refining service offerings, with a focus on sustainable competitive continuum of care services, to further strengthen performance. Additional credit challenges include RH's position as a small independent provider operating in a very competitive and highly consolidated market. RATING OUTLOOK Revision of the outlook to stable reflects Moody's expectations that RH will show continued traction of core performance improvement while maintaining liquidity around current levels. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATING -- Sustained improvement in operating performance -- Durable growth in liquidity absent additional debt FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATING -- Inability to achieve close to 2% OCF margin in FY 2026 -- Material decline in days cash on hand or cash to debt -- Increased likelihood of violation of financial covenant PROFILE RH is a Catholic provider, serving southeastern Pennsylvania and New Jersey. RH operates a coordinated population health system offering a full continuum of care: home health, private duty, hospice, senior living, short-term rehab, multi-specialty ambulatory sites, a medical group, a 239-bed acute care hospital with specialized services, and a regionally recognized accountable care organization. This diversified platform promotes preventive care, chronic disease management, and smooth transitions across settings by aligning community-focused, acute and post-acute services to improve population health outcomes. METHODOLOGY The principal methodology used in this rating was Not-for-profit Healthcare published in October 2024. HONOR STUDIOS: Unsecureds to Get $3K per Month for 5 Years ---------------------------------------------------------- Honor Studios LLC filed with the U.S. Bankruptcy Court for the Northern District of Texas a Plan of Reorganization dated November 20, 2025. The Debtor provides floral designs and decorations for events throughout Texas. This bankruptcy filing was precipitated by a certain Merchant Cash Advance loan coupled with a decline in revenue. The Plan provides for a reorganization and restructuring of the Debtor's financial obligations. The Plan provides for a distribution to Creditors in accordance with the terms of the Plan from the Debtor over the course of five years from the Debtor's continued business operations. Class 3 consists of Non-priority unsecured Claims. Each holder of an Allowed Unsecured Claim in Class 3 shall be paid by Reorganized Debtor from an unsecured creditor pool, which pool shall be funded at the rate of $3,000.00 per month (Debtor estimates all unsecured creditors will be paid in full). Payments from the unsecured creditor pool shall be paid quarterly, for a period not to exceed five years (20 quarterly payments) and the first quarterly payment will be due on the twentieth day of the first full calendar month following the last day of the first quarter. The Debtor estimates the aggregate of all Allowed Class 3 Claims is approximately $175,000.00 based upon Debtor's review of the Court’s claim register, Debtor's bankruptcy schedules, and anticipated Claim objections. This Class is impaired. Class 4 consists of the holders of Allowed Interests in the Debtor. The holder of an Allowed Class 4 Interest shall retain their interests in the Reorganized Debtor. From and after the Effective Date, in accordance with the terms of this Plan and the Confirmation Order, the Reorganized Debtor shall perform all obligations under all executory contracts and unexpired leases assumed in accordance with Article 6 of this Plan. A full-text copy of the Plan of Reorganization dated November 20, 2025 is available at https://urlcurt.com/u?l=KLuYHa from PacerMonitor.com at no charge. Attorneys for the Debtor: Robert T. DeMarco, Esq. Michael S. Mitchell, Esq. Demarco Mitchell, PLLC 12770 Coit Road, Suite 850 Dallas, TX 75251 Tel: (972) 991-5591 Email: robert@demarcomitchell.com mike@demarcomitchell.com About Honor Studios LLC Honor Studios, LLC, also operating as The House of Honor and House of Honor, is a limited liability company. Honor Studios sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 25-43139) on August 22, 2025. In its petition, the Debtor reported up to $50,000 in assets and between $100,000 and $500,000 in liabilities. Honorable Bankruptcy Judge Edward L. Morris handles the case. The Debtor is represented by Robert T. DeMarco, Esq., at DeMarco Mitchell, PLLC. HOUGHTON UNIVERSITY: S&P Affirms 'BB+' Rating on 2022A Rev. Bonds ----------------------------------------------------------------- S&P Global Ratings affirmed its 'BB+' long-term rating on Allegany County Capital Resource Corp., N.Y.'s series 2022A tax-exempt revenue bonds issued for Houghton University. The outlook is stable. S&P said, "We analyzed Houghton's environmental, social, and governance factors related to its market position and financial performance. We believe the university is affected by changing demographic and population trends, which we view as a social risk. We anticipate demographic pressure will continue, with fewer graduating high school students in upstate New York anticipated for the next several years. We view the university's environmental and governance risks as neutral factors in our credit rating analysis. "The stable outlook reflects our expectation that Houghton will maintain sufficient financial resources for the rating, despite large full accrual operating deficits. Houghton has a good track record of fundraising, which we expect will continue to support the university's balance sheet. "We could consider a negative rating action if operating deficits cause a decline in financial resources. We could also consider a negative rating action if Houghton's already small enrollment declines or if the university issues additional debt without commensurate balance sheet growth. "We could consider a positive rating action if Houghton generated improved operations that are at least near break-even on a full-accrual basis, with growth in net tuition revenue and growing enrollment. We would also view growth in unrestricted financial resources positively." HYPERION DEFI: Inks $500MM ATM Offering with Cantor and Chardan --------------------------------------------------------------- Hyperion DeFi, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on November 14, 2025, the Company entered into a Sales Agreement, with Cantor Fitzgerald & Co. and Chardan Capital Markets, LLC, under which the Company may, from time to time in its sole discretion, offer and sell through the Sales Agents, shares of its common stock, par value $0.0001 per share, from time to time. The issuance and sale of the Shares, if any, will be made under the Agreement pursuant to the Company's shelf registration statement on Form S-3 (Registration Statement No. 333-[·]), filed with the Securities and Exchange Commission on November 14, 2025, and the prospectus relating to the Offering filed therewith that forms a part of the Registration Statement. Pursuant to the Sales Agreement Prospectus, the Company may offer and sell Shares having an aggregate offering price of up to $500,000,000. Subject to the terms and conditions of the Sales Agreement, the Sales Agents may sell Shares in negotiated transactions, including block trades, or transactions that are deemed to be an "at the market offering" as defined in Rule 415(a)(4) of the Securities Act of 1933, as amended, including sales made by means of ordinary brokers' transactions, including directly on The Nasdaq Capital Market or sales made to or through a market maker other than on an exchange at prevailing market prices, at prices related to prevailing market prices or at negotiated prices or by any other method permitted by law. The Sales Agents will use commercially reasonable efforts to sell the Shares from time to time, based upon instructions from the Company (including any price, time or size limits or other customary parameters or conditions the Company may impose). The Company will pay the Sales Agents an aggregate commission equal to 4.0% of the gross sales proceeds of any Sales sold through the Sales Agents under the Sales Agreement. The Company is not obligated to make any sales of Shares under the Sales Agreement. The offering of Shares will terminate upon the earlier of: (i) the sale of all Shares subject to the Sales Agreement or (ii) termination of the Sales Agreement in accordance with its terms. The Sales Agreement contains customary representations, warrantees and agreements between the Company and the Sales Agents, including customary indemnification rights, including for liabilities under the Securities Act. The representations, warranties and covenants contained in the Sales Agreement were made only for purposes of such agreement and as of specific dates and were solely for the benefit of the parties to such agreement. CANTOR FITZGERALD & CO. may be reached at: Sameer Vasudev, Managing Director Cantor Fitzgerald & Co. 499 Park Avenue New York, NY 10022 CHARDAN CAPITAL MARKETS LLC may be reached at: Jonas Grossman, President Chardan Capital Markets LLC One Pennsylvania Avenue, Suite 4800 New York, NY 10119 A full-text copy of the Sales Agreement is available at https://tinyurl.com/mwcderpx About Hyperion DeFi Inc. Hyperion DeFi, Inc. formerly known as Eyenovia, Inc., is the first U.S. publicly listed company building a long-term strategic treasury of Hyperliquid's native token, HYPE. The Company is focused on providing its shareholders with simplified access to the Hyperliquid ecosystem, one of the fastest growing, highest revenue-generating blockchains in the world. New York, N.Y.-based Marcum LLP, the Eyenovia's auditor since 2020, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of June 30, 2025, the Company had $55.66 million in total assets, against $18.30 million in total liabilities. HYPERSCALE DATA: Posts $13MM Q3 Net Loss, Lifts Going Concern Doubt ------------------------------------------------------------------- Hyperscale Data, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $13.6 million for the three months ended September 30, 2025, compared to a net loss of $29.6 million for the three months ended September 30, 2024. For the nine months ended September 30, 2025, the Company reported a net loss of $35.6 million, compared to a net loss of $58.2 million for the same period in 2024. Total revenues for the three months ended September 30, 2025 and 2024, were $24.3 million and $31.1 million, respectively. For the nine months ended September 30, 2025 and 2024, the Company had total revenues of $75.2 million and $87.2 million, respectively. As of September 30, 2025, the Company had $242.4 million in total assets, $184.6 million in total liabilities, and $57.7 million in total stockholders' equity. Previously, Marcum LLP, the Company's auditor since 2016, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had cash and cash equivalents of $24.8 million (excluding restricted cash of $22.8 million) and negative working capital of $89.4 million. The Company has historically financed its operations through the issuance of convertible debt, promissory notes and equity securities. The Company's working capital position improved from negative $157.1 million at December 31, 2024 to negative $89.4 million at September 30, 2025, and was further strengthened subsequent to September 30, 2025, through the sale of 172.7 million shares of Class A common stock pursuant to the 2025 "At-the-Market" offering for gross proceeds of $86.2 million and the sale of 8,500 shares of its Series B Convertible Preferred Stock for gross proceeds of approximately $8.5 million. These capital raises, together with the conversion of $2.3 million in aggregate principal and accrued interest of existing convertible debt into Class A common stock, have enhanced liquidity, reduced debt obligations and provided additional capital to support ongoing operations and planned growth initiatives. In connection with the preparation of these financial statements, management performed an analysis of the Company's financial position and working capital projections for at least the next 12 months following the issuance of these financial statements. Based on this analysis, and considering the proceeds received from recent financing activities, management believes that the Company's available liquidity, including cash raised subsequent to September 30, 2025, will be sufficient to meet its obligations and fund its operations for at least one year from the date these condensed consolidated financial statements are issued. Accordingly, management has concluded that these financings alleviate the substantial doubt about the Company's ability to continue as a going concern. Management will continue to monitor the Company's liquidity position and market conditions, and may seek additional financing as necessary to support operations and future growth initiatives. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/awy4fybj About Hyperscale Data Headquartered in Las Vegas, Nevada, Hyperscale Data, Inc., formerly known as Ault Alliance, Inc., is a Delaware corporation that operates as an artificial intelligence data center company anchored by Bitcoin. Through its wholly owned subsidiary, Sentinum, Inc., the Company owns and operates a large-scale data center platform that integrates AI compute infrastructure with Bitcoin mining operations under a unified, parallel compute model. This hybrid architecture enables Hyperscale Data to generate compute power for enterprise AI workloads through NVIDIA graphic processing unit clusters, while also operating high-efficiency Bitcoin mining systems that contribute to the Bitcoin network and the Company's growing digital asset treasury. Through its other wholly owned subsidiary, Ault Capital Group, Inc., the Company currently holds a portfolio of diversified businesses and strategic investments spanning commercial lending and trading, hotel operations, crane rental, AI-driven software and gaming platforms, and commercial electronics. The Company anticipates completing the planned divestiture of ACG in 2026, at which time Hyperscale Data expects to operate as a focused AI data center and Bitcoin infrastructure company. As of September 30, 2025, the Company had $242.4 million in total assets, $184.6 million in total liabilities, and $57.7 million in total stockholders' equity. * * * This concludes the Troubled Company Reporter's coverage of Hyperscale Data, Inc. until facts and circumstances, if any, emerge that demonstrate financial or operational strain or difficulty at a level sufficient to warrant renewed coverage. IGO MARKETING: Taps Law Office of Raymond W. Verdi as Counsel ------------------------------------------------------------- IGO Marketing + Entertainment LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ and retain the Law Office of Raymond W. Verdi, Jr., Esq. to serve as counsel. The Verdi Firm will provide these services: (a) assisting the Debtor in preparing and filing (and serving as necessary) schedules, statements, monthly financial statements, and other necessary and appropriate documents; (b) preparing and filing, on behalf of the Debtor, all motions, applications, documents in connections with adversary proceedings, and proposed orders or other legal papers; (c) appearing at all appropriate meetings and before any appropriate forum (including this Court) in order to represent and protect the interests of the Debtor and the Estate herein; (d) explaining to the Debtor its responsibilities in a case under chapter 11, and ensuring insofar as practicable that it complies with its responsibilities; (e) representing the Debtor in its negotiations with secured and unsecured creditors, and Committees who may be appointed in the case; (f) assisting the Debtor in formulating a plan of reorganization and disclosure statement; and (g) performing such other further legal services for the Debtor which may be necessary herein. The Verdi Firm's billing rates include $450 per hour for members and $125 per hour for paralegals/legal assistants. The firm received a $5,000 retainer, which was paid by Michael Murphy, the brother of the Debtor's principal and 100% owner, Brian Murphy. According to court filings, the Verdi Firm is a "disinterested person" within the meaning of Section 101 of the Bankruptcy Code. The firm can be reached at: Raymond W. Verdi, Jr., Esq. Law Office of Raymond W. Verdi, Jr. 178 East Main Street Patchogue, NY 11772 Telephone: (516) 380-9064 Facsimile: (631) 654-5252 About IGO Marketing + Entertainment LLC IGO Marketing + Entertainment, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-73840) on October 3, 2025, listing up to $50,000 in assets and between $1 million and $10 million in liabilities. Judge Sheryl P. Giugliano presides over the case. The Law Office of Raymond W. Verdi, Jr. serves as the Debtor’s legal counsel. INFINITY HOSPICE: Seeks Chapter 7 Bankruptcy in California ---------------------------------------------------------- On November 25, 2025, Infinity Hospice and Palliative Care Inc. voluntarily filed Chapter 7 protection in the Central District of California. According to court filings, the Debtor reports $0-$100,000 in debt owed to 1-49 creditors. About Infinity Hospice and Palliative Care Inc. Infinity Hospice and Palliative Care Inc. operates in the hospice and palliative care sector, providing compassionate medical and supportive services to patients facing serious illnesses. The company focuses on personalized care plans, home-based support, and multidisciplinary coordination to address the physical, emotional, and spiritual needs of patients and their families. Infinity Hospice and Palliative Care Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-18519) on November 25, 2025. The petition reports estimated assets between $100,001 and $1,000,000, and estimated liabilities between $0 and $100,000. Honorable Bankruptcy Judge Scott H. Yun oversees the case. The Debtor is represented by Anthony A. Friedman, Esq. of Levene, Neale, Bender, Yoo & Golubchik L.L.P. INGLE & ASSOCIATES: Seeks Subchapter V Bankruptcy in Massachusetts ------------------------------------------------------------------ On November 13, 2025, Ingle & Associates LLC Chapter 11 protection in the District of Massachusetts. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. About Ingle & Associates LLC Ingle & Associates LLC provides accounting, tax, and financial consulting services to businesses, non-profits, condominium associations, and individuals, operating from offices in Wellesley, Shrewsbury, and Hanover, Massachusetts. The firm, founded in 1983 by Bob Ingle, is managed by two partners and a team of approximately 15 staff members. Ingle & Associates LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-12458) on November 13, 2025. In its petition, the Debtor reports estimated assets between $50,000 and $100,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by Kate E. Nicholson, Esq. of NICHOLSON DEVINE LLC. IRON HILL: Court OKs Brewery Asset Sale to IH Restaurants --------------------------------------------------------- The U.S. Bankruptcy Court for the District of New Jersey has approved Andrew Sklar, Chapter 7 Trustee of Iron Hill Brewery LLC and its affiliates, to sell substantially all Assets, free and clear of liens, claims, interests, and encumbrances. The Debtors’ estates consist of various industrial machines, inventory, and accessories used in connection with the development and production of craft beers, as well as other equipment, furniture, and fixtures used to operate full-service restaurants and bars. Additionally, the Debtors own several valuable liquor licenses needed to sell alcohol at the Debtor Locations. Moreover, the Debtors are party to several key contracts with numerous suppliers and customers and certain unexpired leases with landlords at the Debtors' former restaurant sites. The Court has authorized the Debtor to sell Property to IH Restaurants LLC and its designees. The Agreement and all of the terms and conditions thereof are approved in all respects. The Trustee is authorized to enter into and perform under the Agreement and all other documents necessary or appropriate to consummate the Sale Transaction. Buyer is authorized to credit bid $12,000,000.00 as set forth in the Agreement, pursuant to section 363(k) of the Bankruptcy Code, and to pay the other components of consideration as provided in the Agreement, including all Cure Amounts and Carrying Costs and the cash consideration for the Delaware liquor licenses. Except for the Assumed Liabilities expressly set forth in the Agreement, or as otherwise expressly provided in the Order, Buyer and its affiliates, successors, and assigns, including its assignee(s), as applicable, shall have no liability for any Interests or liabilities of the Debtors or their estates, including, without limitation, any liabilities arising under any employment, pension, ERISA, environmental, product liability, antitrust, tax, labor, WARN, or other law, or any theory of successor or transferee liability, de facto merger, or substantial continuity. The Order and the Agreement shall be binding in all respects upon the Debtors, their estates, all creditors, all parties in interest, the Trustee, Buyer and its affiliates, successors and assigns. About Iron Hill Brewery LLC Iron Hill Brewery LLC is a brewery firm in the east of the Mississippi, and one of the most enduringly successful craft brewery and restaurant concepts in the United States. Iron Hill sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.J.Case No. 25-20476 (JNP)) on October 28, 2025. Judge Jerrold N. Poslusny Jr. presides over the case. Michael G. Menkowitz, Esq., Jesse M. Harris, Esq., and Matthew A. Skolnick, Esq. at Fox Rothschild LLP, represent the Debtor as legal counsel. J PAUL ROOFING: Unsecureds Will Get 7.43% of Claims over 4 Years ---------------------------------------------------------------- J Paul Roofing & Construction, Inc. filed with the U.S. Bankruptcy Court for the Northern District of Texas a Plan of Reorganization dated November 21, 2025. The Debtor was formed on November 2011. Debtor operates a business who is a General Contractor along with repairing roofs and exteriors business. The Debtor is currently owned 70.00% by Jason Paul and 30.00% by Erin Paul. Mr. Paul will remain managing member and retain his 70% ownership interest going forward. The Debtor elected to file chapter 11 reorganization as the best means to resolve the current liabilities of the company and determine the secured portions of those creditors. After confirmation, the Debtor will continue in business. Based upon the projections, the Debtor believes it can service the debt to the creditors. The Debtor will continue operating its business. The Debtor's Plan will break the existing claims into six classes of Claimants. These claimants will receive cash repayments over a period of time beginning on or after the Effective Date. Class 5 Claimants consists of Allowed Unsecured Claims. All allowed unsecured creditors, shall receive a pro rata distribution at zero percent per annum over the next four years beginning not later than the 1st day of the first full calendar month following 30 days after the effective date of the plan and continuing every year thereafter on a monthly basis at 0.00% per annum. The Debtor will distribute $39,000.00 to the general allowed unsecured creditor pool over the 4-year term of the plan, includes the undersecured claim portions. The Debtor's General Allowed Unsecured Claimants will receive 7.43% of their allowed claims under this plan. The allowed unsecured claims total $524,411.77. Class 6 consists of Equity Interest Holder (Current Owner). Jason Paul and Erin Paul are the equity interest holders. They will receive no payments under the Plan; however, they will be allowed to retain ownership of the Debtor. Class 6 is not impaired under the Plan. The Debtor anticipates the continued operations of the business to fund the Plan. A full-text copy of the Plan of Reorganization dated November 21, 2025 is available at https://urlcurt.com/u?l=mX9koF from PacerMonitor.com at no charge. Counsel to the Debtor: Robert C. Lane, 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 About J Paul Roofing & Construction Inc. J Paul Roofing & Construction Inc. operates a roofing and exteriors business. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-33290-mvl11) on August 28, 2025. In the petition signed by Jason Paul, president, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge MIchelle V. Larson oversees the case. Robert C. Lane, Esq., at The Lane Law Firm, is the Debtor's bankruptcy counsel. J.D.S. IMPROVEMENTS: James Cross Named Subchapter V Trustee ----------------------------------------------------------- The U.S. Trustee for Region 14 appointed James Cross, Esq., at Cross Law Firm, PLC as Subchapter V trustee for J.D.S. Improvements, LLC. Mr. Cross will be paid an hourly fee of $525 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Cross declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: James E. Cross, Esq. Cross Law Firm, PLC P.O. Box 45469 Phoenix, AZ 85064 Phone: 602-412-4422 Email: jcross@crosslawaz.com About J.D.S. Improvements LLC J.D.S. Improvements, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Ariz. Case No. 25-11023) on November 17, 2025, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Eddward P. Ballinger Jr. presides over the case. Ryan M. Deutsch, Esq., at Allen, Jones & Giles, PLC represents the Debtor as legal counsel. KOKINOS MANAGEMENT: Unsecureds to Get $263 per Month for 60 Months ------------------------------------------------------------------ Kokinos Management, LLC filed with the U.S. Bankruptcy Court for the District of New Jersey a Disclosure Statement describing Chapter 11 Plan dated November 20, 2025. The Debtor is a New Jersey Limited Liability Company whose primary asset is real property located at 733-739 Atlantic City Boulevard, NJ 08721 (the "Property") where the Debtor manages several commercial properties. The Debtor listed its sole Property in its schedules as having a value of $1,200,000.00. Harry Kokinos is the Debtor's managing member and owns the sole real Property located at 733-739 Atlantic City Boulevard, Bayville, NJ 08721. The Debtor filed Chapter 11 because its secured creditor Columbia Bank, obtained a judgment in the matter styled, Columbia Bank v. Kokinos Management, LLC, et al, F-0011485-24 (the "Foreclosure Action"). Class 2 consists of General Unsecured Claims in the amount of $15,780.00. The Claims in this Class shall receive monthly payments of $263.00 at 0% interest for 60 months. This Class is impaired. Class 3 consists of ownership interests. This Class shall retain ownership of its equity interests in the Debtor. The Plan shall initially be funded by capital contributions from the principal of the Debtor until the default is cured. All rents shall be paid to the bank after taxes and insurance. After default is cured, the plan shall be funded by rental income from the tenants on the Property. A full-text copy of the Disclosure Statement dated November 20, 2025 is available at https://urlcurt.com/u?l=ygIAm3 from PacerMonitor.com at no charge. The Debtor's Counsel: Geoffrey P. Neumann, Esq. Timothy P. Neumann, Esq. [ BROEGE, NEUMANN, FISCHER & SHAVER, LLC 25 Abe Voorhees Drive Manasquan NJ 08736 Tel: (732) 223-8484 Email: geoff.neumann@gmail.com Timothy.neuamnn25@gmail.com About Kokinos Management LLC Kokinos Management LLC leases residential and commercial real estate. Kokinos Management LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-19562) on September 12, 2025. In its petition, the Debtor reports total assets of $1,202,000 and total liabilities of $352,712 Honorable Bankruptcy Judge Mark Edward Hall handles the case. The Debtor is represented by Geoffrey P. Neumann, Esq. and Timothy P. Neumann, Esq. at BROEGE, NEUMANN, FISCHER & SHAVER, LLC. L & D CAFE: Unsecureds Will Get 18% of Claims over 5 Years ---------------------------------------------------------- L & D Cafe, Inc., filed with the U.S. Bankruptcy Court for the Southern District of Florida a Small Business Chapter 11 Plan dated November 20, 2025. The Debtor is a bagel restaurant and deli located in Plantation, Florida. Marian's Bagels has been in existence for nearly 50 years. The Debtor, a Florida corporation since March 22, 2016, acquired the business at that time and has continued operations to this day. The Debtor was formed by and continues to be managed by Constantine "Dean" Manos, who is the Debtor's president. Although still experiencing increased costs since the end of the COVID-19 pandemic, the event that gave the Debtor no option but to file for bankruptcy was the pre-petition action by creditor CFG Merchant Solutions, LLC, to seize assets (Debtor's bank account), which if not stopped would have precluded the Debtor's ability to continue in business. Following confirmation of this Plan and on the Effective Date, the Debtor shall pay all administrative claims (or make arrangements to pay the same) and make the first monthly payments to secured and priority creditors, and the initial quarterly distribution to creditors holding allowed unsecured, non-priority claims pro-rata based on their relative percentage of the total amount of all allowed general unsecured claims. Distributions to the Unsecured Creditors holding allowed unsecured claims will be made from the Debtor's net disposable income, after payment of administrative, secured and priority claims. The Debtor asserts that the total amount of allowed general unsecured non-priority claims, including undersecured claims is approximately $802,000.00. Whereas, the Debtor's total projected disposal income over the five-year period of this Plan available to pay unsecured claims is $140,779, resulting in an estimated payment of nearly 18% of the total amount of allowed general unsecured nonpriority claims, in addition to the payments to be made to creditors holding allowed secured and priority claims. Class 6 consists of General Unsecured Claims, including the undersecured deficiency claim of CFG Merchant Solutions, LLC. From Debtor's projected net revenues, Debtor will make 20 Quarterly payments to holders of allowed Class 6 claims, pro rata with all other allowed Class 6 claims. Payments begin on the Effective Date. Payments end in the 58th month of the Plan upon the making of the last quarterly payment. Based on Debtor's projections attached hereto, Debtor anticipates a dividend of nearly 18% over the term of the Plan. This Class is impaired. The Debtor shall pay all claims as set forth and provided for in and under this Plan and shall fund the same from the disposable income received by the Debtor in the operation of its basis based on the projections attached. Disposable income is income that is received by Debtor and that is not reasonably necessary to be expended for the payment of expenditures necessary for the continuation, preservation, or operation of the business of the Debtor. The Debtor, with limited assistance from an affiliate (either Debtor's principal or the affiliated entity SolFlo Bagels, LLC), expects to have sufficient cash on hand to make the payments required on the Effective Date (administrative claims, priority claims under Section 507(a)(7) of the Bankruptcy Code and initial monthly payments towards secured and priority tax claims, as well as the initial quarterly distribution to unsecured creditors). A full-text copy of the Small Business Plan dated November 20, 2025 is available at https://urlcurt.com/u?l=ppQusD from PacerMonitor.com at no charge. Counsel to the Debtor: Chad P. Pugatch, Esq. Lorium Law 197 S. Federal Hwy, Suite 200 Boca Raton, FL 33432 Tel: (561) 361-1000 Fax: (561) 672-7581 Email: CPugatch@loriumlaw.com About L & D Cafe Inc. L & D Cafe, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-19748-PDR) on Aug. 22, 2025. In the petition signed by Constantine N. Manos, president, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Judge Peter D. Russin oversees the case. Chad P. Pugatch, Esq., at Lorium Law, is the Debtor's bankruptcy counsel. LCC INC: Seeks to Tap General Ledgers Accounting as Accountants --------------------------------------------------------------- L.C.C., Inc. seeks approval from the U.S. Bankruptcy Court for the District of Colorado to employ General Ledgers Accounting & Tax Services, Inc. as accountants in its Chapter 11 case. General Ledgers will provide these services: (a) assist the Debtor in preparing its 2025 financial statements and bank reconciliations; (b) prepare tax returns, tax-related documents and schedules; (c) prepare bookkeeping documents; and (d) perform other accounting-related services as may be needed for the Debtor. General Ledgers will charge hourly rates ranging from $135 to $400 for its accounting-related services, depending on the experience level of the professional performing the work. According to court filings, General Ledgers does not hold or represent any interest adverse to the Debtor, creditors, the United States Trustee, any person employed by the Office of the United States Trustee, the estate, or any other interested person and is therefore a "disinterested person" as defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Margie Albert General Ledgers Accounting & Tax Services, Inc. 517 S 4th Ave Brighton, CO 80601 Telephone: (303) 659-4013 E-mail: admin@gledgers.com About L.C.C. Inc. L.C.C. Inc. specializes in selling and servicing commercial, off-road, light truck, and passenger tires. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case No. 25-15137) on October 15, 2025. In the petition signed by Luis Carlos Chavez, president, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Michael E. Romero oversees the case. Aaron A. Garber, Esq., at Wadsworth Garber Warner Conrardy, P.C., represents the Debtor as legal counsel. LEARNINGSEL LLC: Claims to be Paid From Available Cash and Income ----------------------------------------------------------------- LearningSEL, LLC and affiliates filed with the U.S. Bankruptcy Court for the District of Arizona a Disclosure Statement describing Chapter 11 Plan dated November 21, 2025. The Debtors provide curriculum for educational providers for social and emotional wellness for students from Pre-K through high school. Anna-Lisa the owner of the Debtors, has been involved in education for close to thirty years. The Debtors operated historically to some extent under the name PATHS(R) Program and provided social and emotional wellness curriculum and training for educational institutions for kindergarten through elementary under the PATHS(R) trademark. The Debtors also provide other curriculum under other names and trademarks including EMOZI(R) but are in no way limited and may operate other curriculum and training under other names or trademarks. After the execution of the Exclusive License Agreement, the Authors and former licensee executed the following: (1) Amendment to Exclusive License to Distribute; (2) Second Amendment to Exclusive License to Distribute; (3) Third Amendment to Exclusive License to Distribute; (4) Copyright License Agreement; and (5) Fourth Amendment to Exclusive License to Distribute (collectively, "Author Licenses"). The Disclosure Statement specifically incorporates the resolution reached in the Joint Stipulated Application to Compromise Claims Between the Estates and the Authors (the "Settlement"). In light of the Settlement, the Plan is now a full pay Plan to all other creditors of the estates, with the non-insider claims being paid in full first, and the insider claims being paid over the life of a three-year Plan. Classes LS-3, PPH-3 and PP-3 consist of the Allowed Unsecured Claims of Creditors that are not disputed, or after the disputed claim has been allowed in some amount. Creditors with Allowed Unsecured Claims in Classes LS-3, PPH-3, and PP-3 shall be paid their pro rata share of the net operating income of the Debtors after all operating expense have been paid in full, and all administrative and priority claims have been paid in full, for up to a period of three years after confirmation of the Plan. Presently, if no other unsecured claims come to light, the only unsecured claims to be paid are the claims of Wells Fargo and the IRS. Glen's Claims shall be paid after all other Allowed Unsecured Claim are paid, so that the Debtors anticipate that the Allowed Unsecured Claims will be satisfied in full within the first quarter after the Effective Date of the Plan. Glen shall then be paid the net operating income of the Debtors thereafter for the three-year life of the Plan. Classes LS-4, PPH-4, and PP-4 consists of Allowed Member Interests in the Debtors. The Member Interests in the Debtors shall retain their interest in the Debtors in consideration of their funding of the amounts owing on allowed administrative claims as of the Effective Date of the Plan. Allowed Member Interests shall not receive any distributions from the Debtors on account of their Member Interests until such time as the Debtors have completed all payments required under the Plan. The Debtors will continue to operate to make payments to vendors and creditors. The Debtors will change the word "PATHS" in their names to "EMOZI" upon approval of the Settlement by the Court. The Debtors will continue to market and sell the EMOZI curriculum at a minimum to generate income. Attached hereto as Exhibit H are projections for the Debtors' operations which show that the Debtors will generate sufficient income to pay their ongoing expenses and to provide a return to all unsecured creditors over the life of the Plan. The Debtors shall use their DIP accounts to provide for the distributions to creditors under the Plan. These accounts will contain any unencumbered cash to be used to pay claims. Upon receipt of any proceeds of the sale of the Debtors' assets, the Debtors shall deposit funds into the account to be distributed in accordance with the Plan. A full-text copy of the Disclosure Statement dated November 21, 2025 is available at https://urlcurt.com/u?l=MBLVcE from PacerMonitor.com at no charge. About LearningSEL LLC LearningSEL LLC is a provider of social and emotional learning training and professional development services. LearningSEL LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 24-07015) on Aug. 23, 2024. In the petition filed by Anna-Lisa Mackey, as manager, the Debtor reports total assets of $703 and total liabilities of $1,543,051. The Honorable Bankruptcy Judge Paul Sala oversees the case. The Debtor is represented by: D. Lamar Hawkins, Esq. GUIDANT LAW, PLC 402 E. Southern Ave Tempe, AZ 85282 Tel: 602-888-9229 Email: lamar@guidant.law LEISURE INVESTMENTS: Lenders Claim Senior Liens in Ch. 11 Dispute ----------------------------------------------------------------- Vince Sullivan of Law360 reports that the secured lenders owed $100 million by Leisure Investment Holdings LLC, the owner of Dolphin Park, told a Delaware bankruptcy court on November 25, 2025 that their liens on the company's property should be considered senior to a judgment creditor. The lenders are pushing for an early resolution in their favor to protect their position in the Chapter 11 case. The filings argue that recognizing the lenders' seniority is critical, as their claims were secured prior to the judgment creditor's interest. The court is now reviewing the competing claims to determine the hierarchy of liens and the order in which creditors may be paid, the report states. About Leisure Investments Holdings Leisure Investments Holdings LLC and affiliates are operating under the name "The Dolphin Company," manage over 30 attractions, including dolphin habitats, marinas, water parks, and adventure parks, located in eight countries across three continents. Their primary operations are based in Mexico, the United States, and the Caribbean, with locations in Jamaica, the Cayman Islands, the Dominican Republic, and St. Kitts. These attractions are home to approximately 2,400 animals from more than 80 species of marine life, including a variety of marine mammals such as dolphins, sea lions, manatees, and seals, as well as birds and reptiles. As of 2023, the marine mammal population at the Debtors' parks includes roughly 295 dolphins, 51 sea lions, 18 manatees, and 18 seals. Leisure Investments Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case 25-10606) on March 31, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. Honorable Bankruptcy Judge Laurie Selber Silverstein handles the case. The Debtors tapped Robert S. Brady, Esq., Sean T. Greecher, Esq., Allison S. Mielke, Esq., and Jared W. Kochenash, Esq. as counsels. The Debtors' restructuring advisor is RIVERON MANAGEMENT SERVICES, LLC. The Debtors' Claims & Noticing Agent is KURTZMAN CARSON CONSULTANTS, LLC d/b/a VERITA GLOBAL. LINDEN COMMUNITY: Seeks Chapter 7 Bankruptcy in California ---------------------------------------------------------- On November 21, 2025, Linden Community First LLC filed for Chapter 7 bankruptcy in the Eastern District of California. The filing indicates the Debtor has between $1 million and $10 million in obligations, owed to roughly 1–49 creditors. About Linden Community First LLC Linden Community First LLC operates in the real estate sector, concentrating on land ownership, property development, and asset management. Based in California, the company manages residential and mixed-use properties and engages in improvement projects designed to support long-term growth and community development in the areas it serves. Linden Community First LLC sought Chapter 7 relief under the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 25-26555) on November 21, 2025. The Debtor reports estimated assets ranging from $1 million to $10 million and liabilities in the same range. The matter is overseen by Honorable Bankruptcy Judge Fredrick E. Clement. The Debtor is represented by Nancy Korompis, Esq. LIRA HOSPICE: Seeks Chapter 7 Bankruptcy in California ------------------------------------------------------ On November 25, 2025, Lira Hospice Inc. filed Chapter 7 protection in the Central District of California. According to court filing, the Debtor reports between $0 and $100,000 in assets and $1 million to $10 million in liabilities owed to 1-49 creditors. About Lira Hospice Inc. Lira Hospice Inc. provides hospice care services to patients facing life-limiting illnesses. The company emphasizes comprehensive support, offering medical care, pain relief, emotional support, and guidance for families. Its mission is to ensure dignity and comfort for patients, whether in their homes or in care facilities. Lira Hospice Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-18515) on November 25, 2025. In its petition, the Debtor reports estimated assets of $0-$100,000 and estimated liabilities of $1 million-$10 million. Honorable Bankruptcy Judge Scott H. Yun handles the case. The Debtor is represented by Anthony A. Friedman, Esq. of Levene, Neale, Bender, Yoo & Golubchik L.L.P. LIVING FAITH TABERNACLE: Case Summary & Four Unsecured Creditors ---------------------------------------------------------------- Debtor: Living Faith Tabernacle, Inc. 5880 Old Dixie Road Forest Park, GA 30297-3202 Business Description: Living Faith Tabernacle, Inc. is a church located at 5880 Old Dixie Road in Forest Park, Georgia, providing worship services, spiritual guidance, and community programs for its congregation. The organization conducts faith-based activities and outreach within the local community. It operates as a nonprofit entity in the religious services sector. Chapter 11 Petition Date: November 25, 2025 Court: United States Bankruptcy Court Northern District of Georgia Case No.: 25-63773 Judge: Hon. Jeffery W Cavender Debtor's Counsel: Kenneth Mitchell, Esq. GIDDENS MITCHELL & ASSOCIATES, P.C. 3951 Snapfinger Pkwy Ste. 555 Decatur, GA Tel: 770-987-7007 Fax: 404-289-7654 Email: gmapclaw@gmail.com Total Assets: $5,655,280 Total Liabilities: $648,123 The petition was signed by Jeremy Tuck as CEO/Pastor. A full-text copy of the petition, which includes a list of the Debtor's four unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/XNRY2TA/LIVING_FAITH_TABERNACLE_INC__ganbke-25-63773__0001.0.pdf?mcid=tGE4TAMA LOVING KINDNESS: Amends Administrative Non-Tax Claims Pay --------------------------------------------------------- Loving Kindness Healthcare Systems, LLC, submitted a First Amended Disclosure Statement to accompany Plan of Reorganization dated November 24, 2025. The Debtor's revenue generated in the ordinary course of business, in addition to certain other new business lines, shall provide sufficient funds to pay all required expenses and distribution under the plan. Administrative Non-Tax Claims The claim of Bernstein-Burkley, PC in the amount of $60,000.00 will be paid in full within six-months of the Effective Date. Payment will ramp up in accordance with the Debtor's increased cash flow. The claim of Gloria J. Besley, E.A. in the amount of $10,000.00 will be paid in full within two-months of the Effective Date. Payments will be equally divided between each month. Like in the prior iteration of the Plan, General Unsecured Non-Tax Claims creditor pool shall be paid a pro rata share of 10% of the total value of the General Unsecured Creditors Class through quarterly plan payments over a five-year period. General Unsecured Tax Claims creditor pool shall be paid a pro rata share of 10% of the total value of the General Unsecured Creditors Class through quarterly plan payments over a five-year period. The Debtor shall maintain and continue to operate Loving Kindness Healthcare Systems, LLC. The Debtor's base annual net profit is expected to increase from $124,511 to $172,973 by 2030. The Debtor is also entering the following new business lines as a means to further increase revenue and profit and generate additional funds plan payments: * The Debtor will begin providing in-residential, personal home healthcare. For each house the Debtor provides in-residential care for, the monthly revenue is approximately $86,952. The total estimated expenses per house are $28,900, including payroll, utility payments, insurance and maintenance to the property, and supplies and transportation. The Debtor will generate approximately $58,052 in additional monthly revenue from this new revenue stream. Two insiders of the Debtor, Copa Davis and Bijani Davis, will offer their personal residence for usage as the first house. Copa Davis and Bijani Davis will not charge the Debtor rent until all payments required under the Plan have been made, saving the Debtor approximately $4,500.00 in monthly expenses. * The Debtor is currently already licensed to operate a 500 bed facility and anticipates final licensing to be approved by January 15, 2026. The Commonwealth of Pennsylvania requires all licensed personal care homes to have a designated administrator (the "Administrator"). All Administrators are required to complete the mandated 100-hour Personal Care Home Administrator Training Program. Currently, Bijani Davis has completed the first module of the training and has approximately sixty-six hours to complete. * The acquisition of house two and three for the inpatient program is expected to cost, at a minimum, $50,000.00 each to buy or $4500 a month to rent. The Debtor anticipates making the acquisitions in month three and month eight and requires a capital reserve to continue expand and meet the future business plan. * The Debtor is implementing a behavioral health program, pursuant to existing licenses. The Debtor anticipates ramping up this service, beginning in January 2026, with two Behavioral Health Technicians ("BHT") and one clinical psychologist. For every two BHT's employed and clinical psychologist/advanced degree, the Debtor will see a revenue increase of $16,002.00 a month. The Debtor anticipates expenses at this rate to be approximately $11,160.00. Thus, the Debtor can expect a monthly profit increase of $4,842.00. The Debtor will ramp up offering this service through 2026. * A BHT requires a high school diploma, or the equivalent, and completion of a forty-hour training course. The Debtor is currently licensed to provide Therapeutic & Counseling Services for Cognitive Rehabilitation and Behavior Therapy. A clinical psychologist is required to provide ongoing training and supervision. The Debtor is finalizing contract negotiations with a clinical psychologist and anticipates having the agreement finalized by year end. A full-text copy of the First Amended Disclosure Statement dated November 24, 2025 is available at https://urlcurt.com/u?l=8lZ8I5 from PacerMonitor.com at no charge. Loving Kindness Healthcare Systems, LLC, is represented by: Robert S. Bernstein, Esq. Gwenyth A. Ortman, Esq. Bernstein-Burkley P.C. 601 Grant Street, 9th Floor Pittsburg, PA 15219 Telephone: (412) 456-8100 Facsimile: (412) 456-8135 Email: rbernstein@bernsteinlaw.com About Loving Kindness Healthcare Systems Loving Kindness Healthcare Systems LLC is a state-licensed Home Health Care Agency. Loving Kindness Healthcare Systems sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 24-22610) on Oct. 25, 2024, with up to $50,000 in assets and up to $10 million in liabilities. Copa Davis, member, signed the petition. The Debtor tapped Robert S. Bernstein, Esq., at Bernstein-Burkley PC as counsel and Gloria J. Besley as accountant. LUMINAR TECHNOLOGIES: Volvo Terminates Framework Purchase Deal -------------------------------------------------------------- Luminar Technologies, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on November 14, 2025, it received a written notice from Volvo Car Corporation to terminate, effective November 14, the Framework Purchase Agreement, originally dated March 23, 2020, by and between the Company and Volvo, including any amendments, side letters and other written agreements or understandings referenced therein or related thereto. Pursuant to the Agreement, the Company has collaborated with and provided hardware and software for integration into Volvo's global consumer vehicle platform. As previously disclosed, the Company has made a claim against Volvo for significant damages and has suspended further commitments of Iris LiDAR products for Volvo pending resolution of the dispute. There can be no assurance that the dispute will be resolved favorably or at all. Furthermore, there can be no guarantee that any claim or litigation against Volvo will be successful or that the Company will be able to recover damages from Volvo. About Luminar Luminar -- https://www.luminartech.com/ -- is a global technology company advancing safety, security and autonomy across automotive, commercial, and defense sectors. Its proprietary LiDAR hardware, software, semiconductor and photonics technologies have been developed in-house to meet the demanding performance and scalability requirements of applications spanning passenger vehicles, trucking, logistics, industrial, security, and more. With series production underway and commercial traction across industries, Luminar is uniquely positioned to deliver the next generation of advanced, mission-critical LiDAR and photonics solutions. As of June 30, 2025, the Company had $265.49 million in total assets, $513.46 million in total liabilities, and $272.18 million in total stockholders' deficit. The Company is exploring a number of potential strategic alternatives with respect to the Company, including the sale of all or part of the Company's business or assets, raising additional capital or restructuring its existing capital structure. Specifically, the Company has engaged Weil, Gotshal & Manges LLP, as legal advisers, Jefferies LLC, as investment banking advisers, and Portage Point Partners, LLC, as financial advisors, to assist the Company in analyzing and evaluating potential strategic alternatives and initiatives to improve liquidity. GLAS Trust Company LLC, serves as Trustee and Collateral Agent under the First Lien Indenture and Second Lien Indenture. Ropes & Gray, LLP, serves as legal advisors and Ducera Partners LLC, as investment banker for the ad hoc group of holders of the Company's Floating Rate Senior Secured Notes due 2028 and 9% Convertible Second Lien Senior Secured Notes due 2030 and 11.5% Convertible Second Lien Senior Secured Notes due 2030, as applicable, beneficially owning, collectively, approximately 94.5% of the 1L Notes and approximately 89% of the 2L Notes. M & N STRUCTURES: Unsecureds Will Get 100% of Claims over 5 Years ----------------------------------------------------------------- M & N Structures, Inc., filed with the U.S. Bankruptcy Court for the District of Minnesota a Disclosure Statement describing Plan of Reorganization dated November 24, 2025. The Debtor is a structural and miscellaneous steel fabrication business. The company supplies fabricated steel for a wide range of customers and industries including commercial construction, agriculture, property owners, and fabrication assistance to other steel fabricators. In response to the company's financial difficulties, M & N Structure's management spent a substantial period of time evaluating alternatives for maximizing value for all constituencies and stakeholders. After careful consideration and the exercise of sound business judgment, M & N Structures concluded that a Chapter 11 filing was the only viable option to restructure the debt owed by the company to allow the operations to continue. The Debtor believes the reorganization of the business will allow its employees to remain employed and will allow customers and suppliers to continue to do business. The reorganization is anticipated to generate enough proceeds to pay the value of the collateral to the secured creditors and to provide a sum of money to pay the unsecured creditors in full on allowed claims. Class 3-A consists of all Allowed unsecured claims against Debtor. The approximate amount of those claims is $2,223,000.00. The holders of Allowed Class 3-A claims shall receive their pro rata share of $2,223,000.00 paid over a 5-year period, which based on current projections represents 100% of the Allowed Class 3-A claims. Payments will be made in quarterly installments of at least $55,569.00. Payments shall commence on the first day of the month beginning immediately after the Effective Date and continue every 90 days thereafter until the earlier of (i) payment in full of all Allowed Class 3-A claims, or (ii) the fifth anniversary of the Effective Date. On the fifth anniversary of the Effective Date, the Debtor shall pay the entire outstanding balance of Class 3-A Allowed Claims, in a single balloon payment. The estimated balloon payment amount as of that date is approximately $1,111,379.95. In addition, this class shall receive a pro rata distribution of any net proceeds generated from any causes of action. Class 3-B consists of the Debtor's trade claims under $2,000.00 and any other trade claimant that agrees to reduce its claim to $2,000.00 (the "Convenience Claims"). According to the schedules filed by the Debtor in this case, there are 24 claims in this class, with estimated claims totaling approximately $19,578.00. Holders of a Class 3-B claim will receive 100% of the Allowed Claim on the Effective Date of the Plan. This class is not impaired and is therefore deemed to accept the Plan. Class 4 consists of the holder of the shares of stock in the pre petition Debtor. The members of this class are (i) Elizabeth R. Niemeier and David R. Niemeier, as co-trustees of the Elizabeth R. Niemeier Living Trust dated October 10, 1996, and (ii) Elizabeth R. Niemeier and David R. Niemeier, as co-trustees of the Kevin C. Niemeier Disclaimer Trust dated October 10, 1996. The members of this class will be issued shares of common stock in the reorganized Debtor in proportion to their share of common stock in the pre-petition Debtor. The Debtor believes the reorganization of the business will allow its employees to remain employed and will allow customers and suppliers to continue to do business. The reorganization is anticipated to generate enough proceeds to pay the value of the collateral to the secured creditors and to provide a sum of money to pay the unsecured creditors in full on allowed claims. The reorganized Debtor will continue to operate its business following the Effective Date in accordance with the projections provided in connection with the Plan. Revenue from operations will be used to pay the costs of operations and to fund the Debtor's payments pursuant to the Plan. A full-text copy of the Disclosure Statement dated November 24, 2025 is available at https://urlcurt.com/u?l=PKS4yb from PacerMonitor.com at no charge. About M & N Structures Inc. M & N Structures, Inc. provides structural steel fabrication and design-build services across Minnesota and surrounding states. It specializes in in-house 3D modeling, BIM detailing, CNC-equipped fabrication, and steel erection. M & N serves commercial, industrial, and energy-sector projects from its facility in Winsted, Minnesota. M & N sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Minn. Case No. 25-42489) on July 30, 2025, listing $3,092,696 in total assets and $5,246,089 in total liabilities. Jonathan Henriksen, president of M & N, signed the petition. Cameron Lallier, Esq., at Bassford Remele, A Professional Association is the Debtor's legal counsel. The U.S. Trustee for Region 12 appointed an official committee to represent unsecured creditors in the Chapter 11 case of M & N Structures, Inc. BMO Bank, N.A., as lender, is represented by: James M. Jorissen, Esq. Taft Stettinius & Hollister, LLP 2200 IDS Center 80 South Eighth Street Minneapolis, MN 55402 Telephone: 612-977-8400 Facsimile: 612-977-8650 jjorissen@taftlaw.com M&M CUSTARD: Gets Interim OK to Use Cash Collateral --------------------------------------------------- M&M Custard, LLC and its affiliates received interim approval from the U.S. Bankruptcy Court for the District of Kansas to use cash collateral. The interim order, signed by Judge Robert Berger on November 24, authorized the Debtors to use cash collateral and the proceeds of all collateral pledged to Equity Bank to fund operations in accordance with their budget. The Debtors owe the lender more than $22.6 million as of the petition date. As adequate protection, Equity Bank will receive weekly payments of $7,500 pursuant to the budget, starting on December 2. In addition, the lender will be granted a replacement lien on assets of the Debtors that are similar to its pre-bankruptcy collateral, with the same validity and priority as its pre-bankruptcy lien. In case of any diminution in the value of its collateral, the lender will be granted additional lien on the assets (excluding any Chapter 5 cause of action) and an allowed administrative claim under sections 503(b) and 507(b) of the Bankruptcy Code, according to the interim order. Under the interim order, the Debtors are authorized to use cash collateral from November 24 until (i) March 1, 2026; (ii) entry of a final cash collateral order; (iii) the effective date of a confirmed plan of reorganization; (iv) the closing of a sale of all or substantially all assets of the Debtors; (v) the dismissal or conversion of the Debtors' Chapter 11 cases; or (vi) five business days following receipt of a notice of default from the lender, Equity Bank. The interim order is available at https://is.gd/TaArcO from PacerMonitor.com. The final hearing is set for December 12. M&M Custard holds approximately $100,000 in bank accounts and $350,000 in accounts receivable. Equity Bank is believed to hold perfected liens on the Debtor's accounts, inventory, and receivables, and these assets constitute cash collateral. Other secured creditors include US Foods, Inc. About M&M Custard LLC M&M Custard LLC, doing business as Freddy's Frozen Custard & Steakburgers, operates 30+ franchise locations across six Midwestern and Southern U.S. states. Headquartered in Overland Park, Kansas, M&M Custard was founded in 2010, opened its first location in Jefferson City, Missouri in 2012, and has expanded into Missouri, Kansas, Illinois, southern Indiana, Kentucky, and Tennessee. The Debtor operates fast-casual restaurants specializing in steakburgers, hot dogs, and frozen custard, and manages its stores through individual subsidiary LLCs, collectively holding 41 store franchise license agreements with Freddy's. M&M Custard and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Kan. Lead Case No. 25-21650) on November 14, 2025. In its petition, M&M Custard reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. The Debtors are represented by Colin N. Gotham, Esq., at Evans & Mullinix, P.A. MAPLE RIDGE: Case Summary & Seven Unsecured Creditors ----------------------------------------------------- Debtor: Maple Ridge Property Owners Association, Inc. 747 Buffalo Creek Rd. Lake Lure, NC 28746 Business Description: Maple Ridge Property Owners Association, Inc. manages interval ownership interests for a resort community at 747 Buffalo Creek Road in Lake Lure, North Carolina, overseeing the rights and obligations of property owners within the development. The Company administers membership interests, coordinates usage schedules, and enforces community rules for units at the resort. Chapter 11 Petition Date: November 25, 2025 Court: United States Bankruptcy Court Western District of North Carolina Case No.: 25-40271 Judge: Hon. Ashley Austin Edwards Debtor's Counsel: Michael L. Martinez, Esq. GRIER WRIGHT MARTINEZ, PA 521 E. Morehead St., Suite 440 Charlotte, NC 28202 Tel: 704-332-0209 Fax: 704 332-0215 E-mail: mmartinez@grierlaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $500,000 to $1 million Michael Guelcher signed the petition 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/YTFLDHQ/Maple_Ridge_Property_Owners_Association__ncwbke-25-40271__0001.0.pdf?mcid=tGE4TAMA MARINE TRANSPORT: Seeks to Extend Plan Exclusivity to Feb. 17, 2026 ------------------------------------------------------------------- Marine Transport Logistic Inc. asked the U.S. Bankruptcy Court for the Eastern District of New York to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to February 17, 2026 and April 20, 2026, respectively. This is the Debtor's second request for an extension of the exclusivity periods. This second request is not made for the purpose of delay. The Debtor explains that the second extension of the exclusivity period is necessary due to the fact that the Debtor's time to file a plan and disclosure statement is set to expire on December 19, 2025, but the Debtor needs an additional time to resolve claims filed in its case, to obtain Court approval of the reached terms and thereafter to file a plan of reorganization and disclosure statement, offering treatment to the main and other remaining Creditors of the estate. Further, the bar date is expired on November 17, 2025, and the Debtor is currently reviewing the claim register in order to file an objection to claim. The governmental bar date is set to expire on December 30, 2025. The Debtor claims that it needs an additional time to negotiate the resolution of the tax claim filed by the IRS. The Debtor may request the Court to refer the parties to the mediation. Consequently, the second extension of the time period to file a plan and disclosure statement is vital for the Debtor, it will allow the Debtor to file a Chapter 11 plan and disclosure statement without violating the Bankruptcy Code and to provide treatment to its creditors. Marine Transport Logistic Inc. is represented by: Alla Kachan, Esq. Law Offices of Alla Kachan, P.C. 2799 Coney Island Avenue, Suite 202 Brooklyn, NY 11235 Telephone: (718) 513-3145 About Marine Transport Logistic Marine Transport Logistic Inc., doing business as a vehicle and freight shipping company, operates as a Non-Vessel Operating Common Carrier (NVOCC), providing international transportation services for cars, motorcycles, boats, heavy equipment, and general cargo. The Company runs facilities in Staten Island, New York, and Bayonne, New Jersey, and serves clients through major U.S. ports and global destinations. Marine Transport Logistic Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-43215) on July 3, 2025. In its petition, the Debtor reports total assets of $11,228,169 and total liabilities of $476,401. Bankruptcy Judge Nancy Hershey Lord handles the case. The Debtors are represented by Alla Kachan, Esq. at LAW OFFICES OF ALLA KACHAN, P.C. MAY INTERNATIONAL: Gets Final OK to Use Cash Collateral ------------------------------------------------------- May International, Inc. received final approval from the U.S. Bankruptcy Court for the Western District of Washington, at Seattle, to use cash collateral to fund operations. The court authorized the Debtor to use cash collateral in accordance with its budget through February 27, 2026, or until confirmation of its Chapter 11 plan, whichever occurs first. As adequate protection for the Debtor's use of its cash collateral, Washington Federal Bank, a secured creditor, will be granted replacement liens on the Debtor's post-petition cash, accounts receivable, inventory, and the proceeds thereof. These replacement liens will have the same priority and extent as the secured creditor's pre-bankruptcy liens. In addition, Washington Federal Bank will receive payment from the Debtor in the sum of $8,102.16, pursuant to the budget. The Debtor is not required to provide any additional adequate protection for the diminution of interest that the secured creditor may hold in prepetition collateral. A copy of the final order is available at https://urlcurt.com/u?l=zs2Kxa from PacerMonitor.com. May International, operating under the trade name Mitco LTD since its founding in 1988, historically focused on solving inefficiencies in U.S. import logistics via a West Coast gateway model. Expansion into the Los Angeles market ultimately failed due to COVID-19 disruptions, port congestion, and equipment shortages, leading to the closure of that facility in early 2025. Although a return to profitability was initially projected post-closure, unexpected tariffs and a weak peak import season further destabilized the Debtor's financial standing. These cumulative factors forced the Debtor to file for Chapter 11 protection on September 18, 2025. At the time of filing, the Debtor held approximately $241,000 in cash and $890,000 in discounted accounts receivable, for a total estimated cash collateral value of $1.13 million. The Debtor's only secured lender is Washington Federal Bank, which is owed around $42,565 on a 2022 loan originally totaling $425,815. The bank has a perfected security interest in the Debtor's assets. About May International Inc. May International, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. W.D. Wash. Case No. 25-12615) on September 18, 2025, listing up to $10 million in both assets and liabilities. Kevin May, chief executive officer of May International, signed the petition. Judge Timothy W. Dore oversees the case. Steven M. Palmer, Esq., at Cairncross & Hempelmann, P.S., represents the Debtor as legal counsel. MEDICO HOME: Seeks Chapter 7 Bankruptcy in California ----------------------------------------------------- On November 25, 2025, Medico Home Health Care Inc. filed Chapter 7 protection in the Central District of California. According to court filing, the Debtor reports between $0-$100,000 in debt owed to 1-49 creditors. About Medico Home Health Care Inc. Medico Home Health Care Inc. delivers comprehensive home health care solutions, including nursing care, physical therapy, and patient support services. The company serves individuals who require medical attention or daily living assistance in the comfort of their homes. Medico Home Health Care Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-20563) on November 25, 2025. In its petition, the Debtor reports estimated assets in the range of $0-$100,000 and estimated liabilities in the range of $0-$100,000. Honorable Bankruptcy Judge Vincent P. Zurzolo handles the case. The Debtor is represented by Anthony A. Friedman, Esq. of Levene, Neale, Bender, Yoo & Golubchik L.L.P. MIM LANDSCAPE: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------ Debtor: MIM Landscape Division, LLC d/b/a McCammons Irish Market, LLC 3480 IN-267 Brownsburg, IN 46112 Business Description: MIM Landscape Division, LLC, doing business as McCammons Irish Market, LLC, operates garden-center and landscape service locations in Greenwood and Brownsburg where it provides landscape services including tree installation. The Company sells plants, trees, shrubs, and a range of gardening products to retail and project- based customers. Chapter 11 Petition Date: November 24, 2025 Court: United States Bankruptcy Court Southern District of Indiana Case No.: 25-07218 Judge: Hon. Andrea K Mccord Debtor's Counsel: Preeti (Nita) Gupta, Esq. LAW OFFICE OF NITA GUPTA 2680 East Main Street Suite 322 Plainfield, IN 46168 Tel: (317) 900-9737 Email: nita07@att.net Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Garold Ward as CEO. A copy of the Debtor's list of 20 largest unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/4HOPP6I/MIM_Landscape_Division_LLC__insbke-25-07218__0001.2.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/743SWJI/MIM_Landscape_Division_LLC__insbke-25-07218__0001.0.pdf?mcid=tGE4TAMA MOBIVITY HOLDINGS: Delays Q3 10-Q Filing Due to Auditor Review -------------------------------------------------------------- Mobivity Holdings Corp. filed a Notification of Late Filing on Form 12b-25 with the U.S. Securities and Exchange Commission, informing that it will not, without unreasonable effort and expense, be able to file its Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2025 within the prescribed time period due to delays in completion of the preparation and review of the financial statements for the fiscal quarter ended September 30, 2025. Mobivity says the Form 10-Q cannot be filed within the prescribed time period because the Company's auditor requires additional time to finalize its review of the Company's financial statements to ensure adequate disclosure of the financial information required to be included in the Form 10-Q. The Company has dedicated significant resources to completing the Form 10-Q and is working diligently with the auditor to complete the necessary work to file the Form 10-Q as soon as practicable within the fifth calendar day following the prescribed due date. About Mobivity Holdings Mobivity Holdings Corp. develops and operates proprietary platforms that enable brands and enterprises to run data-driven marketing campaigns at both national and local levels. The Company's flagship product, Recurrency, is a self-service SaaS platform that empowers businesses to optimize promotions, media, and marketing spend. On average, Recurrency delivers a 13% increase in guest spend and a 26% improvement in visit frequency, resulting in a 10X Return on Marketing Spend. In other words, for every dollar invested, retailers using Recurrency generate approximately ten dollars in incremental revenue. As of June 30, 2025, the Company had $1.33 million in total assets, $22.62 million in total liabilities, and $21.29 million in total stockholders' deficit. In its report dated April 7, 2025, the Company's auditor M&K CPAS, PLLC, issued a "going concern" qualification citing that the Company has suffered net losses from operations and has a net capital deficiency, which raises substantial doubt about its ability to continue as a going concern. MORNINGSIDE MINISTRIES: Fitch Affirms 'BB' IDR, Outlook Stable -------------------------------------------------------------- Fitch Ratings has assigned a 'BB' rating to the $134 million series A-F first mortgage revenue bonds issued by the New Hope Cultural Education Facilities Finance Corporation, TX on behalf of Morningside Ministries. Fitch has also affirmed the Issuer Default Rating (IDR) of Morningside Ministries and Subsidiary, TX at 'BB'. In addition, Fitch has affirmed the series 2022 and 2020A bonds issued by the New Hope Cultural Education Facilities Finance Corporation on behalf of Morningside at 'BB'. The Rating Outlook is Stable. The series A-F bonds will be drawn down over time to fund a repositioning of the Meadows campus and a two-phase independent living (IL) expansion at the Menger Springs campus. The Meadows repositioning involves the construction of new Green House nursing homes to replace the current nursing facility services and the repurposing of a currently closed assisted living (AL) facility into a renovated AL, memory care (MC) and short-term rehabilitation skilled nursing facility (SNF). The IL expansion at Menger Springs includes four apartment buildings with a total of 74 apartments in phase I and a 51 IL unit building in phase II. Bond proceeds will also be used to fund a debt service reserve fund and pay cost of issuance. Entity/Debt Rating Prior ----------- ------ ----- Morningside Ministries and Subsidiary (TX) LT IDR BB Affirmed BB Morningside Ministries and Subsidiary (TX) /General Revenues/1 LT LT BB Affirmed BB The 'BB' rating reflects Morningside's midrange revenue defensibility supported by a two-campus footprint, strong IL demand at Menger Springs, high exposure to SNF operations and increasing competitive prospects in San Antonio. Ongoing reinvestment, including the Meadows healthcare repositioning and phased IL expansion at Menger Springs with solid presales for the initial phase, should enhance market position, though construction, conversion and fill-up risks remain. Morningside's operating risk is currently viewed as weak, but a successful fill of the new IL units at Menger Springs should improve core operating profitability over time. Capital needs are high as modernization progresses, and capital related metrics and revenue only coverage are expected to remain thin during the build and stabilization period. Fitch's forward view expects gradual improvement of balance sheet and all-in coverage metrics over time as new IL units ramp up, supporting the Stable Outlook. SECURITY The bonds are secured by a pledge of all revenues, first mortgage on all assets, and a debt service reserve fund. KEY RATING DRIVERS Revenue Defensibility - 'bbb' Adequate Overall Demand Morningside operates two campuses in distinct markets: The Meadows in San Antonio, Texas, and Menger Springs in Boerne, TX. Together, the organization offers 536 units/beds across IL, AL, MC and SNF. IL occupancy averaged a very strong 96% in 2023 and moderated to about 91% in 2024 and year-to-date 2025 (278 of 306 occupied on average in 1H25). Fitch views this level of IL occupancy as adequate for a midrange revenue defensibility assessment. The two-market presence and balanced unit mix provide diversification across service lines. Ongoing reinvestment, including the healthcare repositioning at The Meadows (downsizing SNF capacity and reopening a renovated AL and new SNF), is expected to enhance competitiveness despite temporary IL softness at The Meadows (about 83% in 1H25 amid renovations). Management began marketing the Menger Springs IL expansion in mid-2023. Phase IV (74 entrance-fee apartments) is scheduled to open in February-March 2026 and was reported at roughly 90% pre-sold as of late October 2025, and Phase V (51 IL apartments) is slated to begin construction immediately thereafter to minimize disruption. Given Menger Springs' consistent IL performance (201-unit IL inventory averaging 94% in 2024 and mid-90s in 1H25 across apartments, Overlook, and cottages), pre-sales and conversion risk are viewed as manageable, though fill times will be monitored as Phase IV and Phase V deliver. AL and MC have maintained high utilization, with AL averaging 94% in 2023, 91% in 2024, and approximately 97% in 1H25, and MC averaging 93% in 2023, 95% in 2024, and 95% in 1H25. SNF occupancy improved to 79% in 2023 but softened to 75% in 2024 and approximately 74% in 1H25, reflecting the Meadows repositioning and sector pressures. Campus-level results vary, with Morningside Manor near 78% and Kendall Wellness & Rehabilitation near 64% in 1H25. Rate increases in monthly service fees occur regularly at both campuses. Weighted-average entrance fee levels for Menger Springs apartments are below local market home values, while weighted-average entrance fees for Menger Springs cottages are slightly above local home values. The combined market assessment reflects favorable population growth and greater competition in the San Antonio market (The Meadows), balanced against more limited direct competition in Boerne, Texas (Menger Springs). Forefront Living's Bella Vida project advanced in 2025 with approximately $230.3 million of financing to fund the development of a new senior living community near Menger Springs. The community is planned to include 204 IL residences (164 apartments and 40 villas) and 16 memory support suites. This financing milestone introduces a credible future competitor for IL prospects in the broader San Antonio market, particularly for higher-amenity entrance-fee product. Management reports that competitive dynamics have supported pricing confidence for new Menger Springs product, but Fitch will continue to monitor Bella Vida's progress and any impact on Morningside's demand and pricing flexibility. Operating Risk - 'bb' Weak Profitability The large majority of residents are on rental/fee-for-service contracts, and most legacy ILU entrance-fee agreements are 90% refundable with limited bundled healthcare. Since 2020, Morningside has offered only non-refundable and 50% refundable contracts to new IL entrants, which should gradually improve liquidity from turnover and reduce refund exposure over time. Morningside's overall operating risk reflects weak core profitability, elevated capex requirements tied to active projects, and currently weak but expected-to-improve capital-related metrics. Core operating profitability is weak without the one-time benefit recognized in 2023. While 2023 performance was aided by nonrecurring items and higher other operating revenues, audited 2024 results show an operating ratio of 102.3%, a net operating margin (NOM) of 2.0%, and a NOM-adjusted of 7.8%. Unaudited six months ended June 30, 2025 modestly improved but remained soft, with an operating ratio of 99.0%, NOM of 6.0%, and NOM-adjusted of 14.4%. Drivers include temporary IL softness at The Meadows during renovations, higher non-labor operating costs (food, environmental/maintenance), and elevated depreciation associated with capital project. Skilled nursing continues to comprise roughly one-third of net resident service revenues. Fitch views near-breakeven operating ratios and low to mid-single-digit NOM as consistent with a weak operating risk assessment. Morningside's operating risk includes exposure to skilled nursing and Medicaid. SNF occupancy averaged 75% in 2024 and approximately 74% in 1H25, alongside a payor mix shift toward Medicare (44% in 2024, 53% in 1H25) and lower private pay (36% in 2024, 26% in 1H25); Medicaid represented about 20%-21% over the same periods. The higher Medicare mix provides is viewed favorably, but Fitch views the organization's exposure to SNF operations and Medicaid as an additional asymmetrical risk factor given lower Medicaid reimbursement rates relative to other payors. Capital spending requirements are elevated and reflect an active modernization cycle. Capex averaged 103.9% of depreciation over the past five fiscal years but increased substantially with projects advancing (capex/depreciation of 169.3% in 2023 and 635.4% in 2024. Though the average age of plant was high at 18.4 years in 2024, the addition of AL and MC capacity and right-sizing SNF at The Meadows, alongside 128 new ILUs delivered in two phases at Menger Springs, should improve this figure over time. Capital-related metrics are currently weak but expected to moderate with stabilization of the ongoing expansion/renovation projects. Revenue-only coverage of MADS, including debt for both ILU expansion phases at Menger Springs) measured 0.6x in 2024 and 0.4x for the unaudited six months ended June 30, 2025. Debt to net available rose to 15.3x in 2024 and 17.7x at June 30, 2025 as project debt increased. Revenue-only MADS coverage is expected to remain below 1x through 2026, but this should improve materially afterward as the new Menger Springs ILUs are filled. In addition, capital-related metrics should moderate as new IL inventory fills and cash flow strengthens. Fitch views current leverage and coverage as constraints consistent with a weak operating risk assessment. Financial Profile - 'bb' High Debt Load/Thin Leverage Metrics Morningside had cash/adjusted debt of about 22.4% and MADS coverage of 0.7x on the debt for its Menger Springs Phase I&II and Meadows projects, as calculated by Fitch, at June 30, 2025. MADS coverage of existing debt was solid for the rating level at 1.7x as of June 30, 2025 (on a rolling 12-month basis). Based on Fitch's forward-looking scenario analysis stress case, which incorporates Morningside's Phase I and II ILU expansions, Morningside's key leverage metrics remain very modest. Fitch's base case scenario shows Morningside maintaining operating and financial metrics that are largely consistent with the current rating and with historical levels of performance over the next two years. Profitability is weak in 2026 as the organization ramps up nursing expenses and works to stabilize occupancy in its new SNF beds but improves over the next few years as ILUs occupancy grows in the newly constructed units. Capital spending is expected to be high in 2025 and 2026 as management executes on its ongoing strategic projects. Fitch's forward look assumes a stress to reflect both operating and investment market volatility. Morningside's cash/adjusted debt and MADS coverage maintain levels consistent with the rating throughout Fitch's base case and remain resilient even under a stress case scenario. Days cash on hand (DCOH) stabilizes consistently at or above 200 days through the base case, which is neutral to the rating outcome. Asymmetric Additional Risk Considerations Apart from the high reliance on Medicaid, no asymmetric risk considerations were relevant to the rating determination. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Weaker operating performance or project cost overruns that cause cash to adjusted debt to be consistently below 20%; - Decline in profitability such that operating ratios exceed 105% consistently; - Softening of ILU demand such that combined ILU occupancy falls below 88% with expectations to be sustained at that level. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Given Morningside's ongoing capex projects, a rating upgrade is unlikely over the Outlook period. Over time, positive rating could be warranted as a result of a strengthening in core operating performance leading to operating ratios consistently below 93% and/or MADS coverage consistently at or above 2x, and/or due to an improvement in the leverage position, with cash-to-adjusted debt sustained at 40% or higher. PROFILE Morningside operates two senior living communities in the greater San Antonio, TX metropolitan area. Menger Springs is a retirement community consisting of 93 rental ILUs, 40 entrance fee ILU cottages, 68 entrance fee ILUs in the Overlook Expansion, 48 ALUs, 42 MC units, and 40 SNF beds located in Boerne. The Meadows includes 105 rental ILU apartments, 39 ILU cottages, 44 ALUs, and 100 SNF beds in San Antonio. Most of the residents are on rental/fee for service contracts, and ILU residents with entrance fee contracts are typically 90% refundable with a limited amount of healthcare services. While Fitch views the resulting lower entrance fee refund liability as favorable, the reduced interim cash flows and balance sheet softening cause some concern. Morningside deposited $3.55 million into a coverage support fund designed to allow Morningside to continue to meet its coverage covenant requirements while undergoing this contract conversion. Morningside also operates a home care service, mmCare LLC. In FY24 (Dec. 31 YE), Morningside had total operating revenue of $34.9 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. 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. MOSAIC COMPANIES: Plan Exclusivity Period Extended to Feb. 3, 2026 ------------------------------------------------------------------ Judge Craig Goldblatt of the U.S. Bankruptcy Court for the District of Delaware extended Mosaic Companies, LLC and affiliates' exclusive periods to file a plan of reorganization and obtain acceptance thereof to February 3, 2026 and April 5, 2026, respectively. As shared by Troubled Company Reporter, the Debtors explain that their request to extend the Exclusive Periods is not intended to exert leverage over creditors or any other party affected by these chapter 11 cases. The Debtors continue to work closely with key stakeholders to develop a consensual resolution of these chapter 11 cases that will maximize the value of the Debtors' estates. The Debtors seek an extension out of an abundance of caution. The Debtors assert that termination of the Exclusive Periods would adversely impact their efforts to preserve and maximize the value of their estates and the progress of these chapter 11 cases. Opening these chapter 11 cases up to a competing plan process at this stage would benefit neither the Debtors nor their creditors or stakeholders. The Debtors further assert that termination of the Exclusive Periods would disrupt the critical work that has been done and the efforts of the companies to wind down their estates. Moreover, it would substantially increase the costs of administering these chapter 11 cases for no attendant benefit. The Debtors are the best situated and most effective party to manage the plan process and the wind-down of their estates for the benefit of all stakeholders. Accordingly, the Debtors submit that an initial 90-day extension of the Exclusive Periods is appropriate in light of the facts and circumstances of these chapter 11 cases. Counsel to the Debtors: Matthew B. Harvey, Esq. Derek C. Abbott, Esq. Sophie Rogers Churchill, Esq. Avery Jue Meng, Esq. MORRIS, NICHOLS, ARSHT & TUNNELL LLP 1201 N. Market Street, 16th Floor Wilmington, Delaware 19801 Tel: (302) 658-9200 Fax: (302) 658-3989 Email: mharvey@morrisnichols.com dabbott@morrisnichols.com srchurchill@morrisnichols.com ameng@morrisnichols.com About Mosaic Companies Mosaic Companies, LLC, is a nationally recognized leader in the surfaces industry, offering a broad range of products including luxury wall and mosaic tile, floor tile, and slab to retail and wholesale customers. The Debtor filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 25-11296) on July 8, 2025. At the time of filing, the Debtor estimated $10,000,001 to $50 million in assets and $100,000,001 to $500 million in liabilities. Judge Craig T Goldblatt presides over the case. Sophie Rogers Churchill, at Morris, Nichols, Arsht & Tunnell LLP, is the Debtor's counsel. MW MASON: Case Summary & 17 Unsecured Creditors ----------------------------------------------- Debtor: MW Mason Construction, Inc. 350 Cortez Circle Camarillo, CA 93012 Business Description: MW Mason Construction, Inc. provides custom cabinetry and millwork services from its Camarillo, California facility, where it designs, fabricates, and finishes kitchen cabinets, bathroom vanities, built-ins, and related woodwork for residential and commercial clients. The Company also offers construction management and finish carpentry as part of its operations in the construction and specialty woodworking industry. Chapter 11 Petition Date: November 25, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-11589 Judge: Hon. Ronald A Clifford III Debtor's Counsel: William C. Beall, Esq. BEALL & BURKHARDT, APC 1114 State Street, Suite 200 Santa Barbara, CA 93101-6722 Tel: 805-966-6774 Email: will@beallandburkhardt.com Total Assets: $255,738 Total Liabilities: $1,799,823 The petition was signed by Matthew Mason as president. A full-text copy of the petition, which includes a list of the Debtor's 17 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/2G25F3Q/MW_Mason_Construction_Inc__cacbke-25-11589__0001.0.pdf?mcid=tGE4TAMA MW MASON: Seeks Chapter 11 Bankruptcy in California --------------------------------------------------- On November 25, 2025, MW Mason Construction, Inc. sought Chapter 11 protection in the Central District of California. According to filings, the Debtor has liabilities of $1 million-$10 million and reports 1-49 creditors. About MW Mason Construction, Inc. MW Mason Construction Inc. is a construction services provider in the United States, working across residential and commercial sectors. The company delivers general contracting, design-build, and renovation services, prioritizing high-quality results, project efficiency, and client satisfaction. MW Mason Construction, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-11589) on November 25, 2025. Its petition reports estimated assets between $100,001 and $1,000,000 and estimated liabilities of $1 million to $10 million. Honorable Bankruptcy Judge Ronald A Clifford III presides over the case. The Debtor is represented by William C. Beall, Esq. of Beall and Burkhardt, APC. MY CHOICE THERAPY: Seeks Chapter 7 Bankruptcy in California ----------------------------------------------------------- On November 25, 2025, My Choice Therapy Inc. filed for Chapter 7 bankruptcy in the Central District of California. According to the filing, the Debtor reports liabilities of $100,001-$1,000,000 owed to 1-49 creditors. About My Choice Therapy Inc. My Choice Therapy Inc. provides comprehensive rehabilitation services, including physical, occupational, and speech therapy. Serving patients in California, the company tailors care plans to meet individual needs in both clinical and home environments, aiming to enhance quality of life and recovery outcomes. The company sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-20565) on November 25, 2025. Estimated assets are between $100,001 and $1,000,000, with liabilities in the same range. Honorable Bankruptcy Judge Barry Russell oversees the case. The Debtor is represented by Anthony A. Friedman, Esq. of Levene, Neale, Bender, Yoo & Golubchik L.L.P. NAPA FORD: Inks Deal With Ford Motor to Use Cash Collateral ----------------------------------------------------------- Napa Valley Ford Lincoln Mercury, Inc. and its secured creditor, Ford Motor Credit Company, LLC, entered into a stipulation for the limited use of cash collateral. The stipulation, entered on November 24, extends the Debtor's authority to use cash collateral until November 28. The Debtor said it is working with Ford Motor to close the sale of its personal property and needs limited use of cash collateral during the interim period. The stipulation is subject to court approval. Ford Motor Credit Company is represented by: Andrew B. Still, Esq. Snell & Wilmer L.L.P. 600 Anton Blvd, Suite 1400 Costa Mesa, CA 92626-7689 Telephone: 714.427.7000 Facsimile: 714.427.7799 astill@swlaw.com About Napa Valley Ford Lincoln Mercury Inc. Napa Valley Ford Lincoln Mercury, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Calif. Case No. 25-10450) on July 24, 2025, listing between $1 million and $10 million in both assets and liabilities. Judge Hon. Charles Novack oversees the case. The Debtor is represented by Michael Jay Berger, Esq., at the Law Offices of Michael Jay Berger. NB MOUNTAIN: Trustee Taps Meridian Management Partners as Advisor ----------------------------------------------------------------- Michael A. Shiner, Esq., the Chapter 11 Trustee of NB Mountain Valley, DST and its affiliate, seeks approval from the U.S. Bankruptcy Court for the Northern District of West Virginia to hire Meridian Management Partners, LLC as financial advisor. The firm will provide these services: (a) assist in the evaluation of the Debtors' businesses and prospects; (b) assist in the development of the Debtors' long-term business plan and related financial projections; (c) assist in financial reporting matters occurring post-petition including but not limited to preparing cash flow statements, balance sheets, monthly operating reports, tax preparation and other financial and accounting documents; (d) assist in the development of financial data and presentations to the Trustee, various creditors, and other third parties; (e) analyze the Debtors' financial liquidity and evaluate alternatives to improve such liquidity; (f) analyze various restructuring scenarios and their potential impact; (g) provide strategic advice with regard to restructuring or refinancing the Debtors' obligations; (h) evaluate the Debtors' debt capacity and alternative capital structures; (i) participate in negotiations among the Debtors and their creditors, suppliers, lessors and other interested parties; (j) advise the Debtors and negotiate with lenders with respect to potential waivers or amendments of various credit facilities; (k) assist in arranging financing for the Debtors, as requested; (l) provide expert witness testimony concerning any of the subjects encompassed by the other services; (m) assist the Debtors in preparing marketing materials in conjunction with a possible sale transaction; (n) assist the Debtors in identifying potential buyers or parties in interest to a sale transaction and assist in the due diligence process; (o) assist and advise the Debtors concerning the terms, conditions and impact of any sale proposed transaction; and (p) provide such other advisory services as are customarily provided in connection with the analysis and negotiation of a restructuring or a sale transaction, as requested and mutually agreed. Meridian will be compensated on an hourly basis, with rates ranging from $450 to $550 per hour, and reimbursement of actual and necessary expenses, subject to Court approval. Meridian 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: William R. Frederick MERIDIAN MANAGEMENT PARTNERS, LLC About NB Mountain Valley DST NB Mountain Valley, DST owns the Mountain Valley Apartments, a student-and professional-oriented residential complex located in Morgantown, West Virginia, near West Virginia University. NB Mountain Valley and affiliate, NB Mountain Valley Leaseco, LLC, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. W.V. Lead Case No. 25-00456) on August 19, 2025. At the time of the filing, NB Mountain Valley reported between $10 million and $50 million in both assets and liabilities while NB Mountain Valley Leaseco reported up to $50,000 in assets and between $500,001 and $1 million in liabilities. Judge David L. Bissett oversees the cases. The Debtors tapped Raines Feldman Littrell, LLP as bankruptcy counsel; Barth & Thompson as local counsel; and Meridian Management Partners, LLC as restructuring advisor. Michael A. Shiner, the Chapter 11 trustee appointed in the Debtors' cases, is represented by Tucker Arensberg, P.C. Fannie Mae, as creditor, is represented by: Jeffrey G. Wilhelm, Esq. Jessica M. Barnes, Esq. Reed Smith, LLP Reed Smith Centre 225 Fifth Avenue, Suite 1200 Pittsburgh, PA 15222 Telephone: (412) 288-3131 Facsimile: (412) 288-3063 E-mail: jwilhelm@reedsmith.com jbarnes@reedsmith.com NEW FORTRESS: Fitch Lowers IDR to 'RD' on Missed Interest Payment ----------------------------------------------------------------- Fitch Ratings has downgraded New Fortress Energy Inc.'s (NFE) Long-Term Issuer Default Rating (IDR) to 'RD' from 'CCC'. Fitch has also downgraded NFE's $2.7 billion 12% senior secured notes due 2029 issued by NFE Financing LLC and term loan B issued by NFE to 'C' with a Recovery Rating of 'RR4' from 'CCC'/'RR4'. In addition, Fitch has downgraded both the 6.50% senior secured notes due September 2026 and the 8.75% senior secured notes due March 2029 to 'C'/'RR5' from 'CCC-'/'RR5'. The downgrade reflects NFE's missed interest payment, due Nov. 15, 2025, on the 12% senior secured notes due 2029. The company entered a forbearance agreement with creditors and secured a 30-day payment grace period. NFE's ratings reflect execution challenges across its projects and an untenable capital structure. The company has delayed the filing of its 3Q 10-Q, and Fitch does not anticipate a meaningful recovery in its revenues in 4Q25. Key Rating Drivers Missed Interest Payment: NFE has not paid the interest payment scheduled for Nov. 15, 2025, on its 12% senior secured $2.7 billion notes due 2029. An uncured payment default on a bond, loan or other material financial obligation, without entry into bankruptcy filings or cessation of operations, is commensurate with an 'RD' IDR, per Fitch's rating definitions. The company has entered into a forbearance agreement with certain noteholders that expires on Dec. 15, 2025. NFE announced the deferment of the payment of interest. In conjunction with this announcement the company signaled its intent to pursue a broader restructuring in hiring financial advisors. The earliest maturity is payments on the $100 million revolver due April 2026 and $511 million 6.5% senior secured notes due September 2026. If these 2026 notes are not paid by July 31, 2026, 60 days before their maturity, it would trigger around springing maturities on its 2029 notes, TL A, TLB and the Revolver. High Leverage: Under its updated assumptions, Fitch expects NFE's leverage will be well above 15.0x in 2025-2027. The company's EBITDA was over 50% lower than Fitch's estimates for the quarter and the second quarter EBITDA was negative. Fitch's updated rating case assumptions do not include any payments from FEMA over the next 12 months. Leverage remains high pro forma for the Jamaica asset sale due to increasing revenue volatility and debt-funded capex for the development of the FLNG2 liquefaction unit and completion of the projects in Brazil. Absent further asset sales, any significant deleveraging would require favorable contracts in Puerto Rico. Fitch views receipt of FEMA proceeds, which could be a significant source of cash, as increasingly uncertain at this time and these cash flows are not included in its forecast. Highly Constrained Liquidity: High-interest expense, averaging around $900 million in each of the next three years, constrains financial flexibility. Liquidity is highly constrained with approximately $551 million of unrestricted cash as of June 30, 2025. Fitch believes current cash on hand is lower. There is no remaining availability on the company's revolver, and the company received waivers for the first lien debt ratio and fixed charge coverage ratio covenants for 2Q25. In Fitch's view, weaker cash flow expectations along with the constrained liquidity leaves a shorter runway for NFE to right-size its capital structure. Weak Operating Performance: An inability to get final approval for constructive gas supply contracts in Puerto Rico is a key risk for NFE. Start-up risk associated with multiple projects remains. FLNG2 is still under construction. The two primary assets in Brazil — CELBA2, which has achieved first firing, and the Portocem power plant, which is under construction — are not fully operational. Under Fitch's assumptions Brazil accounts for around 30% of NFE's EBITDA in 2025-2027 and FCF is negative over the next three years. The company is increasingly vulnerable to any operational delays or cost overruns. ESG - Financial Transparency: ESG Relevance score is '5' for Financial Transparency and is revised to '5' from '4' for Governance Structure. Fitch believes NFE's delay in reporting timelines and governance structure, aggressive financial strategy including ownership concentration have a negative impact on the credit profile in conjunction with other factors. The 3Q25 10-Q has been delayed beyond the allowable filing period and the company is not in compliance with NASDAQ requirements. Fitch believes these practices could impact NFE's ability to access future funding. Peer Analysis NFE is closest in operations and geographical focus to LNG producer Venture Global LNG, Inc. (VGLNG; B+/Negative). NFE's cash flows are supported by the sale of LNG and power to utilities, power generators and industrial customers. VGLNG's operations are more specialized as an LNG producer. Fitch views NFE's operations in Latin America and South America as having greater operating risk compared to VGLNG's somewhat more proven natural gas liquefaction operations. Both entities have considerable exposure to commodity prices, though VGLNG's projects are anchored by long-term contracts to largely creditworthy customers. NFE's contracts are shorter in term, have a lower portion of take-or-pay features and their counterparty credit quality is lower. VGLNG faces greater construction and development risk with three large projects in various stages of completion compared to the FLNG2 unit as the largest near-term project under construction, though Fitch expects the company to develop additional infrastructure, especially in Brazil. Fitch views the liquidity at NFE to be constrained despite the recent refinancing and asset sale. The majority of NFE's subsidiaries are encumbered, but the company has limited asset level debt at its terminals. VGLNG's two operating projects have substantial leverage, which could limit cash flows at the parent if merchant prices were weaker. NFE's leverage under the Fitch rating case is expected to be weak in 2025-2027, averaging well over 10.0x compared to around 6.0x for VGLNG over the same period. NFE's weaker operating profile, higher leverage, lower interest coverage, and constrained liquidity account for its lower ratings. Key Assumptions - LNG market spreads informed by Fitch's price deck; - Natural gas at Henry Hub (HH) as per Fitch's price deck; - Significantly lower cash flows from Puerto Rico, given NFE was left off the recent emergency power auction; - In Brazil, Fitch conservatively assumes the CELBA2 project will be completed by end of 2025 and Portocem by end of 2026; - Construction for FLNG2 completed per Fitch's current budget estimate; - No proceeds from the FEMA claim over the forecast period; - No dividends; - Interest expense reflecting a base rate as per Fitch's "Global Economic Outlook" for 2025 and kept constant thereafter; - Additional growth capital spending largely funded with retained cash and debt. Recovery Analysis For Recovery Ratings, Fitch assumes default could occur during construction of the Brazilian power plants and the FLNG2 asset, and the reorganization would be impacted by the diverse locations of the terminals. Fitch estimates the company's liquidation value is greater than its going concern value. The assets are in different jurisdictions and are functionally diverse as well. In a bankruptcy scenario, it is more likely that the assets would be sold to various parties with the requisite expertise. In addition, each asset is pledged as collateral across different debt classes. For all these reasons Fitch is using a liquidation value approach instead of the going concern approach. Terminal assets were valued based on haircuts to third-party valuations provided by the company. FLNG assets were valued based on their production capability (1.4 mtpa), the cost of building similar assets and the percentage of completion. The estimated liquidation value was around $3.6 billion, pro forma for the sale of the Jamaica assets. The liquidation value was about 20% higher than the going concern value, calculated with a 5.0x EBITDA multiple. There have been limited bankruptcies in the midstream sector. Two recent gathering and processing bankruptcies indicate an EBITDA multiple between 5.0x and 7.0x, as per Fitch's estimates. Fitch's October 2024 bankruptcy case study report, "Energy, Power and Commodities Bankruptcy Enterprise Values and Creditor Recoveries," found a median enterprise valuation exit multiple of 5.3x across 51 energy cases (sufficient data to estimate was 5.3x), with a wide range observed. Fitch applied administrative claims of 10%, which is the standard assumption. The outcome is a 'C'/'RR4' rating for term loan B and the new 12% notes maturing in 2029. The legacy 6.5% notes maturing in September 2026 and 8.75% notes maturing in March 2029 have lower collateral coverage and receive a 'C'/'RR5' rating, after applying the country-specific considerations. On a normalized run-rate basis, Fitch believes almost all the revenues will come from outside the U.S., from countries where Fitch does not assign an uplift to the debt based on the recovery profile. Per Fitch's "Corporates Recovery Ratings and Instrument Ratings Criteria," secured debt can be notched up to 'RR1'/'+3' from the IDR; however, the instrument ratings have been capped at 'RR4' due to Fitch's "Country-Specific Treatment of Recovery Rating Criteria." RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - The IDR would be downgraded to 'D' upon initiation of any formal bankruptcy procedure. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - The ratings would be reassessed if the interest payment is made or upon completion of the restructuring process. Liquidity and Debt Structure According to NFE's 10-Q dated June 30, 2025, NFE held $551 million in cash and cash equivalents, and $270 million in restricted cash. Including outstanding letters of credit, NFE's $730 million revolving credit facility was fully utilized as of June 30, 2025. Of this facility, $100 million matures in April 2026, with remaining $630 million due October 2027. If NFE's 2026 notes remain outstanding, the revolving credit facility, along with term loan B ($1.3 billion) and term loan A ($295 million), must be fully repaid 60 days before those notes mature. The 2026 senior notes, which mature in September, have an outstanding balance of approximately $500 million. Issuer Profile New Fortress Energy LLC is a gas-to-power energy infrastructure company that spans the production and delivery chain from natural gas procurement and LNG production to logistics, shipping, terminals and conversion or development of natural gas-fired generation. Summary of Financial Adjustments Consolidated leverage for NFE includes asset level debt and the Energos Formation Transaction obligations. Under Fitch's "Corporate Criteria," the Energos lease obligations are considered long-term obligations, and the reported lease liability is treated as debt. Fitch uses cash interest paid in its calculation for EBITDA interest coverage. Capitalized interest is added back as cash. The preferred stock at GMLP is given a 50% equity credit due to its perpetuality and cumulative nature of the dividends and interest. NFE's recently issued series A convertible preferred stock is treated as 100% debt as its dividend rate increases by 2% until the company pays of all previously accrued but unpaid dividends. Fitch's EBITDA is calculated by removing non-recurring items such as contract novations and asset sales. 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 New Fortress Energy Inc. has an ESG Relevance Score of '5' for Financial Transparency due to the delay in filing its 10-Q and the level of detail and transparency in its financial disclosure that is weaker than other industry peers, which has a negative impact on the credit profile and is highly relevant to the rating, resulting in resulting in an implicitly lower rating. New Fortress Energy Inc. has an ESG Relevance Score of '5' for Governance Structure due to its aggressive financial strategy and concentrated ownership, which has a negative impact on the credit profile and is highly relevant to the rating, resulting in resulting in an implicitly lower rating. New Fortress Energy Inc. has an ESG Relevance Score of '4' for Exposure to Environmental Impacts due to potential operational challenges related to extreme weather events in its operating regions, which has a negative impact on the credit profile and is relevant to the ratings in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- New Fortress Energy Inc. LT IDR RD Downgrade CCC senior secured LT C Downgrade RR4 CCC senior secured LT C Downgrade RR5 CCC- NFE Financing LLC senior secured LT C Downgrade RR4 CCC NEW FORTRESS: Moody's Appends 'LD' Designation to 'Ca-PD' PDR ------------------------------------------------------------- Moody's Ratings has appended a limited default (/LD) designation to New Fortress Energy Inc.'s (NFE) Probability of Default Rating, revising it to Ca-PD/LD from Ca-PD. This action follows the company's entrance into a forbearance agreement with its creditors that extends through December 15, 2025, allowing NFE to extend its scheduled November 17, 2025 interest payment on its senior secured noted due 2029. The /LD will be removed upon resolution of the forbearance. NFE's other ratings, including its Ca corporate family rating, Ca senior secured term loan rating, C legacy 2026 and 2029 senior secured notes rating, and the Ca rating on the senior secured notes issued by NFE Financing LLC, are unchanged. The outlook remains negative. NFE is reviewing its strategic alternatives to improve its capital structure and in ongoing discussions in an effort to improve its liquidity and get relief from acceleration of repayment under its debt agreements. The forbearance will give the company additional time to try to reach agreement with its creditors while also preserving near term liquidity. Moody's views the likelihood that NFE will need to restructure its debt in the near term, whether out of court or via in-court relief, to be high. New Fortress Energy Inc. is a US-listed energy infrastructure company operating natural gas liquefaction, re-gasification and distribution assets in Puerto Rico, Mexico, Nicaragua and Brazil. The company operates one floating LNG production facility (FLNG) and is constructing the second onshore facility in Mexico, expected to come to production in 2026. NEW FORTRESS: S&P Upgrades ICR to 'CCC-', On CreditWatch Negative ----------------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on New Fortress Energy Inc. (NFE) to 'CCC-' from 'SD'. S&P said, "We lowered our issue-level rating on NFE's senior secured term loan B to 'CCC-' from 'CCC' and left our recovery rating of '3' unchanged, indicating our expectation that lenders would receive meaningful (50%-70%; rounded estimate: 65%) recovery in the event of default. "We also lowered our issue-level rating on the company's senior secured notes due 2026 and 2029 (legacy notes) to 'CC' from 'CCC-'. The '5' recovery rating is unchanged and indicates our expectation for modest (10%-30%; rounded estimate: 25%) recovery in default. "We subsequently placed the ratings on the legacy notes and term loan B on CreditWatch with negative implications. "NFE recently entered into a forbearance agreement with the holders of its new senior secured notes due 2029, which we classified as a selective default (SD)." The agreement provides temporary liquidity support, but the company remains highly leveraged and faces significant debt maturities in 2026. S&P said, "NFE's senior secured notes due 2029 (exchanged notes) remain at ' D', and the recovery rating of '5' indicates our expectation for modest (10%-30%; rounded estimate: 10%) recovery in default. "The CreditWatch placement reflects our belief that a conventional payment default or a debt restructuring appears inevitable within six months. "We believe a debt restructuring that is tantamount to a default will likely occur within the next few months, notwithstanding NFE' s forbearance agreement and ongoing negotiations with its other lenders. Under the recently executed forbearance agreement with the new 2029 senior secured noteholders, the due date for the interest payment originally scheduled for Nov. 17, 2025, has been effectively extended by 30 days to Dec. 15, 2025. The forbearance agreement temporarily helps preserve NFE' s cash position, which totaled about $389 million as of Sept. 30, 2025, including about $244 million of restricted cash primarily allocated for construction projects in Brazil and a small portion as collateral for letters of credit and performance bonds. If there is no agreement to extend the forbearance or restructure debt upon the termination of the forbearance agreement, the holders of the new 2029 notes could accelerate the outstanding principal amount of the notes. In that case, substantially all of NFE' s other outstanding debt would become payable on demand, totaling about $6.6 billion. "We believe the company will take the next several weeks during the forbearance period to negotiate with its other lenders on an amenable solution to restructure the other debt across the capital structure. In our view, it is highly likely that the outcome of these negotiations will either represent a conventional default or a selective default under our criteria. We will reevaluate our ratings on NFE as significant developments related to the capital structure arise or upon the announcement of a more comprehensive debt restructuring plan. "The CreditWatch negative reflects our view that a conventional default or a debt restructuring that we would view as equivalent to default is likely to occur within the next six months." NICKLAUS COMPANIES: Gets Court OK for $10MM Chapter 11 Loan ----------------------------------------------------------- Rick Archer of Law360 reports that a Delaware bankruptcy judge on Tuesday, November 25, 2025, authorized sporting gear and golf-course design firm Nicklaus Cos. to access $10 million in Chapter 11 financing, despite objections from counsel for founder and golf legend Jack Nicklaus, who said he disputes the majority of the company's stated debts. During the hearing, the court found that the proposed debtor-in-possession financing was essential to stabilizing operations and preserving the value of the business while management pursues a restructuring strategy. The financing package, provided by an affiliate of the company's existing lender, will fund payroll, vendor obligations, and ongoing project commitments, the report cites. Counsel for Jack Nicklaus argued that the company's core liabilities stem from contested agreements and licensing disputes, asserting that the majority of the debt listed in the petition should not be enforceable. Those disagreements, he said, will need to be addressed as the case proceeds, the report states. Despite the objections, the judge determined that immediate liquidity was necessary to avoid irreparable harm and approved the DIP loan on an interim basis, with a final hearing to be scheduled after parties have an opportunity to brief the contested debt issues, according to report. About Nicklaus Companies LLC Nicklaus Companies LLC, also known as Golden Bear Financial Services, is a worldwide golf enterprise established to uphold and expand the legacy of golf icon Jack Nicklaus. It operates across several areas of the industry, including golf course design, branded products, licensing, and overall brand management. Its goal is to provide high-quality golf experiences and products that reflect the Nicklaus name's global reputation for excellence, innovation, and integrity. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-12088) on November 21, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $500 million and $1 billion. Honorable Bankruptcy Judge Craig T. Goldblatt handles the case. The Debtor is represented by Zachary I. Shapiro, Esq. of Richards, Layton & Finger, P.A. NORTHEAST OHIO: Receiver Gets Court OK to Operate Health Centers ---------------------------------------------------------------- Celia Hack of Signal Cleveland reports that a federal judge has ordered Northeast Ohio Neighborhood Health Services into receivership, a move that places the nonprofit's finances and properties under the control of a court-appointed third party. NEON had fought the request from its lender, arguing that allowing an outside entity to take over would hinder its ability to provide critical health services on Cleveland’s East Side. The dispute centers on an $11 million loan NEON obtained from All Pro Capital, which sued in May 2025 claiming the organization stopped paying interest and never began repaying the principal. Judge Christopher Boyko ruled that NEON's significant outstanding debts — including the $8.6 million it still owes All Pro — justified the appointment of a receiver. He also pointed to NEON's contractual agreement to receivership and concerns raised by the Ohio Attorney General regarding the nonprofit’s failure to produce financial records. John Lane, CEO of Inglewood Associates, has been named receiver, though the court has not yet determined the extent of his authority. All Pro is seeking expansive powers, including the ability to change locks, oversee staffing, and sell properties with court approval. NEON objected to Lane's appointment, citing limited health care experience, but the judge noted that Lane’s associate has industry expertise. The ruling follows several years of instability for NEON, including declining patient numbers, lingering fallout from a clinic fire, legal controversies involving partners and local officials, and a 2024 ransomware attack that disrupted billing systems. NEON argues the cyberattack contributed to missed loan payments, while All Pro claims the nonprofit has ignored default notices and failed to propose a viable repayment plan. NEON has until Monday to request a temporary stay of the receivership. About Northeast Ohio Neighborhood Health Services (NEON) Northeast Ohio Neighborhood Health Services, commonly known as NEON, is a nonprofit that offers medical services to patients regardless of their ability to pay. The receivership stems from NEON's default on an $11 million loan issued by All Pro Capital, which sued earlier in 2025 after alleging the nonprofit failed to meet its repayment obligations. Judge Christopher Boyko ruled that NEON's outstanding debt and lack of a repayment plan outweighed concerns about community impact. He also cited NEON's prior consent to receivership in its loan agreement and noted a recent filing from the Ohio Attorney General accusing the nonprofit of withholding business records. The court appointed John Lane of Inglewood Associates as receiver NORTHERN DYNASTY: Reports C$7.9 Million Net Loss in 2025 Q3 ----------------------------------------------------------- Northern Dynasty Minerals Ltd. filed with the U.S. Securities and Exchange Commission its Third Quarter 2025 Results, reporting a net loss of C$7.9 million for the three months ended September 30, 2025, compared to a net loss of C$4.6 million for the three months ended September 30, 2024. For the nine months ended September 30, 2025, the Company reported a net loss of C$60.3 million, compared to a net loss of C$13.6 million for the same period in 2024. As of September 30, 2025, the Company had C$127.3 million in total assets against C$66.9 million in total liabilities. The Company's primary funding sources have been equity issuances, mainly through private placements and prospectus offerings to sophisticated investors and institutions, as well as proceeds from option and warrant exercises. More recently, the Company raised funds through the sale of payable gold and silver under the Royalty Agreement, as amended. Additionally, in December 2023, the Company issued Convertible Notes for the first time. Access to financing remains uncertain, and there is no assurance of continued access to equity funding. As of September 30, 2025, the Company had cash and cash equivalents of $44.8 million, an increase of $28.7 million from December 31, 2024. In the nine months ended September 30,2025, the Company received the second, third and fourth tranche investments of US$12 million each under the Royalty Agreement, as amended. In addition, the Company received the proceeds of $9.1 million on the issuance of 8,007,200 common shares following the exercise of 2,181,700 share purchase options at $0.41 per share, 3,608,000 options at $2.01 per share, and 2,217,500 share purchase warrants at $0.45 per share. The Company employed $13.9 million in its operating activities in the nine months ended September 30, 2025. The Company has prioritized the allocation of its available financial resources to meet key corporate and Pebble Project expenditure requirements for the next 12 months. In October 2025, the Company received the fifth and final tranche investment of US$12 million under the Royalty Agreement, as amended which has further strengthened the Company's cash position. There can be no assurances that the Company will be successful in obtaining additional financing when required. If the Company is unable to raise the capital resources to meet obligations as they come due and carry out its business plans, the Company will have to reduce or curtail its operations at some point. On September 30, 2025, the Company had a working capital deficit of $21.0 million (December 31, 2024 – working capital deficit of $21.4 million). Working capital is affected by the inclusion in current liabilities of the Convertible Notes liability and its related derivative. Of the total current liabilities of $66.5 million, $63.0 million relates to the Convertible Notes liability and its related derivative Full-text copies of the Company's Quarterly report and Management's Discussion and Analysis are available https://tinyurl.com/ynptupvp and https://tinyurl.com/52499jcm, respectively. About Northern Dynasty Minerals Ltd. Northern Dynasty is a mineral exploration and development company based in Vancouver, Canada. Northern Dynasty's principal asset, owned through its wholly owned Alaska-based U.S. subsidiary, Pebble Limited Partnership, is a 100% interest in a contiguous block of 1,840 mineral claims in Southwest Alaska, including the Pebble deposit, located 200 miles from Anchorage and 125 miles from Bristol Bay. The Pebble Partnership is the proponent of the Pebble Project. As of September 30, 2025, the Company had C$127.3 million in total assets against C$66.9 million in total liabilities. In an audit report dated March 27, 2025, Deloitte LLP issued a "going concern" qualification citing that the Company incurred a consolidated net loss of C$33 million during the year ended December 31, 2024, and, as of that date, the Company's consolidated deficit was C$729 million. These conditions, along with other matters, raise substantial doubt about its ability to continue as a going concern. NORTHERN LIGHTS: Steven Nosek Named Subchapter V Trustee -------------------------------------------------------- The Acting U.S. Trustee for Region 12 appointed Steven Nosek as Subchapter V trustee for Northern Lights of Duluth, 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 Northern Lights of Duluth LLC Northern Lights of Duluth, LLC is a real estate holding company with full or fractional interests in residential and mixed-use parcels across several Duluth, Minnesota subdivisions. Its Duluth properties have a combined stated value of about $1.75 million. Northern Lights of Duluth sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Minn. Case No. 25-50825) on November 18, 2025, listing between $1 million and $10 million in assets and liabilities. Joseph W. Dicker, Esq., at Joseph W. Dicker PA represents the Debtor as legal counsel. OAKTREE OCALA: Seeks to Extend Plan Exclusivity to January 12, 2026 ------------------------------------------------------------------- Oaktree Ocala JV, LLC and ASAP Highline Ocala, LLC asked the U.S. Bankruptcy Court for the Southern District of New York to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to January 12, 2026 and March 13, 2026, respectively. The Debtors explain that they have reached an agreement in principle with CPIF MRA, LLC ("CPIF") as to the allowance and treatment of CPIF's claim. That resolution resolves complicated issues with respect to CPIF's claims and ASAP's counterclaims. While Debtors have circulated to CPIF a draft plan and disclosure statement, the parties are still addressing issues addressed in the plan, as well as in ancillary documents that that will be incorporated into the plan. The Debtors claim that they are also in discussions with other parties in interest, including interest holders, as to the treatment of such interests under the plan. As Debtors wish to file and seek confirmation of a consensual plan, both Debtors and CPIF have agreed to an extension of the Exclusivity Periods to avoid filing a plan prematurely. The Debtors assert that in the almost four months that they have been in chapter 11, Debtors continue to comply with all the requirements under the Bankruptcy Code, Bankruptcy Rules, and the U.S. Trustee Guidelines. Schedules and Statement of Financial Affairs were timely filed, and an order setting a claims bar date was entered. Debtors continue to use cash collateral with CPIF's consent, Debtors' bills are paid when due, and monthly operating reports are timely filed. Moreover, Debtors are not seeking to extend the Exclusivity Periods to pressure creditors to submit to their demands. On the contrary, Debtors are seeking the extension to address and resolve open issues with parties consensually. Thus, extending the Exclusivity Periods will permit Debtors to file and confirm a plan that will benefit all creditors and interest holders, so competing plans do not derail the Debtors' plan process. Thus, extending the Exclusivity Periods will benefit Debtors' estates, their creditors and other parties in interest. The Debtors' Counsel: Kenneth M. Lewis, Esq. Paul M. Nussbau, Esq. WHITEFORD, TAYLOR & PRESTON L.L.P. 444 Madison Avenue, 4th Floor New York, NY 10022 Tel: (914) 761-8400 E-mail: klewis@whitefordlaw.com pnussbaum@whitefordlaw.com About Oaktree Ocala JV LLC Oaktree Ocala JV, LLC is a real estate lessor operating under NAICS code 5311. It is based in Suffern, N.Y., with apparent operations in Ocala, Florida. It operates as a joint venture in the real estate leasing sector. Oaktree Ocala JV and ASAP Highline Ocala, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 25-22701) on July 29, 2025. In its petition, the Debtor reported between $10 million and $50 million in assets and liabilities. Judge Sean H. Lane oversees the case. The Debtor is represented by Kenneth M. Lewis, Esq., at Paul M. Nussbau, Esq. OLIN CORP: Moody's Alters Outlook on 'Ba1' CFR to Negative ---------------------------------------------------------- Moody's Ratings affirmed Olin Corporation's (Olin) ratings, including the Ba1 Corporate Family Rating, Ba1 senior unsecured ratings, and Ba1-PD Probability of Default Rating. Olin's Speculative Grade Liquidity (SGL) Rating was changed to SGL-2 from SGL-1. The outlook was revised to negative from stable. The change in outlook reflects the extended through in earnings and stressed credit metrics and the potential addition of new chlor-alkali capacity in the US that could extend the downturn. RATINGS RATIONALE Olin's Ba1 rating reflects its position as the largest supplier of chlor-alkali in North America, supported by access to low-cost energy, which provides a meaningful cost advantage for its operations. The rating is also bolstered by good liquidity and management's relatively conservative financial policies, which target a Net Debt/EBITDA ratio of 2.0x over the cycle. The company's refinancing transaction earlier this year extended its nearest debt maturity to 2029, providing more financial flexibility. Through the first three quarters of 2025, Olin's Chlor Alkali Products and Vinyls segment, the largest of the company's three operating segments, reported continued weak financial performance, despite higher EDC volumes and cost-cutting efforts. The second largest segment, Winchester, continues to face challenges due to higher raw material costs and weak commercial demand. The Epoxy segment continued to generate limited profitability due to global overcapacity and limited import duties in the US and Europe. Profitability in this business is expected to remain challenged. Olin's credit metrics remain stressed at the current time with Moody's adjusted Debt/EBITDA of 4.7x and Retained Cash Flow/Debt at 12.4% for the last twelve months ended September 30, 2025. Despite the weak credit metrics, the company is expected to generate at least around $100 million of free cash flow (after dividends) giving the company some financial flexibility during this downturn. Moody's main concern for the rating is potential new chlor alkali capacity that could enter the market later in 2026 as OxyChem brings on a large expansion to its Battleground site in Texas. If the US industrial economy doesn't rebound, this new capacity could extend the downturn in chlor alkali earnings, which would cause us to consider the appropriateness of a lower rating. Olin's credit metrics are largely tied to the performance of its largest segment, Chlor Alkali Products and Vinyls (CAPV). This business continues to demonstrate cyclical performance that periodically stresses credit metrics, despite management's changes to the company's marketing strategy that have significantly increased profitability over the cycle. Olin's second-largest business, Winchester, provides limited diversification due to its size and profitability at the current time. However, it could grow large enough, through acquisitions and increased military spending, to provide a sustained and meaningful credit benefit. Olin has good liquidity. The SGL-2 Speculative Grade Liquidity Rating is supported by roughly $140 million in cash on hand, Moody's expectations of free cash flow generation, and almost full availability under its $1.2 billion unrated revolving credit facility that matures in 2030. Olin also has access to a $500 million unrated accounts receivable facility maturing in November 2027, of which $470 million was utilized as of September 30, 2025. The expected cushion of compliance under its financial maintenance covenants (including a net leverage ratio test and an interest coverage ratio test) should remain sufficient over the next 12 to 18 months. The negative outlook reflects the concern that market conditions may become more challenging in 2026 as new chlor alkali capacity may extend the downturn in Olin's profitability and cause its leverage to remain elevated above 3.5x. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if the company can meaningfully and sustainably increase the earnings of its non-chlor alkali businesses (Winchester, Epoxy and products downstream of chlorine and caustic soda production) while maintaining Debt/EBITDA below 2.5x and Retained Cash Flow/Debt above 25% over the vast majority of the cycle. The ratings could be downgraded with expectations for adjusted financial leverage sustained above 3.5x (Debt/EBITDA), Retained Cash Flow/Debt (RCF/Debt) sustained below 15%, or a substantive deterioration in liquidity. Olin Corporation is a Clayton, Missouri-based manufacturer and distributor of commodity chemicals and a manufacturer of small caliber firearm ammunition. The company operates through three main segments: (i) Chlor Alkali Products and Vinyls whose primary products include chlorine and caustic soda, ethylene dichloride and vinyl chloride, sodium hypochlorite (bleach), hydrochloric acid and potassium hydroxide; (ii) Epoxy, which produces and sells a full range of epoxy materials, including allyl chloride, epichlorohydrin, liquid epoxy resins and downstream products such as converted epoxy resins and additives; and (iii) Winchester, whose primary focus is the manufacture and sale of small caliber, sporting and military ammunition. Annual sales can range from $6 -10 billion depending on commodity prices. The principal methodology used in these ratings was Chemicals published in October 2023. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. OMNI HOME HEALTH: Seeks Chapter 7 Bankruptcy in California ---------------------------------------------------------- On November 25, 2025, Omni Home Health Inc. filed Chapter 7 protection in the Central District of California. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1-49 creditors. About Omni Home Health Inc. Omni Home Health is a licensed home healthcare provider delivering skilled nursing, therapy, and personal care services to patients in the comfort of their homes. The company focuses on helping individuals recover from illness or surgery, manage chronic conditions, and maintain independence while receiving compassionate, professional care. Omni Home Health Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-20557) on November 25, 2025. In its petition, the Debtor reports estimated assets in the range of $0-$100,000 and estimated liabilities in the range of $1 million - $10 million. Honorable Bankruptcy Judge Sheri Bluebond handles the case. The Debtor is represented by Anthony A. Friedman, Esq. of Levene, Neale, Bender, Yoo & Golubchik L.L.P. OPEN RANGE: Employs Ritchie Bros. Auctioneers as Auctioneer ----------------------------------------------------------- Open Range Services, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Colorado to employ Ritchie Bros. Auctioneers (America) Inc. as auctioneer in its Chapter 11 case. RBA will provide these services: (a) conduct the auction sales pursuant to the terms of the Multi-Channel Sales Agreement; (b) sell the Debtor's equipment at a public auction; and (c) provide the necessary services as stated in the application. As compensation for its services, RBA will be paid a commission based on the gross sale price of the Equipment sold at auction as follows: (a) 12.5% for any lot in excess of $3,000; and (b) for any lot realizing $3,000 or less 25%, with a minimum fee of $195.00 per lot. Additionally, RBA will charge buyer transaction fees. For winning bids of $25,000 or less, RBA's transaction fee is 10% of the winning bid, with a minimum fee of $100 per lot. For winning bids greater than $25,000, up to and including $75,000, RBA's transaction fee is 5% of the winning bid, with a minimum fee of $2,500 per lot. For winning bids greater than $75,000, RBA's transaction fee is $3,750 per lot. According to court filings, there is no conflict of interest between RBA and the bankruptcy estate, the Debtor, creditors, any other party in interest, their respective attorneys and accountants, the United States Trustee's office, or any person employed in the office of the United States Trustee. RBA can be reached at: Ritchie Bros. Auctioneers (America) Inc. 4000 Pine Lake Road Lincoln, NE 68516 About Open Range Services Inc. Open Range Services Inc. is a construction company that specializes in heavy civil construction, commercial site development, public infrastructure, underground utilities, oilfield services and transportation logistics services. The Company offers manpower, heavy equipment, material resources and expertise to construct projects of any size and at any location across the Western United States. Open Range Services Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 24-14377) on July 31, 2024. In the petition filed by Jason Gant, as president, the Debtor reports total assets of $2,452,125 and total liabilities of $10,323,840. The Honorable Bankruptcy Judge Michael E. Romero oversees the case. The Debtor is represented by David V. Wadsworth, Esq. at Wadsworth Garber Warner Conrardy, PC. OPEN TEXT: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable ----------------------------------------------------------- Fitch Ratings has affirmed the Long-Term Issuer Default Ratings (IDRs) for Open Text Corporation (OTEX) and subsidiaries, Open Text ULC and Open Text, Inc. (collectively Open Text) at 'BB+'. The subsidiaries and OTEX are co-borrowers on the secured revolver. The Rating Outlook is Stable. Fitch also affirmed Open Text's senior secured debt at 'BBB-' with a Recovery Rating of 'RR1' and senior unsecured debt at 'BB+'/'RR4', as well as OTEX senior unsecured debt at 'BB+'/'RR4' and secured term loan at 'BBB-'/'RR1'. Open Text's 'BB+' ratings reflect strong EBITDA margins, recurring revenue profile, and robust FCF. However, the rating is constrained by subdued organic revenue growth. The company's ongoing portfolio reshaping strategy introduces near-term execution risk but is expected to be neutral to the credit profile. Key Rating Drivers Divestitures to Strengthen Business Focus: Fitch expects OpenText's portfolio rationalization and AI focus to enhance its competitive positioning. The portfolio shaping initiative aims to rationalize non-core assets generating $750 million-$1 billion in revenue and focuses on growth in AI-driven content management. However, execution risks remain given the pace of planned divestments over the next three to four quarters, including potential customer disruption and operational integration challenges. Fitch projects the company's organic revenue growth will stabilize in the low single-digits following a challenging fiscal 2025. Product innovation and cloud revenue focus support customer retention amid intensifying competition and evolving purchasing patterns. Strong Credit Metrics: Fitch projects Open Text's Fitch-adjusted leverage will drop below 3.5x from fiscal 2026. The company plans to use divestment proceeds for debt repayment, supporting deleveraging alongside EBITDA growth. While divestment proceeds will reduce absolute debt, Fitch expects leverage to remain within rating sensitivities because the company's EBITDA base will also contract, keeping ratios broadly in line with current metrics. Fitch projects the (CFO-Capex)/Debt ratio at 13.1% in fiscal 2026, temporarily pressured by one-time restructuring costs and other non-recurring items. The ratio is expected to improve to the upper teens from fiscal 2027 onwards as these costs normalize. Margins to Remain Stable: Fitch projects Open Text's EBITDA margins will remain in the mid-30% range for the next two to three years. The company's ongoing cost optimization initiatives and operational discipline support margin stability despite modest organic revenue growth. The company has shown cost discipline, with EBITDA margins improving in 1Q fiscal 2026. Some margin volatility may occur quarter over quarter as the company executes divestments, but Fitch projects margins to stabilize in the mid-30% range after portfolio rationalization is complete. Competitive Environment: OpenText operates in a highly competitive market, competing with both large, diversified companies like IBM Corporation (A-/Stable) and specialized content management players like Box. The market requires continuous product innovation and cloud migration capabilities, particularly as AI-driven content management reshapes customer expectations and purchasing patterns. OpenText maintains its market position through comprehensive end-to-end solutions and high customer switching costs due to deep system integrations. Recurring Revenue Profile: Fitch views Open Text's revenue structure favorably, as it comprises over 80% recurring revenue, ensuring high revenue visibility. The company maintains a high renewal rate, with a 96% Cloud net renewal rate and 91% Customer Support net renewal rate in 1Q fiscal 2026. This high level of revenue predictability supports the company's business profile. Solid Cash Flow Generation: Fitch views Open Text's strong cash flow generation capacity as a credit positive. It generated pre-dividend FCF—from $655 million to $888 million—over the past four years. As of Sept. 30, 2025, Open Text has a cash balance of $1.1 billion and full availability on its $750 million revolver. Fitch assumes excess cash after debt repayment will be allocated to dividends, share repurchases and bolt-on acquisitions. Peer Analysis Open Text's 'BB+' IDR reflects its scale, recurring revenue profile, and strong profitability. Fitch compares Open Text with other software companies of similar scale or rating. Open Text's rating is the same as RingCentral Inc. (RCN; BB+/Stable), Gen Digital Inc. (GEN; BB+/Negative), and TriNet Group Inc. (TNET; BB+/Stable Outlook). Compared with RCN, Open Text is larger with higher EBITDA margins. Relative to GEN, Open Text is similar in scale but has lower EBITDA margins. GEN's Negative Outlook reflects Fitch's expectation that EBITDA leverage will remain above 3.5x through 2026 and then fall in 2027. TNET operates at a similar scale, but with lower EBITDA margins and is exposed to a SMB customer base. Fitch expects Open Text 's EBITDA leverage to remain below 3.5x throughout the forecast horizon. GEN is expected to report leverage below 3.5x from 2027 onwards. RCN and TNET maintain lower leverage, which is forecast to trend under 2.5x. Fitch expects Open Text's adjusted EBITDA margins will be in the 30s, higher than RingCentral's mid-20s and TNET's upper single digits, but below GEN's, which has margins in the 50s range. Unlike Open Text's enterprise-focused business, GEN primarily serves consumer markets, while TNET operates in the professional employer organization (PEO) sector with different business model dynamics. RCN operates in the cloud-based communication and collaboration software solutions market. Key Assumptions - Organic revenue growth is projected to be in the low single digit range, Fitch incorporates divestments in its revenue forecast which would be completed by end of fiscal 2027; - Fitch assumes EBITDA margins in the mid-30's range; - Dividend growth continues throughout the forecast horizon; - Fitch assumes share repurchases throughout the forecast horizon; - Capex is projected at 2.1% of revenue; - Divestment proceeds are assumed to pay-down portion of the debt; - Fitch forecasts that cash builds on the balance sheet and is directed to acquisitions in fiscal years 2027-2029. Recovery Analysis Fitch has applied the Corporates Recovery Ratings and Instrument Ratings Criteria to arrive at the rating and notching for the instruments. - First lien secured debt is rated one notch up from the IDR; - Unsecured debt is rated at the IDR level. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Should Fitch expect EBITDA leverage to exceed 3.5x on a sustained basis; - (CFO-capex)/debt below 15% on a sustained basis; - Evidence of negative organic revenue growth; - Significant debt-financed acquisitions or share repurchases that significantly weaken the company's credit profile for a prolonged period. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Fitch's expectation of EBITDA leverage below 2.5x on a sustained basis; - (CFO-capex)/debt above 20% on a sustained basis; - Organic revenue growth sustaining above the mid-single digits. Liquidity and Debt Structure As of Sept. 30, 2025, Open Text had $1.8 billion in total liquidity, consisting of $1.1 billion in cash on the balance sheet and $750 million available from a revolving credit facility, which matures in December 2028. Liquidity for the company is also supported by its robust free cash flow generation. The company's debt structure comprises of Senior Notes totalling $3.3 billion with maturities spread out from 2028 to 2031, $1 billion of Senior Secured Notes due in 2027 and a $2.2 billion Term Loan maturing in 2030. Issuer Profile Open Text Corporation offers customers information management through cloud-based solutions. Open Text's information management solutions manage the creation, capture, use, analysis and lifecycle of structured and unstructured data. 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 ----------- ------ -------- ----- Open Text Inc. LT IDR BB+ Affirmed BB+ senior unsecured LT BB+ Affirmed RR4 BB+ senior secured LT BBB- Affirmed RR1 BBB- Open Text Corporation LT IDR BB+ Affirmed BB+ senior unsecured LT BB+ Affirmed RR4 BB+ senior secured LT BBB- Affirmed RR1 BBB- Open Text ULC LT IDR BB+ Affirmed BB+ senior secured LT BBB- Affirmed RR1 BBB- OPUS ESCROW: Section 341(a) Meeting of Creditors on December 17 --------------------------------------------------------------- On November 12, 2025, Opus Escrow Inc. filed Chapter 11 protection in the Southern District of California. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to and creditors. A meeting of creditors under Section 341(a) to be held on December 17, 2025 at 12:00 PM To access telephonic 341 meeting, call 888-330-1716 and enter passcode 1657991#. About Opus Escrow Inc. Opus Escrow Inc. provides independent escrow services for real estate transactions, acting as a neutral third party that manages funds and documents for residential, commercial, manufactured home, and other property transfers. The Company handles various transaction types including 1031 exchanges, short sales, probate sales, seller carry-back financing, and real estate owned properties. Opus Escrow Inc. is based in Arroyo Grande, California. Opus Escrow Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Cal. Case No. 25-04737) on November 12, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $1 million aand $50 million. Honorable Bankruptcy Judge Christopher B. Latham handles the case. The Debtor is represented by Robert David Lantz, Esq. of Lantz Law Group. ORANGE COURIER: Section 341(a) Meeting of Creditors on December 19 ------------------------------------------------------------------ Orange Courier Inc. filed for Chapter 11 bankruptcy on November 21, 2025, in the Central District of California. The filing indicates the Debtor owes between $10 million and $50 million to an estimated 100–199 creditors. A meeting of creditors under Section 341(a) to be held on December 19, 2025 at 10:00 AM at UST-LA1, TELEPHONIC MEETING. CONFERENCE LINE:1-888-330-1716, PARTICIPANT CODE:4892201. About Orange Courier Inc. Orange Courier Inc., headquartered in California, specializes in fast logistics services with a focus on same-day, on-demand, and scheduled courier deliveries. Orange Courier Inc. submitted its Chapter 11 petition (Bankr. Case No. 25-20443) on November 21, 2025. In the petition, the Debtor disclosed assets valued between $1 million and $10 million and liabilities between $10 million and $50 million. Honorable Judge Deborah J. Saltzman oversees the case. The Debtor is represented by Eric Bensamochan, Esq. of The Bensamochan Law Firm, Inc. ORGANON & CO: Moody's Cuts CFR to 'Ba3', Outlook Negative --------------------------------------------------------- Moody's Ratings downgraded the ratings of Organon & Co. ("Organon"), including the Corporate Family Rating to Ba3 from Ba2, the Probability of Default Rating to Ba3-PD from Ba2-PD, the senior secured first lien bank credit facility rating to Ba2 from Ba1, the senior secured notes rating to Ba2 from Ba1, and the senior unsecured notes rating to B2 from B1. The outlook is negative. Previously, the ratings were on review for downgrade. The Speculative Grade Liquidity rating remains at SGL-1. This concludes the review for downgrade initiated on October 27, 2025. "The downgrade of Organon's CFR to Ba3 primarily reflects reduced business growth prospects through at least 2026, primarily due to headwinds from its flagship contraceptive product Nexplanon. In the US, publicly-funded purchasing centers of Nexplanon such as Planned Parenthood will continue to face budget constraints that will lower product demand. At the same time, the historical improper US Nexplanon wholesaler sales practices - which were identified and eradicated by Organon's independent Audit Committee - adds further uncertainty into Moody's Nexplanon sales projections." according to Michael Weinstein, Moody's Ratings Vice President-Senior Credit Officer. "While the Audit Committee's findings illustrate weaknesses around Organon's historical governance practices, the impact was limited to significantly less than 1% of revenues in fiscal 2022 and 2024, and was siloed to only US Nexplanon sales according to company filings. While Organon appears to be taking the appropriate steps to remediate the identified material weaknesses, it will take time to fully restore Organon's management credibility. A continued focus on deleveraging, including using proceeds from the planned sale of Jada and free cash flow towards debt repayment, will be necessary to maintain the Ba3 CFR," added Weinstein. Governance risk considerations are material to the rating action. Organon has taken immediate remedial actions to improve its financial controls and address material weaknesses, including the ongoing search for a permanent replacement of its former Chief Executive Officer who resigned in October 2025. RATINGS RATIONALE Organon's Ba3 Corporate Family Rating reflects its niche position in the global pharmaceutical industry, offering women's health products, biosimilars, and established off-patent products. Organon has good diversity at the product and geographic level. The established brands have good name recognition in global markets. The women's health franchise benefits from favorable demographic trends including rising demand for fertility treatments. These strengths are offset by limited organic growth owing to the nature of established brands which face ongoing pricing and volume pressure. At the same time, Organon's women's health business will continue to face headwinds from reduced public funding for certain products including contraceptives. Organon's free cash flow will also remain somewhat constrained by costs associated with planned exits from supplier arrangements. However, free cash flow will continue to improve as these costs decline over time. Moody's expects gross leverage to trends towards the high-4x range in the next 12-18 months. There is event risk of acquisitions as the company is likely to pursue initiatives to improve earnings growth. Organon's SGL-1, Speculative Grade Liquidity rating, signifies very good liquidity. Moody's anticipates substantial positive annual free cash flow, supported by materially lower dividends and a reduction in non-recurring expenses including restructuring costs. Organon also has $1.27 billion available under its revolving credit facility as of September 30, 2025. Moody's anticipates good cushion under the 4.75x net debt/EBITDA covenant under the revolving credit facility, with cushion forecasted to rise following anticipated debt paydown using proceeds from the sale of the Jada device. The outlook is negative. While Moody's expects modest deleveraging from debt repayment, there is potential for earnings underperformance in key products within the company's women's health and/or established products divisions over the next 12-18 months. The negative outlook also reflects business execution risks as the company transitions to new leadership. If the company stabilizes the business under new management, while reducing leverage vis-à-vis debt reduction, Moody's could revise the outlook to stable over time. Organon CIS-4 score (previously CIS-3) indicates that the rating is lower than it would have been if ESG risk exposures did not exist. The company's G-4 score (previously G-3) reflects risk exposures related to financial strategy and risk management, as well as management credibility and track record given the recent improper sales practices and changes to management. Social risk considerations (S-4) include Organon's exposure to drug price policy changes and litigation exposure from its agreement to indemnify Merck & Co., for certain matters including product safety litigation. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Factors that could lead to an upgrade include building a sustained management track record, improvement in organic growth, substantial and consistent free cash flow generation that is unburdened by one-time costs, and/or debt/EBITDA sustained below 3.5x. Factors that could lead to a downgrade include a prolonged decline in organic growth, changes to strategic and financial policies that slow deleveraging, debt-financed acquisitions, and/or debt/EBITDA sustained over 4.5x for a sustained period. Headquartered in Jersey City, New Jersey, Organon & Co., is a global pharmaceutical company with expertise in women's health, established brands and biosimilars. Revenues in the last twelve months ending 9/30/25 totaled approximately $6.3 billion. The principal methodology used in these ratings was Pharmaceuticals published in September 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. ORIGINAL MOWBRAY'S: Seeks to Sell Bernadino Property to Highest Bid ------------------------------------------------------------------- Mowbray Waterman Property, LLC, seeks permission from the U.S. Bankruptcy Court for the Central District of California, Santa Ana Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property is located at 386 S. Allen St., San Bernadino, CA 92408. The Property is 1.9 acres of vacant commercial property comprising five separate parcels. The proposed sale is a noncontingent "all cash" sale to Boone Trucking, Inc. for $1,950,000.00, subject to competing bids. The Debtor has marketed the Property for approximately two years and the Buyer's offer is, at present, the highest and best offer received for the Property. The overbid procedures proposed by the Debtor are reasonable, designed to stimulate further bidding, and will ensure that the Property is sold for the highest and best price. The sale of the Property will generate significant cash for the estate and pay down the secured claim of PNC Bank, N.A. The Debtor owns four real properties in California, after having sold one non-income generating property for approximately $370,000, during the course of the case. Two of the four remaining real properties are income-producing. The Debtor has two secured creditors, Bank of the Sierra, in connection with a loan for $2,990,000 on one of its properties, and PNC Bank. Robin Mowbray, is the Debtor’s managing member and 51% owner, with the remaining 49% owned by the Gloria Mowbray Separate Property Trust, a special needs trust of which Robin Mowbray is the Trustee, and her father, John Mowbray is the beneficiary. The Debtor has no employees but contracts with Robin to provide various management services. The Debtor is a defendant in state court litigation brought by Ronnie Jordan. Mr. Jordan was terminated from The Original Mowbray's Tree Service, Inc. (of which Ms. Mowbray is the 100% owner) in January, 2022 and now asserts, among other things, that he is entitled to over $63 million in damages resulting from his termination by MTS. On September 18, 2025, the Court entered an order approving the Debtor's joint disclosure statement with MTS and Robin and setting the solicitation and voting schedule for the joint plan of reorganization proposed by the Debtor, MTS and Robin. The Debtor employs Lee & Associates Commercial Real Estate Services, Inc.- Riverside to assist with the marketing and sale of the Property. L&A Riverside has been marketing the Property on behalf of the Debtor since November 2023, and has been offered for sale with a listing price of $2,350,000. To date, multiple prospective buyers have inquired and/or toured the Property, and the Debtor has received two offers to purchase the Property. Given the amount and non-contingent nature of the offer received from the Buyer, the Broker believes that the Buyer's offer is the best offer received to date. The Property will be sold subject to overbid at an open auction to be conducted by the Court at the time that the Motion is heard. The Bid Deadline is 5:00 p.m. (P.S.T.) on December 15, 2025 (about 48 hours prior to the Auction). To become a Qualified Bidder, any person or entity who wishes to bid on the Property must, by the Bid Deadline, deliver to the Debtor’s counsel written proof satisfactory to the Debtor that the Potential Bidder is financially capable of consummating the proposed sale. If no Qualified Bid is received by the Debtor by the Bid Deadline, then the Debtor will request that the Court approve the sale of the Property to the Buyer and there will be no Auction. If a Qualified Bid is timely received by the Debtor, then the Court will hold the Auction. The initial overbid at the Auction must be at least $20,000 more than the Initial Successful Bid; Subsequent overbids must be in minimum increments of $10,000; The Buyer is buying in good faith and has offered to pay fair value for the Property. The Buyer's offer is the best offer received to date and it remains subject to overbid. The Buyer has no connections to the Debtor, and the Agreement to purchase the Property is the product of "arm's length" discussions. The Bid Procedures are fair and reasonable and should foster competitive bidding. About Mowbray Waterman Property, LLC Mowbray Waterman Property, LLC is a real estate company based in San Bernardino, Calif., specializing leasing of commercial and residential properties. Mowbray Waterman Property sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-10930) on February 19, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Mark D. Houle handles the case. The Debtor is represented by Lauren Gans, Esq., at Elkins Kalt Weintraub Reuben Gartside, LLP. ORME BROTHERS: Seeks Chapter 7 Bankruptcy in California ------------------------------------------------------- On November 24, 2025, Orme Brothers Inc. filed Chapter 7 protection in the Central District of California. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to approximately 1–49 creditors. About Orme Brothers Inc. Orme Brothers Inc. is a privately owned California company providing comprehensive metal fabrication and industrial services. The company’s offerings include precision machining, welding, and fabrication solutions for sectors such as automotive, aerospace, manufacturing, and construction. Orme Brothers Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-12192) on November 24, 2025. In its petition, the Debtor reports estimated assets between $0 and $100,000 and estimated liabilities between $100,001 and $1,000,000. Honorable Bankruptcy Judge Martin R. Barash handles the case. The Debtor is represented by Harris L. Cohen, Esq. ORTHOPETS LLC: Seeks Chapter 7 Bankruptcy in Colorado ----------------------------------------------------- On November 19, 2025, Orthopets LLC filed Chapter 7 protection in the District of Colorado. According to court filing, the Debtor reports between $100,001-$1,000,000 in debt owed to 50-99 creditors. About Orthopets LLC Orthopets LLC develops and delivers specialized orthopedic and prosthetic solutions for animals. Based in California, the company works with veterinarians and pet owners to create custom-fit devices that support recovery, enhance mobility, and improve overall well-being for animals in need. Orthopets LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-17609) on November 19, 2025. In its petition, the Debtor reports estimated assets of $100,001-$1,000,000 and estimated liabilities of $100,001-$1,000,000. Honorable Bankruptcy Judge Kimberley H. Tyson handles the case. The Debtor is represented by Kevin S. Neiman, Esq. of Law Offices Of Kevin S. Neiman, PC. P3 HEALTH: Forms 80%-Owned MSO with Commonwealth ACO ---------------------------------------------------- P3 Health Partners Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on November 11, 2025, P3 Health Partners REACH ACO, LLC, a wholly-owned subsidiary of the Company, entered into an agreement with Commonwealth Primary Care ACO, LLC which resulted in the formation of P3 Commonwealth Innovation MSO, LLC, a Delaware limited liability company. The MSO was created to engage in the management, administration, and coordination of activities on behalf of accountable care organizations intended to improve the performance and quality of the parties' respective ACO programs. To this end, the MSO entered into a Management Services Agreement with the ACOs that will govern the MSO's oversight of shared services, financial management, compliance operations, data analytics, clinical integration, strategic planning, and related administrative and operational support for the benefit of the ACOs. The management fee to be paid by each ACO to the MSO for its services under the MSA is equal to the amount of liabilities incurred by such ACO in connection with its participation in any accountable care organization governmental program assumed and satisfied by the MSO during the term of the MSA plus a fair market value margin on such assumed liabilities. Beginning in 2026 and for each year thereafter, the MSO will also be entitled to receive from each ACO a portion of each ACO's net shared savings as determined under the MSA. Distributions from the MSO of available net cash flow will be in accordance with the members' respective percentage interests, with P3 ACO holding an 80% membership interest and CPC ACO holding a 20% membership interest. Management of the MSO is vested in a five-person Board of Managers, three of whom are designated by P3 ACO and two of whom are designated by CPC ACO. After the three-year anniversary of the MSO's formation, P3 ACO has the right to cause the MSO to redeem CPC ACO's membership interests in the MSO. If P3 ACO does not exercise its redemption right within 90 days following the date such right is exercisable, CPC ACO has the right to cause the MSO to redeem its membership interests in the MSO. About P3 Health Partners Henderson, Nev.-based P3 Health Partners Inc is a patient-centered and physician-led population health management company and, for accounting purposes, the successor to P3 Health Group Holdings, LLC and its subsidiaries after the consummation of a series of business combinations in December 2021 with Foresight Acquisition Corp. As the sole manager of P3 LLC, P3 operates and controls all of the business and affairs of P3 LLC and P3's only assets are equity interests in P3 LLC. Las Vegas, Nev.-based BDO USA, P.C., the Company's auditor since 2021, issued a "going concern" qualification in its report dated March 27, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 25, 2024, citing that the Company has suffered recurring losses from operations and has working capital deficiencies that raise substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2024, the Company had $783.4 million in total assets, $633.9 million in total liabilities, and a total stockholders' equity of $75.9 million. PARKERVISION INC: Secures $1MM via Share Sale to Board Member ------------------------------------------------------------- ParkerVision, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on November 14, 2025, the Company entered into a Subscription Agreement with Lewis H. Titterton, Jr., a director of the Company, pursuant to which the Investor agreed to purchase 4,761,905 shares of the Company's common stock, par value $0.01 per share, for an aggregate purchase price of $1,000,000. The $0.21 purchase price per share equaled the last reported sale price of the Common Stock on the OTCQB Venture Market on November 14, 2025, in accordance with the subscription agreement entered into between the Company and the Investor on that date. On November 17, 2025, the Company completed the offering and sale of Common Stock to the Investor, for an aggregate purchase price of $1,000,000. The shares were issued pursuant to the Company's shelf registration statement on Form S-3 (File No. 333-287427) and the prospectus supplement filed with the Securities and Exchange Commission on November 17, 2025, which contains the final terms of the offering. The Company did not engage any underwriters, placement agents, brokers, or finders in connection with the transaction and paid no commissions or fees. A copy of the Subscription Agreement is available at https://tinyurl.com/2t2ub6w6 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, Ga.-based Frazier & Deeter, LLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated March 24, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company's current resources are not sufficient to meet their liquidity needs for the next 12 months, 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 September 30, 2025, the Company had $1.9 million in total assets, $51.7 million in total liabilities, and $49.8 million in total shareholders' deficit. PHIL KEAN DESIGNS: Case Summary & Seven Unsecured Creditors ----------------------------------------------------------- Debtor: Phil Kean Designs Inc. 912 W. Fairbanks Avenue Winter Park, FL 32789 Business Description: Phil Kean Designs Inc., based in Winter Park, Florida, provides integrated architecture, interior design, and residential construction services, specializing in luxury custom homes for clients in Central Florida and surrounding coastal areas. Chapter 11 Petition Date: November 25, 2025 Court: United States Bankruptcy Court Middle District of Florida Case No.: 25-07667 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 Email: dvelasquez@lathamluna.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Tommy Watkins 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/5VI3Y6Y/Phil_Kean_Designs_Inc__flmbke-25-07667__0001.0.pdf?mcid=tGE4TAMA POSH QUARTERS: Gets Extension to Access Cash Collateral ------------------------------------------------------- POSH Quarters, LLC received second interim approval from the U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division to use cash collateral to fund operations. The second interim order authorized the Debtor to use cash collateral to pay its business expenses pending a further hearing set for January 15, 2026. The Debtor cannot use cash collateral to pay pre-bankruptcy expenses, officer salaries, professional fees or insiders without further court order. As adequate protection, BSI Financial will be granted a replacement lien on cash accounts, accounts receivable and other property acquired by the Debtor after its Chapter 11 filing, with the same priority and extent as its pre-bankruptcy lien. In addition, the Debtor must make monthly payments totaling $8,504.65 $5,837.15 for the real property in Jacksonville Beach, Florida, beginning December 1; and must cure missed payments for October and November. The Debtor must also maintain insurance and remain current with Subchapter V trustee fees. The Debtor's authority to use cash collateral terminates if it ceases operations; the Chapter 11 case is dismissed or converted; the replacement liens are altered; liens senior to or equal to the replacement liens are approved; or the automatic stay is lifted, allowing any creditor to proceed against material assets of the Debtor that constitute cash collateral. The second interim order is available at https://is.gd/K2INEd from PacerMonitor.com. POSH Quarters is currently in default on two loans held by BSI Financial, which are secured by the real property. These loans are secured by cash collateral, including rents, receivables, bank account funds, and other business assets. As of the petition date, the Debtor owed the lender more than $1.29 million. About Posh Quarters Posh Quarters, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-02748) on August 8, 2025, with $1,178,812 in assets and $1,639,809 in liabilities. Lisa Adams, manager, signed the petition. Judge Jason A. Burgess presides over the case. Bryan K. Mickler, Esq., at the Law Offices of Mickler & Mickler, LLP represents the Debtor as bankruptcy counsel. RANPAK HOLDINGS: Moody's Affirms 'B3' CFR, Outlook Remains Stable ----------------------------------------------------------------- Moody's Ratings affirmed Ranpak Holdings Corp.'s (Ranpak) corporate family rating at B3 and probability of default rating at B3-PD. The speculative grade liquidity rating (SGL) is maintained at SGL-2. Concurrently, Moody's affirmed the B3 instrument ratings on the $50 million backed senior secured revolving credit facility due 2029 and $250 million US tranche of the backed senior secured term loan B due 2031 issued by Ranpak Corp. Additionally, Moody's assigned a B3 rating to the $160 million Dutch tranche of the backed senior secured term loan, borrowed at Ranpak B.V with stable outlook. The outlook at Ranpak Holdings Corp. and Ranpak Corp. remain stable. The instrument ratings on the revolver and US term loan tranche are based on the guarantee and collateral position, which differ slightly from the tranche issued by Ranpak B.V. (Dutch borrower). However, the ratings also reflect a reallocation mechanism in the credit agreement whereby lenders to both the US and Dutch borrowers agree to exchange interests in the credit facilities upon a bankruptcy filing or an acceleration of the loans. Because of this provision, Moody's views of recovery prospects across the facilities are the same. The affirmation of Ranpak's ratings and stable outlook reflect Moody's expectations that the company will benefit from recent agreements with large e-Commerce customers, along with a continued transition to more sustainable packaging including paper-based packaging across e-Commerce accounts that should provide uplift to operating performance. The rating is constrained by Ranpak's small scale in the fragmented packaging industry, high leverage of 7x debt/EBITDA as of September 30, 2025, and limited track record of material free cash flow generation. Moody's expects leverage to improve to near 6x by 2027. RATINGS RATIONALE Ranpak's B3 CFR reflects the company's small revenue base of less than $400 million per annum, which can leave it vulnerable to earnings volatility and less resilience to shocks. Further, the company's material exposure to e-Commerce and exposure to industrials and automotive end markets can cause fluctuations in revenue and profit. The rating also considers Ranpak's global footprint, which increases exposure to foreign exchange risk, though the company uses cross currency swaps to address this risk. The rating is supported by the company's razor/razorblade operating model, whereby its tooling is installed in customer facilities, generating recurring revenue and increasing switching costs for customers. Ranpak's SGL-2 reflects Moody's views for the company to maintain good liquidity over the next 12 to 18 months. Liquidity benefits from a cash balance of $50 million as of September 30, 2025, along with an undrawn $50 million revolving credit facility due 2029, net of letters of credit. Moody's expects Ranpak to generate breakeven free cash flow in 2026. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if the company expands its scale and product offering while returning to positive EBIT margin and improving credit metrics. Specifically, an upgrade would also require debt/EBITDA sustained below 5.5x, EBITDA/interest above 3.0x, and free cash flow/debt approaching 4.0%. Moody's could downgrade the ratings if volumes and operating performance decline with debt/EBITDA rising above 6.5x, EBITDA/interest falling below 2.0x, or negative free cash flow. Material debt-funded M&A or debt-funded shareholder returns would also pressure ratings. Headquartered in Concord, Ohio, Ranpak is a global manufacturer of 100% fiber-based Protective Packaging Solutions (PPS) and accompanied tooling. Ranpak (NYSE: PACK) is a publicly traded company and generated $388 million of revenue for the last twelve months ended September 30, 2025. The principal methodology used in these ratings was Packaging Manufacturers: Metal, Glass and Plastic Containers published in April 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. RIDER UNIVERSITY: Moody's Cuts Issuer Rating to Caa2, Outlook Neg. ------------------------------------------------------------------ Moody's Ratings has downgraded Rider University's (NJ) issuer and revenue bond ratings to Caa2 from Caa1. The university had $124 million of outstanding debt as of fiscal year end 2024. The outlook has been changed to negative from stable. The downgrade reflects expectations of continued operating deficits and insufficient unrestricted liquidity to meet near-term needs. While leadership plans immediate, significant spending cuts, its ability to execute these and meet obligations-such as short-term debt repayment and endowment borrowings-remains uncertain. Governance considerations drive this action, given severe multi-year financial challenges that limit external liquidity access and increase vulnerability to accreditation and federal student aid eligibility RATINGS RATIONALE The Caa2 issuer rating reflects material operating challenges and persistent deficits, highlighting Rider's difficulty in achieving structurally balanced operations absent further deep expense reductions. With no uncommitted unrestricted liquidity despite the recent sale of the Princeton campus, the university has extremely limited financial flexibility. Planned faculty and employee reductions, which may be hindered by Rider's high proportion of unionized faculty, and other expense cuts may provide some runway to cover near-term expenses. However, reductions may be insufficient to allow Rider to meet all financial obligations through early fiscal 2027. Furthermore, cuts may result in deterioration of Rider's strategic positioning and student market, further challenging operating performance given Rider's high reliance on student charges. The Caa2 also reflects Rider's moderate scope of operations with a regional student market brand, good program diversity and generally steady enrollment for fall 2025. The Caa2 revenue bond rating incorporates deteriorating credit quality reflected in the issuer rating given the general obligation nature of the pledge, with a secured interest in gross receipts, though this provides limited additional security due to the university's fundamental operating difficulties. While outstanding bonds are further secured by non-overlapping mortgage pledges on Rider's main campus in Lawrenceville, potential sale of all or part of the campus presents challenges in an environment of increasing litigation and given difficulty obtaining needed external approvals for the sale of university land and buildings. RATING OUTLOOK The negative outlook reflects Moody's expectations that planned expense cuts may be insufficient for Rider to meet all financial obligations absent additional access to restricted funds or external liquidity. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS -- Material, sustained strengthening of operating performance -- Significant, durable increase in liquidity FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS -- Event of default resulting in acceleration of bonded debt -- Inability to resolve probationary accreditation status and maintain access to federal financial aid or other litigation that impedes Rider's ability to execute its mission -- Lack of sustainable progress to balanced operating performance and greater intrinsic liquidity -- Additional debt PROFILE Rider University is a moderately sized private, non-profit university located in Lawrence Township (Mercer County), NJ. In fall 2025, Rider enrolled approximately 3,625 full-time equivalent (FTE) students and in fiscal 2024 recorded Moody's-adjusted operating revenue of $118 million. METHODOLOGY The principal methodology used in these ratings was Higher Education published in July 2024. RIGHT CHOICE CAREGIVING: Seeks Chapter 7 Bankruptcy in California ----------------------------------------------------------------- On November 25, 2025, Right Choice Caregiving Inc. filed Chapter 7 protection in the Central District of California. According to court filing, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1-49 creditors. About Right Choice Caregiving Inc. Right Choice Caregiving Inc. is a private home care services company focused on assisting elderly and disabled clients in the comfort of their own homes. Its services include personal care, medication reminders, mobility support, and companionship, tailored to meet the unique needs of each client. Right Choice Caregiving Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-20558) on November 25, 2025. In its petition, the Debtor reports estimated assets of $0-$100,000 and estimated liabilities of $100,001-$1,000,000. Honorable Bankruptcy Judge Vincent P. Zurzolo handles the case. The Debtor is represented by Anthony A. Friedman, Esq., of Levene, Neale, Bender, Yoo & Golubchik L.L.P. ROADRUNNER SCOOTERS: Section 341(a) Meeting of Creditors on Dec. 23 ------------------------------------------------------------------- On November 20, 2025, Roadrunner Scooters LLC filed Chapter 11 protection in the District of Colorado. According to court filing, the Debtor reports $2,912,451 in debt owed to 50-99 creditors. A meeting of creditors under Section 341(a) to be held on December 23, 2025 at 09:00 AM at Telephonic Chapter 11: Phone 888-330-1716, Access Code 8602461#. About Roadrunner Scooters LLC Roadrunner Scooters LLC operates in the motor scooters and electric vehicle industry, offering scooter sales, maintenance, and parts services. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-17643) on November 20, 2025. In its petition, the Debtor reports total assets of $216,516 and total liabilities of $2,912,451. Honorable Bankruptcy Judge Joseph G. Rosania Jr. handles the case. The Debtor is represented by Jonathan Dickey, Esq. of Kutner Brinen Dickey Riley, P.C. ROYALE ENERGY: Delays Q3 10-Q, Needs More Time on Disclosures ------------------------------------------------------------- Royale Energy, Inc. filed a Notification of Late Filing on Form 12b-25 with the U.S. Securities and Exchange Commission, informing that is unable to file its Quarterly Report on Form 10-Q for the quarter ended September 30, 2025 within the prescribed time period without unreasonable effort and expense due to more time and expense than anticipated to complete the necessary disclosure. The Company currently expects to be able to file the Quarterly Report within the extension period of five calendar days permitted under Rule 12b-25 of the Securities Exchange Act of 1934, as amended. About Royale Energy, Inc. Royale Energy, Inc. (OTCQB: ROYL) is an independent exploration and production company headquartered in San Diego, California. The Company focuses on the acquisition, development, and marketing of oil and natural gas, with primary operations in Texas's Permian Basin. In its April 8, 2025 audit report, Horne LLP issued a "going concern" qualification, noting that the Company's recurring operating losses and liabilities exceeding its assets raise substantial doubt about its ability to continue operations. At June 30, 2025, the Company's consolidated financial statements reflect a working capital deficiency of $12,030,955, and an accumulated deficit of $94,605,190. The Company had a net loss of $1,100,721 for the six months ended June 30, 2025. The Company reported $14.44 million in total assets, $27.87 million in total liabilities, and a total stockholders' deficit of $13.43 million as of June 30, 2025. The Company warned that without sufficient new capital, it would need to extend payables, seek note repayment extensions, and cut overhead to continue operations, with no assurance such measures would succeed. RP THE REYNOLDS: Hires Ortiz & Ortiz L.L.P. as Legal Counsel ------------------------------------------------------------ RP The Reynolds Brothers Building Corp. seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to hire Ortiz & Ortiz, L.L.P. to serve as legal counsel. O & O will provide these services: (a) perform all necessary services as Debtor's counsel that are related to the Debtor's reorganization and the bankruptcy estate; (b) assist the Debtor in protecting and preserving the estate assets during the pendency of the Chapter 11 case; (c) prepare all documents and pleadings necessary to ensure the proper administration of its case; and (d) perform all other bankruptcy-related necessary legal services. O & O has received a total retainer of $20,000 in legal fees. The firm's hourly rates are no more than $400 an hour for partners, $350 an hour for attorneys serving as of counsel or as contract lawyers, and $225 an hour and below for paralegal services. Ortiz & Ortiz, L.L.P. 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: Norma E. Ortiz, Esq. ORTIZ & ORTIZ, L.L.P. 287 Park Avenue South, Ste. 337 New York, NY 10010 Telephone: (718) 522-1117 Facsimile: (718) 596-1302 E-mail: email@ortizandortiz.com About RP The Reynolds Brothers Building Corp. RP The Reynolds Brothers Building Corp. is a single-asset real estate entity (as defined in 11 U.S.C. Section 101(51B)). RP The Reynolds Brothers Building Corp.relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12309) on October 20, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million. Judge Michael E. Wiles oversees the case. The Debtor is represented by Norma E. Ortiz, Esq. of ORTIZ & ORTIZ, LLP. S El CAMINO REAL: Voluntary Chapter 11 Case Summary --------------------------------------------------- Debtor: S El Camino Real, LLC 2449 S El Camino Real San Clemente, CA 92672 Business Description: S El Camino Real, LLC is structured around a single real estate holding that qualifies as a single-asset real estate entity under federal law. Chapter 11 Petition Date: November 25, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-13335 Judge: Hon. Mark D Houle Debtor's Counsel: Michael Jay Berger, Esq. LAW OFFICES OF MICHAEL JAY BERGER 9454 Wilshire Boulevard, 6th Floor Beverly Hills, CA 90212 Tel: (310) 271-6223 Fax: (310) 271-9805 E-mail: michael.berger@bankruptcypower.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Daryle J. Rutherford as member. The Debtor confirmed in the petition that there are no unsecured creditors. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/3UIQ6BI/S_El_Camino_Real_LLC__cacbke-25-13335__0001.0.pdf?mcid=tGE4TAMA S EL CAMINO: Seeks Chapter 11 Bankruptcy in California ------------------------------------------------------ On November 25, 2025, S El Camino Real LLC filed for Chapter 11 protection in the Central District of California. Court documents indicate the Debtor has between $1 million and $10 million in liabilities owed to 1-49 creditors. About S El Camino Real LLC S El Camino Real LLC is a single asset real estate company. The company sought Chapter 11 relief under the U.S. Bankruptcy Code (Bankr. Case No. 25-13335) on November 25, 2025. The petition lists estimated assets ranging from $1 million to $10 million and estimated liabilities of $1 million to $10 million. The case is overseen by Honorable Bankruptcy Judge Victoria S. Kaufman. S El Camino Real LLC is represented by Ron Bender, Esq. of Levene, Neale, Bender, Yoo & Golubchik L.L.P. SABRE HOLDINGS: Moody's Alters Outlook on 'B3' CFR to Negative -------------------------------------------------------------- Moody's Ratings affirmed Sabre Holdings Corporation's (Sabre or the Company) B3 Corporate Family Rating and B3-PD Probability of Default Rating. Moody's also affirmed the B3 rating on Sabre GLBL Inc.'s (a wholly-owned subsidiary of Sabre) Backed Senior Secured Notes and Senior Secured bank credit facilities. Moody's assigned ratings to three new debt instruments issued in connection with Sabre's planned refinancing transaction: a B3 rating to the proposed $500 million Backed Senior Secured Notes due 2030 and a B3 rating to the proposed $375 million Senior Secured Term Loan B due 2029, both at Sabre GLBL Inc. (Sabre GLBL); and assigned a B2 rating to the proposed $1 billion Senior Secured Notes due 2029 at Sabre Financial Borrower, LLC. The outlook was changed to negative from stable at Sabre Holdings Corporation and Sabre GLBL Inc. and a negative outlook was assigned to Sabre Financial Borrower, LLC. The Speculative Grade Liquidity rating (SGL) for Sabre remains unchanged at SGL-2. The rating action reflects Moody's views that the proposed refinancing transaction is effectively credit neutral. Pro forma for the close as planned, the maturity profile will improve significantly. All reported debt maturities will be pushed out to 2029, increasing the average duration of maturities (per management), except just $150 million in convertible notes (unrated) due 2026 and close to $200 million in securitization facilities due 2027 (accounts receivable and FILO) outstanding through 2028. However, as a result of the transaction, Moody's expects leverage (based on management reported) to increase about .25x, with about a 3% increase in total debt, to near 9.2x (PF, Moody's adjusted). Additionally, and as a result of an increase in the weighted average cost of debt (to 10.61% from 9.9%, per management), run-rate interest expense will rise by approximately 10% or $44 million which is a material incremental constraint to turning sustainably free cash flow positive. Additionally, despite good liquidity, supported by $662 million in cash (at end of last quarter, and pro forma for the close of the refinancing), Moody's believes the pace of revenue and EBITDA growth will slow significantly relative to prior periods which benefits greatly from the post-COVID recovery. While Moody's recognizes the company's credit profile has improved substantially since the pandemic, and liquidity remains good and supportive, Moody's negative outlook reflects the risk that the capital structure could prove unstainable absent consistent revenue and profitability growth and improving free cash flow. Sabre is planning a substantive refinancing transaction, raising up to $1.875 billion in loans and bonds, including issuing: (1) $1 billion of new Structurally Senior Notes due 2029 (at Sabre Financial Borrower, LLC) (2) up to $375 million of new Term Loan due 2029 (at Sabre GLBL Inc.), and (3) up to $500 million of new Senior Secured Notes due 2030 (as Sabre GLBL Inc.) The new $500 million Senior Secured Notes due 2030, plus cash, will be issued in exchange for all of the 8.625% Senior Secured Notes due 2027 ($332 million outstanding) and 11.25% Senior Secured Notes due 2027 ($46 million outstanding), and a portion of the $825 million outstanding 10.75% Senior Secured Notes due 2029. The new Term Loan will be used exchange a portion of the four tranches of Term Loan obligations maturing 2027 ($521 million outstanding) and 2028 ($454 million outstanding). The cash paid to lenders will include accrued and unpaid interest and cash incentives. The guarantors and security of the New Senior Secured Notes and New Term Loan B will be the same as existing obligations. The new $1 billion Structurally Senior Secured Notes at Sabre Financial Borrower, LLC, will be indirectly secured on a pari-passu basis with Sabre GLBL Inc. secured lenders via a pledge of an intercompany loan receivable and equity from Sabre GLBL Inc., similar to the SPV facility established in 2023. Bondholders will also benefit, from collateral enhancement – specifically up to $400 million in first-priority secured guarantees from certain foreign subsidiaries of Sabre GLBL. As a result of the enhanced collateral, Moody's believes these lenders are structurally senior to all other secured lenders with respect to the $400 million of foreign guarantees. RATINGS RATIONALE Sabre's B3 CFR reflects governance risk (as reflected in the G-4 Governance Issuer Profile Score and CIS-4 Credit Impact Score) driven by high leverage, weak profitability, and near break-even free cash flow burdened by high and rising borrowing costs (10%-11%, weighted average). The company is disadvantaged by a high mix of corporate and long-haul, and cross-border international travel which has not fully recovered from the pandemic. This travel has been structurally disrupted by the shift to hybrid work arrangements and mass adoption of virtual meetings which has proved an effective productivity tool that has decreased the need for business travel and in-person meetings. Regional conflicts, tariffs, government shut-downs, unfavorable mix shifts, and other unfavorable changes in the market have been a constraint on faster growth. Additionally, bookings of direct-to-consumer and through online travel agents is rising, while higher demand for low-cost carriers (not well distributed by GDS) and the emergence of disruptive technology, notably Gen AI, is also a threat to accelerate disintermediation of GDS. As domestic, short-distance, point-to-point leisure travel get easier to book directly with airlines and through new LLM platforms that are not partnered with Sabre, the company could lose market share which Moody's observes is occurring, to the benefit of its much larger and stronger GDS peer, Amadeus IT Group S.A. (Baa2, stable). Despite the challenges, the Company has a long operating history and a strong and established market position as the number two provider of GDS services globally. While its corporate travel mix is a constraint to faster growth, it's also a more defensible business given the value and the complexity of the service delivery which requires a large network of partners and proprietary routing logic. The GDS business is also not exposed to changes in airfares given the largely volume driven business model. EBITDA margins are also stable, and modest revenue growth should be achievable with the execution of reasonable growth initiatives. The company also has good liquidity and is committed to repaying debt (and suspending all shareholder returns) until it reaches its conservative leverage target of 2.5x to 3.0x net leverage, using a portion of balance sheet cash and free cash flow when generated. Liquidity is good (SGL-2), supported by a large cash balance of approximately $662 million at the end of the last quarter which is more than sufficient to cover all basic obligations over the next 12 months including maturities. The company does not maintain revolving credit facilities, and has limited capacity available across two securitization facilities (including an accounts receivable and FILO) totaling $235 million in commitments (with nearly $200 million utilized). There are no secured credit facility maintenance covenants. Alternate liquidity is limited by a largely secured capital structure, very thin market capitalization, and asset lite-business model. The senior secured term loans and notes, issued at Sabre GLBL Inc., Sabre Holdings Corporation's wholly owned direct subsidiary, are rated B3, equal to Sabre's Corporate Family Rating (CFR) given the predominance of this debt class in the capital structure. Security for the existing senior secured lenders includes the assets of all domestic subsidiaries and a 2/3 stock pledge of the stock of foreign subsidiaries. The notes are guaranteed by Sabre Holdings Corporation and each of Sabre GLBL's existing and future subsidiaries that are borrowers or guarantors of the senior secured credit facilities. The new Structurally Senior Secured Notes issued at Sabre Financial Borrower, LLC (a subsidiary of Sabre Holdings Corporation) are rated B2, one notch above the existing senior secured lenders, because they have (in addition to a pledge of the intercompany loan receivables and equity from Sabre GLBL Inc.) an enhanced collateral package and therefore a priority claim over the existing secured claims creditors with respect to a secured guarantee from the majority of Sabre's foreign subsidiaries limited to $400 million. The instrument ratings also reflects support provided by unsecured claims and Moody's expectations for an average family recovery in a default scenario. The negative outlook reflects Moody's expectations for stubbornly high leverage at near 9.2x Q3 LTM (Moody's adjusted, pro forma for the refinancing transaction), which could fall to below 8x dependent on the pace of EBITDA growth. Moody's expects revenue growth driven by favorable comparisons to 2025, new customers, and initiatives that drive more content and throughput which should support revenue growth of at least 2.5% to 5%. Moody's assumes EBITDA margins remain stable (at near 21%, Moody's adjusted) or improve very modestly, and free cash flow remains near break-even to marginally positive. Note: Unless otherwise noted, all figures are Moody's estimated (as adjusted) over the next 12-18 months and do not necessarily represent the views of the issuer. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Although not expected over the medium term, ratings could be upgraded if debt to EBITDA (Moody's adjusted) is sustained below 5.5x (Moody's adjusted) and free cash flow to debt is sustained in the mid-single digit percent range or better. A positive rating action could also be conditional on successfully refinancing upcoming maturities well in advance, operating performance is consistent with management's plan, liquidity improves, and there are no material unfavorable changes in the company's market position, scale, or diversity. Ratings could be downgraded if debt to EBITDA (Moody's adjusted) does not materially improve over the next 12 to 18 months such that Moody's believes the capital structure may be unsustainable. A negative rating action could also be considered if liquidity declines, near term debt maturities are not successfully refinanced well in advance, if operating performance deviates from management's plan, or there are material unfavorable and sustained changes in the company's market position, scale, diversity, or business model. Based in Southlake, TX, Sabre Holdings Corporation's business is organized in two segments. The Travel Solutions segment includes revenues from Global Distribution System (GDS) services (a software-based passenger reservation system) as well as from commercial and operations offerings to the airline industry. Revenue for the Q3 LTM period was approximately $3.0 billion. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. SCENIC CITY: Gets Extension to Access Cash Collateral ----------------------------------------------------- Scenic City Boot Camp, LLC and Kevin and Kristen Harvey received fourth interim approval from the U.S. Bankruptcy Court for the Eastern District of Tennessee, Southern Division, to use cash collateral through February 12, 2026. Subject to the carveout for U.S. Trustee quarterly fees, the Debtors were authorized to continue using cash collateral to pay the items listed in the budget and professional fees and expenses (subject to separate court approval). Disbursements exceeding 25% of budgeted amounts require approval by the court or the U.S. Small Business Administration. As adequate protection for the Debtors' use of its cash collateral, SBA will be granted replacement liens on assets similar to its pre-bankruptcy collateral. These replacement liens will have the same validity and priority as the secured creditor's pre-bankruptcy lien. SBA asserts a lien on the Debtors' assets including cash collateral based on a UCC financing statement recorded in 2020. A final hearing is scheduled for February 12, 2026. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/pI5Vk from PacerMonitor.com. About Scenic City Boot Camp LLC Scenic City Boot Camp, LLC filed Chapter 11 petition (Bankr. E.D. Tenn. Case No. 25-10863) on April 4, 2025, listing up to $500,000 in assets and up to $1 million in liabilities. Kevin Harvey, president of Scenic City Boot Camp, signed the petition. Judge Nicholas W. Whittenburg oversees the case. W. Thomas Bible, Jr., Esq., at Tom Bible Law, represents the Debtor as bankruptcy counsel. SDLOMO PARTNERS: Seeks Chapter 11 Bankruptcy in Pennsylvania ------------------------------------------------------------ On November 18, 2025, SDLOMO Partners filed Chapter 11 protection in the Eastern District of Pennsylvania. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1 and 49 creditors. About SDLOMO Partners SDLOMO Partners sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-14688) on November 18, 2025. In its petition, the Debtor reports estimated assets between $0 and $100,000 and liabilities between $100,001 and $1,000,000. Honorable Chief Bankruptcy Judge Ashely M. Chan handles the case. The Debtor is represented by Maggie S. Soboleski, Esq. SECOND STREET: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------ Debtor: Second Street Sandwiches, Inc. d/b/a Rooster 3135 Lafayette Avenue Saint Louis, MO 63104 Business Description: Second Street Sandwiches, Inc., doing business as Rooster, operates a food service establishment at 3150 S. Grand Blvd. Saint Louis, MO 63118, serving sandwiches, brunch, local coffee, craft beer, and cocktails. Chapter 11 Petition Date: November 25, 2025 Court: United States Bankruptcy Court Eastern District of Missouri Case No.: 25-44600 Debtor's Counsel: Spencer Desai, Esq. THE DESAI LAW FIRM 13321 North Outer Forty Road Suite 300 Chesterfield, MO 63017 Tel: 314-666-9781 Email: spd@desailawfirmllc.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by David Bailey as president. A copy of the Debtor's list of 20 largest unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/LGSE3UA/Second_Street_Sandwiches_Inc__moebke-25-44600__0002.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/KZ35MFI/Second_Street_Sandwiches_Inc__moebke-25-44600__0001.0.pdf?mcid=tGE4TAMA SILVERSTRAND FITNESS: Stephen Darr Named Subchapter V Trustee ------------------------------------------------------------- The U.S. Trustee for Region 1 appointed Stephen Darr of Huron Consulting Group as Subchapter V trustee for Silverstrand fitness 1, LLC. Mr. Darr will be paid an hourly fee of $850 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Darr declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Stephen Darr Huron Consulting Group 265 Franklin Street, Suite 402 Boston MA 02110 Phone: (617) 226-5593 Email: sdarr@hcg.com About Silverstrand fitness 1 LLC Silverstrand fitness 1, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Mass. Case No. 25-30675) on November 14, 2025, with $1 million to $10 million in liabilities. Brian Burke, manager, signed the petition. Ilham Soffan, Esq., at Soffan Law, PC represents the Debtor as bankruptcy counsel. SONDER HOLDINGS: Sued by Former Employee After Chapter 7 Filing --------------------------------------------------------------- Emlyn Cameron of Law360 reports that a former employee of Sonder Holdings Inc. has filed a class-action lawsuit, claiming the company failed to provide adequate notice of mass layoffs just before it entered Chapter 7 bankruptcy. The complaint, submitted Monday in court, alleges that Sonder didn't warn staff sufficiently about imminent terminations, raising possible WARN Act violations. According to the suit, the lack of advance warning left employees blindsided as the company began winding down its operations. The plaintiff argues that Sonder's sudden cuts deprived workers of critical time to prepare and seek alternative employment. The filing comes as Sonder navigates its Chapter 7 filing and seeks to resolve remaining obligations. The lawsuit could complicate the company's liquidation process if the court sides with the class regarding notice and severance rights. About Sonder Holdings Inc. Sonder Holdings Inc. operates as a hospitality company. The Company provides tech-enabled services to offers accommodation options from spacious rooms to fully-equipped suites and apartments. Sonder Holdings serves customers worldwide. Sonder Holdings sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-12044) on November 14, 2025. Honorable Bankruptcy Judge Karen B. Owens handles the case. The Debtor is represented by Laura Davis Jones, Esq. of Pachulski, Stang, Ziehl & Jones LLP. SOUTH COAST EQUIPMENT: Amends Unsecureds & IRS Claims Pay Details ----------------------------------------------------------------- South Coast Equipment LLC submitted an Amended Plan of Liquidation for Small Business dated November 22, 2025. The Debtor has amended the Plan to shift from a reorganization strategy to a liquidation process, which will be conducted through a court-approved auctioneer. In accordance with the Auction Commission Agreement, all estate assets will be sold at auction, and the net proceeds from these sales will provide the funds available for distribution to creditors. Since the Plan now constitutes a liquidation plan, creditor recoveries will depend solely on the final auction proceeds. Any portion of a secured creditor's claim not covered by its collateral will be classified as a general unsecured deficiency claim and included in the unsecured class. The amended Plan also updates the treatment of creditors to reflect revised claim amounts and classification adjustments. Notably, the IRS priority tax claim has increased to $113,814.78 and will be paid in accordance with Section 1129(a)(9) of the Bankruptcy Code. All other creditor classes have been adjusted to align with the liquidation framework and the waterfall distribution based on auction proceeds. Allowed general unsecured creditors holding allowed claims will receive an equal distribution of the remaining proceeds after the auction. The Plan also provides for the payment of administrative claims. The Debtor has not been profitable and, to maximize the value of the estate, has engaged PPL Group LLC as the estate's auctioneer, whose employment is subject to Court approval, to conduct a liquidation of the Debtor's assets according to the Auction Commission Agreement. Under the Agreement, all equipment, inventory, and related assets located at the business premises will be sold in an "as-is, where-is, without reserve" auction to take place within 45 days of the agreement's effective date. The Debtor will receive 100% of the net proceeds after paying a flat $17,500 expense fee and any agreed-upon transportation or preparation costs paid in advance by the auctioneer; the buyer's premium is kept entirely by the auctioneer and does not reduce the estate's recovery. The auctioneer is authorized to sell assets before or after the auction if doing so would maximize value, and has the exclusive right to sell the assets during and after the auction period. All sale proceeds will be transferred to the Debtor's IOLTA account once the buyer's funds clear and the assets are removed. This Plan is amended to include and authorize the liquidation process, and distributions will be made according to the waterfall from the net proceeds of the auction. Priority Claim of the IRS. The Internal Revenue Service has filed a Proof of Claim in the total amount of $132,712.38 (POC-15-3), of which $113,814.78 constitutes a priority tax claim. Because this is a liquidation plan, the Debtor shall pay the Allowed Priority Tax Claim of $113,814.78 in full from the net proceeds of the auction conducted pursuant to the Auction Commission Agreement. The remaining non-priority portion of the claim, totaling $18,897.60, shall be treated as a Class 8 general unsecured claim and shall receive a pro rata distribution in accordance with the treatment of Class 8. Class 8 consists of Allowed General Unsecured Creditors. A pot plan will take place following the receipt of all net proceeds from the auction. The remaining proceeds, after payment of administrative expenses, priority tax claims, and secured claims up to the value of their collateral, will be distributed pro rata to all holders of Allowed General Unsecured Claims. No further payments will be made to Class 8 beyond this distribution. Class 8 is impaired. The allowed unsecured claims total $731,562.30. All payments and distributions under the Plan will be funded exclusively from the net proceeds generated by the auction of all estate assets conducted pursuant to the Auction Commission Agreement. The Debtor will not continue business operations post confirmation except as necessary to wind down the estate. No revenues from continued business operations will fund any distributions under the Plan. A full-text copy of the Amended Liquidating Plan dated November 22, 2025 is available at https://urlcurt.com/u?l=d0qAL2 from PacerMonitor.com at no charge. Counsel to the Debtor: Chad Van Horn, Esq. Van Horn Law Group, P.A. 500 NE 4th Street #200 Fort Lauderdale, FL 33301 Telephone: (954) 765-3166 Facsimile: (954) 756-7103 Email: Chad@cvhlawgroup.com About South Coast Equipment LLC South Coast Equipment LLC in Miami, FL, is a ground work construction company specializing in land clearing, demolition and excavation. The Debtor sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. S.D. Fla. Case No. 24-19043) on Sept. 3, 2024, listing $618,928 in assets and $1,219,748 in liabilities. David Presmanes as president, signed the petition. Judge Laurel M. Isicoff oversees the case. VAN HORN LAW GROUP, P.A., serves as the Debtor's legal counsel. SOUTH COAST: Seeks Court Approval to Tap PPL Group as Auctioneer ---------------------------------------------------------------- South Coast Equipment LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire PPL Group, LLC as auctioneer for the Debtor's property sale in this Chapter 11 case. PPL Group will provide these services: (a) assist Debtor with the sale of property located at 33600 North Redland Road Homestead, FL 33034; (b) perform professional services relating to the sale of the property; (c) the exclusive right to sell the Property and perform any and all actions necessary to affect the sale of the Property; (d) use Auctioneer's contact information in all advertising of Auction; (e) have the right to add machinery or equipment to Auction; (f) reserve the right to hire or joint venture the Auction with a firm of Auctioneer's choosing; (g) sell the Assets in the Auction to the highest bidder, subject only to the buyer's timely payment in full and removal of purchased Assets; (h) determine all of the terms of Auction; and (i) sell any of the Assets before or after the Auction designed to maximize sale proceeds. The firm will paid at these fees: - an 18% Buyer's Premium, with fifteen percent (15.0%) of the sales price retained by Auctioneer and three percent (3.0%) retained by service provider(s); - under the Commission Agreement, Auctioneer will receive a commission of 0%, with Owner receiving 100% of proceeds less $17,500 for expenses. According to court filings, PPL Group, LLC is a "disinterested person" within the meaning of Section 327(a) of the Bankruptcy Code. The firm can be reached at: Will Solimene PPL Group LLC 105 Revere Drive, Suite C Northbrook, IL 60062 Telephone: (224) 927-5320 E-mail: will@pplgroupllc.com About South Coast Equipment LLC South Coast Equipment LLC in Miami, FL, is a ground work construction company specializing in land clearing, demolition and excavation. The Debtor sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. S.D. Fla. Case No. 24-19043) on Sept. 3, 2024, listing $618,928 in assets and $1,219,748 in liabilities. David Presmanes as president, signed the petition. Judge Laurel M. Isicoff oversees the case. VAN HORN LAW GROUP, P.A., serves as the Debtor's legal counsel. SOUTHERN EXPRESS: Court Extends Cash Collateral Access to Dec. 17 ----------------------------------------------------------------- Southern Express, Inc. received fifth interim approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to use cash collateral. The fifth interim order authorized the Debtor to use cash collateral to pay operating expenses in accordance with its budget. This authorization will remain in full force and effect until December 17; the termination of the interim order; or upon filing of a notice of default, whichever occurs first. The Debtor projects total operational expenses of $123,110.78 for December. Events of default include the Debtor's failure to comply with any of the terms or conditions of the third interim order and failure to file a Chapter 11 plan. The Debtor believes that certain proceeds generated from its continuing operations may constitute cash collateral of the U.S. Small Business Administration and CT Corporation System, believed to represent Kapitus, LLC. The secured creditors may assert a security interest in all of the Debtor's assets. Each of the secured creditor's liens on the collateral securing debts will extend to the Debtor's post-petition assets to the extent and amount that they are secured as of the petition date. These replacement liens are subject to and subordinate to a fee carveout. The next hearing is set for December 17. About Southern Express Inc. Southern Express Inc. provides motorcoach and shuttle transportation services across the southern United States, including corporate charters, event and campus shuttles, school and family trips, and airport transfers. Founded in 2010 by industry professionals Bruce Bechard and Vance Hoover, the privately held company operates a modern, sanitized fleet staffed by certified driving professionals and emphasizes locally made decisions to ensure consistent, client-focused service. Southern Express sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 25-02978) on August 5, 2025, listing $3,330,694 in assets and $6,321,019 in liabilities. R. Vance Hoover, president of Southern Express, signed the petition. Judge Pamela W. Mcafee oversees the case. Jason L. Hendren, Esq., at Hendren, Redwine & Malone, PLLC, represents the Debtor as legal counsel. SPEAR SECURITY: Taps Law Offices of Mickler & Mickler as Counsel ---------------------------------------------------------------- Spear Security Operations, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to hire Bryan K. Mickler of Law Offices of Mickler & Mickler, LLP to serve as legal counsel. Mr. Mickler will provide these services: (a) general representation of the applicant in this proceeding; and (b) performance of all legal services for the applicant which may be necessary herein. Mr. Mickler's firm shall receive an hourly rate of $300-$400. Bryan K. Mickler 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: Bryan K. Mickler, Esq. LAW OFFICES OF MICKLER & MICKLER, LLP 5452 Arlington Expressway Jacksonville, FL 322211 Telephone: (904) 725.0822 E-mail: bkmickler@planlaw.com About Spear Security Operations LLC Spear Security Operations, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04144) on November 11, 2025, with $100,001 to $500,000 in assets and liabilities. Judge Jacob A. Brown presides over the case. Bryan K. Mickler, Esq., at Mickler & Mickler represents the Debtor as legal counsel. SPIRIT AIRLINES: Seeks Extra Time for Chapter 11 Plan Filing ------------------------------------------------------------ Vince Sullivan of Law360 Bankruptcy Authority reports that Spirit Aviation Holdings has formally requested that the U.S. Bankruptcy Court in New York extend its exclusive window to file and solicit votes on a Chapter 11 reorganization plan. The company told the court it has made considerable headway in restructuring efforts since its filing, but that additional time is necessary to finalize negotiations with creditors. The extension would give Spirit more runway to secure agreements with bondholders, lessors, and other stakeholders, enabling a more orderly restructuring. Given the complexity of its debt load and ongoing talks with various parties, the company argues that rushing a plan could jeopardize value for creditors and its long‑term viability, the report states. About Spirit Airlines Spirit Airlines, LLC (SAVE) is a low-fare carrier committed to delivering the best value in the sky by offering an enhanced travel experience with flexible, affordable options. Spirit serves destinations throughout the United States, Latin America and the Caribbean with its Fit Fleet, one of the youngest and most fuel-efficient fleets in the U.S. On the Web: http://wwww.spirit.com/ Spirit Airlines and its affiliates sought Chapter 11 protection (Bankr. S.D.N.Y. Case No. 24-11988) on Nov. 18, 2024, after reaching terms of a pre-arranged plan with bondholders. At the time of the filing, Spirit Airlines reported $1 billion to $10 billion in both assets and liabilities. Judge Sean H. Lane oversees the case. The Debtors tapped Davis Polk & Wardwell, LLP as legal counsel; Alvarez & Marsal North America, LLC, as financial advisor; and Perella Weinberg Partners LP as investment banker. Epiq Corporate Restructuring, LLC, is the claims agent. Paul Hastings, LLP and Ducera Partners, LLC serve as legal counsel for the Ad Hoc Group of Convertible Noteholders. Akin Gump Strauss Hauer & Feld, LLP and Evercore Group LLC represent the Ad Hoc Group of Senior Secured Noteholders. The official committee of unsecured creditors retained Willkie Farr & Gallagher LLP as counsel. Citigroup Global Markets, Inc., is serving as financial advisor and Latham & Watkins LLP is serving as legal counsel to Frontier. 2nd Attempt Spirit Airlines and its affiliates sought Chapter 11 protection (Bankr. S.D.N.Y. Case No. 25-11896) on August 29, 2025. In its petition, the Debtors reports estimated assets and liabilities between $1 billion and $10 billion each. Honorable Bankruptcy Judge Sean H. Lane handles the case. The Debtor is represented by Marshall Scott Huebner, Esq. and Darren S. Klein, Esq. at Davis Polk & Wardwell LLP. SPIRIT AVIATION: Seeks to Extend Plan Exclusivity to April 28, 2026 ------------------------------------------------------------------- Spirit Aviation Holdings, Inc. and its subsidiaries asked the U.S. Bankruptcy Court for the Southern District of New York to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to April 28, 2026 and June 25, 2026, respectively. The Debtors explain that the companies are a leading value airline serving destinations throughout the United States, Latin America and the Caribbean. The Debtors employed approximately 25,000 direct employees and independent contractors and had a fleet of 214 aircraft as of the Petition Date. Given the magnitude of the Chapter 11 Cases, the Debtors respectfully submit that the extensions requested herein are appropriate. Moreover, the Debtors' conduct in the Chapter 11 Cases demonstrates their good faith desire to successfully and expeditiously reorganize in chapter 11 and emerge as a strong, value airline. Accordingly, each of the first three factors listed weighs in favor of the Court granting the relief sought herein. The Debtors claim that they continue to make timely payments on account of their undisputed postpetition obligations as they come due and, as applicable, in accordance with the terms of the relevant settlements negotiated during the pendency of the Chapter 11 Cases. As such, this factor also weighs in favor of allowing the Debtors to extend the Exclusive Periods. The Debtors note that they continue to make timely payments on account of their undisputed postpetition obligations as they come due and, as applicable, in accordance with the terms of the relevant settlements negotiated during the pendency of the Chapter 11 Cases. As such, this factor also weighs in favor of allowing the Debtors to extend the Exclusive Periods. The Debtors assert that during the first three months of the Chapter 11 Cases, the companies have primarily focused their efforts on network and fleet optimization and settlement negotiations with key constituencies. The prospect of competing plans would be detrimental to an efficient resolution of the Chapter 11 Cases, harming the Debtors and creditors alike. Granting the requested relief will help ensure the Debtors can continue their productive restructuring efforts without introducing the potential for harm to the estates. The Debtors further assert that continued exclusivity will permit them to continue diligently working with many various creditor groups and other parties in interest. The Debtors have made meaningful progress thus far in the Chapter 11 Cases. The Debtors are seeking an extension of the Exclusive Periods to preserve and build upon the progress made to date by continuing to work productively and collaboratively with their creditors. Accordingly, this factor also weighs in favor of the relief requested herein. Counsel to the Debtors: Marshall S. Huebner, Esq. Darren S. Klein, Esq. Christopher S. Robertson, Esq. Joseph W. Brown, Esq. DAVIS POLK & WARDWELL LLP 450 Lexington Avenue New York, NY 10017 Telephone: (212) 450-4000 E-mail: marshall.huebner@davispolk.com darren.klein@davispolk.com christopher.robertson@davispolk.com joseph.brown@davispolk.com About Spirit Aviation Holdings Inc. Spirit Aviation Holdings, Inc. and its subsidiaries operate Spirit Airlines, a U.S.-based low-cost carrier providing air transportation services across the United States, Latin America, and the Caribbean. They employ approximately 25,000 direct employees and independent contractors. Spirit Aviation Holdings and its subsidiaries sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. N.Y. Lead Case No. 25-11897) on August 29, 2025. In the petition signed by Frederick Cromer, authorized signatory, Spirit Aviation Holdings disclosed $8,576,287,000 in assets and $8,096,842,000 in liabilities as of June 30, 2025. Judge Sean H. Lane oversees the cases. The Debtors tapped Davis Polk & Wardwell, LLP as bankruptcy counsel; PJT Partners LP as investment banker; FTI Consulting, Inc. as restructuring, fleet and communications advisor; Debevoise & Plimpton, LLP as fleet counsel; Morris, Nichols, Arsht & Tunnell, LLP as conflicts counsel, and Ernst & Young, LLP as its audit and tax services provider. Epiq Corporate Restructuring, LLC is the claims, noticing, solicitation and administrative agent. The U.S. Trustee for Region 2 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Willkie Farr & Gallagher, LLP as legal counsel; Alton Aviation Consultancy, LLC as specialized aviation advisor; Jefferies. LLC as investment banker; and AlixPartners, LLP as financial advisor. SPLASH BEVERAGE: CFO William Devereux to Resign Effective Nov. 30 ----------------------------------------------------------------- Splash Beverage Group, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on November 10, 2025, William Devereux notified the Company that he will resign as Chief Financial Officer of the Company, effective November 30, 2025. About Splash Beverage Group Fort Lauderdale, Florida-based Splash Beverage Group, Inc. is a portfolio company specializing in managing multiple brands across various growth segments within the consumer beverage industry. The Company focuses on incubating and acquiring brands with the aim of accelerating them to higher volumes and increased sales revenue. As of June 30, 2025, the Company and $22.2 million in total assets, $13.5 million in total liabilities, and $8.7 million in total stockholders' deficit. Encino, Calif.-based Rose, Snyder & Jacobs LLP, the Company's auditor since 2023, issued a "going concern" qualification dated July 11, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024. The report indicated that the Company has suffered recurring losses from operations and has an accumulated deficit and a working capital deficiency that raise substantial doubt about its ability to continue as a going concern. SPLASH BEVERAGE: Issues $588,000 Senior Notes Maturing Feb. 2026 ---------------------------------------------------------------- Splash Beverage Group, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on November 12, 2025, it borrowed a total of $500,000 from two accredited investors and issued to those investors senior promissory notes in the total combined original principal amount of $588,235.30, representing a 15% original issue discount. The Notes mature on February 12, 2026, and accrue interest at a rate of 6% beginning on the 30-day anniversary of the issuance date. The Notes contain customary events of default, the occurrence of which would result in acceleration of the maturity date thereof. The Notes also provide that if the Company completes any public offering or private placement of its equity, equity-linked or debt securities, the holder may, in its sole discretion, elect to apply as purchase consideration for such transaction: (i) all, or any portion, of the then outstanding principal amount of the Note and any accrued but unpaid interest, and (ii) any securities of the Company then held by the holder, at their fair value. A full-text copy of the form of Senior Promissory Note is available at https://tinyurl.com/4hruarur About Splash Beverage Group Fort Lauderdale, Florida-based Splash Beverage Group, Inc. is a portfolio company specializing in managing multiple brands across various growth segments within the consumer beverage industry. The Company focuses on incubating and acquiring brands with the aim of accelerating them to higher volumes and increased sales revenue. As of June 30, 2025, the Company and $22.2 million in total assets, $13.5 million in total liabilities, and $8.7 million in total stockholders' deficit. Encino, Calif.-based Rose, Snyder & Jacobs LLP, the Company's auditor since 2023, issued a "going concern" qualification dated July 11, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024. The report indicated that the Company has suffered recurring losses from operations and has an accumulated deficit and a working capital deficiency that raise substantial doubt about its ability to continue as a going concern. ST. CHRISTOPHER’S: To Sell Vehicles & Equipment to Bryan Arredondo -------------------------------------------------------------------- St. Christopher’s, Inc. and its affiliate, The McQuade Foundation, seek permission from the U.S. Bankruptcy Court for the Southern District of New York to sell automobiles and equipment at a private sale, free and clear of liens, claims, interests, and encumbrances. Other than the appointment of Ms. Sorvino as the Subchapter V Trustee, no request for the appointment of a trustee or examiner has been made in these Chapter 11 Cases and no statutory committees have been appointed or designated. In order to facilitate the Closings and under the authority of the Orders which authorized the Debtors to take whatever actions were necessary to implement the sales and the consent of the Dobbs Ferry purchaser, the Debtors arranged for the proposed buyer, Bryan Arredondo, to pick up the Automobiles and the Equipment on October 15, 2025 (as to Dobbs Ferry) and November 15-16, 2025 (as to Jennie Clarkson and New Windsor), with no titles being conveyed until the Motion was approved. The Debtors and the proposed purchaser, Byron Arredondo, 34 Gaffney Place, Yonkers, New York 10704, entered a Motor Vehicle and Equipment Sales Agreement. Mr. Arredondo is an individual that is in the business of purchasing used automobiles and equipment, refurbishing them, and selling them to third parties. Mr. Arredondo made an offer to purchase certain automobiles and equipment from the Debtors in the amount of $40,300.00 pursuant to the Agreement, with a 10 per cent deposit, which the Debtors have received. Details and description of the motor vehicles and equipment of the Debtors are also provided at: https://urlcurt.com/u?l=m2h53M The Debtors established July 1, 2025 as the deadline for the receipt of offers. While a number of parties expressed interest in the Automobiles & Equipment, Arredondo's proposed Agreement constituted the highest offer received by the Deadline. The Agreement also provided for the removal of all the Automobiles & Equipment from the Debtors' property, thereby relieving the Debtors of having to dispose of the Automobiles & Equipment and interfere with the Closings. The Debtors have determined that the Agreement is the highest and best offer for the Automobiles & Equipment. Additionally, no commission is due under the Purchase Order which will provide the Debtors with savings and further maximize the benefit to the estates. About St. Christopher's Inc. St. Christopher's, Inc. is a residential treatment center providing services to children with special needs. It empowers children and youth with special needs with the social emotional coping skills and strengths they need -- and the healthcare, mental health and social support services they require -- to enter adulthood confident and equipped to meet life's challenges and opportunities. St. Christopher's and The McQuade Foundation filed petitions under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 24-22373) on April 29, 2024. Heidi Sorvino, Esq., at White and Williams, LLP serves as Subchapter V trustee. At the time of the filing, St. Christopher's reported $10 million to $50 million in assets and $1 million to $10 million in liabilities while McQuade reported $1 million to $10 million in both assets and liabilities. Judge Sean H. Lane presides over the cases. Janice B. Grubin, Esq., at Barclay Damon, LLP represents the Debtors as legal counsel. STANDARD BUILDING: Moody's Alters Outlook on 'Ba3' CFR to Stable ---------------------------------------------------------------- Moody's Ratings affirmed Standard Building Solutions Inc.'s (Standard Building) Ba3 corporate family rating and Ba3-PD Probability of Default Rating. At the same time, Moody's affirmed the Ba3 ratings on the company's senior unsecured notes and the Baa3 rating on company's senior secured first lien term loan. The outlook was changed to stable from positive. The outlook change to stable from positive reflects Standard Building's moderating credit metrics and Moody's expectations that significant improvement is unlikely in 2026 due to slow economic growth, an unusually quiet storm season and inventory reductions at the distribution level. Despite these weaknesses, margins remain strong due to structural improvements and the inelastic nature of the company's end markets. Moody's expects key credit metrics to stay soft through 2026, with debt/EBITDA around 5.3x and EBITA/Interest Expense near 3.0x. The company maintains very strong liquidity with over $1 billion in cash as of September 28, 2025. RATINGS RATIONALE Standard Building's Ba3 Corporate Family Rating reflects Moody's expectations of solid operating performance, with EBITA margins projected to remain in the 13%–14% range through 2026. The company is a global leader in roofing products, holding strong market positions in North America and Europe. Demand for roofing remains largely non-discretionary, and favorable long-term market fundamentals support modest growth. These strengths are offset by elevated financial leverage, with debt-to-EBITDA at 5.1x as of September 28, 2025. Intense competition and moderating end markets limit pricing flexibility and constrain organic share gains. Moody's also expects the owners to continue monetizing their investment through distributions, which could be significant given minimal dividend restrictions under the credit facilities. Liquidity remains very strong, supported by robust cash flow generation (before discretionary dividends), more than sufficient cash to cover seasonal working capital needs and capital expenditures, and full availability under the $850 million asset-based revolver. Moody's do not anticipate revolver borrowings other than letters of credit, given the company's substantial cash position. The company has no material debt maturities until late 2026, when its euro-denominated notes come due. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS A ratings upgrade could occur if end markets remain supportive of organic growth such that debt-to-EBITDA trends towards 4.25x. Preservation of very good liquidity and conservative financial policies would support upward ratings movement. A ratings downgrade could occur if debt-to-EBITDA is sustained above 5.25x or EBITA margin is sustained below 10%. Negative ratings pressure may also transpire if the company experiences weakening of liquidity or adopts aggressive shareholder return initiatives or acquisitions. The principal methodology used in these ratings was Manufacturing published in September 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Standard Building, headquartered in Parsippany, New Jersey, is the leading manufacturer and marketer of roofing and related products with operations primarily in North America and Europe. Trusts for the benefit of the heirs of Ronnie F. Heyman, co-founder of Standard Building, are the owners of Standard Building. Standard Building's revenue for the 12 months ending September 28, 2025, was $8.5 billion. STEWARD HEALTH: Creditors Seek to Recover $1B in Cerberus Dividends ------------------------------------------------------------------- Soma Biswas of The Wall Street Journal reports that Steward Health Care System's trustee is targeting more than $1 billion in dividends paid to Cerberus Capital Management prior to the hospital chain’s 2024 bankruptcy. Trustee Mark Kronfeld claims these payments were part of $3.4 billion in transfers that weakened Steward financially and harmed unsecured creditors. The amended complaint broadens the scope of litigation to focus on Cerberus rather than primarily on CEO Ralph de la Torre and other insiders, and also names former CFO Mark Rich as a defendant. Cerberus has declined to comment on the lawsuit, the report states. According to the filing, $790 million in dividends were distributed in 2016, primarily to Cerberus, immediately after which the company was technically insolvent. Additional payments funded in 2020 and 2021 via arrangements with Medical Properties Trust added significant financial burdens through rent and mortgage obligations. The lawsuit traces Steward's expansion under de la Torre, describing how rapid acquisitions over a decade left the hospital chain unable to manage its operations effectively. De la Torre disputes the claims, emphasizing his personal and professional investment in Steward, and asserts he will defend himself vigorously, the report states. About Steward Health Care Steward Health Care System, LLC, owns and operates the largest private physician-owned for-profit healthcare network in the U.S. Headquartered in Dallas, Texas, Steward's operations include 31 hospitals in eight states, approximately 400 facility locations, 4,500 primary and specialty care physicians, 3,600 staffed beds, and nearly 30,000 employees. Steward Health Care provides care to more than two million patients annually. Steward and 166 affiliated debtors filed Chapter 11 petitions (Bankr. S.D. Texas Lead Case No. 24-90213) on May 6, 2024. Judge Christopher M. Lopez oversees the proceeding. The Debtors tapped Weil, Gotshal & Manges, LLP as bankruptcy counsel; McDermott Will & Emery as special corporate and regulatory counsel; AlixPartners, LLP as financial advisor and John Castellano of AlixPartners as chief restructuring officer. Lazard Freres & Co. LLC, Leerink Partners LLC, and Cain Brothers, a division of KeyBanc Capital Markets Inc., provide investment banking services to the Debtors. Kroll is the claims agent. Susan N. Goodman has been appointed as patient care ombudsman in the Debtors' Chapter 11 cases. STM CONSTRUCTION: Employs Tittle Law Firm PLLC as Counsel --------------------------------------------------------- STM Construction, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Texas to employ Tittle Law Firm, PLLC to serve as its lead bankruptcy counsel in its Chapter 11 case. The firm will provide these services: (a) provide legal advice with respect to the Debtor's powers and duties as debtor-in-possession in the continued operation of its business and the management of its property; (b) take all necessary action to protect and preserve the Debtor's estate, including the prosecution of actions on behalf of the Debtor, the defense of any actions commenced against the Debtor, negotiations concerning litigation in which the Debtor is involved, and objections to claims filed against the Debtor's estates; (c) prepare on behalf of the Debtor necessary motions, answers, orders, reports, and other legal papers in connection with the administration of its estate; (d) assist the Debtor in preparing for and filing a plan of reorganization at the earliest possible date; (e) perform any and all other legal services for the Debtor in connection with the Debtor's Chapter 11 Case; and (f) perform such legal services as the Debtor may request with respect to any matter, including, but not limited to, corporate finance and governance, contracts, antitrust, labor, and tax. TLF will charge for time at its normal billing rates for attorneys and legal assistants and will request reimbursement for its out-of-pocket expenses. TLF received a $20,000.00 retainer, against which it drew $18,460.00 prior to the Petition Date. According to court filings, TLF "has no known connections with the Debtor, its creditors, or other parties in interest in this Chapter 11 Case, and does not hold or represent any other known or reasonably ascertainable interest adverse to the Debtor's estates." The firm can be reached at: TITTLE LAW FIRM, PLLC 1125 Legacy Dr., Ste. 230 Frisco, TX 75034 Telephone: (972) 213-2316 E-mail: btittle@tittlelawgroup.com About STM Construction LLC STM Construction LLC provides general contracting services, including new construction, repairs, restorations, and build-outs, for commercial and residential projects. STM Construction LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 25-4323) on October 28, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Brandon John Tittle, Esq. of Tittle Law Firm, PLLC. STONEBRIAR ABF: Fitch Rates $750MM 8.1% Sr. Unsecured Notes 'BB' ---------------------------------------------------------------- Fitch Ratings has assigned a 'BB' rating with a Recovery Rating of RR4 to the $750 million, 8.125% senior unsecured notes issued by Stonebriar ABF Issuer LLC (Stonebriar) (BB/Stable), due Dec. 15, 2030. The assignment of the final ratings follows the receipt of documents conforming to the information previously received. Key Rating Drivers Solid Franchise; Strong Asset Quality: The ratings reflect Stonebriar's niche position as a market leader in the equipment financing sector, strong asset quality, adequate unsecured funding mix, appropriate leverage, solid cash flow generation with consistent operating performance through various cycles, and the quality and experience of its senior management team. Business Model and Concentrations Constrain Rating: Stonebriar's ratings are primarily constrained by the monoline nature and cyclicality of its business model, significant obligor concentration relative to other large equipment finance companies and the potential impact of new financial policies following the January 2025 organizational restructuring and management internalization within the parent company, Eldridge Industries (Eldridge). Stable Outlook: The Stable Outlook reflects Fitch's expectation that Stonebriar's leverage and unsecured funding mix will remain within the 'bb' category benchmark ranges over the Outlook horizon and that the credit quality of the company's borrower base will remain sound. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Leverage at or approaching 6.0x, on Fitch's basis; - A material decline in profitability, such that pre-tax ROAA is sustained below 2%; - Rapid asset growth that is not accompanied by a commensurate increase in the risk management infrastructure; - Material deterioration in asset quality metrics; and/or - Weakening of the liquidity profile. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Enhanced portfolio diversity; - Sustained reduction in leverage, on Fitch's basis, below 4.5x; - Further expansion of the firm's franchise and market position while maintaining strong asset quality and consistent earnings performance; and/or - An increase in unsecured debt exceeding 35% of total debt. DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS The senior unsecured debt is equalized with Stonebriar's Long-Term IDR, reflecting the funding mix and average recovery prospects for unsecured debtholders in a stress scenario due to the size of the unencumbered asset base. DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES The senior unsecured debt rating is primarily sensitive to changes in Stonebriar's Long-Term IDR and, secondarily, to the funding mix and level of unencumbered balance sheet assets in a stress scenario relative to the outstanding debt. A decline in unencumbered asset coverage, combined with a material increase in secured debt, could result in notching the unsecured debt down from the Long-Term IDR. ADJUSTMENTS The Standalone Credit Profile (SCP) has been assigned in line with the implied SCP. The Business Profile score has been assigned below the implied score due to the following adjustment reason(s): Business model (negative). The Asset Quality score has been assigned below the implied score due to the following adjustment reason(s): Concentrations; asset performance (negative). The Earnings & Profitability score has been assigned below the implied score due to the following adjustment reason(s): Revenue diversification (negative). Date of Relevant Committee 05-Nov-2025 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 ----------- ------ -------- ----- Stonebriar ABF Issuer LLC senior unsecured LT BB New Rating RR4 BB(EXP) STORYBUILT LLC: Receiver Says $2B Valuation Unrealistic ------------------------------------------------------- Cody Baird of Austin Business Journal reports that barely any progress has been made in monetizing StoryBuilt's joint-venture interests, and the court-appointed receiver has sharply revised expectations for the company's once-touted development pipeline. According to a recent update, Los Angeles-based Stapleton Group found that the prior $2 billion valuation attached to StoryBuilt's projects is no longer realistic, given current market conditions and the company’s financial distress. The receiver reported that many of the joint-venture assets have underperformed or stalled, limiting opportunities to generate liquidity for creditors. Stapleton Group's assessment underscores the deep challenges facing the Austin-based urban developer, which collapsed under mounting debts and unfinished projects spread across multiple states, the report relays. About StoryBuilt LLC StoryBuilt is a real estate development, commercial development, urban infill, and architecture company. StoryBuilt entered voluntary receivership in August 2023 after a severe financial breakdown marked by significant layoffs of roughly 137 employees and escalating liquidity issues. The court appointed the Los Angeles-based Stapleton Group as receiver, granting it full authority over the company’s assets, operations, and development projects to oversee liquidation, manage claims, and work toward repaying creditors. STRAVINSKY HOLDINGS: Section 341(a) Meeting of Creditors on Dec. 17 ------------------------------------------------------------------- On November 12, 2025, Stravinsky Holdings Inc. filed Chapter protection in the Southern District of California. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. A meeting of creditors under Section 341(a) to be held on December 17, 2025 at 01:00 PM To access telephonic 341 meeting, call 888-330-1716 and enter passcode 1657991#. About Stravinsky Holdings Inc. Stravinsky Holdings Inc., doing business as KW Central Coast, operates a real-estate brokerage office in Pismo Beach, California. The Company provides residential and commercial real estate services through its network of licensed agents, offering training, technology, and access to a preferred-vendor network. It is part of Keller Williams Realty, LLC, a global franchise with over 165,000 agents and 1,000+ offices. Stravinsky Holdings Inc. sought relief under Chapter of the U.S. Bankruptcy Code (Bankr. S.D. Cal. Case No. 25-04738) on November 12, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. . Honorable Bankruptcy Judge J Barrett Marum handles the case. The Debtor is represented by Andy Warshaw, Esq. of DIMARCO WARSHAWSKY, APLC. STRUNZ MILK: Hires Richman & Richman LLC as Legal Counsel --------------------------------------------------------- Strunz MIlk Transport LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Wisconsin to hire Richman & Richman LLC to serve as legal counsel in its Chapter 11 case. Richman & Richman LLC will provide these services: (a) advising the Debtor with respect to its powers and duties as debtor in possession and the continued management and operation of its businesses and properties; (b) assisting the Debtor with the continuation of DIP operations and monthly reporting requirements; (c) advising the Debtor and taking all necessary action to protect and preserve the Debtor's estates, including prosecuting actions on behalf of the Debtor, defending any actions commenced against the Debtor, and representing the Debtor's interests in negotiations concerning litigation in which the Debtor is involved; (d) preparing bankruptcy schedules, amendments to bankruptcy schedules, statements of financial affairs, and all related documents as necessary; (e) assisting with the preparation of a plan of reorganization and the related negotiations and hearings; (f) preparing pleadings in connection with the Chapter 11 case, including motions, applications, answers, orders, reports, and papers necessary or otherwise beneficial to the administration of the Debtor's estate; (g) analyzing executory contracts and unexpired leases, and the potential assumptions, assignments, or rejections of such contracts and leases; (h) advising the Debtor in connection with any potential sales of assets; (i) appearing at and being involved in various proceedings before this Court or other courts to assert or protect the interests of the Debtor and its estate; (j) analyzing claims and prosecuting any meritorious claim objections; and (k) performing other legal services for the Debtor that may be necessary and proper in connection with this Case. Richman & Richman LLC will charge hourly rates ranging from $150 to $625, with these primary professionals' rates: -- Claire Ann Richman, Member, $625 per hour -- Eliza M. Reyes, Senior Associate, $495 per hour -- David T. Fowle, Paralegal, $250 per hour -- Kiran K. Hayer, Paralegal, $225 per hour -- Law Clerks, $195-$225 per hour Richman & Richman LLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Richman & Richman LLC 122 W. Washington Ave., Suite 850 Madison, WI 53703 About Strunz Milk Transport LLC Strunz Milk Transport LLC is a limited liability company. Strunz Milk Transport LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wis. Case No. 25-12481) on November 12, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Thomas M. Lynch handles the case. The Debtor is represented by Eliza M. Reyes, Esq. of Richman & Richman LLC. TEADS HOLDING: Fitch Lowers Issuer Default Rating to CCC+ --------------------------------------------------------- Fitch Ratings has downgraded Teads Holding Co. and OT Midco. Inc.'s (collectively, Teads) Issuer Default Rating (IDR) to 'CCC+' from 'BB-'. Fitch has also downgraded the senior secured instruments to 'CCC+' with a Recovery Rating of 'RR4'. The downgrade reflects delays in successful merger integration, which prevented Teads from achieving its projected EBITDA of $180 million for 2025. Consequently, the company's financial risk profile has materially deteriorated. The downgrade also reflects the possibility that the company may not be able to realize substantial revenue growth and cost optimization in 2026, which could delay deleveraging prospects and result in further negative rating actions. Teads' elevated leverage and weakened interest coverage ratios are consistent with Fitch's highly speculative-grade credits. These pressures are partially offset by Teads' healthy position as one of the leading players in the ad-tech sector. Key Rating Drivers High Leverage, Integration Challenges: Fitch projects Teads' EBITDA leverage to be around 8.0x by YE 2025. Its expectation for 2025 EBITDA is $80 million, slightly below the company's guidance of between $83 million and $93 million. This is a significant deviation from management's initial guidance of $180 million, which was announced in 1Q25, due to limited sales opportunities from integration challenges following its merger with Outbrain. Fitch expects Teads' EBITDA leverage to remain elevated going into 2026. However, significant deleveraging will depend on Teads' top-line growth while managing operating costs. Fitch's initial view of the merger aligned closely with management's expectations, given the companies' largely overlapping industry focus. Fitch expects the merger to strengthen the combined entity's competitive position in the fragmented digital advertising market by uniting technological assets, leveraging global audiences, and unlocking cross-selling opportunities. However, these benefits have not materialized due to greater-than-anticipated integration challenges. Teads expects recent enhancements to its leadership team to improve financial performance in 2026. Adequate Liquidity: Fitch views Teads' liquidity as adequate to support operations over the next 12 months. As of 3Q25, the company reported total liquidity of $238 million, comprising $138 million in cash and equivalents and full availability under its $100 million RCF maturing in 2030. The revolver is subject to a springing covenant, if utilization is above 40%. Based on current visibility, Fitch does not anticipate any significant revolver draw over the next 12 months as Fitch expects Teads to use its cash reserves to cover any FCF shortfalls. Teads' capital structure is anchored by a senior secured note maturing in 2030. The absence of annual principal repayments offers the company substantial financial flexibility over the near term, which is a critical period for achieving its integration objectives. Fitch expects Teads to deliver neutral FCF in 2026. However, any shortfall against its projection could trigger additional downward pressure on the rating in the coming quarters. Flat EBITDA Margin Outlook: Fitch expects Teads' EBITDA margins to be mostly flat for 2026. However, its expectations could change if the company can improve its revenue and rationalize costs over the next few quarters. Management has indicated it continues to prioritize cost optimization. Teads has recently strengthened its leadership team to improve revenue growth, a move that should support margin expansion over time. However, these initiatives are still in their early implementation phase. Potential Negative AI Impact on Traffic: Based on current visibility, Fitch believes the impact of AI will be limited on intent-based web visits, which Teads mostly relies on. Nevertheless, Fitch expects digital publishers to face long-term disruption risk from the rapid evolution of AI and large language models. These technologies may disintermediate traditional content portals and reduce user reliance on legacy web-based search and aggregation platforms. Users increasingly seek direct, conversational answers from AI models, many of which bypass publisher sites. This shift has the potential to reduce page views, thereby lowering monetization opportunities for companies like Teads. Highly Competitive Environment: Teads faces competition from major players such as Google, Meta, and other smaller private players. The competitive pressure from the majors could intensify if they decide to target the Open Internet space as part of their growth strategy or leverage their position to make unfavorable changes to browsers, operating systems, and other platforms. Additionally, Teads encounters competitive risks in its relationships with publishers, which may affect its revenue generating capabilities. Peer Analysis Fitch does not publicly rate any direct peers to Teads but maintains ratings on companies such as Red Ventures and AP Core (dba Yahoo), which are heavily reliant on digital advertising dollars. Red Ventures (B+/Stable) ratings highlight its digital advertising leadership and customer acquisition expertise, leveraging technology and data analytics. Red Ventures' ratings also consider low entry barriers and high customer concentration in the industry. AP Core (B-/Stable) has a leading portfolio of diversified digital content assets with good traffic but faces meaningful competition in each of its verticals such as mail, news, finance and sports. Both Red Ventures and AP Core, have relatively better financial risk profiles compared to Teads, as evidenced by their relatively lower leverage and healthy liquidity positions. Key Assumptions - Modest revenue growth in the low-single-digit range for 2026 as the company continues to improve its organizational strategy and iron-out operational issues post-merger; - Connected-TV is expected to see continued revenue growth well into 2026; - EBITDA margins in the mid- to high-single-digit range, driven by better revenue growth in 2026 and improved cost rationalization; - Capex intensity of 2% over the medium term; - No shareholder return programs over the rating horizon. Recovery Analysis The recovery analysis assumes that Teads would be reorganized as a going-concern in bankruptcy rather than liquidated. Fitch has assumed a 10% administrative claim, and that the revolver is fully drawn. Fitch assumes substantial revenue declines driven by competitive pressures and integration challenges that Teads is unable to offset but can lower costs to conserve EBITDA. As a result, GC EBITDA declines to around $70 million. Fitch's GC EBITDA estimate reflects its view of a sustainable, post-reorganization EBITDA level upon which Fitch bases the enterprise valuation. Fitch assumes Teads will receive a going-concern recovery EV multiple of 5.5x GC EBITDA. The multiple is just below AP Core Holdings, which is heavily ad-centric and maintains a strong position in each of its segments. Teads multiple is also mostly in-line with Fitch's median TMT emergence multiple of 5.9x. The recovery analysis results in an 'RR4' Recovery Rating for the company's secured first lien debt, which corresponds to the company's IDR of 'CCC+'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Further liquidity deterioration due to continued negative FCF generation; - Consistent revenue and EBITDA declines driving EBITDA interest coverage to be sustained below 1.2x with limited revolver availability; - A material decline in debt-terms that is considered a distressed debt exchange (DDE) under Fitch's Corporate Rating Criteria. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Improving EBITDA generation resulting in better FCF generation that supports the build-up of cash reserves; - EBITDA leverage sustained below 6.0x. Liquidity and Debt Structure As of the end of September 2025, the company had $138 million of cash and equivalents on-hand, as well as full availability on its $100 million super-senior revolver due 2030. Fitch expects Teads to generate neutral to negative FCF over the next 12 months, and Fitch expects the company to draw on its cash balance to manage outflows. The company's debt stack is primarily comprised of its 10% senior secured note due 2030. Issuer Profile Teads is a leading technology platform that connects media owners and advertisers with engaged audiences to drive business outcomes across the Open Internet. 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 ----------- ------ -------- ----- Teads Holding Co. LT IDR CCC+ Downgrade BB- OT MidCo Inc. LT IDR CCC+ Downgrade BB- senior secured LT CCC+ Downgrade RR4 BB+ TEADS HOLDING: S&P Downgrades ICR to 'B-', Outlook Negative ----------------------------------------------------------- S&P Global Ratings lowered its issuer credit ratings on advertising technology provider Teads Holding Co. (formally Outbrain Inc.) and its financing subsidiary OT Midco Inc. to 'B-' from 'B+'. At the same time, S&P revised its recovery rating on OT Midco' s senior secured debt to '4' from '2' and lowered its issue-level rating on the debt to 'B-' from 'BB-'. The negative outlook reflects S&P's expectation for the company's operating performance to remain challenged over the next 12 months as it continues to work through its integration challenges, resulting in leverage above 6x and minimal free operating cash flow (FOCF) generation in 2026. Teads has materially underperformed our expectations for the rating due to delays in the integration of its legacy Outbrain and Teads businesses, coupled with a challenged macroeconomic environment. S&P's leverage expectations have substantially increased to about 15x in 2025 and 6.3x in 2026 compared with past expectations of 3x-4x. S&P said, "The downgrade to 'B-' reflects Teads materially underperforming our expectations for the rating. We expect leverage of 15x in 2025 and for the company to generate negative reported FOCF of about $25 million, compared with past expectations of leverage of 4.1x and break-even FOCF. We expect leverage to improve in 2026 to 6.3x along with break-even FOCF, but well below our past expectations of leverage of 3.1x and FOCF generation of about $50 million." The material underperformance results from delays integrating legacy Outbrain and Teads that have led to depressed revenue growth and EBITDA generation, particularly in its three largest markets: the U.S., U.K., and France (50% of revenue). Other operational issues include a greater-than-expected pullback in spending due a deliberate reduction in partners on both its supply-side and demand-side platforms as part of partner rationalization efforts, declining page views on premium publishers partly due to increased adoption of AI summaries, and shorter planning cycles and reduced ads budget from advertisers given macroeconomic weakness. As a result, the company recently reduced its 2025 EBITDA forecast to about $90 million (excluding $20 million-$30 million of acquisition and restructuring costs) from $180 million at the beginning of the year. S&P expects S&P Global Ratings-adjusted EBITDA (inclusive of acquisition and restructuring costs) of $43 million in 2025. EBITDA improves in 2026, but visibility remains limited. S&P said, "We expect Teads' S&P Global Ratings-adjusted EBITDA improves to $103 million in 2026, driven mainly by cost reduction and 2%-4% revenue growth. The company expects to fully realize $35 million of annualized cost savings in 2026 from cost reduction efforts, along with the roll-off of one-time acquisition and restructuring costs in 2025. We also expect a slight EBITDA improvement from revenue growth given efforts by the company to retool its management and sales teams to better cross-sell legacy Teads and Outbrain products and attract more premium advertisers." Connected-TV (CTV) advertising is also a growth opportunity for the company given positive industry tailwinds but is a small portion of its overall revenue. Visibility into future performance remains opaque due to the short lead times of digital advertising, and the company continues to operate in a highly competitive and fragmented industry dominated by larger players such as Alphabet and Meta, along with increasing competition from AI offerings. S&P also believes it will take additional time for the company to resolve ongoing integration issues. Further delays could lead to continued operating underperformance resulting in elevated leverage and an inability to generate positive FOCF. Teads will maintain sufficient liquidity beyond the next 12 months to support its operations. S&P said, "We expect the company to end the year with about $130 million of cash on the balance sheet, along with availability on its revolver, which we assume is limited at 40% of the $100 million availability to avoid a covenant breach. This provides the company with ample liquidity to sustain challenged performance beyond the next 12 months. We view a liquidity shortfall as unlikely because Teads has no significant debt maturities until 2030 and believe its cash flow will be sufficient for the company to meet its $64 million of annual interest payments." The current large discount on the company' s debt (60% of par) does present an opportunity for it to lower its cash interest and debt burden. S&P said, "We could view any near-term debt buybacks as opportunistic given its unlikely the company would default absent a transaction. We also view it unlikely the company would significantly draw down its cash position to make a material debt repurchase until it has worked through its integration and operational challenges." However, any significant debt repurchase at a discount to par could be considered a distressed debt restructuring, if its notes continue to trade at a significant discount and the company is unable to improve its operating prospects such that leverage remains elevated, and FOCF is negative absent such a transaction. The negative outlook reflects S&P's expectation for the company' s operating performance to remain challenged over the next 12 months as it continues to work through its integration challenges, resulting in leverage above 6x and minimal FOCF generation in 2026. S&P could lower its rating on Teads if: -- S&P views the company's capital structure as unsustainable due to persistent Integration issues and/or adverse economic conditions such that revenue trends do no stabilize and it cannot generate sustainably positive FOCF over the next six to 12 months; or -- S&P views there is increased likelihood of the company completing a distressed debt restructuring. S&P could revise its outlook on Teads to stable over the next 12 months if: -- Revenue trends stabilize and the company returns to growth; -- The company realizes its identified cost synergies; and -- It generates positive FOCF. TOPGOLF CALLAWAY: Moody's Confirms B1 CFR, Alters Outlook to Stable ------------------------------------------------------------------- Moody's Ratings confirmed Topgolf Callaway Brands Corp.'s ("Topgolf Callaway") B1 Corporate Family Rating, B1-PD Probability of Default Rating, and the B1 rating on the senior secured term loan B. Topgolf Callaway's SGL-1 speculative grade liquidity rating is unchanged. The outlook changed to stable from ratings under review. The rating actions conclude the review for downgrade commenced on August 19, 2024 following Topgolf Callaway's announcement that it was considering strategic alternatives for the Topgolf International, Inc. (Topgolf) entertainment business including a potential tax-free spinoff of the segment into an independent company. On November 18, 2025, Topgolf Callaway announced that it entered into a definitive agreement to sell a 60% equity stake in its Topgolf entertainment business to Leonard Green for an implied equity value of approximately $1.1 billion. After associated financing transactions, the company expects to receive roughly $770 million in net cash proceeds. The sale is expected to close in the first quarter of 2026, subject to regulatory approvals. Topgolf Callaway will retain a 40% minority interest in the Topgolf business and is restricted from selling its interest for a period of two years. In conjunction with the sale, Topgolf Callaway is requesting consent from lenders to amend its $1.25 billion term loan B facility to accommodate the separation of Topgolf. The Topgolf subsidiaries will be released from the term loan's collateral and guarantee package, and Topgolf Callaway will prepay $500 million of the term loan and pay a modest consent fee when the transaction closes. Topgolf Callaway will execute the debt paydown at closing alongside the Topgolf equity sale. Topgolf Callaway is also amending its asset-backed lending facility to accommodate the separation but is not changing the size or pricing on the facility at this time. Topgolf Callaway Brands Corp. plans to change its name to Callaway Golf Company at the close of the transaction ("Callaway"). Moody's are confirming the company's B1 CFR because Moody's expects the standalone Callaway business will have good financial flexibility due to the meaningful debt repayment and a sizable cash position. Moody's anticipates Callaway will operate with considerably lower leverage and generate more consistent free cash flow. Moody's expects that debt-to-EBITDA will decline to a mid-4x range in 2026 (pro forma for standalone Callaway) from roughly 6.8x as of September 2025 on a combined-entity basis. Cash is expected to increase to about $1.1 billion pro forma for the sales proceeds after factoring in the committed $500 million term loan repayment. Moody's expects the company to utilize the cash to repay the roughly $258 million of debt outstanding on the 2.75% convertible senior notes that mature in May 2026, for reinvestment and share repurchases. The cash position was bolstered by the sale of Jack Wolfskin for $286 million that closed in Q1 2025. Separating Topgolf removes the burden of Topgolf's heavy capital spending for new venues, which has been a drain on free cash flow. It will also simplify Callaway's capital structure by eliminating venue financing debt and deemed landlord financing obligations, reducing financial complexity and enhancing transparency. Callaway will retain a 40% ownership interest in Topgolf and could elect to provide capital to support the investment, though there are no specific funding obligations. The majority of Topgolf Callaway's leases are expected to stay with the Topgolf business and the reduction in interest expense, including a portion from leases, to roughly $65 million from well above $200 million will support good free cash flow generation at Callaway. These positive factors offset the reduction in business diversity. Callaway retains a leading market position in the competitive and discretionary golf equipment, balls, and apparel businesses. Operating earnings in these core segments is volatile and dependent on the timing of new product releases. Moody's nevertheless believe continued healthy golf participation and Callaway's good investment flexibility will support solid earnings and comfortably positive free cash flow. Liquidity is very good as indicated by the company's SGL-1 speculative grade liquidity rating. The company expects to have roughly $1.1 billion in cash after the debt repayment on the term loan. The cash provides good coverage of the $258 million convertible notes that mature in May 2026. Moody's expects the company will gradually reduce the cash balance through reinvestment in the business, share repurchases, or potential further debt repayment. Moody's projects free cash flow pro forma for the separation of roughly $90 million in 2026 that along with borrowing capacity on its undrawn $425 million ABL provides considerable cushion to support operating cash requirements including seasonal needs. The B1 rating on the $1.25 billion original principal secured term loan, the same level as the B1 CFR, reflects that the term loan is the preponderance of funded debt at Topgolf Callaway. The term loan is secured by a first priority lien on all assets of Topgolf Callaway and guarantors, as well as a second lien on inventory and accounts receivable (ABL priority collateral). The company's $250 million unsecured convertible notes due May 2026 are not guaranteed and are effectively subordinated to the term loan and ABL revolver. The rating on the term loan could decline if the convertible notes are repaid because the notes currently provide loss-absorption cushion in the event of a default. RATING RATIONALE Topgolf Callaway's B1 CFR reflects its moderate financial leverage pro forma for the debt repayment expected following the November 2025 announced transaction to sell a 60% interest in the Topgolf entertainment business. Moody's expects debt-to-EBITDA leverage will decline to a mid-4.0x levels in 2026 from 6.8x for the last 12 months ending September 2025 due to meaningful debt repayment from the proceeds of the Topgolf and Jack Wolfskin asset sales. High leverage nevertheless remains a credit risk considering the discretionary nature of the golf equipment, accessories and apparel categories. The company is vulnerable to shifts in discretionary consumer spending and consistent investment in new product development and marketing is necessary to maintain competitive equipment offerings. Equipment is largely manufactured outside of the US, creating vulnerability to supply chain disruptions and tariffs. However, roughly half of the golf ball revenue is manufactured in the US helping partially mitigate this risk. Topgolf Callaway's credit profile is supported by its strong market position and good geographic and segment diversification within golf equipment and apparel. The credit profile also reflects Topgolf Callaway's very good liquidity, large scale, and good product performance from the golf equipment business. The company is targeting to operate the core golf and apparel business after the Topgolf disposition at 3.0x or below net debt-to-EBITDA leverage (based on the company's calculation). RATINGS RATIONALE / FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The stable outlook reflects Moody's expectations that the company will reduce debt-to-EBITDA leverage to a mid-4.0x range in 2026 and will maintain a financial policy that supports operating with leverage in this range. The outlook also factors in Moody's expectation that the company will maintain at least good liquidity with a solid cash buffer to fund maturities, affording it flexibility to invest and navigate any operational challenges in the coming year. Ratings, assuming the Topgolf sale closes, could be upgraded if operating earnings improve across the company's golf and apparel businesses. An upgrade would also require the company to maintain good liquidity, generate consistent and comfortably positive free cash flow, and sustain debt-to-EBITDA below 4.0x. Ratings for standalone Callaway could be downgraded if operating earnings, free cash flow, liquidity deteriorate due to factors such as shifts in consumer demand, rising costs or increased competition. A downgrade could also occur if Moody's adjusted debt-to-EBITDA is sustained above 5.0x or if financial policy becomes more aggressive. The principal methodology used in these ratings was Consumer Durables published in September 2021. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Topgolf Callaway Brands Corp., (formerly known as Callaway Golf Company) is headquartered in Carlsbad, CA, and manufactures and sells golf clubs, golf balls, and golf and lifestyle apparel and accessories. The company's portfolio of global brands includes Callaway Golf, Odyssey, OGIO, and TravisMathew. On November 18, 2025, Topgolf Callaway announced that it will sell its wholly owned Topgolf International, Inc. (TGI), a business it acquired in March 2021 that owns and operates 98 golfing entertainment centers in the US, four in the U.K., and an additional eight international franchised locations. Topgolf Callaway is a publicly-traded company with consolidated revenue of $4.1 billion for the 12 months ended September 30, 2025 (including TGI). Moody's expects standalone Callaway will generate north of $2 billion in revenue annually. TRIMONT ENERGY GIB: Gets Extension to Access Cash Collateral ------------------------------------------------------------ Trimont Energy (GIB), LLC received 21st interim approval from the U.S. Bankruptcy Court for the Eastern District of Louisiana to continue to use cash collateral. The court's 21st interim order approved the use of cash collateral for the period from Oct. 25, 2023, through the date which is five business days following a declaration to terminate, reduce or restrict the ability to use cash collateral by the Debtor. Certain entities may possess oil and gas liens under the Louisiana Oil Well Lien Act (LOWLA) on oil and gas assets owned by the Debtor. As protection against any diminution in value of their interests in the pre-bankruptcy collateral, the LOWLA lienholders will be granted valid and perfected security interests in, and liens on, the Debtor's assets. These liens do not apply to any Chapter 5 causes of action and the proceeds, thereof. To the extent the liens granted prove to be inadequate, the LOWLA lienholders will receive superpriority administrative expense claims, subject to a fee carveout. The termination events under the 21st interim order include the filing by the Debtor of documents pertaining to a debtor-in-possession financing that adversely effects the LOWLA lienholders' liens; a default by the Debtor in reporting financial information; dismissal or conversion of the Debtor's Chapter 11 case; the appointment of a Chapter 11 trustee or examiner with enlarged powers; or other responsible person; and the failure by the Debtor to perform its obligations under the 21st interim order. The next hearing is set for December 16. The 21st interim order is available at https://is.gd/YpjPq2 from PacerMonitor.com. About Trimont Energy (GIB) Trimont Energy (GIB), LLC is a Houston-based company, which operates in the oil and gas extraction industry. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. La. Case No. 23-11869) on Oct. 25, 2023, with $1 million to $10 million in both assets and liabilities. Christopher O. Ryals, chief restructuring officer, signed the petition. Judge Meredith S. Grabill oversees the case. Douglas S. Draper, Esq., at Heller, Draper & Horn, LLC represents the Debtor as legal counsel. TRIMONT ENERGY LIMITED: Gets Extension to Access Cash Collateral ---------------------------------------------------------------- Trimont Energy Limited, Inc. received 21st interim approval from the U.S. Bankruptcy Court for the Eastern District of Louisiana to use cash collateral. The court's 21st interim order approved the use of cash collateral for the period from Oct. 25, 2023, through the date which is five business days following a declaration to terminate, reduce or restrict the ability to use cash collateral by the Debtor. Certain entities may possess oil and gas liens under the Louisiana Oil Well Lien Act (LOWLA) on oil and gas assets owned by the Debtor. As adequate protection against any diminution in value of their interests in the pre-bankruptcy collateral, the LOWLA lienholders will be granted valid and perfected security interests in, and liens on, the Debtor's assets. These liens do not apply to any Chapter 5 causes of action and the proceeds, thereof. To the extent the liens granted prove to be inadequate, the LOWLA lienholders will receive superpriority administrative expense claims, subject to a carveout. The termination events under the 21st interim order include the filing by the Debtor of documents pertaining to a debtor-in-possession financing that adversely effects the LOWLA lienholders' liens; a default by the Debtor in reporting financial information; dismissal or conversion of the Debtor's Chapter 11 case; the appointment of a Chapter 11 trustee or examiner with enlarged powers; or other responsible person; and the failure by the Debtor to perform its obligations under the 21st interim order. The next hearing is set for December 16. The 21st interim order is available at https://is.gd/pDT594 from PacerMonitor.com. About Trimont Energy Limited Inc. Trimont Energy Limited, Inc., a company in Houston, Texas, filed its voluntary petition for Chapter 11 protection (Bankr. E.D. La. Case No. 23-11872) on October 25, 2023, listing between $1 million and $50 million in both assets and liabilities. Christopher O. Ryals, chief restructuring officer, signed the petition. Judge Meredith S. Grabill oversees the case. The Debtor is represented by: Douglas S. Draper, Esq. Heller, Draper & Horn L.L.C. Tel: 504-299-3300 Email: ddraper@hellerdraper.com TRIMONT ENERGY NOW: Gets Extension to Access Cash Collateral ------------------------------------------------------------ Trimont Energy (NOW), LLC received another extension from the U.S. Bankruptcy Court for the Eastern District of Louisiana to use cash collateral. The court's 21th interim order approved the use of cash collateral for the period from Oct. 25, 2023, through the date which is five business days following a declaration to terminate, reduce or restrict the ability to use cash collateral by the Debtor. Certain entities may possess oil and gas liens under the Louisiana Oil Well Lien Act (LOWLA) on oil and gas assets owned by the Debtor. As protection against any diminution in value of their interests in the pre-bankruptcy collateral, the LOWLA lienholders will be granted valid and perfected security interests in, and liens on, the Debtor's assets. These liens do not apply to any Chapter 5 causes of action and the proceeds, thereof. To the extent the liens granted prove to be inadequate, the LOWLA lienholders will receive allowed superpriority administrative expense claims, subject to a fee carveout. The termination events under the 21th interim order include the filing by the Debtor of documents pertaining to a debtor-in-possession financing that adversely effects the LOWLA lienholders' liens; a default by the Debtor in reporting financial information; dismissal or conversion of the Debtor's Chapter 11 case; the appointment of a Chapter 11 trustee or examiner with enlarged powers; or other responsible person; and the failure by the Debtor to perform its obligations under the 21th interim order. The next hearing is set for December 16. The 21st interim order is available at https://is.gd/4o2Caz from PacerMonitor.com. About Trimont Energy (Now) Trimont Energy (NOW) LLC, a company in Houston, Texas, filed its voluntary petition for Chapter 11 protection (Bankr. E.D. La. Case No. 23-11868) on October 25, 2023, listing $1 million to $10 million in both assets and liabilities. Christopher O. Ryals, chief restructuring officer, signed the petition. Judge Meredith S. Grabill oversees the case. The Debtor tapped Heller, Draper, & Horn, LLC as legal counsel; Chaffe & Associates, Inc. as financial advisor; and Christopher O. Ryals of RCO Capital, LLC as chief operating officer. TURNER PAVING: Hires Lewis Brisbois Bisgaard as Legal Counsel ------------------------------------------------------------- Turner Paving & Construction, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Lewis Brisbois Bisgaard & Smith LLP to serve as general bankruptcy counsel. LBBS will provide these services: (a) advise the Debtor concerning its rights, powers, and responsibilities under the Bankruptcy Code, Federal Rules of Bankruptcy Procedure, and Local Bankruptcy Rules, and the requirements of the United States Trustee pertaining to its rights and duties as debtor-in-possession in the continued operation of its business and affairs and its administration of the bankruptcy estate; (b) prepare motions, applications, answers, orders, memoranda, reports, papers, and any other pleadings necessary to further the Debtor's interests and objectives, in connection with the administration of the bankruptcy estate; (c) provide legal services with respect to formulating and negotiating a plan of reorganization or liquidation, or a structured dismissal of this Bankruptcy Case, and other legal services for the Debtor as may be required and appropriate during the course of this Bankruptcy Case; (d) provide representation in all negotiations and proceedings involving the Debtor in matters relating to, inter alia, the administration of the bankruptcy estate; (e) protect and preserve the bankruptcy estate by prosecuting and defending actions commenced by or against the Debtor, pursuing and resolving disputes through mediation when feasible, and preparing necessary objections to proofs of claim or interests filed in this Bankruptcy Case; (f) investigate and prosecute preference avoidance, fraudulent transfer, and other actions arising under the Debtor's avoiding powers; and (g) render such other legal advice and services as the Debtor may require in connection with this Bankruptcy Case and any related proceedings. LBBS attorneys will bill at hourly rates ranging from $350 to $650, and paraprofessionals will bill at $175 per hour. Primary billing rates include: -- Michael D. Sydow: $650 -- Bennett G. Fisher: $550 -- Guy R. Macarol: $400 -- Audrey E. Ramirez: $350 LBBS 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: Bennett G. Fisher, Esq. Guy R. Macarol, Esq. LEWIS BRISBOIS BISGAARD & SMITH 24 Greenway Plaza, Suite 1400 Houston, TX 77046 Telephone: (346) 241-4095 Facsimile: (713) 759-6830 Email: bennett.fisher@lewisbrisbois.com guy.macarol@lewisbrisbois.com About Turner Paving & Construction Turner Paving & Construction, Inc. is a construction company that serves as general contractor for property owners and developers to provide excavation, concrete paving, and site preparation services. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Texas Case No. 25-32996) on May 29, 2025. At the time of the filing, the Debtor estimated assets of between $500,001 to $1 million and liabilities of between $500,001 to $1 million. Judge Jeffrey P. Norman oversees the case. Lewis Brisbois Bisgaard & Smith, LLP is Debtor's legal counsel. TWISTED SKY: Hires Chad Van Horn Law Group as Legal Counsel ----------------------------------------------------------- Twisted Sky High Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to hire Chad Van Horn, Esq., of Van Horn Law Group, P.A. and its regular associates to serve as legal counsel. Mr. Van Horn will provide these services: (a) give the Debtor and Debtor-in-Possession legal advice with respect to its powers and duties in these proceedings; (b) advise the Debtor regarding compliance with the U.S. Trustee's Operating Guidelines and Reporting Requirements and the rules of the court; (c) prepare on behalf of the Debtor and Debtor-in-Possession motions, pleadings, orders, applications, adversary proceedings, and other legal documents necessary in the administration of the 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 in the preparation of a plan. Mr. Van Horn will receive an hourly rate of $500, and hourly rates of $150 to $450 apply to associates, paralegals, and law clerks. Van Horn Law Group, 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: Chad T. Van Horn, Esq. Van Horn Law Group, P.A. 500 NE 4th Street, Suite 200 Fort Lauderdale, FL 33301 Telephone: (954) 637-0000 E-mail: chad@cvhlawgroup.com About Twisted Sky High Inc. Twisted Sky High, Inc., doing business as Auntie Anne's, operates pretzel and snack food outlet at Pittsburgh International Airport under the Auntie Anne's franchise brand. The Company is engaged in preparing and selling soft pretzels, beverages, and related quick-service food items to travelers and retail customers. Twisted Sky High Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Pa. Case No. 25-22904) on October 29, 2025. At the time of the filing, Debtor had estimated assets of between $0 and $50,000 and liabilities of between $1,000,001 and $10 million. Van Horn Law Group, P.A. is Debtor's legal counsel. UNDER ARMOUR: S&P Places 'BB-' ICR on CreditWatch Negative ---------------------------------------------------------- S&P Global Ratings placed all its ratings on Under Armour Inc. on CreditWatch with negative implications, including the 'BB-' long-term issuer credit rating. S&P said, "Resolution of the CreditWatch placement will hinge on our assessment of the company' s financial risk, including go-forward credit metrics that may erode more than we anticipated, cash flow generation, and footwear and apparel demand trends in the holiday shopping season." Under Armour's turnaround is taking longer to materialize than S&P had expected when it began its restructuring initiatives last year, with the company recently announcing higher restructuring costs including costs associated with a separation with NBA player Stephen Curry, ending a 12-year partnership. Under Armour' s S&P Global Ratings' lease-adjusted leverage is trending towards 4x through the last 12 months (LTM) ended Sept. 30, 2025 (the company' s second quarter 2026) given recent underperformance. It also recently announced its chief financial officer (a more than 20 year company veteran) will be succeeded in February 2026, adding risk to its efforts to stabilize revenue and operating income in the coming year in S&P's view. S&P said, "The CreditWatch placement reflects Under Armour' s operational declines and continued challenges. We now believe its S&P Global Ratings' lease-adjusted leverage will be in the 4x area for fiscal 2026, instead of falling below 4x for the year as we had expected earlier in 2025. "This is given continued declines in the core business, both in terms of top line and margins. We note persistent sales decreases across the company' s main product lines, with apparel down 1%, footwear down 16%, and accessories down 3% in the latest quarter. Gross margin also declined by 275 basis points (bps) in the second quarter, primarily from U.S. tariffs, with the company expecting margins to decline a further 310-330 bps in the third quarter. This is a larger drop than we expected earlier in the year." S&P Global Ratings believes there is a high degree of unpredictability around policy implementation by the U.S. administration and possible responses--specifically with regards to tariffs--and the potential effect on economies, supply chains, and credit conditions around the world. S&P said, "As a result, our baseline forecasts carry a significant amount of uncertainty, magnified by ongoing regional geopolitical conflicts. As situations evolve, we will gauge the macro and credit materiality of potential shifts and reassess our guidance accordingly." S&P said, "The Curry brand split was unexpected, and we are monitoring the impact. We note basketball generates only 2% of sales globally for Under Armour, and the company does not expect significant effects on consolidated financial results or profitability. However, we are assessing how this separation from such a high-profile athlete could affect efforts to turn around footwear globally. We will be tracking whether other important relationships with athletes and/or organizations could change for Under Armour over the coming year as well and costs associated with the separation." The company plans to release the final Curry brand shoe in February 2026, with additional associated products available through October 2026. Under Armour' s expenses are higher due to the 2025 restructuring plan. The company recently approved an additional $95 million of restructuring actions, for total estimated restructuring and related charges of $255 million through fiscal 2026. In May 2024, when the company first announced its restructuring plan, it was estimated to cost up to $160 million. According to Under Armour, this increase includes the separation of the Curry brand, further contract terminations, incremental asset impairments, and additional employee severance and benefits costs. The company is expecting up to $107 million in cash-related charges for the program. S&P said, "The negative CreditWatch reflects the likelihood we could lower our ratings on Under Armour. We are assessing the magnitude of the rating impact from this recent material change in performance. This includes Under Armour' s go-forward operational strategies and turnaround plans across categories. We will also review the company' s management and governance and financial risk profile, including whether Under Armour further increases its restructuring plan. "We expect to resolve the CreditWatch placement as soon as practical within the next 90 days. That determination will be based on whether the company can improve profitability, how the holiday season delivers on sales and profits, and the extent to which leverage exceeds our 4x downgrade trigger." UNITED RENTALS: Moody's Rates New Senior Unsecured Notes 'Ba2' -------------------------------------------------------------- Moody's Ratings assigned a Ba2 rating to United Rentals (North America), Inc.'s (UNRA) planned senior unsecured notes. UNRA's parent, United Rentals, Inc. and UNRA's domestic subsidiaries will guarantee the senior unsecured notes. The company's other ratings, including its Ba1 corporate family rating, Ba1-PD probability of default rating, Baa3 backed senior secured first lien term loan rating, Ba1 backed senior secured second lien notes rating and Ba2 backed senior unsecured rating are unaffected. The outlook stable remains unchanged. URNA's speculative grade liquidity rating remains unchanged at SGL-1. URNA plans to use the proceeds from the senior unsecured notes to fund the redemption of all $500 million 5.5% senior unsecured notes due 2027 and for general corporate purposes, including the reduction of borrowings on the ABL facility. The ratings on the existing $500 million 5.5% senior unsecured notes due 2027 will be withdrawn at the close of the redemption. RATINGS RATIONALE URNA's Ba1 CFR reflects the company's considerable scale from its position as North America's largest equipment rental company. The rating also reflects the company's broad array of equipment offerings, solid end market and customer diversification, low financial leverage and consistent profits. Moody's expects the company will continue to operate with low debt-to-EBITDA, generate strong EBITDA margin while free cash flow will benefit from the sale of used rental equipment. At the same time, the credit profile is constrained by the company's exposure to highly cyclical end markets that could lead to significant fluctuations in demand. Moody's expects URNA will remain acquisitive to grow its scale and expand its product offerings. The company's financial strategy entails operating with low leverage while returning capital to shareholders through its growing dividend and its share buyback program. The stable outlook reflects Moody's views that URNA will have low to mid single digit revenue growth supported by its healthy end markets. It also reflects Moody's expectations for EBITDA margin to remain strong, driving debt-to-EBITDA modestly lower over the rating horizon. The SGL-1 speculative grade liquidity rating reflects URNA's very good liquidity. Liquidity is supported by about $1.9 billion of availability under a $4.5 billion unrated ABL facility that matures in 2030. ABL availability will increase with a portion of proceeds from the new senior unsecured notes being used for ABL repayment. URNA also has cash of about $512 million and Moody's expects free cash flow of over $2.0 billion in 2025. Free cash flow includes the proceeds from equipment sales. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING The ratings could be upgraded if URNA attains a capital structure that allows for maximum financial flexibility. In addition, debt-to-EBITDA would be expected to be sustained around 2.0x and FFO-to-debt maintained around 40%. Moody's would also expect the company to maintain strong liquidity to manage through industry cycles. The ratings could be downgraded if debt-to-EBITDA approaches 3.0x, FFO-to-debt declines below 25%, or if liquidity weakens. In addition, the ratings could be downgraded if there is a loss of market share during an expanding market, if the company chooses not to reduce leverage promptly following debt funded acquisitions or liquidity weakens. The principal methodology used in this rating was Equipment and Transportation Rental published in October 2025. United Rentals (North America), Inc., headquartered in Stamford, CT, is the largest North American equipment rental company with a rental fleet of approximately one million units. The company's rental equipment is valued at approximately $23 billion (at original equipment cost). The company operates through 1,739 rental locations primarily in North America and a smaller presence in Europe, Australia and New Zealand. The company has two reportable segments: General Rentals and Specialty. While the primary source of revenue is from renting equipment, the company also sells new and used equipment and related parts and services. UNIVERSAL DESIGN: To Sell Jacksonville Property to P. Chigurupati ----------------------------------------------------------------- Universal Design Solutions LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor seeks an order authorizing the sale of real property of the estate commonly identified as: 11555 Central Parkway #1002, Jacksonville, FL 32224 through private sale to PedmaSree Chigurupati for the purchase price of $280,000.00. The Purchasers are not insiders of the Debtor. The Property is encumbered by TD Bank, N.A. The sale price exceeds the bona fide indebtedness of the First Mortgage. The sale price represents a realistic market value of the Property. The Debtor proposes to pay the First Mortgage in full with the proceeds of the sale. The Debtor anticipates a net profit after payment on account of the First Mortgage and closing costs, including realtor commissions. The Debtor proposes to sell the Property free and clear of any liens, encumbrances, claims or interest, with the proceeds of the sale being paid to TD Bank, N.A. in an amount necessary to satisfy the First Mortgage and closing costs, including the commission of the realtor. About Universal Design Solutions Universal Design Solutions, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-01970) with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Hon. Jason A Burgess oversees the case. Thomas C. Adam, Esq., at Adam Law Group, P.A. is the Debtor's bankruptcy counsel. TD Bank, N.A., as lender, is represented by Amanda Klopp, Esq., at Akerman LLP, in West Palm Beach, Florida. VALVES AND CONTROLS: Seeks to Extend Exclusivity to March 24, 2026 ------------------------------------------------------------------ Valves and Controls US, Inc., asked the U.S. bankruptcy Court for the District of Delaware to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to March 24, 2026 and May 25, 2026, respectively. Since the Petition Date, the Debtor's primary focus in this chapter 11 case has been to achieve a fair and equitable chapter 11 plan that maximizes value for the over 2,000 Asbestos Claims pending against it. In pursuit of this goal, the Debtor has expended significant time and resources over the past three months working with the UCC on responding to document requests and other discovery relating to the UCC's investigation into estate causes of action and other matters. The Debtor claims that extending the Exclusive Periods will give the Debtor the opportunity to complete the negotiation process with the UCC on the terms of a chapter 11 plan that ensures the fair and equitable treatment of the Asbestos Claims, as well as engage in discussions with the UCC, Weir, and First Reserve regarding the settlement of the Debtor's potential causes of action against such parties in exchange for a contribution to the Debtor's estate to fund distributions under a chapter 11 plan. The Debtor explains that it has been in frequent and active communications with the UCC (since its appointment), Weir, and First Reserve throughout this chapter 11 case. The Debtor expects these discussions to continue to progress in good faith and the Debtor is hopeful that they may lead to a consensual chapter 11 plan and potentially a settlement that will result in a contribution to the Debtor's estate that could enhance creditor recoveries under a plan. This is the Debtor's first request for an extension of the Exclusive Periods. Less than four months have elapsed since the Petition Date, during which the Debtor has already made progress to move forward this chapter 11 case. Accordingly, the Debtor's request for an extension of the Exclusive Periods is supported by the facts of this case. The Debtor requests this extension of the Exclusive Periods to allow for these negotiations to continue without the distraction of competing chapter 11 plans, not to pressure the creditors to agree to the Debtor's requests in regard to the terms. The Debtor believes an extension will allow the Debtor and its creditor constituents the necessary time to continue to discuss the best possible terms, working towards a consensual plan that will benefit all stakeholders. Moreover, failure to extend the Exclusive Periods as requested herein would defeat the very purpose of section 1121 of the Bankruptcy Code, which is to provide the Debtor with a meaningful and reasonable opportunity to propose a confirmable chapter 11 plan. Valves and Controls US Inc. is represented by: COLE SCHOTZ P.C. Patrick J. Reilley, Esq. Michael E. Fitzpatrick, Esq. Melissa M. Hartlipp, Esq. 500 Delaware Avenue Suite 600 Wilmington, Delaware 19801 Telephone: (302) 652-3131 Facsimile: (302) 652-3117 E-mail: preilley@coleschotz.com mfitzpatrick@coleschotz.com mhartlipp@coleschotz.com -and- WEIL, GOTSHAL & MANGES LLP Matthew S. Barr, Esq. Ronit J. Berkovich, Esq. Lauren Tauro, Esq. Alejandro Bascoy, Esq. 767 Fifth Avenue New York, New York 10153 Telephone: (212) 310-8000 E-mail: matt.barr@weil.com ronit.berkovich@weil.com lauren.tauro@weil.com alejandro.bascoy@weil.com About Valves and Controls US, Inc. Valves and Controls US Inc., previously known as Weir Valves & Controls USA Inc., is a manufacturer of industrial valves and control systems operating within the fabricated metal product manufacturing industry. Valves and Controls US Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11403) on July 1, 2025. In its petition, the Debtor reports estimated assets between $50 million and $100 million and estimated liabilities between $100 million and $500 million. Honorable Bankruptcy Judge Thomas M. Horan handles the case. The Debtor is represented by Patrick J. Reilley, Esq. at Cole Schotz P.C. VERITAS FARMS: Delays Q3 10-Q, Needs More Time for Auditor Review ----------------------------------------------------------------- Veritas Farms, Inc. filed a Notification of Late Filing on Form 12b-25 with the U.S. Securities and Exchange Commission, informing that it has determined that it is unable to file its Quarterly Report on Form 10-Q for the period ended September 30, 2025 within the prescribed time period for the reasons set forth below. The Company is unable to file its Q3 2025 Quarterly Report within the prescribed time period without unreasonable effort or expense as the Company needs additional time to provide information to its independent registered public accounting firm necessary to complete the review of the financial statements for the period ended September 30, 2025. Despite working diligently to timely file its Q3 2025 Quarterly Report, the Company will be unable to complete all work necessary to timely file its Q3 2025 Quarterly Report. About Veritas Fort Lauderdale, Florida-based Veritas Farms, Inc. -- https://www.TheVeritasFarms.com/ -- is a vertically-integrated agribusiness focused on growing, producing, marketing, and distributing whole plant, full spectrum hemp oils and extracts containing naturally occurring phytocannabinoids. Veritas Farms owns and operates a 140-acre farm in Pueblo, Colorado, capable of producing over 200,000 proprietary full spectrum hemp plants which can potentially yield a minimum annual harvest of 250,000 to 300,000 pounds of outdoor-grown industrial hemp. Hackensack, NJ-based Prager Metis CPAs LLC, the Company's auditor since 2018, issued a "going concern" qualification in its report dated April 17, 2023, citing that the Company has sustained substantial losses from operations since its inception. As of and for the year ended Dec. 31, 2022, the Company had an accumulated deficit of $39,474,622, and a net loss of $5,543,908. These factors, among others, raise substantial doubt about the ability of the Company to continue as a going concern within a year from the date the financial statements are issued. Continuation as a going concern is dependent on the ability to raise additional capital and financing, though there is no assurance of success. The Company has not yet filed its Annual Report on Form 10-K for the year ended December 31, 2024. VIVALDI HOLDINGS: Section 341(a) Meeting of Creditors on Dec. 17 ---------------------------------------------------------------- On November 12, 2025, The Vivaldi Holdings Inc. Chapter 11 protection in the Southern District of California. According to court filing, the Debtor reports between $10 million and $50 million in debt owed to 1 and 49 creditors. Meeting of Creditors, 341(a) meeting to be held on 12/17/2025 at 02:00 PM To access telephonic 341 meeting, call 888-330-1716 and enter passcode 1657991# About The Vivaldi Holdings Inc. The Vivaldi Holdings Inc., doing business as Keller Williams West Ventura County, operates a real-estate brokerage office in Oxnard, California. The Company provides residential and commercial real estate services through its network of licensed agents, offering training, technology, and access to a preferred-vendor network. It is part of Keller Williams Realty, LLC, a global franchise with over 165,000 agents and 1,000+ offices. The Vivaldi Holdings Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Cal. Case No. 25-04739) on November 12, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge J Barrett Marum handles the case. The Debtor is represented by Andy Warshaw, Esq. of DIMARCO WARSHAW, APLC. VM CONSOLIDATED: Moody's Affirms 'Ba3' CFR, Outlook Stable ---------------------------------------------------------- Moody's Ratings affirmed VM Consolidated, Inc.'s (Verra Mobility) corporate family rating at Ba3 and probability of default rating at Ba3-PD. Concurrently, Moody's affirmed the company's $689 million backed senior secured first lien term loan due 2032 at Ba2 and $350 million senior unsecured notes due 2029 at B2. The speculative grade liquidity rating is SGL-1. The outlook is stable. Verra Mobility is a technology-enabled services company providing toll, violation management, and title and registration services for rental car and fleet management companies and road safety cameras for municipalities. The affirmation of the ratings follows the company's reported third quarter earnings in which it updated details regarding its new contract with the New York Department of Transportation (NYCDOT) and its long-term financial outlook. As well, it follows the company's October refinancing of its senior secured term loan debt and entry into a new $150 million five-year asset-based lending (ABL) facility. The affirmation of Verra Mobility's Ba3 CFR is supported by Moody's expectations for the company to maintain strong credit metrics, including high EBITDA margins in the low-40% range, debt/EBITDA of 2.7x, interest coverage, as measured by EBITA/interest, around 5x, and annual free cash flow of around $190 million, over the next 12 to 18 months. Moody's anticipates mid-single-digit annual organic revenue growth in 2026, and a very good liquidity profile. All financial metrics cited reflect Moody's standard adjustments unless otherwise noted. RATINGS RATIONALE Verra Mobility's Ba3 CFR is suported by its strong competitive position within two of its niche markets, Government Solutions and Commercial Services, with 94% of revenue derived from services and primarily recurring in nature. The Commercial Services segment benefits from secular trends towards the adoption of all-electronic toll payments and rental car volumes, primarily in the US and Europe. Its competitive position is strengthened by connectivity with over 50 US tolling authorities and direct integration with hundreds of ticket issuing authorities. The Government Solutions segment benefits from the company's incumbent status with the NYCDOT, which was recently renewed for five years, and is less susceptible to macroeconomic conditions. Expansion into new and existing markets, such as California, Connecticut, Colorado and Florida, present opportunities for growth amid favorable legislative changes, although New York City will remain, by far, the largest Government Solutions customer. The Ba3 CFR also reflects the company's modest revenue base, which Moody's expects will reach $1 billion in 2026, and high revenue concentration among its top four clients. Moody's anticipates that the new NYCDOT contract includes changes that will lower overall company profitability in 2026 with EBITDA margins declining to the 39% to 40% range. Longer term, Moody's expects that the company will recapture margin beginning 2027 from increased scale, productivity improvements, and platform consolidation; however, Moody's expects financial leverage will remain flat in 2026 as a result. The company is exposed to the cyclical US car rental sector and US travel volumes moderated in 2025, some tariff-related, versus last year. Nonetheless, Moody's expects product adoption will support growth in Commercial Services in 2026 despite potentially low travel volume growth. Financial policies include the risk of share repurchases using free cash flow or debt-funded acquisitions. The company is currently operating below its public long-term net leverage target of 3x relative to 2x reported debt/EBITDA for the twelve months ended September 30, 2025 (management's calculation). However, Moody's expects that Verra Mobility will be disciplined in maintaining its public financial leverage target within the context of its acquisition and share repurchase strategy. The SGL-1 speculative grade liquidity rating reflects Moody's expectations that Verra Mobility will maintain a very good liquidity profile. Liquidity is supported by Moody's anticipations for strong free cash flow/debt in the high teens percentage range over the next 12 to 15 months and the company's cash balance of $196 million as of September 30, 2025, pro forma for the October refinancing. The company's $150 million ABL facility (unrated) maturing in 2030 is currently undrawn and its borrowing base capacity is expected to be sufficient to access the full facility amount. The sole financial covenant in the credit facility is for the ABL revolver facility and is a springing minimum fixed charge coverage ratio of 1.0x, which is only tested if the availability under the ABL facility falls below 10%. Moody's do not expect the covenant to be triggered over the next 12 months and, if it was triggered, the company would be able to comply with a reasonable cushion. The company is subject to a mandatory excess free cash flow prepayment determined by a first-lien net leverage ratio test that Moody's expects will exempt the company from an excess cash flow sweep in 2025 and 2026. The affirmations of the Ba2 senior secured and B2 senior unsecured ratings reflect the affirmation of the Ba3 CFR and each instrument's position in the debt capital structure. The senior secured first-lien term loan rating of Ba2, one notch above the Ba3 CFR, is driven by the benefit of loss absorption provided by the $350 million senior unsecured notes. The senior unsecured notes rating of B2, two notches below the Ba3 CFR, is driven by its first-loss position relative to the $150 million ABL facility and $689 million backed senior secured first-lien term loan obligation. The ABL revolving credit facility has a priority claim with respect to the current assets including accounts receivable and inventory. The term loan is guaranteed by all current and future material domestic subsidiaries of the borrower; all guarantees are secured by the assets of the guarantor. The notes are guaranteed by all current and future material domestic subsidiaries of the borrower on an unsecured basis. The stable rating outlook reflects Moody's expectations that revenue will grow at a mid-single digit percentage rate and profitability rates will weaken in 2026, with debt/EBITDA remaining around 2.7x, EBITA to interest at about 5x and free cash flow/debt sustained in the high teens percentage range during the next 12 to 18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS A ratings upgrade would require a significant expansion of Verra Mobility's operating scale and revenue size, and a material improvement in customer diversity, while sustaining good revenue and earnings growth. Additionally, Moody's would require the company maintain debt/EBITDA below 3x and adhere to a more balanced financial policy. The ratings could be downgraded if Moody's anticipates revenue declines, including from a significant customer loss, or EBITDA margins fall substantially. The adoption of a more aggressive financial policy through debt-funded acquisitions, dividends or share repurchases that drive debt/EBITDA above 4x could also lead to a ratings downgrade. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. Verra Mobility's Ba3 rating is two notches below the scorecard-indicated outcome of Ba1. The difference reflects Moody's greater emphasis on the company's financial policy, specifically its financial leverage target, and high customer concentration. Verra Mobility, (NASDAQ:VRRM), headquartered in Mesa, Arizona, is a technology-enabled services company providing toll, violation management, and title and registration services for rental car and fleet management companies, road safety cameras for municipalities, and commercial parking services and hardware. The company primarily operates in North America. Moody's expects about $1 billion of revenue in 2026. VON ROHR: Gets Interim OK to Use Cash Collateral ------------------------------------------------ The U.S. Bankruptcy Court for the District of New Jersey issued an interim order granting Von Rohr Equipment Corporation authority to use cash collateral. The court authorized the Debtor to use cash collateral strictly in accordance with the approved budget, permitting a 25% variance and requiring secured lenders' consent for material amendments. As adequate protection, Peapack Private Bank & Trust (formerly Peapack-Gladstone Bank) and Orgill, Inc. were granted automatically perfected replacement liens on all post-petition property of the Debtor. In addition, the secured lenders will be granted superpriority administrative expense claims under Section 507(b) in case of any diminution in the value of their collateral. The court clarified that no adequate protection payments are required at this stage. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/HOzpv from PacerMonitor.com. A final hearing is scheduled for December 11. Peapack claims a lien on nearly all of the Debtor's assets securing a $5 million revolver, including about $2.3 million in receivables, $7.28 million in inventory, $282,000 in vehicles, and $464,400 in machinery and equipment. Peapack also holds a personal guaranty from Von Rohr President John Cancelliere, who has more than $25 million in equity -- far exceeding the debt owed -- rendering the lender oversecured Orgill likewise holds a lien on most of the Debtor's assets, junior only to Peapack's, and is owed $262,541.16 as of the petition date. Peapack is represented by: Robert J. Malatak, Esq. Windels Marx Lane & Mittendorf, LLP 156 West 56th Street New York, NY 10019 Telephone (212) 237-1000 rmalatak@windelsmarx.com About Von Rohr Equipment Corp. Von Rohr Equipment Corp. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.Jer. Case No. 25-21662) with $10 million to $50 million in assets and $1 million to $10 million in laibilities. John Cancelliere signed the petition as president and sole shareholder. Judge Hon. Stacey L. Meisel oversees the case. The Debtor is represented by Anthony Sodono, III, Esq., at McManimon, Scotland & Baumann, LLC. WATER ENERGY: To Sell Ackerly Property to W&W LLC for $50K ---------------------------------------------------------- Water Energy Services LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Texas, San Antonio Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property is located at he intersection of U.S. Highway 87 and County Road U, in Ackerly, Texas. The Debtor has identified several estate assets that may be used to satisfy creditors, including the Property sought to be sold. The Debtor has been working with Hilco Real Estate, LLC as the Debtor’s broker to market the Property, which consists of an unimproved 1.5 acre lot north of Ackerly, Texas. After negotiation, the Debtor and Purchaser, W&W LLC, have agreed to a sale price of $50,000. The Debtor is proposing to sell the Property to the Purchaser under the terms and for the consideration identified in the Real Estate Purchase and Sale Contract. The legal description of the Property and the general terms of the Sale Contract can be found at: https://urlcurt.com/u?l=eki2wn. The Debtor is aware of purported liens against the Property, including those held by: a. Community Bank & Trust – West Georgia; b. OSC Energy, LLC; c. BTG, LLC; and d. Dawson County Central Appraisal District. The Debtor proposes to sell the Property free and clear of all liens, claims, and encumbrances. At closing, the Debtor seeks authority to pay: a. CB&T in the amount of $25,000; b. Hilco commission in the amount of $4,000.00, consistent with the Court's prior order approving Hilco’s employment; c. Dawson County for property taxes in the approximate amount of $161.46; and d. Closing costs of approximately $2,5000. The Debtor further requests that the remaining sale proceeds be held as cash collateral and utilized in accordance with the Court-approved budget. The Debtor believes that the Sale Contract is the highest and best offer that will be received for the Property. The Debtor believes the Purchase Price is reasonable and fair. The Debtor chose this offer based on the price offered and the belief that the Purchaser can close under the contracted terms. About Water Energy Services Water Energy Services, LLC, is a San Antonio-based company operating in the oil and gas extraction industry. Water Energy Services LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-50539) on March 21, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and between $10 million and $50 million in liabilities. Judge Michael M. Parker handles the case. The Debtor is represented by Herbert C Shelton, II, Esq., at Hayward, PLLC. WCB REALTY: Rita Hullett Named Subchapter V Trustee --------------------------------------------------- J. Thomas Corbett, the U.S. Bankruptcy Administrator for the Northern District of Alabama, appointed Rita L. Hullett of Rita L. Hullett, LLC as Subchapter V Trustee for WCB Realty Company, LLC. About WCB Realty Company LLC WCB Realty Company, LLC, a company in Birmingham, Ala., filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ala. Case No. 25-03529) on November 18, 2025. At the time of the filing, the Debtor listed between $1 million and $10 million in assets and liabilities. Robert C. Keller, Esq. at Russo, White & Keller represents the Debtor as legal counsel. WEST BRAZOS: Plan Exclusivity Period Extended to February 28, 2026 ------------------------------------------------------------------ Judge Alfredo R. Perez of the U.S. Bankruptcy Court for the Southern District of Texas extended West Brazos Stewart Food Markets, LLC and its affiliates' exclusive periods to file a plan of reorganization and obtain acceptance thereof to February 28, 2026 and April 29, 2026, respectively. As shared by Troubled Company Reporter, cause exists to extend the Debtors' Exclusive Periods, evident by the listed factors. First, this is the Debtors' first request for an extension, and not a lot of time has elapsed in these chapter 11 cases, less than four months since the Petition Date. Second, the Debtors' chapter 11 cases were filed to sell one of their two real properties or otherwise restructure the underlying real property debt. While the Debtors' real property in Sweeny is listed for sale and the Debtors have received interest from various parties, the Debtors still have not sold their real property. The Debtors need additional time to market and sell their real property. Third, the Debtors have been in discussions with SouthStar to reach an agreement on the SouthStar debt, which will be either through a sale and payoff or else through a restructuring of the debt. The Debtors need additional time for discussions, especially since a sale of the Sweeny property will greatly impact the formulation of a chapter 11 plan and treatment of SouthStar's claim under the plan. Fourth, the Debtors have been making strategic price changes and payroll reductions to increase cash flow. The Debtors have improved their cash position since the Petition Date but need additional time to increase cash flow for chapter 11 plan payments. So far, the Debtors' strategic price adjustments and payroll reductions are working but the Debtors anticipate continued monitoring over the price reductions and possibly additional payroll reductions, both of which require additional time to realize sustained increased cash flow. Counsel for the Debtors: Genevieve Graham, Esq. Graham, PLLC 1215 Arthur St. Houston TX 77019 Telephone: (832) 367-5705 Email: ggraham@graham-pllc.com About West Brazos Stewart Food Markets West Brazos Stewart Food Markets, LLC operates a family-owned grocery store that has served Brazoria, Texas, and the surrounding areas since 1975. The store offers baked goods, meats, housewares, beer and wine, frozen foods, and floral items, and provides both in-store shopping and pick-up services. West Brazos Stewart Food Markets and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-80317) on July 11, 2025. In the petitions signed by Verne Dwain Stewart, president, the Debtors disclosed $10 million to $50 million in estimated assets and $1 million to $10 million in estimated liabilities. Honorable Bankruptcy Judge Alfredo R. Perez handles the cases. The Debtors tapped Genevieve Graham, Esq., at Graham, PLLC as counsel and Chart Capital Management LLC as financial advisor. WHITE ROCK: Case Summary & Six Unsecured Creditors -------------------------------------------------- Debtor: White Rock Construction Services LLC 21232 Gathering Oak St., Ste 105 San Antonio, TX 78260 Business Description: White Rock Construction Services, established in 2021, provides commercial construction subcontracting services across San Antonio and Austin, Texas. The Company performs work in selective demolition, saw- cutting, framing and drywall, concrete, asphalt, and temporary protection, serving a range of general contractors and clients. It operates within the construction and specialty trade contracting industry. Chapter 11 Petition Date: November 25, 2025 Court: United States Bankruptcy Court Western District of Texas Case No.: 25-52853 Judge: Hon. Michael M Parker Debtor's Counsel: Ronald Smeberg, Esq. THE SMEBERG LAW FIRM 4 Imperial Oaks San Antonio TX 78248-1609 Tel: (210) 695-6684 Email: ron@smeberg.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Andrew Hutto as manager. A full-text copy of the petition, which includes a list of the Debtor's six unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/Y44WSKA/White_Rock_Construction_Services__txwbke-25-52853__0001.0.pdf?mcid=tGE4TAMA WHITNEY OIL & GAS: Gets Extension to Access Cash Collateral ----------------------------------------------------------- Whitney Oil & Gas, LLC received another extension from the U.S. Bankruptcy Court for the Eastern District of Louisiana to use cash collateral. The court's 21st interim order authorized the use of cash collateral for the period from Oct. 26, 2023, through the date which is five business days following a declaration to terminate, reduce or restrict the ability to use cash collateral by the Debtor. Certain entities may possess oil and gas liens under the Louisiana Oil Well Lien Act (LOWLA) on oil and gas assets owned by the Debtor. As protection for any diminution in value of their interests in the pre-bankruptcy collateral, the LOWLA lienholders will be granted valid and perfected security interests in, and liens on, the Debtor's assets, subject to a fee carveout. These liens do not apply to any Chapter 5 causes of action and the proceeds, thereof. To the extent the liens granted prove to be inadequate, the LOWLA lienholders will receive a superpriority administrative expense claims, junior to the fee carveout. The termination events under the 21st interim order include the filing by the Debtor of documents pertaining to a debtor-in-possession financing that adversely effects the LOWLA lienholders' liens; a default by the Debtor in reporting financial information; dismissal or conversion of the Debtor's Chapter 11 case; the appointment of a Chapter 11 trustee or examiner with enlarged powers; or other responsible person; and the failure by the Debtor to perform its obligations under the 21st interim order. The next hearing is set for December 16. The 21st interim order is available at https://is.gd/36dCF3 from PacerMonitor.com. About Whitney Oil & Gas Whitney Oil & Gas, LLC operates in the oil and gas extraction industry. The company is based in Houston, Texas. Whitney Oil & Gas filed Chapter 11 petition (Bankr. E.D. La. Case No. 23-11873) on Oct. 26, 2023, with $1 million to $10 million in both assets and liabilities. Judge Meredith S. Grabill oversees the case. Douglas S. Draper, Esq., at Heller, Draper & Horn, LLC is the Debtor's legal counsel. WILD CARGO: Unsecured Creditors to Get 5 Cents on Dollar in Plan ---------------------------------------------------------------- Wild Cargo Pets, Inc., submitted a Final Amended Plan of Reorganization dated November 20, 2025. The Plan proponent's financial projections show that the Debtor will have projected disposable income of $150,000. This Plan of Reorganization proposes to pay creditors of the Debtor from cash flow from Debtors operations. Non-priority unsecured creditors holding allowed claims will receive distributions, which the proponent of this Plan has valued at approximately 5 cents on the dollar. This Plan also provides for the payment of administrative and priority claims. Class 2 consists of Non-Priority Unsecured Claims. The allowed unsecured claim of Florida Department of Revenue total $23,163.53. Each non priority unsecured claim will be paid in 72 equal payments beginning fourteen days after the effective date of the plan. Unsecured claims will be paid at .05/$1.00. Class 3 consists of Equity Security Holders of the Debtor. Each security holder shall retain their interest in the Debtor. No distributions or dividends shall be made by the Debtor to any Class Equity Security Holder until such time as all allowed administrative expense claims, priority tax claims, statutory fees, class 1 priority Claims and Class 2 Non-Priority unsecured creditors are paid in full. Payments required under this Plan will be funded from revenues generated by the Debtor's continued operations, and cash on hand. On or before the effective date the Plan Sponsor will execute a Guarantee of the following obligations: (i) all fees and costs owed to professionals in this case; (ii) all priority tax claims; (iii) all statutory fees; (iv) all Class 1 Priority Claims: and (v) any other costs of the reorganization contemplated herein, included but not limited to additional professional fees and costs that continue to accrue throughout the implementation of this Plan. After the plan is confirmed, if there is not enough revenue to pay the mentioned expenses, the Plan Sponsor will contribute to any shortfall. A full-text copy of the Final Amended Plan dated November 20, 2025 is available at https://urlcurt.com/u?l=q7mX8f from PacerMonitor.com at no charge. Counsel to the Debtor: John Weinberg, Esq. Weinberg Law Firm, P.A. 2000 palm Beach Lakes Blvd., Suite 701 West Palm Beach, FL 33409 Telephone: (561) 355-0901 About Wild Cargo Pets Wild Cargo Pets, Inc., is an agricultural supply store. The Debtor sought relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 24-18380) on Aug. 19, 2024, listing under $1 million in both assets and liabilities. Judge Erik P. Kimball oversees the case. The Debtor tapped John Weinberg, Esq., at Weinberg Law Firm, P.A., as counsel. WILLIS ENGINE V: Fitch Affirms 'BBsf' Rating on Series C Notes -------------------------------------------------------------- Fitch Ratings has upgraded the rating of the class A and B notes of Willis Engine Structured Trust III (WEST III) to 'Asf' and 'BBBsf' from 'BBBsf' and 'BBsf', respectively. Following their upgrade, the Rating Outlooks are Stable. Fitch has also affirmed the Willis Engine Structured Trust V (WEST V) and Willis Engine Structured Trust VII (WEST VII) notes. The Rating Outlook for the WEST V B and C notes is Positive and the WEST V and WEST VII A notes is Stable. Entity/Debt Rating Prior ----------- ------ ----- Willis Engine Structured Trust VII A 97064YAA2 LT Asf Affirmed Asf Willis Engine Structured Trust V Series A 97064FAA3 LT Asf Affirmed Asf Series B 97064FAB1 LT BBBsf Affirmed BBBsf Series C 97064FAC9 LT BBsf Affirmed BBsf Willis Engine Structured Trust III Series A 2017-A 97063QAA0 LT Asf Upgrade BBBsf Series B 2017-A 97063QAB8 LT BBBsf Upgrade BBsf Transaction Summary The ratings reflect current transaction performance, Fitch's cash flow projections, and the agency's expectation that the structures will withstand rating-specific stresses under Fitch's criteria and cash flow modeling. Lease terms, lessee credit quality and performance, updated engine values, and Fitch's assumptions and stresses all inform its modelled cash flows and coverage levels. Rent collections over the past 12 months have decreased 5% for WEST III, while increasing 3% for both WEST V and WEST VII versus the prior 12 months. Engine utilization rates and lease rates impact rent collections. Average utilization rates were 5.3% lower for WEST III, 1.6% higher for WEST V, and approximately the same for WEST VII, over the past 12 months (11 months for WEST VII). Maintenance collections over the past 12 months have decreased for WEST III and V by 18% and 2%, and decreased 29% over the past 11 months for WEST VII. The debt-service coverage ratios (DSCRs) for WEST III, V, and VII are currently at 2.30x, 2.98x, and 2.11x respectively. The DSCRs are comfortably above the rapid amortization (1.1x) and the cash trapping (1.15x) trigger levels for all three transactions, and the notes are on schedule or ahead of scheduled principal balances. WEST VII is $10 million ahead of schedule. After satisfying all levels of the waterfall, the transactions have released cash totaling $11.9 million, $21.2 million, and $22.9 million for WEST III, V, and VII, respectively, to the issuer over the last 12 months. KEY RATING DRIVERS Asset Value: WEST III, V and VII each include mostly in-demand engines that support narrow body (NB) airframes representing 87%, 83% and 83% of the WEST III, V and VII pools, respectively, by Fitch Value. The remaining portion of each pool is split between engines that support widebody (WB), regional jet (RJ), and Terbo Prop (TP) airframes, with WB assets representing 6%, 15%, and 0% of each respective pool, RJ assets representing 7%, 1%, and 11%, and TP assets representing 6% of WEST VII. Average engine utilization rates over the last year were 77%, 73%, and 92% for WEST III, WEST V, and WEST VII, respectively, compared to 83%, 71%, and 91% the prior year. Utilization rates for engine pools are typically lower than that of aircraft as some engines are deployed on short-term leases. The Average Maintenance Adjusted Base Values (MABV) for the pools were approximately $243 million, $324 million, and $353 million, respectively, as of the October 2025 payment date. Fitch used the most recent appraisals as of December 2024 and applied depreciation assumptions in accordance with its criteria. Using the MABV, loan-to-values (LTVs) have changed since the last review in November 2024 for WEST III and V and October 2023 for WEST VII as follows: WEST III: A note 58% to 60%; B note 66% to 68%; WEST V: A note 67% to 67%; B note 76% to 76%; C note 78% to 78%; WEST VII: A note 72% to 66%. Tiered Collateral Quality: Although Fitch only assigns tiers to aircraft and not the engines themselves, the engines in the WEST III, V and VII pools principally support Tier I and Tier II aircraft that are in high demand with large in-service fleets. Pool Concentration: The underlying collateral is comprised of 40 engines for WEST III, 41 engines for WEST V, and 34 assets (30 engines and 4 aircraft) for WEST VII. Over the past year, WEST III sold seven engines; WEST V sold four engines and acquired two high-value engines, and WEST VII sold 10 engines. The assets are leased to 18 lessees in 15 countries in WEST III, 15 lessees in 12 countries in WEST V, and 15 lessees in 12 countries in WEST VII. Geographically, all three transactions have the largest concentration of leases in emerging Asia Pacific, 29%, 39%, and 27%, respectively by value. The transactions' largest country concentration is the same for all three transactions, with pool concentration of 20%, 31%, and 22% to India, respectively. Lessee Credit Risk: Fitch considers the credit risk posed by the pool of lessees to be moderate. The WA assumed lessee rating for WEST III is 'B', between 'B+' and 'BB-' for WEST V, and 'B+' for WEST VII. WEST III and V are exposed to moderate arrear balances. Operation and Servicing Risk: Willis Lease Finance Corp. (WLFC, not rated by Fitch) acts as sponsor, servicer and administrative agent to the transactions. Fitch has found WLFC to be an effective servicer with a proven track-record in the areas of remarketing, underwriting, procuring and managing engine maintenance, and managing a portfolio. This is evidenced by the experience of their team, the servicing of their managed fleet and securitization performance. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - An increase in delinquencies, lower lease rates, or sales of aircraft below Fitch's projections could lead to a downgrade; - Fitch conduct sensitivities in which a lessee rating of 'CCC' was assumed for all future lessees. This sensitivity reduced the model-implied rating (MIR) by zero to two notches; - Fitch considers jurisdictional concentrations per the "Structured Finance and Covered Bonds Country Risk Rating Criteria," which could result in rating caps lower than 'Asf'. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Potential upgrades are possible if engine values and lease rates are stronger than forecasted and/or excess maintenance cashflows are used to deleverage the transactions; - Fitch conducted sensitivities in which current lessee ratings of 'B' or higher are assumed, and that all future lessees are rated 'B'. This sensitivity resulted in no changes to the MIRs; - The aircraft ABS sector has a rating cap of 'Asf'. All subordinate tranches carry ratings lower than the senior tranche. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. 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. X&Y DEVELOP: Seeks Chapter 7 Bankruptcy in California ----------------------------------------------------- On November 21, 2025, X&Y Develop Inc. filed Chapter 7 bankruptcy protection in the Central District of California. According to the court filing, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About X&Y Develop Inc. X&Y Develop Inc., a privately owned real estate developer in California, focuses on buying, upgrading, and managing commercial and residential properties. Its core activities span investment, redevelopment, and strategic property planning to drive value growth across its portfolio. X&Y Develop Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-18424) on November 21, 2025. In its petition, the Debtor reports estimated assets between $0 and $100,000 and estimated liabilities between $100,001 and $1,000,000. Honorable Bankruptcy Judge Magdalena Reyes Bordeaux handles the case. The Debtor is represented by Justin Jingwei Sun, Esq. of JW Sun Law Firm PC. XWELL INC: Completes Series G Preferred Exchange for $3.4MM Notes ----------------------------------------------------------------- XWELL, Inc. on November 3, 2025, entered into a Securities Exchange and Amendment Agreement with the holders of the Company's Series G Convertible Preferred Stock, with a par value of $0.01 per share and a stated value of $1,000 per share, pursuant to which, the Company agreed to exchange a portion of the Company's outstanding shares of Series G Preferred Stock, including all accrued and unpaid dividends thereon equal to $1,553,806.00 in aggregate Stated Value, held by the Holders, for senior secured convertible notes in the aggregate principal amount of $3,387,138.80. The closing of the Exchange occurred on November 10, 2025, the Company has announced in a report on Form 8-K filed with the Securities and Exchange Commission. In connection with the Exchange, the Company and the Holders agreed to amend certain terms of the Company's Series G Preferred Stock as set forth in a Certificate of Amendment to the Certificate of Designations of the Series G Convertible Preferred Stock. On November 7, 2025, the Company filed the Certificate of Amendment with the Secretary of State of the State of Delaware. The Certificate of Amendment amends the Certificate of Designations to: (i) reduce the conversion price of the Series G Preferred Stock to $1.00, (ii) remove the restrictive covenant requiring the Company to maintain unencumbered, unrestricted cash and cash equivalents on hand in an amount equal to at least 200% of the shares of common stock, par value $0.01 per share, issuable upon conversion of the outstanding shares of Series G Preferred Stock, (iii) amend the definition of "Make-Whole Amount," such that it now means an amount equal to the amount of additional dividends that would accrue at the dividend rate then in effect assuming for calculation purposes that the Stated Value as of the Closing Date remained outstanding through and including the Maturity Date (as defined in the Certificate of Designations), (iv) add certain anti-dilution provisions such that the Series G Conversion Price will be subject to price-based adjustment in the event of any issuances of Common Stock, or securities convertible, exercisable or exchangeable for Common Stock, at a price below the then-applicable Series G Conversion Price (subject to certain exceptions), (v) add certain provisions such that the Company and the holder of the shares of Series G Preferred Stock may agree to accelerate the conversion of such shares (including any Deferral Amounts (as defined in the Certificate of Designations)) at a conversion price equal to the lower of: i) the Installment Conversion Price (as defined in the Certificate of Designations) applicable to the current Installment Date and ii) the greater of the Floor Price and (x) 80% of the dollar volume-weighted average price of the Common Stock immediately prior to such acceleration, and (y) the average three daily VWAP during the thirty consecutive trading day immediately prior to such acceleration. A full-text copy of the Certificate of Amendment is available at https://tinyurl.com/43n5fvaf About XWELL New York, N.Y.-based XWELL, Inc. is a global wellness company operating multiple brands and focused on bringing restorative, regenerative and reinvigorating products and services to travelers. Morristown, N.J.-based Marcum LLP, the Company's former auditor, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of June 30, 2025, the Company had $22.4 million in total assets, $18.3 million in total liabilities, and a total equity of $3.7 million. ZION OIL & GAS: Extends ZNOGW Warrants by Five Years to Jan. 2031 ----------------------------------------------------------------- Zion Oil & Gas, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on November 17, 2025, the Company executed an Amendment to a certain Warrant Agent Agreement between the Company and Equiniti Trust Company, LLC, a New York limited liability trust company with offices at 55 Challenger Road, 2nd Floor, Ridgefield Park, N.J. 07660. The Company has implemented an Agreement with Equiniti as the Company's Warrant Agent, under a Warrant Agent Agreement dated August 1, 2014 for the Warrant ZNWAA [trading under the symbol ZNOGW]. The Warrant ZNWAA has an expiration date of January 31, 2026. Pursuant to Section 3.2 of the Warrant Agent Agreement, the Company in its sole discretion extended the duration of the above Warrant by delaying the Expiration Date and such extension shall be identical in duration among all of the Warrants. The Company is extending the duration of the Warrant ZNWAA by five years from the expiration date of January 31, 2026 to January 31, 2031. About Zion Oil Headquartered in Dallas, Texas, Zion Oil and Gas, Inc. -- http://www.zionoil.com/-- is an oil and gas exploration company dedicated to exploring for oil and gas onshore in Israel under its Megiddo Valleys License 434 which covers approximately 75,000 acres. As of September 30, 2025, the Company had $44.7 million in total assets, $3 million in total liabilities, and $41.7 million in total stockholders' equity. In its report dated March 27, 2025, the Company's auditor, RBSM LLP, issued a "going concern" qualification 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. [^] Recent Small-Dollar & Individual Chapter 11 Filings ------------------------------------------------------- In re Silverline Mechanical, LLC Bankr. E.D. Tex. Case No. 25-43475 Chapter 11 Petition filed November 16, 2025 See https://www.pacermonitor.com/view/ST4SDPA/none_Silverline_Mechanical_LLC__txebke-25-43475__0001.0.pdf?mcid=tGE4TAMA represented by: David Ritter, Esq. RITTER SPENCER PLLC E-mail: dritter@ritterspencercheng.com In re Innovative Plumbing Concepts, LLC Bankr. M.D. Ala. Case No. 25-81461 Chapter 11 Petition filed November 17, 2025 See https://www.pacermonitor.com/view/JI2JFWA/Innovative_Plumbing_Concepts_LLC__almbke-25-81461__0001.0.pdf?mcid=tGE4TAMA represented by: Anthony B. 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Case No. 25-02275 Chapter 11 Petition filed November 17, 2025 represented by: M. Ellen, Esq. In re Another Spare Hive Inc. Bankr. M.D. Fla. Case No. 25-04235 Chapter 11 Petition filed November 17, 2025 See https://www.pacermonitor.com/view/NLYTSNY/Another_Spare_Hive_Inc__flmbke-25-04235__0001.0.pdf?mcid=tGE4TAMA represented by: Byron W. Wright III, Esq. BRUNER WRIGHT, P.A. E-mail: twright@brunerwright.com In re CommercialMortgages.com LLC Bankr. S.D. Fla. Case No. 25-23577 Chapter 11 Petition filed November 17, 2025 See https://www.pacermonitor.com/view/TGM327I/CommercialMortgagescom_LLC__flsbke-25-23577__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Allan Cameron Sutherland, Jr. Bankr. N.D. Ill. Case No. 25-17758 Chapter 11 Petition filed November 17, 2025 See https://www.pacermonitor.com/view/XND2GEA/Allan_Cameron_Sutherland_Jr__ilnbke-25-17758__0001.0.pdf?mcid=tGE4TAMA represented by: David Freydin, Esq. LAW OFFICES OF DAVID FREYDIN E-mail: david.freydin@freydinlaw.com In re Yaakov David Spaeth Bankr. S.D.N.Y. Case No. 25-23117 Chapter 11 Petition filed November 17, 2025 represented by: Eric Zabicki, Esq. PICK & ZABICKI LLP In re Warriors Sports Club, Inc. Bankr. S.D.N.Y. Case No. 25-12549 Chapter 11 Petition filed November 17, 2025 See https://www.pacermonitor.com/view/6MGEQLA/Warriors_Sports_Club_Inc__nysbke-25-12549__0001.0.pdf?mcid=tGE4TAMA represented by: Manuel Gomez, Esq. LAW OFFICE OF MANUEL D. GOMEZ E-mail: manueldgomezesq@gmail.com In re Conklin Media, LLC Bankr. E.D. Pa. Case No. 25-14673 Chapter 11 Petition filed November 17, 2025 See https://www.pacermonitor.com/view/LIBVMRA/Conklin_Media_LLC__paebke-25-14673__0001.0.pdf?mcid=tGE4TAMA represented by: Lawrence V. Young, Esq. CGA LAW FIRM E-mail: lyoung@cgalaw.com In re Emily Grace Pardy Bankr. M.D. Tenn. Case No. 25-04842 Chapter 11 Petition filed November 17, 2025 represented by: R. Payne, Esq. 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Case No. 25-05294 Chapter 11 Petition filed November 19, 2025 represented by: Enrique M. Almeida Bernal, Esq. In re Serra Gaucha Brazilian Steakhouse LLC Bankr. D. Ariz. Case No. 25-11201 Chapter 11 Petition filed November 20, 2025 See https://www.pacermonitor.com/view/PAMCXUQ/SERRA_GAUCHA_BRAZILIAN_STEAKHOUSE__azbke-25-11201__0001.0.pdf?mcid=tGE4TAMA represented by: Chris D. Barski, Esq. BARSKI LAW FIRM PLC E-mail: cbarski@barskilaw.com In re William Dokos Butler and Anne Harmsen Butler Bankr. N.D. Cal. Case No. 25-51814 Chapter 11 Petition filed November 20, 2025 represented by: Brent Meyer, Esq. In re Colin Andrew Ilgner Bankr. S.D. Fla. Case No. 25-23771 Chapter 11 Petition filed November 20, 2025 represented by: Chad Van Horn, Esq. VAN HORN LAW GROUP P.A. In re Element PT Houston, LLC Bankr. S.D. Fla. Case No. 25-23758 Chapter 11 Petition filed November 20, 2025 See https://www.pacermonitor.com/view/DHNMFPQ/Element_PT_Houston_LLC__flsbke-25-23758__0001.0.pdf?mcid=tGE4TAMA represented by: Brian K. McMahon, Esq. BRIAN K. MCMAHON, PA E-mail: briankmcmahon@gmail.com In re Intertraderone, LLC Bankr. S.D. Fla. Case No. 25-23754 Chapter 11 Petition filed November 20, 2025 See https://www.pacermonitor.com/view/6DGPORQ/Intertraderone_LLC__flsbke-25-23754__0001.0.pdf?mcid=tGE4TAMA represented by: Brian K. McMahon, Esq. BRIAN K. MCMAHON, PA E-mail: briankmcmahon@gmail.com In re Carl Keith Davis and Geraldina Murdoch-Bautist Davis Bankr. D. Md. Case No. 25-20959 Chapter 11 Petition filed November 20, 2025 represented by: Iris Kwon, Esq. In re Maranatha Faith Ministries Queens Inc. Bankr. E.D.N.Y. Case No. 25-45603 Chapter 11 Petition filed November 20, 2025 See https://www.pacermonitor.com/view/LI7FTMA/Maranatha_Faith_Ministries_Queens__nyebke-25-45603__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re RSBRMK LLC Bankr. E.D.N.Y. Case No. 25-45591 Chapter 11 Petition filed November 20, 2025 See https://www.pacermonitor.com/view/OXJFOFA/RSBRMK_LLC__nyebke-25-45591__0001.0.pdf?mcid=tGE4TAMA represented by: Solomon Rosengarten, Esq. E-mail: vokma@aol.com In re Northwest Waterproofing LLC Bankr. D. Ore. Case No. 25-33899 Chapter 11 Petition filed November 20, 2025 See https://www.pacermonitor.com/view/GADYPAA/Northwest_Waterproofing_LLC__orbke-25-33899__0001.0.pdf?mcid=tGE4TAMA represented by: Noah Bishop, Esq. BISHOP BANKRUPTCY LAW, LLC E-mail: bishopbankruptcylaw@gmail.com In re Anderson Physical Therapy ETC., PC. Bankr. W.D. Pa. Case No. 25-10654 Chapter 11 Petition filed November 20, 2025 See https://www.pacermonitor.com/view/66DXWHQ/Anderson_Physical_Therapy_ETC__pawbke-25-10654__0001.0.pdf?mcid=tGE4TAMA represented by: David Z. Valencik, Esq. CALAIARO VALENCIK E-mail: dvalencik@c-vlaw.com In re Genesis Refrigeration & H.V.A.C., LLC Bankr. W.D. Wash. Case No. 25-13293 Chapter 11 Petition filed November 20, 2025 See https://www.pacermonitor.com/view/X76EXEI/Genesis_Refrigeration__HVAC_LLC__wawbke-25-13293__0001.0.pdf?mcid=tGE4TAMA represented by: Thomas D. Neeleman, Esq. NEELEMAN LAW GROUP, P.C. E-mail: courtmail@expresslaw.com In re Joe Nathan Barrow Bankr. N.D. Ala. Case No. 25-03563 Chapter 11 Petition filed November 21, 2025 In re The Best of Taste, Inc. Bankr. D. Ariz. Case No. 25-11278 Chapter 11 Petition filed November 21, 2025 See https://www.pacermonitor.com/view/7JBHRII/The_Best_of_Taste_Inc__azbke-25-11278__0001.0.pdf?mcid=tGE4TAMA represented by: Lawrence D. Hirsch, Esq. PARKER SCHWARTZ, PLLC E-mail: lhirsch@psazlaw.com In re Citadel Assisted Living LLC Bankr. D. Colo. Case No. 25-17658 Chapter 11 Petition filed November 21, 2025 See https://www.pacermonitor.com/view/BAGO33I/Citadel_Assisted_Living_LLC__cobke-25-17658__0001.0.pdf?mcid=tGE4TAMA represented by: Jeffrey A. Weinman, Esq. MICHAEL BEST & FRIEDRICH LLP E-mail: jweinman@allen-vellone.com In re East Side Assisted Living LLC Bankr. D. Colo. Case No. 25-17663 Chapter 11 Petition filed November 21, 2025 See https://www.pacermonitor.com/view/44LSFUQ/East_Side_Assisted_Living_LLC__cobke-25-17663__0001.0.pdf?mcid=tGE4TAMA represented by: Jeffrey A. Weinman, Esq. MICHAEL BEST & FRIEDRICH LLP E-mail: jweinman@allen-vellone.com In re Ryan Dodd Bankr. N.D. Ill. Case No. 25-18086 Chapter 11 Petition filed November 21, 2025 represented by: Justin Storer, Esq. In re FM Healing Center, LLC Bankr. E.D. Ky. Case No. 25-51668 Chapter 11 Petition filed November 21,2 025 See https://www.pacermonitor.com/view/7KNS7RQ/FM_Healing_Center_LLC__kyebke-25-51668__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Papatzul LLC Bankr. S.D.N.Y. Case No. 25-12612 Chapter 11 Petition filed November 21, 2025 See https://www.pacermonitor.com/view/TNS6PMY/Papatzul_LLC__nysbke-25-12612__0001.0.pdf?mcid=tGE4TAMA represented by: Lawrence Morrison, Esq. MORRISON TENENBAUM PLLC E-mail: lmorrison@m-t-law.com In re CIA Service Center, LLC Bankr. D.S.C. Case No. 25-04606 Chapter 11 Petition filed November 21, 2025 See https://www.pacermonitor.com/view/R4SAXIQ/CIA_Service_Center_LLC__scbke-25-04606__0001.0.pdf?mcid=tGE4TAMA represented by: Robert Pohl, Esq. POHL BANKRUPTCY, LLC E-mail: Robert@Bankruptcy.com In re Michael Anthony Tollari Bankr. W.D. Tex. Case No. 25-52828 Chapter 11 Petition filed November 21, 2025 represented by: William Davis, Esq. LANGLEY & BANACK, INC. In re Gabriel Adam Tilley Bankr. D. Utah Case No. 25-27097 Chapter 11 Petition filed November 21, 2025 represented by: Geoffrey Chesnut, Esq. In re NextGen MRO Solutions LLC Bankr. W.D. Va. Case No. 25-61428 Chapter 11 Petition filed November 21, 2025 See https://www.pacermonitor.com/view/MEXQDDI/NextGen_MRO_Solutions_LLC__vawbke-25-61428__0001.0.pdf?mcid=tGE4TAMA represented by: David Cox, Esq. COX LAW GROUP E-mail: david@coxlawgroup.com ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. 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