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251208.mbx T R O U B L E D C O M P A N Y R E P O R T E R Monday, December 8, 2025, Vol. 29, No. 341 Headlines 1 SOURCE: Files Emergency Bid to Use Cash Collateral 123 NORTH 4TH ST: Case Summary & Six Unsecured Creditors 123 NORTH: Seeks Chapter 11 Bankruptcy in New York 1544 MULTIFAMILY: Case Summary & 10 Unsecured Creditors 1544 MULTIFAMILY: Seeks Ch. 11 Bankruptcy in District of Columbia 196 REAL: Seeks Chapter 7 Bankruptcy in New York 23ANDME HOLDINGS:Judge Outlines Trust Rules, Creditor Claim Process 2617-23 FOSTER: Seeks to Extend Plan Exclusivity to March 9, 2026 30 EAST 40TH: Seeks Chapter 11 Bankruptcy in New York 31FO LLC: Claims to be Paid From Sale Proceeds 345 PROPERTIES: Seeks Chapter 11 Bankruptcy in Virginia 351 NORTH: Seeks Chapter 11 Bankruptcy in California 5 TUNN: Seeks Chapter 11 Bankruptcy in Massachusetts 520 E: Seeks Chapter 11 Bankruptcy in New York 700 TRUST: 11th Circuit Tosses Appeal over Case Transfer 904 X 4 INC: Gets Interim OK to Use Cash Collateral Until Jan. 15 A-AP BUYER: Moody's Affirms 'B1' CFR & Alters Outlook to Negative AARTI WESTERN: Seeks Chapter 11 Bankruptcy in Texas AB INTERNATIONAL: Has $1.5MM FY25 Income, Going Concern Doubt ABUELO'S INT'L: Seeks to Extend Plan Exclusivity to March 1, 2026 ACCURATE COMMUNICATION: Mary Sieling Named Subchapter V Trustee ADVANTIS INVESTMENT: Final Cash Collateral Hearing Set for Dec. 15 AGREETA SOLUTIONS: Seeks to Extend Exclusivity to April 22, 2026 ALBAUGH LLC: S&P Affirms 'BB-' Issuer Credit Rating, Outlook Neg. ALGORHYTHM HOLDINGS: Fails to Meet Nasdaq Equity Requirement ALLSTATE SALES: Bank Hapoalim Wants Thomas Buck as Receiver ALLURE IMAGE: Case Summary & Seven Unsecured Creditors ALTICE USA: Executives Split $2MM Special Bonuses AMERICAN SIGNATURE: Gets Interim OK for DIP Financing From SACP AMERICAN WARRIOR: Amendment of Garden City Property Sale OK'd AMERIFIRST FINANCIAL: Gets Court OK for Chapter 11 Plan Disclosures ANNALEE DOLLS: Court Extends Cash Collateral Access to Dec. 31 ARCHDIOCESE OF NEW ORLEANS: Judge Takes Weekend to Review Plan ARISTOI CLASSICAL: S&P Rates 2025A/B and 2025B Revenue Bonds 'BB' ARK HOME 3: Seeks Chapter 11 Bankruptcy in Texas ARK HOME 7: Seeks Chapter 11 Bankruptcy in Texas ASCEND PERFORMANCE: Seeks to Extend Exclusivity to March 17, 2026 ASURION LLC: Moody's Affirms 'B1' CFR, Outlook Stable ATIF INC: Court Tosses Appeal in Fraudulent Transfer Case BAFFINLAND IRON: Moody's Appends 'LD' Designation to 'Caa3-PD' PDR BARMASTERS LLC: Section 341(a) Meeting of Creditors on January 12 BEAUX EQUITIES: Powercap Lawsuit Goes to Trial BEAUX EQUITIES: Shorivger Trust et al. Lose Bid to Dismiss Lawsuit BEYOND AIR: CFO Doug Larson Resigns for New Opportunity BLOCKFI INC: Secures Final Court OK of $13MM Settlement BMH ONE RE: Voluntary Chapter 11 Case Summary BMX TRANSPORT: Pendergrass Property Sale to Jackson County OK'd BOREN INC: Court Extends Cash Collateral Access to Dec. 30 BOY SCOUTS: Opposes Supreme Court Review of Chapter 11 Deal BRIDGING THE DIVIDES: Seeks Chapter 11 Bankruptcy in North Carolina BROWNIE'S MARINE: Issues 48.12MM Shares to CEO, Director BURGUNDIAN LLC: Accountant Wins $17,352.50 in Fees BURGUNDIAN LLC: Counsel's First Fee Application Okayed BURGUNDIAN LLC: Subchapter V Trustee's Fee Application Okayed CANDYWAREHOUSE.COM INC: Gets Final OK to Use Cash Collateral CAPROCK LAND: Bunkley, et al. Win Bid for Payment of Defense Costs CAPSTONE BORROWER: Fitch Alters Outlook on 'B+' IDR to Negative CAPSTONE TOPCO: $250MM Incremental Loan No Impact on Moody's B3 CFR CBDMD INC: Adopts 2025 Equity Plan with 2% Annual Evergreen CBDMD INC: Sets CEO Kennedy's Annual Base Salary at $340,000 CELANESE US: Fitch Assigns 'BB+' Rating on Senior Unsecured Notes CLOUD SOFTWARE: Moody's Ups CFR to 'B2', Outlook Stable COBRA TIRE: Case Summary & 20 Largest Unsecured Creditors COMINAR REAL: DBRS Cuts Issuer Rating to BB COMMUNITY HEALTH: Labcorp Acquires CHS Outreach Business for $194MM COURTNEY CYPLIK: Wins Bid to Convert Bankruptcy Case to Chapter 11 COVIA HOLDINGS: Moody's Affirms B1 CFR & Alters Outlook to Negative CREATIVE STARS: Gets Final OK to Use Cash Collateral CRESCENT ENERGY: Moody's Rates New Senior Unsecured Notes 'B1' CROWN CAPITAL: Court Dismisses Certain Chapter 11 Cases DATAVAULT AI: Closes $150 Million BTC Deal with Scilex Holding DORADO PUTT: Unsecured Creditors Will Get 100% of Claims in Plan DP LOUISIANA: Court Extends Cash Collateral Access to Dec. 16 DXP ENTERPRISES: $205MM Loan Add-on No Impact on Moody's 'B1' CFR EAZY-PZ LLC: Seeks Six-Month Extension to Use Cash Collateral EL DORADO FARM: Section 341(a) Meeting of Creditors on January 6 ELFAND ORGANIZATION: Stay Relief, Chapter 7 Conversion Upheld ELLIOT DANILOFF: Legal Bureau Liga Disputes Referred to Mediation ENCORE CAPITAL: Moody's Affirms 'Ba2' CFR, Outlook Remains Stable ENDRA LIFE: CTO Michael Thornton Transitions to Consultant Role ERIC R. HARTMAN: To Sell Assets to Zuidema Chiropractic for $9K ETG FIRE: To Sell Personal Property to Jack Gerard for $10K FELT & FAT: Gets Interim OK to Use Cash Collateral FIRST BRANDS: Business Falters Amid Customer Payment Uncertainty FLIGHT 509: Seeks Cash Collateral Access FORGENT INTERMEDIATE: S&P Assigns 'B' ICR, Outlook Stable FORTNA GROUP: S&P Lowers ICR to 'CCC-' on Cash Burn, Outlook Neg. FORTUNE CIRCLE: Affiliate Seeks Cash Collateral Access FP HOUSTON: Gets Court OK to Use Cash Collateral FREEDOM MORTGAGE: Fitch Rates New Sr. Unsecured Notes 'B+(EXP)' FTX TRADING: Amended Complaint in Farmington, et al. Case Tossed FTX TRADING: Trust Drops $50MM Claim Against African Fintech GENESIS HEALTHCARE: Creditors Contest Insider Deal, Plan to Sue GENESIS HEALTHCARE: Rochelle McCullough Represents Tort Claimants GIAPREET LLC: Voluntary Chapter 11 Case Summary GLASS MANAGEMENT: Court Extends Cash Collateral Access to Jan. 7 GOOD WORKS: Amends U.S. Bank Trust Secured Claim Pay GROUNDWORKS LLC: Moody's Affirms 'B3' CFR, Outlook Remains Stable HANESBRANDS INC: S&P Withdraws 'B+' ICR on Acquisition by Gildan HEADWAY WORKFORCE: Court Okays Waldrep Wall's Fee Application HERC HOLDINGS: Moody's Rates New $1.2BB Sr. Unsecured Notes 'Ba3' HERTZ GLOBAL: DOJ Urges Supreme Court to Deny Chapter 11 Appeal HIGHLINE AFTERMARKET: Term Loan Add-on No Impact on Moody's B2 CFR HOPEMAN BROTHERS: District Court to Hear Liberty Mutual Dispute HS MIDCO: S&P Affirms 'B-' ICR on Refinancing, Outlook Stable HS PURCHASER: Moody's Affirms 'B3' CFR & Alters Outlook to Negative HUDSON PACIFIC: Reduces Shares to 54.2MM via 1-for-7 Reverse Split INTERMEDIATE III: Moody's Assigns First Time B1 Corp. Family Rating IROBOT CORP: Carlyle Sells $190MM Loan to Contract Manufacturer IRON CROSS: Court Dismisses Chapter 11 Bankruptcy Case IT IS WELL: Gets Final OK to Use Cash Collateral JB GROUP: Gets Court OK to Use Cash Collateral KEYERA CORP: DBRS Confirms BB(High) Rating on Subordinated Notes KOSCIUSZKO DEVELOPMENT: Seeks Chapter 7 Bankruptcy in Pennsylvania KPOWER GLOBAL: Mike Kattawar, Jr. to Receive $7,500 Salary Per Week KRUGER PRODUCTS: DBRS Hikes Sr. Unsec. Notes Rating to BB(low) LANDERS DEVELOPMENT: Arkansas Property Sale for $320K OK'd LANDERS DEVELOPMENT: Taps Crye-Leike Realtors as Real Estate Agent LEXARIA BIOSCIENCE: MaloneBailey Raises Going Concern Doubt LINQTO TEXAS: Secures OK to Solicit Plan Votes w/ Stock Deal LOADED BARREL: Gets Court OK to Use Cash Collateral Until Jan. 9 MALLINCKRODT PLC: Opioid Trust Loses Appeal in Clawback Case MANA GROUP: Files Amendment to Disclosure Statement MANE SOURCE: Court Confirms Amended Chapter 11 Plan MARINE WHOLESALE: Seeks to Use Cash Collateral Until July 2026 MARQUEZ CONSTRUCTION: OSC's Administrative Expense Claim Allowed MARYLAND HEALTH: Gets Court OK to Use Cash Collateral Until Dec. 20 MATTAMY GROUP: Moody's Rates New Senior Unsecured Notes 'Ba2' MCGLOTHLIN INVESTMENTS: To Sell Moneta Property to C. & L. Barnes MCHUGH JUNK: Allowed to Pay Pre-Petition Wages MEG ENERGY: Moody's Withdraws 'Ba3' CFR Following Debt Repayment MILLENKAMP CATTLE: Kander's Final Fee Application Okayed MODIVCARE INC: Lenders Want Speedy Chapter 11 Plan Approval MORTGAGES LTD: Final Distribution, Deposit of Unclaimed Funds OK'd MSOF BEACON: Moody's Assigns 'B2' CFR, Outlook Stable MW MASON: Gets Interim OK to Use Cash Collateral NAVACORD INTERMEDIATE: Fitch Affirms B LongTerm IDR, Outlook Stable NAVACORD INTERMEDIATE: Moody's Affirms 'B3' CFR, Outlook Stable NEW HOME: $75MM Unsecured Notes Add-on No Impact on Moody's B2 CFR NORTHERN FUEL: Stipulated Motion for Automatic Stay Relief Okayed OFFICE PROPERTIES: Russell R. Johnson Represents Utility Companies OFFICE PROPERTIES: Sussman & Moore Represents Utility Companies OMNICARE LLC: Court OKs Bid Rules for Pharmaceutical Asset Sale P3 HEALTH: Falls Below Nasdaq $2.5MM Equity Requirement PACIFIC RADIO: Seeks to Use Cash Collateral PAINT INTERMEDIATE III: S&P Alters Outlook to Neg, Affirms 'B' ICR PAREXEL INTERNATIONAL: Moody's Cuts CFR to 'B2', Outlook Stable PARTNERS PHARMACY: Seeks to Extend Exclusivity to April 10, 2026 PHB 2023: To Sell Sebring Property to Mazal in Sebring for $2.3MM PINEAPPLE PROPERTIES: Augustine Property Sale to B. Szolgyemy OK'd PINEY POINT: To Sell Houston Property to Silverstone for $75MM PRECISION DRILLING: Moody's Ups CFR to 'Ba2', Outlook Stable PRINCE LAND: Amends Unsecured Claims Pay Details PRINCE LAND: Gets Extension to Access Cash Collateral PROFESSIONAL DIVERSITY: Signs $1.6MM Deeptrade Consultancy Deal PROPEL TRUCKING: Gets Final OK to Use Cash Collateral PUSHPA INTERNATIONAL: Cash Collateral Hearing Set for Feb. 26 REBORN PHOENIX: Updates Habib Secured Claims Pay; Amends Plan RICHFIELD NURSING: Court OKs Nursing Facility Asset Sale to MHBK5 ROCKFORD SILK: Gets Interim OK to Use Cash Collateral Until Dec. 13 ROSE RENTAL: Seeks Subchapter V Bankruptcy in Mississippi SAI BHOLE-NATH: Seeks Chapter 11 Bankruptcy in Texas SAMYS OC: Court Extends Cash Collateral Access to Dec. 30 SANCTUARYSPA INC: Unsecureds Will Get 4% of Claims over 60 Months SCHAFER FISHERIES: Court Extends Cash Collateral Access to Dec. 31 SCILEX HOLDING: Completes $150MM BTC Deal with Datavault AI SCT PARK: PNC Wants GlassRatner's Brown as Receiver SHERWOOD TRUST: Seeks Chapter 11 Bankruptcy in California SIX COOKS: Gets One-Month Extension to Use Cash Collateral SLEEP QUARTERS: Seeks Chapter 11 Protection in Texas SONDER HOLDINGS: Seeks Approval of Bid Protocol for Property Sale SONIM TECHNOLOGIES: Amends $15MM Asset Sale Agreement, Drops RTO SPIN HOLDCO: Moody's Cuts CFR to Caa3 & Alters Outlook to Negative SPIRIT AIRLINES: Seeks Court OK for $140MM Engine Settlement SPIRITRUST LUTHERAN: Gets Interim OK for DIP Financing From M&T SPRAYTECH LLC: Unsecureds Will Get 3.23% of Claims over 5 Years STAKEHOLDER MIDSTREAM: Moody's Puts 'B2' CFR on Review for Upgrade STANDARD BUILDING: Fitch Rates New USD Unsec. Notes Due 2034 'BB' STANDARD BUILDING: Moody's Rates New Senior Unsecured Notes 'Ba3' STARCO BRANDS: Extends Forbearance Deal with Gibraltar to Dec. 31 STUDENT TRANSPORTATION: Moody's Rates New Upsized Term Loan 'B1' SUPRA NATIONAL: Gets Interim OK to Obtain DIP Loan From CSNK SURVWEST LLC: Claims to be Paid from Continued Operations SWF HOLDINGS I: Moody's Cuts CFR to Caa2 & Alters Outlook to Neg. TECHNICAL ARTS: Allowed to Pay Prepetition Wages TECHNICAL ARTS: Can Maintain Cash Management System, Bank Accounts TELUS CORP: S&P Rates New C$-Denominated Subordinated Notes 'BB' TITAN GROUP: Cash Collateral Hearing Set for Dec. 10 TOGETHER GOOD: Lender Seeks to Prohibit Cash Collateral Access TRILLION ENERGY: Reports $4MM Net Loss in 2025 Q3, Revenues Fall TRIUMPH GROUP: S&P Withdraws 'B-' ICR on Acquisition by Berkshire UNIFIED VAILSBURG: Voluntary Chapter 11 Case Summary UNIQUE REALTY: Seeks to Hire Dilks Law Firm as Bankruptcy Counsel UNITED PROPERTY: Court OKs Deal on Cash Collateral Access UNITED PROPERTY: Unsecureds Will Get 3.1% of Claims over 3 Years URBANCORE PRESERVATION: Fannie Mae Wants Kimaz as Receiver US FERTILITY: Moody's Affirms B2 CFR & Rates New First Lien Debt B2 US MAGNESIUM: Creditors Urge Court to Reject $10MM Chapter 11 Loan VENTURE GLOBAL: S&P Assigns Prelim 'BB+' Rating on Secured Notes VENUS CONCEPT: Madryn Agrees to Relax Minimum Liquidity Covenant VILLAGE HOMES: Court OKs VWP Property Sale to Karin Sommers VILLAGE HOMES: To Sell Sunset Lane Property to Garrett Cesander VIVAKOR INC: Grants Series A Holders 35% Voting Rights VIVAKOR INC: Issues 3.6MM Shares for Series A Preferred Dividends VSBROOKS INC: Files Emergency Bid to Continue Using Cash Collateral WELLMADE FLOOR: Plan Exclusivity Period Extended to March 2, 2026 WFO LLC: Files Amended Plan; Confirmation Hearing January 12, 2026 WHITE ROCK: Gets Interim OK to Use Cash Collateral Until Dec. 18 WILDEC LLC: Gets Final OK to Use Cash Collateral WORK 'N GEAR: Seeks to Sell Retail Business at Auction WRENCH GROUP: S&P Withdraws 'B-' ICR Following Debt Redemption YUNHONG GREEN: Appoints Jeffrey Leader as Independent Director YVONNE ANN CHMIELOWIEC: Counsel's Interim Fee Application Okayed ZEKELMAN INDUSTRIES: Moody's Affirms 'Ba2' CFR, Outlook Stable ZION OIL & GAS: Amends Article XI with TBOC Compliance ********* 1 SOURCE: Files Emergency Bid to Use Cash Collateral ---------------------------------------------------- 1 Source, LLC asks the U.S. Bankruptcy Court for the Southern District of Alabama for authority to use ServisFirst Bank's cash collateral. The Debtor intends to use the lender's cash collateral to pay operating expenses listed in its proposed budget. ServisFirst asserts a secured claim of approximately $885,000 based on two 2024 loans and claims perfected security interests in accounts receivable, inventory, and equipment, including assets of an affiliated entity, Gulf States Industrial Services. As adequate protection, the Debtor proposes granting replacement liens to ServisFirst, maintaining the same validity, extent, and priority as of the petition date, with cash collateral usage restricted to budgeted items subject to limited variance. The replacement liens would be subordinate to certain administrative expenses, including professional fees and court costs, when necessary. The Debtor reserves all rights to dispute the lender's liens but maintains that authorized cash collateral use will maximize asset value for creditors. 1 Source sells, rents, and services heavy power equipment in Mobile County, Alabama. Declining industry conditions and the loss of a major dealership contract significantly reduced the Debtor's revenue in recent years. At filing, the Debtor held roughly $26,600 in cash and $84,500 in accounts receivable. A copy of the motion is available at https://urlcurt.com/u?l=za1nXb from PacerMonitor.com. About 1 Source LLC 1 Source, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ala., Case No. 25-13269) on November 21, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Honorable Bankruptcy Judge Jerry C. Oldshue handles the case. Alexandra K. Garrett and Jason R. Watkins, Esq., at Silver Voit Garrett & Watkins, represent the Debtor as legal counsel. 123 NORTH 4TH ST: Case Summary & Six Unsecured Creditors -------------------------------------------------------- Debtor: 123 North 4th St Group LLC 164 Clymer Street Brooklyn, NY 11211 Business Description: 123 North 4th St Group LLC is a single-asset real estate company owning a mixed-use building at 123 North 4th Street, Brooklyn, New York 11249. Chapter 11 Petition Date: December 4, 2025 Court: United States Bankruptcy Court Eastern District of New York Case No.: 25-45843 Judge: Hon. Jil Mazer-Marino Debtor's Counsel: Joel M. Shafferman, Esq. SHAFFERMAN & FELDMAN LLP 137 Fifth Avenue 9th Floor New York, NY 10010 Tel: (212) 509-1802 Email: shaffermanjoel@gmail.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Mark Taub as co-chief restructuring officer. 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/5HWWCKQ/123_North_4th_St_Group_LLC__nyebke-25-45843__0001.0.pdf?mcid=tGE4TAMA 123 NORTH: Seeks Chapter 11 Bankruptcy in New York -------------------------------------------------- On December 4, 2025, 123 North 4th St Group LLC filed for Chapter 11 protection in the Eastern District of New York. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to approximately 1–49 creditors. About 123 North 4th St Group LLC 123 North 4th St Group LLC is a single asset real estate company. 123 North 4th St Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y., Case No. 25-45843) on December 4, 2025. In its petition, the Debtor reports estimated assets of $1 million to $10 million and estimated liabilities within the same range. Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. The Debtor is represented by Shafferman & Feldman LLP. 1544 MULTIFAMILY: Case Summary & 10 Unsecured Creditors ------------------------------------------------------- Debtor: 1544 Multifamily, LLC 4132 Georgia Avenue, NW Washington, DC 20018 Business Description: 1544 Multifamily, LLC is a single-asset real estate company with its principal property located at 1544 Rhode Island Avenue NW, Washington, D.C. 20011. Chapter 11 Petition Date: December 3, 2025 Court: United States Bankruptcy Court District of Colombia Case No.: 25-00561 Judge: Hon. Elizabeth L Gunn Debtor's Counsel: Richard G. Hall, Esq. RICHARD HALL 601 King Street Suite 301 Alexandria, VA 22314 Tel: (703) 256-7159 E-mail: richard.hall33@verizon.net Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Dereje Seifu as principal managing member. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/V7MVSPQ/1544_Multifamily_LLC__dcbke-25-00561__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 10 Unsecured Creditors: Entity Nature of Claim Claim Amount 1. American Insurance LLC $21,000 1325 G Street, NW #500 Washington, DC 20005 2. Carter Lumber $127,000 PO Box 40 Kent, OH 44240 3. Enviro Lawn & Landscape $14,830 14840 Murdock Street Chantilly, VA 20151 4. Ernest Maier $13,100 4700 Annapolis Road Bladensburg, MD 20710 5. Etta Electric $43,000 331 34th Place Washington, DC 20019 6. Georgia Builders, LLC $1,050,000 4132 Georgia Ave Washington, DC 20011 7. Kalid Ali $62,000 1707 Poling Ave Fort Washington, MD 20744 8. Sherwin Williams Paint Paint $19,800 c/o Altus Recivables Mgmt PO Box 186 Metairie, LA 70004 9. TECH Solutions, LLC $8,500 4900 Kent Ave Beltsville, MD 20705 10. Thomas Gedel, LLC $2,300,000 6419 Casperson Road Alexandria, VA 22315 1544 MULTIFAMILY: Seeks Ch. 11 Bankruptcy in District of Columbia ----------------------------------------------------------------- On December 3, 2025, 1544 Multifamily LLC sought Chapter 11 protection in the District of Columbia. According to court filings, the Debtor reports between $10 million and $50 million in debt owed to 1–49 creditors. About 1544 Multifamily LLC 1544 Multifamily LLC is a single asset real estate company. 1544 Multifamily LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.C. Case No. 25-00561) on December 3, 2025. In its petition, the Debtor reports estimated assets of $10 million–$50 million and estimated liabilities of $10 million–$50 million. Honorable Bankruptcy Judge Elizabeth L. Gunn handles the case. The Debtor is represented by Richard G. Hall, Esq. 196 REAL: Seeks Chapter 7 Bankruptcy in New York ------------------------------------------------ On December 3, 2025, 196 Real Estate LLC filed for Chapter 7 protection in the Eastern District of New York. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About 196 Real Estate LLC 196 Real Estate LLC is a single asset real estate company. 196 Real Estate LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-45803) on December 3, 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 Elizabeth S. Stong handles the case. 23ANDME HOLDINGS:Judge Outlines Trust Rules, Creditor Claim Process ------------------------------------------------------------------- Angelica Serrano-Roman of Bloomberg Law reports that a bankruptcy judge has approved the equity holders' committee's version of 23andMe's administration trust agreement, establishing a $1.5 million budget for professional fees as the company winds down. The ruling preserves a role for the unsecured creditors' committee in the claims reconciliation process, despite objections over the budget and scope of involvement. US Bankruptcy Judge Brian C. Walsh said during the December 4, 2025, hearing that the equity committee’s proposal was more efficient than the unsecured creditors' request for a $1.875 million budget. He also noted that allowing unsecured creditors to participate in claim reconciliation was neither unusual nor improper, confirming that the committee's representative would continue to be involved as the case progresses. About 23andMe Holding Co. 23andMe Holding Co. is a genetics-led consumer healthcare and biotechnology company in San Francisco, Calif. Through its direct-to-consumer genetic testing, 23andMe offers personalized insights into ancestry, genetic traits, and health risks. The company has developed a large database of genetic information from over 15 million customers, enabling it to provide health and carrier status reports and collaborate on genetic research for drug development. On the Web: http://www.23andme.com/ On March 23, 2025, 23andMe and 11 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mo. Lead Case No. 25-40976). 23andMe disclosed $277,422,000 in total assets against $214,702,000 in total liabilities as of Dec. 31, 2024. Paul, Weiss, Rifkind, Wharton & Garrison, LLP, Morgan, Lewis & Bockius, LLP and Carmody MacDonald, PC serve as legal counsel to the Debtors while Alvarez & Marsal North America, LLC serve as the restructuring advisor. The Debtors tapped Reevemark, LLC and Scale Strategy Operations, LLC as communications advisors and Kroll Restructuring Administration Services, LLC as claims agent. Lewis Rice LLC, Moelis & Company LLC, and Goodwin Procter LLP serve as special local counsel, investment banker, and legal advisor to the Special Committee of 23andMe's Board of Directors, respectively. Jerry Jensen, Acting U.S. Trustee for Region 13, appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Kelley Drye & Warren, LLP and Stinson, LLP as legal counsel and FTI Consulting, Inc. as financial advisor. 2617-23 FOSTER: Seeks to Extend Plan Exclusivity to March 9, 2026 ----------------------------------------------------------------- 2617-23 Foster Ave. Realty Corp. 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 9, 2026 and May 4, 2026, respectively. The Debtor submits that sufficient "cause" exists pursuant to section 1121(d) of the Bankruptcy Code to extend the Exclusivity Periods as provided herein. Each of the relevant factors weighs in favor of an extension of the Exclusivity Periods, as follows: * The Debtor Has Made Good Faith Progress Towards Reorganization. The Debtor has already satisfied several key milestones in this Chapter 11 case, which include, among other things, retaining bankruptcy counsel and accountants, moving for a bar date, obtaining Interim and Final Orders regarding cash collateral and its utilities, and making adequate protection payments to CI Notes. The Debtor, however, requires additional time to facilitate a sale of the Property and finalize negotiations with CI Notes. * The Debtor is Paying its Debts as They Come Due. Since the Petition Date, the Debtor has paid its debts in the ordinary course of business or as otherwise provided by order of the Court. The Debtor continues to make adequate protection payments to CI Notes pursuant to the Interim and Final Orders regarding the Debtor's use of cash collateral. In addition, the Debtor made a payment to the NYC Department of Finance for real estate taxes that came due July 1, 2025. * An Extension Will Not Pressure Creditors. The Debtor's request for an extension of the Exclusivity Periods herein is not a negotiating tactic but instead a reflection of the fact that this Chapter 11 case is not ripe for the formulation and confirmation of a viable Chapter 11 plan. By preserving the status quo, negotiations with CI Notes can continue toward a consensual Chapter 11 plan. 2617-23 Foster Ave. Realty Corp. is represented by: Rosen, Tsionis & Pizzo, PLLC Alex E. Tsionis, Esq. Daniel J. LeBrun, Esq. 38 New Street Huntington, New York 11743 Phone: (631) 423-8527 Email: atsionis@ajrlawny.com dlebrun@ajrlawny.com About 2617-23 Foster Ave. Realty Corp. 2617-23 Foster Ave. Realty Corp. operates in the real estate sector. The Debtor owns the property located at 2617-23 Foster Ave., Brooklyn, New York 11210, with an estimated value of $1.4 million. 2617-23 Foster Ave. Realty Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-40624) on February 7, 2025. In its petition, the Debtor reports total assets of $1,486,155 and total liabilities of $1,366,075. Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. The Debtor is represented by Alex E. Tsionis, Esq., at Law Offices of Avrum J. Rosen, PLLC, in Huntington, New York. 30 EAST 40TH: Seeks Chapter 11 Bankruptcy in New York ----------------------------------------------------- On December 2, 2025, 30 East 40th L.L.C. sought Chapter 11 protection in the Southern District of New York. According to court filings, the Debtor reports between $10 million and $50 million in debt owed to 1–49 creditors. About 30 East 40th L.L.C. 30 East 40th L.L.C. is a single asset real estate company. 30 East 40th L.L.C. filed for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12696) on December 2, 2025. In its petition, the Debtor lists estimated assets between $10 million and $50 million and estimated liabilities in the same range. Honorable Bankruptcy Judge Michael E. Wiles handles the case. The Debtor is represented by Mark A. Frankel, Esq. of Backenroth Frankel & Krinsky, LLP. 31FO LLC: Claims to be Paid From Sale Proceeds ---------------------------------------------- 31FO, LLC, submitted an Amended Disclosure Statement describing Amended Plan of Reorganization dated December 2, 2025. The Debtor is a real estate development company and acquired the Property in 2018. The Debtor's principal, David DeRosa, contributed significant sums prior to and during the bankruptcy case to complete construction. The Debtor obtained a certificate of occupancy for the Property and previously retained the firm of Serhant LLC as the Debtor's real estate broker for purposes of bankruptcy. Separate and apart from the redevelopment of the Property, the Debtor, DeRosa and various affiliates were parties to a settlement (the "Settlement"), to resolve a complex partnership dispute principally between Rakesh Bhargava of MangoTree Real Estate Holdings, L.P. and DeRosa, the principal of the Debtor and manager of IPA Asset Management LLC ("IPA"). The settlement was concluded through arbitration in 2023 and required payments by the Debtor and its affiliates to MangoTree in the total sum of $8,591,948.55. The predicate for the commencement of the Chapter 11 case was the Debtor's desire to complete the development and refurbishment of the Property for resale despite entry of a judgment of confession by MangoTree. The Property constitutes a substantial real asset under any objective measure and retains relatively significant value. The funding for the Plan is predicated upon a private sale (the "Sale") of the Debtor's luxury residential property at 31 Fort Hill, Lloyd Neck, New York (the "Property") to a third-party buyer for a total purchase price of $16.8 million. The private sale was previously approved by the Bankruptcy Court pursuant to Order dated October 20, 2025 (the "Sale Order") and constitutes the cornerstone of the Plan. The purchase price is sufficient to pay all allowed claims in full, subject to a final reconciliation (and likely objection) regarding the claim filed by MangoTree Real Estate Holdings, L.P. and Opportunity Zone RE 2019, LLP (collectively "MangoTree") for payment of certain pre-petition default interest and reasonable attorneys' fees. A closing is scheduled to occur on the sale by year end (December 31, 2025) pursuant to the terms of the Debtor's confirmed Plan so the Sale qualifies for certain transfer tax exemptions. Here, the Plan designates all Classes of Claims as being deemed unimpaired by virtue of the Debtor's intended full payment of Allowed Claims together with applicable post-petition interest from the sale proceeds. As such, the Disclosure Statement is being disseminated mainly for informational purposes although in an abundance of caution the Debtor intends to solicit votes from all creditors. At this point, the only potential dispute relates to the computation of the claim to be allowed to MangoTree. Pending a determination of allowed interest and legal fees, a reserve shall be established from the sale proceeds for the disputed portion of MangoTree's claim. Class 4 shall consist of all Allowed Unsecured Claims of creditors. The Allowed Class 4 Claims of general unsecured creditors shall be paid up to 100% of their respective Allowed Claims, together with post-petition interest at the Federal Judgment rate (as applicable), from the Distribution Fund shortly after the Closing on the sale of the Property. The Class 4 Allowed General Unsecured Claims are unimpaired and are deemed to accept the Plan. David DeRosa, as the sole holder of the Class 5 equity interest in the Debtor shall continue to retain his interests in the Debtor after the Effective Date and shall receive any surplus after payment in full of all Allowed classified and unclassified Claims. Hereunder. The Plan shall be funded with the proceeds generated by the private sale of the Property as previously approved pursuant to the Order of the Court dated October 20, 2025 (the "Sale Order"). The Sale Order together with approval of the underlying asset purchase agreement, is incorporated by reference and, in accordance therewith. the Debtor shall deliver a Bargain and Sale Deed to the Property free and clear of all Claims, liens, taxes and nonpermitted encumbrances. A full-text copy of the Amended Disclosure Statement dated December 2, 2025 is available at https://urlcurt.com/u?l=7S00rp from PacerMonitor.com at no charge. Counsel for the Debtor: Goldberg Weprin Finkel Goldstein LLP Kevin J. Nash, Esq. 125 Park Avenue, 12th Floor New York, New York 10017 (212) 221-5700 About 31FO LLC 31FO LLC was organized in 2018 as a New York limited liability company to own and develop real property. The Debtor is the fee simple owner of real property located at 31 Fort hill, Lloyd Neck, NY 10073 having an appraised value of $23 million. 31FO LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 24-73893) on Oct. 10, 2024. In the petition filed by David D. DeRosa, managing member, the Debtor reports total assets of $23,000,000 and total liabilities of $12,841,948. The Honorable Bankruptcy Judge Robert E. Grossman handles the case. The Debtor is represented by Robert L. Rattet, Esq., at Davidoff Hutcher & Citron LLP. 345 PROPERTIES: Seeks Chapter 11 Bankruptcy in Virginia ------------------------------------------------------- On December 3, 2025, 345 Properties LLC sought Chapter 11 protection in the Eastern District of Virginia. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About 345 Properties LLC 345 Properties LLC is a single asset real estate company. 345 Properties LLC filed for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Case No. 25-34812) on December 3, 2025. In its petition, the Debtor reports estimated assets of $100,001–$1,000,000 and estimated liabilities in the same range. Honorable Bankruptcy Judge Frank James Santoro handles the case. The Debtor is represented by Kimberly Ann Kalisz, Esq. of Conway Law Group, PC. 351 NORTH: Seeks Chapter 11 Bankruptcy in California ---------------------------------------------------- On December 4, 2025, 351 North Highland Avenue LLC filed for Chapter 11 protection in the Central District of California. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to approximately 1–49 creditors. About 351 North Highland Avenue LLC 351 North Highland Avenue LLC is a real estate holding and investment entity focused on property ownership and management within the California market. 351 North Highland Avenue LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal., Case No. 25-20913) on December 4, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities in the same range. Honorable Bankruptcy Judge Julia W. Brand handles the case. The Debtor is represented by Melvin Teitelbaum, I, Esq. 5 TUNN: Seeks Chapter 11 Bankruptcy in Massachusetts ---------------------------------------------------- On December 4, 2025, 5 Tunn Havre LLC filed for Chapter 11 protection in the District of Massachusetts. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. About 5 Tunn Havre LLC 5 Tunn Havre LLC is a single asset real estate company. 5 Tunn Havre LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-12627) on December 4, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities in the same range. Honorable Bankruptcy Judge Christopher J. Panos handles the case. The Debtor is represented by Andrew R. Burger, Esq. of the Law Offices of Andrew R. Burger. 520 E: Seeks Chapter 11 Bankruptcy in New York ---------------------------------------------- On December 2, 2025, 520 E LLC filed for Chapter 11 protection in the Southern District of New York. According to the court filing, the Debtor reports between $100,001 and $1,000,000 in both debt and assets, with an estimated 1–49 creditors. About 520 E LLC 520 E LLC is a real estate holding and management company that specializes in operating a designated property within its portfolio. 520 E LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12693) on December 2, 2025. In its petition, the Debtor reports estimated assets between $100,001 and $1,000,000 and estimated liabilities in the same range. The case is assigned to Honorable Bankruptcy Judge Martin Glenn. The Debtor is represented by Michael L. Previto, Esq. 700 TRUST: 11th Circuit Tosses Appeal over Case Transfer -------------------------------------------------------- Judges Elizabeth L. Branch, Robert J. Luck and Nancy G. Abudu of the United States Court of Appeals for the Eleventh Circuit dismissed the appeal styled 700 TRUST, Plaintiff-Appellant, versus NAPLES PROPERTY HOLDING COMPANY, LLC., NAPLES BEACH CLUB LAND TRUST TRUSTEE, LLC., NAPLES BEACH CLUB PHASE II AND III LAND TRUST TRUSTEE, LLC., NBC CLUB OWNER, LLC., TIDES NOTE ON NOTE LENDER I, LLC., Interested Parties-Appellees, No. 25-12109 (11th Cir.) for lack of jurisdiction. Debtor 700 Trust appeals the order and judgment of the United States District Court for the Northern District of Florida dismissing four consolidated bankruptcy appeals. After 700 Trust filed a Chapter 11 bankruptcy petition in the Northern District of Florida, it filed four notices of appeal to the district court. The notices challenged five rulings of the bankruptcy court: (1) an order to show cause as to why the case should not be transferred or dismissed; (2) an interim order granting relief from the automatic bankruptcy stay; (3) a final order granting stay relief; (4) a memorandum opinion finding that the case should be transferred to the Middle District of Florida; and (5) an order transferring the case to the Middle District of Florida. The district court dismissed the appeals for want of prosecution and failure to follow a court order. And after the bankruptcy case was transferred to the Middle District, that bankruptcy court dismissed the case. Appellees, a group of interested parties who appeared in the bankruptcy proceedings, respond that the show-cause order was not an appealable order, nor were the memorandum opinion and order transferring the case. As to the stay-relief orders, Appellees argue that the appeals of those orders are now moot because the Chapter 11 case was dismissed. The Circuit Judges hold, "Here, we lack jurisdiction over each of the appealed bankruptcy rulings. First, the show-cause order is not appealable because that order did not aggrieve 700 Trust, as it merely asked it to address why the bankruptcy case should not be transferred or dismissed. Second, the memorandum opinion and order transferring the case are not final or otherwise appealable rulings. Finally, the appeals of the stay-relief orders are moot because the bankruptcy case has been dismissed." A copy of the Court's Opinion dated November 28, 2025, is available at https://urlcurt.com/u?l=wBqj3L About 700 Trust 700 Trust filed Chapter 11 petition (Bankr. N.D. Fla. Case No. 24-10230) on November 8, 2024, with $10 million to $50 million in assets and $1 million to $10 million in liabilities. The case was assigned to Judge Karen K. Specie. Michael Gort, Esq., at Gort Law, P.A. served as the Debtor's bankruptcy counsel. 904 X 4 INC: Gets Interim OK to Use Cash Collateral Until Jan. 15 ----------------------------------------------------------------- 904 X 4, Inc. got the green light from the U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division, to use cash collateral. At the December 4 hearing, the court authorized the Debtor's interim use of cash collateral until the next hearing scheduled for January 15, 2026. The Debtor's cash collateral including post-petition accounts receivable, chattel paper, contracts, documents, cash, and bank account funds was pledged to the U.S. Small Business Administration. Additional equipment financing exists through Pawnee Leasing, which holds a lien on a Hunter alignment machine. The SBA loan, first filed in 2020, is listed as three months delinquent. These receivables constitute property of the bankruptcy estate under section 541 and are valued at approximately $7,200, though additional encumbered assets include inventory and equipment. To protect the secured creditor, the Debtor offers a post-petition replacement lien on all future cash collateral. The Debtor provides a projected operating budget showing anticipated revenues, expenses, and planned payments, including a monthly $500 adequate protection payment to the SBA. About 904 X 4 Inc. 904 X 4 Inc. is a Florida-based company that offers specialized products or services, likely focused on the automotive or retail sector. The company caters to local and regional clients, providing solutions designed to meet market demand with a focus on practical utility and service quality. 904 X 4, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla., Case No. 25-04400) on November 25, 2025. In its petition, the Debtor reports estimated assets of $100,001â€“$1,000,000 and estimated liabilities in the same range. Honorable Bankruptcy Judge Jason A. Burgess handles the case. The Debtor is represented by Bryan K. Mickle, Esq. of Mickler & Mickler. A-AP BUYER: Moody's Affirms 'B1' CFR & Alters Outlook to Negative ----------------------------------------------------------------- Moody's Ratings has changed A-AP Buyer, Inc.'s (dba Austin Powder) outlook to negative from stable. At the same time, Moody's have affirmed Austin Powder's B1 Corporate Family Rating, B1-PD Probability of Default Rating, and B1 ratings on the company's senior secured first lien term loan B, which includes the proposed $125 million incremental issuance, and senior secured first lien revolving credit facility. Proceeds from the incremental term loan issuance will be used to fund $100 million dividend to shareholders and pay off $20 million outstanding revolving credit facility. RATINGS RATIONALE The negative outlook reflects Moody's expectations of Austin Powder's increased debt leverage and reduced financial flexibility due to its debt-funded dividends and capital expenditure plan. Moody's expects adjusted debt leverage will creep to high 4x from low 4x, after the issuance of $125 million term loan for dividend payment. In addition, free cash flow will be impacted as the company invests in several growth projects, product innovation and manufacturing optimization across all business units. Its business expansions reflects growth opportunities, but could stress financial reserves in the next one to two years and bring about business execution risks as it competes with its larger and better capitalized peers. Moody's expects the company to adjust capital expenditures in the event of adverse market conditions. Austin Powder's B1 CFR remains constrained by its business concentration on explosives used in many cyclical sectors, including construction, infrastructure, metals and mining. Business cycles, weather events, labor relations and government regulations are among the key factors driving capital spending in these sectors, which in turn can affect demand on detonators, boosters and explosives. Austin Powder's earnings will also be affected by the cost and availability of ammonium nitrate, a key ingredient of explosives. Plant outages, shipping constraints and geopolitical events can affect the supply of ammonium nitrate, as the company produces about a third of ammonium nitrate and sources the rest externally. In addition, health and safety risks remain high given the handling of explosives and the use of hazardous chemical intermediates in the production process. Austin Powder's rating benefits from its strong reputation in the industry and long-term relations with customers, for which cost of failure is high compared to the price they pay for explosives. The company's business involves extensive testing, product specifications and technical expertise and is required to meet safety and environmental regulations, which present significant barriers to entry. It also benefits from the integrated manufacturing of detonators, boosters and explosives and its diverse geographic footprints in the Americas, Europe, APAC and Africa. In recent years, tight ammonium nitrate supply allowed the company to pass on cost inflation to customers on a more timely basis, despite the competitive nature of explosives business. Both market share gains and price increases have boosted Austin Powder's sales and earnings in recent years. Infrastructure investments, vehicle electrification and the recent rise in gold prices continue to support demand on aggregates and metals, thus the use of explosives during their extraction processes. Austin Powder's liquidity is good. Cash balance was $47 million as of September 30, 2025. The company will have about $190 million liquidity after incremental term loan issuance and the planned repayment of $20 million revolver outstanding as of September 30, 2025. The $150 million revolver, which will be undrawn, has a springing First Lien Leverage Ratio covenant of 5.25x. This will be only tested if the company draws down more than 35% of the revolver. The B1 rating on the senior secured first-lien bank credit facility, including $150 million revolver, $650 million term loan and $125 million incremental term loan, is commensurate with the company's corporate family rating since it accounts for the majority of the debt in the company's capital structure. Austin Powder's Credit Impact Score (CIS-4) indicates the rating is lower than it would have been if ESG risk exposures did not exist. Austin Powder's credit impact score reflects its exposure to safety, health and environmental risks as well as governance risk. There are stringent regulations around the production, storage, transportation and application of explosives. Consequence is high for mishandling of explosives that result in injuries or casualties. The manufacturing of ammonium nitrate, an intermediate for explosives, is exposed to plant outages caused by weather events. Carbon transition risk is high due to a hard to abate nature of ammonia production from natural gas. The company's explosives sold to mining and quarrying operations also impact natural resources. Governance risk reflects the company's elevated debt leverage following the acquisition of 55% stake in Austin Powder by American Industrial Partners in 2024. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Rating upgrade is unlikely given the negative outlook. Upgrade would be considered, if the company increases its business scale and diversity, improves its earnings resilience, reduces adjusted debt leverage below 3.5x and generates positive free cash flow on a sustained basis. Rating downgrade could be triggered, if the role of the long-standing family owner and senior executives diminishes and the company's financial policy becomes more aggressive. A deterioration in operating performance, debt financed acquisitions or shareholder distributions that result in the leverage above 4.5x, a lack of free cash flow generation or weakness in liquidity could result in a downgrade. Austin Powder is a leading producer of industrial explosives for quarrying, surface mining, underground mining, oil and gas, seismic, and construction markets. The company provides engineered solutions to safely and efficiently breaking rocks. It has more than 4,800 employees and operations in 27 countries around the world. Sales amounted to about $1.1 billion in 2024. In 2024, American Industrial Partners ("AIP") acquired a 55% stake in Austin Powder, with the former owners and senior managers retaining the remaining 45%. 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. AARTI WESTERN: Seeks Chapter 11 Bankruptcy in Texas --------------------------------------------------- On December 2, 2025, AARTI Western sought Chapter 11 protection in the Southern District of Texas Bankruptcy Court. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. About AARTI Western AARTI Western is a single asset real estate company. AARTI Western sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-37297) on December 2, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. The Honorable Bankruptcy Judge Eduardo V. Rodriguez handles the case. AB INTERNATIONAL: Has $1.5MM FY25 Income, Going Concern Doubt ------------------------------------------------------------- AB International Group Corp. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K reporting a net income of $1.5 million for the fiscal year August 31, 2025, compared to a net income of $542,331 for the year prior. For the year ended August 31, 2025, the Company had $6.4 million in total revenue, compared to $3.3 million for the year ended August 31, 2024. Hackensack, New Jersey-based Prager Metis CPAs, LLC, the Company's auditor since 2022, issued a "going concern" qualification in its report dated December 1, 2025, attached to the Company's Annual Report on Form 10-K for the year ended August 31, 2025, citing that as of August 31, 2025, the Company had limited cash, an accumulated deficit of approximately $10.4 million and a working capital deficit of approximately $3.3 million. For the year ended August 31, 2025, the Company had negative cash flow of approximately $2.3 million from its operations. The continuation of the Company as a going concern is dependent upon the continued financial support from its stockholders or external financing and achieving operating profits. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. The future operations of the Company depend on its ability to realize forecasted revenues, achieve profitable operations, and depend on whether or not the Company could obtain continued financial support from its stockholders or external financing. Management believes the existing stockholders will continue to provide additional cash to meet the Company's obligations as they become due. The Company also intends to fund operations through cash flow generated from the operations, including the expected copyrights sales and other revenue streams, equity financing, debt borrowings, and additional equity financing from outside investors, to ensure sufficient working capital. However, no assurance can be given that additional financing, if required, would be available on favorable terms or at all. If the Company is unable to secure additional funding, the implementation of its business plan will be impaired. Management believes that the actions presently being taken to obtain additional funding and implement its strategic plan provides the opportunity for the Company to continue as a going concern. A full-text copy of the Company's Form 10-K is available at: https://tinyurl.com/neut6392 About AB International Headquartered in Mt. Kisco, N.Y., AB International Group Corp. is an intellectual property (IP) and movie investment and licensing firm, focused on the acquisition and development of various intellectual property, including the acquisition and distribution of movies. As of August 31, 2025, the Company had $6.7 million in total assets, $3.6 million in total liabilities, and $3.1 million in total stockholders' equity. ABUELO'S INT'L: Seeks to Extend Plan Exclusivity to March 1, 2026 ----------------------------------------------------------------- Abuelo's International LP and its affiliates asked the U.S. Bankruptcy Court for the Northern District of Texas to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to March 1, 2026 and April 30, 2026, respectively. The Debtors explain that cause exists to grant the relief requested in this Motion. First, the issues incident to this chapter 11 case are complex, involving a number of parties-in-interest, each with different motivations. There are in excess of 500 unsecured creditors without the benefit of committee representation, which makes negotiations with the unsecured creditor constituency difficult. Additionally, the Debtors have been operating within the protection of chapter 11 for slightly over three months and have generated sufficient revenues to satisfy its post-petition obligations as they come due. The Debtor has set up a process for negotiations with landlords and the different creditor constituencies and, given time, that process is anticipated to yield results beneficial to the Debtors and creditors of the respective estates. The Debtors assert that this Motion represents its first request for an extension of the Plan Period and Solicitation Period and this request will not unfairly prejudice or pressure the Debtors' creditor constituencies or grant the Debtors any unfair bargaining leverage. The Debtors believe that the requested extensions are warranted and appropriate under the circumstances. Counsel to the Debtors: ROCHELLE MCCULLOUGH, LLP Joseph F. Postnikoff, Esq. 300 Throckmorton, Suite 520 Fort Worth, TX 76102 Telephone: 817.347.5261 Facsimile: 817.347.5269 Email: jpostnkoff@romclaw.com And Curt Hochbein, Esq. 211 North Pennsylvania Street, Suite 1330 Indianapolis, IN 46204 Telephone: 317.608.1137 Facsimile: 888.467.5979 Email: chochbein@romclaw.com And J. Mark Chevallier, Esq. Michael Pipkin, Esq. 901 Main Street, Suite 3200 Dallas, TX 75202 Telephone: 214.953.0182 Facsimile: 888.467.5979 Email: mchevallier@romclaw.com Email: mpipkin@romclaw.com About Abuelo's International L.P. Abuelo's International, L.P., operates the Abuelo's Mexican Restaurant locations, managing day-to-day restaurant operations, customer service, and loyalty programs across the U.S. Food Concepts International, L.P., headquartered in Lubbock, Texas, owns and oversees the brand, providing management, strategic direction, employee training, and menu development. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-43339) on September 2, 2025. In the petition signed by Robert L. Lin, President of ABI GP, LLC, the general partner of Abuelo's International, L.P., and as President of FC GPH, LLC LP, the general partner of Food Concepts International, the Debtor disclosed up to $50 million in assets and up to $10 million in liabilities. Judge Edward L. Morris oversees the case. Joseph F. Postnikoff, Esq., at Rochelle McCullough, LLP, is the Debtor's legal counsel. ACCURATE COMMUNICATION: Mary Sieling Named Subchapter V Trustee --------------------------------------------------------------- The Acting U.S. Trustee for Region 12 appointed Mary Sieling as Subchapter V trustee for Accurate Communication Solutions, Inc. Ms. Sieling will be paid an hourly fee of $330 for her services as Subchapter V trustee and an hourly fee of $200 for paralegal time. In addition, the Subchapter V trustee will receive reimbursement for work-related expenses incurred. Ms. Sieling declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Mary F. Sieling 150 South Fifth Street, Suite 3125 Minneapolis, MN 55402 Email: mary@mantylaw.com About Accurate Communication Solutions Inc. Accurate Communication Solutions, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Minn. Case No. 25-33836) on November 26, 2025, listing between $100,001 and $500,000 in assets and between $500,001 and $1 million in liabilities. Judge Mychal A. Bruggeman presides over the case. John D. Lamey, III, Esq., at Lamey Law Firm, P.A. represents the Debtor as bankruptcy counsel. ADVANTIS INVESTMENT: Final Cash Collateral Hearing Set for Dec. 15 ------------------------------------------------------------------ The U.S. Bankruptcy Court for the Southern District of Texas is set to hold a hearing on December 15 to consider final approval of Advantis Investment Group, LLC's bid to use cash collateral. The Debtor was previously granted a 90-day extension to use cash collateral pending the final hearing pursuant to the court's November 13 interim order. The interim order granted secured creditor, American Savings Life Insurance Co., replacement liens on all accounts and general intangibles generated from the Debtor's operations, maintaining the same priority as its pre-bankruptcy lien. About Advantis Investment Group LLC Advantis Investment Group, LLC owns an office building at 800 Tully Road in Houston, Texas, valued at about $1.6 million, and is classified as a single-asset real estate under U.S. Bankruptcy Code section 101(51B). Advantis Investment Group sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Texas Case No. 25-35096) on August 29, 2025, with $1,600,000 in total assets and $1,192,500 in total debts. Judge Eduardo V. Rodriguez oversees the case. Samuel L. Milledge, Esq., at The Milledge Law Group, P.C. serves as the Debtor's bankruptcy counsel. AGREETA SOLUTIONS: Seeks to Extend Exclusivity to April 22, 2026 ---------------------------------------------------------------- Agreeta Solutions USA, LLC asked the U.S. Bankruptcy Court for the U.S. Bankruptcy Court for the Northern District of Georgia to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to April 22, 2026 and June 22, 2026, respectively. The Debtor explains that it is presently working to negotiate a plan of reorganization with its creditors, but the Debtor requires additional time to allow it to finalize a settlement with SLRF and propose a viable, feasible plan of reorganization. The Debtor claims that it seeks an extension to the Exclusivity Periods to preclude the costly disruption and instability that would occur if competing plans were proposed. The Debtor notes that the request for an extension will not unfairly prejudice or pressure its creditor constituencies or grant the Debtor any unfair bargaining leverage. The Debtor needs creditor support to confirm any plan, so the Debtor is in no position to impose or pressure its creditors to accept unwelcome plan terms. The Debtor seeks an extension of the Exclusivity Periods to advance the case and continue good faith negotiations with its stakeholders. The Debtor asserts that premature termination of the Exclusivity Periods may engender duplicative expense and litigation associated with multiple competing plans. Any litigation with respect to competing plans and resulting administrative expenses will only decrease recoveries to the Debtor's creditors and significantly delay, if not undermine entirely, the possibility of prompt confirmation of a plan of reorganization. The Debtor further asserts that given the consequences for its estate if the relief requested herein is not granted and the progress made to date, the requested extension of the Exclusivity Periods will not prejudice the legitimate interests of any party in interest in this case. Rather, the extension will further the Debtor's efforts to preserve value and avoid unnecessary and wasteful litigation. About Agreeta Solutions USA LLC Agreeta Solutions USA, LLC develops digital solutions for the agriculture technology sector, offering platforms that integrate smart farming, traceability, and agri-commerce tools. It operates in Peachtree Corners, Georgia, and focuses on improving farm productivity, supply chain transparency, and market connectivity. Its services include precision agriculture analytics, end-to-end food product traceability, and support for farmer networks. Agreeta Solutions USA sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-59677) on August 25, 2025. In its petition, the Debtor reported between $10 million and $50 million in assets and liabilities. The Debtor is represented by: Theodore N. Stapleton, Esq. Theodore N. Stapleton, P.C. Tel: 770-436-3334 Email: tstaple@tstaple.com ALBAUGH LLC: S&P Affirms 'BB-' Issuer Credit Rating, Outlook Neg. ----------------------------------------------------------------- S&P Global Ratings affirmed all its ratings on Albaugh LLC, including the 'BB-' issuer credit rating and its 'BB' issue-level rating on its senior secured debt. The negative outlook reflects the company's minimal cushion at the rating for a setback in the company's earnings relative to S&P's expectations of continued improvement over the next 12 months. Albaugh has increased its volumes while sustaining the expansion in its margin, which enabled it to improve its credit metrics in 2025. While S&P expects metrics to improve further in 2026, we believe there is limited room for an underperformance amid the uncertain operating environment. S&P said, "Albaugh earnings growth is on a positive trajectory but at a slower pace than our prior expectations, leaving little room for further setbacks at the current rating. Albaugh improved its operating performance on volume growth across most of its markets while navigating headwinds from low crop prices and tariff policy uncertainty. In addition to cyclical challenges in the crop-protection industry, the company's Argentine operations continued to be pressured by elevated competition due to lower import duty protections and the effects of an operational disruption that extended until late 2024. Albaugh's lower raw material costs more than offset the negative impact of its reduced overall pricing, which supported the expansion in its EBITDA margin. We expect the company will further improve its margin as the conditions in its markets gradually normalize and it realizes further benefits from its cost-saving initiatives, such as its footprint rationalization. "We anticipate Albaugh's EBITDA will be modestly lower than we previously forecasted for 2025 and 2026 due to its continued challenges, though we still expect its EBITDA will well exceed the 2024 level. We also expect the company's S&P Global Ratings-adjusted debt to EBITDA will be between 3x and 4x on a weighted-average basis, which also reflects future metrics. In 2025, we anticipate Albaugh's leverage will be in the weaker end of this range before improving in 2026. However, we note that lingering farmer pricing pressures and trade tensions could further slow the pace of the company's earnings growth in the coming quarters, which could erode its already limited cushion. If this occurs, we may lower our ratings on Albaugh. "We expect Albaugh will maintain adequate liquidity. Due to its improved working capital management and lower capital expenditure (capex), we expect the company will still generate moderately positive free operating cash flow (FOCF) in 2025 and future years (albeit lower than we previously expected). During 2025, the company rationalized its earlier inventory build, which contributed to a significant improvement in its cash conversion, though we forecast it will increase its working capital in 2026 as it expands its revenue. Albaugh maintains a solid cash position and adequate liquidity, including availability under committed credit facilities, which we believe will be sufficient to meet its seasonal working capital, cash interest, and other operational needs. The company's earliest material debt maturity is its U.S. revolving credit facility, which matures in April 2027. The facility was undrawn as of Sept. 30, 2025, and we expect the company will address this maturity before it comes current. "We view the company's financial policy as supportive of its credit quality. We believe management's decisions around discretionary shareholder distributions, which it paused in recent years (due to its weakening operating performance) before resuming in 2025, are a key determinant in our view of its credit profile. We expect Albaugh's S&P Global Ratings-adjusted debt levels will typically be somewhat higher in its second and third quarters when its seasonal working capital requirements reach their peak before falling by the end of the year. "There is still some regulatory risk for glyphosate-based products. The company derives a meaningful portion of its revenue from glyphosate-based products. Glyphosate has been heavily scrutinized by regulators and consumer advisory bodies, and the relatively-greater attention to this product creates the potential for regulatory or other actions. However, we note glyphosate-based products now represent a smaller portion of Albaugh's overall revenues than in the past due to growth in other product streams. "The negative outlook reflects the minimal cushion in Albaugh's credit metrics at the current rating, although we expect it will improve its metrics over the next 12 months. We believe the company has a limited room for an earnings setbacks amid the current operating environment. Despite unfavorable conditions, we believe the company has improved its earnings and cash flows. We expect Albaugh will maintain sufficient liquidity, supported by its positive FOCF, to pursue its growth strategy over coming years. We also anticipate the company's S&P Global Ratings-adjusted debt to EBITDA will be in the 3x-4x range on a weighted-average basis, albeit at the weaker end of this range in 2025. "Generally, we expect the company's debt to EBITDA will fluctuate along with industry volatility. At the current rating, amid a cyclical downturn, we expect the ratio to remain below 4x, while in an upswing with very favorable market conditions it may remain below 3x, as it did in 2021 and 2022. Our base-case forecast assumes management will not pursue large debt-funded acquisitions and will continue to adhere to financial policies that are consistent with its historical operations. Our forecast also assumes modest discretionary dividends in 2025 and thereafter, which--in our opinion--are manageable. "We could downgrade Albaugh in the next few quarters if its earnings improvement trajectory reverses course and its metrics remain stretched for the current rating. This could occur if the company's profitability unexpectedly weakens due to pricing pressures, weak farmer profitability that negatively affects the overall demand for agricultural chemicals, operational disruptions due to unfavorable weather patterns or plant outages, or increased environmental scrutiny on its products including glyphosate and dicamba. In such a scenario, we anticipate Albaugh's debt to EBITDA could increase above 4x on a sustained basis with no prospects for recovery. We could also lower our rating if, against our expectations, the company demonstrates more-aggressive financial policies by undertaking large debt-funded acquisitions or distributions to its owners. Lastly, we could consider lowering our rating if the company's revolver becomes current and it has no imminent plans to extend the facility's maturity. "We could consider taking a positive rating action on Albaugh, including revising our outlook to stable, over the next few quarters if we believe its debt to EBITDA will remain well below 4x on a sustained basis. This could occur if the company improves its earnings and cash flow much faster than we currently expect due to an abatement of challenging industry conditions, higher-than-anticipated gains from its cost-savings initiatives, or an increase in its market share due to the further penetration of its generics in the crop protection industry. Before taking a positive rating action, we would need to gain more clarity regarding the company's future financial policies and growth initiatives." ALGORHYTHM HOLDINGS: Fails to Meet Nasdaq Equity Requirement ------------------------------------------------------------ Algorhythm Holdings, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on November 28, 2025, the Company received a letter from the Staff of the Nasdaq Stock Market, LLC indicating that the Company's stockholders' equity as reported in its Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2025, did not satisfy the continued listing requirement under Nasdaq Listing Rule 5550(b)(1), which requires listed companies to maintain a minimum stockholders' equity of $2,500,000. As reported in its Form 10-Q, the Company's stockholders' equity as of September 30, 2025, was $100,000. The Staff's notice has no immediate impact on the listing of the Company's common stock on Nasdaq. In accordance with the Nasdaq Listing Rules, the Company has 45 calendar days, or until January 12, 2026, to submit a plan to regain compliance with the Stockholders' Equity Requirement, which the Company plans to timely submit for the Staff's consideration. If the plan is accepted, the Staff may grant the Company an extension period of up to 180 calendar days from the date of the deficiency notice to regain compliance. There can be no assurance that the Staff will accept the Company's plan to regain compliance with the Stockholders' Equity Requirement, or, if accepted, that the Company will evidence compliance with the Stockholders' Equity Requirement during any extension period that the Staff may grant. If the Staff does not accept the Company's plan, the Company will have an opportunity to appeal the decision to a hearings panel. The request for a hearing would stay any delisting action by the Staff. About Algorhythm Holdings Algorhythm Holdings, Inc., fka The Singing Machine Company, Inc. -- http://www.singingmachine.com/-- is a holding company for an AI enabled software logistics business operated through its SemiCab Holding subsidiary and a home karaoke consumer products company that designs and distributes karaoke products globally to retailers and ecommerce partners through the Singing Machine subsidiary. As of September 30, 2025, the Company had $10,845,000 in total assets, $10,745,000 in total liabilities, and a total stockholders' equity of $100,000. Philadelphia, Penn.-based Marcum LLP, the Company's auditor since 2023, 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. ALLSTATE SALES: Bank Hapoalim Wants Thomas Buck as Receiver ----------------------------------------------------------- Bank Hapoalim B.M., an Israeli banking corporation, asks the U.S. District Court for the District of New Jersey to appoint Thomas Buck of Province Fiduciary Services, LLC, as receiver over certain real and personal property assets of Allstate Sales Group Inc. (ASG), Ocean Properties LLC, Ocean Investment Holdings LLC, Ocean Property Management LLC, Ocean Property Management II LLC, Home Services USA LLC, and Aegis Service Group LLC. BHI seeks the appointment of a receiver over BHI's secured collateral held by the Defendants during the pendency of this case to protect its interests in the Collateral and to maximize the possibility of recovering the sums owed to it by the Defendants. The Defendants provided telecommunications infrastructure services throughout the country. On September 4, 2025, the Defendants abruptly ceased operations and terminated their employees. According to Bank Hapoalim, the Defendants are incurring rapidly escalating losses of equipment, liabilities arising from unpaid vendor contracts, and aging accounts receivable. BHI's Collateral includes, among other things, machinery, equipment, telecommunication installation projects in process, real estate, and accounts receivable owed to Defendants by Defendants' customers. The Collateral is at immediate risk, Bank Hapoalim says, because of the sudden interruption in operations, which has and will give rise to litigation or set-off claims by ASG's customers and prevent the collection of receivables, all to the detriment of BHI and all other constituents. In addition, BHI's Collateral must be secured to prevent further loss, theft, or damage. Bank Hapoalim says its request is consented to by all Defendants. BHI is a senior secured, asset-based creditor of the Defendants and holds a perfected first-priority security interest in and lien on substantially all of the Defendants' assets. Defendants are in default under their loan agreements with Plaintiff with a combined current outstanding principal balance of approximately $21.4 million. BHI requests that upon the appointment of the Receiver, he and his employees, agents, and independent contractors be authorized, but not directed to take the following specific actions: 1. Physical Asset Inspection and Validation 2. Review of Asset Security Measures 3. Patrol and Guard Services Assessment 4. Ascertain Real Estate and/or Personal Collateral and Develop Strategy 5. Financial Data Review -- Accounts Receivable BHI also requests that the Receiver be authorized, pursuant to such procedures as may be required by this Court, to locate, list for sale, engage a broker or auctioneer for sale, cause the sale, and take all necessary and reasonable actions to cause the sale of property in the Receivership Estate, either at public or private sale, on terms and in the manner the Receiver deems most beneficial to the Receivership Estate, and with due regard to the realization of the true and proper value of such property. About Allstate Sales Group Inc. Allstate Sales Group Inc. is a responsible provider of turnkey solutions. It sets the standard for excellence in quality infrastructure and support for customers, our clients, and our communities. ASG's comprehensive end-to-end solution includes planning, designing, building, and servicing all projects in-house. About Ocean Properties LLC Ocean Properties LLC was founded in 2001. The company's line of business includes operating nonresidential buildings. About Ocean Investment Holdings LLC Ocean Investment Holdings LLC is an early-stage technology investment company with a focus on sectors like security, health, and education. It's a family-owned company led by Atanas Simeonov. About Ocean Property Management LLC Ocean Property Management LLC provides accounting, administration and advisory services for condominium associations and homeowners associations. About Ocean Property Management II LLC Ocean Property Management II LLC, a company that lists rental properties on Facebook, often with detailed descriptions of houses and apartments. About Home Services USA LLC Home Services USA LLC is a British multinational home emergency repairs and improvements business based in Walsall, England. About Aegis Service Group LLC Aegis Service Group LLC, founded in 1975, it is a mutual insurance company for the energy and utility industries that provides underwriting, claims, and loss control services. The Companies are facing a receivership case captioned as, Bank Hapoalim B.M., v. Allstate Sales Group Inc., Ocean Properties LLC, Ocean Investment Holdings LLC, Ocean Property Management LLC, Ocean Property Management II LLC, Home Services USA LLC, and Aegis Service Group LLC, Case No. 3:25-cv-18047 (NJ D.C.), before the Hon. Georgette Castner. The case was filed on Dec. 1, 2025. Attorneys for Plaintiff Bank Hapoalim B.M.: John Bougiamas, Esq. Daniel Fiorillo, Esq. Pauline McTernan, Esq. Matthew Breen, Esq. OTTERBOURG P.C. 230 Park Avenue New York, NY 10169 Tel: (212) 661-9100 Fax: (212) 682-6104 E-mail: jbougiamas@otterbourg.com dfiorillo@otterbourg.com pmcternan@otterbourg.com mbreen@otterbourg.com ALLURE IMAGE: Case Summary & Seven Unsecured Creditors ------------------------------------------------------ Debtor: Allure Image Enhancement, A Medical Corporation 188 N. Euclid Avenue, Suite 100 Upland, CA 91786 Business Description: Allure Image Enhancement operates as a medical spa in Upland, California, offering services in body sculpting, health and wellness, injectables, intimate procedures, laser treatments, regenerative medicine, skin resurfacing, skin tightening, and spa treatments. The Company provides aesthetic and therapeutic treatments at its facility on 188 N. Euclid Avenue, Suite 100, serving clients seeking cosmetic and wellness services in the region. Chapter 11 Petition Date: December 1, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-18667 Judge: Hon. Scott H Yun Debtor's Counsel: Matthew D. Resnik, Esq. RHM LAW LLP 17609 Ventura Blvd. Ste 314 Encino, CA 91316 Tel: (818) 285-0100 Fax: (818) 855-7013 Email: matt@rhmfirm.com Total Assets: $621,870 Total Liabilities: $1,930,887 The petition was signed by Mina Joy Grasso as chief executive officer. 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/JPKF66I/Allure_Image_Enhancement_A_Medical__cacbke-25-18667__0001.0.pdf?mcid=tGE4TAMA ALTICE USA: Executives Split $2MM Special Bonuses ------------------------------------------------- Irene Garcia Perez of Bloomberg Law reports that Optimum Communications Inc., formerly Altice USA, has approved nearly $2 million in special cash bonuses for three senior executives in recognition of their roles in the company's recent capital-raising efforts. The awards were disclosed just days after the company filed suit against its largest creditors, accusing them of obstructing access to the credit markets. According to the filing, Chairman and CEO Dennis Mathew will receive $750,000, while CFO Marc Sirota and General Counsel and Chief Corporate Responsibility Officer Michael Olsen will each receive $600,000. Optimum said the payments reflect the executives' "extraordinary contributions" to the company's financing initiatives. About Altice USA Inc. Altice USA, Inc. is an American cable television provider. Effective November 7, 2025, the Company will change its corporate name to Optimum Communications, Inc., pursuant to a Certificate of Amendment to the Company's Fourth Amended and Restated Certificate of Incorporation filed with the Delaware Secretary of State on November 5, 2025. As of September 30, 2025, the Company had $30.7 billion in total assets, $33 billion in total liabilities, and $2.2 billion in total stockholders' deficiency. * * * As reported by the TCR on May 17, 2024, S&P Global Ratings lowered all its ratings on Altice USA Inc. one notch, including the Company credit rating to 'CCC+', and removed them from Credit Watch, where it placed them with negative implications on May 2, 2024. The negative outlook reflects that S&P could lower its ratings if the company opts to pursue a debt restructuring over the next year. S&P said, "We believe Altice USA's capital structure is unsustainable. We believe the company is vulnerable to nonpayment long term and depends on favorable business, financial, and economic conditions to meet its financial obligations as they come due in 2027 and beyond. We believe it is more likely than not that Altice USA will enter into a distressed debt restructuring that we consider tantamount to default, or it could face bankruptcy long term." AMERICAN SIGNATURE: Gets Interim OK for DIP Financing From SACP --------------------------------------------------------------- American Signature, Inc. and its affiliates received interim approval from the U.S. Bankruptcy Court for the District of Delaware to obtain debtor-in-possession financing to get through bankruptcy. The financing is a $50 million superpriority, senior-secured asset-based DIP facility from Second Avenue Capital Partners, LLC, as administrative agent and collateral agent, and the DIP lenders. The DIP financing is structured around a "creeping roll-up" of the Debtors' pre-petition asset-based lending (ABL) facility: upon entry of the interim order, cash collateral is automatically applied to pay down the pre-petition ABL obligations, generating equivalent DIP availability; and upon entry of the final order, all remaining ABL loans, accrued interest, fees, and expenses become DIP obligations. The DIP obligations would receive superpriority administrative expense status and be secured by automatically perfected liens on all DIP collateral, subject only to a negotiated carveout and the lien priorities. The DIP facility is due and payable on the earliest of: (a) 180 days after the closing date; (b) 14 days after an order confirming a plan of reorganization is entered by the bankruptcy court; (c) The closing of a sale of all or substantially all of the assets of the Debtors pursuant to 11 U.S.C. Section 363; and (d) The date that Second Avenue Capital Partners provides written notice to American Signature of its election to accelerate all obligations following the occurrence and during the continuance of an event of default. Use of Cash Collateral The interim order also authorized the Debtors to use the cash collateral of pre-bankruptcy secured creditors in accordance with an approved budget while granting them adequate protection from any diminution in the value of their collateral. These pre-bankruptcy secured creditors include lenders under a (i) pre-bankruptcy asset-based lending (ABL) facility, with Second Avenue Capital Partners acting as administrative agent; and (ii) lenders under a pre-bankruptcy term loan, with PNC Bank, National Association, as administrative agent. As of the petition date, there were approximately $39.2 million in outstanding committed revolving loans and other outstanding obligations under the pre-bankruptcy ABL facility. Meanwhile, the Debtors were obligated under the pre-bankruptcy term loan in the aggregate outstanding principal amount of not less than approximately $54.07 million as of the petition date. The interim order is available at https://is.gd/m8mYUY from PacerMonitor.com. The final hearing is set for January 5, 2026. The deadline for filing objections is on December 29. American Signature, the parent of a major furniture retail operation with more than 120 stores across 17 states and approximately 3,000 employees, filed for Chapter 11 on November 22, and continues to operate as a debtor-in-possession. Due to mounting liquidity pressure, the Debtors were unable to sustain operations, pay employees, vendors, or accruing administrative costs without immediate financing. The Debtors' investment banker, SSG Advisors, contacted 12 potential DIP financing sources, but all parties either declined or could not offer competitive terms. The Debtors, assisted by an independent committee, therefore engaged in extensive, good-faith negotiations with the DIP lenders and pre-bankruptcy ABL lenders, ultimately reaching an agreement that provides critical funding and consensual access to cash collateral. The Debtors assert that the DIP facility and cash collateral usage are indispensable to maintaining operations, stabilizing the business, preserving estate value, and ensuring sufficient liquidity to run a robust sale process. About American Signature Inc. American Signature Inc., together with its subsidiaries, is a residential furniture company operating across its Value City Furniture and American Signature Furniture brands and serving as a furniture destination consumers can rely on for style, quality, and value. Headquartered in Columbus, Ohio, the company operates more than 120 stores across 17 states, with the largest concentrations in Ohio (20), Michigan (16), and Illinois (11). It employs approximately 3,000 team members. American Signature and eight of its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del., Lead Case No. 25-12105) on November 22, 2025. In their petitions, the Debtors estimated assets of $100 million to $500 million and estimated liabilities of $500 million to $1 billion. The petitions were signed by Rudy Morando as chief restructuring officer. Judge J. Kate Stickles presides over the cases. David M. Bertenthal, Maxim B. Litvak, and Laura Davis Jones at Pachulski Stang Ziehl & Jones LLP, represent the Debtors as legal counsel while Berkeley Research Group, LLC and SSG Capital Advisors, LLC serves as restructuring advisor and investment banker, respectively. Kurtzman Carson Consultants, LLC, doing business as Verbita Global, is the claims and noticing agent. PNC Bank, N.A., as administrative agent for pre-petition term loan lenders, is represented by the law firms of Blank Rome LLP and Goldberg Kohn, Ltd. The law firms may be reached through: Regina Stango Kelbon, Esq. Stanley B. Tarr, Esq. Lawrence R. Thomas III, Esq. Blank Rome LLP 1201 N. Market Street, Suite 800 Wilmington, DE 19801 Telephone: (302) 425-6400 Facsimile: (302) 425-6464 regina.kelbon@blankrome.com stanley.tarr@blankrome.com lorenzo.thomas@blankrome.com -and- Randall Klein, Esq. Zachary J. Garrett, Esq. Eva D. Gadzheva, Esq. Goldberg Kohn Ltd. 55 E Monroe St, Suite 3300 Chicago, IL 60603 Telephone: (312) 201-4000 randall.klein@goldbergkohn.com zachary.garrett@goldbergkohn.com eva.gadzheva@goldbergkohn.com Second Avenue Capital Partners, LLC, as DIP agent, is represented by: Daniel J. DeFranceschi, Esq. John H. Knight, Esq. Richards, Layton & Finger, P.A. One Rodney Square 920 North King Street Wilmington, DE 19801 Telephone: 302-651-7700 Facsimile: 302-651-7701 defranceschi@rlf.com knight@rlf.com -and- John F. Ventola, Esq. Jonathan D. Marshall, Esq. Lucas B. Barrett, Esq. Choate, Hall & Stewart, LLP Two International Place Boston, MA 02110 Telephone: (617) 248-5000 jventola@choate.com jmarshall@choate.com lbarrett@choate.com AMERICAN WARRIOR: Amendment of Garden City Property Sale OK'd ------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Kansas has permitted American Warrior Construction Inc. in an amended order to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property is approximately 4.57 acres of unimproved real property located in Garden City, Finney County, Kansas. The 4.57–acre Tract 1 is contiguous to an approximately 36.14–acre tract identified as Tract 3 in Debtor's Plan. The Court has authorized the Debtor to sell the Property to The City of Garden City, Kansas in an amended order. The City is acquiring Tract 1 for the public purpose of improving the City's electrical power infrastructure and constructing a new and expanded electrical power substation in the City. On May 19, 2025, Debtor filed its Combined Motion for Order Authorizing Sale of Real Estate Free and Clear of Liens, which provided parties in interest until June 12, 2025 to object or respond. The only objection was filed by the United States Trustee and was resolved by the terms of the Agreed Sale Order. Following entry of the Agreed Sale Order, Debtor and the City proceeded in good faith to close. To complete the sale, a lot split was required to create a separate legal description for Tract 1 from contiguous Tract 3. Debtor and the City followed the lot split procedure under the Garden City Code. The Finney County Register of Deeds refused to record the Lot Split unless all outstanding ad valorem taxes on both Tract 1 and Tract 3 were paid current, notwithstanding that Tract 3 is not being sold, that Debtor’s Plan provides that the ad valorem taxes attributable to Tract 3 will be paid upon its sale, and that Debtor has listed Tract 3 for sale at a price of $850,000. The refusal of the Finney County Register of Deeds to record the Lot Split has prevented the closing of Sale #5. At the closing of Sale #5, all outstanding ad valorem taxes attributable to Tract 1—representing 11.23% of the total accrued ad valorem taxes for Tracts 1 and 3—will be paid, and the remaining ad valorem taxes will be fully paid upon the prospective sale of Tract 3 pursuant to Debtor’s confirmed plan. On October 30, 2025, Debtor and the City filed a Joint Motion to Amend and Modify the Agreed Sale Order. Copies of the Joint Motion and Amended Notice were properly served on all creditors and parties in interest pursuant to the Federal Rules of Bankruptcy Procedure and the Local Rules for the United States Bankruptcy Court for the District of Kansas. Nothing in this Order modifies or impairs Finney County's lien for ad valorem taxes against Tract 3, which lien shall continue to secure the unpaid ad valorem taxes attributable to Tract 3 and shall be satisfied in accordance with Debtor’s Plan. About American Warrior Construction Inc. American Warrior Construction, Inc. is a construction company based in 118 E Laurel Garden City, KS 67846. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Kan. Case No. 24-11168) on November 14, 2024. In the petition signed by by Amro M. Samy, president, the Debtor disclosed estimated assets of up to $50,000 and estimated liabilities of up to $10 million. Judge Mitchell L. Herren presides over the case. Nicholas R. Grillot, Esq., at Hinkle Law Firm LLC represents the Debtor as legal counsel. AMERIFIRST FINANCIAL: Gets Court OK for Chapter 11 Plan Disclosures ------------------------------------------------------------------- Emily Lever of Law360 reports that a Delaware bankruptcy judge on Thursday, December 4, 2025, granted conditional approval for AmeriFirst's disclosure statement, which details the company's Chapter 11 plan. The ruling allows the mortgage servicer to move forward with distributing the statement to creditors while reserving certain objections for later consideration. The judge determined that the concerns raised by the U.S. Trustee's Office regarding the plan are more appropriately addressed at the confirmation hearing. The decision clears a procedural hurdle for AmeriFirst as it continues its efforts to reorganize under Chapter 11, the report cites. About AmeriFirst Financial AmeriFirst Financial, Inc., is a mid-sized independent mortgage company in Mesa, Ariz. AmeriFirst and its affiliate Phoenix 1040, LLC, filed Chapter 11 petitions (Bankr. D. Del. Lead Case No. 23-11240) on Aug. 24, 2023. In the petitions signed by T. Scott Avila, chief restructuring officer, each Debtor disclosed between $50 million and $100 million in both assets and liabilities. Judge Thomas M. Horan oversees the cases. The Debtors tapped Laura Davis Jones, Esq., at Pachulski Stang Ziehl & Jones, LLP as bankruptcy counsel; and Paladin Management Group, LLC as restructuring advisor. Omni Agent Solutions, Inc., is the claims, noticing and administrative agent. On Sept. 15, 2023, the Office of the United States Trustee appointed an official committee of unsecured creditors. The Committee tapped Morris, Nichols, Arsht & Tunnell LLP as its counsel. ANNALEE DOLLS: Court Extends Cash Collateral Access to Dec. 31 -------------------------------------------------------------- Annalee Dolls, LLC received a one-month extension from the U.S. Bankruptcy Court for the District of New Hampshire to use cash collateral. The interim order penned by Judge Kimberly Bacher extended the Debtor's authority to use cash collateral from December 1 to 31 and authorized the Debtor to use up to $754,923.76 in cash collateral to pay the expenses set forth in its budget. During this interim period, Annalee Dolls, LLC may use cash collateral in which Customers Bank and Burr Ridge Advisors, LLC (the DIP Lender) hold first-priority security interests, subject to the DIP Financing Approval Orders. The court authorized certain specific expenditures, including a $750 year-end bonus to identified non-insider employees and a $16,875 DIP financing extension fee due to Burr Ridge Advisors. The Debtor projects total operational expenses of $685,646.76 for December and $767,012.22 for January 2026. As protection for Customers Bank and other lienholders, the Debtor was ordered to grant the lienholders replacement liens, with the same priority, validity and enforceability as their pre-bankruptcy liens; and to maintain insurance policies, naming the lienholders as mortgagees or loss payees. In addition, Customers Bank will receive a $32,442 adequate protection payment for December. The Debtor must file a further application for continued cash collateral use by December 15, including an updated budget and reconciliation of actual versus projected expenses. The next hearing is scheduled for December 29. Objections are due by December 26. About Annalee Dolls LLC Annalee Dolls, LLC is an American company known for its handcrafted felt dolls that embody holiday themes and whimsical charm. Founded in 1934, the business has become a staple of collectible Americana, with its headquarters and flagship store located in Meredith, New Hampshire. The company continues to attract visitors and collectors with its nostalgic products and scenic gift shop near Lake Winnipesaukee. Annalee Dolls sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.H. Case No. 25-10232) on April 11, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Kimberly Bacher handles the case. The Debtor is represented by William S. Gannon, Esq., at William S. Gannon, PLLC. ARCHDIOCESE OF NEW ORLEANS: Judge Takes Weekend to Review Plan -------------------------------------------------------------- Rick Archer of Law360 reports that the Louisiana bankruptcy judge presiding over the Roman Catholic Archdiocese of New Orleans' Chapter 11 case said Thursday, December 4, 2025, that she will take the weekend to review objections raised by the archdiocese's insurers. The insurers have challenged key aspects of the proposed reorganization plan, prompting the court to pause before issuing a ruling. The judge also noted that she will closely examine statements submitted by survivors of sexual abuse, which are central to the case. She said a decision will follow after she has fully considered both the insurers' concerns and the claimants' accounts, the report states. 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. ARISTOI CLASSICAL: S&P Rates 2025A/B and 2025B Revenue Bonds 'BB' ----------------------------------------------------------------- S&P Global Ratings assigned its 'BB' long-term rating to the Clifton Higher Education Finance Corp., Texas' anticipated $41.4 million series 2025A and 2025B charter school revenue bonds issued for Aristoi Classical Academy, Texas. The outlook is stable. S&P said, "We analyzed Aristoi's environmental, social, and governance factors relative to its market position, financial performance, reserves and liquidity, and debt burden. Based on data from S&P Global Sustainable 1, physical risks in Texas are typically elevated in service areas proximate to the coastline, a region that has experienced increased incidents of extreme weather such as hurricanes and flooding in recent years. Given Aristoi's proximity to the coast with its location in Houston, we believe acute events could affect enrollment should population displacement occur or should chronic physical risk lead to lower growth. Both could affect our view of the organization's market position over time. However, the academy maintains an emergency operations plan that addresses a variety of potential events, along with flood and hurricane insurance, and its primary student base and the location of facilities in more inland parts of the Houston area partially mitigate these risks. We view Aristoi's social and governance factors as neutral in our credit rating analysis. "The stable outlook reflects our expectation that over the one-year horizon enrollment will continue to increase, as projected, and management will achieve a modest operating surplus while expanding unrestricted liquidity. No additional debt is expected over the near term although we understand the academy may sign an operating lease consistent with its expansion plans. "We could consider a negative rating action if the academy fails to execute its relocation and expansion plans while maintaining positive operating margins and healthy liquidity levels. Furthermore, should the academy's debt burden become pressured with additional leases or issuances, we could consider a negative rating action. "We could consider a positive rating action beyond the outlook period if the academy successfully executes its relocation and expansion plan such that enrollment growth continues supporting demand and financial ratios." ARK HOME 3: Seeks Chapter 11 Bankruptcy in Texas ------------------------------------------------ On December 2, 2025, Ark Home 3 LLC sought Chapter 11 protection in the Western District of Texas Bankruptcy Court. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. About Ark Home 3 LLC Ark Home 3 LLC is a U.S.-based real estate company dedicated to owning and managing residential properties. The firm invests in single-family and multifamily housing, focusing on stable income generation and preservation of property value. Ark Home 3 LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-11901) on December 2, 2025. In its petition, the Debtor reports estimated assets of $1 million–$10 million and estimated liabilities in the same range. The Honorable Bankruptcy Judge Eduardo V. Rodriguez handles the case. ARK HOME 7: Seeks Chapter 11 Bankruptcy in Texas ------------------------------------------------ On December 2, 2025, Ark Home 7 LLC sought Chapter 11 protection in the Western District of Texas Bankruptcy Court. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. About Ark Home 7 LLC Ark Home 7 LLC is a privately held limited liability company engaged in the ownership, management, and operation of residential real estate assets. The company focuses on acquiring single-family homes and related properties, with an emphasis on maintaining stable, income-producing portfolios. Ark Home 7 LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-11905) on December 2, 2025. In its petition, the Debtor reports estimated assets of $1 million–$10 million and estimated liabilities in the same range. The Honorable Bankruptcy Judge Shad Robinson handles the case. The Debtor is represented by Thanhan Nguyen, Esq. of Nguyen Law, PLLC. ASCEND PERFORMANCE: Seeks to Extend Exclusivity to March 17, 2026 ----------------------------------------------------------------- Ascend Performance Materials Holdings Inc. and affiliates asked the U.S. Bankruptcy Court for the Southern District of Texas to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to March 17, 2026 and May 18, 2026, respectively. The Debtors explain that it is indisputable that their cases are large and complex. These chapter 11 cases include eleven Debtor entities with a vast network of operations, thousands of parties in interest, and a complex corporate and capital structure that includes over $1.8 billion (inclusive of interest) across multiple funded debt instruments. The Debtors also have an array of active constituents, including, among others, the Committee, the Debtors' lenders, as well as each constituent's agents, trustees, and advisors, and numerous employees and contract counterparties. In addition, administering these chapter 11 cases requires significant input from the Debtors' management team and advisors on a wide range of matters necessary to bring structure and consensus to a large and complex process. Unquestionably, the size and complexity of these chapter 11 cases weigh in favor of further extending the Exclusivity Periods. The Debtors claim that additional work remains to ensure that the Plan will be confirmed and that the Debtors will be able to emerge from chapter 11 expeditiously, notwithstanding the significant progress made to date. Extending the Exclusivity Periods will provide the Debtors with the time and resources required to finalize a confirmable chapter 11 plan that is in the best interests of all stakeholders and will position the Debtors for long-term success upon emergence. The Debtors assert that since the Petition Date, the Debtors have paid their undisputed postpetition debts in the ordinary course of business as they come or as otherwise provided by orders of this Court. The Debtors further assert that an additional extension of the Exclusivity Periods will permit them to maintain flexibility without competing plans derailing their ongoing restructuring process, which is swiftly approaching confirmation and emergence. Multi-track negotiations across several plans would give rise to uncertainty to the detriment of all stakeholders and would cause substantial delay in returning value to the Debtors' creditors. Moreover, extending the Exclusivity Periods will benefit the Debtors' estates, their creditors, and all other key parties in interest and will not prejudice the Debtors' creditors especially when, as here, all creditor groups and their advisors have had, and will continue to have, an opportunity to actively participate in substantive discussions with the Debtors throughout these chapter 11 cases. All stakeholders benefit from the continued stability and predictability that a centralized process provides, which can only occur while the Debtors remain the sole potential plan proponents. The Debtors note that they have already filed a Plan, including two amended versions of the Plan thus far. The Debtors believe the Plan to be viable and will continue to work with stakeholders on finalizing its terms in the coming days and weeks. The Debtors are working diligently with key stakeholders and parties in interest to ensure the Plan can be confirmed on a fully consensual basis. Co-Counsel to the Debtors: Jason G. Cohen, Esq. Jonathan L. Lozano, Esq. BRACEWELL LLP 711 Louisiana Street, Suite 2300 Houston, Texas 77002 Tel: (713) 223-2300 Fax: (800) 404-3970 Email: jason.cohen@bracewell.com jonathan.lozano@bracewell.com Co-Counsel to the Debtors: Christopher Marcus, P.C. Derek I. Hunter, Esq. KIRKLAND & ELLIS LLP KIRKLAND & ELLIS INTERNATIONAL LLP 601 Lexington Avenue New York, New York 10022 Tel: (212) 446-4800 Fax: (212) 446-4900 Email: cmarcus@kirkland.com derek.hunter@kirkland.com About Ascend Performance Materials Holdings The Debtors, together with their non-Debtor affiliates, are one of the largest, fully-integrated producers of nylon, a plastic that is used in everyday essentials, like apparel, carpets, and tires, as well as new technologies, like electric vehicles and solar energy systems. Ascend's business primarily revolves around the production and sale of nylon 6,6 (PA66), along with the chemical intermediates and downstream products derived from it. Common applications of PA66 include heating and cooling systems, air bags, batteries, and athletic apparel. Headquartered in Houston, Texas, Ascend has a global workforce of approximately 2,200 employees and operates eleven manufacturing facilities that span the United States, Mexico, Europe, and Asia. Ascend Performance Materials Holdings Inc. and its affiliates filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90127) on April 21, 2025. In the petitions signed by Robert Del Genio, chief restructuring officer, the Debtors disclosed $1 billion to $10 billion in both estimated assets and liabilities. Judge Christopher M. Lopez oversees the cases. The Debtors tapped Bracewell LLP and Kirkland & Ellis LLP as counsel; PJT Partners, Inc. as investment banker; FTI Consulting, Inc. as restructuring advisor; and Deloitte LLP as tax advisor. Epiq Corporate Restructuring LLC is the Debtors' claims, noticing, and solicitation agent. ASURION LLC: Moody's Affirms 'B1' CFR, Outlook Stable ----------------------------------------------------- Moody's Ratings has affirmed the B1 corporate family rating and B1-PD probability of default rating of Asurion, LLC (Asurion) following the company's announcement that it plans to acquire Domestic & General (D&G), one of the largest appliance care providers across the UK and Europe. Moody's also affirmed the Ba3 ratings on Asurion's senior secured revolving credit facility and senior secured first-lien term loans, as well as the B3 ratings on its senior secured second-lien term loans. The rating outlook for Asurion is stable. Moody's expects Asurion to use a combination of debt financing, maintain D&G's existing debt, pending regulatory approval, as well as cash on hand to fund the purchase of D&G. D&G generated revenue of $1.4 billion for the 12 months through September 2025. The parties aim to complete the transaction in mid-2026, pending regulatory approvals. RATINGS RATIONALE Asurion is a leading provider of mobile device services and to a lesser extent extended warranty plans. The acquisition of D&G will further diversify Asurion's presence in appliance care in the UK with a growing position in Europe and the US. D&G offers services that include expert repairs, high first-time fix rate, and a replacement promise. D&G's business has good retention rates and new business growth as well as stable EBITDA margins. Offsetting these benefits are Asurion's planned increase in financial leverage to fund the acquisition. Moody's expects D&G to retain a degree of operational independence in the UK and Europe, although there remains some integration risk in the US. The rating affirmation and stable outlook reflect Moody's views that Asurion will continue its profitable growth and will reduce its financial leverage within 12-18 months after completing the acquisition. Asurion's ratings reflect the company's strong market presence in mobile device services, including fulfillment, repair and administration, distributed through wireless carriers in the US, Japan and other selected international markets. Asurion also has a smaller but growing presence in extended warranty, service and replacement subscription plans for consumer electronics and appliances offered through retailers, other partners and its own distribution channels, such as its repair shop network and a remote technician network. In both segments, a growing share of Asurion's revenue comes from comprehensive technical support bundled with other product offerings. Asurion has a record of efficient operations and healthy profit margins. A key credit challenge for Asurion is its business concentration among leading wireless carriers, although Asurion regularly negotiates multiyear contract extensions with the carriers. Another challenge is foreign exchange risk associated with Asurion's large Japanese business, which the company hedges through a range of derivatives that help protect enterprise value but add volatility to reported earnings. In the fourth quarter of 2024 and first quarter of 2025, Asurion successfully extended contracts with some of its largest wireless carrier partners, including two longer-than-average extensions with US carriers. Moody's estimates that the acquisition of D&G will increase Asurion's pro forma debt-to-EBITDA ratio to around 6.5x (per Moody's calculations, which incorporate adjustments for operating leases, noncontrolling interest expense and foreign exchange hedging). Asurion's (EBITDA – capex) interest coverage will decline to below 2.0x, and its free-cash-flow-to-debt ratio will also decline. Asurion's free cash flow has been lower than historical levels; however, Moody's expects that the company will return these metrics to historical levels through EBITDA growth, along with debt reduction, within 12-18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Factors that could lead to an upgrade of Asurion's ratings include: (i) debt-to-EBITDA ratio below 5x; (ii) (EBITDA - capex) coverage of interest above 3.5x; and (iii) free-cash-flow-to-debt ratio above 8%. Factors that could lead to a downgrade of Asurion's ratings include: (i) debt-to-EBITDA ratio above 6.5x; (ii) (EBITDA - capex) coverage of interest below 2x; (iii) free-cash-flow-to-debt ratio below 4%; or (iv) loss of a major carrier relationship. The principal methodology used in these ratings was Insurance Brokers and Service Companies published in February 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. Based in Nashville, Tennessee, Asurion is a global provider of insurance, repair, replacement, installation and technical support for mobile devices and other consumer electronics and appliances. Asurion generated revenue of $9.2 billion for the 12 months through September 2025. ATIF INC: Court Tosses Appeal in Fraudulent Transfer Case --------------------------------------------------------- In the appeal styled DANIEL J. STERMER, Plaintiff-Appellant, versus OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY, OLD REPUBLIC NATIONAL TITLE HOLDING COMPANY, OLD REPUBLIC TITLE COMPANIES, INC., ATTORNEYS TITLE FUND SERVICES, LLC, Defendants-Appellees, No. 23-10850 (11th Cir.), Judges Nancy G. Abudu, Robin S. Rosenbaum and Kevin C. Newsom of the United States Court of Appeals for the Eleventh Circuit affirmed the order of the United States District Court for the Middle District of Florida in favor of Defendants Old Republic National Title Insurance Company ("OR Title"), Old Republic National Title Holding Company ("OR Holding"), Old Republic Title Companies, Inc., and Attorneys' Title Fund Services, LLC ("ATFS") in a bankruptcy proceeding involving ATIF, Inc. This appeal and the related proceedings concern the transfer of the Debtor's assets within 15 months of filing for bankruptcy. The Creditor Trustee, suing under 11 U.S.C. Sec. 548(a)(1) of the Bankruptcy Code and Chapter 726 of the Florida Statutes, sought to avoid the transfer of those assets. He further sought to have ATFS declared as an alter ego for OR Holding and OR Companies and to hold OR Holding and OR Companies liable as the Debtor's "successor in interest." The case primarily centers around the validity of a "Master Agreement" between OR Title, the Debtor, and related parties with respect to whether intangible assets were transferred at their reasonable equivalent value. Following a bench trial, the bankruptcy court held that the Debtor transferred those assets at their reasonably equivalent value and, therefore, none of the Debtor's creditors were harmed. On appeal, the Creditor Trustee challenges the bankruptcy court's exclusion of his expert's opinion which valued the transferred assets at a much higher amount than the bankruptcy court determined, and its rejection of the successor liability and alter ego claims. As to the successor liability and alter ego claims, the district court adopted the bankruptcy court's findings of fact in concluding that ATFS did not qualify as the Debtor's successor in interest. In particular, it reasoned that the Trust's governance-only interest in ATFS was insufficient to establish common ownership. Similarly, the district court ruled ATFS did not qualify as any of OR Defendants' alter ego because the mere fact that they shared a joint bank account did not evince that ATFS was organized to mislead the Debtor's creditors or to perpetuate fraud. Accordingly, the court concluded that the bankruptcy court did not err in finding that ATFS was not created or used for a fraudulent or improper purpose. The Creditor Trustee maintains that he established fraudulent intent by showing, to the court's satisfaction, that: (1) the Master Agreement transferred substantially all the Debtor's assets; (2) the Debtor had been sued or threatened with suit before the Master Agreement transaction; and (3) the Debtor was insolvent or became insolvent because of the Master Agreement. Those badges of fraud alone, he argues, were sufficient to conclude the transfer was unlawful. The Creditor Trustee also argues that he showed concealment, that OR Title was an insider, and that the Debtor did not receive reasonably equivalent value for the transferred assets. Successor Liability Claim The Creditor Trustee argues that summary judgment on his successor liability claim was inappropriate, whether analyzed as a de facto merger or under a mere continuation theory. According to the Circuit Judges, "Here, ATFS does not qualify as the Debtor's successor in interest under the de facto merger or mere continuation theories. Further, the Debtor and ATFS did not share common ownership. Also, ATFS did not assume a sufficient portion of the Debtor's liabilities to establish successor liability. Thus, the Creditor Trustee failed to establish successor liability under a de facto merger theory. Similarly, the Creditor Trustee failed to establish successor liability under a mere continuation theory. Although they operated similar businesses such as maintaining a copy of the title plant, ATFS and the Debtor did not share common ownership or the same assets, and ATFS did not assume a substantial portion of the Debtor's liabilities. ATFS is, thus, not a 'mere continuation' of the Debtor. Accordingly, the bankruptcy court did not err in ruling that the Creditor Trustee failed to establish successor liability." Alter Ego Claim The panel holds, "The Creditor Trustee failed to establish an alter ego claim because he satisfied only one of the three elements necessary to pierce the corporate veil. The bankruptcy court properly found that a genuine issue of material fact existed as to the first element -- whether OR Holding 'dominated and controlled; ATFS. Because the board of governors controlled ATFS's business operations, it is plausible that OR Holding controlled ATFS through its voting majority on the board Nevertheless, the Creditor Trustee failed to present evidence that would support a finding that the Debtor and OR Holding formed or operated ATFS for an improper purpose. The Debtor and OR Holding formed ATFS for the legitimate purpose of providing ancillary support related to OR Title's issuance and maintenance of new title policies. Although OR Holding and ATFS shared a bank account and commingled funds in that account, nothing in the record shows that they used the bank account to divert funds from creditors or perpetrate a fraudulent scheme. Furthermore, the Creditor Trustee failed to show that any alleged improper use of ATFS's corporate form injured the Debtor's creditors." A copy of the Court's Opinion dated November 24, 2025, is available at https://urlcurt.com/u?l=zJ889L About ATIF Inc. ATIF, Inc., sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 17-01712) on March 2, 2017. In the petition signed by Gerard A. McHale, its chief executive officer, the Debtor listed up to $500,000 in assets and up to $50 million in liabilities. Michael C. Markham, Esq., at Johnson, Pope, Bokor, Ruppel & Burns, LLP and Buell & Elligett, P.A. serve as the Debtor's bankruptcy counsel and special counsel, respectively. On April 13, 2017, the Office of the U.S. Trustee appointed an official committee of unsecured creditors. The committee retained Messana, P.A., as its bankruptcy counsel, and Becker & Poliakoff, P.A., as its special counsel. On July 5, 2018, the bankruptcy court entered an order confirming the second amended Chapter 11 plan and explanatory disclosure statement filed by the creditors' committee for ATIF, Inc. The plan establishes the ATIF Inc. Creditor Trust and appointed Daniel Stermer as the trustee. Stermer hired Messana, P.A. as bankruptcy counsel and Buchanan Ingersoll & Rooney, PC, as special counsel. BAFFINLAND IRON: Moody's Appends 'LD' Designation to 'Caa3-PD' PDR ------------------------------------------------------------------ Moody's Ratings says it has appended a limited default "/LD" designation to Baffinland Iron Mines Corporation's (Baffinland) probability of default rating of Caa3-PD, changing it to Caa3-PD/LD. This action was taken following Baffinland's execution of the sixth amendment to its credit agreement in November 2025. Under this amendment, all revolving borrowings outstanding immediately prior to effectiveness, totaling US$126.5 million, were converted into term loans and the revolving commitments were permanently terminated. Outstanding letters of credit with an aggregate face amount of C$40.1 million have been extended to October 21, 2026 and additional letters of credit with an aggregate face amount of C$35.1 have been issued. The facility has a maturity of May 31, 2027, subject to automatic acceleration to June 30, 2026 if any portion of the senior secured notes remains outstanding as at March 31, 2026. The "/LD" designation reflects the extension of the maturity of the revolving borrowings which Moody's considers a distressed exchange and therefore a default under Moody's definitions. The "/LD" designation appended to the PDR will be removed in a few business days. At the same time as the amendment to its credit agreement, Baffinland also entered into a fourth amendment with Export Development Canada to extend the maturity of the $75 million term loan to the same maturity profile as the credit amendment. Moody's sees the transaction outlined as positive for the company because it allows Baffinland more time to determine its financing plan for a possible rail expansion to Steensby Port. However, the transaction is not transformational for the capital structure and it does not address the very high leverage of the company. Baffinland is a privately held company that owns the Mary River iron ore mine at the northern end of Baffin Island in the Nunavut Territory, Canada. All its common shares are all owned by Nunavut Iron Ore, Inc. (NIO). NIO is owned by the Energy & Minerals Group and ArcelorMittal Canada Inc. BARMASTERS LLC: Section 341(a) Meeting of Creditors on January 12 ----------------------------------------------------------------- On November 26, 2025, Barmasters LLC filed for Chapter 11 protection in the Middle District of Florida. 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 January 12, 2026 at 11:00 AM. U.S. Trustee (Orl) will hold the meeting telephonically. Call in Number: 888-330-1716. Passcode: 5814238#. About Barmasters LLC Barmasters LLC is limited liability company. Barmasters LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-07727) on November 26, 2025. In its petition, the Debtor reports estimated assets between $100,001 and $500,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by Daniel A. Velasquez, Esq. of LATHAM LUNA EDEN & BEAUDINE LLP. BEAUX EQUITIES: Powercap Lawsuit Goes to Trial ---------------------------------------------- Judge Jil Mazer-Marino of the United States Bankruptcy Court for the Eastern District of New York denied the motions for summary judgment filed by the parties in the adversary proceeding captioned as POWERCAP PARTNERS LLC, Plaintiff, -against- BEAUX EQUITIES LLC, YAAKOV POLLAK, MOSHE POLLAK, SHORIVGER TRUST, and RAPHAEL GROSSMAN AS TRUSTEE OF THE SHORIVGER TRUST, Defendants, Adv. Proc. No.: 25-01037-jmm (Bankr. E.D.N.Y.). On May 9, 2025, Shorivger Trust filed a motion to remand the adversary proceeding. On June 18, 2025, the remand motion was withdrawn by Shorivger without prejudice to renewal. On July 16, 2025, the Debtor moved for summary judgment under Rule 56 of the Federal Rules of Civil Procedure, as incorporated into these proceedings by Rule 7056 of the Federal Rules of Bankruptcy Procedure. On the same day, Shorivger and Raphael Grossman as Trustee of Shorivger Trust moved for summary judgment under Rule 56 of the Federal Rules of Civil Procedure, as incorporated into these proceedings by Rule 7056 of the Federal Rules of Bankruptcy Procedure. A copy of the Court's Order dated November 25, 2025, is available at https://urlcurt.com/u?l=MMNE0k from PacerMonitor.com. About Beaux Equities LLC Beaux Equities, LLC is a lessor of residential buildings and dwellings. Beaux Equities sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-40119) on January 9, 2025. In its petition, the Debtor reported estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Judge Jil Mazer-Marino handles the case. Avrum J. Rosen, Esq., at the Law Offices of Avrum J. Rosen PLLC represents the Debtor as counsel. BEAUX EQUITIES: Shorivger Trust et al. Lose Bid to Dismiss Lawsuit ------------------------------------------------------------------ Judge Jil Mazer-Marino of the United States Bankruptcy Court for the Eastern District of New York denied the request of Shorivger Trust, Raphael Grossman as Trustee of the Shorivger Trust, and Israel Grossman seeking to dismiss the adversary proceeding captioned as BEAUX EQUITIES LLC, Plaintiff, -against- SHORIVGER TRUST, RAPHAEL GROSSMAN AS TRUSTEE OF THE SHORIVGER TRUST, and ISRAEL GROSSMAN, Defendants, Adv. Proc. No.: 25-01105-jmm (Bankr. E.D.N.Y.). A pre-trial status conference in the adversary proceeding will be held on February 11, 2026. A copy of the Court's Order dated November 25, 2025, is available at https://urlcurt.com/u?l=tah4fM from PacerMonitor.com. About Beaux Equities LLC Beaux Equities, LLC is a lessor of residential buildings and dwellings. Beaux Equities sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-40119) on January 9, 2025. In its petition, the Debtor reported estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Judge Jil Mazer-Marino handles the case. Avrum J. Rosen, Esq., at the Law Offices of Avrum J. Rosen PLLC represents the Debtor as counsel. BEYOND AIR: CFO Doug Larson Resigns for New Opportunity ------------------------------------------------------- Beyond Air, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on November 21, 2025, Doug Larson notified the Company of his resignation as Chief Financial Officer to pursue another opportunity. Mr. Larson will continue to serve as CFO through December 5, 2025, at which time the CFO responsibilities at the Company will be assumed on an interim basis by Duke Drewell, the Company's Controller. Beyond Air has launched a search for a permanent successor. Mr. Larson will serve in an advisory role at the Company through calendar year-end 2025 to support a smooth transition. "Doug has been a valued member of our team over the past four years. His leadership and financial discipline were instrumental in our transition to a commercial business with the launch of the LungFit PH, as well as the launch of our majority owned clinical research stage subsidiaries, Beyond Cancer and NeuroNOS. We are grateful for his contributions through these defining moments in our Company's history and wish him continued success in his future endeavors," said Steve Lisi, Chairman and Chief Executive Officer. "I have enjoyed being part of the Beyond Air team over the past several years, as we have guided the business from development-stage to a fully commercial enterprise. I am proud of what we accomplished together and confident that the company is well-positioned for the future, particularly following the recent financing agreements that strengthened the balance sheet," stated Mr. Larson. Mr. Larson's departure is not the result of any disagreements with the Company on any matter relating to its financial statements, internal control over financial reporting, operations, policies or practices. About Beyond Air Headquartered in Garden City, N.Y., Beyond Air, Inc. -- www.beyondair.net -- is a commercial-stage medical device and biopharmaceutical company developing a platform of nitric oxide generators and delivery systems (the "LungFit platform") capable of generating NO from ambient air. The Company's first device, LungFitPH, received premarket approval from the FDA in June 2022. The NO generated by the LungFit PH system is indicated to improve oxygenation and reduce the need for extracorporeal membrane oxygenation in term and near term (34 weeks gestation) neonates with hypoxic respiratory failure associated with clinical or echocardiographic evidence of pulmonary hypertension in conjunction with ventilatory support and other appropriate agents. East Hanover, New Jersey-based Marcum LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated June 20, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2025, citing that the Company has suffered recurring losses from operations, has experienced negative cash flows from operating activities since inception, and has an accumulated deficit, that raise substantial doubt about its ability to continue as a going concern. As of June 30, 2025, the Company had $28.1 million in total assets, against $17.7 million in total liabilities. BLOCKFI INC: Secures Final Court OK of $13MM Settlement ------------------------------------------------------- Emily Lever of Law360 reports that a New Jersey federal judge on Friday, December 5, 2025, granted final approval to a $13.2 million settlement resolving claims brought by investors who alleged losses tied to their dealings with the collapsed cryptocurrency lender BlockFi Inc. The ruling clears the way for compensation to be distributed to class members who claimed they were harmed when the company entered bankruptcy following industry-wide turmoil. As part of the approval, the court authorized payments of $10,000 to each qualifying class member. The settlement marks a significant recovery for investors seeking redress after BlockFi's failure, providing closure to litigation that emerged amid the broader instability in the digital asset lending sector, according to report. About BlockFi Inc. BlockFi was founded in 2017 by Zac Prince and Flori Marquez and in its early days had backing from influential Wall Street investors like Mike Novogratz and, later on, Valar Ventures, a Peter Thiel-backed venture fund as well as Winklevoss Capital, among others. BlockFi was building a bridge between digital assets and traditional financial and wealth management products to advance the overall digital asset ecosystem for individual and institutional investors. It made waves in 2019 when it began providing interest-bearing accounts with returns paid in Bitcoin and Ether, with its program attracting millions of dollars in deposits right away. BlockFi grew during the pandemic years and had offices in New York, New Jersey, Singapore, Poland and Argentina. BlockFi worked with FTX US after it took an $80 million hit from the bad debt of crypto hedge fund Three Arrows Capital, which imploded after the TerraUSD stablecoin wipeout in May 2022. BlockFi had significant exposure to the companies founded by former FTX Chief Executive Officer Sam Bankman-Fried. BlockFi received a $400 million credit line from FTX US in an agreement that also gave FTX the option to acquire BlockFi through a bailout orchestrated by Bankman-Fried over the summer. BlockFi also had collateralized loans to Alameda Research, the trading firm co-founded by Bankman-Fried. BlockFi Inc. and eight affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Lead Case No. 22-19361) on Nov. 28, 2022. In the petitions signed by their chief executive officer, Zachary Prince, the Debtors reported $1 billion to $10 billion in both assets and liabilities. Judge Michael B. Kaplan was assigned to the cases. The Debtors tapped Kirkland & Ellis and Haynes and Boone, LLP, as general bankruptcy counsels; Walkers (Bermuda) Limited as special Bermuda counsel; Cole Schotz, P.C., as local counsel; Berkeley Research Group, LLC as financial advisor; Moelis & Company as investment banker; and Street Advisory Group, LLC, as strategic and communications advisor. Kroll Restructuring Administration, LLC, is the notice and claims agent. In October 2023, BlockFi announced that its bankruptcy plan became is effective, and the company emerged from bankruptcy. BMH ONE RE: Voluntary Chapter 11 Case Summary --------------------------------------------- Debtor: BMH One RE, LLC 400 East Centre Park Boulevard Suite 101 DeSoto, TX 75115 Business Description: BMH One RE, LLC, a limited liability company, leases a single real estate property. Chapter 11 Petition Date: December 1, 2025 Court: United States Bankruptcy Court Northern District of Texas Case No.: 25-34789 Debtor's Counsel: John J. Kane, Esq. KANE RUSSELL COLEMAN LOGAN PC 901 Main Street Suite 5200 Dallas, TX 75202 Tel: 214-777-4200 Fax: 214-777-4299 E-mail: jkane@krcl.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $10 million to $50 million William Ian MacDonald signed the petition as manager. The Debtor declared 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/FNQHUCA/BMH_One_RE_LLC__txnbke-25-34789__0001.0.pdf?mcid=tGE4TAMA BMX TRANSPORT: Pendergrass Property Sale to Jackson County OK'd --------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Georgia, Gainesville Division, has granted BMX Transport LLC to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor is a transportation business, specializing in freight and specialty transportation services. With a comprehensive network and extensive industry experience, the business offers tailored solutions, including truckload services using vans and reefers, warehousing supported by advanced inventory systems, and secure 24-hour facilities. BMX excels in handling complex logistics, ensuring efficiency and transparency in meeting client shipping goals across the nation. The Debtor owns 22.5 acres of real property located at 100 Point Drive, Pendergrass, Georgia. The Court has authorized the Debtor to sell the Property to Jackson County Board of Education. The Debtor may sell the Property as set forth in the Motion and the Land Sales Agreement. Upon closing of the sale of the Property, all liens, claims, and encumbrances on the Property shall attach to the proceeds of the Sale to the same extent, validity, and priority as they exist at the time of the closing of the Sale. The Debtor is authorized to pay Jeric Holdings, LLC, the holder of the debt properly secured by the Property, in full at the time of closing, provided that Jeric Holdings, LLC promptly releases its lien secured by the Property as is customary under Georgia law. The Debtor shall place the net proceeds of the sale into an escrow account of the firm of Keck Legal, LLC until entry of further order of the Court with respect to distribution of such proceeds. The Buyer is purchasing the Property in good faith. The Debtor is authorized to take all actions necessary to close the sale of the Property and to comply with the Land Sales Agreement. About BMX Transport LLC BMX Transport, LLC provides long-distance specialized freight trucking services across the United States, focusing on goods that require unique handling or equipment. It offers full truckload transport using dry vans and refrigerated trailers, supported by warehousing and 24/7 logistics operations. Headquartered in Georgia, BMX Transport operates a federally authorized fleet of trucks and trailers. BMX Transport sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-20705) on May 5, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge James R. Sacca handles the case. The Debtor is represented by Benjamin R. Keck, Esq., at Keck Legal, LLC. BOREN INC: Court Extends Cash Collateral Access to Dec. 30 ---------------------------------------------------------- Boren, Inc. received another extension from the U.S. Bankruptcy Court for the Middle District of Tennessee to use cash collateral. The court issued its second interim order extending the Debtor's authority to use cash collateral through December 30 to pay the expenses set forth in its budget, subject to a 10% variance. As adequate protection, secured creditors that may have interest in the cash collateral will be granted replacement liens on the Debtor's post-petition property and its proceeds, with the same validity and priority as their pre-bankruptcy interests. These replacement liens do not apply to avoidance actions. The final hearing is set for December 30. The second interim order is available at https://is.gd/8pm4xY from PacerMonitor.com. The secured creditors claiming interests on the Debtor's accounts receivable and other assets based on their UCC-1 financing statements are Simmons Bank ($356,071), United Leasing, Inc. ($48,790), and the U.S. Small Business Administration ($96,303). All other creditors that filed UCC-1 financing statements based on the report provided by the Tennessee Secretary of State are merchant cash advance lenders. The Debtor turned to MCA loans in December 2024 to cover short-term funding gaps, expecting a temporary solution, but the aggressive repayment terms quickly worsened its financial strain. About Boren Inc. Boren, Inc., doing business as Fitness 1440, operates multi-level fitness centers in Nashville, Tennessee, offering 24/7 gym access, swimming pools, saunas, personal training, group fitness classes, and other wellness amenities. It provides membership services with access to multiple locations and specialized fitness equipment. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Tenn. Case No. 25-04621) on October 31, 2025, with $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Nelson Boren, Jr., regional manager, signed the petition. Judge Charles M. Walker presides over the case. Michelle L. Spezia, Esq., at Johnson Legal, PLLC represents the Debtor as bankruptcy counsel. BOY SCOUTS: Opposes Supreme Court Review of Chapter 11 Deal ----------------------------------------------------------- Angelica Serrano-Roman of Bloomberg Law reports that the Boy Scouts of America urged the U.S. Supreme Court to reject a small group of abuse claimants' bid to overturn its Chapter 11 reorganization plan, which created a $2.4 billion compensation trust for survivors. The organization argued that the challenge comes from a tiny minority of claimants and threatens the stability of a plan already overwhelmingly approved and implemented. In its filing, the Boy Scouts said the objecting claimants represent only a fraction of a percent of the total survivor group and are improperly challenging the $1.65 billion sale of insurance rights that helped fund the trust. Because that sale closed long ago and involved good-faith buyers, the Bankruptcy Code bars the type of relief the petitioners are seeking, the organization contended. About Boy Scouts of America The Boy Scouts of America -- https://www.scouting.org/ -- is a federally chartered non-profit corporation under title 36 of the United States Code. Founded in 1910 and chartered by an act of Congress in 1916, the BSA's mission is to train youth in responsible citizenship, character development, and self-reliance through participation in a wide range of outdoor activities, educational programs, and, at older age levels, career-oriented programs in partnership with community organizations. Its national headquarters is located in Irving, Texas. The Boy Scouts of America and affiliate Delaware BSA, LLC, sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 20-10343) on Feb. 18, 2020, to deal with sexual abuse claims. Boy Scouts of America was estimated to have $1 billion to $10 billion in assets and at least $500 million in liabilities as of the bankruptcy filing. The Debtors have tapped Sidley Austin LLP as their bankruptcy counsel, Morris, Nichols, Arsht & Tunnell LLP as Delaware counsel, and Alvarez & Marsal North America, LLC, as financial advisor. Omni Agent Solutions is the claims agent. The U.S. Trustee for Region 3 appointed a tort claimants' committee and an unsecured creditors' committee on March 5, 2020. The tort claimants' committee is represented by Pachulski Stang Ziehl & Jones, LLP, while the unsecured creditors' committee is represented by Kramer Levin Naftalis & Frankel, LLP. The Debtors obtained confirmation of their Third Modified Fifth Amended Chapter 11 Plan of Reorganization (with Technical Modifications) on September 8, 2022. The Order was affirmed on March 28, 2023. The Plan was declared effective on April 19, 2023. The Hon. Barbara J. House (Ret.) has been appointed as trustee of the BSA Settlement Trust. BRIDGING THE DIVIDES: Seeks Chapter 11 Bankruptcy in North Carolina ------------------------------------------------------------------- On December 3, 2025, Bridging the Divides sought Chapter 11 protection in the Eastern District of North Carolina. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About Bridging the Divides Bridging the Divides is a single asset real estate company. Bridging the Divides filed for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-04828) on December 3, 2025. In its petition, the Debtor reports estimated assets of $100,001 to $1,000,000 and estimated liabilities in the same range. Honorable Bankruptcy Judge Joseph N. Callaway handles the case. The Debtor is represented by counsel noted in the court filings. BROWNIE'S MARINE: Issues 48.12MM Shares to CEO, Director -------------------------------------------------------- Brownie's Marine Group, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on November 24, 2025, the Company, issued: a. 24,722,222 shares of its common stock, par value $0.0001 per share to Robert Carmichael, the Company's Chief Executive Officer and a Director, in lieu of a cash payment of $133,500, and b. 23,400,000 shares of Common Stock to Charles Hyatt, a Director, in lieu of a cash payment of $117,000, as accrued compensation for their service on the board of directors of the Company. Such shares are exempt from registration under the Securities Act of 1933, as amended, in reliance upon an exemption from registration provided by Section 4(a)(2) thereof. About Brownie's Marine Pompano Beach, Fla.-based Brownie's Marine Group, Inc., through its wholly owned subsidiaries, designs, tests, manufactures and distributes tankless dive systems, rescue air systems and yacht-based self-contained underwater breathing apparatus air compressor and nitrox generation fill systems and acts as the exclusive distributor in North and South America for Lenhardt & Wagner GmbH compressors in the high-pressure breathing air and industrial gas markets. The Company is also the exclusive United States and Caribbean distributor for Chrysalis Trading CC, a South African manufacturer of fitness and dive equipment, which is doing business as Bright Weights, of a dive ballast system produced in South Africa. As of June 30, 2025, the Company had $5,812,643 in total assets, $4,151,423 in total liabilities, and $1,661,219 in total stockholders' equity. Henderson, Nev.-based Bush and Associates CPA LLC, the Company's auditor since 2024, issued a 'going concern' qualification in its report dated June 13, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company had a net loss of approximately $240,599 and cash used in operating activities of approximately $292,314 for the year ended December 31, 2024, as well as an accumulated deficit of approximately $17,927,329 as of December 31, 2024. These factors raise substantial doubt about the Company's ability to continue as a going concern. BURGUNDIAN LLC: Accountant Wins $17,352.50 in Fees -------------------------------------------------- Judge Christopher J. Panos of the United States Bankruptcy Court for the District of Massachusetts approved the final application for compensation and reimbursement of expenses of Verdolino & Lowey P.C., The Burgundian, LLC's accountant, for the period July 14, 2025 to October 31, 2025 in the amount of $17,352.50, comprised of fees in the amount of $17,352.50 and expenses in the amount of $0. A copy of the Court's Order dated November 25, 2025, is available at https://urlcurt.com/u?l=zzoBSC from PacerMonitor.com. About The Burgundian LLC The Burgundian LLC operates a restaurant in Attleboro, Massachusetts. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-11287) on June 24, 2025. In the petition signed by Shane T. Matlock, manager, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge Christopher J. Panos oversees the case. David B. Madoff, Esq., at Madoff and Khoury LLP, is the Debtor's legal counsel. BURGUNDIAN LLC: Counsel's First Fee Application Okayed ------------------------------------------------------ Judge Christopher J. Panos of the United States Bankruptcy Court for the District of Massachusetts approved the first application for compensation and reimbursement of expenses of David Madoff, The Burgundian, LLC's attorney, for the period June 24, 2025 to November 6, 2025 in the amount of $21,361.91, comprised of fees in the amount of $20,327.00 and expenses in the amount of $1,034.91. A copy of the Court's Order dated November 25, 2025, is available at https://urlcurt.com/u?l=PknVVI from PacerMonitor.com. About The Burgundian LLC The Burgundian LLC operates a restaurant in Attleboro, Massachusetts. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-11287) on June 24, 2025. In the petition signed by Shane T. Matlock, manager, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge Christopher J. Panos oversees the case. David B. Madoff, Esq., at Madoff and Khoury LLP, is the Debtor's legal counsel. BURGUNDIAN LLC: Subchapter V Trustee's Fee Application Okayed ------------------------------------------------------------- Judge Christopher J. Panos of the United States Bankruptcy Court for the District of Massachusetts approved the application for final allowance of compensation and expense reimbursement of Joseph DiOrio, Subchapter V trustee for The Burgundian, LLC, for the period June 25, 2025 to November 4, 2025 in the amount of $3,887.04, comprised of fees in the amount of $3,650.50 and expenses in the amount of $236.54. A copy of the Court's Order dated November 25, 2025, is available at https://urlcurt.com/u?l=9Q0TLW from PacerMonitor.com. About The Burgundian LLC The Burgundian LLC operates a restaurant in Attleboro, Massachusetts. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-11287) on June 24, 2025. In the petition signed by Shane T. Matlock, manager, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge Christopher J. Panos oversees the case. David B. Madoff, Esq., at Madoff and Khoury LLP, is the Debtor's legal counsel. CANDYWAREHOUSE.COM INC: Gets Final OK to Use Cash Collateral ------------------------------------------------------------ The U.S. Bankruptcy Court for the Northern District of Texas, Dallas Division issued a final order authorizing CandyWarehouse.com, Inc. to use cash collateral. The Debtor may use cash collateral to pay any budgeted expenses that come due and may exceed each individual budget line item by up to 110% without further court approval. All revenue generated in the ordinary course of business is included in the authorized cash collateral. The 30-day budget projects total cash disbursements of $230,101. As adequate protection, secured creditors listed in the debtor's filings are granted replacement liens on post-petition assets, limited to any decrease in value of their collateral. These liens exclude Chapter 5 claims and their proceeds. The order also confirms that holders of perfected security interests in cash collateral receive replacement liens in postpetition accounts receivable, contract rights, and deposit accounts consistent with their prepetition priority. The final order provides for a carveout for certain administrative expenses, including fees incurred by the U.S. Trustee and Subchapter V trustee, clerk fees and bankruptcy professional fees. About Candywarehouse.com Inc. CandyWarehouse.com, Inc. operates an e-commerce platform that sells bulk candies, snacks, and party supplies, offering products such as chocolates, gummies, and international confections. It provides customers with search options by flavor, color, event, or holiday, and caters to both individual and wholesale buyers. CandyWarehouse.com sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 25-34192) on October 24, 2025, with $223,957 in assets and $3,244,950 in liabilities. Mimi Kwan-Nguyen, president of CandyWarehouse.com, signed the petition. Judge Michelle V. Larson presides over the case. Robert C. Lane, Esq., at The Lane Law Firm represents the Debtor as bankruptcy counsel. CAPROCK LAND: Bunkley, et al. Win Bid for Payment of Defense Costs ------------------------------------------------------------------ The United States Bankruptcy Court for the Northern District of Texas granted the motion of Thomas Bunkley, III and Erin Bunkley for an order to allow payment, reimbursement, and/or advancement of defense costs under D&O policy and modifying the automatic stay, to the extent applicable in the bankruptcy case of CapRock Land Company, LLC. Pursuant to Section 362(d)(1) of the Bankruptcy Code, relief from the automatic stay, to the extent applicable, is granted for cause to permit the insurer, Arch Insurance Company or its affiliates, pursuant to the terms of the D&O Policy, to pay, reimburse, and/or advance all covered amounts incurred by or to be incurred by Thomas Bunkley III and Erin Bunkley, including any defense costs previously incurred, presently being incurred, or that will in the future be incurred by these defendants. A copy of the Court's Order dated November 17, 2025, is available at https://urlcurt.com/u?l=JrH1K6 from PacerMonitor.com. About CapRock Land Company CapRock Land Company, LLC, a company in Amarillo, Texas, purchases and sells agricultural commodities. CapRock filed Chapter 11 petition (Bankr. N.D. Texas Case No. 23-20172) on Aug. 25, 2023, with $1 million to $10 million in assets and $10 million to $50 million in liabilities. Judge Robert L. Jones oversees the case. Steven L. Hoard, Esq., at Mullin Hoard & Brown, LLP, was the Debtor's legal counsel. StoneX Commodity Solutions, LLC, the Debtor's lender, was represented by Polsinelli, PC. The case was converted to Chapter 7 on March 18, 2024. Laurie Dahl Rea is the Chapter 7 trustee appointed in the Debtor's bankruptcy case. The trustee is represented by Rochelle McCullough, LLP. CAPSTONE BORROWER: Fitch Alters Outlook on 'B+' IDR to Negative --------------------------------------------------------------- Fitch Ratings has affirmed Capstone Borrower, Inc.'s (dba Cvent) Long-Term Issuer Default Rating (IDR) at 'B+'. Fitch has also downgraded Cvent's existing first lien revolver, secured notes and proposed upsized Term Loan to 'BB' with a Recovery Rating of 'RR2' from 'BB+'/'RR1'. The Rating Outlook is revised to Negative from Stable. Fitch has also published the IDR of the financial filer Capstone TopCo, Inc. at 'B+' with a Negative Outlook. The 'B+' IDR reflects Cvent's strong recurring revenues, high net dollar retention, broad and diverse customer base and strong market position. However, cash flow remains pressured with high EBITDA leverage and no room for more debt at the current rating. Fitch expects cash flow metrics to stay below the negative sensitivity in the near term, driving the Outlook revision. The incremental term loan weakens recovery prospects for senior secured facilities, resulting in the downgrade of the recovery rating. Key Rating Drivers Pressured Short-Term Cash Flow Profile: Fitch expects Cvent's cash flow from operations (CFO) minus capital expenditure (capex) to total debt ratio and the FCF margin to stay pressured in the near term due to the proposed higher debt balance and interest expenses. Fitch expects both metrics to keep improving and rise to above 10% by 2028, driven by continued EBITDA growth and debt amortization. Cvent's capitalized software development costs have been gradually declining to about 6.6% of reported revenue in 2024, but the percentage is still higher than most of its software peers, making the company's FCF profile relatively weak in the short term. High but Declining Leverage: Fitch expects EBITDA leverage to temporarily increase to 7.8x by the end of 2025, due to the incremental debt issuances in 2025, and the change of Fitch's criteria where capitalized software development costs are no longer treated as capex but operating expenses. Fitch projects EBITDA leverage will start declining in 2026, as EBITDA continues to grow organically and through additional strategic and opportunistic acquisitions. Fitch also projects that EBITDA leverage will continue to decline yoy to below 6x by 2027, with no assumed debt prepayments or additional debt issuance. Strong Revenue Visibility and Retention: Over 50% of Cvent's annual contract value (ACV) bookings are tied to multi-year contracts. As of Sept. 30, 2025, over 90% of LTM revenue were recurring, with most of this recurring revenue coming from software subscriptions. Cvent's resiliency through past economic downturns indicates a reliable revenue stream. The company has also maintained a net retention rate over 100% since 2021, demonstrating strong customer loyalty despite some historical fluctuations. As of September 2025, the net dollar retention rate was 105.4%, up YoY from 104.8% in 2024. Large and Diverse Customer Base: Cvent serves over 25,000 customers globally, with about 85% of revenue from North America for FY 2024 and the first nine months of FY 2025. Its largest customer accounts for less than 1% of total reported revenue. The Event Cloud segment declined to 67.2% of 2024 reported revenue from previous years and further down to about 65% as of 3Q25. The remaining reported revenue is from the Hospitality Cloud segment, which has been growing yoy faster than Event Cloud, increasing revenue diversification. This segment includes the Cvent Supplier Network and Cvent Vendor Marketplace, with over 340,000 hotels and venues. Market Leader with Growth Opportunities: Cvent is a market leader in the event and hospitality management software market. Since the pandemic, the company has pivoted its offerings to meet customer needs, providing flexible software as a service (SaaS) solution for virtual, in-person and hybrid events. Cvent offers an all-in-one platform, delivering cost-efficient solutions for its customers, and the product offering has been expanding via strategic acquisitions. With a lower-interest-rate environment, Fitch anticipates that the company will experience greater growth opportunities due to improved customer financial flexibility. Peer Analysis Although there are no direct peers in the Fitch-rated universe, Cvent's credit profile is comparable to other software providers under private ownership with similar ratings and a subscription-based revenue model, including Quartz AcquireCo, LLC (dba Qualtrics; BB-/Stable), ConnectWise, LLC (ConnectWise; B+/Stable), Constant Contact, Inc. (Constant Contact; B/Stable) and RealPage, Inc. (RealPage; B/Stable). Qualtrics has stronger key credit metrics compared to Cvent such as leverage and cash flow ratios at a larger scale. Therefore, it is rated at a higher level than Cvent. ConnectWise is rated the same as Cvent. ConnectWise has a much higher EBITDA margin but is similar to Cvent in terms of leverage and other credit metrics. ConnectWise and Cvent are both leaders in their own niche markets. Compared to issuers at a lower rating, such as RealPage and Constant Contact, Cvent has similar metrics such as EBITDA leverage and EBITDA interest coverage in the short term, but CFO minus capex to total debt ratio has a much stronger growth prospect for the next 18 to 24 months, despite the temporary pressure. Fitch’s Key Rating-Case Assumptions - Total revenue grows at low-double-digit compound annual growth rate (CAGR) through 2028; - $100 million to $200 million cash spent on tuck-in acquisitions per year from 2026 to 2028; - Total operating expenses as a percentage to total revenue decreases over time as the company scales continues its cost savings plan, leading to Fitch-adjusted EBITDA margin rising to high-20% level by 2028; - Capex as a percentage to total revenue, excluding capitalized software development costs, stays below 1% through the forecast period; - Secured overnight financing rates (SOFRs) used for the forecast period are 4.42%, 3.52%, 3.43% and 3.60% for 2025 to 2028, respectively; - No debt prepayment or incremental issuance is assumed for the period until 2028. Recovery Analysis Key Recovery Assumptions - The recovery analysis assumes that Cvent would be reorganized as a going concern in bankruptcy rather than liquidated; - The revolver is assumed to be fully drawn; - A 10% administrative claim is assumed. Going-Concern (GC) Approach The recovery analysis assumes that Cvent enters a distressed scenario due to the loss of market share to smaller competitors, such as Bizzabo, amid significant macroeconomic headwinds, leading to a decrease in its top line. In the meantime, Cvent must increase operating expenses to try to boost revenue growth. The margin compression is partially offset by the successfully completed cost-cutting initiatives and EBITDA contribution from latest acquisitions after full integration, as well as further cost reduction from restructuring. Fitch forecasts that the company's going concern (GC) EBITDA is $230 million. An enterprise value (EV) to EBITDA multiple of 7.0x is applied to the GC EBITDA to calculate a post-reorganization EV. This multiple considers the company's recurring revenue model, low customer churn, flexible cost structure and leading position in its target market. This multiple is also aligned with historical bankruptcy exit multiples for software peers, as outlined in Fitch's 2025 "Telecom, Media and Technology Bankruptcy Enterprise Values and Creditor Recoveries" case study. By comparison, the median reorganization EV to EBITDA multiple in the technology, media and telecommunications (TMT) sector is approximately 5.9x. For software companies, the multiple ranges between 5.5x (Aspect Software Parent Inc.) and 8.4x (Allen Systems Group, Inc.). Given the 7.0x EV to EBITDA multiple and a GC EBITDA of $230 million, the recovery EV is $1,449 million after accounting for a 10% administration claim. This leads to a Recovery Rating of 'BB'/'RR2' for the 1L TL, revolver and bond, two notches above Cvent's 'B+' IDR. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - CFO minus capex to total debt ratio below 7% on a sustained basis; - EBITDA Leverage sustained above 6x; - Erosion in revenue retention rates resulting in organic revenue growth sustaining near or below 0%. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - CFO minus capex to total debt ratio expected to be 10% or higher on a sustained basis; - EBITDA Leverage sustained below 4.5x; - Sufficient financial flexibility for company to pursue strategic actions without significant deviation in credit metrics. Factors that Could, Individually or Collectively, Lead to a Stable Outlook - CFO minus capex to total debt ratio above 7% on a sustained basis Liquidity and Debt Structure As of Sept. 30, 2025, Cvent had $221.5 million in cash and cash equivalents, up from $143.6 million at the end of 2024, mainly due to positive FCF generation. Fitch expects the company to continue growing its EBITDA and generating positive FCF to support its liquidity needs. In addition, the company also has a $150 million revolver that is undrawn and fully available. In 1H25, the company issued $50 million incremental TL to fund a tuck-in acquisition. Cvent also issued $325 million incremental 1L senior secured bonds and used the proceeds to partly redeem the preferred shares issued by the parent company, Capstone TopCo, Inc., pay related fees and add cash to the balance sheet. The company is also issuing incremental TL, and the pro forma total debt balance will increase to approximately $1.7 billion. The preferred shares issued under the parent company are outside of the restricted group of the 1L debts and are now fully owned by the common shareholders. As per Fitch's criteria, the preferred shares are treated as non-debt for both Cvent and the parent company, Capstone TopCo, Inc. Issuer Profile Capstone Borrower, Inc. (dba Cvent) is a leading meetings, events, and hospitality software provider that delivers comprehensive event marketing and management platform. It serves over 25,000 customers globally. Approximately 53% of Fortune 500 companies use Cvent. 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 ----------- ------ -------- ----- Capstone Borrower, Inc. LT IDR B+ Affirmed B+ senior secured LT BB Downgrade RR2 BB+ Capstone TopCo, Inc. LT IDR B+ Publish CAPSTONE TOPCO: $250MM Incremental Loan No Impact on Moody's B3 CFR ------------------------------------------------------------------- Moody's Ratings said that Capstone TopCo, Inc.'s (Cvent) proposed issuance of an incremental $250 million backed senior secured term loan due June 2030 (issued by Capstone Borrower, Inc.) is a negative credit development since it will raise debt leverage. However, as Moody's expects the company to reduce financial leverage over the next 12 to 18 months, the transaction has no impact on the ratings, including Cvent's B3 corporate family rating and the B3-PD probability of default. The B3 rating on the backed senior secured bank credit facilities consisting of a revolving credit facility due 2028 and a term loan due 2030 at Capstone Borrower, Inc. are unchanged. The stable outlooks are also unchanged. On December 02, 2025, Cvent, led by private equity firm Blackstone, Inc., announced a $250 million incremental senior secured term loan with proceeds used to fund an acquisition. Moody's considers the news a negative credit development because the incremental debt increases financial leverage in the near term. Pro forma for the acquisition, Moody's estimates that Cvent's debt/EBITDA will increase to around 7.5x from 6.5x after expensing capitalized software costs and including changes in deferred revenue for the 12 months ended September 30, 2025. The acquisition will not initially contribute earnings and will take time to significantly scale. Moody's expects the transaction to close by the end of 2025. Moody's estimates that the company will also use around $30 million of cash on hand to fund the remaining cash portion of the purchase price, which diminishes liquidity in the near term. Nonetheless, ratings are unaffected because Moody's expects that the company will be able to reduce financial leverage below 6.5x by the end of 2026 from a combination of organic earnings growth in the high single-digit percentages and debt repayment. Moody's anticipates the company will generate around breakeven cash flow after 1% annual mandatory debt repayment of around $10 million, registration fees payable to customers, and deferred cash compensation take-private payments. The company will have $223 million of cash pro forma at close of the transaction and full access to its $150 million revolving credit facility due 2028. The transaction indicates high governance risk remains as it pertains to financial strategies and risk management given the increased financial leverage following the acquisition. The acquisition is significantly larger compared to prior acquisitions, the largest of which was Splash for $110.9 million in September 2024. The company has had a track record of reducing leverage following debt-funded acquisitions. Cvent, based in Tysons Corner, VA, and privately owned by affiliates of Blackstone Inc., provides cloud-based enterprise event management and hospitality software and services, mostly in North America. Moody's expects revenue of about $1 billion in 2026. CBDMD INC: Adopts 2025 Equity Plan with 2% Annual Evergreen ----------------------------------------------------------- cbdMD, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on November 28, 2025, the Board of Directors approved the 2025 Plan, as the Company's 2015 Equity Compensation Plan has expired and there is a nominal number of shares available under the Company's 2021 Equity Compensation Plan. The Board of Directors will recommend that the 2025 Plan be approved by the Company's shareholders at the Company's upcoming 2026 annual meeting. The purpose of the 2025 Plan is to enable the Company to offer to its employees, officers, directors and consultants whose past, present and/or potential contributions to the Company and its Subsidiaries have been, are or will be important to the success of the Company, an opportunity to acquire a proprietary interest in the Company. The 2025 Plan reserves 891,316 shares of the Company's common stock for issuance pursuant to the terms of the plan upon the grant of plan options, restricted stock awards, or other stock-based awards granted under the 2025 Plan. The 2025 Plan also contains an "evergreen formula" pursuant to which the number of shares of common stock available for issuance under the 2025 Plan will automatically increase on October 1 of each calendar year during the term of the 2025 Plan, beginning with calendar year 2026: (i) by an amount equal to 2% of the total number of shares of common stock outstanding on September 30 of the such calendar year, up to a maximum of 300,000 shares or (ii) to no more than 10% of the then number of issued and outstanding shares of the Company's common stock as of the date of such increase. The 2025 Plan will be administered by the Compensation, Corporate Governance and Nominating Committee of our board of directors. Such committee is comprised of independent member of our board of directors in accordance with the rules of the NYSE American LLC, the exchange on which our common stock is presently listed. The Compensation, Corporate Governance and Nominating Committee will determine, from time to time, those of individuals to whom stock awards or plan options will be granted, the terms and provisions of each such grant, the dates such grants will become exercisable, the number of shares subject to each grant, the purchase price of such shares and the form of payment of such purchase price. All other questions relating to the administration of the 2025 Plan and the interpretation of the provisions thereof are to be resolved at the sole discretion of the Compensation, Corporate Governance and Nominating Committee. The 2025 Plan provides for the grant of restricted stock awards, deferred stock grants, stock appreciation rights, incentive stock options ("ISOs") and non-qualified stock options. Awards may be made or granted to the employees, officers, directors and consultants who are deemed to have rendered or to be able to render significant services to the Company or its subsidiaries and who are deemed to have contributed or to have the potential to contribute to the success of our company. Any plan option granted under the 2025 Plan must provide for an exercise price of not less than 100% of the fair market value of the underlying shares on the date of such grant, but the exercise price of any ISO granted to an eligible employee owning more than 10% of the Company's common stock must be at least 110% of such fair market value as determined on the date of the grant. No ISOs may be granted to any person who is not an employee of the Company or a subsidiary at the time of grant. The recipient of any grant under the 2025 Plan, and the amount and terms of a specific grant, will be determined by the Compensation, Corporate Governance and Nominating Committee. The term of each plan option will be fixed by the Compensation, Corporate Governance and Nominating Committee; provided, however, that an ISO may be granted only within the 10-year period commencing from the date of adoption of the 2025 Plan by the Board of Directors and may only be exercised within 10 years of the date of grant, or five years in the case of an ISO granted to an optionee who, at the time of grant, owns shares of our common stock possessing more than 10% of the total combined voting power of all classes of stock of the Company. The exercise price per share of common stock purchasable under a plan option will be determined by the Compensation, Corporate Governance and Nominating Committee at the time of grant and may not be less than 100% of the fair market value on the day of grant, or, in the case of a grant of an ISO to a 10% or greater shareholder, not be less than 110% of the fair market value on the date of grant. Shares of restricted stock may be awarded either alone or in addition to other awards granted under the 2025 Plan. The Compensation, Corporate Governance and Nominating Committee, subject to board of directors authorization, if indicated, may determine the eligible persons to whom, and the time or times at which, grants of restricted stock will be awarded, the number of shares to be awarded, the price (if any) to be paid by the holder, the time or times within which such awards may be subject to forfeiture, the vesting schedule and rights to acceleration thereof, and all other terms and conditions of the awards. Restricted stock will constitute issued and outstanding shares of our common stock for all corporate purposes. The holder will have the right to vote such restricted stock, to receive and retain all regular cash dividends and other cash equivalent distributions as the board of directors may in its sole discretion designate, pay or distribute on such restricted stock and to exercise all other rights, powers and privileges of a holder of common stock with respect to such restricted stock, with the exceptions that: (i) the holder will not be entitled to delivery of the stock certificate or certificates representing such restricted stock until the restriction period, if any, has expired and unless all other vesting requirements with respect thereto shall have been fulfilled; (ii) the Company will retain custody of the stock certificate or certificates representing the restricted stock during the restriction period; (iii) other than regular cash dividends and other cash equivalent distributions as the board of directors may in its sole discretion designate, pay or distribute, the Company will retain custody of all distributions made or declared with respect to the restricted stock until such time, if ever, as the restricted stock with respect to which such retained distributions may be made, paid or declared has become vested; (iv) such award has not been forfeited. Other stock-based awards may be awarded, subject to limitations under applicable law, that are denominated or payable in, valued in whole or in part by reference to, or otherwise based on, or related to, shares of common stock, as deemed by the Compensation, Corporate Governance and Nominating Committee to be consistent with the purposes of the 2025 Plan, including, without limitation, purchase rights, shares of common stock awarded which are not subject to any restrictions or conditions, or other rights convertible into shares of common stock and awards valued by reference to the value of securities of or the performance of specified subsidiaries. Other stock-based awards may be awarded either alone or in addition to or in tandem with any other awards under the 2025 Plan or any other plan of the Company. Each other stock-based award will be subject to such terms and conditions as may be determined by the Compensation, Corporate Governance and Nominating Committee. The 2025 Plan became effective on the date of its adoption by our board of directors. To the extent that the 2025 Plan authorizes the award of ISOs, the failure to obtain shareholder approval for the 2025 Plan by November 28, 2025 does not invalidate the 2025 Plan; provided, however, that: (i) in the absence of such shareholder approval, ISOs may not be awarded under the 2025 Plan and (ii) any ISOs previously awarded under the 2025 Plan will automatically be converted into NQOs upon terms and conditions determined by the Compensation, Corporate Governance and Nominating Committee to reflect, as nearly as is reasonably practicable in its sole determination, the terms and conditions of the ISOs so converted. Furthermore, grants under the 2025 Plan will not vest until shareholder approval is received. The Board of Directors may at any time, and from time to time, amend alter, suspend or discontinue any of the provisions of the 2025 Plan, but no amendment, alteration, suspension or discontinuance may be made that would impair the rights of a holder of any outstanding grant or award under the 2025 without such holder's consent. Unless the 2025 Plan is suspended or terminated by the Board, the 2025 Plan will terminate 10 years from the date of its adoption. Any termination of the 2025 Plan will not affect the validity of any options previously granted thereunder. A full-text copy of the 2025 Equity Compensation Plan is available at https://tinyurl.com/5fmxd86j About cbdMD, Inc. Headquartered in Charlotte, N.C., cbdMD, Inc. -- http://www.cbdmd.com/-- owns and operates the nationally recognized CBD (cannabidiol) brands cbdMD, Paw CBD, and cbdMD Botanicals. Its mission is to enhance its customers' overall quality of life while bringing CBD education, awareness, and accessibility of high-quality and effective products to all. The Company sources cannabinoids, including CBD, which are extracted from non-GMO hemp grown on farms in the United States. Charlotte, North Carolina-based Cherry Bekaert LLP, the Company's auditor since 2016, issued a "going concern" qualification in its report dated Dec. 18, 2024, citing that the Company has historically incurred losses, including a net loss of approximately $3.7 million in the current year, resulting in an accumulated deficit of approximately $182 million as of September 30, 2024. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of June 30, 2025, the Company had $9.90 million in total assets, $3.78 million in total liabilities, and $6.11 million in total cbdMD, Inc. shareholders' equity. CBDMD INC: Sets CEO Kennedy's Annual Base Salary at $340,000 ------------------------------------------------------------ cbdMD, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on November 28, 2025, the Company entered into an Executive Employment Agreement with T. Ronan Kennedy, the Company's Chief Executive Officer and Chief Financial Officer. The term of the Agreement commenced on November 28, 2025 and expires three years thereafter and may be extended for additional one-year periods unless terminated. The Company will pay Mr. Kennedy a base salary of $340,000. The Company also granted Mr. Kennedy a restricted stock award for 445,000 shares of the Company's common stock pursuant to the Company's 2025 Equity Compensation Plan. The vesting and issuance of the shares is subject to shareholder approval. A full text of the Agreement is available at https://tinyurl.com/4p5ajbr2 About cbdMD, Inc. Headquartered in Charlotte, N.C., cbdMD, Inc. -- http://www.cbdmd.com/-- owns and operates the nationally recognized CBD (cannabidiol) brands cbdMD, Paw CBD, and cbdMD Botanicals. Its mission is to enhance its customers' overall quality of life while bringing CBD education, awareness, and accessibility of high-quality and effective products to all. The Company sources cannabinoids, including CBD, which are extracted from non-GMO hemp grown on farms in the United States. Charlotte, North Carolina-based Cherry Bekaert LLP, the Company's auditor since 2016, issued a "going concern" qualification in its report dated Dec. 18, 2024, citing that the Company has historically incurred losses, including a net loss of approximately $3.7 million in the current year, resulting in an accumulated deficit of approximately $182 million as of September 30, 2024. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of June 30, 2025, the Company had $9.90 million in total assets, $3.78 million in total liabilities, and $6.11 million in total cbdMD, Inc. shareholders' equity. CELANESE US: Fitch Assigns 'BB+' Rating on Senior Unsecured Notes ----------------------------------------------------------------- Fitch Ratings has assigned a 'BB+' instrument rating with a Recovery Rating of 'RR4' to Celanese US Holdings LLC's proposed senior unsecured notes. Proceeds will be used to refinance existing indebtedness. Celanese's current Long-Term Issuer Default Rating (IDR) is 'BB+' and the Rating Outlook is Negative. The rating reflects Celanese's position as one of the world's leading producers of acetic acid, solid margins and continued free cash flow (FCF) generation. These factors are offset by continued soft end-market demand and Chinese supply expansion, which are driving weaker earning and higher-for-longer EBITDA leverage. The Negative Outlook reflects Fitch's expectation that Celanese's leverage will remain elevated for its rating amid persistently uncertain market conditions. Key Rating Drivers Sustained High Leverage: Fitch expects Celanese's leverage will remain above 4.0x beyond 2027 as the company contends with middling demand and increased production capacity for acetic acid. The company's dividend cut, targeted expense and capex cuts, and cash from potential asset sales signal a commitment to debt reduction, but will not fully offset the lower projected earnings. Weaker Market Conditions Impact Performance: Weaker demand in Asia and tepid auto demand, coupled with capacity additions in vinyl acetate monomer, led to an oversupplied market and a weak pricing environment in the vinyl chain. Fitch expects ample supply and a sustained competitive pricing environment will impact standard-grade nylons in the company's engineered materials (EM) segment. Celanese's efforts to shift from standard-grade nylons to differentiated, higher-margin products should help support this segment over time. Resilient FCF: Fitch expects FCF (post-dividends) to remain positive over the forecast period despite the challenging market environment. FCF will remain below prior forecasts due to prolonged weaker operating performance and a higher interest burden from a coupon step-up on the company's bonds. Celanese has reduced higher cost inventory, cut capex and took about $120 million of costs out of its operations. These efforts and the dividend cut will support an FCF margin of around 7% over the forecast period. Market Leadership and Competitive Strengths: Celanese's ratings benefit from its leading market positions in acetyls and engineered materials. Celanese is a global leader in acetyl intermediates including acetic acid, vinyl acetate monomer (VAM), acetic anhydride and acetate tow. The company holds the No. 1 market position in acetic acid and VAM and the No. 2 market positions in vinyl acetate ethylene emulsions (VAE) and redispersible powders. Operational advantages include cost-efficient acetic acid production, backward integration into low-cost methanol, geographic and end-market diversity, and downstream integration. Strong Position in Acetyls Chain: Celanese's competitive cost structure position in the acetyls chain supports its ratings. The company's backward integration into methanol and carbon monoxide reduces exposure to raw material price fluctuation. This advantage is further reinforced by long-term contracts for externally sourced materials and the recent launch of the Clear Lake acetic acid facility, strengthening Celanese's cost competitiveness. Peer Analysis Celanese's scale is similar to peer Westlake Corporation (BBB/Stable) and larger than Huntsman Corp. (BBB-/Stable), though the company remains much smaller than Dow Inc. (BBB/Stable) and LyondellBasell Industries N.V. (BBB/Stable), which benefit from large scale and diversification. Celanese's EBITDA margin is slightly higher than Westlake's. Westlake's position as the leader in chlorovinyls compares to Celanese's position in acetyl chain, but greater cyclical exposure to construction and ethylene pricing makes Westlake's margins more volatile. Celanese's EBITDA margin is higher than those of Dow, LyondellBasell and Huntsman, largely reflecting differences in their portfolios, the more basic nature of Dow's and Lyondell's products, and Huntsman's exposure to methylene diphenyl diisocyanate products, a commodity intermediate used in polyurethane production. Celanese is an outlier from a leverage perspective, as its 2022 acquisition of Dupont's mobility and materials segment left the company carrying a large amount of debt. Fitch expects that EBITDA leverage will remain above peers through 2027, as the company reduces debt. Additionally, Celanese's stated leverage target is higher than its peers. Despite the higher leverage and associated greater interest burden, the company has some of the strongest FCF margins in the peer set, reflecting its EBITDA margins and a lower capital intensity of its asset base. Fitch’s Key Rating-Case Assumptions - Weak end markets and additional supply continue to weigh on the broader industry, leading to a mid-single-digit revenue decline for Celanese in 2025. Revenue recovers modestly in 2026 and then in the low single digits thereafter; - A competitive pricing environment limits significant margin improvement, with EBITDA margins approaching 22% by 2029; - Capex remains constrained at maintenance levels in 2025 and 2026, returning to 4%-5% of sales thereafter; - Celanese successfully closes on targeted asset sales in 2026; - Dividends maintained at $15 million/year, and Celanese foregoes share buybacks over the projection period. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA leverage durably above 4x with no credible path to deleveraging; - Deviation or delay from the stated guidance to pay down debt; - Inability to maintain FCF margin at or above 3%. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - EBITDA leverage sustained below 3x; - Decrease in absolute debt below $10 billion; - The Outlook could be revised to Stable with faster recovery in market conditions, leading to increased confidence in deleveraging. Liquidity and Debt Structure Celanese exhibits solid liquidity. At Sept. 30, 2025, it had over $1.4 billion of cash on hand and full access to its $1.75 billion unsecured revolving credit facility, plus an additional $50 million available under its China revolving credit facility and access to a receivables securitization facility and two receivables factoring programs. Celanese renewed its credit facility through August 2030 and amended its leverage covenant in 1Q25 and 2Q25, providing additional headroom as the company continues to execute its deleveraging plan. Celanese proactively addressed much of its near-term maturities earlier in 2025, when the company issued $2.6 billion in five- to seven-year unsecured debt to fund tender offers of its 2026 and 2027 notes, repay its 2025 note maturities, and repay other indebtedness. The company continued to reduce debt, prepaying the $200 million balance on its delayed draw term loan due 2026 during 2Q25, and prepaying $150 million of its term loan due 2027 during 3Q25, and another$200 million during 4Q25. Fitch expects Celanese to address its nearly $1 billion of debt maturing in 2026 with a combination of FCF and proceeds from the sale of its Micromax portfolio of products. Issuer Profile Celanese is a global chemical and special materials company that produces engineered polymers used in numerous applications. It is one of the world's largest producers of acetyl products, which are intermediate chemicals with applications used across nearly all major industries. Date of Relevant Committee 28 August 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 ----------- ------ -------- Celanese US Holdings LLC senior unsecured LT BB+ New Rating RR4 CLOUD SOFTWARE: Moody's Ups CFR to 'B2', Outlook Stable ------------------------------------------------------- Moody's Ratings upgraded Cloud Software Group, Inc.'s (CSG) ratings, including the corporate family rating to B2 from B3 and probability of default rating to B2-PD from B3-PD. Concurrently, Moody's upgraded the ratings on CSG's senior secured first-lien bank credit facilities and senior secured first-lien notes to B1 from B2, and the ratings on the senior secured second-lien notes to Caa1 from Caa2. The outlook remains stable. The upgrade reflects Moody's expectations for improved free cash flow generation relative to total adjusted debt in the mid-single-digit percentage range over the next 12 to 18 months. Moody's expects CSG to maintain very good liquidity and Moody's-adjusted leverage to be sustained below 6x through Moody's outlook period, excluding potential future M&A. Excluding the impact of the ShareFile divestiture, CSG has experienced healthy growth in its annualized recurring revenue (ARR) base, which stood at about $4.3 billion as of Q3 2025. CSG has also experienced material improvements in its EBITDA margins (Moody's adjusted) over the past two years from about 50% to over 65%, driven by the realization of substantial cost savings and sizable maintenance conversions. The company's Moody's-adjusted leverage was mid-5x for the last twelve months (LTM) period ended August 31, 2025. RATINGS RATIONALE The B2 CFR reflects CSG's relatively high leverage of mid-5x as of Q3 2025 and the risks associated with continued aggressive financial policies. Moody's expects debt to EBITDA to increase toward 6x by fiscal year-end 2026, driven by revenue pressure from the normalization of subscription conversions, reduced upfront revenue recognition under ASC 606, and the impact of the ShareFile divestiture. Despite CSG's large scale and established market position, Moody's views more conservative leverage as necessary given its mature portfolio and slower growth prospects relative to similarly rated software peers, as well as competitive pressure from large players. CSG considers M&A a core part of its growth strategy. The company announced the acquisition of Arctera, a global data management company, in August 2025 for $1.1 billion. The acquisition closed in December 2025, and CSG funded the transaction partially using cash on its balance sheet. The Arctera acquisition will be outside the Cloud Software Group Holdings, Inc. restricted group, which increases complexity into the organizational structure, and raises the risk that dividends from CSG could help fund future M&A or provide liquidity to support business needs outside the restricted group. The company continues to evaluate acquisitions as its preferred capital allocation priority, which will likely be debt-financed and reduce its ability to maintain low leverage levels on a sustained basis. However, CSG has de-levered materially since its acquisition of Citrix in 2022, when leverage had increased to about 9x. At the same time, Moody's expects CSG's ARR to grow at low to mid-single digit percentage range over the next 12 to 18 months, which should support revenue growth over the medium term. Additionally, CSG continues to benefit from improvement in its gross retention rates, which stand at 90% as of Q3 2025. Moody's expects the distributor agreement signed in Q2 2025 to further support gross retention going forward by stabilizing smaller and international customer segments under long-term, fixed contractual arrangements. CSG has achieved sizable cost savings over the past year, benefiting already solid margins. Moody's expects the company to achieve EBITDA margins exceeding 65% (Moody's adjusted) as a result. CSG's strong EBITDA margins and low capital expenditures drives cash generation that is needed to fund its high debt service costs. Moody's expects CSG will generate free cash flow in excess of $800 million in fiscal year 2025 and in excess of $900 million in fiscal year 2026 as the company faces lower cash restructuring costs and lower cash taxes as a result of One Big Beautiful Bill Act. CSG's liquidity is very good, supported by $2.7 billion in unrestricted cash at August 31, 2025 and Moody's expectations of free cash flow to debt in the mid-single digit percentage range over the next 12 to 18 months. CSG also maintains access to the roughly $1 billion total of revolving credit facilities terminating in September 2029, which are undrawn. Term loan borrowings are not subject to any financial maintenance covenant and revolver borrowings require compliance with a maximum first lien leverage ratio test of 9.45x, if utilization of revolver exceeds 40% of the total commitment amount. CSG has ample operating cushion under the covenant. The stable outlook incorporates Moody's expectations that CSG will maintain very good liquidity, and its ARR will grow in the low to mid-single digit percentage range. Absent further M&A, Moody's expects free cash flow will increase to mid-single digit percentage of total debt over the outlook period. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could upgrade CSG's ratings if the company generates strong revenue growth; sustains free cash to total adjusted debt exceeding 10%; maintains very good liquidity; maintains conservative financial policies; and commits to and maintains total debt to EBITDA (Moody's adjusted) of less than 5x. The ratings could be downgraded if execution challenges or weak operating performance result in free cash flow to debt lower than mid-single digit percentage for an extended period of time; growth in annualized recurring revenue fails to materialize; liquidity becomes weak; or total debt to EBITDA (Moody's adjusted) is sustained over 6.5x. The principal methodology used in these ratings was Software published in June 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. Cloud Software Group, Inc. (f/k/a TIBCO Software Inc.) was formed in September 2022 via the acquisition of Citrix Systems, Inc. CSG is a provider of enterprise software and applications. The ultimate parent company of CSG is majority-owned by affiliates of Vista Equity Partners with affiliates of Elliott Investment Management L.P. owning a sizeable minority interest. COBRA TIRE: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------- Debtor: Cobra Tire and Auto Service, LLC Fletchers Tire and Auto Service Inc. 4218 N. Central Ave. Phoenix, AZ 85012 Business Description: Cobra Tire and Auto Service, LLC, a locally owned and family-operated company with locations in Central Phoenix and Gilbert, Arizona, provides full-service automotive repair and tire services for domestic and import vehicles, including commercial fleet and diesel trucks. The Company offers scheduled maintenance, brake and suspension work, wheel alignments, engine repairs, and diagnostics, serving a broad range of vehicle makes and models. Its staff are ASE-certified mechanics. Chapter 11 Petition Date: December 4, 2025 Court: United States Bankruptcy Court District of Arizona Case No.: 25-11703 Debtor's Counsel: Isaac D. Rothschild, Esq. MESCH CLARK ROTHSCHILD 259 N. Meyer Ave. Tucson AZ 85701 Tel: 520-624-8886 E-mail: irothschild@mcrazlaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $10 million to $50 million The petition was signed by Gerald Fletcher 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/OTND56I/Cobra_Tire_and_Auto_Service_LLC__azbke-25-11703__0002.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/TRHUCSY/Cobra_Tire_and_Auto_Service_LLC__azbke-25-11703__0001.0.pdf?mcid=tGE4TAMA COMINAR REAL: DBRS Cuts Issuer Rating to BB ------------------------------------------- DBRS Limited downgraded Cominar Real Estate Investment Trust's (Cominar or the REIT) Issuer Rating and Senior Unsecured Debentures credit rating to BB from BB (high) and changed the trends on both credit ratings to Stable from Negative. The recovery rating on Senior Unsecured Debentures remains unchanged at RR3. KEY CREDIT RATING CONSIDERATIONS The downgrade reflects the sustained weakness in Cominar's Financial Risk Assessment (FRA) metrics resulting in performance that fails to meet Morningstar DBRS' previously cited negative action credit rating drivers as per the press release dated November 28, 2024, specifically the failure to keep leverage as measured by Total Debt-to-EBITDA of less than 9.3 times (x) or coverage as measured by EBITDA -to-interest of more than 1.67x on a sustained basis. These metrics are primarily affected by reduced Net Operating Income, largely following Cominar's noncore asset sales and increased financing costs during the year. Morningstar DBRS now foresees a further slight deterioration in the FRAs compared with earlier expectations, with leverage projected to decline to the low 11.0x range from the high 10x range, and coverage anticipated to decrease to the low-to-mid 1.6x range from the low 1.7x range in the near-to-medium term. The revision for Stable trends reflects the expectation that Cominar will stabilize its performance after 2026 by optimizing strategic assets, reducing general and administrative (G&A) expenses, and adopting a disciplined capital management approach. Additionally, Morningstar DBRS has made a modest downward revision to Cominar's Asset Quality to BBB (low) from BBB. This downward revision considers various factors, including the REIT's limited visibility regarding long-term, high-quality replacement tenancies; the substantial capital expenditures necessary to sustain and enhance assets to align with market demand; and a relatively small portfolio that may be susceptible to localized economic downturns. At the same time, Morningstar DBRS has made a modest upward revision to the Diversification score, raising it to BB from BB (low), owing to a less pronounced decline in tenant diversification than previously anticipated. However, taken together, Cominar's Comprehensive Business Risk Assessment score remains unchanged as a result of these adjustments. CREDIT RATING DRIVERS Morningstar DBRS would consider a negative credit rating action should Cominar's (1) total debt-to-EBITDA ratio increase to higher than 12x or (2) EBITDA-interest coverage declines to less than 1.50x on a sustained basis, all else equal or; (3) lack of visibility on replacement of Canadian National Railway Company (rated "A" with a Stable trend) and other key lease maturities. Given the deterioration in FRAs, Morningstar DBRS views positive credit rating action as highly unlikely in the near to medium term. FINANCIAL OUTLOOK Morningstar DBRS expects modest weakening in leverage to the low 11x range in the near-to-medium term as stated above, driven by expected softening of EBITDA in 2026 attributed primarily to the annualized impact of asset dispositions in 2025, a further increase in G&A costs because of one-time IT infrastructure expenses and expectations of elevated leverage going forward owing to the Company's planned capital expenditures, and ongoing/future development initiatives. Similarly, the coverage is slated to modestly worsen to low-to-mid 1.6x in the near-to-medium term. CREDIT RATING RATIONALE The credit ratings are supported by Cominar's average-quality assets with a few notable properties and long-dated lease maturity profile with high-quality tenants. The credit ratings are constrained by Cominar's elevated leverage and weak coverage, weak geographic, and property diversification, and below-average portfolio size with limited market position. Notes: All figures are in Canadian dollars unless otherwise noted. COMMUNITY HEALTH: Labcorp Acquires CHS Outreach Business for $194MM ------------------------------------------------------------------- Community Health Systems, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on December 1, 2025, CHS/Community Health Systems, Inc., a wholly-owned subsidiary of the Company, completed the transactions contemplated by that certain asset purchase agreement dated as of July 22, 2025, as amended, with Laboratory Corporation of America Holdings, the entry into which Purchase Agreement was previously disclosed on a Current Report on Form 8-K filed by the Company on July 22, 2025. Pursuant to the Purchase Agreement, at such closing, Purchaser acquired from certain subsidiaries of CHS the select assets and assumed certain leases of CHS's ambulatory outreach business across 13 states, including certain patient service centers and in-office phlebotomy locations. The purchase price paid to the Company was approximately $194 million cash, before certain transaction expenses. This transaction is expected to provide patients and providers with broader access to Labcorp's comprehensive testing and laboratory services, including its specialty testing menu, robust data analytics and digital tools. The CHS-affiliated health systems will continue to operate their inpatient and emergency department laboratories and provide laboratory services for hospital-based services, such as imaging and pre-admission testing. "Completing this transaction with Labcorp allows our health systems to focus on core services and improve the overall patient experience, aligning with our unwavering commitment to providing high-quality, accessible healthcare to our communities," said Kevin Hammons, President and Interim Chief Executive Officer of Community Health Systems, Inc. "Labcorp's scale and investment in technology supports its ability to efficiently deliver outreach laboratory services to patients and healthcare consumers." "With the completion of this transaction, Labcorp is expanding access to high-quality, innovative laboratory services for CHS-affiliated health systems' patients and providers and advancing our shared commitment to improving health and lives in the communities we serve," added Mark Schroeder, President of Labcorp Diagnostics and Chief Operations Officer. This transaction follows other strategic relationships that Labcorp has developed with a range of health systems and regional/local laboratories that have increased access to laboratory services, improved patient care and driven efficiencies for customers. A full-text copy Purchase Agreement is available at https://tinyurl.com/bdzhyabc. Accordingly, the pro forma information required is available at https://tinyurl.com/3csetf44 Labcorp (NYSE: LH) is a global leader of innovative and comprehensive laboratory services that helps doctors, hospitals, pharmaceutical companies, researchers and patients make clear and confident About Community Health Systems Inc. Community Health Systems, Inc. -- http://www.chs.net/-- is a publicly traded hospital company and an operator of general acute care hospitals in communities across the country. Its affiliates provide healthcare services, developing and operating healthcare delivery systems in 40 distinct markets across 15 states. As of June 30, 2025, the Company had $13.64 billion in total assets, $14.73 billion in total liabilities, and $1.41 billion in total stockholders' deficit. * * * Egan-Jones Ratings Company on January 23, 2025, maintained its 'CCC+' foreign currency and local currency senior unsecured ratings on debt issued by Community Health Systems, Inc. COURTNEY CYPLIK: Wins Bid to Convert Bankruptcy Case to Chapter 11 ------------------------------------------------------------------ Judge Jeffrey P. Norman of the United States Bankruptcy Court for the Southern District of Texas granted Courtney Marie Cyplik's renewed motion to convert its Chapter 13 bankruptcy case to Chapter 11 pursuant to 11 U.S.C. 1307(d). Any prior order directing an employer or other person to pay funds to the Chapter 13 trustee is terminated. Any prior order authorizing an ACH or other means of electronic payment is terminated. A copy of the Court's Order dated November 24, 2025, is available at https://urlcurt.com/u?l=Qx6EkQ from PacerMonitor.com. COVIA HOLDINGS: Moody's Affirms B1 CFR & Alters Outlook to Negative ------------------------------------------------------------------- Moody's Ratings affirmed Covia Holdings LLC's (Covia) B1 corporate family rating and B1-PD probability of default rating. Moody's also affirmed the company's bank credit facility at B1, consisting of a $200 million senior secured first lien revolving credit facility (RCF) due 2030 and a senior secured first lien term loan B due 2032. At the same time, Moody's changed the outlook to negative from stable. Covia's proposed $250 million add-on to the company's first lien term loan B due 2032, which will increase the size to around $1.1 billion, will be used to pay a dividend to its owners. The change in the outlook to negative is prompted by the sizeable debt-financed dividend, which represents multiple years of free cash flow (FCF), at a time of near-term economic volatility, ongoing demand uncertainties and weak consumer confidence. Moody's now project EBITDA margin of around 25% over the next 18 months versus Moody's previous forecast of 27%. Reduced earnings coupled with the proposed debt-financed dividend results in expected debt/EBITDA worsening to around 5x at year-end 2026 versus Moody's prior projection of 3.6x. Covia will have returned about $285 million to its owners since the spun off of its energy business on July 01, 2024. There is very little financial flexibility in current metrics for further returns of capital to Covia's owners or a deterioration in operating performance. RATINGS RATIONALE Covia's B1 CFR reflects the company's leading position in a niche industry as an industrial minerals producer in North America and strong profit margins despite an expected contraction. Covia can adjust production mix and origin-destination pairings to better meet demand from industrial customers in diversified end markets. Favorable long-term fundamentals for economic growth in the US should benefit end markets served by Covia. Covia's credit profile is constrained by its high leverage absent a material strengthening of current industry conditions and expected EBIT/interest expense below 2x over the next 18 months. Further, Covia's exposure to industrial end markets creates higher cyclicality of demand than for other traditional building materials companies. Significant improvement in operating performance is critical for leverage reduction. Good liquidity is a key credit strength for Covia over the next 18 months. Moody's forecasts slightly positive FCF (prior to dividends) in 2025 and around $35 million in 2026 despite cash interest payments approaching $80 million per year. Covia has access to a $200 million RCF due February 2030. As of September 30, 2025, revolver availability totaled $190 million, after considering no borrowings and some letter of credit issuances. Covia faces no significant debt maturities in the next four years. The B1 rating on the senior secured bank credit facility, at the same level as the B1 CFR, results from its status as the largest portion of debt in Covia's capital structure. The revolving credit facility and term loan are pari passu to each other. Both have a first lien on all of the company's domestic assets. Governance considerations are relevant to the rating action, including risks from an aggressive financial policy regarding debt-financed distributions. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could stabilize the outlook if end markets improve, become more supportive of organic revenue growth and improvements in operating performance and credit metrics. A ratings upgrade is unlikely over the next 12-18 months given Covia's levered capital structure. However, upwards rating movement over the long term could occur if end markets remain supportive of long-term organic growth such that debt/EBITDA stays below 4x. Preservation of good liquidity with robust free cash flow and predictable financial policies regarding capital deployment would also support an upgrade. A ratings downgrade could occur if leverage remains above 5x debt/EBITDA. Negative ratings pressure can also develop if the company experiences deteriorating liquidity or adopts increasingly aggressive acquisitions or shareholder return initiatives. Covia, headquartered in Independence, Ohio, is a leading provider of specialty sands and minerals serving industrial end markets). Covia spun off its energy business on July 01, 2024. Golden Gate Capital (45.7% ownership) and Anchorage Capital Advisors (40.9%), through their respective affiliates together own around 85% of Covia. Covia's revenue for the 12 months ending September 30, 2025 was $920 million. The principal methodology used in these ratings was Building Materials 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. CREATIVE STARS: Gets Final OK to Use Cash Collateral ---------------------------------------------------- Creative Stars Academy, LLC received final approval from the U.S. Bankruptcy Court for the District of Minnesota to use cash collateral. The Court authorized the Debtor to use cash collateral through January 4, 2026, to fund operations in accordance with its supplemental budget. As adequate protection for any creditors with liens or interests in the cash collateral, the Court granted replacement liens under 11 U.S.C. Section 361(2) on the Debtor's post-petition property, matching the validity and priority of any prepetition liens. These replacement liens do not attach to Chapter 5 avoidance actions or their proceeds. The final order is available at https://is.gd/9omJgU from PacerMonitor.com. About Creative Stars Academy LLC Creative Stars Academy, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Minn. Case No. 25-33151) on October 3, 2025. In the petition signed by Jillaine Mertens, owner, the Debtor disclosed up to $50,000 in assets and up to $1million in liabilities. Judge Mychal A. Bruggeman oversees the case. Jeffrey Butwinick, Esq., at Butwinick Law Office, represents the Debtor as legal counsel. CRESCENT ENERGY: Moody's Rates New Senior Unsecured Notes 'B1' -------------------------------------------------------------- Moody's Ratings assigned B1 ratings to Crescent Energy Finance LLC's (Crescent) proposed senior unsecured notes due 2029 and 2030, which will be issued in exchange for Vital Energy, Inc.'s (Vital, B1 CFR on review for upgrade) notes with the same maturities. Crescent's existing ratings, including its Ba3 Corporate Family Rating and B1 senior unsecured notes ratings, and stable outlook remain unchanged. Crescent is offering to exchange equivalent amounts of its own notes with the same maturities and coupons as Vital's $298 million senior notes due 2029 and $302 million senior notes due 2030. RATINGS RATIONALE Crescent's senior unsecured notes are rated B1, one notch below the CFR, due to effective subordination to the secured revolver. Moody's expects Vital's senior notes due 2032 (B2 on review for upgrade), which are not part of the exchange offer, will be rated at the same level as Crescent's notes at the close of the acquisition and exchange transactions as they are anticipated to share the same guarantors, and therefore will be pari passu. In August 2025, Crescent announced the acquisition of Vital in a transaction valued at $3.1 billion. The transaction increases Crescent's debt levels and financial leverage, because of the significant amount of debt assumed despite the stock-for-stock transaction. As of September 30, 2025, Vital had $2.3 billion in debt. The stable outlook is based on Moody's expectations that Crescent will successfully execute its $1 billion in planned non-core asset divestitures (it has executed agreements for over $800 million through November 3) while also reducing activities on Vital's acreage which will support debt reduction and improved leverage. When Crescent announced this acquisition, it increased its planned asset sales from $250 million to further enable deleveraging. Crescent's Ba3 CFR is supported by its large scale, with the acquisition of Vital diversifying its basin operations, providing more investment optionality and creating synergies. Crescent has meaningfully expanded its size by applying its growth via acquisition strategy. The Vital transaction follows several acquisitions over the past few years that have expanded its operating footprint in the Eagle Ford Basin. Vital has relatively high breakeven costs so enhancing its capital efficiency could add support to Crescent's ratings. Across the combined business, hedges will enhance cash flow visibility and mitigate commodity price volatility, helping the company generate free cash flow for debt reduction to reduce its net leverage (net Debt/EBITDA), along with asset sales, back towards its long-term target of 1.0x. The company is willing to bring leverage back to a maximum of 1.5x to support acquisitions. Crescent's SGL-1 rating indicates very good liquidity. However, should Crescent use its revolver to repay Vital's revolver borrowings ($705 million as of September 30, 2025), repaying these borrowings will be important to free up availability. Crescent plans to use the more than $700 million of proceeds from divestitures signed in the third quarter to repay the majority of these borrowings, significantly freeing up availability. As of September 30, 2025, Crescent reported $72 drawn on its revolver. The facility has $2.0 billion in elected commitments and as of September 30 there was $1.9 billion in available borrowing capacity. Upon closing the acquisition of Vital, the borrowing base will increase from $2.6 billion to $3.9 billion. The revolver matures in October 2030, but this springs 91 days prior to the maturity of any series of senior notes with more than $100 million outstanding at the time. The revolver financial covenants include a maximum leverage ratio of 3.5x and a minimum current ratio of 1.0x. Moody's expects Crescent to remain in compliance with these covenants. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Factors that could lead to an upgrade include consistent positive free cash; meaningful debt reduction after the acquisition closes and sustained low leverage; maintenance of strong liquidity and conservative financial policies; retained cash flow (RCF) to debt above 50%; and a leveraged full cycle ratio (LFCR) above 2.0x. Factors that could lead to a downgrade include debt and leverage not reduced as expected; a meaningful decline in production; RCF/debt below 35%; an LFCR approaching 1.0x; or weakening liquidity. Crescent, headquartered in Houston, Texas, is a subsidiary of publicly traded Crescent Energy Company, an independent exploration and production company. Crescent primarily operates in the Eagle Ford Basin in Texas and the Uinta Basin in the Rockies. The acquisition of Vital will add assets in the Permian Basin. KKR & Co. Inc., through an indirect subsidiary, holds an ownership interest and provides management services. The principal methodology used in these ratings was Independent Exploration and Production published in December 2022. CROWN CAPITAL: Court Dismisses Certain Chapter 11 Cases ------------------------------------------------------- The Honorable Michael B. Kaplan of the United States Bankruptcy Court for the District of New Jersey granted the motion of Crown Capital Holdings LLC and its affiliates for an order dismissing the chapter 11 cases of the following remaining debtors: 1. Alta Sita Apts LLC (Case No. 25-20491) 2. Ashland Manor Apts MM LLC (Case No. 25-20492) 3. Campus Heights Apts LLC (Case No. 25-20495) 4. Campus Heights Apts MM LLC (Case No. 25-20496) 5. Campus Heights Apts Owner LLC (Case No. 25-20497) 6. Green Meadow Apts LLC (Case No. 25-20513) 7. Homewood House Apts Investor LLC (Case No. 25-20488) 8. Homewood House Apts Investor MM LLC (Case No. 25-20489) 9. Homewood House Apts LLC (Case No. 25-20487) 10. Lucas Urban Holdings LLC (Case No. 25-20514) 11. Sycamore Meadows Apartments, LTD (Case No. 25-20524) 12. Sycamore Meadows Apts Partner LLC (Case No. 25-20525 Pursuant to section 1112(b)(4)(A) of the Bankruptcy Code and Bankruptcy Rule 1017(a) and 9006, the remaining cases are dismissed for cause, effective as of November 25, 2025. The remaining debtors are authorized and directed to transfer copies to the Creditor Recovery Trust copies of any and all of the books and records maintained by the remaining debtors, including, but not limited to: (i) accounting documents, (ii) bank documents, (iii) corporate governance documents, (iv) documents related to contracts, leases and other contractual arrangements of the remaining Ddbtors, (v) insurance documents, (vi) human resources and other related employment documents, (vii) documents related to these chapter 11 cases, and (viii) any and all electronic documents maintained by the remaining debtors. All property of the estates of the remaining debtors will revest in the respective entities as they existed prior to the petition date pursuant to section 349 of the Bankruptcy Code. The bar date order is vacated, and no creditor of the remaining debtors will be required to file a proof of claim in connection with the remaining cases. A copy of the Court's Order dated November 24, 2025, is available at https://urlcurt.com/u?l=WdMMt5 from PacerMonitor.com. About CBRM Realty CBRM Realty Inc. is a Somerset, New Jersey-based real estate investment firm. CBRM Realty Inc. and 43 affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Lead Case No. 25-15343) on May 19, 2025. In its petition, the Debtor reports estimated assets and liabilities (on a consolidated basis) between $100 million to $500 million each. The Hon. Bankruptcy Judge Michael B. Kaplan handles the case. The Debtors tapped White & Case LLP and Ken Rosen Advisors PC as counsel, Islanddundon LLC as financial advisor, and Kurtzman Carson Consultants, LLC, doing business as Verita Global, as claims, noticing, and solicitation agent. DATAVAULT AI: Closes $150 Million BTC Deal with Scilex Holding -------------------------------------------------------------- Datavault AI Inc., disclosed in a recent regulatory filing that on November 25, 2025, pursuant to its Securities Purchase Agreement with Scilex Holding Company, and following the approval of the Company's stockholders at the Annual Meeting with respect to the issuance of Pre-Funded Warrant Shares, the Company received payment of the purchase price for the Pre-Funded Warrant in Bitcoin, and issued the Pre-Funded Warrant to the Purchaser. As previously disclosed, on September 25, 2025, Datavault entered into a Securities Purchase Agreement with Scilex, a Delaware corporation, pursuant to which the Purchaser agreed to purchase from the Company in a registered offering: (a) 15,000,000 shares of common stock of the Company, par value $0.0001 per share, and (b) a pre-funded warrant to purchase 263,914,094 shares of Common Stock, for an aggregate purchase price of $150,000,000 in the native currency of the Bitcoin blockchain, which was valued at the spot exchange rate for BTC as published by Coinbase.com at 8:00 p.m. (New York City time) on the trading day immediately prior to the Initial Closing Date, or September 25, 2025. The closing with respect to the Shares took place on September 26, 2025. Upon issuance of the Pre-Funded Warrant, the Purchaser immediately exercised the Pre-Funded Warrant for all the Pre-Funded Warrant Shares. The Pre-Funded Warrant and the Pre-Funded Warrant Shares were offered and sold by the Company pursuant to a registration statement on Form S-3 (File No. 333-288538), which was initially filed with the Securities and Exchange Commission on July 7, 2025, and was declared effective by the SEC on July 9, 2025. Scilex may be reached through: Henry Ji, Ph.D. Chief Executive Officer Scilex Holding Company 960 San Antonio Road Palo Alto, Calif. 94303 Email Address: hji@scilexholding.com Full-text copies of the Purchase Agreement and the Pre-Funded Warrant are available at https://tinyurl.com/4a2436w2 and https://tinyurl.com/mrytdd23, respectively. About Datavault AI Datavault AI Inc., headquartered in Beaverton, Ore., develops and licenses patented platforms for AI-driven data management, valuation, and monetization. The Company offers cloud-based Web 3.0 solutions incorporating high-performance computing, generative AI agents, and secure data utilities. Datavault AI operates in the data technology and software licensing industry, providing tools for enterprise-grade data solutions focused on privacy and cybersecurity. BPM LLP's audit report dated March 31, 2025, included a "going concern" qualification, noting that the Company's ongoing operational losses, net capital deficiency, and cash flow situation cast significant doubt on its ability to continue operating. Management of the Company intends to raise additional funds through the issuance of equity securities or debt. There can be no assurance that, in the event the Company requires additional financing, such financing will be available at terms acceptable to the Company, if at all. Failure to generate sufficient cash flows from operations, raise additional capital and reduce discretionary spending could have a material adverse effect on the Company's ability to achieve its intended business objectives. As of June 30, 2025, the Company had $120.69 million in total assets, $46.62 million in total liabilities, and $74.07 million in total stockholders' equity. Cash and cash equivalents as of June 30, 2025 were $0.7 million compared to $3.3 million, as of Dec. 31, 2024. The Company recorded a net loss of $37.1 million and $46.7 million for the three and six months ended June 30, 2025 and used net cash in operating activities of $12.8 million for the six months ended June 30, 2025 vs $9.0 million for the six months ended June 30, 2024. Excluding non-cash adjustments, the primary reasons for the increase in the use of net cash from operating activities during the six months ended June 30, 2025, was related to an increase in the net loss. DORADO PUTT: Unsecured Creditors Will Get 100% of Claims in Plan ---------------------------------------------------------------- Dorado Putt PR LLC filed with the U.S. Bankruptcy Court for the District of Puerto Rico a Disclosure Statement describing Plan of Reorganization dated December 2, 2025. The Debtor was incorporated on August 19, 2022 as a limited liability corporation pursuant to the laws of the Commonwealth of Puerto Rico. Its sole purpose was to invest in other companies with high growth potential. As part of its investment strategy, Debtor decided to invest in Promethean Fund IV, LP ("Promethean" or the "Fund"), which is a private equity fund formed in 2022 and managed by Promethean Investments, located in Edinburgh, United Kingdom. In accordance with the Private Placement Memorandum submitted to Debtor, Promethean was formed to invest in the "consumer, leisure, entertainment, and hospitality sectors in the United States and the United Kingdom." Promethean made a capital call to all the limited partners who participated in the Backstop, which Debtor understands is unwarranted and artificially created by BlackRock and Promethean. After Debtor and other limited partners refuse to pay the capital call, Promethean filed an arbitration proceeding to collect the capital calls. Even though Debtor made various good faith settlement offers to Promethean to pay the capital call over time to avoid litigation, Promethean rejected Debtor's offers, which prompted the bankruptcy filing. The Debtor's Plan contemplates the collection of capital, either directly or through payments on the Capital Contribution Note, from the Debtor's majority member to pay 100% of all claims. With such funds, Debtor will pay 100% of all Allowed Administrative Expense Claims, 100% of all Allowed Priority Tax Claims, 100% of the rejection damages claims of all rejected executory contracts; and 100% of all Allowed General Unsecured Claims. Class 1 consists of the Allowed General Unsecured Claims. Holders of General Unsecured Claims will be paid in full satisfaction of their claims, 100% of their allowed claims, together with interest at 5.5% per annum, or at such other rate as is determined to be a market rate by the Bankruptcy Court, from the petition date to the payment date, funded from the capital contributions to be made by Debtor's majority Member, in a period not exceeding twelve months, with payments to commence after payment in full of the Class 2 Claims if necessary. Class 1 is impaired under the Plan, and the holders of such claims will be entitled to vote to accept or reject the Plan. The allowed unsecured claims total $266,279.76. Class 2 consists of the Allowed Rejection Damages Claim of Promethean. Promethean as a holder of a rejection damages claim estimated in the amount of $250,000 (comprised basically of legal fees) will receive 100% of its allowed claim, together with interest at 5.5% per annum, or at such other rate as is determined to be a market rate by the Bankruptcy Court, funded from capital contributions to be made by Debtor's majority Member. The holders of Membership Units will not receive any distribution under the Plan but will retain their interest in Debtor unaltered. The Debtor's proposed payments to ALL classes in the Plan will be funded from the capital contributions to be made by Debtor's single largest member, and cash available in Debtor's DIP accounts. A full-text copy of the Disclosure Statement dated December 2, 2025 is available at https://urlcurt.com/u?l=JRrUJ9 from PacerMonitor.com at no charge. Counsel to the Debtor: Alexis Fuentes-Hernandez, Esq. FUENTES LAW OFFICES, LLC San Juan, PR 00902-2726 Tel. (787) 722-5215, 5216 Fax. (787) 483-6048 E-Mail: fuenteslaw@icloud.com About Dorado Putt PR LLC Dorado Putt PR LLC operates as an investment company engaged in financial and investment activities, based in San Juan, Puerto Rico, serving the local financial services industry. Dorado Putt PR LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 25-04894) on October 29, 2025. In its petition, the Debtor reports total assets of $39,696,936 and total liabilities of $22,389,444. The Debtor is represented by Alexis Fuentes Hernandez, Esq. of Fuentes Law Offices, LLC. DP LOUISIANA: Court Extends Cash Collateral Access to Dec. 16 ------------------------------------------------------------- DP Louisiana, LLC received fifth interim approval from the U.S. Bankruptcy Court for the Eastern District of Louisiana to use cash collateral to fund its operations. The fifth interim order authorized the Debtor to use cash collateral for the period from November 10 to December 16. The Debtor intends to use cash received from the sale of hydrocarbons in which a secured creditor may assert security interests pursuant to the Louisiana Oilwell Lien Act (LOWLA). It has identified 26 creditors, which may possess lien rights against the oil and gas leases and equipment it owns. As adequate protection, the LOWLA lienholders will be granted perfected replacement liens on collateral as to which they had a first priority lien as of the petition date, subject to the carveout for certain fees; and junior perfected liens on the collateral that is subject to a validly perfected lien with priority over the LOWLA lienholders' liens as of the petition date. In case the replacement liens prove to be inadequate to protect the LOWLA lienholders, an allowed superpriority administrative expense claim will be granted to such lienholders, subject to the carveout. The next hearing is scheduled for December 16. A copy of the fourth interim order and the Debtor's budget is available at https://shorturl.at/vig0X from PacerMonitor.com. About DP Louisiana LLC DP Louisiana LLC is engaged in oil and gas extraction operations. It is based in Louisiana and uses EAG Services in Houston, Texas, for administrative support. DP Louisiana sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. La. Case No. 25-11366) on June 30, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Judge Meredith S. Grabill handles the case. The Debtor is represented by Douglas S. Draper, Esq., at Heller, Draper & Horn, L.L.C. DXP ENTERPRISES: $205MM Loan Add-on No Impact on Moody's 'B1' CFR ----------------------------------------------------------------- Moody's Ratings commented that DXP Enterprises, Inc.'s (DXP) ratings and stable outlook are not affected by the company's proposed $205 million add-on to the company's senior secured term loan due 2030. The company's current ratings include a B1 Corporate Family Rating and a B2 rating on its senior secured debt. DXP's senior secured term loan is rated B2, one notch below the CFR, reflecting the lower priority of its claim relative to the borrowings under the ABL revolving credit facility (unrated). The $205 million add-on will be fungible with the existing Term Loan, for a pro forma total amount of $848 million, with proceeds used to pre-fund bolt-on acquisitions and to term out borrowings under company's bank revolver facility. The transaction will increase gross leverage by 0.8x to around 3.7x, before accounting for incremental EBITDA. Proforma for the add on, the cash balance is expected to reach around $137 million and company's $185 million ABL will be 83% available. The anticipated small acquisitions are in line with the company's growth strategy and will continue diversifying its revenues from the oil and gas industry. DXP's B1 CFR reflects its small scale compared to peers, exposure to cyclical end markets and moderate leverage. The company expects to continue increasing revenues by around 20% annually through organic growth and bolt-on acquisitions. The company's management has a positive track record achieving its growth objectives while maintaining leverage below 3.75x. Moody's expects DXP's free cash flow will remain positive through 2026 supported by low capital expenditure requirements (around 0.5% of sales), no common dividends, and countercyclical working capital requirements. An upgrade in the company's ratings is constrained by its modest scale. However, an upgrade could be considered if the company's EBITA exceeds $300 million, operating margin exceeds six percent on a sustained basis, and debt to EBITDA is less than 3.0x. The ratings could be downgraded if revenues decline meaningfully, operating margins fall below 4%, leverage exceeds 4.5x, or the company generates negative free cash flow DXP Enterprises, Inc. (Nasdaq: DXPE), headquartered in Houston, TX, is a distributor and service provider to energy industry, food and beverage, and industrial customers. It distributes maintenance, repair, operating (MRO) products and equipment and provides integrated supply and other services. DXP also engages in value added activities such as assembling skid mounted rotating equipment packages and limited pump manufacturing. EAZY-PZ LLC: Seeks Six-Month Extension to Use Cash Collateral ------------------------------------------------------------- Eazy-PZ, LLC seeks another extension from the U.S. Bankruptcy Court for the District of Colorado to use cash collateral to fund operations. The Debtor, a maker of children's feeding and oral-care products, seeks a second order giving it six additional months to use cash collateral during its Chapter 11 case. The court entered its initial cash collateral order in July, with a budget extending into mid-December. The Debtor now seeks authority to continue using cash collateral through plan confirmation based on a new six-month budget, subject to a 10% variance per line item. The U.S. Small Business Administration, the sole secured lender asserting a lien on cash collateral, holds a perfected blanket lien and a claim of approximately $485,000. To protect SBA's interests, the Debtor proposes adequate protection measures mirroring those in the first cash collateral order: monthly loan payments to the SBA; a replacement lien on post-petition accounts receivable to the extent cash collateral use decreases collateral value; maintenance of insurance; continued reporting to the court; adherence to the budget with limited variance; and payment of all post-petition taxes. Eazy-PZ filed for bankruptcy in June after major disruptions, including the closure of BuyBuy Baby stores, tariff-related cost pressures, and a disputed $2.9 million judgment entered against it in February 2025. Before filing, the Debtor reduced expenses through cuts to advertising, trade show participation and travel; renegotiated manufacturing rates; and raised prices on selected products. A copy of the motion is available at https://urlcurt.com/u?l=AYDpur from PacerMonitor.com. About Eazy-PZ LLC Eazy-PZ, LLC designs and sells silicone mealtime products for infants and toddlers, including plates, bowls, mats, and utensils. It operates through online and retail channels from its base in Parker, Colorado. Eazy-PZ sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 25-13720) on June 18, 2025. In its petition, the Debtor reported total assets of $1,019,774 and total liabilities of $3,881,257. Honorable Bankruptcy Judge Thomas B. McNamara handles the case. The Debtor is represented by Aaron J. Conrardy, Esq., at Wadsworth Garber Warner Conrardy, P.C. EL DORADO FARM: Section 341(a) Meeting of Creditors on January 6 ---------------------------------------------------------------- On December 1, 2025,El Dorado Farm LLC filed for Chapter 11 protection in the Eastern 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 January 6, 2026 at 09:00 AM via Sacramento Conference Line: 888-330-1716 Passcode: 4191086#. About El Dorado Farm LLC El Dorado Farm LLC provides activities related to real estate, including property management, real estate appraisal, and other support services within the real estate services industry. El Dorado Farm LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No.25-26763) on December 1, 2025. In its petition, the Debtor reports estimated assets and estimated liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Fredrick E. Clement handles the case. The Debtor is represented by David M. Syme, Esq. of SYME LAW FIRM. ELFAND ORGANIZATION: Stay Relief, Chapter 7 Conversion Upheld ------------------------------------------------------------- The Honorable Michael E. Wiles of the United States Bankruptcy Court for the Southern District of New York denied Elfand Organization, LLC's motions for reconsiderations of orders granting stay relief and converting case to Chapter 7. Judge Wiles entered an Order dated September 26, 2025, in which he directed Debtor Elfand Organization, LLC to surrender real property located at 268 Metropolitan Avenue, Brooklyn, New York to 268 Metropolitan Avenue LLC and in which he lifted the automatic stay to permit the landlord to take any action necessary to recover possession of the property. Judge Wiles entered a separate Order on September 30, 2025 in which he directed that the Debtor's chapter 11 case be converted to a case under chapter 7 of the Bankruptcy Code. The Debtor has filed timely motions seeking reconsideration of these orders. The Surrender/Stay Relief Order On December 10, 2024, the Landlord filed a petition in the Kings County Civil Court seeking to recover possession of its property. In August 2025, the landlord filed a motion for relief from the automatic stay so that it could continue with an eviction proceeding against the Debtor. The Debtor argues in its motion for reconsideration that the landlord violated the automatic stay and that this somehow had the effect of either nullifying the effect of section 365(d)(4) or extending the deadlines imposed by section 365(d)(4). Judge Wiles noted at the September 16, 2025 hearing on the motion that the section 365(d)(4) deadline had expired in June 2025, that the Debtor had never filed a timely motion seeking to assume or reject the lease for the property and had never sought an extension of the deadline. Pursuant to the plain language of section 365(d)(4), as a result, the lease was deemed to have been rejected, and the Debtor was obligated immediately to surrender the property to the landlord. The Debtor argues in its motion for reconsideration that the deadline under section 365(d)(4) could not have begun to run while the landlord had unlawfully evicted the Debtor because the state court order allegedly had the temporary effect of annulling the landlord-tenant relationship as a matter of law. The Debtor and the Landlord agreed, and Judge Wiles so held in his September 26, 2025 Order, that the proceedings in the Civil Court were null and void. Judge Wiles explains, "No order entered by the Civil Court while the automatic stay was in effect could have 'annulled' the landlord-tenant relationship, as the Debtor has argued. The Debtor cannot acknowledge (as it has) that the Civil Court orders were entirely null and void, while at the same time asserting that the Civil Court proceedings somehow had actual effects for purposes of the application of section 365(d)(4)." The Conversion Order On August 19, 2025, the Office of the United States Trustee filed a motion to dismiss this case or, in the alternative, to convert it to a case under chapter 7. The Trustee noted that the Debtor had not made the required filings though more than six months had passed since its filing. The Trustee further represented that the Debtor had failed to appear at two meetings of creditors that had been scheduled pursuant to section 341 of the Bankruptcy Code and that the Debtor had a statutory obligation to attend. In addition, it noted that the Debtor had not filed any of the Monthly Operating Reports that are required by the UST's Operating Guidelines and that the Debtor had failed to pay the fees that are payable under 28 U.S.C. Sec. 1930 and 31 U.S.C. Sec. 3717. The Trustee argued that the Debtor was acting in bad faith as was attempting to use the bankruptcy system to frustrate its landlords and for no other apparent purpose. The Debtor seeks reconsideration on the ground that the Debtor had just retained counsel after a period of financial hardship and that a conversion to chapter 7 was premature. According to Judge Wiles, "The required Statements and Schedules are essential to identify the assets to be administered in a bankruptcy case, to identify the creditors who may be entitled to receive distributions and who otherwise are entitled to be heard in the case, and to ensure that relevant claims that may belong to a debtor are properly identified and promptly pursued. Like every legal proceeding, a bankruptcy case is supposed to proceed as efficiently and expeditiously as possible. The Debtor has never offered any legitimate excuse for its utter failures to comply with its obligations in this regard." The Debtor also asserts that the Court erred by converting the case to chapter 7 without a developed factual record. Judge Wiles concluded that a dismissal would not serve the interests of the Debtor's primary creditors, who were landlords who were still attempting to recover their properties and whom the Debtor was still trying to hold at bay. He noted at the September 30 hearing that the Debtor had failed to assume any of its nonresidential real property leases within the deadline set by section 365(d)(4), that this failure gave the landlords certain rights, and that a dismissal could raise issues as to those rights and as to whether the landlords needed to take other action to recover properties. The Debtor also had failed to identify all of its assets and had failed to disclose possible preferential transfers or transfers to insiders, which are matters a chapter 7 trustee can and should identify and pursue for the benefit of the Debtor's creditors. Judge Wiles holds, "I find that there are no matters that I overlooked, no legal errors that I made, and no new evidence that would warrant reconsideration of the Conversion Order." A copy of the Court's decision dated November 20, 2025, is available at https://urlcurt.com/u?l=zwxi8T Attorneys for Debtor Elfand Organization LLC: Robert Marx, Esq. ROBERT MARX 1019 Fort Salonga Road Suite 10-134 Northport, NY 11768 Phone: (917) 375-1909 Email: robertmarx@rmmarxlaw.com Attorneys for Chapter 7 Trustee: Alan Nisselson, Esq. WINDELS MARX LANE & MITTENDORF, LLP 156 West 56th Street New York, NY 10019 Phone: (212) 237-1021 (212) 262-1215 E-mail: anisselson@windelsmarx.com Attorneys for 268 Metropolitan Ave LLC: Andrew M. Tilem, Esq. LAW OFFICES OF ANDREW M. TILEM 228 Montrose Ave Brooklyn, NY 11206 Phone: (718) 497-2552 Elfand Organization LLC filed for Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Case No. 25-10308) on February 18, 2025, listing under $1 million in both assets and liabilities. The case was converted to Chapter 7 on September 30, 2025. ELLIOT DANILOFF: Legal Bureau Liga Disputes Referred to Mediation ----------------------------------------------------------------- Judge Elizabeth S. Stong of the United States Bankruptcy Court for the Eastern District of New York entered a mediation referral order in the bankruptcy case of Elliot Daniloff. On April 24, 2025, Bloomfield Investment Resources Corp. filed a motion to appoint a Chapter 11 Trustee. On May 9, 2025, the Debtor filed an objection to the motion. On May 22, 2025, the Court entered a mediation referral order assigning certain matters to mediation. On August 5, 2025, the Court appointed Lori Lapin Jones as the mediator. On September 5, 2025, the Court held a Chapter 11 case management conference and hearings on various pending matters at which the Debtor, Bloomfield, the United States Trustee, and Legal Bureau Liga LLC appeared and were heard. On September 19, 2025, the mediator filed a letter requesting, in substance, that the Court enter a mediation referral order (not an amended one) which refers the LGL disputes to mediation to address the dispute over approval of a stipulation between the Debtor and Legal Bureau Liga LLC. Based on the entire record, including the record of the September 5, 2025, hearing, the Court concludes that the LGL disputes will be referred to this Court's mediation program, with the services of Lori Lapin Jones as mediator. The first mediation session will be conducted on or before December 15, 2025. The Court will hold an in-person continued case management conference and status conference on the Mediation Parties' mediation session on January 15, 2026. A copy of the Court's Order dated November 26, 2025, is available at https://urlcurt.com/u?l=ecz3aX from PacerMonitor.com. Attorney for the Debtor: Alla Kachan, Esq. Law Offices of Alla Kachan P.C. 2799 Coney Island Avenue, Ste Unit 202 Brooklyn, NY 11235 E-mail: alla@kachanlaw.com Elliot Daniloff filed for Chapter 11 bankruptcy protection (Bankr. E.D.N.Y. Case No. 24-45314) on December 19, 2024, listing under $1 million in both assets and liabilities. The Debtor is represented by Alla Kachan, Esq. ENCORE CAPITAL: Moody's Affirms 'Ba2' CFR, Outlook Remains Stable ----------------------------------------------------------------- Moody's Ratings has affirmed Encore Capital Group, Inc.'s (Encore) Ba2 Corporate Family Rating and its Ba3 backed senior secured debt ratings. The issuer outlook remains stable. RATINGS RATIONALE The affirmation of Encore's Ba2 CFR reflects the company's recovered profitability, which has been strengthened by improved operational efficiency and stronger collections, particularly benefiting from favorable trends in its US operations. Encore maintains sound leverage, as measured by Debt/EBITDA, and capitalization that, while fluctuating, remains moderate overall. Moody's views Encore's liquidity profile as strong, underpinned by substantial availability under its revolving credit facility and a well-staggered debt maturity schedule with no significant near-term maturities. The company consistently addresses its refinancing needs well in advance, demonstrating a proactive approach to financial management. Notably, Encore's strategic focus across both the US and European markets enhances its financial flexibility, enabling the company to capitalize effectively on opportunities in nonperforming loan portfolio acquisitions and to access debt capital markets on both sides of the Atlantic. Encore's CFR is constrained by Moody's assessments of the applicable operating environment within which the company operates as a dedicated debt purchaser and debt collector, which Moody's views as highly cyclical, sensitive to the availability of nonperforming loans, and affected by changes in collection patterns through economic cycles. The Ba3 ratings of Encore's backed senior secured notes reflects their priorities of claims and asset coverage in the company's current liability structure. OUTLOOK The stable outlook reflects Moody's expectations that Encore will continue to demonstrate solid profitability with good interest coverage, and maintain a sound leverage and moderate capitalization levels, as well as strong liquidity and a well-laddered debt maturity profile, consistent with the credit metrics of the Ba2 CFR. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Encore's CFR could be upgraded if the company further enhances its resilience in the highly cyclical debt purchase and servicing industry by strengthening capitalization and consistently delivering strong financial performance - characterized by solid profitability with significantly reduced volatility, and robust cash flows through economic cycles. In addition, maintaining a strong liquidity profile, proactively refinancing debt well ahead of maturity, and diversifying its geographical footprint to reduce exposure to regulatory risks in any single region would also support a higher rating. The backed senior secured debt ratings could be upgraded if Encore's CFR is upgraded or there are changes in the liability structure that would decrease the amount of debt considered senior to the notes or increase the amount of debt considered junior to the notes. Encore's CFR could be downgraded in case of: 1) meaningful and sustained deterioration in the company's profitability, cash flows and elevated earnings volatility; 2) increase in leverage, on a sustained basis, to above 3x, measured as gross Debt/EBITDA; 3) erosion in capitalisation; or 4) failure to maintain adequate committed revolving borrowing availability, or if liquidity otherwise materially weakens. The backed senior secured debt ratings could be downgraded if Encore's CFR is downgraded or there is a significant increase in the amount of debt considered senior to the notes. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Finance Companies published in July 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. ENDRA LIFE: CTO Michael Thornton Transitions to Consultant Role --------------------------------------------------------------- ENDRA Life Sciences Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on November 28, 2025, the Company entered into a Consulting Agreement with Michael Thornton, in connection with which Mr. Thornton resigned as the Company's Chief Technology Officer effective on such date. Pursuant to the Consulting Agreement, Mr. Thornton will provide commercialization services and certain deliverables to the Company, as may be requested by the Company from time to time, and the Company shall pay Mr. Thornton at a rate of: (i) $150 per hour for the first five hours per calendar week and (ii) $100 per hour for any hours in excess of five hours per calendar week. The Consulting Agreement provides that all of Mr. Thornton's outstanding Options and Restricted Stock Units (each term as defined in the Company's 2016 Omnibus Incentive Plan) shall remain outstanding and continue to vest in accordance with their terms for so long as Mr. Thornton is providing services under the Consulting Agreement. The Consulting Agreement has an indefinite term and may be cancelled by either party with 15 days' notice to the other party. Additionally, on November 28, 2025, the Company entered into an Advisory Services Agreement with Impact Solve, LLC, a Washington limited liability company dba Impact Solutions, which supersedes and replaces Impact Solutions' prior services agreement with the Company. The Advisory Services Agreement provides for services to be provided to the Company by Richard Jacroux, the Company's Chief Financial Officer, pursuant to work orders to be agreed upon by Mr. Jacroux and the Company from time to time. Additionally, the Advisory Services Agreement provides that the Company shall reimburse Impact Solutions for reasonable travel and any additional expenses that the parties may agree to in writing in advance. Fees for the Services will be set forth in each applicable work order agreed to in advance by the Company and Impact Solutions. The initial work order, effective as of the date of the Advisory Services Agreement, provides for Mr. Jacroux to serve as the Company's Principal Financial Officer and Principal Accounting Officer for an initial discounted base fee of $8,650 per month and at a rate of $124.70 per hour for hours beyond 16 per week, subject to an increase to a base fee of $10,800 per month and a rate of $156.00 per hour for hours beyond 16 per week effective January 1, 2026. The Advisory Services Agreement includes customary non-solicitation provisions, confidentiality provisions and representations and warranties included in similar agreements. Full-text copies of the Consulting Agreement and the Advisory Services Agreement are available at https://tinyurl.com/yhb27bvs and https://tinyurl.com/25cawva7, respectively. About ENDRA Life ENDRA Life Sciences Inc., headquartered in Ann Arbor, Michigan, develops thermo-acoustic medical devices for accurate liver fat measurement to support metabolic disease detection, management, and GLP-1 therapy eligibility. The Company's technology platform, Thermo-Acoustic Enhanced Ultrasound (TAEUS), targets pharmaceutical companies, clinical research organizations, high-end primary care clinics, bariatric and metabolic clinics, and broader primary and internal medicine markets through a subscription-based model and traditional product sales. Incorporated in Delaware in 2007, ENDRA plans to seek regulatory approvals for its applications in the United States and European Union. RBSM LLP, the Company's auditor since 2015, issued a "going concern" qualification in its report on the Company's consolidated financial statements for the year ended Dec. 31, 2024, citing that the Company has suffered recurring losses from operations, generated negative cash flows from operating activities, has an accumulated deficit and has stated that substantial doubt exists about Company's ability to continue as a going concern. ENDRA Life incurred a net loss of $11.51 million in 2024 followed by a net loss of $10.06 million in 2023. As of Sept. 30, 2025, the Company had an accumulated deficit of $107,296,300 and had $794,036 in cash. The Company stated in its Quarterly Report for the period ended Sept. 30, 2025, that it requires additional capital to continue executing its commercialization plans and advancing its digital asset treasury (DAT) strategy. The Company is exploring potential financing options, including the sale of common stock through its at-the-market sales program. The Company warned that without timely access to sufficient financing on acceptable terms, its financial condition and results of operations may be materially adversely affected and it may not be able to continue operations or execute its stated commercialization plan. ERIC R. HARTMAN: To Sell Assets to Zuidema Chiropractic for $9K --------------------------------------------------------------- Eric R. Hartman, D.C., PLLC seeks permission from the U.S. Bankruptcy Court for the Western District of Michigan, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor wants to sell personal property owned by the Debtor Zuidema Chiropractic, PLLC d/b/a Mission Chiropractic and Health. The Debtor has various items of personal property that it would like to sell to Zuidema Chiropractic, PLLC. The list of the specific items of personal property is attached to this Motion as Exhibit A. https://urlcurt.com/u?l=RTDtfz The purchase price is $9,000.00. The Debtor believes that the sale will be in the best interests of the estate to liquidate personal property which will no longer be needed by the Debtor. The personal property to be sold is subject to the security interest of Bankers Healthcare Group (BHG). The assets being sold are only a portion of the assets of the Debtor. This sale does not include any cash on deposit with a bank (approximately $49,000.00 at present) or any current Accounts Receivable (approximately $20,000.00 at present). This sale shall be sold free and clear of all interest, liens and encumbrances, and the sale proceeds will be paid to the secured party BHG. For purposes of disclosure, the principal of the Debtor, Eric R. Hartman, has agreed to be employed by the prospective purchaser, effective January 2, 2026. It is anticipated that the Debtor will continue in operation in the capacity of a consultant to the purchaser. The Debtor will receive $1,000.00 per month from Mission Chiropractic to fund the Debtor's Plan. About Eric R. Hartman, DC, PLLC Eric R. Hartman, DC, PLLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Mich. Case No. 25-02687) on September 22, 2025, listing up to $500,000 in both assets and liabilities. Eric R. Hartman, president and managing member, signed the petition. Martin L. Rogalski, Esq., at Martin L. Rogalski, P.C., represents the Debtor as legal counsel. ETG FIRE: To Sell Personal Property to Jack Gerard for $10K ----------------------------------------------------------- Joli A. Lofstedt, Chapter 7 trustee of ETG Fire LLC, seeks approval from the U.S. Bankruptcy Court for the District of Colorado, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor represented itself as designing, installing, testing, inspecting, monitoring, and maintaining special hazard fire protection systems and complex fire alarm systems for customers nationally. The Debtor incurred secured debt from, and granted a lien and security interest in favor of, Seacoast Bank in relation to the Debtor’s personal property. Except for vehicles, Trustee is informed and believes that Seacoast had first-priority liens on Debtor’s assets on the Petition Date. The Trustee understands that Seacoast is currently owed over $3,000,000. The Trustee believes that the estimated value of the collateral securing Seacoast's claim is substantially less than the foregoing amount. Property of the Estate consists of the Debtor's personal property including, but not limited to, inventory, office furniture, office fixtures, and office equipment currently located in premises that the Debtor had leased in Tulsa, Oklahoma. After consulting with an auctioneer, the Trustee estimates that such Personal Property is worth $13,600 gross. Because Seacoast appears to be undersecured, the only secured creditor that has a pecuniary interest in the Personal Property or its proceeds is Seacoast. A potential new tenant at the Oklahoma premises, Jack Gerard or his designee, has agreed to purchase the Personal Property in bulk for $10,000. The Trustee has accepted this offer, subject to Court-approval. Seacoast consents to the sale. The Trustee and Seacoast further agree that the $10,000 in proceeds shall be split 40% and 60% between the Estate and Seacoast, respectively. There is other Debtor personal property located in Colorado and California that the Trustee has move to sell through an auction process via a separate motion About ETG Fire ETG Fire, LLC is a single source fire protection systems and services company. It designs, installs, tests, inspects, monitors, and maintains special hazard fire protection systems and complex fire alarm systems for customers nationally from its offices in Denver, Colo., Seattle, Wash., Pasadena, Calif., Cheyenne, Wyo., Dallas, Texas, and Tulsa, Okla. ETG Fire filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No. 24-13446) on June 20, 2024, with as much as $1 million to $10 million in both assets and liabilities. Torrence Henry, president and chief executive officer, signed the petition. Brownstein Hyatt Farber Schreck, LLP is the Debtor's legal counsel. FELT & FAT: Gets Interim OK to Use Cash Collateral -------------------------------------------------- Felt and Fat LLC received second interim approval from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania authority to use cash collateral. The court authorized the Debtor to use cash collateral strictly in accordance with the budget for the period from the petition date through December 31. As adequate protection, secured lenders were granted replacement liens on post-petition assets of the Debtor, with the same validity, priority and extent as their pre-bankruptcy liens. In case such protection proves insufficient, the lenders will be granted superpriority administrative expense claims under Section 507(b). The lenders include the U.S. Small Business Administration, PIDC Community Capital, United Bank of Philadelphia, PNC Bank, and Citizens Bank, N.A. The Debtor also owes non-traditional lenders -- Shopify Capital (owed $106,366) and Wayflyer (owed $258,000) -- on account of loans that may be secured by liens on its assets. The order preserves creditors' rights to conduct inspections and audits of the Debtor's books, records, and collateral upon notice, and allows lenders and other parties in interest to seek modifications for cause. The order is available at https://is.gd/VBHKUj from PacerMonitor.com. The next hearing is scheduled for December 17. Objections must be filed by December 10. PIDC Community Capital is represented by: Louis I. Lipsky, Esq. Lipsky and Brandt 1101 Market Street, Suite 2820 Philadelphia, PA 19107 Phone: 215-922-664 Fax: 215-440-7185 United Bank of Philadelphia is represented by: Matthew Lipman, Esq. McElroy, Deutsch, Mulvaney & Carpenter, LLP 1 Penn Center – Suburban Station 1617 JFK Blvd., Ste. 1500 Philadelphia, PA 19103 Phone: (215) 557-2900 Fax: (215) 557-2990 mlipman@mdmc-law.com About Felt and Fat LLC Felt and Fat, LLC is an innovative and collaborative ceramic design and manufacturing hub that provides manufacturing jobs to its local community in Kensington, Philadelphia, Pennsylvania. Felt and Fat sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-14162) on October 14, 2025, listing between $100,001 and $500,000 in assets and between $1 million and $10 million in liabilities. Judge Patricia M. Mayer presides over the case. Albert Anthony Ciardi, III, Esq., at Ciardi Ciardi & Astin, represents the Debtor as legal counsel. FIRST BRANDS: Business Falters Amid Customer Payment Uncertainty ---------------------------------------------------------------- Steven Church of Reshmi Basu of Bloomberg News report that First Brands Group's bankruptcy has been complicated by a surprising problem: customers are uncertain about where their payments should go. The issue emerged as the company's tangled debt picture became clearer, revealing layers of receivables sold to investors through factoring arrangements. Those investors, fearing losses tied to allegedly fraudulent invoices, told buyers of First Brands' auto-parts products to bypass the company and pay them instead. Restructuring adviser Alvarez & Marsal reported that this shift disrupted normal payment flows and created widespread confusion throughout the customer network. About First Brands Group, LLC Rochester Hills, Mich.-based First Brands Group, LLC is a global supplier of aftermarket automotive parts. On September 24, 2025, the Company's non-operational special purpose entities, Global Assets LLC, Global Lease Assets Holdings, LLC, Carnaby Capital Holdings, LLC, Broad Street Financial Holdings, LLC, Broad Street Financial, LLC, Carnaby Inventory II, LLC, Carnaby Inventory Holdings II, LLC, Carnaby Inventory III, LLC, Carnaby Inventory Holdings III, LLC, Patterson Inventory, LLC, Patterson Inventory Holdings, LLC, Starlight Inventory I, LLC and Starlight Inventory Holdings I, LLC each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. Commencing on September 28, 2025, First Brands Group, LLC and 98 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. In its petition, First Brands Group listed $1 billion to $10 billion in estimated assets and $10 billion to $50 billion in estimated liabilities. The cases are pending before the Hon. Christopher M. Lopez, and are jointly administered under Case No. 25-90399, and consolidated for procedural purposes only. The Debtors tapped Weil, Gotshal and Manges, LLP as legal counsel; Lazard Freres & Co. as investment banker; Alvarez & Marsal North America, LLC as financial advisor; and C Street Advisory Group as strategic communications advisor. Kroll Restructuring Administration, LLC is the Debtors' claims, noticing and solicitation agent. Gibson, Dunn & Crutcher, LLP and Evercore serve as the Ad Hoc Group of Lenders' legal counsel and investment banker, respectively. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. FLIGHT 509: Seeks Cash Collateral Access ---------------------------------------- Flight 509 LLC asks the U.S. Bankruptcy Court for the Eastern District of Washington for authority to use cash collateral and provide adequate protection. The cash collateral consists of revenue generated by the Debtor's Spokane-based family entertainment business, the Flight 509 Adventure Center. The Debtor argues that these funds are essential for paying operational expenses—including utilities, maintenance, insurance, taxes, wages, management fees, equipment costs, and administrative expenses so the business can remain a going concern and continue generating future income. The Debtor identifies three SBA-backed loans from 2024 as the source of the secured creditor's claim. These loans, issued through Bank CDA and Evergreen Business Capital, total several million dollars and are secured by blanket liens on nearly all business and affiliated assets, including equipment, inventory, accounts, general intangibles, deposit accounts, and in one case, related real property. Co-signers include the owner, Timothy Homer, and sister companies TNT Montgomery Property LLC, RAMH Entertainment LLC, and Bighorn Environmental Air Quality LLC. The SBA is the only creditor claiming a lien on the cash collateral, and the Debtor lists business assets valued at approximately $779,586 and cash collateral worth $61,820. The Debtor requests permission to use this collateral strictly within a submitted budget, with no excess spending without court approval. As adequate protection, the Debtor proposes granting the SBA a first replacement lien on post-petition bank accounts and receivables equal to the amount spent, along with restructured monthly payments of $1,253 at an 8% interest rate over 60 months on one of the SBA-related loans. The Debtor further states that replacement liens will remain subordinate to court-approved professional fees. A copy of the motion is available at https://urlcurt.com/u?l=Yt5T1p from PacerMonitor.com. About Flight 509 LLC Flight 509 LLC based in Spokane Valley, Washington, operates a family entertainment center featuring mini-bowling, laser tag, ropes and ninja warrior courses, bumper cars, arcade games, and a large soft play structure. The facility provides recreational and event services for families and children and includes ADA-compliant features and sensory-friendly accommodations. Flight 509 LLC serves the Spokane Valley area, offering indoor entertainment and leisure activities. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Wash. Case No. 25-02024) on November 20, 2025. In the petition signed by Timothy Homer, owner, the Debtor disclosed $779,586 in assets and $5,921,347 in debts. Judge Frederick P. Corbit oversees the case. Amy Wilburn, Esq., at the Law Office of Amy Wilburn, PLLC, represents the Debtor as bankruptcy counsel. FORGENT INTERMEDIATE: S&P Assigns 'B' ICR, Outlook Stable --------------------------------------------------------- S&P Global Ratings assigned its 'B' issuer credit rating to U.S.-based provider of electrical distribution equipment, Forgent Intermediate IV LLC. S&P also assigned its 'B' issue-level rating and '3' recovery rating to the proposed senior secured term loan. The stable outlook reflects S&P's view that despite increased debt, strong end-market tailwinds and margins will result in S&P Global Ratings-adjusted leverage of 3x-4x in fiscal 2026. Forgent Intermediate IV LLC, plans to issue a $600 million senior secured term loan due 2032 and a five-year $250 million senior secured revolver (undrawn at close), to refinance its existing indebtedness and use any excess proceeds for general corporate purposes, including maintaining cash on hand. Pro forma for the transaction and our earnings expectations, S&P expects S&P Global Ratings-adjusted leverage to be about 3.5x fiscal year-end 2026 (ending June 30, 2026). S&P's ratings on Forgent reflect its small size, niche product focus as well as financial sponsor ownership structure, somewhat offset by the mission critical nature of its products, favorable long term growth prospects benefiting from tailwinds of increased investment in power related infrastructure and its robust profitability. Forgent's scale and niche product focus present risks. These are somewhat offset by the favorable long-term growth prospects for its business, mission-critical nature of its products, and strong profitability. S&P said, "With annual revenues of $750 million-$1 billion and product offerings narrowly focused on electrical distribution equipment, we believe Forgent's business has limited scale and diversification when compared with higher rated peers. While larger global players in the broader electrical equipment product category exist, Forgent's focus remains particularly within the custom designed solutions sub-segment. We believe smaller, less diverse companies could be more prone to volatility during periods of economic stress than larger diversified peers." S&P said, "Nonetheless, we believe strong tailwinds from increased investments in power-related infrastructure drive favorable longer-term growth prospects for the company's business. Specifically, trends around increased investments in data centers (accounting for over a third of the company's revenues), grid-hardening projects, and reshoring of manufacturing operations are key growth drivers. "Further, we believe the company's products are mission-critical and nondiscretionary in nature, driving sustained demand levels. We also view the company's S&P Global Ratings-adjusted EBITDA margins of over 20% favorably when compared with industry averages. We attribute its solid profitability levels to its focus on higher-margin custom design products and ability to pass through costs given the high risk of failure and small share of overall project cost. "We expect Forgent to demonstrate rapid revenue and earnings growth, supported by near-term backlog and favorable end-market demand. We also project future margins and returns will benefit from an improved price cost mix. We expect the company's revenues will grow 35%-40% each year over fiscals 2026-2027, driven by near-term visibility on backlog as well as our expectations for strong end-market demand. "In our view, Forgent has a balanced exposure across data centers, power grids, and industrial end markets and believe continued investments in these sectors will provide sustained demand for its products over the next few years. Further, the company will complete its capital expenditure (capex) plan in fiscal 2026 and realize operating efficiencies due to improved fixed-cost absorptions from higher volumes. Therefore, we expect earnings could grow faster than revenues and drive higher margins and returns over the next few years. Specifically, we expect S&P Global Ratings-adjusted EBITDA margins to be 21%-23% over fiscal 2026-2027 (compared with 20% in fiscal 2025) and return on capital will be over 10% (compared with about 7% in fiscal 2025). "Our view of Forgent's financial risk incorporates its financial-sponsor ownership and aggressive financial policies typical of such owners, though we recognize its S&P Global Ratings-adjusted leverage of 3x-4x provides it with a strong credit cushion. Pro forma for this transaction, we expect its S&P Global Ratings-adjusted leverage to be above 4x, improving to about 3.5x by fiscal-end 2026 as earnings grow. "These credit measures represent a strong credit cushion when compared against our downside thresholds of 7x and demonstrate a less aggressive financial policy, unlike most financial-sponsor owned entities. However, this financial policy has a short track record and remains untested through weaker market conditions. We also believe the company could remain opportunistic about pursuing debt-financed organic or inorganic growth initiatives. Therefore, any potential improvement in credit quality would be underpinned by our belief of the company's financial policy commitment to maintain favorable credit measures through most market conditions and financial policy decisions. "Nonetheless, Forgent's steady cash generation and EBITDA interest coverage of over 2x mitigate some of our concerns associated with a potentially aggressive financial policy. As such, we expect the company to generate $80 million-$150 million of operating cash flow over fiscal 2026-2027. While free cash flow could remain negative this fiscal year due to elevated capex needs from capacity expansion plans, we expect it to materially improve to over $100 million by fiscal 2027. "The stable outlook on Forgent reflects our belief that favorable end-market demand will drive high revenue and earnings growth, offsetting the increased debt load. As such, we expect the company to maintain S&P Global Ratings-adjusted leverage of 3x-4x in fiscals 2026-2027." S&P could lower its ratings on Forgent over the next 12 months if its S&P Global Ratings-adjusted leverage deteriorates to over 6.5x. This could occur if: -- Business conditions materially weaken such that its S&P Global Ratings-adjusted earnings are 50% lower than our expectations, or free cash flow fails to improve once the company completes its capacity expansion plans in 2026. Such a scenario could materialize in case of a severe downturn, drastically reducing demand for the company's products or higher-than-expected inflation that cannot be passed on compresses margins by more than 5%; or -- The company undertakes a more aggressive than expected financial policy--for instance, using debt to fund distributions or acquisitions. S&P views an upgrade as unlikely over the next 12 months, given Forgent's limited history and track record under the current financial sponsor. However, S&P could raise the rating if: -- It maintains S&P Global Ratings-adjusted leverage at 3x-4x, demonstrating sustained earnings and positive free cash generation, and S&P believes it can maintain these levels in most market conditions; and -- S&P believes the financial sponsors are committed to maintaining these credit measures. FORTNA GROUP: S&P Lowers ICR to 'CCC-' on Cash Burn, Outlook Neg. ----------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on Warehouse automation and services provider Fortna Group Inc. to 'CCC-' from 'CCC+'. S&P said, "At the same time, we lowered our issue-level rating on the company's $225 million revolving credit facility (RCF) and $1.47 billion first-lien term loan to 'CCC-' from 'CCC+'. The recovery rating remains '4', reflecting our expectation of average (30%-50%; rounded estimate: 35%) recovery in the event of a payment default. "The negative outlook reflects our view that Fortna will continue to burn cash over the next 6-12 months due to limited EBITDA growth and a high interest burden, increasing the likelihood of a liquidity crisis, a debt exchange, or a restructuring that we view as tantamount to a default. We believe the company is currently vulnerable to nonpayment of its debt obligations and dependent upon favorable business, financial, and economic conditions or a cash injection from its financial sponsor to meet its financial obligations. "The downgrade to 'CCC-' reflects our forecast of materially negative FOCF through 2026. For the nine months ended Sept. 30, 2025, Fortna had an FOCF deficit of about $232 million (on a S&P Global Ratings-adjusted basis), driven by limited EBITDA generation, high cash interest expense, and by a sizable working capital usage due to the timing of accounts receivable collections. We forecast a full-year 2025 FOCF deficit of $170 million-$180 million in 2025, worse than our previous expectation of a deficit of $70 million-$80 million. This incorporates our assumption for a high-single-digit percent revenue decline in 2025, and S&P Global Ratings-adjusted EBITDA margin to decline around 300-400 basis points (bps) from 8.3% in 2024 due to a product mix shift to parcel, conveyor consolidation expenses, and incremental costs with its new enterprise resource planning (ERP) system. "We assume 2025 EBITDA is insufficient to cover the company's cash charges, which include: around $150 million in cash interest expense, our assumption for around $75 million in working capital outlays (higher year over year to support the company's backlog with large sortation projects), and capital expenditures (capex) of around 1% of revenue, or around $20 million in 2025. The company also has about $15 million in annual term loan amortization payments. We assume FOCF remains meaningfully negative in 2026, driven by our forecast for limited EBITDA growth. "We believe the company's liquidity will be strained over the next several months. Fortna has been relying on external liquidity sources--its accounts receivable securitization program, its RCF, and additional term loan funding to support its cash deficits. At Sept. 30, 2025, the company had full availability under its $225 million RCF, though under our forecast Fortna will need to draw upon it to help fund its cash flow deficits. Further, Fortna had $131 million drawn on its $150 million accounts receivable facility. We believe these external sources will likely be depleted in 2026 given continued cash flow deficits and we assume the financial covenant under the revolver (a 10x springing first-lien leverage covenant) may restrict borrowing capacity. "We assume operating performance improves but remains challenged through 2026. Fortna's S&P Global Ratings-adjusted EBITDA margins compressed to 3.2% as of the 12 months ended Sept. 30, 2025, from 8.9% in the prior-year quarter. The decline was due to lower volume, a shift in product mix weighted more towards parcel (which is more cost intensive and lower margin than D&F projects), as well as incremental expenses related to an ERP system transition and conveyor consolidation. Through the second and third quarter of 2025, macroeconomic uncertainty led customers to take a wait-and-see approach to investing in capital projects, which resulted in projects being delayed and Fortna's revenue being impacted. We forecast revenue will decline around 9% in 2025, driven by weakness in D&F orders, partially offset by increased orders in software & solutions. That said, we don't expect Fortna's orders to convert to revenue until the end of 2025 and more so in 2026 and 2027, given the longer duration of parcel projects (roughly 18-month period on average). Parcel projects take longer to convert relative to D&F due to their size and timing. "We forecast revenue increases about 8%-9% in 2026 driven by orders in the back half of 2025 and in 2026, which we expect will convert to revenue in 2026 and 2027, with continued customer spending on automation and efficiency-related capital projects and services due to strength in e-commerce sales. That said, we believe risks remain that customers' projects could get further delayed. We assume S&P Global Ratings-adjusted EBITDA margin increases around 200 bps year over year in 2026 on higher revenue and the benefits of cost-out measures, such as headcount reductions, and continued project execution improvements. But notwithstanding that forecast, we assume EBITDA in 2026 will be insufficient to cover cash fixed charges. "Leverage is unsustainably high. Given S&P Global Ratings-adjusted leverage of 42x and weak interest coverage below 1x at Sept. 30, 2025, we believe there is heightened likelihood of a liquidity crisis or debt restructuring that would imply lenders receive less value than promised when the debt was originally issued. Moreover, Fortna's nearest maturity is in 2027 when its RCF matures, and we believe refinancing next year could be challenging. "The negative outlook reflects our view that Fortna will continue to burn cash over the next 6-12 months due to limited EBITDA growth and a high interest burden, increasing the likelihood of a liquidity crisis, a debt exchange, or a restructuring that we view as tantamount to a default. We believe the company is currently vulnerable to nonpayment of its debt obligations and dependent upon favorable business, financial, and economic conditions or a cash injection from its financial sponsor to meet its financial obligations. "We could lower our rating on Fortna if we believe a liquidity crisis, distressed debt restructuring, or payment default is a virtual certainty." S&P could raise its rating on Fortna if it no longer view a default scenario as highly probably. This could occur if: -- Operating performance improves meaningfully beyond our expectations such that Fortna generates positive FOCF after servicing its debt; -- It improves its cash flow such that we no longer anticipate material deficits, while maintaining adequate liquidity; and -- It is in a position to refinance its debt in a manner that S&P would not consider a distressed exchange or restructuring. FORTUNE CIRCLE: Affiliate Seeks Cash Collateral Access ------------------------------------------------------ Fortune Circle Hotels, LLC received interim approval from the U.S. Bankruptcy Court for the Northern District of Illinois to use cash collateral to fund operations. The court authorized Fortune Circle Hotels, an affiliate of Fortune Circle LLC, to use cash collateral through December 20 to pay operating expenses in accordance with its budget. The Debtor may use cash collateral to pay up to 110% of the amount set forth in the budget, either by line item or in the aggregate, measured on a weekly basis. As adequate protection, Rapid Finance, a secured creditor, will be granted a post-petition security interest in and lien on the same types of collateral securing its pre-bankruptcy claims. This lien maintains the same priority, validity, and enforceability as of the petition date, and applies only to the extent the Debtor's use of cash collateral causes a diminution in the value of Rapid Finance's collateral. The next hearing is scheduled for December 16. A copy of the interim order and the Debtor's budget is available at https://shorturl.at/OBq1q from PacerMonitor.com. Fortune Circle Hotels operates a 75-room Hawthorn Extended Stay by Wyndham hotel in St. Robert, Missouri, near Ft. Leonard Wood, under a lease from Fortune Hotel, LLC, which is also in Chapter 11. Ownership interests are split between Syed Hussain and Waqar Qureshi, with Hussain solely owning the property-holding entity. Millennium Bank previously financed the real estate with a $3.3 million loan to the property owner, but the Debtor is not an obligor. In 2023, the Debtor obtained a $227,000 business loan from Rapid Finance, which claims a security interest in revenue streams and various personal property; however, the Debtor questions whether Rapid Finance's lien is perfected and believes Millennium Bank does not hold a lien on its assets. The Debtor relies on hotel revenues to pay employees, operating expenses, and franchise fees. Since early 2024, the Debtor and property owner have pursued a joint sale of the hotel, receiving a $4.75 million offer consistent with a recent appraisal, though closing has been delayed due to SBA loan processing and litigation filed by Millennium Bank against the property owner and Hussain. About Fortune Circle LLC Fortune Circle, LLC is a real estate company whose primary asset is a hotel property at 239 St. Robert Boulevard in Saint Robert, Missouri. Fortune Circle sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-17508) on November 12, 2025, listing up to $10 million in both assets and liabilities. Syed Hussain, sole member, signed the petition. Judge Timothy A. Barnes oversees the case. William Factor, Esq., at The Law Office of William J. Factor, Ltd., represents the Debtor as bankruptcy counsel. FP HOUSTON: Gets Court OK to Use Cash Collateral ------------------------------------------------ FP Houston Apartments, LLC got the green light from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to use cash collateral. The court authorized the Debtor to use the cash collateral of its lender, Flagship Capital Partners Fund V, LP, in accordance with its budget, subject to a 5% variance per line item. Subject to Flagship's consent, the Debtor may pay pre-bankruptcy vendor invoices to maintain the safety and habitability of the Debtor's property, including payment of $6,462.28 to Waste Connections of Texas. As protection, Flagship will be granted replacement liens on all assets of the Debtor, maintaining the same validity, priority and extent as its pre-bankruptcy liens. The Debtor was also ordered to keep the lender's collateral insured as additional protection. The Debtor's authority to use cash collateral ends on December 10 unless extended by court order or agreement with Flagship, or upon the appointment of a Chapter 11 trustee; conversion of the case to one under Chapter 7; lifting of the stay that allows Flagship or any secured creditor to foreclose on the collateral; or the Debtor's failure to provide required reports or information. The court order is available at https://is.gd/k0xs5m from PacerMonitor.com. Flagship asserts it is owed more than $11.1 million as of the petition date. The loan is secured by the Debtor's real and personal property, including its 120-unit apartment complex located in Houston, Texas. All cash proceeds of the collateral constitute the lender's cash collateral. All rental income from the Houston property is collected and managed by Asset Living, LLC under a management agreement. In 2022, the Debtor and Flagship executed a Deposit Account Control Agreement, resulting in all rents being swept daily into a lender-controlled lockbox account at Independent Bank/SouthState Bank. Flagship, as lender, is represented by: Bruce J. Ruzinsky, Esq. Victoria Argeroplos, Esq. Taylor G. Lanier Jackson Walker, LLP 1401 McKinney Street, Suite 1900 Houston, TX 77010 Phone: (713) 752-4204 Fax: (713) 308-4115 bruzinsky@jw.com vargeroplos@jw.com tlanier@jw.com About FP Houston Apartments LLC FP Houston Apartments, LLC is a single-asset real estate company that owns Forest Park Apartments in Houston, Texas. FP Houston Apartments sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S. D. Texas Case No. 25-90606) on November 3, 2025, listing between $10 million and $50 million in assets and liabilities. Dal Thandi, manager, signed the petition. Judge Alfredo R. Perez oversees the case. David Ritter, Esq., at Ritter Spencer, PLLC, represents the Debtor as legal counsel. FREEDOM MORTGAGE: Fitch Rates New Sr. Unsecured Notes 'B+(EXP)' --------------------------------------------------------------- Fitch Ratings expects to assign a 'B+(EXP)' debt rating to Freedom Mortgage Holdings LLC's proposed senior unsecured notes. The amount, coupon and maturity will be determined at the time of issuance. Key Rating Drivers Equal Ranking: The expected rating is equalized with the ratings assigned to Freedom Holdings' senior unsecured debt, as the new notes will rank equally in the capital structure. The senior unsecured debt rating is one notch below Freedom Holdings' 'BB-' Long-Term Issuer Default Rating (IDR), given the subordination to senior secured debt in the capital structure, reflecting weaker recovery prospects in a stressed scenario. Leverage Neutral: Fitch does not anticipate a material impact to the company's leverage profile, as the proceeds from the issuance will be used for general corporate purposes, including the repayment of existing senior secured debt. Freedom Holdings' corporate leverage (unsecured debt and MSR funding lines to tangible equity) was 1.9x at 3Q25. Fitch expects corporate leverage to decline toward management's long-term 1.5x target over the Outlook horizon, given tangible equity accretion through retained earnings. Improved Funding Flexibility: Freedom Holdings' unsecured debt mix was 34% of total debt at 3Q25 and will increase following the transaction. Fitch views this as positive for funding flexibility in times of stress, as it increases the size of Freedom Holdings' unencumbered asset pool. Track Record Through Cycles: Freedom Holdings' ratings reflect an established U.S. residential mortgage franchise, historical track record across cycles, a strong market position in government lending, an experienced management team, and a sufficiently robust, integrated technology platform. Fitch views Freedom Holdings' multichannel approach favorably and believes the servicing-retained model with high recapture rates could serve as a natural hedge, though not fully offset, origination cyclicality. Elevated Regulatory Scrutiny: Ratings are constrained by Freedom Holdings' elevated exposure to Ginnie Mae loans, which have higher advancing needs and potentially greater regulatory scrutiny, and by elevated key-person risk tied to its founder and Chief Executive Officer, Stanley Middleman, who sets the company's tone, vision and strategy. Stable Outlook: The Stable Outlook reflects Fitch's expectation that corporate debt to tangible equity will decline below 1.5x as increased recurring cash flows from the servicing portfolio support growth in tangible equity in the medium term. Fitch also expects Freedom Holdings to maintain sufficient liquidity and reserves for potential margin calls, servicing advance needs and indemnification activity, as well as adequate access to warehouse funding for origination growth as rates decline. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Corporate debt to equity sustained above 1.5x; - A sustained increase in gross leverage above 5.0x; - A sustained decline in unsecured funding below 25% of total debt; - Inability to refinance secured funding facilities and/or insufficient liquidity to manage servicing advances or to meet margin call requirements; - Substantial fines that negatively impact Freedom's franchise or operating performance; - Lack of appropriate staffing and resource levels relative to growth in the servicing portfolio; - An abrupt departure of founder and CEO, Stanley Middleman. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - A sustained reduction in gross leverage below 3.0x; - A sustained reduction in corporate leverage at or below 1.0x; - Growth of the business that enhances the franchise and platform scale; - Improved earnings consistency; - Improvement in the funding profile, including an extension of funding duration and/or an increase in the proportion of committed funding, and the maintenance of unsecured debt above 35% of total debt; - A stronger liquidity profile, reflected in a substantial increase in the percentage of liquidity sources (cash and available borrowing capacity) to total debt sustained above 25%. DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS The senior unsecured debt ratings for Freedom Holdings and Freedom Mortgage Corporation (Freedom Mortgage) are one notch below the Long-Term IDRs, given the subordination to senior secured debt in the capital structure, reflecting weaker recovery prospects in a stress scenario. The issuance of additional senior unsecured debt at Freedom Holdings and the size of the unencumbered asset pool could result in a narrowing of the notching between the senior unsecured debt and the Long-Term IDRs. Conversely, the issuance of additional senior unsecured debt at Freedom Mortgage could widen the notching between Freedom Holdings' senior unsecured debt and the Long-Term IDR to reflect structural subordination of the notes held at the holding company level. Freedom Holdings' debtholders benefit from an upstream guarantee provided by Freedom Mortgage to satisfy ongoing payment obligations, as well as a guarantee from Freedom Mortgage Parent LLC (Freedom Parent; not rated), the ultimate parent, and managing member of Freedom Holdings. DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES The unsecured debt rating is primarily sensitive to changes in Freedom Holdings and Freedom Mortgage's Long-Term IDRs and would be expected to move in tandem. SUBSIDIARY AND AFFILIATE RATINGS: KEY RATING DRIVERS Freedom Mortgage is a wholly owned subsidiary of Freedom Holdings, and its IDR is equalized with the Long-Term IDR of the holding company. SUBSIDIARY AND AFFILIATE RATINGS: RATING SENSITIVITIES Freedom Mortgage's IDR is primarily sensitive to changes in Freedom Holdings' IDR and would be expected to move in tandem. ADJUSTMENTS - The Standalone Credit Profile (SCP) has been assigned in line with the implied SCP. - The Business Profile score has been assigned below the implied score due to the following reason: Business model (negative). - The Earnings & Profitability score has been assigned below the implied score due to the following reason: Portfolio risk (negative). - The Capitalization & Leverage score has been assigned below the implied score due to the following reasons: Risk profile and business model (negative), Historical and future metrics (negative). - The Funding, Liquidity & Coverage score has been assigned below the implied score due to the following reason: Funding flexibility (negative). Date of Relevant Committee 18 December 2024 ESG Considerations Fitch does not provide ESG relevance scores for Freedom Mortgage Holdings LLC. In cases where Fitch does not provide ESG relevance scores in connection with the credit rating of a transaction, program, instrument or issuer, Fitch will disclose any ESG factor that is a key rating driver in the key rating drivers section of the relevant rating action commentary. Entity/Debt Rating ----------- ------ Freedom Mortgage Holdings LLC senior unsecured LT B+(EXP) Expected Rating FTX TRADING: Amended Complaint in Farmington, et al. Case Tossed ---------------------------------------------------------------- Chief Judge Karen B. Owens of the United States Bankruptcy Court for the District of Delaware dismissed the amended complaint in the adversary proceeding captioned as FTX RECOVERY TRUST, Plaintiff, v. FARMINGTON STATE CORPORATION (f/k/a FARMINGTON STATE BANK, d/b/a GENIOME BANK, d/b/a MOONSTONE BANK), FBH CORPORATION, and JEAN CHALOPIN, Defendants, Adv. Proc. 24-50197-KBO (Bankr. D. Del.). The motion filed by the defendants to stay discovery pending a resolution of the motion to dismiss the FTX Recovery Trust's amended complaint is denied as moot. In 2022, debtor Clifton Bay Investments LLC (formerly known as Alameda Ventures LLC) invested $11.5 million into Defendant FBH Corporation n exchange for a 10% interest in FBH. At the time of the Transfer, FBH was a holding company with a single asset valued at $5.7 million; namely an equity interest in Farmington State Bank, a single-branch bank and community lender to the small agricultural town of Farmington, Washington. FBH is owned and controlled by Defendant Jean Chalopin. In 2020, Chalopin formed FBH and orchestrated FBH's acquisition of Farmington. Though the acquisition received the approval of regulators from both the Federal Reserve and the State of Washington, it was subject to certain restrictions. This included, among other things, the requirement that written regulatory approval be obtained prior to changes in senior management, changes in the business plan, and significant forays into digital banking services. Prior to the Transfer, Chalopin was known to the FTX Group because of his affiliation with other companies that assisted with the FTX Group's banking and insurance operations, including Bahamas-based Deltec Bank and Trust Company Limited, a subsidiary of Deltec International Group, in which Chalopin has ultimate beneficial ownership of a controlling interest. The FTX Group held several accounts at Deltec Bank, which processed hundreds of thousands of transactions worth billions of dollars. Chalopin helped lay the foundation necessary for the FTX Group to move to the Bahamas, as he and Deltec Bank used their connections in the Bahamas to advance the FTX Group's interests. Having done profitable business together for years, Chalopin and the FTX Group set their sights on recreating this symbiosis of banks and cryptocurrency companies in the United States. In 2021, Chalopin became acquainted with a legal officer for the FTX Group with whom he began discussing a potential investment in FBH by the FTX Group. By January 2022, the agreement between Alameda and FBH was executed (the "Subscription Agreement") and on February 2, 2022, the Transfer was made. At the time of the Transfer, FBH contemplated a new business plan for Farmington. The FTX Recovery Trust commenced this adversary proceeding against the Defendants asserting claims for fraudulent transfer, aiding and abetting breach of fiduciary duty, and aiding and abetting corporate waste. Defendants seek dismissal of the Amended Complaint. Defendants argue that the Plaintiff has not established that Chalopin, a resident of the Bahamas, has the necessary contacts with the United States. They contend that Chalopin's only alleged contact with the forum is his interaction with an FTX Legal Officer, which is not enough to support jurisdiction. Plaintiff argues that jurisdiction over Chalopin is proper because the transaction at issue -- the Debtors' investment in FBH -- arose directly from Chalopin's actions either taken within or directed towards the United States. The Court agrees with Plaintiff and finds that the facts alleged establish with reasonable particularity that there are sufficient contacts between Chalopin and the United States to support jurisdiction. Accordingly, the Amended Complaint sets forth a prima facie case of jurisdiction. Constructive Fraud (Counts II and IV) In Counts II and IV, Plaintiff seeks to avoid and recover the Transfer from Chalopin as a fraudulent transfer pursuant to sections 544, 548, and 550 of the Bankruptcy Code. Defendants move to dismiss these claims on the ground that Plaintiff has failed to plausibly allege that Chalopin was a transferee as required by section 550. The Court finds Plaintiff's allegation that the payment was made for the benefit of Chalopin, who was the controller of FBH, is insufficient to support the conclusion that Chalopin was a beneficial transferee. Accordingly, Counts II and IV will be dismissed. Aiding And Abetting Breach Of Fiduciary Duty (Count V) In Count V, Plaintiff alleges Chalopin aided and abetted Samuel Bankman-Fried's breach of his fiduciary duties by inducing the FTX Group co-founder and Chief Executive Officer to cause Alameda to invest into FBH at an inflated valuation. The Court finds Plaintiff has alleged no facts to support the conclusion that Chalopin had the level of knowledge necessary to support its claim. Nothing in the Amended Complaint suggests that Chalopin had anything more than limited insight into the FTX Group's plans regarding its investment into FBH or that Chalopin induced the investment. For these reasons, Count V will be dismissed. Aiding And Abetting Corporate Waste (Count VI) In Count VI, Plaintiff asserts a claim against Chalopin for aiding and abetting corporate waste. Defendants move to dismiss this claim for Plaintiff's failure to plead knowing participation. The Court agrees. Even assuming, arguendo, that Plaintiff has sufficiently alleged that the Transfer was an act of corporate waste, Plaintiff has not alleged facts to support the remaining elements of the claim. Accordingly, Count VI will be dismissed. Claims Against The Corporate Defendants (Counts I & III) Plaintiff seeks to avoid and recover the Transfer from Farmington and FBH as a constructive fraudulent transfer pursuant to section 548(a)(1)(B) of the Code (Count I) and section 544(b) of the Code and the Delaware Uniform Fraudulent Transfer Act ("DUFTA") (Count III). Defendants move to dismiss the constructive fraudulent transfer counts for Plaintiff's failure to allege that that the Transfer was for less than reasonably equivalent value at a time when the Debtors were insolvent. While the Court concludes that Plaintiff adequately pleads insolvency, it agrees with the Defendants that Plaintiff does not adequately plead reasonably equivalent value. Because Plaintiff has failed to allege that the Transfer was for less than reasonably equivalent value, Counts I and III will be dismissed, the Court holds. Judge Owens explains, "As correctly highlighted by the Defendants, the problem with this whole-cloth reliance upon Farmington's reported net worth at the time of the transfer for establishing lack of reasonably equivalent value is that Plaintiff ignores its own acknowledgement in the Amended Complaint that the Transfer occurred when a future business plan existed to expand Farmington from a small community bank into one offering cutting-edge cryptocurrency services. Plaintiff makes no factual allegations from which the Court can reasonably infer that the possible, future value of this plan at the time of the Transfer was less than Alameda's investment. This is an element necessary to adequately state the fraudulent transfer claims, and it is unaddressed in the Amended Complaint." A copy of the Court's Memorandum Order dated November 25, 2025, is available at https://urlcurt.com/u?l=8q92H2 About FTX Group FTX Trading Ltd., trading as FTX, formerly operated a cryptocurrency exchange and crypto hedge fund. Before its collapse in 2022, FTX was the world's second-largest cryptocurrency firm. Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that FTX paused customer withdrawals after it was hit with roughly $5 billion worth of withdrawal requests. Faced with liquidity issues, FTX on Nov. 9, 2022, struck a deal to sell itself to its giant rival Binance, but Binance walked away from the deal amid reports on FTX regarding mishandled customer funds and alleged US agency investigations. SBF agreed to step aside, and restructuring vet John J. Ray III was quickly named new CEO. FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc. (d/b/a FTX US), Alameda Research Ltd. and certain affiliated companies then commenced Chapter 11 proceedings (Bankr. D. Del. Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022. Additional entities sought Chapter 11 protection on Nov. 14, 2022. FTX Trading and its affiliates each listed $10 billion to $50 billion in assets and liabilities, making FTX the biggest bankruptcy filer in the US that year. According to Reuters, SBF shared a document with investors on Nov. 10, 2022, showing FTX had $13.86 billion in liabilities and $14.6 billion in assets. However, only $900 million of those assets were liquid, leading to the cash crunch that ended with the company filing for bankruptcy. The Hon. John T. Dorsey is the case judge. The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel; Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal North America, LLC as financial advisor. Kroll is the claims agent, maintaining the page https://cases.ra.kroll.com/FTX/Home-Index The Official Committee of Unsecured Creditors tapped Paul Hastings as counsel, FTI Consulting, Inc., as financial advisor, and Jefferies LLC as the investment banker. Young Conaway Stargatt & Taylor LLP is the Committee's Delaware and conflicts counsel. Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory T. Donilon, Edward L. Schnitzer, and David M. Banker, represented SBF in the Chapter 11 cases. White-collar crime specialist Mark S. Cohen was reportedly hired to represent SBF in litigation. Lawyers at Paul Weiss previously represented SBF but later renounced representing the entrepreneur due to a conflict of interest. * * * In October 2024, FTX won confirmation of its bankruptcy plan that cleared a path for it to start repaying as much as $16.5 billion to creditors, including former customers. FTX has said its customers will receive 100% recovery on their claims under the plan. FTX reached a deal with CFTC, in which the Commission agreed not to collect any payment from FTX until all its customers are repaid, with interest. The CFTC settlement required FTX to pay $8.7 billion in restitution and $4 billion in disgorgement, which would be used to further compensate victims for losses suffered during the exchange's collapse. FTX TRADING: Trust Drops $50MM Claim Against African Fintech ------------------------------------------------------------ Randi Love of Bloomberg Law reports that FTX Trading Ltd.'s bankruptcy trust has ended its lawsuit against African fintech firm AZA Finance, along with its related entities and executives. The action, filed in July, aimed to claw back $50 million the trust claimed was improperly obtained through a demerger scheme. The dismissal was filed voluntarily on Dec. 3 in the US Bankruptcy Court for the District of Delaware. The case was among several recovery efforts the trust is pursuing to repay creditors of the collapsed crypto exchange. In its original complaint, the trust alleged that AZA Finance received roughly $46 million from FTX under false pretenses, the report states. About FTX Trading Ltd. FTX is the world's second-largest cryptocurrency firm. FTX is a cryptocurrency exchange built by traders, for traders. FTX offers innovative products including industry-first derivatives, options, volatility products and leveraged tokens. Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that FTX paused customer withdrawals after it was hit with roughly $5 billion worth of withdrawal requests. Faced with liquidity issues, FTX on Nov. 9 struck a deal to sell itself to its giant rival Binance, but Binance walked away from the deal amid reports on FTX regarding mishandled customer funds and alleged US agency investigations. At 4:30 a.m. on Nov. 11, Bankman-Fried ultimately agreed to step aside, and restructuring vet John J. Ray III was quickly named new CEO. FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc. (d/b/a FTX US), Alameda Research Ltd. and certain affiliated companies then commenced Chapter 11 proceedings (Bankr. D. Del. Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022. Additional entities sought Chapter 11 protection on Nov. 14, 2022. FTX Trading and its affiliates each listed $10 billion to $50 million in assets and liabilities, making FTX the biggest bankruptcy filer in the US this year. According to Reuters, SBF shared a document with investors on Nov. 10 showing FTX had $13.86 billion in liabilities and $14.6 billion in assets. However, only $900 million of those assets were liquid, leading to the cash crunch that ended with the company filing for bankruptcy. The Hon. John T. Dorsey is the case judge. The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel; Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal North America, LLC as financial advisor. Kroll is the claims agent, maintaining the page https://cases.ra.kroll.com/FTX/Home-Index The official committee of unsecured creditors tapped Paul Hastings as bankruptcy counsel; Young Conaway Stargatt & Taylor, LLP as Delaware and conflicts counsel; FTI Consulting, Inc. as financial advisor; and Jefferies, LLC as investment banker. Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory T. Donilon, Edward L. Schnitzer, and David M. Banker, is representing Sam Bankman-Fried in the Chapter 11 cases. White collar crime specialist Mark S. Cohen has reportedly been hired to represent SBF in litigation. Lawyers at Paul Weiss previously represented SBF but later renounced representing the entrepreneur due to a conflict of interest. GENESIS HEALTHCARE: Creditors Contest Insider Deal, Plan to Sue --------------------------------------------------------------- James Nani of Bloomberg Law reports that the creditors of bankrupt Genesis Healthcare Inc. are challenging the company's decision to sell its assets to an insider-backed buyer, disputing the legitimacy of the secured debt behind the bid. At the same time, sexual abuse claimants and other stakeholders are asking the court to appoint an independent examiner to scrutinize the auction process and determine whether the transaction was conducted fairly. The unsecured creditors committee also requested court approval to pursue litigation against several Genesis insiders, including healthcare entrepreneur Joel Landau and real estate investment trust Welltower Inc. The committee estimates potential claims exceed $150 million and further argued that the proposed sale undervalues the estate's assets, raising questions about conflicts of interest and the debtor's chosen restructuring path, the report states. About Genesis Healthcare Inc. Based in Culver City, Calif., Genesis Healthcare Inc. is a medical group that provides physician services in Southern California. Genesis Healthcare has operated under the names Daehan Prospect Medical Group and Prospect Genesis Healthcare. Genesis Healthcare Inc. and several affiliated debtors sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case 25-80185) on July 9, 2025. In its petition, Genesis Healthcare Inc. listed between $1 billion and $10 billion in estimated assets and liabilities. The Hon. Bankruptcy Judge Stacey G. Jernigan handles the jointly administered cases. The Debtors employed McDermott Will & Schulte LLP as counsel; Jefferies LLC as investment banker; and Ankura Consulting Group, LLC, as restructuring advisors, and designated Louis E. Robichaux IV and Russell A. Perry as co-chief restructuring officers. Katten Muchin Rosenman LLP serves as special counsel at the sole direction of Jonathan Foster and Elizabeth LaPuma in their capacity as independent directors and members of the special investigation committee. The U.S. Trustee appointed an official committee of unsecured creditors in the Chapter 11 cases of Genesis Healthcare Inc. and affiliates. The Committee retained Proskauer Rose LLP and Stinson LLP as its co-counsel; FTI Consulting, Inc., as its financial advisors; and Houlihan Lokey Capital, Inc. as its investment banker. The U.S. Trustee also appointed: -- Melanie Cyganowski of Otterbourg, PC as patient care ombudsman for the healthcare facilities listed at https://is.gd/uSxEBx She tapped Otterbourg as her counsel. -- Susan Goodman of Pivot Health Law as PCO for the healthcare facilities listed at https://is.gd/M5zlls. She is represented by Kane Russell Coleman Logan PC as counsel. -- Suzanne Koenig of SAK Healthcare as PCO for the healthcare facilities listed at https://is.gd/qv5SwV. She is represented by Greenberg Traurig, LLP, as counsel. SAK Management Services, LLC d/b/a SAK Healthcare serves as her medical operations advisor. Brown Rudnick LLP and Stutzman, Bromberg, Esserman, & Plifka, PC represent an ad hoc group of holders of personal injury and wrongful death claims. Whitaker Chalk Swindle & Schwartz represents a personal injury claimant and six wrongful death claimants. GENESIS HEALTHCARE: Rochelle McCullough Represents Tort Claimants ----------------------------------------------------------------- In the Chapter 11 bankruptcy cases of Genesis Healthcare, Inc., and its debtor-affiliates, Rochelle McCullough, LLP, Reddick Law, PLLC, and Hughes & Coleman Injury Lawyers, filed with the United States Bankruptcy Court for the Northern District of Texas, Dallas Division, a Verified Statement pursuant to Federal Rule of Bankruptcy Procedure 2019 to inform the Court that the law firms represent tort claimants holding personal injury or wrongful death claims against the Debtors. According to the Verified Statement: 1. Counsel represents only the Claimants and does not represent, or purport to represent, any other entity in connection with the Debtors' bankruptcy cases. Upon information and belief formed after due inquiry, Counsel does not hold any claim against, or interests in, the Debtors or their estates. 2. On August 18, 2025, the Claimants, represented by Reddick, retained Rochelle McCullough to represent them as bankruptcy counsel in connection with the Debtors' bankruptcy cases. 3. On October 21, 2025, the Claimants, represented by Hughes & Coleman, retained Rochelle McCullough to represent them. 4. Nothing contained in this Statement is intended to, or should be construed (i) to waive any Claimants' right to have any final order entered by, or other exercise of the judicial power of the United States performed by, an Article III court; (ii) to waive any Claimants' right to have final orders in non-core matters entered only after de novo review by a United States District Judge; (iii) as consent to the jurisdiction of the Court over any matter; (iv) as an election of remedy by any of the Claimants; (v) as a waiver of any of the Claimants' rights to trial by jury in any proceeding so triable; (vi) as a waiver of any of the Claimants' right to have the reference withdrawn in any matter subject to mandatory or discretionary withdrawal; (viii) as a waiver of any privilege or protection against disclosure, including, without limitation, the attorney-client privilege or the attorney work product doctrine; (ix) an admission with respect to any fact or legal theory; or (x) as a waiver of any other rights, claims, actions, defenses, setoffs, or recoupments to which the Claimants or Counsel may be entitled under agreements, in law, or in equity, all of which rights, claims, actions, defenses, setoffs, and recoupments are expressly reserved. The names, addresses, nature of economic interest, and amount of disclosable economic interests in relation to the Debtors of each of the Claimants are: 1. Beatha Adams c/o Ashley N. Lee Hughes & Coleman Injury Lawyers 1256 Campbell Lane # 201 Bowling Green, KY 42104 Personal Injury/Wrongful Death Claim for at Least $250,000.00 Other Disclosable Economic Interests: N/A 2. Joanne Almeda c/o Brian Reddick Reddick Law, PLLC One Information Way Little Rock, AR 72202 Personal Injury/Wrongful Death Claim for at Least $150,000.00 Other Disclosable Economic Interests: N/A 3. Linda Andrews c/o Ashley N. Lee Hughes & Coleman Injury Lawyers 1256 Campbell Lane # 201 Bowling Green, KY 42104 Personal Injury for at Least $75,000.00 Other Disclosable Economic Interests: N/A 4. Belen Avilucea c/o Brian Reddick Reddick Law, PLLC One Information Way Little Rock, AR 72202 Personal Injury/Wrongful Death Claim for at Least $41,141.81 Other Disclosable Economic Interests: N/A 5. Angel Baca c/o Brian Reddick Reddick Law, PLLC One Information Way Little Rock, AR 72202 Personal Injury Claim for at Least $3,689.56 Other Disclosable Economic Interests: N/A 6. Herman Baca c/o Brian Reddick Reddick Law, PLLC One Information Way Little Rock, AR 72202 Personal Injury/Wrongful Death Claim for at Least $275,000.00 Other Disclosable Economic Interests: N/A 7. Carol Baldwin c/o Ashley N. Lee Hughes & Coleman Injury Lawyers 1256 Campbell Lane # 201 Bowling Green, KY 42104 Personal Injury Claim for at Least $125,000.00 Other Disclosable Economic Interests: N/A 8. Lorraine Barboan c/o Brian Reddick Reddick Law, PLLC One Information Way Little Rock, AR 72202 Personal Injury Claim for at Least $490,000.00 Other Disclosable Economic Interests: N/A 9. Goldie Brown c/o Brian Reddick Reddick Law, PLLC One Information Way Little Rock, AR 72202 Personal Injury/Wrongful Death Claim for at Least $12,674.37 Other Disclosable Economic Interests: N/A 10. James Byndas c/o Brian Reddick Reddick Law, PLLC One Information Way Little Rock, AR 72202 Personal Injury Claim for at Least $750,000.00 Other Disclosable Economic Interests: N/A 11. Peggy Candelaria c/o Brian Reddick Reddick Law, PLLC One Information Way Little Rock, AR 72202 Personal Injury/Wrongful Death Claim for at Least $5,332.41 Other Disclosable Economic Interests: N/A 12. Lucita Charley c/o Brian Reddick Reddick Law, PLLC One Information Way Little Rock, AR 72202 Personal Injury/Wrongful Death Claim in an Unliquidated Amount Other Disclosable Economic Interests: N/A 13. Esther Chavarria c/o Brian Reddick Reddick Law, PLLC One Information Way Little Rock, AR 72202 Personal Injury Claim for at Least $266,666.67 Other Disclosable Economic Interests: N/A 14. Zevoro Chavez c/o Brian Reddick Reddick Law, PLLC One Information Way Little Rock, AR 72202 Personal Injury/Wrongful Death Claim in an Unliquidated Amount Other Disclosable Economic Interests: N/A 15. John Clark c/o Brian Reddick Reddick Law, PLLC One Information Way Little Rock, AR 72202 Personal Injury Claim for at Least $275,000.00 Other Disclosable Economic Interests: N/A 16. Charles Cooksey c/o Ashley N. Lee Hughes & Coleman Injury Lawyers 1256 Campbell Lane # 201 Bowling Green, KY 42104 Personal Injury/Wrongful Death Claim for at Least $300,000.00 Other Disclosable Economic Interests: N/A 17. Daniel Cordova c/o Brian Reddick Reddick Law, PLLC One Information Way Little Rock, AR 72202 Personal Injury Claim for at Least $1,697.84 Other Disclosable Economic Interests: N/A 18. Pauline Dages c/o Brian Reddick Reddick Law, PLLC One Information Way Little Rock, AR 72202 Personal Injury/Wrongful Death Claim for at Least $300,000.00 Other Disclosable Economic Interests: N/A 19. James Eckardt c/o Brian Reddick Reddick Law, PLLC One Information Way Little Rock, AR 72202 Personal Injury/Wrongful Death Claim for at Least $750,000.00 Other Disclosable Economic Interests: N/A 20. Michelle Esidro c/o Brian Reddick Reddick Law, PLLC One Information Way Little Rock, AR 72202 Personal Injury/Wrongful Death Claim for at Least $1,356.02 Other Disclosable Economic Interests: N/A 21. Robert Felix c/o Brian Reddick Reddick Law, PLLC One Information Way Little Rock, AR 72202 Personal Injury/Wrongful Death Claim in an Unliquidated Amount Other Disclosable Economic Interests: N/A 22. Teresa Gabaldon c/o Brian Reddick Reddick Law, PLLC One Information Way Little Rock, AR 72202 Personal Injury/Wrongful Death Claim for at Least $183,334.00 Other Disclosable Economic Interests: N/A 23. Ariana Gala c/o Brian Reddick Reddick Law, PLLC One Information Way Little Rock, AR 72202 Personal Injury/Wrongful Death Claim in an Unliquidated Amount Other Disclosable Economic Interests: N/A 24. Cindy George c/o Brian Reddick Reddick Law, PLLC One Information Way Little Rock, AR 72202 Personal Injury/Wrongful Death Claim for at Least $1,853.50 Other Disclosable Economic Interests: N/A 25. Michael Gibbs c/o Brian Reddick Reddick Law, PLLC One Information Way Little Rock, AR 72202 Personal Injury Claim for at Least $400,000.00 Other Disclosable Economic Interests: N/A 26. Catherine Gilbert c/o Brian Reddick Reddick Law, PLLC One Information Way Little Rock, AR 72202 Personal Injury Claim for at Least $4,211.88 Other Disclosable Economic Interests: N/A 27. Eileen Gutierrez c/o Brian Reddick Reddick Law, PLLC One Information Way Little Rock, AR 72202 Personal Injury/Wrongful Death Claim for at Least $2,871.07 Other Disclosable Economic Interests: N/A 28. Rudolph Hager c/o Brian Reddick Reddick Law, PLLC One Information Way Little Rock, AR 72202 Personal Injury/Wrongful Death Claim for at Least $2,034.01 Other Disclosable Economic Interests: N/A 29. Janetta Hanks c/o Ashley N. Lee Hughes & Coleman Injury Lawyers 1256 Campbell Lane # 201 Bowling Green, KY 42104 Personal Injury/Wrongful Death Claim for at Least $175,000.00 Other Disclosable Economic Interests: N/A 30. Marie Head c/o Brian Reddick Reddick Law, PLLC One Information Way Little Rock, AR 72202 Personal Injury/Wrongful Death Claim for at Least $4,262.20 Other Disclosable Economic Interests: N/A 31. Geneva Henson c/o Ashley N. Lee Hughes & Coleman Injury Lawyers 1256 Campbell Lane # 201 Bowling Green, KY 42104 Personal Injury/Wrongful Death Claim for at Least $125,000.00 Other Disclosable Economic Interests: N/A 32. Leta Hoffman c/o Brian Reddick Reddick Law, PLLC One Information Way Little Rock, AR 72202 Personal Injury/Wrongful Death Claim for at Least $20,303.58 Other Disclosable Economic Interests: N/A 33. Debra Howard c/o Ashley N. Lee Hughes & Coleman Injury Lawyers 1256 Campbell Lane # 201 Bowling Green, KY 42104 Personal Injury Claim for at Least $180,000.00 Other Disclosable Economic Interests: N/A 34. Carter Johnson c/o Brian Reddick Reddick Law, PLLC One Information Way Little Rock, AR 72202 Personal Injury/Wrongful Death Claim for at Least $16,654.32 Other Disclosable Economic Interests: N/A 35. Elizabeth Johnson c/o Brian Reddick Reddick Law, PLLC One Information Way Little Rock, AR 72202 Personal Injury/Wrongful Death Claim for at Least $300,000.00 Other Disclosable Economic Interests: N/A 36. Fred Joiner c/o Ashley N. Lee Hughes & Coleman Injury Lawyers 1256 Campbell Lane # 201 Bowling Green, KY 42104 Personal Injury/Wrongful Death Claim for at Least $70,000.00 Other Disclosable Economic Interests: N/A 37. Charles Jones c/o Brian Reddick Reddick Law, PLLC One Information Way Little Rock, AR 72202 Personal Injury Claim for at Least $1,573.76 Other Disclosable Economic Interests: N/A 38. Lena Jones c/o Brian Reddick Reddick Law, PLLC One Information Way Little Rock, AR 72202 Personal Injury/Wrongful Death Claim for at Least $2,089.74 Other Disclosable Economic Interests: N/A 39. Martha Viola Jones c/o Brian Reddick Reddick Law, PLLC One Information Way Little Rock, AR 72202 Personal Injury/Wrongful Death Claim for at Least $245.98 Other Disclosable Economic Interests: N/A 40. Mary Jane Keen c/o Ashley N. Lee Hughes & Coleman Injury Lawyers 1256 Campbell Lane # 201 Bowling Green, KY 42104 Personal Injury Claim for at Least $125,000.00 Other Disclosable Economic Interests: N/A 41. Joseph Kenney c/o Brian Reddick Reddick Law, PLLC One Information Way Little Rock, AR 72202 Personal Injury Claim for at Least $50,000.00 Other Disclosable Economic Interests: N/A 42. Ross Kinsel c/o Brian Reddick Reddick Law, PLLC One Information Way Little Rock, AR 72202 Personal Injury/Wrongful Death Claim for at Least $87.34 Other Disclosable Economic Interests: N/A 43. Christopher Lloyd c/o Brian Reddick Reddick Law, PLLC One Information Way Little Rock, AR 72202 Personal Injury Claim for at Least $315.00 Other Disclosable Economic Interests: N/A 44. Sandra Long c/o Brian Reddick Reddick Law, PLLC One Information Way Little Rock, AR 72202 Personal Injury/Wrongful Death Claim for at Least $325,000.00 Other Disclosable Economic Interests: N/A 45. Charlize Lucero c/o Brian Reddick Reddick Law, PLLC One Information Way Little Rock, AR 72202 Personal Injury/Wrongful Death Claim in an Unliquidated Amount Other Disclosable Economic Interests: N/A 46. Shahriyar Mansoor c/o Brian Reddick Reddick Law, PLLC One Information Way Little Rock, AR 72202 Personal Injury/Wrongful Death Claim for at Least $4,321.73 Other Disclosable Economic Interests: N/A 47. Bessie Mark c/o Brian Reddick Reddick Law, PLLC One Information Way Little Rock, AR 72202 Personal Injury/Wrongful Death Claim for at Least $450,000.00 Other Disclosable Economic Interests: N/A 48. Antonio Martinez c/o Brian Reddick Reddick Law, PLLC One Information Way Little Rock, AR 72202 Personal Injury/Wrongful Death Claim in an Unliquidated Amount Other Disclosable Economic Interests: N/A 49. Roberto Martinez c/o Brian Reddick Reddick Law, PLLC One Information Way Little Rock, AR 72202 Personal Injury/Wrongful Death Claim in an Unliquidated Amount Other Disclosable Economic Interests: N/A 50. Michael McKnight c/o Ashley N. Lee Hughes & Coleman Injury Lawyers 1256 Campbell Lane # 201 Bowling Green, KY 42104 Personal Injury/Wrongful Death Claim for at Least $100,000.00 Other Disclosable Economic Interests: N/A 51. Maxine Melendez c/o Brian Reddick Reddick Law, PLLC One Information Way Little Rock, AR 72202 Personal Injury/Wrongful Death Claim for at Least $400,000.00 Other Disclosable Economic Interests: N/A 52. Lois Mullins c/o Ashley N. Lee Hughes & Coleman Injury Lawyers 1256 Campbell Lane # 201 Bowling Green, KY 42104 Personal Injury/Wrongful Death Claim for at Least $275,000.00 Other Disclosable Economic Interests: N/A 53. Margaret Pacheco c/o Brian Reddick Reddick Law, PLLC One Information Way Little Rock, AR 72202 Personal Injury/Wrongful Death Claim in an Unliquidated Amount Other Disclosable Economic Interests: N/A 54. Delores Padilla c/o Brian Reddick Reddick Law, PLLC One Information Way Little Rock, AR 72202 Personal Injury/Wrongful Death Claim for at Least $5,314.61 Other Disclosable Economic Interests: N/A 55. Elsie Parker c/o Brian Reddick Reddick Law, PLLC One Information Way Little Rock, AR 72202 Personal Injury/Wrongful Death Claim for at Least $416,667.00 Other Disclosable Economic Interests: N/A 56. Manuel Parra c/o Brian Reddick Reddick Law, PLLC One Information Way Little Rock, AR 72202 Personal Injury/Wrongful Death Claim for at Least $1,314.74 Other Disclosable Economic Interests: N/A 57. Lorraine Pena c/o Brian Reddick Reddick Law, PLLC One Information Way Little Rock, AR 72202 Personal Injury/Wrongful Death Claim for at Least $200,000.00 Other Disclosable Economic Interests: N/A 58. Shirley Perkins c/o Ashley N. Lee Hughes & Coleman Injury Lawyers 1256 Campbell Lane # 201 Bowling Green, KY 42104 Personal Injury Claim for at Least $175,000.00 Other Disclosable Economic Interests: N/A 59. Clyde Phelps c/o Brian Reddick Reddick Law, PLLC One Information Way Little Rock, AR 72202 Personal Injury/Wrongful Death Claim for at Least $5,110.99 Other Disclosable Economic Interests: N/A 60. Owen Phelps c/o Brian Reddick Reddick Law, PLLC One Information Way Little Rock, AR 72202 Personal Injury/Wrongful Death Claim for at Least $5,110.99 Other Disclosable Economic Interests: N/A 61. Voncile Pursifull c/o Brian Reddick Reddick Law, PLLC One Information Way Little Rock, AR 72202 Personal Injury/Wrongful Death Claim for at Least $5,468.96 Other Disclosable Economic Interests: N/A 62. Donnie Reese c/o Brian Reddick Reddick Law, PLLC One Information Way Little Rock, AR 72202 Personal Injury/Wrongful Death Claim for at Least $3,196.36 Other Disclosable Economic Interests: N/A 63. Manuel Renteria c/o Brian Reddick Reddick Law, PLLC One Information Way Little Rock, AR 72202 Personal Injury Claim for at Least $350,000.00 Other Disclosable Economic Interests: N/A 64. Georgene Runge c/o Brian Reddick Reddick Law, PLLC One Information Way Little Rock, AR 72202 Personal Injury/Wrongful Death Claim for at Least $4,711.07 Other Disclosable Economic Interests: N/A 65. Gloria Sanchez c/o Brian Reddick Reddick Law, PLLC One Information Way Little Rock, AR 72202 Personal Injury/Wrongful Death Claim for at Least $41,578.96 Other Disclosable Economic Interests: N/A 66. Maria Sanchez c/o Brian Reddick Reddick Law, PLLC One Information Way Little Rock, AR 72202 Personal Injury/Wrongful Death Claim in an Unliquidated Amount Other Disclosable Economic Interests: N/A 67. Thomas Scott c/o Ashley N. Lee Hughes & Coleman Injury Lawyers 1256 Campbell Lane # 201 Bowling Green, KY 42104 Personal Injury/Wrongful Death Claim for at Least $250,000.00 Other Disclosable Economic Interests: N/A 68. Ted Serrano c/o Brian Reddick Reddick Law, PLLC One Information Way Little Rock, AR 72202 Personal Injury/Wrongful Death Claim for at Least Other Disclosable Economic Interests: N/A 69. Vivian Silas c/o Brian Reddick Reddick Law, PLLC One Information Way Little Rock, AR 72202 Personal Injury/Wrongful Death Claim for at Least $3,477.36 Other Disclosable Economic Interests: N/A 70. Lloyd Sillas c/o Brian Reddick Reddick Law, PLLC One Information Way Little Rock, AR 72202 Personal Injury Claim for at Least $3,426.60 Other Disclosable Economic Interests: N/A 71. Matthew Sullivan c/o Brian Reddick Reddick Law, PLLC One Information Way Little Rock, AR 72202 Personal Injury Claim for at Least $1,839.02 Other Disclosable Economic Interests: N/A 72. Darlene Tracy c/o Ashley N. Lee Hughes & Coleman Injury Lawyers 1256 Campbell Lane # 201 Bowling Green, KY 42104 Personal Injury/Wrongful Death Claim for at Least $490,000.00 Other Disclosable Economic Interests: N/A 73. Donna VanHoltz c/o Brian Reddick Reddick Law, PLLC One Information Way Little Rock, AR 72202 Personal Injury/Wrongful Death Claim for at Least $3,573.32 Other Disclosable Economic Interests: N/A 74. Belen Viramontes c/o Brian Reddick Reddick Law, PLLC One Information Way Little Rock, AR 72202 Personal Injury/Wrongful Death Claim for at Least $21,935.40 Other Disclosable Economic Interests: N/A 75. Karen Weed c/o Brian Reddick Reddick Law, PLLC One Information Way Little Rock, AR 72202 Personal Injury/Wrongful Death Claim for at Least $2,949.08 Other Disclosable Economic Interests: N/A 76. Dorothy Whitman c/o Ashley N. Lee Hughes & Coleman Injury Lawyers 1256 Campbell Lane # 201 Bowling Green, Kentucky 42104 Personal Injury/Wrongful Death Claim for at Least $200,000.00 Other Disclosable Economic Interests: N/A 77. Diane Wilkins c/o Brian Reddick Reddick Law, PLLC One Information Way Little Rock, AR 72202 Personal Injury/Wrongful Death Claim for at Least $30,037.75 Other Disclosable Economic Interests: N/A 78. Laura Williams c/o Brian Reddick Reddick Law, PLLC One Information Way Little Rock, AR 72202 Personal Injury/Wrongful Death Claim for at Least $16,519.55 Other Disclosable Economic Interests: N/A 79. James Wilson c/o Ashley N. Lee Hughes & Coleman Injury Lawyers 1256 Campbell Lane # 201 Bowling Green, KY 42104 Personal Injury Claim for at Least $35,000.00 Other Disclosable Economic Interests: N/A The firms may be reached at: Kevin D. McCullough, Esq. Shannon S. Thomas, Esq. Bryan L. Rochelle, Esq. ROCHELLE MCCULLOUGH, LLP 901 Main Street, Suite 3200 Dallas, TX 75202 Tel: (214) 953-0182 Fax: (888) 467-5979 E-mail: kdm@romclaw.com sthomas@romclaw.com bryan.rochelle@romclaw.com - and - Brian Reddick, Esq. REDDICK LAW, PLLC One Information Way, Suite 105 Little Rock, AR 72202 Tel: (877) 907-7790 Fax: (501) 907-7793 E-mail: brian@reddicklawfirm.com - and - Rachel Masters, Esq. Ashley N. Lee, Esq. HUGHES & COLEMAN INJURY LAWYERS 1256 Campbell Lane, Suite 201 Bowling Green, KY 42104 Tel: (270) 843-8163 E-mail: rmasters@hughesandcoleman.com alee@hughesandcoleman.com About Genesis Healthcare Inc. Based in Culver City, Calif., Genesis Healthcare Inc. is a medical group that provides physician services in Southern California. Genesis Healthcare has operated under the names Daehan Prospect Medical Group and Prospect Genesis Healthcare. Genesis Healthcare Inc. and several affiliated debtors sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case 25-80185) on July 9, 2025. In its petition, Genesis Healthcare Inc. listed between $1 billion and $10 billion in estimated assets and liabilities. The Hon. Bankruptcy Judge Stacey G. Jernigan handles the jointly administered cases. The Debtors employed McDermott Will & Schulte LLP as counsel; Jefferies LLC as investment banker; and Ankura Consulting Group, LLC, as restructuring advisors, and designated Louis E. Robichaux IV and Russell A. Perry as co-chief restructuring officers. Katten Muchin Rosenman LLP serves as special counsel at the sole direction of Jonathan Foster and Elizabeth LaPuma in their capacity as independent directors and members of the special investigation committee. The U.S. Trustee appointed an official committee of unsecured creditors in the Chapter 11 cases of Genesis Healthcare Inc. and affiliates. The Committee retained Proskauer Rose LLP and Stinson LLP as its co-counsel; FTI Consulting, Inc., as its financial advisors; and Houlihan Lokey Capital, Inc. as its investment banker. The U.S. Trustee also appointed: -- Melanie Cyganowski of Otterbourg, PC as patient care ombudsman for the healthcare facilities listed at https://is.gd/uSxEBx She tapped Otterbourg as her counsel. -- Susan Goodman of Pivot Health Law as PCO for the healthcare facilities listed at https://is.gd/M5zlls. She is represented by Kane Russell Coleman Logan PC as counsel. -- Suzanne Koenig of SAK Healthcare as PCO for the healthcare facilities listed at https://is.gd/qv5SwV. She is represented by Greenberg Traurig, LLP, as counsel. SAK Management Services, LLC d/b/a SAK Healthcare serves as her medical operations advisor. Brown Rudnick LLP and Stutzman, Bromberg, Esserman, & Plifka, PC represent an ad hoc group of holders of personal injury and wrongful death claims. Whitaker Chalk Swindle & Schwartz represents a personal injury claimant and six wrongful death claimants. GIAPREET LLC: Voluntary Chapter 11 Case Summary ----------------------------------------------- Debtor: Giapreet LLC 1478 Old Country Road Plainview, NY 11803 Business Description: Giapreet LLC owns and leases multiple industrial and commercial properties in New York and New Jersey, including facilities at 1478 Old Country Road, Plainview, NY; 40 Ranick Road, Hauppauge, NY; 70 Austin Boulevard, Commack, NY; and 1467 Route 31, Annandale, NJ, with a total market value of approximately $26.7 million. Chapter 11 Petition Date: December 4, 2025 Court: United States Bankruptcy Court Eastern District of New York Case No.: 25-74654 Judge: Hon. Louis A. Scarcella Debtor's Counsel: Marc A. Pergament, Esq. WEINBERG, GROSS & PERGAMENT LLP 400 Garden City Plaza, Suite 309 Gardon City, NY 11530 Tel: (516) 877-2424 Fax: (516) 877-2460 E-mail: mpergament@wgplaw.com Total Assets: $26,789,926 Total Liabilities: $35,042,000 The petition was signed by Amardeep Singh 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/DMAUF7A/Giapreet_LLC__nyebke-25-74654__0001.0.pdf?mcid=tGE4TAMA GLASS MANAGEMENT: Court Extends Cash Collateral Access to Jan. 7 ---------------------------------------------------------------- Glass Management Services, Inc. received another extension from the U.S. Bankruptcy Court for the Northern District of Illinois to use the cash collateral of Old National Bank. The Debtor was authorized to use cash collateral until January 7, 2026, to pay the expenses set forth in its budget, plus an amount not to exceed 10% for each line item The Debtor projects total operational expenses of $211,808.71 for December. Old National Bank's interest in the assets will be protected by replacement liens on post-petition assets, according to the interim order penned by Judge Janet Baer. The bank will also be granted a superpriority administrative expense claim in case of diminution in value of its collateral and will continue to receive monthly payments of $30,000 from the Debtor, which the bank can automatically debit from the Debtor's account. The monthly payments started in December last year. As further protection, the Debtor was ordered to keep the bank's collateral insured. The next hearing is scheduled for January 7, 2026. Old National Bank is the holder of two loans made to the Debtor. The loans are secured by a first priority security interest over all business assets of the Debtor granted to the bank. As of September 25, 2024, the balance due in the aggregate against each of the loans was not less than $4,046,480.56. About Glass Management Glass Management Services, Inc. is a construction contractor based in Illinois, specializing in glazing services. Established with a focus on high-profile projects, the company has been involved in significant developments, including the Obama Presidential Library, Terminal 5 at O'Hare Airport, and multiple Chicago Public Schools and CTA transit stations. Glass Management Services sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-14036) with $3,029,997 in assets and $11,989,444 in liabilities. Ernest B. Edwards, president of Glass Management Services, signed the petition. Judge Janet S. Baer presides the case. The Debtor tapped David P. Leibowitz, Esq., at Leibowitz, Hiltz & Zanzig, LLC as bankruptcy counsel and Allocco, Miller & Cahill, PC as special labor counsel. Old National Bank, as secured creditor, is represented by: Adam B. Rome, Esq. Greiman, Rome, & Griesmeyer, LLC 205 W. Randolph St., Ste. 2300 Chicago, IL 60606 Phone: 312-428-2750 arome@grglegal.com GOOD WORKS: Amends U.S. Bank Trust Secured Claim Pay ---------------------------------------------------- Good Works Housing, LLC submitted an Amended Plan of Reorganization for Small Business dated December 2, 2025. The Debtor will have sufficient financial resources over the life of the Plan to make the required Plan payments, to pay administrative costs, and to operate the Debtor's business, under the terms of this Amended Plan. The Debtor will derive the funds necessary to fund the Plan as well as ongoing business operations from a combination of rental revenues and proceeds from property sales. In addition to the rental revenues, the Debtor plans to sell one property, 47th and to use the proceeds both to address mortgage delinquencies and to fund additional property acquisitions in order to generate additional rental revenues that will help fund the Plan. The Debtor had planned to sell Salford but the prospective buyer's financing was not approved at the level expected, and therefore the Debtor has decided to retain Salford and refinance the matured loan on the property. An agreement of sale has been entered into for 47th, and a Stipulation has been reached with the first mortgage lender, as well as the second mortgage lender that will facilitate the sale of the property. However, closing will be scheduled within several months but before May 4, 2026, due to a contingency in the tentative agreement of sale under which the Debtor must obtain zoning approval for three rental units in the property. The Plan Proponent's financial projections show that the Debtor will have projected disposable income of between $7,350.00 and $8,700.00 monthly (less post-petition mortgage payments, real estate taxes and insurance cost). This Plan of Reorganization proposes to pay creditors of the Debtor from sale of assets, cash flow from operations, and/or future income. Non-priority unsecured creditors holding allowed claims will receive distributions, which the proponent of this Plan has valued at approximately 100 cents on the dollar. This Plan also provides for full payment of administrative expenses/claims and priority claims. Class 3 consists of the Secured claim of the U.S. Bank Trust Company, N.A., as Trustee for Velocity Commercial Capital Loan Trust 2023-1. This Class 3 creditor is impaired by this Plan in that the Debtor will refinance or sell the property securing the mortgage loan and pay off the loan at no greater than the fair market value of the property. Like in the prior iteration of the Plan, Class 5 Non-priority unsecured creditors shall be paid in full after full payment to Classes 1 through 4 creditors, if claims of any such creditors are allowed. This Class is impaired. No payment to be made to equity security holders of the Debtor under this Plan of Reorganization; equity security holders will realize their claims by retaining their interest in the Debtor and the retained net worth of the reorganized Debtor. The primary means for the Debtor to fund implementation of this Plan, including both prepetition and post-petition obligations is the rental income received from tenants of the Debtor's properties. The Debtor is in the process of selling at least one property, 47th, which is under an agreement of sale for which the Debtor will be seeking Court approval promptly upon receiving approval of the zoning variance necessary for the Debtor's financing to receive final approval. The Debtor expects to close on the sale of 47th no later than May 4, 2026 (which could be extended no more than thirty additional days under the terms of the Stipulation between the Debtor and the first mortgage lender. As each property is sold and the sale is approved by the Court, the proceeds will be applied after costs of sale first to pay the full agreed payoff amount or allowed claim amounts of the mortgage lender(s) attributable to such property and the full allowed claim amounts of the City of Philadelphia Water Revenue Bureau, second to pay the full allowed claim amount of Philadelphia Community Development Coalition, Inc., third to pay the agreed claim of FirstTrust Bank, and fourth, the Debtor may use any remaining proceeds for acquisition of additional real estate. The Debtor expects to refinance the first mortgage loan of U.S. Bank on Dauphin or sell the property within four months of confirmation. The Debtor will make payments under this Plan of Reorganization of $1,000.00 per month beginning thirty days after confirmation to the extent of any remaining unpaid allowed claims after the sale and refinancing. Such payments under the Plan will continue, primarily to fund administrative costs, for the number of months needed to cover all allowed administrative costs, and up to a total of thirty-six months if funds are needed in addition to the proceeds from the sale and refinancing described herein to pay all secured claims either as agreed with the lienholder or as allowed by the Court. The final Plan payment is expected to be paid as soon as six months after confirmation, but in any event, no later than on or about November 1, 2028. A full-text copy of the Amended Plan dated December 2, 2025 is available at https://urlcurt.com/u?l=PXPXb5 from PacerMonitor.com at no charge. Counsel to the Debtor: Roger V. Ashodian, Esq. Regional Bankruptcy Center of Southeastern PA, PC 101 West Chester Pike, Suite 1A Havertown, PA 19083 Telephone: (610) 446-6800 About Good Works Housing Good Works Housing LLC filed its voluntary Chapter 11 petition (Bankr. E.D. Pa. Case No. 25-12224) on June 2, 2025, listing up to $1 million in both assets and liabilities. Judge Derek J. Baker oversees the case. Roger V. Ashodian, Esq., at Regional Bankruptcy Center of Southeastern PA, PC, serves as the Debtor's counsel. GROUNDWORKS LLC: Moody's Affirms 'B3' CFR, Outlook Remains Stable ----------------------------------------------------------------- Moody's Ratings affirmed Groundworks, LLC's (Groundworks) B3 corporate family rating, the B3-PD probability of default rating, and the B3 ratings assigned to its senior secured first lien bank credit facility, including the $100 million senior secured first lien revolving credit facility due March 2029, the $1.265 billion senior secured first lien term loan due March 2031 (including the proposed $450 million add on), and the $150 million senior secured first lien delayed draw term loan due March 2031. The outlook remains stable. On December 01, 2025, Groundworks announced plans to issue a $450 million fungible add-on to its existing $805 million senior secured first lien term loan due March 2031, increasing the outstanding balance of the senior secured first lien term loan to about $1.26 billion. The company will use the net proceeds alongside cash from its balance sheet to fund a $500 million distribution to shareholders and pay associated transaction fees. As part of the transaction, the company also upsized its senior secured revolving credit facility to $100 million from $65 million. As of the period ending September 2025, there were no outstanding borrowings on the revolver, while $24 million was drawn on the $150 million first lien delayed draw term loan. The affirmation of the B3 ratings with a stable outlook reflects continued steady demand within the residential foundation repair and water management services industry, resulting in strong top-line growth, stable margins, and positive free cash flow generation despite current weakness in US residential repair and replacement demand. The stable outlook reflects Moody's expectations that the company will maintain credit metrics at levels consistent with its B3 CFR over the next 12-18 months. On a pro forma basis, Moody's expects debt-to-EBITDA, including Moody's standard adjustments, to increase to 7.3x from 6.8x (as of September 2025) before improving to around 6.5x range over the next 12-18 months. Moody's expects interest cover to improve towards 2.0x in 2026 from 1.3x EBITA/interest expense as of September 30, 2025, supported by expected improvements in revenue and profit margins. The debt-funded distribution is, however, reducing the headroom for an unexpected deterioration in credit metrics. RATINGS RATIONALE Groundworks' B3 CFR reflects the company's high leverage, the announced debt-financed distribution to its sponsor and an aggressive growth through debt-funded acquisition strategy. The rating also reflects the fragmented market Groundworks operates in with low barriers to entry, increasing the likelihood of further consolidation and competition. The company's residential foundation repair and water management service offerings are also largely one-time in nature, which creates the need to acquire customers. The rating benefits from Groundworks' scale in a competitive and fragmented industry. The company leverages its footprint and established relationships along the supply chain to receive products at competitive prices and meet customer demand. Groundworks also has a larger geographic presence than smaller competitors such as general contractors and regional providers, which leads to customer diversification. Residential foundation repair and water management services are less discretionary in nature, providing steady demand throughout economic cycles. Therefore, the company has been less impacted by continued soft residential and replacement demand with limited prospects for a material recovery in 2026. Moody's expects Groundworks will maintain good liquidity over the next 12-15 months. The company's liquidity is supported by $93 million of cash on hand as of September 30, 2025 before the debt-financed dividend transaction, full availability under its upsized $100 million senior secured first lien revolving credit facility due March 2029, and $126 million of additional capacity from its $150 million first lien delayed draw term loan due March 2031. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be downgraded if Groundworks' debt-to-EBITDA is sustained above 7.0x, if EBITA-to-interest expense falls below 1.0x, or if liquidity deteriorates. The ratings could be upgraded if Groundworks' debt-to-EBITDA is sustained below 6.0x, if EBITA-to-interest expense is sustained above 2.0x, if the company maintains good liquidity, and if the company adopts a more conservative financial policy. Headquartered in Virginia Beach, Virginia, Groundworks, LLC (Groundworks) provides residential foundation repair and water management services including basement waterproofing and crawl space encapsulation. Affiliates of KKR & Co. acquired a majority ownership of Groundworks in March 2023. The company generated about $1.4 billion in revenue during the last twelve-month period ending September 30, 2025. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. Groundworks' assigned B3 CFR is in line with the scorecard-indicated outcome for the 12 month period ended September 30, 2025 but two notches below the scorecard indicated outcome of B1 for Moody's 12-18 month forward view. The difference reflects execution risk related to the company achieving its ambitious near-term margin expansion target, as well as the company's aggressive financial policy, specifically the recent debt-funded dividend distribution and its growth through debt-funded acquisitions strategy. HANESBRANDS INC: S&P Withdraws 'B+' ICR on Acquisition by Gildan ---------------------------------------------------------------- S&P Global Ratings withdrew all its ratings on Hanesbrands Inc., including the 'B+' issuer credit rating, 'BB-' issue-level rating on its senior secured debt, and 'B+' issue-level rating on its senior unsecured debt. Canada-based basic apparel manufacturer Gildan Activewear Inc. (BBB-/Stable/--) has completed the acquisition of U.S.-based Hanesbrands Inc. In connection with that, Hanesbrands repaid all outstanding obligations under its credit agreement (senior secured revolving credit facility, senior secured term loan A, and senior secured term loan B). Hanesbrands has also elected to redeem all its 9% senior notes due 2031. S&P's rating was on CreditWatch positive at the time of the withdrawal. HEADWAY WORKFORCE: Court Okays Waldrep Wall's Fee Application ------------------------------------------------------------- Judge Joseph N. Callaway of the United States Bankruptcy Court for the Eastern District of North Carolina approved the application of Waldrep Wall Babcock & Bailey PLLC, counsel for the Official Committee of Unsecured Creditors of Headway Workforce Solutions, Inc., for approval of compensation and reimbursement of expenses pursuant to 11 U.S.C. Sec. 503(b) of the Bankruptcy Code. The Court finds that the rates charged and services rendered by counsel for the Committee are reasonable and just considering the guidelines for determining the appropriateness of attorney's fees. The firm of Waldrep Wall Babcock & Bailey PLLC is allowed compensation in the amount of $169,572.20, and, in accordance with the Standing Order Regarding Professional Fees, is to be paid by the Debtors $136,527.40, representing 80% of the total amount of fees and 100% of the expenses incurred for the period of June 2, 2025 through September 30, 2025. A copy of the Court's Order dated November 24, 2025, is available at https://urlcurt.com/u?l=uXkoiK from PacerMonitor.com. About Headway Workforce Solutions Headway Workforce Solutions, Inc., sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-01682-5-JNC) on May 5, 2025. In the petition signed by Brendan Flood, chief executive officer, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Joseph N. Callaway oversees the case. Rebecca Redwine Grow, Esq., at Hendren, Redwine & Malone, PLLC, is the Debtor's legal counsel. Noor Staffing Group, LLC, as DIP lender, is represented by Pamela P. Keenan, Esq., at Kirschbaum, Nanney, Keenan & Griffin, P.A. HERC HOLDINGS: Moody's Rates New $1.2BB Sr. Unsecured Notes 'Ba3' ----------------------------------------------------------------- Moody's Ratings assigned a Ba3 rating to Herc Holdings Inc.'s (Herc), planned $1.2 billion senior unsecured notes. The company's other ratings, including its Ba2 corporate family rating, Ba2-PD probability of default rating, Baa3 senior secured bank credit facility rating and Ba3 senior unsecured rating are unaffected. The outlook is negative. The speculative grade liquidity rating remains unchanged at SGL-2. Herc plans to use the proceeds from the senior unsecured notes to fund the redemption of all $1.2 billion 5.5% senior unsecured notes due 2027. The rating on the existing $1.2 billion 5.5% senior unsecured notes due 2027 will be withdrawn upon redemption. RATINGS RATIONALE The ratings reflect Herc's position as one of the largest equipment rental companies in the highly fragmented North American market supported by a sizeable fleet of rental equipment. The ratings also reflect Moody's views that the acquisition of H&E, which closed in June 2025, will strengthen Herc's position in the rental equipment sector while also placing temporary pressure on its credit metrics because of the considerable increase in debt. On a pro forma basis, Moody's expects debt-to-EBITDA to be approximately 4.0x at the end of 2025. Moody's expects the company to focus on reducing leverage from this level through debt reduction and EBITDA growth. While Moody's anticipates that leverage will decline, it will remain high over the next 12 to 18 months. Herc has high exposure to cyclical end markets, most notably non-residential construction, industrial construction, and oil and gas. These exposures can result in volatility in revenue and profitability. The company also needs to continue to invest and grow its rental equipment fleet to remain competitive and increase its scale, even after the H&E acquisition. The negative outlook reflects Moody's expectations for high debt-to-EBITDA following the largely debt funded acquisition of H&E. Moody's expects debt-to-EBITDA to remain above 3.0x through the end of 2027. Herc's ability to reduce leverage is highly dependent on stabilization of rental demand in its local markets, the successful execution and realization of revenue and acquisition synergies and management's operational initiatives. The SGL-2 speculative grade liquidity rating reflects Moody's expectations that Herc will maintain good liquidity. Liquidity is supported by availability of $1.7 billion on the $4.0 billion unrated ABL, which will expire in 2030. Herc holds a modest cash position. Moody's expects positive free cash flow, calculated including proceeds from the sale of rental equipment. The ABL has a springing fixed coverage ratio of 1.0x if availability falls below a specific threshold. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be downgraded if Herc's debt-to-EBITDA is expected to be sustained in excess of 3.0x or EBITDA margin declines to the low-40% range either because of declining rental demand or the inability to successfully integrate H&E and realize expected synergies. The ratings could also be downgraded if the company engages in additional debt funded acquisitions that significantly alter the company's strategy or capital structure prior to reducing leverage from the H&E acquisition. Also, if there is a meaningful deterioration in liquidity the ratings could be downgraded. The ratings could be upgraded if debt-to-EBITDA is sustained around 2.0x, EBITDA margin is sustained above 50% and if Herc can further increase its size and scale. Reduced reliance on the ABL and sustainable free cash flow to fund growth initiatives could also result in a rating upgrade. The principal methodology used in these ratings was Equipment and Transportation Rental published in October 2025. Headquartered in Bonita Springs, Florida, Herc Holdings Inc. is the parent company of Herc Rentals Inc. ("Herc" NYSE: HRI). Herc is an equipment rental company with more than 600 branches in North America. Herc also has a small presence in Canada. Herc's basic fleet includes aerial work platforms, earthmoving and material handling equipment, trucks and trailers, air compressors, compaction and lighting. Herc's specialty fleet includes its ProContractor professional grade tools and ProSolutions offerings, which consists of power generation, climate control, remediation and restoration and studio and production equipment. HERTZ GLOBAL: DOJ Urges Supreme Court to Deny Chapter 11 Appeal --------------------------------------------------------------- Vince Sullivan of Law360 reports that the U.S. Solicitor General urged the Supreme Court on Wednesday, December 3, 2025, not to hear an appeal from Hertz Corporation regarding a $272 million make-whole payment dispute. In a brief filed late Wednesday, the government said the appellate court correctly determined that the reorganized debtor is required to make the payment to its unsecured creditors. According to the Solicitor General, the circuit court's ruling aligns with established bankruptcy law and ensures that the interests of unsecured creditors are protected. The government recommended that the Supreme Court allow the lower court's decision to stand without further review, the report states. About Hertz Corp. Hertz Corp. and its subsidiaries -- http://www.hertz.com/-- operate a worldwide vehicle rental business under the Hertz, Dollar, and Thrifty brands, with car rental locations in North America, Europe, Latin America, Africa, Asia, Australia, the Caribbean, the Middle East, and New Zealand. They also operate a vehicle leasing and fleet management solutions business. On May 22, 2020, The Hertz Corporation and certain of its U.S. and Canadian subsidiaries and affiliates filed voluntary petitions for reorganization under Chapter 11 in the U.S. Bankruptcy Court for the District of Delaware (Bankr. D. Del. Case No. 20-11218). Judge Mary F. Walrath oversees the cases. The Debtors have tapped White & Case LLP as their bankruptcy counsel, Richards, Layton & Finger, P.A., as local counsel, Moelis & Co. as investment banker, and FTI Consulting as financial advisor. The Debtors also retained the services of Boston Consulting Group to assist the Debtors in the development of their business plan. Prime Clerk LLC is the claims agent. The U.S. Trustee for Regions 3 and 9 appointed a Committee to represent unsecured creditors in Debtors' Chapter 11 cases. The Committee has tapped Kramer Levin Naftalis & Frankel LLP as its bankruptcy counsel, Benesch Friedlander Coplan & Aronoff LLP as Delaware counsel, UBS Securities LLC as investment banker, and Berkeley Research Group, LLC, as financial advisor. Ernst & Young LLP provides audit and tax services to the Committee. * * * Hertz Global and its subsidiaries emerged from Chapter 11 bankruptcy at the end of June 2021. Hertz won approval of a Plan of Reorganization that unimpaired all classes of creditors (who are legally deemed to have accepted it) and was approved by more than 97% of voting shareholders. The Plan provided for the existing shareholders to receive more than $1 billion of value. Recovery by shareholders of close to $8 a share was made possible after a fierce competition among bidders for control in the company. Initial offers from potential bidders for Hertz in its bankruptcy offered nothing for equity. Hertz in May 2021 selected investment firms Knighthead Capital Management LLC and Certares Management LLC, joined by other investors including Apollo Global Management Inc. and a group of existing shareholders, as the winning bidders for control of the bankrupt company. A rival group that included Centerbridge Partners LP, Warburg Pincus LLC and Dundon Capital Partners LLC was outbid at auction. Hertz's Plan eliminated over $5 billion of debt, including all of Hertz Europe's corporate debt, and will provide more than $2.2 billion of global liquidity to the reorganized Company. Hertz also emerged with (i) a new $2.8 billion exit credit facility consisting of at least $1.3 billion of term loans and a revolving loan facility, and (ii) an $7 billion of asset-backed vehicle financing facility, each on favorable terms. HIGHLINE AFTERMARKET: Term Loan Add-on No Impact on Moody's B2 CFR ------------------------------------------------------------------ Moody's Ratings stated that Highline Aftermarket Acquisition, LLC's ("Highline") B2 Corporate Family Rating, B2-PD Probability of Default Rating as well as the B2 rating on its senior secured first lien revolving credit facility and senior secured first lien term loan remain unchanged. The company is in the process of issuing $161 million fungible add on to its first lien term loan. The proceeds along with cash on hand and drawings on its accounts receivables securitization facility will be used to finance the acquisition of a leading glass cleaner brand. The acquisition is expected to close in December 2025 pending customary closing conditions. The outlook is stable. On December 02, 2025, Highline announced that it had entered into a definitive agreement to purchase the target company, which is a leading provider of branded, professional-grade aerosol glass cleaner. The acquisition will be mainly funded by debts and incur some near term integration risks, counterbalanced by the modest size of the acquisition and the addition of a category leading brand to Highline's product portfolio with margin accretive opportunity. Proforma the transaction, Moody's estimates that Highline's leverage, as measured by Moody's adjusted Debt/EBITDA would modestly rise to high 5.0x based on the LTM period ended September 30, 2025 and will delever to mid 5.0x in the next 12 months through earnings growth. Such level of leverage will remain consistent with the ratings. Highline's credit profile reflects its leading market positions in the private label lubricant manufacturing and automotive aftermarket distribution. The company's performance is supported by the recurring demands on lubricants and other automotive aftermarket products including chemicals and consumable accessories. Its value-added services such as packaging, filling, and distribution of private label and branded products help maintain its Moody's-adjusted EBITDA margins in the low teens. Its good liquidity also support the credit profile. Highline's credit profile is constrained by its track record of business acquisitions under the ownership of a private equity firm. In addition, the mature nature of the lubricant industry and the low profit margin of private label lubricants leaves the company susceptible to competitions against other lubricant producers and to the variation in manufacturing and distribution costs. Highline Aftermarket Acquisition, LLC is an automotive aftermarket distributor and manufacturer of branded and private label packaged lubricants, performance chemicals and other consumable accessories. The company was formed in April 2016 through the combination of DYK Automotive and AAHC, Inc. In November 2020, Pritzker Private Capital acquired and strategically combined Highline from Sterling Group and Warren Distribution LLC, a manufacturer of private label automotive lubricants. End markets channels include automotive retail, mass retail, automotive/jobber, specialty retail, and heavy duty, among others. Highline recorded about $1.7 billion in revenues in the LTM period ending in September 30, 2025. HOPEMAN BROTHERS: District Court to Hear Liberty Mutual Dispute --------------------------------------------------------------- Judge David J. Novak of the United States District Court for the Eastern District of Virginia adopted the Report and Recommendation submitted by United States Bankruptcy Judge Keith L. Phillips on August 29, 2025, which recommends that the Court grant Liberty Mutual's motion to withdraw the reference with respect to an adversary proceeding filed by Liberty Mutual against Hopeman Brothers, Inc. and various creditors and claimants. In the present adversary proceeding (Adv. Pro. No. 25-03020-KLP), Plaintiff Liberty Mutual, which provided different types of asbestos-related insurance policies to Hopeman, seeks a declaratory judgment that a 2003 settlement agreement between itself and Hopeman extinguished any further obligations in conjunction with asbestos-related claims arising from Hopeman's past actions or omissions. Liberty Mutual filed the instant Motion on May 23, 2025. Hopeman, the Official Committee of Unsecured Creditors of Hopeman Brothers, Inc., Huntington Ingalls Industries, Inc., Marla Rosoff Eskin, Esq. (in her capacity as the future claimants' representative) and certain other claimants each filed objections to the Motion. The Committee argues that Judge Phillips's finding that no party contests that the adversary proceeding concerns a non-core claim is incorrect, since the Committee disputes the Court's subject matter jurisdiction over the underlying proceeding. Relatedly, the Committee also objects to Judge Philips's finding that the non-core claim at issue in this case weighs in favor of withdrawal. The Court agrees with Judge Phillips's finding that the instant action involves only a non-core claim. According to Judge Novak, "As Judge Phillips accurately explains, Liberty Mutual seeks to resolve a dispute surrounding pre-bankruptcy agreements between itself and Hopeman, and its claim addresses potential obligations that remain independent from the underlying bankruptcy proceeding." As such, the Court overrules the Committee's objection to Judge Phillips's finding that the non-core nature of Liberty Mutual's claim stands undisputed and that this finding weighs in favor of withdrawal. The Committee's jurisdictional arguments are not properly before the Court on a motion to withdraw the reference and have not been fully briefed. As such, the Court overrules the Committee's objection on these grounds. The Court agrees with Judge Phillips that withdrawal of this non-core proceeding will enhance the efficiency of proceedings without negatively affecting uniform administration of the bankruptcy matter and rejects the Committee's objection accordingly. With the core/non-core factor weighing significantly in favor of withdrawal, and all remaining factors either weighing neutrally or, in the case of judicial efficiency, in favor of withdrawal, the Court finds that Liberty Mutual satisfies its burden of establishing cause for withdrawal of the reference under 28 U.S.C. Sec. 157(d). As such, the Court agrees with Judge Phillips's recommendation to grant Liberty Mutual's Motion and rejects the resources Committee's objection to that recommendation. The case is captioned LIBERTY MUTUAL INSURANCE COMPANY, Plaintiff, v. HOPEMAN BROTHERS, INC., et al. Defendants, Case No. 25-cv-00603-DJN (E.D. Va.). A copy of the Court's Memorandum Order dated November 17, 2025, is available at https://urlcurt.com/u?l=PUKzrL About Hopeman Brothers Inc. During the 1980s, Hopeman Brothers, Inc. transitioned its business away from ship joining and into manufacturing check-out counters used in commercial retail stores such as Walmart. In 2002, Hopeman spun off its cabinet-making business into Cinnabar Solutions, Inc. In 2003, Hopeman sold substantially all of its remaining shipbuilding-related assets to an unrelated party, US Joiner LLC, pursuant to an asset purchase agreement, dated as of December 23, 2003. Since the asset sale in 2003, Hopeman has had no business operations and exists solely to defend and, when appropriate, settle asbestos-related claims. Hopeman Brothers filed a Chapter 11 petition (Bankr. E.D. Va. Case No. 24-32428) on June 30, 2024, with $50 million to $100 million in both assets and liabilities. The Debtor tapped Hunton Andrews Kurth, LLP as bankruptcy counsel; Blank Rome, LLP as special insurance counsel; Courington, Kiefer, Sommers, Marullo & Matherne, LLC as special asbestos counsel; and Stout Risius Ross, LLC as financial advisor. Kurtzman Carson Consultants, LLC is the claims and noticing agent. HS MIDCO: S&P Affirms 'B-' ICR on Refinancing, Outlook Stable ------------------------------------------------------------- S&P Global Ratings affirmed its 'B-' issuer credit rating on HS Midco Inc. (dba Fortra). At the same time, S&P assigned its 'B-' issue-level rating to its amended first-lien term loan with a '3' recovery rating and our 'B+' issue-level rating on its RCF with a '1' recovery rating. S&P does not rate the new money or second-lien term loans. S&P said, "The affirmation of our rating on Fortra is based on its liquidity position combined with our expectation for positive free operating cash flow (FOCF) over the next 12 months, which we believe to be adequate to support the company's continued execution of its plans to improve underperforming product lines and return to consistent positive revenue growth. "The stable outlook reflects our view that Fortra will expand EBITDA margins, increase FOCF generation, and maintain adequate liquidity despite business execution risks and revenue headwinds that may persist over the near term." Fortra refinanced its existing first-lien credit facilities and second-lien term loan to extend the maturity and reduce cash debt service expense over the next 2.5 years. The transaction closed on Nov. 21, 2025. It partially paid down the existing first-lien term loan at par, using net proceeds from a new first-lien term loan of $625 million and asset sale of about $233 million. The amended and extended first-lien credit facilities consist of a $75 million revolving credit facility (RCF) with priority on some assets and a $1.476 billion first-lien term loan, all of which will now mature in May 2029, along with the new money term loan and the extended second-lien term loan. S&P said, "We believe the recent refinancing transaction allows Fortra to focus on business execution. We expect Fortra to generate more meaningful FOCF of $90 million-$100 million in 2026 due to EBITDA expansion and temporarily reduced cash interest burden. EBITDA expansion will be largely driven by one-time costs rolling off (related to acquisitions, divestitures, restructuring, and modernization efforts) and realizing cost synergies that were actioned throughout 2025. "We expect its S&P Global-Ratings adjusted EBITDA margin will improve to the mid- to high-40% area through 2026 from about 40% in 2025, as the company continues to execute plans to revitalize growth in its underperforming product lines, migrate existing customers with perpetual licenses to subscription-based contracts, and integrated tuck-in acquisitions to bolster product capabilities. Moreover, we believe the refinancing transaction provides the company with additional financial flexibility to focus on operational improvements over the next 2.5 years." In particular, its lower cash interest expense reflects partial payment-in-kind (PIK) features for the new money term loan and the extended second-lien term loan. The PIK features allow the company to defer $80 million-$90 million worth of interest payments annually over the next two years. However, the PIK features will fall off in mid-2028 and substantially increase its outstanding debt balance and cash interest expenses ahead of its term loan maturities in May 2029. S&P said, "Its S&P Global Ratings-adjusted leverage remains very high at over 13x (including about $1.7 billion of preferred equity that we treat as debt per our criteria, which adds 5x-6x to our leverage calculation). Therefore, we believe the company will need to return to consistent revenue growth, improve operating performance, and sustainably generate FOCF ahead of its next refinancing actions." There are early signs of recovery in Fortra's underperforming product lines. Fortra reported mid-single-digit percent year-over-year revenue growth last quarter from its current operations. Starting April 1, 2025, the company established a noncurrent operations category in its reporting package to exclude businesses that are sold, being held for sale, or otherwise nonstrategic and evaluating end of life. The Alert Logic (Extended Detection & Response; XDR) business is included in noncurrent operations as the company continues to evaluate strategic options (including asset sale) for this business. The company also sold its Workload Automation business in the second quarter for net proceeds of about $233 million, most of which it used to partially pay down its existing first-lien term loan during the refinancing transaction. Annual recurring revenue (ARR) from its current operations increased in the low-single-digit percent area, driven largely by continued growth in its Managed File Transfer and Powertech (for IBM i) product lines, which grew over 20% and about high-single digit percentage during the third quarter, respectively. Although ARR declines in its Data Protection (DP) and Email Protection segments continue, retention rates are stabilizing and DP bookings returned to growth after two years of decline in 2023 and 2024. Both overall bookings and recurring revenue increased in the mid-single-digit percent area year to date in 2025. While S&P expects overall bookings trend to improve, execution risks remain as the company continues to turn around its underperforming divisions and return to consistent organic revenue growth amid macroeconomic uncertainties and increasing market competitions. S&P said, "We expect Fortra will have adequate liquidity to support its recovery plans despite revenue growth headwinds that may persist over the near term. Fortra had total liquidity of $132 million as of the close of the refinancing transaction, including $57 million in cash and full availability of $75 million under its extended RCF that now matures in 2029. If operational performance at the underperforming divisions continue to improve, we believe Fortra will be able to work through its near-term revenue headwinds to expand EBITDA and generate positive FOCF in 2026 and beyond." In addition, if the company can sell the XDR business, the transaction would likely further bolster liquidity and allow Fortra to focus on its growth recovery plan for the remaining operations, in the absence of a shareholder distribution. Fortra acquired the XDR business in 2022 for about $650 million and its revenue growth has been underperforming. Along with the debt refinancing transaction, the company also announced it negotiated an equity recapitalization to align incentives and simplify the equity structure. Key changes include reducing the PIK rate on the preferred equity for three years; converting some preferred equity into common equity; and common equity held by minority shareholders was cancelled in exchange for a nominal cash payment. Harvest Partners will act as the controlling sponsor, with the right to appoint managers of Fortra and hold a majority of the voting power. While Harvest will have control rights, TA Associates and Charlesbank will remain significant shareholders alongside Harvest. The stable outlook reflects our expectation for Fortra to continue expanding EBITDA margins despite revenue growth headwinds. The company's high mix of recurring revenue and above-average EBITDA margin over 40% will provide it with business stability and generate modest FOCF. The outlook also reflects our expectations for sufficient liquidity over the next 12 months. S&P could downgrade Fortra over the next 12 months if: -- The company fails to return to sustainable revenue growth and expand EBITDA margins due to challenges with sales executions, failure to realize its costs savings plan, or weaker customer demand due to competitive pressures; -- Interest burden limits cash generation or there are macroeconomic headwinds from a tougher demand environment such that reported FOCF continues to be close to break-even; or -- Liquidity deteriorates materially. An upgrade is unlikely over the next 12 months because of Fortra's elevated leverage. S&P could upgrade the rating if it sustains leverage below 7x (including the preferred equity that it treats as debt per its criteria) after incorporating its debt-funded acquisitions or shareholder returns. HS PURCHASER: Moody's Affirms 'B3' CFR & Alters Outlook to Negative ------------------------------------------------------------------- Moody's Ratings affirmed HS Purchaser, LLC's (Fotra or the Company) B3 corporate family rating. Moody's have also affirmed and appended a limited default (LD) designation to Fortra's probability of default rating, revising it to B3-PD/LD. The LD designation will remain in place for three business days. Moody's simultaneously assigned a B2 rating to Fortra's new backed senior secured first lien term loan and a B1 rating to the new backed senior secured first lien revolving credit facilities. The B2 ratings on the existing backed senior secured first lien revolving credit facilities, backed senior secured first lien term loan and backed senior secured first lien delayed draw term loan have been withdrawn. The outlook was changed to negative from stable. On November 21st the Company closed a transaction that introduced around $661 million of new money first Lien debt, extended around $1,476 million of the current first lien term loan, and extended about $619 million of second lien debt. All first and second lien debt is now due in May 2029. Both the first lien new money and second lien debt have PIK interest for the first two and a half years. Moody's views the extension of maturity and introduction of PIK feature on the second lien debt as a distressed exchange and event of default. The change in outlook to negative from stable reflects Fortra's sustained high leverage above the 8x potential downgrade factor following continued revenue declines at certain segments such as Defensive Security, Data Protection, File Integrity Monitoring, and XDR. It also reflects the company's large and growing debt balance given the introduction of PIK payments to both unrated first and second lien debt. Moody's simultaneously acknowledge that bookings and ARR trends of current operations (excluding the divested WLA segment and non-current XDR segment) have been improving in recent quarters. The negative outlook considers the risk that improvement toward expected leverage and cash generation metrics does not occur in a timely manner, and that it does not sufficiently offset the consistent rise in debt over the next 2-3 years. RATINGS RATIONALE The B3 CFR reflects the Company's highly leveraged capital structure and modest operating scale with revenues around $736 million. In addition, Fortra's acquisition-driven growth strategy can result in leverage remaining persistently high and above the potential downgrade factor of 8x. Fortra benefits from its strong niche position in the IBMi market, highly recurring maintenance and subscription revenue streams that lead to predictable profits and cash flows and strong customer retention rates. Fortra is also very profitable, producing high EBITDA margins of over 40% resulting from an efficient cost structure and effective tele-sales and channel distribution model, as well as long-term relationships with a diversified group of enterprise customers. This profitability is partially offset by high interest expenses constraining cash generation. Fortra's good liquidity is supported by access to a $75 million revolving credit facility and pro forma cash balances of around $57 million in November 2025. The B2 rating on Fortra's first lien term loan is one notch above the Company's B3 CFR, reflecting the debt's senior position in the capital structure relative to the unrated second lien term loan and other unsecured claims. The B1 rating on Fortra's revolver reflects the instrument's priority security interest in cash & equivalents, accounts receivable, and 15% of intellectual property. The revolver and term loan are supported by guarantees and asset pledges from all material domestic subsidiaries. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Ratings could be upgraded if debt reduction, combined with sustained earnings growth leads to a material improvement in Fortra's credit metrics such that debt to EBITDA is sustained below 6.5x and FCF to debt levels were sustained above 5%. Ratings could be downgraded if Fortra's cash adjusted leverage exceeds 8x on other than a temporary basis or if FCF to debt were expected to be negative as a result of competitive pressures, market declines, debt financed M&A or shareholder return activity. Ratings could also be downgraded if Moody's views risk to Fortra's ability to outpace PIK debt increases with earnings growth. The principal methodology used in these ratings was Software published in June 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. Fortra, based in Eden Prairie, Minnesota is a provider of cybersecurity and automation software as well as horizontal application and infrastructure software solutions for distributed and IBMi computing environments. The Company is majority owned by funds affiliated with TA Associates and Harvest Partners, with minority stakes held by funds affiliated with HGGC and Charlesbank and Fortra's management team. Revenue as of the last twelve months ended September 2025 was approximately $736 million. HUDSON PACIFIC: Reduces Shares to 54.2MM via 1-for-7 Reverse Split ------------------------------------------------------------------ Hudson Pacific Properties, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on November 26, 2025, in connection with the Company's previously announced one-for-seven reverse stock split of its shares of common stock, the Company filed Articles of Amendment to its charter with the Maryland State Department of Assessments and Taxation to: (i) effect the Reverse Stock Split, (ii) decrease the par value of common stock from $0.07 per share to $0.01 per share and (iii) decrease the number of authorized shares of stock from 722,400,000 shares to 121,600,000 shares. The Stock Split Amendment, effective at 5:00 p.m. Eastern Time on December 1, 2025, combined every seven issued and outstanding shares of common stock, $0.01 par value per share, into one share of common stock, $0.07 par value per share, of the Company. Pursuant to the Stock Split Amendment, any fraction of a share of common stock that would otherwise have resulted from the Reverse Stock Split will be settled by cash payment, calculated based on the per-share closing price of the Company's common stock as reported on the New York Stock Exchange on December 1, 2025. The Reverse Stock Split decreased the number of outstanding shares of common stock of the Company to approximately 54,217,407 from 379,521,855 (before giving effect to any fractional shares to be paid out in cash). Immediately following the Effective Time: (i) the Par Value Amendment took effect to proportionally decrease the par value of the Company's common stock immediately following the Reverse Stock Split from $0.07 per share back to $0.01 per share and (ii) the Authorized Shares Amendment took effect to proportionally decrease the number of authorized shares following the Reverse Stock Split from 740,800,000 shares of stock (consisting of 722,400,000 shares of common stock and 18,400,000 shares of preferred stock) to 121,600,000 shares of stock (consisting of 103,200,000 shares of common stock and 18,400,000 shares of preferred stock). The Company's common stock is expected to begin trading on the NYSE on a split-adjusted basis at market open on December 2, 2025. Trading in the common stock will continue on the NYSE under the symbol "HPP" under the new CUSIP number: 444097406. The Reverse Stock Split affected all record holders of the Company's common stock uniformly and did not affect any record holder's percentage ownership interest in the Company, except for de minimis changes as a result of the elimination of fractional shares. Holders of common stock who hold in "street name" in their brokerage accounts do not have to take any action as a result of the Reverse Stock Split. Their accounts will be automatically adjusted to reflect the number of shares owned. A letter of transmittal relating to the Reverse Stock Split will be sent to record holders of certificates of common stock within twenty days of the Effective Time. Stockholders who receive this letter of transmittal should follow the instructions in that letter. Full-text copies of the Articles of Amendment are available at: * Certificate of Amendment to Certificate of Incorporation (Reverse Stock Split): https://tinyurl.com/neut6392 * Certificate of Amendment to Certificate of Incorporation (Par Value Adjustment): https://tinyurl.com/3ufdmbjn * Certificate of Amendment to Certificate of Incorporation (Reduction in Authorized Shares): https://tinyurl.com/4c94hzbs Partnership Agreement Amendment On December 1, 2025, the Company, as general partner of Hudson Pacific Properties, L.P., its operating partnership subsidiary, executed the Sixth Amended and Restated Agreement of Limited Partnership of Hudson Pacific Properties, L.P., which amended the existing agreement of limited partnership of the Operating Partnership to, among other things: (i) give effect to a one-for-seven reverse unit split of the Common Units, LTIP Units and Performance Units (each as defined in the Amended & Restated Partnership Agreement) of the Operating Partnership, which corresponds to the Reverse Stock Split described above and (ii) amend certain provisions relating to the circumstances under which LTIP Units and Performance Units may achieve economic parity (on a per-unit basis) with Common Units in the Operating Partnership. These amendments did not alter the vesting conditions of any existing LTIP Unit or Performance Unit. A full-text copy of the Amended & Restated Partnership Agreement is available at https://tinyurl.com/4u6w2d95 About Hudson Pacific Hudson Pacific Properties, Inc. is a Maryland corporation formed on November 9, 2009, as a fully integrated, self-administered and self-managed real estate investment trust. Through its controlling interest in the operating partnership and its subsidiaries, Hudson Pacific Properties, Inc. owns, manages, leases, acquires and develops real estate, consisting primarily of office and studio properties. As of September 30, 2025, the Company had $7.8 billion in total assets, $4.3 billion in total liabilities, and $3.4 billion in total stockholders' equity. * * * In October 2025, S&P Global Ratings affirmed its 'CCC' issue-level rating on Hudson Pacific Properties Inc.'s (HPP) preferred stock. S&P said, "We revised the outlook to stable from negative, reflecting our view of the company's improved liquidity position and eased refinancing concerns. The stable outlook also incorporates our view that HPP's portfolio will likely continue to be challenged despite improved leasing activity. We forecast S&P Global Ratings-adjusted debt to EBITDA will remain around 13x in 2025 before declining to around 12x in 2026." HPP's recent refinancing efforts have reduced its near-term refinancing risk and improved its liquidity position. INTERMEDIATE III: Moody's Assigns First Time B1 Corp. Family Rating ------------------------------------------------------------------- Moody's Ratings assigned a first-time B1 Corporate Family Rating Intermediate III, LLC ("Jennmar"). At the same time, Moody's assigned a B2 rating to the company's new backed senior secured first lien term loan due 2030. The outlook is stable. Proceeds from the new debt will be used to refinance existing debt, pay related fees and expenses, and make a one-time distribution to the company's shareholders. The ratings are subject to review of final documents. Governance considerations under Moody's ESG framework, specifically financial strategy & risk management, were a key driver of the new rating assignment. RATINGS RATIONALE Jennmar's B1 CFR is supported by the company's established market position as a leading manufacturer and supplier of ground control, fabricated steel products and services for mining, civil infrastructure, construction, industrial and solar sectors. The rating benefits from Jennmar's, broad operating footprint with 59 manufacturing facilities globally, capex-light business model, diverse customer base, long-standing relationships with major global diversified mining and coal mining companies, and vertically integrated operations, which provide cost advantages and supply chain resilience. This diversity helps mitigate the impact of sector-specific downturns and supports revenue stability. The rating also benefits from the recurring, mission-critical nature of the company's products tied to customer production volumes rather than profitability and commodity prices, supporting relatively more stable and predictable demand and less cyclicality than what is typical for its mining customers and many of Jennmar's heavy equipment focused competitors. The company's mission-critical safety products, technical- know-how, engineering support, and long-standing relationships make switching suppliers risky and create high barriers to entry, supporting high customer retention. The ratings further reflect Jennmar's largely multi-year contractual arrangements that include escalator clauses, bi-annual price adjustments, and guaranteed wallet share provisions, enabling it to pass through increases in input costs (such as steel and other raw materials) to customers, helping mitigate margin volatility and protect margins over time. Jennmar's rating is constrained by its significant exposure to cyclical end-markets, moderate scale relative to larger, higher-rated manufacturing peers and competition from regional and larger, more diversified global mining equipment and ground support product suppliers. While the demand for company's consumable-centric products is less cyclical than for heavy equipment and is more stable than commodity prices, demand is ultimately tied to mining production, industrial and infrastructure activities, which can be volatile in downturns. Jennmar generates more than 50% of its revenues from metallurgical and thermal coal mining customers. The recent US policy actions could provide near-term support for domestic thermal coal production, and growth in Indian and Southeast Asian steel production (BOF) is likely to support US and Australian met coal exports, underpinning a structural demand tailwind for Jennmar's products. However, ongoing energy transition and decarbonization policies may pressure long-term demand for coal-related products especially in Western markets, though diversification into renewables and infrastructure is a mitigating factor. The ratings also reflect Jennmar's moderate customer concentration with its top 5 customers accounting for 29% and top 10 customers accounting for 43% of the revenue (LTM as of September 2025). Although Jennmar's products typically make up a relatively modest portion of a mine's operating expenses, sharp and prolonged commodity price downturns or a loss or distress of a major customer could impact volumes, product pricing and pressure operating margins. While pass-through mechanisms offer good protection, sharp price spikes or supply disruptions could impact margins as well. Jennmar's US large domestic scale and product suite are advantages, but growth in new international regions may require investment and could face local competition from often well-entrenched and financially stronger industry players. Given that majority of the company's products are used in underground and structural applications, environmental, safety, and regulatory scrutiny is high, and any incidents or regulatory changes could impact operations or reputation. Furthermore, the company's growth strategy, which could lead to potential debt-funded acquisitions, introduces integration and financial risks, while the large dividend distribution signals a willingness to prioritize equity returns and higher tolerance for leverage, given the private equity partner's substantial minority ownership. Proforma for the transaction, Moody's estimates that Jennmar will generate around $1.7 billion in revenue with Moody's adjusted EBITDA margins around 18-19% in 2025, resulting in leverage around 2.5x at the end of 2025. Moody's EBITDA estimates include the IRA Section 45X tax credits related to the company's contract with its customer Nextracker, a provider of solar tracker and software solutions for solar power plants. Moody's expects the company to be free cash flow (Moody's-adjusted FCF inclusive of dividends) negative in 2025 because of the large one-time distribution. Moody's forecasts that Jennmar will produce around $2 billion in revenue and Moody's adjusted EBITDA margins of around 18-20% in 2026-27, with the expected growth driven by the recently completed acquisitions, the market share gains in the US and international ground support markets and higher volumes in the steel fabrication segment supported by increased infrastructure spending in the US. Moody's expects Jennmar to generate positive free cash flow in 2026-27, although expect a majority of it to be allocated for shareholder returns, along with amortization payments on the term loan. Moody's expects leverage to improve modestly as a result of EBITDA growth. Jennmar's stable outlook reflects Moody's expectations that operating performance will remain solid over the next 12-18 months, supported by stable demand in core markets, improved earnings and solid positive free cash flow (before dividend payments). The stable outlook also anticipates that Jennmar's credit metrics will remain commensurate with a B1 rating or better. The company has good liquidity, supported by cash on the balance sheet (expected to be $25 million pro forma for the transaction), a $275 million ABL revolver (unrated; expected to have $50 million drawn at the closing of the transaction), and free cash flow generation over time. The ABL revolver is subject to a 1.10x springing fixed charge coverage ratio ("FCCR") covenant that is tested when excess availability falls below 10%. Moody's expects Jennmar to remain in compliance with the ABL covenant. There are no financial maintenance covenants on the term loan. The B2 rating on the term loan, one notch below the B1 corporate family rating, reflects its secondary position behind the ABL facility because the term loan lenders will have a second lien on the working capital assets collateralizing the company's asset-based revolving credit facility. The term loan will have a first priority security interest in substantially all material PPE and intellectual property of the borrower and the guarantors, as well as a second priority security interest on the ABL priority collateral. The term loan will be unconditionally guaranteed jointly and severally on a senior secured basis by the borrower, the immediate parent Jennmar Intermediate IV, LLC ("Holdings") and subsidiary guarantors. Marketing terms for the new credit facility (final terms may differ materially) include the following: Incremental pari passu debt capacity up to the greater of a dollar capped amount and 50% of EBITDA, plus unlimited amounts subject to 2.0x first lien net leverage. There is no inside maturity sublimit. The credit agreement is expected to include "J. Crew," "Chewy," and "Serta" protections. The credit agreement is expected to require that all material intellectual property and material manufacturing facilities must be owned by loan parties. Jennmar has been assigned a Credit Impact Score of CIS-4 which indicates the rating is lower than it would have been if ESG risk exposures did not exist. The company has an Environmental Issuer Profile Score ("IPS") of E-3, which mainly reflects the carbon transition risks related to its material exposure to the coal mining sector as well as the waste and pollution risks resulting from handling of potentially hazardous materials in the process of manufacturing specialty chemicals. Jennmar has a Social IPS of S-4, which reflects its exposure to health & safety risks given the mission-critical nature of its products, the high cost of failure and that its employees face potential safety hazards when designing solutions and providing mine site services at underground mines. The company has a Governance IPS of G-4, mainly reflecting risks stemming from its private ownership, including its partial PE ownership, its growth strategy and the board composition with only one independent member. These risks expose the company to higher leverage and potentially aggressive debt-funded acquisitions. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS A ratings upgrade could be considered if Jennmar successfully integrates its recent acquisitions, executes its growth strategy in a disciplined manner, increases scale and reduces its relative exposure to coal mining sector, generates positive free cash flow on a sustained basis and reduces gross debt. Quantitatively, the ratings could be upgraded if Moody's-adjusted debt/EBITDA is sustained below 3x, RCF/Net Debt above 20% and EBITA/Interest Expense ratio above 4.5x. A downgrade could occur if Jennmar generates negative free cash flow on a sustained basis or its operating results weaken such that operating margins materially contract, leverage ratio (Moody's-adjusted Debt/EBITDA) is sustained above 5.0x, RCF/Net Debt below 15% and interest coverage ratio (EBITA/Interest expense) falls below 3.5x. Negative ratings pressure may also develop if the company experiences material weakening of liquidity or adopts more aggressive acquisition strategy or financial policy. Jennmar is a manufacturer of safety-critical ground support and reinforcement products for mining, civil infrastructure, construction, and solar markets globally. The company operates 57 manufacturing facilities through three main segments—US Ground Support, International Ground Support, and Steel Fabrication. The company is majority owned and managed by the Calandra family, with private equity firm FalconPoint Partners holding a substantial minority ownership. Revenue for the fiscal year ended December 31, 2024 was approximately $1.6 billion. The principal methodology used in these ratings was Manufacturing published in September 2025. Jennmar's B1 rating is four notches below the scorecard-indicated outcome of Baa3 reflecting the company's materially higher leverage proforma for the transaction and the risks related to company's significant exposure to the coal mining sector. IROBOT CORP: Carlyle Sells $190MM Loan to Contract Manufacturer --------------------------------------------------------------- iRobot Corporation disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on November 24, 2025, Santrum Hong Kong Co., Limited, a wholly-owned subsidiary of Shenzhen PICEA Robotics Co., Ltd. (f/k/a Shenzhen 3irobotix Co., Ltd.), acquired from various affiliates of The Carlyle Group all of the rights and interests of the lenders under the Credit Agreement entered into on July 24, 2023, as amended, by and among the Company, TCG Senior Funding L.L.C., an affiliate of The Carlyle Group, as administrative agent and collateral agent, and the Original Lenders. In connection with this transaction, Santrum assumed the $190.7 million in principal and interest outstanding under the Credit Agreement as of November 24, 2025 and replaced TCG Senior Funding L.L.C. as administrative agent and collateral agent under the Credit Agreement. Picea, the parent company of Santrum, is the Company's primary contract manufacturer. As of November 24, 2025, the Company owed Picea $161.5 million for the manufacturing of products, $90.9 million of which was past due. The Company and Picea are engaged in active discussions regarding a mutually agreeable resolution of the non-payment by the Company of amounts owed to Picea. Immediately following the transaction described above, the Company and Santrum entered into Amendment No. 7 and Limited Consent to Credit Agreement. Pursuant to Amendment No. 7, Santrum extended until January 15, 2026 the waiver of the Company's covenant obligations to: (1) provide a report and opinion of its auditor with respect to its annual financial statements for fiscal year 2024 without a qualification regarding the Company's ability to continue as a going concern and (2) maintain a minimum level of core assets. The Company and the Original Lenders previously entered into six amendments to the Credit Agreement between March and October 2025 that waived, collectively, the covenant obligations for periods from March 11, 2025 until December 1, 2025. In addition, Santrum agreed to defer all cash interest originally due on October 28, 2025 (approximately $5.1 million) until January 15, 2026. The Original Lenders previously deferred such interest payment until November 28, 2025. A full-text copy of the Amendment No. 7 is available at https://tinyurl.com/32d5j7tk About iRobot Corporation iRobot Corp. is a global consumer robot company that designs and builds robots that empower people to do more. With over 30 years of artificial intelligence and advanced robotics experience, it is focused on building thoughtful robots and developing intelligent home innovations that help make life better or millions of people around the world. iRobot's portfolio of home robots and smart home devices features proprietary technologies for the connected home and advanced concepts in cleaning, mapping and navigation. As of September 27, 2025, the Company had $481.6 million in total assets, $508.5 million in total liabilities, and total stockholders' deficit of $26.9 million. Boston, Massachusetts-based PricewaterhouseCoopers LLP, the Company's auditor since 1999, issued a "going concern" qualification in its report dated March 12, 2025, citing that the Company has a history of operating losses and negative cash flows from operations that raise substantial doubt about its ability to continue as a going concern. IRON CROSS: Court Dismisses Chapter 11 Bankruptcy Case ------------------------------------------------------ Judge Joseph G. Rosania, Jr. of the United States Bankruptcy Court for the District of Colorado dismissed Iron Cross Services Company's bankruptcy case. The Court issued an Order Directing Compliance with Local Bankruptcy Rule 9010-1(e), which required the Debtor to obtain counsel and such counsel to enter an appearance in the within case on or before November 18, 2025. As of the date of this Order, no counsel has entered an appearance of behalf of the Debtor. Accordingly, the case is dismissed without prejudice to refile once Iron Cross Services Company obtains counsel. The status conference scheduled for December 18, 2025 is vacated. A copy of the Court's Order dated November 24, 2025, is available at https://urlcurt.com/u?l=fR3A9J from PacerMonitor.com. About Iron Cross Services Company Iron Cross Services Company filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No. 25-17228) on November 3, 2025, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Joseph G. Rosania Jr. presides over the case. IT IS WELL: Gets Final OK to Use Cash Collateral ------------------------------------------------ It Is Well Healthcare, LLC received final approval from the U.S. Bankruptcy Court for the Northern District of Georgia to use cash collateral. The court authorized the Debtor to use cash collateral through March 31, 2026, provided it complies with the terms of the final order and the budget. As adequate protection, Lendistry SBLC, LLC, Britecap Financial, LLC, Capital Solutions Servicing, LLC and McKesson Corporation will be granted replacement liens on post-petition cash collateral to the same extent and priority as their pre-bankruptcy liens. These replacement liens do not apply to Chapter 5 causes of action. All parties retain their rights to contest lien validity, seek additional protection, object to continued use of cash collateral, or move for other relief. The final order is available at https://is.gd/aDTJ5c from PacerMonitor.com. At the petition date, the Debtor was generating monthly revenues of approximately $190,000, which revenues are, or may be, cash collateral as defined in Bankruptcy Code Section 363(a). Lendistry, Britecap, Capital Solutions Servicing, and McKesson assert a security interest in all of the Debtor's assets based on the loans they provided to the Debtor prior to its Chapter 11 filing. About It Is Well Healthcare LLC It Is Well Healthcare LLC provides primary care and wellness services in Dallas, Georgia. The clinic offers medical evaluations, chronic care management, physical exams, immunizations, and diagnostic testing, along with treatment for conditions such as hypertension, diabetes, and thyroid disorders. It also provides aesthetic and wellness treatments including hormone replacement therapy, facials, dermal fillers, microdermabrasion, and body contouring procedures. It Is Well Healthcare LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-11533) on October 9, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. The Debtor tapped J. Nevin Smith, Esq., at Smith Conerly LLP as legal counsel and Villa Rica Tax Service, Inc. as accountant. JB GROUP: Gets Court OK to Use Cash Collateral ---------------------------------------------- JB Group of LA, LLC got the green light from the U.S. Bankruptcy Court for the Middle District of Louisiana to use the cash collateral. The court authorized the Debtor to use up to $240,000 in cash collateral belonging to b1Bank and ISG Capital Group, LLC, the debtor-in-possession lender, for non-insider payroll and related benefits. The order is available at https://is.gd/PEw8y5 from PacerMonitor.com. Prior to its September 12 bankruptcy filing, JB attempted to secure debtor-in-possession financing but lacked sufficient liquidity at the petition date, requiring interim cash collateral use as a bridge to complete financing negotiations. The court granted interim, then final, approval for use of b1Bank's cash collateral, and subsequently approved a nearly $5 million DIP facility from ISG. Although ISG funded roughly $2.575 million, leaving nearly $2 million available, it has stopped funding for two weeks and has not committed to advance further amounts. As a result, the Debtor now has no unencumbered cash to meet essential operating needs, including payroll. The Debtor has engaged with b1Bank and ISG to identify emergency financing options and both secured creditors have consented to the Debtor's temporary use of their cash collateral solely to cover payroll obligations. The Debtor has already used approximately $130,000 of the approved amount to fund the most recent payroll, according to court filings. About JB Group of LA LLC JB Group of LA LLC, doing business as ISG Infrastructure Group, provides electrical, instrumentation, communications, and renewable energy solutions to public and private sector clients, including the U.S. Army Corps of Engineers, military installations, state departments of transportation, and industrial customers in data, energy, and manufacturing sectors. JB Group of LA LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. La. Case No. 25-10807) on September 12, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $10 million and $50 million. Judge Michael A. Crawford oversees the case. The Debtor is represented by Paul Douglas Stewart, Jr., Esq., at Stewart Robbins Brown & Altazan, LLC. ISG Capital Group, LLC, as DIP lender, is represented by: David S. Rubin, Esq. Butler Snow LLP 445 N. Blvd. Suite 300 Baton Rouge, LA 70802 Telephone: (225) 325-8700 Fax: 225-325-8800 david.rubin@butlersnow.com b1Bank, as secured creditor, is represented by: Sharon Starkey Whitlow, Esq. Stephen M. Whitlow, Esq. Haley N. Baker, Esq. Whitlow Law Firm, LLC 700 Main Street, Suite 301 Baton Rouge, LA 70802 Telephone (225) 217-0060 Facsimile (225) 217-0061 sharon@whitlowfirm.com steve@whitlowfirm.com haley@whitlowfirm.com KEYERA CORP: DBRS Confirms BB(High) Rating on Subordinated Notes ---------------------------------------------------------------- DBRS Limited confirmed the Issuer Rating and Senior Unsecured Notes credit rating of Keyera Corp. (Keyera or the Company) at BBB. Morningstar DBRS also confirmed the credit rating on the Company's Subordinated Notes at BB (high). All trends are Stable. KEY CREDIT RATING CONSIDERATIONS The credit rating confirmations reflect the Company's solid business risk profile, underpinned by fee-for-service (FFS) or take-or-pay (ToP) contracts at its Gathering and Processing and Liquids Infrastructure segments and strong financial performance for the last 12 months ended September 30, 2025. As of December 31, 2024, 67% of the Company's realized margin was FFS and 52% of the Company's FFS realized margin was generated by ToP contracts. The Stable trends reflect Morningstar DBRS' expectations that Keyera's credit metrics will remain strong and that the Company will continue to manage its exposure to commodity risk within an appropriate target. On June 17, 2025, Keyera announced that it will acquire substantially all of Plains' Canadian NGL Business (Plains), plus select U.S. assets, for total cash consideration of $5.15 billion, significantly expanding Keyera's liquids infrastructure platform across western and eastern Canada. The purchase price multiple was approximately 7.8 times (x) 2025 Adjusted EBITDA but with near-term run-rate synergies the multiple was reduced to 6.8x. Keyera expects to realize approximately $100 million in near-term run-rate synergies from corporate cost savings and operational efficiencies. The acquisition materially increases the Company's scale with an approximate 50% increase in fee-based EBITDA in the first full year of closing. The assets acquired are highly strategic as they enhance the scale of Keyera's NGL infrastructure by combining Keyera's and Plains' gathering, fractionation, and storage operations. The purchase of Plains extends the Company's integrated value chain to eastern North America, providing geographic diversification and expanded reach to downstream customers. Keyera will be able to unlock further commercial potential by applying the Company's expertise in risk management, leveraging its market intelligence, and employing operational optimization to improve margins and drive performance. There is a modest change in the contract structure as Keyera will generate 45% of its FFS realized margin from 2026 through 2028 from ToP contracts, a slight decline from 52% for the fiscal year ended December 31, 2024. The acquisition of Plains is expected to close in the first quarter of 2026. CREDIT RATING DRIVERS Morningstar DBRS could take a positive credit rating action if there is a material improvement in Keyera Corp.'s business risk profile. Such an upgrade would likely occur if the contribution of ToP contracts to overall EBITDA increases, improving the Company's comprehensive business risk assessment (CBRA) while maintaining its current comprehensive financial risk assessment (CFRA). While unlikely, Morningstar DBRS could take a negative credit rating action if Keyera's lease-adjusted cash flow-to-debt ratio declines below 13% on a sustained basis. EARNINGS OUTLOOK Morningstar DBRS expects Keyera's Adjusted EBITDA to decline in 2025 relative to 2024 driven by more lower margins in the Marketing segment in addition to downtime at the Company's Alberta EnviroFuels (AEF) facility. Morningstar DBRS expects Adjusted EBITDA in 2026 to increase significantly due to the contribution of the Plains assets despite lower earnings from the combined Marketing Division based on Morningstar DBRS' base-case price assumptions. FINANCIAL OUTLOOK Morningstar DBRS expects Keyera's cash flow from operations to decline in 2025 compared to 2024 driven by lower margins in the Marketing segment. Cash flow from operations in 2026 is expected to increase materially relative to 2025 because of the contribution of the Plains assets. Morningstar DBRS expects debt levels to increase significantly in 2025 compared with 2024 to fund the purchase of the Plains assets with a further increase in 2026 to help fund the Company's organic capital program. Despite the increase in debt, Morningstar DBRS expects leverage metrics to remain supportive of the current credit rating. CREDIT RATING RATIONALE Comprehensive Business Risk Assessment (CBRA): BBBL Keyera's CBRA of BBBL reflects the Company's solid contractual profile with over 60% in realized margin expected to be generated from ToP contracts pro forma the acquisition of Plains for the near and medium term. The business risk score also factors in the Company's improved geographic diversification and increased size and scale following the Plains acquisition along with growth in its standalone operations driven by a significant organic capital program with over $700 million invested in KAPS Zone 4 and KFS Fractionation III over the next several years. The CBRA also incorporates, through a negative adjustment, the price and volume risk associated with the Company's Marketing segment. Comprehensive Financial Risk Assessment (CFRA): A/AL Keyera's CFRA of A/AL reflects strong financial metrics for the current credit rating category. Morningstar DBRS expects debt levels to increase over the near and medium term but expects leverage metrics to remain supportive of the current credit rating. The CFRA incorporates, through a negative adjustment, the price and volume risk associated with the Company's Marketing segment. Intrinsic Assessment (IA): BBB The IA of BBB is in the middle of the Intrinsic Assessment Range. The selection also takes into consideration the current credit rating trend and peer comparisons, among other factors. Additional Considerations: None Keyera's credit ratings include no further negative or positive adjustments because of additional considerations. Notes: All figures are in Canadian dollars unless otherwise noted. KOSCIUSZKO DEVELOPMENT: Seeks Chapter 7 Bankruptcy in Pennsylvania ------------------------------------------------------------------ On December 3, 2025, Kosciuszko Development Corp. sought Chapter 7 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 1–49 creditors. About Kosciuszko Development Corp. Kosciuszko Development Corp. is a single asset real estate company. Kosciuszko Development Corp. filed for relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-14942) on December 3, 2025. In its petition, the Debtor reports estimated assets of $100,001–$1,000,000 and estimated liabilities in the same range. Honorable Bankruptcy Judge Derek J. Baker handles the case. KPOWER GLOBAL: Mike Kattawar, Jr. to Receive $7,500 Salary Per Week ------------------------------------------------------------------- Judge Jennie D. Latta of the United States Bankruptcy Court for the Western District of Tennessee entered a final order granting KPower Global Logistics, LLC's motion to establish and/or limit insider salaries and compensation. The Debtor is authorized to continue to pay the normal weekly compensation to all of the insiders who have been receiving compensation. Mike Kattawar, Jr. is to receive $7,500 per week as salary until further order of the Court. A copy of the Court's Order dated December 2, 2025, is available at https://urlcurt.com/u?l=obmDDJ from PacerMonitor.com. About KPower Global Logistics KPower Global Logistics LLC provides third-party logistics services specializing in customized supply chain solutions across the United States. The Company offers staffing, warehousing, bulk storage, consulting, packaging, and special project services for distribution centers and manufacturing operations. KPower Global Logistics sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tenn. Case No. 25-22294) on May 8, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million. The Hon. Judge Jennie D. Latta handles the case. The Debtor is represented by the Law Offices of Craig M. Geno, PLLC. Craig M. Geno, PLLC/Law Offices of Geno and Steiskal, PLLC and Payne Law Firm were later relieved as counsel in light of the appointment of C. Jerome Teel, Jr. as Chapter 11 Trustee. KRUGER PRODUCTS: DBRS Hikes Sr. Unsec. Notes Rating to BB(low) -------------------------------------------------------------- DBRS Limited upgraded the credit rating on Kruger Products Inc.'s (Kruger Products or the Company) Senior Unsecured Notes (the Notes) to BB (low) from B (high), which reflects an upgrade of the Recovery Rating on the Notes to RR5 from RR6, and confirmed the Company's Issuer Rating at BB. All trends are Stable. Concurrently, Morningstar DBRS assigned a provisional credit rating of (P) BB (low) with a Stable trend to the Company's proposed issuance of up to $165 million Notes (the Proposed Notes), based on a Recovery Rating of RR5. The Proposed Notes will be guaranteed by each of Kruger Products existing and future Restricted Subsidiaries. Kruger Products will use the proceeds from the Proposed Notes to repay existing debt and for general corporate purposes. The credit rating assigned to this newly issued debt instrument is based on the credit ratings of an already-outstanding debt series of the above-mentioned debt instrument. A provisional rating is not a final rating with respect to the above-mentioned security and may change, be different than the final rating assigned, or may be discontinued. The provisional credit rating listed above is based on information provided to Morningstar DBRS by Kruger Products as of November 25, 2025. The assignment of final credit ratings is subject to receipt by Morningstar DBRS of all information and final documentation that Morningstar DBRS deems necessary to finalize the credit rating. Continuation of the credit ratings is subject to the provision to Morningstar DBRS of timely and sufficient information and/or data for the purpose of monitoring the above-noted credit ratings. KEY CREDIT RATING CONSIDERATIONS The upgrade of the Recovery Rating to RR5 from RR6 reflects Morningstar DBRS' assessment of the benefit of the reclassification of Kruger Products SB Inc. as a Restricted Subsidiary under the Company's credit agreements and Notes indentures, combined with Morningstar DBRS' expectations of a sustained and gradual improvement in Kruger Products' operating performance and the benefits to the Company's brand strength and market position. In accordance with Morningstar DBRS' Global Corporate Criteria, the upgrade to the Recovery Rating catalyzed a one-notch upgrade to the credit rating on the Notes to BB (low). The confirmation of the Issuer Rating acknowledges Kruger Products' stronger-than-expected operating performance in the nine months ended September 30, 2025 (Q3 2025) and reflects Morningstar DBRS' expectation that the Company's credit risk profile will strengthen within the current BB credit rating category as its expansionary capital expenditure (capex) projects ramp up and reach full production capacity. On March 28, 2025, Morningstar DBRS confirmed Kruger Products' Issuer Rating at BB with a Stable trend. At that time, Morningstar DBRS forecast EBITDA to grow to more than $275 million in 2025 and to approximately $300 million in 2027. Morningstar DBRS expected that this growth in EBITDA, combined with mandatory debt repayment, should drive an improvement in debt-to-EBITDA toward 5.0 times (x) in 2025 and to approximately 4.5x by the end of 2027. Since then, Kruger Products reported its Q3 2025 results. EBITDA in the last 12 months (LTM) ended Q3 2025 grew to approximately $300 million from $265 million in 2024, attributable to higher selling prices, volume growth, and improved operating efficiencies, which more than offset the effect of higher pulp prices, the unfavorable performance at the Company's Memphis plant, and higher freight and warehousing costs. Combined with mandatory debt repayment, debt-to-EBITDA improved to 4.7x in the LTM ended Q3 2025 from 5.5x in 2024. CREDIT RATING DRIVERS Should debt-to-EBITDA increase above 6.0x because of weaker-than-expected operating performance and/or more aggressive-than-expected financial management, Morningstar DBRS could take a negative credit rating action. Furthermore, should the Company undertake further debt-funded capex such that Morningstar DBRS becomes concerned that debt-to-EBITDA will remain above 6.0x without a proportionate improvement in the Company's business risk profile, a negative credit rating action could result. Conversely, Morningstar DBRS could take a positive credit rating action should the Company's business risk profile strengthen meaningfully, combined with a commensurate improvement in debt-to-EBITDA to below 4.5x on a normalized and sustainable basis, based on growth in operating income. EARNINGS OUTLOOK Considering the Company's stronger than expected operating performance in the LTM ended Q3 2025, Morningstar DBRS has revised its 2025 EBITDA forecast to approximately $300 million. Looking ahead to 2027, Morningstar DBRS now forecasts EBITDA to grow to approximately $320 million compared with its previous projections of $300 million. These revised forecasts are based on Morningstar DBRS' expectations of potential price increases, growing volumes of higher-margin tissue products as the Sherbrooke Expansion Project ramps up toward full production capacity, and improving operating leverage. Morningstar DBRS believes that these benefits should more than offset pulp price volatility and higher manufacturing costs. FINANCIAL OUTLOOK Morningstar DBRS forecasts meaningful levels of surplus free cash flow (FCF) (after dividends but before changes in working capital and principal lease payments) between 2025 and 2027 as (1) operating cash flow continues to trend in line with earnings growth, (2) capex declines to between $60 million and $80 million per year as the Sherbrook Expansion Project nears completion, and (3) the gross dividend outlay remains relatively flat on the LTM ended Q3 2025 levels of around $60 million. Morningstar DBRS believes that the projected FCF surplus, proceeds from Kruger Inc.'s Dividend Reinvestment Plan participation, and available liquidity should fund principal lease payments and mandatory debt repayments. Combined with the projected growth in EBITDA, Morningstar DBRS projects debt-to-EBITDA to improve to less than 4.0x by the end of 2027. Morningstar DBRS acknowledges Kruger Products' announcement that it is evaluating the financing of a new tissue investment in an Unrestricted Subsidiary, and that this investment is currently expected to be financed 40% by equity and 60% by debt. While this new tissue investment will cause debt-to-EBITDA to increase to more than Morningstar DBRS' current projections, Morningstar DBRS believes that Kruger Products should have sufficient headroom within the current BB credit rating category to absorb the effect thereof considering the potential business risk and operating performance benefits from this investment once it ramps up and reaches full production capacity. That said, Morningstar DBRS reiterates that, should it become concerned that debt-to-EBITDA will increase and persist above 6.0x following the completion of this investment without a proportionate improvement in the Company's business risk profile, a negative credit rating action could result. CREDIT RATING RATIONALE -- Comprehensive Business Risk Assessment (CBRA): BB Kruger Products' CBRA continues to be supported by the Company's strong brands and leading market position in the tissue products industry, stable demand, and significant barriers to entry. The CBRA also reflects the intense competition, volatile input costs, and product/market concentration. -- Comprehensive Financial Risk Assessment (CFRA): BBBL/BBH Kruger Products' CFRA reflects Morningstar DBRS' expectation that, through EBITDA growth and mandatory debt repayment, debt-to-EBITDA should improve to less than 4.0x by the end of 2027. Morningstar DBRS notes that the CFRA excludes the potential effect of Kruger Products' investment in a new tissue manufacturing plant. -- Intrinsic Assessment (IA): BB The IA is based on Kruger Products' CBRA and CFRA. Taking into consideration peer comparisons, among other factors, we place the IA within the IA range. -- Additional Considerations: -0.5 The negative 0.5 adjustment to the Issuer Rating reflects the unmitigated structural subordination of Kruger Products' debt to the cash flows of the Company's Unrestricted Subsidiaries. Notes: All figures are in Canadian dollars unless otherwise noted. LANDERS DEVELOPMENT: Arkansas Property Sale for $320K OK'd ---------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Arkansas, Little Rock Division, has permitted Landers Development LLC to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property is located at 3512 Logan Ridge Drive, Bryant, Arkansas 72022. The Court has authorized the Debtor to sell the Property to undisclosed Buyer in the purchase price of $320,000.00. The Property shall be sold free and clear of all liens, claims, and interests, with any such liens attaching to the proceeds with the same validity and priority as before the sale. The Debtor is directed to pay standard commissions, including a 2.0% listing commission and 2.4% buyer’s agent commission, along with ordinary closing costs. The fully secured claim by Merchants & Farmers Bank shall be paid in full at closing. About Landers Development LLC Landers Development, LLC, a company in Benton, Arkansas, provides residential and commercial construction services, including home building and housing development, primarily within the state. Landers Development sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Ark. Case No. 25-13827) on October 31, 2025. In the petition signed by Nick Landers, member, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Phyllis M. Jones oversees the case. Jennifer Lancaster, Esq., at Lancaster & Lancaster Law Firm, represents the Debtor as bankruptcy counsel. LANDERS DEVELOPMENT: Taps Crye-Leike Realtors as Real Estate Agent ------------------------------------------------------------------ Landers Development, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Arkansas to hire Terri Summers, a licensed Arkansas real estate agent with Crye-Leike Realtors of Bryant, as real estate agent. Ms. Summers will market and sell the Debtor's property the located at 3512 Logan Ridge Drive, Bryant, Arkansas 72022. The firm will receive a commission equal to 2 percent of the gross sales. Ms. Summers assured the court that she is a "disinterested person" within the meaning of 11 U.S.C. Secs. 101(14) and 327(a). The agent can be reached through: Terri Summers Crye-Leike Realtors of Bryant 4909 AR-5 #200 Bryant, AR 72022 Phone: (501) 653-8000 About Landers Development LLC Landers Development, LLC, a company in Benton, Arkansas, provides residential and commercial construction services, including home building and housing development, primarily within the state. Landers Development sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Ark. Case No. 25-13827) on October 31, 2025. In the petition signed by Nick Landers, member, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Phyllis M. Jones oversees the case. Jennifer Lancaster, Esq., at Lancaster & Lancaster Law Firm, represents the Debtor as bankruptcy counsel. LEXARIA BIOSCIENCE: MaloneBailey Raises Going Concern Doubt ----------------------------------------------------------- Lexaria Bioscience Corp. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K reporting a net loss of $11.9 million for the fiscal year ended August 31, 2025, compared to a net loss of $5.8 million for the year prior. For the year ended August 31, 2025, the Company had $705,923 in revenues, compared to $464,278 for the year ended August 31, 2024. Houston, Texas-based MaloneBailey, LLP, the Company's auditor since 2022, issued a "going concern" qualification in its report dated November 26, 2025, attached to the Company's Annual Report on Form 10-K for the year ended August 31, 2025, citing that the Company has suffered recurring losses from operations that raise substantial doubt about its ability to continue as a going concern. Lexaria disclosed that since inception, the Company has incurred significant operating and net losses. The losses attributable to shareholders were $11.9 million and $5.8 million, for the years ended August 31, 2025 and 2024, respectively. As of August 31, 2025, the Company had an accumulated deficit of $63.5 million. The Company said, "We expect to continue to incur significant operational expenses and net losses in the upcoming 12 months." "Our net losses may fluctuate significantly from quarter to quarter and year to year, depending on the stage and complexity of our R&D studies and corporate expenditures, additional revenues received from the licensing of our technology, if any, and the receipt of payments under any current or future collaborations into which we may enter. The recurring losses and negative net cash flows raise substantial doubt as to the Company's ability to continue as a going concern. "During the year ended August 31, 2025, we raised an approximate aggregate $6.0 million in net proceeds from the sale of securities pursuant to our registered direct offerings which closed in April 2025 and October 2024, as well as At the Market (ATM) offerings. Subsequent to August 31, 2025, we raised an additional $3.5 million in net proceeds in a registered direct offering. "We may offer additional securities for sale during our fiscal year 2026 or thereafter in response to market conditions or other circumstances if we believe such a plan of financing is required to advance the Company's business plans and is in the best interests of our stockholders. There is no certainty that future equity or debt financing will be available or that it will be at acceptable terms and the outcome of these matters is unpredictable. "A lack of adequate funding may force us to reduce spending, curtail or suspend planned programs or possibly liquidate assets. Any of these actions could adversely and materially affect our business, cash flow, financial condition, results of operations, and potential prospects. "The sale of additional equity may result in additional dilution to our stockholders. Entering into additional licensing agreements, collaborations, partnerships, alliances marketing, distribution, or licensing arrangements with third parties to increase our capital resources is also possible. If we do so, we may have to relinquish valuable rights to our technologies, future revenue streams, research programs or product candidates or grant licenses on terms that may not be favorable to us. "Our ability to continue operations after our current cash resources are exhausted is dependent on our ability to obtain additional debt or equity financing or a strategic partnership, which cannot be guaranteed. Cash requirements may vary materially from those now planned because of changes in our focus and direction of our research and development programs, competitive and technical advances, patent developments, regulatory changes or other developments. If adequate additional funds are not available when required, management may need to curtail its development efforts and planned operations to conserve cash. "Based on existing cash resources, management believes that current funding will not be sufficient to meet the Company's financial obligations for a period of at least 12 months from the date of this report. Accordingly, there is substantial doubt as to our ability to continue as a going concern within one year from the date of issuance of these financial statements." A full-text copy of the Company's Form 10-K is available at: https://tinyurl.com/mw9nt954 About Lexaria Headquartered in Kelowna, BC, Canada, Lexaria Bioscience Corp. -- http://www.lexariabioscience.com/-- is a biotechnology company pursuing the enhancement of the bioavailability of a diverse and broad range of active pharmaceutical ingredients using its proprietary DehydraTECH drug delivery technology. The Company currently focuses on the investigation of the incorporation of its DehydraTECH drug delivery technology with GLP-1 and GIP drugs to enhance absorption and reduce adverse events. As of August 31, 2025, the Company had $4.2 million in total assets, $1.6 million in total liabilities, and $2.6 million in total stockholders' equity. LINQTO TEXAS: Secures OK to Solicit Plan Votes w/ Stock Deal ------------------------------------------------------------ Alex Wittenberg of Law360 reports that a Texas bankruptcy judge on Friday, December 5, 2025, authorized investment platform Linqto to move forward with soliciting creditor votes on its Chapter 11 reorganization plan. The ruling allows the company to begin the approval process despite objections from certain investors and questions surrounding the scope of the plan’s third-party releases. The judge noted that any disputes over the releases, as well as the investors’ broader challenges to the restructuring proposal, could be addressed during the upcoming confirmation hearing. The decision clears an important procedural hurdle for Linqto as it works to exit bankruptcy. About Linqto Inc. Linqto Inc. is a San Jose-based financial technology company operating in the alternative investment space. Linqto Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 25-90187) on July 7, 2025. The case is jointly administered with the Chapter 11 cases of Linqto Texas, LLC, Linqto Liquidshares, LLC and Linqto Liquidshares Manager, LLC under case number 25-90186. In its petition, Linqto Inc. reported estimated assets and liabilities between $500 million and $1 billion. Judge Alfredo R. Perez oversees the cases. The Debtors tapped Gabrielle A. Hamm, Esq. at Schwartz, PLLC as legal counsel; Breakpoint Partners, LLC as restructuring advisor; ThroughCo Communications, LLC as public relations agent; and Epiq Corporate Restructuring, LLC as claims agent. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee is represented by Orrick, Herrington & Sutcliffe, LLP. LOADED BARREL: Gets Court OK to Use Cash Collateral Until Jan. 9 ---------------------------------------------------------------- Loaded Barrel, LLC got the green light from the U.S. Bankruptcy Court for the Northern District of California to use cash collateral to fund operations. The court authorized the Debtor to use cash collateral through January 9, 2026, and granted secured creditors including the U.S. Small Business Administration, GCM, Inc., and Forward Financing replacement liens on the Debtor's post-petition assets as protection. The replacement liens do not apply to Chapter 5 avoidance actions and match the nature, extent, validity, and enforceability of the creditors' pre-bankruptcy liens. The next hearing is scheduled for January 6, 2026. Loaded Barrel owes $500,005 to the SBA, $360,000 to GCM, and $70,000 to Forward Financing. These creditors have a perfected security interest in all of Debtor's assets. The court order is available at https://is.gd/Nz0r4C from PacerMonitor.com. About Loaded Barrel LLC Loaded Barrel LLC, doing business as Flagship Taproom, operates a restaurant and taproom at 446 B Street in Santa Rosa, California. The establishment offers a range of craft beers and casual pub-style food in a local dining setting. Loaded Barrel sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Calif. Case No. 25-10689) on October 28, 2025. In its petition, the Debtor reported total assets of $209,649 and total liabilities of $1,740,875. Judge: William J. Lafferty oversees the case. The Debtor is represented by Michael C. Fallon, Esq., at the Law Office of Michael C. Fallon. MALLINCKRODT PLC: Opioid Trust Loses Appeal in Clawback Case ------------------------------------------------------------ In the appeal styled OPIOID MASTER DISBURSEMENT TRUST II, Appellant, v. CITADEL SECURITIES LLC, et al., Case No. 1:25-cv-00114-SB (D. Del.), Judge Stephanos Bibas of the United States Court of Appeals for the Third Circuit affirmed the order of the United States Bankruptcy Court for the District of Delaware granting summary judgment for the firms. When its business model started to fail, Mallinckrodt artificially inflated its value by buying back its stock. This made its shareholders billions before it sought refuge in Chapter 11 bankruptcy. The Bankruptcy Code lets creditors recoup fraudulently transferred money. But it also shields payments to banks and transfers connected to securities contracts from being clawed back. The bankruptcy court found that hundreds of millions of dollars spent on fraudulent share repurchases by Mallinckrodt are so shielded. Though the contracts are void, the money paid is real. After Mallinckrodt declared bankruptcy, all opioid-related claims against it were assigned to a Delaware statutory trust. That Trust brought claims to recover money fraudulently transferred out of Mallinckrodt while it was insolvent -- including claims that sought to claw back the money Mallinckrodt paid to buy back its shares. If "applicable law" renders a transfer "voidable," the Trust can bring that claim on behalf of all creditors. The Trust did just that, claiming that Mallinckrodt's creditors are entitled to "avoid the transfers" and "recover the value" transferred. In turn, the firms sought refuge in Sec. 546(e)'s safe harbor, which provides that "the trustee may not avoid a transfer that is a settlement payment or that is a transfer made in connection with a securities contract." They argued that "settlement payment" is broadly defined as the "payment of cash to the dealer by the purchaser" and a "transfer of cash or securities made to complete a securities transaction." The Trust countered that Sec. 546(e) did not apply at all. It reasoned that Irish law governed the share buybacks, and Irish law considers unlawful buybacks by an undercapitalized company "void." "Void" contracts are "void ab initio," so they are "nullities" with "no legal effect." On that reading, the contracts never legally existed. Thus, the transfers could not have been "settlement payments" because there was no qualifying transaction. Nor could they be transfers made "in connection with a securities contract" because there was never "any valid securities contract." The bankruptcy judge granted summary judgment for the firms. Section 546(e)'s safe harbor protects a "financial institution" only if it makes a "qualifying transaction." The banks, hedge funds, and money managers are plainly "financial institutions." The bankruptcy court also concluded that the transfers counted as "qualifying transactions" because they were "settlement payments." The Trust appeals the decision that void transfers could be either settlement payments or transfers under 11 U.S.C. Sec. 546(e). The firms are seeking to bar the Trust from clawing back payments that Mallinckrodt already made -- real payments of real dollars in exchange for real stock shares. True, the contracts underlying the transaction are "nonexistent." But the settlement payments are not. The Trust argues that, even if there were "payments," there can be no "settlement" because the underlying obligation to pay never existed. According to Judge Bibas, "It is true that Mallinckrodt had no legal obligation to pay under contracts that were void ab initio. But Mallinckrodt's still made payments to fulfill a purported obligation. That is all that the safe harbor requires. Thus, payments made to settle securities transactions of all stripes count as settlement payments." A copy of the Court's Memorandum Opinion dated November 24, 2025, is available at https://urlcurt.com/u?l=0dLrLb About Mallinckrodt PLC Mallinckrodt (OTCMKTS: MNKTQ) -- http://www.mallinckrodt.com/-- is a global business consisting of multiple wholly-owned subsidiaries that develop, manufacture, market and distribute specialty pharmaceutical products and therapies. The Company's Specialty Brands reportable segment's areas of focus include autoimmune and rare diseases in specialty areas like neurology, rheumatology, nephrology, pulmonology and ophthalmology; immunotherapy and neonatal respiratory critical care therapies; analgesics; and gastrointestinal products. Its Specialty Generics reportable segment includes specialty generic drugs and active pharmaceutical ingredients. On Oct. 12, 2020, Mallinckrodt plc and certain of its affiliates sought Chapter 11 protection in Delaware (Bankr. D. Del. Lead Case No. 20-12522) to seek approval of a restructuring that would reduce total debt by $1.3 billion and resolve opioid-related claims against them. Mallinckrodt in mid-June 2022 successfully completed its reorganization process, emerged from Chapter 11 and completed the Irish Examinership proceedings. Mallinckrodt Plc said in a regulatory filing in early June 2023 that it was considering a second bankruptcy filing and other options after its lenders raised concerns over an upcoming $200 million payment related to opioid-related litigation. Mallinckrodt plc and certain of its affiliates again sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 23-11258) on Aug. 28, 2023. Mallinckrodt disclosed $5,106,900,000 in assets and $3,512,000,000 in liabilities as of June 30, 2023. Judge John T. Dorsey oversees the new cases. In the prior Chapter 11 cases, the Debtors tapped Latham & Watkins, LLP and Richards, Layton & Finger, P.A. as their bankruptcy counsel; Arthur Cox and Wachtell, Lipton, Rosen & Katz as corporate and finance counsel; Ropes & Gray, LLP as litigation counsel; Torys, LLP as CCAA counsel; Guggenheim Securities, LLC as investment banker; and AlixPartners, LLP, as restructuring advisor. In the new Chapter 11 cases, the Debtors tapped Latham & Watkins, LLP and Richards, Layton & Finger, P.A., as their bankruptcy counsel; Arthur Cox and Wachtell, Lipton, Rosen & Katz as corporate and finance counsel; Guggenheim Securities, LLC as investment banker; and AlixPartners, LLP, as restructuring advisor. Kroll is the claims agent. MANA GROUP: Files Amendment to Disclosure Statement --------------------------------------------------- Mana Group Pharmacies, LLC d/b/a Brown's Pharmacy, and Christopher Andrew Tapper and wife, Erika Tapper ("Tapper") submitted an Amended Joint Consolidated Plan of Reorganization and Disclosure Statement dated December 2, 2025. The Debtors' Plan of Reorganization provides for continued operations of the Debtors' pharmacy known as Brown's Pharmacy in Irving, Texas. The Debtors believe that there will be sufficient net proceeds to pay 10% of the General Unsecured Claims classified in Classes 19, 20 and 21. The secured claim of Live Oak Bank will be paid over the five-year term of the Plan with any deficiency treated as a General Unsecured Claim in Class 21. Similarly, the secured claims of Americorp Financial and Highland Capital in Class 5 and 6 will be paid in equal amortized payments as reflected in the cash flow projections. Once these secured claims are paid any surplus funds will be paid toward the claims of the unsecured creditors as set forth in this Plan. Non-priority unsecured creditors holding allowed claims will receive distributions which the proponents of this Plan estimate should total 10 cents on the dollar. Class 21 is comprised of the Allowed Unsecured Claims against Debtors total $4,103,635.36. The Plan provides that the General Unsecured Creditors of the Debtors are to be paid 6% of their Allowed Unsecured Claims, over a 5-year term in three equal annual payments in years three, four and five of the Plan. The first annual payment is expected to be made on December 15, 2028. To assure the Debtors are able to make each annual payment, the Debtors will set aside each month from its operations funds necessary to accumulate a reserve of funds from each monthly amount to make the annual payments. For the five-year term of the plan annual payments will be in the amount of $83,000.00 in December of 2028, December of 2029 and December, 2030. The Debtors will continue to operate their pharmacy business known as Brown's Pharmacy located in Irving, Texas. Net profits generated by the pharmacy operations will provide sufficient revenue for Debtors to make the Plan payments called for herein to its secured creditors with any excess proceeds being used first to pay the claims if any of the administrative claimants, then to priority claimants holding valid claims, if any, and finally toward the pro rata payments due to be paid to unsecured creditors. A full-text copy of the Amended Joint Consolidated Plan and Disclosure Statement dated December 2, 2025 is available at https://urlcurt.com/u?l=EkAMO6 from PacerMonitor.com at no charge. Counsel to the Debtor: David R. Langston, Esq. Mullin Hoard & Brown LLP P.O. Box 2585 Lubbock, TX 79408 Tel: (806) 765-7491 Fax: (806) 765-0553 Email: drl@mhba.com About Mana Group Pharmacies, LLC d/b/a Brown's Pharmacy Mana Group Pharmacies, LLC, operating as Brown's Pharmacy, is an independent, locally owned pharmacy in Irving, Texas, serving the Irving, Las Colinas, and Greater Dallas-Fort Worth areas since 1973. The pharmacy focuses on providing personalized, friendly customer service, distinguishing itself from larger chain pharmacies. Services include prescription refills, compounding, delivery, vaccines, wound care, MEDSYNC (medication synchronization), and PakMyMeds (a free medication packaging service). Additionally, the pharmacy acts as an Amazon Hub, securely accepting and storing Amazon packages for customers. Mana Group Pharmacies filed Chapter 11 petition (Bankr. N.D. Texas Case No. 25-31057) on March 27, 2025, listing $332,938 in assets and $4,952,261 in liabilities. Christopher Tapper, managing member of Mana Group Pharmacies, signed the petition. David R. Langston, Esq., at Mullin Hoard & Brown, L.L.P., is the Debtor's legal counsel. Live Oak Banking Company, as secured creditor, is represented by: Kristin A. Zilberstein, Esq. ZBS Law, LLP 30 Corporate Park, Suite 450 Irvine, CA 92606 Telephone: (714) 848-7920 Facsimile: (714) 908-7807 MANE SOURCE: Court Confirms Amended Chapter 11 Plan --------------------------------------------------- Judge David M. Warren of the United States Bankruptcy Court for the Eastern District of North Carolina confirmed Mane Source Counseling, PLLC's Amended Chapter 11 Plan. The Amended Disclosure Statement relating to the Amended Plan is approved. The Court finds the Amended Disclosure Statement relating to the Amended Plan filed by the Debtor on August 29, 2025, contains adequate information about the Plan within the purview of 11 U.S.C. Sec. 1125. The requirements for confirmation under 11 U.S.C. Sec. 1129(a) have been satisfied with regards to classes 2,3, and 4. The Plan does not discriminate unfairly and is fair and equitable as to all remaining classes, and the requirements for confirmation under 11 U.S.C. Sec. 1129(b) have been satisfied as to those classes. As reported by the Troubled Company Reporter on Sept. 9, 2025, Mane Source Counseling, PLLC submitted an Amended Disclosure Statement describing Amended Chapter 11 Plan dated August 29, 2025. Upon confirmation of this Plan, Debtor will continue to operate and make plan payments from funds available after the payment of operating expenses. Debtor has continued to operate with a net profit during the course of the bankruptcy, and hired one additional part-time clinician. Over the course of the next six months, Debtor anticipates hiring one to two additional clinicians to offer therapy services for the Debtor. Addition of these clinicians is anticipated to increase the net profit of the Debtor. Class 3 is comprised of the Allowed Priority Claims which are not Priority Tax Claims, including wage claims present and former contractors and employees. Class 3 shall be amortized and paid over 7 years until paid in full with seven percent interest. The Debtor estimates that Class 3 Claims will total $48,078.50. Class 4 is comprised of the Allowed Secured Claims of Southern Bank. Class 4 Claimants shall retain their liens to secure payment of the Class 4 Claims pursuant to the terms of this Plan. Class 4 claims shall be amortized over 15 years with seven and a half percent interest and paid in equal monthly payments with a balloon payment eight years from the Effective Date, on which date the remaining outstanding balance shall be due. After eight years, Class 4 Claimants may modify the terms of the remaining payments upon terms agreed to by both parties. The Debtor estimates that Class 4 Claims will total $114,461.90 based on the proof of claim filed by Southern Bank. Class 5 is comprised of the Allowed Secured Claims of the United States Small Business Administration. Class 5 Claimants shall retain their liens to secure payment of the Class 5 Claims pursuant to the terms of this Plan. Class 5 claims shall be amortized and paid over twenty-two years until paid in full with seven percent interest. The Debtor estimates that Class 5 Claims will total $97,863.31. Class 6 is comprised of the Allowed General Unsecured Claims. Class 6 Claims shall be paid quarterly for seven years as follows until the Class 6 claims are paid in full or a maximum amount of $94,000 has been paid: Year 1: Quarterly payments of $500 Years 2-3: Quarterly Payments of $1,500 Years 4: Quarterly Payments of $2,500 Year 5: Quarterly Payments of $3,750 Year 6: Quarterly Payments of $6,250 Year 7: Quarterly Payments of $7,500 The Debtor estimates that Class 6 claims currently total $325,219.47 based on scheduled claims and filed proofs of claim, but that this number will be reduced due to disputes and claims objections. The Plan will be consummated and distributions made if the Plan is confirmed pursuant to a Final Order of the Bankruptcy Court. It will not be necessary for the Debtor to await any required regulatory approvals from agencies or departments of the United States Government to consummate the Plan. The Plan will be implemented pursuant to its provisions and the provisions of the Bankruptcy Code. A full-text copy of the Amended Disclosure Statement dated August 29, 2025 is available at https://urlcurt.com/u?l=IOkgq8 from PacerMonitor.com at no charge. A copy of the Court's Order dated November 24, 2025, is available at https://urlcurt.com/u?l=SvozXe from PacerMonitor.com. About Mane Source Counseling PLLC Mane Source Counseling, PLLC provides counseling and wellness services with the help of five horses used in therapy sessions. Mane Source Counseling sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 25-00833) on March 7, 2025, listing up to $500,000 in assets and up to $1 million in liabilities. Cheryl Meola, company owner, signed the petition. Judge David M. Warren oversees the case. The Debtor is represented by Kathleen O'Malley, Esq., at Stevens Martin Vaughn & Tadych, PLLC. MARINE WHOLESALE: Seeks to Use Cash Collateral Until July 2026 -------------------------------------------------------------- Marine Wholesale and Warehouse Co. asked the U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, for another extension to use its cash collateral. In its motion, the Debtor requested authority to use cash collateral from January 1 through July 31, 2026, in accordance with its budget and subject to a 10% variance cap. The Debtor's cash collateral consists of cash and receivables subject to the liens held by the U.S. Small Business Administration, the Alcohol and Tobacco Tax and Trade Bureau and the debtor-in-possession (DIP) lenders. As adequate protection, the Debtor proposed (1) monthly cash payments of $731 to the SBA, equal to regular loan payments; (2) replacement liens for both SBA and TTB on all post-petition personal property (excluding avoidance actions); (3) continued temporary TTB retention of previously levied funds; and (4) repayment of the second DIP loan by March 31, 2026. A court hearing on the matter is set for December 17. The Debtor's need for cash collateral has been ongoing and critical, as shown by nine prior motions and two rounds of DIP financing, the latest approved on November 13. The November 13 DIP order authorized the Debtor to enter into $375,000 in post-petition loans, funded by four lenders: Robert Hartry ($100,000), Margareta Hartry ($100,000), Christina Tyron ($100,000), and Jerry Anderson ($75,000). As protection, the lenders received a superior security interest in accounts receivable tied to two National Science Foundation purchase orders. The DIP order also allowed the Debtor to use cash collateral from November 13 to March 31, 2026, to repay the latest DIP financing and related fees and costs including $11,500 in loan fees and accruing interest. Marine Wholesale and Warehouse operates a TTB-bonded tobacco export warehouse and owns two high-value warehouse properties in San Pedro and Wilmington, collectively worth over $7.9 million. Its remaining assets include equipment, vehicles, inventory, about $2 million in current assets as of October, and roughly $125,000 in cash on hand. The Debtor's bankruptcy stems from a disputed $25 million TTB excise tax assessment tied to an alleged unreported 2012 ownership change. The Debtor said that TTB continued to treat it as properly bonded for years -- accepting returns and overseeing operations -- yet still filed liens against all assets and ultimately levied the Debtor's bank account, leading to the Chapter 11 filing. About Marine Wholesale and Warehouse Co. Marine Wholesale and Warehouse Co. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 22-13785) on July 12, listing between $10 million and $50 million in assets and liabilities. Jennifer Hartry, vice president and secretary, signed the petition. Judge Sheri Bluebond oversees the case. The Debtor tapped David R. Haberbush, Esq., at Haberbush, LLP as legal counsel; Neville Peterson, LLP as special tax law counsel; and Trojan and Company Accountancy Corp as accountant. MARQUEZ CONSTRUCTION: OSC's Administrative Expense Claim Allowed ---------------------------------------------------------------- Judge Christopher G. Bradley of the United States Bankruptcy Court for the Western District of Texas granted OSC Energy, LLC's application for allowance and payment of post-petition administrative expense claim in the bankruptcy case of Marquez Construction and Maintenance, LLC. OSC's $151,370.83 claim is allowed as a chapter 11 administrative expense. On August 28, 2024, Marquez Construction and Maintenance, LLC filed for chapter 11. When the case was filed, the Debtor provided oil field services. To facilitate continued operations, the Debtor entered into a post-petition rental agreement with OSC Energy, LLC but did not inform OSC that it was in bankruptcy. Under the Rental Agreement, OSC provided the Debtor with equipment, diesel fuel, and pickup/delivery services between December 12, 2024 and May 2, 2025. In February 2025, the United States Trustee filed a motion to convert or dismiss the case under 11 U.S.C. Sec. 1112(b). On April 11, 2025, the Court entered an order that converted the case from a reorganization under chapter 11 to a liquidation under chapter 7. Aldo Lopez was appointed the chapter 7 trustee and the Debtor stopped operations. On July 16, 2025, OSC asked the Court to allow a $151,370.83 administrative expense claim. Creditor Pioneer Bank and the Chapter 7 Trustee both filed objections, primarily arguing that the Application was untimely and that the expenses did not benefit the estate. The Chapter 7 Trustee and Pioneer also argued that the Court should deny the Application as untimely because it was not filed before the conversion date and the Court had not set another deadline. Indeed, the case was converted on April 11, 2025, and the Application was not filed until July 16, 2025. The Court holds that OSC's claim was timely because no deadline was set for filing administrative claims, and in any case, the creditor received no notice of the bankruptcy. The Court finds the entirety of OSC's claim is entitled to administrative expense status, because when a chapter 11 debtor enters into a contract, all expenses resulting from that contract -- even those arising after a conversion to a chapter 7 liquidation -- should be treated as administrative expenses. The Court concludes while the claim is entitled to chapter 11 administrative claim status, it must be denied the higher-priority chapter 7 administrative claim status, because the creditor's goods and services neither benefitted the chapter 7 estate nor were they sought or accepted by the chapter 7 trustee. A copy of the Court's Memorandum Opinion and Order dated November 25, 2025, is available at https://urlcurt.com/u?l=1STEdw About Marquez Construction and Maintenance Marquez Construction offers pipeline services encompassing gathering systems, well connects, meter stations, pump stations, launchers, receivers and block valves. Marquez Construction and Maintenance, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Tex. Case No. 24-31042) on August 28, 2024, listing up to $50,000 in assets and $1 million to $10 million in liabilities. The petition was signed by Angel Marquez, owner. Judge Christopher G. Bradley oversees the case. Carlos Miranda, Esq., at Miranda & Maldonado, PC represents the Debtor as legal counsel. The case was converted Chapter 7 on April 11, 2025. Aldo Lopez is the Chapter 7 trustee. MARYLAND HEALTH: Gets Court OK to Use Cash Collateral Until Dec. 20 ------------------------------------------------------------------- Maryland Health Alliance, Inc. received interim approval from the U.S. Bankruptcy Court for the District of Maryland to use cash collateral. The court authorized the Debtor to use cash collateral through December 20 in accordance with its budget. The Debtor may exceed individual line items by up to 10% weekly so long as cumulative four-week disbursements do not exceed the budget by more than 10% without lender consent or further court order. As adequate protection, the Debtor was ordered to make monthly payments of $2,500 to First Savings Bank. In addition, First State Bank and other pre-bankruptcy secured creditors will be granted replacement liens on substantially all post-petition property of the Debtor, excluding Chapter 5 causes of action and any property subject to the carveout. The next hearing is set for December 17. The deadline for filing objections is on December 10. A copy of the interim order and the Debtor's budget is available at https://shorturl.at/IYZnp from PacerMonitor.com. Substantially all of the Debtor's cash, including amounts on deposit in bank accounts and proceeds from operations, constitutes proceeds of collateral and therefore cash collateral. The creditors that have or may have an interest in the cash collateral include First Savings Bank, Pinnacle Business Funding, LLC, Parkside Funding Group, LLC and the Internal Revenue Service. First Savings Bank is represented by: Paulina Garga-Chmiel, Esq. 10 South Wacker Drive, Suite 2300 Chicago, IL 60606 Direct: 312-627-5662 Mobile: 224-595-2366 Fax: 866-561-3142 PGarga@dykema.com Parkside Funding Group is represented by: Shanna M. Kaminski, Esq. Kaminski Law, PLLC P.O. Box 247 Grass Lake, MI 49240 Phone: (248) 462-7111 skaminski@kaminskilawpllc.com About Maryland Health Alliance, Inc. Maryland Health Alliance Inc. operates as an outpatient mental health practice providing counseling and rehabilitation services to individuals and families in Maryland. The organization offers group therapy and psychiatric rehabilitation programs with an emphasis on culturally competent care and community engagement. It focuses on promoting personal growth, family well-being, and holistic approaches to mental health within the communities it serves. Maryland Health Alliance Inc. in Greenbelt, MD, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. D. Md. Case No. 25-19411) on Oct. 8, 2025, listing $500,000 to $1 million in assets and $1 million to $10 million in liabilities. Corey A. Williams as president, signed the petition. STEINER LAW GROUP, LLC serve as the Debtor's legal counsel. MATTAMY GROUP: Moody's Rates New Senior Unsecured Notes 'Ba2' ------------------------------------------------------------- Moody's Ratings assigned Ba2 ratings to Mattamy Group Corporation's (Mattamy) new senior unsecured notes. The company's Ba1 corporate family rating, Ba1-PD probability of default rating and Ba2 ratings on its existing senior unsecured notes remain unchanged. The outlook remains unchanged at stable. The company intends to use the net proceeds from the proposed senior unsecured notes to redeem all of the company's 2027 and 2028 notes and repay a portion of the outstanding borrowings under the revolving credit facility. The proposed transaction is leverage neutral, but improves the company's liquidity by pushing out the debt maturities. RATINGS RATIONALE Mattamy Group Corporation (Ba1 CFR) benefits from: (1) geographic diversification across both Canada and the US with leading market share in key communities; (2) high gross margins compared to US peers, supported by a large, low-cost land position in the supply-constrained Greater Toronto Area (GTA); (3) Moody's expectations that debt to book capitalization will be around or below 35% in fiscal 2026 and 2027; and (4) strong revenue visibility underpinned by mostly a build-to-order long-term strategy and structural advantages in Canada's housing market. The rating is constrained by: (1) affordability challenges negatively impacting new home sales demand and prices; (2) long land supply and land development strategy exposing the company to negative free cash flow; and (3) a lengthy entitlement process in Canada requiring the maintenance of a large land bank. Mattamy has good liquidity. As of August 2025, liquidity is supported by close to CAD75 million in cash and about CAD1.4 billion available under the CAD1.5 billion revolving credit facilities expiring in November 2027. Uses are comprised of Moody's estimates of negative free cash flow of around CAD250 million and debt maturities of about CAD85 million related to project specific financings in the next four quarters. Mattamy has ample headroom under financial covenants in its credit agreements, which include debt to capitalization, interest coverage and minimum net worth. The company has strong sources of alternate liquidity to raise cash given its robust land inventory position, with assets largely unencumbered. The Ba2 rating on Mattamy's senior unsecured notes, one notch below the Ba1 CFR, reflects the notes' junior position relative to the secured debt in Mattamy's capital structure. The stable rating outlook reflects Moody's expectations that Mattamy will continue to sustain adjusted debt to book capitalization below 35%, with consolidated gross margins falling to the low-20s. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Mattamy's ratings could be upgraded if the company meaningfully increases its scale and improves its market positions in the US markets. An upgrade would also require maintenance of strong credit metrics, including homebuilding debt to book capitalization below 30% and EBIT interest coverage in the high single digits on a sustained basis. Finally, an upgrade would require maintenance of conservative financial policy, including strong free cash flow generation and liquidity. The ratings could be downgraded if gross margins fall well below 20%, homebuilding debt to book capitalization is maintained above 40%, EBIT interest coverage remains below 5.0x, or liquidity weakens. The ratings could also be downgraded if the company shifts to a more aggressive financial policy or recognizes major impairment charges. The principal methodology used in these ratings was Homebuilding and Property Development published in September 2025. Mattamy Group Corporation, established in 1978 with headquarters in Toronto, Ontario, constructs single-family homes and high-rise buildings and has a presence in in Canada and the US. MCGLOTHLIN INVESTMENTS: To Sell Moneta Property to C. & L. Barnes ----------------------------------------------------------------- McGlothlin Investments, LLC seeks permission from the U.S. Bankruptcy Court for the Western District of Virginia, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property is located at Lot 30, South Harbour, Moneta, VA 24121. The Debtor is the joint owner of the Property, as tenants in common, with an individual, Jason Gregory, as detailed below: a. Property Identification: Lot 30, South Harbour, Moneta, VA, Franklin County Tax Map No. 0482003000. The Property consists of undeveloped land. b. Liens: i. Inchoate real estate tax lien in favor of the Treasurer, Franklin County. ii. The Debtor is not aware of any other liens on the Property. Gregory and the Debtor own their respective interests in the Property through an unincorporated joint venture. Gregory provided $45,000.00 at the time of the purchase of the Property by the Debtor and Gregory. The Debtor and Gregory have received an offer to purchase the Property for $60,000 from Corey C. Barnes and Leah C. Barnes. The Purchasers are not connected to the Debtor or its principal, any of the Debtor’s principal's other companies, or the other co-owner of the Property (Gregory) in any way. As described in the Contract, the Sellers' Listing Firm is Wainwright & Co., and the Purchasers' Selling Firm is RE/MAX Lakefront Realty. Per the Compensation Agreement included as an Addendum to the Contract, the Selling Firm is entitled to a commission of four percent of the purchase price to be paid at settlement. At the closing of the sale of this Property, the Debtor expects that a real estate settlement agent would pay approximately $1,000 in seller closing fees and taxes, including customary fees for seller's attorney for the preparation of the deed and for representing the seller at closing. The Debtor submits that the sale of the Property according to the terms of the proposed Contract would realize the full fair market value of the Property. The Debtor believes that all real estate taxes payable to Franklin County are current, but provides notice of this proposed sale to the Treasurer of Franklin County out of an abundance of caution. The Debtor submits that the proposed sale price would be sufficient to satisfy any outstanding real estate tax liabilities at closing in any event. The Debtor proposes that any liens on the Property, including any inchoate tax liens in favor of Franklin County, will be paid from the sale proceeds at closing. About McGlothlin Investments, LLC McGlothlin Investments LLC is a Virginia-based company engaged in real estate ownership, development, and property management. McGlothlin Investments LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Va. Case No. 25-70840) on September 17, 2025. In its petition, the Debtor reports estimated estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Paul M. Black handles the case. The Debtor is represented by Richard D Scott, Esq., of Law Office of Richard D. Scott PC. MCHUGH JUNK: Allowed to Pay Pre-Petition Wages ---------------------------------------------- Judge Elizabeth D. Katz of the United States Bankruptcy Court for the District of Massachusetts authorized McHugh Junk Removal Inc. to pay pre-petition wages. The Debtor is also permitted to honor outstanding prepetition payroll checks. The Debtor contends that, in order to preserve and maintain its property and operations, it is essential that the Debtor pay certain expenses, including, without limitation, pre-petition priority wages, and accompanying, pension contribution, and related charges. It is particularly vital that the Debtor pay its employees their priority wages because, unless they are paid such sums, they will not continue to provide services. The Debtor must continue its business operations because one of its primary assets is its customer base and a cessation of its ability to provide services would lead to an immediate and irreparable erosion of the customer base. It would also cause its customers harm if they cannot dispose the household waste. All employees have accrued salary arrearages of less than $2,000.00 in the last 90 days. Payroll taxes and the employees' portion of pension contributions are all current. Additionally, there are no insiders or officers that will be paid under the terms of this motion other than the Debtor's domestic partner. A copy of the Court's Order dated November 26, 2025, is available at https://urlcurt.com/u?l=7JgpXM from PacerMonitor.com. About McHugh Junk Removal Inc. McHugh Junk Removal Inc. provides junk-removal, hauling, and cleanup services for residential properties, rental units, construction sites, and commercial facilities. Its service portfolio includes appliance and furniture removal, yard-waste hauling, post-renovation debris cleanup, and full-property cleanouts. McHugh Junk Removal Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass., Case No. 25-41270) on November 24, 2025. In its petition, the Debtor reports estimated assets of $100,001 to $1,000,000 and estimated liabilities of $100,001 to $1,000,000. The Honorable Chief Judge Elizabeth D. Katz handles the case. The Debtor is represented by Louis S. Robin, Esq. of the Law Offices of Louis S. Robin. MEG ENERGY: Moody's Withdraws 'Ba3' CFR Following Debt Repayment ---------------------------------------------------------------- Moody's Ratings withdrew MEG Energy Corp.'s (MEG) Ba3 corporate family rating, Ba3-PD probability of default rating, B1 senior unsecured notes rating and SGL-1 speculative grade liquidity rating (SGL). Prior to the withdrawal, the CFR, PDR and senior unsecured rating were on review for upgrade and the outlook was rating under review. This action follows the repayment of MEG's rated debt after being acquired by Cenovus Energy Inc. (Cenovus, Baa1 negative). RATINGS RATIONALE Moody's have withdrawn the ratings as a result of the repayment of the rated debt. MEG was a publicly-listed Calgary, Alberta based steam-assisted-gravity-drainage (SAGD) oil sands developer at the Christina Lake project in the Athabasca Oil Sands region in Northern Alberta. MILLENKAMP CATTLE: Kander's Final Fee Application Okayed -------------------------------------------------------- Chief Judge Noah G. Hillen of the United States Bankruptcy Court for the District of Idaho approved the final application for allowance of fees & costs filed by financial advisor Kander LLC in the bankruptcy case of Millenkamp Cattle Inc. Kander is awarded fees in the amount of $609,508.50 and expenses in the amount of $4,173.98. The Debtors are authorized to pay the remaining unpaid amounts as outlined in the application ($613,682.48). A copy of the Court's Order dated November 24, 2025, is available at https://urlcurt.com/u?l=qwGmvw from PacerMonitor.com. About Millenkamp Cattle Millenkamp Cattle Inc., is part of a family-owned agriculture business that can produce more than 1 million pounds of milk per day. Millenkamp Cattle Inc. and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Idaho Lead Case No. 24-40158) on April 2, 2024. In the petitions filed by William J. Millenkamp, manager, Millenkamp Cattle estimated assets between $10 million and $50 million and estimated liabilities between $500 million and $1 billion. Judge Noah G. Hillen oversees the cases. The Debtors tapped Matthew T. Christensen, Esq., at Johnson May, PLLC, as bankruptcy counsel and Givens Pursley as special counsel. The Court on June 27, 2025, entered an Order confirming the Debtors' Fifth Amended Plan of Reorganization. MODIVCARE INC: Lenders Want Speedy Chapter 11 Plan Approval ----------------------------------------------------------- Yun Park of Law360 reports that ModivCare's debtor-in-possession lenders and consenting creditors are pushing a Texas bankruptcy judge to confirm the company's Chapter 11 plan as quickly as possible. The plan, they say, would cut the company's debt by $1.1 billion and support a viable path forward for the medical transportation provider. The group also rejected concerns raised by the unsecured creditors' committee, arguing that the objections should not hinder the plan's confirmation. They stressed that swift court approval is essential to ensure continuity and preserve value for all stakeholders, the report states. About Modivcare Inc. ModivCare Inc. is a technology-enabled healthcare services company that provides a suite of integrated supportive care solutions for public and private payors and their members. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90309) on August 20, 2025. In the petition signed by Chad J. Shandler, chief transformation officer, the Debtor disclosed up to $10 billion in both assets and liabilities. Judge Alfredo R. Perez oversees the case. Timothy A. Davidson II, Esq., at Hunton Andrews Kurth LLP, represents the Debtor as legal counsel. MORTGAGES LTD: Final Distribution, Deposit of Unclaimed Funds OK'd ------------------------------------------------------------------ Judge Scott H. Gan of the United States Bankruptcy Court for the District of Arizona granted ML Manager LLC's motion for an order authorizing payment of final distribution to the investors and deposit of unclaimed funds with Clerk of the Court in the bankruptcy case of Mortgages Ltd. ML Manager, as manager for the Loan LLCs and the MP Fund LLCs and as agent for the Pass-Through Investors, is authorized and directed to execute any and all necessary documents and take any and all actions necessary to implement the actions as presented in the motion. Issues regarding the remnant property in Tucson shall be reserved and dealt with at a later time. The Court approves and authorizes that upon the Board being relieved of its services, VSA Accounting Services is appointed to act on behalf of and perform the winddown activities of ML Manager and accept possession of the reserved funds and use the funds to pay the expenses of the winddown activities and take actions necessary for ML Manager to complete the winddown activities. A copy of the Court's Order dated December 2, 2025, is available at https://urlcurt.com/u?l=BoSDZO from PacerMonitor.com. About Mortgages Ltd. Mortgages Ltd. was the subject of an involuntary Chapter 7 petition dated June 20, 2008, filed by KGM Builders Inc. -- a contractor for Grace Communities, a borrower of the company -- in the U.S. Bankruptcy Court for the District of Arizona. Central & Monroe LLC and Osborn III Partners LLC, divisions of Grace Communities, sought the appointment of an interim trustee for Mortgages Ltd. in the Chapter 7 proceeding. Mortgages Ltd. faced lawsuits filed by Grace Communities and Rightpath Limited Development Group for its alleged failure to fully fund loans. Mortgages Ltd. denied the charges. The Debtor's case was converted to a chapter 11 proceeding (Bankr. D. Ariz. Case No. 08-07465) on June 24, 2008. Judge Sarah Sharer Curley presided over the case. Carolyn Johnsen, Esq., and Bradley Stevens, Esq., at Jennings, Strouss & Salmon P.L.C., replaced Todd A. Burgess, Esq., at Greenberg Traurig LLP, as counsel to the Debtor. As of Dec. 31, 2007, the Debtor had total assets of $358,416,681 and total debts of $350,169,423. Mortgages Ltd. was reorganized pursuant to a plan that was confirmed by the Bankruptcy Court on March 20, 2009. As part of the Plan, ML Manager LLC was created to manage and operate the loans in the portfolio. The original investors for the most part transferred their interests to 49 separate Loan LLC's. A number of investors, referred to as "pass through investors" did not transfer their interests. As part of the Plan, ML Manager took out $20 million in exit financing to help keep the company afloat during the reorganization. MSOF BEACON: Moody's Assigns 'B2' CFR, Outlook Stable ----------------------------------------------------- Moody's Ratings assigned a B2 Corporate Family Rating to MSOF Beacon, LLC (dba Potters Industries). Moody's also assigned a B2-PD probability of default rating and a B2 rating to the proposed senior secured bank credit facilities, consisting of a $125 million senior secured first lien multi-currency revolving credit facility and $625 million senior secured first lien term loan B. The proceeds of the term loan issuance will be used to fund the acquisition of Potters Industries by a fund affiliated with Macquarie Asset Management from The Jordan Company. The ratings outlook is assigned stable. Moody's will withdraw the ratings on Potters Borrower, LP, once the transaction closes. Governance is a key driver for this rating reflecting high absolute debt level as a result of leveraged buyout by a fund affiliated with Macquarie Asset Management. RATINGS RATIONALE MSOF Beacon, LLC rating reflects its small scale, limited product diversity with the majority of earnings generated by glass microspheres used in road and transportation markings and in industrial and consumer applications. The rating is constrained by an increased absolute debt amount (an approximately $100 million increase) as a result of the leveraged buyout, while the company has yet to fully demonstrate higher earnings following the start-up of a new direct melt glass bead plant in Wilson, North Carolina in the second quarter of 2025. Moody's estimates Moody's adjusted debt/EBITDA of 5.6x in the twelve months ended September 2025, pro forma for the new debt and expected additional run-rate EBITDA at the Wilson plant. The company expects strong demand for Wilson plant products because of the enhanced reflectivity requirements in roadways in a number of states. Increasing demand for wider road markings, brighter lines, and demand for recyclable materials continue to support business visibility of glass microspheres. The company's Performance Materials business has exposure to several end markets, including general industrial (oil and gas and mining), home construction and repair/remodel, that can be negatively impacted by weaker economic growth. Nevertheless, Moody's expects earnings growth driven by additional volume and pricing which will result in Moody's adjusted leverage of 5.5x and 5.3x in 2026 and 2027, assuming only amortization payments. Moody's expects the company to generate free cash flow, but Moody's expects it to be primarily used to pursue organic or non-organic growth opportunities. The rating is supported by the company's leading positions in the global glass microsphere market in North America, Europe and Latin America, and number two position in Asia-Pacific. The rating is also supported by relatively stable sales volumes, particularly in transportation safety, and historically attractive EBITDA margins. The rating further considers Potters Industries' extensive global production network with 32 facilities worldwide that serve a diverse customer base with long-term customer relationships. The sponsor expects to prioritize using free cash flow generated by the company to reinvest in the business. At the same time, the proposed credit agreement includes certain baskets for restricted payments. High starting leverage and concentrated ownership result in G-4 governance issuer profile score. LIQUIDITY The company is expected to have good liquidity. The company is expected to have approximately $10 million of cash pro forma for the transaction. The company is also expected to have full availability on the proposed $125 million revolving credit facility maturing in 2030. The new facility is $25 million larger than the company's previous facility. The company relies on its revolver for seasonal working capital needs. It typically builds inventory in the first quarter ahead of the road paving and marking season and collects cash in the third and fourth calendar quarter. The proposed revolver has a springing first lien net leverage covenant of 8.95x if revolver borrowing is more than 40% of aggregate revolver commitments. The company will have a large cushion under the covenant pro forma for the transaction with the closing first lien net leverage set at 5.25x. The term loan due in 2032 has no covenants. Annual amortization payments are 1% or approximately $6.25 million. There are no near-term maturities. Moody's expects the company to generate approximately $34 million of free cash flow in 2026 on the back of higher EBITDA and a decline in capital expenditures after the company completed its investment into a new direct melt plant in Wilson, NC. Maintenance capital expenditures are approximately 2-3% of sales. Assets are mostly encumbered. Marketing terms for the new credit facilities (final terms may differ materially) include the following: Incremental pari passu debt capacity up to the greater of 100% of Financing EBITDA and the EBITDA equivalent percentage, plus an additional amount subject to the greater of 5.75x first lien net leverage ratio and leverage neutral incurrence. There is an inside maturity sublimit of up to the greater of 200% of Financing EBITDA and EBITDA equivalent percentage. Liability management provisions and protections in the credit documentation are expected to be J. Crew, "Chewy" and " Serta" provisions. A "blocker" provision restricts the designation of a restricted subsidiary as an unrestricted subsidiary, if it owns material intellectual property. The credit agreement is expected to provide some limitations on up-tiering transactions, requiring affected lender consent for amendments that contractually subordinate the debt or liens unless such lenders can ratably participate in such priming debt. Asset sale proceeds may be used by the company to make permitted restricted payments or restricted debt prepayments. Amounts up to 100% of unused capacity from the builder basket, certain capacities from the RP and RDP covenants, the contribution amount, and the employee equity repurchase basket may be reallocated to incur debt or liens. Carve out growth components include a highwater mark feature. The capital structure is portable to a New Sponsor subject to ratings reaffirmation. The stable rating outlook reflects Moody's expectations that Potters Industries will improve earnings and generate free cash flow in 2026 on the back of recent capital investments. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's would consider an upgrade if financial leverage, including Moody's standard adjustments, is sustained below 4.0x, the company's size increases to over $500 million in revenue, product or end market diversity improves materially providing the potential for greater organic growth, free cash flow remains positive and the private equity sponsor is supportive of maintaining leverage below 4.0x on a sustained basis. The ratings could be downgraded if leverage is above 6.0x and free cash flow is negative for a sustained period, or if there is a significant deterioration in liquidity, a large debt-financed acquisition or dividend. MSOF Beacon, LLC, is a leading provider of glass spheres for highway and safety markings and engineered glass materials used in a variety of end use applications. The company operates in two segments: Transportation Safety and Performance Materials, which represented approximately 67% and 33% of revenue in the twelve months ended September 2025. Potters generated approximately $498 million in revenue for the twelve months ending September 2025. A fund associated with Macquarie Asset Management is acquiring Potters Industries, LP from The Jordan Company. 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. MW MASON: Gets Interim OK to Use Cash Collateral ------------------------------------------------ MW Mason Construction, Inc. got the green light from the U.S. Bankruptcy Court for the Central District of California, Northern Division, to use cash collateral. At the recent hearing, the court granted the Debtor interim approval to use cash collateral to fund operations through February 11. The Debtor intends to use cash collateral to maintain its high-end custom cabinetry business under a three-month budget (with a 10% variance) while reorganizing under Subchapter V of Chapter 11. The Debtor's primary assets include approximately $40,000 in cash, $44,911 in accounts receivable, $50,000 in inventory, $48,500 in vehicles, and $53,850 in equipment, totaling around $237,261. Multiple creditors hold UCC-1 filings but only the first-position lienholder, Kapitus Servicing, Inc. (owed $193,440), and the second-position lienholder, the U.S. Small Business Administration (owed $500,000), have secured claims that attach to all assets. Because the combined Kapitus and SBA claims exceed the Debtor's total asset value, all other creditors with UCC-1 filings including Headway Capital, BayFirst National Bank, Newity, Lendistry, and Funding Metrics are unsecured. The Debtor believes these secured creditors are adequately protected because its business is continuing to generate new income; there is no evidence of declining asset value; and Kapitus and the SBA will receive replacement liens on post-petition revenue to the same extent and priority as their pre-petition lien. MW Mason resorted to filing bankruptcy after becoming entangled in multiple merchant cash advance obligations that severely restricted cash flow. About MW Mason Construction Inc. MW Mason Construction, Inc. is a construction services provider in the United States, working across residential and commercial sectors. It delivers general contracting, design-build, and renovation services, prioritizing high-quality results, project efficiency, and client satisfaction. MW Mason Construction 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., at Beall and Burkhardt, APC. NAVACORD INTERMEDIATE: Fitch Affirms B LongTerm IDR, Outlook Stable ------------------------------------------------------------------- Fitch Ratings has affirmed the Long-Term Issuer Default Ratings (IDRs) of Navacord Intermediate Holdings, Inc. (Navacord) and its wholly owned borrower subsidiary, Jones DesLauriers Insurance Management Inc. (Jones DesLauriers), at 'B'. The Rating Outlook is Stable. Fitch has assigned a 'B+' rating with a Recovery Rating of 'RR3' to Jones DesLauriers' new first-lien term loan. Transaction proceeds will fund the acquisition of a large majority-employee-owned brokerage company. Fitch has affirmed Jones DesLauriers's senior RCF at 'B+' /'RR3', first-lien term loan at 'B+'/'RR3', senior secured notes at 'B+'/'RR3', and senior unsecured notes at 'CCC+'/'RR6'. While Navacord's EBITDA leverage is high at over 8.0x on a pro forma basis, the 'B' rating reflects the company's resilient organic growth profile and strong operating margins. The rating also reflects its position as a top-three commercial brokerage in Canada. Rating constraints include an aggressive financial policy and the likelihood that leverage will remain elevated. Key Rating Drivers High Leverage: Fitch expects Navacord's pending acquisition of the brokerage company to increase near-term credit risk, with pro forma EBITDA leverage rising into the mid-8.0x range. The high leverage is likely to constrain the IDR to the 'B' category over the near term. Fitch expects Navacord's leverage to remain elevated due to its aggressive M&A strategy. While Fitch expects credit risk will increase for issuers that prioritize debt-financed M&A, the sector's recession-resistant characteristics and strong FCF partially offset the risk. The stability of well-managed insurance brokerage firms throughout economic cycles enables them to tolerate a higher degree of financial leverage than other corporate sectors. Aggressive M&A Growth Strategy: Fitch views Navacord's aggressive M&A strategy as a key factor that constrains its IDR to the 'B' category. The pending acquisition is the company's largest deal to date. Since its founding, Navacord has deployed over CAD 2.3 billion to complete more than 128 transactions, and Fitch expects it to continue prioritizing acquisitions. Although acquisitions have historically been largely debt funded, integration risk is considered manageable given the business model, as transactions primarily target customer and broker acquisition. Solid Market Position: Fitch considers Navacord's strong position in the Canadian insurance distribution market as one of the largest commercial brokerage and employee benefits firms in the country as credit positive. Fitch expects Navacord's pro forma market share to rise, with revenue increasing by roughly one-third following the acquisition. While the insurance brokerage industry is highly fragmented and competitive, Navacord has consistently delivered positive organic revenue growth—at least mid-single-digit since 2017, double-digit from 2019 to 2023, high-single-digit in 2024, and mid-single-digit in 2025 amid softer market conditions. Fitch expects this solid organic growth to continue over the next few years, albeit potentially at a slower pace as sector trends moderate. Broad Diversification: Navacord benefits from broad client, broker and carrier diversification, despite operating solely in Canada. It serves over 85,000 commercial clients, with the top 20 customers comprising only 5% of revenue. Its top 10 producers account for less than 10% of revenue. The company is diversified by insurance carrier partners and business lines, including commercial and personal property and casualty (P&C) and benefits. Navacord's strong market position prevents geographic concentration from limiting its IDR. Fitch believes the company could expand beyond Canada over time; however, this would involve execution risks associated with geographical diversification. Stable Business Model: The company operates a predictable business model in an industry that performs well throughout the economic cycle. Founded in 2014, Navacord has a more limited operating history than other Fitch-rated brokers. However, Fitch expects the industry to exhibit much lower revenue and earnings declines in a recession than in many other sectors, given the sticky nature of insurance. Many large global insurance brokers have grown organically each year since 2007 (except for a modest decline in 2009) and also grew during the pandemic. Navacord still faces specific risks from its exclusive exposure to the Canadian market. Cash Flow Ratios Constrained: Fitch expects FCF to remain constrained due to debt-financed M&A, which elevates leverage and keeps near-term interest coverage near Fitch's negative sensitivity threshold for the 'B' IDR. Although constrained FCF reflects Navacord's roll-up M&A strategy, underlying cash generation remains solid. Fitch believes that moderating M&A would materially improve cash flow, unless excess cash is redirected to shareholder returns. Peer Analysis Navacord operates in a fragmented landscape of insurance brokerage and employee benefits providers, competing with local and regional firms, national agents, and large multinational brokers. Fitch rates numerous insurance brokerages with comparable scale, operating profiles, and business models. Navacord holds a strong position among commercial brokers in Canada and has achieved meaningful scale, with revenue exceeding CAD 750 million and annual premiums near CAD 3.0 billion. However, it remains relatively small and carries materially higher financial leverage than larger global peers such as Marsh & McLennan Companies, Inc. (A-/Stable) and Aon plc (BBB+/Stable). It is also notably smaller than mid-sized US issuers such as Brown & Brown, Inc. (BBB/Stable) & Ryan Specialty Holdings, Inc. (BB+/Stable). Navacord's 'B' rating reflects the company's strong historical growth, solid profitability, and diversification across customers and business segments, offset by an aggressive, debt-financed M&A strategy that has resulted in high gross leverage. Fitch’s Key Rating-Case Assumptions - Organic revenue growth are estimated to be in the mid-single digit percentage range over the ratings horizon, plus contributions from incremental M&A through fiscal year (FY) 2029; - EBITDA margins are estimated to be in the low-30% range, improving due to planned cost-saving initiatives and synergies; - Interest rates assumptions are as follows: Secured overnight financing rate (SOFR) to decline to the mid-3% range over the ratings horizon; - Cash taxes remain a modest use of cash flow in the next few years; - Fitch assumes Navacord will continue its growth-driven M&A strategy and will incur cash outflows related to purchase and integration costs. Fitch assumes this remains the primary use of cash flow and incremental M&A is funded via internal cash flow and incremental debt. Recovery Analysis For entities rated 'B+' and below—where default is closer and recovery prospects are more meaningful to investors—Fitch undertakes a tailored, or bespoke, analysis of recovery upon default for each issuance. The resulting debt instrument rating includes a Recovery Rating or published 'RR' (graded from 'RR1' to 'RR6') and is notched from the IDR accordingly. In this analysis, there are three steps: (i) estimating the distressed enterprise value (EV); (ii) estimating creditor claims, and (iii) distribution of value. Fitch assumes Navacord would emerge from a default scenario under the going-concern approach rather than liquidation. Key assumptions used in the recovery analysis are as follows: - Going-concern EBITDA: Fitch estimates a going-concern EBITDA of approximately CAD 290 million, or well below Fitch's estimate for pro forma run-rate EBITDA. This lower level of EBITDA considers competitive and/or company-specific pressures that could hurt earnings in the future while also considering that its M&A strategy could lead to a much higher EBITDA base before any risk of bankruptcy. - EV Multiple: Fitch assumes a 6.5x multiple, which is validated by historic public company trading multiples, industry M&A and past reorganization multiples Fitch has seen across various industries. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Deterioration in operating fundamentals that lead to weaker revenue trends, margin underperformance, and compression of cash flows; - EBITDA Interest Coverage, or EBITDA/interest paid, sustained below 1.5x; - (CFO-capex)/Debt sustained near 1% or below, excluding M&A-related costs; - EBITDA leverage sustained above 8.0x, particularly if driven by shareholder distributions. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - EBITDA Leverage, or Debt/EBITDA, sustained below 6.5x; - (CFO-capex)/Debt sustained in mid-single digits. Liquidity and Debt Structure Navacord's balance sheet is reasonably well positioned, with cash of CAD 267 million as of July 31, 2025, and full availability under its senior secured revolving credit facility. Cash needs are modest, given the business's low capital intensity and working capital requirements along with manageable debt amortization and cash taxes. This supports sufficient liquidity to operate the business and fund organic growth and M&A. Pro forma debt includes an upsized CAD 325 million senior secured revolver; USD 372 million of senior secured first-lien term loans; a new USD 660 million term loan; USD 725 million of senior secured notes; USD 400 million of senior unsecured notes; and CAD 200 million of senior unsecured notes. The revolver and term loans are floating rate; the senior notes carry fixed coupons. There are no near-term maturities, with first-lien debt and senior notes maturing in 2030. Fitch expects debt to increase as the company continues its M&A-driven growth strategy. Issuer Profile Navacord Corp. is an insurance brokerage firm, founded in 2014. It was incorporated under Navacord Corp. in 2018 and is one of the largest property and casualty (P&C) insurance brokers and benefits providers in Canada. 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 ----------- ------ -------- ----- Jones DesLauriers Insurance Management Inc. LT IDR B Affirmed B senior secured LT B+ New Rating RR3 senior unsecured LT CCC+ Affirmed RR6 CCC+ senior secured LT B+ Affirmed RR3 B+ Navacord Intermediate Holdings Inc. LT IDR B Affirmed B NAVACORD INTERMEDIATE: Moody's Affirms 'B3' CFR, Outlook Stable --------------------------------------------------------------- Moody's Ratings has affirmed the B3 corporate family rating and B3-PD probability of default rating of Navacord Intermediate Holdings Inc. (together with its subsidiaries, Navacord). Moody's also affirmed the B2 backed senior secured first-lien term loan, backed senior secured first-lien revolving credit facility and backed senior secured notes ratings and the Caa2 backed senior unsecured notes ratings of subsidiary Jones DesLauriers Insurance Management Inc. (Jones DesLauriers). Navacord announced plans to issue a USD660 million seven-year backed senior secured first-lien term loan (rating assigned B2, issued by Jones DesLauriers) to help fund the acquisition of a large, majority-employee-owned brokerage company in Canada. The company will use the net proceeds of this borrowing and newly issued preferred equity along with common equity rolled from the target into Navacord to fund the acquisition, repay the target's outstanding debt and pay fees and expenses related to the transaction. Moody's also assigned a B2 rating to Navacord's new five-year backed senior secured first-lien revolving credit facility due in 2031, also issued by Jones DesLauriers, which will replace the company's existing revolver. The rating outlook for Navacord Intermediate Holdings Inc. and Jones DesLauriers is stable. RATINGS RATIONALE Navacord's ratings reflect its leading market presence in the insurance brokerage sector in Canada, generally serving middle market clients. The company has a good mix of business across commercial and personal property & casualty (P&C) insurance, employee benefits and a variety of specialty insurance programs, including construction and transportation. The company is also diversified geographically across Canada, particularly in Ontario, Alberta and British Columbia. Navacord has produced solid organic revenue growth in the mid-single digits in recent quarters, supporting healthy EBITDA margins in the low 30s (per Moody's calculations). The company pursues an active acquisition strategy, driving operational efficiency through integration under one brand. The proposed acquisition will solidify Navacord's position in the commercial middle market, adding scale as well as business and geographic diversification. These strengths are tempered by Navacord's aggressive financial leverage, low fixed charge and free cash flow coverage, and execution risk associated with acquisitions. Navacord also faces potential liabilities arising from errors and omissions, a risk inherent in professional services. For the 12 months through July 2025, Navacord reported CAD852 million of revenue, up from CAD769 million in 2024, driven by a combination of acquisitions and organic growth. Navacord has historically produced strong organic growth through new business wins, strong business retention, and rate increases in employee benefits and personal P&C insurance, partly offset by a weaker rate environment in commercial P&C insurance. Navacord's EBITDA margin has stayed healthy in the low 30s (per Moody's calculations) as the company invests in technology and adds headcount to support growth. Giving effect to the transaction, Moody's estimates Navacord's pro forma debt-to-EBITDA ratio will be above 7.5x, with (EBITDA - capex) interest coverage of 1.2x-1.5x, and a free-cash-flow-to-debt ratio in the low single digits. These metrics include Moody's adjustments for operating leases, deferred earnout obligations and run-rate earnings from completed acquisitions. Moody's expects the company will reduce its leverage below 7.5x within a year after closing the transaction. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Factors that could lead to an upgrade of Navacord's ratings include: (i) increased scale and diversification, (ii) debt-to-EBITDA ratio below 6x, (iii) (EBITDA - capex) coverage of interest exceeding 2x, and (iv) free-cash-flow-to-debt ratio exceeding 5%. Factors that could lead to a downgrade of the ratings include: (i) debt-to-EBITDA ratio above 7.5x, (ii) (EBITDA - capex) coverage of interest below 1.2x, (iii) free-cash-flow-to-debt ratio below 2%, or (iv) disruptions to existing or newly acquired operations. The principal methodology used in these ratings was Insurance Brokers and Service Companies published in February 2024. 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. Based in Toronto, Canada, Navacord offers a diversified mix of P&C insurance, employee benefits and specialized products mainly to middle market businesses across Canada. The company generated revenue of CAD852 million for the 12 months through July 2025. NEW HOME: $75MM Unsecured Notes Add-on No Impact on Moody's B2 CFR ------------------------------------------------------------------ Moody's Ratings said that The New Home Company Inc.'s (New Home) B2 corporate family rating, B2-PD probability of default rating and B2 senior unsecured notes rating are unchanged following the company's announcement that it plans to issue $75 million of senior unsecured notes, which are an add-on to the 8.5% $300 million senior unsecured notes due November 2030. The outlook remains positive. Proceeds from the issuance will be used to partially repay the outstanding balance on the company's $600 million unsecured revolving credit facility and pay fees and expenses related to the offering. The transaction is leverage neutral and New Home's debt to capitalization on a reported basis was about 41% as of 30 September 2025. New Home's B2 CFR reflects its disciplined land acquisition strategy, focus on affordable housing, and ongoing efforts to reduce leverage. The rating also incorporates the company's enhanced scale and geographic diversity following its June 2025 acquisition of Landsea Homes. The rating further considers industry-wide cost pressures—rising land, labor, and material expenses—that will likely compress margins, as well as the cyclical nature of homebuilding, which can result in prolonged revenue declines. Near-term housing market volatility, driven by economic uncertainty and weak consumer confidence, could challenge New Home's ability to successfully integrate Landsea. The B2 rating on New Home's senior unsecured notes is in line with the B2 corporate family rating, reflecting a largely unsecured capital structure. New Home is a regional homebuilder, headquartered in Irvine, California, and focused on the design, construction and sale of single-family homes in major metropolitan areas within select growth markets. The company has a presence in California, Arizona and Colorado and has recently expanded into Oregon, Washington, Florida and Texas. New Home is owned by funds managed by affiliates of Apollo Global Management, Inc. ("Apollo"). NORTHERN FUEL: Stipulated Motion for Automatic Stay Relief Okayed ----------------------------------------------------------------- Judge Shon Hastings of the United States Bankruptcy Court for the District of Minnesota granted the stipulated motion for relief from the automatic stay in the bankruptcy case of Northern Fuel and Convenience, Inc., allowing Parkland USA Corporation or its representatives to enter onto My Store – Solway, Inc. premises and remove all Cenex Branding from the Solway Store. Debtors Northern Fuel and Convenience, Inc., and My Store – Solway, Inc. filed a motion to approve stipulation. In their stipulation for rejection of executory contract and relief from the automatic stay, Debtors noticed their intent to reject a Fuel Supply Agreement effective November 10, 2025. Debtors' decision to reject the Fuel Supply Agreement described in the stipulation is approved. A copy of the Court's Order dated November 26, 2025, is available at https://urlcurt.com/u?l=RZjdm8 from PacerMonitor.com. About Northern Fuel & Convenience Inc. Northern Fuel & Convenience Inc. operates convenience stores and gas stations in Minnesota, managing locations at 54345 Highway 72 NE in Waskish and 4895 Jones Townhall Road NW in Solway, serving local communities with fuel and retail products. Northern Fuel & Convenience Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Minn. Case No. 25-60536) on September 2, 2025. In its petition, the Debtor reports total assets of $214,000 and total Liabilities of $2,468,948. The Debtor is represented by Kesha Tanabe, Esq. at VOGEL LAW FIRM. OFFICE PROPERTIES: Russell R. Johnson Represents Utility Companies ------------------------------------------------------------------ In the Chapter 11 bankruptcy cases of Office Properties Income Trust and its debtor-affiliates, Russell R. Johnson III of Russell R. Johnson III, PLC, filed with the United States Bankruptcy Court for the Southern District of Texas, Houston Division, a Verified Statement pursuant to Federal Rule of Bankruptcy Procedure 2019 to inform the Court that the law firm represents utility companies that provided prepetition utility goods/services to the Debtors, and continue to provide those services post-petition. The names and addresses of the Utilities represented by the Firm are: 1. Boston Gas Company Massachusetts Electric Company Attn: Vicki Piazza, D-1 National Grid 300 Erie Boulevard West Syracuse, NY 13202 2. Constellation NewEnergy-Gas Division, LLC Attn: Renee E. Suglia, Esq. Assistant General Counsel 3. Florida Power & Light Company Attn: Knecole Stroman Revenue Recovery Department RRD/LFO 4200 W Flagler St Coral Gables, FL 33134 4. Georgia Power Company Attn: Daundra Fletcher 2500 Patrick Henry Parkway McDonough, GA 30253 5. NStar East Electric Attn: Honor S. Heath, Esq. Eversource Energy 107 Selden Street Berlin, CT 06037 6. San Diego Gas & Electric Company Attn: Kelli S. Davenport, Bankruptcy Specialist 8326 Century Park Court San Diego, CA 92123 7. Virginia Electric and Power Company d/b/a Dominion Energy Virginia Attn: Sherry Ward 600 East Canal Street, 16th floor Richmond, VA 23219 8. Baltimore Gas and Electric Company Commonwealth Edison Company The Potomac Electric Power Company Attn: Lynn R. Zack, Esq. Assistant General Counsel Exelon Corporation 2301 Market Street, S23-1 Philadelphia, PA 19103 10. Tampa Electric Company Attn: Barbara Taulton FRP, CAP, Florida Registered Paralegal 3600 Midtown Drive Tampa, FL 33607 11. Jersey Central Power & Light Company Attn: Kathy Hofacre FirstEnergy Service Company 341 White Pond Drive Akron, OH 44320 These utilities have unsecured claims against the Debtors arising from prepetition utility usage: Boston Gas Company, Massachusetts Electric Company, Constellation New Energy, Georgia Power Company, NStar East Electric, San Diego Gas & Electric Company, Virginia Electric and Power Company d/b/a Dominion Energy Virginia, Commonwealth Edison Company, Tampa Electric Company, Jersey Central Power & Light Company, The Potomac Electric Power Company and Baltimore Gas and Electric Company. These Utilities hold a surety bond that will make a claim upon for payment of the prepetition debt that the Debtors owe to the applicable Utility: Florida Power & Light Company and Baltimore Gas and Electric Company. Russell R. Johnson III, PLC, was retained to represent the Utilities in October and November 2025. The circumstances and terms and conditions of employment of the Firm by the Utilities are protected by the attorney-client privilege and the attorney work product doctrine. The firm may be reached at: Russell R. Johnson, III, Esq. RUSSELL R. JOHNSON III, PLC 2258 Wheatlands Drive Manakin-Sabot, VA 23103 Tel: (804) 749-8861 E-mail: russell@russelljohnsonlawfirm.com About Office Properties Income (OPI) Trust Office Properties Income (OPI) Trust is a national REIT focused on owning and leasing office properties to high-credit-quality tenants in markets throughout the United States. OPI's property portfolio consists of 124 wholly owned properties located in 29 states and the District of Columbia, containing approximately 17.2 million rentable square feet. As of June 30, 2025, approximately 59% of OPI's revenues were from investment-grade-rated tenants. In 2024, OPI was named an Energy Star(R) Partner of the Year for the seventh consecutive year. OPI is managed by The RMR Group (Nasdaq: RMR), a leading U.S. alternative asset management company with approximately $39 billion in assets under management as of September 30, 2025, and more than 35 years of institutional experience in buying, selling, financing, and operating commercial real estate. OPI is headquartered in Newton, Massachusetts. Office Properties Income Trust and 72 affiliates filed separate petitions for Chapter 11 bankruptcy protection (Bankr. S.D. Texas Lead Case No. 25-90530) on October 30, 2025, before the Hon. Christopher M Lopez. As of Sept. 30, 2025, Office Properties Income Trust has $3,501,385,950 in total assets and $2,501,583,119 in total liabilities. The petitions were signed by John R. Castellano, their chief restructuring officer. Lawyers at Latham & Watkins LLP and Hunton Andrews Kurth LLP serve as the Debtors' counsel. Moelis & Company serves as the Debtors' investment banker and AlixPartners LLP as their restructuring advisors. Kroll Restructuring Administration LLC serves as the Debtors' claims, noticing & solicitation agent. White & Case LLP represents an ad hoc group of noteholders holding 90% senior secured notes due in September 2029 with an aggregate outstanding principal amount of $567,429,000. Milbank LLP and Porter Hedges LLP represent an ad hoc group of secured noteholders holding 3.25% senior secured notes due in 2027. Paul, Weiss, Rifkind, Wharton & Garrison LLP and Munsch Hardt Kopf & Harr, P.C. represent an ad hoc group of secured noteholders holding (a) 90% senior secured notes due in March 2029; (b) 90% senior secured notes due 2029; (c) 3.25% senior secured notes due 2027 and (d) a short position in OPI's common equity interests. Acquiom Agency Services, LLC, is the DIP agent and is represented by White & Case LLP. OFFICE PROPERTIES: Sussman & Moore Represents Utility Companies --------------------------------------------------------------- In the Chapter 11 bankruptcy cases of Office Properties Income Trust and its debtor-affiliates, Weldon L. Moore, III of the Sussman & Moore, LLP, filed with the United States Bankruptcy Court for the Southern District of Texas Houston Division a Verified Statement pursuant to Federal Rule of Bankruptcy Procedure 2019 to inform the Court that the law firm represents utility companies that provided prepetition utility goods/services to the Debtors, and continue to provide those services post-petition. The names and addresses of the Utilities represented by the Firm are: 1. Boston Gas Company Massachusetts Electric Company Attn: Vicki Piazza, D-1 National Grid 300 Erie Boulevard West Syracuse, NY 13202 2. Constellation NewEnergy-Gas Division, LLC Attn: Renee E. Suglia, Esq. Assistant General Counsel 3. Florida Power & Light Company Attn: Knecole Stroman Revenue Recovery Department RRD/LFO 4200 W Flagler St Coral Gables, FL 33134 4. Georgia Power Company Attn: Daundra Fletcher 2500 Patrick Henry Parkway McDonough, GA 30253 5. NStar East Electric Attn: Honor S. Heath, Esq. Eversource Energy 107 Selden Street Berlin, CT 06037 6. San Diego Gas & Electric Company Attn: Kelli S. Davenport, Bankruptcy Specialist 8326 Century Park Court San Diego, CA 92123 7. Virginia Electric and Power Company d/b/a Dominion Energy Virginia Attn: Sherry Ward 600 East Canal Street, 16th floor Richmond, VA 23219 8. Baltimore Gas and Electric Company Commonwealth Edison Company The Potomac Electric Power Company Attn: Lynn R. Zack, Esq. Assistant General Counsel Exelon Corporation 2301 Market Street, S23-1 Philadelphia, PA 19103 10. Tampa Electric Company Attn: Barbara Taulton FRP, CAP, Florida Registered Paralegal 3600 Midtown Drive Tampa, FL 33607 11. Jersey Central Power & Light Company Attn: Kathy Hofacre FirstEnergy Service Company 341 White Pond Drive Akron, OH 44320 These utilities have unsecured claims against the Debtors arising from prepetition utility usage: Boston Gas Company, Massachusetts Electric Company, Constellation New Energy, Georgia Power Company, NStar East Electric, San Diego Gas & Electric Company, Virginia Electric and Power Company d/b/a Dominion Energy Virginia, Commonwealth Edison Company, Tampa Electric Company, Jersey Central Power & Light Company, The Potomac Electric Power Company and Baltimore Gas and Electric Company. These Utilities hold a surety bond that will make a claim upon for payment of the prepetition debt that the Debtors owe to the applicable Utility: Florida Power & Light Company and Baltimore Gas and Electric Company. Sussman & Moore, LLP, was retained to represent the Utilities in October and November 2025. The circumstances and terms and conditions of employment of the Firm by the Utilities are protected by the attorney-client privilege and the attorney work product doctrine. The firm may be reached at: Weldon L. Moore III, Esq. SUSSMAN & MOORE, LLP 2911 Turtle Creek Blvd., Suite 1100 Dallas, TX 75219 Tel: (214) 378-8270 Fax: (214) 378-8290 E-mail: wmoore@csmlaw.net About Office Properties Income (OPI) Trust Office Properties Income (OPI) Trust is a national REIT focused on owning and leasing office properties to high-credit-quality tenants in markets throughout the United States. OPI's property portfolio consists of 124 wholly owned properties located in 29 states and the District of Columbia, containing approximately 17.2 million rentable square feet. As of June 30, 2025, approximately 59% of OPI's revenues were from investment-grade-rated tenants. In 2024, OPI was named an Energy Star(R) Partner of the Year for the seventh consecutive year. OPI is managed by The RMR Group (Nasdaq: RMR), a leading U.S. alternative asset management company with approximately $39 billion in assets under management as of September 30, 2025, and more than 35 years of institutional experience in buying, selling, financing, and operating commercial real estate. OPI is headquartered in Newton, Massachusetts. Office Properties Income Trust and 72 affiliates filed separate petitions for Chapter 11 bankruptcy protection (Bankr. S.D. Texas Lead Case No. 25-90530) on October 30, 2025, before the Hon. Christopher M Lopez. As of Sept. 30, 2025, Office Properties Income Trust has $3,501,385,950 in total assets and $2,501,583,119 in total liabilities. The petitions were signed by John R. Castellano, their chief restructuring officer. Lawyers at Latham & Watkins LLP and Hunton Andrews Kurth LLP serve as the Debtors' counsel. Moelis & Company serves as the Debtors' investment banker and AlixPartners LLP as their restructuring advisors. Kroll Restructuring Administration LLC serves as the Debtors' claims, noticing & solicitation agent. White & Case LLP represents an ad hoc group of noteholders holding 90% senior secured notes due in September 2029 with an aggregate outstanding principal amount of $567,429,000. Milbank LLP and Porter Hedges LLP represent an ad hoc group of secured noteholders holding 3.25% senior secured notes due in 2027. Paul, Weiss, Rifkind, Wharton & Garrison LLP and Munsch Hardt Kopf & Harr, P.C. represent an ad hoc group of secured noteholders holding (a) 90% senior secured notes due in March 2029; (b) 90% senior secured notes due 2029; (c) 3.25% senior secured notes due 2027 and (d) a short position in OPI's common equity interests. Acquiom Agency Services, LLC, is the DIP agent and is represented by White & Case LLP. OMNICARE LLC: Court OKs Bid Rules for Pharmaceutical Asset Sale --------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Texas, Dallas Division, has permitted Omnicare LLC and its affiliates, to sell Property at auction, free and clear of liens, claims, interests, and encumbrances. The Debtors have determined, in the exercise of their business judgment, that the best way to maximize the value of the Assets for all stakeholders is to market-test the Assets through an auction process and to expeditiously sell the Assets to the highest or otherwise best bidder. The Debtors operate a network of pharmacies throughout the United States that provide on-site medication and pharmaceutical services to patients residing in more than 4,000 long-term care facilities (LTCF) including skilled nursing facilities, assisted-living communities, independent-living communities and institutional facilities. The Debtors' industry leading footprint includes 101 pharmacies operating in 44 states and servicing LTCFs in 46 states. The Debtors’ broad network of Pharmacies includes distinct types of pharmacies that enable the Debtors to provide integrated pharmacy services across a variety of geographical locations. The majority of the Debtors' Pharmacies are "closed-door" pharmacies that do not serve the general public and instead provide medications and related services to residents at LTCFs through the Debtors' direct employee-based delivery services. In addition to the Pharmacies, the Debtors uniquely operate an FDA-registered pharmaceutical repackager with national reach, licensed in 41 states and accredited by the National Association of Boards of Pharmacy (NABP). The repackaging operation is a standalone facility that adheres to current Good Manufacturing Practices (cGMP) and operates under rigorous quality systems to ensure product integrity and regulatory compliance. Its services include unit-dose and long-term care packaging for the Debtors’ clients. The Debtors have offered good and sufficient reasons for, and the best interest of their estates will be served by. Good and sufficient notice of the relief sought in the Motion has been given, and no further notice is required except as set forth herein with respect to the designation of any Stalking Horse Bidder(s), the Auction, and the Sale Hearing(s). The process for filing the Stalking Horse Notice(s) and the granting of any Bid Protections is appropriate and reasonably calculated to provide all interested parties with timely and proper notice. The Bidding Procedures are fair, reasonable, and appropriate under the circumstances, and are reasonably designed to maximize the value to be achieved for the Assets. The Debtors are authorized to take any and all actions reasonably necessary or appropriate to implement the Bidding Procedures in accordance with the following timelines for each of the Sales: -- January 31, 2026 Deadline for Stalking Horse Agreements -- March 13, 2026 Bid Deadline (for overbids in the case of a Stalking Horse Bidder) -- March 19, 2026 Auction -- April 3, 2026 at 4:00 p.m. Deadline to File Objection to Sale -- April 14, 2026 at 9:30 a.m. Sale Hearing The Debtors reserve the right, and are authorized to, in consultation with the Consultation Parties, modify the above timeline in accordance with the Bidding Procedures, including any Auction that may take place. If at least two Qualified Bids are received by the Bid Deadline with regard to any particular Asset or Assets, the Debtors will conduct the Auction. The Auction will take place on or before March 19, 2026, at a time to be determined, at the offices of Jenner & Block LLP, 353 N Clark St, Chicago, IL 60654. The Court shall convene the Sale Hearing on April 14, 2026 at 9:30 a.m. (prevailing Central Time), at such time as the Court may have available, or as soon thereafter as counsel and interested parties may be heard. About Omnicare LLC Omnicare, LLC is a subsidiary of CVS Health that provides comprehensive pharmacy services. Omnicare and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 25-80486). In its petition, Omnicare reported estimated assets between $100 million and $500 million and estimated liabilities between $1 billion and $10 billion. Judge Stacey G. Jernigan oversees the cases. The Debtors tapped Jenner & Block, LLP and Haynes Boone as legal counsel; Houlihan Lokey as investment banker; Alvarez & Marsal as restructuring advisor; and Stretto, Inc. as claims agent. The U.S. Trustee has appointed an official committee of unsecured creditors. The committee tapped Herbert Smith Freehills Kramer (US) LLP as counsel. P3 HEALTH: Falls Below Nasdaq $2.5MM Equity Requirement ------------------------------------------------------- P3 Health Partners Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on November 21, 2025, the Company received a Letter from the staff of the Listing Qualifications Department of The Nasdaq Stock Market LLC, which notified the Company that it does not presently comply with Nasdaq's Listing Rule 5550(b)(1), which requires that the Company maintain a minimum of $2.5 million in stockholders' equity, and that the Company also does not meet the alternatives of market value of listed securities or net income from continuing operations set forth in the Listing Rule. The Letter does not have any immediate effect on the listing of the Company's common stock or warrants on Nasdaq, and the Company has 45 calendar days to submit a plan to regain compliance. If the Company's plan is accepted, the Staff may grant an extension of up to 180 calendar days from November 21, 2025 to evidence compliance. After review of the plan of compliance, the Staff will provide written notification to the Company as to whether it accepts the plan, and if the Staff does not accept the plan, the Company would then be entitled to appeal the Staff's determination to the Nasdaq Hearings Panel. There can be no assurance that any such appeal would be successful. The Company intends to submit its plan to remediate the listing qualification deficiency within the required timeframe and is actively pursuing the steps necessary to restore compliance. Management firmly believes in the long-term value-creation opportunity of the business and remains committed to executing against the initiatives that support sustainable growth and achieving profitability. 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 September 30, 2025, the Company had $683.7 million in total assets, $664.6 million in total liabilities, and a total stockholders' equity of $18.7 million. PACIFIC RADIO: Seeks to Use Cash Collateral ------------------------------------------- Pacific Radio Exchange, Inc. asks the U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, for authority to continue using cash collateral. The Debtor proposes to continue to use cash collateral from January 1, 2026, through either the entry of an order confirming a Chapter 11 plan of reorganization, or until its Chapter 11 case is converted or dismissed, whichever occurs first. The Debtor intends to use its cash collateral to pay ordinary operating expenses and seeks permission to deviate up to 15 percent from total budgeted operating expenses. Pacific Radio Exchange acknowledges that the secured creditors assert liens on all tangible and intangible personal property, which they claim constitutes cash collateral. To provide adequate protection, the Debtor offers to grant replacement liens for any used cash collateral, segregate excess revenue in its DIP account, and continue operating to preserve enterprise value. The Debtor also asserts a sufficient equity cushion, estimating the assets' value at $693,499 against total secured claims of approximately $583,901, leaving roughly a 16% cushion. Liens of certain creditors such as MNR Capital and Pathway Funding are challenged as invalid based on discrepancies in their security agreements. Pacific Radio Exchange has been operating its professional audio/visual distribution business from a storefront and warehouse in Burbank, California, and most of its revenue is generated from point-of-sale orders, online sales, and walk-ins. A hearing on the matter is set for December 16. A copy of the motion is available at https://urlcurt.com/u?l=CCIjgy from PacerMonitor.com. About Pacific Radio Exchange Inc. Pacific Radio Exchange Inc., doing business as PacRad, supplies professional audio, video, DJ, and broadcast equipment. The Company offers products such as bulk and custom cables, connectors, fiber optics, networking gear, and power management tools. It serves both individual consumers and industry professionals with AV solutions and custom services. Pacific Radio Exchange sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-16614) on August 1, 2025. In its petition, the Debtor reported total assets of $94,813 and total liabilities of $1,690,315. Honorable Bankruptcy Judge Vincent P. Zurzolo handles the case. The Debtor is represented by Matthew D. Resnik, Esq., at RHM Law, LLP. PAINT INTERMEDIATE III: S&P Alters Outlook to Neg, Affirms 'B' ICR ------------------------------------------------------------------ S&P Global Ratings revised the outlook on Paint Intermediate III LLC (dba Wesco Group) to negative from stable and affirmed the 'B' issuer credit rating. S&P affirmed its 'B' issue-level rating on the first-lien term loan and '3' recovery rating, indicating meaningful (50%-70%; rounded estimate: 50%) recovery in the event of a default. The negative outlook reflects Wesco's weaker cash flow from the NCS acquisition and execution risks associated with integration and realizing synergies, which could keep leverage above 6x and free operating cash flow (FOCF) to debt below 3% on a sustained basis. Wesco Group has signed a definitive agreement to acquire National Coatings & Supplies (NCS) with a fungible $775 million term loan B alongside $655 million of new and rolled common equity. It also plans to upsize its $150 million asset-based lending (ABL) revolver to $200 million. S&P estimates S&P Global Ratings-adjusted debt to EBITDA will increase initially above 6x pro forma for the acquisition, with a free cash flow deficit in 2026, recovering in 2027. The negative outlook reflects integration risks and significant near-term free operating cash flow (FOCF) degradation. Pro forma for the acquisition of NCS, S&P expects adjusted leverage to increase to about 6.2x for fiscal 2026, up from our previous forecast of 5.7x. NCS has lower margins, so there will be overall margin dilution. Offsetting this to some degree, the combined company expects to substantially achieve annual significant run-rate cost synergies by the end of 2027. S&P said, "However, it will initially incur costs to achieve these synergies. In addition, we don't expect Wesco to realize the full effect of these synergies. NCS has greater exposure to large multiple shop operators (MSO) in the collision repair industry. While this part of the industry has expanded faster than the overall market, we think that structurally it will be harder for NCS to match Wesco's margins given the greater size and bargaining power of these customers." S&P said, "In the first year of the combination, we expect a reported free cash flow deficit. The costs to achieve synergies will reduce the achieved synergies in the first year. In addition, NCS has a substantial supply chain finance program that it uses for a portion of payables to four large paint manufacturers. This extends the payables for NCS. We include the weighted portion of the program, which extends beyond 90 days in our debt calculation for 2026. Wesco plans to close and run down this program which will reduce leverage somewhat in 2027. However, as the program runs off, it will have a meaningfully negative impact to the company's working capital in the first 12 months. We therefore expect a cash flow deficit of over $20 million in the first year, which also includes significant fees for the acquisition. In 2027, we forecast cash flow to improve with FOCF to debt increasing above 5% as working capital and deal fees do not repeat." The acquisition will enhance Wesco's scale and reach within North America. This somewhat mitigates the risk of weak near-term credit metrics. Revenues should more than double to over $2 billion. Wesco's geographic footprint will increase to more than 430 branches from about 220. Its share within the paint distribution segment will increase substantially, but it will be a larger player within the relatively niche collision repair paint distribution industry. Given the considerable size of the acquisition, there could be some execution risk, particularly with integrating enterprise resource planning systems across so many branches. S&P said, "We continue to expect Wesco to focus on mergers and acquisitions. Leverage and free cash flow longer term will depend on how aggressively it pursues them. We recognize that the NCS deal is quite large and others will likely be smaller, but a continued rapid pace of acquisitions financed with debt could keep leverage elevated and require further outsized working capital investment that weighs on cash flow and raises leverage above our expectations. "We continue to think Wesco could face more intense competition. This would come from greater consolidation of MSOs, the rise of which over the past decade has the top three groups representing about a quarter of industry revenues despite operating only about 10% of the 30,000 stores in North America. We expect this disproportionate revenue share will continue to increase as these groups consolidate smaller independent shops and scaled regional players. This could have ramifications for Wesco if it leads to customer attrition, pricing pressures, or MSOs attempting to negotiate price directly with paint makers. Further, if the company formalizes a strategy to win share with MSO groups, it could degrade margins because these customers would likely negotiate greater savings and have less demand for Wesco's value-added services. "The negative outlook reflects Wesco's weaker cash flow from the NCS acquisition and the execution risks associated with integrating and realizing synergies, which could keep leverage above 6x and FOCF to debt below 3% on a sustained basis. "We could lower our rating on Wesco if Leverage rises higher than 6.5x or FOCF to debt falls under 3% for a prolonged period. This could occur if EBITDA contracts due to challenges integrating acquisitions, it suffers customer losses, or it faces operational difficulties in its distribution network. Further, we could lower the ratings on the company if it pursues an aggressive debt-funded acquisition strategy." S&P could revise its outlook on Wesco back to stable if S&P expects it to improve FOCF to debt above 3% on a sustained basis and maintain leverage well below 6.5x. This could happen if it: -- Successfully integrates NCS as planned and starts to realize synergies; and -- Slows the pace of acquisitions, allowing for more sustainably strong free cash flow. PAREXEL INTERNATIONAL: Moody's Cuts CFR to 'B2', Outlook Stable --------------------------------------------------------------- Moody's Ratings downgraded Parexel International, Inc.'s ("Parexel") Corporate Family Rating to B2 from B1, Probability of Default Rating to B2-PD from B1-PD, and the ratings on the existing senior secured first lien term loan B and senior secured first lien revolving credit facility to B2 from B1. Concurrently, Moody's assigned a B2 rating to the proposed senior secured first lien term loan due 2031 and senior secured revolving credit facility due 2030. The outlook remains stable. The ratings downgrade reflects the sharp increase in Parexel's financial leverage resulting from a material debt-funded shareholder distribution, along with a significant reduction in cash on hand. The company has launched a $4.072 billion Term Loan B due December 2031 with the proceeds, along with $530 million of cash from the balance sheet, expected to repay the current $3.095 billion Term Loan B due 2028 and fund a $1.5 billion shareholder distribution. Following the transaction, pro forma debt/EBITDA financial leverage will increase to approximately 7.0x from 5.4x on Moody's basis, which excludes addbacks to recently enacted cost-savings initiatives. On a basis giving credit for both the cost of implementing the program as well as the pro forma historical cost savings, gross debt/EBITDA rises from 5.1x to about 6.0x. The increase in financial leverage is amplified by softness in net new business awards and book-to-bill metrics, both of which have declined by double-digit percentages over the twelve months ended September 30, 2025. However, Moody's expects leverage on Moody's basis will decline as the cost savings are realized over the next 12-18 months. Moody's also expects Parexel to maintain very good liquidity with continued strong positive free cash flow. The stable outlook reflects Moody's views that recently actioned cost savings will be fully realized, and that gross debt/EBITDA will decline below 6.0x over the next 12-18 months. Additionally, the outlook reflects Moody's expectations that the company will continue to maintain strong liquidity underpinned by sustained positive free cash flow Governance risk considerations are material to the rating action, reflecting an aggressive financial policy evidenced by the company's high financial leverage following the shareholder distribution. RATINGS RATIONALE Parexel's B2 corporate family rating reflects the company's considerable size, geographic footprint, and established market positions as a pharmaceutical contract research organization (CRO). The credit profile is supported by the company's good liquidity, including sustained positive free cash flow. Following the dividend transaction, Parexel's financial leverage will be high, but trend toward 6.0x over the next 12 to 18 months. Parexel's credit profile also encompasses the risks inherent in the pharmaceutical services industry, including exposure to project delays and cancellations. While CROs have experienced softer demand over the last two years, Moody's expects this sector to have good long-term growth prospects. Moody's anticipates that Parexel will maintain very good liquidity over the next 12 months. This reflects pro forma cash on hand of approximately $333 million after the shareholder distribution (compared to $863 million at September 30, 2025), full availability under the company's $500 million revolver due December 2030, and Moody's expectations for continued good free cash flow over the next 12-18 months despite higher interest expense tied to the new term loan. The capital structure consists of a $500 million revolver expiring in December 2030, roughly $4.1 billion first lien term loan due December 2031, and $450 million accounts receivable securitization facility (unrated) due February 2028 with $315 million outstanding as of September 30, 2025. The B2 rating on the first lien senior secured bank credit facilities (revolver and first lien term loan) are consistent with the B2 Corporate Family Rating. The first lien facility represents the majority of Parexel's funded debt structure. The credit facilities are secured by substantially all of the borrower's and guarantor's assets. Parexel's CIS-4 indicates the rating is lower than it would have been if ESG risk exposure did not exist. Parexel has exposure to both social risks (S-3) and governance considerations (G-4). Social risk considerations relate to pharmaceutical drug pricing, which could have both positive and negative effects for Parexel. Furthermore, social risks are driven by human capital, reflecting risks from availability of highly skilled workforce. Governance risks reflect the company's high financial leverage. Parexel's exposure to governance risk also reflects the company's aggressive financial policy under private equity ownership, as evidenced by the proposed debt funded shareholder distribution. This is partly mitigated by management's track record of consistently exceeding the budget. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Factors that could lead to an upgrade include Parexel sustaining earnings growth along with consistently strong new business awards. Successfully managing strategic initiatives and external growth opportunities (i.e., acquisitions) under conservative financial policies would also support an upgrade. Quantitatively, debt/EBITDA sustained below 5.5 times would support an upgrade. The ratings could be downgraded if Parexel's operating performance significantly weakens, or liquidity deteriorates. The ratings could also be downgraded if the company executes material debt-funded acquisitions or additional shareholder distributions, resulting in debt to EBITDA sustained above 6.5 times. 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. Headquartered in Raleigh, North Carolina, Parexel International, Inc., is a global biopharmaceutical services company providing clinical research and logistics, and consulting services for the pharmaceutical, biotechnology, and medical device industries. Reported revenue for the twelve months ended September 30, 2025 was approximately $4.9 billion. The company is privately held by EQT Partners and Goldman Sachs Asset Management. PARTNERS PHARMACY: Seeks to Extend Exclusivity to April 10, 2026 ---------------------------------------------------------------- Partners Pharmacy Services, LLC and affiliates asked the U.S. Bankruptcy Court for the Southern District of Texas to extend their exclusivity period to file a plan of reorganization to April 10, 2026. The Debtors explain that here, the relevant factors strongly favor extending their Exclusive Filing Period: * The Debtors' Chapter 11 Cases Are Large and Complex. These cases met the requirements for and were designated as complex cases. As of the Petition Date, the Debtors had over $60 million in secured debt alone 3 and over 50 parties in interest, unsecured obligations to various vendors, contractual counterparties, and hundreds of employees. Accordingly, this factor weighs in favor of extending the Exclusive Filing Period. * The Debtors Have Made Good Faith Progress Towards Exiting Chapter 11. The Debtors have progressed their cases substantially since the Petition Date. Specifically, the Debtors ran a successful sale process, obtained approval of the Sale and anticipate closing on the Sale in the short term. Accordingly, this factor weighs in favor of granting an extension of the Exclusive Filing Period. * An Extension Will Not Pressure or Prejudice Creditors. The Debtors are not seeking an extension of the Exclusive Filing Period to pressure or prejudice any creditor. As demonstrated throughout these cases, the Debtors have actively pursued consensual resolutions to reasonable concerns raised by creditors, and seek to continue those efforts as they determine how best to exit chapter 11. Accordingly, this factor weighs in favor of granting an extension of the Exclusive Filing Period. * The Debtors Are Paying Their Bills as They Come Due. Since the Petition Date, the Debtors have paid their vendors and creditors in the ordinary course of business or as otherwise provided by orders of the Court. More importantly, the Debtors maintain their ability to continue to pay their bills throughout these chapter 11 cases. Accordingly, this factor also weighs in favor of granting an extension of the Exclusive Filing Period. * Relatively Little Time Has Elapsed in These Chapter 11 Cases. Approximately 113 days have passed since the Petition Date, during which substantial progress was made advancing these chapter 11 cases. Accordingly, this factor weighs in favor of granting an extension of the Exclusive Filing Period. Counsel to the Debtors: Patrick J. Potter, Esq. PILLSBURY WINTHROP SHAW PITTMAN LLP 1200 Seventeenth Street, NW Washington, DC 20036 Tel: (202) 663-8928 Fax: (202) 663-8007 Email: patrick.potter@pillsburylaw.com -and- Dania Slim, Esq. Amy West, Esq. PILLSBURY WINTHROP SHAW PITTMAN LLP 31 West 52nd Street New York, NY 10019 Telephone: (212) 858-1000 Facsimile: (212) 858-1500 Email: dania.slim@pillsburylaw.com amy.west@pillsburylaw.com -and- L. James Dickinson, Esq. PILLSBURY WINTHROP SHAW PITTMAN LLP 609 Main Street, Suite 2000 Houston, TX 77002 Telephone: (713) 276-7654 Facsimile: (713) 276-7373 Email: james.dickinson@pillsburylaw.com About Partners Pharmacy Services LLC Partners Pharmacy Services LLC provides medication management services to residents in skilled nursing facilities, assisted living communities, long-term care residences, long-term acute care hospitals, and institutional care facilities across the United States. Founded in 1998 and headquartered in Springfield Township, New Jersey, the Company operates in multiple states through a network of in-house pharmacies and regional locations, offering services such as automation systems, infusion therapy technologies, compounding, and clinical decision-support tools. It is one of the largest long-term care pharmacy providers in the U.S., serving over 48,000 residents in more than 500 communities. Partners Pharmacy Services LLC and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-34698) on August 13, 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 Judge Christopher M. Lopez oversees the case. The Debtors are represented by Patrick J. Potter, Esq., Dania Slim, Esq., Amy West, Esq., and L. James Dickinson, Esq. of PILLSBURY WINTHROP SHAW PITTMAN LLP. SSG CAPITAL ADVISORS, LLC is the Debtors' Investment Banker. GIBBONS ADVISORS, LLC is the Debtors' Financial Advisor. KROLL RESTRUCTURING ADMINISTRATION LLC is the Debtors' Notice, Claims & Balloting Agent and Administrative Advisor. PHB 2023: To Sell Sebring Property to Mazal in Sebring for $2.3MM ----------------------------------------------------------------- PHB 2023, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Alabama, Southern Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor proposes to sell all of the estate's right, title, and interest in the real property. The Debtor seeks to sell its interest in certain real estate consisting of 20 partially completed residential homes in the community known as Sebring Highlands, in the municipality of Sebring, Highlands County, Florida. All liens, mortgages, or other interests shall attach to the proceeds of the sale to the extent properly allowed. However, no proceeds of the sale shall be paid to Debtor or any person or party related to Debtor, no other creditors or lienholders shall receive the net proceeds of the Sale after all closing costs, tax pro rations, administrative fees of the Debtor’s estate as determined by the Court, and other routine and necessary Sale related disbursements are paid by the closing attorney. Receipt of the Net Sales Proceeds shall not constitute full payoff as to any loans or obligations owed by Debtor (or any related entity) to Encore; however, Encore may apply the Sale proceeds to reduce amounts owed by Debtor to Encore. Mazal in Sebring LLC, a Florida limited liability company, has entered into the Contract to purchase the Property in the total purchase price of $2,375,000.00. The Debtor sets forth that the total sales price for the WIP Assets represents the fair market value of the WIP Assets. The Purchaser has already obtained or will obtain financing, and the sales are contemplated to be closed forthwith. The WIP Assets are subject to the liens, mortgages or other interest held by Encore. The Debtor believes that the sale of the WIP Assets represents its highest and best use and taken in conjunction with the administration of any other assets of the Debtor. About PHB 2023 LLC PHB 2023 LLC is part of the residential building construction industry. PHB 2023 LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ala. Case No. 24-03678) on December 5, 2024. In the petition filed by Misty M. Glass, as manager, the Debtor reports total assets of $16,265,505 and total liabilities of $16,265,517. Honorable Bankruptcy Judge Tamara O. Mitchell handles the case. Stephen P. Leara, Esq., at SPAIN & GILLON, LLC represents as the legal counsel of the Debtor. PINEAPPLE PROPERTIES: Augustine Property Sale to B. Szolgyemy OK'd ------------------------------------------------------------------ Pineapple Properties of SA 2 LLC seeks permission from the U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division, to sell Property, free and clear from liens, claims, interests, and encumbrances. The Debtor's Property is located at 44 Spanish Street, St. Augustine, FL 32084. The Debtor is a Florida limited liability company, wholly owned and managed by Brian Funk. Mr. Funk formed the Debtor on September 1, 2016. Mr. Funk planned for the Debtor to operate a Bed and Breakfast business. The Debtor has operated the business since 2016 at the 44 Spanish St. Property. The Court has approved the Purchase and Sale Agreement between the Debtor and Szolgyemy Hospitality LLC, Balazs Szolgyemy, Manager to sell the 44 Spanish St. Property. The purchase price of the Property is $1,900,000. The sale is "AS-IS WHERE IS WITH ALL FAULTS" and shall be by deed and/or instrument of conveyance as appropriate, with no warranties of title whatsoever. The Debtor is authorized to execute whatever documents as may be necessary to consummate the sale. The Debtor is authorized to compensate any broker/realtor commission related to this transaction in accordance with the terms of the Order Approving Real Estate Broker employment About Pineapple Properties of SA 2, LLC Pineapple Properties of SA 2, LLC, filed a Chapter 11 bankruptcy petition (Bankr. M.D. Fla. Case No. 3:25-bk-00648) on March 5, 2025. Judge Jacob A. Brown presides over the case. The Debtor hires Law Offices of Mickler & Mickler, LLP as counsel. PINEY POINT: To Sell Houston Property to Silverstone for $75MM -------------------------------------------------------------- Piney Point 2023, LLC, seeks permission from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor seeks to sell its real property, improvements and personal property located 2601 Lazy Hollow Drive, Houston, Texas 77063. The Debtor receives a Commercial Contract - Improved Property to sell the Property for the price of $75,000,000.00 from Silverstone Value-Add Fund, LLC. The Buyer will deposit an earnest money of $1,000,000.00. The Debtor has thoroughly marketed the Property for sale by advertising, placing a sign on the property, and negotiating with prospective buyers. There is no real estate broker involved in the transaction and no sales commission will be paid. The Debtor has adequately marketed the Property and asserts the proposed Purchase Price is fair and reasonable. Delay may result in loss of the Buyer, or further reduction in value received and will result in additional ongoing expenses. The Debtor will show at the hearing hereon that it negotiated with all potential purchasers at arm's length, in good faith, and in an effort to achieve the best offer for the Property. The Debtor will show that Buyer is entitled to the protections of a good-faith purchaser under section 363(m), and that the sale of the Property does not constitute an avoidable transaction. About Piney Point 2023 Piney Point 2023, LLC, is a single asset real estate company headquartered in Spring, Texas. Piney Point 2023 sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 25-30128) on Jan. 7, 2025. In its petition, the Debtor estimated assets between $100 million and $500 million and estimated liabilities between $50 million and $100 million. Bankruptcy Judge Jeffrey P. Norman handles the case. The Debtor is represented by Steven Douglas Shurn, Esq., at Hughes Watters Askanase, in Houston, Texas. PRECISION DRILLING: Moody's Ups CFR to 'Ba2', Outlook Stable ------------------------------------------------------------ Moody's Ratings upgraded Precision Drilling Corporation's (Precision) corporate family rating to Ba2 from Ba3, the probability of default rating to Ba2-PD from Ba3-PD and the senior unsecured notes rating to Ba3 from B1. Precision's SGL-2 (good) speculative grade liquidity rating (SGL) remains unchanged. The outlook was change to stable from positive. "The upgrade reflects Precision's low financial leverage and ongoing commitment to debt reduction supporting resiliency and flexibility to navigate industry cycles," said Whitney Leavens, Moody's Ratings analyst. RATINGS RATIONALE Precision benefits from: (1) low financial leverage and strong free cash flow; (2) solid market positions and international exposure with a high-quality drilling rig fleet; (3) conservative financial policy supporting ongoing debt reduction; and (4) good liquidity track record through industry cycles. The company is challenged by: (1) exposure to the cyclical nature of the land drilling industry which drives cash flow volatility and slow recovery out of downturns; (2) geographic concentration in North America; and (3) small scale in terms of total assets. Precision's liquidity is good (SGL-2). As of Q3 2025, sources total over C$500 million, consisting of about C$40 million in cash, close to US$225 (C$315) million available under the US$375 (C$525) million revolving credit facility, the majority of which is due October 2028, after accounting for letters of credit of about US$50 (C$70) million, and Moody's forecasts for over C$150 million in positive free cash flow in 2026. Moody's predicts the company will have ample cushion with its financial covenants (senior debt to EBITDA less than 2.5x and interest coverage more than 2.5x) over the same period. Alternative sources of liquidity are limited principally to the sale of Precision's existing drilling rigs and well service rigs, which are largely encumbered. Precision's senior unsecured notes are rated Ba3, one notch below the Ba2 CFR, reflecting the priority ranking of the secured credit facilities in the capital structure. The stable outlook reflects Moody's expectations that Precision will continue to generate strong free cash flow and leverage will settle around 1.5x or lower as the company continues to execute on debt reduction. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Precision increases scale while demonstrating a strong commitment to very low debt levels, very good liquidity and a continued track record of resiliency through prolonged industry downturns. The ratings could be downgraded if adjusted debt to EBITDA is sustained above 2.5x, Precision generates ongoing negative free cash flow or implements more aggressive financial policies. Precision Drilling Corporation is a Calgary, Alberta-based onshore driller that also provides well completion and production services to exploration and production companies in major hydrocarbon basins across North America and the Middle East. The principal methodology used in these ratings was Oilfield Services published in October 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. PRINCE LAND: Amends Unsecured Claims Pay Details ------------------------------------------------ Prince Land, Inc., submitted an Amended Disclosure Statement describing Chapter 11 Plan dated December 2, 2025. The Debtor believes that confirmation of this Chapter 11 plan can provide the Debtor with relief to overcome its losses, continue operating, and keep its many employees employed. The Debtor believes that the Plan of Reorganization provides the best value for the creditors' claims and is in their best interest. Cash flow Projections set forth a projected budget of the Debtor for the five-year term of the Plan. Class Eighteen consists of General Unsecured Claims. The General Unsecured claims include all other allowed claims of Unsecured Creditors of the Debtor, subject to any Objections that are filed and sustained by the Court. The general unsecured claims prior to the filing of any objections total the amount of $26,595,009.47, which will be paid over the five-year term of the Plan at the rate of $2,500.00 per month on a pro-rata basis. The payments will commence on the Effective Date of the Plan. The dividend to this class of creditors is subject to change upon the determination of objections to claims. To the extent that the Debtor is successful or unsuccessful in any or all of the proposed Objections, then the dividend and distribution to each individual Class of General Unsecured Claims then the dividend and distribution to each individual creditor will be adjusted accordingly. These claims are impaired. Class Nineteen consists of Equity Holders. There shall be no distribution to the equity holders of the Debtor under the confirmed Plan and no dividends to this class of claimants. The Debtor will continue to operate and be managed by Bruce Prince, the President and sole shareholder. The Debtor's largest asset is its Accounts Receivable. As of the filing of the Plan and Disclosure Statement, the Accounts Receivable was $3,121,705.48. This Accounts Receivable as reported is essentially a work in progress report as the figure is a gross amount due, before subcontractors, vendors and supplies are paid. Current outstanding subcontractors, supplies and vendors for the ongoing projects total $2,660,766.34. A full-text copy of the Amended Disclosure Statement dated December 2, 2025 is available at https://urlcurt.com/u?l=fj16cs from PacerMonitor.com at no charge. Counsel to the Debtor: Dana Kaplan, Esq. Kelley Kaplan & Eller, PLLC 1665 Palm Beach Lakes Blvd., Suite 1000 West Palm Beach, FL 33401 Tel: (561) 491-1200 Fax: (561) 684-3773 Email: bankruptcy@kelleylawoffice.com About Prince Land Inc. Prince Land, Inc., is a corporation organized under the laws of the State of Florida which operates as a heavy civil contractor. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-18992-EPK) on August 1, 2025. In the petition signed by Bruce Prince, president, the Debtor disclosed up to $10 million in assets and up to $50 million in liabilities. Judge Erik P. Kimball oversees the case. Craig I. Kelley, at Kelley Kaplan & Eller, PLLC, is the Debtor's legal counsel. PRINCE LAND: Gets Extension to Access Cash Collateral ----------------------------------------------------- Prince Land, Inc. received interim approval from the U.S. Bankruptcy Court for the Southern District of Florida, West Palm Beach Division, to use cash collateral pending a further hearing on December 30. The order approved the Debtor's interim use of cash collateral for court-authorized payments including U.S. Trustee fees and for the expenses set forth in its budget, with a variance of up to 10% per line item. All creditors with security interests in cash collateral will receive replacement liens on post-petition cash collateral, with the same validity, priority and extent as their pre-bankruptcy liens. The replacement liens are automatically perfected without additional filings and are junior to U.S. Trustee fees, court costs, and court-awarded professional fees. As additional protection, the Debtor will keep the collateral insured in accordance with applicable loan and security agreements. Several creditors may hold liens on the Debtor's cash collateral, including TD Bank, Crum & Forster, the U.S. Small Business Administration, and Ian Prince, who has filed three separate UCC-1 financing statements. These secured creditors may have interests in various assets such as accounts receivable, deposit accounts, and other cash equivalents. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/LNizp from PacerMonitor.com. About Prince Land Inc. Prince Land, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-18992-EPK) on August 1, 2025. In the petition signed by Bruce Prince, president, the Debtor disclosed up to $10 million in assets and up to $50 million in liabilities. Judge Erik P. Kimball oversees the case. Craig I. Kelley, Esq., at Kelley Kaplan & Eller, PLLC, represents the Debtor as legal counsel. PROFESSIONAL DIVERSITY: Signs $1.6MM Deeptrade Consultancy Deal --------------------------------------------------------------- Professional Diversity Network, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on November 27, 2025, the Company entered into a Consultancy Agreement with Deeptrade PTY LTD, a non-affiliated accredited investor. Pursuant to the Consultancy Agreement, the Consultant agreed to provide the Company with professional consultancy services relating to the Company's intended expansion into Web3.0, digital asset, and real-world-asset platform for a total consideration of $1,616,000. Under the terms of the Consultancy Agreement, consideration could be paid in cash, shares of the Company's common stock, par value $0.01 per share, or a combination thereof. The Board of Directors approved payment of the consideration through the issuance of 898,000 shares of Common Stock, subject to the limitations of Listing Rule 5635 of The Nasdaq Stock Market LLC. The Consultancy Shares will be issued in reliance on the exemptions from registration provided by Section 4(a)(2) under the Securities Act of 1933, as amended, and/or Regulation D promulgated thereunder. The Consultancy Agreement contains customary representations, warranties and covenants. A full-text copy of the Consultancy Agreement is available at https://tinyurl.com/yc5xma2h About Professional Diversity Professional Diversity Network, Inc., headquartered in Chicago, Illinois, operates online and in-person professional networks with a focus on diversity, employment, and career development. The Company serves women, ethnic minorities, military professionals, persons with disabilities, LGBTQ+ individuals, and students transitioning into the workforce through its technology platform. It runs three business segments: TalentAlly Network, which provides job-seeking communities and career resources for diverse groups and employers; NAPW Network, a women-only professional networking organization; and RemoteMore, a service connecting global companies with software developers. In its audit report dated March 31, 2025, Sassetti LLC issued a "going concern" qualification citing that the Company has incurred recurring operating losses, has a significant accumulated deficit, and will need to raise additional funds to meet its obligations and the costs of its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. The Company had an accumulated deficit of $103,612,710 at June 30, 2025. During the six months ended June 30, 2025, the Company generated a loss from continuing operations, net of tax, of $1,233,147. During the six months ended June 30, 2025, the Company used cash in continuing operations of 779,651. At June 30, 2025, the Company had a cash balance of $125,081. Total revenues were $3,146,076 and $3,417,302 for the six months ended June 30, 2025 and 2024, respectively. The Company had a working capital deficit from continuing operations of $1,919,261 at June 30, 2025 and a working capital from continuing operations of $270,695 at Dec. 31, 2024. The Company stated it is keeping a close watch on operating expenses and capital needs, noting that management is working to cut costs through staff reductions, renegotiating with certain vendors, and using technology to lessen manual work in routine tasks. It cautioned that if these efforts are not enough, it may have to sell other assets or shut down certain business lines. As of June 30, 2025, the Company reported $7.33 million in total assets, $3.49 million in total liabilities, and $3.84 million in total stockholders' equity. PROPEL TRUCKING: Gets Final OK to Use Cash Collateral ----------------------------------------------------- Propel Trucking, Inc. received final approval from the U.S. Bankruptcy Court for the Eastern District of Arkansas, Central Division, to use the cash collateral of Porter Billing Services, LLC to fund operations. The cash collateral held by Porter consists of revenue from the sale of the Debtor's accounts receivable under their factoring agreement. At the time of its Chapter 11 filing, the Debtor owed $29,609 to Porter. Under the court's final order, the Debtor may sell post-petition accounts receivable to Porter, which is authorized to advance funds and provide other financial accommodations pursuant to the agreement. Porter's repayment claim for advances will be given superpriority status under Section 364(c)(1) of the Bankruptcy Code, ahead of all administrative expense claims in the Debtor's bankruptcy case. In addition, the amount owed to Porter under the agreement, both pre-bankruptcy and post-petition, will be secured by a first and only lien on the Debtor's accounts receivable and all other collateral set out in the agreement. The agreement terminates immediately upon appointment of a trustee, dismissal or conversion of the Debtor's bankruptcy case, or the occurrence of an event of default. The final order is available at https://shorturl.at/Nj0VV from PacerMonitor.com. About Propel Trucking Inc. Propel Trucking, Inc. filed its voluntary petition for Chapter 11 protection (Bankr. E.D. Ark. Case No. 25-13396) on October 2, 2025, listing up to $50,000 in assets and between $1 million and $10 million in liabilities. Judge Bianca M. Rucker oversees the case. Stanley V. Bond, Esq., is the Debtor's legal counsel. PUSHPA INTERNATIONAL: Cash Collateral Hearing Set for Feb. 26 ------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of New York rescheduled the final hearing on Pushpa International Inc.'s motion to use cash collateral from December 4 to February 26, 2026. The Debtor was initially authorized to use cash collateral to fund its operations under the court's November 13 interim order. The interim order granted secured creditors, MPJ Consultants, Inc. and SP&M Jagota's, LLC, replacement liens, maintaining the same validity, priority, and enforceability as their pre-bankruptcy liens. The replacement liens are subordinate to the fee carveout and do not apply to Chapter 5 avoidance actions. The Debtor's authority to use cash collateral will end automatically on the date of the final hearing or upon entry of a court order granting relief from the automatic stay; dismissing or converting the Debtor's Chapter 11 case; confirming a reorganization plan; or reversing, revoking, staying, rescinding, modifying, or amending the interim order without the secured creditors' consent. MPJ and SP&M are represented by: Andrea B. Malin, Esq. Genova, Malin & Trier, LLP Hampton Business Center 1136 Route 9 Wappingers Falls, NY 12590 (845) 298-160 About Pushpa International Inc. Pushpa International Inc., doing business as Glamour Couture, is a Tri-state area retailer offering designer gowns, prom, formal, and Quinceanera dresses, along with accessories and shoes, providing in-store personalized assistance for special occasion apparel. Pushpa International filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-22969) on October 14, 2025, listing between $500,000 and $1 million in assets and between $1 million and $10 million in liabilities. Ronald Friedman, Esq., at Rimon, PC serves as Subchapter V trustee. Judge Kyu Young Paek oversees the case. The Debtor is represented by Julie Cvek Curley, Esq., at Kirby Aisner & Curley, LLP. REBORN PHOENIX: Updates Habib Secured Claims Pay; Amends Plan ------------------------------------------------------------- Reborn Phoenix Management, Inc., submitted an Amended Disclosure Statement describing Amended Plan of Reorganization dated December 2, 2025. All payments due under the Plan will be funded by the post petition income of the Reorganized Debtor from rent and contributions from the Debtor's principal. The Class II Secured Claim of Habib is secured against the Property. The Habib Note matures in May of 2028 (the "Maturity Date"). The Debtor shall pay Habib under the terms of the Note until the Maturity Date, and upon the passing of the Maturity Date, the note shall be modified as follows: * The maturity date shall be extended for five years from the maturity date, May 30, 2028, at the interest rate Habib utilizes at the time of maturity; * Upon maturity of the loan, May 30, 2028, the debtor will provide Habib with an updated appraisal for the real property; * The debtor must remain current and not be in default at the maturity date and thereafter and provide yearly current financial statements; * No other terms of the loan shall be modified. Like in the prior iteration of the Plan, Class III consists of general unsecured claims of the New York State Department of Taxation & Finance (Claim No. 1) and the undisputed scheduled debt to AMWINS Group, Inc. and the claim of Best Deal Global Inc. (Claim No. 3). Class III shall receive payment of said claims in full $337,190.33 over 127 monthly payments beginning on the Effective Date. Such payments shall be made at an interest rate of 9% to provide the present value of the claims as of the effective date to Class III creditors. Within these monthly payments, the Debtor's equity owner is providing $20,000.00 with the first payment as subsequent new value in support of her retaining her interest. Class III is impaired and cannot vote on the Plan. Class IV includes only the membership interests of Julia Chai. The organizing records of the company reflect 100% membership interest. Under the Plan, Class IV retains its interest, is not entitled to vote, and is deemed to have accepted the Plan. As provided in the Plan, all payments, distributions, and transfers of cash or property under the Plan are in full and final satisfaction, settlement and release of all claims whatsoever existing as of the Confirmation Date against the Debtor, the Estate and the Reorganized Debtor, of any kind or nature whatsoever. These releases shall be effective upon Substantial Consummation of the Plan. A full-text copy of the Amended Disclosure Statement dated December 2, 2025 is available at https://urlcurt.com/u?l=OAzP4X from PacerMonitor.com at no charge. Counsel to the Debtor: THE LAW OFFICE OF RONALD D. WEISS, P.C. John Lehr, Esq. 445 Broadhollow Road, Suite CL-10 Melville, NY 11747 (631) 271-3737 Email: jlehr@li-bankruptcy.com About Reborn Phoenix Management Reborn Phoenix Management Inc. is a single asset real estate management company. Reborn Phoenix Management Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-41897) on April 18, 2025. = In its petition, the Debtor reported assets and liabilities between $500,000 and $1 million. Bankruptcy Judge Elizabeth S. Stong handles the case. The Debtor is represented by Ronald D. Weiss, Esq. at Ronald D. Weiss, P.C. RICHFIELD NURSING: Court OKs Nursing Facility Asset Sale to MHBK5 ----------------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Pennsylvania has granted Richfield Nursing and Rehabilitation LLC (Richfield) and its affiliates, Milford Nursing and Rehabilitation LLC (Milford), Rolling Hills Nursing and Rehabilitation LLC (Rolling Hills), Scenery Hill Nursing and Rehabilitation LLC (Scenery) and Darway Nursing Care Center LLC (Darway), to sell nursing facility assets, free and clear of liens, claims, interests, and encumbrances. Each of the entities is a Pennsylvania limited liability company in the health care business and operate skilled nursing facilities. The Debtors are each in possession of their property and, as Debtors-in-Possession, are operating their Businesses and managing their Personal Property. No trustee, examiner or statutory committee has been appointed in the Debtors' cases. Richfield Nursing and Rehabilitation operates a skilled nursing facility located at 631 Main Street, Richfield, Pennsylvania (Richfield Facility). Milford Nursing and Rehabilitation LLC operates a skilled nursing facility located at 264 Route 6 & 209, Milford, Pennsylvania (Milford Facility). Rolling Hills Nursing and Rehabilitation LLC operates a skilled nursing facility located at 17350 Old Turnpike Road, Millmont, Pennsylvania (Rolling Hills Facility). Scenery Hill Nursing and Rehabilitation LLC operates a skilled nursing facility located at 680 Lions Health Camp Road, Indiana, Pennsylvania (Scenery Hill Facility). Darway Nursing Care Center LLC operates a skilled nursing facility located at 5865 PA Route 154, Forksville, Pennsylvania (Darway Facility). The Debtors currently have entered into a Master Lease with OHI Asset (PA), LP, which provides for a lease of their respective facilities from OHI. OHI's Master Lease is secured by properly perfected, first-priority liens on the Debtors’ fixtures, receivables, accounts and personal property. Because of the COVID-19 pandemic and various supply issues, the costs of supplies and other items used by the Debtors in their Businesses increased substantially. The Court has authorized the Debtor to sell Assets to MHBK5, LLC, a Delaware limited liability company and a stalking horse bidder, in the purchase price of $100,000. The Debtors solicited offers and noticed an auction in accordance with the provisions of the Sale Procedures Order and afforded a full, fair and reasonable opportunity for any person or entity to make a higher or otherwise better offer than the Stalking Horse Bid to purchase the Assets. The Debtors received no Qualified Bids other than the Stalking Horse Bid, and accordingly, cancelled the auction. The Stalking Horse Bidder was properly deemed the Winning Bidder. The Debtors have demonstrated both (i) good, sufficient, and sound business purposes and justification, and (ii) compelling circumstances for the sale of the Assets to the Buyer pursuant to section 363 of the Bankruptcy Code. The terms set forth in this Sale Order and the Stalking Horse Agreement are fair and reasonable and constitute reasonably equivalent value and full, adequate, and fair consideration for the Assets under the Bankruptcy Code, or any other applicable laws of the United States, any state, territory, or possession. The Buyer is a purchaser in good faith, as that term is used in section 363(m) of the Bankruptcy Code, with respect to the sale of the Assets. The Stalking Horse Agreement and is Sale Order were negotiated, proposed, and entered into by the Debtors and the Buyer in good faith, from arm's-length bargaining positions, and without collusion. The Debtors have full power and authority to sell and deliver the Assets and execute and perform under, the Stalking Horse Agreement and any other documents necessary or appropriate to consummate the sale of the Assets. The Stalking Horse Agreement and the sale of the Assets do not constitute a subrosa chapter 11 plan. The Stalking Horse Agreement neither impermissibly restructures the rights of the Debtors creditors nor impermissibly dictates a chapter 11 plan for the Debtors. The Stalking Horse Agreement is approved, and the Debtors and their professionals are authorized, empowered, and directed to perform their obligations under the Stalking Horse Agreement and to take such actions as are necessary or appropriate to effectuate the terms of the Stalking Horse Agreement. As of the Closing, all persons and entities holding Claims or Encumbrances and their respective successors and assigns, are hereby forever barred, estopped, and permanently enjoined from asserting, prosecuting, or otherwise pursuing such Claims or Encumbrances of any kind and nature against the Buyer or the Assignees, the Assets, or any other assets or properties of the Buyer or the Assignees, or commencing or continuing any action that does not comply or is inconsistent with the Sale Order. About Richfield Nursing and Rehabilitation Richfield Nursing and Rehabilitation, LLC and affiliates are operators of skilled nursing and rehabilitation centers across Pennsylvania. Each location provides a range of services, including short-term rehabilitation, long-term care, and therapy. Richfield Nursing and Rehabilitation sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Pa. Lead Case No. 25-01599) on June 4, 2025. In its petition, Richfield Nursing and Rehabilitation reported between $1 million and $10 million in assets and liabilities. Judge Henry W. Van Eck handles the case. The Debtor is represented by Robert E. Chernicoff, Esq., at Cunningham, Chernicoff & Warshawsky, P.C. ROCKFORD SILK: Gets Interim OK to Use Cash Collateral Until Dec. 13 ------------------------------------------------------------------- Rockford Silk Screen Process, Inc. received fourth interim approval from the U.S. Bankruptcy Court for the Northern District of Illinois, Western Division, to use cash collateral to fund operations. The court authorized the Debtor to use cash collateral only within the approved budget through December 13. As adequate protection, Northwest Bank of Rockford will be granted a first position, fully-perfected security interest in and replacement lien on the debtor-in-possession account and all of property of the Debtor whether acquired before or after its Chapter 11 filing, subject only to valid pre-bankruptcy purchase money security interests, if any. In addition, Northwest Bank will receive payment of $50,000 as adequate protection following entry of the fourth interim order and weekly payment of $2,800 until a bankruptcy plan is confirmed. In case protection proves insufficient, the bank will receive a superpriority administrative claim. Northwest Bank is not allowed to apply funds in the debtor-in-possession (DIP) account or offset any balance owed without prior written consent of the Debtor or order of the court. Any sale of collateral outside the ordinary course requires lender consent or a court order. A status hearing is set for December 10. The fourth interim order is available at https://is.gd/pr7vDW from PacerMonitor.com. Rockford, a 70-year-old Illinois-based printing company headquartered in Loves Park, employs approximately 40 individuals and reported revenues of $8.3 million in 2024. Facing increasing creditor pressure and a threat of receivership from its secured lender, the Debtor filed for Chapter 11 protection on September 17, 2025. The Debtor has identified two major secured creditors: Northwest Bank of Rockford, owed approximately $2,038,120, and the U.S. Small Business Administration, which holds a subordinate lien of approximately $1,954,566. About Rockford Silk Screen Process Inc. Rockford Silk Screen Process, Inc. operates a custom printing business from 6201 Material Avenue, Loves Park, Illinois, providing silk screen, digital, and large-format printing services. The Company serves corporate and franchise clients across North America, offering products including decals, nameplates, electronic overlays, signage, and fleet graphics, and supports project management, creative design, and installation for vehicle fleets. With over 40 years of experience in the print industry, Rockford Silk Screen Process utilizes both traditional and advanced printing technologies from its 100,000+ square foot facility. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-81268) on September 17, 2025. In the petition signed by Jason Yost, president, the Debtor disclosed $3,339,844 in assets and $6,456,627 in liabilities. Judge Thomas M. Lynch oversees the case. George P. Hampilos, Esq., at Hampilos & Associates, Ltd., is the Debtor's legal counsel. ROSE RENTAL: Seeks Subchapter V Bankruptcy in Mississippi --------------------------------------------------------- On December 4, 2025, Rose Rental Properties LLC entered Chapter 11 bankruptcy in the Southern District of Mississippi. Filings indicate the Debtor has between $1 million and $10 million in outstanding debt, owed to 1–49 creditors. About Rose Rental Properties LLC Rose Rental Properties LLC is a real estate investment and property management company focused on acquiring, leasing, and maintaining residential rental properties. Rose Rental Properties LLC petitioned for Subchapter V of Chapter 11 relief (Bankr. S.D. Miss. Case No. 25-03091) on December 4, 2025. The company reports estimated assets ranging from $1 million to $10 million, with liabilities falling within the same range. The case is overseen by Honorable Bankruptcy Judge Jamie A. Wilson. The Debtor is represented by Thomas Carl Rollins Jr., Esq. of The Rollins Law Firm, PLLC. SAI BHOLE-NATH: Seeks Chapter 11 Bankruptcy in Texas ---------------------------------------------------- On December 1, 2025, Sai Bhole-Nath Hotels Inc. filed for Chapter 11 protection in the Northern District of Texas. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. About Sai Bhole-Nath Hotels Inc. Sai Bhole-Nath Hotels Inc. is a hotel management and hospitality services provider involved in operating lodging facilities and overseeing core hotel functions. Its activities may include managing guest accommodations, supervising staff, coordinating services, and maintaining hospitality standards. Sai Bhole-Nath Hotels Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-50333) on December 1, 2025. In its petition, the Debtor reports estimated assets of $1 million to $10 million and estimated liabilities of the same amount. Honorable Bankruptcy Judge Brad W. Odell handles the case. The Debtor is represented by Megan F. Clontz, Esq. of Ferguson Braswell Fraser Kubasta PC. SAMYS OC: Court Extends Cash Collateral Access to Dec. 30 --------------------------------------------------------- Samys OC, LLC received ninth interim approval from the U.S. Bankruptcy Court for the District of Kansas to use cash collateral through December 30. The ninth interim order authorized the Debtor to use cash collateral to pay operating expenses set forth in its budget, with a variance of 10%. As adequate protection for the Debtor's use of their cash collateral, secured creditors Dream First Bank and the U.S. Small Business Administration were granted replacement liens on all post-petition cash collateral and other property of the Debtor, to the same extent and with the same priority as their pre-bankruptcy liens. As additional protection, Dream First Bank will continue to receive a monthly payment of $59,913.90. The interim order provides for a carveout of up to $125,000 for attorney fees and expenses, and up to $25,000 for other professional fees and disbursements. A final hearing is scheduled for December 19. About Samys OC LLC Samys OC, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Kansas Case No. 24-11166) on Nov. 14, 2024, listing up to $50,000 in assets and $10 million to $50 million in liabilities. The petition was signed by Amro M. Samy as managing member. Judge Mitchell L Herren presides over the case. Lora J. Smith, Esq., at Hinkle Law Firm is the Debtor's bankruptcy counsel. Dream First Bank, as secured creditor, is represented by: Scott M. Hill, Esq. Hite, Fanning & Honeyman, LLP 100 N. Broadway, Ste. 950 Wichita, KS 67202-2216 Telephone: (316) 265-7741 Facsimile: (316) 267-7803 hill@hitefanning.com SANCTUARYSPA INC: Unsecureds Will Get 4% of Claims over 60 Months ----------------------------------------------------------------- Sanctuaryspa Inc. submitted an Amended Plan of Reorganization for Small Business dated December 2, 2025. The Debtor is a party to a commercial lease agreement with MAMO LBMP Investors I LLC ("Landlord") for the premises located at 6487 E. Pacific Coast Highway, Long Beach, CA 90803. The monthly rent obligation as of the petition date was $5,500. On October 30, 2025, Debtor entered into a Stipulation with Landlord for Modification, Assumption, and Cure of Commercial Lease Agreement, which was approved by this Court on November 6, 2025. The Debtor has one priority unsecured creditor, Franchise Tax Board, with an estimated pre-petition claim in the amount of $1,672.54. Under this Plan, the priority claim will be paid in full in one-time payment of $1,672.54 on the effective date. The pre-petition claim of Debtor's Landlord, Mamo LBMP Investors, LLC, is listed in a separate Class 3(b) and under this Plan. the Landlord will receive the sum of $4,134.05 to cure the pre petition arrears on the effective date of Debtor's confirmed Plan, followed by a one-time payment of $30,0000.00 to be paid by December 31, 2025, which amount represents the HVAC replacement costs of $29,808.24 plus $5,000.00 replacement cost, plus legal fees of $5,797.50, less $10,605.74 discount, pursuant to Stipulation for Modification, Assumption and Cure of Commercial Lease and Order Approving Stipulation. Non-priority unsecured creditors holding allowed claims will receive distributions, which the proponent of this Plan has valued at approximately 4 cents on the dollar. This Plan also provides for the payment of administrative and priority claims. Class 3 (a) consists of Non-priority unsecured creditors. The Debtor's general unsecured creditors are classified in Class 3(a) and identified on Exhibit B-3. The total amount of the allowed general unsecured claims, less the pre-petition claim of Mamo LBMP Investors I LLC for $34,134.05 which is included in Class 3(b), is is $1,097,992.12, and includes the undersecured portion of Five Star Bank's claim, and fully undersecured claims of LG Funding LLC. Oakwood Business Funding, OnDeck Capital, Inc., and Opportunity Fund Community Development. Based on the liquidation analysis and the income valuation of the Debtor's assets, the holders of allowed general unsecured claims in Class 3(a) will be receiving an estimated 4% pro-rata distribution through the plan. The distribution to allowed general unsecured claims will be made monthly, with the first payment of $734.00 due on the Effective Date, followed by 59 consecutive payments, each in the amount of $731.92, to be paid pro-rata to each holder of allowed general unsecured claim. Class 3(b) consists of Non-Priority unsecured claim of Mamo LBMP Investors I LLC. The pre-petition claim of Debtor's Landlord, Mamo LBMP Investors, LLC, is listed in a separate Class 3(b) and under this Plan. the Landlord will receive the sum of $4,134.05 to cure the pre-petition arrears on the effective date of Debtor's confirmed Plan, followed by a one-time payment of $30,0000.00 to be paid by December 31, 2025, which amount represents the HVAC replacement costs of $29,808.24 plus $5,000.00 replacement cost, plus legal fees of $5,797.50, less $10,605.74 discount, pursuant to Stipulation for Modification, Assumption and Cure of Commercial Lease and Order Approving Stipulation. This Class is impaired. The Debtor's proposed 5-year projections itemize the Debtor's revenue sources and the expenses for the next 5-years. The Debtor intends to fund its plan from the continued operation on its business. Debtor's principal, Crista Rossi, will act as the disbursing agent for the plan payments. She will not be compensated for her services as the disbursing agent. A full-text copy of the Amended Plan dated December 2, 2025 is available at https://urlcurt.com/u?l=c32CSu from PacerMonitor.com at no charge. About Sanctuaryspa Inc. Sanctuaryspa Inc. is a boutique day spa in Long Beach offering a range of services including facials, massages, body treatments, dermaplaning, chemical peels, and DiamondGlow treatments. The spa customizes services to individual needs and emphasizes a holistic approach to skincare. It operates in a tranquil setting designed to promote wellness and relaxation. Sanctuaryspa sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C. D. Calif. Case No. 25-14964) on June 12, 2025. In the petition signed by Crista Rossi, chief executive officer, the Debtor disclosed $50,397 in assets and $1,032,222 in liabilities. Michael Jay Berger, Esq., at the Law Offices of Michael Jay Berger, is the Debtor's bankruptcy counsel. Five Star Bank, as secured creditor, is represented by: Thomas P. Griffin, Jr., Esq. Hefner, Stark & Marois, LLP 2150 River Plaza Drive, Suite 450 Sacramento, CA 95833 Telephone: (916) 925-6620 Facsimile: (916) 925-1127 tgriffin@hsmlaw.com SCHAFER FISHERIES: Court Extends Cash Collateral Access to Dec. 31 ------------------------------------------------------------------ Schafer Fisheries, Inc. received another extension from the U.S. Bankruptcy Court for the Northern District of Illinois, Western Division, to use the cash collateral of Newtek Small Business Finance, LLC. The court's order authorized the Debtor's interim use of cash collateral through December 31 to pay the expenses listed in its latest budget under previously established terms. The Debtor projects total operational expenses of $337,737 for December. As of the petition date, Newtek held a blanket lien on substantially all of the Debtor's assets, including accounts receivable constituting cash collateral. A status hearing is set for December 17. About Schafer Fisheries Schafer Fisheries Inc. is a seafood processor and distributor in Fulton, Ill. Schafer Fisheries filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-80824) on June 20, 2024, listing between $100,001 and $500,000 in assets and between $1 million and $10 million in liabilities. Jennifer Schank of Fuhrman & Dodge, S.C. serves as Subchapter V trustee. Judge Thomas M. Lynch oversees the case. Schafer Fisheries tapped The Golding Law Offices PC and Leibowitz, Hiltz & Zanzig, LLC as bankruptcy counsel, and Philip Firrek as consultant. Newtek Small Business Finance, LLC, as secured creditor, is represented by: Paulina Garga-Chmiel, Esq. Dykema Gossett, PLLC 10 South Wacker Drive, Suite 2300 Chicago, IL 60606 Tel: 312-876-1700 pgarga@dykema.com SCILEX HOLDING: Completes $150MM BTC Deal with Datavault AI ----------------------------------------------------------- Scilex Holding Company and Datavault AI Inc., have entered into a license agreement providing for the use by the Company of certain intellectual property owned by Datavault following the closing of the parties' securities purchase agreement. On September 25, 2025, Scilex Holding Company entered into a Securities Purchase Agreement with Datavault AI Inc., a Delaware corporation, pursuant to which Datavault agreed to issue and sell, and the Company agreed to purchase, 15.0 million shares of common stock of Datavault in the initial closing which occurred on September 26, 2025 and a pre-funded warrant to purchase 263,914,094 shares of Datavault Common Stock in a subsequent closing, for an aggregate purchase price of $150 million in Bitcoin (based on the spot exchange rate for BTC as published by Coinbase.com at 8:00 p.m. (New York City time) on the trading day immediately prior to the date of the Initial Closing Date, or September 25, 2025). Pursuant to the Datavault SPA, the Subsequent Closing was subject to the satisfaction of the condition that the stockholders of Datavault approve the issuance of the shares of Datavault Common Stock underlying the Pre-Funded Warrant. On November 24, 2025, Datavault obtained such stockholder approval at its annual meeting. On November 25, 2025, the Subsequent Closing was consummated with the Company transferring an amount of BTC (based on the Spot Exchange Rate) in satisfaction of the payment of the remainder of the aggregate purchase price to Datavault and Datavault issuing the Pre-Funded Warrant to the Company. On November 25, 2025, following the Subsequent Closing, the Company exercised the Pre-Funded Warrant in full for an aggregate exercise price of approximately $26.4 thousand, paid in cash. Other than this deal, there are no material relationships between the Company and Datavault. A full-text copy of the Datavault SPA is available at https://tinyurl.com/4exhmnjz About Scilex Holding Company Palo Alto, Calif.-based Scilex Holding Company -- www.scilexholding.com -- is an innovative revenue-generating company focused on acquiring, developing and commercializing non-opioid pain management products for the treatment of acute and chronic pain and, following the formation of its proposed joint venture with IPMC Company, neurodegenerative and cardiometabolic disease. Scilex targets indications with high unmet needs and large market opportunities with non-opioid therapies for the treatment of patients with acute and chronic pain, and is dedicated to advancing and improving patient outcomes. Scilex's commercial products include: (i) ZTlido (lidocaine topical system) 1.8%, a prescription lidocaine topical product approved by the U.S. Food and Drug Administration for the relief of neuropathic pain associated with postherpetic neuralgia, which is a form of post-shingles nerve pain; (ii) ELYXYB, a potential first-line treatment and the only FDA-approved, ready-to-use oral solution for the acute treatment of migraine, with or without aura, in adults; and (iii) Gloperba, the first and only liquid oral version of the anti-gout medicine colchicine indicated for the prophylaxis of painful gout flares in adults. In its report dated March 31, 2025, the Company's auditor, BMP LLP, issued a "going concern" qualification, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has suffered recurring losses from operations and has a net capital deficiency that raise substantial doubt about its ability to continue as a going concern. As of June 30, 2025, Scilex Holding had $83.76 million in total assets, $332.74 million in total liabilities, and a total stockholders' deficit of $248.99 million. SCT PARK: PNC Wants GlassRatner's Brown as Receiver --------------------------------------------------- PNC Bank, National Association, filed an unopposed motion with the U.S. District Court for the Middle District of Florida, Tampa Division, seeking the appointment of Adam Brown of GlassRatner as receiver for SCT Park Place, LLC. PNC Bank claims to be is a secured and properly perfected creditor of SCT Park Place, LLC related to a loan with a principal sum of $10,000,000 on September 6, 2018, between the parties and the property located at 311 Park Place, Clearwater, Florida. The loan matured on October 1, 2025. PNC Bank has made demand on SCT for payment in full of the outstanding balance due under the Loan, but SCT has not paid in full. The Property is SCT's sole asset with a 58% occupancy rate. While SCT has requested to sell the Property to satisfy the Loan, PNC says the current occupancy rate may be a factor in attracting a buyer willing to purchase the Property for an amount sufficient to pay off the Debt. While SCT has located a tenant that would bring the occupancy rate to approximately 90%, it is unwilling or unable to fund tenant improvement allowances (TIA) necessary to install that tenant. PNC says the parties have agreed to the appointment of a receiver to operate the Property and prep it for sale in an amount sufficient to satisfy the Debt. PNC relates that SCT executed and delivered a Promissory Note, payable to PNC Bank in the original principal amount of $10,000,000, in connection with the Loan. The Note is secured by a Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing. The Note is further secured by an Assignment of Leases and Rents. SCT also entered into an Assignment of Agreements Affecting Real Estate dated as of September 6, 2018, for the benefit of PNC Bank. On November 17, 2023, SCT and PNC Bank entered into a First Amendment to Loan Documents. PNC Bank is the current owner and holder of the Loan Documents. Under the Loan Documents, SCT granted PNC Bank a security interest in, among other things, the Property, Land, Improvements, Personal Property, Leases, Rents, Awards, Insurance Proceeds, Assigned Agreements, and Additional Collateral, as those terms are defined in the Loan Documents. On November 6, 2025, PNC Bank sent a notice of default letter demanding payment of the Debt in full in the amount of $9,806,856.57 not later than November 13, 2025. SCT failed to make the payment. PNC contends that the parties' Security Instrument provides that, following an event of default, PNC is permitted to take action it deems advisable to protect and enforce its rights, including the appointment of a receiver. The Property sits on a 9.43-acre parcel and consists of a 119,861 square foot office building. The Property is currently 58% occupied. PNC tells the Court it has been in frequent communication with SCT regarding the ongoing vacancy of the Property and the current value of the Property as a result of such vacancy. Although PNC understands SCT intends to sell the Property to satisfy the Debt, PNC's understanding is that the current low occupancy rate has turned away some potential buyers. PNC relates SCT has attracted a potential significant tenant that would bring the occupancy rate up to approximately 90%. However, that tenant has requested, as part of the lease, that it be granted TIA in the amount of $1,263,450 and has requested that PNC fund the TIA as SCT is either unwilling or unable to make Tenant Allowance funds available. PNC tells the Court it is unwilling to front those costs without a receiver in place and reasonable assurances that the advance will be secured and will result in an increase in value of the Property sufficient to satisfy the Debt. SCT engaged a broker to solicit bids for the sale of the Property with its current occupancy rate of 58%. Bidders offering purchase prices above the amount of the Debt have either pulled support or offered qualified bids on a 90% occupancy rate. The failure to fund the Tenant Allowance has resulted in an underperforming 58% occupancy rate and a diminishing value of the Property insufficient to satisfy the Debt. PNC initiated a suit against SCT on November 18, 2025. It raises causes of action for (i) breach of the Note related to nonpayment of the Debt;(ii) breach of Loan Agreement related to nonpayment of the Debt and an unpermitted transfer; (iii) judicial foreclosure; and (iv) appointment of a receiver. In a diversity action, federal law governs the appointment of a receiver, over which the Court has broad discretion. PNC acknowledges that the appointment of a receiver is an extraordinary equitable remedy available when there is no remedy at law or the remedy is in adequate. U.S. v. Bradley, 644 F.3d 1213, 1310 (11th Cir. 2011). While there is no precise formula for determining when a receiver should be appointed, PNC notes federal courts should consider a variety of factors, including "(1) the presence of a contractual receivership provision; (2) fraudulent conduct on the part of the defendant; (3) imminent danger that property will be lost or squandered; (4) the inadequacy of available legal remedies; (5) the probability that harm to the plaintiff by denial of the appointment would be greater than the injury to the parties opposing appointment; (6) plaintiff's likelihood of success on the merits; and (7) whether the receivership will in fact serve the plaintiff's interests." Nat'l P'ship Inv. Corp., 153 F.3d at 1291 (citing Consol. Rail Corp. v. Fore River Ry. Co., 861 F.2d 322, 326–27 (1st Cir.1988)). PNC contends the facts adequately establish a contractual receivership provision, the danger that the property will be squandered, the inadequacy of available legal remedies, the balance of harm to the parties, and PNC's likelihood of success on the merits. The bank insists a receiver is necessary to take over the Property to prevent further waste and potential harm to PNC. The Bank also believes continuation of an underperforming occupancy rate will continue to result in bids for the purchase of the Property insufficient to satisfy the Debt -- either in a commercial sale or at foreclosure. Without the appointment of a receiver, there is a likelihood of a deficiency judgment following either a sale or foreclosure. PNC asserts Mr. Brown has extensive experience as a receiver. GlassRatner has cleared conflicts and confirmed that it is prepared to move forward and serve as a receiver in this matter. PNC proposes that the receiver be directed and ordered to accomplish the following: a. Establish and assume control of the "Receivership Estate" comprised of (i) the Property, (ii) Personal Property, (iii) collection of Rent and other income from the Property, (iv) its books, records and accounts, (v) and its collateral, as that term is defined in the (1) Security Agreement, (2) Loan Agreement, (3) Note, and (vi) SCT’s day-to-day operations. b. Assume full control of SCT by removing any officer, manager, independent contractor, employee, or agent of SCT, from control and management of the affairs of the Receivership Estate as the Receiver deems appropriate; c. Take exclusive custody, control, and possession of the Receivership Estate, which includes but is not limited to complete authority to sue for, collect, receive, and take possession of all goods, chattels, rights, credits, money, effects, land, leases, books, records, work papers, and records of accounts, including electronically-stored information, contracts, financial records, funds on hand in banks and other financial institutions, and other papers and records of SCT and any of SCT’s business activities whose interests are now held by, or under the direction, possession, custody, or control of, SCT; d. Conserve, hold, and manage the Receivership Estate, and perform all acts necessary or advisable to preserve the value of those assets, in order to prevent any irreparable loss, damage, or injury to the Receivership Estate and steer the Receivership Estate towards repayment of the Debt in full; e. Manage and administer SCT and the Receivership Estate by performing all acts incidental thereto that the receiver deems appropriate, including hiring or dismissing any and all personnel, suspending operations, and/or entering into agreements, including but not limited to: (i) the retention and employment of a property manager; (ii) entering into a representation agreement with a reputable brokerage; (iii) entering into a new lease agreement or extension/renewal of existing lease agreements; (iv) entering into or continuing negotiations with potential purchaser of the Property (subject to approval by this Court); f. Collect all funds owed to the Receivership Estate; g. Initiate, defend, compromise, adjust, intervene in, dispose of, or become a party to any actions or proceedings in state or federal courts that the receiver deems necessary to preserve or increase the value of the Receivership Estate or that the receiver deems necessary and advisable to carry out the receiver's mandate under Court order; h. Choose, engage, and employ attorneys, accountants, appraisers, and other independent contractors and technical specialists, as the receiver deems advisable or necessary in the performance of duties and responsibilities under the authority granted by Court order; i. Issue subpoenas to obtain records pertaining to the Receivership and conduct discovery in this action on behalf of the Receivership Estate; j. Open one or more bank accounts as designated depositories for the Receivership Estate funds. The receiver shall deposit all funds of the Receivership Estate in such designated accounts and shall make all payments and disbursements from the Receivership Estate from such accounts; k. Make payments and disbursements from the Receivership Estate that are necessary or advisable for carrying out the directions of, or exercising the authority granted by, Court order; provided that the receiver shall apply to the Court for prior approval of any payment of any debt or obligation incurred by the Receivership Entities prior to the date of entry of Court order, except for payments the receiver deems necessary or advisable to secure the Receivership Estate from immediate and irreparable loss; l. Receive funds advanced from PNC Bank in such amounts as the receiver deems necessary or appropriate to protect, preserve, insure, manage, improve, secure and control the Property, which amounts shall be subject to approval by PNC Bank, and which amounts shall be secured by the lien of the Security Instrument; m. Liquidate all assets of the Receivership Estate subject to further Order of the Court; n. Establish Receivership Estate account(s) at a bank other than PNC Bank and use funds placed in the account(s) for purposes of managing, preserving, protecting, and maintaining the Receivership Estate, including making payments to PNC Bank related to the Loan which is the subject of this litigation; and o. Maintain written accounts itemizing receipts and expenditures, describing properties and assets held or managed, and naming the depositories of receivership funds; make such written accounts and supporting documentation, and, within 60 days of being appointed and periodically thereafter, as directed by the Court, file with the Court and serve on the parties a report summarizing efforts to marshal and collect assets, administer the Receivership Estate, and otherwise perform the duties mandated by the Court, including (a) balance sheet, statement of income and expenses, statement of cash flows, a monthly statement of income and expense forecast addressing year-to-date actuals and the remaining calendar year, and budget versus actual comparison report; (b) an aged payables report and an aged receivables report; (c) a capital expenditures report; and (d) bank statements with monthly reconciliations. Finally, to conserve the time and resources of the parties, the Receivership Estate, and the Court, PNC requests that the Court stay all deadlines in this litigation during the pendency of the receivership, other than the receiver’s reporting obligations, until the earlier of (i) further Court order or (ii) a motion filed by a party to lift the stay. PNC's counsel has conferred with SCT's counsel, Michael A. Kolcun of the law firm Smith, Gambrell & Russell, LLP, pursuant to Local Rule 3.01(g), who advised that Defendant does not oppose the requested relief or the form of the proposed order. * * * The Court on Nov. 25 dismissed the Plaintiff's original complaint without prejudice as a shotgun pleading and directed PNC to file disclosure statements pursuant to Fed. R. Civ. P. 7.1., and file an Amended Complaint that cures the jurisdictional and shotgun pleading defects and that otherwise complies with the Federal Rules of Civil Procedure, including Rule 8(a). PNC filed the amended complaint Dec. 1. About SCT Park Place LLC SCT Park Place LLC owns a 9.43-acre parcel and a 119,861-square foot office building located at 311 Park Place, Clearwater, Florida. SCT is facing a receivership case captioned as PNC Bank, National Association v. SCT Park Place LLC, Case No. 8:25-cv-03172 (M.D. Fla.), before the Hon. Charlene Edwards Honeywell. The case was filed on Nov. 18, 2025. SCT is represented by Michael A. Kolcun, Esq., at the law firm Smith, Gambrell & Russell, LLP. Attorneys for PNC Bank are: Todd K. Norman, Esq. Olivia Share McClanahan, Esq. NELSON MULLINS RILEY & SCARBOROUGH LLP 390 North Orange Avenue, Suite 1400 Orlando, FL 32801 Tel: (407) 669-4200 Fax: (407) 425-8377 E-mail: todd.norman@nelsonmullins.com olivia.mcclanahan@nelsonmullins.com shawana.watt@nelsonmullins.com katherine.reynolds@nelsonmullins.com - and - Shane Ramsey, Esq. NELSON MULLINS RILEY & SCARBOROUGH LLP 1222 Demonbreun St., Ste 1700 Nashville, TN 37203 Tel: (615) 664-5300 Fax: (615) 664-5399 E-mail: shane.ramsey@nelsonmullins.com SHERWOOD TRUST: Seeks Chapter 11 Bankruptcy in California --------------------------------------------------------- On December 3, 2025, Sherwood Trust, Dated October 14, 2016 sought Chapter 11 protection in the Central District of California. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. About Sherwood Trust, Dated October 14, 2016 Sherwood Trust, Dated October 14, 2016 operates as a fiduciary trust created to hold, manage, and distribute assets on behalf of its beneficiaries. The trust may oversee investments, real property, or other financial holdings while adhering to the directives outlined in its trust documents. Sherwood Trust, Dated October 14, 2016 filed for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-11647) on December 3, 2025. In its petition, the Debtor reports estimated assets of $1 million–$10 million and estimated liabilities in the same range. Honorable Bankruptcy Judge Ronald A. Clifford III handles the case. The Debtor is represented by Paul A. Beck, Esq. of the Law Offices of Paul A. Beck APC. SIX COOKS: Gets One-Month Extension to Use Cash Collateral ---------------------------------------------------------- Six Cooks, LLC received a one-month extension from the U.S. Bankruptcy Court for the Eastern District of North Carolina, New Bern Division, to use cash collateral to fund operations. The court issued its fifth interim order extending the Debtor's authority to use cash collateral from December 12 to January 12 in accordance with its budget, subject to a 10% variance per line item. The Debtor projects total expenses of $88,011 for the period from December 15 to January 15, 2026. The security interests granted to the U.S. Small Business Administration and other secured creditors under their pre-bankruptcy loan agreements will continue to attach to their collateral. By January 1, 2026, the Debtor must pay SBA a regular monthly installment of $2,538; failure to make the payment by January 10, 2026, will constitute a default under the fifth interim order. The order remains in effect until January 12, 2026, unless earlier terminated by agreement; confirmation of a Chapter 11 plan; the filing of a notice of default; or a court order ending the fifth interim order. The next hearing is scheduled for January 6, 2026. The fifth interim order is available at https://is.gd/84XMJn from PacerMonitor.com. About Six Cooks LLC Six Cooks LLC, doing business as Blue Forest Market, Industrial Puppy, Wild Baby, and Pro Nutrition Labs, operates as a limited liability company managing multiple businesses under various DBAs including Blue Forest Market, Industrial Puppy, Wild Baby, and Pro Nutrition Labs. The Company's operations span retail sales of toys and household goods, manufacturing and sales of service animal products, nutritional supplements, and other specialized product lines. Six Cooks sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-03043) on August 8, 2025. In its petition, the Debtor reported total assets of $630,133 and total liabilities of $2,103,297. Honorable Bankruptcy Judge David M. Warren handles the case. The Debtor is represented by David J. Haidt, Esq., at Ayers & Haidt, PA. SLEEP QUARTERS: Seeks Chapter 11 Protection in Texas ---------------------------------------------------- On December 2, 2025, Sleep Quarters Plus Inc. filed for Chapter 11 protection in the Northern District of Texas. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. About Sleep Quarters Plus Inc. Sleep Quarters Plus Inc. specializes in the retail distribution of mattresses, bedding essentials, and bedroom furnishings. Based in Texas, the company offers an assortment of sleep-related products through its retail outlets, catering to customers looking for value-oriented and quality bedding options. Sleep Quarters Plus Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-34803) on December 2, 2025. In its petition, the Debtor reports estimated assets of $1 million–$10 million and estimated liabilities of $1 million–$10 million. Honorable Bankruptcy Judge Scott W. Everett handles the case. The Debtor is represented by Joyce W. Lindauer, Esq. of Joyce W. Lindauer Attorney, PLLC. SONDER HOLDINGS: Seeks Approval of Bid Protocol for Property Sale ----------------------------------------------------------------- Jami Nimeroff, Chapter 7 Trustee of Sonder Holdings Inc. and its affiliated debtors, seeks approval from the U.S. Bankruptcy Court for the District of Delaware, to sell Property at auction, free and clear of liens, claims, interests, and encumbrances. The Debtor owe in excess of $240.5 million in unpaid principal to their senior secured creditors. The Trustee proposes bidding procedures, assumption and assignment procedures, and sale procedures for the Property. The Trustee submits that the Assumption and Assignment Procedures would facilitate the fair and orderly process for the assumption and assignment of the Contracts in connection with the Sale Transaction and would provide Contract Counterparties sufficient notice and opportunity to respond. The Trustee believes that the bidding and assumption procedures will enable to the Trustee to obtain the highest and best value that the Debtor's estates could receive for the Assets. The Bidding Procedures will allow the Trustee to conduct the Sale process in a controlled, fair, and open manner that will encourage participation by financially capable bidders with proof of their ability to close. The Trustee also requests that any party that fails to object to the proposed assumption and assignment of any contract be deemed to consent to the assumption and assignment of the applicable contract. The Trustee requests authority to convey the Assets to the Winning Bidder, free and clear of all liens, claims, rights, interests, pledges, obligations, and limitations. As part of the Bidding Procedures, the Trustee and Gordon Brothers will receive information/documentation that will provide evidence of the Potential Bidders ability to consummate the transaction and to provide adequate assurance of future performance. The proposed Bidding Procedure can be found at: https://urlcurt.com/u?l=dJ270Q 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. SONIM TECHNOLOGIES: Amends $15MM Asset Sale Agreement, Drops RTO ---------------------------------------------------------------- Sonim Technologies, Inc. disclosed in a recent regulatory filing with the Securities and Exchange Commission that the Company has entered into an amendment to the Asset Purchase Agreement, dated as of July 17, 2025, by and among the Company, as seller, Pace Car Acquisition LLC, as buyer, the Seller Representative named in the Purchase Agreement, and, Social Mobile Technology Holdings LLC, as guarantor. As disclosed on the Current Report on Form 8-K filed by Sonim Technologies, Inc. with the Securities and Exchange Commission on July 22, 2025, the Company entered into that certain Asset Purchase Agreement, dated as of July 17, 2025, by and among the Company, as seller, Pace Car Acquisition LLC, as buyer, the Seller Representative named in the Purchase Agreement, and, Social Mobile Technology Holdings LLC, solely for the purpose of guaranteeing complete payment and performance obligations of the Buyer contained in the Purchase Agreement. Pursuant to the Purchase Agreement, the Buyer agreed to acquire substantially all assets of the Company, and its subsidiaries related to the Company's enterprise 5G solutions business for a purchase price of $15 million in cash, subject to a customary working capital, indebtedness, and transaction expense adjustments. On November 24, 2025, the Company, the Buyer, the Parent, and the Seller Representative entered into a first amendment to the Purchase Agreement. The APA Amendment modifies certain provisions of the Purchase Agreement, including: * removal of all references to, and sections providing for or related to, the Company's proposed reverse merger transaction and items ancillary to the RTO (e.g., the filing by the Company of a registration statement on Form S-4), as the RTO is no longer applicable to the closing of the Purchase Agreement; * the addition of a requirement that, after taking into account the Adjustment Amount, if the Closing Purchase Price (as defined in the Purchase Agreement) is less than $0, the Company must pay a sufficient portion of the Company's accounts payable so that the Closing Purchase Price is greater than $0; and * the addition of the Company's German subsidiary, Sonim Technologies Germany GmbH, to the acquired subsidiaries annex of the Purchase Agreement. A full-text copy of the APA Amendment is available at https://tinyurl.com/mvthjsdd About Sonim Technologies Sonim Technologies, Inc. was incorporated in the state of Delaware on August 5, 1999, and is headquartered in San Diego, California. The Company offers a robust portfolio that includes rugged handsets, smartphones, wireless internet devices, software, services, and accessories. These products are engineered to deliver reliable communication in challenging and unpredictable environments, serving sectors such as critical communications, first responders, government, industrial, construction, hospitality, and logistics. The Company distributes its products primarily through major wireless carriers. As of September 30, 2025, the Company had $40.2 million in total assets, $40.9 million in total liabilities, and $701,000 in total stockholders' deficit. According to the Company's Report on Form 10-Q for the quarterly period ended September 30, 2025, the uncertainty regarding the Asset Purchase Agreement and the ability of the Company to implement strategic alternatives after the closing of the Asset Purchase Agreement creates uncertainty regarding the Company's ability to forecast beyond the asset sale date. Accordingly, there is substantial doubt about the Company's ability to continue as a going concern within the next 12 months. SPIN HOLDCO: Moody's Cuts CFR to Caa3 & Alters Outlook to Negative ------------------------------------------------------------------ Moody's Ratings downgraded Spin Holdco, Inc.'s (Spin) corporate family rating to Caa3 from Caa1, probability of default rating to Caa3-PD from Caa1-PD, and the ratings assigned to its senior secured first lien bank credit facility, including the $140 million senior secured revolving credit facility (RCF) due March 2026 and the $2 billion senior secured first lien term loan due March 2028, to Caa3 from Caa1. The outlook has been changed to negative from stable. The downgrade and change in the outlook to negative reflects the company's deteriorating liquidity profile, imminent refinancing risk, and limited cushion in remaining compliant with its debt covenants. Moody's expects Spin will continue to burn a significant amount of cash over the next 12-18 months, driven by high debt service requirements and high capital expenditures through investments in laundry and air equipment. Furthermore, working capital challenges, specifically longer days sales outstanding (DSO) cycles and lower inventory turnover, have led to Spin relying heavily on its revolver to fund operations. While Spin's fiscal 2Q 2026 (period ended September 2025) reported cash balance of roughly $136 million appears sufficient to repay the $124 million drawn on its revolver prior to the facility's March 2026 maturity, Moody's estimates only $95 million is readily available, excluding the cash to support letters of credit and uncollected cash or coin payments from machines in its fleet. In addition to weak liquidity, recent market share losses and an ongoing restructuring of the company's operations present elevated refinancing risk, increasing the risk of a default. Governance risk considerations are material to the rating action, reflecting an aggressive financial policy evidenced by the company's deteriorating liquidity profile driven by increased reliance on revolver borrowings to fund working capital outflows. RATINGS RATIONALE Spin's Caa3 CFR reflects weak credit metrics, a deteriorating liquidity profile, and increased risk of a restructuring event or default. Moody's expects the company will continue to rely on external sources of liquidity to fund operations as increasing debt service requirements, high capital expenditures, and working capital challenges prevent the company from generating positive free cash flow. Spin has reported longer DSO cycles and higher inventory levels throughout 2025 as customers have either stretched payment terms or turned to competitors to provide related services. As of September 30, 2025, Spin's revolver borrowings increased to $124 million, significantly higher than the $71 million drawn at this point last year. The company has increased revolver borrowings every quarter since using proceeds from the divestiture of European operations to pay off outstanding revolver borrowings during fiscal 2Q 2024 (period ended September 2023). Moody's expects the company to have weak liquidity over the next 12-15 months. As of the period ended September 2025, Spin had roughly $136 million cash (inclusive of restricted cash supporting LOC's and uncollected coins), and $16 million of revolver availability. Even if Spin successfully extends its RCF's maturity, the current cash burn rate, which Moody's expects to continue, exceeds the amount of readily available cash and revolver availability, leaving the company in a constrained liquidity position. Alternate sources of liquidity are minimal as the sale of any noncore asset would likely have an insignificant impact to Spin's liquidity. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could upgrade the ratings over time if the company improves its liquidity position and is able to extend the maturity for its senior secured revolving credit facility due March 2026. Moody's could downgrade the ratings if there is an increased likelihood of a debt restructuring or default event, or if lender recovery rates decline further. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. Spin's Caa3 CFR is two notches below the scorecard-indicated outcome of Caa1 for the 12 month period ended September 2025, and three notches below the scorecard-indicated outcome of B3 for the 12-18 month forward view. The difference reflects the company's deteriorating liquidity, uncertainty regarding the upcoming maturity for its revolver, and increased risk of a debt restructuring or default. Headquartered in Melville, New York, Spin is a wholly owned subsidiary of CSC ServiceWorks Holdings, Inc. Spin is the largest provider of outsourced laundry equipment services for multifamily housing properties in North America. The company also provides air and vacuum vending equipment services at convenience stores and gas stations nationwide. The company generated roughly $1.1 billion in revenue during the 12 month period ended September 2025. The two largest equity owners of CSC ServiceWorks are Pamplona Capital, with a roughly 60% ownership stake, and Ontario Teacher's Pension Plan, with a 30% stake. SPIRIT AIRLINES: Seeks Court OK for $140MM Engine Settlement ------------------------------------------------------------ Emily Lever of Law360 Bankruptcy Authority reports that Spirit Airlines announced that it has reached a $140 million settlement with International Aero Engines concerning engines that previously grounded parts of its fleet. The agreement resolves disputes related to operational disruptions and associated costs caused by the grounded aircraft. According to the airline, the settlement will help mitigate financial losses and allow Spirit to move forward with its flight schedules without further complications from the affected engines. The company described the resolution as a significant step in stabilizing operations and restoring fleet reliability, 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. SPIRITRUST LUTHERAN: Gets Interim OK for DIP Financing From M&T --------------------------------------------------------------- SpiriTrust Lutheran and affiliates received interim approval from the U.S. Bankruptcy Court for the Middle District of Pennsylvania to obtain post-petition financing to get through bankruptcy. The financing is a debtor-in-possession credit facility with M&T Bank totaling $12.2 million, comprised of a $6.7 million new money DIP loan to fund operations, administrative expenses, and the fee carveout, and a $5.5 million replacement DIP loan to refinance portions of the pre-bankruptcy obligations. The DIP financing would provide superpriority administrative expense claim status to M&T Bank; automatically perfected liens on all collateral including cash collateral; and authorization to pay principal, interest, fees, and related expenses. The interim order also authorized the Debtors to use the cash collateral of M&T Bank, the Debtors' pre-bankruptcy lender. M&T Bank will receive adequate protection through post-petition replacement liens on the collateral (subject to the carveout); a super-priority administrative claim; and monthly cash-pay interest on accrued, unpaid post-petition interest owed on pre-bankruptcy obligations. M&T Bank's agreement to provide post-petition financing and permit the use of cash collateral will continue until the earliest of: (i) the conclusion of the final hearing; (ii) December 16 if no final order is entered by then; (iii) acceleration of any outstanding extensions of credit under the DIP financing; or (iv) any event of default. The interim order is available at https://is.gd/pCDNen from PacerMonitor.com. The final hearing is set for December 16. SpiriTrust, a non-profit organization with approximately 600 employees, operates six Complete Care Retirement Communities (CCRCs) in Pennsylvania while its affiliates, SpiriTrust Lutheran Home Care & Hospice and SpiriTrust Lutheran Life previously operated home healthcare programs, which have since ceased or been sold. The Debtors have faced increasing financial distress since 2022, struggling to meet obligations including trade debt, taxes, insurance, and maintenance, resulting in approximately $19 million in unsecured trade debt, nearly $9 million in lawsuits or judgments, and over $83 million in pre-bankruptcy debt to M&T Bank through multiple credit facilities secured by virtually all of their assets. Without immediate access to post-petition financing, the Debtors expect to face a critical cash shortage, jeopardizing operations, vendor relationships, employee retention, and the going-concern value of their estates. The DIP facility and related protections are essential to maintain stakeholder confidence, continue operations, and support a sale process for the CCRCs and other assets to maximize estate value. About SpiriTrust Lutheran SpiriTrust Lutheran provides senior living, home care, and hospice services through a network of affiliated nonprofit entities operating across multiple counties in Pennsylvania. The organization offers in-home skilled nursing, therapy, non-medical =support, hospice and palliative care, as well as residential senior living, personal care, assisted living, and related community-based programs. It operates from its headquarters in York, Pennsylvania, as a faith-based nonprofit serving older adults and local communities across the region. SpiriTrust Lutheran and affiliates, SpiriTrust Lutheran Home Care & Hospice and SpiriTrust Lutheran Life, filed Chapter 11 petitions (Bankr. M.D. Pa. Lead Case No. 25-03341) on November 21, 2025. At the time of the filing, SpiriTrust Lutheran listed between $50 million and $100 million in assets and between $100 million and $500 million in liabilities. Judge Henry W Van Eck oversees the cases. Robert E. Chernicoff, Esq., at Cunningham, Chernicoff & Warshawsky, P.C., represents the Debtors as legal counsel. M&T Bank, as DIP lender and pre-petition lender, is represented by: Diane E. Vuocolo, Esq. Kevin P. Ray, Esq. Ballard Spahr, LLP 1735 Market Street, 51st Floor Philadelphia, PA 19103-7599 Office: 215-864-8162 Fax: 215.864.8999 vuocolod@ballardspahr.com rayk@ballardspahr.com SPRAYTECH LLC: Unsecureds Will Get 3.23% of Claims over 5 Years --------------------------------------------------------------- Spraytech LLC filed with the U.S. Bankruptcy Court for the Northern District of Illinois a First Amended Plan of Reorganization dated December 2, 2025. The company is a family business managed by its owner, Piotr Gryz. The company specializes in rust repair, restoring wheel arches, spray-on bedliners, and undercoating protection. The Debtor operated profitably until due to customer demand it to expand into a larger location in Gurnee, IL. The Debtor's business declined after the move due to inability to operate because of unreasonable restrictions placed by the municipality. The cost of labor, supplies, parts and equipment maintenance also contributed to the Debtor's financial decline. The Debtor intends to continue to operate by cutting expenses and by increasing its revenue now that the municipality fully approved Debtor's business location for conducting this type of business. Debtor expects to return to profitability in the early part of 2026. Generally, the Plan provides that all administrative creditors will be paid in full on the Effective Date of the Plan (which is 30 days after the Order confirming the Plan is a final Order) unless otherwise agreed. Priority creditors will receive 100% of their allowed claims over the period of the Plan term (5 years) ("Plan Term"). Unsecured Creditors will receive a pro rata share of the Unsecured Creditor Payment over a period of 5 years, which shall equal approximately 3.23% distribution on their claims. Claims of insiders, if any, will be subordinated and will not receive a distribution unless all other classes of creditors receive payment in full. Equity security holders will not receive a distribution. Class 2 consists of Allowed Unsecured Claims. Holders of allowed unsecured claims shall receive a pro rata share of the Unsecured Creditor Payments on an annual basis for a period of 5 years beginning on the 1st anniversary of the Effective Date of the Plan, and continuing yearly for another 4 years. The Unsecured Creditor Payments shall equal $20,000 in the aggregate, and each yearly payment shall be $4,000 for five payments. Based upon the unsecured claims, the estimated distribution to unsecured creditors is 3.23%. No distribution will be made for unsecured claims which were either (i) scheduled as disputed; or (ii) no timely proof of claim was filed. Class 3 consists of Insider Claims. Insider Claims, if any, will not be paid under the Plan unless or until Classes 1 and 2 are paid in full. The Debtor does not believe there are any outstanding insider claims. Class 4 consists of Equity Security Holders. Equity security holders shall retain their interests in the Debtor. In addition, the principal of the Debtor will be entitled to a salary for his work on behalf of the Debtor. This First Amended Plan of Reorganization proposes to pay creditors of the Debtor from future revenues generated by the Debtor's business. A full-text copy of the First Amended Plan dated December 2, 2025 is available at https://urlcurt.com/u?l=iiyOkw from PacerMonitor.com at no charge. Counsel to the Debtor: David Freydin, Esq. Law Offices of David Freydin, PC 8707 Skokie Blvd. Suite 312 Skokie, IL 60076 Phone: (847) 972-6157 Email: David.freydin@freydinlaw.com About Spraytech LLC Spraytech LLC, a Gurnee, Illinois-based company, sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-10140) on July 1, 2025. In its petition, the Debtor reported estimated assets up to $50,000 and estimated liabilities $500,000 and $1 million. Judge Jacqueline P. Cox handles the case. The Debtor is represented by David Freydin, Esq., at Law Offices Of David Freydin Ltd. STAKEHOLDER MIDSTREAM: Moody's Puts 'B2' CFR on Review for Upgrade ------------------------------------------------------------------ Moody's Ratings placed Stakeholder Midstream, LLC's (Stakeholder) ratings on review for upgrade, including its B2 Corporate Family Rating, B2-PD Probability of Default Rating, and B2 senior secured bank credit facility rating. Previously, the outlook was stable. These rating actions follow the announced acquisition of Stakeholder by Targa Resources Corp. (Targa, Baa2 stable) for $1.25 billion in an all-cash transaction. The transaction is expected to close in the first quarter of 2026, subject to regulatory clearance and other customary closing conditions. RATINGS RATIONALE / FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Stakeholder's ratings were placed on review for upgrade based on their potential ownership by Targa, which has a stronger credit profile, a more diversified portfolio of midstream assets, and greater financial resources. The review will conclude once the transaction has closed and there is clarity on the potential implications for Stakeholder's debt. If Stakeholder's debt is fully repaid then all of its ratings will be withdrawn. In the event that the debt remains outstanding and Stakeholder becomes an unguaranteed subsidiary of Targa, then its ratings will likely be upgraded but the upgrade will likely be limited to the Ba range. In the unlikely event the debt is guaranteed by Targa then the rating could be upgraded to Targa's rating. Stakeholder is a private company operating midstream natural gas and crude oil gathering and processing facilities in western Texas and southeastern New Mexico. The principal methodology used in these ratings was Midstream Energy published in October 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: Fitch Rates New USD Unsec. Notes Due 2034 'BB' ----------------------------------------------------------------- Fitch Ratings has assigned a 'BB' rating and Recovery Rating of 'RR4' to Standard Building Solutions Inc.'s (Standard) offering of USD-denominated senior unsecured notes due 2034. The notes will rank pari passu with the company's other senior unsecured debt. The company intends to use the proceeds from the notes issuance to partially fund the redemption of its EUR586 million 2.25% senior unsecured notes due 2026. Standard's ratings reflect the company's leading market positions within its business segments, high exposure to relatively less-cyclical repair and replacement end markets, robust liquidity position, and strong EBITDA and free cash flow (FCF) generation. Long-term risk factors include its modest leverage, volatile raw materials costs, the cyclicality of the company's new construction end markets and its history of occasionally making sizable distributions to its parent. Key Rating Drivers Steady Credit Metrics: Standard's Fitch-calculated EBITDA leverage remained stable at 4.0x for the LTM ending Sept. 28, 2025 compared with 3.7x at YE 2024 and 3.8x at YE 2023. The proposed notes issuance is leverage neutral as proceeds will be used to redeem existing senior unsecured notes. Fitch projects EBITDA leverage to settle between 3.7x-4.2x in the next few years and for the company to operate with EBITDA leverage around 4.0x longer term. Standard operates with EBITDA leverage that is high for a 'BB' rated building products manufacturer, but appropriate given its strong business profile and strong pre-dividend FCF. Leadership Position: Fitch believes Standard's leading market position and meaningful market share drive pricing power and provide advantages through shelf-space allocation within distribution channels. This is reflected in EBITDA margins that are comparable to investment-grade building products peers and relatively stable margins even during periods of inflationary input costs. Standard is the No. 1 manufacturer of residential roofing products and a leader in commercial roofing products in North America, as well as the leading manufacturer of flat and pitched roofing systems in Europe. Subdued Demand Environment: Fitch expects residential and commercial end markets to remain challenged in the U.S. and Europe through at least the beginning of 2026 amid uncertain tariff policies and elevated interest rates in the U.S. and weak economic growth in Europe. Storm-related demand has also been weaker this year than in 2024. Fitch expects Standard's revenue will fall 2%-3% this year and increase in the low single digits in 2026. Strong Profitability: Fitch projects EBITDA margin will decline modestly to between 19.5% and 20% in 2025 compared with 21%-22% in 2023 and 2024 due to higher input costs. Fitch does not expect a meaningful impact from tariffs, as Standard generally sources materials locally, although some inputs are imported from other countries. The company's EBITDA margin is strong for its 'BB' IDR and in line with investment-grade U.S. building products peers. Cash Flow: Fitch expects FCF before dividends will be 1.5%-2.5% in 2025 and 3.5%-4.5% in 2026, down from the mid-single-digit FCF margin reported in 2023 and 2024, as capex is forecast to be elevated this year to support capacity expansion plans. FCF after dividends can be erratic, depending on dividend payments to its parent, Standard Industries Inc. Standard made dividend payments in 2021, 2022 and 2025, and Fitch's rating-case forecast assumes dividend payments during the forecast period, which could lead to flat to negative FCF. Fitch believes Standard's capital allocation policies are appropriate given its strong liquidity position and cash flow from operations. Standard Industries Ownership: Standard Industries Inc. is a privately held holding company that owns Standard Building Solutions Inc. and W.R Grace & Co., a specialty chemicals and materials producer. In 2021, Standard used cash and USD2.5 billion of incremental debt to fund a USD3.1 billion cash dividend to its parent for the Grace acquisition. Although Fitch does not expect Standard to regularly pay significant dividends to Standard Industries, uncommon circumstances, such as additional acquisitions by the parent, may require the upstream of meaningful dividends from Standard, which could temporarily weaken its credit profile. Diverse Sources of Revenues: Fitch views Standard's end-market exposure as a credit positive, as roofing repair and replacement is largely nondiscretionary and less volatile than new construction through the cycle, providing stability to margins and cash flows. The company's products are sold primarily to the residential and commercial end markets in the U.S. and Europe, providing Standard with exposure to sectors that typically have different cycle times. Fitch estimates that about 75% of Standard's sales are derived from repair-and-replacement-driven demand, with the balance from new construction activity. Balanced Growth Strategy: Fitch views Standard's growth strategy as a credit positive, as the company has balanced organic and inorganic growth. Standard has made bolt-on and transformational acquisitions, as well as significant capital investments to fuel organic growth. Fitch expects capex to remain elevated in 2025 as the company continues to invest in increasing its manufacturing capacity and enhancing its product offering. Peer Analysis Standard's leverage metrics are meaningfully weaker than investment-grade building products peers, including Owens Corning (BBB+/Stable), RPM International Inc. (RPM; BBB/Stable) and James Hardie International Group Ltd. (BBB/Negative). The company has a less-diverse product portfolio than Owens Corning and RPM but has less exposure to more volatile new construction end markets than these peers. The company's profitability metrics are in line with Owens Corning's and stronger than RPM's. Fitch’s Key Rating-Case Assumptions - Revenue falls 2%-3% in 2025 in 2025 and improve low-single digits in 2026; - EBITDA margin sustains between 19.5% and 20.5% in 2025 and 2026; - FCF margin excluding distributions of 1.5%-2.5% in 2025 and 3.5%-4.5% in 2026; - EBITDA leverage around 4x at YE 2025 and YE 2026; - (CFO-capex)/debt of 4.5%-5.5% in 2025 and 6%-7% in 2026. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade: - Fitch's expectation that EBITDA leverage will be sustained above 4.5x or EBITDA net leverage will be sustained above 4.0x; - (CFO - capex)/debt sustained below 7.5%; - Shareholder-friendly capital allocation during a construction downturn or period of economic distress. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: - Fitch's expectation that EBITDA leverage will be sustained below 3.8x; - (CFO - capex)/debt sustained above 10%. Liquidity and Debt Structure Standard has a strong liquidity position, supported by USD1 billion of cash as of Sept. 28, 2025, no borrowings under the company's USD850 million asset-based lending (ABL) facility that matures in November 2028 and FCF-generating ability. The company's debt is well laddered, with its EUR586 million due November 2026 expected to be partially redeemed with the proposed notes offering. The company has USD850 million of senior notes coming due in 2027 and USD1.5 billion of senior notes and term loan maturing in 2028. Fitch's rating case assumes that the company refinances its debt as it matures. Issuer Profile Standard Building Solutions is one of the largest manufacturers of residential and commercial roofing in the U.S. and the leading manufacturer of flat and pitched roofing systems in Europe. Standard also manufactures waterproofing products, insulation products, aggregates, specialty construction and other products. Date of Relevant Committee 08 May 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 ----------- ------ -------- Standard Building Solutions Inc. senior unsecured LT BB New Rating RR4 STANDARD BUILDING: Moody's Rates New Senior Unsecured Notes 'Ba3' ----------------------------------------------------------------- Moody's Ratings assigned a Ba3 rating to Standard Building Solutions Inc.'s (Standard Building) proposed senior unsecured notes. All other ratings of the company and its stable outlook remain unchanged. Moody's expects the terms and conditions of the proposed senior unsecured notes to be similar to Standard Building's Ba3 rated senior unsecured notes. The unsecured notes are pari passu. The proceeds of Standard Building's new $500 million senior unsecured notes due 2034 will be used to pay down the company's existing Ba3 rated senior unsecured notes due 2026. Cash on hand will be used to pay related fees and expenses in a leverage-neutral transaction. 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. The Ba3 ratings on the company's senior unsecured notes, the same rating as the corporate family rating, results from their position as the preponderance of debt in Standard Building's capital structure. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING 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. 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. The principal methodology used in this rating was Manufacturing published in September 2025. STARCO BRANDS: Extends Forbearance Deal with Gibraltar to Dec. 31 ----------------------------------------------------------------- Starco Brands, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on November 24, 2025, the Company, its subsidiaries, and Gibraltar Business Capital, LLC (as Lender) entered into Amendment No. 1 to the Forbearance Agreement, effective July 18, 2025, related to its Revolving Loan Facility. The Amendment acknowledges the existence of certain continuing events of default and provides that, subject to specified conditions, the Lender will forbear from exercising remedies related to those defaults through December 31, 2025, or additional events of default. The Amendment does not constitute a waiver of any defaults, and the Lender reserves all rights and remedies under the Loan Documents (as defined therein). A full-text copy of the Amendment is available at: https://tinyurl.com/34x26fm2 About Starco Brands Santa Monica, Calif.-based Starco Brands, Inc. (OTCQB: STCB) -- starcobrands.com -- invents consumer products with behavior-changing technologies that spark excitement. Starco Brands identifies whitespaces across consumer product categories. Starco Brands publicly trades on the OTCQB stock exchange so that retail investors can invest in STCB alongside accredited individuals and institutions. Irvine, Calif.-based Macias, Gini, and O'Connell LLP, the Company's auditor since 2022, issued a "going concern" qualification in its report dated April 18, 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 working capital deficit of approximately $10M and an accumulated deficit of approximately $81 million at December 31, 2024, including the impact of its net loss of approximately $17 million for the year ended December 31, 2024. The Company's ability to raise additional capital through the future issuances of common stock and/or debt financing is unknown. The obtainment of additional financing and the successful development of the Company's contemplated plan of operations, to the attainment of profitable operations are necessary for the Company to continue operations. As of June 30, 2025, the Company had $57.53 million in total assets, $23.27 million in total liabilities, and $33.86 million in total stockholder's equity. STUDENT TRANSPORTATION: Moody's Rates New Upsized Term Loan 'B1' ---------------------------------------------------------------- Moody's Ratings assigned B1 ratings to Student Transportation of America Holdings, Inc.'s (STA) proposed repriced and upsized senior secured first lien term loan and new $50 million senior secured delayed draw term loan. STA's existing ratings, including the B1 corporate family rating, are unaffected by this transaction. The rating outlook is stable. STA is seeking to upsize its existing $748 million term loan B with a $50 million add-on and issue a new $50 million delayed draw term loan. Both facilities will mature in 2032. Concurrently, the company is proposing to reprice its existing senior secured first lien credit facilities. Moody's expects proceeds from the $50 million term loan add-on and $50 million delayed draw term loan will be used to fund STA's active acquisition pipeline and any associated fleet investments with those targets. STA's ongoing acquisition strategy is consistent with Moody's expectations. STA pursues tuck in acquisitions to both improve its bus route density in existing areas and enter into new geographic markets. Moody's views integration risk with acquisitions to be manageable given STA's track record. Moody's forecasts STA's debt-to-EBITDA will remain moderately high at slightly above 5.0x over the next 12 months, inclusive of the proposed delayed draw term loan. Given STA's acquisitive nature, Moody's don't anticipate any meaningful reduction in leverage in the foreseeable future. Further, the company leases the majority of its new buses, which will prevent a significant reduction in adjusted debt levels as Moody's treat these lease obligations as debt. RATINGS RATIONALE STA's ratings reflect its strong competitive position as one of the largest outsourced student transportation providers in North America. The company's scale and regional density enable successful bidding for customer contracts and strategic integration of tuck-in acquisitions in a fragmented market. The predictable and steady demand for student busing services, and STA's contracted revenue base with high contract renewal rates provide visibility to its recurring revenue base. Moody's expects STA to maintain good profitability with an EBITDA margin of at least 15%. STA's contracts contain pricing mechanisms to counter rising costs over time. However, costs tied to higher driver wages or increasing insurance premiums can reduce profitability until STA can adequately reprice those contracts. Moody's forecasts STA will maintain adequate liquidity with sufficient cash and ample availability under its $200 million revolving credit facility. Moody's expects free cash flow to be at least breakeven in fiscal year 2026. STA's free cash flow is constrained by capital spending required to regularly refresh and grow its bus fleet. Moody's anticipates that excess free cash flow, if any, will be returned to shareholders or used for acquisitions rather than for debt reduction. The stable outlook reflects Moody's expectations for steady organic revenue growth and profitability. The outlook also reflects Moody's expectations that the company will continue to pursue growth through debt funded acquisitions, which will result in the maintenance of moderately high leverage over the next 12-18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if STA increases scale and demonstrates steady earnings growth while maintaining a disciplined financial policy, including sustaining debt-to-EBITDA below 5.0x and EBITDA less capex-to-interest expense above 2x. In addition, the company would need to maintain good liquidity with consistently positive free cash flow. The ratings could be downgraded if STA experiences declining revenue and lower profitability from loss of contracts, higher costs or inadequately priced contracts. Debt-to-EBITDA approaching 6.0x and EBITDA less capex-to-interest expense below 1.5x could result in a downgrade. Lastly, an inability to generate positive free cash flow or increased reliance on its revolving credit facility could prompt a downgrade of the ratings. The principal methodology used in these ratings was Passenger Railways and Bus Companies published in August 2024. Student Transportation of America Holdings Inc. is a provider of contracted school transportation services across North America. The company transports 1.5 million students daily across 24 states and six Canadian provinces. The company is majority owned by Caisse de Depot et Placement du Quebec (CDPQ) while Ullico Infrastructure Fund maintains a minority ownership stake. Unaudited pro forma revenue for the twelve months ended September 30, 2025 was approximately $1.4 billion. SUPRA NATIONAL: Gets Interim OK to Obtain DIP Loan From CSNK ------------------------------------------------------------ Supra National Express, Inc. received interim approval from the U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, to obtain financing through a factoring agreement with CSNK Working Capital Finance Corp. This financing is a senior secured, superpriority, debtor-in-possession financing of up to $1.5 million from CSNK (doing business as Bay View Funding), with $500,000 available immediately. The financing will be secured by the Debtor's cash collateral and other personal property excluding Chapter 5 avoidance actions. CSNK will hold superpriority administrative claims and liens subordinate only to certain purchase-money and lease liens, as well as junior to any actual or alleged liens of the U.S. Small Business Administration, Channel Partners, and Milestone Equipment pending final court approval. Founded in October 2014, Supra National Express provides turnkey logistics and transportation services for goods imported through Los Angeles, including port pick-up, storage, and delivery. Initially profitable, the Debtor faced severe financial strain due to multiple compounding factors: AB 5 legislation in California requiring a transition from independent contractors to employee drivers, resulting in higher operating costs and litigation; loss of major customers, including the Wonderful Company; failed expansion efforts and joint ventures, notably with CULINES; and high-cost infrastructure investments, including the Lynwood Property, acquisition of over 200 chassis, vehicles, reach stackers, and the Shafer Property. These investments, often predicated on anticipated growth that did not materialize, generated significant obligations, including judgments and claims exceeding $1 million. Additionally, the Debtor was unable to collect approximately $800,000 in accounts receivable and faced eviction proceedings at leased properties, leading to further financial pressure. To address ongoing liquidity challenges, the Debtor relied on high-cost merchant cash advances, which exacerbated cash flow issues, and its prior asset-based lender relationship ended in July 2025. Since the petition date, the Debtor's primary assets include approximately $53,368 in cash (rising to $166,668), $587,495 in accounts receivable, vehicles and rolling stock valued at $280,500, and the Shafer property valued at $3.5 million. Due to the 21–30 day payment terms of most customers, cash flow is critical to maintain operations, pay vendors, and meet payroll obligations. Alternative factoring options were explored but only CSNK can immediately provide financing during Chapter 11. A copy of the interim order is available at https://is.gd/CcXHh0 from PacerMonitor.com. About Supra National Express Supra National Express provides logistics and transportation services, including drayage, warehousing, and international freight, operating primarily from Long Beach and Carson, California, near the Ports of Los Angeles and Long Beach. The Company maintains a fleet of specialized equipment and is licensed as a Non-Vessel Operating Common Carrier (NVOCC), offering technology solutions for transportation management. Supra National Express sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-19576) on October 28, 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 Neil W. Bason handles the case. The Debtor is represented by Ron Bender, Esq., at Levene, Neale, Bender, Yoo & Golubchik, LLP. SURVWEST LLC: Claims to be Paid from Continued Operations --------------------------------------------------------- Ken Yager, the Chapter 11 Trustee for SurvWest LLC, filed with the U.S. Bankruptcy Court for the District of Colorado a Disclosure Statement describing Plan of Reorganization for the Debtor dated December 2, 2025. The Debtor provides surveying, mapping, subsurface utility engineering and utility coordination services in support of architectural design, engineering, construction and real estate projects for clients primarily in Colorado and Texas. In 2023, the Debtor hired a President/COO to help with the overall direction and growth of the company, specifically in Texas. An Austin, Texas office was opened (in addition to the then-existing offices in Fort Worth and Denver) and, while initially there was some success, the Austin operations became a drag on operations in 2024. The Debtor entered a new contract with the Union Pacific, one of its largest clients, in 2023 that resulted in a decline in billing from more than $3 million per year to less than $1.5 million per year. Debtor believes the Union Pacific breached the 2023 contract and the breach was a direct cause of the Chapter 11 Case. Debtor is evaluating whether to pursue litigation against the Union Pacific. The Debtor has continued operations during the Chapter 11 Case. The Debtor rejected its Fort Worth, Austin and Denver office leases to reduce operating expenses, and relocated to a less expensive office space in Colorado to further reduce expenses. The Debtor has obtained several lucrative contracts for 2025 and projects substantially increased income going forward based upon several new contracts. The Plan provides for the continued operation of the Debtor, payments as required under the Bankruptcy Code to the Holders of Allowed Administrative Claims, Priority Claims, Priority Tax Claims, and Secured Claims, and payments of 75% of the Debtor's Net Profits over a five-year period to the Holders of Allowed Unsecured Claims. As set forth in the projections attached hereto as Exhibit A, the Reorganized Debtor projects distributing approximately $11.4 million to the Holders of Allowed Unsecured Claims over the life of the Plan. Subject to the discussion, the Trustee anticipates that Allowed Unsecured Claims will be paid in full. Class 8 consists of General Unsecured Claims. The Holders of Allowed Class 8 Claims shall be paid their Pro Rata share of the Reorganized Debtor's Net Profits Fund, after payment in full of Allowed Claims of a higher priority (including Allowed Administrative Claims, Allowed Priority Claims, and Allowed Priority Tax Claims), on a quarterly basis for 20 quarters beginning after the first full calendar quarter after the Effective Date. Distributions to Class 8 claimants shall not exceed the amount of the Allowed Unsecured Claims. The Trustee anticipates that unsecured creditors shall receive 100% on account of their Allowed Secured Claims. This Class is impaired. The claims of Equity Interest Holders are treated under Class 9 of the Plan. If Class 8 votes in favor of the Plan, the holders of Equity Interests shall retain their interests. If Class 8 votes against the Plan, on the Effective Date, existing shares of the Debtor shall be cancelled. On the Effective Date, 100% of the common stock of the Reorganized Debtor shall be issued to Mathew Barr in satisfaction of $50,000 of the amount lent to the Debtor pursuant to the approved Debtor-in-Possession Loan Agreement. Payments due under the Plan will be made from cash generated from the Reorganized Debtor's post-Confirmation operations. Administrative Claims and Priority Tax Claims shall be paid on the Effective Date of the Plan or as otherwise agreed by the Holder of the Claim. Secured Claims will be paid. Payments to the Holders of Unsecured Creditors will be funded with 75% of monies deposited in the Net Profits Fund for a period of five years. The Trustee believes that the Debtor will have sufficient cash on hand on the Effective Date of the Plan to pay all the claims and expenses that are entitled to be paid on that date. Specifically, the Debtor has approximately $1.5 million of accounts receivable. A portion of those accounts are being held by the account debtors due to the Pre-petition actions of Symplifi who transmitted UCC lien holds to them. The Trustee anticipates that the ongoing litigation with Symplifi will be resolved either through a settlement or through trial scheduled in January of 2026 and that once the litigation is resolved, the Trustee will obtain an order from the Bankruptcy Court requiring the account debtors to turnover the withheld accounts receivable to the Trustee. Additionally, the Trustee with the help of the Debtor's president, Mathew Barr, anticipates that the Debtor will be able to collect a significant portion of the accounts receivable within the upcoming months prior to the Effective Date and will thus have sufficient cash on hand on the Effective Date to cover the Allowed Administrative Claims. A full-text copy of the Disclosure Statement dated December 2, 2025 is available at https://urlcurt.com/u?l=IvFwo1 from PacerMonitor.com at no charge. Attorneys for Ken Yager, Chapter 11 Trustee: Jennifer Salisbury Markus Williams Young and Hunsicker LLC 1775 Sherman Street, Suite 1950 Denver, CO 80203 Tel: (303) 830-0800 Fax: (303) 830-0809 Email: jsalisbury@markuswilliams.com About Survwest, LLC SurvWest LLC, formerly known as SurvTech Solutions LLC, is a diversified engineering firm specializing in surveying and mapping; subsurface utility engineering (SUE); and utility coordination for clients across the United States. SurvWest filed Chapter 11 petition (Bankr. D. Colo. Case No. 24-15214) on September 6, 2024, with total assets of $7,301,456 and total liabilities of $9,447,402. Mathew Barr, president, signed the petition. Judge Thomas B. Mcnamara handles the case. David Wadsworth, Esq., at Wadsworth Garber Warner Conrardy, P.C. is the Debtor's legal counsel. TBK Bank is represented by: Duncan E. Barber, Esq. Otteson Shapiro, LLP 7979 E. Tufts Avenue, Suite 1600 Denver, CO 80237 Tel: (720) 488-0220 Fax: (720) 488-7711 E-mail: dbarber@os.law SWF HOLDINGS I: Moody's Cuts CFR to Caa2 & Alters Outlook to Neg. ----------------------------------------------------------------- Moody's Ratings downgraded SWF Holdings I Corp.'s (Springs Windows) Corporate Family Rating to Caa2 from Caa1, its Probability of Default Rating to Caa2-PD from Caa1-PD, and the rating on the super-priority second out backed senior secured first lien term loan due 2028 to Caa2 from Caa1. At the same time, Moody's affirmed the B1 rating of the super-priority first out backed senior secured first lien bank credit facilities, Caa3 rating of the backed senior secured second lien notes due 2029, and Ca rating of the senior unsecured notes due 2029. The super-priority first out secured facilities consist of a $125 million revolving credit facility, a $157 million term loan and a $200 million delayed draw term loan. The outlook changed to negative from stable. The ratings downgrade reflects the ongoing pressures on Springs Windows' business as persistently weak consumer demand continues to negatively impact its top line. The lower volumes and cost inflation are significantly pressuring the company's profitability, with Springs Windows' reporting a company-adjusted EBITDA year-over-year decline of 22% year-to-date through 3Q-2025, following a year-over-year decline of 19% in fiscal 2024. Moody's do not expect a material improvement in demand for high-priced housing related products over the next year. The company's capital structure is unsustainable absent a material rebound in earnings given its weak credit metrics with very high financial leverage and ongoing sizable free cash flow deficits that is increasing debt. The company is actively implementing its strategy to improve revenue trends and profitability by simplifying the consumer buying process, expanding its motorized product portfolio, and streamlining manufacturing. Springs Windows' adequate liquidity, supported by the $200 million delayed draw term loan and unused capacity on its two revolvers, provides some financial flexibility to execute on its earnings turnaround initiatives over the next 12-18 months. However, there is uncertainty around the company's ability to meaningfully improve profitability and credit metrics amid a challenging operating environment and the incremental borrowing continues to add to the debt burden. Moody's expects that headwinds negative affecting consumer discretionary spending such as cumulatively high inflation and weak housing market trends due to low affordability will continue into 2026. These factors along with historically low consumer sentiment conditions will make it challenging for Springs Windows to materially improve its profitability and restore positive free cash flow over the next 12 months. As a result, Moody's projects that the company's free cash flow deficits will persist in fiscal 2026, although Moody's anticipates the deficit to be lower relative to 2025. Springs Windows needs to improve the business performance to enable EBITDA margins approaching 20% to restore positive free cash flows on a sustained annual basis. The rating affirmation of the super-priority first out bank credit facilities reflects the payment priority relative to the second-out term loan with respect to collateral proceeds and that the collateral provides good coverage of the facilities even in a stress scenario. The rating affirmations of the senior secured second lien notes due 2029 and the senior unsecured notes due 2029 reflect these debt liabilities subordination relative to the super-priority facilities and Moody's views that the current ratings reflect Moody's views on recovery in the event of a default. RATINGS RATIONALE Springs Windows' Caa2 CFR broadly reflects its unsustainable capital structure with very high financial leverage and ongoing cash flow deficits given its high interest burden. The company is exposed to cyclical downturns given the discretionary nature of its products. The effect of cumulative high inflation and weak housing market trends due to low housing affordability that is negatively affecting home sales and consumer demand for the company's products. Because of its very high financial leverage, Springs Windows needs to improve the EBITDA margin towards historical levels of over 20% to restore positive free cash flows on an annual basis. There is uncertainty around the company's ability to quickly and materially improve the EBITDA margin amid a challenging operating environment. The company has customer concentration with two national retailers, and its direct competitor is considerably larger with global scale, which creates the potential for market share volatility. The ratings also reflect Springs Windows' strong position in the window coverings market, good channel diversification, and its long-standing relationships with well-recognized retailers. The company's Mexico manufacturing footprint and its ability to quickly deliver fully customized orders are a competitive advantage over smaller industry participants. Springs Windows' adequate liquidity is supported by good availability of $111 million on its combined $275 million revolving facilities and access to a committed $200 million delayed draw facility that is available to draw until June 2026. The adequate liquidity provides capacity to fund operations and execute on growth initiatives over the next approximately 24 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The negative outlook reflects that Moody's expects headwinds impacting consumer demand for Springs Windows products will persist into 2026, making it challenging for the company to improve earnings and materialy lower ongoing free cash flow deficits. The ratings could be upgraded if the company grows its revenue, improves the EBITDA margin with lower cash charges, and demonstrates sustainable positive free cash flow that supports its capital structure. A recovery in end markets and good execution of growth initiatives is likely necessary to achieve the revenue and earnings growth necessary to restore positive free cash flow. A ratings upgrade would also require Springs Windows to maintain at least adequate liquidity supported by positive free cash flow and ample revolver availability with good covenant headroom. A ratings downgrade could occur if Springs Windows is unable to improve the EBITDA margin or faces setbacks related to its revenue and earnings growth initiatives because of factors such as continued end market softness, pricing pressure on higher costs. The ratings could also be downgraded if liquidity deteriorates, free cash flow deficits worsen in 2026, free cash flow remains negative past 2026, or if the probability of an event of default increases. 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. Headquartered in Middleton, Wisconsin, Springs Windows designs and manufactures window coverings. Clearlake Capital Group, L.P. (Clearlake) acquired the company in October 2021. The company reported revenue of $1.0 billion for the LTM period ending September 27, 2025. TECHNICAL ARTS: Allowed to Pay Prepetition Wages ------------------------------------------------ The Honorable Vincent F. Papalia of the United States Bankruptcy Court for the District of New Jersey granted the motion of Technical Arts Group LLC for entry of an order: (i) authorizing the Debtor to (a) pay Prepetition Wages and related obligations, (b) pay and remit Payroll Taxes and other deductions to third parties, and (c) honor and process workers’ compensation and employee benefit obligations, and (ii) authorizing and directing all banks to honor checks and transfers for payment of prepetition Employee Obligations. The Debtor is authorized, but not directed, to pay all claims on account of Prepetition Wages subject to the statutory cap of $17,150 per Employee under sections 507(a)(4) and 507(a)(5) of the Bankruptcy Code. A copy of the Court's Order dated November 24, 2025, is available at https://urlcurt.com/u?l=KkFmv8 from PacerMonitor.com. Proposed Counsel to Technical Arts Group LLC, Chapter 11 Debtor and Debtor-in-Possession: Richard D. Trenk, Esq. Robert S. Roglieri, Esq. Stephen M. Gengaro, Esq. TRENK ISABEL SIDDIQI & SHAHDANIAN P.C. 290 W. Mt. Pleasant Ave., Suite 2370 Livingston, NJ 07039 Telephone: (973) 533-1000 Email: rtrenk@trenkisabel.law rroglieri@trenkisabel.law sgengaro@trenkisabel.law About Technical Arts Group LLC Technical Arts Group LLC, a Delaware limited liability company headquartered in Moonachie, New Jersey, provides event production and premium equipment rental services, specializing in lighting, audio, video, staging, special effects, and event management for large-scale music festivals, corporate gatherings, weddings, and international events. The Company operates a 34,488-square-foot facility and employs 63 staff members, engaging additional freelance personnel as needed. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.J. Case No. 25-22241) on November 18, 2025. In the petition signed by Kevin Mignone, as co-president and chief revenue officer, the Debtor disclosed $10,944,828 in assets and $8,654,532 in liabilities. Judge Vincent F Papalia oversees the case. Richard D. Trenk, Esq. and Robert S. Roglieri, Esq., at TRENK ISABEL SIDDIQI & SHAHDANIAN P.C., represents the Debtor as legal counsel. TECHNICAL ARTS: Can Maintain Cash Management System, Bank Accounts ------------------------------------------------------------------ The Honorable Vincent F. Papalia of the United States Bankruptcy Court for the District of New Jersey granted on an interim basis the motion of Technical Arts Group LLC for entry of an interim order: (i) authorizing the Debtor to continue and maintain its existing cash management system, bank accounts and business forms, (ii) modifying the investment guidelines set forth in section 345 of the Bankruptcy Code, (iii) providing the United States Trustee with a 60-day objection period, and (iv) granting related relief. The requirements of section 345(b) of the Bankruptcy Code are waived, on an interim basis, for the next sixty (60) days, as to the Debtor's bank accounts. A copy of the Court's Order dated November 24, 2025, is available at https://urlcurt.com/u?l=xNg0a1 from PacerMonitor.com. Proposed Counsel to Technical Arts Group LLC, Chapter 11 Debtor and Debtor-in-Possession: Richard D. Trenk, Esq. Robert S. Roglieri, Esq. Stephen M. Gengaro, Esq. TRENK ISABEL SIDDIQI & SHAHDANIAN P.C. 290 W. Mt. Pleasant Ave., Suite 2370 Livingston, NJ 07039 Telephone: (973) 533-1000 Email: rtrenk@trenkisabel.law rroglieri@trenkisabel.law sgengaro@trenkisabel.law About Technical Arts Group LLC Technical Arts Group LLC, a Delaware limited liability company headquartered in Moonachie, New Jersey, provides event production and premium equipment rental services, specializing in lighting, audio, video, staging, special effects, and event management for large-scale music festivals, corporate gatherings, weddings, and international events. The Company operates a 34,488-square-foot facility and employs 63 staff members, engaging additional freelance personnel as needed. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.J. Case No. 25-22241) on November 18, 2025. In the petition signed by Kevin Mignone, as co-president and chief revenue officer, the Debtor disclosed $10,944,828 in assets and $8,654,532 in liabilities. Judge Vincent F Papalia oversees the case. Richard D. Trenk, Esq. and Robert S. Roglieri, Esq., at TRENK ISABEL SIDDIQI & SHAHDANIAN P.C., represents the Debtor as legal counsel. TELUS CORP: S&P Rates New C$-Denominated Subordinated Notes 'BB' ---------------------------------------------------------------- S&P Global Ratings assigned its 'BB' issue-level rating to Telus Corp.'s (BBB-/Stable/A-3) proposed C$-denominated fixed-to-fixed rate junior subordinated notes due 2056. The company intends to use the net proceeds from this issuance to fund tender offers for existing notes and other general corporate purposes. S&P said, "We rate the securities two notches below our 'BBB-' long-term issuer credit rating on Telus to reflect their subordination and management's ability to defer the interest payments on the notes. We classify these notes as hybrid securities with intermediate (50%) equity content. This reflects the notes' permanence, subordination, and deferability features. In line with our criteria, we will reclassify the notes as having minimal equity content after 2036 because the remaining period until maturity will be less than 20 years." Pro forma the transaction, total hybrids (including the U.S. issuance) will exceed 15% of company's pro forma total capitalization. According to S&P's estimates, with this transaction the overall hybrid capital eligible for intermediate equity credit can be up to 17%; however, S&P intends not to give equity content to the hybrid capital that exceeds 15% of Telus' capitalization. S&P said, "The long-term nature of the subordinated notes--along with the company's limited ability and lack of incentives to redeem them--meets our standards for permanence. Telus has emphasized its willingness to maintain the instruments as part of its permanent capital structure. If the company redeems either of the instruments before the effective maturity date, it must replace them with an equivalent instrument or one with stronger equity content issued up to or on the date the original hybrid is redeemed. The instruments are subordinated to all of Telus' existing and future senior debt obligations, thereby satisfying the condition for subordination. In addition, the interest payments on the notes are deferrable by up to five years, which fulfills the deferability element. That said, the coupon-floor feature provides Telus with less protection against certain interest rate and refinancing scenarios than equivalent hybrids without a floor." S&P expects the company would replace this instrument with an equivalent or stronger form of equity before potentially redeeming it to maintain a similar layer of capital to absorb losses or conserve cash. Redeeming the notes without replacing them with an equivalent or stronger form of equity would likely preclude equity credit later, all else being equal. TITAN GROUP: Cash Collateral Hearing Set for Dec. 10 ---------------------------------------------------- The U.S. Bankruptcy Court for the Central District of California, San Fernando Valley Division, is set to hold a hearing on December 10 to consider another extension of Titan Group Logistics, Inc.'s authority to use cash collateral. The Debtor's authority to use cash collateral under the court's November 26 interim order expires on December 10. The November 26 order allowed cash collateral use solely for the expenses listed in the Debtor's budget and barred any insider payments. BMO Harris Bank and Crossroads are the creditors that may have security interest in the cash collateral. About Titan Group Logistics, Inc. Titan Group Logistics, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-12027) on October 30, 2025, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Hon. Victoria S Kaufman oversees the case. The Debtor is represented by: Tamar Terzian, Esq. Terzian Law Group, Apc Tel: 626-826-1271 tamar@terzlaw.com TOGETHER GOOD: Lender Seeks to Prohibit Cash Collateral Access -------------------------------------------------------------- Capitol Indemnity Corporation asks the U.S. Bankruptcy Court for the Northern District of Texas, Dallas Division, to prohibit Together Good Deeds IV, LLC from using cash collateral. CIC explains that it issued multiple performance and payment bonds guaranteeing the Debtor's obligations on three major construction projects: the Seacoast Collegiate High School expansion in Florida, the Henderson Avenue Mixed Use project in Texas, and the DFW Airport expansion. Each subcontract required CIC to issue bonds before the Debtor could perform the work. The bonded contract amounts totaled several million dollars, including $657,826 for the Seacoast air barrier work, $54,968 for the Seacoast waterproofing work, $809,464 for the Henderson Avenue project (increased from the original $560,201), and $664,398 for the DFW Airport project. After the Debtor filed its Chapter 11 petition on August 22, the trustee did not assume or reject any of the subcontracts, placing CIC at risk of substantial liability under the bonds. Project owners and contractors including Wharton-Smith, Inc. and Balfour Beatty Construction have already made demands against CIC under the performance bonds, and CIC now faces additional exposure of more than $681,922 from payment bond claims submitted by the Debtor's subcontractors and suppliers. Because bonded project funds are traditionally treated as trust funds for the benefit of laborers and suppliers, CIC asserts a priority interest in all proceeds generated under the bonded subcontracts. CIC therefore requests that the court protect its collateral by ordering the trustee to segregate the bonded contract proceeds, including all retainage; to use those funds exclusively to satisfy payment obligations to subcontractors, suppliers, and laborers as they come due; and to ensure that all tax obligations associated with the projects are paid. CIC argues that these safeguards are necessary to prevent the misuse of funds that must legally flow to those performing work under the bonded contracts and to reduce its exposure under the bonds. It asks the court to grant adequate protection consistent with these requirements and to provide any additional relief deemed just and appropriate. A copy of the motion is available at https://urlcurt.com/u?l=mSmZY0 from PacerMonitor.com. About Together Good Deeds IV LLC Together Good Deeds IV LLC, based in Texas, provides professional architectural, engineering, and related consulting services under NAICS code 5413. Together Good Deeds IV sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-33215) on August 22, 2025. In its petition, the Debtor reported estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Scott W. Everett handles the case. The Debtor tapped Vickie L. Driver, Esq., at Driver Stephenson, PLLC as counsel and Andre + Associates PC as accountant. Capitol Indemnity Corporation, as lender, is represented by: Emory G. Allen, Esq. Troy T. Kramer, Esq. CLARK HILL PLC 2600 Dallas Parkway, Suite 600 Frisco, TX 75034 Telephone: 214.651.2185 Facsimile: 469.227.6575 eallen@clarkhill.com tkramer@clarkhill.com TRILLION ENERGY: Reports $4MM Net Loss in 2025 Q3, Revenues Fall ---------------------------------------------------------------- Trillion Energy International Inc. filed with the U.S. Securities and Exchange Commission its Condensed Consolidated Interim Financial Statements, reporting a net loss of $4 million for the three months ended September 30, 2025, compared with a net loss of $1.2 million for the three months ended September 30, 2024. For the nine months ended September 30, 2025, the Company reported a net loss of $2.4 million, compared with a net income of $491,873 for the same period in 2024. For the three months ended September 30, 2025 and 2024, the Company had revenues of $677,790 and $2.3 million, respectively. For the nine months ended September 30, 2025 and 2024, the Company recorded revenues of $2.3 million and $4.9 million, respectively. As at September 30, 2025, the Company's current liabilities exceeded its current assets by $30.4 million (December 31, 2024 – $27.9 million) and its accumulated deficit amounts to $56.4 million (December 31, 2024 – $54 million). As of September 30, 2025, the Company had $51.1 million in total assets, $42.4 million in total liabilities, and $8.7 million in total stockholders' equity. For the nine months ended September 30, 2025, net cash provided by operating activities was $588,537 (2024 – $4.1 million used by). The Company's continuation as a going concern is dependent upon its ability to complete financing sufficient to meet current and future obligations, the successful results from its business activities, and its ability to operate profitably and generate funds. Although the Company raised capital in previous reporting periods, additional funding will be required to continue current operations and further advance its existing oil and gas assets in the upcoming 12 months. These factors indicate the existence of material uncertainty, which raises substantial doubt about the Company's ability to continue as a going concern. A full-text copy of the financial statements and Management discussion and analysis, attached on Form 6-K are available at: https://tinyurl.com/2tsfmv9u About Trillion Energy Trillion Energy International Inc. and its consolidated subsidiaries is a Canadian based oil and gas exploration and production company. Calgary, Canada-based MNP LLP, the Company's auditor since 2022, issued a "going concern" qualification in its report dated April 30, 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 negative working capital position, has accumulated deficits, and negative cash flows from operations, which raise substantial doubt about its ability to continue as a going concern. As of June 30, 2025, the Company had $55,468,730 in total assets, $42,387,136 in total liabilities, and a total stockholders' equity of $13,081,594. TRIUMPH GROUP: S&P Withdraws 'B-' ICR on Acquisition by Berkshire ----------------------------------------------------------------- S&P Global Ratings withdrew its 'B-' issuer credit rating on Triumph Group Inc. following the company's acquisition by Berkshire Partners and Warburg Pincus. The acquisition, which closed in October 2025, coincided with a comprehensive private refinancing of Triumph's existing debt. Therefore, S&P also withdrew its 'B-' issue-level rating and '3' recovery rating on the company's first lien debt. At the time of the withdrawal, S&P's outlook on Triumph was stable. UNIFIED VAILSBURG: Voluntary Chapter 11 Case Summary ---------------------------------------------------- Debtor: Unified Vailsburg Services Organization 1044 South Orange Avenue Floor 2 Newark, NJ 07106 Business Description: Unified Vailsburg Services Organization, Inc. provides social services and community programs in Newark, New Jersey, including child care, senior services, and family support initiatives. The organization operates multiple facilities in the Vailsburg area and focuses on serving individuals across different stages of life. Its work encompasses education, outreach, and supportive services aimed at strengthening the local community. Chapter 11 Petition Date: December 2, 2025 Court: United States Bankruptcy Court District of New Jersey Case No.: 25-22767 Judge: Hon. John K Sherwood Debtor's Counsel: George E. Veitengruber, III, Esq. VEITENGRUBER LAW LLC 1720 Route 34 Suite 10 Wall, NJ 07727 Tel: (732) 695-3303 Fax: (732) 695-3917 Email: bankruptcy@veitengruberlaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Arthur Mockabee as chief executive officer. 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/KVLK7VY/Unified_Vailsburg_Services_Organization__njbke-25-22767__0001.0.pdf?mcid=tGE4TAMA UNIQUE REALTY: Seeks to Hire Dilks Law Firm as Bankruptcy Counsel ----------------------------------------------------------------- Unique Realty LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Arkansas to hire Dilks Law Firm as counsel. The firm's services include: (a) represent the Debtor with regard to the filing of its Chapter 11 petition and schedules and in the prosecution of its Chapter 11 case; (b) assist the Debtor with respect to its powers and duties in the continued management of its property; and (c) perform all legal services for the Debtor which may be necessary in connection with its Chapter 11 case. The hourly rates of the firm's counsel and staff are: Attorney $350 Paralegal $100 Legal Assistant $25 The firm received a pre-petition payment in the amount of $8,025 from the Debtor. Frank Falkner, Esq., and Lyndsey Dilks, Esq., attorneys at Dilks Law Firm, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Frank H. Falkner, Esq. Lyndsey D. Dilks, Esq. Dilks Law Firm P.O. Box 34157 Little Rock, AR 72203 Telephone: (501) 244-9770 Facsimile: (888) 689-7626 Email: frank@dilkslawfirm.com ldilks@dilkslawfirm.com About Unique Realty LLC Unique Realty LLC is a limited liability company. Unique Realty LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Ark. Case No. 25-14049) on November 19, 2025. In its petition, the Debtor reports estimated assets of $100,000 and estimated liabilities of $1 million to $10 million. Honorable Bankruptcy Judge Phyllis M. Jones handles the case. The Debtor is represented by Frank Falkner, Esq. of Dilks Law Firm. UNITED PROPERTY: Court OKs Deal on Cash Collateral Access --------------------------------------------------------- United Property Maintenance Corporation obtained court approval to access the cash collateral of First Internet Bank of Indiana. The U.S. Bankruptcy Court for the Central District of California, Santa Ana Division, approved a stipulation allowing the Debtor to use cash collateral through January 31, 2026, or until default or full repayment to the secured creditor. As protection, First Internet Bank of Indiana was granted a first priority security interest in and lien on the Debtor's property similar to its pre-bankruptcy collateral, subject only to any existing valid and non-avoidable liens of other secured creditors. Events of default under the stipulation include missed payments, failure to maintain insurance or utilities, cessation of ordinary business operations, unauthorized liens, or insufficient cash to continue operations. Upon default, the Debtor has seven days to cure or obtain the bank's consent; failure to do so terminates cash collateral use. All liens and security interests under the stipulation are deemed effective and perfected as of the petition date, and the stipulation does not constitute the bank's approval of any plan of reorganization or liquidation. The stipulation and court order are available at https://is.gd/xI7G19 and https://is.gd/fk2tnG from PacerMonitor.com. United Property Maintenance had previously executed three promissory notes with First Internet Bank of Indiana: a first loan of $555,000 and a second loan of $75,000 in January 2022, later increased to $350,000, and a Third Loan of $809,000 in September 2024. First Internet Bank of Indiana holds first-priority liens on substantially all of the Debtor's assets, perfected via UCC filings. In April, the Debtor obtained a $250,000 high-interest loan from Fora, which asserts a blanket lien on the Debtor's assets. About United Property Maintenance United Property Maintenance Corporation, doing business as California Construction Superior, provides residential and commercial water damage restoration services in San Diego County, California. The Company offers 24/7 emergency flood response, water extraction, drying, mold prevention, and full-service rebuilding of damaged areas including drywall, paint, and cabinetry. Its operations include certified technicians, insurance consultations, and the use of specialized equipment and virtual project tracking technology. United Property Maintenance Corporation sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-12226) on August 11, 2025. In its petition, the Debtor reports total assets of $470,779 and total liabilities of $2,271,035. Honorable Bankruptcy Judge Mark D. Houle handles the case. The Debtor tapped David A. Wood, Esq., at Marshack Hays Wood LLP as counsel, and Grobstein Teeple LLP as financial advisor. UNITED PROPERTY: Unsecureds Will Get 3.1% of Claims over 3 Years ---------------------------------------------------------------- United Property Maintenance Corporation d/b/a California Construction Superior submitted a First Amended Plan of Reorganization dated December 2, 2025. The Plan is a reorganizing plan. The Plan will be funded from Debtor's projected disposable income. Allowed administrative claims will be paid in full on the Effective Date, unless otherwise agreed to by the administrative claimant. The funds remaining after payment of allowed administrative claims and any priority tax claim will be paid pro rata to holders of allowed general unsecured claims over three years. The Debtor believes the Plan presents the most advantageous outcome for all the Debtor's creditors and, therefore, confirmation of the Plan is in the best interests of the Debtor, its creditors and its bankruptcy estate ("Estate"). Class 2 consists of General Unsecured Claims. Estimated total amount of claims is $2,036,876. In full and final satisfaction of each, any, and all of their claims against the Debtor, each holder of a Class 2 allowed claim will receive cash payments from the general unsecured creditor pool equal to its pro rata share of the Debtor's projected disposable income over the life of the 3-year Plan. Allowed Class 2 Claims are projected to receive distributions totaling $63,559 from the general unsecured creditor pool, which the Debtor has valued at 3.1% on the dollar. Distributions to Class 2 claimants will be made in two distributions from the general unsecured creditor pool after administrative claims and priority unsecured claims are paid in full. Based on a projected Effective Date in January 2026, the first distribution to Class 2 claimants will commence on or about July 30, 2028 and the second distribution will be made on or about December 31, 2028, although these dates are subject to change, but in no event shall the second distribution be later than 3 years after the Effective Date of the Plan. The Debtor may prepay the distributions to Class 2 claimants at any time without prepayment penalty. The Debtor is dedicating all its projected disposable income for a period of three years to make all the payments under the Plan. The Debtor's projections demonstrate that through cash on hand and income generated by the Debtor over the life of the Plan, the Debtor will have the ability to make the payments due (1) on the Effective Date, (2) to priority tax claim holders, (3) administrative claim holders, (4) to Class 1 claim holders, and (5) to Class 2 claim holders. A full-text copy of the First Amended Plan dated December 2, 2025 is available at https://urlcurt.com/u?l=aviBR9 from PacerMonitor.com at no charge. Counsel to the Debtor: David A. Wood, Esq. Aaron E. De Leest, Esq. Sarah R. Hasselberger, Esq. MARSHACK HAYS WOOD LLP 870 Roosevelt Irvine, CA 92620 Telephone: (949) 333-7777 Facsimile: (949) 333-7778 E-mail: dwood@marshackhays.com adeleest@marshackhays.com shasselberger@marshackhays.com About United Property Maintenance United Property Maintenance Corporation, doing business as California Construction Superior, provides residential and commercial water damage restoration services in San Diego County, California. The Company offers 24/7 emergency flood response, water extraction, drying, mold prevention, and full-service rebuilding of damaged areas including drywall, paint, and cabinetry. Its operations include certified technicians, insurance consultations, and the use of specialized equipment and virtual project tracking technology. United Property Maintenance Corporation sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-12226) on August 11, 2025. In its petition, the Debtor reports total assets of $470,779 and total liabilities of $2,271,035. Honorable Bankruptcy Judge Mark D. Houle handles the case. The Debtor tapped David A. Wood, Esq., at Marshack Hays Wood LLP as counsel, and Grobstein Teeple LLP as financial advisor. URBANCORE PRESERVATION: Fannie Mae Wants Kimaz as Receiver ---------------------------------------------------------- Federal National Mortgage Association, a federally chartered corporation, organized and existing under the laws of the United States of America, asks the U.S. District Court for the Northern District of California to appoint Jacqueline Kimaz of the Madison Real Estate Group as receiver for Urbancore Preservation - Redwood, LP, a California limited liability company, and DOES 1 through 10, inclusive. A hearing on the request is set for January 15, 2026, at 1:30 p.m., in Oakland, California. Fannie Mae wants Ms. Kimaz as receiver to take possession and control of the property located at 1848, 1852, 1856, 1860 E. 25th Street, Oakland, California 94606. Fannie Mae asks the Court to authorize the Proposed Receiver to: (a) protect, preserve, secure, manage, and operate the Property (b) collect the rents, issues, and profits of the Property; and (c) take all other actions and exercise the authority outlined in the Order Appointing Receiver and Order to Show Cause and Temporary Restraining Order-Rents, Issues, and Profits submitted concurrently pending a hearing on an Order to Show Cause why Proposed Receiver's appointment should not be confirmed; and Fannie Mae seeks the appointment of a receiver to take possession and control of, and protect its security interests in, the Property and all existing and future leases, rents, issues, and profits generated therefrom which, under a Multifamily Deed of Trust, Assignment of Leases and Rents, Security Agreement and Fixture Filing, and secure Fannie Mae's $2,531,000 loan to the Borrower. Fannie Mae contends the appointment is necessary because the Property and Fannie Mae's interests therein are at imminent risk of irreparable harm. It explains that the Borrower has caused several Events of Default under the Loan Documents that it is financially incapable of, or unwilling to, cure. Such defaults include failing to maintain the Property in accordance with the Loan Documents, including but not limited to Article 6 of the Loan Agreement; and failing to deposit the requisite required funds in the amount of $318,950 into the Replacement Reserve Account and/or the Repairs Escrow Account to cover the "Additional Lender Repairs" and "Additional Lender Replacements," despite Fannie Mae's demand for the deposit and granting of ample time for Borrower to accede to the demand. In addition to its monetary defaults, the Borrower has allowed the Property to fall into disrepair, failing to meet its obligation to maintain the Property in good and marketable condition. On February 20, 2025, a Property Condition Assessment Report revealed the poor condition of the Property due to the Borrower's lack of routine maintenance. The Borrower was given notice to remediate the deteriorating conditions on the Property with the delivery of the Property Condition Assessment Report, and failed to remediate a substantial amount of the defective conditions, as detailed in the Repair Verification Inspection Report dated September 19, 2025, which confirmed that only $29,900 of the $318,950 in required repairs had been completed, leaving $289,050 outstanding. These reports show that the Property remains in poor condition, including but not limited to these conditions: (1) structural integrity and seismic issues for the apartment buildings on the Property, (2) use of outdated Zinsco electrical systems posing fire hazards, (3) use of a fire alarm system that has not been properly inspected; and (4) presence of suspect mold due to water damage These conditions endanger the life, limb, health, property, safety and/or welfare of its occupants and/or the public, requiring immediate remediation. Fannie Mae also notes the Loan Documents clearly state that upon an Event of Default, Fannie Mae has the right to seek the appointment of a receiver. In aid of such an appointment, the Loan Documents also require the Borrower to comply with the receiver's demand to turn over possession and control of, and quit, the Property. About Urbancore Preservation-Redwood LP Urbancore Preservation-Redwood LP is a California limited liability company focused on revitalizing urban neighborhoods through innovative, sustainable real estate solutions. It owns the property located at 1848, 1852, 1856, 1860 E. 25th Street, Oakland, California 94606. Urbancore is facing a receivership case captioned as, Federal National Mortgage Association aka Fannie Mae v. Urbancore Preservation-Redwood LP, Case No. 4:25-cv-09044 (N.D. Calif.), before the Hon. Kandis A. Westmore. The case was filed on Oct. 21, 2025. Attorneys for Fannie Mae: Phillip Babich, Esq. REED SMITH LLP 101 Second Street, Suite 1800 San Francisco, CA 94105-3659 Tel: (415) 543 8700 Fax: (415) 391 8269 Email: pbabich@reedsmith.com - and - Marsha A. Houston, Esq. Alexis A. Rochlin, Esq. REED SMITH LLP 515 S. Flower Street, Suite 4300 Los Angeles, CA 90071-1514 Tel: (213) 457 8000 Fax: (213) 457 8080 Email: mhouston@reedsmith.com arochlin@reedsmith.com US FERTILITY: Moody's Affirms B2 CFR & Rates New First Lien Debt B2 ------------------------------------------------------------------- Moody's Ratings affirmed US Fertility Enterprises, LLC's (US Fertility) corporate family rating at B2 and probability of default rating at B2-PD. Moody's also assigned B2 instrument-level ratings to the company's proposed senior secured first lien bank credit facilities, including the revolving credit facility, term loan B, and delayed draw term loan. The outlook is stable. Proceeds from the new debt, along with new cash and rollover equity, will be used to finance sponsor L Catterton's investment in US Fertility, to fund an acquisition and to refinance US Fertility's existing debt. The B2 ratings on US Fertility's existing backed senior secured bank credit facilities, including the revolving credit facility, term loan B, and delayed draw term loan remain unchanged and will be withdrawn upon the close of the transaction as Moody's expects them to be fully repaid. The ratings affirmation reflects Moody's views that, despite the transaction increasing absolute debt levels, US Fertility's strong operating performance will support leverage reduction toward 5.5x over the next 12 to 18 months. A comprehensive review of all credit ratings for the respective issuer(s) has been conducted during a rating committee. RATINGS RATIONALE US Fertility's B2 CFR reflects the company's leading position in the assisted reproductive technologies (ART) industry in the US, with a focus on in-vitro fertilization (IVF). The company has a diversified nationwide clinical network and vertical integration with IVF labs, which provide core IVF services, tissue storage and genetic testing. The company has a network of highly regarded IVF practices with leading positions in key metropolitan areas. Moody's expects continued strong organic growth of IVF, driven by demographic and societal trends. The rating is constrained by exposure to regulatory risks, including the potential for legislative and legal issues in a small number of states that could impact the availability of IVF services. The rating also reflects the company's high closing leverage at 6.1x as of LTM September 30, 2025, pro forma for the transaction, which Moody's expects to decline toward 5.5x over the next 12 to 18 months. Moody's expects the company to continue to supplement organic growth with acquisitions. Moody's expects US Fertility to maintain good liquidity over the next 12 to 18 months. Moody's forecasts that the company will generate free cash flow in 2026, supported by significantly lower earnout payments relative to 2025. US Fertility's liquidity profile is further supported by a new $120 million revolving credit facility that is expected to be undrawn as of the close of the transaction. The company will also have access to a $125 million delayed draw term loan facility that will be undrawn as of the close of the transaction. Moody's expects US Fertility to have $20 million of cash on its balance sheet at the close of the proposed refinancing. Alternative sources of liquidity are limited as substantially all assets are pledged. The stable outlook reflects Moody's expectations that US Fertility's solid operating performance will continue over the next 12 to 18 months, driven by continued high demand for IVF services. Moody's expects the company will maintain good liquidity and earnings growth will drive moderate deleveraging over the forecast period. The B2 rating on the senior secured credit facilities reflects their senior secured interest in substantially all assets of the borrower and the fact that the secured debt is the sole financial debt within the company's capital structure. Marketing terms for the new credit facilities (final terms may differ materially) include the following: Incremental pari passu debt capacity up to the greater of $165 million and 100% of Consolidated EBITDA, plus unused amounts from the builder basket, the general restricted payments basket and the general debt basket, plus unlimited amounts subject to the greater of 5.00x First Lien Leverage Ratio or leverage neutral incurrence. There is an inside maturity sublimit up to the greater of $330 million and 200% of Consolidated EBITDA, plus any debt incurred to finance an acquisition or investment. There are no "blocker" provisions which prohibit the transfer of specified assets to unrestricted subsidiaries. There are no protective provisions restricting an up-tiering transaction. Amounts up to 100% of unused capacity from the builder basket, any restricted payment baskets, and any investment baskets may be reallocated to incur debt. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if US Fertility demonstrates sustainable organic earnings growth with a successful integration of its recent acquisition. An upgrade would be dependent on a substantial increase in the company's absolute scale. Additionally, an upgrade would require US Fertility to maintain good liquidity, evidenced by consistent positive annual free cash flow. Quantitatively, if debt/EBITDA is sustained below 5x, ratings could be upgraded. The ratings could be downgraded if operating results are weaker than Moody's expectations. The ratings could also be downgraded if regulatory risks to IVF services increase in states in which US Fertility operates. Finally, if debt/EBITDA is sustained above 6x or if liquidity declines, including weaker than expected free cash flow, the ratings could be downgraded. 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. US Fertility operates a leading network of fertility clinics in the US, supporting more than 200 physicians in 121 locations with practice and laboratory management, research, innovation and education. Clinics within the network provide fertility services including IVF, genetic testing and tissue storage. Pro forma for the acquisition of Fairfax, US Fertility generated about $900 million in revenue for the twelve months ended September 30, 2025. US MAGNESIUM: Creditors Urge Court to Reject $10MM Chapter 11 Loan ------------------------------------------------------------------ Clara Geoghegan of Law360 reports that US Magnesium's unsecured creditors committee has renewed its request that a Delaware bankruptcy judge deny final approval for the company's $10 million Chapter 11 loan. The committee argued that the proposed financing disproportionately favors US Magnesium's secured lenders and parent company, offering little benefit to the broader pool of unsecured creditors. The committee emphasized that approving the loan could undermine the equitable treatment of unsecured creditors and limit their potential recoveries in the bankruptcy case. The objection signals continued tension between the debtor's management and the committee over how the restructuring should be financed and structured, the report states. About US Magnesium LLC US Magnesium LLC is a magnesium producer based in Salt Lake City, Utah. US Magnesium LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11696) on September 10, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. Judge Brendan Linehan Shannon oversees the case. The Debtor tapped Michael Busenkell, Esq., at Gellert Seitz Busenkell & Brown, LLC as counsel; Carl Marks Advisory Group LLC as restructuring advisor; and SSG Advisors, LLC as investment banker. Stretto, Inc. is the Debtor's claims and noticing agent. VENTURE GLOBAL: S&P Assigns Prelim 'BB+' Rating on Secured Notes ---------------------------------------------------------------- S&P Global Ratings assigned its 'BB+' preliminary rating and '3' preliminary recovery rating to Venture Global Plaquemines LNG LLC's $1.0 billion senior secured notes due 2030 and $1.0 billion senior secured notes due 2034. The notes are rated under our project finance criteria, and the rating is determined by the stand-alone credit profile (SACP) of the construction or operating phases of the project--whichever is lower. S&P based the rating on the SACP of the construction phase, which benefits from an advanced stage of construction that reduces the risk of delays and cost overruns. The stable outlook reflects its expectation that the project's construction will proceed on time and on budget with phase 2 anticipated to enter operations in mid-2027. Venture Global Plaquemines LNG LLC (VGPL or the project) consists of a natural gas liquefaction and export facility in Plaquemines Parish, La., and the associated Gator Express Pipeline for natural gas supply to the project. Venture Global LNG Inc. (VGLNG; BB-/Negative/--) has developed and commercialized the project in two phases. The first phase consists of the pipelines, equipment, and facilities to support liquefied natural gas (LNG) production of 13.3 million tons per annum (MTPA). Phase 2 consists of the facilities to support incremental production of 6.7 MTPA. When both phases are complete, the project will have an aggregate nameplate capacity of 20 MTPA and will consist of 36 liquefaction train modules, four LNG storage tanks, six pretreatment systems, three loading berths, two 720 megawatt combined-cycle power plants, a marine offloading facility, and the pipeline. Construction risk has largely been mitigated based on the advanced stage of construction. The project experienced some early construction delays with respect to its power island and pretreatment modules. However, the project sponsor descoped some of the work under the existing construction contracts and took direct responsibility for this work. This ensured that the project had sufficient temporary power to allow construction and commissioning to continue. In addition, work on the pretreatment modules has accelerated through the sponsor's intervention to mitigate further delays. The incremental cost of this work was funded with further equity injections from the sponsor and income produced from commissioning cargos. At this stage, the project benefits from the building program being very advanced with relatively small amounts of capex remaining. The project is producing cash flow from 34 of 36 trains, which provides a significant source of funds to complete the project and provide additional equity should any further problems arise. In addition, the project uses the same technology and design as its sister project, Venture Global Calcasieu Pass LLC (VGCP), which entered commercial operations April 15, 2025. The project has a high level of contractedness with strong counterparties. The project is supported by 20-year contracts on 19.7 MTPA with a shorter-term contract for the remaining 300,000 MTPA. All contracts contain a lifting fee, which consists of a fixed percentage above Henry Hub as well as a fixed capacity fee. The fixed capacity fee is payable regardless of whether cargos are lifted. This contractual structure creates a highly resilient long-term cash flow. In addition, the project entered into short-term contracts for a portion of the cargos that will be lifted during the commissioning process. Cash flow resiliency is further supported by the underlying credit strength of the revenue offtakers. The weighted-average credit assessment of the revenue offtakers is 'A-'. Potential for excess capacity could enhance cash flow. The project has a total nameplate capacity of 20 MTPA, although it has a guaranteed capacity of 22.5 MTPA. The sponsors said that based on design enhancements made since VGCP was built, the plant will be able to support higher production. Performance to date suggests that production could be 28 MTPA or higher. The project has entered into sales and purchase agreements with Venture Global Commodities LLC, a wholly owned subsidiary of VGLNG, for any production above 20 MTPA. S&P said, "Based on performance to date, we have modeled excess capacity of 4 MTPA above the nameplate capacity of 20 MTPA. This amount represents the incremental capacity that has been fully approved and which the independent engineer has indicated is supported by production to date. We note that the independent engineer has indicated that the plant can produce 28 MTPA on a sustainable basis. Overall, the strong contractual framework, along with the potential for incremental revenue from excess capacity, creates robust cash flow." S&P said, "The stable outlook considers both the construction and operating risk of the project. Construction is significantly advanced, which we have incorporated into our rating analysis. The project benefits from proven technology and design. In addition, once the project is completed, cash flow will be robust and supported by a strong contractual foundation with predominantly investment-grade counterparties. "We could take a negative rating action if the project experiences unforeseen delays that threaten the scheduled substantial completion date such that costs increase beyond the mitigations provided in the project forecast. "We are unlikely to raise the rating during construction. We could take a positive rating action around the time commercial operation starts if forecast cash flow is such that the minimum DSCR is at or above 1.25x." VENUS CONCEPT: Madryn Agrees to Relax Minimum Liquidity Covenant ---------------------------------------------------------------- Venus Concept Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on November 30, 2025, the Company, Venus Concept USA, Inc., a wholly-owned subsidiary of the Company, Venus Concept Canada Corp., a wholly-owned Canadian subsidiary of the Company, and Venus Concept Ltd., a wholly-owned Israeli subsidiary of the Company, entered into a Consent Agreement with Madryn Health Partners, LP and Madryn Health Partners (Cayman Master), LP. The Consent Agreement granted relief under the Loan and Security Agreement (Main Street Priority Loan), dated December 8, 2020, among the Lenders, as lenders, and Venus USA, as borrower, such that: (i) certain minimum liquidity requirements under the MSLP Loan Agreement are waived through December 31, 2025, and (ii) Venus USA is permitted to apply the December 8, 2025 cash interest payment due under each Note (as defined in the Consent Agreement) to the respective outstanding principal balance of each Note. A full-text copy of the Consent Agreement is available at https://tinyurl.com/2aa8757s Twenty Second Bridge Loan Amendment On November 30, 2025, the Loan Parties entered into a Twenty Second Bridge Loan Amendment Agreement with the Lenders. The Twenty Second Bridge Loan Amendment amended that certain Loan and Security Agreement, dated April 23, 2024, among Venus USA, as borrower, the Company, Venus Canada and Venus Israel, as guarantors, and the Lenders, as lenders, such that: (i) the maturity date of the Bridge Loan is extended from November 30, 2025 to December 31, 2025, and (ii) certain minimum liquidity requirements under Loan and Security Agreement are waived through December 31, 2025. A full-text copy of the Twenty Second Bridge Loan Amendment is available at https://tinyurl.com/r723ep7a Fourteenth Delayed Drawdown As previously disclosed, on April 23, 2024, the Company, Venus USA, Venus Canada, and Venus Israel, entered into a Loan and Security Agreement, with the Lenders and Madryn, as administrative agent. Pursuant to the Loan and Security Agreement (as amended), the Lenders agreed to provide the Borrower with bridge financing in the form of a term loan in one or more draws in an aggregate principal amount of up to $5,000,000 which amount was subsequently increased to $28,237,906.85. Borrowings under the Bridge Financing will bear interest at a rate per annum equal to 12%. On the maturity date of the Bridge Financing, the Loan Parties are obligated to make a payment equal to all unpaid principal and accrued interest. The Loan and Security Agreement also provides that all present and future indebtedness and the obligations of the Borrower to Madryn shall be secured by a priority security interest in all real and personal property collateral of the Loan Parties. The initial drawdown under the Loan and Security Agreement occurred on April 23, 2024, when the Lenders agreed to provide the Borrower with bridge financing in the form of a term loan in the principal amount of $2,237,906.85. The second drawdown under the Loan and Security Agreement occurred on July 26, 2024, when the Lenders agreed to provide the Borrower with a subsequent drawdown under the Loan and Security Agreement in the principal amount of $1,000,000. The third drawdown under the Loan and Security Agreement occurred on September 11, 2024, when the Lenders agreed to provide the Borrower with a subsequent drawdown under the Loan and Security Agreement in the principal amount of $1,000,000. The fourth drawdown under the Loan and Security Agreement occurred on November 1, 2024, when the Lenders agreed to provide the Borrower with a subsequent drawdown under the Loan and Security Agreement in the principal amount of $1,000,000. The fifth drawdown under the Loan and Security Agreement occurred on November 26, 2024, when the Lenders agreed to provide the Borrower with a subsequent drawdown under the Loan and Security Agreement in the principal amount of $1,200,000. The sixth drawdown under the Loan and Security Agreement occurred on December 9, 2024, when the Lenders agreed to provide the Borrower with a subsequent drawdown under the Loan and Security Agreement in the principal amount of $1,500,000. The seventh drawdown under the Loan and Security Agreement occurred on January 27, 2025, when the Lenders agreed to provide the Borrower with a subsequent drawdown under the Loan and Security Agreement in the principal amount of $3,000,000. The eighth drawdown under the Loan and Security Agreement occurred on February 21, 2025, when the Lenders agreed to provide the Borrower with a subsequent drawdown under the Loan and Security Agreement in the principal amount of $2,300,000. The ninth drawdown under the Loan and Security Agreement occurred on April 4, 2025, when the Lenders agreed to provide the Borrower with a subsequent drawdown under the Loan and Security Agreement in the principal amount of $2,000,000. The tenth drawdown under the Loan and Security Agreement occurred on May 22, 2025, when the Lenders agreed to provide the Borrower with a subsequent drawdown under the Loan and Security Agreement in the principal amount of $2,000,000. The eleventh drawdown under the Loan and Security Agreement occurred on July 21, 2025, when the Lenders agreed to provide the Borrower with a subsequent drawdown under the Loan and Security Agreement in the principal amount of $2,000,000. The twelfth drawdown under the Loan and Security Agreement occurred on August 21, 2025, when the Lenders agreed to provide the Borrower with a subsequent drawdown under the Loan and Security Agreement in the principal amount of $2,000,000. The thirteenth drawdown under the Loan and Security Agreement occurred on September 19, 2025, when the Lenders agreed to provide the Borrower with a subsequent drawdown under the Loan and Security Agreement in the principal amount of $2,000,000. The fourteenth drawdown under the Loan and Security Agreement occurred on October 28, 2025, when the Lenders agreed to provide the Borrower with a subsequent drawdown under the Loan and Security Agreement in the principal amount of $2,000,000. On November 25, 2025, the Lenders agreed to provide the Borrower with a subsequent drawdown under the Loan and Security Agreement in the principal amount of $1,500,000. The Fourteenth Delayed Drawdown was funded on November 25, 2025. The Company expects to use the proceeds of the Fourteenth Delayed Drawdown, after payment of transaction expenses, for general working capital purposes. About Venus Concept Toronto, Ontario-based Venus Concept Inc. is an innovative global medical technology company that develops, commercializes, and delivers minimally invasive and non-invasive medical aesthetic and hair restoration technologies and related services. The Company's systems have been designed on cost-effective, proprietary, and flexible platforms that enable the Company to expand beyond the aesthetic industry's traditional markets of dermatology and plastic surgery, and into non-traditional markets, including family medicine and general practitioners and aesthetic medical spas. Mississauga, Canada-based MNP LLP, the Company's auditor since 2019, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has reported recurring net losses and negative cash flows from operations, which raises substantial doubt about its ability to continue as a going concern. As of June 30, 2025, the Company had $63.09 million in total assets, $60.31 million in total liabilities, and $2.33 million in total stockholders' equity. VILLAGE HOMES: Court OKs VWP Property Sale to Karin Sommers ----------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, has permitted Village Homes LP to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor is a Texas limited partnership formed in 1996. The Debtor's general partner is DH Management, Inc., a Texas corporation, which holds a 1% general partner interest. The Debtor has two limited partners: Michael Dike and James R. Harris. he Debtor is engaged in the construction of single-family homes, acquisition of lots and options to acquire lots, and in the marketing and sale of completed homes. The Debtor's properties (Lots) are located in various subdivisions in Tarrant and Parker Counties, Texas. The Debtor's Property is located at 2150 Village Walk Place, Fort Worth, Texas 76008 (VWP Property). The Court has authorized the Debtor to sell the VWP Property to Karin Sommers for the purchase priced of $405,000. The VWP Property shall be sold free and clear of liens, claims and interest of Huntington Bank with such liens, claims, and interest to attach to the proceeds of the sale. At the closing, the closing agent is authorized to distribute the sales proceeds to: (a) payment of normal and customary costs of sale, including commission, title fees, and the Debtor’s portion of the prorated taxes assessed against the VWP Property; and (b) payment to Huntingt on Bank of the Release Price for the VWP Property. The Buyer of the VWP Property, as identified in the VWP Agreement, is not an "insider" of the Debtor. The Buyer of the VWP Property is purchasing the VWP Property in good faith and is a good faith purchaser. About Village Homes for Fort Worth Village Homes for Fort Worth was established in 1996 and has grown into a trusted homebuilder in Fort Worth, Texas, known for its inspired designs and dedication to quality. With almost three decades of experience, the company has fulfilled the dreams of over 1,500 homeowners while collaborating closely with the region's top architects, craftsmen, and vendors. KC 117 LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.Tex. Case No. 25-43782-mxm) on October 1, 2025. Jeff P. Prostok at Vartabedian Hester & Haynes LLP, represents as legal counsel of the Debtor. VILLAGE HOMES: To Sell Sunset Lane Property to Garrett Cesander --------------------------------------------------------------- Village Homes, L.P., seeks approval from 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 Debtor is a Texas limited partnership formed in 1996. The Debtor's general partner is DH Management, Inc., a Texas corporation, which holds a 1% general partner interest. The Debtor has two limited partners: Michael Dike and James R. Harris. The Debtor is engaged in the construction of single-family homes, acquisition of single-family residential lots and options to acquire lots, and in the marketing and sale of the completed homes. The Debtor's real properties are located in various subdivisions in Tarrant and Parker Counties, Texas. To finance its homebuilding operations, the Debtor maintains various credit and borrowing facilities, including Simmons Bank. The Lenders are granted liens in the Lots for which they make advances for the acquisition thereof or for construction of homes thereon, or both. The Existing Credit Facilities presently in place ensure that no two Lenders advance funds secured by the same Lots. Thus, as between the Lenders, there are no concerns of competing liens on each Lender's collateral. In October 2024, the Debtor entered into a Real Estate Sales Contract with Olerio Development, LLC, now known as VilHom FW Holdings, LLC. VilHom was to close the Asset Sale Transaction by the end of February 2025, but VilHom failed to close. As a result, on March 7, 2025, the Debtor terminated the Contract in writing and delivered the termination to VilHom's counsel. A few days later, the Debtor received an email from VilHom’s counsel disputing the effectiveness of the Debtor’s termination. VilHom also threatened to sue the Debtor and file notices of lis pendens. The Debtor maintains that VilHom defaulted under the Contract and the Debtor validly terminated the Contract before the Petition Date. As a result, VilHom has no rights or claims to the Contract Lots or against the Debtor’s estate. The Debtor entered into a New Home Contract (Sunset Agreement) with a prospective buyer for the sale of an almost-completed town home with an address of 402 Sunset Lane, Fort Worth, Texas 76114. The Buyer, Garrett Cesander, under the Sunset Agreement is not an insider of the Debtor and is purchasing the Sunset Property in good faith and is entitled to the full protection of section 363(m). The purchase price is $103,750. The Sunset Property is one of the Contract Lots subject to the Lis Pendens. As a result, the Buyer conditioned the effectiveness of the Sunset Agreement expressly upon the Debtor obtaining an order from the Court approving the Proposed Transaction pursuant to the terms of the Sunset Agreement, and providing that the Sunset Property shall be sold free and clear of "liens and lis penden" save and except the permitted encumbrances specified in the Sunset Agreement. The Debtor proposes to sell the Sunset Property free and clear of the lien asserted by Simmons Bank. Simmons Bank does not oppose the sale of the Sunset Property and is not opposed to its liens attaching to the proceeds of the sale. The Debtor seeks the authority to allow the closing agent, at closing of the sale of the Sunset Property, to pay Simmons Bank the Release Price in exchange for the bank's release of its lien on the Sunset Property. The Debtor also seeks leave for the title company to distribute the sale proceeds to pay the ordinary and necessary costs of sale, including commissions, tax prorations, make-ready costs, and homeowners’ warranty premium costs. About About Village Homes for Fort Worth Village Homes for Fort Worth was established in 1996 and has grown into a trusted homebuilder in Fort Worth, Texas, known for its inspired designs and dedication to quality. With almost three decades of experience, the company has fulfilled the dreams of over 1,500 homeowners while collaborating closely with the region's top architects, craftsmen, and vendors. KC 117 LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.Tex. Case No. 25-43782-mxm) on October 1, 2025. Jeff P. Prostok at Vartabedian Hester & Haynes LLP, represents as legal counsel of the Debtor. VIVAKOR INC: Grants Series A Holders 35% Voting Rights ------------------------------------------------------ Vivakor, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on November 25, 2025, the Company entered into a Debt Satisfaction and Preferred Stock Amendment Agreement, under which the holders of the Company's Series A Preferred Stock agreed to forgo their rights to the Series A Preferred Stock 6% annual dividend from April 30, 2026 to April 29, 2027 in exchange for the Company agreeing to amend the Series A Preferred Stock Certificate of Designation to add voting rights to the rights and preferences of the Series A Preferred Stock. In addition, James Ballengee, the Company's Chief Executive Officer and a member of the Board of Directors, agreed to extinguish the $569,589.04 he is owed under a convertible promissory note as part of the Series A Preferred Agreement. As a result of the Series A Preferred Agreement, the holders of the Series A Preferred own approximately 96,731,000 votes on any matters properly presented to the Company's shareholders, which equated to approximately 35% of the Company's outstanding votes as of the date of the Series A Preferred Agreement. At the Company's 2025 Annual Meeting of Stockholders held September 11, 2025, a majority of the Company's stockholders approved a conversion of the Preferred Stock into Common Stock that exceeds 19.99% of the Company's outstanding common stock if the Company's Board of Directors and executive management elected to convert the Preferred Stock. Full text copies of the Series A Preferred Agreement and Amended and Restated Certificate of Designation are available at https://tinyurl.com/t2s94f7n and https://tinyurl.com/ycxj5htu, respectively. About Vivakor, Inc. Vivakor, Inc. provides transportation, storage, reuse, and remediation services for crude oil and petroleum byproducts. The Company operates facilities under long-term contracts to support these services and manages energy-related assets, properties, and technologies. Vivakor reported total assets of $244.54 million, total liabilities of $146.5 million, and total stockholders' equity of $98.04 million as of June 30, 2025. The Company has historically suffered net losses and cumulative negative cash flows from operations, and as of June 30, 2025, it had an accumulated deficit of approximately $112.1 million. As of June 30, 2025 and Dec. 31, 2024, Vivakor had a working capital deficit of approximately $105.8 million and $101.5 million, respectively. As of June 30, 2025, the Company had cash of approximately $3.7 million, of which $3.2 million is restricted cash. In addition, the Company has obligations to pay approximately $74 million of debt within one year of the issuance of the financial statements. In its audit report dated April 15, 2025, Urish Popeck & Co., LLC issued a "going concern" qualification citing that the Company has a significant working capital deficiency, suffered significant recurring losses from operations, 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. VIVAKOR INC: Issues 3.6MM Shares for Series A Preferred Dividends ----------------------------------------------------------------- Vivakor, Inc. on November 26, 2025, it issued an aggregate of 3,616,310 shares of its restricted common stock for dividends owed on its Series A Preferred Stock for July 31 and October 31, 2025 to the holders of its Series A Preferred Stock. Of those shares, an aggregate of 1,889,590 shares were issued to Jorgan Development, LLC and JBAH Holdings, LLC, entities controlled by James Ballengee, Chief Executive Officer, or their assignees. Additionally, on November 26, the Company issued 1,557,808 shares of its restricted common stock to a consultant under the terms of a Consulting Agreement. Furthermore, on the same date, the Company also issued 82,500 shares of restricted common stock to an investor as inducement shares under a previously disclosed Securities Purchase Agreement. The issuance of the securities was exempt from registration pursuant to Section 4(a)(2) of the Securities Act promulgated thereunder as the holders sophisticated investors and familiar with our operations. About Vivakor, Inc. Vivakor, Inc. provides transportation, storage, reuse, and remediation services for crude oil and petroleum byproducts. The Company operates facilities under long-term contracts to support these services and manages energy-related assets, properties, and technologies. Vivakor reported total assets of $244.54 million, total liabilities of $146.5 million, and total stockholders' equity of $98.04 million as of June 30, 2025. The Company has historically suffered net losses and cumulative negative cash flows from operations, and as of June 30, 2025, it had an accumulated deficit of approximately $112.1 million. As of June 30, 2025 and Dec. 31, 2024, Vivakor had a working capital deficit of approximately $105.8 million and $101.5 million, respectively. As of June 30, 2025, the Company had cash of approximately $3.7 million, of which $3.2 million is restricted cash. In addition, the Company has obligations to pay approximately $74 million of debt within one year of the issuance of the financial statements. In its audit report dated April 15, 2025, Urish Popeck & Co., LLC issued a "going concern" qualification citing that the Company has a significant working capital deficiency, suffered significant recurring losses from operations, 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. VSBROOKS INC: Files Emergency Bid to Continue Using Cash Collateral ------------------------------------------------------------------- VSBROOKS, Inc. asks the U.S. Bankruptcy Court for the Southern District of Florida, Miami Division, for authority to continue using cash collateral and provide adequate protection. The court previously entered an agreed cash collateral order on November 7, authorizing the Debtor's use of cash collateral pursuant to an approved budget through December 3 and finding the secured creditor, City National, adequately protected. Although that order permits extension of the budget term with the consent of both City National and the Subchapter V Trustee without further hearing, City National has advised it does not consent, requiring the Debtor to seek expedited judicial relief. Because confirmation of the Debtor's plan has been continued from December 17 to February 5, 2026, the Debtor asserts it must continue using cash collateral through that date to maintain operations and preserve the estate. The Debtor requests authorization to extend the terms of the agreed cash collateral order and to continue using cash collateral under a new budget, which reflects projected revenue from clients such as Cano Health, Clover Health, MSC Cruises, and Blood Cancer, along with anticipated monthly operational expenses including payroll, benefits, overhead, production/media costs, accounting fees, and loan payments. A copy of the motion is available at https://urlcurt.com/u?l=NcumUI from PacerMonitor.com. About VSBROOKS Inc. VSBROOKS Inc., doing business as The 3rd Eye Creative Agency, is a certified women-owned independent full-service marketing agency in Miami specializing in health and wellness brands. With more than 25 ears of experience, it focuses on generational healthcare advertising, women's healthcare initiatives, multicultural audience engagement and B2B growth within regulatory compliance. VSBROOKS sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-18690) on July 29, 2025. In its petition, the Debtor reported estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Laurel M. Isicoff handles the case. The Debtor is represented by Jacqueline Calderin, Esq. and Robert P. Charbonneau, Esq. at AGENTIS PLLC. WELLMADE FLOOR: Plan Exclusivity Period Extended to March 2, 2026 ----------------------------------------------------------------- Judge Sage Sigler of the U.S. Bankruptcy Court for the Northern District of Georgia extended Wellmade Floor Coverings International, Inc., and Wellmade Industries MFR NA LLC's exclusive periods to file a plan of reorganization and obtain acceptance thereof to March 2, 2026 and May 1, 2026, respectively. As shared by Troubled Company Reporter, the Debtors explain that the Chapter 11 Cases are sufficiently complex to warrant the requested extension of the Exclusive Periods. The Debtors have had just over three months to progress the Chapter 11 Cases, which is insufficient time to resolve cases involving contentious and unresolved litigation, especially a class action suit. Thus, the Debtors submit that the complexity of the Chapter 11 Cases and the limited length of time the Cases have been pending weigh in favor of granting the requested extension of the Exclusive Periods. Since the Petition Date, the Debtors and their professionals have focused much of their time, energy, and resources on administering the Chapter 11 Cases in the ordinary course of business, finalizing a private sale of substantially all the Debtors' assets, and negotiating with vendors and other creditors, including the Committee and other creditors. Extension of the Exclusive Periods will ensure that the Debtors have a full and fair opportunity to propose the Disclosure Statement and Plan as necessary without the distraction, cost, and delay of a competing plan process. The Debtors claim that granting the requested extensions of the Exclusive Periods will not pressure their creditor constituencies or grant the Debtors any unfair bargaining leverage. The Debtors have no ulterior motive in seeking an extension of the Exclusive Periods. To the contrary, the Debtors have been in regular communications with the Committee, the Prepetition Lender, the DIP Lender, and other creditors, on numerous issues facing their estates. Moreover, the Debtors are not seeking an extension to pressure their creditors to take any action, but only to ensure that the Debtors can pursue the resolution of the Chapter 11 Cases, including by proposing, confirming, and consummating a Disclosure Statement and Plan, free from distraction or competing plan proposals. Therefore, this factor also weighs in favor of extending the Exclusive Periods. Counsel to the Debtors: John D. Elrod, Esq. Allison J. McGregor, Greenberg Traurig, LLP 3333 Piedmont Road NE, Suite 2500 Atlanta, GA 30305 Telephone: 678-553-2259 Facsimile: 678-553-2269 Email: elrodj@gtlaw.com About Wellmade Floor Coverings Wellmade Floor Coverings International Inc. is a manufacturer and distributor of hard-surface flooring products, including bamboo, hardwood, and vinyl. The privately owned company is based in the United States, with a manufacturing facility in Cartersville, Georgia, and sales offices and a warehouse in Portland, Oregon. A non-debtor affiliate operates in China. The company and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Lead Case No. 25-58764) on August 4, 2025. In the petition, it reports estimated assets between $500 million and $100 million and $50 million. Honorable Bankruptcy Judge Sage M. Sigler handles the cases. The Debtors are represented by Greenberg Traurig, LLP. Kurtzman Carson Consultants, LLC d/b/a Verita Global is the Debtors' claims, noticing, solicitation and administrative agent. WFO LLC: Files Amended Plan; Confirmation Hearing January 12, 2026 ------------------------------------------------------------------ Mark Andrews, the Chapter 11 Trustee, submitted a Second Amended Disclosure Statement for the Second Amended Plan of Liquidation for WFO, LLC dated December 2, 2025. The Plan proposes, upon confirmation, to place the Estate's assets into a Liquidating Trust under the control of a Liquidating Trustee (who will consult with and be advised by a Liquidating Trust Committee made up of three unsecured creditors' representatives acting on behalf of Class 4 under the Plan), who will liquidate post-confirmation the remaining Estate assets and distribute the funds held by the Liquidating Trust to holders of allowed claims in the priority governed by the Bankruptcy Code. The Plan provides a recovery to Allowed Administrative Claims, Allowed Priority Claims, and Allowed General Unsecured Claims principally through (i) distribution of the remaining funds held by the Trustee for the benefit of the Estate from the sale of the Estate's Concrete Batch Plant; (ii) distribution of the net proceeds from the sale of certain other real estate assets owned by the Estate; (iii) distribution of funds, if any, from the liquidation of certain remaining personal property of the Estate; and (iv) distribution of funds which are recoveries from claims and causes of action of the Estate against certain third parties, via settlement or litigation of same. The Trustee conducted a sale process for the sale of the concrete batch plant Assets and successfully closed that transaction. The Trustee is marketing the remaining real and any personal property of the Estate which has net value to the Estate. That real and personal property will either be liquidated by the Trustee prior to confirmation or will become assets of the Liquidating Trust for post-confirmation liquidation, with the net proceeds from same available to satisfy Claims of Creditors. Like in the prior iteration of the Plan, the Holder of an Allowed General Unsecured Claim in Class 3 shall receive a ProRata beneficial interest in the Liquidating Trust and shall be paid its Pro-Rata share of the Liquidating Trust Funds in accordance with the Liquidating Trust Agreement and the Plan after full payment of Allowed Administrative Claims, allowed Priority Tax Claims and the Claims of any Holders of Claims in Class 1. Class 3 is Impaired. The allowed unsecured claims total $3.5 to $4.5 million. This Class will receive a distribution of 20% to 30% (assumes voiding of alleged Shumate lien on cement batch plant and recovery of $750,000 held in escrow but no other recovery from Shumate Parties). The Allowed Unsecured Claims of Insiders and Affiliates of the Debtor shall be deemed disallowed pending the resolution of any Cause of Action or Claim Objection filed against a Holder of such a Claim. If such Claim is Allowed, in full and final satisfaction of such Claim, the Holder shall receive a beneficial interest in the Liquidating Trust and shall be paid its Pro-Rata share of the Liquidating Trust Funds in accordance with the Liquidating Trust Agreement and the Final Order allowing such Claim (that may provide for the subordination of such Claim), after full payment of Allowed Administrative Claims, Allowed Priority Tax claims, and Class 1 and 3 Claims. All Class 4 Equity Interests (consisting of any and all member interests in the Debtor) shall be cancelled and deemed of no further force and effect upon the Effective Date. Holders of Equity Interests in the Debtor shall not retain nor receive any property or distribution under the Plan. Equity Interest Holders are impaired, do not vote on the Plan, and are deemed to reject the Plan. On the Effective Date, a Liquidating Trust will be created pursuant to the Liquidating Trust Agreement to liquidate all Liquidating Trust Assets, to pursue all Causes of Action, and to make all Distributions to Holders of Allowed Claims as required by the Plan. On the Effective Date, the Liquidating Trust Assets will be transferred to the Liquidating Trust. The Plan will be funded by the Cash on hand on the Effective Date, recoveries from the liquidation of any real or personal property of the Estate, and any recoveries from Causes of Action of the Estate (including Litigation Claims), as well as the proceeds of the foregoing. The initial Liquidating Trustee will be Mark Andrews, who is a principal of Trinity River Advisors, LLC. Mr. Andrews will be deemed appointed on the Effective Date, without further motion, application, notice, hearing or other order of the Court. Any and all authority, power, and standing shall be transferred to and assumed by the Liquidating Trustee. Mr. Andrews will be compensated as set forth in the Liquidating Trust Agreement. To be counted, ballots must be fully completed, executed and actually received by Martin Zacarias, Trinity River Advisors, LLC, 8080 North Central Expressway, 17th Floor, Suite 1729, Dallas, Texas 75206 (the "Tabulation Agent") or via electronic mail sent to martin@trinityriveradvisors.com no later than 5:00 P.M. CST on January 2, 2026 (the "Voting Deadline"). Pursuant to section 1128(a) of the Bankruptcy Code, a hearing to consider confirmation of the Plan (the "Confirmation Hearing") has been scheduled to commence on January 12, 2026 at 10:00 A.M. CST, before the Honorable Craig A. Gargotta, Chief United States Bankruptcy Judge, in the United States Bankruptcy Court for the Western District of Texas, San Antonio Division, at the Hipolito F. Garcia Federal Building and United States Courthouse, 615 E. Houston Street, Courtroom #3, 5th Floor, San Antonio, Texas 78205. Section 1128(b) of the Bankruptcy Code provides that any party in interest may object to confirmation of a chapter 11 plan. The Bankruptcy Court has directed that objections, if any, to confirmation of the Plan be filed no later than 5:00 P.M. CST on January 2, 2026 (the "Confirmation Objection Deadline"). A full-text copy of the Second Amended Disclosure Statement dated December 2, 2025 is available at https://urlcurt.com/u?l=ze5yP5 from PacerMonitor.com at no charge. Counsel for Mark Andrews, Chapter 11 Trustee: Patrick Kelley, Esq. Patrick Kelley, PLLC 112 E. Line Street, Suite 203 Tyler, TX 75702 Telephone: (903) 630-5151 Facsimile: (903) 630-5760 Email: pat@patkelleylaw.com Counsel for Mark Andrews, Chapter 11 Trustee: Andrew George Sherwood, Esq. Danielle R. Behrends, Esq. Dykema Gossett, PLLC 112 E. Pecan Street, Suite 1800 San Antonio, TX 78205 Phone: (210) 554-5466 Email: ASherwood@dykema.com About WFO, LLC The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. W.D. Tex. Case No. 24-50824) on May 6, 2024. In the petition signed by Frank Shumate, president, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Judge Craig A. Gargotta oversees the case. The Debtor tapped James S. Wilkins, PC, as counsel, and Trinity River Advisors, LLC as accountant. WHITE ROCK: Gets Interim OK to Use Cash Collateral Until Dec. 18 ---------------------------------------------------------------- White Rock Construction Services, LLC received interim approval from the U.S. Bankruptcy Court for the Western District of Texas, San Antonio Division, to use cash collateral. The court authorized the Debtor to use cash collateral for the period from November 25 to December 18 to pay the expenses set forth in its budget, with a 10% variance except that insider salaries require prior approval for any variance. As adequate protection, Frost Bank and the merchant cash advance lenders will be granted replacement liens co-extensive with their pre-bankruptcy liens. A final hearing set for December 18. The interim order is available at https://is.gd/GZWyER from PacerMonitor.com. White Rock suffered substantial financial losses from a $1.4 million charter school project in 2024 due to schedule delays, cost overruns, and material price increases, totaling over $300,000 in losses. Subsequent revenue shortfalls and delays in project starts forced the Debtor to take multiple merchant cash advance loans, straining cash flow and reducing staff. The Debtor's secured creditors include Frost Bank, holding a blanket lien of approximately $175,000, and vehicle lenders such as Ally Auto, along with largely unsecured MCA lenders. Frost Bank is represented by: David S. Gragg, Esq. Langley & Banack Inc. Trinity Plaza II, Suite 700 745 East Mulberry San Antonio, TX 78212 Telephone: (210) 736-6600 Telecopier: (210) 735-6889 dgragg@langleybanack.com About White Rock Construction Services LLC White Rock Construction Services LLC 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. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-52853) on November 25, 2025. In the petition signed by Andrew Hutto, manager, the Debtor disclosed up to $500 million in assets and up to $10 million in liabilities. Judge Michael M. Parker oversees the case. Ronald Smeberg, Esq., at The Smeberg Law Firm, represents the Debtor as bankruptcy counsel. WILDEC LLC: Gets Final OK to Use Cash Collateral ------------------------------------------------ Wildec, LLC received final approval from the U.S. Bankruptcy Court for the Eastern District of Washington to use cash collateral to fund operations. The court's final order authorized the Debtor to use cash collateral to pay the operating expenses set forth in its budget. As adequate protection, Columbia Bank, a secured creditor, will be granted first-priority senior replacement security interests in and liens on its pre-bankruptcy collateral as well as the property acquired by the Debtor after the petition date similar to the pre-bankruptcy collateral. In addition, Columbia Bank will receive payment of $7,111.78 on December 15, and on January 15, 2026. A copy of the final order is available at https://shorturl.at/YC0lQ from PacerMonitor.com. Wildec intends to use cash collateral, primarily rental income generated from its commercial property in Everett, Washington. The Debtor owns a one-story office building leased to Alpine Cleaning and Restoration, which pays $17,000 monthly rent. Columbia Bank holds a senior deed of trust and assignment of rents securing a loan with an unpaid balance of approximately $772,000, while a junior lienholder, Markel Insurance Company, asserts a $2.8 million claim but does not have rights to the cash collateral, as its deed of trust lacks an assignment of rents. Columbia Bank, as secured creditor, is represented by: Erich M. Paetsch, Esq. Saalfeld Griggs PC P.O. Box 470 Salem, OR 97308–0470 Phone: (503) 399-1070 Fax: (503) 371-2927 epaetsch@sglaw.com About Wildec LLC Wildec, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Wash. Case No. 25-01749) on October 2, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Judge Frederick P. Corbit oversees the case. The Debtor is represented by Lesley D. Bohleber, Esq., at Bush Kornfeld, LLP. WORK 'N GEAR: Seeks to Sell Retail Business at Auction ------------------------------------------------------ Work ‘N Gear, LLC seeks approval from the U.S. Bankruptcy Court for the District of New Jersey, to sell substantially all Assets at auction, free and clear of liens, claims, interests, and encumbrances. On March 7, 2002, Debtor was formed as a limited liability company in the State of New York. At the time of the Debtor’s filing of its chapter 11 case, the Debtor was the largest United States retailer specializing in work apparel, footwear and healthcare apparel. The Debtor's parent, Work 'N Gear, Inc., is incorporated in Delaware and has its office in Braintree, MA. The Debtor currently operates 26 brick and mortar retail stores located in eight different states, primarily in the Northeastern and Midwestern United States; operates an online internet retail store; and operates a 14,000 square foot distribution facility in Avon, Massachusetts, which serves in-store and online customers. The Debtor is a privately owned company, with 100% of its membership interests held by WNG Inc. WNG Inc. is wholly owned by its sole shareholder, Anthony DiPaolo. DiPaolo also serves as Debtor's Chief Executive Officer. Debtor does not operate any subsidiary or affiliate companies. The Debtor is a retail seller of workplace apparel and footwear, as well as healthcare scrubs and attire utilized by first responders and healthcare professionals. Debtor offers over 250 different items for sale, including their own private label brands, making Debtor a "one-stop shop" for all workwear apparel and footwear needs. Debtor's wide assortment of workwear, scrubs, footwear, and accessories provides consumers with an opportunity to purchase all their workwear needs in a single location, which is unique to the workplace apparel market and often serves as a one-stop destination for its customers. The locations at which Debtor operates its retail business are not owned by Debtor. Debtor leases these properties from various landlords to whom Debtor must pay monthly rent. At the time of the Debtor's chapter 11 filing, the Debtor employed approximately 154 employees, consisting of 81 full-time employees and 73 part-time employees. Prior to the Petition Date, the Debtor engaged KCP Advisory Group, LLC as financial advisors to assist the Debtor in its restructuring process. KCP has conducted extensive due diligence on the Debtor as well as meetings with the Debtor’s senior management. KCP, Larry Nusbaum (the Debtor's interim president) and the Informal Restructuring Professional worked with the Debtor to identify parties interested in purchasing of the Debtor's assets. Those parties interfaced with at least two dozen parties where thirteen of those parties expressed strong interest. At least two of those parties advised that they anticipate putting in a bid. Pursuant to the Bidding Procedures, the Debtor proposes to sell, assign and transfer, convey and deliver the Assets subject to higher or better offers. The Sale provides that no bulk sales law or similar laws of any state or other jurisdiction will apply to the transactions contemplated by the Asset Purchase Agreement. The Debtor desires to receive the greatest value for its Assets. The Debtor believes the proposed Bidding Procedures will maximize the realizable value of the Assets for the benefit of the Debtor's estate, creditors and other parties-in-interest. The Bidding Procedures also reflect the Debtor's objective of conducting an Auction in a controlled, but fair and open, fashion that promotes interest in the Assets by financially-capable, motivated bidders who are likely to close a transaction, while simultaneously discouraging non-serious offers and offers from persons the Debtor does not believe are sufficiently capable or likely to actually consummate a transaction. The Debtor is seeking to sell substantially all of its assets, or any portion, to the person or entity making the most value maximizing bid through the process outlined in the Bidding Procedures. All Bids must be served upon and actually received by the Debtor, counsel to the Debtor, financial advisor to the Debtor, counsel to the DIP Lender, and counsel to the Creditors’ Committee, on or before 5:00 p.m., prevailing Eastern Time, on January 5, 2026. Prior to the Auction, the Debtor shall determine in its reasonable judgment and in consultation with the DIP Lender and the Creditors’ Committee, which of the Qualified Bids constitutes the highest or best value to the Debtor. In the event that the Debtor timely receives one or more Qualified Bids, the Debtor shall conduct an Auction on January 8, 2026 at 10:00 a.m. prevailing Eastern Time at the offices of A.Y. Strauss LLC, located at 290 West Mount Pleasant Avenue, Suite 3260, Livingston, New Jersey 07039. By establishing a fair, open, and competitive process, the Bidding Procedures are designed to generate the highest and best offers available under the tough circumstances and environment the Debtor faces, and, thus, maximize recoveries for creditors and the estate. All parties in interest will receive notice of the sale and will be provided with an opportunity to be heard. The Debtor shall be responsible for the timely payment of any and all applicable Cure Amounts. The Successful Bidder is responsible for providing evidence of "adequate assurance of future performance" to the extent required in connection with the assumption and assignment of any Assumed and Assigned Contract. The Debtor believes that the foregoing notice procedures to the Bidding Procedures Notice Parties, the Auction and Sale Notice Parties and other parties in interest is sufficient to provide effective notice of the Bidding Procedures, the Auction and the Sale to potentially interested parties in a manner designed to maximize the chance of obtaining the broadest possible participation while minimizing the costs to the estate. . About Work 'N Gear LLC Work 'N Gear, LLC is a retail seller of workplace apparel and footwear, as well as healthcare scrubs and attire utilized by first responders and healthcare professionals. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.J. Case No. 25-17472) on July 16, 2025, with up to $10 million in both assets and liabilities. Larry Nusbaum, interim president of Work 'N Gear, signed the petition. Judge Mark Edward Hall oversees the case. Eric H. Horn, Esq., at A.Y. Strauss, LLC, represents the Debtor as legal counsel. WRENCH GROUP: S&P Withdraws 'B-' ICR Following Debt Redemption -------------------------------------------------------------- S&P Global Ratings withdrew its 'B-' issuer credit rating on Wrench Group LLC after it repaid its existing debt following a refinancing transaction. S&P's outlook on the company was negative at the time of withdrawal. S&P also withdrew its 'B-' issue-level rating and '3' (50%) recovery rating on its senior secured debt. YUNHONG GREEN: Appoints Jeffrey Leader as Independent Director -------------------------------------------------------------- Yunhong Green CTI Ltd. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on November 25, 2025, the Board of Directors appointed Jeffrey Leader as an Independent Director. About Yunhong Green Barrington, Ill.-based Yunhong Green CTI Ltd develops, produces, distributes and sells a number of consumer products throughout the United States and in several other countries, and it produces film products for commercial and industrial uses in the United States. The Company's principal lines of products include Novelty Products consisting principally of foil and latex balloons and related gift items; and Flexible Films for food and other commercial and packaging applications. Boston, Mass.-based Wolf & Company, P.C, the Company's auditor since 2020, issued a "going concern" qualification in its report dated April 14, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has suffered recurring losses from operations and has an accumulated deficit of $25.9 million for the year ended December 31, 2024. This raises substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $22.2 million in total assets, $11.6 million in total liabilities, and $10.5 million in total stockholders' equity. YVONNE ANN CHMIELOWIEC: Counsel's Interim Fee Application Okayed ---------------------------------------------------------------- Judge Ashley Austin Edwards of the United States Bankruptcy Court for the Western District of North Carolina approved the application for allowance of compensation filed by Cole Hayes as counsel for Debtor Yvonne Ann Chmielowiec. Hayes is awarded fees in the amount of $21,302.00 and reimbursement of expenses in the amount of $628.55 on an interim basis. A copy of the Court's Order dated November 24, 2025, is available at https://urlcurt.com/u?l=0q5QnL from PacerMonitor.com. Yvonne Ann Chmielowiec filed a petition under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D.N.C. Case No. 25-30464) on May 6, 2025. Judge Ashley Austin Edwards presides over the case. The Debtor is represented by Cole Hayes. ZEKELMAN INDUSTRIES: Moody's Affirms 'Ba2' CFR, Outlook Stable -------------------------------------------------------------- Moody's Ratings affirmed Zekelman Industries, Inc.'s ("Zekelman") Ba2 corporate family rating, its Ba2-PD probability of default rating and a Ba3 rating of its senior secured term loan B ("TLB"). The outlook is stable. RATINGS RATIONALE The rating affirmation reflects Moody's expectations that Zekelman's operating and financial performance will improve in FY2026, driven by higher shipments, more favorable conditions in certain end markets, disciplined cost management and lower capex in its "Pipe and Tube" segment. This should result in stronger revenues, EBITDA and cash flows with its credit metrics remaining commensurate with a Ba2 rating. Zekelman's Ba2 corporate family rating ("CFR") s supported by its moderate leverage, ample interest coverage, good liquidity and leading market position for a number of structural tubing, standard pipe and electrical conduit products. The rating also factors in Moody's expectations for its operating performance to remain at historically robust levels due to rational competitive dynamics resulting from sector consolidation and its initiatives to improve its operating efficiencies and cost structure, optimize its operating footprint and increase market share. The rating also reflects its moderate size and somewhat limited diversity versus higher rated companies in the steel products sector, as well as its sensitivity to fluctuating steel prices and reliance on nonresidential construction activity, which drives demand for most of its tubular products. It also considers the competitive markets in which the company operates and its limited product differentiation, as well as the risks associated with its Z Modular business which is making debt funded investments in multi-family residential properties. Zekelman's financial performance weakened in FY2025 with a meaningful decline in EBITDA driven by lower pricing and mix, higher costs, and market softness. While shipment volumes increased, product prices weakened, and non-residential construction activity slowed. These factors, combined with elevated capital expenditures and increased borrowings to support its Z Modular business contributed to weaker credit metrics. The company generated Moody's-adjusted EBITDA of about $454 million versus $710 million in FY2024 as adjusted gross debt increased to $1.55 billion from about $1.25 billion driven by borrowings under the revolving credit facility and higher Z Modular loans. As a result, its adjusted leverage ratio (debt/EBITDA) rose sharply to about 3.5x from 1.8x in FY2024, while its interest coverage (EBIT/Interest) weakened to 3.6x from 9.2x. Nevertheless, these ratios remain in line with the Ba2 corporate family rating. Moody's expects Zekelman's financial performance to improve in FY2026 due to increased volumes, a modest recovery in non-residential construction activity supported in part by lower interest rates, and more favorable conditions in certain end markets. Additionally, lower capital spending and limited working capital investments are anticipated to result in positive free cash flow. The company will also benefit from reduced Z Modular losses but borrowings will likely continue to rise in this business. Moody's estimates the company will generate Moody's adjusted EBITDA of around $500 million in fiscal 2026 (ends in September 2026). However, its adjusted leverage ratio will remain around 3.5x, mainly because of higher Z Modular loans. The stable outlook incorporates Moody's expectations that Zekelman's operating performance and credit metrics will moderately improve over the next 12 to 18 months and remain commensurate with the current rating. Any increase in the scope of the Z Modular business including debt funding beyond Moody's current expectations or investments in non-income producing properties could cause the outlook to come under downside pressure. Zekelman has a good liquidity profile with a cash balance of $69 million and ABL revolver borrowing availability of $286 million as of September 30, 2025. The company had $132 million in borrowings on its $600 million revolver and about $101 million of letters of credit issued. The senior secured revolving credit facility matures in October 2029. The company's ABL has one financial maintenance covenant, a minimum fixed charge coverage ratio of 1.0x if excess ABL availability is less than the greater of $50 million or 10% of the borrowing base. Borrowing availability should remain well above this covenant threshold. The company's alternate sources of liquidity are limited since its assets are encumbered. The Ba3 rating on the company's term loan is one notch below the CFR which reflects its second priority position on the ABL collateral, second priority position behind its recourse mortgages, and priority position with respect to non-recourse mortgages and unsecured claims. Zekelman's $600 million ABL credit facility has a first priority pledge on the company's most liquid assets, inventory and receivables. The term loan is secured by a first lien on the company's fixed assets and a second priority lien on the ABL collateral. The term loan is guaranteed by each existing and subsequently acquired direct or indirect wholly owned domestic restricted subsidiaries of the borrower, except for Z- Modular entities, which are no longer a part of the restricted group. The term loan has no financial maintenance covenants. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS An upgrade of Zekelman's rating could occur if it increases its scale and diversity, successfully executes the growth of its Z Modular business and sustains a leverage ratio below 2.5x, an interest coverage ratio above 5.0x, RCF/Net Debt above 25% and a good liquidity profile. A downgrade could be considered should Zekelman's operating results and credit metrics weaken, or its liquidity position deteriorates. Downside triggers would include the leverage ratio above 3.5x, interest coverage ratio below 3.5x and RCF/Net Debt sustained below 15%. Headquartered in Chicago, Illinois, Zekelman Industries, Inc. manufactures steel pipe, hollow structural sections (HSS), electrical conduit and tubular products at twelve manufacturing facilities in the US and Canada. The company includes the Atlas Tube, Wheatland, Western Tube & Conduit, Sharon Tube, EXLTUBE and Picoma brands and has leading market positions in key product areas including hollow structural sections, standard pipe, electrical conduit and galvanized mechanical tubing. Its products are sold principally to steel service centers and plumbing and electrical distributors. The company is also continuing to develop a new modular construction business called Z Modular, which purchases land and constructs and operates multi-family rental properties using its proprietary VectorBloc system. Zekelman's revenues for the twelve months ended September 30, 2025 were approximately $3.3 billion. The principal methodology used in these ratings was Steel 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. ZION OIL & GAS: Amends Article XI with TBOC Compliance ------------------------------------------------------ Zion Oil and Gas, Inc. disclosed in a regulatory filing that it amended and restated its bylaws, effective December 1, 2025. Under Article XI of the Company's Bylaws, the following major changes were made and second and third paragraphs were added as follows: ARTICLE XI – EXCLUSIVE FORUM Second and third paragraphs added: Further, Article XI includes a waiver of the right to a jury trial as provided in Section 2.116 of the TBOC concerning any internal entity claim as defined by Section 2.115 of the TBOC. A person asserting an internal entity claim is considered to have been informed of the waiver of the right to a jury trial contained in these Bylaws under Article XI and to have knowingly waived the right in the action if the person: (1) voted for or affirmatively ratified the governing document containing the waiver; or (2) acquired an equity security of Zion Oil & Gas, Inc. or any predecessor to the Corporation. Nothing in this section prevents the Corporation from showing that a person asserting an internal entity claim knowingly and informedly waived the right to a jury trial by any evidence satisfactory to the court having jurisdiction, including by the person's consent or acquiescence to the waiver of a jury trial contained in these Bylaws. Furthermore, Article XI includes a mandatory arbitration provision for claims under the federal and state securities laws of shareholder claims. The Texas Business Court has jurisdiction to enforce an arbitration agreement, appoint an arbitrator, or review an arbitral award, or in other judicial actions authorized by an arbitration agreement, Civil Practice and Remedies Code Chapter 171. Civil Practice and Remedies Code Chapter 171.002 (d) does not confer on the business court any new or additional jurisdiction. If there is a proceeding pending in a Texas Business Court involving an issue referable to arbitration under these Bylaws to arbitrate, a party may make an application under subchapter Sec. 171.024 (a) to that Business Court. Based upon the recommendation of management, the changes were approved by the Board of Directors on December 1, 2025. The effective date of the amendment to the Amended and Restated Bylaws of Zion Oil & Gas, Inc. is December 1, 2025. A full-text copy Amended and Restated Bylaws is available https://tinyurl.com/463c4arr 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. ********* 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. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA. Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9474. 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