251210.mbx

251210.mbx T R O U B L E D C O M P A N Y R E P O R T E R Wednesday, December 10, 2025, Vol. 29, No. 343 Headlines 123DENTIST INC: T. Rowe Price Marks $5.9MM 1L Loan at 40% Off 123DENTIST INC: T. Rowe Price Marks $950,000 1L Loan at 28% Off 1600 WESTERN: Court Extends Cash Collateral Access to Dec. 31 5 STAR HOME: Seeks Chapter 11 Bankruptcy in South Carolina 527 EDILIDO: U.S. Trustee Unable to Appoint Committee 7855 RIVERTOWN: Cameron McCord Named Subchapter V Trustee ADWOA BEAUTY: Court Extends Cash Collateral Access to Dec. 18 ALBANY MARKS: Case Summary & 11 Unsecured Creditors ALBERT WHITMAN: Court Extends Cash Collateral Access to Dec. 28 AMBULATORY INFUSION: Seeks Chapter 11 Bankruptcy in Texas AMERICAN SIGNATURE: U.S. Trustee Appoints Creditors' Committee ANGELA HOLDINGS: Case Summary & 16 Unsecured Creditors ANNALEE DOLLS: Court Okays First Amendment to DIP Loan Agreement ANTHOLOGY INC: Gets Approval to Hire FTI as Restructuring Advisor APLD COMPUTECO: Fitch Assigns 'BB-' LongTerm IDR, Outlook Stable ARAX MIDCO: T. Rowe Price Virtually Writes Off $11.6MM 1L Loan ARCHDIOCESE OF NEW ORLEANS: Secures $230MM Ch. 11 Plan Court Okay ARTICON HOTEL: Court Extends Cash Collateral Access to Feb. 13 ARTWOOD ENGINEERING: Voluntary Chapter 11 Case Summary ASHLAND INC: Moody's Lowers CFR to 'Ba2', Outlook Stable ASSOCIATIONS INC: T. Rowe Price Marks $964,000 1L Loan at 62% Off ATTIC TECH: Seeks Chapter 7 Bankruptcy in Texas AZURE BUILDERS: Case Summary & 17 Unsecured Creditors BACONE COLLEGE: Court OKs Van Sale at Auction BALDWIN INSURANCE: Moody's Affirms 'B2' CFR Amid CAC Transaction BANYAN SOFTWARE: T. Rowe Price Marks $13.6MM 1L Loan at 55% Off BARTRAM LOGISTICS: Gets Interim OK to Use Cash Collateral BCPE EMPIRE: Moody's Expects to Alter Outlook to Pos. Amid Merger BCPE HIPH: T. Rowe Price Marks $2.3MM 1L Loan at 14% Off BEACON POINTE: T. Rowe Price Marks $9.9MM 1L Loan at 78% Off BEECH INT'L: District Court to Determine Scope of Receivership BLESSED BLOOMS: Seeks Chapter 7 Bankruptcy in South Carolina BOGLE CONSTRUCTION: Seeks Chapter 7 Bankruptcy in Tennessee BOLLINGER MOTORS: Ceases Operations After Receivership Exit BOWERS TRUCKING: Gets OK to Hire Ampleo Turnaround as Accountant BROOKE RODD: Gets Interim OK to Use Cash Collateral BUCKINGHAM SENIOR: U.S. Trustee Appoints Creditors' Committee BUDDY MAC: Deadline for Panel Questionnaires Set for Dec. 12 CABAL CONSTRUCTION: Court OKs Deal to Use Vox's Cash Collateral CACHCOPA LLC: Gets Extension to Access Cash Collateral CAREPOINT HEALTH: Fresenius Admin. Claims Payment Deadline Extended CELANESE US: Moody's Rates New Senior Unsecured Notes 'Ba2' CHASE INTERMEDIATE: T. Rowe Price Marks $890,000 1L Loan at 73% Off CHASE INTERMEDIATE: T. Rowe Price Virtually Writes Off $21.1MM Loan CINEMARK HOLDINGS: Fitch Hikes LongTerm IDR to BB-, Outlook Stable CITRIN COOPERMAN: Moody's Rates New $100MM Loan Due 2032 'B3' CLEARSIDE BIOMEDICAL: U.S. Trustee Unable to Appoint Committee COMMUNITY BRANDS: T. Rowe Price Marks $2.7MM 1L Loan at 94% Off COMPLEMAR PARTNERS: Seeks to Extend Exclusivity to April 24, 2026 CONCORDE METRO: Seeks to Hire Christiansen Commercial as Broker CPW CORP: Unsecured Creditors Will Get 16% of Claims in Plan CSAT SOLUTIONS: T. Rowe Price Marks $1.1MM 1L Loan at 27% Off DCA OUTDOOR: Seeks to Extend Plan Exclusivity to March 26, 2026 DENISE PROPERTY: Voluntary Chapter 11 Case Summary DEVIL'S CASK: Seeks Chapter 7 Bankruptcy in Texas DILIGENT CORP: T. Rowe Price Marks $2.5MM 1L Loan at 89% Off DKC ENTERPRISES: Seeks to Hire Hirschler Fleischer as Counsel DOCTORS PRACTICE: Seeks Chapter 11 Bankruptcy in Texas DYNACQ HEALTCHARE: Seeks Chapter 11 Bankruptcy in Texas DYNAMIC STAR: Seeks Chapter 11 Bankruptcy to Stop Foreclosure EAD CONSTRUCTORS: Gets Final OK to Use Cash Collateral ELDER CONTRACTING: Seeks to Tap Michael Tafoya as Legal Counsel ENGLEWOOD HOSPITALITY: Case Summary & 20 Top Unsecured Creditors ENNIS I-45: To Sell Ennis Property to Granite Lifestyles ETEGRA INC: Case Summary & 20 Largest Unsecured Creditors EVERBRIDGE HOLDINGS: T. Rowe Price Marks $3.9MM 1L Loan at 61% Off FAMILY SOLUTIONS: Court OKs Sale of Franklin Property for $625K FAZELI PROPERTIES: Case Summary & 12 Unsecured Creditors FIRST BRANDS: Rescue Loans Slide Amid Fresh Business Concerns FOREST GOOD: Gets One-Month Extension to Use Cash Collateral FOREST MEADOWS: Updates Liquidating Plan Disclosures FREEDOM MORTGAGE: Moody's Rates New $500MM Unsecured Notes 'B2' FTX TRADING: Court Backs Slash of $800MM in Chapter 11 Claims GLENWOOD GFB: Seeks to Hire Barr & Morgan as Special Counsel GLUTALITY GLOBAL: Gets Interim OK to Use Cash Collateral GOL LINHAS: Third-Party Release, Injunction Stricken from Plan GRACE LIMOUSINE: Gets Final OK to Use Cash Collateral GRACE ROYALS: Seeks to Hire Barr & Morgan as Special Counsel GREATFENCE.COM INC: Seeks Chapter 7 Bankruptcy in Texas GRESHAM WORLDWIDE: Court Okays Post-Confirmation Plan Modifications GRIT PRODUCTIONS: U.S. Trustee Appoints Creditors' Committee HANSEN-MUELLER CO: Viserion Appointed as New Committee Member HARMONY WELLNESS: Unsecureds to Get Share of Income for 5 Years HARRIS INTERNAL: Taps Rountree Leitman Klein & Geer as Counsel HEAVENLY POOLS: Seeks Chapter 7 Bankruptcy in South Carolina HERITAGE SALVAGE: Seeks to Tap Gina R. Klump as Bankruptcy Counsel HPC VINEBURN: Seeks to Extend Plan Exclusivity to April 7, 2026 ICON PARENT: Moody's Affirms B3 CFR & Cuts First Lien Debt to B3 IMERYS TALC: Initiates Merger Under Chapter 11 Plan IMMACULATE HEART: Case Summary & 18 Unsecured Creditors IMSTEM BIOTECHNOLOGY: Unsecureds Will Get 10% of Claims in Plan JASS LLC: Seeks Approval to Hire Barr & Morgan as Special Counsel JAY4 INC: Seeks Approval to Tap Johnson Legal as Bankruptcy Counsel JJ ARCH: Loses Bid for Indicative Ruling on Bankruptcy Dismissal JJTA18 REAL PROPERTIES: Case Summary & 4 Unsecured Creditors JW LINWOOD: Seeks Chapter 7 Bankruptcy in New York JWP LOGISTICS: Seeks Chapter 7 Bankruptcy in Texas KANSAS CITY COSTUME: Gets Interim OK to Use Cash Collateral KENYON-WANAMINGO ISD: Moody's Rates New Ser. 2026A GO Bonds 'Ba1' KINDER ISLAND: Seeks Approval to Hire Alla Kachan as Legal Counsel LAKE BUENA VISTA: Court Extends Cash Collateral Access to Dec. 31 LASERSHIP INC: T. Rowe Price Marks $26.9MM 1L Loan at 26% Off LELAND HOUSE: Gets Court OK to Use Cash Collateral LEXICON HOSPITALITY: Seeks Chapter 7 Bankruptcy in Georgia LIFESCAN GLOBAL: Plan Exclusivity Period Extended to Jan. 12, 2026 LITTLE BROWN: Case Summary & 20 Largest Unsecured Creditors LODGING ENTERPRISES: Hires Teneo Capital as Financial Advisor LONGBONS ENTERPRISES: Seeks to Tap Rafool & Bourne as Legal Counsel LORDON ENTERPRISES: Hires Salvato Boufadel as Bankruptcy Counsel M&H ENTERPRISES: Gets Interim OK to Use Cash Collateral M&M CUSTARD: U.S. Trustee Appoints Creditors' Committee MAMMOTH HOLDINGS: T. Rowe Price Marks $3.6MM 1L Loan at 67% Off MARKUS CORP: Court Extends Cash Collateral Access to Dec. 31 MCCALLSON TAX: Seeks to Hire Evans & Mullinix as Legal Counsel MEG INDUSTRIAL: Seeks Chapter 7 Bankruptcy in Texas METROPOLITAN LIGHTING: Hires Ramus Auctions as Liquidating Agent MEZMEREYES PLLC: Seeks Chapter 11 Bankruptcy in Texas MIDDLETON CONSTRUCTION: Court OKs Post-Petition Security Deposit MIGGS RESTAURANT: Kathleen DiSanto Named Subchapter V Trustee MILLER'S LANDING: Gets Interim OK to Use Cash Collateral MISS AMERICA: Carlton Fields Exits Ownership Suit MODIVCARE INC: Wants to Overcome Creditors' Hurdles to Exit Ch. 11 MRI SOFTWARE: T. Rowe Price Marks $2.6MM 1L Loan at 91% Off MZS PROPERTIES: Court Extends Cash Collateral Access to Dec. 16 NATIONAL MENTOR: Moody's Rates New Senior Secured Debt 'B3' NAVIDEA BIOPHARMACEUTICALS: Taps SSG Advisors as Investment Banker NAVIDEA BIOPHARMACEUTICALS: Trustee Taps Bielli & Klauder as Atty. NCWS INTERMEDIATE: T. Rowe Price Marks $4.1MM 1L Loan at 94% Off NCWS INTERMEDIATE: T. Rowe Price Marks $6.9MM 1L Loan at 80% Off NELSON DEVELOPMENTS: Seeks to Tap Realty One Group as Estate Agent NEXTGEN SLEEP: Stephen Moriarty Named Subchapter V Trustee NGUYEN WIN: Seeks to Hire Brown Law Firm as Bankruptcy Counsel NORTH AMERICAN: Seeks Chapter 11 Bankruptcy in Illinois NRO HOLDINGS: T. Rowe Price Marks $4.3MM 1L Loan at 51% Off NRO HOLDINGS: T. Rowe Price Marks $8.6MM 1L Loan at 92% Off NYC OF PIERMONT: Yann Geron Named Subchapter V Trustee OHIO TRANSMISSION: T. Rowe Price Marks $1.3MM 1L Loan at 30% Off OHIO TRANSMISSION: T. Rowe Price Marks $2MM 1L Loan at 41% Off PALEY'S PLUMBING: Seeks Chapter 7 Bankruptcy in South Carolina PDI TA HOLDINGS: T. Rowe Price Marks $317,000 1L Loan at 60% Off PERATON CORP: T. Rowe Price Marks $4.9MM 1L Loan at 15% Off PHB 2023: Amended Sebring Property Sale to Brand Land PPV INTERMEDIATE: T. Rowe Price Marks $9.9MM 1L Loan at 61% Off PSCD TRINITY: Case Summary & 20 Largest Unsecured Creditors PUERTO RICO: Bayamon Hospital Debt Maturity Extended QUORE GEM: Seeks Approval to Hire CBA Business as Bookkeeper QUORE GEM: Seeks Court Approval to Hire GBS Group as Accountant RAS DATA: Hires ArentFox Schiff as Criminal Investigation Counsel RECORDED BOOKS: T. Rowe Price Marks $3.7MM 1L Loan at 40% Off RECREATION DISCOUNT: Seeks Chapter 11 Bankruptcy in Massachusetts REVITALIZE INC: T. Rowe Price Marks $306,000 1L Loan at 40% Off RIC LAVERNIA: Milestone, et al. Lose Bid to Transfer Cases RIFLE RFB: Seeks Approval to Hire Barr & Morgan as Special Counsel RITE AID: Seeks Court Approval for $7.8MM IP Sale in Chapter 11 ROADRUNNER SCOOTERS: Gets Interim OK to Use Cash Collateral ROCK REGIONAL: Case Summary & 20 Largest Unsecured Creditors ROCK STAR: T. Rowe Price Marks $2.1MM 1L Loan at 80% Off ROCK STAR: T. Rowe Price Marks $4.9MM 1L Loan at 94% Off ROSS INTERNATIONAL: Hires Havkin & Shrago as Bankruptcy Counsel SABAL CONSTRUCTION: Gets Extension to Access Cash Collateral SCENIC CITY: Unsecureds to be Paid in Full over 120 Months SERTA SIMMONS: Trial in AG Centre, et al. Suit Set for March 2 SKY-FRAME INC: Case Summary & Six Unsecured Creditors SMILES AROUND: Seeks Approval to Hire Alla Kachan as Legal Counsel SOUTHERN TREE: Case Summary & 20 Largest Unsecured Creditors SOUTHWEST FIRE: Court Extends Cash Collateral Access to Feb. 28 SPIRIT AIRLINES: Cleared to Transfer 2 Chicago Gates in $30MM Deal SPIRITRUST LUTHERAN: Hires Latsha Davis & Marshall as Counsel SPIRITRUST LUTHERAN: Hires Novo Advisors as Financial Advisor SPIRITRUST LUTHERAN: Hires Senior Living as Investment Banker SPIRITRUST LUTHERAN: Hires Stretto as Claims and Noticing Agent SPIRITRUST LUTHERAN: Seeks Approval to Tap Polsinelli as Co-Counsel SPIRITRUST LUTHERAN: U.S. Trustee Appoints Creditors' Committee STEVE CLARK: Case Summary & 20 Largest Unsecured Creditors STS AVIATION: T. Rowe Price Marks $440,000 1L Loan at 34% Off SURGERY SPECIALTY: Seeks Chapter 11 Bankruptcy in Texas TBB DEEP: Gets Final Order Amending Cash Collateral Budgets TELLICO RENTALS: Seeks to Hire Wallace Real Estate as Realtor TEXAS FIRST: Seeks Chapter 7 Bankruptcy in Oklahoma TEXAS INTERNATIONAL: Seeks Chapter 11 Bankruptcy TEXAS INTERNATIONAL: Voluntary Chapter 11 Case Summary THG ACQUISITION: T. Rowe Price Marks $1.6MM 1L Loan at 93% Off THG ACQUISITION: T. Rowe Price Marks $3.3MM 1L Loan at 84% Off THUNDER INTERNATIONAL: Gets Extension to Access Cash Collateral TIFARET DISCOUNT: Gets Interim OK to Use Cash Collateral TIMBERON WATER: Utility Commissioner Seeks Receivership TOPICAL BIOMEDICS: Unsecureds to Get Share of GUC Settlement Cash TOTAL COLLECTION: Court Extends Cash Collateral Access to Jan. 9 TRICOLOR AUTO: Creditors Seek Probe Into JPMorgan, Fifth Third TRUCK-LITE CO: T. Rowe Price Marks $10.6MM 1L Loan at 61% Off TYBER MEDICAL: T. Rowe Price Marks $1.7MM 1L Loan at 65% Off UMAMAHESH LLC: Seeks to Sell Hotel Business at Auction UNIVERSAL DESIGN: Gets Extension to Access Cash Collateral UPGRADE SALON: Seeks Chapter 11 Bankruptcy in Texas VANTAGE SPECIALTY: T. Rowe Price Virtually Writes Off $1.5MM Loan VENTURE GLOBAL: Fitch Rates $2BB Sr. Secured Notes 'BB(EXP)' VISTA COMMUNITY: Seeks Chapter 11 Bankruptcy in Texas VISTA HOSPITAL: Seeks Chapter 11 Bankruptcy in Texas VISTA LAND: Seeks Chapter 11 Bankruptcy in Texas WAHEGURU LLC: Seeks to Tap Barr & Morgan as Special Counsel WANJOGU LLC: Case Summary & Three Unsecured Creditors WARRIOR MET: Moody's Affirms 'B1' CFR & Alters Outlook to Positive WATERLOO AFFORDABLE: Case Summary & 17 Unsecured Creditors WEABER INC: Gets Extension to Access Cash Collateral WHITE ROCK: Application to Employ Smeberg Law Firm Okayed WHITEEAGLE PROPERTIES: U.S. Trustee Unable to Appoint Committee WINDHAVEN SENIOR: Seeks Chapter 11 Bankruptcy in Texas WJH CONSTRUCTION: Claims to be Paid from Cash Flow Operations WOODCREST CONDOMINIUMS: Seeks to Extend Exclusivity to May 1, 2026 ZION & ZION: Section 341(a) Meeting of Creditors on January 13 [] Katie Catanese Joins Squire Patton's Insolvency Practice ********* 123DENTIST INC: T. Rowe Price Marks $5.9MM 1L Loan at 40% Off ------------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $5,968,000 loan extended to 123Dentist Inc. to market at $3,554,000 or 60% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to 123Dentist Inc. The loan accrues interest at a rate of 7.55% per annum. The loan matures on August 10, 2029. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Company invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Company primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Company may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About 123Dentist Inc. 123Dentist Inc. provides health care facilities. The Company offers various kinds of dental treatments. 123Dentist serves patients in Canada. 123DENTIST INC: T. Rowe Price Marks $950,000 1L Loan at 28% Off --------------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $950,000 loan extended to 123Dentist Inc. to market at $683,000 or 72% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to 123Dentist Inc. The loan accrues interest at a rate of 7.55% per annum. The loan matures on August 9, 2029. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Company invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Company primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Company may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About 123Dentist Inc. 123Dentist Inc. provides health care facilities. The Company offers various kinds of dental treatments. 123Dentist serves patients in Canada. 1600 WESTERN: Court Extends Cash Collateral Access to Dec. 31 ------------------------------------------------------------- 1600 Western Venture, LLC received another extension from the U.S. Bankruptcy Court for the Northern District of Illinois to use cash collateral to fund operations. The court issued its seventh interim order authorizing the Debtor to use cash collateral through December 31 in accordance with its budget. The order approved wages for three non-insider employees -- Laura Stephens ($1,538 for the first two weeks of December only), Shanon Wolowicz ($2,115), and Ana Miranda ($1,538) -- along with related expenses. As adequate protection, Wells Fargo Bank N.A., as trustee for a commercial mortgage trust, and the U.S. Small Business Administration will be granted replacement liens on the Debtor's property whether acquired before or after the bankruptcy petition. These replacement liens will have the validity, priority and extent as the secured creditors' pre-bankruptcy liens. The next hearing is scheduled for December 23. Wells Fargo Bank claims a $9 million secured interest, which the Debtor disputes, asserting that the underlying mortgage and related documents are invalid due to alleged forgery and improper execution. The Debtor claims that the value of its real estate exceeds $19.4 million, which it believes provides sufficient protection to the lender. Wells Fargo Bank, as lender, is represented by: Samantha Ruben, Esq. Dentons US. LLP 233 S. Wacker Drive, Suite 5900 Chicago, IL 60606 312-876-8000 samantha.ruben@dentons.com About 1600 Western Venture LLC 1600 Western Venture LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-08821) on June 10, 2025. In the petition signed by Dorothy Flisk, managing member, the Debtor disclosed up to $50 million in assets and up to $10 million in liabilities. Judge Jacqueline P. Cox oversees the case. Paul M. Bach, Esq., and Penelope Bach, Esq., at Bach Law Offices, Inc. represent the Debtor as legal counsel. 5 STAR HOME: Seeks Chapter 11 Bankruptcy in South Carolina ---------------------------------------------------------- On December 4, 2025, 5 Star Home Care, Inc. filed for Chapter 11 protection in the District of South Carolina Bankruptcy Court. According to court filing, the Debtor reports between $100,001 and $1,000,000 in debt owed to approximately 1–49 creditors. About 5 Star Home Care, Inc. 5 Star Home Care, Inc. is a full-service home care provider specializing in senior care, post-hospitalization support, and in-home medical assistance. The company combines trained caregivers, medical expertise, and personalized attention to ensure client comfort, safety, and independence. 5 Star Home Care, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-04786) on December 4, 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 Elisabetta G.M. Gasparini handles the case. The Debtor is represented by Christine E. Brimm, Esq. of Barton Brimm, PA. 527 EDILIDO: U.S. Trustee Unable to Appoint Committee ----------------------------------------------------- The U.S. Trustee for Region 21, until further notice, will not appoint an official committee of unsecured creditors in the Chapter 11 case of 527 Edilido, LLC, according to court dockets. About 527 Edilido LLC 527 Edilido, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-22584) on October 24, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Robert A. Mark handles the case. The Debtor is represented by Thomas Zeichman, Esq., at Beighley, Myrick, Udell, Lynne and Zeichman. 7855 RIVERTOWN: Cameron McCord Named Subchapter V Trustee --------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Cameron McCord, Esq., at Jones & Walden, LLC, as Subchapter V trustee for 7855 Rivertown Rd, LLC. Ms. McCord will be paid an hourly fee of $500 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. McCord declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Cameron McCord, Esq. Jones & Walden, LLC 699 Piedmont Avenue, NE Atlanta, GA 30308 Phone: (404) 564-9300 Fax: (404) 564-9301 Email: cmccord@joneswalden.com About 7855 Rivertown Rd LLC 7855 Rivertown Rd LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-64032) on December 02, 2025. ADWOA BEAUTY: Court Extends Cash Collateral Access to Dec. 18 ------------------------------------------------------------- Adwoa Beauty, LLC received another extension from the U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, to use cash collateral. The court issued a second interim order extending the Debtor's authority to use cash collateral from December 4 to December 18 to pay the expenses set forth in its budget, subject to a 10% variance. The 30-day budget projects total operational expenses of $277,455.89. The Debtor was initially authorized to use cash collateral from November 24 to December 4. The Debtor identified two secured lenders -- the U.S. Small Business Administration and Aurous Financial Svcs, LLC -- each holding liens on substantially all of its assets. To protect lenders, the court granted them adequate protection through replacement liens on post-petition assets. A final hearing is scheduled for December 18. The second interim order is available at https://is.gd/FkPfg3 from PacerMonitor.com. Aurous Financial Svcs, as secured creditor, is represented by: Vincent J. Roldan, Esq. Mandelbaum Barrett, PC 3 Becker Farm Road, Suite 105 Roseland, NJ 07068 Phone: (973) 974-9815 vroldan@mblawfirm.com -and- Trey A. Monsour, Esq. Fox Rothschild, LLP 2501 N. Harwood St., Suite 1800 Dallas, TX 75201 Phone: (214) 231-5796 tmonsour@foxrothschild.com About Adwoa Beauty LLC Adwoa Beauty, LLC, doing business as Adwoa Beauty, develops and sells hair-care products for textured hair from Dallas, Texas. It uses natural ingredients designed for curls, coils, and waves. Founded in 2017 and led by Julian Addo, Adwoa Beauty operates in the personal care and cosmetics industry. Adwoa Beauty sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 25-44261) on October 31, 2025. In the petition signed by Julian Addo, managing member, the Debtor disclosed $2,184,143 in assets and $6,192,343 in liabilities. Judge Mark X. Mullin oversees the case. Robert T. DeMarco, Esq., at DeMarco Mitchell, PLLC, represents the Debtor as legal counsel. ALBANY MARKS: Case Summary & 11 Unsecured Creditors --------------------------------------------------- Debtor: Albany Marks LLC 5314 16th Avenue #158 Brooklyn, NY 11204 Business Description: Albany Marks LLC is a single-asset real estate entity whose primary property is located at 176 Albany Avenue in Brooklyn, New York, and its operations are focused on owning and managing this real estate asset. Chapter 11 Petition Date: December 8, 2025 Court: United States Bankruptcy Court Eastern District of New York Case No.: 25-45889 Judge: Hon. Jil Mazer-Marino Debtor's Counsel: Joel M. Shafferman, Esq. KUCHER MARINO WINIARSKY & BITTENS, LLP 747 Third Avenue New York, NY 10017 Tel: 212-869-5030 Fax: 212-944-5818 E-mail: jshafferman@kuckermarino.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition lists Henry Ausch as the sole member, with Yaakov Ausch signing the petition on his behalf under a power of attorney. A full-text copy of the petition, which includes a list of the Debtor's 11 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/MLAAWJA/Albany_Marks_LLC__nyebke-25-45889__0001.0.pdf?mcid=tGE4TAMA ALBERT WHITMAN: Court Extends Cash Collateral Access to Dec. 28 --------------------------------------------------------------- Albert Whitman & Company received another extension from the U.S. Bankruptcy Court for the Northern District of Illinois to use cash collateral. The court issued its seventh interim order authorizing the Debtor to use cash collateral through December 28 to pay the expenses set forth in its budget and additional amounts that Republic Business Credit, LLC approves in advance. RBC holds an interest in the Debtor's cash, which constitutes cash collateral. As of the petition date, the Debtor owed RBC at least $208,800.96 under a 2023 purchase agreement, which allows the Debtor to obtain cash to operate its business from the sale of its accounts receivable to RBC. As adequate protection, the seventh interim order authorized the Debtor to grant RBC perfected replacement liens on its pre-bankruptcy collateral and any assets acquired by the Debtor after the petition date. These replacement liens will have the same priority and extent as RBC's pre-bankruptcy lien. In case the protection granted proves to be insufficient, RBC will have an allowed claim pursuant to Section 507(b) under the Bankruptcy Code, with priority over all other claims. The next hearing is scheduled for December 16. A copy of the seventh interim order and the Debtor's budget is available at https://shorturl.at/W13Uh from PacerMonitor.com. About Albert Whitman & Company Albert Whitman & Company is a 106-year-old children's book publisher based in Park Ridge, Ill. Albert Whitman & Company sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-06161) on April 22, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Jacqueline P. Cox handles the case. William J. Factor, Esq., is the Debtors legal counsel. Republic Business Credit, LLC, as secured creditor, is represented by: Michael A. Brandess, Esq. Husch Blackwell, LLP 120 South Riverside Plaza, Suite 2200 Chicago, IL 60606 Phone: 312-526-1542 michael.brandess@huschblackwell.com AMBULATORY INFUSION: Seeks Chapter 11 Bankruptcy in Texas --------------------------------------------------------- On December 8, 2025, Ambulatory Infusion Therapy Specialists Inc. filed for Chapter 11 protection in the Southern District of Texas Bankruptcy Court. According to the court filing, the Debtor reports between $10 million and $50 million in debt owed to approximately 100–199 creditors. About Ambulatory Infusion Therapy Specialists Inc. Ambulatory Infusion Therapy Specialists Inc. delivers comprehensive infusion therapy services in an outpatient setting. The company focuses on patient-centered care, offering tailored treatment protocols, monitoring, and support to optimize recovery and manage complex conditions. Ambulatory Infusion Therapy Specialists Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-90804) on December 8, 2025. In its petition, the Debtor reports estimated assets of $10 million to $50 million and estimated liabilities in the same range. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. The Debtor is represented by William James Hotze, Esq. of Dykema Gossett PLLC. AMERICAN SIGNATURE: U.S. Trustee Appoints Creditors' Committee -------------------------------------------------------------- The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of American Signature, Inc. and its affiliates. The committee members are: 1. Man Wah MCO Attn: Gabriel Natale EDF Comercial I Tak 12 Andar D Rua De Pequim No 126 Macau Phone: (336) 210-0636 Email: gabrielegnatale@gmail.com 2. H317 Logistics, LLC Attn: Douglas H. Lynn, Jr. 9019 Somerset Bay, Suite 402 Vero Beach, FL 32963 Phone: (404) 307-1621 Email: dlynnjr@mac.com 3. Riverside Furniture Corp. Attn: Beth Brown 2120 S. Waldron Rd, Ste 5A Fort Smith, AR 72903 Phone: (479) 414-2285 Email: bbrown@riverside-furniture.com 4. Holland House Attn: Matthew Laux 9420 East 33rd Street Indianapolis, IN 46235 Phone: (865) 540-7021 Email: matt.laux@hthackney.com 5. Tempur World, LLC Attn: Leila O'Carra 1000 Tempur Way Lexington, KY 40511 Phone: (859) 455-2491 Email: Leila.ocarra@tempursealy.com 6. Everest Technologies, Inc. Attn: Kapil (Bob) Malik 1105 Schrock Road, Suite 500 Columbus, OH 43229 Phone: (614) 352-3058 Email: bmalik@everesttech.com 7. Realty Income Corp. Attn: Mike DiGiacomo 11995 El Camino Real San Diego, CA 92130 Phone: (858) 284-5382 Email: mdigiacomo@realtyincome.com Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. 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 ANGELA HOLDINGS: Case Summary & 16 Unsecured Creditors ------------------------------------------------------ Debtor: Angela Holdings, LLC 1870 Horseshoe Bend Centerville, OH 45458 Business Description: Angela Holdings, LLC owns 19 fee-simple residential properties across Ohio and Florida, including single-family homes, small multi-family residences, and a condominium in Cape Canaveral, FL, with a total tax value of about $2.6 million. The Company leases these properties as its primary business activity. Chapter 11 Petition Date: December 28, 2025 Court: United States Bankruptcy Court Southern District of Ohio Case No.: 25-32459 Judge: Hon. Tyson A Crist Debtor's Counsel: Dustin R. Hurley, Esq. HURLEY LAW, LLC 301 N. Breiel Blvd. Middletown, OH 45042 Tel: (513) 705-9000 Fax: (513) 705-9001 E-mail: hurley@hurley.law Total Assets: $2,677,035 Total Liabilities: $2,929,104 The petition was signed by Douglas Kraus as sole member. A full-text copy of the petition, which includes a list of the Debtor's 16 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/GBHT2QQ/Angela_Holdings_LLC__ohsbke-25-32459__0001.0.pdf?mcid=tGE4TAMA ANNALEE DOLLS: Court Okays First Amendment to DIP Loan Agreement ---------------------------------------------------------------- Chief Judge Kimberly Bacher of the United States Bankruptcy Court for the District of New Hampshire granted in its entirety Annalee Dolls, LLC's motion for an order approving and authorizing the Debtor to enter into the First Amendment to the Revolving Inventory and Purchase Order Loan and Security Agreement for its debtor-in-possession financing arrangement. The Debtor is authorized to enter into, execute and deliver to the DIP Lender the First Amendment to Revolving Inventory and Purchase Order Loan and Security Agreement. The Amendment, subject to the terms of this Order, is approved. Paragraph 8 of the Amendment entitled "Release" is specifically disapproved by this Order. The Debtor is authorized to pay the loan extension fee in the amount of $16,875 due to DIP Lender during December 2025. The Bankruptcy Court approved the Debtor and Burr Advisors, LLC entering into a Revolving Inventory and Purchase Order Loan and Security Agreement dated as of July 21, 2025. Under the Agreement, the Debtor could borrow up to $650,000 under the Revolving Note (Inventory) facility and up to $300,000 under the Revolving Note (Purchase Orders) facility. The Lender has extended the Loans to the Debtor and as of October 27, 2025, $602,669.88 remained outstanding. The Loans have permitted the Debtor to continue operations, meet its post-petition obligations, and purchase inventory for the upcoming holiday season during which a substantial amount of inventory will be sold. Per the terms of the Agreement, the maturity date of the Loans was October 19, 2025. The Debtor has requested and the Lender has agreed to extend the maturity date of the Loans to December 31, 2025 on the same terms as the Agreement provides (as modified by the Bankruptcy Court Approval Orders) conditioned on the adoption of the Revolver Amendment which includes the following amendments to the Agreement: a. Loans Extension Fee. The Debtor shall pay an Extension Fee in the amount of $16,875, which shall be due and payable on the date the Bankruptcy Court enters an order approving the Amendment. b. Administrative Expense Escrow Account Minimum Funding. The Debtor shall fund the Administrative Escrow Account, established in connection with its motions for use of cash collateral, with an amount of no less than $35,000 monthly subject only to Bankruptcy Court approval. c. Use of Administrative Expense Escrow. The Administrative Expense Escrow Account shall be used exclusively for the payment of professional fees approved by the Bankruptcy Court and other Carve-Out Creditors (as defined in the Bankruptcy Court Approval Orders) and shall be fully disbursed prior to utilizing the DIP Lender Carve-Out. d. Over-Advance Limit. Unless authorized by the Lender, the amount of the OverAdvance reflected on the weekly Borrowing Base Certificate shall not be greater than the Over-Advance reflected on the previous week's Borrowing Base Certificate. The term Over-Advance shall mean the amount by which the Loans exceed the Borrowing Base. e. Sale Motion or Plan. The Debtor has filed a Motion to sell to the Lender or its assignee certain of its operating business assets (inventory, accounts receivables, general intangibles, intellectual property, furniture, fixtures and equipment) and if for any reason the Sale Motion shall not be approved or be withdrawn, the Debtor shall submit a plan of reorganization and disclosure statement within 30 days thereafter that includes, among other things, a sale on terms substantially similar to the sale motion. f. Exercise of Remedies of Lender Upon Default. Prior to the Lender exercising its remedies, it shall not be required to file a motion for relief from stay but shall be required to file (a) an Affidavit with the Bankruptcy Court stating a default has occurred which describes the nature of the default with reasonable specificity; and (b) a proposed order granting it relief to proceed with its remedies provided for in the Agreement and said relief may be granted by the Bankruptcy Court seven days after the filing is made. According to the Debtor, if the Amendment is not approved, the Lender has the right to refuse to make any further advances to the Debtor, to call the Loans, and to pursue its rights and remedies to realize upon its collateral. Should that occur, the business will terminate all operations, and creditors will be adversely impacted: Customers Bank will recover much less from its collateral because its inventory will be liquidated at forced liquidation value and, without and its general intangibles, without the operating business, will have little or no value; unsecured creditors while unlikely to receive a significant dividend will almost certainly not receive a distribution; and administrative creditors may not be paid in full. By contrast, pending before the court is a proposed sale to the Lender or its assignee of certain property of the Debtor including its inventory and general intangibles for a price of up to $950,000 and the opportunity for higher and better offers. In addition, the sale provides the Debtor to enter into a lease with the Buyer at a market rate rental of $22,500 per month for up to 12 months. Finally, the sale provides for creditors who have allowed Section 503(b)(1)(A) claims to be paid in full. Approving the Revolver Amendment will allow the sale process to proceed or a plan process to develop if the sale is not approved. A copy of the Court's Order dated November 26, 2025 is available at https://urlcurt.com/u?l=EqTt1m from PacerMonitor.com. 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. ANTHOLOGY INC: Gets Approval to Hire FTI as Restructuring Advisor ----------------------------------------------------------------- Anthology Inc. and its affiliates received approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ FTI Consulting, Inc. as restructuring advisor. The firm will provide Heath Gray as chief restructuring officer (CRO) and certain additional personnel to the Debtors. The CRO and additional personnel will provide these services: (a) assist with business plan projections and scenarios, including preparation of carve-out financial statements, as needed to support management and the Debtors' investment banker with developing strategic and operational alternatives, and negotiations with lenders and/or investors; (b) assist with preparation of cash and liquidity forecasts; (c) assist with sizing/budgeting for contingency reserves, and developing strategies to conserve cash, preserve optionality and extend liquidity runway; (d) assist with contingency planning; (e) assist with the development of any management incentive and employee retention plans that may be required to maintain key individuals and continuity through a transaction; (f) assist with preparing for and effectuating sale transactions; (g) assist with the development of creditor, customer and employee communications plans; and (h) provision of such other advisory services as may be agreed upon by FTI and the Debtors. Additionally, during the Debtors' Chapter 11 cases, FTI's services will include, but are not limited to, the following: (a) assist with the preparation of financial related disclosures required by the Court; (b) assist with the identification and implementation of short-term cash management procedures; (c) assist and advise with respect to the identification of core business assets and the disposition of assets or liquidation of unprofitable operations; (d) assist with the identification of executory contracts and leases and performance of cost/benefit evaluations with respect to the assumption or rejection of each; (e) assist in the preparation of financial information for distribution to creditors and others; (f) attend and meetinsg and assist in discussions with potential investors or purchasers, banks, secured lenders, any official committee(s) appointed in these Chapter 11 cases, the U.S. Trustee, other parties in interest and professionals hired by the same, as requested; (g) analyze creditor claims by type, entity and individual claim, including assistance with development of databases, as necessary, to track such claims; (h) assist in the preparation of information and analysis necessary for the confirmation of a plan; and (i) render such other general business consulting or such other assistance as the Debtors or counsel may deem necessary that are consistent with the role of a CRO and not duplicative of services provided by other professionals in the bankruptcy proceeding. The firm will be paid at these following services fees: (a) Financial Advisory Services Senior Managing Directors $1,270 - $1,580 Directors/Senior Directors/Managing Directors $940 - $1,195 Consultants/Senior Consultants $535 - $850 Administartive/Paraprofessionals $195 - $395 (b) Strategic Communications Services: Senior Managing Directors $1,230 Directors/Senior Directors/Managing Directors $735 - $1,005 Consultants/Senior Consultants $450 - $590 Administartive/Paraprofessionals $170 (c) FTI Technology Services: Managing Directors/Senior Managing Directors $550 - $910 Directors/Senior Directors $390 - $750 Consultants/Senior Consultants $225 - $490 Task Based Rate $265 Review Team Management $250 Contract Analyst (non-English) $150 - $245 Contract Analyst (English) $95 In addition, the firm will seek reimbursement for expenses incurred. During the 90 days before the petition date, the Debtors paid FTI $4,050,000 in the aggregate for professional services performed and expenses incurred, including the cash on account and advanced payments. Mr. Gray 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: Heath C. Gray FTI Consulting, Inc. 2001 Ross Avenue, Suite 650 Dallas, TX 75201 Telephone: (214) 397-1600 Facsimile (214) 397-1790 About Anthology Inc. Anthology Inc., headquartered in Boca Raton, Florida, provides education technology software and cloud-based services to higher-education institutions, governments, and businesses in more than 80 countries. Formed through the consolidation of Campus Management Corp., Campus Labs Inc., and iModules Software Inc., the Company offers platforms for teaching and learning, student information and enterprise planning, customer relationship management, and student success, along with tools for admissions, enrollment management, alumni engagement, and institutional effectiveness. It employs about 1,550 people in the United States and reported revenue of about $450 million in fiscal 2025. Anthology sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex.) on September 29, 2025. In the petitions signed by Heath C. Gray as chief restructuring officer, the Debtors disclose an estimated assets (on a consolidated basis) of $1 billion to $10 billion and estimated liabilities (on a consolidated basis) of $1 billion to $10 billion. Judge Alfredo R. Perez presides over the case. The Debtors tapped Kirkland & Ellis LLP and Kirkland & Ellis International LLP as bankruptcy counsel; Haynes and Boone, LLP as local bankruptcy & conflicts counsel; PJT Partners LP as investments banker; and FTI Consulting, Inc. as restructuring advisor. Stretto Inc. is the Debtors' claims & noticing agent. APLD COMPUTECO: Fitch Assigns 'BB-' LongTerm IDR, Outlook Stable ---------------------------------------------------------------- Fitch Ratings has assigned APLD ComputeCo LLC (the project) a 'BB-' Long-Term Issuer Default Rating (IDR). Fitch has also assigned the company's $2.35 billion senior secured notes a 'BB-' rating with a Recovery Rating of 'RR3'. The Rating Outlook is Stable. Final pricing for the $2.35 billion notes was set at a coupon of 9.25%, which is higher than Fitch assumed in its rating case for the expected rating. While financial metrics in Fitch's rating case show some degradation due to the higher interest rate, the metrics remain consistent with a higher rating. However, the rating continues to be constrained by the tenant's credit profile, as well as the project's ability to raise additional debt and the elevated risks associated with any future expansion. RATING RATIONALE The 'BB-/Stable' rating for the project reflects the data center's contracted revenue profile, anchored by a 15-year lease agreement with CoreWeave, Inc. (BB-/Positive). The strong contractual framework provides predictable cash flows over the initial lease term, with debt sized to fully amortize within this period, which eliminates lease renewal risk. Located in Ellendale, ND, the facility benefits from access to low-cost power and is suited for generative AI training and certain inference workloads. However, the region's latency profile is relatively less optimal for low-latency applications such as cloud computing. This limits alternative use cases for the project over the longer term and heightens reliance on the current tenant. Consequently, the project rating is capped by CoreWeave's credit quality. The rating also reflects risks related to the issuer's ability to raise additional debt for expansion or new data center developments, which is atypical of project finance structures. The restrictions for expansion include a loan-to-cost ratio of 66.66% and lease terms that are substantially consistent with the existing lease with CoreWeave as determined by the issuer in good faith. Fitch does not expect the expansion to materially affect debt service coverage ratios. If the lease terms are not substantially similar, a rating agency confirmation from any two credit agencies will be required. Fitch believes these protections cushion against material deterioration of coverage ratios if such a project is undertaken, thereby mitigating the risk. However, these expansion projects could face elevated completion risk due to currently unknown budgets and construction schedules. Nevertheless, construction for the existing projects is well managed, and data center construction is relatively straightforward. In addition, the financing documents allow the lease for the new project to be executed with an unrated counterparty that has more than $50 billion net worth, as well as other hyperscalers, which could introduce incremental counterparty risk. Fitch will continue to monitor this risk. The project consists of two data center buildings and is exposed to completion risk, but Fitch does not believe these risks constrain credit. This is due to the relatively straightforward scope of work, involvement of an experienced contractor, and completion of the first building. Additionally, most costs for the second building are fully secured, mitigating cost escalation risks. While the overall schedule for the construction works of about 567 days is at the shorter end of the lender's technical advisor's (LTA) benchmarks, the contractor's proven track record and on-time, on-budget completion of the first building are mitigating factors. Key strengths of the project also include the pass-through of power costs and taxes to the tenant, which helps mitigate exposure to operating cost volatility. The project faces power supply risk related to the construction of a new substation; however, this is offset by an executed energy services agreement (ESA) with the utility provider and the completion and energization of 225MW of substation capacity. The remaining capacity is scheduled to be delivered ahead of key lease commencement dates, with a sufficient buffer in place. Fitch's rating case, which incorporates reasonable downside stresses, results in a project life coverage ratio (PLCR) of 1.50x in 2030, the maturity date of the notes. The average debt service coverage ratio (DSCR) through loan maturity in 2030 is 1.04x. Although the PLCR at maturity is consistent with a higher rating, the rating remains constrained by CoreWeave's credit profile, as well as by the project's ability to raise additional debt and the elevated risks associated with any future expansion. The IDR is equalized with the debt facilities' ratings, given their equal senior position and lack of other subordinate liabilities. Fitch also assigns a Recovery Rating of 'RR3'. KEY RATING DRIVERS Completion Risk-Stronger The completion risk assessment is supported by the relatively straightforward construction of the 150MW data center building (ELN-03), and the involvement of an experienced construction contractor. Construction of the 100MW ELN-02 building commenced in March 2024, with both phases achieving substantial completion in August 2025. Construction of ELN-03 is ongoing and expected to reach substantial completion in June 2026. While the LTA notes that the planned schedule for ELN-03 is at the shorter end of industry benchmarks and identifies labor availability as a potential risk due to the project's location, and the tenant has termination rights for construction delays exceeding six months after the rent commencement for Phase 1 (in December 2026), the contractor's experience and track record, its strong labor sourcing strategy, and demonstrated completion of ELN-02 are mitigants. The developer and contractor group successfully delivered ELN-02 on schedule and within budget and met project milestones. Over 50% of the contingency allocated for ELN-02 remained unused. For the remaining costs associated with ELN-03, the guaranteed maximum price (GMP) is locked in, and almost all owner-furnished, contractor-installed (OFCI) equipment has been ordered with prices secured. The GMP and OFCI equipment together represent approximately 90% of the total budget for ELN-03, with the remaining items subject to minimal cost fluctuation risk. With ELN-02 complete and most ELN-03 costs secured, cost-escalation risk is substantially mitigated. In addition, adequate contingencies and a debt service reserve provide a buffer against delay-related risks, including rent credits. The town of Ellendale has made a motion to approve the building permit, and zoning for the project is expected by December 2025. There is a United States Fish and Wildlife (USFW) easement on part of the campus affecting the ELN-03 building. The land was disturbed during construction, and USFW will release the easement if the issuer restores nearby wetlands and grants easements to USFW. The issuer has identified suitable land, received verbal USFW approval, and reached an agreement with the owner. Resolving the easement is a rent commencement condition for ELN-03, and Fitch will continue to monitor progress. Management is confident that the issue to be resolved promptly, before first lease commencement date in June 2026. Supply Risk-Midrange The project faces electricity supply risk due to the construction of a new substation by Montana-Dakota Utilities Co (BBB+/Stable), which is essential for powering the data center campus. Montana-Dakota Utilities Co is responsible for construction and installation of the substation. In parallel, the utility provider is also constructing a one-mile transmission line upgrade to provide redundant capacity and enhance reliability. The first phase of the substation, comprising 225MW, was completed and energized in December 2024, supporting initial operations. The remaining sections of the substation will be commissioned in stages, with the latest construction schedule indicating that the full 350MW permanent capacity will be available by January 2026. Although the ELN-03 requires the remaining substation capacity to operate, the substation construction schedule provides sufficient headroom ahead of the June 2026 lease target completion date for Phase 1 and an additional buffer to the outside commencement date in December 2026. Power supply risks are further mitigated by an executed energy services agreement (ESA) with the utility provider for the full 350MW capacity the project requires, covering the next five years. The ESA is expected to be renewed after the initial term, with pricing subject to review after five years. The power costs are fully passed on to the tenant, thereby mitigating this risk. Operation Risk-Midrange The midrange operating risk assessment reflects an MG+E&T (modified gross plus electricity and taxes) cost framework, under which electricity and taxes are passed through to the tenant. This framework mitigates the majority of cost exposure for the project by passing the most significant cost—electricity—to the tenant. The lease structure includes robust performance standards, with provisions entitling the tenant to outage credits in the form of rent abatement for certain service interruptions or violations of service levels. The tenant also has lease termination options for affected data halls if service deficiencies exceed specified thresholds for essential services. Operational risks are mitigated by the data center's design, which includes N+1 redundancy for most critical mechanical and electrical systems. Additionally, an experienced data center operator, Salute Mission Critical Holdings, LLC, has been engaged to manage data center operations, further mitigating operational risks. Infrastructure Development & Obsolescence Risk-Neutral When completed, the project will comprise two newly constructed data centers with a total critical IT load of 250 MW dedicated to HPC operations. Its purpose-built, modern design means that maintenance requirements are expected to be low in the near and medium term, as all systems and components will be new. Most major mechanical and electrical components in a data center have useful lives exceeding 15 years, with significant replacements anticipated only after the debt repayment period. This reduces the need for a major maintenance reserve during the tenor of the debt. Where earlier replacement is required, such as for batteries, which are expected to need replacement within eight to ten years, the Fitch rating case incorporates capital expenditure assumptions to account for these costs. Technological obsolescence risk is limited, as the debt will be fully amortized within the initial 15-year lease term. Revenue Risk-Composite-Midrange Revenue is fully contracted under a 15-year MG+E&T lease with CoreWeave, covering the project's 250 MW critical IT load and including three five-year extension options. The debt is expected to amortize entirely within the initial lease term, reducing reliance on lease renewals. The project's location enables it to take advantage of abundant, low-cost energy, reliable transmission infrastructure, and a cool climate that enables significant energy savings for cooling. This site selection aligns with the industry trend toward establishing large high-performance compute data centers in emerging locations, leveraging power availability and affordability to meet rising demand. These attributes, along with site's proposed fiber connectivity, make the site well-suited for generative AI training and some inference workloads; however, the region's latency profile is less optimal for low-latency applications such as cloud, which limits the replaceability of the tenant over the longer term. The debt is expected to fully amortize within the initial 15-year lease term, significantly reducing reliance on lease renewal that could have supported a 'Stronger' revenue risk assessment. However, certain location characteristics, such as limited barriers to entry and a latency profile less suited for low-latency use cases, temper the overall strength of the project's revenue risk assessment, resulting in a 'Midrange' assessment. Debt Structure-Weaker Project has issued a $2.35 billion senior secured notes due 2030, featuring a 7.75% mandatory amortization after year two. While the project is exposed to refinancing risk in year five, the mandatory amortization schedule reduces the principal that needs to be refinanced, with the remaining debt structured to fully amortize over the residual 10-year lease term without any reliance on lease renewals. Debt service liquidity includes a $177 million debt service reserve account funded on the issue date, sized to approximately six months of debt service, in addition to funded interest during construction. The structure anticipates a fixed interest rate or full hedging, alongside distribution controls, debt incurrence limits, separateness requirements, and adequate covenants, including negative covenants preventing the borrower from commingling funds with the parent or guaranteeing the parent's obligations. The financing documents require the borrower to operate as a special-purpose entity with no business activity other than the development and operation of the project, although it is allowed to undertake other comparable data center projects. There are clauses permitting the issuer to pursue M&A and invest in joint ventures, which is atypical and weaker than other project finance structures; however, any M&A activity or joint venture investment will not result in additional senior debt beyond what is redeemed or bought back as a result of an excess cash flow offer to the investors. Incremental indebtedness for additional expansion projects is subject to a loan-to-cost (LTC) ratio of 66.66% and lease terms that must be at least as favorable as those of the current lease, or else a rating agency confirmation from any two rating agencies is required. Given the existing LTC ratio of around 66%, and assuming comparable rent levels under the new lease, incremental debt for expansion is not expected to significantly impact coverage ratios, thereby mitigating this risk to some extent. However, these structural features have resulted in a weaker assessment of the debt structure. Financial Profile Fitch's base and rating cases assess cash flows over the initial 15-year lease term, consistent with the debt amortization schedule outlined in the sponsor case. Additional stresses are applied to operational costs and maintenance capex. In the Fitch rating case, a 75-basis point stress is applied to the refinancing rate, and it is assumed that no principal repayments will occur through the excess cash flow offer mechanism. Under these assumptions, the Fitch rating case results in a PLCR of 1.50x in 2030 which is the maturity date of the notes. The average DSCR is 1.04x through the maturity of the notes in 2030; although the coverage ratio during this term is low, the project benefits from a $177 million DSRA, and there will be additional liquidity in form of excess cash flow available before distribution. Average DSCR is 1.52x during the entire initial lease term. While coverage ratios are consistent with a higher rating, CoreWeave's rating caps the overall project rating. The rating is also constrained by the project's ability to raise additional debt for expansion project. PEER GROUP WULF Compute, LLC (WULF; BB/Stable) is a comparable publicly rated peer developing a 450MW data center at the Lake Mariner campus in western New York state. The rating is constrained by completion risk and a limited operating track record, with additional risks from the absence of a fixed-price construction contract and an aggressive schedule. The project has a modified gross plus electric (MG+E) lease with Fluidstack for 10 years, with two five-year extension options, and benefits from Google's backstop during the operating phase, which is expected to cover Fluidstack's lease obligations or termination payments sufficient to repay outstanding debt in the event of a Fluidstack default or bankruptcy. The financial profile is strong, with an average DSCR of 1.26x over the initial debt term (2026-2036) and a PLCR at maturity (year five) of 1.70x under Fitch's rating case, which incorporates stressed operating costs and escalation. Cipher Compute LLC (Cipher; BB-/Stable) is another comparable publicly rated peer developing a 300 MW (Phase 1: 244 MW + Phase 2 expansion: 56 MW) data center in Barber Lake, Texas. The BB- rating for Cipher reflects Fitch's view of elevated completion risk for Barber Lake project. Although the scope is relatively straightforward, the project remains in the early construction phase and has not locked in a price with its contractor, exposing it to cost escalation risk. The rating is also constrained by the project's ability to raise additional debt for an expansion or additional project. The operating-phase financial profile is strong, with an average DSCR of 1.40x over the initial lease term (2026-2036) and a PLCR at maturity (2030) of 1.60x under Fitch's rating case, which incorporates stressed operating costs and escalation. Google's backstop, together with a fully funded six-month debt service reserve, provides additional credit enhancement. While these metrics are consistent with a higher rating, the rating remains constrained by completion risk, lack of an operational track record in relation to high-performance computing data centers and the project's ability to raise additional debt for an expansion or additional project. While APLD Compute has relatively lower completion risk compared to both Wulf and Cipher, it also has the ability to raise incremental indebtedness for expansion projects in line with Cipher and exposure to weaker counterparty, given that in Wulf and Cipher, a Google backstop supports counterparties. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Significant construction delays - including delays in the availability of electrical utility infrastructure, such as substations - that result in increased unavoidable financing costs not covered by either contingencies or debt service reserve could lead to a downgrade; - A degradation in the financial profile of the project, resulting in a decline in the minimum PLCR below 1.25x, could lead to a downgrade; - The rating could be downgraded if the expansion or additional project faces elevated completion risk from delays or cost overruns, or if the additional project has a tenant with weak credit quality; - If CoreWeave's credit quality falls below 'BB-', Fitch may take a corresponding action on the project. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - An upgrade in CoreWeave's credit quality above 'BB-', coupled with greater confidence that the additional expansion project will not expose the issuer to incremental completion or counterparty risks, could support an upgrade on the project. TRANSACTION SUMMARY The $2.35 billion senior secured notes were issued by APLD ComputeCo LLC (Issuer) to develop 250 MW of critical IT capacity across data center buildings ELN-02 and ELN-03 at Ellendale, ND. The notes have a five-year tenor, with mandatory annual amortization of 7.75% and are non-callable for the first two years. They are secured by first-priority liens on substantially all assets of ELN-02 and ELN-03, including all accounts, lease agreements, rents, and revenue. Applied Digital provides a parent completion guaranty to ensure full funding and timely delivery of both buildings. Construction at the ELN-02 building has commenced with parent equity contributions and a bridge financing facility from SMBC. Applied Digital has contributed approximately $1.2 billion in equity to the project, representing 34% of total capitalization at financial close. Proceeds from the issuance will fund the construction and associated expenses of the AI/HPC data centers ELN-02 and ELN-03 at Ellendale, fund DSRA and capitalized interest and repay SMBC bridge financing. A DSRA of $177 million was funded at closing to cover approximately six months of post-construction debt service, and $178 million is capitalized for interest accrued during construction. The structure also includes semiannual excess cash flow offers to bondholders, equal to 50% of excess cash flow following lease commencement. All lease payments from the tenant are deposited into agent-controlled accounts, subject to a cash waterfall prioritizing operating expenses, mandatory amortization, interest, and debt repayment. SECURITY The debt is secured by substantially all asset assets of the issuer and the subsidiary guarantors, including data center land, buildings, machinery and equipment, the project accounts, and a pledge of 100% of the issuer's equity interests. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate elevated risk for APLD ComputeCo LLC. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- APLD ComputeCo LLC LT IDR BB- New Rating BB-(EXP) APLD ComputeCo LLC/Senior Secured Debt/1 LT LT BB- New Rating RR3 BB-(EXP) ARAX MIDCO: T. Rowe Price Virtually Writes Off $11.6MM 1L Loan -------------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $11,677,000 loan extended to Arax MidCo, LLC to market at $491,000 or 4% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to Arax MidCo, LLC. The loan accrues interest at a rate of 9.00% per annum. The loan matures on April 11, 2029. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Company invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Company primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Company may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About Arax MidCo, LLC Arax Midco, LLC manufactures building glass. ARCHDIOCESE OF NEW ORLEANS: Secures $230MM Ch. 11 Plan Court Okay ----------------------------------------------------------------- Rick Archer of Law360 reports that a Louisiana bankruptcy judge on Monday, December 8, 2025, approved the Roman Catholic Archdiocese of New Orleans' Chapter 11 plan, authorizing the church to move forward with a $230 million settlement to resolve sexual abuse claims. The decision concludes years of negotiations between the Archdiocese, survivors, and other stakeholders, marking a significant turning point in the case. The Archdiocese filed for Chapter 11 in 2020 amid a surge in lawsuits alleging decades of clergy abuse. With the court's confirmation of the restructuring plan, the settlement process can now proceed, bringing the institution closer to emerging from bankruptcy, 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. ARTICON HOTEL: Court Extends Cash Collateral Access to Feb. 13 -------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, entered its third interim order authorizing Articon Hotel Services, LLC to use cash collateral. The third interim order authorized the Debtor to use the cash collateral of the U.S. Small Business Administration from December 6 to February 13, 2026, strictly in accordance with a budget, subject to a 10% variance on each expense category. The Debtor projects total operational expenses of $1,949,994.63 for the period from December to January 2026. As adequate protection, the SBA will be granted valid and perfected replacement liens on the Debtor's property, whether acquired before or after its Chapter 11 filing. These replacement liens will have the same priority and extent as the SBA's pre-bankruptcy lien. In addition, the Debtor must permit the SBA and the Subchapter V trustee to inspect its books and records upon reasonable notice; maintain and pay insurance premiums protecting the SBA's collateral; provide evidence of collateral upon request; and properly maintain and manage the collateral. These measures are designed to safeguard the SBA's interests while cash collateral is being used. A further hearing is set for February 9, 2026. Articon's cash collateral consists of $46,542 in cash and $2,044,390 in accounts receivable. The only secured creditor asserting an interest in the cash collateral is the U.S. Small Business Administration, which holds a claim of $514,721. Articon filed for Subchapter V Chapter 11 relief due to ongoing litigation with Baldwin Enterprises. It currently operates as a debtor-in-possession from leased premises in Mount Prospect, Illinois, and employs three individuals. About Articon Hotel Services LLC Articon Hotel Services, LLC manufactures and supplies furniture, fixtures and equipment as well as construction materials for the hospitality industry in the United States. The Company provides case goods, soft seating, millwork, lobby furniture, artwork, mirrors and lighting, alongside shower surrounds, flooring, and wall coverings, serving hotel projects through design, fabrication, installation and compliance support. Articon works with major hotel brands including Holiday Inn, Hilton, Embassy Suites, Courtyard and Fairfield Inn & Suites. Articon Hotel Services sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-13601) on September 2, 2025. In its petition, the Debtor reported estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by Scott R. Clar, Esq., at Crane, Simon, Clar & Goodman. ARTWOOD ENGINEERING: Voluntary Chapter 11 Case Summary ------------------------------------------------------ Debtor: Artwood Engineering and Building Commissioning LLC Air Supply Inc. 7250 Franklin Avenue Unit 1405 Los Angeles, CA 90046 Business Description: Artwood Engineering and Building Commissioning LLC, based in Los Angeles, California, provides construction engineering and building commissioning services, including project and construction management, primarily serving commercial clients. Chapter 11 Petition Date: December 8,2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-20971 Judge: Hon. Barry Russell Debtor's Counsel: Don Nguyen, Esq. LAW AND JUSTICE LEGAL SERVICES 14520 S. Western Ave. Gardena CA 90249 Tel: (800) 425-1858 E-mail: hello@LJESQ.com Total Assets as of December 3, 2025: $1,468,329 Total Liabilities as of December 3, 2025: $1,348,946 The petition was signed by Marcus Jackson as sole member/managing member. A copy of the Debtor's list of 20 largest unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/CAY7JPQ/Artwood_Engineering_and_Building__cacbke-25-20971__0003.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/GBHN6BI/Artwood_Engineering_and_Building__cacbke-25-20971__0001.0.pdf?mcid=tGE4TAMA ASHLAND INC: Moody's Lowers CFR to 'Ba2', Outlook Stable -------------------------------------------------------- Moody's Ratings downgraded Ashland Inc.'s ("Ashland") corporate family rating to Ba2 from Ba1, its probability of default rating to Ba2-PD from Ba1-PD, and the rating on its senior unsecured notes to Ba2 from Ba1. The rating on the backed junior subordinate debentures issued by Hercules Incorporated was downgraded to B2 from B1. The rating on the backed senior unsecured notes issued by Ashland Services B.V. was downgraded to Ba2 from Ba1. Ashland's Speculative Grade Liquidity (SGL) rating of SGL-1 remains unchanged. The ratings outlook remains stable. RATINGS RATIONALE The downgrade of Ashland's CFR to Ba2 reflects: (1) significantly smaller scale following several divestitures, asset sales and separations over the years, (2) challenges sustaining organic growth, (3) weaker than expected resilience of some of its end markets, (4) a shareholder friendly capital allocation policy, and (5) credit metrics that were weak for the prior rating. While previously the lack of scale was somewhat offset by stronger credit metrics, Moody's adjusted leverage had recently been elevated for the prior rating – breaching Moody's prior downgrade trigger for several quarters – with expectations for it to remain elevated relative to that level over the next 12 months, prompting the downgrade. Ashland's portfolio repositioning actions over the years include the separation of Valvoline in 2017, the sale of its Performance Adhesive business in 2022, the sale of its Nutraceuticals business in 2024, and the sale of its Avoca business in 2025. As a result, revenue declined from nearly $3.3 billion in FY2017 to around $1.8 billion in FY2025. Ashland has also been unable to sustain organic growth in recent years, with year-over-year revenue declines of 3.6%/4.3% in FY2024/FY2025 (measured on a comparable basis, proforma for asset sales). Ashland's credit metrics had also been weak for the prior rating, with Moody's adjusted leverage of 4.3x at the end of FY2025, and in breach of Moody's prior downgrade threshold of 3.5x for several consecutive quarters. The company maintains a net leverage target (company definition) of 2.5x, which it was also in breach of at the end of FY2025. FY2025 was also challenging from a cash flow standpoint, resulting in Moody's adjusted free cash flow (including dividends) of -$31 million, mainly driven by significant working capital usage. Looking forward, Moody's expects modest revenue growth with stable margins in FY2026, which should result in Moody's adjusted EBITDA of around $410 million, and Moody's adjusted free cash flow (including dividends) of around $90 million. Moody's expects Moody's adjusted leverage to improve to around 3.8x by the end of FY2026, compared to 4.3x at the end of FY2025. Moody's expects Ashland to continue to prioritize majority of its free cash flow for shareholder returns, including dividends and share buybacks. Ashland's rating is supported by its portfolio of specialty additives businesses serving diverse end markets globally, and strong market shares in life sciences, personal care and household goods businesses. The rating is also supported by strong margins – which have further improved as a result of portfolio restructuring actions, by focusing on core businesses with higher underlying margins, while divesting non-core, low-margin businesses – and strong cash flow conversion due to low capex requirements. The rating is constrained by the lack of scale following portfolio restructuring actions, with modest revenues, particularly compared to some of its larger, better capitalized competitors, and challenges sustaining organic growth, despite having high exposure to consumer-facing end markets. While cash flow conversion has been strong, the company's prioritization of shareholder returns is also a rating constraint. Ashland's legacy contingent liabilities associated with asbestos litigation (exposure was significantly reduced by the 2015 settlement) and environmental remediation is also incorporated as a negative factor in the rating assessment. While they are more significant than most other chemical companies of a similar size, they are very manageable relative to earnings and cash flows. Ashland's SGL-1 reflects strong liquidity. At September 30, 2025, Ashland had a cash balance of $215 million, and remaining availability of $596 million under its $600 million revolver, net of $4 million outstanding letters of credit, for total liquidity of $811 million. Subsequently in October 2025, Ashland received a $103 million income tax refund related to the Nutraceuticals divestiture. The company had zero availability under its two accounts receivable securitization facilities as of September 30, 2025. The company is subject to a maximum consolidated net leverage ratio covenant of 4.0x, and a minimum consolidated interest coverage ratio covenant of 3.0x. Moody's expects the company to remain in compliance with these covenants over the next 12-18 months. The Ba2 rating on Ashland's senior unsecured notes is in line with the Ba2 CFR as there is no secured debt in the capital structure with a priority ranking. The B2 rating on the junior subordinated debt reflects a one notch downward override to the B1 outcome implied by the loss given default model. The override reflects Moody's views that the recovery would be severely limited given the amount of senior debt in the capital structure and the size of asbestos liabilities in excess of insurance receivables. The stable outlook reflects Moody's expectations for steady revenue growth, with modest margin improvement and positive free cash flow generation. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's would consider an upgrade if there is a significant improvement in Ashland's scale, Moody's adjusted leverage is sustained below 3.0x, and retained cash flow-to-debt (RCF/Debt) is maintained above 20%. An upgrade would also require a track record of above-GDP organic growth, the avoidance of any large debt-financed acquisitions and a reduction in contingent liabilities. The ratings could be downgraded if adjusted gross leverage was sustained above 4.0x and retained cash flow-to-debt (RCF/Debt) declines below 12.5% as a result of a leveraging M&A transaction, a substantial deterioration in earnings or debt-funded share buybacks. Ashland Inc., headquartered in Wilmington, Delaware, is a manufacturer and distributor of specialty chemicals used in a wide range of industrial and consumer markets, such as pharmaceuticals, food and beverage, personal care, construction, paints and coatings and agriculture. Ashland is organized in four major segments: Life Sciences, Personal Care, Specialty Additives and Intermediates. Ashland generated revenue of $1.8 billion for the last twelve months ended September 30, 2025. 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. ASSOCIATIONS INC: T. Rowe Price Marks $964,000 1L Loan at 62% Off ----------------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $964,000 loan extended to Associations, Inc. to market at $365,000 or 38% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to Associations, Inc. The loan accrues interest at a rate of 11.08% per annum. The loan matures on July 3, 2028. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Company invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Company primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Company may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About Associations, Inc. Headquartered in Des Moines, Iowa, Associations Inc. represents clients in a variety of media platforms across the Midwest and beyond. We bring extensive experience and professionalism to every project and customize our support to each client’s unique needs. ATTIC TECH: Seeks Chapter 7 Bankruptcy in Texas ----------------------------------------------- On December 8, 2025, Attic Tech, Inc., filed for Chapter 7 protection in the Southern District of Texas Bankruptcy Court. According to the court filing, the Debtor reports between $0 and $100,000 in debt owed to approximately 1–49 creditors. About Attic Tech, Inc. Attic Tech, Inc. is a provider of residential and commercial technology solutions aimed at improving energy efficiency and building performance. The company specializes in smart home devices, insulation improvements, and energy management systems. Attic Tech, Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-80626) on December 8, 2025. In its petition, the Debtor reports estimated assets of $0–$100,000 and estimated liabilities in the same range. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. The Debtor is represented by H. Brad Parker, Esq. of H. Brad Parker, P.C. AZURE BUILDERS: Case Summary & 17 Unsecured Creditors ----------------------------------------------------- Debtor: Azure Builders Inc. S & E Renovations, Inc. 3364 Putney Ct Apt 5401 Naples FL 34112 Business Description: Azure Builders Inc. provides residential and commercial construction services in Sarasota County, Florida, offering custom home building, commercial construction and renovation, project management, design-and- build solutions, property development, and renovation services. Founded in 2000, the Company has expanded from a small team into a full-service construction firm serving homeowners, businesses, and developers in the region. Chapter 11 Petition Date: December 6, 2025 Court: United States Bankruptcy Court Middle District of Florida Case No.: 25-02434 Debtor's Counsel: Michael Dal Lago, Esq. DAL LAGO LAW 999 Vanderbilt Beach Rd. Suite 200 Naples FL 34108 Tel: 239-571-6877 E-mail: mike@dallagolaw.com Total Assets: $125,697 Total Liabilities: $1,388,549 The petition was signed by David Nicolosi as president. A full-text copy of the petition, which includes a list of the Debtor's 17 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/ZFMW63Q/Azure_Builders_Inc__flmbke-25-02434__0001.0.pdf?mcid=tGE4TAMA BACONE COLLEGE: Court OKs Van Sale at Auction --------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Oklahoma has permitted Luke A. Homen, Chapter 11 Trustee of Bacone College to sell Property, free and clear of liens, claims, interests, and encumbrances. The Trustee seeks to sell the 2019 2500 Express Van, VIN 1GAZGPFG7K1236523. The Court has authorized the Trustee to sell the Van to the September 10th Auction's winning bidder. The Court also held that the buyer will assume no liabilities or obligations of the Debtor. The Trustee does not make or imply any warranties or guarantees whatsoever including, but not limited to, title, value, marketability or usefulness of the van, or the nature and extent of the Debtor's or Estate's interest in the van. The Buyer is wholly responsible for obtaining any necessary file-stamped or certified documents from the Bankruptcy Court Clerk to satisfy such Title Standards and/or the recording of the same in any applicable county records. The Court has authorized the Trustee to sell the Van free and clear of all liens and encumbrances. About Bacone College Bacone College is a private college in Muskogee, Oklahoma founded in 1880 to educate American Indian students. As a historical American-Indian serving institution, Bacone College provides holistic, liberal arts, educational experience for students in a culturally diverse environment. Bacone College filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Okla. Case No. 24-80487) on June 21, 2024, listing $10 million to $50 million in assets and $1 million to $10 million. The petition was signed by Josh Johns as Board Member. Judge Paul R Thomas presides over the case. Ron Brown, Esq., at BROWN LAW FIRM PC, represents the Debtor as counsel. BALDWIN INSURANCE: Moody's Affirms 'B2' CFR Amid CAC Transaction ---------------------------------------------------------------- Moody's Ratings has affirmed the B2 corporate family rating and B2-PD probability of default rating of The Baldwin Insurance Group Holdings, LLC (Baldwin) following the company's announcement that it plans to acquire CAC Group (CAC), a US specialty and middle market insurance brokerage firm. Total upfront consideration will be $1.026 billion, consisting of cash of $438 million and Baldwin common stock valued at approximately $589 million. Moody's also affirmed the B2 ratings on Baldwin's senior secured first-lien revolving credit facility, senior secured first-lien term loan, and senior secured notes. The rating outlook for Baldwin is stable. Baldwin has also announced plans to issue a $450 million add-on to its senior secured first-lien term loan, increasing the total loan size to $1.454 billion. The company will use proceeds of the incremental borrowing to help fund the acquisition of CAC, for general corporate purposes and to pay related fees and expenses. The CAC acquisition is targeted for completion in the first quarter of 2026, pending customary closing conditions and regulatory approvals. RATINGS RATIONALE Baldwin has a growing market presence in distributing commercial and personal property & casualty insurance, employee benefits, and Medicare-related products and services to middle market businesses and individuals mainly in the US. The acquisition of CAC increases Baldwin's scale and enhances its specialty capabilities in areas such as natural resources, private equity, real estate and senior living. Offsetting these benefits are Baldwin's planned increase in financial leverage to help fund the transaction as well as integration risk. The rating affirmation reflects Moody's views that Baldwin will continue its profitable growth and will reduce its financial leverage after completing the acquisition. Baldwin generates strong organic revenue growth through its diversified product mix and distribution channels, including partnership-based and technology-enabled platforms that offer customers speed and convenience. The company is investing in technology and operational improvements to enhance its EBITDA margins over time. These strengths are offset by Baldwin's relatively low EBITDA margins, significant debt burden with limited interest coverage, and periodic contingent earnout payments that consume a large portion of free cash flow. The company also faces potential liabilities from errors and omissions, a risk inherent in professional services. Giving effect to the proposed acquisition, Moody's estimates that Baldwin will have a pro forma debt-to-EBITDA ratio above 6.5x (per Moody's calculations), with (EBITDA - capex) interest coverage in the range of 1.5x-1.8x, and a free-cash-flow-to-debt ratio in the low single digits. These pro forma metrics include Moody's adjustments for operating leases, acquisitions and certain non-recurring items. Moody's expects the company will reduce its leverage below 6.5x through EBITDA growth over the next few quarters. Baldwin reported revenue of $1.2 billion for the first nine months of 2025, up 10% from the prior year period. This result reflects overall organic revenue growth of 9%, led by the Underwriting, Capacity & Technology Solutions segment at 22%, followed by the Insurance Advisory Solutions segment at 4%, and the Mainstreet Insurance Solutions segment at 2%. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Factors that could lead to an upgrade of Baldwin's ratings include: (i) debt-to-EBITDA ratio below 5.5x; (ii) (EBITDA - capex) coverage of interest above 2.5x; (iii) free-cash-flow-to-debt ratio above 6%; and (iv) profitable growth with further geographic diversification in the US. Factors that could lead to a downgrade of Baldwin's ratings include: (i) debt-to-EBITDA ratio above 6.5x; (ii) (EBITDA - capex) coverage of interest below 1.5x; (iii) free-cash-flow-to-debt ratio below 3%; 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 Tampa, Florida, Baldwin provides a range of commercial and personal property & casualty insurance, employee benefits, and Medicare-related products and services to middle market businesses and individuals mainly in the US. Baldwin generated revenue of $1.2 through the first nine months of 2025. BANYAN SOFTWARE: T. Rowe Price Marks $13.6MM 1L Loan at 55% Off --------------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $13,687,000 loan extended to Banyan Software Holdings, LLC to market at $6,150,000 or 45% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to Banyan Software Holdings, LLC. The loan accrues interest at a rate of 9.06% per annum. The loan matures on January 2, 2031. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Company invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Company primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Company may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About Banyan Software Holdings, LLC Banyan Software Holdings, LLC operates as a holding company. The Company, through its subsidiaries, acquires, builds, and grows enterprise software business. Banyan Software Holdings serves customers in the United States, Canada, United Kingdom. BARTRAM LOGISTICS: Gets Interim OK to Use Cash Collateral --------------------------------------------------------- Bartram Logistics, LLC received another extension from the U.S. Bankruptcy Court for the Middle District of Tennessee to use cash collateral to fund operations. The court issued its fourth interim order authorizing the Debtor to use cash collateral until the next hearing scheduled for January 6, 2026. Use of such collateral must be in accordance with previous interim cash collateral orders and the latest budget, subject to a 10% variance. To protect the interests of pre-bankruptcy secured creditors, the court granted them replacement liens on post-petition cash collateral, which are automatically perfected without additional filings. The order also required all parties holding funds owed to the Debtor to immediately transfer them to the Debtor. The fourth interim order is available at https://is.gd/l5fijz from PacerMonitor.com. Bartram Logistics' assets include cash accounts, accounts receivable, and inventory, which may constitute cash collateral. Studio Bank asserts a secured claim of approximately $530,000, claiming an interest in the Debtor's accounts receivable and other assets via a UCC-1 filed in 2024. First Chatham Bank (also known as Cadence Bank) asserts a secured claim of approximately $2.3 million, claiming similar interests via a UCC-1 filed on April 28. All other creditors with UCC-1 filings, per the Tennessee Secretary of State, are merchant cash advance lenders. Studio Bank, as secured creditor, is represented by: David M. Anthony, Esq. Exo Legal PLLC P.O. Box 121616 Nashville, TN 37212 Telephone: (615) 869-0634 Facsimile: (615) 307-6076 david@exolegal.com First Chatham Bank, as secured creditor, is represented by: Bryan J. Sisto, Esq. Frost Brown Todd LLP 400 W. Market Street, Suite 3200 Louisville, KY 40202 Telephone: (502) 589-5400 Facsimile: (502) 581-1087 bsisto@fbtlaw.com About Bartram Logistics LLC Bartram Logistics, LLC, doing business as Bartram Electric, operates as an electrical subcontractor providing installation and related services for construction projects in the Southeastern United States. The company focuses on multifamily, hotel, and restaurant developments and undertakes electrical scopes of work under general contractors. It has completed more than 70 projects in the region and continues to work on dozens of active and contracted assignments. Bartram Logistics sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Tenn. Case No. 25-03788) on September 9, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Honorable Bankruptcy Judge Randal S. Mashburn handles the case. The Debtor is represented by Erin Malone-Smolla, Esq., at Bradley Arant Boult Cummings, LLP. BCPE EMPIRE: Moody's Expects to Alter Outlook to Pos. Amid Merger ----------------------------------------------------------------- Moody's Ratings said that it expects to change BCPE Empire Topco, Inc.'s (dba Imperial Dade) rating outlook to positive from stable upon completion of the announced acquisition of BradyPLUS Holdings, LLC (BradyPLUS), subject to an assessment of final operating conditions and review of the final debt structure and terms. Moody's currently have a B3 corporate family rating, B3-PD probability of default rating and stable outlook on Imperial Dade and a B3 rating on the senior secured first lien term loan issued by Imperial Dade's subsidiary BCPE Empire Holdings, Inc. On August 11, 2025, Imperial Dade and BradyPLUS jointly announced their intent to combine in a stock-for-stock merger, creating a sizable distributor of Janitorial and Sanitation (JanSan), Foodservice Disposables (FSD), and Industrial Packaging (IP) products. The transaction will enhance Imperial Dade's market position by increasing its scale, category expertise, customer diversity, and service offerings, and provides good opportunities to realize cost synergies. On December 2, 2025, Moody's assigned BradyPLUS a B3 CFR with a positive outlook in connection with BradyPLUS' proposed refinancing of its existing capital structure via a new $2.8 billion senior secured term loan. However, the financing for BradyPLUS is structured to provide flexibility and continuity should the merger with Imperial Dade close, through a portable capital structure. If the merger is completed, the change-of-control provision would allow BradyPLUS' term loan to remain outstanding without triggering mandatory repayment. Upon closing, BradyPLUS has the option to permit Imperial Dade to assume all rights and obligations on the term loan into the Imperial Dade credit agreement or keep both agreements active, with shared collateral and guarantees across both facilities. If the merger between BradyPLUS and Imperial Dade is completed, Moody's expects the combined company to have a B3 CFR with a positive outlook, subject to an assessment of final operating conditions and review of the final debt structure and terms. Imperial Dade's expected post-merger B3 CFR reflects that the combination with BradyPLUS will create a competitive specialty distributor with a broad product and client base and a meaningful realization of cost synergies resulting from the merger, as well as the company's very high debt-to-EBITDA leverage in the low 9.0x range for the 12-month ended September 30, 2025 and weak free cash flow. Moody's expects the combined company to initially have low earnings quality that contributes to weak free cash flow, and exposure to a challenging operating environment including soft restaurant traffic that leads to low organic growth. There is execution risk to translate the company's considerable earnings adjustments into sustainably higher EBITDA that would lower leverage and improve free cash flow. In addition, there are meaningful integration risks given the scale and complexity of combining two large distribution businesses with extensive networks and separate technology platforms. Successful execution of the integration plan will be critical to realizing anticipated synergies; delays or disruptions could slow deleveraging. The transaction will improve Imperial Dade's business profile with a significant increase in scale to approximately $10 billion in revenue, 238 distribution centers, and over 400,000 customers across North America, while maintaining a balanced end market portfolio. The greater scale and balanced portfolio may help partially offset risks related to the company's low-priced and commodity-oriented products, which have low switching costs and are subject to pricing pressure. The combined entity will focus on deleveraging through the realization of operational efficiencies by maximizing its existing infrastructure rather than investing in new facilities, which is expected to enhance profitability. The company expects the merger to deliver material cost synergies of about $235 million within 24 months, primarily through procurement, private label expansion, warehouse and distribution facility consolidation, and overhead savings. These synergies, together with operational improvements such as higher utilization of supersites, increased fleet efficiency, and technology integration, will strengthen margins. The ratings also reflect management's commitment to using free cash flow for debt repayment following the BradyPLUS merger, with the target of achieving a leverage profile comparable to that of public companies. Headquartered in Jersey City, New Jersey, BCPE Empire Topco, Inc. (dba Imperial Dade), is a wholesale specialty distributor of Foodservice Disposables (FSD) and Janitorial Sanitation (Jan-San) products. Bain Capital LP acquired a majority stake in the company in June 2019 and retains a majority interest following a roughly 45% stake sale in the company to Advent International Corporation in 2022. Imperial Dade is private and does not publicly disclose its financials. Imperial Dade generated about $5.3 billion of revenue for the 12 months ending September 30, 2025, pro forma for closed acquisitions. BradyPLUS is privately held, with equity sponsorship from Warburg Pincus, Kelso & Company, and FEMSA (Fomento Economico Mexicano S.A.B. de C.V.). Imperial Dade is also privately held, with equity sponsorship from Bain Capital, Kelso & Company, and Advent International. All existing capital partners will remain invested in the combined company and have representation on the board of directors. The combined company will be led by BradyPLUS' current CEO and CFO with the transaction subject to regulatory approvals and customary closing conditions. BCPE HIPH: T. Rowe Price Marks $2.3MM 1L Loan at 14% Off -------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $2,313,000 loan extended to BCPE HIPH Parent, Inc. to market at $1,981,000 or 86% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to BCPE HIPH Parent, Inc. The loan accrues interest at a rate of 9.91% per annum. The loan matures on October 7, 2030. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Company invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Company primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Company may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About BCPE HIPH Parent, Inc. BCPE HIPH Parent, Inc. wholesales and distributes industrial machinery and parts. The Company serves customers in the United States. BEACON POINTE: T. Rowe Price Marks $9.9MM 1L Loan at 78% Off ------------------------------------------------------------ T. Rowe Price OHA Select Private Credit Fund has marked its $9,978,000 loan extended to Beacon Pointe Advisors, LLC to market at $2,153,000 or 22% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to Beacon Pointe Advisors, LLC. The loan accrues interest at a rate of 8.91% per annum. The loan matures on December 29, 2028. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Company invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Company primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Company may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About Beacon Pointe Advisors, LLC Beacon Pointe Advisors is one of the independent Registered Investment Advisory firms (RIAs) in the nation, working with institutions, defined contribution plans, individuals, and families. BEECH INT'L: District Court to Determine Scope of Receivership -------------------------------------------------------------- Chief Judge Ashely M. Chan of the United States Bankruptcy Court for the Eastern District of Pennsylvania ruled on the motion of Beech International, LLC for entry of an order pursuant to 11 U.S.C. Secs. 105(a) compelling compliance with the Dismissal Order and Settlement Agreement. UMB Bank, N.A. objected to the Motion. Having found that the Dismissal Order did not contemplate the terms of the receivership and upon all of the proceedings had before the Bankruptcy Court, it is ordered that the scope of the receivership in the District Court Action will be determined by the District Court. Beech and UMB must cooperate in seeking the appointment of a receiver by the District Court on an expedited basis. A copy of the Court's Order dated November 24, 2025 is available at https://urlcurt.com/u?l=9c0JQ3 from PacerMonitor.com. About Beech International Beech International, LLC is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). Beech International filed Chapter 11 petition (Bankr. E.D. Pa. Case No. 24-14406) on December 10, 2024, listing between $10 million and $50 million in both assets and liabilities. Ken Scott, chief executive officer of Beech International, signed the petition. Judge Ashely M. Chan handles the case. The Debtor tapped Robert Lapowsky, Esq., at Stevens & Lee, P.C. as bankruptcy counsel and Weir LLP as special counsel. UMB Bank, N.A., as secured creditor, is represented by: Tobey M. Daluz, Esq. Margaret A. Vesper, Esq. Ballard Spahr, LLP 1735 Market Street, 51st Floor Philadelphia, PA 19103 Tel: (215) 864-8148 Fax: (215) 864-8999 E-mail: daluzt@ballardspahr.com vesperm@ballardspahr.com - and - William P. Wassweiler, Esq. Ballard Spahr, LLP 2000 IDS Center 80 South 8th Street Minneapolis, MN 55402-2119 Tel: (612) 371-3289 Fax: (612) 371-3207 E-mail: wassweilerw@ballardspahr.com BLESSED BLOOMS: Seeks Chapter 7 Bankruptcy in South Carolina ------------------------------------------------------------ On December 4, 2025, Blessed Blooms Flower Shop & Gifts, LLC, filed for Chapter 7 protection in the District of South Carolina Bankruptcy Court. According to the court filing, the Debtor reports between $0 and $100,000 in debt owed to approximately 1–49 creditors. About Blessed Blooms Flower Shop & Gifts Blessed Blooms Flower Shop & Gifts, LLC is a floral and gift services provider, specializing in handcrafted bouquets, event decorations, and curated gift items. Blessed Blooms Flower Shop & Gifts, LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-04793) on December 4, 2025. In its petition, the Debtor reports estimated assets of $0–$100,000 and estimated liabilities in the same range. Honorable Chief Judge Helen E. Burris handles the case. The Debtor is represented by Robert A. Pohl, Esq. of POHL, P.A. BOGLE CONSTRUCTION: Seeks Chapter 7 Bankruptcy in Tennessee ----------------------------------------------------------- On December 6, 2025, Bogle Construction, LLC, filed for Chapter 7 protection in the Middle District of Tennessee Bankruptcy Court. According to the court filing, the Debtor reports between $1 million and $10 million in debt owed to approximately 1–49 creditors. About Bogle Construction, LLC Bogle Construction, LLC is a full-service construction firm offering expertise in general contracting, renovation, and project management. Bogle Construction, LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-05128) on December 6, 2025. In its petition, the Debtor reports estimated assets of $100,001 to $1,000,000 and estimated liabilities of $1 million to $10 million. Honorable Bankruptcy Judge Nancy B. King handles the case. The Debtor is represented by Galen W. Pierce, Esq. of The Law Office of Galen W. Pierce. BOLLINGER MOTORS: Ceases Operations After Receivership Exit ----------------------------------------------------------- Kirk O'Neil of The Street reports that Bollinger Motors has ceased operations just six months after emerging from receivership, marking another setback for the commercial electric truck manufacturer. The company, founded in 2015, originally drew attention with its B1 SUV prototype before shifting focus to commercial EV production, including the Bollinger B4 chassis cab truck unveiled in 2024. Financial problems mounted through late 2025, culminating in missed payroll for two consecutive periods in November. Operations were halted on November 21, 2025, according to reporting from the Detroit Free Press cited by FreightWaves. The closure comes despite a prior restructuring in which Mullen Automotive took a 95% ownership stake after settling litigation with founder Richard Bollinger earlier in the year, according to report. After exiting receivership in June 2025, Mullen rebranded itself as Bollinger Innovations and continued operating facilities in Michigan, Mississippi, and California. Its product lineup included the B1 SUV, B2 pickup, and the commercial B4 truck, with a Class 5 B5 truck planned for release in 2026, the report states. The shutdown coincided with the company's announcement of a cost-reduction initiative disclosed in a Nov. 21 SEC filing. The plan called for workforce reductions, closure of the Troy, Michigan, office, and consolidating operations in Oak Park. Despite the operational halt, the company stated it was not eliminating any business line, though its main phone number had already stopped working, the report cites. About Bollinger Motors Bollinger Motors, Inc. -- https://bollingermotors.com/ -- is an automotive company designing and engineering Class 3 electric trucks. Bollinger Motors, a Michigan-based electric truck manufacturer, entered court-ordered receivership in May 2025 after a federal judge in the Eastern District of Michigan intervened in a dispute involving founder Robert Bollinger and unpaid company debt. A court-appointed receiver temporarily took control of the company's assets and operations as creditors sought protection amid worsening financial problems. The case originated from a lawsuit in which Robert Bollinger alleged that the company had breached a personal loan agreement and owed more than $10 million. In response, the court froze the company's finances and placed it under receivership. By June 2025, Bollinger Motors exited receivership after its parent company, Mullen Automotive—later renamed Bollinger Innovations—increased its ownership stake to 95% and resolved the outstanding claims. The receiver was discharged, allowing operations to shift back under Mullen's expanded oversight. Financial strain, however, persisted. Despite the earlier recovery, Bollinger Motors ultimately shut down operations in November 2025 following mounting debt issues, missed payrolls, and ongoing instability, leaving the company's long-term future uncertain. BOWERS TRUCKING: Gets OK to Hire Ampleo Turnaround as Accountant ---------------------------------------------------------------- Bowers Trucking, Inc. received approval from the United States Bankruptcy Court for the Western District of Oklahoma to employ Ampleo Turnaround & Restructuring, LLC as its accountant. Ampleo will provide these services: (a) financial and accounting services; (b) turnaround and restructuring services; (c) manage short-term cash, including implementation of a 13-week cash forecast and measure actual performance against budget on a weekly basis; (d) prepare a restructuring plan with forecasted economics for 12 and 24 months; (e) conduct a liquidation analysis to determine whether a restructuring plan maximizes creditor recoveries; (f) work with the Debtor and its counsel to prepare a confirmable plan and disclosure statement; (g) communicate with creditors, equity holders, and other stakeholders as appropriate; (h) implement and execute the plan, keeping stakeholders informed of progress; (i) assist in the preparation of monthly operating reports and other court pleadings as necessary; (j) manage monthly bookkeeping, bank reconciliations, accrual entries, and maintain accounts payable and receivable systems; (k) oversee transition from cash to accrual-based accounting and design monthly reporting packages; and (l) perform other related accounting and financial oversight tasks as requested by the Debtor. Ampleo will be compensated at an hourly and fixed-cost basis: T&R Restructuring Lead $325 per hour T&R Partner $365 per hour Accountant $2,000 per month (fixed cost) CFO $2,000 per month (fixed cost), plus a one-time $5,000 fee for model development Ampleo will also be reimbursed for reasonable out-of-pocket expenses, including travel and lodging, without markup or overhead charges. No retainer is required for this engagement. According to court filings, Matthew R. McKinlay has certified that he holds no interest adverse to the estate and is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: Matthew R. McKinlay, CMA, CTP Ampleo Turnaround & Restructuring LLC 13601 W. McMillan Rd #102 PMB 320 Boise, ID 83713 Telephone: (208) 724-2257 A copy of the Court's Order dated November 24, 2025, is available at https://urlcurt.com/u?l=quktrc from PacerMonitor.com. About Bowers Trucking Inc. Bowers Trucking, Inc. is a commercial transportation company operating in 48 U.S. states and Canada. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Okla. Case No. 25-12884) on September 18, 2025. In the petition signed by Garrett Bowers, chief executive officer, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Janice D. Loyd oversees the case. Stephen J. Moriarty, Esq., at Stephen J. Moriarty 6410 Fellers, Snider et al, represents the Debtor as legal counsel. BROOKE RODD: Gets Interim OK to Use Cash Collateral --------------------------------------------------- The U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, granted Brooke Rodd Designs, LLC's motion for interim use of cash collateral. The court authorized the Debtor to use cash collateral through April 30, 2026, and ordered that the Debtor provide adequate protection to the U.S. Small Business Administration, a secured creditor, in the form of a monthly payment of $1,970. Brooke Rodd Designs operates three retail stores in Santa Monica, California: a women's clothing store, a gift store, and a children's store. The interim order is available at https://is.gd/tgHzw0 from PacerMonitor.com. The Debtor's assets total $117,981, consisting of cash, inventory, office equipment, business licenses, and gift cards. The SBA holds a $492,250 secured claim under a 2020 EIDL loan secured by all assets. Other creditors include the California Department of Tax and Fee Administration and general unsecured creditors with claims of about $196,282. About Brooke Rodd Designs LLC Brooke Rodd Designs, LLC is a specialty retailer offering apparel, accessories, and lifestyle goods inspired by coastal California aesthetics. Brooke Rodd Designs, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C. D. Calif. Case No. 25-20061) on November 11, 2025. In the petition signed by Brooke Rodd, chief executive officer, the Debtor disclosed up to $50,000 in assets and up to $1 million in liabilities. Judge Vincent P. Zurzolo oversees the case. Michael Jay Berger, Esq., at Law Offices of Michael Jay Berger, represents the Debtor as legal counsel. BUCKINGHAM SENIOR: U.S. Trustee Appoints Creditors' Committee ------------------------------------------------------------- The U.S. Trustee for Region 6 appointed an official committee to represent unsecured creditors in the Chapter 11 case of Buckingham Senior Living Community, LLC. The committee members are: 1. Thomas C. Ryan trn@aol.com 2. Lee Adcock Hunnell hunnell@smithsmithlaw.com 3. Thomas A. Willett Trustee Prillaman Living Trust / Eleanor W. Prillaman (deceased) tomwillett1@gmail.com 4. Manuel Ariel Payan Co-Executor Estate of Margaret Payan arielpayan@hotmail.com 5.Steven Dyer for the Estate of Robert Dyer sjackd@gmail.com Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About Buckingham Senior Living Community The Buckingham Senior Living Community, Inc., a Houston-based continuing care retirement community (CCRC), filed a voluntary petition for Chapter 11 protection (Bankr. S.D. Texas Case No. 21-32155) on June 25, 2021, disclosing between $100 million and $500 million in both assets and liabilities. Michael Wyse, chair of the board, signed the petition. The case were handled by Judge Marvin Isgur. The Debtor tapped McGuireWoods LLP as its lead bankruptcy counsel, Thompson & Knight, LLP as special counsel, and B. Riley Advisory Services as financial advisor. Stretto was the claims and noticing agent. The U.S. Trustee for Region 7 appointed an official committee of unsecured creditors in the Debtor's Chapter 11 case on July 12, 2021. Hunton Andrews Kurth, LLP represented the committee. Daniel S. Bleck, Esq., at Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C., represented UMB Bank, N.A., in its capacity as Bond Trustee and DIP lender. 2nd Attempt The Buckingham Senior Living Community, Inc., for the second time, sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 25-80595) on November 17, 2025. In its petition, the Debtor reported assets and liabilities between $100 million and $500 million. The petition was signed by Michael Wyse as Chair of the Board of Directors. Honorable Bankruptcy Judge Michelle V. Larson handles the case. The Debtor is represented by Marcus Alan Helt, Esq. and Daniel M. Simon, Esq. of Mcdermott Will & Schulte LLP. Implex Advisors LLC serves as financial advisor to the Debtor, Raymond James & Associates, Inc. serves as investment banker, and Epiq Corporate Restructuring, LLC acts as claims and noticing agent. BUDDY MAC: Deadline for Panel Questionnaires Set for Dec. 12 ------------------------------------------------------------ The United States Trustee is soliciting members for committee of unsecured creditors in the bankruptcy cases of Buddy Mac Holdings, LLC, et al. If a party wishes to be considered for membership on any official committee that is appointed, it must complete a questionnaire available at https://tinyurl.com/59brxx7j and return by email it to Meredyth A. Kippes -- meredyth.kippes@usdoj.gov -- and Elizabeth A. Young -- Elizabeth.A.Young@usdoj.gov -- at the Office of the United States Trustee so that it is received no later than 4:00 p.m. Central Standard Time, on Friday, December 12, 2025. If the U.S. Trustee receives sufficient creditor interest in the solicitation, it may schedule a meeting or telephone conference for the purpose of forming a committee. About Buddy Mac Buddy Mac Holdings, LLC, dba Buddy's Home Furnishings, together with its affiliates, operates a rent-to-own retail business selling home furnishings, electronics, and appliances, allowing customers to make periodic payments with the option to complete purchase or return the product at any time. The Company began its rent-to-own operations in 2014 as a franchisee of Buddy's Home Furnishings and has expanded to operate 47 store locations across Arkansas, Florida, Illinois, Kansas, Missouri, New Mexico, Oklahoma, and Texas. It offers products under franchise agreements, with typical customer contracts spanning twelve to eighteen months. Buddy Mac and more than 40 of its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N. D. Texas, Lead Case No. 25-34839) on Dec. 4, 2025. In its petition, the Debtor reported estimated assets and liabilities of $10 million to $50 million. The petitions were signed by William Ian MacDonald as manager. The Debtors are represented by Kane Russell Coleman Logan PC. Epiq Corporate Restructuring LLC serves as claims and noticing agent to the Debtors. CABAL CONSTRUCTION: Court OKs Deal to Use Vox's Cash Collateral --------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of California approved the stipulation for use of cash collateral between Cabal Construction, Inc. and secured creditor Vox Funding. The stipulation governs how the Debtor may use the lender's cash collateral and provides terms for adequate protection. Under the court order, the Debtor is authorized to use Vox's cash collateral but only up to the amounts and for the specific purposes outlined in the budget. The authorization applies strictly to the budgeted operational needs identified by the parties. As adequate protection, the Debtor must make monthly payments to Vox. These include a $2,000 payment for November; another $2,000 payment due December 30; and $2,500 monthly payments due on the last day of each subsequent month. These payments are intended to compensate Vox for the Debtor's ongoing use of its collateral during the Chapter 11 case. A copy of the court order and the stipulation is available at https://is.gd/TJLAhy from PacerMonitor.com. About Cabal Construction Inc. Cabal Construction Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Calif. Case No. 25-04495) on October 31, 2025, with $100,001 to $500,000 in assets and liabilities. Judge Christopher B. Latham presides over the case. Jason E. Turner, Esq., at J. Turner Law Group, Apc represents the Debtor as bankruptcy counsel. CACHCOPA LLC: Gets Extension to Access Cash Collateral ------------------------------------------------------ The U.S. Bankruptcy Court for the Middle District of Florida, Fort Myers Division, entered a third interim order granting Cachcopa, LLC authority to use cash collateral. The third interim order signed by Judge Caryl Delano authorized the Debtor to use cash collateral to pay the amounts expressly authorized by the court; the expenses set forth in the budget, plus an amount not to exceed 10% for each line item; and the expenses specifically authorized to be paid by any secured creditor holding an interest in the cash collateral. This authorization will continue until further order of the court. As adequate protection, secured creditors will be granted post-petition replacement liens, perfected automatically with the same priority and validity as their pre-bankruptcy liens. The Debtor must also maintain required insurance on its property in accordance with loan and security agreements. The final hearing is scheduled for February 18, 2026. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/LCpcS from PacerMonitor.com. Funders APP, LLC and Bizfund.com, LLC may have a lien on the cash collateral of the Debtor by virtue of the UCC-1 financing statement filed with the Pennsylvania Department of State. Both are entitled to a post-petition lien. As of August 26, the Debtor owed $48,134 and $132,637.04 to Funders APP and Bizfund.com, respectively. The value of the Debtor's assets was $196,726.79 as of the petition date. Funders APP is represented by: Alan C. Hochheiser, Esq. Maurice Wutscher, LLP 23611 Chagrin Blvd., Suite 207 Beachwood, OH 44122 Telephone: (216) 220-1129 Facsimile: (216) 472-8510 ahochheiser@mauricewutscher.com About Cachcopa LLC Cachcopa, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-01657) on August 26, 2025, listing between $100,001 and $500,000 in assets and between $1 million and $10 million in liabilities. Judge Caryl E. Delano presides over the case. Erik Johanson PLLC represents the Debtor as bankruptcy counsel. CAREPOINT HEALTH: Fresenius Admin. Claims Payment Deadline Extended ------------------------------------------------------------------- Judge J. Kate Stickles of the United States Bankruptcy Court for the District of Delaware approved in its entirety the stipulation filed by CarePoint Health Systems Inc. d/b/a Just Chapter 11 Health Foundation and its debtor affiliates, and the Fresenius Medical Entities for entry of an order extending deadlines for payment of administrative expense claims of the Fresenius Medical Entities. The Court found and determined that the relief set forth in the Stipulation is in the best interests of the Debtors, their estates, their creditors and other parties in interest. The parties have agreed that the deadline for the Debtors to pay FME the total sum of $94,125.00 under a prior court order is extended to January 31, 2026. The deadline for the Debtors to pay FME the total sum of $431,886.24 under the succeeding order is extended to January 31, 2026. A copy of the Court's Order dated November 26, 2025 is available at https://urlcurt.com/u?l=2e6RyK from PacerMonitor.com. About CarePoint Health Systems Inc. d/b/a Just Health Foundation CarePoint Health -- https://www.carepointhealth.org/ -- brings quality, patient-focused health care to Hudson County. Combining the resources of three area hospitals, Bayonne Medical Center, Christ Hospital in Jersey City, and Hoboken University Medical Center, CarePoint Health provides a new approach to deliver health care that puts the patient front and center. CarePoint Health leverages a network of top doctors, nurses, and other medical professionals whose expertise and attentiveness work together to provide complete coordination of care, from the doctor's office to the hospital to the home. Patients benefit from the expertise and capabilities of a broad network of leading specialists and specialized technology. At CarePoint Health, all medical professionals emphasize preventive medicine and focus on educating patients to make healthy life choices. CarePoint Health Systems Inc., doing business as Just Health Foundation, and its affiliates filed voluntary petitions for relief under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-12534) on Nov. 3, 2024, with up to $1 million in assets and up to $50,000 in liabilities. Judge J. Kate Stickles oversees the cases. The Debtors tapped Dilworth Paxson LLP as legal counsel, Ankura Consulting as financial advisor, and Epiq Corporate Restructuring, LLC as claims and noticing agent and administrative advisor. CELANESE US: Moody's Rates New Senior Unsecured Notes 'Ba2' ----------------------------------------------------------- Moody's Ratings has assigned Ba2 rating to Celanese US Holdings LLC's (Celanese) proposed backed senior unsecured notes. The proceeds will be used to repay $130 million outstanding term loan due March 2027 and to fund a tender offer to purchase 6.665% Senior Notes due 2027 and 6.850% Senior Notes due 2028 up to $1 billion in principal amount and for general corporate purposes. Celanese's Ba2 Corporate Family Rating, Ba2-PD Probability of Default Rating and SGL-2 Speculative Grade Liquidity Rating remain unaffected by the notes issuance. The outlook is negative. RATINGS RATIONALE Moody's expects most of the issuance proceeds will be used to refinance Celanese's debt maturities, thus keeping its total debt largely unchanged at about $12.7 billion. Upon completion, the issuance of new notes and the repurchase of existing notes will enhance Celanese's financial flexibility and reduce its refinancing risk associated with approximately $3 billion of debt maturing within the next two years. On November 25, 2025, Moody's downgraded Celanese's ratings to Ba2 from Ba1 due to subdued earnings performance and slower-than-anticipated deleveraging amid a prolonged downturn, as well as significant debt maturities over the next two years. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Celanese' rating could be downgraded if the company fails to improve its earnings, generate at least $500 million of free cash flow and make progress on reducing debt leverage to below 5.0x in the next two years through a combination of free cash flow generation and asset divestures. A downgrade may also occur if liquidity weakens or if refinancing risk increases. Rating upgrade would require earnings improvement, debt leverage below 4.5x and free cash flow to debt over 6% on a sustained basis, as well as management's commitment to conservative financial policies. Maintaining a strong and competitive business profile with positive revenues growth and an over 20% EBITDA margin are also key factors for us to consider a rating upgrade. Celanese Corporation, headquartered in Irving, Texas, is a leading global producer of acetyls, vinyl acetate monomer, emulsions, acetate tow and engineered thermoplastics. Celanese acquired majority of DuPont de Nemours, Inc.'s (DuPont) M&M business in an all debt financed transaction in 2022. Sales are around $10-13 billion depending on commodity prices. Celanese US Holdings LLC is the main issuer of corporate debt and is a co-borrower under the credit facilities. The principal methodology used in these ratings was Chemicals published in October 2023. CHASE INTERMEDIATE: T. Rowe Price Marks $890,000 1L Loan at 73% Off ------------------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $890,000 loan extended to Chase Intermediate, LLC to market at $243,000 or 27% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to Chase Intermediate, LLC. The loan accrues interest at a rate of 8.91% per annum. The loan matures on October 30, 2028. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Company invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Company primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Company may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About Chase Intermediate, LLC Chase Intermediate, LLC offers industrial machinery and equipment. The Company operates in the United States. CHASE INTERMEDIATE: T. Rowe Price Virtually Writes Off $21.1MM Loan ------------------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $21,193,000 loan extended to Chase Intermediate, LLC to market at $1,350,000 or 6% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to Chase Intermediate, LLC. The loan accrues interest at a rate of 9.06% per annum. The loan matures on October 30, 2028. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Company invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Company primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Company may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About Chase Intermediate, LLC Chase Intermediate, LLC offers industrial machinery and equipment. The Company operates in the United States. CINEMARK HOLDINGS: Fitch Hikes LongTerm IDR to BB-, Outlook Stable ------------------------------------------------------------------ Fitch Ratings has upgraded the Long-Term Issuer Default Ratings (IDRs) for Cinemark Holdings, Inc. and Cinemark USA, Inc. (collectively Cinemark) to 'BB-' from 'B+'. Fitch has upgraded the senior unsecured debt to 'BB-' with a Recovery Rating of 'RR4' from 'B/RR5' and affirmed the senior secured debt at 'BB+/RR1'. The Outlook is Stable. The upgrade reflects Cinemark's improved operating and financial profile, with Fitch-calculated leverage expected to fall below 3x over the next 12-18 months. The rating incorporates Cinemark's robust liquidity position, leading market share, and disciplined cost management. Key constraints include dependence on studio film output and competitive pressures from alternative entertainment formats. The Stable Outlook reflects Fitch's expectation of continued box office recovery, approaching pre-pandemic levels and providing greater visibility into revenue stability. Key Rating Drivers Conservative and Disciplined Operator: Cinemark has proven to be a disciplined operator, managing post-pandemic and strike-related supply chain challenges through cost optimization, effective ticket pricing and improved concession revenue. Fitch notes that the company's strategic initiatives, including facility enhancements, have driven faster domestic box office recovery, with meaningful market share gains, resulting in significantly improved EBITDA and free cash flow (FCF) margins since fiscal 2022. Conservative management also supported repayment of its $460 million convertible notes and secured interest rate reductions on its outstanding variable debt. Improved Credit Metrics and Debt Maturity Runway: Fitch-calculated EBITDA and EBITDAR Leverage declined to 3.2x and 3.1x respectively, for LTM September 2025 from pandemic highs of 7.7x and 5.7x in FY22. Fitch anticipates EBITDA and EBITDAR leverage falling below 3x over the next 12-18 months as revenue grows and EBITDA margins expand. Following repayment of the convertible notes, Cinemark's earliest debt maturity is in 2028 for its $225 million RCF (undrawn as of September 2025) and $765 million senior notes. Strong Financial Flexibility: Cinemark's flexibility is supported by $461 million in cash and increased availability under its undrawn $225 million RCF (previously $125 million) as of September 2025. Fitch expects robust FCF generation in the mid to high single digits over the rating horizon. FCF should serve as a reliable source for shareholder returns, debt repayments and strategic investments. Highly Dependent on Studios Production: Cinemark's performance is highly reliant on the quality, quantity, and timing of film releases, factors outside of management's control that are a key constraint on ratings. Fitch believes the theatrical window remains integral to studios' business models, particularly for franchise and high-budget titles, supporting exhibitors' role in the content value chain. Consistent Capital Allocation: Cinemark maintains a conservative financial policy, targeting net leverage of 2x-3x while balancing strategic investments and shareholder returns. Cinemark reinstated dividend payments in 2025, following nearly five years of suspension, signaling management's positive outlook on long-term cash flow stability. Normalization of Film Output and Improved Operating Performance: Fitch expects high-single-digit revenue growth in fiscal 2025 to reflect a strong film slate, including tentpoles in 4Q25 like Zootopia, Wicked: For Good and Avatar: Fire and Ash. Thereafter, revenue is projected to moderate to the mid-single digits over the rating horizon as film output stabilizes, with 120-130 wide releases anticipated in FY26, approaching pre-pandemic levels. Fitch expects increased film output from major studios and streamers adopting hybrid release strategies should sustain box office recovery and support margin expansion. Diversification and Leading Market Position: Cinemark's ratings benefit from moderate geographic diversification and scale as the third-largest theater exhibitor in the U.S., with an established market presence in 13 Latin American countries. The company also has a dominant position in Latin America, especially in markets with strong moviegoing cultures. Video-Streaming Platform Competition: The theatrical film industry continues to experience competition from at-home distribution channels, including DTC streaming services owned by film studios and other out-of-home entertainment formats, with low switching costs. As part of their initial strategy to increase subscribers, these studios funneled certain films to their platforms, often bypassing theatrical exhibition. Over the past three years, studios have worked to normalize theatrical release schedules, acknowledging the economic importance of the theatrical window. Framework for Generative AI: Generative AI introduces both opportunities and risks for the film industry. However, its growing use raises concerns about job displacement and creative integrity, particularly among unions representing writers, actors, and technical staff. The risk of strained labor relations could lead to renewed strikes or work stoppages, disrupting production schedules and delaying theatrical release slates. Such disruptions would have second-order effects on exhibitors like Cinemark, whose revenue depends on a steady flow of new content. Peer Analysis Cinemark's closest publicly rated peer is Cineplex, Inc. (B/Negative). Cinemark benefits from significantly larger scale, broader geographic diversification across the U.S. and Latin America, and stronger liquidity, compared to Cineplex. AMC Entertainment Holdings, Inc. (AMC; Not rated) operates with higher leverage, reflecting its more aggressive capital structure and financial flexibility constraints. Cinemark's 'BB-' rating reflects expectations for Fitch-calculated leverage below 3.0x over the next 12-18 months, which compares favorably to Cineplex and AMC's higher leverage profiles. However, like its peers, Cinemark remains exposed to content supply risk and competitive pressures from alternative entertainment formats. Cinemark's competitive positioning is supported by its strong regional presence, premium offerings, and disciplined cost management, which underpin margin resilience. Unlike AMC, Cinemark has avoided highly dilutive capital actions and maintains a more conservative financial policy. While Cineplex benefits from adjacent businesses such as media and location-based entertainment venues, Cinemark's larger scale and operational efficiency provide greater stability and flexibility to navigate industry volatility. Fitch’s Key Rating-Case Assumptions - High single-digit revenue growth in fiscal 2025, driven by a strong film slate including tentpole titles in 4Q25. Growth is supported by strategic ticket pricing, particularly for premium format offerings, growth in concession revenue and ongoing recovery in attendance levels. Thereafter, Fitch expects mid-single-digit revenue growth to reflect increased film output from studios and streamers, and growth in alternative programming. - EBITDA margins to stabilize in the mid- to high-19% range over the rating horizon, driven by higher attendance and favorable pricing for tickets and concessions. This forecast reflects continued cost discipline and incremental margins from strongly performing movies. - Capex increases to $225 million for fiscal 2025 in line with management's guidance. Thereafter, capex intensity is maintained between 6.5% and 8%, primarily driven by maintenance costs, new builds and the enhancement of premium amenities in existing theaters. - Total lease expenses assumed to be 11.7% of revenue in line with historical trends. - Approximately $1.2 billion modeled for dividends and share repurchases over the rating horizon. - Base interest rates applicable to the company's outstanding variable-rate term loan, reflecting the current SOFR forward curve declining from 4.1% to 3.5% by fiscal 2028. - Fiscal 2028 maturities refinanced with new unsecured debt of similar size, pricing and tenor. Recovery Analysis The instrument ratings assignment of the Recovery Rating reflects the application of Fitch's Corporates Recovery Ratings and Instrument Ratings Criteria for 'BB' category issuers. The secured debt is rated 'BB+', two notches higher than Cinemark's IDR, supported by expected recoveries in the 'RR1' range. The senior unsecured bonds are upgraded to BB-/RR4, matching the IDR per the recovery rating scale for 'BB' category issuers. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA leverage sustained above 3.5x and EBITDAR leverage sustained above 4.0x; - Significant deterioration in Cinemark's liquidity position; - Increasing secular pressure, as illustrated by sustained declines in attendance or concession spending per patron. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - EBITDA leverage sustained below 2.75x and EBITDAR leverage sustained below 3.0x; - FCF margins sustained in the high single digits. Liquidity and Debt Structure Cinemark's liquidity comprises $465 million of cash and full availability under its $225 million RCF as of September 2025. Liquidity will be supported by strong FCF generation. As of Sept. 30, 2025, Cinemark had $2 billion debt outstanding comprised of a $634 million term loan maturing in 2030, $765 million senior unsecured notes maturing in 2028 and $500 million senior unsecured notes maturing in 2032. Issuer Profile Cinemark Holdings, Inc. is the third-largest U.S. theatrical exhibitor, operating 304 theaters across 42 states and 193 theaters in 13 Latin American countries. It is the leading exhibitor in Brazil and Argentina and the second largest in Chile and Colombia. Summary of Financial Adjustments Balance sheet lease liabilities are used as lease-equivalent debt starting in fiscal 2024, in accordance with Fitch's "Corporate Rating Criteria" dated Dec. 6, 2024. Prior years used an 8x multiple applied to lease expense for lease-equivalent debt. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. 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 ----------- ------ -------- ----- Cinemark Holdings, Inc. LT IDR BB- Upgrade B+ Cinemark USA, Inc. LT IDR BB- Upgrade B+ senior secured LT BB+ Affirmed RR1 BB+ senior unsecured LT BB- Upgrade RR4 B CITRIN COOPERMAN: Moody's Rates New $100MM Loan Due 2032 'B3' ------------------------------------------------------------- Moody's Ratings affirmed Citrin Cooperman Advisors LLC's (Citrin Cooperman) B3 corporate family rating and B3-PD probability of default rating. Moody's also affirmed its $225 million senior secured revolving credit facility expiring 2030, $895 million (as proposed, upsized from $775 million) senior secured term loan due 2032 and $50 million senior secured delayed draw term loan maturing 2032 at B3. Moody's also assigned a B3 rating to the proposed $100 million senior secured delayed draw term loan due 2032. The outlook is stable. Citrin Cooperman is a US professional services firm that offers tax, attest (audit), and advisory services to high net worth individuals and business clients. The net proceeds of the proposed $120 million incremental term loan will be used to pay a $100 million dividend and to repay revolver loans. The affirmation of the B3 CFR and stable outlook reflect Moody's anticipations for steady operating performance, including moderate revenue growth and expanding EBITDA margins, but also aggressive financial strategies, including the use of debt for acquisitions, leading us to expect debt/EBITDA sustained above 6x. An adequate liquidity profile featuring Moody's projections for low-single-digit percentage range free cash flow/debt and the fully available $225 million revolver provides additional support. RATINGS RATIONALE The B3 CFR reflects Citrin Cooperman's modest revenue size, regional geographic footprint in the US and niche market focus on wealthy individuals and small and medium-sized businesses compared to other accounting and consulting companies. Citrin Cooperman is smaller and offers fewer services and more limited areas of expertise than many other regional and national accounting firms against which it competes. All financial metrics cited reflect Moody's standard adjustments. While certain financial metrics reflect some pro forma adjustments related to acquisitions and financing activity, credit, profitability and free cash flow metrics are not adjusted for compensation expenses and anticipated cost savings, nor the costs to achieve them. After adjustments, Moody's estimates pro forma debt/EBITDA was approaching 7x for the twelve months ended September 30, 2025. The B3 CFR is supported by a steady and non-cyclical revenue stream from the tax and attest segments, which make up three-fourths of the revenue generated, high client and revenue retention rates and low client and partner revenue concentration. Moody's anticipates EBITDA-capital expenditures/interest above 2x, which is good compared to many other services issuers also rated in the B3 CFR category. The company can cut variable costs and preserve cash when cyclical pressure reduces revenue; therefore, Moody's expects profitability rates, including EBITDA margins around 18%, will be sustained throughout the business cycle. The B3 senior secured credit facility ratings are the same as the B3 CFR, reflecting the predominance of the credit facilities in Citrin Cooperman's debt capital structure. Citrin Cooperman Advisors LLC is a Delaware US LLC which provides financial statements. The credit facilities are guaranteed by each (generally US) of its direct and indirect subsidiaries. All guarantees are secured by the assets of the guarantor on a first-lien basis. Certain immaterial subsidiaries do not provide guarantees. Citrin Cooperman has entered into an agreement with Citrin Cooperman & Company, LLP, a consolidated variable interest entity that is a partnership, which performs traditional public and private accounting services consisting of performing attest services. Citrin Cooperman and Citrin Cooperman & Company, LLP operate in an alternative practice structure. An adequate liquidity profile, with Moody's expectations for positive free cash flow generation and the $225 million revolver and the proposed $100 million delayed draw term loan available over the next 12 to 15 months, provides support to the credit profile. Moody's expects the company to generate around $20 million of annual free cash flow, which will be able to cover approaching $10 million of mandatory annual term loan amortization. The revolver might be needed to fund seasonal cash needs (notably annual cash incentive compensation) and potential acquisitions. The tax and attest segments may also contribute to seasonality for Citrin Cooperman's revenue and free cash flow. There are no financial covenants applicable to the term loan. Access to the revolver is subject to maintaining maximum senior secured first-lien leverage below 8.75x, which is tested when the revolver is 40% of more drawn. Moody's expects that the company would be able to maintain an ample cushion under its financial covenant if it is tested over the next 12 to 15 months. Marketing terms for the proposed debts (final terms may differ materially) include the following: incremental pari passu debt capacity up to the greater of $170 million and 1x EBITDA, plus unlimited amounts subject to the greater of 5x net first-lien leverage and leverage neutral incurrence. There is an inside maturity sublimit up to the greater of $255 million and 1.5x EBITDA, plus debt incurred pursuant to the incremental general debt amount and in connection with permitted acquisitions and investments. 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 restricted payments covenant may be reallocated to incur debt. The stable outlook reflects Moody's expectations for low-to-mid single-digit organic revenue growth, high revenue and partner retention rates, debt/EBITDA above 6x and free cash flow/debt in a low single-digits percentage range over the next 12 to 18 months. The stable outlook also reflects Moody's anticipations of aggressive financial strategies, including for debt funded acquisitions. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Citrin Cooperman: 1) sustains debt/EBITDA below 6x; 2) expands profitability rates and improves its quality of earnings as integration and other non-recurring costs diminish, with EBITDA margins around 20%; 3) demonstrates and maintains balanced financial policies; and 4) maintains a good liquidity profile, with free cash flow/debt around 5%. The ratings could be downgraded if: 1) revenue growth or profitability rates decline, or if client or partner attrition rates worsen; 2) financial strategies become more aggressive, leading us to anticipate the company will sustain debt/EBITDA above 7x; 3) or liquidity deteriorates. 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. Citrin Cooperman, headquartered in New York City, serves about 25,000 clients across various industries and has 32 offices within the US and 2 in India. Moody's expects about $1 billion of revenue in 2026. CLEARSIDE BIOMEDICAL: U.S. Trustee Unable to Appoint Committee -------------------------------------------------------------- The U.S. Trustee for Region 3 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Clearside Biomedical, Inc. About Clearside Biomedical Inc. Clearside Biomedical, Inc. is a biopharmaceutical firm specializing in the development and commercialization of treatments for eye diseases. Clearside Biomedical Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-12109) on November 23, 2025. In its petition, the Debtor reports estimated assets of $1 million to $10 million and estimated liabilities of $50 million to $100 million. The Debtor is represented by Daniel J. DeFranceschi, Esq. COMMUNITY BRANDS: T. Rowe Price Marks $2.7MM 1L Loan at 94% Off --------------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $2,798,000 loan extended to Community Brands ParentCo, LLC to market at $176,000 or 6% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to Community Brands ParentCo, LLC. The loan accrues interest at a rate of 9.25% per annum. The loan matures on July 1, 2031. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Company invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Company primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Company may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About Community Brands ParentCo, LLC Community Brands ParentCo, LLC was the parent company for Community Brands, a technology company that provides software for associations, nonprofits, and schools. COMPLEMAR PARTNERS: Seeks to Extend Exclusivity to April 24, 2026 ----------------------------------------------------------------- Complemar Partners, Inc. and its affiliates asked the U.S. Bankruptcy Court for the Western District of New York to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to April 24, 2026 and June 24, 2026, respectively. This is Debtors' first request for an extension of the Exclusivity Period and Solicitation Period. Debtors respectfully submit that, to date, they have effectively administered all aspects of their complicated transition into chapter 11. The Debtors explain that an analysis of the various factors demonstrates that sufficient cause exists for extending the Exclusivity Period and Solicitation Period to April 24, 2026, and June 24, 2026, respectively. First, the size and complexity of this case warrant an extension of the Exclusivity Period and Solicitation Period. Extraordinary effort has been expended by Debtors in the administration of these Chapter 11 Cases to ensure a successful transition into chapter 11 and to implement a competitive sale process. Debtors are working tirelessly to formulate and obtain approval of bidding procedures in connection with a forthcoming sale of substantially all their assets in multiple lots. This includes, among other things, identifying, vetting, and negotiating terms of asset purchase agreements and working in tandem with Dorset to identify prospective buyers. Second, Debtors' significant progress to date in the Chapter 11 Cases justifies the requested extension of the exclusive periods. The Debtors have worked with their key constituencies on numerous issues and have made notable progress toward selling substantially all of their assets. In addition, Debtors continue to work with the U.S. Trustee, Five Star Bank, their creditors and other parties in interest to fashion an appropriate resolution of these Chapter 11 Cases. Of critical importance first, however, is the finalization of a 363 Sale and the determination of proceeds for distribution. Counsel to the Debtors: Sara Temes, Esq. Bond, Schoeneck & King PLLC 600 Third Avenue, 22nd Floor New York, NY 10016 Telephone: (646) 253-2300 Facsimile: (646) 253-2301 About Complemar Partners Complemar Partners, Inc., provides fulfillment, co-packing and kitting, and returns management services, leveraging technology and integrated solutions to support supply chain operations. Headquartered in Rochester, New York, the Debtor operates over 400,000 square feet of warehouse space, handling more than 680 million items annually and serving over 1,000 customers across more than 30 countries. It serves clients in e-commerce, health and beauty, subscription boxes, telecom, and wine and spirits industries. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. N.Y. Case No. 25-20610) on August 28, 2025, listing between $10 million and $50 million in assets and liabilities. David Van Rossum, chief executive officer, signed the petition. Judge Warren oversees the case. Sara C. Temes, at Bond, Schoeneck & King PLLC, is the Debtor's legal counsel. CONCORDE METRO: Seeks to Hire Christiansen Commercial as Broker --------------------------------------------------------------- Concorde Metro Seguros LLC seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to employ Christiansen Commercial Real Estate as co-broker. The Debtor needs a broker to market and sell its commercial office condominium units located within Metro Medical Center building at the Bayamon Municipality. The firm will receive a 6 percent commission of the property's sale price. Gabriel Mendez, a broker at Christiansen Commercial Real Estate, 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: Gabriel J. Mendez Christiansen Commercial Real Estate 250 Ave. Munoz Rivera Ste. 350 San Juan, PR 00918 About Concorde Metro Seguros Concorde Metro Seguros LLC is a single-asset real estate debtor, as defined in 11 U.S.C. Section 101(51B). The Company's primary business involves managing the Metro Medical Center in Bayamon, Puerto Rico, which serves as its principal asset. Concorde Metro Seguros LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 25-01269) on March 24, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Judge Mildred Caban Flores presides over the case. The Debtor is represented by Javier Vilarino, Esq. at Vilarino and Associates LLC. CPW CORP: Unsecured Creditors Will Get 16% of Claims in Plan ------------------------------------------------------------ CPW Corp. filed with the U.S. Bankruptcy Court for the District of Connecticut a Plan of Reorganization dated December 3, 2025. The Debtor operates a family friendly pizzeria at 625 Broad Street, New London, Connecticut, (the "Premises") known as "Pizzarama Drive-In." The restaurant has been family owned and operated since 1962, over 62 years, serving pizza, grinders, beer and wine in a casual atmosphere at an affordable price. The Debtor is a Connecticut corporation registered with the Connecticut Secretary of State and is wholly owned by Ocean 401 LLC, a Connecticut partnership. Irene Faraone is the president of the Debtor and the director of the board of directors. She is also the managing member of Ocean 401 LLC. The Debtor leases space at its Premises from George Dallas, Sr. (the "Landlord"), an individual who owns the subject and several contiguous commercial and residential properties in New London, Connecticut. On or about December 30, 2022, the Landlord and the Debtor executed a lease for the Premises for a term of five years, with four renewal options of five years each, together with a right of first refusal in favor of the Debtor to purchase all of the aforesaid properties if the same should be offered for sale. On or about May 19, 2025, the Landlord commenced an eviction proceeding in the Connecticut Superior Court in New London, alleging inter alia, a sum greater than owed, and demanding possession of the Premises and forfeiture of the Debtor's possessions and personal effects within the Premises. Dallas v. CPW Corp., Docket No. KNL-CV25-6075146-S (the "Eviction Action"). The Debtor contends that this was a clear attempt by the Landlord to appropriate the Debtor's business operations, which was made evident by the Landlord's creation of a business of the same name. A trial was scheduled to begin in the Eviction Action on Friday, September 5, 2025, at 9:30 a.m. Although the Debtor engaged in good faith negotiations (including, but not limited to, the offer to pay the original, though erroneous, amount claimed) throughout the issues with the Landlord, the goal posts kept moving with the Landlord. With a trial looming over the Debtor, the instant bankruptcy filing was required to preserve the restaurant as a going concern. The Plan Proponent's financial projections show that the Debtor will have projected disposable income for the period described in Section 1191(c)(2) of the Bankruptcy Code of approximately $292,670.74 in operating income over 3 years from the Effective Date. The final Plan payment is expected to be paid on or before January 31, 2029. Class 5 consists of General Unsecured Creditors. The allowed unsecured claims total $472,000. Based on the scheduled claims, and proof of claims filed by creditors, holders of allowed unsecured claims will receive a distribution of approximately 16% of the Face Amount of their claim, without interest. The Debtor has allocated up to $73,000, payable in installments to Holders of Allowed Unsecured Claims as provided for on the Plan financials. Class 6 consists of Interests. The Debtor is a Connecticut corporation that is wholly owned by 401 Ocean LLC. Its equity interest will continue to vest in 401 Ocean LLC. The Holder of the Class 6 Claim will not receive a distribution, except to the extent the Holder has an unsecured claim in Class 5. The Debtor intends to use operating income and such other support payments as it may be eligible for to fund the Plan. A full-text copy of the Plan of Reorganization dated December 3, 2025 is available at https://urlcurt.com/u?l=q3d9zd from PacerMonitor.com at no charge. Counsel to the Debtor: Jeffrey M. Sklarz, Esq. Joanna M. Kornafel, Esq. Michelle A. Antao, Esq. Green & Sklarz, LLC One Audubon St., 3rd Floor New Haven, CT 06511 Phone: (203) 285-8545 Fax: (203) 823-4546 Email: jsklarz@gs-lawfirm.com Email: jkornafel@gs-lawfirm.com Email: mantao@gs-lawfirm.com About CPW Corp. CPW Corp. operates in the restaurants industry. CPW Corp. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Conn. Case No. 25-20930) on September 4, 2025. In its petition, the Debtor reported up to $100,000 in assets and between $100,001 and $1 million in liabilities. Honorable Judge James J. Tancredi oversees the case. The Debtor is represented by Jeffrey M. Sklarz, Esq., at Green & Sklarz, LLC. CSAT SOLUTIONS: T. Rowe Price Marks $1.1MM 1L Loan at 27% Off ------------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $1,159,000 loan extended to CSAT Solutions Holding LLC to market at $850,000 or 73% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to CSAT Solutions Holding LLC. The loan accrues interest at a rate of 14.76% per annum. The loan matures on June 30, 2028. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Company invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Company primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Company may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About CSAT Solutions Holding LLC CSAT Solutions Holdings, LLC operates as a holding company. The Company, through its subsidiaries, provides integrated electronic and digital device diagnostics and repair solutions. CSAT Solutions Holdings serves customers in the United States. DCA OUTDOOR: Seeks to Extend Plan Exclusivity to March 26, 2026 --------------------------------------------------------------- DCA Outdoor, Inc. and its affiliates asked the U.S. Bankruptcy Court for the Western District of Missouri to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to March 26, 2026 and May 21, 2026, respectively. The Debtor filed a Motion to Sell Substantially All Assets Free and Clear of Lien(s) interest. The Debtor is diligently working with the various professional to sell assets and formulate a confirmable Chapter 11 Plan but needs additional time to do so. The Debtors believe that it may file a Chapter 11 Plan of Liquidation, but needs to be further along in the sale process to make its final determination. The Debtors explain that the extension of time for the filing of the Plan and Disclosure Statement and the extension of time for the exclusivity periods will not work a hardship on creditors and is in the best interest of all parties to allow Debtors time to work through the sale process and work with its financial advisor so that they can work to formulate the Debtor's Chapter 11 Plan. Counsel to the Debtor: Larry E. Parres, Esq. Lewis Rice LLC 600 Washington Ave., Suite 2500 St. Louis, MO 63101 Telephone: (314) 444-7600 Facsimile: (314) 612-7660 Email: lparres@lewisrice.com About DCA Outdoor, Inc. DCA Outdoor Inc. established in 2016, is a vertically integrated green industry organization headquartered in Kansas City, Missouri. The Company connects various sectors -- including agricultural production, landscape distribution, retail, agritourism, and transportation -- through its family of brands. The DCA Outdoor family comprises several brands including Schwope Brothers Tree Farms, Utopian Plants, RIO, Anna Evergreen, Brehob Nurseries, KAT Landscape, Colonial Gardens, PlantRight, PlantRight Supply, and Utopian Transport. DCA Outdoor Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Miss. Case No. 25-50053) on February 20, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $50 million and $100 million. Honorable Bankruptcy Judge Cynthia A. Norton handles the case. The Debtor tapped Larry E. Parres, Esq., at Lewis Rice LLC as counsel, and Creative Planning, LLC and its affiliate BerganKDV as audit and tax professionals. DENISE PROPERTY: Voluntary Chapter 11 Case Summary -------------------------------------------------- Debtor: Denise Property Management, LLC 5236 Ricker Road Jacksonville, FL 32210 Chapter 11 Petition Date: December 8, 2025 Court: United States Bankruptcy Court Middle District of Florida Case No.: 25-04539 Judge: Hon. Jacob A Brown Debtor's Counsel: Bryan K. Mickler, Esq. LAW OFFICES OF MICKLER & MICKLER, LLP 5452 Arlington Expy. Jacksonville FL 32211 Phone: (904) 725-0822 E-mail: bkmickler@planlaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Izhak Azulay as manager. 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/UOZZK3Y/Denise_Property_Management_LLC__flmbke-25-04539__0001.0.pdf?mcid=tGE4TAMA DEVIL'S CASK: Seeks Chapter 7 Bankruptcy in Texas ------------------------------------------------- On December 5, 2025, Devil's Cask Inc. filed for Chapter 7 protection in the Northern District of Texas. According to the court filing, the Debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. About Devil's Cask Inc. Devil's Cask Inc. is a Texas-based company operating in the beverage and spirits industry, focusing on the distribution and sale of alcohol products. Devil's Cask Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-44772) on December 5, 2025. In its petition, the Debtor reports estimated assets between $100,001 and $1,000,000 and estimated liabilities between $1 million and $10 million. Honorable Edward L. Morris handles the case. The Debtor is represented by Joyce W. Lindauer, Esq., of Joyce W. Lindauer Attorney, PLLC. DILIGENT CORP: T. Rowe Price Marks $2.5MM 1L Loan at 89% Off ------------------------------------------------------------ T. Rowe Price OHA Select Private Credit Fund has marked its $2,565,000 loan extended to Diligent Corporation to market at $276,000 or 11% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to Diligent Corporation. The loan accrues interest at a rate of 9.20% per annum. The loan matures on August 2, 2030. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Company invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Company primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Company may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About Diligent Corporation Diligent Corporation is a software as a service company that enables groups to share and collaborate information for board meetings. DKC ENTERPRISES: Seeks to Hire Hirschler Fleischer as Counsel ------------------------------------------------------------- DKC Enterprises, LLC, doing business as Henceforth, DC, seeks approval from the U.S. Bankruptcy Court for the District of Columbia to employ Hirschler Fleischer, PC as counsel. The firm will render these services: (a) advise the Debtor with respect to its rights, powers, and duties in operating its business and managing its property; (b) advise and consult on the administration of this Chapter 11 case; (c) appear before the Court and any appellate courts to represent the interests of the Debtor's estate; (d) draft all necessary or appropriate legal papers necessary or beneficial to the administration of the Debtor's estate; (e) represent the Debtor in connection with authority to use cash collateral; (f) advise the Debtor concerning assumptions, assignments, and rejections of executory contracts and unexpired leases; (g) advise the Debtor and take all necessary or appropriate actions to protect and preserve its estate; (h) attend meetings and negotiate with representatives of creditors and other parties-in-interest, as necessary; (i) prosecute avoidance proceedings; (j) advise the Debtor, prepare the necessary documentation and pleadings, and take all necessary or appropriate actions in connection with the Chapter 11 case, strategic transactions, employee relations, and other commercial matters; and (k) perform all other necessary legal services in connection with this Chapter 11 vase as may be required in connection with the administration of the Debtor's estate. The hourly rates of the firm's attorneys are as follows: Lawrence Katz, Esq. $665 Kristen Burgers, Esq. $560 Kollin Bender, Esq. $560 Allison Klena, Esq. $375 In addition, the firm will seek reimbursement for expenses incurred. Mr. Katz 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: Lawrence A. Katz, Esq. Hirschler Fleischer, PC 1676 International Drive, Suite 1350 Tysons, VA 22102 Telephone: (703) 584-8362 Email: LKatz@hirschlerlaw.com About DKC Enterprises LLC DKC Enterprises, LLC, doing business as Henceforth DC, operates a brewery and wine bar located at 1335 H Street NE in Washington, DC. It serves handcrafted beers, wines, and other beverages in a community-oriented venue that also hosts private events and social gatherings. DKC Enterprises sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.D.C. Case No. 25-00500) on October 30, 2025, with $3,073,243 in assets and $3,208,735 in liabilities as of September 30, 2025. Michael Spinello, managing member, signed the petition. Judge Elizabeth L. Gunn presides over the case. Lawrence A. Katz, Esq., at Hirschler Fleischer, PC represents the Debtor as counsel. DOCTORS PRACTICE: Seeks Chapter 11 Bankruptcy in Texas ------------------------------------------------------ On December 8, 2025, Doctors Practice Management Inc. sought Chapter 11 protection in the Southern District of Texas Bankruptcy Court. According to the filing, the Debtor reports between $10 million and $50 million in debt owed to roughly 100–199 creditors. About Doctors Practice Management Inc. Doctors Practice Management Inc. provides professional management and consulting services to healthcare practitioners, offering expertise in billing operations, practice administration, compliance, and financial management. Doctors Practice Management Inc. commenced its Chapter 11 case (Bankr. Case No. 25-90801) on December 8, 2025. In the petition, the Debtor disclosed estimated assets of $10 million to $50 million and estimated liabilities within the same range. Honorable Bankruptcy Judge Alfredo R. Perez oversees the case. The Debtor is represented by William James Hotze, Esq. of Dykema Gossett PLLC. DYNACQ HEALTCHARE: Seeks Chapter 11 Bankruptcy in Texas ------------------------------------------------------- On December 8, 2025, Dynacq Healthcare Inc. filed for Chapter 11 protection in the Southern District of Texas Bankruptcy Court. According to the court filing, the Debtor reports between $10 million and $50 million in debt owed to approximately 100–199 creditors. About Dynacq Healthcare Inc. Dynacq Healthcare Inc. is a healthcare services company specializing in medical care, patient support, and healthcare management solutions. Dynacq Healthcare Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-90798) on December 8, 2025. In its petition, the Debtor reports estimated assets of $10 million to $50 million and estimated liabilities in the same range. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. The Debtor is represented by Dominique Ashley Douglas, Esq. of Dykema Gossett. DYNAMIC STAR: Seeks Chapter 11 Bankruptcy to Stop Foreclosure ------------------------------------------------------------- Jonathan Randles of Bloomberg News reports that Dynamic Star LLC, the owner of the large-scale Fordham Landing development in the Bronx, has filed for Chapter 11 protection to stop a pending foreclosure sale. The December 1, 2025 filing comes just weeks after New York state officials committed $55 million toward infrastructure work for Fordham Landing South, which is expected to deliver roughly 900 affordable housing units. According to court papers, the overall development is divided into two components: Fordham Landing North, a long-term project requiring rezonings, and Fordham Landing South, which is further along in construction. Together, the projects aim to bring thousands of affordable units to the Harlem River waterfront. Project lenders include an affiliate of CREMAC Asset Management LLC, which had moved to foreclose on the developer's equity interests. Dynamic Star is also facing litigation from AECOM Tishman, the construction manager for the South project, which seeks payment for work performed. State funding has not yet been released, pending completion of due diligence, a person familiar with the matter said. The New York City Department of Housing Preservation and Development acknowledged awareness of the bankruptcy and expects an update from the developer, according to report. In court filings, co-founder Brad Zackson said Dynamic Star remains committed to advancing the project, projecting that affordable housing construction will begin in 2026 and arguing the plan aligns with New York's political priorities around affordability. The Chapter 11 filing has temporarily halted the foreclosure, allowing the company to preserve value while pursuing rezoning approvals and new investment. The case is Dynamic Star LLC, No. 25-23154, in the Southern District of New York. About Dynamic Star LLC Dynamic Star LLC and affiliaties are stock holding companies that own equity interests in major real estate development projects in the Bronx, New York. Dynamic and DS 1 hold all Class A membership interests in DS Fordham Landing 1 LLC, which owns the property at 320 West Fordham Road, while Fordham Sponsor and FLP collectively own DS Fordham Landing 2 LLC, DS Fordham Landing 4, and MDBZJGGS LLC, which hold properties at 2371, 2391 and 2401, and 2444 Exterior Street. These holdings, known collectively as Fordham Landing, are being developed as one of the largest new affordable housing projects in New York City in recent decades. Dynamic Star LLC and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-23154) on December 1, 2025. In its petition, the Debtor reports estimated assets and liabilities between $50 million and $500 million each. The Debtors are represented by Kevin Nash, Esq. of GOLDBERG WEPRIN FINKEL GOLDSTEIN LLP. EAD CONSTRUCTORS: Gets Final OK to Use Cash Collateral ------------------------------------------------------ EAD Constructors, Inc. received final approval from the U.S. Bankruptcy Court for the District of Nebraska to use cash collateral to fund operations. The court authorized the Debtor to use cash collateral retroactively from October 22 through January 16, 2026, with the possibility of extending this period through an agreed stipulation with Core Bank. The use of cash collateral must follow the approved stipulation and budget, including funding the carveout and other court-approved expenses. The Debtor is allowed a 10% variance from weekly budgeted line items to address timing and unexpected costs without further court approval. As adequate protection, Core Bank retains its security interest in post-petition cash collateral to the same extent, validity, and priority the bank had in cash collateral on the petition date. In addition, the Debtor must submit monthly operating reports and provide financial updates to the bank and the U.S. trustee. The final order is available at https://is.gd/leyFA6 from PacerMonitor.com. Core Bank is the only secured party the Debtor knows to claim an interest in the cash collateral as of the petition date. Its interest arises from a secured guaranty the Debtor executed to guarantee Engineering Automation & Design, Inc.'s $750,000 revolving loan; that company is the Debtor’s sole shareholder. As of October 17, the balance owed to Core Bank is $337,572.34, including interest. Core Bank is represented by: Michael F. Kivett, Esq. Walentine O'Toole, LLP 11240 Davenport Street Omaha NE 68154-0125 Phone: (402) 330-6300 Fax: (402) 330-6303 mfkivett@walentineotoole.com About EAD Constructors Inc. EAD Constructors, Inc., a company based in Omaha, Nebraska, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Neb. Case No. 25-81134) on October 21, 2025. At the time of the filing, the Debtor had estimated assets of between $100,001 and $500,000 and liabilities of between $10 million and $50 million. Judge Brian S. Kruse oversees the case. McGrath North Mullin & Kratz, PC, LLO serves as the Debtor's legal counsel. ELDER CONTRACTING: Seeks to Tap Michael Tafoya as Legal Counsel --------------------------------------------------------------- Elder Contracting, LLC seeks approval from the U.S. Bankruptcy Court for the District of Arizona to employ the Law Office of Michael G. Tafoya as counsel. The firm's services include: (a) advise the Debtor with respect to its powers and duties in the management of the estate; (b) take all necessary actions to recover preferences and collect receivables due to the Debtor; (c) represent the Debtor in connection with adversary proceedings which have been or will be instituted in this Court; (d) prepare on behalf of the Debtor necessary legal papers; and (e) perform all other legal services for the Debtor which may be necessary herein. The firm will be paid at these hourly rates: Michael Tafoya, Attorney $350 Paralegals $100 Mr. Tafoya disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Michael G. Tafoya, Esq. Law Office of Michael G. Tafoya 17535 N. Costa Brava Ave. Maricopa, AZ 85139 Telephone: (520) 450-0537 Email: michael.tafoya@gmail.com About Elder Contracting Elder Contracting, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-11296) on November 24, 2025. In the petition signed by Ramon J. Patino, member, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Hon. Eddward P. Ballinger Jr. oversees the case. The Debtor is represented by Michael G. Tafoya, Esq. ENGLEWOOD HOSPITALITY: Case Summary & 20 Top Unsecured Creditors ---------------------------------------------------------------- Two affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Englewood Hospitality LLC 25-22962 495 Sylvan Ave Englewood Cliffs, NJ 07632 Lefkes Delray LLC 25-22963 33 SE 3rd Avenue Suite 105 Delray Beach, FL 33483 Business Description: Englewood Hospitality LLC operates a restaurant in Englewood, New Jersey, and Lefkes Delray LLC runs a restaurant in Delray, Florida, with both participating in the full-service restaurant industry. Chapter 11 Petition Date: December 8, 2025 Court: United States Bankruptcy Court District of New Jersey Debtors' General Bankruptcy Counsel: Andreas Koutsoudakis, Esq. Robert L. Rattet, Esq. DAVIDOFF HUTCHER & CITRON LLP 605 Third Avenue 34th Floor New York, New York 10158 Tel: 212-557-7200 Email: aak@dhclegal.com Email: rlr@dhclegal.com Englewood Hospitality's Total Assets: $534,205 Englewood Hospitality's Total Liabilities: $1,308,989 Lefkes Delray's Total Assets: $1,000 Lefkes Delray's Total Liabilities: $682,933 The petitions were signed by Georgia Dumas as founder and managing partner. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/LSVODRY/Englewood_Hospitality_LLC__njbke-25-22962__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/WQOZSZY/LEFKES_DELRAY_LLC__njbke-25-22963__0001.0.pdf?mcid=tGE4TAMA ENNIS I-45: To Sell Ennis Property to Granite Lifestyles -------------------------------------------------------- Ennis I-45 11 Acre, LLC, seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas, Dallas Division, to sell Property, free and clear off liens, claims, interests, and encumbrances. The Debtor's real property is located at 590 S Interstate 45, Ennis, Texas 75119. The Debtor lacks the resources to continue its operations while satisfying ad valorem property taxes, paying interest on secured claims, and maintaining the property. To that end, the Debtor began marketing the property more than six months ago through its broker Marcus & Millichap Inc. Subject to the Court's approval, the Debtor has accepted an offer from Granite Lifestyles I, LLC for the Debtor’s Real Property and personal property related to operation. The Debtor, in an exercise of its business judgment, believes that the purchase and sale contemplated by the Asset Purchase Agreement is in the best interests of its estate. The Debtor obtained the offer from Granite Lifestyles I, LLC through a competitive and arm’s-length marketing process conducted over the course of several months by M&M. The cash consideration of $6,000,000 represents $270,000 more than the value of the Property after stabilization indicated by the appraisal report previously introduced into evidence in this case by Real Estate Holdings LLC (REH). It also reflects a significant premium over the other offers solicited. It is undoubtedly the highest and best offer for the Property that can practicably be obtained under the circumstances. The only foreseeable dispute regarding the proposed Sale Transaction is REH's assertion that it wants to credit bid on the Property. The Debtor seeks entry of the Proposed Order approving the sale of real property free and clear of all liens, claims, and other interests. The Debtor operates a luxury RV park at 590 S Interstate 45, Ennis, Texas 75119, within 30 miles of Dallas and less than a quarter mile from Buc-ee's on I-45. It offers 100 RV sites and amenities including a clubhouse, dog park, laundry facility, pool, and wireless internet access. The Property at issue is related to the RV Park. Within the first month of the chapter 11 case, the Debtor recognized that it may ultimately need to liquidate its assets. The Debtor’s revenue was not sufficient to maintain operations while also reserving funds for property taxes, paying interest on secured claims, and making necessary improvements to the Property to increase revenue. The Real Property is subject to the statutory liens of certain taxing authorities, the security interest of REH, and the security interest of Bay Point. About Ennis I-45 11 Acre Ennis I-45 11 Acre, LLC (doing business as Ennis Luxury RV Resort) is an upscale RV park located just outside of Dallas, Texas, in Ennis. Ennis I-45 sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-31219) on April 1, 2025. In its petition, the Debtor reported estimated assets of $1 million to $10 million and estimated liabilities of $10 million to $50 million. The petition was signed by John McGaugh as manager. Kyung S. Lee, at Shannon and Lee, LLP is the Debtor's legal counsel. Real Estate Holdings, LLC, as secured creditor, is represented by Marc W. Taubenfeld, Esq., at Munsch Hardt Kopf & Harr, P.C., in Dallas, Texas. Bay Point Capital Partners II, LP, as secured creditor, is represented by Jeff P. Prostok, Esq., Emily S. Chou, Esq., and J. Blake Glatstein, Esq., at Vartabedian Hester & Haynes, LLP, in Fort Worth, Texas. ETEGRA INC: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------- Debtor: Etegra, Inc. 4152 W Blue Heron Blvd. Suite 116 West Palm Beach, FL 33404 Business Description: Etegra is an architect-engineer firm that provides architecture, engineering, and construction management services primarily for the U.S. Department of Defense and other federal agencies, with additional civil, mechanical, electrical, plumbing, and fire protection engineering work for local public and private clients. The firm's capabilities include program and construction management, facility condition assessments, and specialized design services for secured facilities such as Sensitive Compartmented Information Facilities that must meet anti-terrorism and force- protection requirements. Etegra operates as a full-service 8(a) DBE/MBE provider, delivering technical planning and design services supported by licensed staff trained in energy-efficient and mission-specific project needs. Chapter 11 Petition Date: December 4, 2025 Court: United States Bankruptcy Court Southern District of Florida Case No.: 25-24345 Judge: Hon. Erik P Kimball Debtor's Counsel: Craig I. Kelley, Esq. KELLY KAPLAN & ELLER, PLLC 1665 Palm Beach Lakes Blvd The Forum - Suite 1000 West Palm Beach, FL 33401 Tel: 561-491-1200 E-mail: craig@kelleylawoffice.com Total Assets: $436,230 Total Liabilities: $6,765,257 The petition was signed by Achyut Kumar Allady as authorized representative of the Debtor. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/XEDPO3Y/Etegra_Inc__flsbke-25-24345__0001.0.pdf?mcid=tGE4TAMA EVERBRIDGE HOLDINGS: T. Rowe Price Marks $3.9MM 1L Loan at 61% Off ------------------------------------------------------------------ T. Rowe Price OHA Select Private Credit Fund has marked its $3,934,000 loan extended to Everbridge Holdings, LLC to market at $1,539,000 or 39% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to Everbridge Holdings, LLC. The loan accrues interest at a rate of 9.29% per annum. The loan matures on July 2, 2031. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Company invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Company primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Company may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About Everbridge Holdings, LLC Everbridge, Inc. operates as an enterprise software company. The Company provides applications that automate the delivery of critical information to help keep people safe and businesses running. Everbridge offers a software-as-a-service platform that deliver messaging to a large group of people during critical situations. FAMILY SOLUTIONS: Court OKs Sale of Franklin Property for $625K --------------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of North Carolina, Raleigh Division, has approved George F. Sanderson III, Chapter 11 Trustee of Family Solutions of Ohio Inc., to sell Property, free and clear of liens, claims, interests, and encumbrances. The property to be sold is all the bankruptcy estate’s rights, title, and interest in the real property bearing the description 88+/- acres-(2) parcels Julie McKnight Road, Kittrell, NC, Franklin County Parcel 010653 being 5.01 +/1 acres AND Vance County Parcel 0495 01009 being 83.94 acres. The Court has authorized the Trustee to sell the Property to Family Solutions of Illinois, Inc. as the winning bid for $625,000.00. After the auction, the Trustee and the Debtor entered a Sale Agreement for the Real Property. John A. Hopkins, Sr., the President and Board Chair of the Debtor prior to bankruptcy, executed the Sale Agreement on behalf of the Debtor. The Debtor paid a deposit of $62,500.00 in conjunction with the Sale Agreement, which deposit was collected by the Auctioneer. The Trustee's sale of the Property will be on an "As-Is” and “Where-Is" basis. The Trustee will not make warranty of any kind with respect to the Real Property. The Purchase Price being offered to the Trustee constitutes the highest and best offer the Trustee has or expects to receive and constitutes a purchase in good faith for fair value. The prompt sale of the Real Property free and clear of all Liens and Interests of the estate is necessary for the Trustee to fully liquidate the Debtor's assets, which is contemplated by the confirmed Plan. The proposed commission to Auctioneer is the amount of $28,750.00 is allowed. The Trustee is authorized to pay Country Boys Auction & Realty Co., Inc., $28,750.00 from the proceeds of the sale of the Property upon the closing of the sale of the Property. About Family Solutions of Ohio Family Solutions of Ohio, Inc. in Wake Forest, NC, filed its voluntary petition for Chapter 11 protection (Bankr. E.D.N.C. Case No. 24-03043) on Sept. 5, 2024, listing as much as $1 million to $10 million in both assets and liabilities. John Hopkins, Jr., vice president, signed the petition. Judge Pamela W. McAfee oversees the case. Hendren, Redwine & Malone, PLLC serves as the Debtor's counsel. George Sanderson III was appointed as trustee appointed in this Chapter 11 case. The trustee tapped The Sanderson Law Firm, PLLC and Hendren, Redwine & Malone, PLLC as bankruptcy counsel and Calfee, Halter & Griswold LLP as special purpose counsel. FAZELI PROPERTIES: Case Summary & 12 Unsecured Creditors -------------------------------------------------------- Debtor: Fazeli Properties LLC 37320 De Portola Road Temecula, CA 92592 Business Description: Fazeli Properties LLC is a single-asset real estate entity under 11 U.S.C. Section 101(51B) that engages in property management, real estate appraisal, and related support functions within the real estate services sector. Chapter 11 Petition Date: December 5, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-18771 Judge: Hon. Magdalena Reyes Bordeaux Debtor's Counsel: James E. Till, Esq. TILL LAW GROUP 120 Newport Center Dr Newport Beach CA 92660 Tel: (949) 524-4999 E-mail: james.till@till-lawgroup.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $1 million to $10 million The petition was signed by Bizhan Fazeli as managing member. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/L4VPQQY/FAZELI_PROPERTIES_LLC__cacbke-25-18771__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 12 Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Hanrahan, Debra & Dana $54,774 PO Box 9098 San Diego, CA 92169 Tel: (949) 702-1113 2. Lione, Kevin & Donna $54,774 32245 Via Arias Temecula, CA 92592 Tel: (951) 551-3496 3. Morell, Diana & Joe $54,774 11705 Thermal Dr La Mirada, CA 90638 Tel: (562) 755-2958 4. Carroll, Mike & Paula $27,387 43200 Alcalde Lane Temecula, CA 92590 Tel: (626) 374-4076 5. Chamberlain, Paul & Kendyl $27,387 42280 Calle Lagartija Temecula, CA 92592 Tel: (559) 906-7285 6. Chavez, Sharon & Ernie $27,387 6426 E. El Paseo St Long Beach, CA 90815 Tel: (562) 673-0460 7. Fazeli, Bizhan $27,387 36800 Avemoda Verde Temecula, CA 92592 Tel: (949) 632-3501 8. Gibson, Linda $27,387 3071 Mumford Ave Riverside, CA 92503 Tel: (951) 354-5262 9. Gore, Brad & Bonnie $27,387 35210 Via Laguna Winchester, CA 92596 Tel: (760) 310-7009 10. Heaton, Stan $27,387 29377 Rancho California Rd Suite 202 Temecula, CA 92591 11. McLaughlin, Jerry & Kat $27,387 32067 Sedge Way Temecula, CA 92591 Tel: (310) 658-8501 12. Sanderson, Steve & Ronda $27,387 42277 Calle Lagartija Temecula, CA 92592 Tel: (909) 721-1636 FIRST BRANDS: Rescue Loans Slide Amid Fresh Business Concerns ------------------------------------------------------------- Alicia McElhaney and Alexander Gladstone of The Wall Street Journal report that the market for First Brands Group's bankruptcy loans has tumbled in recent days as lenders grew increasingly concerned about the company’s deteriorating financial position, according to people familiar with the matter. A $1.1 billion senior loan, issued shortly after First Brands filed for Chapter 11 in September 2025, had been trading near par or higher at the start of the week but fell to around 90 cents on the dollar by Friday, December 5, 2025. Meanwhile, a junior bankruptcy loan declined sharply to roughly 20 cents on the dollar, sources said. Although First Brands has maintained most of its customer base, some sales channels have weakened since the bankruptcy filing. Investors holding the loan facilities have engaged with the company's new management and advisers to evaluate whether additional financing will be necessary to prevent further operational disruptions, according to report. Advisers have uncovered accounting irregularities, including roughly $2.5 billion in invoices sold to outside investors that are missing or show altered amounts, as well as repeated sales of the same invoices to multiple factoring parties. Lenders' counsel described the situation as funding a "black box," highlighting the challenges in verifying the company's previously reported revenue and earnings, the report states. 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. FOREST GOOD: Gets One-Month Extension to Use Cash Collateral ------------------------------------------------------------ Forest Good Eats, LLC received a one-month extension from the U.S. Bankruptcy Court for the Eastern District of North Carolina, Raleigh Division, to use cash collateral. The court issued its seventh interim order authorizing the Debtor to use cash collateral from December 1 to 31 to fund operations in accordance with its budget. The budget shows total operating expenses of $227,722.15 for the interim period. Several creditors potentially holding secured interests in the Debtor's cash or receivables include Gulf Coast Bank & Trust Company, Optimal Living, LLC, Rewards Network and the U.S. Small Business Administration. Each of these creditors will have a continuing post-petition lien on and security interest in all property of the Debtor and the proceeds thereof, with the same priority as its pre-bankruptcy lien. As additional protection, the court authorized payment of the $6,000 due to Gulf Coast Bank on December 22. The seventh interim order will remain effective until it is modified or terminated by further order; a trustee or examiner is appointed; the Debtor's Chapter 11 case is dismissed or converted; a notice of default is filed; or a subsequent order approving use of cash collateral is entered by the court. A further hearing is scheduled for December 16. About Forest Good Eats Forest Good Eats, LLC operates Real McCoy's, a restaurant and sports bar in Wake Forest, North Carolina. The establishment offers American cuisine and craft beer in a casual setting. Forest Good Eats sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-02018) on May 30, 2025. In its petition, the Debtor reported estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Judge David M. Warren handles the case. Joseph Zachary Frost, Esq., at Buckmiller & Frost, PLLC is the Debtor's legal counsel. Gulf Coast Bank & Trust Company, as secured creditor, is represented by: Lisa P. Sumner, Esq. Maynard Nexsen, PC 4141 Parklake Avenue, Suite 200 Raleigh, NC 27612 Telephone: (919) 573-7423 Facsimile: (919) 573-7454 LSumner@maynardnexsen.com FOREST MEADOWS: Updates Liquidating Plan Disclosures ---------------------------------------------------- Forest Meadows Holdings, LLC, submitted a Second Amended Disclosure Statement for the Second Amended Plan of Liquidation dated December 4, 2025. The Debtor has determined that a sale of the Property is the best course of action for Debtor, its estate, and creditors. Debtor filed an Application to Employ Real Estate Broker and the Bankruptcy Court entered the order approving the employment of Newmark. Newmark is marketing the Property and believes that Debtor will sell the Property for an amount sufficient to satisfy the Fannie Mae Loan. The Debtor satisfied the terms of the Disclosure Statement Order by filing this Amended Disclosure Statement on November 7, 2025 with the fully executed and binding Purchase and Sale Agreement (the "PSA") by and between Debtor and Shtar Holdings, Inc. (the "Buyer"). On November 25, 2025, the PSA was amended pursuant to the Amendment to Purchase and Sale Agreement (the "PSA Amendment"). The PSA Amendment changed the closing date of the sale of the Property to January 7, 2026 and extended Buyer's date by which it can terminate the PSA for any reason or no reason upon written notice delivered to Debtor on December 11, 2025 (the "PSA Termination Date"). If Buyer does not terminate the PSA on or before the PSA Termination Date, the Buyer's earnest money of $500,000.00 that is being held in escrow with Landmark Abstract Agency, LLC, the escrow agent under the PSA, shall not be refunded and shall belong to Debtor. To further facilitate the confirmation of the Plan, Debtor's guarantors, Mr. Castelli and Mr. Bryenton, have deposited into Debtor's counsel's IOLTA account $100,000 and $250,000, respectively, to fund any shortfalls under the Plan. Debtor asserts that the shortfalls under the Plan likely will be $287,238.69 before the receiving Fannie Mae's counsel's final attorneys' fees invoices. Debtor reserves the right to object to the reasonableness of the attorneys' fees. Further, Mr. Castelli and Mr. Bryenton provided financial account statements to Fannie Mae's counsel evidencing the availability of additional personal funds to cover any further shortfalls under the Plan. After the Confirmation Hearing through the Effective Date, FMI will remain the sole member of Debtor. On the Effective Date, Debtor will no longer have any assets and will no longer be an operating entity. The Equity Interests will have have de minimis, if any, value. The Plan defines the Effective Date as the sooner of the closing of the sale of the Property as described and defined in the PSA or January 7, 2026. The Debtor intends to liquidate its Property by selling the Forest Meadows Apartments, along with all personal property, on or before the Effective Date. Newmark marketed the Property and solicited the offer from Shtar Holdings, Inc. in the amount of $16,200,000 with a $300,000 credit for the repairs of the retaining walls on the Property (the "Purchase Price"). The Purchase Price exceeds the total Allowed Secured Claims on the Property. The Plan provides for one class of unsecured creditors: Class 3 consists of the Allowed Claims of General Unsecured Creditors that will be paid in a lump sum distribution on a pro rata basis from the Sales Proceeds remaining after satisfaction of the Class 1 and Class 2 Allowed Claims on the Effective Date. If there are no remaining Sales Proceeds or if Fannie Mae credit bids for the Property, the Guarantors shall pay $25,000.00 on a pro rata basis to Class 3 Allowed Claims. If Debtor does not sell its Property and Fannie Mae does not credit bid for the Property, Class 3 will not receive any distributions under the Plan. The Plan provides for the treatment of all secured, priority, and general unsecured claims, and retention of equity interests of Debtor. Like in the prior iteration of the Plan, each holder of an Allowed Unsecured Claim in Class 3 shall be entitled to receive such holder's pro rata share of the Sales Proceeds after payment of Allowed Claims described in Sections 4.01, 4.1, and 4.2 of this Amended Plan on the Effective Date. If the Sales Proceeds are not sufficient to provide for a Distribution to Class 3, the Guarantors shall pay the Class 3 Allowed Claims on pro rata basis from a $25,000 contribution. The Distribution will be paid as a one-time lump-sum payment. The Distributions contemplated by the Plan shall be made from the Sales Proceeds and the Guarantors Contributions. Administrative Claims shall be paid from the Sales Proceeds on the Effective Date or from the Guarantors Contribution on the Effective Date. A full-text copy of the Second Amended Disclosure Statement dated December 4, 2025 is available at https://urlcurt.com/u?l=LQcFFu from PacerMonitor.com at no charge. Counsel to the Debtor: ROUNTREE LEITMAN KLEIN & GEER, LLC Ceci Christy, Esq. Century Plaza I 2987 Clairmont Road, Suite 350 Atlanta, Georgia 30329 (404) 584-1238 Telephone Email: cchristy@rlkglaw.com About Forest Meadows Holdings Forest Meadows Holdings, LLC owns and operates a 196 unit residential apartment project located at 746 Garden Walk Boulevard, College Park, Georgia 30349 commonly known as Forest Meadows (the "Property"). The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-54944) on May 5, 2025. At the time of the filing, Debtor had estimated assets of between $10,000,001 and $50 million and liabilities of between $10,000,001 and $50 million. Judge Lisa Ritchey Craig oversees the case. Rountree Leitman Klein & Geer, LLC is Debtor's legal counsel. FREEDOM MORTGAGE: Moody's Rates New $500MM Unsecured Notes 'B2' --------------------------------------------------------------- Moody's Ratings has assigned a B2 rating to Freedom Mortgage Holdings LLC's (Freedom) proposed $500 million backed senior unsecured notes due in 2031. In addition, Moody's have affirmed Freedom's B1 corporate family rating and B2 backed senior unsecured debt rating on existing debts. Moody's have also affirmed the B2 long-term issuer rating of Freedom Mortgage Corporation, Freedom's primary operating company. The issuers' outlooks remain stable. RATINGS RATIONALE The B2 rating assigned to the proposed senior unsecured notes, one notch below the company's B1 CFR, is based on the debt's priority of claim and strength of asset coverage. The rating is also based on Moody's expectations that the company's to maintain the ratio of secured debt associated with mortgage servicing rights (MSRs) and secured corporate debt to total corporate debt below 50%; the company's secured debt ratio was 50% as of September 30, 2025. Proceeds from the issuance will be used to pay down secured debt. Freedom's B1 CFR reflects the company's strong position in the US residential mortgage origination and servicing market and its strong capitalization, with tangible common equity to adjusted tangible managed assets of 25.1% as of September 30, 2025. The company is the sixth largest servicer of owned mortgage servicing, which provides predictable and recurring servicing revenue. Key credit challenges include the company's weaker-than-average profitability and, like most rated non-bank mortgage companies, its high reliance on confidence-sensitive secured funding to finance loan originations, resulting in elevated refinancing risk. With modest levels of unencumbered assets, the company's alternative financing options are limited, particularly during times of stress. Despite maintaining a strong capital ratio, as measured by tangible common equity to adjusted tangible managed assets of 25.1% as of September 30, 2025, the quality of Freedom's capitalization is somewhat weaker than rated non-bank mortgage companies because the company has a higher proportion of MSRs to equity. Freedom has grown its MSR portfolio rapidly in the past two years, from $452 billion unpaid principal balance (UPB) as of December 31, 2022 to $678 billion as of September 30, 2025, mainly through bulk MSR acquisitions. MSR assets exhibit a substantial level of volatility because their values are highly sensitive to changes in interest rates. Freedom does not hedge its MSRs, which has resulted in profitability that is somewhat weaker than rated peers. Moody's expects that, with mortgage rates to decline modestly, Freedom will be able to recapture refinance opportunities to partially offset the decline in MSR values. The stable outlook reflects Moody's expectations that over the next 12-18 months, the company's profitability will be modest, capitalization strong, and funding and liquidity largely unchanged. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Freedom: 1) strengthens its profitability, as reflected in through-the-cycle core net income to assets (ROA) of above 3.0%, and 2) maintains strong capitalization, as demonstrated by tangible common equity to adjusted tangible assets of around 25%. The ratings could be downgraded if Freedom's: 1) financial performance deteriorates; for example, if Moody's expects the company's tangible common equity to adjusted tangible managed assets to decline and remain below 20%; or 2) profitability weakens such that through-the-cycle average ROA is below 2.0%. The principal methodology used in these ratings was Finance Companies published in July 2024. Freedom's "Assigned Standalone Assessment" score of b1 is set three notches below the "Financial Profile" initial score of ba1 to reflect Moody's expectations of future profitability and capital trends, and Moody's assessments of the company's financial policy. FTX TRADING: Court Backs Slash of $800MM in Chapter 11 Claims ------------------------------------------------------------- Rick Archer of Law360 reports that a federal appellate judge has affirmed a Delaware bankruptcy court ruling that rejected roughly $800 million in claims against failed cryptocurrency exchange FTX, concluding that the digital assets underlying those claims held virtually no value. The appellate decision supports the bankruptcy judge's view that the claims were inflated because the crypto tied to them had become essentially worthless. The ruling marks a significant win for the FTX estate as it works through its Chapter 11 case, narrowing the pool of liabilities and clearing the way for a more streamlined claims process. Creditors seeking compensation tied to the disputed crypto assets will receive little to no recovery under the court’s determination, 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. GLENWOOD GFB: Seeks to Hire Barr & Morgan as Special Counsel ------------------------------------------------------------ Glenwood GFB, LLC seeks approval from the U.S. Bankruptcy Court for the District of Colorado to employ Barr & Morgan as special counsel. The firm will represent the Debtor in matters relating to the claims of Offen Petroleum in the lawsuit entitled Offen Petroleum v. Grace Royals, Inc., Case No. 2024CV33355, including but not limited to an adversary proceeding to determine the extent, validity and priority of Offen's lien and other claims, and any related matters including appeal of orders entered and related thereto. The firm's attorneys will be paid at these hourly rates: John Morgan, Attorney $510 Xenia Aguirre, Attorney $310 Mr. Morgan 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: John J. Morgan, Esq. Barr & Morgan 2777 Summer St. Stamford, CT 06905 About Glenwood GFB LLC Glenwood GFB, LLC operates a gas station on leased property at 1304 Grand Avenue, Glenwood Springs, Colorado. Glenwood GFB filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No. 25-17389) on November 11, 2025, listing between $50,001 and $100,000 in assets and between $1 million and $10 million in liabilities. Mark Dennis, a certified public accountant at SL Biggs, serves as Subchapter V trustee. Judge Kimberley H. Tyson handles the case. The Debtor tapped David J. Warner, Esq., at Wadsworth Garber Warner Conrardy, PC as bankruptcy counsel and Barr & Morgan as special counsel. GLUTALITY GLOBAL: Gets Interim OK to Use Cash Collateral -------------------------------------------------------- Glutality Global Holdings, LLC and its affiliates received interim approval from the U.S. Bankruptcy Court for the Southern District of Florida to use cash collateral. The court authorized the Debtors to use cash collateral through December 16 in accordance with their budget. Unless otherwise authorized by further court order or consent from their lender, the Debtors may exceed the expenditures provided for in the budget by no more than 10% per line item or 10% in total expenses. The Debtors' budget projects total operational expenses of $350,226. As adequate protection for the Debtors' lenders, the court granted them valid, perfected post-petition liens and security interests in the Debtors' post-petition cash receipts, maintaining the same priority as any valid pre-bankruptcy liens. The replacement liens are automatically valid and perfected without additional filings and are subordinated only to U.S. Trustee fees, court costs, and approved professional fees. The interim order is available at https://is.gd/7R3pBA from PacerMonitor.com. The next hearing is scheduled for December 16. In May 2023, lenders led by Advantage Capital Management, LLC extended $20 million in term loans and up to $5 million in revolving credit to the Glutality Group, taking blanket liens on the Debtors' assets and equity pledges. Global Holdings is the borrower, with the debt guaranteed by its subsidiaries, Sam Health and Welco, and its parent, Glutality Master Holdings LLC. In September 2023, Global Holdings began defaulting, and Insulin Care, as successor-in-interest, foreclosed on the senior secured debt. As of the petition date, the Debtors owed $2.02 million to Insulin Care. About Glutality Global Holdings Glutality Global Holdings, LLC and its affiliated companies operate in the healthcare technology and services sector, focusing on diabetes care and remote patient monitoring. The group integrates medical devices such as glucometers, scales, and blood pressure cuffs with its cloud-based Diabetes Management Platform to enable at-home monitoring using patient-generated health data. Headquartered in Boca Raton, Florida, the companies provide healthcare solutions across the United States through a network of affiliated provider entities. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Lead Case No. 25-22984) on October 31, 2025. In the petition signed by Anu Pardeshi, chief restructuring officer, lead Debtor Glutality Global Holdings, LLC disclosed $0 in assets and $2,677,722 in liabilities. Sam Health, LLC listed $1,274,564 in assets and $3,192,539 in liabilities. Welco Track Services listed $0 in assets and $2,018,975 in liabilities. Stride Slim, LLC listed $23 in assets and $0 in liabilities. Glutality Provider Group, PA listed $1,136,839 in assets and $495,947 in liabilities. Judge Mindy A. Mora presides over the cases. Aaron A. Wernick, Esq., at Wernick Law, PLLC represents the Debtors as bankruptcy counsel. GOL LINHAS: Third-Party Release, Injunction Stricken from Plan -------------------------------------------------------------- Judge Denise Cote of the United States District Court for the Southern District of New York reversed the May 21, 2025 Confirmation Order issued by the United States Bankruptcy Court for the Southern District of New York in the bankruptcy case of Gol Linhas Aereas Inteligentes S.A. and the third-party release and corresponding injunction are stricken from the Plan. This case is remanded for further proceedings. On May 20, 2025, GOL Linhas Aereas Inteligentes S.A. , a Brazilian airline, and its affiliated debtors and debtors in possession filed the Fifth Modified Third Amended Joint Chapter 11 Plan of Reorganization. On December 9, the Debtors proposed a plan of reorganization and a disclosure statement. The proposed plan and disclosure statement included provisions establishing that creditors would release all related claims against the Debtors unless they affirmatively opted out from doing so. On December 16, the United States Bankruptcy Court ordered briefing on issues related to these third-party non-debtor releases, noting that caselaw has been split on permissible methods to establish consent to the granting of third-party releases both before and particularly after the Supreme Court's 2024 decision in Harrington v. Purdue Pharma L.P. In its briefing, the UST argued that the proposed opt-out mechanism was insufficient under state law to establish a creditor's implied consent to the third-party release. On March 20, 2025, the Bankruptcy Court rejected the UST's argument and approved the proposed disclosure statement, as well as the solicitation procedures (to which no party objected). On May 20, the Debtors filed the Plan. The Plan, and every prior version of the Plan, contained a third-party release provision. In general terms, Article IX.E, the Plan's third party release provision, links the released claims to the bankruptcy proceeding, the Debtors, and financial transactions related to the bankruptcy. On May 21, the Bankruptcy Court overruled the UST's objection and entered the Confirmation Order approving the Plan. The Bankruptcy Court concluded that federal, not state law, applies to determine whether a third-party release was consensual, citing the approach taken in a Fifth Circuit opinion and other Bankruptcy Court opinions. The Court held that the third-party releases were consensual because the creditors impliedly consented to the release by consenting to the bankruptcy court's jurisdiction; the third-party claims released affect the res of the debtor's estate; and there was adequate service of process of the releases, given the opt-out response rate. On June 2, the United States Trustee filed a notice of appeal challenging the Plan's third-party release and related injunction provisions. In the alternative, the UST sought a stay of the Confirmation Order in the event that the Debtors take the position that the third-party releases and injunction provisions are non-severable from the rest of the Plan. The UST filed its opening brief on July 14, contending that the Bankruptcy Court erred by failing to apply state contract law to determine whether the creditors consented to the third-party releases and that, under state law, the creditors' failure to opt out does not imply consent. However, the Debtors claim that federal law governs whether the third-party releases are consensual –- but, even if state law were to apply, the creditors who failed to opt out impliedly consented to the releases under well-recognized exceptions. The District Court finds the Debtors fail to establish that the third-party releases in this case are consensual under state law. According to Judge Cote, "Here, the same general principles of contract law apply under both federal and state law, so there is no conflict. Those principles indicate that the third-party releases at issue here are nonconsensual and, thus, barred by the Supreme Court in Purdue." The UST's June 2 appeal is granted. A copy of the Court's Opinion and Order dated December 2, 2025, is available at https://urlcurt.com/u?l=pHFhKR from PacerMonitor.com. For appellant William K. Harrington, United States Trustee for Region 2: Linda A. Riffkin, Esq. Annie Wells, Esq. Rachael E. Siegel, Esq. Andrew D. Velez-Rivera, Esq. Department of Justice OFFICE OF THE UNITED STATES TRUSTEE One Bowling Green, Room 534 New York, NY 10004 - and - Ramona D. Elliott, Esq. Beth A. Levene, Esq. Frederick Gaston Hall, Esq. Department of Justice EXECUTIVE OFFICE FOR UNITED STATES TRUSTEES 441 G Street, NW, Suite 6150 Washington, DC 20530 For appellees Debtors and Debtors-in-Possession: Andrew M. Leblanc, Esq. Erin E. Dexter, Esq. MILBANK LLP 1101 New York Avenue, NW Washington, DC 20005 E-mail: aleblanc@milbank.com edexter@milbank.com - and - Evan R. Fleck, Esq. Lauren C. Doyle, Esq. Bryan V. Uelk, Esq. MILBANK LLP 55 Hudson Yards New York, NY 10001 E-mail: efleck@milbank.com ldoyle@milbank.com buelk@milbank.com For appellees Ad Hoc Group of Abra Noteholders and DIP Lenders: Allan S. Brilliant, Esq. Gary J. Mennitt, Esq. Eric O. Hilmo, Esq. Dechert LLP 1095 Avenue of the Americas New York, NY 10036 E-mail: allan.brilliant@dechert.com gary.mennitt@dechert.com eric.hilmo@dechert.com About Gol Linhas GOL Linhas Aereas Inteligentes S.A. provides scheduled and non-scheduled air transportation services for passengers and cargo; and maintenance services for aircraft and components in Brazil and internationally. The company offers Smiles, a frequent flyer program to approximately 20.5 million members, allowing clients to accumulate and redeem miles. It operates a fleet of 146 Boeing 737 aircraft with 674 daily flights. The company was founded in 2000 and is headquartered in Sao Paulo, Brazil. GOL Linhas Aereas Inteligentes S.A. and its affiliates and its subsidiaries voluntarily filed for Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 24-10118) on Jan. 25, 2024. GOL Linhas estimated $1 billion to $10 billion in assets as of the bankruptcy filing. The Debtors tapped Milbank LLP as counsel, Seabury Securities LLC as restructuring advisor, financial advisor and investment banker, Alixpartners, LLP, as financial advisor, and Hughes Hubbard & Reed LLP as aviation related counsel. Kroll Restructuring Administration LLC is the Debtors' claims agent. GRACE LIMOUSINE: Gets Final OK to Use Cash Collateral ----------------------------------------------------- Grace Limousine, LLC received final approval from the U.S. Bankruptcy Court for the District of New Hampshire to use cash collateral to fund operations. The court authorized the Debtor to use cash collateral through January 31, 2026, in accordance with its budget. Use of cash collateral is capped at 125% of the budgeted expenditures, and payments to critical vendors require a separate court order. Pre-bankruptcy lienholders will be granted adequate protection liens on all assets of the Debtor except avoidance action proceeds, with the same priority as their pre-bankruptcy liens. In case such liens do not fully protect against any diminution in the value of their collateral, the lienholders may assert Section 507(b) administrative claims. If the Debtor seeks to use cash collateral after January 31, 2026, it must file and serve a proposed continued final order and budget by January 16, 2026. Objections are due by January 23, 2026, and the continued final hearing is set for January 28, 2026. A copy of the final order and the Debtor's budget is available at https://shorturl.at/8GiDT from PacerMonitor.com. Based on its review of its records and financing statements filed with the New Hampshire Secretary of State, Grace Limousine believes that these lienholders may assert an interest in the cash collateral as of the petition date: The Provident Bank, Mollica, Inc., ODK Capital, LLC, Celtic Bank Corporation/BlueVine Inc., and the U.S. Small Business Administration. The Debtor and Provident entered into a series of loan transactions, which comprised of a term loan ($414,000), term loan (vehicles) ($508,200), term loan (acquisition) ($1.8 million), equipment line of credit ($300,000), and revolving demand note ($100,000). The Debtor's obligations are secured by all or substantially all of its assets, including cash collateral. Additionally, the Debtor obtained a $1.8 million commercial loan from Mollica, a $500,000 loan from the SBA, and a $50,000 loan from ODK. About Grace Limousine LLC Grace Limousine LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.H. Case No. 25-10775) on November 3, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Kimberly Bacher handles the case. The Debtor is represented by Matthew J. Delude, Esq. of Bernstein, Shur, Sawyer & Nelson, PA. GRACE ROYALS: Seeks to Hire Barr & Morgan as Special Counsel ------------------------------------------------------------ Grace Royals, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Colorado to employ Barr & Morgan as special counsel. The firm will represent the Debtor in matters relating to the claims of Offen including but not limited to an adversary proceeding to determine the extent, validity and priority of Offen's lien and other claims, and any related matters including appeal of orders entered and related thereto. The firm's professionals will be paid at these hourly rates: John Morgan, Attorney $510 Xenia Aguirre, Attorney $310 Mr. Morgan 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: John J. Morgan, Esq. Barr & Morgan 2777 Summer St. Stamford, CT 06905 About Grace Royals Inc. Grace Royals, Inc., doing business as Evans Fast Break and Kersey Supermarket, is a Colorado-based company that operates convenience stores and gas stations at leased properties in Evans and Kersey, Colorado. It holds leasehold interests in these locations and conducts retail fuel and grocery sales to local customers. Grace Royals filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No. 25-17391) on November 11, 2025, listing between $100,001 and $500,000 in assets and between $1 million and $10 million in liabilities. Mark Dennis, a certified public accountant at SL Biggs, serves as Subchapter V trustee. Judge Kimberley H. Tyson presides over the case. The Debtor tapped David J. Warner, Esq., at Wadsworth Garber Warner Conrardy, PC as bankruptcy counsel and Barr & Morgan as special counsel. GREATFENCE.COM INC: Seeks Chapter 7 Bankruptcy in Texas ------------------------------------------------------- On December 5, 2025, GreatFence.com Inc. filed for Chapter 7 protection in the Southern District of Texas. According to court filing, the Debtor reports between $100,001 and $1,000,000 in debt owed to 50-99 creditors. About GreatFence.com Inc. GreatFence.com, Inc. provides comprehensive fencing services in Texas, from material supply to professional installation. The company offers diverse fencing options such as wood, vinyl, ornamental metal, and chain-link, while also assisting customers with design, site planning, and maintenance. GreatFence.com caters to both residential and commercial clients, aiming to deliver long-lasting and tailored fencing solutions. GreatFence.com Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-37426) on December 5, 2025. In its petition, the Debtor reports estimated assets in the range of $0-$100,000 and estimated liabilities in the range of $100,001-$1,000,000. Honorable Judge Jeffrey P. Norman handles the case. The Debtor is represented by Joseph G. Epstein, Esq. GRESHAM WORLDWIDE: Court Okays Post-Confirmation Plan Modifications ------------------------------------------------------------------- Judge Scott H. Gan of the United States Bankruptcy Court for the District of Arizona granted the motion to approve post-confirmation plan modifications and request for related relief filed by Gresham Worldwide, Inc. On June 10, 2025, Debtor filed its Plan of Reorganization dated June 10, 2025. On August 29, 2025, the Court entered the Order Confirming Debtor's First Amended Plan of Reorganization. As of October 1, 2025, Debtor had partially performed under the Plan, but the Plan was not substantially consummated because, among other things, Debtor had not fully secured the entirety of the Exit Financing from Ault, the terms of which were modified to accommodate the timing of payments due to creditors and the availability of funds from Ault, and Debtor had not yet cancelled its outstanding shares or reissued the New Equity to Ault pending its performance of the Exit Financing. On October 23, 2025, and with the consent and cooperation of the Committee, Debtor filed the instant Motion, seeking to approve post-confirmation, non-material plan modifications to reflect the updated terms of Exit Financing that Debtor was able to secure from Ault after the Confirmation Order was entered. The Court finds that the modification meets the requirements of 11 U.S.C. Secs. 1122 and 1123, as the Plan already met such requirements and the modification does not alter, amend, or modify the requirements of 11 U.S.C. Secs. 1122 and 1123. The Court further finds that additional disclosure or re-solicitation of votes is not necessary under 11 U.S.C. Sec. 1127(c) because the modification does not materially adversely affect any creditor previously voting in favor of the Plan. The Court further finds that notice of the Motion is sufficient under the circumstances and further notice is waived. The Court further finds that approval of the Amended Plan is in the best interest of the estate and reflects the reasonable exercise of Debtor's business judgment consistent with its fiduciary duties to its creditors. The Amended Plan shall operate as Debtor's confirmed plan of reorganization. The Amended Plan shall be deemed modified by this order to provide that Ault's Class 3 claim may be issued the preferred shares portion of its equity after the Effective Date and on a date agreed between Ault and the Reorganized Debtor. As reported by the Troubled Company Reporter on June 25, 2025, Gresham Worldwide, Inc., submitted a Disclosure Statement describing First Amended Plan of Reorganization dated June 10, 2025. The Plan proposes the reorganization of Debtor and distributions to creditors in accordance with the priorities set forth in the Bankruptcy Code and as agreed under the Plan. In a nutshell, the Plan contemplates repayment of all Allowed Claims in full over the Plan Period, and after the resolution of any claims objections or other litigation disputes with Debtor's senior secured creditor, Arena Investors, LP on behalf of itself and pari passu senior secured creditor Walleye Opportunities Master Fund, Ltd. Since the Filing Date, Debtor has actively worked to effectuate management changes, streamline its businesses, shed unprofitable divisions and Subsidiaries, and improve its cash flow, including cash flow controls between and among its Subsidiaries. Debtor has worked to secure the Exit Financing from Ault and negotiate the terms of the Plan with Ault, Arena, and the Committee, among others. During the Case, the Bankruptcy Court granted Debtor authority to borrow funds on an unsecured basis from Ault Lending, LLC ("Ault Lending"). The Ault Lending DIP Loan provides for an unsecured credit facility of up to an aggregate principal amount of $1,850,000 ("DIP Loan"). As of June 1, 2025, Ault Lending had advanced approximately $1,385,000 to Debtor under the DIP Loan. Prior to confirmation of the Plan, Debtor estimates that it will require additional advances under the DIP Loan. The DIP Loan has since been acknowledged to be subordinated to Arena and Walleye under the terms of the Subordination Agreement, and the Plan has been structured to honor the Subordination Agreement for the benefit of all Claim holders by deferring repayment of the DIP Loan until after all Allowed Claims have been paid in full. Recently, Debtor and Arena have reached an agreement to compromise and settle their disputes in the Arena Litigation pursuant to a Settlement Agreement approved by the Bankruptcy Court on or about June 17, 2025, a copy of which is attached as Exhibit B and incorporated herein by this reference (the "Arena Compromise"). The removed Arena Litigation remains pending and stayed, but Debtor anticipates the Arena Litigation will be dismissed as contemplated by the Arena Compromise. The Plan proposes full payment to all creditors other than Ault over a three-year Plan Period. The Plan is to be funded by the Exit Financing pursuant to the terms of the loan documents attached hereto as Exhibit D and the revenues Debtor expects will be generated by the Reorganized Debtor and its Subsidiaries. Subject to Debtor funding the initial Effective Date Payments proposed in the Plan, all assets of Debtor will vest in the Reorganized Debtor as of the Effective Date free and clear of all Claims and Administrative Expense Claims. In lieu of repayment of the Ault Claims the Plan proposes to cancel all existing equity in Debtor including, without limitation, all preferred and non-preferred stock, warrants, options and the like that existed as of the Filing Date and issue new preferred and common stock to Ault. Following the Effective Date, the Reorganized Debtor will be liable for repayment of the Exit Financing, repayment of all of the Plan Obligations, and for all liabilities and claims incurred or arising against the Reorganized Debtor following the Effective Date. Class 6 is comprised of any Allowed General Unsecured Claims not otherwise treated under the Plan. Debtor estimates that Allowed Class 6 Claims will total approximately $4,685,717.01. The holders of the Allowed Class 6 General Unsecured Claims shall, at their option, have two alternatives they may choose to accept in full satisfaction, settlement, release, extinguishment, and discharge of such Claims: * Option A: A holder of a Class 6 Allowed Claim electing to be treated under Option A will receive payment on the Effective Date equal to 50% of the amount owed to the holder of the Allowed Class 6 Claim in full and final satisfaction of its Allowed Claim. * Option B: A holder of a Class 6 Allowed Claim electing to be treated under Option B will receive payment up to the full amount of each Allowed Class 6 Claim over the three-year Plan Period without interest. Specifically, such a holder will receive a 20% distribution on the Effective Date and, continuing quarterly thereafter, the holder will receive a total of twelve additional payments from the Reorganized Debtor, the first four of which will be fixed at $150,000 in total that will be shared pro rata among Class 6 Option B Claim holders based on the then applicable pool of Allowed Class 6 Option Claims. All remaining quarterly distributions will be calculated based on the then Allowed Class 6 Option B Claims divided by the number of remaining quarterly distributions. In the event a Claim is a Disputed Claim at the time of any distribution, the Claim shall not be included in a distribution unless and until the Claim is an Allowed Claim. The Class 6 Claims are impaired and the holders thereof are entitled to vote to accept or reject the Plan. The Debtor has secured the Exit Financing from Ault Lending or its nominee. The material repayment terms of the exit financing are as follows: * 15% interest rate; * 12 months of interest only payments; * 24 months of principal and interest payments using a 10-year amortization schedule; and * Balloon payment for remaining balance due at 36 months. Pursuant to the proposed treatment of the Arena and Walleye Class 1 and 2 Claims, Debtor shall pay $6.35 million of the Exit Financing on the Effective Date (assuming the Effective Date occurs on or before October 1, 2025 and the Debtor pays all Adequate Protection Payments that become due prior to the Effective Date). The remaining balance of the Exit Financing will be used for priority and administrative claims, distribution to Allowed Class 6 unsecured Claims under Options A and B, as applicable, and as capital reserves to support the Reorganized Debtor's operations and Plan obligations during the Plan Term. A full-text copy of the Disclosure Statement dated June 10, 2025 is available at https://urlcurt.com/u?l=elSlY4 from PacerMonitor.com at no charge. A copy of the Court's Amended Confirmation Order dated December 1, 2025, is available at https://urlcurt.com/u?l=BnJvNd from PacerMonitor.com. About Gresham Worldwide Gresham Worldwide, Inc. designs, manufactures, and distributes purpose-built electronics equipment, automated test solutions, power electronics, supply and distribution solutions, as well as radio, microwave, and millimeter wave communication systems and components for a variety of applications with a focus on the global defense industry and the healthcare market. Gresham Worldwide sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 24-06732) on Aug. 14, 2024. In the petition filed by Lutz P. Henckels, chief financial officer, the Debtor disclosed $32,859,000 in assets and $39,786,000 in liabilities as of June 30, 2024. Judge Scott H. Gan oversees the case. Patrick A. Clisham, Esq., at Engelman Berger, PC serves as the Debtor's legal counsel. The U.S. Trustee appointed an official committee of unsecured creditors in this Chapter 11 case. The committee tapped Stinson, LLP as legal counsel. Arena Investors, LP, as lender, is represented by: Robert P. Harris, Esq. Jason D. Curry, Esq. Quarles & Brady, LLP 2 North Central Avenue, Suite 600 Phoenix, AZ 85004 Telephone: (602) 229-5200 E-mail: robert.harris@quarles.com jason.curry@quarles.com Ault Lending, LLC, as lender, is represented by: Christopher C. Simpson, Esq. Warren J. Stapleton, Esq. Andrew B. Haynes, Esq. Osborn Maledon, P.A. 2929 North Central Avenue, 20th Floor Phoenix, AZ 85012-2793 Tel: (602) 640-9000 E-mail: csimpson@omlaw.com wstapleton@omlaw.com ahaynes@omlaw.com GRIT PRODUCTIONS: U.S. Trustee Appoints Creditors' Committee ------------------------------------------------------------ The U.S. Trustee for Region 6 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of Grit Productions, LLC and its affiliates. The committee members are: 1. Rentex Inc. c/o Peter MacDonald 110 Shawmut Rd., Ste 8 Canton, MA 02021 pmacdonald@rentex.com 2. Affirmative Labor Solutions c/o Frankie Marek 1889 Green Slopes Dr. Lewisville, TX 75077 bert@affirmativelaborsolutions.com 3. Forsbach Productions c/o Nathan Forsbach 511 Meadowbrook St. Lake Dallas, TX 75065 n.forsbach@gmail.com Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About Grit Productions LLC Grit Productions, LLC, Grit Expositions, LLC, Grit Transportation Services, LLC, and Grit Holding Company, LLC operate as an integrated group providing event-industry services that include general services contracting, event production, video production, content development, studio services, logistics support, and event freight transportation. The companies offer single-source solutions for live events, meetings, and expositions across their production, planning, and transportation segments. They also engage in community-focused initiatives related to industry development, sustainability, and local outreach. Grit Productions and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Lead Case No. 25-44447) on November 13, 2025. At the time of the filing, Grit Productions listed between $1 million and $10 million in assets and between $10 million and $50 million in liabilities. Christopher Kelly Massey signed the petitions as president. Judge Mark X. Mullin oversees the cases. Bryan C. Assink, Esq., at Bonds Ellis Eppich Schafer Jones, LLP, represents the Debtors as legal counsel. HANSEN-MUELLER CO: Viserion Appointed as New Committee Member ------------------------------------------------------------- Jerry Jensen, Acting U.S. Trustee for Region 13, appointed Viserion Grain as additional member of the official committee of unsecured creditors in Hansen-Mueller Co.'s Chapter 11 case. The committee is now composed of: 1. Bunge Canada Attention: Chris Hofbauer 1331 Capitol Ave Omaha, NE 68102 Phone: 402-889-4186 Email: chris.hofbauer@bunge.com 2. AG Mark LLC Attention: Sharra Odle 118 West Main Beloit, KS 67420 Phone: 785-534-1413 Email: shodle@agmarkllc.com 3. CoMark Equity Alliance Attention: Dee Plummer P.O. Box 947 Enid, OK 73702 Phone: 580-242-0515, Ext. 4408 Email: dplummer@ceagrain.com 4. Alliance AG & Grain, LLC Attention: Blake Connelly P.O. Box 98 Spearville, KS 67876 Phone: 620-385-2898 Email: bconnelly@aaggllc.com 5. Chisholm Trail Terminal Attention: Travis Neal P.O. Box 477 Pond Creek, OK 73766 Phone: 580-532-4273 Email: tneal@farmersgrain.net 6. AG Valley Coop Attention: Jeff Krejdl P.O. Box 577 Arapahoe, NE 68922 Phone: 308-991-6227 Email: jkrejdl@agvalley.com 7. Lagniappe Planting Company Attention: Brian Barham 2078 Lake Washington Rd, East Hollandale, MS 38748 Phone: 442-571-0896 Email: brian@lagniappeplanting.com 8. Viserion Grain, LLC Attention: Bill Vernon 385 Broadway Street Boulder, CO 80305 Phone: 816-510-9325 Email: bill.vernon@viserion.co About Hansen-Mueller Co. Hansen-Mueller Co. is a nationwide agribusiness company headquartered in Omaha, Nebraska, engaged in grain merchandising and processing with a diversified platform spanning the central United States, including nine grain elevators, four port terminals, and an oats processing facility producing pet food and animal feeds in Toledo, Ohio. The Company operates four complementary business units -- Oat Trading, Wheat Merchandising, Cross-Country Trading, and a Houston Joint Venture -- and maintains grain trading offices in multiple states, supported by a private railcar fleet and multi-modal transportation network for domestic and international flows. Founded in 1979, Hansen-Mueller employs approximately 120 people across its operations in the U.S. and conducts business in 44 states and 24 countries, focusing on niche crops, international trade, and vertically integrated processing. Hansen-Mueller Co. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Neb. Case No. 25-81226) on November 17, 2025. In its petition, the Debtor reported between $100 million and $500 million in assets and liabilities. Honorable Bankruptcy Judge Thomas L. Saladino handles the case. The Debtor tapped Brian J. Koenig, Esq., Donald L. Swanson, Esq., and Trevor J. Lee, Esq., at Koley Jessen P.C., L.L.O. as bankruptcy counsel; Silverman Consulting as restructuring advisor; Michael G. Compton as chief restructuring officer and financial advisor; and Ascendant Consulting Partners, LLC as investment banker. The Debtor's notice, claims and solicitation agent is Epiq Bankruptcy Solutions, LLC. Jerry Jensen, Acting U.S. Trustee for Region 13, appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. HARMONY WELLNESS: Unsecureds to Get Share of Income for 5 Years --------------------------------------------------------------- Harmony Wellness, Inc., filed with the U.S. Bankruptcy Court for the District of Colorado a Small Business Plan of Reorganization under Subchapter V dated December 3, 2025. The Debtor operates a medical and wellness spa in Fort Colins, Colorado. Its current owners, Nadine and Kendra Thompson, purchased the business in 2016, though the underlying business had been established in 1999. Since filing for Chapter 11 relief, the Debtor has stabilized operations, obtained approval of the use of its cash collateral from its primary secured creditor, Wells Fargo, abandoned unnecessary and costly assets to the benefit of its Estate, maintained relationships with its critical vendors, and, importantly, formulated this Plan of Reorganization, which will provide the most recovery for its creditors. Ultimately, for the five-year total under this Plan, Debtor projects total $74,093.77 net cash flow over five years which can be paid to creditors under the "disposable income" requirement of the Code, which includes accumulation of a working capital reserve of $100,000.00, which is reasonable for a business of this nature. Under this Plan, Debtor agrees to pay the Present Value of the disposable income to the Plan Payment Fund, using a discount rate of 7.5% over 5 years, for a total amount of $52,000.00. The actual present value calculation is approximately $51,631.52, however, the Debtor has agreed to round up to a flat payment of $52,000.00 to pay the Class 3 unsecured class. For the purposes of this Plan, Allowed, non-subordinated Class 3 unsecured claims shall be paid through the Plan Payment Fund, which will be funded by insider William Thompson, by and through a third-party entity, who will pay the total amount of the Present Value above to fund the Plan Payment Fund in exchange for the entirety of the equity interests in the Debtor. Class 3 consists of Allowed Unsecured Claims. The Class 3 creditors shall each be paid their pro rata share of the Plan Payment Fund1 within thirty days of the Effective Date. Class 4 consists of Equity Interests. The holders of Class 4 interests will receive no money under the Plan on the Effective Date. Their interests shall be cancelled on the Effective Date and reissued to William Thompson, by and through a third-party entity, in exchange for the Present Value payment to the Plan Payment Fund. Mr. Thompson, by and through his third-party entity, will thereafter hold the 100% interest in the Debtor. Class 5 consists of Disputed Unsecured Claim of SBA. Class 5 shall include the Disputed Claim of the SBA. To the extent that Class 5 claims are Allowed Claims, the Class 5 creditors shall each be paid their pro rata share of the Plan Payment Fund along with the Class 3 Allowed Claims. The SBA has not filed a Proof of Claim, however, the Debtor listed the SBA's claim in the amount of $454,676.00 as secured on Schedule D. Debtor disputes that the claim is secured. Any alleged security interest of Class 5 claimants do not attach to the Debtor's assets pursuant to Section 506 of the Bankruptcy Code and are thus unsecured due to the prior liens of Class 1 claimants. The Debtor asserts that all purportedly secured claims, except for those in Classes 1 and 2, are unsecured as to the Debtor due to prior liens securing all of the Debtor's assets. To the extent necessary, the Debtor will bring claims objections in accordance with this Plan and orders of the Court. On the Effective Date, Debtor shall establish the Plan Payment Fund from which all Unsecured Claims will be paid. This date is projected to be February 1, 2026. Debtor shall make the deposit of the Plan Payment Fund on the Effective Date from payment by William Thompson, by and through a third party entity. The Debtor's Plan is feasible, because the Plan Payment Fund shall be funded following Confirmation by William Thompson, by and through a third-party entity, which is the Present Value of disposable income from payment by Mr. Thompson in the amount of $52,000.00 to pay Class 3 unsecured creditors on the Effective Date. Mr. Thompson has agreed to pay this only if the Plan is confirmed and only if he is granted the entirety of the equity interests in the Debtor under the Plan. The Debtor's current owners prepared cash flow projections attached hereto as Exhibit 1 which reflect a realistic prediction of Debtor's operations during the five-year period following confirmation of the Plan. These projections show an accumulated disposable income available to pay unsecured creditors in the total amount of approximately $74,093.77 over the five-year period, with expenses increasing 3-5% per each year due to ongoing inflation in the market. Accordingly, it is in the best interest of Class 3 creditors to accept the payment of the Present Value of the disposable income, at a discount rate of 7.5%, which, again, totals to $52,000.00. A full-text copy of the Plan of Reorganization dated December 3, 2025 is available at https://urlcurt.com/u?l=qRobPx from PacerMonitor.com at no charge. Counsel to the Debtor: Jeffrey A. Weinman, Esq. Bailey C. Pompea, Esq. MICHAEL BEST & FRIEDRICH LLP 675 15th Street, Suite 2000 Denver, CO 80202 Telephone: (720) 240-9515 E-mail: jeffrey.weinman@michaelbest.com bailey.pompea@michaelbest.com About Harmony Wellness Harmony Wellness, Inc. operates a medical and wellness spa in Fort Colins, Colorado. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No. 25-15682) on September 4, 2025, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Kimberley H. Tyson presides over the case. Jeffrey Weinman, Esq., at Allen Vellone Wolf Helfrich & Factor P.C., is the Debtor's legal counsel. HARRIS INTERNAL: Taps Rountree Leitman Klein & Geer as Counsel -------------------------------------------------------------- Harris Internal Medicine, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ Rountree, Leitman, Klein & Geer, LLC as counsel. The firm's services include: (a) advise the Debtor with respect to its powers and duties in the management of its property; (b) prepare on behalf of the Debtor necessary legal papers; (c) assist in examination of the claims of creditors; (d) assist with formulation and preparation of the disclosure statement and plan of reorganization and with the confirmation and consummation thereof; and (e) perform all other legal services for the Debtor that may be necessary herein. The firm's attorneys and staff will be paid at these hourly rates: William Rountree, Esq. $595 Will Geer, Esq. $595 Michael Bargar, Esq. $535 David Klein, Esq. $495 Hal Leitman, Esq. $425 William Matthews, Esq. $425 Elizabeth Childers, Esq. $425 Ceci Chirsty, Esq. $425 Caitlyn Powers, Esq. $375 Shawn Eisenberg, Esq. $300 Elizabeth Miller, Paralegal $290 Megan Winokur, Paralegal $175 Dorothy Sideris, Paralegal $200 Catherine Smith, Paralegal $150 Catherine Williams, Paralegal $175 Law Clerk $175 In addition, the firm will seek reimbursement for expenses incurred. The firm received a pre-petition retainer of $35,000 from the Debtor. Mr. Geer 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: Will B. Geer, Esq. Rountree, Leitman, Klein & Geer, LLC 2987 Clairmont Road, Suite 350 Atlanta, Georgia 30329 Telephone: (404) 584-1238 Email: wgeer@rlkglaw.com About Harris Internal Medicine LLC Harris Internal Medicine LLC provides primary care and functional medicine services in Peachtree City, Georgia, focusing on chronic conditions such as autoimmune diseases, digestive disorders, thyroid imbalances, diabetes, and fatigue. The practice also offers wellness services including IV hydration therapy, sexual health treatments, and joint mobility therapies. Harris Internal Medicine LLC sought relief under Chapter of the U.S. Bankruptcy Code (Bankr. N.D. Case No. 25-11731) on November 12, 2025. In its petition, the Debtor reports total assets of $141,457 and total liabilities of $1,186,915. The Debtor tapped Rountree, Leitman, Klein & Geer, LLC as counsel. HEAVENLY POOLS: Seeks Chapter 7 Bankruptcy in South Carolina ------------------------------------------------------------ On December 2, 2025, Heavenly Pools, LLC, filed for Chapter 7 protection in the District of South Carolina Bankruptcy Court. According to the court filing, the Debtor reports between $0 and $100,000 in debt owed to approximately 1–49 creditors. About Heavenly Pools, LLC Heavenly Pools, LLC, is a pool services and construction firm providing expert design, installation, and maintenance solutions. Heavenly Pools, LLC, sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-04749) on December 2, 2025. In its petition, the Debtor reports estimated assets of $0–$100,000 and estimated liabilities in the same range. Honorable Bankruptcy Judge Elisabetta Gm Gasparini handles the case. The Debtor is represented by Richard R. Gleissner, Esq. of Gleissner Law Firm, L.L.C. HERITAGE SALVAGE: Seeks to Tap Gina R. Klump as Bankruptcy Counsel ------------------------------------------------------------------ Heritage Salvage Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of California to the Law Office of Gina R. Klump to handle its Chapter 11 case. The firm will be paid at these hourly rates: Gina Klump, Attorney $525 Paralegals $95 Prior to the petition date, the firm received a retainer in the amount of $10,000 from the Debtor. Ms. Klump disclosed in a court filing that her firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Gina R. Klump, Esq. Law Office of Gina R. Klump 11 5th Street, Suite 102 Petaluma, CA 94952 Telephone: (707) 778-0111 Facsimile: (707) 339-8017 About Heritage Salvage Inc. Heritage Salvage Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-10677) on October 26, 2025, listing between $100,001 and $500,000 in assets and liabilities. Mark Sharf, Esq., a practicing attorney in Los Angeles, serves as Subchapter V trustee. Judge William J. Lafferty presides over the case. Gina R. Klump, Esq., at the Law Office of Gina R. Klump represents the Debtor as counsel. HPC VINEBURN: Seeks to Extend Plan Exclusivity to April 7, 2026 --------------------------------------------------------------- HPC Vineburn, LLC, asked the U.S. Bankruptcy Court for the Central District of California to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to April 7, 2026 and June 6, 2026, respectively. The Debtor explains that the relevant factors demonstrate good cause for the requested extensions: * This is the Debtor's first request for an extension, and the case is only a few months old. * Although the case is admittedly not overly complex, there are contingencies that will need to be resolved, specifically, (i) the amount of the Judgment Creditors' claim, and (ii) whether the Judgment Creditors, as undersecured creditors, will elect (if they are able) to be in two classes or only one. * Prior to the litigation with Judgment Creditors, the Debtor was operating at a profit and paying all debts as they came due from the operations of the business. Moreover, demonstrative of Debtor's good faith, the Debtor has negotiated with John Hancock and continues to pay its loan obligations to the senior secured creditor during the pendency of this case. The Debtor is current with all of its reporting requirements and is following all applicable U.S. Trustee guidelines. * The Debtor believes that a restructuring of its debts through amortization is achievable. To date, the Debtor has been exploring potential funding sources, which include: (i) the cash flow generated from the Property (i.e., rents); (ii) the sale of the Property; (iii) the transfer of the Property to Judgment Creditors in satisfaction of their Judgment; or (iv) raising equity capital and/or obtaining debt financing. The Debtor expects to submit a "toggle plan" that will provide for multiple contingencies depending on the results of the Appeal. * The Debtor believes it will be able to propose a plan that will be consensual as to all creditors except the Judgment Creditors. The Debtor still hopes that it can successfully negotiate a resolution with Judgment Creditors, although their history to date, essentially objecting to everything the Debtor does, has admittedly dampened Debtor's optimism. * The Debtor is not seeking an extension of exclusivity to pressure creditors, avoid its obligations under the Bankruptcy Code, or otherwise cause prejudice to any party. Rather, the Debtor's efforts in this case have been delayed in large part by the actions of Judgment Creditors throughout these proceedings. HPC Vineburn, LLC is represented by: Michael B. Reynolds, Esq. Andrew B. Still, Esq. Allison C. Murray, Esq. SNELL & WILMER L.L.P. 600 Anton Boulevard, Suite 1400 Costa Mesa, CA 92626-7689 Telephone: (714) 427-7000 E-mail: mreynolds@swlaw.com About HPC Vineburn, LLC HPC Vineburn LLC is a single asset real estate entity as defined under 11 U.S.C. Section 101(51B), with its principal assets located at 1919 Vineburn Avenue in Los Angeles, California. The Company's operations focus primarily on managing and holding this real estate asset. HPC Vineburn LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-11455) on Aug. 8, 2025. In its petition, the Debtor estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Martin R. Barash handles the case. The Debtor is represented by Michael B. Reynolds, Esq. at SNELL & WILMER L.L.P. ICON PARENT: Moody's Affirms B3 CFR & Cuts First Lien Debt to B3 ---------------------------------------------------------------- Moody's Ratings affirmed Icon Parent I Inc.'s (dba Instructure) B3 corporate family rating and B3-PD probability of default rating following the proposed refinancing transaction. At the same time, Moody's downgraded the company's senior secured first-lien bank credit facilities, consisting of an upsized $2.05 billion senior secured first lien term loan B (including $365 million fungible incremental senior secured first lien term loan) due 2031 and $225 million senior secured first lien revolving credit facility due 2029 to B3 from B2. The Caa2 rating on the company's existing senior secured second lien term loan has been reviewed in the rating committee and remains unchanged. The outlook is maintained at stable. Instructure is a global provider of learning management software and credentialing solutions. Net proceeds from the incremental term loan together with modest balance sheet cash at closing, will be used to repay in full the company's existing senior secured second-lien term loan due 2032 and pay related transaction fees. Moody's will withdraw the Caa2 rating on the existing senior secured second-lien term loan upon completion of the refinancing and repayment of the second-lien debt. The ratings remain subject to Moody's reviews of the final terms and conditions of the proposed refinancing. Moody's affirmed Instructure's B3 CFR and stable outlook, reflecting the leverage-neutral impact of the refinancing, which modestly lowers the company's overall cost of debt capital. Following Instructure's go-private transaction in late 2024, the company has met Moody's expectations, gradually reducing its debt/EBITDA and improving earnings quality and cash flow. Moody's expects Instructure will maintain solid operating momentum in 2026, supported by strong net retention rates and continuing to increase its market share domestically and internationally. Moody's forecasts that the company's topline will expand organically in the mid-single digit percentages over the next 12-18 months, which combined with an anticipated reduction in one-time expenses will result in debt/EBITDA declining toward the mid-7x range by December 2026. The downgrade of the senior secured first-lien ratings to B3 from B2 reflect the planned full repayment of the senior secured second-lien term loan that results in the elimination of the first loss support from the second-lien debt provided to the first-lien creditors in a default scenario. The first-lien credit facilities are unconditionally guaranteed jointly and severally on an equal priority senior secured basis by holdings and each existing and subsequently acquired or organized direct or indirect wholly-owned US restricted subsidiary of the borrower. RATINGS RATIONALE Instructure's B3 CFR is constrained by the company's: (1) highly leveraged capital structure with debt/EBITDA (expensing all capitalized software development costs) of around 8.8x for the 12 months ended September 30, 2025, which Moody's expects to decline toward the mid-to-low 7x range over the next 12 to 18 months; (2) moderate scale and limited revenue diversification; (3) operations within a highly competitive and rapidly evolving education technology landscape, with a few large and established competitors as well as freemium solutions in the K-12 schools; (4) revenue vulnerability to the changes in state and federal education funding and student enrollment; and (5) the potential for sustained aggressive financial strategies under concentrated ownership that offset financial leverage reduction from revenue and profitability growth. All financial metrics cited reflect Moody's standard adjustments. The rating is supported by the company's: (1) leading market position as a provider of learning management systems (LMS), credentialing solutions and assessments for the higher education and K-12 institutions in North America, and growing international operations; (2) the highly predictable and recurring annual subscription-based software-as-a-service (SaaS) revenue model, featuring multiyear client contracts with historically high gross retention rates; (3) strong profitability with EBITDA margin of above 30% (expensing all capitalized software development costs) projected in 2026; (4) favorable secular digitization trends, although elongated sales cycles and tighter school budgets may restrict growth over the near term; and (5) Moody's expectations for good liquidity over the next 12 to 18 months. Moody's expects Instructure will maintain good liquidity over the next 12 to 15 months. Sources of liquidity include cash balances of around $285 million at transaction closing and projected annual free cash flow approaching $75 million by the end of 2026. Moody's expects the company's $225 million revolving credit facility due 2029 will remain largely undrawn over the next 12 to 15 months. Despite the pronounced seasonality of the academic year, Moody's do not anticipate any revolver usage during this period. Moody's believes that all available liquidity sources to the company provide good coverage relative to the annual mandatory term loan amortization of approximately $20 million, paid quarterly. There are no financial maintenance covenants with respect to the term loan facilities but the revolver is subject to a springing maximum first lien leverage ratio of 10.1x (as defined in the credit agreement) when the amount drawn exceeds 45% ($101.25 million) of the aggregate amount of commitments under the revolving credit facility. Moody's do not expect the covenant to be triggered over the near term and believe there is ample cushion within the covenant based on the projected earnings levels for the next 12 to 15 months. The stable outlook reflects Moody's expectations for organic revenue and EBITDA growth in the mid-single digit percentage range, along with modest margin expansion and good liquidity. Moody's projects Instructure's debt/EBITDA (expensing all capitalized software development costs) to decrease toward the low-to-mid 7x range 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. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if the company continues to grow profitably and diversify its revenue base, debt/EBITDA (expensing all capitalized software development costs) is sustained below 7x, and free cash flow-to-debt above 5%. A ratings downgrade could result if organic growth diminishes toward the low single-digit percentage range or lower, or profitability declines. Quantitatively, the ratings could be downgraded if Moody's anticipates the company's debt/EBITDA (expensing all capitalized software development costs) is sustained above 9x, EBITA/interest expenses falls below 1x, or Moody's expects annual free cash flow will remain negative. 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. Instructure, a Utah-based education technology company that specializes in developing learning management system, credentialing solutions, robust assessments for learning and analytics for higher education and K-12 institutions, as well as corporate customers. Its flagship product, Canvas, is used by educators and learners worldwide to streamline digital learning. Moody's projects the company's annual revenue will exceed $750 million in 2026. IMERYS TALC: Initiates Merger Under Chapter 11 Plan --------------------------------------------------- Clara Geoghegan of Law360 Bankruptcy Authority reports that Imerys Talc America has informed the Delaware bankruptcy court that its proposed Chapter 11 plan will include a "merger toggle," a mechanism that would combine its reorganized debtor entities into a single company. The lead debtor said the step is intended to simplify claims processing and streamline operations once the bankruptcy process is complete. The company explained that merging the reorganized debtors would reduce administrative complexity and allow creditors' claims to be handled more efficiently. By consolidating the various entities under one structure, Imerys Talc America aims to create a smoother post-bankruptcy framework while completing its restructuring, the report states. About Imerys Talc America Imerys Talc America, Inc. and its subsidiaries -- https://www.imerys-performance-additives.com/ -- are in the business of mining, processing, selling and distributing talc. Its talc operations include talc mines, plants and distribution facilities located in Montana (Yellowstone, Sappington, and Three Forks); Vermont (Argonaut and Ludlow); Texas (Houston); and Ontario, Canada (Timmins, Penhorwood, and Foleyet). It also utilizes offices located in San Jose, Calif., and Roswell, Ga. Imerys Talc America and its subsidiaries, Imerys Talc Vermont, Inc., and Imerys Talc Canada Inc., sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 19-10289) on Feb. 13, 2019. TheDebtors were estimated to have $100 million to $500 million in assets and $50 million to $100 million in liabilities as of the bankruptcy filing. Judge Laurie Selber Silverstein oversees the cases. The Debtors tapped Richards, Layton & Finger, P.A., and Latham & Watkins LLP as their legal counsel, Alvarez & Marsal North America, LLC as financial advisor, and CohnReznick LLP as restructuring advisor. Prime Clerk, LLC, is the claims agent. The U.S. Trustee for Region 3 appointed an official committee of tort claimants in the Debtors' Chapter 11 cases. The tort claimants' committee is represented by Robinson & Cole, LLP. IMMACULATE HEART: Case Summary & 18 Unsecured Creditors ------------------------------------------------------- Debtor: Church of the Immaculate Heart of Mary 8 Carman Road Scarsdale, NY 10583 Business Description: Church of the Immaculate Heart of Mary is a Roman Catholic parish in Scarsdale, New York, that operates an English-Gothic style church on Carman Road and provides sacramental services, faith-formation programs, and community outreach to more than 1,600 registered families. It runs Immaculate Heart of Mary School, which enrolls about 200 students, and administers extensive religious education programs for children and teenagers, while supporting ministries such as social-service outreach, scouting groups, and youth athletics. The parish also maintains an adoration chapel established in the mid-20th century and continues to serve as a local center of worship and community life under its pastoral leadership. Chapter 11 Petition Date: December 8, 2025 Court: United States Bankruptcy Court Southern District of New York Case No.: 25-23180 Judge: Hon. Sean H Lane Debtor's Counsel: Sean C. Southard, Esq. KLESTADT WINTERS JURELLER SOUTHARD & STEVENS, LLP 200 West 41st Street 17th Floor New York, NY 10036 Tel: (212) 972-3000 Fax: (212) 972-2245 Email: ssouthard@klestadt.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Father Stephen Ries as pastor. A copy of the Debtor's list of its 18 unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/WPNB6RQ/Church_of_the_Immaculate_Heart__nysbke-25-23180__0014.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/M2RNTQA/Church_of_the_Immaculate_Heart__nysbke-25-23180__0001.0.pdf?mcid=tGE4TAMA IMSTEM BIOTECHNOLOGY: Unsecureds Will Get 10% of Claims in Plan --------------------------------------------------------------- ImStem Biotechnology, Inc., filed with the U.S. Bankruptcy Court for the District of Connecticut a Small Business Plan of Reorganization under Subchapter V dated December 3, 2025. The Debtor is a Connecticut corporation that was initially founded in 2012 by Dr. Michael Men and Dr. Xioafang Wang. Dr. Men serves as the Debtor's Chief Executive Officer and Dr. Wang serves as the Debtor's Vice President and Chief Technology Officer. The Debtor is a clinical-stage biopharmaceutical company focused on discovering and developing a new generation of regenerative and cellular therapies for individuals suffering from serious autoimmune diseases. The Debtor has developed an embryonic stem cell derived cellular therapy, which has the capability of being mass produced. In the months preceding the filing, the Debtor engaged in extensive discussions with existing investors, lenders, and potential acquirers to pursue recapitalization or strategic alternatives. However, these efforts did not yield sufficient liquidity to sustain operations or service outstanding debts. Currently, the Debtor's primary source of income is capital injections from its ImStem China. Facing mounting liabilities, limited access to capital, and imminent defaults on key obligations—including payroll, lease commitments, and vendor payables—the Board of Directors determined that a voluntary petition under Chapter 11 of the U.S. Bankruptcy Code was the most effective means to preserve value, protect intellectual property, and provide a structured environment to pursue reorganization. On September 4, 2025 (the "Petition Date"), the Debtor commenced this proceeding. Pursuant to the provisions of Section 1108 of the Bankruptcy Code, the Debtor has continued to operate its business and manage its business affairs as a debtor-in-possession. The total for filed and scheduled General Unsecured Claims against the Debtor is approximately $1,554,303.96. The Debtor's Disposable Income will be primarily funded through capital infusions. Equity Interest Holders, directly or indirectly through ImStem China, shall contribute cash in the aggregate amount of $1.5 million to the Debtor (the "Additional Paid in Capital Contribution" or "APIC"). The Financial Projections assume that, during years two and three of the forecast period, the Debtor will obtain additional equity financing, currently estimated at approximately $30 million, to fund a Phase II clinical trial of IMS001 and related operating expenses. Class 3 consists of any General Unsecured Claims against the Debtor. In full and complete satisfaction, settlement, release and discharge of the Class 3 Claims, each holder of the Allowed Class 3 Claim shall receive cash in an amount equal to such Claim's pro rata share of $150,000, which is the Debtor's projected Disposable Income as set forth in the proposed Plan distribution. The proposed distribution should result in a recovery of approximately 10% of the Allowed amount of a holder's General Unsecured Claim. Dividend payments will be made no later than 90 days after the Effective Date. Notwithstanding the foregoing, the holder of an Allowed Class 3 Claim may receive such other less favorable treatment as may be agreed upon by such holder and the Debtor. Class 3 is Impaired under the Plan. Class 4 consists of holders of Interests in the Debtor. On the Effective Date, each holder shall retain their Interests in the Debtor in the same proportions that existed on the Petition Date. This Plan will be funded from cash on hand and capital infusion from the Equity Holders or ImStem China. Specifically, the Equity Holders or ImStem China shall infuse $350,000 of APIC in cash, paid to the Debtor not less than 90 days from the Effective Date and not less than $1,150,000 of APIC in cash within one year days of the Effective Date, for a total APIC of $1.5 million. The Debtor will continue to operate in the ordinary course of business. Proceeds from the APIC shall be used to fund distributions to creditors under the Plan, including, but not limited to, Holders of claims in Class 3 (General Unsecured Creditors), and to support the Debtor's post-confirmation working capital needs. Pursuant to Section 1190(2) of the Code, the Plan provides for the submission of all or such portion of the future earnings of the Debtor as is necessary for the execution of the Plan. A full-text copy of the Plan of Reorganization dated December 3, 2025 is available at https://urlcurt.com/u?l=9QCF0L from PacerMonitor.com at no charge. Counsel to the Debtor: Andrea M. O'Connor, Esq. SHATZ, SCHWARTZ & FENTIN, P.C. 1441 Main Street, Suite 1100 Springfield, MA 01103 Telephone: (413) 737-1131 E-mail: aoconnor@ssfpc.com About IMSTEM Biotechnology IMSTEM Biotechnology, Inc., sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Conn. Case No. 25-20929) on Sept. 4, 2025. In the petition signed by Dr. Xiaofang Wang, chief technology officer and vice president, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Judge James J. Tancredi oversees the case. Andrea M. O'Connor, Esq., at Shatz, Schwartz and Fentin, P.C., represents the Debtor as legal counsel. JASS LLC: Seeks Approval to Hire Barr & Morgan as Special Counsel ----------------------------------------------------------------- Jass, LLC seeks approval from the U.S. Bankruptcy Court for the District of Colorado to employ Barr & Morgan as special counsel. The firm will represent the Debtor in matters relating to the claims of Offen Petroleum in the lawsuit entitled Offen Petroleum v. Grace Royals, Inc., Case No. 2024CV33355, including but not limited to an adversary proceeding to determine the extent, validity and priority of Offen's lien and other claims, and any related matters including appeal of orders entered and related thereto. The firm's attorneys will be paid at these hourly rates: John Morgan, Attorney $510 Xenia Aguirre, Attorney $310 Mr. Morgan 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: John J. Morgan, Esq. Barr & Morgan 2777 Summer St. Stamford, CT 06905 About Jass LLC Jass, LLC operates a gas station in Longmont, Colorado. Jass filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No.25-17392) on November 11, 2025, listing between $100,001 and $500,000 in assets and between $1 million and $10 million in liabilities. Mark Dennis, a certified public accountant at SL Biggs, serves as Subchapter V trustee. Judge Kimberley H. Tyson oversees the case. The Debtor tapped David J. Warner, Esq., at Wadsworth Garber Warner Conrardy, PC as bankruptcy counsel and Barr & Morgan as special counsel. JAY4 INC: Seeks Approval to Tap Johnson Legal as Bankruptcy Counsel ------------------------------------------------------------------- Jay4, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern Middle District of Tennessee to employ Johnson Legal, PLLC as counsel. The firm's services include: (a) advise the Debtor with respect to its rights, power, and duties in the management of its property; (b) investigate and, if necessary, institute legal action on behalf of the Debtor to collect and recover assets of its estate; (c) prepare all necessary pleadings, orders and reports with respect to this proceeding and to render all other necessary or proper legal services; (d) assist and counsel the Debtor in the preparation, presentation, and confirmation of a plan of reorganization; (e) represent the Debtor as may be necessary to protect its interests; and (f) perform all other legal services that may be necessary and appropriate in the general administration of the Debtor's estate. The firm will be paid at these hourly rates: Attorneys $500 Paralegals $150 - $250 In addition, the firm will seek reimbursement for expenses incurred. The firm received a total retainer of $16,738 including filing fee, from the Debtor. Michelle Spezia, Esq., an attorney at Johnson Legal, 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: Michelle L. Spezia, Esq. Johnson Legal, PLLC 302 42nd Avenue North Nashville, TN 37209 Telephone: (615) 386-0075 Facsimile: (615) 864-8419 Email: ecfmail@tennessee-bankruptcy.com About Jay4 Inc. Jay4, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Tenn. Case No. 25-04796) on November 14, 2025, listing up to $500,000 in assets and liabilities. Michael Abelow, Esq., at Sherrard Roe Voigt & Harbison, PLC, serves as Subchapter V trustee. Judge Randal S. Mashburn oversees the case. Michelle L. Spezia, Esq., at Johnson Legal, PLLC, represents the Debtor as counsel. JJ ARCH: Loses Bid for Indicative Ruling on Bankruptcy Dismissal ---------------------------------------------------------------- Judge John P. Mastando III of the United States Bankruptcy Court for the Southern District of New York denied JJ Arch LLC's Motion for an Indicative Ruling Under Bankruptcy Rule 8008 Regarding Relief From Judgment Under Rule 9024. The Motion seeks relief from the Bankruptcy Court's Memorandum Opinion and Order on Jared Chassen and Arch Real Estate Holdings LLC's Joint Motion to Dismiss the Chapter 11 Case for the Debtor's Failure to Comply With Its Obligations ("Dismissal Opinion") dated October 11, 2024. The Debtor is a real estate holding company formed by Chassen and Jeffrey Simpson under the laws of New York in December 2017. In August 2023, Simpson filed an action on behalf of the Debtor and AREH in New York State Supreme Court before the Honorable Joel M. Cohen. On April 1, 2024, the Debtor removed the State Court Proceeding to the District Court, which referred the case to the Bankruptcy Court on April 3, 2024. On June 10, 2024, the Bankruptcy Court remanded the State Court Proceeding to the Supreme Court of the State of New York. Also on June 10, 2024, the Bankruptcy Court entered the Memorandum Opinion and Order granting the motions of AREH and Chassen to lift the automatic stay with respect to claims in the State Court Proceeding that were brought against the Debtor by Oak. On October 11, 2024, the Bankruptcy Court entered the Dismissal Opinion and granted Chassen and AREH's motion to dismiss the Chapter 11 case. The Court held that: (i) cause to dismiss this case exists under 11 U.S.C. Secs. 1112(b)(4)(A)–(B) and 1112(b)(4)(F); (ii) this case should be dismissed for bad faith; (iii) the exception to dismissal provided by 11 U.S.C. Sec. 1112(b)(2) is inapplicable to this case; and (iv) each adversary proceeding associated with this bankruptcy should be dismissed. The Debtor argues the Motion is timely filed within one year of the Dismissal Opinion. The Motion also states that it seeks an indicative ruling under Rule 80083 because the appeal of the Dismissal Opinion is pending before the United States Bankruptcy Court for the Southern District of New York. The Bankruptcy Court agrees with Chassen and AREH that the Motion is untimely, as it was not brought within a reasonable time. According to the Bankruptcy Court, Bankruptcy Rule 9024 states that Federal Rule Civil Procedure 60 applies in a Bankruptcy Case, except that the one-year limitation in Fed. R. Civ. P. 60(c) does not apply to a motion to reopen a case. The Bankruptcy Court concludes that the Debtor has not shown good cause for failure to file the Motion sooner, and accordingly that the Motion was not filed within a reasonable time and is thus untimely. Even assuming that the Motion was timely filed within a reasonable time, the Bankruptcy Court also denies the Motion on the merits. Since 60(b) allows extraordinary judicial relief, it is invoked only upon a showing of exceptional circumstances. The Bankruptcy Court finds the Debtor fails to meet this burden. Judge Mastando explains, "Debtor's argument that AREH lacks standing in state court does not show exceptional circumstances justifying relief from this Court's Dismissal Opinion." A copy of the Court's Memorandum Opinion and Order dated December 2, 2025, is available at https://urlcurt.com/u?l=jdAtCt from PacerMonitor.com. About JJ Arch JJ Arch, LLC, is a vertically integrated real estate owner, operator and developer with an active investment portfolio with more than 5.7 million square feet across the United States. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 24-10381) on March 7, 2024, with $1 million to $10 million in assets and $100,000 to $500,000 in liabilities. Jeffrey Simpson, managing member, signed the petition. Judge John P. Mastando III oversees the case. Jonathan S. Pasternak, Esq., at Davidoff Hutcher & Citron LLP, is the Debtor's legal counsel. JJTA18 REAL PROPERTIES: Case Summary & 4 Unsecured Creditors ------------------------------------------------------------ Debtor: JJTA18 Real Properties LLC 2501 Jammes Road Jacksonville, FL 32210 Business Description: JJTA18 Real Properties LLC owns and leases a single property at 5601 California Avenue in Jacksonville, Florida, generating revenue exclusively from leasing this property. It operates in the real estate industry under NAICS 5311 (Lessors of Real Estate). Chapter 11 Petition Date: December 8, 2025 Court: United States Bankruptcy Court Middle District of Florida Case No.: 25-04534 Judge: Hon. Jason A Burgess Debtor's Counsel: Jeffrey S. Ainsworth, Esq. BRANSONLAW, PLLC 1501 E. Concord Street Orlando, FL 32803 Tel: 407-894-6834 E-mail: jeff@bransonlaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Jarek Tadla, Manager of Peoples Choice Apartments LLC. A full-text copy of the petition, which includes a list of the Debtor's four unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/V37PYHA/JJTA18_Real_Properties_LLC__flmbke-25-04534__0001.0.pdf?mcid=tGE4TAMA JW LINWOOD: Seeks Chapter 7 Bankruptcy in New York -------------------------------------------------- On December 3, 2025, JW Linwood LLC filed for Chapter 7 protection in the Eastern District of New York. According to the court filing, the Debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. About JW Linwood LLC JW Linwood LLC is a limited liability company. JW Linwood LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-45822) on December 3, 2025. In its petition, the Debtor reports estimated assets of $1 million to $10 million and estimated liabilities of $1 million to $10 million. The case is assigned to Honorable Bankruptcy Judge Nancy Hershey Lord. JWP LOGISTICS: Seeks Chapter 7 Bankruptcy in Texas -------------------------------------------------- On December 5, 2025, JWP Logistics LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Western District of Texas. According to the court filing, the Debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. About JWP Logistics LLC JWP Logistics LLC is a Texas-based transportation and freight services provider specializing in regional trucking, commercial cargo movement, and logistics coordination. JWP Logistics LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-70208) on December 5, 2025. In its petition, the Debtor reports estimated assets of $0–$100,000 and estimated liabilities of $1 million–$10 million. The case is assigned to Honorable Bankruptcy Judge Shad Robinson. The Debtor is represented by Guy H. Holman, Esq. of Guy Harvey Holman, PLLC. KANSAS CITY COSTUME: Gets Interim OK to Use Cash Collateral ----------------------------------------------------------- Kansas City Costume Co., Inc. received interim approval from the U.S. Bankruptcy Court for the Western District of Missouri to use cash collateral through December 18. The court authorized the Debtor to use cash collateral only for budgeted expenses, including insurance and taxes, and prohibited insider payments except for ordinary compensation disclosed in the budget. As protection for any diminution in the value of its collateral, the U.S. Small Business Administration will be granted replacement liens on all post-petition property of the Debtor. These replacement liens will have the same priority as the SBA's pre-bankruptcy liens and do not apply to any Chapter 5 causes of actions. The Debtor was ordered to keep its assets insured and to timely pay post-petition taxes. Any use of cash collateral is subject to the court's supervision, and nothing in the order waives or alters the SBA's rights, claims, or priority in the cash collateral. A telephonic hearing is scheduled for December 17. Objections must be filed by December 15. The interim order is available at https://is.gd/tObrbu from PacerMonitor.com. Kansas City Costume Co. is indebted to the SBA, which asserts a security interest in and liens on its assets. The SBA claims a secured interest in cash collateral by virtue of a UCC filing with the Missouri Secretary of State's office. The Debtor has no source of income other than from the operation of its businesses and the collection of its accounts. About Kansas City Costume Co. Inc. Kansas City Costume Co., Inc., a company based in Kansas City, Missouri, provides costume rental, design, and fabrication services primarily for theatrical productions, including musicals and plays. It operates a large facility that houses an extensive inventory of costumes and offers custom costume creation for clients, ranging from professional theatre companies to individual renters. Founded in the 1920s, Kansas City Costume Co. continues to serve the performing arts and event communities with specialized costume solutions. Kansas City Costume Co. filed under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-41943) on November 21, 2025. Its petition shows estimated assets of 100,001 to $1 million and liabilities of $1 million to $10 million. Honorable Chief Bankruptcy Judge Cynthia A. Norton is handling the case. The Debtor is represented by Colin N. Gotham, Esq., of Evans & Mullinix, P.A. KENYON-WANAMINGO ISD: Moody's Rates New Ser. 2026A GO Bonds 'Ba1' ----------------------------------------------------------------- Moody's Ratings has assigned an underlying Ba1 and enhanced Aa1 ratings to Kenyon-Wanamingo Independent School District 2172, MN's General Obligation Facilities Maintenance Bonds, Series 2026A with a proposed par amount of about $10 million. Moody's maintains the district's Ba1 issuer rating and Ba1 rating on the outstanding general obligation unlimited tax (GOULT) bonds. The district will have about $24 million in GOULT debt outstanding following the sale. RATINGS RATIONALE The Ba1 issuer rating reflects the district's deeply negative reserves and the expectation that the financial position will remain challenged at least through fiscal 2027 (year-end June 30). The available fund balance ratio has been negative for seven consecutive years, driven by several years of negative budget variances and material enrollment declines. The district remains under Statutory Operating Debt (SOD), which places it under state oversight and requires it to submit to the Commissioner of Education a five-year budget plan to balance operations. The efforts to meet the improvements outlined in the original SOD plan have been hampered by a continued trend of declining enrollment and slower than anticipated expenditure reductions. Fiscal 2025 closed with a general fund surplus of just over $140,000 and the adopted fiscal 2026 budget reflects an additional surplus of nearly $480,000, both of which were supported primarily by ongoing expenditure reductions. If fully realized, these surpluses would increase the general fund balance to levels closer to negative 10% in fiscal 2026 from negative 17% in fiscal 2024. The district reduced the amount of cash flow borrowing to about $2.5 million in fiscal 2026 from $3 million in fiscal 2025. Favorably, the district has a solid resident income ratio equal to about 125% and a strong full value per capital that is now approaching $400,000. The long-term liabilities ratio will increase to levels closer to 300% following the upcoming sale, which is above average. The Ba1 GOULT rating is at the same level as the Ba1 issuer rating because of the district's full faith and credit pledge and authority to levy ad valorem property taxes to pay debt service without limit as to rate or amount. The Aa1 enhanced rating on the current bonds reflects the additional security provided by the State of Minnesota's School District Credit Enhancement Program. The Aa1 enhanced programmatic rating is notched once from the State of Minnesota's Aaa Issuer Rating. The enhanced rating reflects sound program mechanics and the state's pledge of an unlimited appropriation from its General Fund should the district be unable to meet debt service requirements. The program mechanics include a provision for third-party notification of pending deficiency. If the school district does not transfer funds necessary to pay debt to the paying agent at least three days prior to the payment due date, the state will appropriate the payment to the paying agent directly. Moody's have received a copy of the signed program applications. RATING OUTLOOK Moody's do not assign outlooks to local governments with this amount of debt. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS -- Consistent operational improvements that provide confidence the district's fund balance will return to positive position FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS -- Financial performance in fiscal 2026 that adversely deviates from current estimates or the inability to continue improving general fund reserves in 2027 -- The failure to continue receiving the state's approval for the revised SOD plans -- The inability to maintain a cash position sufficient to meet operating expenditures on a timely basis -- Downgrade of the State of Minnesota's Issuer Rating (enhanced) -- Weakening of the credit enhancement program mechanics (enhanced) PROFILE Kenyon-Wanamingo I.S.D. 2172 is located approximately 30 miles northwest of Rochester and 60 miles southeast of the Twin Cities. The district provides early childhood through twelfth grade education to a resident population of about 5,700 and serves just over 600 students. METHODOLOGY The principal methodology used in the underlying rating was US K-12 Public School Districts published in July 2024. KINDER ISLAND: Seeks Approval to Hire Alla Kachan as Legal Counsel ------------------------------------------------------------------ Kinder Island LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ the Law Offices of Alla Kachan, PC as counsel. The firm will render these services: (a) assist the Debtor in administering this Chapter 11 case; (b) make such motions or take such action as may be appropriate or necessary under the Bankruptcy Code; (c) represent the Debtor in prosecuting adversary proceedings to collect assets of the estate and such other actions as it deems appropriate; (d) take such steps as may be necessary for the Debtor to marshal and protect the estate's assets; (e) negotiate with the Debtor's creditors in formulating a plan of reorganization in this case; (f) draft and prosecute the confirmation of the Debtor's plan of reorganization in this case; and (g) render such additional services as the Debtor may require in this case. The firm will be paid at these hourly rates: Attorneys $550 Paraprofessionals $250 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $16,000 from Omni Build Inc., one of the Debtor's shareholders, Vyacheslav Faybyshev's business on October 23, 2025. Alla Kachan, Esq., a member at the Law Offices of Alla Kachan, 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: Alla Kachan, Esq. Law Offices of Alla Kachan, PC 2799 Coney Island Avenue, Suite 202 Brooklyn, NY 11235 Telephone: (718) 513-3145 About Kinder Island LLC Kinder Island LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-45123) on Oct. 23, 2025, listing under $1 million in assets and liabilities. Honorable Bankruptcy Judge Elizabeth S. Stong handles the case. The Debtor tapped the Law Offices of Alla Kachan, PC as counsel. LAKE BUENA VISTA: Court Extends Cash Collateral Access to Dec. 31 ----------------------------------------------------------------- Lake Buena Vista Investments, LLC received second interim approval from the U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division to use cash collateral. The court authorized the Debtor to use cash collateral through December 31 to fund regular business expenses as outlined in a budget. To facilitate this, Wilmington Trust, N.A., DBR Investments Co. Limited's successor-in-interest, was directed to immediately release necessary funds from the Debtor's lockbox account so that the Debtor could continue operations without disruption. The Debtor may vary budgeted expenses by up to 10% per line item and 10% overall. Professional fees included in the budget may not be paid until the court grants further approval. The budget projects total operational expenses of $139,449 for December. To protect Wilmington Trust's interest, the court granted the secured lender a post-petition lien on all cash generated after the bankruptcy filing, but only to the extent and in the order of priority of any existing valid pre-bankruptcy lien. This lien is deemed automatically perfected without the need for additional filings or documentation. The Debtor must also make a $108,000 interest payment. The next hearing is set for December 17. Wilmington Trust is represented by: Morgan L. Swing, Esq. Duane Morris LLP 201 S. Biscayne Blvd., Suite 3400 Miami, FL 33131 Telephone: 305-960-2200 Facsimile: 305-960-2201 mlswing@duanemorris.com About Lake Buena Vista Investments LLC Lake Buena Vista Investments, LLC is a Florida-based limited liability company engaged in activities related to real estate under NAICS 5313. Its principal assets are located at 12341-12353 Winter Garden Vineland Road in Orlando, Florida, a site encompassing hospitality and commercial properties. Lake Buena Vista Investments sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-06768) on October 21, 2025, listing between $10 million and $50 million in both assets and liabilities. The petition was signed by Jack Flechner as manager. Judge Hon. Grace E Robson oversees the case. The Debtor is represented by Aaron A. Wernick, Esq., at Wernick Law, PLLC. LASERSHIP INC: T. Rowe Price Marks $26.9MM 1L Loan at 26% Off ------------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $26,905,000 loan extended to LaserShip, Inc. to market at $19,798,000 or 74% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to LaserShip, Inc. The loan accrues interest at a rate of 12% per annum. The loan matures on January 1, 2029. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Company invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Company primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Company may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About LaserShip, Inc. Lasership, Inc. operates as a courier services. The Company offers pickup, delivery of letters, small packages, and documents. Lasership serves customers worldwide. LELAND HOUSE: Gets Court OK to Use Cash Collateral -------------------------------------------------- Leland House Limited Partnership Company received final approval from the U.S. Bankruptcy Court for the Eastern District of Michigan, Southern Division, to use cash collateral. The court authorized the Debtor to use cash collateral to fund operations in accordance with its budget, subject to a 10% variance. The Debtor may amend the budget through stipulation with the U.S. Trustee, the City of Detroit, and its secured creditor, Capital Impact Partners. If no agreement is reached, any party may request court approval of a revised budget. As protection from any diminution in value of its collateral, Capital Impact Partners will be granted replacement liens on post-petition assets to the same extent as its pre-bankruptcy liens. In case replacement liens prove insufficient, Capital Impact Partners will be granted a superpriority administrative expense claim. The Debtor's authority to use cash collateral ends upon dismissal or conversion of its Chapter 11 case or upon appointment of a Chapter 11 trustee unless extended by a further order. The Debtor was previously authorized to use up to $20,000 in cash collateral to pay its operating expenses under the court's November 7 interim order. The final order is available at https://is.gd/PXfdqH from PacerMonitor.com. Leland owns and operates the Leland House, a 20-story 1927 Beaux-Arts landmark in Detroit that generates income from 40 residential units, the Leland City Club’s commercial rent, and parking fees. Relying on a 2020 appraisal, the Debtor values the Leland House at approximately $19 million. Its cash collateral consists of cash on hand and accrued but unpaid rents, which the Debtor estimates at under $30,000 after accounting for doubtful collections. Although creditors are expected to assert more than $20 million in claims secured by mortgages or liens on the Leland House, the Debtor believes Capital Impact Partners is the only creditor with an interest in its cash collateral. Capital Impact Partners is expected to claim about $1.5 million, secured by substantially all of the Debtor's assets. Capital Impact Partners, as secured creditor, is represented by: Danielle Rushing Behrends, Esq. Dykema Gossett, PLLC 112 East Pecan Street, Suite 1800 San Antonio, TX 78205 Phone: (210) 554-5500 Fax: (210) 226-8395 dbehrends@dykema.com About Leland House Limited Partnership Company Leland House Limited Partnership Company is a single-asset real estate company in Detroit, Michigan, that owns and leases commercial property. Leland House Limited Partnership Company sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 25-51190) on November 3, 2025. In its petition, the Debtor reported between $10 million and $50 million in assets and liabilities. Honorable Bankruptcy Judge Maria L. Oxholm handles the case. The Debtor is represented by Ryan D. Heilman, Esq., at Heilman Law, PLLC. LEXICON HOSPITALITY: Seeks Chapter 7 Bankruptcy in Georgia ---------------------------------------------------------- On December 2, 2025, Lexicon Hospitality Investments LLC filed for Chapter 7 protection in the Northern District of Georgia. According to court filing, the Debtor reports between $0 and $100,000 in debt owed to 1-49 creditors. About Lexicon Hospitality Investments LLC Lexicon Hospitality Investments LLC engages in investing, developing, and managing a diverse portfolio of hospitality assets, including hotels and resorts. Lexicon Hospitality Investments, LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-21736) on December 2, 2025. In its petition, the Debtor reports estimated assets and estimated liabilities of $0-$100,000. Honorable Bankruptcy Judge James R. Sacca handles the case. The Debtor is represented by Benjamin R. Keck, Esq. of Keck Legal, LLC. LIFESCAN GLOBAL: Plan Exclusivity Period Extended to Jan. 12, 2026 ------------------------------------------------------------------ Judge Alfredo R. Pérez of the U.S. Bankruptcy Court for the Southern District of Texas extended LifeScan Global Corporation, and affiliates' exclusive periods to file a plan of reorganization and obtain acceptance thereof to January 12, 2026 and March 13, 2026, respectively. As shared by Troubled Company Reporter, the Debtors explain that these chapter 11 cases are extremely complex, and the size of their capital structure means they must navigate a number of complex issues to implement the Plan. There is no question that the Debtors' capital structure, which as of the Petition Date consisted of approximately $1.35 billion in liabilities, is large and complex, and the Debtors have obligations to a tremendous number of stakeholders across the globe. Thus, the size and complexity of these chapter 11 cases alone provides sufficient cause for the Court to extend the Exclusivity Periods. The Debtors claim that extending the Exclusivity Periods benefits all parties in interest by preventing the drain on time and resources that inevitably occurs when multiple parties with potentially diverging interests vie for the consideration of their own respective plans. All stakeholders benefit from continued stability and predictability that a central process provides, which can only occur while the Debtors remain the sole plan proponents. Moreover, even if the Court approves an extension of the Exclusivity Periods, nothing prevents parties in interest from later arguing to the Court that cause supports termination of the Debtors' exclusivity should cause arise. Accordingly, an extension of the Exclusivity Periods is in the best interest of the Debtors' estates, their creditors, and all other parties in interest. The Debtors cite that after engaging in lengthy discussions, certain of their unsecured creditors who did not initially support the Plan have entered into the GUC Settlement and the PBM Settlement and withdrawn their objections to the Plan. Thus, the Debtors are not seeking an extension of the Exclusivity Periods as a negotiation tactic, to artificially delay the conclusion of these chapter 11 cases, or to hold creditors hostage to an unsatisfactory plan proposal. Co-Counsel to the Debtors: John F. Higgins, Esq. M. Shane Johnson, Esq. Megan Young-John, Esq. James A. Keefe, Esq. Grecia V. Sarda, Esq. PORTER HEDGES LLP 1000 Main St., 36th Floor Houston, Texas 77002 Tel: (713) 226-6000 Fax: (713) 226-6248 Email: jhiggins@porterhedges.com sjohnson@porterhedges.com myoung-john@porterhedges.com jkeefe@porterhedges.com gsarda@porterhedges.com Co-Counsel to the Debtors: Dennis F. Dunne, Esq. Samuel Khalil, Esq. Jaimie Fedell, Esq. MILBANK LLP 55 Hudson Yards New York, New York 10001 Tel: (212) 530-5000 Fax: (212) 530-5219 Email: ddunne@milbank.com skhalil@milbank.com jfedell@milbank.com and Andrew M. Leblanc, Esq. Melanie Yanez, Esq. MILBANK LLP 1850 K Street, NW Suite 1100 Washington DC 20006 Tel: (202) 835-7500 Fax: (202) 263-7586 Email: aleblanc@milbank.com myanez@milbank.com About LifeScan Global Corporation LifeScan delivers personalized health, wellness, and digital solutions to individuals living with diabetes. Since 1981, LifeScan has advanced glucose care and diabetes management with pioneering technologies and new products, and is actively engaged in designing, developing, manufacturing, and marketing devices, software, and applications. Its comprehensive portfolio of diabetes-related products and services includes blood glucose monitoring devices, blood glucose test strips, lancing devices, and digital applications. LifeScan Global Corp. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 25-90259) on July 15, 2025. As of the Petition Date, the Debtors have approximately $786 million assets and approximately $1.7 billion in liabilities. Judge Alfredo R Perez presides over the case. Porter Hedges LLP is the Debtor's legal counsel, Milbank LLP is co-counsel, and PJT Partners LP is the investment banker. LITTLE BROWN: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------- Two affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- The Little Brown Box Pizza, LLC 25-13452 d/b/a Pieology 18101 Von Karman Avenue Suite 1100 Irvine, CA 92612-0154 Kustom Partner, LLC 25-13453 18101 Von Karman Avenue Suite 1100 Irvine, CA 92612-0154 Business Description: The Little Brown Box Pizza, LLC, doing business as Pieology, operates fast-casual pizza restaurants in the United States, offering customizable pizzas and related menu items, and is headquartered in Irvine, California. Chapter 11 Petition Date: December 8, 2025 Court: United States Bankruptcy Court Central District of California Judge: Hon. Mark D. Houle Debtors' Counsel: Belinda M. Vega, Esq. VENABLE LLP 801 Brickell Avenue, Suite 1500 Miami, FL 33131 Tel: 310-229-9000 Fax: 310-229-9901 Email: bmvega@venable.com The Little Brown Box Pizza's Estimated Assets: $100,000 to $500,000 The Little Brown Box Pizza's Estimated Liabilities: $1 million to $10 million Kustom Partner's Estimated Assets: $0 to $50,000 Kustom Partner's Estimated Liabilities: $100,000 to $500,000 The petitions were signed by Carl Chang as founder. Full-text copies of the petitions, which include lists of the Debtors' 20 largest unsecured creditors, are available for free on PacerMonitor at: https://www.pacermonitor.com/view/M7K2HTY/The_Little_Brown_Box_Pizza_LLC__cacbke-25-13452__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/FVQOWGA/Kustom_Partner_LLC__cacbke-25-13453__0001.0.pdf?mcid=tGE4TAMA LODGING ENTERPRISES: Hires Teneo Capital as Financial Advisor ------------------------------------------------------------- Lodging Enterprises, LLC seeks approval from the U.S. Bankruptcy Court for the District of Kansas to employ Teneo Capital LLC as financial advisor. The firm's services include: (a) evaluate and assess the reasonableness and accuracy of the Debtor's cash collateral budget; (b) assist the Debtor with budget to actual reporting related to its cash collateral budget (as applicable); (c) prepare analyses and provide testimony and/or assist the Debtor and its representatives in preparation for testimony as needed in connection with the Chapter 11 case; (d) support the Debtor in its preparation and fulfillment of the various bankruptcy reporting requirements; (e) provide analysis and reconciliation of scheduled and filed proofs of claim; (f) support the Debtor, its representatives and other professionals advising it in any asset sale efforts and related closing and transition matters; (g) support the Debtor, its representatives and other professionals advising it in the development, confirmation and implementation of the its Plan of Liquidation ("POL") and its related Settlement Agreement; and (h) perform such other professional services that fall within Teneo's expertise as may be requested by the Debtor and agreed to by Teneo in writing. The firm will be paid at these hourly rates: Senior Managing Directors, Managing Director $925 - $1,300 and Senior Advisors Senior Directors, Directors, $550 - $925 and Vice Presidents Associates and Analysts $375 - $550 Administrative Staff $200 - $375 In addition, the firm will seek reimbursement for expeses incurred. Bryan Gaston, a senior managing director at Teneo Capital, 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: Bryan Gaston Teneo Capital LLC 280 Park Ave. New York, NY 10017 Telephone: (212) 886-1600 About Lodging Enterprises Founded in 1984, Lodging Enterprises, LLC, a company in Wichita, Kansas, offers a full suite of crew accommodations, specializing in 24-hour food, lodging and hospitality services. A large segment of the company's clientele is composed of railroad, and other transportation-industry workers for whom it is essential that lodging is available. The company owns and operates 44 Wyndham branded hotels and 27 restaurants located in 23 states across the country. Lodging Enterprises filed a Chapter 11 petition (Bankr. D. Kan. Case No. 24-40423) on June 26, 2024, with $100 million to $500 million in both assets and liabilities. The Debtor tapped Jonathan Margolies, Esq., at Seigfreid & Bingham, PC as counsel and Teneo Capital LLC as financial advisor. LONGBONS ENTERPRISES: Seeks to Tap Rafool & Bourne as Legal Counsel ------------------------------------------------------------------- Longbons Enterprises, Ltd., doing business as Merry Maids of Springfields, doing business as Merry Maids of Decatur, seeks approval from the U.S. Bankruptcy Court for the Central District of Illinois to employ Rafool & Bourne, PC as counsel. The firm will render these services: (a) advise the Debtor with respect to its rights, powers and duties in connection with the administration of its bankruptcy estate and the disposition of its property; (b) take such action as may be necessary with respect to claims that may be asserted against the Debtor and property of its estate; (c) prepare legal documents as may be necessary in connection with the appropriate administration of this case; (d) represent the Debtor with respect to inquiries and negotiations concerning creditors of its estate and property; (e) initiate, defend or otherwise participate on behalf of the Debtor in all proceedings before this Court or any other court of competent jurisdiction; and, (f) perform any and all other legal services on behalf of the Debtor which may be required to aid in the proper administration of its bankrupty estate. Sumner Bourne, Esq., the primary attorney in this representation, will be billed at his hourly rate of $300, plus reimbursement. The firm received a security retainer of $15,500 from the Debtor. Mr. Bourne 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: Sumner A. Bourne, Esq. Rafool & Bourne, PC 401 Main Street, Suite 1130 Peoria, IL 61602 Telephone: (309) 673-5535 Facsimile: (309) 673-5537 Email: notices@rafoolbourne.com About Longbons Enterprises Longbons Enterprises, Ltd. provides residential and commercial janitorial services under the Merry Maids trade names in Illinois. Longbons Enterprises sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Ill. Case No. 25-70921) on November 10, 2025, listing up to $100,000 in assets and up to $1 million in liabilities. Michael R. Longbons, president of Longbons Enterprises, signed the petition. Judge Mary P. Gorman oversees the case. Sumner A. Bourne, Esq., at Rafool & Bourne, represents the Debtor as counsel. LORDON ENTERPRISES: Hires Salvato Boufadel as Bankruptcy Counsel ---------------------------------------------------------------- Lordon Enterprises, Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Salvato Boufadel LLP as counsel. The firm's services include: (a) advise and assist the Debtor in the preparation of all statements, schedules, records and reports required by applicable law in connection with the operation and administration of the case; (b) advise and assist the Debtor with respect to Chapter 11 case requirements to help it stay in compliance with the Bankruptcy Code, the Federal Rules of Bankruptcy Procedure, the Court's Local Bankruptcy Rules, and the Guidelines of the U.S. Trustee; (c) attend meetings and negotiations with various representatives of creditors and other parties in interest; (d) represent the Debtor in contested matters, adversary proceedings, and any other hearings before this Court; (e) review and, if appropriate, pursue avoidable transfers and other claims that the estate may have against third parties; (f) analyze and review the validity of claims of creditors who file proofs of claims and, if appropriate, object to those claims; (g) analyze the validity of all administrative expenses and, if appropriate, object to those expenses; (h) assist the Debtor with the settlement and compromise of claims by or against the estate, or pertaining to matters relating to this case; (i) assess prospects for reorganization of the Debtor's financial affairs under Chapter 11 of the Bankruptcy Code and, if appropriate, assist the Debtor in the prompt formulation, proposal, confirmation and implementation of a Chapter 11 plan; (j) advise and assist the Debtor regarding matters of bankruptcy law and concerning the requirements of the Bankruptcy Code and Bankruptcy Rules relating to the administration of this case, and the operation of its estate; and (k) perform other general legal services relating to the administration of the estate. The firm will be paid at these hourly rates: Misty Perry Isaacson, Attorney $600 Gregory Salvato, Attorney $625 Joseph Boufadel, Attorney $525 Law Clerks/Paralegals $100 - $200 In addition, the firm will seek reimbursement for expenses incurred. The Debtor's principals, Donald Melching and Gloria Melching, provided Salvato Boufadel with a pre-petition retainer of $75,000 to commence services. Ms. Isaacson 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: Misty Perry Isaacson, Esq. Salvato Boufadel LLP 505 N. Tustin Avenue, Suite 282 Santa Ana, CA 92705 Telephone: (213) 484-8400 About Lordon Enterprises Inc. Lordon Enterprises, Inc. provides specialized services to the real estate industry, including property management, appraisal, listing, escrow, and consulting services. Lordon Enterprises sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-19832) on November 3, 2025. In the petition signed by Donald J. Melching, chief executive officer, the Debtor disclosed up to $1 million in assets and up to $50 million in liabilities. Judge Barry Russell oversees the case. Misty Perry Isaacson, Esq., at Salvato Boufadel, LLP represents the Debtor as counsel. M&H ENTERPRISES: Gets Interim OK to Use Cash Collateral ------------------------------------------------------- The U.S. Bankruptcy Court for the District of Maryland, Baltimore Division, granted M&H Enterprises, LLC interim approval to use cash collateral to fund operations. The court authorized the Debtor to use up to $9,500 in cash collateral consisting of rental income from its property located at 8229 Washington Boulevard, Jessup, Maryland. A final hearing is scheduled for December 17. The property generates approximately $9,500 in monthly rental income, which is the Debtors' primary source of revenue to fund expenses. Trius Lending holds a secured deed of trust and had scheduled a foreclosure sale for November 12. After unsuccessful negotiations to restructure the debt, the Debtor filed for Chapter 11 protection to prevent loss of the property. About M&H Enterprises, LLC M&H Enterprises, LLC is associated with real estate holdings in Maryland and is owned by The Estate of Manijeh Vedadi. The Debtors jointly hold title to a nine-unit residential building located at 8229 Washington Boulevard in Jessup, Maryland. The Estate of Manijeh Vedadi holds additional residential properties in Silver Spring and North Potomac, some of which are used as collateral for the Jessup property while others are classified as inherited property. Combined, the assets are valued at approximately $3 million. M&H Enterprises and The Estate of Manijeh Vedadi sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 25-20625) on November 12, 2025. At the time of the filing, M&H Enterprises listed between $1 million and $10 million in assets and between $500,001 and $1 million in liabilities. Judge: Robert H Jacobvitz Rowena N. Nelson, Esq., at the Law Office of Rowena N. Nelson, LLC, represents the Debtor as bankruptcy counsel. M&M CUSTARD: U.S. Trustee Appoints Creditors' Committee ------------------------------------------------------- The U.S. Trustee for Region 20 appointed an official committee to represent unsecured creditors in the Chapter 11 case of M&M Custard, LLC. The committee members are: 1. AH2 West 63rd Street Westmont, IL LLC Emmanuel Anekwe, Owner 6640 Tuscany Ridge Drive El Paso, TX 79912 (210) 269-9217 ace.emeka@gmail.com.com 2. Bucks Mowing and Landscaping, LLC Craig Buck, Owner 5798 S. 550 East Franklin, IN 46131 (812) 371-5185 bucksmowing_landscaping@yahoo.com 3. Ithaca X, LLC Thales Pavlatos, Owner 2790 Kilkenny Dr. Springfield, OH 45503 (937) 408-9445 tpavlatos@gmail.com 4. Mr. Handyman of Olathe, Gardner Scott Fuhrmann, President 13849 S. Mur-Len Road, Suite B Olathe, KS 66062 (913) 333-2274 scott.fuhrmann@mrhandyman.com 5. Budderfly, Inc. Carol McVerry, Deputy General Counsel 2 Trap Falls Road Shelton, CT 06484 (203) 605-0756 carol.mcverry@budderfly.com Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About M&M Custard LLC M&M Custard LLC, doing business as Freddy's Frozen Custard & Steakburgers, operates 30+ franchise locations across six Midwestern and Southern U.S. states. Headquartered in Overland Park, Kansas, M&M Custard was founded in 2010, opened its first location in Jefferson City, Missouri in 2012, and has expanded into Missouri, Kansas, Illinois, southern Indiana, Kentucky, and Tennessee. The Debtor operates fast-casual restaurants specializing in steakburgers, hot dogs, and frozen custard, and manages its stores through individual subsidiary LLCs, collectively holding 41 store franchise license agreements with Freddy's. M&M Custard and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Kan. Lead Case No. 25-21650) on November 14, 2025. In its petition, M&M Custard reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. The Debtors are represented by Colin N. Gotham, Esq., at Evans & Mullinix, P.A. MAMMOTH HOLDINGS: T. Rowe Price Marks $3.6MM 1L Loan at 67% Off --------------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $3,636,000 loan extended to Mammoth Holdings, LLC to market at $1,182,000 or 33% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to Mammoth Holdings, LLC. The loan accrues interest at a rate of 10% per annum. The loan matures on November 15, 2029. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Company invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Company primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Company may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About Mammoth Holdings, LLC Mammoth Holdings, LLC operates as a holding company. The Company, through its subsidiaries, provides car wash and emission testing services. MARKUS CORP: Court Extends Cash Collateral Access to Dec. 31 ------------------------------------------------------------ Markus Corp received interim approval from the U.S. Bankruptcy Court for the Northern District of Illinois to use cash collateral until December 31, marking the tenth extension since its Chapter 11 filing. The Debtor needs to use its lenders' cash collateral to pay the expenses set forth in its budget, which shows total operational expenses of $19,575.00 for the period from December 1 to 31. The Debtor owes $426,224.08 and $264,476.06 to the U.S. Small Business Administration and Village Bank & Trust, N.A., respectively. These creditors have perfected liens on the Debtor's assets, including cash, bank deposits and accounts receivable, which constitute cash collateral. As adequate protection, both lenders will be granted a replacement lien on substantially all of the Debtor's assets, including those acquired after its Chapter 11 filing. This replacement lien will have the same validity and extent as the secured creditors' pre-bankruptcy liens. The lenders will also be granted an administrative expense claim as additional protection. The next hearing is scheduled for December 30. SBA and Village Bank & Trust have a valid blanket lien on assets of the Debtor as of the petition date including the cash proceeds. Both hold a security interest in all assets of the Debtor by way of a valid lien. The Debtor believes SBA's lien has the first priority position. About Markus Corporation Markus Corp is an owner and operator of three semi-trucks and hauls cargo for its client. Markus filed Chapter 11 petition (Bankr. N.D. Ill. Case No. 25-03310) on March 4, 2025, listing up to $100,000 in assets and up to $1 million in liabilities. Markus President Marek Kusmierczyk signed the petition. Judge Timothy A. Barnes oversees the case. Arthur Corbin, Esq., at Corbin Law Firm, LLC, represents the Debtor as bankruptcy counsel. Village Bank & Trust, N.A., as secured lender, is represented by: Jeffrey S. Burns, Esq. Markoff Leinberger, LLC 200 S. Wacker Drive, FL 31 Chicago, IL 60606 Tel: (312) 589-7600 jeff@markleinlaw.com MCCALLSON TAX: Seeks to Hire Evans & Mullinix as Legal Counsel -------------------------------------------------------------- McCallson Tax & Accounting, LLC seeks approval from the U.S. Bankruptcy Court for the District of Kansas to employ Evans & Mullinix, PA to handle its Chapter 11 case. The firm will be paid at these hourly rates: Colin Gotham, Attorney $350 Paralegals $125 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $16,738 from the Debtor. Mr. Gotham 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: Colin N. Gotham, Esq. Evans & Mullinx, PA 7225 Renner Road, Suite 200 Shawnee, KS 66217 Telephone: (913) 962-8700 Facsimile: (913) 962-8701 Email: cgotham@emlawkc.com About McCallson Tax & Accounting LLC McCallson Tax & Accounting, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Kan. Case No. 25-21728) on November 24, 2025. In the petition signed by Lori McCallson, member, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge Dale L. Somers oversees the case. Colin N. Gotham, Esq., at Evans & Mullinix, PA represents the Debtor as counsel. MEG INDUSTRIAL: Seeks Chapter 7 Bankruptcy in Texas --------------------------------------------------- On December 4, 2025, MEG Industrial Sales Inc. filed for Chapter 7 protection in the Southern District of Texas. According to the court filing, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About MEG Industrial Sales Inc. MEG Industrial Sales Inc. operates as a supplier of industrial products and equipment, catering primarily to businesses across Texas. The company offers a selection of tools, parts, and industrial materials used in commercial and manufacturing environments. Known for its practical product offerings and customer-focused approach, MEG Industrial Sales Inc. supports day-to-day operational needs for a variety of industrial clients. MEG Industrial Sales Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-37392) on December 4, 2025. In its petition, the Debtor reports estimated assets between $0 and $100,000 and estimated liabilities between $100,001 and $1,000,000. Honorable Jeffrey P. Norman handles the case. The Debtor is represented by Alex Olmedo, Esq. of Acosta Acosta Law, P.C. METROPOLITAN LIGHTING: Hires Ramus Auctions as Liquidating Agent ---------------------------------------------------------------- Metropolitan Lighting Co., Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Virginia to employ Ramus Auctions as liquidating agent. The firm will liquidate and authorize the sale of all the Debtor's property for the best price obtainable at its discretion. The firm will receive 20 percent sale price of any property sold. The firm represents no interest adverse to the Debtor or to the estate on the matters upon which it is to be engaged for the Debtor. The firm can be reached at: Ramus Auctions 21598 Atlantic Blvd., Ste. 150 Sterling, VA 20166 About Metropolitan Lighting Co. Inc. Metropolitan Lighting Co. Inc. is a lighting design firm that provides planning, design, and custom fixture development for a range of environments. The Company works with owners, architects, and contractors to create lighting systems for offices, restaurants, hotels, retail spaces, residences, and churches, and also offers fixture preservation and restoration services. Its expertise spans from pre-construction budgeting to the rejuvenation of existing fixtures, with a portfolio that includes both commercial and residential projects. Metropolitan Lighting Co. Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Case No. 25-11857) on September 8, 2025. In its petition, the Debtor reports total assets of $319,919 and total liabilities of $1,099,100. The Debtor is represented by Richard G. Hall, Esq. MEZMEREYES PLLC: Seeks Chapter 11 Bankruptcy in Texas ----------------------------------------------------- On December 5, 2025, Mezmereyes PLLC filed for Chapter 11 protection in the Eastern District of Texas. According to court filing, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1-49 creditors. About Mezmereyes PLLC Mezmereyes PLLC operates as a full-service legal practice, specializing in business law, contracts, litigation, and other civil matters. Mezmereyes PLLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-43708) on December 5, 2025. In its petition, the Debtor reports estimated assets in the range of $0-$100,000 and estimated liabilities in the range of $100,001-$1,000,000. Honorable Chief Judge Brenda T. Rhoades handles the case. The Debtor is represented by Brandon John Tittle, Esq. of Tittle Law Firm, PLLC. MIDDLETON CONSTRUCTION: Court OKs Post-Petition Security Deposit ---------------------------------------------------------------- Judge Shad M. Robinson of the United States Bankruptcy Court for the Western District of Texas granted the application of Eric B. Terry, Subchapter V trustee for Middleton Construction, LLC, for post-petition security deposit. The Debtor must remit payments of $435.48 for the month of October and $1,500.00 per month for each subsequent month as post-petition security deposits for any fees and expenses incurred by the Trustee in connection to the fulfillment of his duties and obligations. A copy of the Court's Order dated November 26, 2025 is available at https://urlcurt.com/u?l=a7QMgH from PacerMonitor.com. About Middleton Construction LLC Middleton Construction, LLC is a Texas-based construction and remodeling firm specializing in multi-family housing projects across Central Texas, employs several staff members, including managers, sales personnel, administrative support, and its CEO, Keith Middleton. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-11635-smr) on October 21, 2025. In the petition signed by Keith Middleton, manager, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge Shad Robinson oversees the case. Frank B. Lyon, Esq., represents the Debtor as legal counsel. MIGGS RESTAURANT: Kathleen DiSanto Named Subchapter V Trustee ------------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Kathleen DiSanto, Esq., at Bush Ross, P.A., as Subchapter V trustee for Miggs Restaurant, LLC. Ms. DiSanto will be paid an hourly fee of $350 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. DiSanto declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Kathleen L. DiSanto, Esq. Bush Ross, P.A. P.O. Box 3913 Tampa, FL 33601-3913 Phone: (813) 224-9255 Fax: (813) 223-9620 disanto.trustee@bushross.com About Miggs Restaurant LLC Miggs Restaurant LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-08989) on November 29, 2025, listing up to $50,000 in assets and between $100,001 and $500,000 in liabilities. Judge Caryl E. Delano presides over the case. Samuel P. Bennett, Esq., at Spb Law PA represents the Debtor as legal counsel. MILLER'S LANDING: Gets Interim OK to Use Cash Collateral -------------------------------------------------------- Miller's Landing at the Lake, Inc. got the green light from the U.S. Bankruptcy Court for the Central District of California, Riverside Division, to use cash collateral through February 9, 2026. The court authorized the Debtor to use income generated from its operations, which constitutes BayFirst's cash collateral, to pay the expenses set forth in its budget, with up to a 15% monthly variance above each line-item amount being allowed at the discretion of the Debtor. As adequate protection, the Debtor must pay BayFirst $10,000 per month, beginning this month. BayFirst will also receive a replacement lien on post-petition assets equal in priority to its pre-bankruptcy lien. The order permits the parties to seek future extensions through stipulation, subject to court approval. It also preserves BayFirst's rights to take further action, including filing a proof of claim. Nonperformance, trustee appointment, and conversion of the Debtor's Chapter 11 case to one under Chapter 7 constitute defaults. If a default occurs, BayFirst may terminate consent after seven days' notice. The court order is available at https://is.gd/aNagiy from PacerMonitor.com. About Miller's Landing at the Lake Inc. Miller's Landing at the Lake, Inc. operates a wedding and event venue in Lake Arrowhead, California. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 6:25-bk-18091-RB) on November 9, 2025. In the petition signed by Terri R. Miller, president, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Magdalena Reyes Bordeaux oversees the case. Michael Jay Berger, Esq., at Law Offices of Michael Jay Berger, represents the Debtor as legal counsel. MISS AMERICA: Carlton Fields Exits Ownership Suit ------------------------------------------------- Emily Johnson of Law360 reports that a Florida federal judge on Monday, December 8, 2025, granted Carlton Fields' request to withdraw from representing the plaintiffs in a dispute concerning the ownership of the Miss America pageant. The firm told the court that "irreconcilable differences" had arisen between the attorneys and their clients, leaving them unable to continue their representation. The withdrawal marks a significant shift in the ongoing litigation, which centers on control and governance of the long-running pageant organization. With Carlton Fields stepping aside, the plaintiffs will now need to secure new counsel to move the case forward. About Miss America Competition LLC Miss America Competition LLC is an annual competition open to women from the United States between the ages of 18 and 28. The competition's inception as a "bathing beauty review" was an act of rebellion during a time when women weren't permitted to wear swimsuits in public. In 1945, the organization started awarding scholarships to the winner instead of prize money, making Miss America one of the first organizations in the United States to offer college scholarships to women. Miss America Competition LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 24-22288) on November 22, 2024. In the petition filed by Glenn Straub, as sole member and manager, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Erik P. Kimball handles the case. The Debtor is represented by Craig I. Kelley, Esq., at KELLEY KAPLAN & ELLER, PLLC, in West Palm Beach, Florida. MODIVCARE INC: Wants to Overcome Creditors' Hurdles to Exit Ch. 11 ------------------------------------------------------------------ Andrew Scurria of Bloomberg Law reports that medical-transport provider Modivcare is facing hurdles from its unsecured creditors committee as it seeks to exit Chapter 11 with a plan that would cut its debt by $1.1 billion. The Colorado-based company warned in court filings Thursday that its operations are at "grave risk" if legal disputes over its treatment of subordinated unsecured bondholders delay its bankruptcy exit. The committee, which represents holders including Jupiter Asset Management and Madison Avenue Partners, values the business over $800 million higher than Modivcare does. Modivcare argues that the committee's valuation fails to reflect recent contract cancellations, other business pressures, and the potential for further government customer losses if the Chapter 11 process drags on. According to the company, these factors could threaten its ability to operate effectively during an extended bankruptcy, the report states. The creditors committee counters that Modivcare is using overly pessimistic projections to benefit secured creditors who would gain control under the restructuring plan. A higher business valuation would increase recoveries for unsecured bondholders while reducing the stake allocated to first-lien secured lenders, the committee said. Modivcare also noted that if the committee’s assessment were accurate, its members would be participating in a $200 million equity rights offering the company has proposed. The committee has additionally sought permission to challenge a prebankruptcy liability management transaction in which unsecured bondholders swapped $271 million of debt for new secured claims, which could further shift equity toward unsecured creditors. Judge Alfredo Perez of the U.S. Bankruptcy Court in Houston is expected to review the plan next week. 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. MRI SOFTWARE: T. Rowe Price Marks $2.6MM 1L Loan at 91% Off ----------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $2,669,000 loan extended to MRI Software LLC to market at $247,000 or 9% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to MRI Software LLC. The loan accrues interest at a rate of 8.75% per annum. The loan matures on February 10, 2028. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Company invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Company primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Company may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About MRI Software LLC MRI Software, LLC is a provider of real estate and investment management software to real estate owners, investors, and operators. MZS PROPERTIES: Court Extends Cash Collateral Access to Dec. 16 --------------------------------------------------------------- MZS Properties, LLC received another extension from the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, to use cash collateral. The court authorized the Debtor to use cash collateral until December 16 under the terms set by the bankruptcy court in its prior orders. A status hearing is scheduled for December 16. The Debtor's principal asset is real estate in Chicago, Ill., secured by a mortgage in which the initial lender was Sharestates Investments, DACL LLC. Sharestates holds a first priority lien on the property in the initial amount of $113,000. The lender claims it is owed $226,211 as of the petition date. Rents collected from the property are the Debtor's sole source of revenue. The value of the property is scheduled at $325,000. About MZS Properties MZS Properties, LLC filed Chapter 11 petition (Bankr. N.D. Ill. Case No. 25-01523) on January 31, 2025, listing up to $500,000 in both assets and liabilities. Mouzma Syed, manager of MZS Properties, signed the petition. Judge Jacqueline Cox oversees the case. Bradley Foreman, Esq., at the Law Offices of Bradley H. Foreman, P.C., is the Debtor's bankruptcy counsel. Sharestates Investments, DACL LLC, as lender, is represented by: Timothy R. Yueill, Esq. Law Offices of Ira T. Nevel, LLC 175 N. Franklin St., Ste. 201 Chicago, IL 60606 Telephone: 312-357-1125 TimothyY@nevellaw.com NATIONAL MENTOR: Moody's Rates New Senior Secured Debt 'B3' ----------------------------------------------------------- Moody's Ratings assigned B3 ratings to National MENTOR Holdings Inc.'s ("National MENTOR" d/b/a "Sevita") proposed senior secured debt consisting of a $314 million senior secured first lien revolving credit facility, a $875 million senior secured first lien term loan, $375 million senior secured first lien delayed draw term loan and $1.25 billion senior secured notes, all with maturity/due dates in 2030. The company's B3 Corporate Family Rating, B3-PD Probability of Default Rating, B3 rating on the existing senior secured first lien bank credit facility (to be refinanced with the proposed transaction), the Caa2 rating on the senior secured second lien term loan, and the stable outlook remain unchanged. Proceeds from the proposed refinancing transaction, along with approximately $137 million in sponsor equity will be used to pay off all outstanding amounts (approximately $1.8 billion) under the existing senior secured first lien term loans, finance the purchase of community living business (ResCare Community Living) from BrightSpring Health Services, Inc. and pay transaction-related fees. This proposed refinancing transaction replaces the transaction that launched on October 07, 2025. RATINGS RATIONALE National MENTOR's B3 CFR is constrained by its high regulatory exposure and reimbursement risk given its heavy reliance on Medicaid and state budgets. Elevated labor costs and a historically aggressive expansion strategy also constrain the company's rating. The company's CFR benefits from its position as one of the largest providers of home and community-based services to individuals with I/DD and catastrophic injuries. Industry trends are moving towards placing I/DD individuals in smaller, lower-cost community settings (such as those operated by the company) instead of large state operated institutions. Moody's expects that the company will operate with debt-to-EBITDA in the mid-to-high 5 times range (pro forma for the ResCare acquisition), slightly down from 5.8x at the end of June 30, 2025. The acquisition of ResCare Community Living will meaningfully increase the company's revenue base from $3.1 billion to $4.2 billion, improve geographic diversity, and also help in enhancing the company's market share in the highly fragmented intellectual and developmental disabilities ("I/DD") services market. The stable outlook reflects Moody's expectations that the company will operate with debt/EBITDA in the mid-to-high 5.0 times range over the next 12 to 18 months driven by Moody's expectations for earnings growth. Moody's expects that National MENTOR will maintain good liquidity over the next 12 months. The company will generate positive free cash flow (close to $50 million) in the next 12 months. Given the predictability of cash inflows, the company operates with minimal unrestricted cash but ample access to external funding through revolving credit facility and accounts receivables securitization facility. Post-refinancing, the company will have access to about $314 million from fully undrawn revolving credit facility. The company also has a $175 million accounts receivables (A/R) securitization facility expiring in 2026, which will be upsized to $225 million and extended to 2030 as part of current refinancing. The B3 ratings on the senior secured first lien credit facilities, which includes a $314 million revolving credit facility, $875 million senior secured first lien term loan, $375 million senior secured first lien delayed draw term loan and $1.25 billion senior secured notes reflect the fact that the first lien credit facilities comprise the preponderance of debt in the capital structure. The Caa2 rating on the $180 million senior secured second lien term loan reflects the subordinated nature of the debt in the capital structure. The two credit facilities are secured by a first or second priority security interest in substantially all existing and future assets of National MENTOR. The new senior secured credit facility is expected to provide covenant flexibility substantially similar to the existing senior secured credit facility. Notable terms include the following: (1)The proposed senior secured first lien credit facility contains incremental facility capacity not to exceed the greater of $180.0 million and 100% of adjusted EBITDA; (2) The credit agreement permits the transfer of assets to unrestricted subsidiaries, up to the carve-out capacities, subject to certain "blocker" provisions (3) Non-wholly-owned subsidiaries are not required to provide guarantees; dividends or transfers resulting in partial ownership of subsidiary guarantors could jeopardize guarantees, with no explicit protective provisions limiting such guarantee releases; and (4) There are no express protective provisions prohibiting an up-tiering transaction. A comprehensive review of all credit ratings for the respective issuer(s) has been conducted during a rating committee. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be downgraded if the company experiences unexpected setbacks in integrating ResCare Community Living business, thereby impacting the company's earnings and cash flow negatively. An unfavorable regulatory trend will also pressure the company's ratings. A downgrade could also occur if the company's liquidity weakens or the company pursues further large debt-funded shareholder dividends or acquisitions. The ratings could be upgraded if the company maintains less aggressive financial policies such that debt to EBITDA is sustained below 5.5 times on Moody's adjusted basis. Further improvements in liquidity, evidenced by consistent positive free cash flow generation, could also result in a ratings upgrade. National MENTOR Holdings Inc. ("National MENTOR", d/b/a Sevita) headquartered in Edina MN, is a provider of home-based and community-based health and human services to individuals with intellectual and/or developmental disabilities, acquired brain/other catastrophic injuries, and complex emotional/behavioral/medical challenges. Revenue was $3.1 billion for the twelve months ended June 30, 2025 (pro forma for the Res-Care acquisition, revenues will be in excess of $4.2 billion). The company is owned by Centerbridge Partners LP, The Vistria Group and Madison Dearborn Partners, LLC. 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. NAVIDEA BIOPHARMACEUTICALS: Taps SSG Advisors as Investment Banker ------------------------------------------------------------------ Navidea Biopharmaceuticals, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ SSG Advisors as investment banker. The firm will render these services: (a) familiarize itself to the extent it deems appropriate with the Debtor and its drug and intellectual property portfolio; (b) prepare an information memorandum and electronic dataroom describing the Debtor, its historical performance and prospects, including existing drug and intellectual property portfolio; (c) assist the Debtor in developing a list of suitable potential buyers who will be contacted on a discreet and confidential basis after approval by it; (d) coordinate the execution of confidentiality agreements for potential buyers wishing to review the information memorandum; (e) assist the Debtor in coordinating meetings for interested buyers and work with the management team to develop appropriate presentations for such visits; (f) solicit competitive offers from potential buyers; (g) value competing bid offers in the bid process; (h) advise and assist the Debtor in structuring the transaction and negotiating the transaction agreements; (i) assist the Debtor and its professionals with the structuring of transaction procedures, and the conduct of any auction that may result in the Chapter 11 case, to the extent requested by it; (j) be available for meetings and court appearances in the Chapter 11 case; and (k) otherwise assist the Debtor, its independent board member, attorneys and accountants, as necessary, through closing on a best-efforts basis. The firm will be paid at these following fees: (a) monthly fees of $75,000 for the first month payable upon Bankruptcy Court approval of the Engagement Agreement, retroactive to the date hereof, and then $50,000 per month on December 15, 2025 and January 15, 2026 during the Engagement Term; and (b) sale fee of equal to the greater of (i) $500,000 or (ii) 6 percent of Total Consideration. However, in the event of an ultimate Sale to John Kimball Scott, Jr., Navidea's secured lender, or any of his affiliates, by way of a credit bid, SSG shall be entitled to a fixed Sale Fee of $250,000. The firm will seek reimbursement for expenses incurred. J. Scott Victor, a managing director at SSG Advisors, 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: J. Scott Victor SSG Advisors, LLC Five Tower Bridge, Suite 420 300 Barr Harbor West Conshohocken, PA 19428 Telephone: (610) 940-3615 About Navidea Biopharmaceuticals Inc. Navidea Biopharmaceuticals Inc. develops precision immunodiagnostic agents and immunotherapeutics, focusing on identifying disease sites and pathways to improve diagnostic accuracy, clinical decision-making, and targeted treatment. The Company's products are based on its Manocept platform, which targets the CD206 mannose receptor on activated macrophages, and includes Tc99m tilmanocept, a commercially developed diagnostic agent. Navidea operates in the United States and engages in global partnering and commercialization efforts within the biopharmaceutical and diagnostic instruments sectors. Navidea Biopharmaceuticals Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11779) on October 1, 2025. In its petition, the Debtor reports total assets as of August 31, 2025 amounting to $1,202,555 and total liabilities as of August 31, 2025 of $12,874,821. Honorable Bankruptcy Judge J. Kate Stickles handles the case. The Debtor tapped Joseph C. Barsalona II, Esq., at Pashman Stein Walder Hayden, PC as counsel and SSG Advisors as investment banker. Epiq Corporate Restructuring, LLC is the Debtor's claims & noticing agent. David Klauder is appointed as trustee in this Chapter 11 case. The trustee tapped Bielli & Klauder, LLC as counsel. NAVIDEA BIOPHARMACEUTICALS: Trustee Taps Bielli & Klauder as Atty. ------------------------------------------------------------------ David Klauder, the trustee appointed in the Chapter 11 case of Navidea Biopharmaceuticals, Inc., seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Bielli & Klauder, LLC as counsel. The firm's services include: (a) provide legal advice to the Sub V trustee; (b) assist the Sub V trustee in investigating the debtor-in-possession (DIP) Lender's causes of actions and other issues related to the final order; (c) appear in Court and protect the interests of the Sub V trustee; and (d) perform all other legal services for the Sub V trustee that may be necessary and proper in this proceeding. The firm will be paid at these hourly rates: Thomas Bielli, Member $450 Ryan Ernst, Partner $450 Associates $225 - $275 Paraprofessionals and Law Clerks $115 - $175 In addition, the firm will seek reimbursement for expenses incurred. Mr. Bielli 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: Thomas Bielli, Esq. Bielli & Klauder, LLC 1204 N. King Street Wilmington, DE 19801 Telephone: (302) 803-4600 Email: tbielli@bk-legal.com About Navidea Biopharmaceuticals Inc. Navidea Biopharmaceuticals Inc. develops precision immunodiagnostic agents and immunotherapeutics, focusing on identifying disease sites and pathways to improve diagnostic accuracy, clinical decision-making, and targeted treatment. The Company's products are based on its Manocept platform, which targets the CD206 mannose receptor on activated macrophages, and includes Tc99m tilmanocept, a commercially developed diagnostic agent. Navidea operates in the United States and engages in global partnering and commercialization efforts within the biopharmaceutical and diagnostic instruments sectors. Navidea Biopharmaceuticals Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11779) on October 1, 2025. In its petition, the Debtor reports total assets as of August 31, 2025 amounting to $1,202,555 and total liabilities as of August 31, 2025 of $12,874,821. Honorable Bankruptcy Judge J. Kate Stickles handles the case. The Debtor tapped Joseph C. Barsalona II, Esq., at Pashman Stein Walder Hayden, PC as counsel and SSG Advisors as investment banker. Epiq Corporate Restructuring, LLC is the Debtor's claims & noticing agent. David Klauder is appointed as trustee in this Chapter 11 case. The trustee tapped Bielli & Klauder, LLC as counsel. NCWS INTERMEDIATE: T. Rowe Price Marks $4.1MM 1L Loan at 94% Off ---------------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $4,193,000 loan extended to NCWS Intermediate, Inc. to market at $234,000 or 6% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to NCWS Intermediate, Inc. The loan accrues interest at a rate of 9.5% per annum. The loan matures on December 31, 2029. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Company invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Company primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Company may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About NCWS Intermediate, Inc. NCWS Intermediate, Inc. manufacturer and supplier of car wash equipment and parts in markets. The Company serves customers in the United States. NCWS INTERMEDIATE: T. Rowe Price Marks $6.9MM 1L Loan at 80% Off ---------------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $6,972,000 loan extended to NCWS Intermediate, Inc. to market at $1,412,000 or 20% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to NCWS Intermediate, Inc. The loan accrues interest at a rate of 9.25% per annum. The loan matures on December 31, 2029. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Company invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Company primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Company may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About NCWS Intermediate, Inc. NCWS Intermediate, Inc. manufacturer and supplier of car wash equipment and parts in markets. The Company serves customers in the United States. NELSON DEVELOPMENTS: Seeks to Tap Realty One Group as Estate Agent ------------------------------------------------------------------ Nelson Developments Inc. seeks approval from the U.S. Bankruptcy Court for the District of Montana to employ Realty One Group as real estate agent. The Debtor needs a real estate agent to list, advertise, and sell its property located at 10848 N. 78th Street, Scottsdale, Maricopa County, Arizona. The firm will receive a commission of 6 percent of the property's sale price. Chris Lewis, an agent at Realty One Group, 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: Chris Lewis Realty One Group 38 Edelweiss Rancho Santa Margarita, CA 92688 Telephone: (602) 625-5384 Email: cmanlewis@gmail.com About Nelson Developments Inc. Nelson Developments Inc. develops and manages real estate projects in Montana, concentrating on property development and investment activities. Nelson Developments Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mon. Case No. 25-90164) on August 27, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $500,000 and $1 million. The Debtor is represented by Gary S. Deschenes, Esq., at Deschenes & Associates Law Offices. NEXTGEN SLEEP: Stephen Moriarty Named Subchapter V Trustee ---------------------------------------------------------- The U.S. Trustee for Region 14 appointed Stephen Moriarty, Esq., at Fellers, Snider, Blankenship, Bailey & Tippens, P.C., as Subchapter V trustee for Nextgen Sleep, LLC. Mr. Moriarty will be paid an hourly fee of $595 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Moriarty declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Stephen J. Moriarty, Esq. Fellers, Snider, Blankenship, Bailey & Tippens, P.C. 100 N. Broadway, Suite 1700 Oklahoma City, OK 73102 Telephone: (405) 232-0621 Facsimile: (405) 232-9659 Email: smoriarty@fellerssnider.com About Nextgen Sleep LLC Nextgen Sleep, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. W.D. Okla. Case No. 25-13738) on December 01, 2025, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Gary D. Hammond, Esq., represents the Debtor as legal counsel. NGUYEN WIN: Seeks to Hire Brown Law Firm as Bankruptcy Counsel -------------------------------------------------------------- Nguyen Win Properties Properties LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Oklahoma to employ Brown Law Firm, PC as counsel. The firm will render these services: (a) negotiate allowed claims and treatment of creditors; (b) advise and prepare legal documents and pleadings concerning claims of creditors, post-petition financing, executing contracts, sale of assets, insurance, etc; (c) represent the Debtor in hearings and other contested matters; (d) formulate a disclosure statement and plan of reorganization; and (e) perform all other matters needed for reorganization. The firm will be paid at these hourly rates: Ron Brown, Attorney $425 Associate $250 Paralegal $75 The firm received a retainer of $11,039.25 prepetition which includes attorney fees of $9,256.25 and a filing fee of $1,738 from the Debtor. Mr. Brown 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: Ron D. Brown, Esq. Brown Law Firm, PC 1609 E. 4th Street Tulsa, OK 74120 Telephone: (918) 585-9500 Facsimile: (866) 552-4874 Email: ron@ronbrownlaw.com About Nguyen Win Properties Nguyen Win Properties LLC, based in Tulsa, Oklahoma, operates as a residential real estate and property management company, holding multiple single-family lots and subdivision properties across Tulsa, Broken Arrow, Mounds, Porter, and Wagoner County. The company's portfolio primarily consists of fee simple residential properties, which it manages and offers for lease. Nguyen Win Properties sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Okla. Case No. 25-11795) on November 24, 2025, with $27,160,442 in assets and $22,927,424 in liabilities. Bao Quoc Mai Nguyen, manager/member, signed the petition. Ron D. Brown, Esq., at Brown Law Firm, PC represents the Debtor as counsel. NORTH AMERICAN: Seeks Chapter 11 Bankruptcy in Illinois ------------------------------------------------------- Daniel Kline of The Street reports that North American Builder's Supply, an Illinois-based competitor to Home Depot and Lowe's, has filed for Chapter 11 bankruptcy protection. Despite the filing, the company remains open and intends to reorganize its business operations, according to information shared by RK Consultants on X. The bankruptcy petition, filed December 3, 2025, in the Northern District of Illinois, reports that North American Builders Supply lists between $500,001 and $1 million in both estimated assets and liabilities. The filing identifies several major unsecured creditors, including Bluetape, Inc. at $503,219, Kapitus Servicing, Inc. at $149,596, and the unsecured portion of a claim from Central Bank Illinois totaling $94,131, according to report. According to court documents, the company's financial strain is tied in part to creditor pressure and litigation, including a lawsuit filed by Proventure Capital LLC alleging unpaid obligations. The claims suggest the Chapter 11 filing is the result of mounting financial distress and ongoing legal disputes. About North American Builder's Supply North American Builders Supply, Inc., based in Yorkville, Illinois, supplies building materials including lumber, siding, millwork, cabinetry, windows, doors, decking, metal studs, ceiling systems, commercial windows and doors, and drywall, and offers design and delivery services. The Company serves builders, contractors, and homeowners through its showroom and product lines. North American Builder's Supply sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-18572) on December 3, 2025. In its petition, the Debtor reports between $500,001 and $1 million in both estimated assets and liabilities. The Debtor is represented by Joel Schechter, Esq., of LAW OFFICES OF JOEL A. SCHECHTER. NRO HOLDINGS: T. Rowe Price Marks $4.3MM 1L Loan at 51% Off ----------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $4,379,000 loan extended to NRO Holdings III Corp. to market at $2,167,000 or 49% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to NRO Holdings III Corp. The loan accrues interest at a rate of 9.40% per annum. The loan matures on July 15, 203. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Company invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Company primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Company may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About NRO Holdings III Corp. NRO Holdings III Corp. is a Delaware statutory trust formed on December 23, 2020. It offers to sell any combination of four classes of common shares, Class I shares, Class S shares, Class D shares and Class F shares, with a dollar value up to the maximum offering amount. NRO HOLDINGS: T. Rowe Price Marks $8.6MM 1L Loan at 92% Off ----------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $8,671,000 loan extended to NRO Holdings III Corp. to market at $730,000 or 8% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to NRO Holdings III Corp. The loan accrues interest at a rate of 9.57% per annum. The loan matures on July 15, 2031. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Company invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Company primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Company may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About NRO Holdings III Corp. NRO Holdings III Corp. is a Delaware statutory trust formed on December 23, 2020. It offers to sell any combination of four classes of common shares, Class I shares, Class S shares, Class D shares and Class F shares, with a dollar value up to the maximum offering amount. NYC OF PIERMONT: Yann Geron Named Subchapter V Trustee ------------------------------------------------------ The U.S. Trustee for Region 2 appointed Yann Geron, Esq., at Geron Legal Advisors, LLC as Subchapter V trustee for NYC of Piermont, LLC. Mr. Geron will be paid an hourly fee of $890 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Geron declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Yann Geron, Esq. Geron Legal Advisors, LLC 370 Lexington Avenue, Suite 1101 New York, NY 10017 Phone: (646) 560-3224 Email: ygeron@geronlegaladvisors.com About NYC of Piermont LLC NYC of Piermont, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-23158) on December 1, 2025, listing between $50,001 and $100,000 in assets and between $1 million and $10 million in liabilities. Robert S. Lewis, Esq. represents the Debtor as legal counsel. OHIO TRANSMISSION: T. Rowe Price Marks $1.3MM 1L Loan at 30% Off ---------------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $1,356,000 loan extended to Ohio Transmission Corporation to market at $950,000 or 70% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to Ohio Transmission Corporation. The loan accrues interest at a rate of 9.5% per annum. The loan matures on December19, 2029. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Company invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Company primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Company may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About Ohio Transmission Corporation Ohio Transmission Corporation is a leading technical distributor of highly engineered products across automation, motion control, fluid power, flow control and compressed air categories. OHIO TRANSMISSION: T. Rowe Price Marks $2MM 1L Loan at 41% Off -------------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $2,021,000 loan extended to Ohio Transmission Corporation to market at $1,189,000 or 59% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to Ohio Transmission Corporation. The loan accrues interest at a rate of 9.5% per annum. The loan matures on December19, 2030. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Company invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Company primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Company may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About Ohio Transmission Corporation Ohio Transmission Corporation is a leading technical distributor of highly engineered products across automation, motion control, fluid power, flow control and compressed air categories. PALEY'S PLUMBING: Seeks Chapter 7 Bankruptcy in South Carolina -------------------------------------------------------------- On December 2, 2025, Paley's Plumbing Professionals LLC filed for Chapter 7 protection in the District of South Carolina Bankruptcy Court. According to the court filing, the Debtor reports between $100,001 and $1,000,000 in debt owed to approximately 1–49 creditors. About Paley's Plumbing Professionals LLC Paley's Plumbing Professionals LLC is a full-service plumbing firm that delivers expert services in installation, repair, and preventive maintenance. Paley's Plumbing Professionals LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-04745) on December 2, 2025. In its petition, the Debtor reports estimated assets of $0–$100,000 and estimated liabilities of $100,001–$1,000,000. Honorable Bankruptcy Judge Elisabetta G.M. Gasparini handles the case. The Debtor is represented by Jason T. Moss, Esq. of Moss & Associates, Attorneys, P.A. PDI TA HOLDINGS: T. Rowe Price Marks $317,000 1L Loan at 60% Off ---------------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $317,000 loan extended to PDI TA Holdings, Inc. to market at $127,000 or 40% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to PDI TA Holdings, Inc. The loan accrues interest at a rate of 9.81% per annum. The loan matures on February 3, 2031. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Company invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Company primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Company may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About PDI TA Holdings, Inc. PDI TA Holdings is a holding company that designs and develops enterprise management software for the convenience retail and petroleum wholesale markets. PERATON CORP: T. Rowe Price Marks $4.9MM 1L Loan at 15% Off ----------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $4,973,000 loan extended to Peraton Corp. to market at $4,207,000 or 85% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to Peraton Corp. The loan accrues interest at a rate of 8.01% per annum. The loan matures on February 1, 2028. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Company invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Company primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Company may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About Peraton Corp. Peraton Inc. is a privately held American national security and technology company formed in 2017. It is headquartered in Reston, Virginia. Its service areas include space, intelligence, cyber, defense, homeland security, citizen security, and health. PHB 2023: Amended Sebring Property Sale to Brand Land ----------------------------------------------------- PHB 2023, LLC, seeks approval from the U.S. Bankruptcy Court for the Northern District of Alabama, Southern Division, in an amended motion to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor proposes to sell its interest in certain real estate consisting of 20 partially completed homes in the community known as Sebring, in the municipality of Sebring, Highland County, Florida. The Debtor and the Buyer, Brand Land, LLC, have agreed to amend the Purchase and Sale Agreement as follows: a. The purchase price for the Property shall be reduced to the amount of $2,400,000. b. The Admin Fee Surcharge shall be reduced to the amount of $50,000, which is to be paid for the administrative expenses of the Debtor's Estate. c. Except as herein and hereby amended, modified or changed, all terms and provisions of the PSA, as amended by Amendment No. 1, Amendment No. 2, and Amendment No. 3, shall continue in full force and effect according to the terms thereof. The Debtor sets forth the total sales price for the Property represents the fair market value of the Property. The Buyer has already obtained financing, and the sales are contemplated The Property is subject to the lien, mortgages or other interest held by Encore. 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. PPV INTERMEDIATE: T. Rowe Price Marks $9.9MM 1L Loan at 61% Off --------------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $9,980,000 loan extended to PPV Intermediate Holdings LLC to market at $3,898,000 or 39% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to PPV Intermediate Holdings LLC. The loan accrues interest at a rate of 9.45% per annum. The loan matures on August 31, 2029. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Company invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Company primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Company may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About PPV Intermediate Holdings LLC PPV Intermediate Holdings, LLC operates as a holding company. The company through its subsidiaries, serves in the United States. PSCD TRINITY: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------- Debtor: PSCD Trinity, LLC 350 Pleasant Street Watertown, MA 02472 Business Description: PSCD Trinity, LLC provides activities related to real estate, including property management, real estate appraisal, and other support services. Chapter 11 Petition Date: December 8, 2025 Court: United States Bankruptcy Court District of Massachusetts Case No.: 25-12658 Debtor's Counsel: George W. Tetler, Esq. PRINCE LOBEL TYE LLP One Mercantile Street Suite 220 Worcester, MA 01608 Tel: 508-318-1740 E-mail: gtetler@princelobel.com Estimated Assets: $50 million to $100 million Estimated Liabilities: $50 million to $100 million The petition was signed by Mark D. Coppola as managing member. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/BIA2SPY/PSCD_Trinity_LLC__mabke-25-12658__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. AFA Protective Trade Vendor $0 Systems, Inc. 155 Michael Drive Syosset, NY 11791 2. Affordable Bathroom & Real Estate & $100,500 Kitchen, Inc. Improvements DBS Affordable Construction 35 Bennet Street Wakefield, MA 01880 3. American Alarm & Trade Vendor $0 Communications Inc. 297 Broadway Arlington, MA 02474-5310 4. Annino Incorporated Trade Vendor $32,450 125 North Washington Street North Attleboro, MA 02760 5. Apartments LLC Trade Vendor $0 2563 Collection Center Drive Chicago, IL 60693 6. Arbella Insurance Company Insurance $0 PO Box 55392 Boston, MA 02205 7. Baisangurov, Artur Other $0 530 Western Ave 507 Boston, MA 02135 8. Bass, Robert Other $0 27 French St. Watertown, MA 02472 9. Better Comfort Trade Vendor $907 Systems, Inc 1310 Eastern Avenue Malden, MA 02148 10. Bostex Builders and Trade Vendor $16,083 Construction Management, LLC 11 Driftwood Drive West Newton, MA 02465 11. ButterflyMX, Inc. Trade Vendor $0 PO Box 87675 Carol Stream, IL 60188-7675 12. Centralized Insolvency Operation Taxes Unknown Internal Revenue Service P.O. Box 7346 Philadelphia, PA 19101-7346 13. Charlesgate Property Property $0 Management LLC Management 867 Boylston Street 3rd floor Boston, MA 02116 14. Charlesgate Realty Property $0 Group LLC Management 867 Boylston Street 3rd floor Boston, MA 02116 15. City of Watertown Local Taxes Unknown P.O. Box 4132 Woburn, MA 01888 16. Classic Plumbing Trade Vendor $30,000 738 Main Street PMB #220 Waltham, MA 02451 17. New England Safety Trade Vendor $10,470 Systems, Inc. [N.E.S.] 745 County Street Taunton, MA 02780 18. Ricoh Service $340 PO Box 827577 Contract Philadelphia, PA 19182-7577 19. Service Credit Union Real Estate & $59,479 3003 Lafayette Road Improvements Portsmouth, NH 03801 20. Waste Management Trade Vendor $3,365 of Massachusetts Inc. PO Box 13648 Philadelphia, PA 19101 PUERTO RICO: Bayamon Hospital Debt Maturity Extended ---------------------------------------------------- The San Juan Star reports that the Financial Oversight and Management Board for Puerto Rico has approved an extension for a $35 million bond tied to the purchase and rehabilitation of HIMA San Pablo Bayamón Hospital. Under Section 207 of PROMESA, the bond's maturity date has been moved from December 1, 2025, to June 1, 2026. The approval comes amid a broader hospital crisis in Puerto Rico, including a recent closure in Humacao that left 150 workers unemployed. The request for the extension was submitted on November 19, 2025 by the Fiscal Agency and Financial Advisory Authority (AAFAF) on behalf of the Puerto Rico Industrial, Tourist, Educational, Medical, and Environmental Control Facilities Financing Authority (AFICA). Originally approved in November 2023, the bonds were issued through a private placement to finance the Bayamon hospital acquisition and fund urgent repairs and maintenance. The oversight board confirmed that all other bond terms remain unchanged, the report states. The additional time will allow the Obligated Group—Sociedad Espanola de Auxilio Mutuo y Beneficiencia de Puerto Rico and Hospital Espanol Auxilio Mutuo de Puerto Rico Inc.—to finalize a comprehensive capital expenditure and long-term financing plan, to be submitted to AFICA, AAFAF, and the board by June 1, 2026. The board emphasized that repayment is not guaranteed by the Commonwealth, and obligations rest solely with the Obligated Group, according to report. About Puerto Rico Puerto Rico is a self-governing commonwealth in association with the United States. The chief of state is the President of the United States of America. The head of government is an elected Governor. There are two legislative chambers: the House of Representatives, 51 seats, and the Senate, 27 seats. The governor-elect is Ricardo Antonio Rossello Nevares, the son of former governor Pedro Rossello. In 2016, the U.S. Congress passed PROMESA, which, among other things, created the Financial Oversight and Management Board and imposed an automatic stay on creditor lawsuits against the government, which expired May 1, 2017. The members of the oversight board are: (i) Andrew G. Biggs, (ii) Jose B. Carrion III, (iii) Carlos M. Garcia, (iv) Arthur J. Gonzalez, (v) Jose R. Gonzalez, (vi) Ana. J. Matosantos, and (vii) David A. Skeel Jr. On May 3, 2017, the Commonwealth of Puerto Rico filed a petition for relief under Title III of the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA). The case is pending in the United States District Court for the District of Puerto Rico under case number 17-cv-01578. A copy of Puerto Rico PROMESA petition is available at http://bankrupt.com/misc/1701578-00001.pdf On May 5, 2017, the Puerto Rico Sales Tax Financing Corporation (COFINA) commenced a case under Title III of PROMESA (D.P.R. Case No. 17-01599). Joint administration has been sought for the Title III cases. On May 21, 2017, two more agencies; Employees Retirement System of the Government of the Commonwealth of Puerto Rico and Puerto Rico Highways and Transportation Authority (Case Nos. 17-01685 and 17-01686) commenced Title III cases. U.S. Chief Justice John Roberts named U.S. District Judge Laura Taylor Swain to preside over the Title III cases. The Oversight Board has hired as advisors, Proskauer Rose LLP and Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic consultant, Citigroup Global Markets as municipal investment banker, and Ernst & Young, as financial advisor. Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M. Abelson, Esq., of Proskauer Rose LLP; and Hermann D. Bauer, Esq., at O'Neill & Borges LLC are onboard as attorneys. Prime Clerk LLC is the claims and noticing agent. Prime Clerk maintains the case Web site https://cases.primeclerk.com/puertorico Jones Day is serving as counsel to certain ERS bondholders. Paul Weiss is counsel to the Ad Hoc Group of Puerto Rico General Obligation Bondholders. QUORE GEM: Seeks Approval to Hire CBA Business as Bookkeeper ------------------------------------------------------------ Quore Gem Miracle LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ CBA Business Corp. as bookkeeper. The firm will reconcile the day-to-day financials of the Debtor, reconcile bank statements, assist the accountant in preparing financial statements, accounting documents, monthly operating reports and tax documents. The firm will be paid $1,000 per month. Jean Waserman, chief executive officer at CBA Business, 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: Jean P. Waserman CBA Business Corp. 3673 SW 15 St. Miami, FL 33145 Email: cbajpw@gmail.com About Quore Gem Miracle LLC Quore Gem Miracle, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-21237) on September 25, 2025, listing up to $50,000 in assets and between $50,001 and $100,000 in liabilities. The Debtor tapped Nicholas G. Rossoletti, Esq., as counsel, GBS Group, Inc. as accountant, and CBA Business Corp. as bookkeeper. QUORE GEM: Seeks Court Approval to Hire GBS Group as Accountant --------------------------------------------------------------- Quore Gem Miracle LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ GBS Group, Inc. as accountant. The firm will provide these services: (a) advise the Debtor with respect to the financial aspects of this Chapter 11 case; (b) prepare financial statements, accounting documents, monthly operating reports and tax documents; and (c) prepare necessary financial projections, budget and financial analysis for the Chapter 11 Plan and other necessary filing before this Court. The firm will be paid at these hourly rates: Manager/Partner $350 Senior Accountant $210 Junior Accountant $180 In addition, the firm will seek reimbursement for expenses incurred. The firm received a total initial retainer of $1,500 from the Debtor. Jorge Fernandez, chief executive officer at GBS Group, 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: Jorge E. Fernandez GBS Group Inc. 3418 Midcourt Rd. Carrollton, TX 75006 Telephone: (972) 503-9815 About Quore Gem Miracle LLC Quore Gem Miracle, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-21237) on September 25, 2025, listing up to $50,000 in assets and between $50,001 and $100,000 in liabilities. The Debtor tapped Nicholas G. Rossoletti, Esq., as counsel, GBS Group, Inc. as accountant, and CBA Business Corp. as bookkeeper. RAS DATA: Hires ArentFox Schiff as Criminal Investigation Counsel ----------------------------------------------------------------- RAS Data Services, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ ArentFox Schiff LLP as special criminal investigation counsel. The firm will represent the Debtor and four of its current officers and employees in connection with an investigation conducted by the Federal Bureau of Investigation concerning the financial improprieties allegedly committed by its former chief executive officer. The firm will be paid at these hourly rates: William Ziegelmueller, Attorney $860 Attorneys $315 - $320 Legal Assistants $175 - $320 In addition, the firm will seek reimbursemet for expenses incurred. Mr. Ziegelmueller disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: William P. Ziegelmueller, Esq. ArentFox Schiff, LLP 233 South Wacker Drive, Suite 7100 Chicago, IL 60606 Telephone: (312) 258-5500 Facsimile: (312) 258-5600 About RAS Data Services Inc. RAS Data Services Inc. provides railcar management services across the United States, integrating mechanical and accounting functions with internet-based applications and 24/7 support to optimize maintenance costs and fleet utilization. Founded in 2002, the Company manages approximately 500,000 railcars for shippers, operating lessors, utilities and short-line railroads. RAS Data Services Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-11837) on August 1, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Michael B. Slade handles the case. The Debtor tapped Adam P. Silverman, Esq., at Adelman & Gettleman, Ltd. as bankruptcy counsel and ArentFox Schiff LLP as special criminal investigation counsel. RECORDED BOOKS: T. Rowe Price Marks $3.7MM 1L Loan at 40% Off ------------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $3,763,000 loan extended to Recorded Books Inc. to market at $2,275,000 or 60% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to Recorded Books Inc. The loan accrues interest at a rate of 9.96% per annum. The loan matures on August 31, 2028. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Company invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Company primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Company may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About Recorded Books Inc. Recorded Books Inc. produces digital audiobooks. The Company offers digital magazines, games, movies, language learning, ebooks, educational offerings, and sports training products. Recorded Books serves customers in the United States, Canada, and the United Kingdom. RECREATION DISCOUNT: Seeks Chapter 11 Bankruptcy in Massachusetts ----------------------------------------------------------------- Daniel Kline of The Street reports that Recreation Discount Wholesale Inc. filed a voluntary Chapter 11 bankruptcy petition on December 2, 2025, in the U.S. Bankruptcy Court for the District of Massachusetts. The case, listed as No. 25-12606, identifies the company's address as 25 Walpole Park South, Suite 5, in Walpole, Massachusetts. Madoff & Khoury LLP is serving as the debtor's legal counsel. Because the filing is recent, public records do not yet reflect details on the company's assets, liabilities, or any proposed restructuring plan. The Chapter 11 process allows the company to continue operating while it works under court supervision to reorganize its debts. All property and contractual obligations—including unfulfilled consumer orders—become part of the bankruptcy estate, and an automatic stay prevents any collection efforts on pre-petition debts. Customers with outstanding orders are affected because these agreements are treated as executory contracts, meaning both parties still owe performance, according to report. Recreation Discount Wholesale may choose to assume or reject these executory contracts during the restructuring process. If the company assumes a contract, it must cure past defaults and prove it can complete future obligations. If it rejects a contract, the agreement is effectively canceled, and customers with unfulfilled, prepaid orders become unsecured creditors, the report states. Consumers with deposits or advance payments are placed in the same unsecured creditor pool as other claimants. Unsecured creditors are paid only after secured lenders and administrative expenses, which often results in little or no recovery. Until Recreation Discount Wholesale files a reorganization plan, whether pending orders will be fulfilled remains uncertain, The Street reports. About Recreation Discount Wholesale Inc. Recreation Discount Wholesale Inc. operates as an online retailer based in Walpole, Massachusetts, offering a range of home-recreation, pool and spa, and outdoor-living products through a family of niche e-commerce websites. The Company distributes more than 15,000 products and parts through a nationwide network of over 100 vendors and warehouses. Recreation Discount Wholesale Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-12606) on December 2, 2025. In its petition, the Debtor reports total assets of $322,231 and total liabilities of $3,104,679. Honorable Bankruptcy Judge Christopher J. Panos handles the case. The Debtor is represented by David B. Madoff, Esq. of MADOFF & KHOURY LLP. REVITALIZE INC: T. Rowe Price Marks $306,000 1L Loan at 40% Off --------------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $306,000 loan extended to Revalize, Inc. to market at $183,000 or 60% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to Revalize, Inc. The loan accrues interest at a rate of 9.9% per annum. The loan matures on April 16, 2029. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Company invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Company primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Company may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About Revalize, Inc. Revalize offers idea-to-cash manufacturing software solutions that help drive revenue for sector-specific organizations around the world. RIC LAVERNIA: Milestone, et al. Lose Bid to Transfer Cases ---------------------------------------------------------- Judge Michael M. Parker of the United States Bankruptcy Court for the Western District of Texas denied Milestone Capital CRE 1, LLC and Otisco RDX, LLC's motion to transfer cases intra-district in the adversary proceeding captioned as RIC (LAVERNIA) LLC, PLAINTIFF V. MILESTONE CAPITAL CRE 1, LLC, LORI DAVES AND JOHN DAVES, AS SUBSTITUTE TRUSTEES, AND ANDRES CEDILLOS, DEFENDANTS, ADVERSARY PROCEEDING CASE NO. 24-05043-MMP (Bankr. W.D. Tex.). Since Movants filed their Motion, the Court granted a motion to show authority and ordered that Travis Vargo has authority to act on Movants' behalf in the underlying bankruptcy case and this adversary proceeding. The Receiver, acting for Movants, withdrew the Motion at a hearing on November 24, 2025. Accordingly, the Motion is denied as withdrawn. Adversary Proceeding This adversary proceeding concerns a title dispute following a foreclosure on undeveloped tracts of property in Wilson County, Texas. The Debtor claims to have acquired title to the Property as the successful bidder at a nonjudicial foreclosure sale in February 2024 after the Debtor's affiliate, TIG Romspen US Master Mortgage LP, foreclosed on a lien it had on the Property. Before the sale, an entity named Otisco RDX, LLC owned the Property. According to Milestone, when Otisco granted a lien on the Property as additional collateral to TIG Romspen in connection with other real-estate deals between them, Milestone's lien encumbered Otisco's Property. Milestone never identified the loan or consideration underlying Otisco's alleged grant of a purportedly senior lien to Milestone. Despite the First Foreclosure Sale, Milestone pushed forward with its own foreclosure, based on its alleged senior lien in the Property, and sought appointment of a substitute trustee -- John and Lori Daves, previously parties to this adversary proceeding -- to auction the Property again. At the Second Foreclosure Sale, Milestone was the winning bidder. The Debtor disputed the validity of the Second Foreclosure Sale and questioned whether Milestone had ever funded its purported loan to Otisco, suspecting instead that Otisco and Milestone were both controlled by Ali M. Choudhri, and the Milestone senior lien/loan transaction with Otisco was concocted by Mr. Choudhri out of whole cloth to thwart the First Foreclosure Sale. The Debtor filed a quiet-title suit in Wilson County in April 2024 challenging Milestone's interest in the Property. Turnover Orders As reported by the Troubled Company Reporter, the dispute -- whether the Receiver or Mr. Choudhri has authority to litigate on behalf of Milestone and Otisco -- centers on two turnover orders from Harris County. Mr. Choudhri and two of his companies (not Milestone or Otisco) are judgment debtors in related cases in Harris County: 2012-27197-A -- A Case, which involves only Mr. Choudhri -- and 2012-27197-D -- D Case, which involves Mr. Choudhri, Dalio Holdings I, LLC, and Dalio Holdings II, LLC. The Harris County court appointed the Receiver in an April 1 turnover order (A Case) and a March 31 turnover order (D Case) to aid in collection efforts, and it amended the orders on April 9 (A Case) and April 8 (D Case). In both the A Case and D Case, amended orders appointing the Receiver include provisions for charging orders, the management and operation of the judgment debtors' business, and litigation regarding the judgment debtors. The relevant provisions in each of the two orders are substantially the same. A copy of the Court's Order dated November 26, 2025 is available at https://urlcurt.com/u?l=lZF6ac from PacerMonitor.com. About Ric (Lavernia) LLC RIC (Lavernia) LLC is a Texas limited liability company that owns real property located in Wilson County, Texas (the "Property"). The Debtor filed its voluntary petition for Chapter 11 protection (Bankr. W.D. Tex. Case No. 24-51195) on June 27, 2024, listing $1 million to $10 million in assets and $100,000 to $500,000 in liabilities. Gianfriddo as authorized representative, signed the petition. Judge Michael M Parker oversees the case. BRYAN CAVE LEIGHTON PAISNER LLP serves as the Debtor's legal counsel. RIFLE RFB: Seeks Approval to Hire Barr & Morgan as Special Counsel ------------------------------------------------------------------ Rifle RFB, LLC seeks approval from the U.S. Bankruptcy Court for the District of Colorado to employ Barr & Morgan as special counsel. The firm will represent the Debtor in matters relating to the claims of Offen Petroleum in the lawsuit entitled Offen Petroleum v. Grace Royals, Inc., Case No. 2024CV33355, including but not limited to an adversary proceeding to determine the extent, validity and priority of Offen's lien and other claims, and any related matters including appeal of orders entered and related thereto. The firm's attorneys will be paid at these hourly rates: John Morgan, Attorney $510 Xenia Aguirre, Attorney $310 Mr. Morgan 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: John J. Morgan, Esq. Barr & Morgan 2777 Summer St. Stamford, CT 06905 About Rifle RFB LLC Rifle RFB, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No. 25-17394) on November 11, 2025. In its petition, the Debtor reported estimated assets between $50,001 and $100,000 and estimated liabilities between $500,001 and $1 million. Judge Kimberley H. Tyson oversees the case. The Debtor tapped Gregory K. Stern, Esq., at Gregory K. Stern, PC as bankruptcy counsel and Barr & Morgan as special counsel. RITE AID: Seeks Court Approval for $7.8MM IP Sale in Chapter 11 --------------------------------------------------------------- Clara Geoghegan of Law360 Bankruptcy Authority reports that the former national drugstore chain Rite Aid asked a New Jersey bankruptcy court to approve the sale of its brand name, social‑media accounts, and customer‑loyalty data for $7.8 million. As part of the proposed Chapter 11 plan, the company would transfer those intangible assets, including trademarks, domains, mobile apps and digital profiles, in a bid to monetize its remaining value under restructuring, according to report. About Rite Aid Rite Aid is a full-service pharmacy committed to improving health outcomes. Rite Aid is defining the modern pharmacy by meeting customer needs with a wide range of solutions that offer convenience, including retail and delivery pharmacy, as well as services offered through the Company's wholly owned subsidiary Bartell Drugs. On the Web: http://www.riteaid.com/ Rite Aid and certain of its subsidiaries previously filed for chapter 11 bankruptcy in October 2023 and emerged from bankruptcy in August 2024. On May 5, 2025, New Rite Aid, LLC and its subsidiaries, including Rite Aid Corporation, commenced voluntary Chapter 11 proceedings (Bankr. D.N.J. Lead Case No. 25-14861). As of the 2025 bankruptcy filing date, Rite Aid operates 1,277 stores and 3 distribution centers in 15 states and employs approximately 24,500 people. Rite Aid is using the Chapter 11 process to pursue a sale of its prescriptions, pharmacy and front-end inventory, and other assets. The cases are being administered by the Honorable Michael B. Kaplan. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal advisor, Guggenheim Securities, LLC is serving as investment banker, and Alvarez & Marsal is serving as financial advisor to the Company. Joele Frank, Wilkinson Brimmer Katcher is serving as strategic communications advisor to the Company. Kroll is the claims agent and maintains the page https://restructuring.ra.kroll.com/RiteAid2025 Bank of America, N.A., as DIP Agent, is represented by lawyers at Greenberg Traurig, LLP; and Choate Hall & Stewart LLP. ROADRUNNER SCOOTERS: Gets Interim OK to Use Cash Collateral ----------------------------------------------------------- RoadRunner Scooters, LLC received interim approval from the U.S. Bankruptcy Court in Colorado to use cash collateral until the final hearing on December 17. The court authorized the Debtor to use cash collateral only in accordance with the budget, with expenditures allowed to deviate by no more than 15% without creditor consent or court approval. As protection for any diminution in the value of their collateral, BMO Harris and other creditors with interests in the Debtor's cash collateral will be granted post-petition replacement liens on all post-petition inventory and income. These replacement liens retain the same priority as the pre-bankruptcy liens held by the secured creditors. The Debtor must also maintain full insurance on all collateral, keep the collateral in good repair, and provide secured creditors with complete monthly accountings through its monthly operating reports. The court emphasized that the authorization does not affect any secured creditor's rights regarding claims or lien positions. A final hearing on the Motion is scheduled for December 17. BMO Harris, as successor to Bank of the West, holds an SBA-backed 2022 loan to the Debtor and has perfected its lien by filing a UCC-1 financing statement. The Debtor has several merchant cash-advance creditors who may claim an interest in its cash collateral. A Colorado UCC search shows multiple UCC-1 filings from April 30, 2024 to November 17, 2025, most filed by the creditors' registered agent, making it unclear which filing corresponds to which creditor. As of the petition date, the Debtor's account with Canvas Credit Union had slightly over $28,000. About RoadRunner Scooters LLC RoadRunner Scooters, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No. 25-17643) on November 20, 2025, listing between $100,001 and $500,000 in assets and between $1 million and $10 million in liabilities. Mark Dennis, a certified public accountant at SL Biggs, serves as Subchapter V trustee. Judge Joseph G. Rosania Jr. presides over the case. Jonathan Dickey, Esq., at Kutner Brinen Dickey Riley, P.C. represents the Debtor as legal counsel. ROCK REGIONAL: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------ Debtor: Rock Regional Hospital, LLC 3251 N Rock Rd Derby, KS 67037 Business Description: Rock Regional Hospital, LLC operates an acute-care medical facility in Derby, Kansas, providing emergency services, inpatient and outpatient care, surgical procedures, diagnostic imaging, and laboratory services. The hospital's campus includes operating suites, heart catheterization labs, intensive-care units and private patient rooms supporting a broad range of clinical specialties. It serves communities in south-central Kansas through its healthcare delivery operations. Chapter 11 Petition Date: December 7, 2025 Court: United States Bankruptcy Court District of Kansas Case No.: 25-11362 Judge: Hon. Mitchell L. Herren Debtor's Counsel: David Thomas Prelle Eron, Esq. PRELLE ERON & BAILEY, P.A. 301 N Main St Ste 2000 Wichita KS 67202-4820 Tel: (316) 262-5500 Fax: (316) 262-5559 Email: david@eronlaw.net Estimated Assets: $10 million to $50 million Estimated Liabilities: $50 million to $100 million The petition was signed by Jeffrey Quinton as CEO. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/S4MTS7Y/Rock_Regional_Hospital_LLC__ksbke-25-11362__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. CBC Derby LLC Lease-Rent $23,197,369 Attn Dan Carr 4706 Broadway Ste 240 Kansas City, MO 64112 2. DLC Medical LLC Equipment Leases $8,107,193 c/o Medical Development Management LLC 300 N Mead Ste 210 Wichita, KS 67202 3. Philips Medical Capital LLC Lawsuit $6,003,529 1111 Old Eagle School Road Wayne, PA 19087 4. KS Dept of Heath and Provider $4,117,823 Environment Assessments Office of Legal Services 1000 SW Jackson Ste 560 Topeka, KS 66612 5. Western Alliance Equipment Equipment $3,136,436 Finance Inc Leases 1 E Washington Ste 1400 Phoenix, AZ 85004 6. Oracle Vendor $2,705,515 PO Box 959156 Saint Louis, MO 63195 7. CEP America-Kansas LLC Goods & $2,315,760 2100 Powell St Ste 400 Services Emeryville, CA 94608 8. Internal Revenue Service $2,089,813 PO Box 7346 Philadelphia, PA 19101-7346 9. Wichita Anesthesiology Goods & $1,478,330 Chartered Services 8080 E Central Ste 250 Wichita, KS 67206 10. Intuitive Surgical, Inc Goods & $1,289,569 1020 Kifer Road Services Sunnyvale, CA 94086 11. Sedgwick County Treasurer $984,035 PO Box 2961 Wichita, KS 67201-2961 12. CareFusions Solutions LLC Goods & $883,258 co Pyxis Products Services 25565 Network Place Chicago, IL 60673-1255 13. Canon Medical Systems USA Inc Lawsuit $746,780 PO Box Box 775220 Chicago, IL 60677 14. Pharmacare Services Goods & $686,601 co J&R Fuller.LLC Services PO Box 1240 Blanco, TX 78606 15. Stryker Sales Corporation Goods & $679,605 PO Box 93308 Services Chicago, IL 60673-3308 16. Anatomy-IT Vendor $466,900 4425 Indian Creek Pkwy Overland Park, KS 66207 17. Instafunders LLC $459,900 3250 NE 1st Ave Ste 307 Miami, FL 33137 18. Parts Source Goods & $436,919 777 Lena Dr Services Aurora, OH 44202 19. Instafunders LLC $416,100 3250 NE 1st Ave Ste 307 Miami, FL 33137 20. Remi Holdings, LLC Lawsuit $402,963 6325 Ardrey Kell Rd Ste 200 Charlotte, NC 28277 ROCK STAR: T. Rowe Price Marks $2.1MM 1L Loan at 80% Off -------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $2,102,000 loan extended to Rock Star Mergersub, LLC to market at $415,000 or 20% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to Rock Star Mergersub, LLC. The loan accrues interest at a rate of 9.07% per annum. The loan matures on December 15, 2031. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Company invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Company primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Company may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About Rock Star Mergersub, LLC Rockstart is an early stage investor that empowers purpose-driven founders across three domains: energy, agrifood and emerging technologies. ROCK STAR: T. Rowe Price Marks $4.9MM 1L Loan at 94% Off -------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $4,945,000 loan extended to Rock Star Mergersub, LLC to market at $284,000 or 6% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to Rock Star Mergersub, LLC. The loan accrues interest at a rate of 9.07% per annum. The loan matures on December 15, 2031. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Company invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Company primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Company may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About Rock Star Mergersub, LLC Rockstart is an early stage investor that empowers purpose-driven founders across three domains: energy, agrifood and emerging technologies. ROSS INTERNATIONAL: Hires Havkin & Shrago as Bankruptcy Counsel --------------------------------------------------------------- Ross International, Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Havkin & Shrago as counsel. The firm will provide these services: (a) represent the Debtor at its Initial Debtor Interview; (b) represent the Debtor at its meeting of creditors pursuant to Bankruptcy Code Section 341(a), or any continuance thereof; (c) represent the Debtor at all hearings before the United States Bankruptcy Court; (d) advise the Debtor regarding matters of bankruptcy law; (e) prepare on behalf of the Debtor all necessary legal papers; (f) advise the Debtor regarding matters of bankruptcy law; (g) represent the Debtor with regard to all contested matters; (h) represent the Debtor with regard to the preparation of a plan of reorganization and the negotiation and implementation of a plan of reorganization; (i) analyze any secured, priority, or general unsecured claims that have been filed in the Debtor's bankruptcy case; (j) negotiate with the Debtor's secured and unsecured creditors regarding the amount and payment of their claims; (k) object to claims as may be appropriate; and (l) perform all other legal services for the Debtor as may be necessary, other than adversary proceedings which would require a further written agreement. The firm will be paid at these hourly rates: Stella Havkin, Partner $585 David Jacob, Associate $395 Laura bach, Paralegal $175 In addition, the firm will seek reimbursement for expenses incurred. The firm received a pre-petition retainer in the sum of $25,000 from the Debtor. Ms. Havkin 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: Stella Havkin, Esq. Havkin & Shrago 21650 Oxnard Street, #1540 Woodland Hills, CA 91367 Telephone: (818) 999-1568 Facsimile: (818) 293-2414 About Ross International Inc. Ross International, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-20184) on November 14, 2025, with $6,020,000 in assets and $5,001,466 in liabilities. Joseph D. Ross, chief executive officer, signed the petition. Stella Havkin, Esq., at Havkin & Shrago represents the Debtor as counsel. SABAL CONSTRUCTION: Gets Extension to Access Cash Collateral ------------------------------------------------------------ The U.S. Bankruptcy Court for the Middle District of Florida issued a sixth modified interim order authorizing Sabal Construction Incorporated to use cash collateral. The sixth modified interim order signed by Judge Catherine Peek McEwen authorized the Debtor to use cash collateral to pay the amounts expressly authorized by the court, including payments to the Subchapter V trustee for monthly retainers; the expenses set forth in the budget, plus an amount not to exceed 10% for each line item; and additional amounts subject to approval by Century Bank of Florida and the U.S. Small Business Administration. This authorization will continue until further order of the court. The budget projects total operational expenses of $19,391.67. The Debtor was also authorized to use cash collateral above the $116,000 mark, with replacement liens and rights that existed as of the date of filing as to SBA, creditors Thiru and Judith Arasu, and New World Holdings, LLC. Meanwhile, the Debtor's budgeted line-item for "officer salaries" was reduced to $13 per hour or $2,100 per month in accordance with the court's order allowing Debtor's application to set officer salary. Each creditor with a security interest in cash collateral will have a perfected post-petition lien on the cash collateral, with the same validity, priority and extent as its pre-bankruptcy lien, according to the sixth modified interim order. The next hearing is scheduled for February 5, 2026. The sixth modified interim order is available at https://is.gd/jcsmO4 from PacerMonitor.com. About Sabal Construction Inc. Sabal Construction Incorporated is a veteran-owned and operated construction company based in Tampa, Florida, established in 2013. The company specializes in luxury custom waterfront homes and light commercial projects. Sabal Construction Incorporated sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-01450) on March 31, 2025, with $50,001 to $100,000 in assets and $1,000,001 to $10 million in liabilities. The petition was signed by Galen Brent Hebert as president. Judge Catherine Peek Mcewen oversees the case. The Debtor is represented by: Jake C Blanchard Blanchard Law, P.A. Tel: 727-531-7068 Email: jake@jakeblanchardlaw.com SCENIC CITY: Unsecureds to be Paid in Full over 120 Months ---------------------------------------------------------- Scenic City Boot Camp, LLC, filed with the U.S. Bankruptcy Court for the Eastern District of Tennessee a Disclosure Statement describing Plan of Reorganization dated December 3, 2025. Scenic is a member-managed Tennessee Limited Liability Company formed in 2009 that provides various exercise courses and access to exercise equipment and facilities for its members. Scenic is currently located at 5230 Highway 153, Suite 130, Hixson, TN 37343. As a result of the COVID-19 pandemic, Scenic saw a dramatic downturn in membership enrollment, resulting in default on certain personally guaranteed obligations by owners Kevin Harvey and Kristen Harvey, including but not limited to a credit card with American Express National Bank (hereinafter "Amex"). As a result of the default, Amex initiated Case 24GS12285 before the General Sessions Court for Hamilton County, Tennessee. Fearing immediate, irreparable harm, Debtors contacted The Law Office of W. Thomas Bible, Jr. d/b/a Tom Bible Law to see what workout options may be available and to discuss the possibility of seeking Chapter 11 relief. Class 3 consists of all Allowed Unsecured Claims against the Debtor, in the amount of $170,229.19 other than those Claims that are separately classified. This class is Impaired. This Class shall be paid in full, with interest at the rate of 7.5%, in one-hundred twenty monthly installments of $2,020.65. Regarding scheduled but unfiled general unsecured claims that would otherwise be provided for pursuant to Section 1111(a) of the Bankruptcy Code, Debtor avers that Schedule E/F has or will be amended prior to the Effective Date to remove same, as those claims have been filed in joint case 1:25-bk-11862-NWW. More specifically, Debtor will be amending Schedule E/F to remove claim 3.4, Chattanooga Bridge Loan, account xxxx 9615 (filed as claim 4 in joint case), claim 3.6, JPMCB, account xxxx9927 (filed as claim 7 in joint case), claim 3.7, SmartBank, account xxxx6900 (filed as claim 11 in joint case), and claim 3.9, United States Small Business Administration, account xxxx9102 (filed as claim 2 in joint case). The Debtor will continue as Debtor-In-Possession, managing day-to-day affairs, and will act as disbursing agent. The Plan of Reorganization sets forth means for execution of the Plan, provides for the retention, enforcement, settlement, or adjustment of claims belonging to the Debtor or the estate and certain general provisions, including, but not limited to, retention of jurisdiction by the Bankruptcy Court for certain purposes. A full-text copy of the Disclosure Statement dated December 3, 2025 is available at https://urlcurt.com/u?l=2l8RWm from PacerMonitor.com at no charge. Counsel to the Debtor: W. Thomas Bible, Jr., Esq. LAW OFFICE OF W. THOMAS BIBLE, JR. D/B/A TOM BIBLE LAW 6918 Shallowford Road, Suite 100 Chattanooga, TN 37421 Phone: (423) 424-3116 Fax: (423) 553-0639 Email: tom@tombiblelaw.com About Scenic City Boot Camp LLC Scenic City Boot Camp, LLC, is a member-managed Tennessee Limited Liability Company formed in 2009 that provides various exercise courses and access to exercise equipment and facilities for its members. The Debtor filed a Chapter 11 petition (Bankr. E.D. Tenn. Case No. 25-10863) on April 4, 2025, listing up to $500,000 in assets and up to $1 million in liabilities. Kevin Harvey, president of Scenic City Boot Camp, signed the petition. Judge Nicholas W. Whittenburg oversees the case. W. Thomas Bible, Jr., at Tom Bible Law, is the Debtor's bankruptcy counsel. SERTA SIMMONS: Trial in AG Centre, et al. Suit Set for March 2 -------------------------------------------------------------- Judge Christopher Lopez of the United States Bankruptcy Court for the Southern District of Texas entered an order governing the schedule for litigation in the adversary proceeding captioned as SERTA SIMMONS BEDDING, LLC, et al., Plaintiffs and Counterclaim Defendant, v. AG CENTRE STREET PARTNERSHIP L.P., et al., Defendants, Counterclaim Plaintiffs and Third-Party Plaintiffs, v. AGF FLOATING RATE INCOME FUND, et al., Third-Party Defendants, Adv. Pro. No. 23-09001 (CML)(Bankr. S.D. Tex.). This amended stipulation is entered into by and among plaintiff and counterclaim defendant Serta Simmons Bedding, LLC; plaintiffs Barings LLC, Boston Management and Research, Eaton Vance Management, and Invesco Senior Secured Management, Inc., and UBS Asset Management (Americas) LLC on behalf of its predecessor Credit Suisse Asset Management, and the third-party defendants the (the "Participating Lenders") and defendants, counterclaim plaintiffs, and third-party plaintiffs AG Centre Street Partnership L.P, AG Credit Solutions Non-ECI Master Fund, L.P., AG SF Master (L), L.P., AG Super Fund Master, L.P., Silver Oak Capital, L.L.C., Ascribe III Investments, LLC, Columbia Cent CLO 21 Limited, Columbia Cent CLO 27 Limited, Columbia Floating Rate Fund, Columbia Strategic Income Fund, Contrarian Capital Find I, L.P., Contrarian Centre Street Partnership, L.P., Contrarian Distressed Debt Fund, L.P., Gamut Capital SSB, LLC, North Star Debt Holdings, L.P., Shackleton 2013-III CLO, Ltd., Shackleton 2013-IVR CLO, Ltd., Shackleton 2014-V-R CLO, Ltd., Shackleton 2015-VII-R CLO, Ltd., Shackleton 2017-XI CLO, Ltd., Z Capital Credit Partners CLO 2018-1 Ltd., and Z Capital Credit Partners CLO 2019-1 Ltd. (the "Excluded Lenders"); and defendants and counterclaim plaintiffs LCM XXII Ltd., LCM XXIII Ltd., LCM XXIV Ltd., LCM XXV Ltd., LCM 26 Ltd., LCM 27 Ltd., and LCM 28 Ltd. (the "LCM Lenders"). On January 24, 2023, the Debtor and the Participating Lenders initiated this adversary proceeding to seek declaratory relief that a June 2020 transaction between the Debtor and the Participating Lenders was permitted by the applicable credit agreement. On April 6, 2023, the Court issued a partial final judgment on the Debtor's and the Participating Lenders' claim that the Transaction was permitted under the credit agreement and certified the Excluded Lenders' and LCM Lenders' appeals from that partial final judgment to the Fifth Circuit. The Excluded Lenders filed counterclaims and third-party claims against the Debtor and the Third-Party Defendants, alleging breach of contract and breach of the implied covenant of good faith and fair dealing. On June 14, 2023, the Court issued a final judgment: (i) granting the Debtor's and the Participating Lenders' claim for declaratory judgment that the 2020 Transaction was permitted under the credit agreement and that the Plaintiffs did not violate the covenant of good faith and fair dealing by entering into the 2020 Transaction; (ii) dismissing the Excluded Lenders' counterclaims and third-party claims for declaratory judgment, breach of the 2016 Credit Agreement, and breach of the implied covenant of good faith and fair dealing; and (iii) dismissing the LCM Lenders' counterclaims for breach of contract and breach of the implied covenant of good faith and fair dealing. On December 31, 2024, the Fifth Circuit ruled that the 2020 transaction was not a permissible open market purchase within the meaning of the credit agreement and remanded the case to this Court or consideration of the Excluded Lenders' counterclaims and third-party claims. It is the position of the Debtor that it is not a proper party to this litigation because all remaining claims against the Debtor have been discharged and released pursuant to the Second Amended Joint Chapter 11 Plan of Serta Simmons Bedding, LLC and Its Affiliated Debtors. The Debtor has moved for relief dismissing the claims against it. It is the position of the Participating Lenders that the LCM Lenders are not active parties in this litigation after the Fifth Circuit's decision and it is the position of the LCM Lenders that they remain active parties in this litigation. The Participating Lenders and the LCM Lenders are negotiating a proposal for presenting that dispute to the Court for resolution. On October 3, 2025, the Parties submitted a Stipulation and Proposed Order Governing Schedule for Litigation. On October 23, 2025, the Court entered a Stipulation and Order Governing Schedule for Litigation in which the Court scheduled a trial in this case to start on March 2, 2026. The Parties seek to extend fact and expert discovery deadlines to accommodate counsel for the Excluded Lenders. The following deadlines shall govern further proceedings in this case: Fact discovery ends - December 5, 2025 Initial expert reports due - December 12, 2025 Rebuttal expert reports due - January 20 2026 Expert discovery ends - February 6, 2026 Parties exchange witness lists/exhibit lists/deposition designations - February 13, 2026 Pre-trial conference (virtual) - February 20, 2026 at 9 AM CT Pre-trial briefs due - February 18, 2026 Trial - March 2-6, 2026 A copy of the Court's Order dated November 25, 2025, is available at https://urlcurt.com/u?l=snIWhA from PacerMonitor.com. About Serta Simmons Bedding Serta Simmons Bedding, together with its non-debtor affiliates, are manufacturers and marketers of bedding products in North America, operating various bedding manufacturing facilities across the United States and Canada. Serta Simmons Bedding, LLC, filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 23-90020) on Jan. 23, 2023. The petitions were signed by John Linker, chief financial officer, treasurer and assistant secretary. At the time of filing, the Debtors estimated $1 billion to $10 billion in both assets and liabilities. During the Chapter 11 process, Weil, Gotshal & Manges LLP served as SSB's legal counsel, Evercore Group L.L.C. served as SSB's investment banker and FTI Consulting, Inc., served as SSB's financial and restructuring advisor. Epiq Corporate Restructuring, LLC, is the claims and noticing agent. Gibson, Dunn & Crutcher LLP served as legal counsel, and Centerview Partners served as financial advisor and investment banker, to an ad hoc group of SSB's priority lenders. SKY-FRAME INC: Case Summary & Six Unsecured Creditors ----------------------------------------------------- Debtor: Sky-Frame, Inc. 145 N La Brea Ave, Suite C Los Angeles, CA 90036 Business Description: Sky-Frame, Inc. develops and produces frameless sliding windows and doors that emphasize flush indoor-outdoor transitions and are engineered in Switzerland for use in architectural and residential projects worldwide. The Company supplies a range of systems including straight, curved, inclined and pivot configurations, along with options such as insect screens, electric drives, enhanced security features, concealed pockets, shading solutions, bullet-resistant versions and switchable glazing. Its products are installed in several thousand properties across multiple continents and serve the high-end building components and architectural design markets. Chapter 11 Petition Date: December 6, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-20955 Debtor's Counsel: Caroline R. Djang, Esq. BUCHALTER, A PROFESSIONAL CORP 18400 Von Karman Avenue, Suite 800 Irvine, CA 92612-0514 Tel: (949) 760-1121 Fax: (949) 720-0182 E-mail: cdjang@buchalter.com Total Assets: $6,099,486 Total Liabilities: $9,156,326 The petition was signed by Reto Honegger as chief financial 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/OTTFRCI/Sky-Frame_Inc__cacbke-25-20955__0001.0.pdf?mcid=tGE4TAMA SMILES AROUND: Seeks Approval to Hire Alla Kachan as Legal Counsel ------------------------------------------------------------------ Smiles Around Us II Inc., doing business as Smiles Around Us Academy, seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Alla Kachan, PC as counsel. The firm will render these services: (a) assist the Debtor in administering this case; (b) make such motions or take such action as may be appropriate or necessary under the Bankruptcy Code; (c) represent the Debtor in prosecuting adversary proceedings to collect assets of the estate and such other actions as it deem appropriate; (d) take such steps as may be necessary for the Debtor to marshal and protect the estate's assets; (e) negotiate with the Debtor's creditors in formulating a plan of reorganization in this case; (f) draft and prosecute the confirmation of the Debtor's plan of reorganization in this case; and (g) render ush additional services as the Debtor may require in this case. The firm will be paid at these hourly rates: Attorneys $550 Paraprofessionals $250 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $16,000 from Omni Build Inc., one of the Debtor's shareholders, Vyacheslav Faybyshev's business on October 23, 2025. Alla Kachan, Esq., a member at Law Offices of Alla Kachan, 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: Alla Kachan, Esq. Law Offices of Alla Kachan, PC 2799 Coney Island Avenue, Suite 202 Brooklyn, NY 11235 Telephone: (718) 513-3145 About Smiles Around Us II Inc. Smiles Around Us II Inc., doing business as Smiles Around Us Academy, operates an early childhood education center in Staten Island, New York. The school offers 3K and Universal Pre-K (UPK) programs focused on social, emotional, linguistic, cognitive, and physical development through play-based and learner-centered instruction. It emphasizes individualized growth, family engagement, and collaborative learning environments to prepare children for continued academic success. Smiles Around Us II Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-45097) on October 22, 2025. In its petition, the Debtor reports total assets of $139,646 and total liabilities of $1,290,765. Honorable Bankruptcy Judge Elizabeth S. Stong handles the case. The Debtor is represented by the Law Offices of Alla Kachan, PC. SOUTHERN TREE: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------ Debtor: Southern Tree Professionals LLC 2032 New Hope Road Blue Ridge GA 30513 Business Description: Southern Tree Professionals LLC provides tree removal, pruning, emergency response, land clearing, hauling, arborist services, and green-waste management for residential, commercial, and municipal clients across the Atlanta metropolitan area. The Company operates throughout communities such as Marietta, Roswell, Sandy Springs, Alpharetta, Smyrna, Buckhead, Brookhaven and Decatur, and works on large-scale projects involving clearing, grubbing, debris haul- off and site preparation for commercial contractors and government entities including GDOT. It offers additional services such as lightning-protection systems, mulch supply and excavating and demolition work as part of its broader operations in the tree services and land -management sector. Chapter 11 Petition Date: December 5, 2025 Court: United States Bankruptcy Court Northern District of Georgia Case No.: 25-21754 Debtor's Counsel: William Rountree, Esq. ROUNTREE, LEITMAN, KLEIN & GEER, LLC 2987 Clairmont Road Suite 350 Atlanta GA 30329 Tel: 404-584-1238 E-mail: wrountree@rlkglaw.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $10 million to $50 million The petition was signed by Benjamin Townsend Ellis as owner. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/FHIZWBA/Southern_Tree_Professionals_LLC__ganbke-25-21754__0001.0.pdf?mcid=tGE4TAMA SOUTHWEST FIRE: Court Extends Cash Collateral Access to Feb. 28 --------------------------------------------------------------- The U.S. Bankruptcy Court for the District of New Mexico authorized Southwest Fire Defense, LLC to use cash collateral to fund operations. The court authorized the Debtor to use cash collateral from December 1 through February 28, 2026, in accordance with its budget. Cash collateral must be used only for operating and administrative expenses but not for payments to insiders except ordinary payroll disclosed in the budget. The Debtor owes approximately $120,000 to Kapitus LLC; $326,000 to Cadence Bank, N.A.; and $284,569 to the U.S. Small Business Administration. As adequate protection, these secured creditors will continue to have a security interest on their pre-bankruptcy collateral and will be granted replacement liens on property acquired by the Debtor after its Chapter 11 filing that is similar to their pre-bankruptcy collateral. The Debtor is not required to make a monthly payment of $7,500 to Kapitus for December. By December 31, the Debtor and Kapitus must confer regarding whether payments will be required for January and February 2026, based on the status of government contract work. The Debtor's right to use cash collateral terminates on February 28, 2026; upon appointment of a trustee; dismissal or conversion of tits Chapter 11 case; or 10 days after notice of default. A copy of the court order and the Debtor's budget is available at https://shorturl.at/QlcMk from PacerMonitor.com. About Southwest Fire Defense LLC Southwest Fire Defense, LLC provides emergency same-day hazard tree removal, tree trimming, stump grinding, defensible space creation and tree risk assessment services in the Santa Fe, New Mexico area. Founded in 2014 by former firefighter Daniel A. Martinez, the company offers free estimates. Southwest Fire Defense filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D.N.M. Case No. 25-10924) on July 28, 2025. In its petition, the Debtor reported total assets of $706,464 and total liabilities of $1,530,318. Judge Robert H. Jacobvitz handles the case. The Debtor is represented by: Christopher M. Gatton, Esq. Gatton & Associates, P.C. Tel: 505-271-1053 Email: chris@gattonlaw.com SPIRIT AIRLINES: Cleared to Transfer 2 Chicago Gates in $30MM Deal ------------------------------------------------------------------ Hillary Russ of FlightGlobal reports that a New York bankruptcy judge said Monday, December 8, 2025, he is prepared to approve Spirit Airlines' plan to sell two of its four preferential gate assignments at Chicago O'Hare International Airport to American Airlines for $30 million. The gate transfer is a key component of Spirit's broader restructuring efforts as it works to stabilize operations and address liquidity pressures in Chapter 11. Spirit told the court the sale will generate much-needed cash while retaining enough airport access to maintain its core routes. American Airlines, already a major carrier at O'Hare, signaled that the acquisition will support its ongoing growth strategy at the hub. The judge indicated he would enter the order once final documentation is submitted, 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: Hires Latsha Davis & Marshall as Counsel ------------------------------------------------------------- SpiriTrust Lutheran and its affiliates seek approval from the U.S. Bankruptcy Court for the Middle District of Pennsylvania to employ Latsha Davis & Marshall, PC as special counsel. The firm will represent the Debtors regarding the sale of SpiriTrust Lutheran Home Care & Hospice (HCH), and SpiriTrust Lutheran Life (Life) assets, claims relating thereto and related issues, and general regulatory matters. The firm will be paid at these hourly rates: Peter Wilson, Attorney $430 David Marshall, Attorney $425 Steven Montresor, Attorney $335 Brian McCall, Attorney $335 Terence Bara, Attorney $290 Jacob Miller, Attorney $175 Deborah Johnson, Paralegal $210 Michelle Fournier, Paralegal $190 Jennifer Sirois, Paralegal $150 The firm represents no interest adverse to the Debtors or to the estate on the matters upon which it is to be engaged for the Debtors. The firm can be reached at: Latsha Davis & Marshall, PC 1700 Bent Creek Blvd. Mechanicsburg, PA 17050 Telephone: (717) 620-2424 About SpiriTrust Lutheran SpiriTrust Lutheran provides senior living, home care, and hospice services through a network of affiliated nonprofit entities operating across multiple counties in Pennsylvania. The organization offers in-home skilled nursing, therapy, non-medical support, hospice and palliative care, as well as residential senior living, personal care, assisted living, and related community-based programs. It operates from its headquarters in York, Pennsylvania, as a faith-based nonprofit serving older adults and local communities across the region. SpiriTrust Lutheran and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Pa. Lead Case No. 25-03341) on November 21, 2025, with up to $100 million in assets and up to $500 million in liabilities. Melissa Frownfelter, interim president, signed the petitions. Judge Henry W. Van Eck oversees the cases. The Debtors tapped Leavitt Legal Services, PC and Polsinelli PC as counsel; Latsha Davis & Marshall, PC as special counsel; and Novo Advisors, LLC as financial advisor. Stretto, Inc. is the Debtors' claims and noticing agent. SPIRITRUST LUTHERAN: Hires Novo Advisors as Financial Advisor ------------------------------------------------------------- SpiriTrust Lutheran and its affiliates seek approval from the U.S. Bankruptcy Court for the Middle District of Pennsylvania to employ Novo Advisors, LLC as financial advisor. The firm will provide Kevin Neuman as chief restructuring officer and certain additional personnel to the Debtor. The CRO and additional personnel will provide these services: (a) finalize and oversee the Debtors' thirteen (13) week cash flow forecast; (b) report a budget versus actual expenditures with respect to the 13 week cash flow forecast, as well as oversee the sale process with regard to the SpiriTrust assets; and (c) perform such other services as may be necessary to complete the Chapter 11 process. The firm's professionals will be paid at standard hourly rates ranging from $425 to $1,095. In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $100,000 from the Debtor. The firm represents no interest adverse to the Debtors or to the estate on the matters upon which it is to be engaged for the Debtors. The firm can be reached at: Novo Advisors LLC 401 N. Franklin St., Suite 4 East Chicago, IL 60654 About SpiriTrust Lutheran SpiriTrust Lutheran provides senior living, home care, and hospice services through a network of affiliated nonprofit entities operating across multiple counties in Pennsylvania. The organization offers in-home skilled nursing, therapy, non-medical support, hospice and palliative care, as well as residential senior living, personal care, assisted living, and related community-based programs. It operates from its headquarters in York, Pennsylvania, as a faith-based nonprofit serving older adults and local communities across the region. SpiriTrust Lutheran and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Pa. Lead Case No. 25-03341) on November 21, 2025, with up to $100 million in assets and up to $500 million in liabilities. Melissa Frownfelter, interim president, signed the petitions. Judge Henry W. Van Eck oversees the cases. The Debtors tapped Leavitt Legal Services, PC and Polsinelli PC as counsel; Latsha Davis & Marshall, PC as special counsel; and Novo Advisors, LLC as financial advisor. Stretto, Inc. is the Debtors' claims and noticing agent. SPIRITRUST LUTHERAN: Hires Senior Living as Investment Banker ------------------------------------------------------------- SpiriTrust Lutheran seeks approval from the U.S. Bankruptcy Court for the Middle District of Pennsylvania to employ Senior Living Investment Brokerage as investment banker. The firm will assist with the sale of the Debtor's businesses and real property. The firm will receive a commission of $4.7 percent of the net purchase of $250,000, whichever is greater. Dave Balow, an executive vice president at Senior Living Investment Brokerage, 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: Dave Balow Senior Living Investment Brokerage 101 S. Cross Street Wheaton II, 60187 Telephone: (616) 516-1542 Email balow.slibinc.com About SpiriTrust Lutheran SpiriTrust Lutheran provides senior living, home care, and hospice services through a network of affiliated nonprofit entities operating across multiple counties in Pennsylvania. The organization offers in-home skilled nursing, therapy, non-medical support, hospice and palliative care, as well as residential senior living, personal care, assisted living, and related community-based programs. It operates from its headquarters in York, Pennsylvania, as a faith-based nonprofit serving older adults and local communities across the region. SpiriTrust Lutheran and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Pa. Lead Case No. 25-03341) on November 21, 2025, with up to $100 million in assets and up to $500 million in liabilities. Melissa Frownfelter, interim president, signed the petitions. Judge Henry W. Van Eck oversees the cases. The Debtors tapped Leavitt Legal Services, PC and Polsinelli PC as counsel; Latsha Davis & Marshall, PC as special counsel; and Novo Advisors, LLC as financial advisor. Stretto, Inc. is the Debtors' claims and noticing agent. SPIRITRUST LUTHERAN: Hires Stretto as Claims and Noticing Agent --------------------------------------------------------------- SpiriTrust Lutheran and its affiliates seek approval from the U.S. Bankruptcy Court for the Middle District of Pennsylvania to employ Stretto, Inc. as claims and noticing agent. Stretto will oversee the distribution of notices and will assist in the maintenance, processing, and docketing of proofs of claim filed in the Chapter 11 cases of the Debtors. Prior to the petition date, the Debtors provided Stretto an advance in the amount of $15,000. Sheryl Betance, a senior managing director at Stretto, 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: Sheryl Betance Stretto, Inc. 410 Exchange Irvine, CA 92602 Telephone: (800) 634-7734 About SpiriTrust Lutheran SpiriTrust Lutheran provides senior living, home care, and hospice services through a network of affiliated nonprofit entities operating across multiple counties in Pennsylvania. The organization offers in-home skilled nursing, therapy, non-medical support, hospice and palliative care, as well as residential senior living, personal care, assisted living, and related community-based programs. It operates from its headquarters in York, Pennsylvania, as a faith-based nonprofit serving older adults and local communities across the region. SpiriTrust Lutheran and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Pa. Lead Case No. 25-03341) on November 21, 2025, with up to $100 million in assets and up to $500 million in liabilities. Melissa Frownfelter, interim president, signed the petitions. Judge Henry W. Van Eck oversees the cases. The Debtors tapped Leavitt Legal Services, PC and Polsinelli PC as counsel; Latsha Davis & Marshall, PC as special counsel; and Novo Advisors, LLC as financial advisor. Stretto, Inc. is the Debtors' claims and noticing agent. SPIRITRUST LUTHERAN: Seeks Approval to Tap Polsinelli as Co-Counsel ------------------------------------------------------------------- SpiriTrust Lutheran and its affiliates seek approval from the U.S. Bankruptcy Court for the Middle District of Pennsylvania to employ Polsinelli PC as co-counsel. The firm's services include: (a) give the Debtors legal advice regarding the potential sale or sales of all or substantially all of their assets; (b) prepare and file on behalf of the Debtors any and all documents related to any sale transaction; (c) provide health care regulatory guidance related to the sale transaction and bankruptcy case; and (d) perform all other legal services for the Debtors related to any sale transaction which may be necessary. The firm will be paid at these hourly rates: Shareholders $790 - $1,430 Associates $545 - $840 Paralegals $360 - $580 In addition, the firm will seek reimbursement for expenses incurred. The firm represents no interest adverse to the Debtors or to the estate on the matters upon which it is to be engaged for the Debtors. The firm can be reached at: Polsinelli PC 900 W. 48 th Place Kansas City, MO 64122 About SpiriTrust Lutheran SpiriTrust Lutheran provides senior living, home care, and hospice services through a network of affiliated nonprofit entities operating across multiple counties in Pennsylvania. The organization offers in-home skilled nursing, therapy, non-medical support, hospice and palliative care, as well as residential senior living, personal care, assisted living, and related community-based programs. It operates from its headquarters in York, Pennsylvania, as a faith-based nonprofit serving older adults and local communities across the region. SpiriTrust Lutheran and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Pa. Lead Case No. 25-03341) on November 21, 2025, with up to $100 million in assets and up to $500 million in liabilities. Melissa Frownfelter, interim president, signed the petitions. Judge Henry W. Van Eck oversees the cases. The Debtors tapped Leavitt Legal Services, PC and Polsinelli PC as counsel; Latsha Davis & Marshall, PC as special counsel; and Novo Advisors, LLC as financial advisor. Stretto, Inc. is the Debtors' claims and noticing agent. SPIRITRUST LUTHERAN: U.S. Trustee Appoints Creditors' Committee --------------------------------------------------------------- Andrew R. Vara, the U.S. Trustee for Regions 3 and 9, appointed an official committee to represent unsecured creditors in the Chapter 11 cases of SpiriTrust Lutheran and its affiliates. The committee members are: 1. Cura Hospitality, LLC Attn: Angela Anderson 6000 Town Center Blvd., Suite 120 Canonsburg, CA 15317 Phone: (612) 716-0534 angela.anderson@elior-na.com 2. Masonic Villages of the Grand Lodge of Pennsylvania a/k/a Masonic Village Pharmacy Attn: Patrick Sampsell One Masonic Drive Elizabethtown, PA 17022 Phone: (717) 361-5247 psampsel@masonicvillages.org 3. Adoration Home Health Care Maryland, LLC Attn: Allison L. Brown 805 N. Whittington Parkway Louisville, KY 40222 Phone: (502) 630-7429 allison.brown@brightspringhealth.com 4. Nutrition Management Services Co. Attn: Kathleen A. Hill 2071 Kimberton Road, Box 725 Kimberton, PA 19442 Phone: (610) 935-2050 katehill@nmsc.com 5. McKesson Corp. Attn: Stephanie Hampton 6555 State Hwy 161 Irving, TX 75039 Phone: (904) 431-4904 stephanie.hampton@mckesson.com Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. 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 STEVE CLARK: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------- Debtor: Steve Clark Drywall, Inc. 8909 Brookeville Road Silver Springs MD 20910 Business Description: Steve Clark Drywall Inc. provides drywall, ceiling, and plaster contracting services, including installation and repair, for commercial and residential construction projects. Chapter 11 Petition Date: December 8, 2025 Court: United States Bankruptcy Court District of Maryland Case No.: 25-21471 Debtor's Counsel: John D. Burns, Esq. THE BURNS LAW FIRM, LLC 6305 Ivy Lane, Ste 340 Greenbelt MD 20770 Tel: 301-441-8780 Email: jburns@burnsbankruptcyfirm.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Steven Riley Clark 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/UHABTXQ/Steve_Clark_Drywall_Inc__mdbke-25-21471__0002.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/X67TCCA/Steve_Clark_Drywall_Inc__mdbke-25-21471__0001.0.pdf?mcid=tGE4TAMA STS AVIATION: T. Rowe Price Marks $440,000 1L Loan at 34% Off ------------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $440,000 loan extended to STS Aviation Group to market at $289,000 or 66% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to STS Aviation Group. The loan accrues interest at a rate of 9.23% per annum. The loan matures on October 8, 2030. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Company invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Company primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Company may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About STS Aviation Group STS Aviation Group, Inc. operates as an aircraft maintenance company. The Company offers aerospace staffing, line maintenance, defense, engineering support, and aircraft component distribution services. STS Aviation Group serves customers worldwide. SURGERY SPECIALTY: Seeks Chapter 11 Bankruptcy in Texas ------------------------------------------------------- On December 8, 2025, Surgery Specialty Clinicians, Inc., filed for Chapter 11 protection in the Southern District of Texas Bankruptcy Court. According to the court filing, the Debtor reports between $10 million and $50 million in debt owed to approximately 100–199 creditors. About Surgery Specialty Clinicians, Inc. Surgery Specialty Clinicians Inc. is a medical services organization dedicated to offering advanced surgical procedures and outpatient care. Surgery Specialty Clinicians, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-90802) on December 8, 2025. In its petition, the Debtor reports estimated assets of $10 million to $50 million and estimated liabilities in the same range. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. The Debtor is represented by William James Hotze, Esq. of Dykema Gossett PLLC. TBB DEEP: Gets Final Order Amending Cash Collateral Budgets ----------------------------------------------------------- The U.S. Bankruptcy Court for the District of Texas, Dallas Division, granted, on an interim basis, the motion filed by TBB Deep Ellum, LLC and its affiliates to amend the cash collateral budgets. The affiliates are TBB Boardwalk, LLC, TBB North Arlington, LLC, TBB Stockyards FW, LLC, TBB Coppell, LLC, and TBB Abilene, LLC. The amended budgets replace, on an interim basis, the prior budgets incorporated into the final cash collateral orders entered on February 24 and March 4. These amendments apply separately to each of the Debtors in the jointly administered cases. Aside from modifying the budgets, the court ruled that all substantive provisions of the original final cash collateral orders remain fully enforceable. A copy of the court's order and the Debtor's amended budgets is available at https://shorturl.at/bzt3S from PacerMonitor.com. About TBB Deep Ellum TBB Deep Ellum, LLC operates as The Biscuit Bar and provides counter-service dining featuring biscuit sandwiches and full-bar service. The company operates from its location at 2550 Pacific Avenue in Dallas's Deep Ellum neighborhood. TBB Deep Ellum filed Chapter 11 petition (Bankr. D. Texas Case No. 25-30207) on January 21, 2025, listing between $50,000 and $100,000 in assets and between $1 million and $10 million in liabilities. Judge Michelle V. Larson handles the case. On February 12, 2025, the bankruptcy court ordered the joint administration of TBB Deep Ellum's case and the Chapter 11 cases filed by its affiliates on February 6, 2025. The affiliates are TBB Boardwalk, LLC, TBB North Arlington, LLC, TBB Stockyards FW, LLC, TBB Coppell, LLC, and TBB Abilene, LLC. Judge Michelle V. Larson oversees the cases. The Debtors' legal counsel is Thomas Berghman, Esq., at Munsch Hardt Kopf & Harr, P.C., in Dallas, Texas. Spectra Bank, as lender, is represented by: Jack M. Kuykendall, Esq. Law Offices of Jack M. Kuykendall 5048 Tennyson Parkway, Suite 250 Addison, TX 75001 Phone: 972-989-7140 Fax: 972-200-9933 Email: jmkesq@jmklaw.net TELLICO RENTALS: Seeks to Hire Wallace Real Estate as Realtor ------------------------------------------------------------- Tellico Rentals, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Tennessee to employ Wallace Real Estate as realtor. The Debtor needs a realtor to sell its properties located at: (a) 170 Rafter Rd, Tellico Plains, Tenn.; and (b) 1407 Cherohala Skyway, Tellico Plains, Tenn. The firm will receive 5 percent of the properties' sales price. April Blankinship, a real estate agent at Wallace Real Estate, 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: April Blankinship Wallace Real Estate 813 S. Northshore Dr. Knoxville, TN 37919 Telephone: (865) 344-6363 About Tellico Rentals LLC Tellico Rentals, LLC offers cabin rental services in Tellico Plains, Tennessee. It provides a range of accommodations, including riverfront lodges, group cabins, and pet-friendly units near the Cherohala Skyway and Tellico River. Tellico Rentals sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tenn. Case No. 25-12707) on October 9, 2025, listing up to $50,000 in assets and between $500,001 and $1 million in liabilities. On October 30, 2025, the case was transferred from the Southern Division to the Northern Division and was assigned a new case number (Case No. 25-32044). Judge Suzanne H. Bauknight oversees the case. The Debtor is represented by W. Thomas Bible, Jr., Esq., in Chattanooga, Tennessee. TEXAS FIRST: Seeks Chapter 7 Bankruptcy in Oklahoma --------------------------------------------------- On December 5, 2025, Texas First Capital Fund I Inc. submitted a voluntary Chapter 7 bankruptcy filing in the Western District of Oklahoma. Court documents show the Debtor owes between $10 million and $50 million to approximately 1–49 creditors. About Texas First Capital Fund I Inc. Texas First Capital Fund I Inc. serves as an investment and capital financing company, participating in commercial lending and deal-structured funding. The company filed for protection under Chapter 7 of the U.S. Bankruptcy Code (Case No. 25-13776) on December 5, 2025. Its petition lists estimated assets of $0–$100,000 and liabilities between $10 million–$50 million. The matter is overseen by Chief Judge Sarah A. Hall. Legal representation is provided by Paul Jared Choate, Esq. of Chris Mudd & Associates, PLLC. TEXAS INTERNATIONAL: Seeks Chapter 11 Bankruptcy ------------------------------------------------ On December 6, 2025, Texas International Enterprises Inc. sought Chapter 11 protection in the Southern District of Texas Bankruptcy Court. According to the filing, the Debtor reports between $10 million and $50 million in debt owed to roughly 1–49 creditors. About Texas International Enterprises Inc. Texas International Enterprises Inc. operates as a multifaceted company with interests in various commercial and service-based industries. The organization is built on principles of reliability, operational efficiency, and market adaptability. By focusing on sustainable growth and client satisfaction, Texas International Enterprises Inc. continues to strengthen its presence in its respective markets. Texas International Enterprises Inc. commenced its Chapter 11 case (Bankr. Case No. 25-50133) on December 6, 2025. In its petition, the Debtor listed estimated assets of $10 million to $50 million and estimated liabilities within the same range. Honorable Bankruptcy Judge Jeffrey P. Norman presides over the matter. The Debtor is represented by Carl M. Barto, Esq. of the Law Office of Carl M. Barto. TEXAS INTERNATIONAL: Voluntary Chapter 11 Case Summary ------------------------------------------------------ Debtor: Texas International Enterprises, Inc. 13522 Evolution Loop Laredo, TX 78045 Chapter 11 Petition Date: December 6, 2025 Court: United States Bankruptcy Court Southern District of Texas Case No.: 25-50133 Debtor's Counsel: Carl M. Barto, Esq. LAW OFFICE OF CARL M. BARTO 817 Guadalupe Laredo TX 78040-5251 Tel: (956) 725-7500 E-mail: cmblaw@netscorp.net Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Oscar A Gomez as president. The petition was filed without the Debtor's list of its 20 largest unsecured creditors. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/SSHBCFI/Texas_International_Enterprises__txsbke-25-50133__0001.0.pdf?mcid=tGE4TAMA THG ACQUISITION: T. Rowe Price Marks $1.6MM 1L Loan at 93% Off -------------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $1,671,000 loan extended to THG Acquisition, LLC to market at $116,000 or 7% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to THG Acquisition, LLC. The loan accrues interest at a rate of 8.91% per annum. The loan matures on October 31, 2031. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Company invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Company primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Company may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About THG Acquisition, LLC THG Acquisition, LLC provides insurance services. THG ACQUISITION: T. Rowe Price Marks $3.3MM 1L Loan at 84% Off -------------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $3,340,000 loan extended to THG Acquisition, LLC to market at $525,000 or 16% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to THG Acquisition, LLC. The loan accrues interest at a rate of 8.91% per annum. The loan matures on October 31, 2031. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Company invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Company primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Company may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About THG Acquisition, LLC THG Acquisition, LLC provides insurance services. THUNDER INTERNATIONAL: Gets Extension to Access Cash Collateral --------------------------------------------------------------- Thunder International Group, Inc. and affiliates received fifth interim approval from the U.S. Bankruptcy Court for the District of New Jersey to use cash collateral. The order penned by Judge John Sherwood authorized the Debtors' interim use of cash collateral to pay the expenses set forth in their 14-week budget, subject to a 25% variance. This authorization will terminate upon the dismissal or conversion of the Debtors' Chapter 11 cases, the appointment of a bankruptcy trustee or the Debtors' failure to perform their obligations under the fifth interim order. The Debtors intend to use funds generated from their accounts receivable and business income, which constitute the cash collateral of East West Bank, the U.S. Small Business Administration and merchant cash advance creditors. As adequate protection for the use of their cash collateral, these secured creditors will be granted replacement liens on the Debtors' personal property to the same extent and priority as their pre-bankruptcy liens. These liens do not apply to any Chapter 5 causes of action. In case the replacement liens prove inadequate, the secured creditors will have superpriority claims under Setion507(b) of the Bankruptcy Code. The next hearing is scheduled for February 3, 2026. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/yDqp0 from PacerMonitor.com. About Thunder International Group Inc. Thunder International Group, Inc. is a fifth-party logistics (5PL) provider specializing in omni-channel logistics solutions for commerce and e-commerce sellers. It operates nine warehouses across six U.S. states, offering services including nationwide fulfillment, drop shipping, air and ocean freight, global shipping, industrial inspection and maintenance, bonded zones, reverse logistics, and cross-border e-commerce branding. Thunder International Group sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.J. Lead Case No. 25-15229) on May 15, 2025, listing up to $10 million in both assets and liabilities. Mingming Wang, secretary, signed the petition. Judge John K. Sherwood oversees the case. White and Williams, LLP represents the Debtor as legal counsel. TIFARET DISCOUNT: Gets Interim OK to Use Cash Collateral -------------------------------------------------------- Tifaret Discount, Inc. received another extension from the U.S. Bankruptcy Court for the Southern District of New York to use cash collateral. The court issued its third interim order authorizing the Debtor to use cash collateral from November 6 to January 25, 2026, to pay the expenses set forth in its budget. The third interim order bars insider payments except the president's regular salary and notes that several budget items were marked with question marks. The Debtor may not spend on those categories without further court approval. The third interim order is available at https://is.gd/sRhaIx from PacerMonitor.com. Tifaret has two creditors: Key Bank with a credit line that has been drawn to the maximum of $50,000 and an SBA loan also held by the bank in the amount of $155,000. The Debtor's collectible assets are approximately $72,000, while the total secured debt owed to Key Bank is more than $205,000. In addition, the Debtor has a number of different machinery, equipment and vehicle leases or loans secured by UCC-1 financing statements, according to court papers filed in July. About Tifaret Discount Inc. Tifaret Discount Inc., operating as Redlicious Supermarket, is a grocery retailer based in Monsey, New York. Tifaret Discount sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-22623) on July 9, 2025. In its petition, the Debtor estimated assets between $100,000 and $500,000 and liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Sean H Lane handles the case. The Debtor is represented by Leo Fox, Esq. TIMBERON WATER: Utility Commissioner Seeks Receivership ------------------------------------------------------- Joshua Bowling of News from the States reports that the the Timberon Water and Sanitation District is facing mounting scrutiny as billing disputes, water contamination issues, and major infrastructure failures draw attention from state regulators. During a recent Public Regulation Commission meeting, Commissioner Patrick O'Connell warned that the rural system is "barely limping along" and may require state takeover. His comments followed a formal complaint filed in January by resident and former board member Mark Harding. Harding's complaint accuses the utility of overbilling, inconsistent tax practices, and permitting board members and staff to ridicule him publicly, which he said led to online harassment. Beyond the billing concerns, the complaint underscores broader operational failures. The district has received multiple violation notices this year, including for improper disinfection, missed reporting requirements, and bacteria detections. In November, officials issued a boil advisory after low water pressure heightened the risk of contamination, warning residents not to drink unboiled tap water, the report states. O'Connell said during a November hearing that the Commissioners should consider receivership, citing repeated failures and what he described as a non-functioning utility. Timberon board chair David Cruey responded that state control would not fix the underlying problem: decades-old infrastructure in dire need of replacement. He said the system, built in the 1970s, requires an estimated $45 million to $50 million in upgrades, and that local leaders are working with state lawmakers to secure funding. The challenges in Timberon reflect a broader pattern among small utilities across New Mexico. Earlier this 2025, the state sued the Camino Real Regional Utility Authority over persistent contamination and reliability issues, seeking to place it under receivership. A legislative hearing in November 2025 highlighted a statewide funding shortfall of nearly $200 million for water infrastructure. Timberon’s water losses are especially severe, with leaking pipes wasting up to 85% of its supply -- a loss Harding estimates at 3.5 million gallons every month. About Timberon Water and Sanitation District Timberon Water and Sanitation District provides and maintains key services for Timberon, New Mexico, including water utilities, waste disposal, road maintenance, a cemetery, a 9-hole golf course, a community swimming pool, and additional recreation sites. TOPICAL BIOMEDICS: Unsecureds to Get Share of GUC Settlement Cash ----------------------------------------------------------------- AltWellRX, Inc. ("AltWell") and Fundamental Credit Advisors, LLC ("FCA" and together with AltWell, the "Plan Proponents") submitted a Disclosure Statement describing Chapter 11 Plan for Topical BioMedics, Inc. dated December 3, 2025. The Debtor was originally founded and formed in 1994 by Lou Paradise, Aurora Cividanes Paradise, and Steve Duricko as TPR International Ltd., Inc. The name change was changed to Topical BioMedics, Inc. in 2002. Unaware of TBM's actual profitability, AltWell entered into a Consignment Agreement with TBM dated as of December 18, 2021 (the "Consignment Agreement"). Under the Consignment Agreement, AltWell purchased Topricin(R) products, which it then consigned to TBM to sell to its customers. Upon sale, a portion of the proceeds equal to AltWell's COGS, plus a royalty and interest, were to be paid to AltWell, with TBM retaining the balance. On December 6, 2024, AltWell commenced an adversary proceeding by filing a complaint against the Debtor, Commercial Finance Partners, LLC ("CFP"), KeyBank and the SBA, seeking, inter alia, a declaratory judgment that inventory in the Debtor's possession was AltWell's property. On December 6, 2024, AltWell filed a motion for a mandatory injunction and TRO. Pursuant to an Order of the District Court dated November 6, 2025, AltWell's appeal was dismissed without prejudice. AltWell has entered into a Plan Support Agreement ("PSA") with KeyBank, Cosmetic Solutions, LLC and Ouachita Contract Manufacturing, LLC, and has offered other creditors the opportunity to sign on. Pursuant to the terms of the PSA, the creditors who sign the PSA have agreed to vote in favor of the Plan, and shall not vote for, consent to, support or participate in the formulation of any other chapter 11 plan for the Debtor proposed or filed or to be proposed or filed. Class 4 consists of Allowed General Unsecured Claims, including Allowed Insider Claims. Each Holder of an Allowed General Unsecured Claim shall receive a Pro Rata Distribution of the GUC Settlement Cash in the following manner: (i) beginning on the initial Distribution Date and continuing semi-annually for a total of 24 months, a Pro Rata share of $30,000 (accrued $5,000 per month), and (ii) beginning on the 25th month after the Initial Distribution Date and continuing semi-annually for a total of 24 months, a Pro Rata share of $60,000 (accrued $10,000 per month), after Distributions have been made to all unclassified Claims and funding of the Post-Confirmation Reserve. Class 4 Claims are Impaired. Class 5 consists of the Interests in the Debtor. The Holders of the Interests shall retain their Interests in the Debtor, are not Impaired under the Plan and are not entitled to vote. The Plan is premised on the Debtor's liquidation. AltWell, either directly or through a to-be-formed special purpose vehicle, will acquire the Debtor's Assets, free and clear of all liens and encumbrances pursuant to Section 363(f) of the Bankruptcy Code, except for KeyBank's Lien. The Liquidating Trust will be formed for the benefit of secured, priority and general unsecured creditors. The Plan Proponents will remit $940,000 to the Liquidating Trust paid as follows: * Immediately upon the Effective Date, $100,000 for the Debtor's Administrative Claims, Professional Fee Claims and the costs of the Liquidating Trust; and * $25,000 per month for the first 24 months after the Effective Date and $10,000 per month beginning 25 months after the Plan's Effective Date and ending 48 months after the Plan's Effective Date (the "Monthly Payments") for a total of $840,000, allocated (i) $480,000 as consideration for the Assets and (b) $360,000 for distribution to the Holders of Priority Tax and General Unsecured Claims, and in settlement of the Debtor's claims against AltWell, FCA and Takacs. The Liquidating Trust shall allocate the Monthly Payment (a) 80% to KeyBank; and (b) 20% to the Priority and General Unsecured Creditors for the first 24 months. Thereafter the Liquidating Trust shall allocate 100% of the Monthly Payment to the General Unsecured Creditors. A full-text copy of the Disclosure Statement dated December 3, 2025 is available at https://urlcurt.com/u?l=945oao from PacerMonitor.com at no charge. Co-Counsel for AltWellRX, Inc. and Fundamental Credit Advisors: R3M LAW, LLP Howard P. Magaliff, Esq. Jeffrey N. Rich, Esq. 437 Madison Avenue, 24th Floor New York, NY 10022 646.453.7851 AKERMAN LLP Michael D. Napoli, Esq. 2001 Ross Avenue, Suite 3600 Dallas, TX 75201 (214) 720-4360 About Topical BioMedics Inc. Topical BioMedics offers natural pain relief products. Topical BioMedics, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 24-36109) on Nov. 11, 2024, listing $437,628 in assets and $2,412,922 in liabilities. The petition was signed by Dennis Barnett Dennis as chairman of the Board. Michelle L. Trier, Esq. at GENOVA, MALIN & TRIER, LLP, is the Debtor's counsel. TOTAL COLLECTION: Court Extends Cash Collateral Access to Jan. 9 ---------------------------------------------------------------- Total Collection Services, Inc. received another extension from the U.S. Bankruptcy Court for the Eastern District of New York to use cash collateral to fund operations. The court's third interim order authorized the Debtor to use the cash collateral of M&T, TD Bank, N.A. and the U.S. Small Business Administration through January 9, 2026, in line with its budget, subject to a 5% variance per line item. A copy of the Debtor's budget is available at https://shorturl.at/Nlz9x from PacerMonitor.com. As adequate protection, the Debtor must make monthly payments of $7,742 per month to M&T, $818 to TD Bank and $4,697 to the SBA, and grant both creditors replacement liens on all pre-bankruptcy and post-petition assets, including cash collateral and its proceeds. The replacement liens are subordinated to the carveouts for U.S. trustee fees, professional fees, fees for a potential Chapter 7 trustee., and proceeds from successful avoidance actions under Chapter 5 of the Bankruptcy Code. The final hearing is set for January 7, 2026. The deadline for filing objections is on December 30. Total Collection Services owes approximately $100,000 to TD Bank and approximately $1.87 million to the SBA. Both are considered conventional secured creditors with clearly perfected liens. Meanwhile, the Debtor disputes the liens of merchant cash advance lenders and believes that these claims are likely unenforceable due to their structure as usurious, disguised loans. TD Bank is represented by: Clifford A. Katz, Esq. Teresa Sadutto-Carley, Esq. Goetz Platzer, LLP 1 Penn Plaza, 31st Floor New York, NY 10119 Phone: (212) 593-3000 ckatz@goetzplatzer.com tsadutto@goetzplatzer.com About Total Collection Services Inc. Based in Port Jefferson Station, New York, Total Collection Services, Inc. provides commercial garbage collection and recycling services in Suffolk County and operates as a sanitation company. Total Collection Services sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-73838) on October 3, 2025. In its petition, the Debtor reports total assets of $3,018,785 and total liabilities of $5,842,117. Honorable Bankruptcy Judge Sheryl P. Giugliano handles the case. The Debtor is represented by Health S. Berger, Esq. of BFSNG LAW GROUP, LLP. TRICOLOR AUTO: Creditors Seek Probe Into JPMorgan, Fifth Third -------------------------------------------------------------- Alicia McElhaney of The Wall Street Journal reports that a group of creditors is pushing for an investigation into what bank lenders JPMorgan Chase and Fifth Third knew regarding alleged fraud that contributed to Tricolor Holdings' collapse. The subprime auto lender abruptly filed for bankruptcy liquidation in September after Fifth Third disclosed a $200 million loss on loans tied to the company. On December 2, 2025, bondholders holding $225 million in securitized notes asked a Texas bankruptcy judge to authorize a probe under Rule 2004 to determine when JPMorgan and Fifth Third became aware of the problems at Tricolor and how they responded. The investigation is intended to clarify whether the banks had prior knowledge of issues that might have given them an unfair advantage over other creditors, according to report. Tricolor had provided auto financing to high-risk borrowers, including those without credit histories or Social Security numbers, and packaged the loans into securitized products with the help of banks like JPMorgan and Fifth Third. The bondholders allege pervasive fraud at Tricolor, including double-pledging of collateral and off-balance-sheet securitizations, The Wall Street Journal reports. JPMorgan served a dual role, both as a warehouse lender advancing Tricolor funds and as an underwriter for its securitizations. The noteholders want to determine whether JPMorgan underwrote the securities while aware of collateral deficiencies and whether this gave the bank an advantage. Both JPMorgan and Fifth Third declined to comment, the report cites. About Tricolor Auto Acceptance Tricolor Auto Acceptance is an Irving, Texas-based subprime auto lender. Tricolor Auto Acceptance, together with its parent Tricolor Auto Group and other affilites sought relief under Chapter 7 of the U.S. Bankruptcy Code(Bankr. N.D. Tex. Case No. 25-33497) on September 10, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 billion and $10 billion each. The Debtor is represented by Thomas Robert Califano, Esq. at Sidley Austin LLP. TRUCK-LITE CO: T. Rowe Price Marks $10.6MM 1L Loan at 61% Off ------------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $10,686,000 loan extended to Truck-Lite Co., LLC to market at $4,184,000 or 39% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to Truck-Lite Co., LLC. The loan accrues interest at a rate of 9.91% per annum. The loan matures on February 13, 2032. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Company invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Company primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Company may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About Truck-Lite Co., LLC Truck-Lite Co. manufactures and distributes vehicle safety lighting, including LED systems for trucks, buses, and trailers, and electric, autonomous technology. TYBER MEDICAL: T. Rowe Price Marks $1.7MM 1L Loan at 65% Off ------------------------------------------------------------ T. Rowe Price OHA Select Private Credit Fund has marked its $1,719,000 loan extended to Tyber Medical LLC to market at $605,000 or 35% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to Tyber Medical LLC. The loan accrues interest at a rate of 9.06% per annum. The loan matures on June 12, 2031. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Company invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Company primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Company may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About Tyber Medical LLC Tyber Medical LLC, is an innovative medical device manufacturer with a unique OEM private label model that reduces time to market. UMAMAHESH LLC: Seeks to Sell Hotel Business at Auction ------------------------------------------------------ Umamahesh, LLC, and its affiliates, Gordhanbhai and Naynaben Patel, seek permission from the U.S. Bankruptcy Court for the Northern District of Texas, Lubbock Division, to sell substantially all Assets, free and clear of liens, claims, interests, and encumbrances. The Debtors' Property is located at 5108 Interstate 27, Lubbock, Lubbock County, Texas 79404. Along with all personal property located thereon, including, but not limited to furniture, fixtures, inventory and equipment. While the Property is titled in the name of Umamahesh, LLC, the Texas limited liability company that filed for relief in this bankruptcy case, prior to filing bankruptcy, Gordhanbhai and Naynaben Patel, who are the individual Debtors who own 100% of the limited liability company, entered into an Exclusive Listing and Exclusive Authorization to Sell Agreement with Amber Hotel Company authorizing Amber to market the Property for sale. Amber marketed the Property nationally for a period of 90 days and received approximately six written contracts of sale offering to purchase the Property. The highest offer received for the purchase of the Property was from Asif Farooq who offered a purchase price of $1,600,000.00. The offer further provided for an all-cash sale with no contingency for financing or due diligence and a non-refundable earnest money deposit upon approval by the Bankruptcy Court of $100,000.00 down. The Debtors have selected Mr. Asif Farooq’s offer as the Stalking Horse Bid the terms of which must be exceeded to become the Successful Bidder for the purchase of the Property. PromiseOne Bank holds a first lien deed of trust along with a security interest against the Property to secure the repayment of its total outstanding debt in the approximate sum of $2,711,002. The PromiseOne indebtedness is the subject of a U.S. Small Business Administration guaranteed loan for which PromiseOne is the servicing and collecting agent. Plains Capital Bank holds a second lien security interest against the Debtor's same personal property assets as PromiseOne to secure the repayment of a debt in the estimated sum of $90,745. PCB's security interest is behind that of PromiseOne and its debt of $2,711,002, therefore making the claim of PCB unsecured. Ascentium Capital holds a third lien security interest against the Debtor's same personal property assets as PromiseOne to secure the repayment of a debt in the estimated sum of $148,449.18. Ascentium's security interest is behind that of PromiseOne and its debt of $2,711,002, therefore making the claim of Ascentium unsecured. Finally, the Lubbock Central Appraisal District holds a statutory lien against the Property to secure the payment of ad valorem property taxes for tax years 2024 and 2025. In addition, the Debtors intend to move promptly to initiate and pursue a robust sale and marketing process consistent with the Bidding Procedures as soon as practicable to capitalize on forward momentum with interested parties and to preserve value by minimizing the administrative costs in connection with the Chapter 11 process. The Debtors believe that the proposed Bidding Procedures and the related relief requested in the Motion will allow the Debtors to efficiently pursue the value-maximizing Sale process contemplated and best position them to achieve their goals in the Chapter 11 Cases. he Debtors respectfully request that the Court approve the following proposed timeline for the Sale process set forth in the Bidding Procedures: -- Approval of the Mr. Bart Schilling as the Sale Agent December 12, 2025 -- Deadline for Trustee to Send the Notice of Sale and Bidding Procedures December 12,2025 -- Deadline for Submitting Qualifying Bids for Purchase of the Property December 15, 2025 -- Deadline to File Notice of Successful Bidder or Announce an Auction December 19, 2025 -- Sale Hearing (subject to Court availability) December 23, 2025 The Debtors believe that the above timeline is sufficient for a meaningful marketing process and will provide potential bidders with sufficient time to obtain information necessary to formulate a competitive bid, increasing the prospect that the Debtors will receive value-maximizing offers that will benefit the Debtors’ estates. Further, the Bidding Procedures are being proposed in good faith by the Debtors and were the result of significant, arm's-length negotiations with the Amber during the pre-petition 90-day marketing process. The Debtors submit that the Successful Bidder(s) arising from the Auction (if any), will be "good faith" purchasers within the meaning of section 363(m) of the Bankruptcy Code and will comply with the Bidding Procedures. About Umamahesh, LLC Umamahesh, LLC, doing business as Howard Johnson Lubbock, operates a hotel at 5108 Interstate 27 in Lubbock, Texas, under a franchise agreement with Wyndham Hotels & Resorts. It owns the property, including both the land and hotel building, which is listed in a court document with a competitive bid of $1.5 million. Umamahesh filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Texas Case No. 25-50299) on October 31, 2025, with $1,584,056 in assets and $3,550,961 in liabilities. Naynaben Patel, managing member, signed the petition. Judge Mark X. Mullin presides over the case. David R. Langston, Esq., at Mullin Hoard & Brown, L.L.P. represents the Debtor as legal counsel. UNIVERSAL DESIGN: Gets Extension to Access Cash Collateral ---------------------------------------------------------- Universal Design Solutions, LLC received fifth interim approval from the U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division, to use cash collateral. The fifth interim order authorized the Debtor to use cash collateral to pay the expenses set forth in its budget and the amounts expressly authorized by the court, including payments to the Subchapter V trustee. This authorization will continue until further hearing. The order granted secured lender, TD Bank, N.A., a perfected post-petition lien on the cash collateral, with the same validity, priority and extent as its pre-bankruptcy lien. The fifth interim order is available at https://is.gd/C5GdpW from PacerMonitor.com. The next hearing is set for January 15, 2026. TD Bank is the only pre-bankruptcy merchant cash advance/lender, with a lien on the Debtor's cash and receivables. The Debtor owed the bank $507,488, according to court papers filed in June. About Universal Design Solutions Universal Design Solutions, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-01970) with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Hon. Jason A Burgess oversees the case. Thomas C. Adam, Esq., at Adam Law Group, P.A. is the Debtor's bankruptcy counsel. TD Bank, N.A., as lender, is represented by: Amanda Klopp, Esq. Akerman LLP 777 South Flagler Drive Suite 1100, West Tower West Palm Beach, FL 33401 Telephone (561) 653-5000 Facsimile (561) 659-6313 amanda.klopp@akerman.com UPGRADE SALON: Seeks Chapter 11 Bankruptcy in Texas --------------------------------------------------- On December 5, 2025, Upgrade Salon Inc. filed for Chapter 11 protection in the Southern District of Texas Bankruptcy Court. According to the court filing, the Debtor reports between $0–$100,000 in debt owed to 1–49 creditors. About Upgrade Salon Inc. Upgrade Salon Inc. delivers a full range of beauty and grooming services, specializing in hair styling, coloring, and spa treatments. Upgrade Salon Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-37406) on December 5, 2025. In its petition, the Debtor reports estimated assets of $0–$100,000 and estimated liabilities of $0–$100,000. Honorable Bankruptcy Judge Eduardo V. Rodriguez handles the case. The Debtor is represented by Jeremy Thomas Wood, Esq. of the Law Office of Jeremy T. Wood, PLLC. VANTAGE SPECIALTY: T. Rowe Price Virtually Writes Off $1.5MM Loan ----------------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $1,552,000 loan extended to Vantage Specialty Chemicals to market at $97,000 or 6% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to Vantage Specialty Chemicals. The loan accrues interest at a rate of 10.41% per annum. The loan matures on March 1, 2029. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Company invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Company primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Company may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About Vantage Specialty Chemicals Vantage Specialty Chemicals, Inc. manufactures chemical products. The Company offers natural oils, glycerin, surfactants, esters, mold-release systems and equipment solutions. Vantage Specialty Chemicals serves personal care, food, consumer, industrial, and other industries worldwide. VENTURE GLOBAL: Fitch Rates $2BB Sr. Secured Notes 'BB(EXP)' ------------------------------------------------------------ Fitch Ratings has assigned an expected rating of 'BB (EXP)' to $2.0 billion par amount of senior secured notes to be issued by Venture Global Plaquemines LNG, LLC (VGPL). Fitch has also affirmed ratings for previously issued VGPL notes with an aggregate par value amount of $6.5 billion, including senior secured notes with a par amount of $4.0 billion issued in June 2025 and senior secure notes with a par amount of $2.5 billion issued in April, at 'BB'. Proceeds from the expected notes will be used to partially refinance its existing bank loan facility. The Rating Outlook on the debt is Stable. RATING RATIONALE The 'BB' rating on VGPL's senior secured notes reflects a financial profile underpinned by contracted cash flow under 20-year, take-or-pay sales and purchase agreements (SPAs) for 19.7 million tonnes per annum (mtpa) capacity with mostly creditworthy offtakers. Construction was about 99% complete as of August 30, 2025, with all contingency funds used to cover costs. Remaining funding needs will be met using commissioning cargo sales, which began in December 2024 and are estimated by Fitch to generate proceeds well above the requirements. The self-operated project faces operating cost volatility and lacks major maintenance reserve accounts. This is offset by proven technology, long-term service agreements (LTSAs) with the original equipment manufacturer (OEM) for the liquefaction trains, and Fitch's higher cost stresses in the financial analysis. The independent engineer (IE) has confirmed that, since January 2025, that the plant can perform well above nameplate capacity. In Fitch's rating case, the assumed production level is 4.0 mtpa above the nameplate capacity, in line with current Department of Energy (DOE) export authorization to non-free trade agreement (FTA) countries and below updated IE downside case. The debt structure is similar to other rated liquefied natural gas (LNG) projects, featuring refinancing risk and permissive additional debt provisions. Multiple bond issuance with bullet maturities used to partially refinance the amortizing term loan lead to an increase in debt service after 2033. Fitch's rating case stresses capacity, fuel use, gas prices, operating costs, and refinancing rates, and results in a minimum project life coverage ratio (PLCR) of 1.18x in 2036. KEY RATING DRIVERS Completion Risk - High Stronger Advanced Completion Status with Mitigated Funding Shortfalls: The project is in advanced construction completion stage and is ramping up production, with 34 out of planned 36 trains. The remaining two trains will likely to be online by year-end. Construction of Phase I was 99% complete as of August 2025 and construction of Phase II was 96%. Remaining construction costs to substantial completion are about $135 million, excluding interest during construction and commissioning and ramp up costs. Commissioning and ramp-up capital costs are estimated by Fitch to be about $1.3 billion from December 2025 to December 2026, funded by commissioning cargo sales. As of November, 34 trains are producing LNG using temporary supplemental power until combined cycle power plant is completed. Due to such issues and rectification work that is required for the power facilities, the expected substantial completion dates under the EPC Contracts with KZJV have shifted out by 5-6 months. These deficiencies are being managed by using supplemental temporary systems with no impact on production. Substantial completion is still expected before the targeted Phase1 COD in 4Q26 and Phase 2 COD in mid-2027. VGPL is using a multi-contractor structure with experienced specialized contractors, such as Baker Hughes (BHGE), General Electric, UOP Honeywell, Kellogg Brown and Root (KBR), and CB&I. BHGE is supplying the project with the key equipment and is a highly experienced OEM supported by an investment-grade parent. The joint venture (JV) between KBR and Zachry Industrial Inc. (KZJV) plays an integral role as the engineering, procurement and construction (EPC) contractor responsible for the integration of the facility components, testing and commissioning. The EPC contract is largely structured on a reimbursable basis, exposing the project to cost escalation. The project has allocated all its contingency; however, due to the phased completion plan, it has begun to sell commissioning cargoes, which management expects will generate sufficient revenue to cover remaining project costs. Operation Risk - Midrange Self-Operated with Some Operating Experience: VGPL relies on affiliate companies to operate and manage the facilities, similar to other LNG projects in the U.S. As of November 2025, these affiliates have an operating record of more than two years of ramping up production and generating LNG at Venture Global Calcasieu Pass (VGCP), which declared COD on April 15, 2025. The project has hired experienced staff from within the LNG industry and is coordinating with its contractors to provide training support prior to COD. Technical risk is mitigated by world-class OEMs that test, fabricate, ship, and assist in the installation of their equipment. The project design includes built-in redundancies for major equipment, self-generated power insulated from grid-related outages, and performance guarantees that allow production levels above nameplate capacity. Unexpected operational problems that arise after the start of commercial operation are expected to be covered by warranties provided by the OEMs and contractors. The LTSA with Baker Hughes Company (BHC), and the maintenance budgets and the modularity of the project design, should allow predictable and phased maintenance costs, mitigating the risk related to the lack of a mandatory maintenance reserve requirement. The IE reported that the project has developed an adequate operating plan. Fitch addresses the exposure to cost volatility by incorporating additional cost stresses in its financial analysis. The IE also reported that the use of electric motors instead of turbines in the liquefaction process should reduce downtime. The project's reliance on its own power generation adds operational complexity, but it may provide greater supply certainty by avoiding weather-related grid outages. Supply Risk - Midrange Access to Adequate Gas Supplies Backed by Firm Transportation Capacity: The project's supply risk is mitigated by operating in an area with abundant gas supply, the establishment of an experienced gas procurement team that is already purchasing gas for commissioning cargoes, and offtake contracts that include gas cost recovery components. VGPL has signed precedent agreements for firm transportation capacity at fixed rates across four pipelines. This pipeline capacity provides sufficient access to supply quantities of feed-gas in excess of the nameplate production capacity of the LNG facility for the term of the assumed debt profile. The project relies on two lateral segments of the Gator Express Pipeline to transport gas from other pipelines to the project site, thereby removing single-point-of-failure risk. According to the market consultant, the project's approach to gas procurement should ensure sufficient near- to medium-term contracted volumes while maintaining appropriate flexibility for long-term needs. Revenue Risk - Composite - Midrange Largely Contracted Profile: VGPL has entered into 13 long-term SPAs for the sale of 19.7 mtpa of LNG with creditworthy offtakers. There is also a shorter-term contract for 0.3 mtpa. Any capacity exceeding these contractual commitments is sold to a Venture Global LNG, Inc. (Venture Global; B+/Negative) affiliate. Each SPA provides revenue from a capacity payment, which is paid regardless of the LNG volumes lifted, and a commodity-based payment per unit of LNG lifted. The project effectively passes variable fuel costs through the commodity payment linked to gas prices at Henry Hub, while fixed costs are covered by the fixed capacity fees of the SPAs. This structure insulates the project from broader trends in LNG demand. Flexible delivery contractual features and excess production capacity above the volumes contracted with these offtakers mitigate the risk of the project failing to meet its SPA delivery obligations in the event of unplanned outages. About 10% of the revenues will come from an SPA with an unrated subsidiary of a highly rated corporate entity, which provides a limited parent guarantee. Fitch evaluated several mitigating factors: VGPL's low dependency on this cash flow, the level of parent credit support, the project's importance to the counterparties, and SPA pricing compared to Fitch's merchant price assumptions. These factors support treating cash flows from this SPA under contracted metric thresholds. Fitch applies a merchant threshold to revenues from counterparties that are unrated or rated below the project rating. Debt Structure - 1 - Midrange Refinance Exposure Mitigated by Staggered Maturity Profile: The project is significantly exposed to the risk of rising interest rates. The new senior notes have bullet maturities and account for about 17% of the project's debt, including the bank loan and previously issued senior notes in the amount of $6.5 billion. The bank loan matures in 2029 and has limited amortization prior to maturity. Multiple bond issuance with bullet maturities used to partially refinance the term loan lead to an increase in debt service after 2033. The project must hedge at least 75% of its variable rate exposure. The debt structure includes a senior debt coverage ratio test of 1.4x for additional debt issuance and an equity distribution test of 1.20x for senior notes and 1.25x for the bank loan. Any termination of an SPA without replacement would require mandatory prepayment to maintain 1.40x and 1.45x coverage, accounting for the loss of that SPA under the senior notes and the bank loan, respectively. Financial Profile Fitch's financial analysis is based on partial refinancing in December 2025 of the remaining $5.7 billion term loan, with non-amortizing bonds in an aggregate amount of $2.0 billion. This is the third issuance for VGPL this year. In April 2025, VGPL issued bonds in the amount of $2.5 billion, followed by another $4.0 billion pari passu issuance in June. Fitch applies a stressed refinancing interest rate and assumes the debt is fully amortized within the 20-year term of the SPAs. Fitch's base case assumes production capacity of 28 mtpa of LNG, reflecting current pipeline constraints. The IE report indicates that the plant can exceed this level. Individual trains have demonstrated peak output was 46% above 22.5 mtpa. Contracts for 19.7 mtpa are secured with creditworthy third-party offtakers for a 20-year term. The project generates $0.50 per million British thermal units (MMBtu) in liquefaction fees on the excess capacity above the nameplate, which is contracted to Venture Global's marketing affiliate. In this scenario, the minimum PLCR is 1.34x in 2036. Fitch's rating case assumes full SPA lifting and lower production capacity at 24 mtpa. This is based on the current DOE authorization for exports to non-FTA countries, which might be revised upwards if DOE authorization is obtained and the project continues to demonstrate performance above 24 mtpa. Fitch applies higher operating expenses, higher fuel gas use and lower gas prices. Under these assumptions, the minimum PLCR is 1.18x in 2036. PEER GROUP Fitch publicly rates several LNG projects that share similar features with VGPL. However, these have established operating histories that lead to moderated rating case stresses and demonstrate stronger financial profiles, resulting in investment-grade ratings. Cheniere Corpus Christi Holdings, LLC (CCH; BBB+/Stable) uses widely proven liquefaction technology with large-scale trains powered by gas turbines. CCH is undertaking an expansion project that relies on mid-scale technology powered by electric motors similar to VGPL. It sources power from the local grid, which may be less complex than generating its own power (as VGPL does) but may expose the project to grid outages. Both CCH and VGPL have contracted the majority of their capacity with creditworthy entities under SPAs and are responsible for gas procurement and transportation. Fitch views unrated counterparties as merchant. For VGPL, a small amount of capacity is contracted with below-investment-grade counterparties, which Fitch does not view as a rating constraint. CCH has a rating case minimum PLCR of 3.1x. Sabine Pass Liquefaction, LLC (Sabine Pass; BBB+/Stable) is a fully operational LNG project owned and developed by Cheniere Energy Inc. (CEI; BBB/Stable), as well as other investors. Similar to Venture Global, Sabine Pass has SPAs with counterparties of adequate credit quality, receives a fixed capacity fee and Henry Hub-tied fees for lifting, and manages the gas supply. Sabine Pass uses ConocoPhilips Optimized Cascade liquefaction technology, similar to CCH, but relies on its own power generation, akin to VGPL. Fitch's financial analysis for Sabine Pass incorporates merchant revenue, with a rating case minimum PLCR is 3.1x. FLNG Liquefaction 2, LLC (FLIQ2; senior secured notes BBB/Stable) is an independently financed project that is part of a multi-train development. The rating reflects FLIQ2's long-term tolling agreement, which provides a direct pass-through of gas procurement costs to a single investment-grade offtaker for nearly all of its capacity and no refinance risk. The strength of the revenue stream suggests a lower debt service coverage ratio (DSCR) threshold for any given rating level compared with VGPL. FLIQ2's rating case DSCRs average is 1.4x. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Deterioration in Fitch's credit view for a material SPA offtaker or SPA guarantor; - A sustained decline in the minimum PLCR below 1.2x in the Fitch rating case due to cost escalation, negative Henry Hub basis or production shortfalls; - A sustained decline in the minimum PLCR below 1.2x due to changes in the capital structure. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Project demonstrates an operating profile with higher production or lower operating costs resulting in PLCR above 1.3x in the Fitch rating case; - Project obtains the DOE authorization for exports to non-FTA countries above 24 mtpa assumed in its rating case, while maintaining production above these levels; - A reduction in refinancing exposure leading to lower assumed debt costs and rating case financial metrics above 1.3x. TRANSACTION SUMMARY VGPL expects to issue $2.0 billion of 144A/Reg-S senior secured notes to partially refinance the outstanding $5.7 billion term loan facility. The fixed-rate notes are expected to be issued in two series of $1.0 billion each with bullet maturities. The notes rank pari passu with the term loan and outstanding $6.5 billion in senior secured notes. SECURITY A first-priority security interest is established in substantially all assets of the issuer, Venture Global Gator Express, LLC (VGGE) as guarantor, and any future subsidiaries. This includes a pledge of 100% of the equity in the issuer and guarantor. Additionally, it encompasses all contracts, agreements (including material project agreements) and rights thereunder, as well as certain accounts, cash flow and other revenue. These arrangements are subject to customary exceptions to be agreed upon, consistent with existing credit facilities. ASSET DESCRIPTION VGPL is an LNG project under construction and undergoing a comprehensive commissioning program in Plaquemines Parish, about 35 miles south of New Orleans. The project is being developed in two phases: 13.3 mtpa in Phase 1 and 6.7 mtpa in Phase 2. The project also entails the construction of the Gator Express Pipeline, through the project company VGGE, to supply natural gas to the LNG facility. VGPL has reserved the entire available firm transportation capacity on VGGE for 20 years, along with more than 5.37 billion cubic feet per day (Bcf/d) of combined transport capacity on the Texas Eastern Transmission Corporation, Columbia Gulf, Tennessee Gas Pipeline Company L.L.C. (BBB+/Stable) and TC Louisiana Intrastate Pipelines. Contracted pipeline capacity is sufficient to accommodate full production in the sponsor case with peak capacity of more than 28 mtpa. VGGE is a guarantor on the term loan, the existing notes, and will guarantee the senior notes. Phase 1 reached its final investment decision (FID) in May 2022. VGPL expects to reach substantial completion prior to COD, which is targeted in 4Q26. Phase 2 reached FID in March 2023 and expects to reach substantial completion prior to COD, which is targeted for mid-2027. Climate Vulnerability Signals The Climate.VS for VGPL is 55 at 2035. This is due primarily to the project's elevated exposure to floods, as well its broader exposure to LNG. The physical risks are mitigated by robust physical infrastructure and insurance policies, while transition risks are mitigated by capacity payments due to the project even if no LNG is lifted. The Climate.VS does not influence the current rating. Any potential future impact on the rating may differ from the illustrative rating impact in the Climate.VS framework, reflecting the evolution of Fitch's assessment of the risks. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Venture Global Plaquemines LNG, LLC Venture Global Plaquemines LNG, LLC/Project Revenues - Senior Secured Debt/1 LT BB(EXP)Expected Rating Venture Global Plaquemines LNG, LLC/Project Revenues - Senior Secured Debt/1 LT LT BB Affirmed BB VISTA COMMUNITY: Seeks Chapter 11 Bankruptcy in Texas ----------------------------------------------------- On December 8, 2025, Vista Community Medical Center, L.L.P., filed for Chapter 11 protection in the Southern District of Texas Bankruptcy Court. According to the court filing, the Debtor reports between $10 million and $50 million in debt owed to approximately 100–199 creditors. About Vista Community Medical Center, L.L.P. Vista Community Medical Center, L.L.P. operates as a multi-specialty medical center offering a range of services, including preventive care, diagnostics, and outpatient treatments. Vista Community Medical Center, L.L.P. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-90799) on December 8, 2025. In its petition, the Debtor reports estimated assets of $10 million to $50 million and estimated liabilities in the same range. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. The Debtor is represented by William James Hotze, Esq. of Dykema Gossett PLLC. VISTA HOSPITAL: Seeks Chapter 11 Bankruptcy in Texas ---------------------------------------------------- On December 8, 2025, Vista Hospital of Dallas, L.L.P., filed for Chapter 11 protection in the Southern District of Texas Bankruptcy Court. According to the court filing, the Debtor reports between $10 million and $50 million in debt owed to approximately 100–199 creditors. About Vista Hospital of Dallas, L.L.P. Vista Hospital of Dallas, L.L.P. operates as a multi-specialty hospital delivering comprehensive medical and surgical services to the Dallas community. Vista Hospital of Dallas, L.L.P. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-90803) on December 8, 2025. In its petition, the Debtor reports estimated assets of $10 million to $50 million and estimated liabilities in the same range. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. The Debtor is represented by William James Hotze, Esq. of Dykema Gossett PLLC. VISTA LAND: Seeks Chapter 11 Bankruptcy in Texas ------------------------------------------------ On December 8, 2025, Vista Land & Equipment L.L.C. filed for Chapter 11 protection in the Southern District of Texas Bankruptcy Court. According to the court filing, the Debtor reports between $10 million and $50 million in debt owed to approximately 100–199 creditors. About Vista Land & Equipment L.L.C. Vista Land & Equipment L.L.C. is a land and equipment management company providing services to the construction, real estate, and infrastructure industries. The company focuses on delivering efficient solutions, from heavy equipment provision to site development support, ensuring projects are completed on time and within budget. Vista Land & Equipment L.L.C. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-90800) on December 8, 2025. In its petition, the Debtor reports estimated assets of $10 million to $50 million and estimated liabilities in the same range. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. The Debtor is represented by William James Hotze, Esq. of Dykema Gossett PLLC. WAHEGURU LLC: Seeks to Tap Barr & Morgan as Special Counsel ----------------------------------------------------------- Waheguru, LLC seeks approval from the U.S. Bankruptcy Court for the District of Colorado to employ Barr & Morgan as special counsel. The firm will represent the Debtor in matters relating to the claims of Offen Petroleum in the lawsuit entitled Offen Petroleum v. Grace Royals, Inc., Case No. 2024CV33355, including but not limited to an adversary proceeding to determine the extent, validity and priority of Offen's lien and other claims, and any related matters including appeal of orders entered and related thereto. The firm's attorneys will be paid at these hourly rates: John Morgan, Attorney $510 Xenia Aguirre, Attorney $310 Mr. Morgan 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: John J. Morgan, Esq. Barr & Morgan 2777 Summer St. Stamford, CT 06905 About Waheguru LLC Waheguru LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No. 25-17395) on November 11, 2025. In its petition, the Debtor reported estimated assets between $100,001 and $500,000 and estimated liabilities between $1 million and $10 million. Judge Kimberley H. Tyson oversees the case. The Debtor tapped Gregory K. Stern, Esq., at Gregory K. Stern, PC as bankruptcy counsel and Barr & Morgan as special counsel. WANJOGU LLC: Case Summary & Three Unsecured Creditors ----------------------------------------------------- Debtor: Wanjogu, LLC 3372 Peachtree Rd. Ste. 115 Atlanta, GA 30326 Business Description: Wanjogu, LLC manages and appraises a single- residence property located at 881 Smith Street SW, Atlanta, Georgia, and operates within the real estate services industry. Chapter 11 Petition Date: December 1, 2025 Court: United States Bankruptcy Court Northern District of Georgia Case No.: 25-63986 Debtor's Counsel: William Rountree, Esq. ROUNTREE, LEITMAN, KLEIN & GEER, LLC 2987 Clairmont Road Suite 350 Atlanta GA 30329 Tel: 404-584-1238 E-mail: wrountree@rlkglaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Eunice Wanjogu as sole member. A full-text copy of the petition, which includes a list of the Debtor's three unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/7TO7JWY/Wanjogu_LLC__ganbke-25-63986__0001.0.pdf?mcid=tGE4TAMA WARRIOR MET: Moody's Affirms 'B1' CFR & Alters Outlook to Positive ------------------------------------------------------------------ Moody's Ratings affirmed Warrior Met Coal, Inc.'s ("Warrior") B1 corporate family rating, its B1-PD probability of default rating, and the B1 rating on its senior secured notes. The Speculative Grade Liquidity Rating ("SGL") is unchanged at SGL-1. The ratings outlook was revised to positive from stable. RATINGS RATIONALE The revision of Warrior's ratings outlook to positive reflects substantial progress on the development of its Blue Creek metallurgical coal mine, which significantly increases its production capacity and improves diversification. The company funded the nearly $1.1 billion capital cost associated with the project from internally generated cash flow, while maintaining strong leverage metrics over the duration of the project's development despite a decline in metallurgical coal prices. Warrior recently commenced longwall mining operations at its new Blue Creek metallurgical coal mine, with full production commencing in early 2026. The total expected cost of the project continues to be in the range of $995-$1,075 million, with $888 million spent as of 3Q 2025. The remainder of the expected spend will be completed by 1Q 2026. The Blue Creek project increases Warrior's nameplate production capacity from nearly 8 million short tons to 14 million short tons, adding a low-cost mine with nearly a 40-year reserve life to its existing portfolio of two metallurgical coal mines. Warrior's B1 CFR is supported by the company's high-quality and low-cost metallurgical coal assets. Warrior has a good operating history and its benchmark-quality coal allows the company to continue to generate good margins even in a weak pricing environment. Warrior is also set up well with long-term contracts to export out of the Port of Mobile in Mobile, Alabama, USA. Most customers are blast furnace steel producers in Europe, South America, and Asia. Warrior also has limited legacy liabilities compared to many coal industry peers and very good liquidity to support operations. Warrior's rating is constrained by operational concentration, with the company having fewer mines compared to rated peers in the US – although this somewhat improves with the start-up of Blue Creek, and inherent volatility of metallurgical coal prices. Based on a metallurgical coal price assumption of $180 per MT, Moody's expects Warrior to generate Moody's adjusted EBITDA of around $300 million in 2026, mainly driven by increased production as a result of Blue Creek's start-up. For the full year, Moody's expects Moody's adjusted free cash flow (including dividends) to be modestly negative as a result of the remaining capex associated with Blue Creek. However, Moody's expects Warrior to complete the remaining aspects of Blue Creek's development by 1Q 2026, and return to run-rate positive free cash flow generation starting in 2Q 2026. Warrior's SGL-1 reflects good liquidity to support operations over the next 12-18 months. As of September 30, 2025, the company had about $525 million of available liquidity, including $336 million of cash and cash equivalents, $46 million of short-term investments (net of collateral postings), $2 million of long-term investments, and about $140.5 million of availability under its $143 million asset-based revolving credit facility, net of $2.5 million of LCs outstanding. Moody's expects modest negative free cash flow (including dividends) for 2026 as Warrior spends the remaining capex associated with Blue Creek by 1Q 2026, but they should return to run-rate positive free cash flow generation starting in 2Q 2026. The credit agreement contains a minimum fixed charge coverage ratio of 1.0x that is only tested when excess availability falls below certain thresholds. Moody's do not expect this covenant to be tested in the near-term. The B1 rating on the senior secured notes, in line with the CFR, reflects the preponderance of the notes in the capital structure. The $143 million committed ABL revolver due August 2030 (unrated) has liens on working capital assets ahead of the notes. The positive outlook reflects the potential for a rating upgrade if Warrior successfully completes the final aspects of development and ramps up production at its Blue Creek mine as planned, demonstrates customer acceptance for the mine's product, and returns to run-rate positive free cash flow generation at various met coal prices. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could consider an upgrade if Warrior successfully completes Blue Creek's ramp-up as planned, sustains Moody's adjusted debt/EBITDA below 1.0x, and generates sustained positive free cash flow. Moody's could downgrade the rating with expectations for Moody's adjusted debt/EBITDA above 2.0x, sustained negative free cash flow, or significant deterioration of liquidity. A labor contract that substantively reduces Warrior's flexibility in a downturn, particularly an increase in fixed costs, could also have negative rating implications. Based in Brookwood, Alabama, Warrior Met Coal, Inc. produces and exports metallurgical coal for a diversified customer base of blast furnace steel producers located primarily in Europe, South America and Asia. Warrior's operating assets were acquired in April 2016 from Walter Energy as part of Walter's bankruptcy. Warrior generated roughly $1.2 billion in revenues for the last twelve months ended September 30, 2025. The principal methodology used in these ratings was Mining published in April 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. WATERLOO AFFORDABLE: Case Summary & 17 Unsecured Creditors ---------------------------------------------------------- Debtor: Waterloo Affordable Housing, LLC d/b/a Waterloo Heritage Home d/b/a Heritage Homes d/b/a Heritage Apartments 1306 West Donald Street Waterloo, IA 50703 Business Description: Waterloo Affordable Housing, LLC, doing business as Waterloo Heritage Home, Heritage Homes, and Heritage Apartments, owns residential properties in Waterloo, Iowa that provide affordable housing for low- income tenants. Chapter 11 Petition Date: December 8, 2025 Court: United States Bankruptcy Court Northern District of Iowa Case No.: 25-01360 Debtor's Counsel: Joseph A. Peiffer, Esq. AG & BUSINESS LEGAL STRATEGIES P.O. Box 11425 Cedar Rapids, IA 52410 Tel: 319-363-1641 Fax: 319-200-2059 Email: joe@ablsonline.com Total Assets: $3,800,000 Total Liabilities: $9,850,337 The bankruptcy petition was executed by Central States Development, LLC, in its capacity as managing member, through its authorized signatory, John C. Foley. A full-text copy of the petition, which includes a list of the Debtor's 17 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/2DWALUA/Waterloo_Affordable_Housing_LLC__ianbke-25-01360__0001.0.pdf?mcid=tGE4TAMA WEABER INC: Gets Extension to Access Cash Collateral ---------------------------------------------------- Weaber, Inc. received eighth interim approval from the U.S. Bankruptcy Court for the Middle District of Pennsylvania to use cash collateral pending a further hearing. The court issued its eighth interim order authorized the Debtor to use cash collateral for weeks 17, 18, 19, and 20 as outlined in the budget. Such use is limited to (i) $4,241,626; as shown in the "Subtotal Cash Disbursements" line, and (ii) up to $400,000 per week as shown in the "Lumber" line. As adequate protection for the Debtor's use of their cash collateral, JPMorgan Chase Bank, N.A. and Cyprium Investors IV AIV I, LP will be granted replacement liens on their pre-bankruptcy collateral and additional post-petition security interests in and liens on other property that is currently owned or will be acquired by the Debtor after the petition date (excluding avoidance actions). In addition, the Debtor will pay interest on its obligations to JPMorgan and the other lenders under the 2017 credit agreement in cash at the non-default rate of 9.25% per annum on a weekly basis. As further protection, JPMorgan and Cyprium will have an allowed administrative claim against the Debtor. The next hearing is scheduled for December 16. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/x8r7H from PacerMonitor.com. Weaber produces oak and poplar hardwood products and operates entirely within the U.S., employing approximately 295 individuals. It is primarily financed by JPMorgan, which holds a first lien on its assets, with approximately $24.3 million in outstanding debt. Additional secured creditors include Cyprium Investors (with a junior lien of approximately $8 million) and Pathward N.A. (which holds a $3.88 million first-priority lien on certain machinery and equipment). The Debtor values its secured assets as follows: $6 million in accounts receivable, $23.3 million in inventory, $17.5 million in real estate, and $4.5 million in machinery and equipment. About Weaber Inc. Weaber, Inc. manufactures and distributes hardwood lumber products across the United States. Combining advanced production technology with strict quality standards, it supplies flooring, trim, paneling and other specialty hardwood components in both full-truckload and small-lot deliveries. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Pa. Case No. 25-02167) on August 1, 2025. In the petition signed by Matthew G. Weaber, president and CEO, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Henry W. Van Eck oversees the case. Albert A. Ciardi, III, Esq., at Ciardi Ciardi and Astin, is the Debtor's legal counsel. JPMorgan Chase Bank, N.A., as secured creditor, is represented by: Su Jin Kim, Esq. Morgan, Lewis & Bockius, LLP 2222 Market Street Philadelphia, PA 19103 Telephone: (215) 963-5000 Facsimile: (215) 963-5001 su.kim@morganlewis.com -- and -- Michael Luskin, Esq. Stephan E. Hornung, Esq. Morgan, Lewis & Bockius, LLP 101 Park Avenue New York, NY 10178-0060 Tel: 212-309-6000 michael.luskin@morganlewis.com stephan.hornung@morganlewis.com Cyprium Investors IV AIV I, LP, as secured creditor, is represented by: Michael J. Roeschenthaler, Esq. Raines Feldman Littrell LLP 11 Stanwix Street, Suite 1100 Pittsburgh, PA 15222 (412) 899-6472 mroeschenthaler@raineslaw.com WHITE ROCK: Application to Employ Smeberg Law Firm Okayed --------------------------------------------------------- White Rock Construction Services, LLC received approval from the United States Bankruptcy Court for the Western District of Texas to employ The Smeberg Law Firm, PLLC as its legal counsel. Ronald Smeberg and The Smeberg Law Firm, PLLC will provide all necessary legal services to Debtor pursuant to 11 U.S.C. Sec. 327(a) as of November 25, 2025. The firm can be reached at: Ronald J. Smeberg, Esq. THE SMEBERG LAW FIRM, PLLC 4 Imperial Oaks San Antonio, TX 78248 Telephone: (210) 695-6684 Facsimile: (210) 598-7357 E-mail: ron@smeberg.com A copy of the Court's Order dated November 26, 2025, is available at https://urlcurt.com/u?l=enDedn from PacerMonitor.com. About White Rock Construction Services, LLC White Rock Construction Services, established in 2021, provides commercial construction subcontracting services across San Antonio and Austin, Texas. The Company performs work in selective demolition, saw-cutting, framing and drywall, concrete, asphalt, and temporary protection, serving a range of general contractors and clients. It operates within the construction and specialty trade contracting industry. White Rock Construction Services, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-52853) on November 25, 2025, with $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Judge Michael M. Parker presides over the case. The Debtor tapped Ronald Smeberg, Esq., at The Smeberg Law Firm, PLLC as legal counsel. WHITEEAGLE PROPERTIES: U.S. Trustee Unable to Appoint Committee --------------------------------------------------------------- The U.S. Trustee for Region 20 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Whiteeagle Properties 22 Corp. About Whiteeagle Properties 22 Corp. Whiteeagle Properties 22 Corp. is a property company based in Lindsborg, Kansas that operates in the real estate sector. Whiteeagle Properties 22 Corp. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Kan. Case No. 25-10770) on July 28, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Mitchell L. Herren handles the case. The Debtor is represented by Mark J. Lazzo, Esq. at Landmark Office Park. WINDHAVEN SENIOR: Seeks Chapter 11 Bankruptcy in Texas ------------------------------------------------------ On December 8, 2025, Windhaven Senior Living, Ltd. filed for Chapter 11 protection in the Eastern District of Texas Bankruptcy Court. According to the court filing, the Debtor reports between $1 million and $10 million in debt owed to approximately 200–999 creditors. About Windhaven Senior Living, Ltd. Windhaven Senior Living, Ltd. is a senior care provider offering assisted living, memory care, and independent living services. The company focuses on creating a safe, comfortable, and engaging environment for residents while providing personalized care tailored to individual needs. Windhaven Senior Living, Ltd. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-43721) on December 8, 2025. In its petition, the Debtor reports estimated assets of $10 million to $50 million and estimated liabilities of $1 million to $10 million. Honorable Chief Judge Brenda T. Rhoades handles the case. The Debtor is represented by John Paul Stanford, Esq. of Quilling, Selander, Lownds, et WJH CONSTRUCTION: Claims to be Paid from Cash Flow Operations ------------------------------------------------------------- WJH Construction, LLC filed with the U.S. Bankruptcy Court for the Eastern District of Pennsylvania a Small Business Plan of Reorganization under Subchapter V dated December 3, 2025. The Debtor is a Pennsylvania corporation in the business of residential construction in the Delaware Valley. The Debtor has one location in Philadelphia County, Pennsylvania, where it keeps its equipment and maintains its mailing address. The business started in 2014 by Hassan Edge. Mr. Edge has considerable experience in residential construction. The Debtor's principal and his son are the only two owners of the company. The debtor's work concerns primarily residential construction. The Debtor was forced to file this chapter 11 due to a frivolous lawsuit filed by Ali West, a disgruntled homebuyer. The Debtor has just procured a significant contract for new construction and has already begun pulling permits for this project. This Plan of Reorganization proposes to pay creditors of the Debtor from cash flow operations. The final Plan payment is expected to be paid in 2031. Ford Motor Credit (claim #2), BMW Bank of North America (claim #3, #5 and #6) and JP Morgan Chase (claim #7) are all being paid outside of the plan. The City of Philadelphia has a disputed priority claim being paid in full. Non-priority unsecured creditors holding allowed claims will receive distributions, which the proponent of this Plan has valued at approximately .05%. All priority administration claims shall be paid in full according to the Plan. Wholly Unsecured Claims Ali West (claim #1) has an unsecured disputed claim in the amount of $0. Its claim will not be paid in the proposed plan. Wells Fargo Bank, N.A. (claim #8) has an unsecured claim in the amount of $2,018.76. Its claim will be paid .05 for a 60-month payment of $1.68 per month. The Debtor proposes to pay two AMEX accounts, a scheduled creditor, in a total amount of approximately $12 each month for 60 months. Class 3 consists of non-priority unsecured creditors. All unsecured claims to be paid monthly at .05 cents on the dollar. This Class is impaired. The Debtor will fund the Plan from the income from its regular business operations as per the attached monthly disposable income and projected income. A full-text copy of the Plan of Reorganization dated December 3, 2025 is available at https://urlcurt.com/u?l=8QiuEj from PacerMonitor.com at no charge. Counsel to the Debtor: Maggie S. Soboleski, Esq. Center City Law Offices LLC 2705 Bainbridge St. Philadelphia, PA 19146 Tel: (215) 820-2132 Fax: (215) 977-9644 About WJH Construction WJH Construction, LLC is a Pennsylvania corporation in the business of residential construction in the Delaware Valley. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-13514) on September 3, 2025, with $100,001 to $500,000 in assets and $50,001 to $100,000 in liabilities. Judge Ashely M. Chan presides over the case. Maggie Soboleski is serving as the Debtor's legal counsel. WOODCREST CONDOMINIUMS: Seeks to Extend Exclusivity to May 1, 2026 ------------------------------------------------------------------ Woodcrest Condominiums V, LLC, and affiliates asked the U.S. Bankruptcy Court for the District of Columbia to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to May 1, 2026 and July 1, 2026, respectively. The Debtors are limited liability companies formed under the laws of the District of Columbia. The Debtors own real property subdivided into separately identifiable albeit unimproved lots. Each of the Woodcrest entities and their segregated lots are part of a larger condominium development known as Woodcrest Villas. Presently, all matters pending in all related cases - In re: Roger Harvey Black, Case No. 25-00260; In re: Woodcrest Condominiums IX, LLC, Case No. 25-00265, Woodcrest Condominiums IX, et al. v. Welch 5, Adv. P. 25-10036, Welch 5 v. Black, et al., Adv. P. 25- 10038, and in these three jointly administered cases are set for mediation beginning the week immediately following filing of this Motion. The Debtors explain that the parties will endeavor to resolve all matters that could and should have been resolved in ways different than in the manner in which they've progressed. It would also be premature to require Debtors to incur and suffer additional time, costs and expenses in submitting plans of reorganization that may well be entirely unnecessary. The Debtors believe it prudent to preserve their exclusive rights to file a plan while they work through the issues relating to the liens as are presently contested. The amount of time that the Debtors are requesting is modest and is in line with this Court's extension of exclusive periods in similar cases. The Debtors believe that good cause exists to grant the Motion and extend the Debtors' Exclusive Periods to file proposed plans and solicit acceptances thereto. Counsel to the Debtors: Douglas N. Gottron, Esq. Morris Palerm, LLC 751 Rockville Pike, Suite 2A Rockville, MD 20852 Tel: (301) 424-6290 Fax: (301) 424-6294 Email: dgottron@morrispalerm.com About Woodcrest Condominiums X LLC Woodcrest Condominiums X LLC is a residential real estate company that appears to develop or manage condominium properties in Washington, DC, operating under the Woodcrest Villas brand. Woodcrest Condominiums X LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.D.C. Case No. 25-00338) on August 15, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Judge Elizabeth L. Gunn oversees the case. The Debtors are represented by Douglas Neil Gottron, Esq. at Morris Palerm, LLC. ZION & ZION: Section 341(a) Meeting of Creditors on January 13 -------------------------------------------------------------- On December 5, 2025, Zion & Zion, LLC, filed for Chapter 11 protection in the District of Arizona Bankruptcy Court. According to court filing, the Debtor reports between $100,001 and $1,000,000 in debt owed to approximately 50–99 creditors. A meeting of creditors under Section 341(a) to be held on January 13, 2026 at 10:30 AM. Teleconference Call in number: 1-888-330-1716, Passcode: 4038524. About Zion & Zion, LLC Zion & Zion, LLC is a business consulting and professional services firm specializing in strategic planning, management consulting, and operational support for small to mid-sized enterprises. Zion & Zion, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-11762) on December 5, 2025. In its petition, the Debtor reports estimated assets of $1 million–$10 million and estimated liabilities of $100,001–$1,000,000. Honorable Bankruptcy Judge Brenda K. Martin handles the case. The Debtor is represented by Thomas H. Allen, Esq. of Allen, Jones & Giles, PLC. [] Katie Catanese Joins Squire Patton's Insolvency Practice ----------------------------------------------------------- Squire Patton Boggs announced an expansion of its Restructuring & Insolvency Practice with the addition of partner Katie Catanese. Ms. Catanese joins from Foley & Lardner, where she was Vice Chair of the Bankruptcy and Restructuring Practice. She also currently serves as Vice President - International of the American Bankruptcy Institute (ABI). "I've known and worked alongside Katie for many years, including through our respective leadership roles within the ABI," said global chair of the Squire Patton Boggs Restructuring & Insolvency Practice Group Stephen Lerner, who serves as President-Elect of the American Bankruptcy Institute. "Katie is a well-known, highly experienced restructuring lawyer with a broad-based practice and strong client relationships both domestically and internationally. She will strengthen our ability to guide clients through challenging financial and operational situations." Mr. Lerner continued, "We are committed to expanding our restructuring capabilities in New York as part of our group's strategic plans. Katie will be central to those on-going efforts. We are delighted to welcome her to the team." Ms. Catanese's practice focuses on solving problems for financially distressed companies along with representing creditors, investors and funds in complex proceedings including out of court and bankruptcy and cross-border insolvency litigation. She brings substantial experience in fraud-related litigation, Chapter 15 and cross-border proceedings (including involuntary bankruptcies), distressed asset sales and workouts, and representation of liquidators, creditors, trustees and debtors across a broad range of industries -- from retail, crypto, hospitality and real estate to cannabis, fashion, and education. She is known for navigating intricate insolvency challenges both domestically and internationally, helping clients maximize recoveries and manage risk in high-stakes restructurings. "Joining Squire Patton Boggs comes at an ideal time for my clients and practice as a whole. The cross-border nature of today's restructurings demands a firm with global scale, and Squire's international platform is a great fit for the work I do. I'm excited to collaborate with the firm's complementary strengths in financial services, corporate, and litigation. Together, these capabilities create a strong foundation for helping clients navigate complex, multijurisdictional challenges." Squire Patton Boggs Restructuring and Insolvency Practices includes more than 130 lawyers across 36 offices in 15 countries. ********* 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. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The single-user TCR subscription rate is $1,400 for six months or $2,350 for twelve months, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each per half-year or $50 annually. For subscription information, contact Peter A. Chapman at 215-945-7000. *** End of Transmission ***